The Express.
London, England, 1853-08-26 00:00:00

VICTORIA DOCKS.

Yesterday the annual general meeting of this cram
pany was held at the London Tavern. CHARLas Moan!.
tax, Esq., took the chair. The following report was
read : ' The board of directors have the satisfaction of in-
forming the shareholders, that the bill introduced by them
into parliament, in pursuance of the resolution of the
special general meeting, held the 29th October tut, received
the royal assent on the 4:h inst. The act as passed gives
the company all the powers which the shareholders were
recommended at that meeting to apply for. It authorises
the purchase of the Steelyard, and the construction of docks
and other works to the eastward of the dock now in pro-
gress, with an entrance from the Thames, at Galleon's
Reach. It empowers the company to create 500,0001. of
additional capital, and confers additional borrowing
powers to the extent of 166,0001. This amount of addi-
tional share capital exceeds by . 100,0001. the amount
of the new shares which have been issued. The balance is
sot required for the completion of the company's under-
taking, as at present designed, and the directors do not pro-
pose to issue it. But looking to the probable extent of the
demand for increased and improved accommodation foe the
shipping and commerce of the port of London, and to the
means, which the large area of the company's land will
afford of furnishing such accommodation, the directors an-
ticipate, that opportunities of profitably employing a further
sum, in addition to the company's present capital and bor-
rowing powers, will hereafter present themselves, and that
the power to issue new shares will then become a source of
further profit to the shareholders. The aggregate of the
company's parliamentary powers of seising money, stands
at present thus:—Old shares, 400,000!.; new ditto,
400,0001. ; extra issue, authorised by act, 100,0001.-
900,0001 Old borrowing powers, 133,000/. ; new
ditto, 166,0801.-299,0001. 1,199,0001. The act prolongs
and extends the company's powers with respect to
the acquisition of land, and allows seven years
for the completion of the new works. Looking to the pro-
bable extent of the company's business, the board have con-
sidered that it would be very desirable that the line of the
North Woolwich Railway should be diverted from its pre-
sent position crossing the intended site of the entrance Irons
the river to a position to the eastward /of the deck. They
accordingly entered into an arrangement with the Eastern
Counties Railway Company, under which an act has been
obtained by that company, empowering them to divert the
line of the railway to the eastward of the dock. The old
line will be retained as a goods line only, for waggons
drawn by horses, under the control and regulations of the
Victoria Dock Company ; and in this state it will be useful
for the business of the duck. The new line of
the railway will be more central and convenient
with reference to the enlarged plan of the company's
works. Strong representations have been made to
the board of the barman which would be procured to the
public, and of the profit to be derived to the company, by
the construction of vaults under the company's warehouses
on the jetties, for the storage of wines, spirits, oil, and
other merchandise usually kept in vaults. They have also
come to the conclusion that it would be greatly for the in-
terest of the company to enlarge and improve their ware-
house accommodation, by the addition of a first floor to the
four ranges of warehouses on a single 11100 r, provided in
the original plan of the works. They have accordingly ob-
tained from the company's engineer plans and estimates fur
vaults and a Ant floor, extendieg over the whole area of the
intended warehouses ; and being informed by him, that the
expense of adding the proposed accommodation to the
warehouses now in process of construction, will be much
smaller than the cost of providing the same amount 01 at-
commodation at a future time, they have decided im eine-
ing with the eontractors for their construction at the
eagi-
aeer'e estimates. This will give n acres of warehouse Soor
in addition to the t sere. provided in the origimellwalsast.
The engineer has represented to the board this* • WNW,
basin of 18 acres in extent may be formed in the of the
