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carriers on the western valleys, and two years for completing their works, and becoming carriers on the Newport and Pon- typool Railway. Lastly. The company have the power of raising an addi- tional capital of Z 150,000, partly by preferential shares, and partly by debentures. While thus explaining the advantages to be obtained by the company from the present bill, the committee deem it right to 11 âppristhe proprietary, that the Parliamentary committee, in consideration of the advantages which the company will derive from the increase of toll, considered it right to limit the divi- dend, during the period that such increased toll will be taken, to five per cent. Whilst the committee think it right to place the position of the company and the present bill before the proprietary, they are not without expectation, that if they should have an increased trade, the concern, by a strict attention to economy, will still prosper. The committee have also to state, that the deputation expe- rienced a very persevering opposition before the Parliamentary Committee, from certain of the authorities of Newport, and the Parliamentary Committee, after consulting Lord Shaftes- bury, recommended the company to consent to the introduc- tion of a clause, subjecting their canals and roads to be rated according to the usual mode, and not upon any special princi- ple of exemption, which the company have previously enjoyed under their acts of Parliament. The committee have proceeded with the improvement of the roads in the western valleys, by the substitution of wrought for cast iron plates, and have expended a sum of E3,000 and upwards, in the last half-year, in the purchase of plates. It will appear from the usual half-yearly account, that the revenue of the company for the last half year has not suffered any material decrease, notwithstanding the temporary stagna- tion of trade, occasioned by the differences between the iron and coal masters and their men. The committee have the satisfaction to state that the ordinary expenditure for the last half year shows a considerable decrease, compared with the corresponding half year of 1847. The committee again venture to offer their advice to the general body of proprietors on the subject of the present half year's dividend and looking at the obligations to which the company, notwithstanding the relief to be afforded by the pre- sent bill, will be subject, and the reduction of revenue which will shortly take place, the committee recommend the proprie- tors .to be again satisfied with a reduced dividend, and to apply the surplus to the purchase of iron, and improvements of the road in the western valleys. The accounts for the past year were submitted by the chair- man. We annex a comparative abstract of the income for the half-years ending September, 1847 and 1848. The deficiency in the latter period is explained in the report of the committee given below: — June quarter 1847-12,693 9 4 1848-12,958 13 8 Septr. ditto, 1847-12,666 4 4 1848-11,895 15 7 £ 25,359 13 8 424,854 9 3 The question of dividend was then introduced by the, chair- tnan, the recommendation of the committee being that the pro- prietors should agree to a dividend of four per cent., free of income-tax. This was agreed to.





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