The Express.
London, England, 1864-08-27 00:00:00

i iii
I 6 7

AUGUST 27, 1864:

RAILWAY INTELLIGENCE.

LONDON, CHATHAM, AND DOTER.

The twenty-third half-yearly general meeting
mu held yerderam at the Grceyeaor Hotel, Victoria-station,
Lord Bonnie in the okalr.

Th. report of the direders, which bas beet already pub-
lished in our °ohm" was taken as read.

The Cuetutu( said it was most gratifying to the share-
holden I. see that the traffic of the line had so largely in.
creased, and was still increasing. The working expenses no
doubt had been very great—(hear, hear)—but every attsa-
Mon was paid to that subject, and he had no doubt that
in a very short time those expenses would be considerably
reduced. The opening of the rims-bridge station had
been of great advantage to the whole undertaking, and had
answered np to this moment most satiafactorily. The parlia-
mentary proceedings had been important and costly in the
last session. They had been a source of great anxiety to
the director., and be hoped the result would be satisfactory
to the shareholders. Aa they bad recently bad two
meetings at which full explanations were given of
the pudica of the company, he would scarcely be
justified in detaining them with any lengthened state-
meat on the present occasion, but should be happy
to answer any gumbos' that might be asked. He might,
however, add that the reports of Mews. Cubitt and Turner,
the animates, and of Mr. Mills, the resident, and Sir Charles
Fox, the consulting engineer, as to the progress of the
works and the condition of the line, were in all respect'
satisfactory. With regard to the works at Dover, where it
was of the greatest importance that the terminaa should be
speedily and properly finished, Mr. Oubitt's report was
most gratifying. The account' had been in the hands of the
shareholders some days, and as they explained themselves
he need not &this them by going into them. In ooncluion
he moved the adoption of the report.
Lord liuthm (deputy chairman) secooded the motion.

Mr. HAMILTON, who was very indistinctly heard, pointed
out that the working exposer were in rases of the re-
ripe by 35,01 W., sad expressed a doubt whether they
would be able, in the event of the South Pastern subsidy
being withdrawn, to keep the line open. They could only
compete with the South Eastern by reducing the fares, and
with reduced fares their ability to pay working axpeases
would be diminished. He objected that nothing was put to
the debit ef irradiator account for neurones, depreciatioo,
or repairs, which last item bad, during the last half-year,
cost 4,000/. Nor was there any credit in the Metropolitan
Fatessioos account for the me of the terminus by the
Loudon, Chatham, and Dover main line.

Mr. itarmizeuci called attention to • circular from •
stockbroker, showing that • 1,0001. Lloyd's bond of a cer-
tain company sold for 750/., yielding to the purchaser 18
par cent. He wished to know what amount of Lloyd's
bonds had been issued, and at what rate of interest.

Mr. HOLROTD (director) said that it was not bueiness-like
to go into the details of the interest paid in every ease.
All the liabilities of the onmpany were stated in the so-
counts.

ii6.-Boxicoce could see no reason for any 'scrota in
the ooropsey.
Mr. HOLROTI) explained that a Lloyd's bond was merely
the acknowledgment of a debt. _

A 80•11:11011/1E They are negotiable, of ooayse.
Mr. HoLltotn—Not in the ordinary way in which other
securities an negotiable. Any man, no doubt, might
transfer a debt, sad the company, in giving the acktiow-
lodgment, agreed to recognise the traWer of that acknow-
ledgment to a third party.
iIIDOICOCI held that ell massy matters ought to be
fully explained. He wanted to know the amount of deben-
ture interest paid on account of the main lines during the
last six months. _

Mr. HoUtorn—lf you deduct the amount stated in the
last account it will give it you.
Mr. HIDOZCOCK —Then it is 30,7461., and the balance of
interest taken in the same way yes 25.2061. He asked
what was the amount of interest paid, and not dependent
on the earnings of the line? The 4i per cent. was in that
entogory.
Mr. Si soar thought it would be better to sak these ques-
tions of detail of the secretary at the office.
A SHARZHOLDLII thought the proper course was to put
such questions when the shareholders all met together.
Mr. HIDGECOCK asked what amount was required to pay
interest on all shams of the rosin line, independent of the
interest paid on shares not dependent on the earnings of
the line.
Mr. HOLROYD said the whole of the information was
given in the accounts, but it wee impossible to go with the
hon. proprietor through bis various calculations, and to
answer them in minute detail. Upon any item mentioned
in the account. the directoti were prepared to afford the
fullest information.
_

Mr. Emu protested against taking up the time of the
meeting in putting questions as to previous accounts, which
other fiireholden had not with them, and had forgotten.
The CHAIRMAN said that all the information was given in
the amounts.

Mr. !Lawman thought they ht to be informed of the
number and 'mount of the Lloyd's outstanding.
Mr. lioinoru—The balance-sheet shoos the liabilities to
be on the general undertaking 638,0001., and on the Metro-
politan Extension 471,00 W. That included the Lloyd's
bonds and all liabilities.