dock nearest to the river at a moderate wet, and that such
a basin will greatly improve and extend the 01111111•111odation
which the dock will afford to shipping, to steam
vessels, and the coal trade; and that
hia by thig to a
great extent the accommodation for wnee expensive
coastractions would be required in the new "Olin to the
eastward, it will enable the company to redeem the met of
these. The board have agreed with the eentreelith tot Ike
addition of this work also to their comma at the engireels
estimate. The enlargement of the ecespeay's ung
by the creation of the new shares, sad eke
purchases and works which have been eliMith
have rendered necessary a new arreepensat with
the contractors respecting the company's opting of panto
lag them a lease of the works. By their origied
contract the °Wrath= were booed to accept a bees of Ike
dock on terms whisk would have secured to the
the share-
holders 6lf of per that. es the original share eapital of 400,0 W,
with ha surplus proles, provid provided caesium de-
clared their dstenniastion to great each teeth by the Ist of
the present mouth. This atipalatiee eared to athompUsh
the object of guaranteeing a hit return on the share segkel
as soon as this was increased to 800,0001. It also appeared
to the board very desirable to procure a considerable pew
longation of the period for granting or declining to grant
the lease, in order that the shareholders might have mom
time and opportunity for deciding on a question, the bear-
ings of which might be altered by the new elements intro-
duced into the plan of the company. With these objects in
view, they have stipulated with the contractors in the
agreements rendered necessary by the zoodificatioss of, sad
additions to, the original contract—That the period, within
which the shareholders must elect to grant, or not to great
the lease, shall be prolonged to the Ist December, 1864.
That if the lease be granted it shall extend to the payment
of 6 per cent. on the enlarged capital of 800,0001. with the
interest on borrowed money, and equal division of all
surplus profits—that all the company's expenditure of every
kind shall be included in the total amount, the interest on
which is to be thus secured—that 5 per cent. interest shall
be paid on calls on both classes of shares during the con-
striation of the works, as well as upon money received from
the shareholders is advance of rails, and that the security to
be given to the company for the performance of the stipula-
tions the lease, shall be increased from 100,0001. to 160,0001.
Notice has been given to the holders of the original shares,'
that they may way up their shares in full, if so disposed,
receiving 5 per cent. interest on the sum paid in advance.
The directors propose to offer the same facility to the
holders of the new shares, as soon as they are in a position
to do so."
Mr. ROYER moved, "That the various arrangements en-
', bred into and in progress with the contractors, and detailed
in the report, be now approved and confirmed."
This having been seconded, was passed unanimoudy.
Captain VALLIANT moved, "That the Board of Directors
be now reduced to 7, and that 3 constitute a quorum."
This was likewise passed.
Mr. HAILITIOOD moved the re-election of Mr. A. Ken- ST. ANDREW'S AND QUEBEC RAILWAY.
nedy and Mr. T. A. Gibb as members of the board, which
The half-
was agreed to. ye
arty
Mr. WILLIAMSON moved that Messrs. Charles Morrison holders of this company-meeting of the Class A share-
was held yesterday, at the offices,
and J. Kenwird be re-elected, and were re-elected accord- 26, l'srliant.:nt-street. I:luxe's EDWAISIts, Esq., was in
ingly. the chair.
The CHAIRMAN moved the re-election of Mr. Cummins, ft The '4CitnchrtY read the following report :
the arglitor, which was carried. , ,
In presenting their half-yearly report, the directors
'rat adoption of the report was moved by Mr. R. HART-
wool:advert to the fact, that railway undertakings in
KsNnxDY, which being seconded, was passed unani- Br
.tish North America, continue to awaken increased, in-
mously. t'oest, and that an impetus has been given to this Ouse of
Thanks Laving been voted to the chairman sad board, , enterprise, which bids fair, ono distant period, to ?lace our
the meeting adjourned. I British North American Colonies in a high position, both

