Volume Twelve - Pre-Victorian to the Present Day - further aspects - A History of Penarth Dock by Roy Thorne . . .

Penarth Harbour Dock and Railway

"The Directors of this Company are willing to receive tenders for completing the works of the Dock at Penarth and the Railway leading thereto in accordance with Plans and Specifications which may be seen here on and after the 14th inst. where also the form of tender may be  obtained. The works, which are considerably advanced are to be completed on the terms and conditions on which Messrs Smith and Knight are now bound to complete the same.”

The company's Engineers completed the work after the Court of Chancery had authorised the Directors to complete the work.

In November 1862 the Board asked the Engineers to report on these questions : -

"Is the dock to be lengthened?
If not, how is it to be finished at the upper end?
Is it to be left so that at any time it can be lengthened so that coal drops may be run out from it into the dock as suggested by Mr. Hawkshaw?”

It was eventually lengthened westward in 1884, but in 1862, the "upper end" was left with a sloping earth bank. The long delay in completing the dock was obviously restricting capital expenditure.

In October 1862 the minutes of the Company stated : - "A comparative view of the cost of the Dock Works as compared with the Certificates to 31st July 1863 showed that the cost was about 37% in excess of the work at the contract prices."

These difficulties gave rise to "The Penarth Harbour Dock and Railway Leasing Act 1863" where the Penarth Works, including the Ely Harbour, the branch line from the main T.V.R. line and the dock were leased for a period of 999 years to the Taff Vale Railway Company.

Negotiations had been going on for some time between the two Boards of Directors, and when the terms were revealed both sets of shareholders were critical. Eventually the arrangement was accepted. This guaranteed a perpetual dividend of 5¼ per cent to the Penarth shareholders.