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Jiatlhntn Jfnid%cn«. .

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Jiatlhntn Jfnid%cn«. TAFF YALE RAILWAY. The 61st half-yearly meeting of the proprietors of this company was held on Tuesday, at the Atheoiuam, Bristol, Mr. J. Poole, chairman of the board of directors, presiding. Mr. E. KENWAY (secretary) read the notice convening the meeting, and also the annual report, which recommended a dividend at the rate of 9 per cent., and which has appeared in the Times. The CHAIRMAN, in moving the adoption of the report and accounts, said he thought he might congratulate them on the issue of the last half-yearly undertaking of the company. They had, in common with other railways of the kingdom, 'passed through a great commercial crisis, but, happily, that bad not interfered with the declaration of their usual divi. dend of 9 per cent. Although that dividend had been sorely pressed by a large amount of permanent expense-namely, ^5435—as they would find on the debit side of the account, be was bound in candour and fairness to say that that was not the whole of the amount, as a portion of the permanent, expenses would have to be charged in the next half-year's ac- count. In addition to that they would no doubt have ob- served that on the debit side of the half-yearly revenue ac count there was a sum of £ 13,788 loss incurred on the Penarth ,undertaking. Yet with that pressure, and the charge ofzC750 to the depreciation fund, their dividend stood as unimpaired as on the last occasion-(hear, hear.) With reference to the Parliamentary expenses, he need not tell them that the direc- tors entered upon what might be called, and which was un- fortunately called, a great Parliamentary contest, with great anxiety. He believed there were no less than 10 or 12 bills in opposition to that company, and which, had they been carried, would have produced a great disturbance, to say the least of it, in their undertaking. By negotiations many of those bills were withdrawn, others were successfully opposed, and one, which he believed would contribute to the interests of the company (the Llantrisant and Taff Vale), was carried and that would be the means of opening up a large coal field to the west of the Taff Vale, which, as far as they were con- cerned, had been hitherto undeveloped. But one of the most severe Parliamentary contests, or rather undertakings—which, be said, was most unfortunate—which they had had to con- tend with, was the Bute Dock scheme. When he said unfor- tunate," he considered it most unfortunate that that company should be constantly brought into contact with the Bute Trustees; and one of the most eminent judges of this land, when they were before him on a matter of great interest, said they ought not to be so; that the interests of the Bute trustees were identical with those of the company, and vice wersa. They entered into opposition with those trustees, and had spent a large sum of money in what they conceived to be the protection of their rights; and in all cases, for he did not know a single exception, the Taff Vale company had been successful. (Hear, hear.) That was the best argument why they should contend with the Bute Trustees. On the last occasion, it might appear to many persons that the scheme of the Bute Trustees was simply fr increased dock accommodation, which per se would advance the interests of the whole community, but there were other interests which were adverse to the interests of the Taff Vale Company. For instance, they proposed a large increase of dock accommoda- tion, unnecessarily large, which would have competed most successfully and to a great extent clashed with the Penarth undertaking. The committee of the House of Lords took the same view of the question, and although they gave them a portion of their works, the large dock they proposed to execute was struck out of their scheme. The Bute Trustees bad always denied access to the East Bute Dock for the Taff Vale traffic. The effect of that was to deprive them of a mile •f their railway, and to incur the necessity of handing over their traffic to two other companies before landing it at the East Bute Dock. The Bouse of Lords took that view, and they proposed that the company should have the use of the staiths on terms to be settled by arbitration. Mr. Harrison was appointed on the part of the Bute Trustees, and Mr. Hawkshaw on the part of the company, and they had so much confidence in the honesty and integrity of both parties that they had no doubt that they would arrive at a just con- clusion. With regard to Penarth, he had told them when the scheme was first proposed that that scheme would press upon the revenue of the Taff Vale for two or three half-years, and probably more. It had done so, but not to the extent he bad anticipated, for although the sum charged to the Tfiff TVate was about the same as in the previous year, yet on the last half-year there was only three months' interest on the Dock capital