The Express.
London, England, 1864-08-13 00:00:00

RAILWAY INTELLIGENCE.

LONDON, CHATHAM, AND DOVER.

A spacial general meeting of this company was
bald yosiiirjay afternoon at the Grosvenor Hotel, Victoria
Station ; UNA SONDLIS in the chair.
TgesengTAgy (Ar. Johnson) reed theadvertimment eon-
moiog the meeting, and also the following statement of the
.gteete for which it was celled, namely, the ereaMos and
of the provisions of "TIN London,
Cbatilan,, and Dover Railway (City Undertaking) Act,
1d64," of the capital thereby Authorised for the City linen
undertaking, by that act constituted and defined, and for
authorities the borrowing en mortgage of that
undertaking of the amount anthori•ed by the said
act. Also for the /Testier' and issue, under the pro-
visions of the said act, of the further oriLnary capital
authorised thereby for the geoeral undertaking of the cora-
pany, and for determining the manner and terms of such
issue. Also for authorising the further borrowing on
security of the general undertaking of the amount autho-
rised by the said ma. Also for the creation and issue,
under the provisions of the said acts, of a further amount
of ordinary capital in the general undertaking of the cara-
way, to lieu of the whole or any part of the third profs-
ream capital, the shares in which may be surrendered to
the company by the prompt holders thereof, and thereon=
cancelled, and for determining the manner and terms of
such issue. Also for the creation and issue, in pursuance
of the provisions of the Loudon, Chatham, and Dover
Railway (New Lines) Act, 1864, of the farther capital
thereby antharimed for the eastern section (Greenwich Es-
tension) undertaking, and for determining the metier and
terms of such issue. Also for authorising the farther bor-
rowing in respect of that undertaking of the amount autbo.
rimed by such last mentioned act.
The CHAIRMAN, in opening the proceedings, stated that,
as they bad heard, the meetrag was called for the purpose of
relying new capital for the various undertakings which bed
bees sanctioned by parliament last year, all of which were
neceseary for g the interests of the company. He
moved the rat resolution, authorial's( the raising of •
capital of 1,000,0001., in 50,000 shares of 201. each, for the
City lines.

Lord HARBIN in seconding the mottos, raid that it WWI
not necessary to enter very minutely into the question of
the expediency of raising this capital, because the matter
was very fully discussed as the Wheelietiffs meeting held a
short time Mice, at which the question of the link lice was
brought prominently before the shareholders The capi-
tal now requited was for the link Ilse extending
from Earl-street to the junction to be effected with
the Metropolitan. That bed very Daturally bees an ex-
passive undertaking, but they had been able to carry on the
works to a very considerable extant already. It was
expected that the hoe to the Ludgatohill Ostia*
would be opened towards the sod of the year, and that the
junction of the main line with the Metropolitan would be
completed shortly after that period. The great seleastege
which would lea LIO to the company from effecting that
junction had been abundantly proved by the succem which
bad already attended the opening of the lie. to Blaokf rises.
There was no doubt that the traffic would largely increase,
and their pro. poet s to that quarter were extremely good. With
respect to the continuation of the line from Ludgatrebill to
the Metropolitan Railway, the proposal now meets was to
take power to raise sufficient capital for the completion of
the whole of the work proposed. He begged most cordially
to second the resolution.
After a desultory discussion the resolution was carried by
32 to 8.
The next resolutien with reference to the payment of the
desciency in the 3i per cent. to the Great Northern on
their contribution of 300,000/. if it should arise, was also put
and carried.
The Szcarranr then read the resolution for cresting
1,500,0001. further ordinary capital.
Mr. HZDOCOCK asked whether the taking up Lloyd's bonds
would be a bed charge on the company.
Mr. Joe/18021 explained that this capital would follow the
wood preference stock. The first charge would be deben-
tures. The interest oo the common fund was payable out
of the general undertaking.
In answer to Mr. ALLIOIDZE,
Mr. FORBE4 stated trait 8,5001. per week would pay all
claims, iucludtsg interest os the 500.0001. debentures to be
raised. The old debentures were 118,0001., the sew would
be 500000/. The sum required forthe debentures including
the new creation was A 0,9401., for the western rent charge
28,8001. ; for the common fend, being the estimated propor-
tion on the Dover preferences and totems; on capitalised
arrears, 28,0001. ; for the second preference, 48.0001.
Total net amount to be earned, 200,7404 Then if
they assumed the working expenses to be 50 per
mot. the total amount of annual earnings to pay all claims
and work the line would be something like 8,1071. a week,
and they were et the present pigment earning a little over
8,0001. a week. It was quite true that the average gaming
for the fires ail months of the year bad been 5,7001., bat
the line was not then open to Blackfriers, and since it bad
been the earninp had exceeded 8,0001. a week os the general
undertaking. Every mils of their railway was bombe
by the opening of the line into London, and passengers from
Dover and liansagate much preferred going by Maims it had
been opened to Blackfriare.
After some dimension of a convereatiotal character,
. _ .

Mr. AbbaNDl9 said that he wax not satisfied with the al-
planations be bad received, and he should move, as an
amendment, " that the raising of this additional capital
should be deferred till so account was furnished showing
how much of the money required bad been expended, and
what it had been paid foe."
The amendment having been pot to the meeting was lost,
and the original motion carried by 33 to 11.
The next resolution wu with reference to the borrowing
of 500,000 f. on debentures, which wu agreed to after •
short discuesion by 'a to 9.
Mr. JOHNSON then read the resolution for the conversion
of 800"01. third prefersece capital into ordinary stock.
In reply to • question,
Mr. HOLEOTD stated that by this operation 48,000/. would
go to the ordinary abarehoiders.
The Cuilamsx then moved • resolution for the creation
of 330,00 W. new stock for the Greeewich Extension, or
eastern section of the lies.
Mr. Kync HT repeated Ms objections to the raising of ad-
ditional melted in what he considered &reckless manner.
After some remarks in defame of the board from Sir M.
Prro, the resolution was then agreed to. as wee one for
raising 73,3004 debentures on the last-named stock : sad
the proceedings terminated with a vote of thanks to the
chairman.