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TAFF VALE RAILWAY. tBY OUR OWN REPORTER.1 Tne GE^'K«JML HALF-YEARLY MEETING of the Pro- TiiptnN of tli« Company was held on Weduesday last, T. e XhiUtanf, tU White Lion Hotel, Uroad-street, B istol and was numerously and influentially attended, ■f S'voidable abseiie* of Sit J. J. Guest. Bart., the chair was taken by Walter pf Llandaff Esq., who commenced the proceedings of th« day by calling upon ■'the Secretary, Mr. Morccm, to read the advertisement .by which the meeting had been convened. The Cliaii-niati then "i,l;-Geiltlemen, I bei,,eve it is r'l „„„ of form that yo«r«.».e..t <■. »t> d o .placing the seal of the company to the share list, Inch, with your leave, I will do. „ Mr. Morcom then read the following Report of the ^Directors to the General Meeting; — .f The Directors are enabled again to congratulate the pro- ]l'Ti..tùPI on the improved and improving condition of their lundeItaking. -TV,, receipts during the past half-year »™<>unt to tUs. 1 If/ being au increase of £ i,2Qi 11*. Jd., as .compared vrlth the last half-year, and of £ 6,480 18*. com- pared with the corresponding six months of 1844. ■" The profits of the p ist half-year, (after payment of the m-irkiiw expenses, the interest on bonds and capital stock, and a .diyidend equal to 5 percent, per ailnum on <5000 quarter shwes) amount to £ «,30a 2«. which with £ .„i 8s. lild uii- divided last half-vear, will give a disposable balance of '■* £ G,88S 10i. 10rf. fr.»m which jour Directors recommend a dividend to the holders of original shares, at the rate of X3 14s. 6d. per cent, per anuum QljI ttse amount of capital -standing to the credit of each aid share on the it St of December Uast, or A:2 Gs. lid. per share for the half-yen*. This will leave 3, Id. per share to be added to the capital &.I)( nritriiial shares. viz :— Aii,;>lint of each old share on the 31st ot'i )2/, jg 11 •JfiftjKinber, 1844, as per last report 1 ISuni fctfhorixed to be placed to the credit O JQ Q of t-:Wl.# old gliare half-yearl-v .Less divided now recommended. 2 6 11 0 3 1 £ 126 0 0 -.1 lit lpw,,uan(!'e of the resolution of the special general meeting, hold OR the 1st ol' th« Directors took measures OB- taining an Act of 7arliame..t to enable them to carry out the agreement made with the Marquis of Bute on the 11th of No- "vcnibi'r last. "The period for giving notice flf applications to parliament, 'fixed by the standing orders of the blouse of Commons, having •elapsed before the agreement with the Marquis of 15ute was made, and the Committee o/'that House aefusiug to stMp"ud the stanrling orders,—as in many other iijstatfc^s they had done,- J'our Directors regret to say that the liiill wa,¡; ttrown out. The formation of a Double Line of Railway as far as Naviga- tion House is in progress, one-fourth of the tlistance, (from 'Cardiil' to Llitadafr,) being nearly finished, and arrangements for the completion of the remainder. During the last Session of Parliament, the Aberdare Rail' way Company obtained an Act for joiningyour line at Navigation MWJSO, -distant from Cardiff 10 miles. When the great extent of the coal field thas opened, and the preference the Aberdare coil has obt lined ali over the Wo AC, for steam-packet purposes, are taken into consideration, — it may safely be asserted that the increase of trade, which will be thus brought on the Taff Vale Itnilway, can hardly be •overratet. The esiction of blast furnaces contemplated by Mr. Crawshay 3?ailev on his v ry extensive miner.d estate, through which the Aberdare line passes, ho:J. out the prospect of still increasing •revenue to .this coi 'pa iy- r „ Sir Jx»hn Guest. Mr. James, and Mr. R. H. Webb, retire fxgm the direction in conformity with the provisions of the Company* Act of PajHiUBent.-but are all eligible for re- etectioa." [The Statement of Accounts for the half-year ending June 30th, a full abstract of which we gave in our last number, showed a receipt of £ 24,894 10s. lid., and disbursements of £ 9,923 17s. Od., leaving a balance of 1: 14,966 2s' lid. from which was to be deducted the in- terest on the Debentures and Stock, and the Income Tax, together making £ 8,057 Os lid., leaving jE6,309 2s. balance carried to the General Revenue Account, to which was to be added £ 519 8s 10d., making the avail- able balance on the 30th Juno, E6,888 10s. 10d., as stated in the Report.] The Chairman: If any gentleman wishes the accounts to be read over, the secretary will instantly do so. The secretary having sent to every shareholder