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-. BTJTE.RHYMNEY FUSION.

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BTJTE.RHYMNEY FUSION. OF THE RHYNNEY SHAREHOLDERS. MAJORITY AGAINST THE PROPOSAL- Xhg i *— ^Euiwav (.;yearly meeting of the Rhymney iiotel <Jarrlwas iield ai tihe Angel ooyle' n, ,A' 011 Friday afternoon, Mr. Joiin diren^,P?" There was a full attendance Pieserjt an') exoeI't Mr. E. I'. North being 7 yie\r of recent eveats, a large At thK °l shar^okLers. ^ere the OUtset the Chairman asked all who fooin. 4út ^areiiolcter^ or importers t j leave the ?6qUud- or, said he could not help VFas addressed to him. he thoii1^ aas^ft,axice M has clerks, and ^titled a -r» 33 a proiessionaJ. man, he was The (V 6 them wiih him. V rruajl ^id his experience dia not be \HJij ^ything of the laud, but he would i £ r to allow him one olerk. *4Vfctir. n: Then I must appeal to the The rn>(CriflS of "No.") TO V^airman: The meeting ha6 nothing U.jwo*1^1 at. The meeting -s ni my hands. lS6-) There is no divided authority JljL The then ended. *6pox^ V^iinmi proposed that the half-yearly 'ftiOQg directors, which had been circulated j?e shareholders, be adopt 2d. said it would save time if the h/"Ve'erre<i to in the report were read, l^rv> ^ena o°uld not vote for or agamsi rfcad iP0^ until they had had the agreement TheVt111- ■frith u;ylrniaia &aid he did not quite agree in 4 1^" Lmton. i'he agreement waa described if the Paragraph in tlie report. However, 8! areholders wished it. ho saw no par- be regj1"6*6011 why the agreement should rot the meeting. Tjun. then read the agreement, ,'??Iu^er 21, 1896, betweea the Bute Cojjjp ^"aipany and the Rhymney Railway the amalgamation of t.n« vnder- Rhymney Railway (Company &4iiy e Undertaking of the Bute Docks Com- pile said it wa«s practically the tica 0f°C>llrueut {LS year, with the excep- Ib^jg l"° dividend to be paid \t the com- ktie\y of the amalgamation. As they tart^i dividend varied in four V-as r Portions during three years; now it conajne'ioe from the begin rin g of t he at the rate of 10 per cent, not much to be said respecting the import t^ie company. He believed the 8,8 far as it referred to the past affaire Very ^^P'ioy, would be considered to be ^iicoxyLf^isfactory one, and one which gave *ece^P^KItlent to ^uture prospects. The total the tt>tn "^d been the largest ever known to He balieved it was eleven years ^^ole the company paid 10 per cent. for the f* -Ibey had touched it before once half-years, but they had not paid year a 10 per cent, dividend until the time he had stated. They would P et>Cn ^P^t him to say a few words with v ° t^e agreement they had heard read, yc'aj^ t ten them that eighteen or nineteen J tli6 Ce he stood before the shareholders tixn?0l^Pany on a similar occasion. At of >y wero under the extreme iftinw- dij»f,.aviri^ ^sist the action of one of thG af>TB\ w^° took upon himself tj stir «6 dir»w ar -^ers to oppose the action of }iarirs wilh reference to the Bill which ^ise introduced into Parliament in the an their pwvere and discretion. That nr^l^.whJch \h,0y had lQng reason to when he told them—many of whom hari11?.? about it—that theyehould by this- ui possession of a line up the SroiiiK} whiVK^K^ f Valley—up to the very of y tried to reach last year by a Jiey hai own~to tlle Dowlais-Cardiff P:ts, tbefj. dWt ,re«ret the action of one of 'tood that, ?ocaiT- To"day he V hk )!ii j „'wilole of the directors 4« a were uiiaxiimoue in their their e Proposal with reference to JHendiX +k6 j a They rocom- ? ^doption of the agreement as the '°t '?ng conaideraiion, and because were desirous of improving the property. _raking on. behalf of Jiimself, he said it was ~^c,!ing that they shotJd meet from etna- I^titors in. so violonte«n attack aga-itist tae interests of the company, and to have "bings said aoout them that verged, not onlv ■Upon fallacy, but imagination. Dealing with ^rgiiments used by the opponents of the scheme, he contended that the ai»»al'gamati on progrxvets -L tMe great deal to do wjM, -!ud r had a •»i If quoted fil;™ ™'8,f °r statement. TWP ^nn 1 JPPort of this .v.throw away +h« r. ,s^a^holciera'p;oing to to dL o °PPortiiR!ty? Were, they to th«m or680 fltl0n wbk41 he 'hould ^eemenc'' Tc ,respeotin|r. this, ^eat tt.