The Principality

REPORT OF DIRECTORS. At the half-yearly meeting whieh was held in the month of February last, your directors explained to you, that the course which they would feel it their duty to pursue, would be, to press as lightly as possible on the resources of the proprietors p p during the continuance of monetary and commercial difficulty, and to confine their operations within the narrowest limits con- sistent with their obligations to the contractors, and with maintaining in good condition the works which were already begun. On this principle, your directors have steadily con- tinued to act; they have confined the active prosecution of the works to the most important portions of the line they have entertained no new project; they have incurred no new en- gagements, beyond those which you have already sanctioned, and they have made no application to Parliament, except for a bill,, authorising them to pay 5 instead of 4 per cent. on the calls paid by the shareholders. The application for such a bill was indispensable, to give .effect to ,tiio agreement which had been entered into by the 11 a Great Western Company, for that purpose, and to meet the wishes and expectations of the South Wales proprietors, re- peatedly urged on their directors. Both these companies used their utmost efforts to procure the passing of the bill. The resolution of the two Houses of Parliament, prohibiting the payment of interest on calls out of capital, did not seem to im- pose any restriction with respect to lines already authorised; but the committee of the House of Commons, of which Sir Robert Peel was the chairman, considered that such a bill, if not inconsistent with the letter, would be inconsistent with the spirit of those resolutions, and the bill was thus lost. Your directors, however, have received from the Great Western Company a, renewal of the assurance which is con- tained in the Report of the 25th August, 1847, that if their endeavours to obtain the sanction of Parliament should fail, the Great Western Company would substitute "a full pecu- niary equivalent in some other form;" they feel confident, how- ever, that you will see the propriety of their giving, effect to that assurance, at such time and in such manner as shall not be in contravention of the decision of Parliament. Mr. Brunei's Report, which is annexed, will explain to you fully the progress which has been made in the works. Your Directors have thought it right to concentrate their efforts and resources on that portion of the line which lies between New- port and Swansea, because, it will bring a large and profitable .cl section into early operation; because, they are satisfied it will raise the value of your property, by giving the most undeniable proof of its capability j, and because it will essentially contri- bute to the reduction of the amount of interest which would be otherwise chargeable against the capital of the company. Their attention must next be directed to the completionjof that portion which will connect Newport with the Great Western Railway at Gloucester, and they will be prepared to resume active operations beyond Swansea, as soon as circumstances will justify them in so doing. In the session of 1846, when it was proposed that the South Wales Railway should cross the Severn at Hock Crib, the Gloucester and Dean Forest Company had a bill before Parlia- ment, for making a line of railway from Gloucester to a junc- tion with the Monmouth and Hereford railway, with a branch from Grange Court to Hagloe, a distance of about seven miles, at the eastern extremity of our line. Contemplating the pos- sibility of our failing to obtain the sanction of the Legislature,, or the Admiralty, to cross the Severn in the mode proposed, your Directors entered into an agreement with the Gloucester and Forest of Dean Company, that the option should be given to us to become the owners of that branch. The arrangement has been completed, and this portion of railway now consti- tutes an integral part of our main line to be constructed under our management, and to belong to ourselves. Your Directors have confined the Calls which they have madeon the Proprietors within the narrowest practicable'limits. Upon the whole, they consider that these Calls have been paid with reasonable punctuality but in some instances they have felt it their duty to press, through the solicitors, for the pay- ment of such arrears as were due, and they think the time is now arrived for them to announce that they will, at the next half-yearly meeting, or at some Special General Meeting, to be convened for the purpose, proceed to the forfeiture of those shares on which the 2nd, 3rd, and 4th instalments shall then be unpaid. The amounts at present due by the proprietary on these in- stalments are— 12nd. Instahaeut, due 22nd Jan., 1846, 1,193 Shares, at £ 2 10s., £ 2,9S2 10s. 3rd „ „ loth „ 1S47, 2,252 „ at £ 5 