a copy of the accounts, it is, perhaps, hardly necessary to read them over. (Hear.) But if any gentleman wishes it, it shall be done. Mr. Joseph Price, of Neath Abbey, said he observed that they were forming a double line for some distance. He wished to know whether any proportion of the ex- penses attendant on the engineering and secretaryship, and a variety of other expenses which were found in the accounts were charged to the capital, or whether those expenses fell exclusively on the account current. The Chairman said the items to which Mr. Price referred were not items of any great consequence but lie (the chairman) was able to say that the whole of the secretary's salary was charged to the current expenditure. Some portion of the engineer's salary was charged to the account of the expense incurred in making the new works. Mr. Price said that according to the manner of keeping the accounts considerable effect might be produced, either on the expenditure account or on the profit-and-loss account. The chairman's reply showed that more profits were made than were figured in the accounts, as the secretary's salary and other expenses fell on the account current, whilst the engineering expenses fell on the first cost of forming the new works. He had put that general question by way of probing the matter, and to obtain information which would enable him to form a correct judgment as to the real profitable working of the concern. In looking over the accounts two questions occurred to him. He saw an item of coal tipping expenses, JE359 3s. 4d." He did not comprehend it exactly. He dared to say it was quite susceptible of explanation, and, therefore, lie would feel obliged to the chairman if he would inform him (Mr. Price) why the company did not call on the traders to bear that expense. The Chairman said the company-charged the different coal traders twopence a ton for the payment of the men so occupied tipping coal" formed an item of consider- able profit to the company. (Hear.) Mr. Price Does that appear in the accounts? Mr. Morcom said it came under the head of coal and coke traffic," which produced in the last half year £ 10,78G 8s. lid.. Mr. Price said the answer was full and satisfactory to his question. He had another question to put. It occurred to him that the company should not be losers to the amount of C323 13s. 6d. on the amount paid to Lord Bute for wharfage more than they received on that account. Mr. Morcom said the sum referred to were the charges which' the company paid on their General Merchandize Trllffie,-tharges which necessarily fell on the company: the company carried ten thousand tons of Merchandise on which they had to pay wharfage to Lord Bute. Mr Price said Mr. Morcom had given a very proper explanation. He (Mr. Price) observed that there were 76 forfoitPil sh'ire«: was there any reason why those shares should not be offered to public competition 1 The Chairman said the shares would be sold by public auction as soon as the proceedings of the general meeting were concluded. Mr. Carlisle said the company's Act of Parliament pointed out the way in which the sale should be conducted, and how the proceeds should be applied. The Chairman said that the Directors had minutely looked into the provisions of the Act of Parliament, and the meeting would find that these provisions had all been complied with. (Hear.) Mr. Overton, Merthyr Tydvil, said that Mr. Price had alluded to the expenses incurred in making the double railway the answers given to his remarks only referred to the expenses of the secretary and the engineer. Did he (Mr. Price) refer to the expenses of forming the line The Chairman Of course the expense of forming the line goes out of the new capital. Mr. Overton begged to ask one more question. On a recent occasion he had asked the question he was now about to put, when he was told it could only be put at a general meeting. Now as this was a general meeting he wished to state previous to making his enquiry that there were many of the purposes of the act which had not yet been fulfiled. He believed several things contemplated by the original act had never been carried into effect, and therefore the Directors were exceeding the powers of their act by applying the general funds of the road in making a double line, before executing all the purposes for which they had obtained the funds with which that double line was now made. There was a branch line still remained unmade—the branch from Dowlais to Merthyr; and he did not hear any proposi- tion made for