- t _l thev did. it would be a in? tj,13[ une t0 tiie company. Proceed- 't \p cflairman said surely the security that etUjS Proposed to give to them was a good the Ta'liahle one, and he begged and* implored l^h°lders not awa^ hy articles ijit written bv those who "were not ^reste^l in, but envied, them. "Th' nln ^<m' ^*°- no' u ^hairn^an I am speaking now. Do you Powe^,0^ ^lat th'P Barry Company are seeking °f nn j- ve running powers over the whole Pick district, which would enable them to fi^J^ ,°ur trade? "We have fou?ht that al?ain. TX +vimes' an<^ tnlst shall win 1,10 hav« to on ^OT e"m"' aiid are we attaeto ^Ur convulsed bv these annua] to do w"ll<3n tlle7 have nothing the bZ!, p Rhymney Railway? I trust to see ■Von a.crrZ Y°1"Pany defeated again this vear. If °rdeaf T? n a?reement. we will have the thin J, Parbament to go through, but I then6n* Lbe in Parliament. I'ePort aT,?°I adoption of the du-eotor.s' ,ir_i77 of accounts for the half- 31.. to Uiiam Austin seconded, and, referring 'P«r ^malgamation proposal, said that 10 BWeholdeWaa oert*^n-'y good enough for the the Navies moved an amendment ^hat the report of the directors be t^rra-nt. ^he omission therefrom of the five ■K^VUitipv -DC ^'Tl^ k° the amalgamation of the Com4' ComP°Jiy and the Bute ^Ij. j'- Smith seconded the amendment. ^•tW ,5 supported, and said that, as the J.'ffe tn«w^ have to oome up »,t the Wham- 'onjy1^ sa^ne tune to have one ^at if^vl'1711311' ™ ans^rer to a question, sa-id J?!' follow T, for the agreement it would !p for aTn ,at ^hey were bound to support the if^^Sfamation. 11 r*? t?T>ort « attention to the clauses in hVv„ *? fo]1.owa :—Hie Bute Books Com- i,v 4 Hn^v frr2?QS,1^6(La f°r the construction to Pnr!+m the Rhymney Railway at Llan- of^midd and the Taff Valley. A. the a Rlllr w to brine to the Bute Locke a diJ^w e^hymnev Railway traffiy V^eut no^C which this oompany has at w^h's comivf0*8^ W! n°t be opjxieed do fOI. +?y He submitted that it would ]^r ck,L shareholders to support this rVlcB a* it would enable the Bute Si f^t^7 8° to Dowlais Dowlaig traffic. He he j j11,0 report of the direc- t? the eeofvr,^ r^i the om™on therefrom ^Ute "n^Ti -J' two paragraphs relating to B,i31 «e substitution of the °hject of the Bill is not onlv feo f^'dd, v.1+ to make the railway to Pcmty- w* aHd T-rf6X8 to 11111 over the Taff Yal9 n this rvt^T Bar?oed line, it is in the interests P<*ed.» ^Pany that the Bill should be op- Bil)a'rinjn1pa;d that they had been through r,Sf>d by vr0, T^ad o^i^ted to the points ti^ia har1; ^mtrrn- and Sir William Thr-ma-s ^^fr°jn thjR']fn und<?riairin £ to withdraw ^^te seconded Mr. Linton's amend- objl^P^ation by Mr. Smith that th^re wa* (iTp°rt w-«„*n n°t explaininc!• the rxisition in the ^irman repudiated with emphasis by the Hi16 ~w<y^^7' & was decided to insert after followi'T^006*8" the resolution quoted, PivJV°rd* :—"A-nd, as assurance has v«is, com>,all olatises objectionable to Hot ha 7 w°iild be "withdrawn, the Bill (W_ opposed by the oompany." v^he o5ION 0F THE AGREEMENT. proposed that a dividend na*-an rate per ble °? the 9th m3t- 1^ afrrf^c] *BCOinded by Air. Frankl«n Evans, Gila proposed the confirmation ■^r&upoji ° amalgamation agreement, ^^rxiedthat had been C aUow^d IK! ^,rncliff«MWRTA?. They «UK*doPted a ? firaPh tn the report to ^it 7^' were not going to re»o1- approving of the tv Ok K )i Rho^L8"!da3lf°!i'"I)'\reC0TnTn'end^d 2t if tb II QuId he and they must pass :M:¡. 1'\)' could. cliff'^ldTbL eu^ested that tihe ordinarv meet- w. °!P6 adjourned UDtil after the Wham and Mr. T. H. Stephen," +°i?'mio'n tha't reference to the T M report was quite sufficient. ZT^m^t Pranklen suggested that the 7*ion am'S;.? 1)0 a^ooted. subject to the ^After » v.l, at the Whamcliffe meeting. deoli-nij' V further discussion, the C5hair- »?N, wio. adopt any of the suggestions Vher. withdraw the proposition alto- Evans and J"aiae« x.rogden directors, and Mr. Airbroee Ford auditor, aiter which the meeting ter- minated. THE WHARXCLIFFE MEETING The Vv harneliffe meeting was then held for the purpose of considering- the proposed Amal- gamation Bill. The Solicitor proceeded through the various clauses Ou. the Bill, after which the Chairman formally proposed that it be approved by the shareholders. Mr. Austin, in seconding the resolution, said the preferred ordinary stock of the Barry Com- pany was worth about loO. Supposing the ney Stock was as good as that, the ten per cent. stock would be worth û25. He, how- ever, contended that this would be a better stock man the Barry Preferred