charged, whereas this year the indole half-year was charged, and therefore the undertaking had materially improved. The Penarth Dock had not had a fair chance. It wanted a large additional accommodation it had no merchants' offices, no graving-dock, none of those ac- cessories necessary to the well carrying on of a large un- dertaking of that kind. But those necessaries were in course of progress, and would lead to the development of the trade of that great and important undertaking. In addition to that they had had to contend with a vast amount of vitu- peration, for what reason he did not pretend to say, but that it was so was patent from the statements that had been made in the newspapers. On one occasion they were told that the whole of the dock gates had been carried away. There was no truth in it, but the statement, no doubt, had the intended effect, for the,merchantsdid notsend their ships to that dock. There was an accident which was exaggerated to an enor- mous extent, and every pretext had been used by parties to prevent the development of that trade which imust neces- 'sarily follow. They would, however, live through that. To show the natural advantages of the Penarth Dock as a means of access, he stated that a week ago a large steamer entered the dock, her ballast was discharged, she was laden with coal, and in twelve hours afterwards she was steaming down the channel (hear, hear). Those were advantages which could not be obtained at the Bute Docks. They (the Penarth Ðocks) were nearer the sea, they had a greater depth of water, and they had advantages pertaining to the Penarth undertaking which must, as a matter of necessity, lead to its prosperity. They had large quantities of coal coming down there and they would have still more; and he might say with great confidence that, as far as the future was concerned, he saw no reason on earth why the prosperity of the Taff • 'Vale Railway Company, for many years to come at least, should-be interfered with. If they got adverse circumstances on the one hand, they had favourable ones on the other. The opening-of the Great Western Coal District would bring a large quantity of coal to Penarth from Rhondda and other places. They had had adverse interests to contend with, no «loubt, during'the last session of Parliament, but they had negotiated favourably with large companies who introduced themselves into their district, and it would be most condu- cive to the interests of the Company. He believed he had now touched upon the principal points of the report, and the last matter he should propose was that, as a large proportion -of the per cent. stock was still on hand, the directors sought at their hands authority to issue at a higher rate of -interest if necessary. Happily the money market had taken .a favourable turn, and it might be that they would issue at a lower interest than they had hitherto done. They how- ever asked the proprietors to give them the confidence they had already placed in them; but they would not issue at a ( higher rate unless it were necessary to do so. He concluded ky moving that the report of the directors and statement of accounts for the half-year ending June 30, be received and adopted. The DEBUTY-CHAIRMAN (Mr. W. D. Bushel!) seconded tfthe motion. Mr.fpBRRT said he was sure all the shareholders congratu- latedithe directors upon the success which had attended the concern during the past half-year. But there were two or three matters to which he wished to refer. In the first place, the receipts had been about J03,5OO more than in the pre- vious half-year, and yet the balance was very little more. He could not account for this. It could not be owing to the Parliamentary expenses, for they were about the same as last year. While upon this subject, be must say that the Parliamentary expenses of the company appeared very large, and he hoped the directors, before they entered upon another •of these gigantic expenditures, would consider whether it -could not be done for less than £ 10,000 a year. (Hear, hear.) deferring to the Penarth Harbour, Dock, and Railway reo venue account, Mr. Perry pointed out that the working ex- penses during the past half-year amounted to sell,257, whereas in the previous balf-yesr they were only £5,707, and -said he thought the shareholders ought to have the statement of accounts of this undertaking presented to them in the same way as the Taff Vale statement, observing that the two or three lines given for the loss of £12,000 did not seem to tbe enough for the money. (Hear, hear.) He also thought 'that the directors of the Taff Vale ought to have had the docks completed before they took to them. (Hear, hear.) Me was there the other day, and noticed that only seven bt 'he twelve tips were in proper working order. He was told k tihe tips were hadly formed, and if so they ought to have £ ked after by the company's engineer. 