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I BARRY AND VALE OF GLAMORGAN…

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BARRY AND VALE OF GLAMORGAN COMPANIES. HALF-YEARLY MEETINGS. NEW STOCK TO BE ISSUED. QUESTION OF COMPETITION. The 34th half-yearly meeting of the Barry Railway Company was held on Friday at the offices of the company, Barry Dock, Lord Windsor (the chairman) presiding. Other directors present were Mr Archibald Hood, vice-chairiiian; MrF. L. Davie", Mr R. Forrest, Mr Rees Jones. and Mr T. Webb. In moving the adoption of the report of the directors and statement of account*, the Chair- man said the amount of unproductive capital un June 30th was £ 407,692, but since that date some of the works represented by that expendi- ture ha4. bet-i; brought into use. The dividend which the directors recommended to be paid was at the same rate as the divideud declared in the corresponding period last year, and 2 per cent. higher than was received six months ago. The REVENUE RECEIPTS showed an increase of S17,922, which was higher than the amount of receipts in any previous half-year by £15.:300. Although that was the case, the working expenses were still above the company's average rate. The revenue portion of the cost of restoring the deep water lock was provided for out of funds which had been liberated by reason of the adjustment of sundry traffic accounts, and it was shown by a diminution of the amounts standing to debit under the amount reserved for outstanding accounts in statement No. 13, page 7, of tbeaceounts. The branch connecting with the Rhymney Railway at Penrbos was opened, as anticipated, on the 1st of this month, and the preliminary steps had been taken for exercising the company's powers for joining the Brecon and Merthyr line in Monmouthshire. There were several large pits on the Brecon HUM Merthyr line either completed or very near completion, from which the output was expected to be considerable, and it was hoped that a large proportion of this output might come over the new branch to Barry. The transit shed, upon which there had been considerable expenditure, was now ready for the reception of goods, and the required bonds had been given to the Customs authorities. Every effort was being ma,i- to receive imports for warehousing, in order to obtain IMPORT TRADE to which they were confidently "looking, but which they had no chance of obtaining until adequate provision bad been made for it in the way of storage. The arrangements which came into operation on May 20 for the r aiming of passenger steamers to certain points on the Channel were working satisfactorily, and ap- peared to be increasingly appreciated by the public. The shipments of coal and coke for the last half-year were larger by 235,102 tons than those of the corresponding period of 1900. With regard to the Vaie of Glamorgan Railway and the Barry Company, the former railway being practically completed, the various matters outstanding between companies which bad been the subject or friendly disscussion for some time were receiving the very careful attention of the directors with a vi w to un early settlement. He should have addressed them at greater length if there bad been any point of policy which ap- peared to be new or which the shareholders had a right to receive some explanation of from the directors; but, as they were aware, he had on several occasions at these meetings, and the report of the directors had put before them the necessity which th-re was for additional capital expenditure, and lie had bad to explain that a very large proportion of this had hitherto been unproductive, the POLICY OF THE DIRECTORS was now to jealously inquire into, and guird against, anything like extravagant expenditure, to look closely after the enlargement of the company's undertakings, and to endeavour to make this large expenditure a matter of profit to the company at as early a date as possible. That, generally, was now their policy, and the board would very closely adhere to it, and net ask the shareholders to sanction anything in the nature of extravagance in capital expenditure. Mr A rchibald :>od,viec? chairtrian,insecond- ing the reception of the report and accounts, said the dividend was not so high as it had been, but comparing it with the dividends of other companies, be thought they stood very well, considering the amount of unproductive capital and the increased charges in the shape of wages, cost of all materials, &c. Whether they would ever reach the point they attained in tin es past he did not know he