Volume Six - Pre-Victorian to the Present Day - Select Aspects - The Penarth Harbour, Dock & Railway Co. dispute with Messrs. Smith, Knight & Co. . .

The other was Mr. Garforth, a gentleman residing in the North, who was a surety for £10,000. He now resisted the payment, and the directors had taken action against him to recover the amount ; but Mr. Garforth had filed a bill against them restraining them, and this action the directors would have to answer, and to do their best also to bring a speedy and satisfactory conclusion after the long vacation. But to those who had not quite so much knowledge as he himself had he must say that he had considerable doubts respecting the results of those proceedings.

He had spoken hitherto of the solicitors' charges with respect to the arbitration between themselves and Messrs Smith, Knight & Co., but there had also been a charge against the capital of £64,156 2s 8d, the extra cost of the work above Messrs Smith and Knight's contract prices, after deducting the value of the plant and materials which they were allowed to do under the award - the ten per cent detentions, and the certificates which were due but not paid. After making all these deductions their works cost them over £64,000 beyond the contract prices of Messrs Smith, Knight and Co.

As the transactions which had long been kept in abeyance were now completed, the accounts referring to them were shown in their proper place. The interest account, as against Messrs Smith, Knight & Co., had also been adjusted. The revenue account still showed a large sum to credit. The capital account had been overdrawn, and the balance had been placed to the revenue account to the credit of capital. The directors had gone carefully and thoroughly through the accounts, and he could tell them with confidence that this time next year the whole of their indebtedness would be wiped off. From that time their dividends would go up from 4 to 4½ per cent, and by the aid of Providence, should there be any increase in the receipts from the traffic they should be entitled to share it in accordance with their agreement with the Taff Vale Company. He concluded by formally moving the adoption of the report and statement of accounts. the motion was seconded by the Hon. W. Clive." Cardiff Times [019] 4th September 1875.

1875 - Notes from the South-West - Penarth Harbour, Dock, and Railway - 'The half-yearly meeting of the proprietors of this company was held at Cardiff, Mr. W. S. Cartwright in the chair. the report stated that the arbitration between Messrs. Smith, Knight and Co, and the Penarth Company had, after extending over several years, been brought to a close. . . .