1 v> jA*IRMan repHed that in all sincerity he said now, 3ui- a ° said before, thas the directors were very much ✓obliged to any proprietor who offered to them observations tin reference to the undertaking, and asked for information an reference to it-_ The directors were desirous of conduct- ing this undertaking on behalf of the proprietors in the same -way as if »t were their individual property. (Hear, hear.) iPrima facie it did appear strange that the directors should have taken to the dock when they did, but it was a very long •story, and if he were to tell it to them they would not derive much gratification from hearing it. The subject was care- tfully and anxiously considered by the directors at the time, and there were circumstances which led them to adopt the course they did. It was quite true that the dock was not yet finished. The company had yet to pay £ 12s 000 f0F which Mr. Hawk-shaw had not certified. The Chairman -stated that the works ware of a very superior character, and •that they were being copied by other companies. With re- gard to the statement of accounts of the Penarth undertak- dug, that was a delicate matter, because at the present mo- mint there were details which could not be published. In future, however, when these matters were settled a detailed statement should be-published. ( Hear ) He asked the pro- prietors to still place co nfidence in the directors so long as Ahey continued to declare a dividend of9 per cent. honestly And fairly, (Applause.) h d. Mr. EAGLES-FIELD called attention .o .ha -ode i„ „Mth theW,g„„ Go,„ pa„y> Mmgg £ -,«« X -3 v £ tending that it was injurious to i»e »■ Railway Company to purchase debentu • gesting that it should be applied to the puof •shares of the Wagon Company as shareho g ThVcHAIRMAN said be concurred in Mr. W^Io^ower •suggestion but the directors of this he had •over the directors of the Wagon Company. H j no doubt that the directors of the Wagon Company would 'take the suggestion into their serious consideration. Mr.BcsHELt said the subject had been considered by the Wagon Company directors, but it had been found that the shareholders of that company would not 86,1 1 7 fihsures. S T rr; Mr. WARREN observed that Mr. Hawkshaw was to make the staiths at Penarth as efficient as those at the Bute Docks, and he (Mr. Warren) wished to know whether the charge for altering the staiths was to be made upon the Penarth Dock Company, upon the interest which the Taff Vale paid to the Penarth Company, or was it to be paid out of the capital on which they paid interest. He also wished to know whether the junction between the Taff.YsIe and the South Wales Railway had been compieted. The CHAIRMAN replied that there was a matter of account to be gone into between the two companies, and this charge would be one of the items of that account. With regard to the other question, powers were taken in the last session of Parliament to make the junction. The directors were on the most favourable terms with the Great Western, who were proprietors of the Vale of Neath. and South Wales rail- ways, and the Great Western would be enabled to further the interests of this company, ami this company would be able to materially assist them. The resolution was then carried, and the retiring directors, Messrs. H. Rudhall, Rowland Fothergill and James Ford, were re-elected. Mr. RUDHALL and Mr. FORD returned thanks. The latter said the directors of the Wagon Company had endeavoured to act upon the plan Mr. Eaglesfield had suggested, but they found they could not get any shares from the shareholders, and were consequently obliged to invest the money in the best way they could. The DEPUTY-CHAIRMAN snitl an application had been made to the directors of this company to subscribe towards the cost of the establishment of a ship hospital at Cardiff. He pointed out the importance of such an establishment, and the deep interest the shareholders of this company had in it, and stated that Government had granted a ship, which was being altered for the purpose. The cost of the alteration would be £1,000, and it was towards that cost only that this com- pany was asked to subscribe, the annual expense of main- tenance being met hy a ship subscription. He moved that a subscription of X160 be given by the company towards the object. Mr. PERRY seconded the motion, and. it was agreed to unanimously. The meeting having been made special, The CHAIRMAN moved a resolution authorising the direc- tors to issue, at a higher rate, if necessary, the remainder of the Perpetual Preference 41 per cent. Stock. He stated that since the subject was first mooted the Bank rate had been lowered, and it might not be necessary to offer the stock at higher interest. The directors would not be in a hurry to raise money as long as they could do without it, and they simply asked for permission to issue tht; stock, if necessary, at a rate not exceeding five per cent. In the event of a higher rate being fixed upon, the stock would be first offered to the present preference shareholders. Mr. EAIJLESFIELD argued that there was no necessity to offer this stock at a higher rate