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86.-DARE VALLEY,

Incorporated by 26 and 27 Vic., cap. 171 (21st July, 1863), to construct a line from certain collieries to the Aberdare, with a branch to Hirwain. Length, 2 miles. Capital, 35,0007. in 10. shares, and 11,5007. on mortgage. Leased to Taff Vale for 21 years, at 5 per cent. upon cost of construction, and rent commencing in July, 1866. The traffic is reported to be improving, and the works are well maintained by the Taff Vale.

By 33 and 34 Vic., cap. 72 (20th June, 1870), the company was authorised to raise additional capital to the extent of 21,000l. in shares, and 7,000. on loan; to abandon the branch to Hirwain Common, and to lease the undertaking to the Taff Vale for 999 years, at 5 per cent. per annum, on a share capital of 56,000, with the sum of 2501. for directorial and secretarial expenses. Taff Vale to pay interest on debenture debt, as well as interest at 5 per cent. on share capital of 56,000.

The

CAPITAL.-The expenditure to 30th June, 1870, amounted to 52,3321., the receipts having been 35,0001. from shares, and 11,5007. on loan, chiefly at 6 per cent. balance against the account is 5,832., to be met by the issue of new preference shares, under the Act of 1870.

No. of Directors-6; minimum, 4; quorum, 3. Qualification, 3007.

DIRECTORS:

1 Chairman-JAMES POOLE, Esq., Wick House, Durdham Down, Bristol. 3 Deputy-Chairman-WILLIAM DONE BUSHELL, Esq., Cardiff. 2 John J. Mogg, Esq., West Clifton, 1 Ebenezer Lewis, Esq., Brocastle, Bridgend.

Bristol

1, Re-elected in February; 2, for re-election in February, 1871; 3, for re-election, February, 1872. All eligible for re-election.

OFFICERS.-Sec., Frederick Marwood, Cardiff; Eng., George Fisher, C.E., Cardiff. Offices-Taff Vale Railway Office, Cardiff.

87.-DARTMOUTH AND TORBAY,

Incorporated by 20 and 21 Vic., cap. 103 (27th July, 1857), to make a railway from Torquay branch of South Devon to or near the town of Dartmouth. Capital, 90,0007. in 251. shares; loans, 30,000l. Length, 9 miles. Broad gauge. The Act contains powers to establish and maintain a ferry or steam communication between the proposed terminus, across the river Dart, and to any pier or landing-place in the borough of Dartmouth, and in any other place in or adjoining to the said river within half a mile on either side of the Dartmouth terminus; and for the purpose of such ferry, to purchase or hire and use steam vessels, and to make, on any lands belonging to the company, conveniences for the transit of traffic across such ferry. The Act also contains a power to purchase, maintain, and use the undertaking of the Dartmouth Floating Bridge Company. The first section to Paignton was opened for passenger traffic on the 2nd August, 1859. The second section to Brixham Road (3 miles) was opened for passengers on 14th March, and for goods on 1st April, 1861, and the remainder on the 16th August, 1864. Worked by South Devon.

By 24 Vic., cap. 46 (7th June, 1861), the company was authorised to raise additional capital, to the extent of 32,000, at 6 per cent., and 10,8007. on mortgage. Also to cancel forfeited shares and to create debenture stock.

By 25 and 26 Vic., cap. 132 (7th July, 1862), the company obtained an extension of time to 1865, for completion of their works between Churston Ferrers and Brixham. Also to raise 52,500l. at 6 per cent., in shares, and 17,500. by mortgage.

SOUTH DEVON.-The agreement with this company, which took effect on 1st January, 1866, provided for the following annual payments to the Dartmouth :1866.................. £6,150 £8,150 1869.................. 9,150

1867... ............ 7,150

1868....

.........

and during the 5th, and every subsequent year, of such a sum as will cover the interest on the debenture debt and preferential capital, not exceeding together 200,000. The agreement further provides that the South Devon shall keep an account of the receipts of the Dartmouth for 10 years, and that deducting therefrom 50 per cent. for working expenses, there shall be paid to this company in perpetuity such an annual sum, in addition to that referred to in the preceding paragraph, as the net earnings on the average of the 8th, 9th, and 10th years, shall exceed the amount of the dividends and interest payable on the preference capital and debenture debt on the average of those years, and also for eventual amalgamation of the two companies on equivalent terms.

DARTMOUTH AND TORBAY-DEESIDE.

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It was reported in August that little or no progress had been made in the negotiations for amalgamation with that of the South Devon, but it was hoped that Sir Roundell Palmer would consent to act as arbitrator, and that the question would be brought forward at the close of the long vacation.

