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NORTH WALES RAILWAY.

[No title]

HOUSE OF COMMONS.—THURSDAY,…

JSUB-DIVISION OF POPULOUS…

,IRISH POOR LAW. '

HOUSE OF COMMONS.—FRIDAY,…

,POOR-LAWS (IRELAND.)

HOUSE OF LORDS.—MONDAY, MARCH…

HOUSE OF COMMONS.—MONDAY,…

THE BURDENS ON LAND.

COMMITTEE ON POOR LAWS, IRELAND.

HOUSE OF COMMONS.—TUESDAY,…

WAR IN INDIA—APPOINTMENT OF…

REPORT OF THE DIRECTORS.

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operation, and it should be their object to facilitate the raising of money for that purpose. Had any negotiations taken place on the subject ? The Chairman, in reply, expressed the sense he entertained 'of the advantage which would result from the South Wales iine, not only to its proprietors but to the Great Western Com- pany. No negotiations had taken place with the Great Wes- tern Company as to raising the money. Mr. Field inquired what was the agreement subsisting be- tween the two companies, and what was the nature of the ar- rangement as to raising the money on debentures ? The Chairman replied, that the nature of the agreement was "contained in the heads of the agreement circulated at the time, and sanctioned by the company, and which had since received the seals of both companies and been exchanged. Mr. Field put it to the chairman whether or not the agree- ment bound "the Great Western to pay interest on the money authorised to be borrowed, reserving to them the option of either advancing the money on debentures, or of becoming par- ties to a loan by giving their guarantee ? The Chairman replied that the hon. proprietor had put a question as to the construction of the agreement which referred to him rather as chairman of the Great Western than as chair- man of the South Wales Company. He could only say, as chairman of the Great Western, that they were ready to carry out their agreement in the spirit of the most entire good faith. Beyond that he must be pardoned if he declined offering any opinion as to the construction of the agreement. In reply to further questions, The Chairman stated that when it was time for the South Wales Company to .borrow money they applied to the Great Western to ascertain whether the latter meant to act on the option reserved in the agreement. The answer of the Great Western Company was embodied in a minute dated the 22nd of February, 1849, which bore that the directors of the Great Western Company, declining to avail themselves of the option of either advancing money on debentures or of guaranteeing the interest of a loan, approved of the proposal on the part of the directors of the South Wales Company to borrow on bonds and mortgages under their act, on such conditions as the said directors should deem most advantageous. By a letter from the Great Western, the South Wales Company were autho- rised to borrow £ 1,000,0 )0 on the best terms they could get; and when the railway was completed the Great Western be- came responsible for the interest. In questions between the two companies the invariable practice was to leave them for the determination of those directors who were only holders of South Wales stock. After some discussion, in the course of which it was proposed to pass a resolution recommending the directors to press on the Great Western Company the propriety of acting on the option in the agreement, and also to appoint a committee of share- holders to co-operate with the directors for that object. Mr. Matthews referred to a resolution of the directors, dated the 17th of February, appointing a committee to confer with the directors of the Great Western on the subject. That reso- lution would satisfy the proprietors that the very important question vhich had heen mentioned had not been lost sight of (hear, hear). In reply to further questions, The Chairman said, the Great Western had undertaken to give 5 per cent. to the proprietors of the South Wales stock. It had applied to Parliament for powers, but not having ob- tained them, would, at the earliest time possible, endeavour to find some equivalent. The South Wales Company had taken 11,200 shares in the Waterford, Wexford, Wicklow, and Dublin, line, on the full understanding that the line was to be made from Dublin to Wexford. When the third call was demanded, the South Wales directors hesitated till they were satisfied that line would be completed. They had received a letter assuring them that no further calls would be made till the directors of that Irish railway were able to satisfy them that their capital was sufficient, for the completion of the line in question. The third call must be paid. With respect to the shares held by the Great Western, all the calls had been paid up except the one which was now current, and the arrangement between the comp.mies was, that the Great Western should hold their calls till those were wanted, giving 5 per cent, on them till paid. r £ he calls in arrear were coming in more rapidly than ever. In reply to a Shareholder, Mr. Brunei stated, that if he were told how much money could be spent within the next six months he would be able to say when the works would be completed. At the ordinary rate of railway construction, the line from Newport to Glou- cester might be completed in 16 or 18 months, CSOO,000 to £ 820,000—say £ 1,000,000—would complete the line from Grange Court to Swansea. The report was then approved of. The Chairman then proposed in succession resolutions con- firming the resolution of the directors by which certain shares were forfeited; authorising the directors to borrow all such moneys as the company were authorised to borrow under their several acts of Parliament; sanctioning a petition to Parlia- ment for a revision of the law of rating re-electing Messrs. J. Alston, Sir J. J. Guest, S. Lewis, and C. li. M. Talbot,, direc- tors and appointing Mr. A. Thurburn an auditor, on bhe re- tirement of Air. Dobree. After a vote of thanks to the Chairman, the meeting sepa- rated'.