of interest. E20,000 worth of it was issued in the first six months, and £2:1,000 worth in the past six months, notwithstanding the trying nature of that period, and if the directors had patience they would in time dispose of the whole of it at 41 per cent. Mr. WARREN asked what was to be done with the £76,000 which it was proposed to raise in this way. The CHAIRMAN replied that the list of items to be de- frayed with it was a very large one. There were boots for the porters and many other things. Mr. WARREN said that was a very flippant way of answer- ing the question, and he protested against it. Here was a sum of £76,000 to be raised at a high rate of interest, and he wished to know what special object it was to be raised to meet. The CHAIRMAN answered that there was no special object, and that the money was wanted to meet various expenses. Mr. MERCER observed that the statement of accounts ex- plained the matter—there was a debit there to be met, and the money was wanted for that purpose. The CHAIRMAN explained that, this was no new call for money, and that the issuing of the stock was sanctioned by the shareholders a year ago. A SHAREHOLDER thought that if the remainder of the stock was issued at a higher rate of interest a great injustice would be done to those persons who came forward and took a portion of it at 4f per cent., inasmuch as all the stock belonged to one class. If the remainder should be issued at 5 per cent., he thought that the present holders should be placed in the same category as the new purchasers. The CHAIRMAN said the present holders would be offered their respective proportions of the stock at five per cent., but it was impossible to make any alteration with respect to the stock already issued. Suppose the money market to go down, and the remainder of the stock to be issued at four per cent., would the proprietors like to be placed in the same category then ? The SHAREHOLDER replied that he could not see why any difference should be made in them. Mr. MERCER said it was very uncommercial for the pro- prietor to talk of coming forward to lend money for the obligation of the company, when it was for his own advan- tage. The subject which had been introduced would not admit of argument for a moment. Mr. PERRY said he did not see how the alteration could be made except by refunding, and that was a very difficult matter. The SHAREHOLDER observed that if the present course were persisted in the effect would be that people would hold back from taking stock in the expectation of getting another half per cent., and thus disastrously affect the shares in the market. The resolution was then agreed to, LLANTRISSANT AND TAFF VALE JUNCTION RAILWAY COMPAEY. The half-yearly meeting of this company was next held, when the following brief report was adopted: — Your directors are glad to inform the proprietors that the applica- tion to Parliament, intimated in their last report, was made during the last session, and has been successful. The Act obtained the Royal assent on the 23rd of July last, and by it powers have been granted for making railways that will afford an unbroken narrow gauge communication between the extensive coal-fields west of your line and the ports of Cardiff and Penarth. TAFF VALE WAGON COMPANY. The half-yearly meeting of this company was .subsequently held. Mr. James Ford presided, and explained that the chairman (Mr. E. J. Hutchins) was absent through serious illness. The Secretary (Mr. Kenway) read the following report The annexed half-yearly statement of account shows a balance at creditof the Redemption Fund Accouut of £2,831 15s. 3d. remaining for investment < at the end of the half- year. Your directors have made arrangements for advanc- ing this sum, together with the dividends and interest that have accrued since the 30fh June, amounting together to £3,600, to the Penarth Harbour, Dock, and Railway Com- pany upon the security of their Debenture Bonds, for a term of five years, at the rate of five per cent. per annum." The CHAIRMAN moved the adoption of the report. Mr EAGLESFIELD repeated his views in reference to the investment of the Redemption Fund. The CHAIRMAN promised to lay those views before the directors at an early day, and the report having been adopted, the meeting separated. RHYMNEY RAILWAY COMPANY. The half-yearly meeting »f the shareholders was held on Tuesday, at Wood's Hotel, Furnival's-inn, Holborn. Mr. C. T. Smpson was in the chair. The report states that the traffic for the past six months gives an increase of £5644 over the receipts for the corres- ponding period of the previous year. After deducting the usual expenses, interest, tolls and preferential dividends, there remains at the credit of the revenue account a balance of X2,951, out of which the Board recommend a dividend of 3 per cent, per annum, with a balance of 19* to the credit of the current account. The directors proceed to observe that, by the company's act.of last session, authority had been given to construct, in