Moel Tryfan Rolling Stock Co. Ltd.
The Moel Tryfan Rolling Stock Company Limited (MTRS) was the financial vehicle of J. C. Russell; it owned the bulk of the rolling stock for the North Wales Narrow Gauge Railways (NWNGR).
The NWNGR was unable to afford the costs of its equipment on top of the expense of constructing the line. At the half-year meeting in September 1878 it was reported that the rolling stock had been purchased on 'deferred payment system' over three, five and seven years, and that the quarterly rentals were in arrears.[1] Russell had acquired some of this stock and hired it to the railway company under agreements of November 1876, April and October 1878. The Moel Tryfan Rolling Stock Co. Ltd. was formed in December 1878 at the instigation of NWNGR Directors with a £10,000 authorised capital to acquire rolling stock in use on the NWNGR. Under an agreement of 7 December 3 engines, 3 Cleminson coaches, and 4 coal wagons running on the line were acquired from Russell for £3,630. Russell had a controlling interest in MTRS. The agreements with the railway were to continue. The other 5 coaches and 116 wagons including 90 Slate Wagons owned by Brown Marshals & Co., were probably on hire purchase from the manufacturers (unless acquired by MTRS at a later stage) as in 1879 the NWNGR Board reported that the company had "no rolling stock of its own as the whole of it is hired". Russell had obtained judgment on a debt of £882.10.7 + 4.6.0 costs in November 1878 which he assigned to MTRS.
On 9 December 1878 the MTRS petitioned the High Court, Chancery Division, with the outstanding debt, claiming that the NWNGR was unable to pay, and that based on the accounts to 30 June, had no uncalled capital by which it might do so, and that a receiver should be appointed. The Court appointed Russell as Receiver on 13 December.
In 1880 the NWNGR issued £6,000 of A debentures under a Scheme of Arrangement in settlement of the hire charges (including the £886.16.7) and to acquire ownership of the rolling stock.
On 10 May 1882 the NWNGR and the MTRS made an Agreement for the NWNGR to acquire 15 Wagons under a hire purchase arrangement over 6 years from 1 January 1881 to replace rolling stock worn out or damaged at a total cost of £462.16.0. The High Court ordered the Agreement to be carried into effect.
On 6 March 1889 the Secretary of the MTRS obtained Judgment against the NWNGR for a debt of £788.14.7 + £5.6.0 costs, and signed an Affidavit saying that under the circumstances (that the NWNGR was unable to pay and had no uncalled Capital) it was necessary to appoint a Manager for the purpose of properly conducting its affairs under the Scheme of Arrangement. As a result on 23 March 1889 Russell was appointed Manager, continuing as Receiver, both posts being held until Aitchison was appointed on 15 January 1913, backdated to the date of Russell's death on 29 August 1912, and Jack on 9 April 1921. The debt was still outstanding in 1921, having passed to the representatives of the late Ernest E. Lake the MTRS and NWNGR Solicitor and latterly NWNGR Director who had died in 1917.[2]
The MTRS Co ceased business in June 1889 and was dissolved in 1894.
References[edit]
Boyd, James I.C. (1972). Narrow Gauge Railways in South Caernarvonshire. Lingfield, Surrey, England: The Oakwood Press. ISBN 9780853611158. OCLC 707587. pp158-166
- ^ Johnson, Peter (2002). An Illustrated History of the Welsh Highland Railway. Hersham: Oxford Publishing Co. ISBN 0-860935-65-5. OCLC 59498388. p17
- ^ Affidavit Gordon Murray-Smith, rep the late E. E. Lake. 14 February 1921