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SOUTH WALES RAILWAY. The first ordinary meeting of the Proprietors, as required by the Acts of Parliament, was held at,one o'clock on Friday, the 31st uIt., at the Great Western Station, Paddington, C. Russell, Esq., M.P., in the chair. The Secretary, Mr. Armstrong, read the fflvertisement of the meeting,which, besides the general business for which it was convened, stated that it was also held for the purpose of giving authority to the Directors, with respect to any agreements with other Companies, and applications to Parliament which they might think it expedient to make in the ensuing session. The Chairman then addressed the meeting as follows :— Gentlemen, The directors of the South Wales Railway have great pleasure in meeting their proprietors (though the at- tendance is certainly not very numerous on this their first occasion of assembling together), and congratulating them on the success which has hitherto attended their operations. Our proceedings in parliament were as short and inexpensive as we could reasonably have expected from a project of this great magnitude. Some unexpected opposition we certainly had to encounter; but I think we have not any reason to re- gret this, as it gave us an opportunity of setting forth the great value and importance of our undertaking. We have reason to know that the project was duly appreciated by the committees of both houses of parliament, to whose investiga- tion it was submitted. The great difficulty we had to encounter proceeded from the Admiralty, in reference to our passage of the Severn. It was impossible for the committees of the Houses of Lords and Commons to resist the authority which is vested in that board by law but they did all they could do they gave us our line complete, with the exception of that portion embracing the passage of the Severn, which was re- served fOT co"8iden.tioD in the Dext session of parliament. That question has since had the deliberate consideration of your directors. We continue of 'he opinion that we alw <y* entertained, that the place which we selected forcrossiug the Severn was in all respects the nou desirable. We believe that it would not only have been bentficial to ours Ives, b>it that by means of it we might have improved the navigation of the Severn itself. But it was not for us to impugn the judg- ment or the authority invested by law in the Admiralty. The directors have lately been again in communication with the Board of Admiralty on this subject, and I may state we are not without hopes that some plan may be devised by which we shall be enabled to carry out our project at the spot we originally wished. Perhaps it would be desirable that we should not, on this occasion, enter more largely into the dis- cussion of this question, as such a course might cause us some embarrassment; and as I am sure you will be disposed to place confidence in the vigilauce ad dtscretion of your directors (hear, hear), I do not tnink it is necessary to re- quire of our engineer, at this moment, a report upon any of Ol1r engineering works. Since oUr act was passed he has been employed in making his levised surveys of the line. The revised survey of a line J30 or 140 miles in length, yon must be aware, is a very laborious under- taking but it is a labour which amply repays itself, for if the line be correctly set out in the first instance, much expense and much error are afterwards saved. These revised surveys, I understand from Mr. Brunei, are nearly completed, and immediately they are completed we shall cuter into our contracts, and proceed with our works with the utmost diligence and rapidity. The attention of your directors has, of course, been called to the numberless projects for new lines which have been cast, as it were, as a net over the prin- cipality of Wales. It is not to be exuected that any very considerable portion ot these lines will be entertaiued, much less permitted to be made. by the legislature. From the mass of them we have selected such as we think connect them- selves most advantageously with the South Wales Railway, and we have expressed our willingness to enter into fiiendly relations with and give thcm aa the support in our power. The Hereford, Worcester, and Gloucester line, and the Here- ford and Shrewsbury line* are clearly lines that wi! 1 be of great importance to the South Wales Company, as conveying their traffic to the north of England. With these companies we have entered imo an understanding that we shall con- tinue on the most friendly terms, and that we shrill give to them our cordial co-operaiion and support in parliament. With the Forest of Dean Company we had entered inio an agreement to purchase the line in the event of our act passiag, The act having now passed the agreement becomes binding upon us, aud wesbait of course purchase that railway. It is our intention to enlarge aud improvp it, so that the utmost amount of mineral produce may be brought over our line. We have thought it desirable to suppoit a line of ihevalleyof Neath. It is far from improbable that a line of railway will also be made from the head of the Valley of Neath, to