57.-CALLINGTON AND CALSTOCK. Incorporated by 32 and 33 Vic., cap. 152 (9th August, 1860), to construct a line from Callington to Calstock, in the county of Cornwall. Length, 8 miles. Capital, 60,0007, în 107. shares, and 20,0007. on loan. In abeyance. No. of Directors-5; minimum, 3; quorum, 3 and 2. Qualification, 1002. Arthur Chandler, Esq. DIRECTORS: James Rhodes, Esq. 58.-CALNE. Incorporated by 23 Vic., cap. 11 (15th May, 1860), to construct a line from the Great Western, at Chippenham, to Calne. Length, 5 miles. Capital, 35,000l. in 107. shares; loans, 11,600. Working and other agreements with Great Western. Opened 3rd November, 1863. By 27 Vic., cap. 16 (28th April, 1864), the company was authorised to raise additional capital to the extent of 14,000/. in shares, and 4,000l. on loan. Meetings in February or March, and August or September. All eligible for re-election. Retire by rotation, as numbered. OFFICERS.-Sec., Wm. Martin Vizard; Auditors, John Spencer and Edmund Harvey; Solicitor, F. R. Ward, 1, Gray's Inn Square, W.C. Offices-Calne. 59.-CAMBRIAN. Incorporated by 27 and 28 Vic., cap. 262 (25th July, 1864), and formed out of the following undertakings: I. OSWESTRY AND NEWTOWN.-Incorporated by 18 and 19 Vic., cap. 86 (26th June, 1855), for the construction of a railway from Oswestry to Welshpool and Newtown. Length, 30 miles. Capital, 250,000l. in 107. shares. Loans, 83,000. Opened throughout 19th June, 1861. By 23 and 24 Vic., cap. 101 (3rd July, 1860), the line was leased to Messrs. Davies and Savin for ten years. The same Act authorised additional capital to be raised to the extent of 100,000, as well as the re-issue of cancelled shares at a preference of 54 per cent.; also to borrow 25,000l. on mortgage in lieu of raising such amount by shares. Arrangements with London and North Western. By 23 and 24 Vic., cap. 139 (3rd July, 1860), the company was authorised to construct a branch from Llynclys to Porthywaen lime rocks. Length, 1 mile. New capital, 10,000. in shares, and 3,0001. on loan. By 24 Vic., cap. 17 (17th May, 1861), the company was authorised to construct branches to Llanfyllin and to Kerry. Length, 12 miles. Capital, 90,000. in 101. shares, at 5 per cent., and 30,0007. on loan. Opened 11th July, 1863. By 26 and 27 Vic., cap. 96 (29th June, 1863), the company was authorised to construct a branch from Cilgwrgan to Aberbechan. Length, 4 miles. New capital, 200,000%. in shares, at 5 per cent., and 66,000. on loan. By the Oswestry Ellesmere and Whitchurch Act, 1861, the Oswestry and Newtown subscribed 30,000l. to that undertaking. Under the Aberystwyth and Welsh Coast Act, 1861, this company subscribed 75,000%. to that undertaking. By 27 and 28 Vic., cap. 161 (14th July, 1864), the Oswestry and Newtown was authorised to raise new capital to the extent of 50,000l. to aid the Bishop's Castle, and 100,000l. to double the original line. Loans, 33,0001. II. LLANIDLOES AND NEWTOWN.-Incorporated by 16 and 17 Vic., cap. 143 (4th August, 1853), for a line from Llanidloes to Newtown. Length, 12 miles. Capital, 60,000l. in 101. shares, and 20,000%. on loan. Opened 9th August, 1859. By 19 Vic., cap. 22 (5th June, 1856), certain deviations were permitted, by which considerable saving would be effected in the cost of the works. By 22 and 23 Vic., cap. 30 (21st July, 1859), the company was authorised to construct a tramway from Newtown to the Shropshire Canal, to be worked by horse-power; compulsory purchase of land, one year; completion of works, two years. By the same Act completion of one of the deviations conceded in 1856 was permitted to be delayed for one year. By 24 and 25 Vic., cap. 90 (28th June, 1861), the company was authorised to raise new capital to the extent of 25,000l., at 5 per cent. Completion of works was also extended for two years. By 25 and 26 Vic., cap. 162 (17th July, 1862), the Llanidloes and Newtown was authorised to construct a joint line from Llanidloes to Penpontbren, to be completed in twelve months, with power of user to the Mid-Wales and Manchester and Milford, which had each power to construct a line in the same direction. Arrangements were also authorised with these companies respecting occupation of a joint station at Llanidloes, interest on one-third of ontlay on which is to be borne by each of the parties. The Llanidloes and Newtown was also authorised to raise additional capital to the extent of 25,000l. in shares of 5 per cent., and 8,0007, on loan. By 27 Vie., cap. 22 (13th May, 1864), the Llanidloes and Newtown was allowed further time for the purchase of certain lands, and also to raise new capital to the extent of 25,0007. in shares, and 13,3007. on loan. III. NEWTOWN AND MACHYNLLETH.