Mr. lizposcoca referral to statistics draws out by him-
self to show that they had ally 6,2001. to pay the expenses
of the mamma feed sod interest on the B and C shares.

Lord HARRIS stated that the accounts fully explained the
financial position of the company. It was Dever expected
that the Metropolitan Extension would pay until It was
brought thoroughly into working order, but it was moeseary
to guarantee interest in order to raise the money to carry
on the undertaking. He had no doubt that the present was
the wont, and by far the worst, account they would ever
have ; but he could see no good that could arise from going
into the details of every item, io order to show that now in
the incomplete state of the undertaking they were being in
this et that direction.
Mr. Bairn:Dun considered that the accounts were so
made out as to make it impossible for the proprietor, to get
at the true state of their expenses. When they found, as
they had done at a previous meeting, that the credit of the
company had been pledged by three Lloyds bond to •
large extent beyond the authorised capital, these questions
were very important. The 30,000/. profit on the main
line just covered the rent charge for the Victoria station,
the western exteasioo, which never ought to have been a
rent charge, and the Mid Kent, without paying a shilling
for debenture interest and other charges. It appeared also
that the carmine of the curtest half-year were debited to
the exteot of 67,0001. He believed the undertaking was
corded out, not for the benefit of the shareholders, but Sc,
that of certain persons who would probably realise a very
large fortune, while the shanholders would sustain, as be
feared, • very great Ices. If they took the capital of the
company at 4,300,000/., they no doubt expected to
earn 5 per oent—(he was speaking only of the
line from Biokley to Dover.) They wanted
8,0001. a week to pay preference charges, but all the year
round they had only 5,3001. a week. But the capital ac-
count had 300.000/, to its debit, which was to be taken out
of another million of capital ; eo that, while they had a
smell increase is their earnings, they had as looses, of two
millions in capital, which was now six millions instead of
four. Be wanted to know what the two millions was raised
for.

HOLZOTD—That was folly =Osumi and diamond at
the last meeting.
Lord HAZILLe added that is the report of February 26 it
was explained that additional capital was required for pur-
chasing extra rolling stock, to purchase the Farnborough
externem to porchthe steam•bcata, to carry oa the necessary
works at Dover, and to make other provision for the gaiety
and soomoniodatiort of the public, sad for promoting the
traffic.

ML MARTIIIDOI —Hut after all it comes to this, that they
would require 12,500/. itieteed of 8,0001. • week all the year
roued to pay 5 per cent. This was • meow matter. He
had not spoken of the extension line, which was • mad
scheme. As to the steam-boats, they had laid out 275,0001.
on that acconnt, and the receipts paid only 31 per oent.,
while they were miser be knew not bow much interest,
5 or 6 per cent. He did not know what advantages
they derived from the division of traffic at Dover,
but when he weat Dover he was asked
whether he would go by the London, Chatham. and Dover
or the South Eastern ; he invariably replied, by the South
&store, became it was more punctual. ("Rear," and •
laugh.) He thought the capitol provided for the intermit:in
was not anything like su6ocieet. He agreed with Mr.
Kuight's remark at the last meeting, that they were
proosediog by • bit-by-bit system. If they took
ell the lilies together they would see they were involved in
an expenditare of 16 millions, not eight, sod this would be
found • serious matter in a period of dear money. All
their earnings in the half-year were 45,0001., including the
extension, and how they were to pay interest on so large a
capital out of such servings it was difficult to say. To
pay interest on the 16,600,0001. they would wait 31,75 W.
• week.

Mr. HAIUMON believed that they derived no profit, but,
on the contrary, a very emiderable loss, from the steam-
boats, if they took depreciation, Marasco, and all other
charges into the acocnt. This earaings, now that the
capital had increased to double what it was three years ago,
had very much fallen off. He believed they were losing
30,0001. a year by the steam-boat..
Mr. HAITRIDOK thought it would be prudent to pass a
monition prohibiting the issue of Lloyds hoods beyond the
authorised refits] of the company. in which me the
' directors woeld be themselves liable for any such issue, and
be was cot sure that they were not so now.
Mr. Buecry doubted whether the proprietors generally
anderatcrd what Lloyds hoods really were. They were
I nothing more than an acknowledgment ma the part of the
' company that they were indebted for certain work deo, for
. them, but for which at the moment they were not able to
; pay. Them were mattes which ought to be left with the
I directors, aides. the directors bad not the emifidesoe of the
shareholders, in which cam it should be declared by a alib-
i dimities reeolutioo. It was moat enremoalde to deal with
theeesccoonts.thewiog oompariembetween ezpeoditare and
esraings while the undertaking was still in as incom-
plete state. When the City extension was coin-
plated, and It wee being made as rapidly se ever
soy lino was, and the Chatham and Dover was conioleted,
thee let hoe. proprietors criticise the moulds as they
pleased, and take exceptioa to whatever was charged to
capital that ought to be charged to revenue. That the lies
was made bit by bit was a necessity of the ease. As to the
western exteestoe. they were shindy making a profit out of
It. He imagined Mr. Hartridge must have a very small
Wisest in the company, or he would not travel by the

South Eastern instead of the London, Chatham, and
Dover.

