The Express.
London, England, 1867-10-19 00:00:00

LONDON, CHATHAM, AND DOVER RAILWA
(THIS DAY.)

A general meeting of the shareholders in
this company was held at the Victoria Station this day,
for the purpose of electing a shore director. Mr. HOD,.
KlNhO>t, M.P., the chairman of the board of directors, pre-
sided.

The report of the directors which has already be pub.
lished, having been taken as director,
The CHAIRMAN said the shareholders were all aware
that on the Ist July in last year the company for the first
time failed not only to pay the capital of the debentures,
hut the interest. The consequence was that certain deben-
ture holders took proceedings in Chancery, and a receiver
was appointed. A committee of investigation w-.s ap.
pointed in August, which presented • faithful report of
the state of their affairs. That report was sub-
mitted to the shareholders on the 15th of Otto-
her, and the result was that a motion was made
that all the directors except Lord Harris be requested to
retire, and that others be appointed in their place. This
exception of Lord Harris from the general censure was
fully justified. The bondholders also appointed &committee,
of which Mr. Hodgson was appointed chairman. When the
new directors were appointed they found it absolutely
necessary that some legislative power for the sr.
rangement of the affairs of the company should be °Waite/
They propounded • scheme whereby they would have tern
empowered to raise • sufficient sum by a pre•preference
stock to complete their works and settle certain claims.
That scheme was submitted to the debenture holders, who
disapproved of it, and they carried a resolution of
no surrender and no pre-preference, and that their
committee should enter into negotiations with
the directors. The debenture holden' committee met
the directors, and in the negotiations that followed they
hauled down the flag of no-surrender, and agreed to join
in raising • pre-preference stock. Then the bondholders`
committee quarrelled among themselves ; one part going
for no pre-preference and the other consenting to •
pre-preference, and there were three bills before par.
&merit The directors entered into • compromise
with that section of the bondholders' committee of
which Mr. Hodgson was the head, by which the right of
debenture holders to sue was to be in abeyance for ten
years, and giving the debenture holden the power of ap-
pointing one half the directors ; but it was stipulated that
she chairman of the company should be a share director,
and should have • casting vote. The only business that
could be legally transacted to-day was to appoint
• fourth share director, but the directors had thought it
right that the report of the directors should be presented
at the meeting this day, but it is not intended to bring
forward any motion for its adoption.
Mr. HITCHOWK asked if the statements in the report
were true, and expressed an opinion that the company
should be amalgamated with the Brighton and South Coast
Company.
Mr. HARTRIDGE said the directors were by the recent act
of parliament made trustees, and the shareholders could
not hold them responsible in the usual way. and, indeed,
only by means of the Court of Chancery. The directors
shrunk from adopting the report. The eericus part of the
business was how it was that all this should have come
about, and the provisions of the act agreed to without
the shareholders being called together to give their
consent. The bondholders were not as much interested in
the good management of the railway as the shareholder
were. A large amount of the bonds were issued at 75, so
that by the bill they would get a profit of 2' per cent. He
thought great blame attached to the chairman for not call-
ing the shareholders together and asking their consent to
the bill before it was passed.
Mr. SHAW remarked that the late directora bad constantly
deceived the shareholders, and he asked whether the pr.
went directors intended to maintain in office the officials
who had given that false information.
Mr. R. Paws did not think that they ought to ask the
South Eastern or the Brighton to amalgamate with them.
He denied that the greatest portion of the bondholders got
their bonds at 75. He asked for information regarding
the position of affairs between the company and Sir Morton
Pet* and Company, and he oomphoined that the
directors had not got assignees of that estate ap-
pointed who would have looked after the interests of this
company.

The CHAIRMAN in reply said the directors fully adopted
every statement in the report. He was surprised at the com-
plaint of Mr. Hartridge that the shareholders were not
called together to consent to the arrangement bill, for they
were called together on the 27th June to consider the con-
solidated bill of • the company, and a resolution in its
favour was agreed to.
Mr. Harraioug remarked that the bill was largely al-
tered afterwards.
The CHAIRMAN said no doubt there were alterations
made in the bill as it paved through committee, but they
did not affect the principle of the bill. With regard to re-
taining the services of the officials he bad seen a great deal
of them, and did not think there was any one of them
whose services ought not to be retained. The claims on the
estate of Sir Morton Peto would be prosecuted in the inte-
rest of the shareholders, but he had some fear's to the suc-
cess of their efforts.

Mr. J. HIRAPATH moved that Mr. George Cavendish
Taylor be appointed a director. Mr. Taylor was a mem-
ber of the committee of investigation.
Capt. HOTHAN seconded.
The motion was put and agreed to, and on the motion
of Mr. Rokeby Price, seconded by Mr. Hartridge, a vote of
thanks was given to the chairman, which concluded the
proceedings.