join the Hereford, Worcester, and Gloucester line, passing by j Merthyr Tydvil, and Abergavenny, in order to afford railway accommodation to that large mineral and manuf"ctllrm" district. If this intermediate company shall be able to make arrangements with those companies at tueir two extrciniiies the Valley of Neath, and the Hereford, Worcester, and Gloucester Companies—the South Wales riailway Company will also be disposed to give it their utmost support 1 believe these are the only lines with which we have formed any cou- nection whatever. In the present state of the money market and tbe railway market, we thought it most wise and most judi- cious not to entft into any exteusive liabilities by tije purchase to canals, railways, or any properly of that sort, with the single exception of the Forest of Dean Railway. Vie tbluk tbat if a time of difficulty in the money market should arrive, we shall have a greater certainty of being able to carry out our own projects by keeping our own resources unencumbered, for the present at least, with any fresh or subsidiary under- takings. Gentlemen, 1 am not aware that it is ncc:ess»ty I should trespass any longer on your attention on this'ijMjMon. I will uow call upon the »ecretary to read the iepott. The secretary then read the following report: — The directors -tppointed by the act of incorporation have much pleasur.* at this the firs: gi ner") meeting of the Sou. ) Wales Railway Company (in cangratu>a'-i'.tg the proprietor- on the successful isvie of their applica'ioa to Parliament las. session for a bili to authorise tho construction of tbi* i'iaportau- line. Without trollilling von with a detail of tb",cirrHm:'l'1"IlCf' j connected with the prog ess of the bill through I'arliam nt.it will he sufficient to stale that in consequence of an objection raised by the Lords of the Admiralty to the propos«d mod ■ ? crossing the Severn, the act was obtained for a line fr >tn Fisn- guard and Pembroke to Chepstow only. leaving it to the pro- moters to apply to Parliameatin a future session for oower b < complete the line, upon which subject the directors 8' e no t ( engaged. In connection with this completion of the I ne you,- < directors are perfecting arrangements for aff rding railway ) accommodation to the Forest of Dean, which, by opening out < the highly-valuable mineral resources of that district, will bring a large amount of traffic on the South Wales hne, and with this view conditional arrangements have been already made for the purchase of the Forest of Dean or Blllln Pill Railway, and of the rights of certain tollowners connected with the same. Your sanction to thrse measures is embodied I in the resolution that will be submi ted to y .u. Your direc- 1 tors regret that it is not in their power to lay before you an 1 accurate statement of the expenses incurred up to the time of J passing the act of incorporation The great length of the line 1 rendering it necessary to open many accounts has caused a c delay in their adjustment, but the proprietors may rely un I every exertion being made to have these accollns cocnpletecit a and that your directors will exercise all proper economy in con- ducting the affairs of the company. theprovttmnaoftheact e require that your directors should this day be elected. The ( Great Western Company have the power to elect six directors, j A resolution wjll be submitted to you for the appointment of i the remaining twelve. Those gentlemen nxmed in the Act ( of Parliament are candidates fo> re-election* The fo lowing c are the directors who have heen elected by tile Gr. at Wesiem I Company:—F. P. Barlow, Esq.; Viscount Bariington, \1. P.. ( R. Frederick Gower.Esq.; W.O. Hayier, Esq Edw.Whelw g Mills, Esq.; Charles. Russell, Esq., .VI.P.- The general Act requires that this meeting should appoint two auditors and fix „ such salary pr al)owaucp for their services as the proprietors { )' ..honld think proper. YOl1r Hirerro s rpcommpnd B.>n-vviv Dobree, Ellq, and Abel Lewis Gower, Esq., to t;1" ft-si auditors, and that a salary of £ 25 P8ch be paid for tlu-u ser- vires. Your directors have elected N, Armstrong, t^q 10 Uti. office of secretary, and beg leave to recommend that a salarv of £ 700 per annum bp. paid to him from the com rtencement of his engagement. Your engineers have been actively occu- pied in making the detailed and revised aurveys of the line. Their preliminary arrangements are now nearly complete; and measures are about to be adopted for entering into the ne- cessary contracts and commencing the works. Your directors cannot conclude their report without offering their congratu- lations to the proprietors on their pi esp-nt very encouraging position, arising from the every day more favourable prospect of this railway, beine the means of effecting a complete de- velopment of the mineral resources of South Wales. On the motion of the chairman, seconded by Mr. Roch, the report was unanimously received and adopted. In answer t" a question of a proprietor who had entered the room jnst before the reading of the report, the chairman repeated his explanations with regard to the Severn, and hii full opinion that it would be