commencing it. If made there would be no doubt but that it would yield an immense revenue, and would prove a valuable feeder to the main line, much increasing the per centage now realized on the original outlay. V, From some circumstance that branch had not been made; and further he did not understand that there were any intentions of making it. He wished to call the attention of the Directors to it, and also to say that they were not authorised to make a double line until they had carried out the original intentions of their Act of Parlia- ment. He wished to ask whether it was the intention of the Directors to make a branch line from Merthyr to Dowlais out of the funds in hand and if so, when it would be commenced. The Chairman said that if the honourable proprietor, who had put the question had only looked into the Act of Parliament, he would have seen that the Dowlais company had armed themselves with powers to enable them to make that line of road. With the great capital of that company, if it had suited them they would, no doubt, have made that road long since. In the present posture of the Taff Vale Company's affairs the Directors could not with safety recommend the proprietors to risk such a sum as would be required for the purpose referred to. (Hear, hear.) Mr. Overton thought it but right that it should be known that the Dowlais Company had such powers, and could exercise them if they thought fit to do so. He thought the Taff Vale Railway Company ought to form that branch, and not permit the Dowlais Company to do so. It was a branch of great importance, connecting a town of 10,000 inhabitants with the main line, and there- fore the Directors should not refrain from entering upon the formation of the line, merely from respect or favour to any company whatever. When the main line was original spoken of, the branch to Dowlais was made the ground of expectation for considerable advantages. It was said that by it the inhabitants of Dowlais would be very considerably advantaged that it would put them in a position for purchasing their various ar, ides of con- sumption, at a much cheaper l^te l.iat^ they could with- out it. The convenience which it wouid to farmers was also spoken of: it was said that by ine^uj of that branch they could have limestone, &c, carried down at a trifling rate,—in fact it made a most important and leading figure in the biU, and now it was not heard of. He thought it was a duty they owed to Dowlais, a town whose population amounted to 10,()lJl>, t'l form the branch as originally contemplated; and toay should n)t from any feeling of partiality, fear, favour. or affection to auy individual or company neglect the interests of the pro- prietors at large. The Chairman said the delay in making the Dowlais branch did not arise from any wish on the part of the Di- rectors to favour the Dowlais Company but, on due consideration, from a desire to promote the interests of the Taff Vale Railway Company alone (cheers). What he had said was, that the Dowlais Company, bad armed their,selves with powers to form the line and that, under the preseat circumstances of the Railway Company, the Directors did u<,t think it advisable to do so out of their capital. (Hear.) Mr. Overton Then I am to itflef that you do not in- tend making it 1 The Chairman said that whenever ,the interests Iff the Company required it, it should be made. It was quite un- necessary that the directors should make a disclaimer of that kind. He thought Mr Overton should be satisfied with the answer which had been given. As soon as the Directors would 8"d.that it would be for ttye iuttrpst o,f the proprietors to waketbe line referred tOJ they (the Direc- tors) woo;ld certainly reaowmend the proprietors to do 8,?. (Cheers.) At present the Directors did not thiuk the time was come for sodomy. (Hear.) Mr. Price said he had not ventured to oiter any obser- vation* on the subject mooted by Mr. Overtoil, The meeting were then considering the Directors report, and until that was disposed oF, other matters should not he introduced. However, he could easily imagine that there Was cyite enough to engage the engineer attention at present Ju hand. They should finish one thing before 'hev enraged I,IPC¡Q another. (Hear.) Mr. 0,vertou said ihe Directors were applying the funds of the company iu making s double hue ot ro.id before thev had executed all the povvd? °* their act. They wers"acting unjustly towards a tpW" ot ten thour sandi Qha'l,Hte..nt.! Mr. Price «ajd that after the report had been disposed of, it