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SOUTH WALES RAILWAY. We gave last week a short notice of the half-yearly meeting ,if the above company, held on the 28th ultimo, together with the engineer's, report. We now conclude the report of the meeting, which will be found interesting to must of our readers.] The Chairman (Mr. C. Itusaell) observed, that during the period a railway was under construction the most important subject wast:i\)gress of the works and proprietors looked rather to the c, "f the engineer than to that of the directors for information, It was, however, the duty of the directors to explain the general principles by which they were guided, to tell the proprietors in what way their enterprise could most successfully and rapidly be accomplished and, above all things in these days, to consider how their capital could be most eco- nomically and effectively applied. When the South Wales Railway was first proposed, money for railway purposes was abundant, and confidence in railway enterprises high. The course then thought expedient was to accomplish the entire line, from one extremity to the other, in the least practicable time and simultaneously. By that means they hoped the ap- plication of any considerable portion of their capital to pay- ment of interest and other incidental charges so that they might preserve the great bulk of it to be applied to the works themselves, and so render those works profitable at the earliest possible period. In the circumstances, he believed that course was the most judicious and that course they adopted. After- wards, however, circumstances materially changed; money could be obtained only with great difficulty; the calls were paid slowly, reluctantly, and frequently not without remon- strance. On many shares they were unable to obtain any pay- ment at all; and the consequence was that the directors would apply that day for the sanction of the proprietors to the for- feiture of a certain portion of those shares. The course which then seemed expedient was to complete the line by successive portions and they determined to apply themselves first to the completion of a portion whioKlay between Newport and (Swan- sea,—to complete it so that communication by railway might almost simultaneously be opened from Grange Court toNewport, and then apply themselves to the western extremity. The directors looked forward with anxiety to the time when they should have it in their power to open the line between Newport and Swan- sea, because they believed they would be enabled thereby to afford a most incontrovertible proof of the value of the line, and would find in the profits an offsett against the interest, which necessarily increased as the sums expended on the line became larger. To estimate tneir position and prospects, it would be well to look back beyond the gloomy vears 1847 and 1818—be- yond the years of excitement, 1845 'and 1846—to remember that the line had not its origin in the days of railway insanity, but in 1843 and 1844. Those were sober, calculating years. The traffic was most carefully taken. In estimating the pas- senger traffic recourse was had to the incontrovertible proof of the existing tratlic to be found in the returns to the Stamp- office. The rest of the traffic was ascertained by the fullest in- quiry. Nor had anything happened since to alter the views and prospects of 1JJ43-4-4. South Wales was gradually deve- loping its resources. From an interesting paper which had been read before the Society of Civil Engineers, it appeared that there was a supply of coal varying in quality from the most bituminous up to pure anthracite—that its evaporating strength was equal to that of the northern coal—that it was to be found in inexhaustible quantities. They knew that this coal was peculiarly applicable to the purposes of steam naviga- tion and they had their own experience to guide them as to its excellence for locomotive purposes. Could there, under these circumstances, be any doubt, with such a harbour as Mil- ford-haven at one extremity and the railway passing through the the country, that South Wales must become one of the great seats of manufacturing industry ? It might be said that the expectations of traffic in some cases lately had been disap- pointed but those were cases in which districts had been al- ready sufficiently supplied with railway communication. What were the causes that had depreciated railway stock? Next to that state of commercial matters which had affected all invest- ments, he believed it had been the too rapid extension of rail- ways, the attempt to form them before companies were rich enough to make them, and the country through which they might pass rich enough to support them. With respect to branches, the South Wales line could not have any except those running up valleys-hives of that industry and sources of that mineral wealth to which they looked for traffic. They had only to rely on their own resources for a prosperous result.. They were not proceeding rashly, but by successive. stages and they were anxious to make good one position before they attempted to gain another. Circumstances had become pecu- liarly favourable for the undertaking-a beneficial change had taken place in commercial affairs. They had met the period of adversity as well as any of their neighbours, if not better. Railway property had generally improved, and of that general improvement their own shares had partaken. Money had be- come plentiful. He was assured by persons acquainted with the subject, that there was every indication of its becoming still more abundant. Several railways had been refusing to borrow at 4 per cent. and if the directors were able to obtain money at a moderate rate under the debentures they were authorised to issue, they hoped to be able to relieve thetro- prietors for a considerable time from the pressure of further calls, and to accelerate the progress of the works, to which they ought to look for a return in the first place, on the completion of that portion of the line which ran from Newport to Swansea (cheers). The Secretary then read the following