was not going to prophesy; but shareholders might rest assured that the directors were giving the matter their very best attention. l'he board were not oblivious to the remarks which had been made from time to time by shareholders, but were very much disposed to consider any suggestions, which they invited. With regard to the Vale of Glamorgan R til w)iy, hehappmed to be in the dual position of deputy-chairman of the Barry and chairman of the Vale of Glamoigan, and in some respects he was sorry to be in that position, but he should always ende ivour to hold the balance as fairly as be could, wit'! any little influence he might possess. He could not add to what Lord Windsor had so well said. It was a great comfort to them to have their noble chairman so regularly at their half yearly meetings. (Applause ) It gave them all all impetus to do whatever they pcssibly could to promote the welfare of their undertakings. If they had spent rather freely he hoped that there would be no cause for this complaint in the future. They were very desirous of cconomisu-g in every direction, and they were also endeavouring to watch the operations of some of their neighbours, and,, if possible, counteract them. DIVIDENDS Mr White, shareholder, Melksbam, said Mr Hood had congratubttod the shareholders that the dividends of the Barry Company compared favourably with those of other railways in the immediate neighbourho od. He must differ from Mr Hood, because Barry Ordinary Stock had been issued t" the shareholders at 2S0 on one occasion and 200 on another, whereas the stocks of the otbpr local railways had always been issued at pnr. Consequently the appaimt dividend of 7 per ont. represented to those pers ns who took stock at 280 a trifle over 2 per cent. per annum. He should like to inform Mr Hood that the shareholders in South Wales were beginning to fpd the competition their divi- dends were aiminisLn g, and a great many thought that their interests would be better sprved Ly an amalgamation, or combination, or by an agreement, than by the intense competition which had hitherto prevailed. (Hear, htar.) Mr Archibald Hood I am very gJari to hear the last observation of my friend. I don't think it will fail on the part of Barry to enter into an amalgamation oi all the different companies. I don't like to say more on that subject— (laughter) but rers-.nniiy it is a thii that I should very much like to Mr Wnite Would you like that idea t xpressed at other railway meetings f Mr Hood Yes, I think so. Mr David Duncan It was expressed at the Cardiff Railway Compacy's meeting a day or two ago. The Ccairmjin I think [ ought to state now that a new issue of capital will soon be made to theextmtof 1350,000, or something to tha-, amount, ou terms which will at a very early date bp submitted to you. Replying to Mr Henry Radcliffe, The General Mauag-r (Mr Richard Evans) said the cost of the LèW warehouse was nearly £ "0,00i). Mr Radcliffe asked what the direct ;s had i done towards tilling the warehouse. The General Manager said everything was being done, and he trusted that in a few months they would be able to show they had been suc- cessful. Mr Radcliffe: Have you made any definite arrangement yet with anybody,with any firms ? The General Manager I do not know that I would be right in saying definitely, but prac- tically, yes. The report and accounts were unanimously adopted. On the proposition of the Chairman, seconded by Mr T. Webb, a dividend on the Ordinary Stock was declared at the rate of 7 per cent. per annum. Acknowlpdging II. vote of thanks to the board, Lord Windsor said the directors were ex- tremely anxious to make the position of those referred to by Mr White as good as possible, and their attention was very seriously directed towards increasing the traffic in every depart- ment as far as possible. The meeting then closed.

----Vale of Glamorgan Company.

------SHE WAS WASTING AWAY!

SATURDAY'S CRICKET.

CADOXTON ROVERS ASSOCIATION…

-------__------ --------------QUOITS.

MERTHYR-STREET FORWARD MOVEMENT…

BARRK TRADES & LABOUR COUNCIL

----------WHAT A CARDIFF MAN…

VOLUNTEER INTELLIGENCE.

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SEAMAN'S ADVENTULiE ON SHORE.

---------CADOXTON ASSAULT…

--__----------Tradeswoman's…

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LOCAL POLICE COURT NEWS.

SEVERN DIVISION R.E. VOLS.

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ST AN DREW'S PARISH COUNCIL.…

--------__-A DELICIOUS BEVERAGE.

BARRY DOCK TIDE TABLE.

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