At Highbridge, in Somersetahire, a firm has un-
dertaken to purchase sheep and oxen, and have them
killed so as to sell meat at less than the butchers' prices.
Prime mutton is sold to mechanics and others at 61. per
and good beef at sd. and 6d. per lb. A co-operative
bakehouse is about to be established in the place to
cheapen the price of bread. The fund for the purpose L
to be raised in U. shares.

&Ws Life fears "that the time-honoured institu-
tion of the P.R. is on ita very last legs, and unless the
members of the Ring themselves take affairs in hand, the
ropes and stakes, as of old, may be bullied without regret.*
From time to time encounters have taken place within the
last ton years that have revived sanguine hopes, viz.,
Sayers and Heenan—the topic of the world's conversation
—Hurst and Mace, King and Mace, King and Heenan,
kc., but "as a counterbalance there have been several
failures, of which the least said the better, but the moult
tells its own sad tale in the gradual falling off of the old
stock o► Ring frequenters, and the almost total absence of
new blood." Notwithstanding these forebodings, our con-
temporary has a list of no less than ten " fights to come,"
the date being given in each case.

TUE Cu IP. Blanc and Baldwin, with
their respective friends, met the stakeholder at the office
of &We Life yesterday to receive the opinion of the
legal gentleman who had been consulted respecting the
particular circumstances of the case, and a suggestion that
the fight should take place in France. The opinion was to
the effect "that even if the battle did come off in Francs
either of the men could be taken into custody on arriving
in England for an assault on one of her Majesty's subjects
towards whom they were bound in heavy sureties to keep
the peace."
" COuNac."—On Tuesday there was a grand
inaugural ceremony for the opening of the railway from
Angoulenie to Cognac, the company being invited to pr.
take of the vinous productions of the latter city. The
first manufacturer of the brandy, which has obtained
world-wide celebrity, was an Irishman of the 'name of
Hennessy, and the second an English travelling agent
named Martell. In 1710 the latter established • small
depot of brandy at Cognac, which has now extended to an
establishment which covers a surface of four and
a half English acres, containing 12,000 barrels
of Cognac, the net value of which arsoan'se
to 8,001,0001 r. the profits per annum being
rated at 721),(40fr. sterling. Even these startling
figures convey imperfectly an idea of the Mar-
tell establishment. Conceive • subterranean house,
with galleries rising one above the other, and in each in-
terminable rows of barrels. More surprising men is the
aspect of the lowest gallery, filled by gigantic tuns of the
precious spirit, each of a sire next to which the famous
Heidelberg tun would appear • mere child's toy. In this
gallery Slone " there is enough cognac to make the inhabi-
tants of one quarter of the globe drunk." Two hundred
and fifty sat down to the banquet given be the railway
directors of the Charente* line. Two cabinet miniature
were present—M. Durny and M. Forcadc la Roquette,
besides a host of celebrities.

THE WHEAT CROP IN THE UNITED STATES.
Aooording to the report issued by the United States' De-
partment of Agriculture for August and September, the
expectations of large crops this year have been related.
The wheat-growing States report the following percentage
of increase over the crop of 1800 :—Obio. 130 per cent.
Indiana, 30 ; Michigan, 33 ; Wisconsin, 17 : Minnesota,
25 ; Illinois, 11 ; lowa, 20; Missouri, 40 ; Kentucky, 34 ;
Wed Virginia. GO ; Virginia. 50 ; Tennessee, 40 ; Georgia,
; Arkansas, 45 ; New York, 14 ; and Pennsylvania, 40.
,
while only Kansas and Texas show • falling
from last when the crops in those
were very large. It is also said that the pro.
spects for • heavy yield of Indian corn con-
tinue to improve. While a number of states return low
estimates, others, particularly theSouthem, show • marked
improvement over the yield of last year. Georgia pronusee
to double her crop of 1860 ; Alabama reports' an increase
of 75 per cent. ; Missi.sippi, 80; Tennessee, 21 ; Louisiana,
40; South Carolina, 54 ; and Arkansas, 100. Ohio falls
30 per cent. behind hist year ; Indiana, 17 ; Illinois, 14 ;
Kentucky, 28 ; West 'Virginia, 15, and Virginia, 10.
Buckwheat, rye, barley, and oats show an increase over
the harvests of 1868, although oats were injured in some
section. by extreme wet. The average yield of Irign4rhier
been ao per cent. larger, Pennsylvania return an
increase of 50 per cent. ; New York, 24 ; Michigan, ii-
cousin, and Illinois. 28 ; Indiana, Potatoes in some of
the states are much diseased. The apple crop will fall
cossideraMy below that of last year.
ROYAL HOSPITAL FOR DISEASES OF SHE CHEST,
CITT•ROAD. B.C.—The number of patient* under treat.
meat at this hospital during the past weak amounted to
9:4, of which 78 were new cases.