0s., £ 11,260 4th „ 12th. July, 1817, 4,800 at £ 5 0s., £ 21,000 JLms will make the total number ot chares in arrears 4,800, and the total amount t38,242 10s. The forfeiture of these Shares will not release the Proprie- tors of them from the liability of paying the arrears due by them, and the Solicitors are now taking the necessary legal ttepa, under instructions from. the Board-, to recover those ar- rears. There will still remain unpaid on the 5th and 6th Instal- ments about £ 65,000; but as those instalments were only made payable on the oth January and 6th April in the present year, your Directors think it would be harsh and precipitate to pro- ceed to the-forfeiture of those Shares at the same time, They will, however, use every possible effort to recover the arrears due on-them, and they will not hesitate to recommend the for- ftureoftheShatesif the arrears are not paid within a rea- sonable period. It is right to mention. that the 5,000 Shares which the Swan- sea Yale Company agreed to receive in payment, for the pur- chase of their Line, under the arrangement set forth in the Report of the 24th February, 1847, and approved by you, have been placed in trust for that purpose. An Act having been passed in the Session of Parliament of 1347, authorising the Railway Commissioners to, extend the pme which may have been given to Railway Companies, for the construction of their Lines, and for obtaining compulsory possession of land, your Directors applied to them for such ex- tension, and a certificate to the desired eifect has been obtamed. The usual statement of Accounts is appended to this Report. CHARLES RUSSELL, Chairman.. EXGIXEEIV8 B.KPORT. 6" Duke-street, Wastminstcr, August 19th, 1S48: OENTIIKMBX, ■ The necessity of limiting the expenditure has, unfortunately, contititted during the last, as iu the preceding halt year, and the works have not, there- fore, proceeded ntbire rapidly niy endeavour has been made tp regulate the advance ofthe s\y,era.\ portions, sb-a» .to ensure their simultaneous comple- <K>n, and to devote the available funds as much as "possible to the more im- portant works, and tljose which must ultimately govern the opening of any portion of thei^ne,unfortunately, however, titis is not practicable to the xtent that may be desiredf-there are many works which, once commenced, tftouot be much delayed, nnlcs;! entlrely suspendeI¡;nçh as Tunnelling, and all other works'; in which the eifeets of water have" to be, encountered, and thus, the tunnelling beyond Swansea, -nd the work# alpngrfhe coast at Llan- etlv, Peinbrev, auh aloiijj the shores of the River Tpwy, towards Carmarthen, iave absorbed some of the funds which might, perhaps, have been more pro- fitably employed in rendering available the works east of Swansea. I The works generally, which are in progress throughout the whole distance iirom Gloucester to the neighbourhood of Haverfordwest have proceeded very satisfttctorffly, < excepting as to the rate, for the reasons before referred to,; ao new diliiiulties Uaye hsen encountered)1 to affect either thsjr ,(wst or efficiency. The destruction by fire of a timber bridge, across the Usk, at Newport, will not cause any delay to the works generally; the loss, which (so. far as the Company is concerned) is borne by\the Contractor, was covered, or nearly so, by the insurance, which, under the terms of the Contract, he was bound to effect upon all timber bridges, during their construction after completion, these structures are not exposed to the same risk, being covered with ballast, and otherwise protected, bt sides which, it is only while fresh creosoted, and covered with tar, that they are,so inflarainablei The Con- tractor is proceeding rapidly with the restoration of this bridge. The works east of Chepstow are in a forward state. The heavy, works at,Chepstow and at Newport, including the tunnel at thei latter place, are in a very forward state; the. tunnel last mentioned is com- pleted. The Contract for the Bridge at Chepstow, which had been post- pon.,as long as it conveniently could be, is now about to be let. The principal works between Cardiff and Neath, viz., those at Bridgend and Margam, are proceeding rapidly, and between Neath and Swansea they are very forward; in fact, between Newport and Swansea, if every endeavour were made to expedite the works, they might be completed in ten or twelve months; and east of Newport, assuming the Gloster and Dean Forest Rail- way to be completed, the whole might with similar exertion be finished in twelve or fifteen months. Several portions of the Line are now, and others will seon be ready, for receiving the permanent way, and a large portion of the rails being in hand, and the other materials in the course of delivery, this work will soon be commenced. I am, Gentlemen, Your obedient Servant, (Signed) I. K. BRUNEL. To the Directors of The South Wales Railway Company.