would then be in order to bring that ol", H!l-V ofher matter fotward, and 6peak on the rpspllH'011' 1 ieSu'arly moved and seconded. The Chairman Has any other gentleman a question to ask concerning or arising outof th? report (A pause.] I shall now put a series of resolutions whie.i have been prepared; and the first is-" Thaf the report, of the Oi. rectori now read be received and adopted, and, with the statement of accounts, be printed and circulated amongst the proprietors." Mr. Harlev was not aware that one penny was set apart for the renewal of the engines. Hewisiec iat Sir John Guest had filled the chair, simply because, at the last half-yearly meeting, he (Sir John) had concurred iu tl\e view taken by him (Mr. Harley)* name j, la a certain portion of their receipts should be se pa or the purpose of renewing the engines whenever cncum- stances required it he done. They now ia P set apart £ 1000 for that objeci, ?nd he begge I P that it should be done. (Laughter.} Not a single penny »• y«,¥d been set apart. 11 any seeoi.d his proposition he should feel obUfee" • spoken to any one on the subject. [A j afraid that he without a seconder. ( fore the public. Then- engines weie e*ei) "a> a worse and worse; ihe^- must t?e renewed at some time, and provision for that purpose ought to be made. Some- thing should be done, and done at this meeting.. The Chairman Of course the Directors are entirely in the hands of the meeting on this subject, if any person seconds this resolution until that is done, I .must con- clude that the meeting agree with the views the Direc- tors have taken on the subject. (Cheers.) The first proposition was then carried-Mr. Harley's hand being the only one held up against it. The Chairman The second proposition is—" That a dividend at the rate of £3 14s. 6d. per cent. per annum be declared to the holders of the original shares, upon the amount of capital standing to the credit of each old share on the 31st of December, 1844; or E2 6s. lid. per share for the half-year ending June 30th last: and that such dividend be payable on the 5th day of Septem- ber next to the proprietors of original shares whose names appear in the register of the company at the closing of the transfer books on the 13th of August instant." This proposition was unanimously affirmed amidst cheers and laughter. In moving the next proposition, Mr. Price said that a resolution relative to the election of Directors had been put into his hands, and which he had great pleasure in moving. It was—"That Sir John Guest, Christopher James, Esq., and R. H. Webb, Esq., be re-elected Di- rectors of this company." He had more acquaintance with two of these gentlemen than the third. With re- gard to these two-Sir John Guest and Mr. James-he could say that, in the present state of the concern, they (the proprietors) could not spare them at all. (Cheers.) The first was a very large trader on the line; and he (Mr. Price) had often expressed an opinion to the effect that it was for the proprietors' interests to have traders assisting in the management of their affairs, especially when they were also large holders of shares. (Cheers.) Mr. Carlisle seconded the proposition with very great pleasure, from his knowledge of the gentlemen named. He had served with them for seven years, and was, on that account, in a position to form an opinion upon the matter. When they found gentlemen who were large shareholders also traders upon the line, the proprietors might be certain that measures calculated to promote their interests as traders would also promote their inte- rests as shareliolders. Look at the result of the manage- ment pursued within the last two years. The traffic was gradually increasing from point to point, and the divi- dend now declared exceeded that paid at the last half- yearly meeting (cheers) and which dividend arose out of an average traffic of only £ 958 weekly on the half-year. What might they not look forward to when they were told that for the last two weeks the traffic had realised JE1200 a week. (Cheers.) Mr. Price knew well enough the difference between £958 and £ 1200 (laughter); and so, if out of a weekly average of JE958 they could pay the expenses of working the line and declare a dividend, the surplus above that weekly average would be all additional profit. (Cheers.) The time was fast approaching when they would realise what had first been held out to them -five per cent. on their outlay (hear) and the dividend they were now making was not far from it, being 41 per cent. (Cheers.) When