W.—..--.
After a vote of thanira to the chairman the meeting
I separated.

NORTHERN COUNTIES UNION RAILWAY.

Yesterday the half-yearly meeting of the share-
holders was held at the London T Mr. J. MIDDLE-
TON in the chair.

The SECRITARY read the report, which stated, "That
at the last ordinary meeting, the directors reported that
they would be prepared the next meeting to state the course
which they might be advised to propose for adoption with
reference to the state of the company. The liabilities of
the eseapany, both ascertained and contingent, continued
to be a source of anxious consideration with the directors,
but no difficulty, it was apprehended, would arise with
respect to the ascertained liabilities when the proper time
came for liquidating them. The directors had all along
entertained the most sanguine expectations, that from the i
importance of the district possessed by the line, arrange-
meats would be made with another company, which, while
relieving the shareholders of their liabilities, would also I
give the shareholders a return on the capital expended on i
the works, but as yet they had failed in securing so de •
sirable an end. With regard to the future course of this
company, it appeared that one of the three following courses
was open for adoption :—First. To bring this company
under the provisions of the Railways Abandonment Act.
Secondly. To apply to parliament for a new bill, limiting
the powers to the making of that portion of the line, already
considerably advanced, from Wath to Bedale, seeking
powers in the same bill to sell this portion of the
line. Thirdly. To await the course of events, with
the view of making arrangements for the sale
of the line prior to obtaining such an act.
Upon the first point, under the best advice the directors
could take, they were of opinion that such a course would,
in all probability, after discharging the existing
render a further call neoessary to defray the heavy expenses
such a proceeding would involve. Upon the second point,
the directors were advised that the few miles of line from
With to Bedale, proposed to be carried out, would be com-
pleted for a very small sum of money, in addition to the
amount already in hand, and adjoining, as it would, the
existing railways in that district, they believed that it
might be worked with advantage, or might meet with a pur-
chaser. By this means the capital already expended upon
that portion of the line would be made remunerative, and
certain of the liabilities be made available. On these
grounds, therefore, the directors were of opinion that the
adoption of this course would be the most advisable, and
they asked therefore for discretionary powers. The direc-
tors, having regard to the existing financial condition of the
company, and of the outstanding claims on its fends, did
not deem it prudent at present to make any further spay-
' meet to the shusholders by way of interest."
The following was the balance-sheet for the half-year
ending the 27th of July, 1863:
" Dr. To balance, Wth of January last, 15,6211. 61. 9d. ;
profit on sale of 5,0001. Consols, 831. ; on account of arrears
of call, 1291. Bs. 10d. ; interest and dividends, 1771. Is. 2d.;
Wath contract (rents), 171.45. 6d.; transfer fed (in cash),
11. 156—Total, 15,9291. 16s.
t. Cr.—By travelling, 801. 19s. ; poetises, stationery, ad-
vertising, and miscellaneous, 601. 18s. 104. ; solaria, 1301. ;
P law charges, 9381.10 e. 9d. interest on calls, 3,1461.3 e. 94. ;
balance (Throe per Cent. Consols at 94 cat 9,6621.10 a. ; in
Commercial Bank, 2,0061. 12s. 11d. ; hand, 61. Os. 9d.),
11,6741. 3s. 16,9291. 16e."
The CHAIRMAN moved the adoption of the report and
balance-slisel.
In reply to questions from Mr. MAIUMITON,
The CHAIRMAN said that, in addition to the capital
already expended, the completion of the live or six miles re-
ferred to would involve an expenditure not exceeding
40,0001., and that oat of the 60,000 shares, about 40,000
were payable shares.
The motion was then agreed to.
The CHAIRMAN moved a resolution giving the directors
discretionary powers to the manner recommended by them-
selves.
This having been seconded, it was moved by Mr. B•xen,
and ascended by Mr. BARLOW, that the third coarse men-
timed in the report, namely, "to wait the coarse of events
with the view of making arrangements for the sale of the
line prior to obtaining such an act" should be adopted.
On a show of hands the amendment was lost.
On a second show of hands the original resolution was
also rejected.
The CHAIRMAN observed that the effect of this decision
was that the company must remain in its present position
for six months longer.
The mating then separated.