-Incorporated by 20 and 21 Vic., cap. 106 (27th July, 1857), to construct a line from Llanidloes and Newtown, near Llandinam, to Machynlleth, Montgomeryshire. Length, 23 miles. Capital, 150,000l. in 107. shares; loans, 50,000. Arrangements under usual restrictions with Llanidloes and Newtown, Oswestry and Newtown, Shrewsbury and Welshpool, Great Western, London and North Western, and Shropshire Union, or any of them. Opened 3rd January, 1863. By 26 Vic., cap. 40 (8th June, 1863), the company was authorised to create new capital to the extent of 40,0001. in preference shares at 5 per cent., and to re-issue forfeited shares at a like preference. IV. OSWESTRY, ELLESMERE, AND WHITCHURCH.-Incorporated by 24 and 25 Vic., cap. 223 (1st August, 1861), to construct a line from the Oswestry and Newtown, by Ellesmere, to Whitchurch, Length, 18 miles. Capital, 150,000l. in 107. shares, 50,000. on loan. Extra land, 10 acres; compulsory purchase, three years; completion of works, five years. Opened from Whitchurch to Ellesmere (10 miles) on 4th May, 1863, and to Oswestry (8 miles) on 27th July, 1864. Arrangements with London and North Western and Oswestry and Newtown which each subscribe 30,0007. By 25 and 26 Vic., cap. 218 (7th August, 1862), the company was authorised to construct a line from Ellesmere to Wem, on the London and North Western. Length, 6 miles. Capital, 60,000l. in shares, and 20,000. on loan. By 27 and 28 Vic., cap. 97 (23rd June, 1864), the Oswestry Ellesmere and Whitchurch was authorised to raise new capital to the extent of 100,000%. in shares, and 33,0807. on loan. By 28 and 29 Vic., cap. 277 (5th July, 1865), the Cambrian was authorised to abandon the branch to Wem, and also to transfer its agreement to work the Aberystwyth and Welsh Coast to its lessee, Mr. Thomas Savin. V. ABERYSTWYTH AND WELSH COAST.-Incorporated by 24 and 25 Vic., cap. 181 (22nd July, 1861), to construct various lines from Aberystwyth, namely: 1st, From Aberystwyth to Penmachno Embankment, parish of Llancynfelyn; 2nd, a Junction from No. 1 to Towyn, Merionethshire; 3rd, from Towyn to Barmouth; 4th, from Barmouth to Port Madoc; and 5th, a Junction from No. 1 at Llancynfelyn, to Machynlleth, to join the Newtown and Machynlleth. Length, 86 miles. Capital, 400,000l. in 10. shares, and 133,000l. on loan. Opened from Machynlleth to Borth (12 miles), on 1st July, 1863; from Aberdovey to Llwyngwril (12 miles) in November, 1863, from Borth to Aberystwyth (8 miles), on 1st August, 1864; Llwyngwril to Barmouth Junction, 3rd July, 1865; Barmouth to Pwllheli, 10th October, 1867; Glandovey to Aberdovey (deviation) 14th August, 1867; Penmaenpool to Dolgelly, 21st June, 1869. The Oswestry and Newtown subscribed 75,000l., and Llanidloes, 25,000l., by creation of 5 per cent. preference shares. By 25 and 26 Vic., cap. 176 (29th July, 1862), the company was authorised to extend the line from Port Madoc to Porthdynllaen, and from Barmouth to Dolgelly. Length, 30 miles. Also to reclaim certain lands on the coast. New capital, 250,0007. in shares and 83,3007. on loan. By 26 and 27 Vic., cap. 141 (13th July, 1863), the company was authorised to construct several small branches and tramways. Length, 10 miles. New capital, 150,000. in shares, and 50,000. on loan. By 27 and 28 Vic., cap. 147 (30th June, 1864), the company was authorised to acquire additional land and to raise 330,0007. in shares, and 110,000l. on loan. The Oswestry and Newtown was also authorised by the same Act to increase its subscription to the Aberystwyth by the sum of 100,0007. By 28 and 29 Vic., cap. 283 (5th July, 1865), the Aberystwyth and Welsh Coast was authorised to make certain deviations, and to construct some small extensions. Length, 3 miles. New capital, 120,0007. in shares, and 40,000%. on loan. By 28 and 29 Vic., cap. 291 (5th July, 1865), the Aberystwyth and Welsh Coast was vested in the Cambrian, by amalga.nation, as from 5th August, 1865. Separate accounts to be kept of revenue, and facilities extended to Great Western and London and North Western. The Coast ordinary capital to be ordinary capital of the amalgamated company on consent of shareholders in general meeting, which was formally granted at meetings held 29th August and 6th October, 1865, respectively. (See clause 11 of the Coast Amalgamation Act). By 29 and 30 Vic., cap. 334 (6th August, 1866), the amalgamated company was authorised to make a deviation, to construct a variety of new works, and to raise capital to the extent of 142,0007. in shares for the Inland, and 300,000l. for the Aberystwyth and Welsh Coast, and 147,3007. on loan. By 30 and 31 Vic., cap. 137 (15th July, 1867), the company obtained various facilities by which to raise part of the loan capital, and also an extension of time for one year for completion of works. AGREEMENTS. By 27 and 28 Vic., cap. 263, the Cambrian was authorised to enter into agreements with regard to traffic, and rebate with the London and North Western, the Hereford Hay and Brecon, and the Brecon and Merthyr Tydfil. Traffic facilities were also authorised with the Mid-Wales. ARRANGEMENTS ACT.