Ordinary, because, whereas the latter had only £ 600,000 of ordinary etock behind it, the Rhymney Amalgamated Stook would have about three millions of Bute Stock, which paid 3 per cent., behind it. If they could get the Bute Docks Company to make a better offer, well and good, but he did not think they would. Mr. H. G. White said his position was this, that he had invested the savings and earningll of a life's hard work in this company, and his only interest was to protect those savings. Any action he took was for the good of the com- pany and the good of himself- If he was taking this action in the interest of other com- panies, hie proper place would be in a lunatic asylum. (Hear, hear.) He took his full share j of the responsibility for the 0ircular which was issued with his name attached to it, and he believed the statements made in it to be true. Another circular had been iesued signed by Mr. Ferrier, Mr. Inskip, and others. Mr. Fcrrier he had met occasionally, and, with the exception of Mr. Inskip, the others he did not know. It was stated that the whole of this agitation was being got up in the interests of a rival company. He threw that back to Mr. Ferriier. Mr. Inskip asked them to take his advice. Who was Mr. Inskip? He was the man who told their directors that this was a 3 per cent. line, and wanted to buy it. He was the chairman of the Main Colliery Com- pany, whose J310 shares were now at £5. He was the chairman of Jame.o Tucker (Limited). He was the chairman of the Taff Vale Railway Company, and made an agreement to buy the Bute Docks, which was refused by the shareholders, and the whole board were dismissed. He combined with Lord Bute and produced that unrighteous agreement—the Taff Vale subsidy—for which they were suffer- iug to-<lay. That WaR tVe man who appealed to them to take his advice. Referring to the dividends earned by the Rhymney during the last seventeen years, he said they averaged 9 per cent. Adding to this the four issues of ordinary stock at par. it meant 11 per cent. to those who sold their allotments or 16 per cent. to those who held them to the present day. (Hear, hear.) Now they were asked to give up their property for a 10 per cent. Many shareholders who had entrusted him with their pre xies would accept a 10 per cent. if it were guaranteed—(hear, hear)— but he was sure they would not accept a non- cumulative preference euch as they were offered. He opposed the amalgamation twelve month's ago. He had looked more closely into the matter, and he was firmly convinced that it was to their interest to keep the property in their own hands, unless they could gr>t much b'tter security than tbey were now offered. (Hear, hear.) The Chairman said he did not think it was fair he should let this thing go any further. He had examined the proxies which had been sent in to support him and those in opposition to the proposal of the directors, and he found the tatter were of a number which made it impossible for the directors to succeed in persuading them to pa^s the Bill. (Hear, tsar.) Therefore, the Wharncliffe meeting wats practically at an end. The number of proxies sent in in favour of the directors and Mr. Ferrier was 281, and the amount J3286 060. In favour of the opposition there were 310 proxies, representing £301,956, Therefore, the majority wias quite clear in favour of those who opposed the Bill. Some discussion th"en arose as to whether a show of hands should be token at once, but Mr. Austin urged that the matter should be dis- cussed to the end. Mr. Linton and Mr. Ferrier each expressed their readiness to go on, but Mr. Stephens thought it would be an unwise prowed'ing. The vote had gone against the directors, and there was an end of the matter. A fihow of hands was then taken, and the chairman announced that the motion to approve of the Bill was rejeoted by a small majority. The usual vote of thanks having been accorded to the chairman, the proceedings terminated after a sitting of nearly four hours.

TAFF VALE RAILWAY.

HAURY COMPANY.

VALE OF GLAMORGAN RAILWAY…

RAILWAY DIVIDENDS.

18 ALARMING FIRE AT YNYSYBWL.

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ASTRONOMICAL SOCIETY OF WALES.

CAKMABTHEN GUARDIANS AND THEIR…

ABERYSTWITH INFIRMARY-

EARRY DISTRICT COUNCIL.

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CEFIVATTDING A FRIENDLY SOCIETY.

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