Volume Six - Pre-Victorian to the Present Day - Select Aspects - Acts and disputes . . .

1857 - The Penarth Harbour, Dock and Railway Act authorised the TVR to lease, for 999 years, the new dock, basin, tidal harbour and railway.

1859 - Ely Tidal Harbour was opened on 4th July followed by the commencement of construction of the Penarth Dock.

1862 - Agreements reached between the TVR and the Penarth Co. and the lease of 999 years was signed off in August. The Bute Trustees objected to this lease agreement and appealed. Following hearings at the House of Lords in 1863, they lost the appeal having overridden the previous ruling of the lower house in favour of the Bute Trustees. However, an inaccuracy in the 1856 and 1857 Acts regarding the lease period meant that the Penarth Co. had to submit a new Bill.

1863 - The Penarth Harbour, Dock and Railway Bill. A new Act was passed in June which was effective from January the following year for the 999 year lease and provided the shareholders with a guaranteed dividend. In March, the Board of Trade submitted their report to the house which stated:

"By this Bill it is proposed to authorise the leasing of the Undertaking of the Penarth Harbour, Dock and Railway Company to the Taff Vale Railway Company, in accordance with an agreement between the two Companies, which is set out in this schedule. The agreement provides that the Railway, Harbour, and works of the Penarth Company, authorised by their Act of 1856, shall be leased for a term of 999 years, as from 1st January 1864, at a rent equal to the interest on 73,000l.,(£73,000) part of the debenture debt, and to dividends at 4½ per cent. on 157,000 l., part of the share capital of the Penarth Company, and to one-half of the remaining profits of that part of their Undertaking ; and that the Docks, Railways, Road, and works by their Act of 1861, shall be leased as from 1st January or 1st July next after their completion, at a rent equal to the debenture debt, and to dividends at 4½ per cent. on the share capital of the Penarth Company, applicable to such Docks, Railways, Road, and works, and to one-half of the remaining profits of that part of their Undertaking."

The final section of the report was concerned with the potential diversion of trade by the TVR away from Cardiff to Penarth Docks and if this was this in the public interest. It was decided that "the Committees on this Bill will be in a position to judge after hearing the parties whose interests are principally concerned."