imprudent to discuss the matter further at present. Mr. Blakemore, M.P. (who sat behind the table amongst the directors) said this question of crossing 'he Severn was so important that, although he was far from wishing to emharass the directors, he thought that further explanations ought to he given regarding a question which affected so deeply the in e- rests not only of the proprietors, but those also of the district through which it passed. Large sum* of money had been spent in the improvement of the Severn, 'o the extent of £180,000. He bad the honour of being one of the commis- sioners of that river, and he had the pleasure of stating that the improvements had been carried out to the greatest possible advantage. It was felt, however, that these improvements in the upper parts of the river would be useless if any inju- rious interference took pjace in the lower part, and the pian proposed by the South Wales Company had accordingly en- gaged the earnest attention of the commissioners. Every thing was looked npon with a prejudiced eye, but he was happy to say that after full consideration these prejudices had been removed, and the commissioners were satisfied that the navi- gation of the Severn would not be injuriously affected. (Hear, bear, hear.) With everydeference to the Board of Admiralty, and although he was of opinion that parties who were respon- sible should be attended to. he must say, that in his opinion the decision of the Admiralty in the last session was pre- mature. The honourable gentleman proceeded at some length to contend that it was highly desirable that the progress of the negocia"on should be known, in order that the many other schemes projected in that district might be checked or encou- raged according as circumstances might require. He con- cluded, by expressing his full approval of the report, and his confidence in the integrity and zeal of the directors. -The meeting pissed the following resolutions:— That the Register of Proprietors now produced be authentica- ted by the Common Seal of the Company. That the following be appointed the Directors of this Com- pany for the ensuing year :— James Alston, Esq.; David Arthut'Saunders Davies, Esq., M.P.; Sir Josiali John Guest, Bart., M.P.; David Lewis, Esq.; Stephen Lewis, Esq.; David Morris. Esq., M.P.; Col. Hugh Owen; Archibald F, Paull, Esq.; Robert Saunders, Esq.; Louis Vigurs, Esq.; Lord Viscount Villiers, M.P.; John Henry Vivian, Esq., M.P. That the sum of £1,800 per annum be assigned as the remu- neration for the Directors, to be apportioned in such manner as they may determine. That Bonamy Dobrep. Esq., and Abel Lewis Gower, Esq., be the Auditors for the year ensuing, and that they be paid a salary of £25 each for their services. That the Secretary be paid JE700 a year for his services, from the time of his engagement by the Directors. That the Agreements entered into by the Directors of this Company for the conditional purchase of the Forest of Dean, or Bullo Pill Railway, and o&the rights of certain Toll-owners con- nected with the same, ba Wnfirmed. That the Directors be1', and they are hereby empowered to take such measures as may seem to them expedient, to apply to Parliament in the next Session, either in their own names separately, or conjointly with other Companies or persons, for any extensions, deviations, branches, or other lines by or in connection vith this company, and to purchase or lease such existing or contemplated lines as they may consider will prove beneficial to the South Wales Railway Company, or for amend- ment of the powers already conferred by Parliament on this Company. The Chaiiman (in answer to questions by Mr. Blakemoce) stated that they had purchased the Forest of Dean line for £90,000, and certain toll'rights attached to it for f 20,000 more. This was at the rate of sixteen years' purchase on the net income, taking the average of five years, the receipts gra- dually augmenting. Mr. Blakemore again urged the propriety of some further explanation. At present the South Wales line stopped at Chepstow, and it was by no means clear whether they would be permitted o cross the Severn. If this should not be per- mitted, was it ntended to complete the communication through the inland tovns of Monmouthshire, or was this to be left to other parties 'i The Chairnan must again deprecate all discussion at pre- sent on this subject; at the toarae time he might say, that the directors woull not be so remiss as to leave the link between the South Wiles and Great Western Railways incomplete, and the public might rest assured that that link would be sup- plied by this company. Mr. Blakemore contended that any delay would only tend to strengthen other parties. The Chairman would assure the honourable gentleman that there should be no delay. After the resolutions had been duly carried, on the motion of Mr. Louis Vigurs, a vote of thanks to the chairman was unanimously passed, and suitably acknowledged, and the meeting broke up after a sitting 01 three-quarters of an hour.

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BANKRUPTS,—(From the London…




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