Resolutions were adopted, authorising the raising of further capital by the creation of new shares, under certificate by the Board of Trade, and for attaching to such new shares a preferential dividend; also to borrow 13,2801.

CAPITAL-The expenditure on this account to 30th June, 1870, amounted to 269,3242, the receipts having been as follows:

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No. of Directors-6; minimum, 3; quorum, 3. Qualification, twenty 251. shares.

DIRECTORS:

Chairman-CHARLES SEALE HAYNE, Esq., Kingswear, Dartmouth. John Belfield, Esq., Primley, Paignton. *W.Froude, Esq., Chelston Cross, Torquay. *Henry Studdy, Esq., Waddeton Court, Henry Carew Hunt, Esq.. Maisonette, Stoke Gabriel, Torquay. Stoke Gabriel, Totnes.

*Retiring Directors, 1871.

Two of the directors retire annually, but are eligible for re-election. OFFICERS.-Sec., A. E. Lhoyd; Eng., R. P. Brereton, 18, Duke Street, Westminster, S.W.; Auditors, *Percy Hockin, Solicitor, and Charles Vincent; Solicitor, J. H. Mackenzie, 1. Crown Court, Old Broad Street, E.C.; Bankers, the Devon and Cornwall Banking Company, Plymouth; Vivian, Kitson, and Kitson, Torquay.

Offices-Newton Abbott.

*Retiring Auditor.

88.-DEESIDE.

Incorporated by 9 and 10 Vic., cap. 158 (16th July, 1846), for a line along the left bank of the Dee, by a junction with the Aberdeen. The capital was 220,000%. in 4,400 shares of 501. Shares issued, 4,315, on which a deposit of 51. per share was paid, amounting to 21,5751. Expenses of first Act, &c., 5,750. Re-incorporated by an Act passed 28th May, 1852 (15th Vic., cap. 61), which repeals the original Act, and defines the present undertaking as commencing from the same point of junction with the Aberdeen, and terminating at Banchory; the remainder of the original scheme being abandoned. Length, 17 miles. Opened 8th September, 1853.

EXTENSION TO ABOYNE.-By 20 and 21 Vic., cap. 49 (27th July, 1847), an extension from Banchory to Aboyne was authorised, the capital being furnished by a new list of original subscribers, and kept separate from that of old company. Capital, 80,0001. in 101 shares; loans, 26,000. Length, 15 miles. Opened 3rd December, 1869. The new subscribers elect two directors to the Deeside board, and vote separately on questions of dividend. The Deeside subscribes 5,000., and furnishes rolling stock at cost price. When dividends are equal the stock may be united, and the two proprietaries become one. In operation, 324 miles.

By 25 and 26 Vic., cap. 88 (30th June, 1862), the Deeside was authorised to raise additional capital to the extent of 23,000, at 51. per cent., and 8,0007. on loan; also to maintain that portion of the extension which had been constructed beyond the authorised limits.

GREAT NORTH OF SCOTLAND.-By Act of 1866 the Deeside is leased to this company. The ordinary capital is guaranteed a minimum dividend of 7 per cent., and the extension shares a minimum dividend of 3 per cent. for the first year, and 34 per cent, thereafter. When the gross earnings of the leased undertakings exceed 27,000., one half of the excess to be appropriated among the holders of the original and extension shares in certain proportions, in addition to the minimum dividends above stated.

F

ABOYNE AND BRAEMAR.-Under the powers of this Act, the Deeside was authorised to issue new shares in either capital or both of the original capitals to the amount subscribed to that line.

REVENUE.-The receipts on the main line for the year ending 31st August, 1870, amounted to 18,698, and those of the extension to 6,9947., making a total of 25,6927. The debenture and other interests, and the guaranteed dividends for the year, amounted to 14,7461., leaving a surplus for rents, taxes, and working expenses to Great North of Scotland of 10,9467. The surplus on the year, after providing for payment of debenture and other interests and the guaranteed dividends on the preference and ordinary shares, was 10,9461., as compared with 10,753. last year-or an increase of 1921. The increase in the surplus of last year over that of 1868 was 1,3481.

CAPITAL-This account remains practically the same as during the previous year. The calls in arrear on the main line are still 1977., upon a share capital of 140,250, while the loans extend to 43,4007., bonds to the extent of 15,7061. having been exchanged from 4 to 4 per cent. No further expenditure on capital account is anticipated, although the powers available to meeting such demand are 5,5741. On the Extension the balance of capital against the company is 8531., for the liquidation of which assets to the extent of 2,6561. reinain on hand.

