Volume Six - Pre-Victorian to the Present Day - Select Aspects - The end of the line for the Taff Vale Railway - 1921

In the resulting Act which obtained the Royal Assent on the 19th August, 1921, provision was made for the formation of the Railways of Great Britain into four groups, this company being included as a Constituent Company in the Western Group of which the Great Western Railway Company was constituted as the Amalgamated Company. Negotiations are proceeding with the Great Western Railway Company with a view to the framing of a scheme, to give effect to the provisions of the Act, for submission to the Proprietors in due course.

Under the terms of the Railways Act, 1921, the Government are to pay the sum of £60,000,000 as a full discharge and in satisfaction of all claims which have been made by any Railway Company in Great Britain for compensation under the Regulation of the Forces Act, 1871, the Ministry of Transport Act, 1919, or otherwise arising out of or in respect of the possession by the Crown of the Railways.

The Statement of Accounts and Returns now presented has again been varied pursuant to the powers of Section 3, sub-section 6 of the Railway Companies (Accounts and Returns) Act, 1911.

2. The receipts in respect of the Railway and Dock working, including and estimated amount receivable under agreement with the Government in respect of the control of Railways for the period January 1st to August 15th, 1921, amounted to £2,391,383 ; the working expenses amounted to £2,052,880 ; leaving a net balance of £338,503. Adding proportion of amount receivable under Section 11 of the Railways Act, 1921, £109,000, miscellaneous receipts £7,150, and the balance brought forward from last year amounting to £8,287, the total amounts to £462,940. Deducting Interest on Debenture Stock and other fixed charges and the Dividends on Preference stock £245,889, there remains a balance of £217,101 available for Dividend on Ordinary Stock.

3. The Interim Dividend of 1½ per cent. on Ordinary Stock for the half-year ended 30th June, 1921, absorbed £77,888, leaving a balance of £139,213, which will admit the payment of a Final dividend of 2½ per cent., making 4 per cent. for the year ended 31st December, 1921, carrying forward a balance of £9,401.

4. The Directors retiring at this Meeting are Mr. Charles Henry Cave, Mr. Mathew Cope, Mr. Allan McArthur, and Mr. Ernest Reginald Moxey, who offer themselves for re-election.

5. Mr. Frank Newton Tribe, F.C.A., is the retiring Auditor, and is eligible for re-election.