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 granted at meetings held 29th August and 6th October, 1865, respectively.

CAMBRIAN.-By act of 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 142,000l. in shares for the Inland, and 300,000l. for the Aberystwyth and Welsh Coast, and 147,3007. on loan.

By act of 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 100,000l. 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, subject only to the same conditions as relate to the possession of ordinary stock.

The arbitrators made their award on the 5th November, 1869, based upon two halfyearly 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, 65 43 per cent. to the Inland Section, and 34:57 to the Coast Section.

The Inland lines scheme of arrangement was duly enrolled on 10th November, 1871, and in pursuance thereof the arrears of interest on the debenture debt of that section, as well as on the certificates of indebtedness up to 31st December, 1871, have been discharged. The arrears of interest on the Llanidloes and Machynlleth preference stocks to 30th June, 1871, have also been discharged. The entire debenture debt and the amount due on certificates of indebtedness have been converted into debenture stock. The whole of the liabilities of the company in respect of the fixed charges upon its Inland income up to 31st December, 1871, have been discharged, thus extricating the Inland Section of the company's undertaking from the litigation and difficulties with which it had been surrounded.

The Coast lines scheme of arrangement was enrolled in Chancery on 7th August, 1872, and by it the company was authorised-"To convert the mortgage debt and the certificates of indebtedness into 4 per cent. debenture stock; to capitalise the arrears of interest thereon; to settle accounts between the Inland and Coast Sections for advances made by the former; and to apply the revenues in the following order, viz., in payment of rent-charges, the interest on the pre-preference capital, the mortgage debt, the capitalised arrears of interest thereon, the certificates of indebtedness, the capitalised arrears of interest thereon, the interest on debt due to Inland Section from Coast, and dividends on the preference and ordinary stocks, according to their respective priorities." Effect has been given to the powers thus conferred, and the interest accrued on the debenture debt at 4 per cent. from January, 1871, to 30th June, 1872, was paid on 17th September, 1872. Exchange of the debenture stock for the mortgages, and issue of stock for the capitalised arrears thereon, was made at the same time.

By act of 11th August, 1875, the provisional period created by the act of 1868 was determined as from the 30th June, 1875, and the recently pending arbitration dispensed with. The existing arbitrators and umpire were constituted the future arbitrators, and were to proceed with all practicable despatch to determine for all time to come the proportions in which the two sections are to divide the net surplus of the common fund from and after the 1st July, 1875, and as regards the accounts for the three half-years ended 30th June, 1875, the percentages payable to each section under the same were to be governed by the final award, and such accounts, if necessary, amended accordingly. The act also provides for a reference of other matters to the arbitrators, if needful. Future capital is to be deemed a liability of the company, and the interest or dividend attaching thereto is to be divided between the sections in the proportions to be fixed by the final award.

REVENUE.-The receipts and expenditure on this account for the half-years ended 31st December, 1875, and 30th June, 1876, were as follow:

Of these net surpluses, 65:43 per cent. goes to the Inland Section, and 34:57 per cent. to the Coast Section. In operation-lines owned, 175 miles; lines partly owned, 2 miles. Foreign lines worked over, mile.

The

CAPITAL.-Authorised for the purposes of the Inland lines-Shares and stock, 1,860,5541.; loans, 597,9597.; total, 2,458,5137. Authorised for the purposes of the Coast lines-Shares and stock, 1,550,000l.; loans, 784,6407.; total, 2,334,6407. subjoined statement of stock and share capital created shows the proportion received to 30th June, 1876:

1860 (b) 1861 1863

40,860

40,770

165,000

165,000

Llanidloes No. 1 Preference (being a first) charge on the gross receipts of Llanidloes Section, subject to rights of mortgagees)) Llanidloes No. 2 Preference (being a second) charge on the gross receipts of Llandiloes Section, subject to rights of mortgagees), Machynlleth No. 1 Preference (being a first) charge on gross receipts of Machynlleth Section, subject to rights of mortgagees)) Machynlleth No. 2 Preference (being a 2nd) charge on gross receipts of Machynlleth Section, subject to rights of mortgagees)) No. 1 Ordinary

Oswestry and Newtown 1864 Preference... 5 per cent.

100,000

100,000

99,950

Llanidloes and Newtown

Cambrian

30,000

30,000

Oswestry and Newtown

COAST STOCK:

Ordinary.

£650,000 £384,806

Five per cent. Preference, 1863

The receipts and expenditure on capital account to 30th June, 1876, are given in detail below:

Chairman-The MARQUIS OF LONDONDERRY, Plas, Machynlleth, Montgomeryshire, and Londonderry House, Park Lane, W.

Deputy-Chairman-1 R. D. PRYCE, Esq., Cyfronydd, Welshpool.

1 H. G. Ashhurst, Esq., 9, Fenchurch | 3 A. C. Humphreys Owen, Esq., GlanStreet, E.C. severn, Garthmyl, Montgomeryshire.

3 David Davies, Esq., M.P., Broneirion, 2 J. W. Johns, Esq., Farnham Royal, Llandinam, Montgomeryshire.

1 Henry Gartside, Esq., Wharmton Tower,
Greenfield, Manchester.

Hon. R. C. Herbert, Orleton, Wellington,
Salop.