GENERAL STATEMENT OF RECEIPTS AND PAYMENTS TO 30TH JUNE, 1S4S. RECEIPTS. £ s. d. 2 S. d. Deposit Account. 140,000 0 0 Second Instalment of C2 10s. per Share 137,015 0 0 Third ditto of 95 per Share 267,195 0 0 Fourth ditto of E5 per Share 230,875 0 0 Fifth ditto oft3 per. Share 118,183 0 0 Sixth ditto of £ 5 per Share 141,113 0 0 — 1,034,381 0 0 On Account of future Calls 83,608 19 0 Registration Fees 4 294 ii 6 1,118,234 16 ■ PAYMENTS. Expensesin obtaining the Act of Incor- poratiun. 54,471 12 t Works 402,324 7 3 Permanent Way.. ;14fi,561 19 1 Land and Compensation 179,351 18 5 Vendors'Costs and Expenses 4,933 18 6 Engineering and Surveying Expenses 74,011 7 5 Parliamentary and Law Expenses 37,264 12 5 Land Valuers'Expenses 6,00119 10 Printing, Stationery, and Advertising. 2,695 3 5 Office Expenses, Salaries, Direction, Postages, &c., &c 11,916 7 1 Miscellaneous Expenses, including Rent, Rates, Taxes, &c.. 895 0 3 Interest Account (deducting Interest received). 25,270 6 5 935,698 12 2 Subscriptions to Irish and Welsh Railways. 61,306 0 0 Gloster and Dean Forest Railway Co. on account of the purchase of the Main Line from Grange-court to liagloc 10,000 0 0 1,007,004 12 2 Balance ;CIII,279 9 4 (Signed) BONAMY DOBREE, ) ARCHYD. PAULL, j Auuuor-.

NEATH. On Sunday last, about 12 o'clock, a temporary wooden bridge, built across the river, near this town, for the purposes of the South Wales railway, was "carried away by the heavy floods. A nav- vie," who was on the bridge at the time, fell with the mass into the flood, and was carried down the river to the distance of about 100 yards, when he 14id, hold of a rope thrown across the river to se- cure a vessel at its moou i ianddield on till. assistance was ren- dered) by which herwas extircated from his perilous situation. In consequence of tfye quantity of iron attached to the bridge, it was carried by the flood only about 200 yards, when it sank. It has since been replaced.. SOUTH WALES RAILWAY.—Mr, Brunei, accompanied by Mr. R. Brodie, traversed the line of railway from Neath to Fishguard on Thursday, Friday, and Saturday week. passing through Car- ihavthen on Friday afternoon. He minutely inspected the pro- gress of the works, and visited Fishguard and Abennawr, no doubt to determine the locale of the intended terminus,

