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NEWPORT, ABERGAVENNY, AND…

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NEWPORT, ABERGAVENNY, AND HEREFORD RAILWAY, The half-yearly meeting of the company was held yesterday at the London Tavern, the Hon. W. E. Fitzinaurice in thu chair. The report stated that the Commissioners of Railways have granted their certificate for the extension of the period for the purchase of lands, on the main line, to August, 1851, and for its completion to August, 1855. And on the Taff Vale Exten- sion to 1852, and for completing that line to 1856. On receipt of this certificate, the directors made another application to the proprietors of the Llanvihangel, Grosmont, and Hereford Tram Roads, with a view to a further modification of terms for com- pletion of the purchases of these roads respectively, and they have the satisfaction to announce that a provisional arrangement has been unanimously agreed to by the shareholders of the three companies, whereby the period of completing the pur- chase of these tramroads, and paying the balance of the pur- chase-monies, will be postpoiiel. By this arrangement it will be optional for the company either to complete or to be relieved from the purchase of these roads. In the event of their not completing the purchase, the money already paid will become forfeited, whil", on the other hand, the balance still due on the purchase-money of these tramroads, amounting to E28,730, will no longer be a liability 011 the shareholders. In the meanwhile the revenue of the tramroads will, it is expected, prove suffi- cient both for payments of interest on the amount of unpaid purchase-money due to the tramroad companies, at the rate of 5 per cent. per annum, and for defraying the office expenses during the period of suspension. The directors anticipate, that during the period of suspension of the works of this company, a near approach will have been made towards completion of the lines north of Hereford, in connexion with the Newport, Abergavenny, and Hereford Railway, negotiations having been entered into by the Shrewsbury and Birmingham, the Shrews- bury and Chester, the Shropshire Union Railway Companies, with the Shrewsbury and Hereford Company, through which an early commencement of works between Hereford and Shrewsbury may be confidently looked forward to. That the Rhymney Railway Company have filed a bill in Chancery against this company to compel the completion of an alleged coutract. It is fully expected that the arrears of call will at least be sufficient to meet all the present liabilities of the com- pany. The annual allowance to the directors was originally fixed at ESOO, it had since been reduced to but anxious to: reduce the expenses within the smallest possible limits, the ,» propose to rorego all further remuneration for their services until the affairs of the company assume a mare active, and, it is hoped, favourable character. The accounts to- the 31st of January showed that £ 97,016 had been received, including £5,ÃOO loan from bankers, and £ 94,099 expended, leaving a balance of £ 2,917 in hand. The Chair .nan, in moving the adoption of the report, entered at some length into the position and future prospects of the company. The arrears now due on the first call amounted to f7,728, on the second call to £ 7,582, on the third call to £ 9,406. It was impossible to say what the arrears would pro- duce, but -el,ooo more had been received that day. Mr. Middleton complained that the expectations held o it to the original company had not been realised, and contended that the shareholders ought to have an opportunity of withdrawing from the concern. ° Mr. Avery recommended the entire abandonment of ti e line. The Chairman said they were advised that the Rhymnc y company had no case against them, but if they had this com- pany would have to pay Lio,ooo., A long discussion ensued, in the course of which Mr. New- bold, Mr. Spackman, the Chisholm, Mr. Avery, and Mr. Mott took part, which resulted in the entire approval of the course pursued by the chairman and directors in the management of the affairs of the company. Resolutions were passed adopting the report, rc-electing the retiring directors, appointing The Chisholm an auditor in place of Mr. Chapman, and authorising the directors to carry out the agreement with respect to the tram-roads mentioned in the report. The proceedings concluded with a vote of thanks to the chairman and directors.

SOUTH WALES RAILWAY.

EXGINEER'S REPORT.'

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