The Express.
London, England, 1866-08-29 00:00:00

MILLWALL FREEHOLD LAND AND DOCKS

COMPANY.

The fourth half-yearly general meeting of the
shareholders of this company was held at the Westminster
Palace Hotel, Victoria-street, yesterday afternoon, Mr.
AlltioN, M.P., in the chair.
The report of the directors, which was read by Mr. H.
T. ROBINSON, the secretary, stated that notwithstanding
the adverse condition of the money market during the
last few months the work' of the company had
been carried on to a limited extent. During the past
session application was made to parliament for power to
raise additional capital ; and ou the Gth August an act
received the royal assent authorising the company to add
490,000 f. to its capital, with the usual borrowing powers.
At present, however, it was proposed to issue stock to
the amount of only 900,0001. Since the passing of the
act the directors hal been engaged in negotiations for the
placing of that amount of stock without any
sacrifice to the company, and though the arrange-
ments wero not absolutely completed, they had
every reason to believe that their exertions would shortly
be attended with success, and that the docks would be
completed by the 30th June next.
The CHAIRMAN, in moving the adoption of the report,
referred to rumours which had been afloat that some of
the directors were disposed to sacrifice the interests of this
company to those of another concern with which they were
connected. He bad seen no disposition on the part of the
directors in question to act in the manner attri-
buted to them ; and when they had placed their
resignations in his hands he had objected to their retire-
ment from the board. (Hear, hear.) The company had
obtained power to issue 490,000/. preference stock, bearing
interest at the rate of 5 per cent., bat the directors at pre-
sent proposed to create only 200,000 k, binding themselves
by a resolution, which he should afterwards wove, not to
issue the remainder without the sanction of the proprie-
tors. If the shareholders desired to have any of
this preference stock they woad he welcome to it ; hut in
the meantime the directors had been in negotiation
with the contractors to induce them to take the
whole 200,000 i. to be issued as a cash payment without
abatement or deduction ; (and although the legal docu-
ments necessary for carrying out that arrangement bad, in
consequence of the absence from town of some of the per-
-110114 concerned, not been signed, he believed he might say
that they had succeeded in their endeavours. After some
remarks upon the position of shareholders who resisted
the payment of calls the hon. gentleman concluded by
moving the adoption of the report.
Sir J. ELPHINSTONE, in seconding the motion, bore tes-
timony to the zeal, energy, sod ability which had been
displayed by Mr. Ayrton in carrying through parliament
the measure authorising the creation of additional capital;
and stated that he had resigned his position as chairman
of the company in order that his hon. friend might be
elected to that office. .
. .

The adoption of the report was unanimously agreed to.
The CHAIRMAN, in moving a resolution authorising
the creation of 4'J0,0001.5 per cent. preference stock,
repeated his explanation that 200,0001. would suffice for
the completion of the present undertaking ; and added
that it would provide no money applicable to the erection
of warehouses. The directors could expend no further
sums without the sanction of the shareholders.
Mr. BRUCE endeavoured to raise a question as to the
difference between the amount for which the contract
had let and the sum for which Mr. Fowler, the engineer,
had, as he alleged, stated before a 'parliamentary com-
mittee that the docks could be constructed; bat as he is
one of the shareholders who have not paid their calls the
other proprietors objected to herr him, and at the in-
stance of the chairman, who pointed out ttrit the subject
proposed to be introduced was irrelevant to the purpose of
the present meeting, he sat down.
The motion was agreed to. as were other resolutions
authorising the issue of 2'00,000/. of the preference stock,
and re-electing Mr. Edward Bellamy an auditor of the
company.
The proceedings terminated with a vote of thanks to the
chairman and directors.