No. of Directors.-Maximum, 6; minimum, 3. Qualification, 50 shares.

DIRECTORS:

Chairman-JOHN DUNCAN, Esq., Advocate, Aberdeen.

Deputy-Chairman-PATRICK DAVIDSON, Esq., of Inchmarlo, by Banchory.

Alexander Burnett Whyte, Esq., Merchant,

Aberdeen.

*Thomas Ruxton, Esq., Advocate, Aberdeen.

All eligible for re-election.

Francis Aberdein, Esq., of Keithock,
Montrose.

Alexander Davidson, Esq., of Desswood,
by Aberdeen.

* Elected by Extension shareholders.

OFFICERS.-Sec., William B. Ferguson, Aberdeen; Gen. Man., Robert Milne, Aberdeen Eng., Patrick M. Barnett, Aberdeen; Auditors, George Marquis and James Augustus Sinclair, Aberdeen.

Offices-Aberdeen.

89.-DENBIGH, RUTHIN, AND CORWEN.

Incorporated by 23 and 24 Vic., cap. 164 (July 23rd, 1860), to construct a line from the Vale of Clwyd, at Denbigh, to Corwen, by a junction by the Llangollen and Corwen. Length, 17 miles. Capital, 150,000l. in 107. shares; loans, 50,000l. Opened to Ruthin, 6 miles, on 1st March, 1862; to Corwen, 11 miles, October, 1864.

By 25 and 26 Vic., cap. 60 (30th June, 1862), the company was authorised to attach a preference of 5 per cent. to any amount of forfeited shares which could not be sold at a price equal to the arrears of calls due thereon. These ordinary shares have been cancelled and 48,000l. preference 107. have been issued.

By 28 and 29 Vic., cap. 190 (29th June, 1865), the company was authorised to raise additional capital to the extent of 22, 007. in shares, and 7,5007, on loan. Also to create debenture stock. Interchange of facilities with Vale of Clwyd.

A scheme of arrangement with creditors and others was agreed to by all parties, and enrolled in the Court of Chancery in 1869, the main provisions of which were given in the MANUAL for 1870.

It was reported in February that the directors were still endeavouring to carry out the scheme of arrangement which had been sanctioned by the Court of Chancery, and in the meantime the whole of the receipts and expenditure passed through the hands of the receiver.

No. of Directors.-Maximum, 9; minimum, 6; quorum, 3. Qualification, twenty lel. shares.

Elected by shareholders agreeably to the provisions contained in "The Companies Clauses Consolidation Act, 1845."

DEVON AND CORNWALL.

DIRECTORS:

Chairman-JAMES ASHBURY, Esq., 9, Sussex Place, Hyde Park Gardens, W. Deputy-Chairman-HENRY GARTSIDE, Esq., Wharmton Towers, Greenfield, near Manchester.

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Spencer Henry Bickham, Esq., Gorsefield, | William Laurence Banks, Esq., Pontywal
Bowdon, near Manchester.
Hall, Bronllys, near Hereford.

Frederick Adolphus Fynney, Esq., Queen's

Chambers, Manchester.

OFFICERS.-Traffic Man., Thomas Cartwright; Sec, John Lloyd: Eng., George Owen; Solicitor, S. F. Noyes, 1, Broad Sanctuary, Westminster, S.W.; Auditors, William Green and John Pierce, Ruthin.

Offices-7, Bank Buildings, Lothbury, E.C.

90.-DEVON AND CORNWALL.

Incorporated by 25 and 26 Vic., cap. 165 (17th July, 1862), to construct a line from the North Devon, at Colebrook, to Okehampton. Length, 13 miles. Capital, 130,0007. in 20% shares; loans, 43,2007. Arrangements with South Western. Opened to North Tawton on 1st November, 1865, and to Okehampton Road, 8th January, 1867. In operation, 10 miles.

By 26 and 27 Vic., cap. 129 (13th July, 1863), the company was authorised to extend the line from Okehampton to Lidford, on the Launceston and South Devon. Length, 104 miles. New capital, 160,0007, and 53,3331.. on loan.

By 27 and 28 Vic., cap. 114 (23rd June, 1864), the company was authorised to make certain deviations.

By 28 and 29 Vic., cap. 149 (29th June, 1865), the name of the company was changed to "Devon and Cornwall."

By 31 and 32 Vic., cap. 174 (31st July, 1868), the company obtained power to alter its line and levels, as also an extension of time till July, 1871, for completion of the Okehampton and Lidford Extensions.