accordance with the agreement scheduled to the company's acts of 1864, the junction line near Caerphilly, between their railway and the line of the Brecon and Merthyr Railway Company; and to deviate and improve a portion of the line authorised by the company's Northern Lines Act, 1864, terminating M a junction with the London and North Western Railway Company's Mer- thyr, Tredegar, and Abergavenny Branch Railway, at Nant-y-Bwch. Running powers had also been secured by the Act over that branch railway between Nant-y-Bwch and the Brynmawr Junction, which would give access to several important coal and iron works. By the same Act the com- pany had obtained authority to make such enlargements and alterations in their station at Cardiff as would enable them to accommodate the increasing traffic, and secure a good road and access to the new dock or basin and other works, which the Trustees of the Marquis of Bute had been em- powered to make by the Bute Docks Act, 18(36. la that Act clauses had been introduced giving running powers to other railway companies over the low level line of the company's Bute Dock Branch at Cardiff on payment of the tolls therein mentioned. The most extensive and difficult portions of the Cardiff and Caerphilly railway were in progress, and no delay would be allowed to occur in carrying on the works. The Chairman, in moving the adoption of the report, said that they must all regret the absence from the list of direc- tors of the name of Mr. Stephen Cave, M.P., who upon the formation of the present government was appointed Vise- President of the Board of Trade, the holding of which office was quite incompatible with his continuing upon the board of a railway company. He (the ehairman) might be per- mitted to say that his hon. friend had been one of the original directors of the company, and had always watched with the greatest interest the affairs of the company—in fact, they were mainly indebted to Mr. Cave's exertions for their pre- sent comparative prosperity and he trusted that, should by accident the present ministry retire from power, theRhymney board would again have the advantage of Mr. Cave's services. (Laughter, and hear, hear). He sincerely meant what he said although he intended no political allusion. (Hear, hear). The'report, he thought, was most gratifying, there being a net increase upon the half-year s working 0f 4-5344 10s. 5d., showing an increase M every department, excepting a small decrease of £ 150 in the passenger8traflic. (Hear, hoar),- With that great increase of traffic the shareholders might naturally ask whv the directors did not recommend the payment of A larger dividend. But a reference to the accounts would fully explain the matter. IT must be understood that with an in- crease in the traffic there was a concomitant augmentation of the working expenses. Although I^erehad been an in- crease, it amounted to £ 1215, and WAS at the same p3R cent- age upon the traffic as hitherto. IN next place, they had six miles on the road to Cardiff, but what they received from that six miles they handed over to the Taff Yale Company. That amounted" to about the same sum as the additional working expenses; the amount therefore to be deducted from the increase of X5344, was about £ 2420. Then again, the rates and taxes for the past half-year had been much larger than in fbrmer years, still the amount paid was only 4| per- cent. on the gross receipts.- They must also bear in mind that the works in course of construction amounted to a very large sum during the half-year. The result was that after those things which he had referred to had been met, and the preferential charges paid, they had an available balancee of JS2951 11s. 3d., out of which they recommended the payment of a dividend at the rate of 3 per cent. instead of 2 per cent, paid last year. He thought that result should he deemed satisfactory as it promised well for the future. He then went through the various acts which had been obtained in Parliament during the past session, and said that arrangements had been made with the Trus- tees of the Marquis of Bute, in connection with the docks, by which a large accession of traffic would be brought upon the line. The works upon the Cardiff and Caerphilly Railway, under the Act of 1864, were in active progress; they had been let to to three responsible contractors, and there was no doubt the line would be opened within the time specified, namely, within five years of the passing of the Act. The Rhymney Company would receive £ 900 a year, if not more, upon the completion of the works. In conclusion, he moved the adoption of the report. Mr. Alderman DAKIN seconded the motion, which was carried unanimously. Upon the motion of the CHAIRMAN, the recommended di- vidend at the rate of 3 per cent. per annum was declared payable on the 31st inst. Upon the motion of Mr. MARK FEETHAM, a vote of thanks was unanimously passed to the Chairman, and the meeting separated.

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