the Aberdare Railway should be opened, and the line through the Rhondda Valley be completed—those, taken together, would produce a greatly increased income, and they (the proprietors) would be able to advise their very excellent Directors to reduce the charges on the line generally. (Hear.) lie for one begged to thank the Directors for what they had done, and to hope that the time would arrive when they (the proprietors) would be in a position to thank them in some other way. (Hear, hear.) The Chairman said Sir John Guest was at present in Scotland, otherwise he would have attended the meeting. As it was, the distance was too great to travel, especially when no business of very great importance was to be brought forward. Mr. Hutchins, Dowlais, said he full) agreed in the views taken by Mr. Carlisle with reference to the in- creasing prospects of the company. If called upon, he would not now sell his shares in the line at even E200 per share, unless he were certain he should buy other shares at a lower price. (Cheers.) He would not sell them because he considered them to be such a good invest- ment. He thought they were all fully justified in look- ing forward to times of even much greater prosperity. (Hear.) A branch was projected from Merthyr to Bre- con, where it would join the Welsh Midland Railway. He believed coal now sold in Brecon at 16 shillings a ton: when that branch would be opened, it would open the Taff Valley, and enable proprietors of coal therein to supply Brecon with coal at a much lower rate than 16 shillings a ton, and, at the same time, secure handsome profits to themselves. That branch was really worth the attention of the Taff Vale Railway Company, as by its establishment, it would render the Taff Vale shares of much greater value than they now were. He considered the Taff Vale Railway one of the most favourable spe- culations in the kingdom. (Hear, hear.) The proposition moved by Mr. Price was then form- ally put by the Chairman, and unanimously resolved. Mr. Webb returned thanks for the appointment; and engaged to pursue the same course as he had hitherto pursued with such benefit, he trusted, to the shareholders at large. He would not exchange hisTaff Vale shares, for an equal number in the Great Western Railway. (Cheers.) He stated that four years ago since which time they (the proprietors of the Taff Vale Railway) had exercised a great deal of patience and perseverance, and had also taken a little water gruel as well. (Laughter.) They were now as prosperous as any railway could be. (Hear.) With regard to Mr. Harley's proposition that something should be laid by for the renewal of engines, he (Mr. Webb) believed that the weekly receipts would be more than sufficient to pay 5 per cent. on the whole of the property,taking old shares at E 12r); as well as to leave sufficient to form a depreciation ftind for the renewal of the engines when required, Mr. Christopher James briefly returned thanks, stating that he had always endeavoured to do his duty as a Di. rector, and would continue to do so. (Cheets.) The Chairman: All the propositions having been dis- posed of, I think that now nothing remains but to put up the forfeited shares. Mr. Price then rose and said that he well recollected that at the different public meeting; held at Cardiff the subject of proceeding up the Rhondda valley was often mentioned and advocated. Reference had also often been made to the Aberdare Valley and to Dowlais, since which period facilities for proceeding up the Aberdare Valley had been obtained by procuring an Act of Parliament— the line to be connected with the Taff Vale Railway. Mr. Price then proceeded pointing out the advantages which would attend the opeping of the Ijne throqgh the Aberdare Valley, and concluded by asking whether the time had not arrived for the Directors.to turn their atten- tion to the Rhondda Valley. He merely threw it out as a suggestion before the meeting for their consideration. The Directors might be able to give him reasons why the time had not coma fqr opening the line up the Rhondda Valley. He (Mr. Price) was rather ipclitled to think the time for doing it had arrived -for the Directors' attention to be drawn to the subject, with the view of taking such measures as would place them in a position for forming a line up that valley. As far as the information he was in possession of went, the proprietors of land in that valley were not prepared to go on with any under) akins: of the kind; but even if they were, their object would hardly counteract