By 32 and 33 Vic., cap. 127 (26th July, 1869), the company was authorised to separate the Bude and Torrington from the Okehampton section.

By the Board of Trade Additional Capital Certificate, 1869, the company was authorised to increase its capital to 100,000/. in shares, and 33,3007. on loan.

SOUTH WESTERN.-At a special meeting, held in August, 1870, it was resolved that the directors be authorised and requested to negotiate for the sale to the London and South Western of the share capital of the Devon and Cornwall (Coleford to Okehampton), under the provisions of the London and South Western (Additional Powers) Act, 1866, on such terms and conditions as the directors may think fit, including nevertheless the adoption by the London and South Western of the debenture debt of this company (Coleford to Okehampton section).

CAPITAL.-The receipts and expenditure on this account to 30th June, 1870, have been published as under:

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Meetings in February or March, and in August or September.

No. of Directors.-Maximum, 10; quorum, 3. Qualification, 500%.

DIRECTORS:

Chairman-The Right Hon. THE EARL OF PORTSMOUTH, Eggesford House, North Devon, and Brook's Club, S.W.

Deputy-Chairman-SHILSTON CALMADY HAMLYN, Esq., Paschoe House, Bow, North Devon.

George A. Hillier, Esq., Gresham House, J. W. Batten, Esq., 35, Palace Gardens Old Broad Street, E.C.

James Hunt Holley, Esq., Oaklands,

Okehampton, Devon.

The Hon. Mark G. Kerr Rolle, Stevenstone
House, North Devon.

John Chapman, Esq., 2, Leadenhall Street,
E.C.

Terrace, W.

R. P. Rosier, Esq., West House, Aldwick,
near Bognor, Sussex,

Alexander Young, Esq., 17, Tokenhouse
Yard, E.C.

OFFICERS.-Sec., Howard Lankester, 2, Westminster Chambers, Westminster, S.W.; Eng., W. R. Galbraith, 1, Victoria Street, Westminster, S. W.; Joint Solicitors, Townsend and Co., 3, Princess Street, Westminster, S.W.; and James Brend Batten, 32, Great George Street, Westminster, S.W.

Offices-2, Westminster Chambers, Victoria Street, Westminster, S.W.

91.-DEVON AND SOMERSET.

Incorporated by 27 and 28 Vic., cap. 307 (29th July, 1864), to construct a line from the Bristol and Exeter, at Taunton, to Barnstaple. Broad gauge. Length, 42 miles. Capital, 500,000. in 257, shares, and 166,0007. on loan. Arrangements with Bristol and Exeter. Works in progress.

By 28 Vic., cap. 42 (26th May, 1866), an agreement with the Bristol and Exeter was confirmed by which that company is to work and maintain the Devon and Somerset in perpetuity at 50 per cent.

By 29 Vic., cap. 17 (18th May, 1866), the company was authorised to effect various arrangements in its capital account; to cancel certain shares and to issue others in lieu thereof, in classes A and B; the former with a preference dividend of 5 per cent. By 30 and 31 Vic., cap. 147 (15th July, 1867), the company was authorised to make certain deviations and to construct a junction with the Tiverton and North Devon.

By 30 and 31 Vic., cap. 182 (12th August, 1867), the company was authorised to extend the line at Barnstaple, by 1 mile in length, and to increase the capital of the company by 30,000l. in shares, and 10,0007. on loan.

By 30 and 31 Vic., cap. 172 (12th August, 1867), the Devon and Somerset was released from its obligations to contribute to the construction of the Ilfracombe.

DEBENTURE STOCK.-The balance of A stock, extending to 255,000, was issued in June at par, on the following terms:

£10 on each 100%. stock subscribed, payable on application.

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allotment.
15th July, 1870.

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15th September, 1870.

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15th November, 1870.

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15th February, 1871.

Interest accrues from the dates of payment of each instalment, but subscribers had the option of paying the whole on allotment, in which case interest at the rate of 6 per cent. per annum was also allowed.

An allotment of B debenture stock was issued in November, at 757., with three years' interest guaranteed by investment in Government securities of an amount necessary to pay the same, in the names of John Arthur Locke and Edward Hainland Burke, as trustees.

CAPITAL-By scheme of arrangement enrolled in the High Court of Chancery, this account is now constituted as follows:-

A debenture stock (first mortgage), bearing 6 per cent. interest... £270,000 Bdebenture stock (second mortgage), bearing 5 per cent. interest... 166,000 Preference and ordinary shares..........

272,700

£708,700

No. of Directors -9; minimum, 6; quorum, 3. Qualification, 5007.

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