Bucks.

1 G. H. Loxdale, Esq., Liverpool.

2 W. Mc. Andrew, Esq., Bond Court, Walbrook, E.C.

1, Retire in 1877; 2, in 1878; 3, in 1879. OFFICERS.-Sec., George Lewis, Oswestry; Traffic Man., Henry Cattle, Oswestry; Eng., George Owen, M.Inst.C.E., Oswestry; Loco. Supt., Alexander Walker, Oswestry; Auditors, John Young, 16, Tokenhouse Yard, E.C., and James Halliday, Manchester; Solicitor, Henry Christian Corfield; Bankers, The North and South Wales Bank, Oswestry.

Offices-Oswestry, Salop.

50.-CANNOCK CHASE EXTENSION.

Incorporated by act of 29th June, 1862, to construct a line from the Norton Branch of the South Staffordshire to the Eastern Terminus of the Cannock Chase. Length, 4 miles. Capital, 30,000l. in 107. shares; loans, 10,000l. Line not to be used for passengers without further authority from Parliament.

No. of Directors-5; quorum, 3. Qualification, 2001.

DIRECTORS:

Chairman-MARQUIS OF ANGLESEY, 34A, Charles Street, Berkeley Square, W. John Thomas Woodhouse, Esq., M.Inst. C.E.

Edward Tredcroft, Esq.
Thomas Landor, Esq.

CANNOCK CHASE, ETC.-CARLISLE AND SILLOTH BAY.

51.-CANNOCK CHASE AND WOLVERHAMPTON.

45

Incorporated by act of 29th July, 1864, to construct a line between Cannock Chase and Wolverhampton, on the Great Western. Length, 10 miles. Capital, 100,0007.. in 107. shares and 33,0007. on loan.

By act of 16th July, 1866, the company was authorised to extend the line to Hednesford and to the South Staffordshire. Length, 54 miles. New capital, 60,0007. in shares and 20,0007. on loan. A portion of the line was subsequently abandoned and capital reduced.

Meetings in February and August.

No. of Directors-6; minimum, 5; quorum, 4 and 3. Qualification, 5001.

DIRECTORS:

Chairman-FRANCIS MCCLEAN, Esq., 23, Great George Street, Westminster, S.W. Geo. Parker Bidder, Esq., Q.C., Temple, | John Nurthall Brown, Esq., Perry Bar,

Birmingham.

Robert Griffin, Esq., 2, Great George
Street, Westminster, S.W.

E.C. Lieut.-Col. Charles Manby, 24, Great George Street, Westminster, S.W. OFFICERS.-Sec. and Solicitor, H. M. Wainwright, Dudley; Accountants, Blundell, Biggs, and Co., 16, Gresham Street, E.C.

Offices-23, Great George Street, Westminster, S.W.

52.-CARLISLE AND SILLOTH BAY.

Incorporated by act of 16th July, 1855, to make a railway from the Port Carlisle, at Drumburgh, to the Coat Lighthouse in Silloth Bay, and a dock and jetty at the latter place. Length, 12 miles; opened 4th September, 1856. Capital, 165,000l.; no loans. The dock at Silloth measures 600 feet in length and 300 in width, giving an area of water surface of upwards of 4 acres, with a width at the entrance gate of 60 feet.

By act of 3rd June, 1862, the company was authorised to raise additional capital to the extent of 75,000l., at 5 per cent., in preference shares, and 25,0007. on loan.

By act of 3rd June, 1862, the Carlisle and Silloth is leased to the North British for 999 years, at an annual rental of 2,000l. (less income tax), with any addition requisite to make the Silloth dividend equal to that of the North British.

REVENUE.-The fixed rent for the half-year ended 31st March, 1876, and the contingent rent of 8,4777. (being equal to 4 per cent. on 165,0007.), together gave a total revenue of 4,4697., which was subject to a deduction of 307. for general charges, leaving, with 1807. from previous account, and 57. bankers' interest, a total net revenue of 4,6247., which was appropriated in the manner following:Interest on loans, 5437.; dividend on preference stock, 1,859.; on ordinary stock, at 23 per cent. per annum, 2,0171.; balance to next half-year, 2047.

The fixed rent for the half-year ended 31st September, 1876, together with the contingent rent of 2,8551. (being equal to 3 per cent. per annum on the ordinary capital of the Silloth, amounting to 165,0007.), and a special item of 21., gave a total revenue of 3,8467., which was subject to a loss of 457. on an outstanding account. The total net revenue, including balance from previous account and bankers' interest (37.), amounted to 4,0087., which was appropriated as follows:-Interest on loans, 5427.; dividend on 75,000l. of 5 per cent. preference stock, 1,8547.; dividend on 163,2227. ordinary stock, at 2 per cent. per annum, 1,6087.; balance to next halfyear, 41.