]47Hawrestnom meant the South Eastern steam ship.
Mr. SURGET—The mistake was Mr. Ihrtridge's, not his,
His (Mr. Bergey's) object wee to get a dividend upon the
ordinary stook, and he bed no doubt the ordinary sleek
would before losgreceive •&dividend, andnoue would bemire I
glad of it %heaths preference holders. lie was informed
the manager, in whom he had full confidence, that by
8,0001., & week traffic would pay all the preference charges
They were taking 8,0001. • week now. and he had no doubt
they would soon make that return all the year round. At
present they were taking 8,0001. • week from passengers
only, the goods station at Blackfriars, the best in London,
not being cozleted, but did Loy bode suppose that, with the
enormous tramc allele coal baffles which must come
to them when the station sad the extension to Farringdoe-
street was completed, and when they had the threngb traffics
from the main lines on the north side of the Thames, that
their traffic would be limited to scything like 8,0001. •
week ?
After some further remarks from Mr. IIuDuICOCE end
Mr. IIaWILTOS,
Mr. Fours, the traffic manager, observed that bon.
gentlemen who had criticised the accounts, had failed to ,
mike themeless masters of the facts of the Cale. As to '
the steamboats, they stood in the capital account at
275,0001., but that included the cost of the ferry which
secured to the company an advantage pooewd by no
other company. Gentlemen who spoke so glibly of the
financial difficulties of the company took no account of the
difficulty eonsequent upon the strenuous opposittoe in par-
liament by the South Eastern Company aid the enormous
expenses. The capital account, under the arrangement since
made with the South Fasten, would materially reduce the
steamboat capital account. Many of the old steamboats
would be got rid of ; and an arrangement had been made
with Mr. Church ward for the French mail boats.
They ought to remember too that the capital account
included the goodwill of the steamboat business--a business
which produced them 16,0001. a-year. The difference in
the working expenses of the steamboats resulted from the
diminution of the number of services from three to two
Err day, under the arrangement with the South Eastern.
H. was happy to say that the earnings from the two sec
vices were almost as much as from the three, while these
was • saving of 5,0001. a year in the working, besides the
saving in the working of the railway and in the harbour
dues. The versals were all fully bleared. He denied that
the London, Chatham, and Dover, was lees punctual then
the South Eastern. They wen carrying 200,003
passenger • week, so that it could hardly he
expected that Passional causes of complaint would
not arise. He had with him • statement showing
that out of 12,000 trains on the general line, 10,800
were absolutely punctual. With the difficulties they had
to contend with, running over other lines and the number of
unctions, this was as much as could be expected. On the ,
etropolitan line there was almost absoluteipuncniality. As
to the western extension, an examination of the documents
would have satisfied Mr. Hartridge that the taking over the
western extension as • ranchers, would have involved the
return of 70/. • week. That they could not recommend, but
what had been the resat? lAA half-year the western erten-
SiOD had earned 72/. a week. LaVoie. the esti age were 40/
in the wont half of the year, per week, the difference being '
made up by the contractor. They had risen in the December
halt-year to 711. Ih. 10d. a week, and to 64/. is the worst
half of the preset year. Now they were much more, and
he had no doubt they would at the end of the year show an
average return greater than in the corresponding half of 1863.
The motion was then put and carrini unanimously.
The meeting was then made special for authorising, in
pursuance of the provisions of the London, Chatham, and
Dover Railway (City Undertaking) Act, 1864, the creation
and issue of the capital by that set authorised for the pur-
Ines of the Metropolitan Extension Undertaking, end for
authorising the borrowing on mortgage of that undertaking
the snore authorised by the said act, and for sutheriming the
conversion of the Metropolitan Extension deferred half
shares A into capital stock.
The Clunsure moved • resolution authorising the raising
of 1,600,0001. ou acrount of the Metropolitan Extension, in
preference shares, to rank with the deterred half-shoes
A, which follow the B and C pestilence shares.
Lord HARRIS stated that the object of this 'additional
capital had been explained at previous meetings, viz., to
meat the larger outlay on the Metropolitan line! than was
signal'y expected, arisisiog from the necessity of laying
down additional lines, deepening foundations, and contract-
ing works Dot originally contemplated, but which were re-
quired wader the arrangements with other companies, end
had been sanctioned by parliament.
The resolution was carried unanimously.
The Cusrgeare next moved • resolution authorising the
directors to borrow on debentures 533,0001., at such rate of
interest as they might determine.
In reply to • question, Lord HARMS expressed his
belief that this additional capital would complete the works.
Mr. &MORT hoped that if any further capital were re-
quired the rights of the present preforms* holders would be
respected . The Charing-ens Railway, which wee only
miles, they were told yesterday world cost upwards of
three millions, or more than a 'affirm and • half per mile,
while the Metropolitan 4:tsarist of this company would
coat considerably under 500,003/. • mile.
After some dimension of • desultory character, the reso-
lution was carried, as was another authorising the conversion
Satoshi& of the 82,5001. deferred hell shares A. A vote or
hanks to the chairman and directors concluded the business.