MILFOIII). AuQ.22.-GEoaGBi.Eow ARDS,of Aberystwith,having parted both his cables in yesterday's gale, when they endeavoured to get the inainsa.) and jib on the vessel to get away ou her, but before doing so, she was driven on shore broadside, under the Old Dock Yard, where she now lips without any apparent damage, and will be got off soon as the tides will admit. Horn MORRIS, Creswell quay in this port, for Irving, having drove from herposition, was obliged to slip in order to get clear of a schooner that was riding in her wake, his boat being a-sterri got foul of the schooner chain c^hle which canted the sloop liove on the wrong tack when she became unmanageable and drove on shore on a reef of rocks under the Barracks Fieid,'wRere she now hear, apparently with her bottom very much injured, ihasinUcQ •.that the cargo is discharging with all possible speed so as to enable them to gst the vessel iu a place of safe y to get repaired, 0 ARIIIVED, AUG. 22,—Wind W.N.W., strong gales, but dry weather for the, harvest.—Watson, FrQst,: of Cardiff, having sprung ldeilk in the late gales at sea between this port and Cardiff is obliged to discharge the cargo, wirph consists of railway iron, to enable her to be put into Mr. Hogan's graving dock, Cato, Hard- ing, Liverpool; Dispatch. Welsh, Bridgywuter Bransty, Lolty, Cardiff; Glencairn, Young, Newport; Manningtr.ee Packet, Ilichaidson, Liverpool Albion, Jones, London; William, Huwel, London; Water Lily, Bernard, Loudon; Argo, Jones, GtoLces- let; Dove, hn^lish, Newport; Dorothea, Samuel, Llanelly; Eliza, Grrofl, Newport; Allihies, Hart, Swansea; Elizabeth, HancocK, London; Eliza, Owens, of Swansea; having lost the foretopmast and jibboom between St. (rowan's Head and Crow Rock in a squall. Seletia, James, of in the gale of yesterday, got '^Ho,:NouUon, in St. pride's Bay, all well. To THE REV. D. DAYIES, SWANSEA.—MY DEAR Sin,— That the meaning of your letter maj be clearly understood, will you favour me at vour convenience with replies IO the following questions ?—"What is the ultimate design of edu- cation? What have been the restalts of a purely secular education? What has Sabbath sehoolteaching-ejected, in your experience ? What are, the objections you would urge against receiving Government assistance for religious pur- poses?—I am, my dear Sir, yours very truly, A MEMBER OF THE SWANSEA COMMITTEE.—I have given my name to the Editor, if you may at any time wish it.

NEWPORT. POLICE COURT, MONDAY, AUG. 21.-Thomas Edwards, assaulting his wife Catherine; fined 20s.-Jùhn Cornerand John Callings, on suspicion of stealing a rope remanded-'— Thomas Edwards, Whiilock Williams, and John Roberta, fined 5s. for being drunk. T,,Fillia,,ii Taylor, stealing an oil- case coat and trousers; committed for trial.—Sarah Bees and Benjamin Hees, assaulting Mr. M'Donald to pay e03ts. -Ill,etry Phillips, keeping her beerhouse open after hours fined 5s. and costs.—Hugh Morgan and James Mall, charge of obstruction; each to pay costs.

SOUTH WALES RAILWAY. At the seventh half-yearly general meeting of the proprietors «f this company, held pursuant to advertisement, at the Great Western Railway Station, Paddington, on Wednesday, the 23rd August, 1848. Charles Russell, Esq;, in the chair. Resolved.-i. That the report of the directors no w read, be adopted, and printed, and circulated amongst the proprietors. 2. That the best thanks of the proprietors be given to the chairman and directors, for their exertions in promoting the welfare of this company.

HANOVER. A GOOD EXAMPLE.—Several active young ladies connected with the Independent congregation meeting at the above place, ill order to testify their appreciation of the unwearied exertions of the Rev. R. Thomas, their minister, have decided upon regularly pre- senting him with a copy of the PRINCIPALITY. This act of kindness to ministers has often been urged in the columns of your paper, but as far as I have been able to learn, has not been practised anywhere, except at Aber, Breconshire, and Hanover, Monmouthshire. More instances may be known to you, and if such be the case allow me, Mr, Editor, to suggest the propriety of occasionally publishing a list of churches. co-operating ia thi-t manner to support the literature of their country as well as to assist and cheer their ministers. [Two other ehurches, Penygraig, Carmarthenshire, and Bethesda, Merthyr Tydfil, subscribe ior the paper.—ED.]

