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ARCHID1ACONAL VISITATION.

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MONMOUTH AND GLAMORGAN BANK.

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ABERGAVENNY*.

BASSALLEG.

BLAENAFON.

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BLAENAFON. BLAENAVON IRON AND COAL COMPANY. The annual general meeting of proprietors was held, yes- terday, at the office of the company, St. Pancras lane; John Masterman, jun., Esq., in the chair. Mr. Johnson (the manager) read the notice convening the meeting, and the following directors' report:- The directors submit to-the notice of the shareholders the report of the management of the affairs of the company for the year ending 31st December, 18;11.. From the accounts and balance-sheet laid on the table, it will be seen that— The" make" has been- I The salcs during the year Tons. have been- Tons. Pigs 18,503 Pigs 7,194 Metal. 2,435 Metal. 812 Finished bars 7,7(>1 I Finished bars 8,04(» Unnnishedbars. 1 ,f}831 Unfinished bars. 1,803 Coal 18,397 Lime 3,6()4 And the gross profit arising from these sales has been— Pigs £ 480111 8 Metal 056 9 7 Bars 4000 6 9 Coal and limestone 1981 16 11 £ 11,500 4 11 Deducting from this amount, for discount and Bankers' charges 4,192 19 G # There ramains a balance of gross profit at the works, of £ 7,307 5 5 From which deduct— Interest on mortgage 1031 17 3 Ditto on debentures 3479 10 2 Current expenses 679 8 1 £ 5,191 1 11 Leaving a nett profit of £ 2,116 3 6 To which being added the balance to the credit of profit and loss, December, 1850 £2,302 15 7 There remains a balance to the credit of profit and loss, of £ 4,418 19 1 Three furnaces only have been kept in blast during the past year, which will account for the reduction in make" as compared with 1850. Every exertion has been made,both by the manager and by the selling agent, to extend remunerative sales; but there is a limit to the use of the best descriptions of iron at such prices as afford a profit, and common bars and rails have been at so low a figure throughout 1851, as to render their manufacture undesirable, The directors, therefore, feel that they have exercised a wise discretion in not carrying on the works to a greater extent, and thereby accumulating stock. A fourth furnace has, however, been kept ready for blast at any time, and the fifth furnace could be prepared in a short period, to take advantage of any improvement in trade. The c.,st of the pig-iron has varied very little from that of the former year, although the reduction of make has operated against it; and the cost of the bar iron has been less than in the former year, although in that department also there has been some reduction of make. The accountant auditor reports as follows:—The outlay is stated at the same amount as in the preceding year: although sundry improvements have been made in different portions of the works, they have all been charged to the current expen- diture of the year. A further reduction in the stock oL horses has taken place. The number (horses and mules) in 1850 was 145, valued at £ 3501. In the present stock there are 125, valued at £ 2670 10s. The cost of keep averaged in 1850,134 10s. per horse.; i«851, £34 6s. The three furnaces in blast during the year have averaged a weekly make" of nearly 120 tons. I have pleasure in adding that the accounts both in London and at the works, have been kept with the same accuracy as in previous years. The Chairman, in moving the adoption of the report, con- gratulated the proprietary on the state of their affairs; for, although the report was short, lie thought it highly favourable, as during a period of much distress and destruction to many, they had been able to pull through the year, leaving a profit of upwards of £2000, and a total balance on profit and loss of f4 400 in their favour. He believed there were many similar proprietaries who would be satisfied to be in a like position; they had certainly not retrograded—they had gone forward- and he had good hopes for the future. As to the present prospects of the iron trade, each must of course form his own opinion for himself he could not look at the rapidly-increas- ing demand for iron now taking place at home, Canada, India, and in fact every country, without believing that very shortly the consumption must overtake the production. It was highlv gratifying to know that their credit was good; that they had that day signed a mortgage deed enabling them to borrow jE:50,000, at 4 cent., and thus effect considerable saving, by payiug^>ff the previous loan which had been con- tracted at 5 per cent, and redeeming the debenture debt. After some conversation on the subject of a pending nego"