-By 31 and 32 Vic., cap. 177 (31st July, 1868), it was enacted as from 1st July, 1868, that the revenue from all the undertakings of the company should form one common fund, and that after deduction of working expenses, the surplus should be divided between the Coast and Inland, in proportions to be determined. That a provisional period of ten years should be established for this division, separate accounts of receipts and payments being kept, and the net surplus of each section being carried to a distinct fund. During this provisional period of ten years the Board shall consist of ten directors, four appointed by the Coast section, and four by the Inland section. Arbitrators and umpire are to be appointed to decide on the proportions of surplus to be assigned to each section, and their award may be revised three times within the provisional period of ten years. From and after the termination of this provisional period the division of the net surplus shall continue for ever as determined by the arbitrators. By the same Act power was given to the company to create debenture stock, and also certain regulations enforced in respect to the raising of the mortgage sums of 100,0001. and 47,3007. The first amount is to be paid to the landowners on the Coast section, in payment of lawsuits in respect to the same, in completing the railway and works, and in recouping to income the sums paid therefrom to capital. The 47,300l. to be offered in the same manner and for the like purposes in the Inland section. The right of voting on preference stock was also conferred, ubject only to the same conditions as relate to the possession of ordinary stock. The arbitrators appointed under the Act of 1868 made their award on the 5th November, 1869, based upon two half-yearly accounts ending respectively the 31st December, 1868, and 30th June, 1869, and awarded that as and from the 1st July, 1868, the net surplus of the common fund mentioned in the Act of 1868, should belong to the Coast and Inland sections respectively in the following proportions-that is to say, sixtyfive decimal forty-three (65-43) per centum to the Inland section, and thirty-four decimal fifty-seven (34.57) to the Coast section. REVENUE.-It was reported in August that the returns, in respect of passenger and goods traffic, show a considerable increase over those of the corresponding period of last year, viz.: The comparison of the net receipts for the two half-years ending respectively 30th June, 1870, and 30th June, 1869, and the division thereof between Inland and Coast sections, in accordance with the award of the arbitrators under the Act of 1868, is as follows, viz.: CAPITAL.-The statement of stock and share capital created to 30th June, 1870, showed the proportions received to have been as under: The receipts and expenditure, to the same date, were particularised as follow: • The amount of rent-charges created on the Coast section will be inserted when the deeds granting same have been completed and handed over to the company. There are still required 75,2047. to place the undertaking in a position of stability, to effect which 5,000, are required for increased station and other accommodation works, and 14,000l. for additional working stock. Of these two items only 6,5001. were requisite for the December half-year, the remainder being remitted to a remote future. There are other items of outlay, however, which appear to be more urgent, and for which a new capital of 147,3007. was authorised in 1868, viz.: Lands, &c., Inland section......................................................................................................... Legal, parliamentary, and chancery costs............................................................................. £11,176 40,678 4,348 £56,203 The assets available to meet this expenditure of 75,2037. are detailed as under — Inland. Coast. Total. Balance of capital authorised but not yet sanctioned.....£142,000...£300,000...£442,000 Capital sanctioned, but not yet received..... 44,730... 265,880... 310,610 Balance of available borrowing powers, subject to reduction in terms of the Lands Clauses Amendment Act of 1860 in respect of rent-charges created subsequent to the passing of that Act ........... Deduct-Balance of capital over-spent 89,497 £842,107 £263,568 Less expenditure in Lloyd's bonds, existing at the date of the Cambrian Act, 1868, for which the company have powers to issue debenture stock 130,321=201,262= 62,305 £779,801 Meetings in February and August. No. of Directors-10; quorum, 3. Qualification, 5007. DIRECTORS: Chairman-The Right Hon. The EARL VANE, Plas, Machynlleth, Montgomeryshire, and Holderness House, Park Lane, W. Deputy-Chairman-3 S. E. BOLDEN, Esq., Chester. 3 David Davies, Esq., Vroneirion, Llan- | 1 G. H. Loxdale, Esq., Liverpool. dinam, Montgomeryshire. 1 Henry Gartside, Esq., Wharmton Tower, Hon. R. C. Herbert, Orleton, Wellington, 2 J. W. Johns, Esq., Seymour Street, 1 J. A. Mann, Esq., Brecon. 1 W. Mc.Andrew, Esq., 85, Gracechurch Street, E.C. 1 Robert Davies Pryce, Esq., Cyfronydd, Welshpool. 1, Retire in 1871; 2, in 1872; 3, in 1873. |