CLYDACH. On Saturday the 19th instant, at the above place, was quite a holiday as it regarded the works, and a day of purely social enjoyment as it regarded the inhabitants. About six se- parate friendly societies held their annual festivities. Their urder and decorum in marching from their respective lodges to the dif- ferent Dissenting places of worship was highly commendable. At Bethlehem, the Rev. D. Davies, minister of the place, preached to the Odd-firemen, meeting at the Royal Oak. At the English Wesleyan chapel the Rev. L. Williams, of Nantyglo, and auother gentleman preached, the one in Welsh, and the other m English to two lodges of Odd-fellows, meeting respectively at thfe Clydach inn, and the Crown tavern. At Siloam, the Independent chapel, the Rev. J. Davies preached to two different societies, the one meeting at Rock and Fountain, and the other at Mr. Joseoli Protheroe's house, Gellifeleri. Another club attended Carinel the Calvinistic Methodist chapel. At the Clydach inn, and at the Crown tavern, public meetings were after dinner fimultaneously held. The one at Clydach inn was presided over by Mr. John James, manager at the Clydach works. Mr. James is deservedly- respected both by the company and the workmen. His able con- duct in the chair gave great satisfaction to all present. At the Crown, Mr. T. Pine, the landlord, presided. At both places the attendance was large and the speeches instructive as well as in- teresting. The health of the Revs. D. R. Stephen, of Manches- ter, and Evan Jones, of Tredegar, was given at both places a.nid great applause. At the Crown, the toast waa acknowledged OIl their behalf by the Rev. J. Davies, Siloam, who gave a short account of the lives of the two eminent gentlemen whose health was proposed as well as of their efforts to benefit" their, country. In conclusion he adverted to the kindness and benignity of the Clydach company in stopping their works for the day, m order to encourage sociality and the cultivation of economical habits. The., health of the Clydach company was then given from the chair and enthusiastically received. The two lodges, to their praise be ;It said, closed at au early hour.

MKRTIIYR, illEitTiiyn AND DOWLAIS CHORAL SOCIETY.—It gives us much satisfaction to record that at the special request of Lady Char- lotte Guest, the members of the above society, which is con- ducted by Mr. Rosser Reynon, were called to Dowlais lioUS4 on Friday evening, where they sang some of the most difficult pieces io sacred music, to the entire satisfaction of her lady- ship and the distinguished strangers present there that eveniiv on their way home from the British Association held at S wan- sea. We are glad that Merthyr can produce such a phalanx of talent at a moment's notice. COUNTY Corit Ir,-The usual monthly sitting of this court took place on Wednesday and Thursday last. About 1Q0 cases, were entered for trial. A full report of the proceedings will appear in our impression of next week.

