Description:

The Great Western Railway Act, 1899, vesting the undertakings of the Golden Valley Railway Company into the GWR, was the last chapter in the saga of the GVRC, which was liquidated under the terms of the Act. Its demise did not even merit an Act of its own, but was merely one item in a long list of other actions which the GWR needed formalised by Parliament.

Photographs of the introductory pages of the Act referring to the Golden Valley Railway and of Appendix 3, which details the disposition of the GVRC are shown below. The Appendix setting out the terms and conditions of sale and purchase is particularly brutal:

“… whereas the paid up capital of the Golden Valley Company in respect of each undertaking consists of the following stocks and shares, that is to say £79,000 £5 percent 1^st debenture stock; £80,000 £5 percent 2^nd debenture stock; £69,000 £5 percent preference shares of £10 each; £106,786-16-6 in ordinary shares of £10 each…

…And whereas the undertaking of the Golden Valley Company has always since its opening beyond Dorstone been worked at a loss and is now no longer open to traffic…

… The consideration for the said sale and purchase shall be the payment by the Great Western Company to the liquidator of the Golden Valley Company to be appointed as hereinafter provided of the sum of £9,000 sterling.”

The payment was to be made within 14 days after the 1^st July 1899, the date on which the Great Western Company was to take over operation of the railway.

The liquidation of the Golden Valley Railway Company was legally completed under the terms of the Act on 16^th May 1901 when the liquidator presented his account to a General Meeting and notified the Registrar of Joint Stock Companies accordingly. A photograph of his final notification is shown as the last image below. Ordinary and preference shareholders received nothing and lost their investment entirely. 1^st  and 2^nd debenture holders received the balance of the purchase money, but only after deduction of the costs and expenses incidental to the winding up, in the proportion of two thirds and one third respectively. This would have amounted to very little.

Observations:

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