or he carried out in CPposiÙon to the wishes of the Taff Vale Railway Company, of whose line tije Hhqndda Valley one was to be a b auch. After proceeding for joirie time urging the necessity which existed for entering immediately upon the forma- tion of this branch, Mr. Price sat dqwq, an I was then informal by The Chairman, that arrangements hail been made with the latided proprietors of the Rhondda Valley fot. the formation of a line through it III connection witl) the Taff Vale Railway, and \yhiclj branch line was to be a public one, and would very shortly be carried into execu- tion by the Taff Vale Railway Company. (Loud cheers,) Mr. Price was extremely glad to hear of it. ne thought the formation of that branch would bp attended with the most beneficial consequences to the main litje, Mr. Overton said he wished again to draw the attention: of the chairman and the meeting, to the necessity Which existed for forming a branch line to Dowlais. Af Price had very ably pointed out the advantages which would accrue from the formation of a branch up the Rhondda Valley he (Mr. Overton) could safely state. that all the argument made use of by Mr. Price, for the put pose of showing that the formation of the H.holl- dda branch was fyoth expedient and necessary, would tell with double vigour, as far as the Dowlais branch was, concerned. It' was true the Dowlais branch was a very short one, but they should consider that it would open a very extensive district. Mr. Hutchins had told them that a line was in contemplation to join the proposed Welsh Midland Railway with Merthyr. It was now yery questipnable which course the p ojeetors of that branch woulij adopt—whether by Upwlais or Merthyr. A great deal vyould depend on the a.rr mgements of the Taff Vale Railway Company. Therefpr^, lie(\lr. Overton) now called their attention to the absolute necessity for making the branch to Dowlais, not n.fr.-iy with the visw of securing a communication between Dowlais al1.1 Mer- thyr, but between Tredegar, Rumuey, and several of the neighbouring places, and Merthyr. If the Tati. Vaie Railway Company omitted to make it for any lengthened period, some of the companies in Motimouuislnre would be throwiug up their branches to rredegar and other places and the important trade o' these places, which might h ive been secured for the Taif Vale Railway, it the branch to t)owlais had only been made in tim •> would be for ever lost. The Rumney Company were anxious to go to Dowlais, and would hdv- formed a line to that place if the branch from thence to Merthyr were formed. He (Mr. Overton) would therefore propose that is the opinion of this meeting, that it is highly desirable that a branch line from Merthyr to !)o\yiais be made." Mr, Christopher James said that if'he road from Brc. con to Merthyr were made, the road from Merthyr to Dowlais would not be required, as the Brec III line would come through the CHyn, (Hefir,) That did away with the necessity which it was said exited fH making the branch to Dowlais. (Hear ) Mr. Hutchins said that he had recently acted as chair- man of a meeting which had been couveued for the pur- pose of taking into consider;);ion inat.er-; connected with the formation of the line t'. m B.econ'-o "I ertliyr and he was now in a position to s'ate that his last instructions were that it had been decided to take the line up the val. ley- of the Glyn. (Hear, hear.) Mr. Overtoil believed it had not yet been fiually de- cided. Mr. Webb said that Mr. Hutchins left London only thismorntng, and theteforewas in possession of the latesL intelligence on tire Eubject, The business of the meeting having been cooclqded, Mr* Price rose to move a vote of thanks to the Di- rectors, for their diligence aad attention to the interests çt the Company during the hut half-year. (Cheers.) This motion was seconded by Mr. Carlisle, and unani- mously carried. The Chairman in returning thanks said he could safely state on the part of the Directors that it afforded them great satisfaction in having this testimonial of the share- holders' approbation. The Directors could not but re- member the adverse circumstances, under which they had struggled for so many years, and it was particularly gratifying to find that they could now meet the proprietors with more satisfaction than they ever did before. The sale of the forfeited shares was then proceeded with by Mr. William Harwood, Junr., Auctioneer. They sold very freely at £ 14(}, and several for £ 141 per share.



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