CAPITAL.-The receipts on this account to the 31st September, 1876, have been 238,2221. from shares and stock, and 24,9297. from loans, making a total of 263,1517. The expenditure has been 262,8597., leaving a balance of 2927.

Meetings held at Carlisle in April or May and October or November.

DIRECTORS:

Chairman -PETER JAMES DIXON, Esq., Burgh House, Carlisle.
Deputy-Chairman-RICHARD S. FERGUSON, Esq., Carlisle.

J. D. Carr, Esq., Coledale Hall, Carlisle.
Walter James Marshall, Esq., 23, Thurloe
Square, S.W.

Robert Ferguson, Esq., M.P., Morton,
Carlisle.

G. H. Marshall, Esq., Patrington, Hull.
Thomas Nelson, Esq., Friars Carse,
Dumfries.

William Bousfield Page, Esq., Carlisle.

OFFICERS.-Sec., John Laver; Auditors, Isaac Cartmell and Isaac James, Carlisle. Offices-Carlisle.

53.-CARMARTHEN AND CARDIGAN.

Incorporated 1st July, 1854, to construct a line from the South Wales Railway, at Carmarthen, to the town of Newcastle Emlyn. Capital, 300,000l. in 107. shares and 80,0007. on loan. Arrangements with Great Western. Gauge, 7 feet. By act of 1855 the company was authorised to make a certain deviation of the line authorised and to abandon a portion rendered unnecessary by such deviation. No new capital. By act of 1st July, 1856, the company was authorised to make further deviations and abandonments; to reduce the share capital from 300,000l. to 200,0007., and the borrowing powers from 80,000l. to 60,000l.; and to attach a 6 per cent. preference to all unissued shares. Time for completion of works extended to 1860.

By act of 29th June, 1862, the company's powers (which had expired) to extend the line from Llangeler to Newcastle Emlyn (74 miles) were revised, and authority given to raise 174,000l. new preference capital and 58,0007. on loan.

By act of 1st July, 1863, the company was authorised to extend their railway from Newcastle Emlyn to Cardigan. Length, 12 miles. New capital, 160,000. (preference or ordinary) and 53,000l. on loan.

By act of 28th April, 1864, the company was authorised to construct a branch from the South Wales Railway at Velindre to Kidwelly. Length, 6 miles. New capital (to be kept distinct from the general capital, and not to participate in the revenue of the main line), 100,000. in shares and 33,000l. on loan. By act of 1865, additional share capital of 70,0007., and debentures to the amount of 23,000l., was authorised to be created for the purposes of the Kidwelly Extension.

By act of 26th May, 1865, it was enacted that the capital authorised by the act of 1863 be called "Carmarthen and Cardigan Extension Capital," and that the capital authorised by the act of 1862 be reduced to 74,000., and called "Newcastle Emlyn Extension Capital" (power being retained to raise the balance of 100,0001. for the general purposes of the company). The time for completion of works authorised in 1862 was extended for three years, and for works authorised in 1863 for five years.

By the Gwendraeth Valley Railway Act, 1866, a new company was incorporated to take over the Kidwelly Extension undertaking, as authorised by the acts of 1864 and 1865, with all capital and other powers incident thereto.

CHANCERY PROCEEDINGS.-A bill was filed on the 17th October, 1864, in the Court of Chancery, by Charles Fountaine, on behalf of himself and other mortgagees, to enforce the payment of their claims against the company, and on the 25th of the same month the court appointed a receiver of the tolls and profits of the company. On the 24th June, 1865, a decree was made directing accounts to be taken of what was due to the plaintiff and the other mortgagees for principal and interest and costs in the suit; and it was ordered that the net revenues should be applied to the payment of such costs, and then to keeping down the interest, charges, &c. By an order of the court, dated 15th June, 1867, Philip Edward Sewell was appointed receiver.

ARRANGEMENTS ACT, 1875.-By act of 2nd August, 1875, the amount of Lloyds' bonds, in respect of which claims were made against the company (amounting to 735,4931.), was reduced to 500,000l., and powers given to create and issue capital stock, in full satisfaction of such claims, and those made by sundry creditors; to convert the mortgage debt of 60,000l. into debenture stock; to stay all chancery proceedings other than the Fountaine suit; to convert shares into stock; and to create rentcharge stock in satisfaction of landowners' claims. Provision for discharge of receiver. Net income available for dividend to be appropriated in such a manner that the A stock shall receive three times, and the B stock twice as much as the C stock.

The company have up to the present time constructed and opened for traffic 18 miles of railway, extending from the Myrtle Hill Station, on the South Wales Railway, to Llandyssil. The powers to construct the remaining portions of the undertaking have now expired.

REVENUE.-The gross receipts for the half-year ended 31st December, 1875, amounted to 10,822., and the expenditure to 8,4047., leaving a net profit of 2,4187. For the half-year ended 30th June, 1876, the receipts were 9,7777., and the expenses 8,1377, leaving a profit of 1,6407.