The Express.
London, England, 1866-05-18 00:00:00

METROPOLITAN DISTRICT RAILWAY.

A special meeting of this company took place
yesterday at the offices, Westminster-chambers Victoria-
street, to take into consideration " a bill to °Outer addi-
tional powers on the Metropolitan Railway Company, to
enable such company to alter and improve portions of their
authorised works, and to acquire additional lands, to con-
firm or authorise agreements with other parties, to extend
the time for completing certain works, to amend the acts
relating to the company, and for other purposes :" the
Earl of DEVON in the chair.

The CHAIRMAN, in opening the proceedings, stated that
they were assembled on this occasion for the purpose of
considering so much of the bill to which the advertisement
referred as applied to the Metropolitan District Company.
The only clause in the bill which affected their interest,
and to which it was necessary to invite thoir attention,
was the 4dth. That clause was to this effect :
That the company (the Metropolitan) on the one hand,
and the Metropolitan District Railway Company on the
other band, from time to time may enter into arrange-
ments and agreements with respect to construction and
the purchase of lands for their respective railways, and in
reference to the working, use, management, and mainte-
nanoe of the railways of both companies ; the supply of
rolling-stock and machinery and of officers and servants
for the conduct of the traffic on the said railways ; the
payments to be made and the conditions to be performed
with respect to such working, use, management, and main-
tenance ; the interchange, accommodation and conveyance
of the contracting companies, and the division and appro-
priation of the revenue arising from that traffic ; and
the companies may agree to the appointment of and may
conditionally appoint joint committees or a
joint board for carrying into effect any such
arrangement or agreement as aforesaid, and
any lands or works which may be so purchased, or con-
structed for the purpose of the two companies, may be
held and used accordingly. The noble lord proceeded to
say that the relations in which this company stood as re-
garded the Metropolitan Company rendered it necessary
that it should have power to adopt some such machinery
as was indicated in this clause ,• and it was to approve the
insertion of that clause that they had invited the con-
sideration and assent of the shareholders on this occasion.
He proposed • resolution in accordance with the terms of
the advertisement.

Mr. PARSON seconded the motion, which was adopted.
A SHAREHOLDER wished to know whether this company
was in any way involved by the reputed failure of Peto,
Betts, and Co., and also in what way their money was in-
vested on the 31st December last ; whether, in fact, any of
their assets were jeopardised by the reported failure of
that Arm?

The CHAIRMAN, in reply, said that the event which they
all lamented would not in any way, as far as the directors
believed and knew, affect the interests of this company.
They were assured by two other gentlemen who were con-
cerned in the contract that the event in question would in
no way interfere with the carrying out of that contract, or
lead to the interruption of the works. With regard to the
investment of funds, he might state that there was no
reason whatever to think that their money was likely to
be endangered. . . .

A PitoPeigeon wished to know whether the contractors
stood possessed of the capital of this company.
The CHAIRMAN replied that the contract was one for
the payment of cash, and the directors only paid cheques
to the contractors on receiving a certificate from Mr.
Fowler, the chief engineer, as to the completion of given
portions of the work.
. .

a The SHAREHOLDER—Then we are to understand that the
contractors have received no shares in payment for works
completed, but that they are paid in cash
The CHAIRMAN said they were paid in cash ; and be
added that the contractors received the amount due to
them ler 10 per cent., so that if they claimed 50,0001.
they received 40,0001., the remaining 10,0001. being left in
the hands of the company until the completion of the
entire works.

After some further discussion the meeting separated with
a vote of thanks to the chairman.