THE REY. THOS, PRICE, AND THE WOMEN OF ABERDARE. On Monday, the 21st inst., a tea party was held at the Bap- tist chapel, Aberdare. Tea was on the tables at three o'clock, and the ladies who presided at the different tables were fully engaged till eight o'clock, duringVhich time several hundred's cli partook of the cheering cup. Tea being over, the chair was taken by the Rev. T. Price, the inuch-respected minister of the place, who, after briefly open- ing the proceedings of the evening, sat down. The chief business of the evening-was proceeded with, that of presenting a token of respect by the women of Aberdare to the Rev, Mr, Price. The ladies' committee, Mrs. Evans, Mrs. John, and Mrs. Davies, then came forward, bearing with them a beautifully- constructed mahogany writing-desk, furnished with every species of writing materials, together with a massive silver- pencil case. On a brass plate fixed in the centre of the upPer part of the desk is beauttub yengrii ved he following fin, scription Presented by the females of Aberdareto the'Rev. Thomas Price, for his defence of the character, honesty, and chastity of the women of Aberdare, when falsely accused by their vicar." There is also engraved on the desk a quota- tion from one of Mr. Price's letters in the Cardiff and Merthyr Guardian, where he states;—"T shalJ appeal to official documents, and prove that the character of the wGmnof Aberdare stands as high, if not-higher than those of any given parish of equal extent and importance in the whole kingdom." These tokens of respect were presented by the ladies, accom- panied by the following, address, which was read clearly and distinctly by Mrs. Evans Reverend and dear sir,—It is with feelings of pleasure and respect that we approach you in the name and on behalf of a number of females residing in the parish of Aberdare, Sir, having waited till the storm had subsided, which waa caused by the unfounded attacks made upon our fair fame and hitherto unsullied characters, we now beg to come forward to testify to you the since-re respect and unfeigned gratitude, which we feel for you for yourhOliestr and ability in. defending our characters against, the uncalled-for charges brought against us. $ir, we trust that you will be pleased to accept these presents as a token of our respect for you; they include a writing-desk wdl-furnished, and a silver pencil-case; and may God giant you the use of them far many, many years to defend right principles. In conclusion we beg to express our hope .that you will long be spared by Divine Providence to be a source of comfort to your family, a blessing to your Church and congregation, a stanch advocate of right principles in our parish, and to be a most useful mem- ber of society at I e The most enthusiastic cheers fol- lowed the reading .of th^raddress. The itcv. Mr, Price accepted the two costly articles as tokens of the ladies' respect for him; in returning thanks for which he adverted at considerable length, to the circumstances which gave rise to these injmifestations of kindl-ess towards him. He expressed his full con vie tioh that a longer and a better acquaint- ance with the females of Aberdare wcmld enable their late accusers to fot-m a better opinion o £ them in future. He also hoped that the conduct of the "women of Aberdai-e would a., ways be such as to give the moat complete denial to the charges-, lately brought against them. Mr, Edwards, of Ebont. zor, also addreespd the assembly at considerable length in the Welsh language; and after, him fol- lowed Mr. D. Price, of Siloah, who delivered a yery neat I n,fia, speech to suit the occasion. After which Mr. Thos. Price, on his own behalf and that of the Church, returned his grateful thanks to all those kind friends who had honoured them with their company during the day. The company were highly delighted by the performance of the noble little band of singers belonging to the congregation, who at intervals from an early hour sung select pieces of sacred music, and did not relax in their delightful works till the close of the .day's proceedings the singing, indeed, was the admiration of all present. In conclusion we beg to I¡!a)' that the women of Aberdare have conferred upon themselves a greater honour than they have on Mr. Price. Self-respect is the svirest way to obtain respect from others. They have puid Mr.. Price a weU-tkv..Tvvd compliment, and have tlras proved that they are not of tw number of thosMi who have neither .to thiijik nor hearts 00 0 li4k to feel."

tWnstances than the benevolent member for Swansea, and the hard earnings" of other workmen worse paid than his, are likewise concerned, and must be considered. The appeal to Mr. Vivian is eminently mischievous. It not only requires his own aid, but that he should also exert Ms in- fluence with other subscribers of the same class. We trust the hon. member will be too upright to adopt the sinister suggestion, as the constitution of the College is already well known to him, and was so when he promised his sub- scription. The leaving of the question open would only prove a source of perpetual annoyance, if there should be among the subscribers any individuals of Mr. Davies. Opinions, and inclined to defend them by similar stratagems' In conclnsion we would beg to suggest to the rev. gen- tleman the propriety of his proving that it is the duty of the State to Educate the people, before disseminating doctrines so pernicious to civil and religious liberty. We feel assured that the argumentative process he should have to undergo would materially curb the tendencies of his luxuriant ima- gination. He would probably find out that State Education is neither more or less than a modification of STATE RELI- GION and that State aid to Education, is a subtle and pernicious imitation of the soul-destroying and God-dis- honouring principle that the State ought to control the religion of its subjects.