The Express.
London, England, 1866-10-12 00:00:00

LONDON, HATHAM, AND DOVER BAILIN'
_.____

ADJOURNED HALF-YEARLY lIERYING.
(THIS DAY.)
The -adjourned half-yearly meeting of shot.
holders was held to-day at St. James's-ball, to twelve a,
report of the committee of investigation, appointed at eis
meeting held os 31st of August. As at the lest anent
the body of the roan wee occupied by shaiebougai,
the side galleries were reserved for debenture sof
holders. The attendance of both classes was Tel ha
There ware separate tables en the platform for the em
miter* of investigation and the debenture commit*.
At soon the chair was taken by the chairman of dis
tocapanyf Lead SODDIB, on whose right eat the for 4.
eboheion, Lord Hurls. and Sirßobeit Cardin. Si Mipla
Pete.X.P., we. on.** platform. .

The report of die aintmittee of investigation Ali
been taken es ' reed,.
The Cainintian. in opining the Petwieedimie, at,
culled upon Yr. Hodgkins= u the chairmen of the en,
mittee of investigation to address the meeting.
• • '' • •

Mr. HODGICOSsox moved the adoption of Itsr revert ai
commenced by bespeaking indulgence and a:pressing evi
at the time which elapsed before the report me pes
vented. It was, he observed, difficult to snug,
facts to be laid before the shareholders la s• big
I:gibli manner. It was • misapprehension to en,
pose that it was pert of the duty of the coranittee
moan and recommend measures for the ham; vt,
they had to do we 'imply to investigate the facts mg*
them before the shareholders. There mast be am*
variety of plans before the shareholders ea
they could tell what course it was best to pony
and he thought the meeting of +hugest I*
whs. In limiting, as it did, the labours of the comadtbs, it
wee with pain and regret the oommittee Lid before beeps♦
prietors • document which showed that there wse ssy
in the past management of the company which ye
highly reprehensible. Since the report wail issed
had been told that what was disclosed wu era

after all very extraordinary or monstrous in the eyolei
the railway world. (" Oh, oh") Even if similar Wei
had occurred before, two wrongs could not make owed"
nor could it be right to do by concealment what could ttl
have been done in the open day. It was said that say am
acquainted with the money market might have knop
that shares and stocks of this company were issued et ,e
discount, and that therefore the public should ham best
forewarned. The public generally were not acquainted teak
the practices in question ; they took for granted that if
they advanced money on bon& the advance was made a
bond Me security. (Hear.) In this company even debate
stock had been boned at a discount, and in some tam
only 75 per cent. reached the coffers of the maps',
(Shave') The committee had thought it their dutyb
deprecate individual action on the part of debates
bolder*, believing that such action would not improve
their position ; but they did not intend to prevent
them from averting their legal rights. (Hear, hem.)
The debenture holders had, lio believed, knead .1)
committee of their own, and no doubt Mat
• prudent course ; but he wished to refer to a Whey et.
pressed by some of that class of persons. It ems
assumed that the shareholders had shroud
the line to the debenture holders. That was
not the case. There were three parties interested-.
the creditors, the shareholders, end the public. The idis
had to be managed for the sake of the public, though*.
shareholders could of mum receive nu benefit till the we
ditors had obtained their rights. As regarded the
comments of the directors he thought that some of thaa
were rather in the old style of the London, Oath*,
and Dover accounts. lie then entered into some of the
details of the directors' statement to chow that they wets
vague and unsatisfactory. The amounts set down, far
Ic.f.-ample, for traffic on leased lines included the messy
earned on the main I; ne. (Hear, bear.) Tie
directors did not seem to think the overawes
of debentures so very unjustifiable. The committee

thought differently. Before the cod of 1865 there had
been 183,0001. paid for debentures on a leased lye,
whereas only 108,000/. was returned ; and it wee bi
the face of such figures that the committee said that •
what occur.'ed was unjustifiable. Re could not sup.
pose that the directors themselves would attempt te
justify the Registration of • large amount of stock whisk
was not authorised by she shareholders. (Headles)
As regards the contracts being let without due regard to
the interest of the company, Mr. Cubitt stated to tr
committee that he did not consider himself °spaniels fee
the prices paid, and that he did not ere thin
before they were fixed. (Oh, oh.) The Nebo. of
politan Extension prices were to be the lams se
those paid for the western extension " with a pee center
added." What that per centege was to be did not appear.
lie made these remarks merely to show that the cam
mitten were justified in what they said on this subject
(Cheers.)
The SecarrAny then read a letter from Mr. Cubit! TO.
lating to the subject, in which he said he did not boiler' s
that, taking into consideration the companis ciresene
stances, lower prices could have been obtained.
Mr. Horseeirsor observed that that letter did not at
all contravene what the committee said. As to the
0 company's circumstances" they had been taken into
account previously in the price at which stock and dente.
tures were issued, and ought not therefore to have beige
considered again.
In reply to a question from a shareholder,
Mr. lioneer.rusets said he could not state how much the
contractor obtained for the bonds taken by him at 761. pet
100/. No doubt 100/. was paid into the bank, bat the
company only got credit from the contractor fat
751. (Oh, oh.) By ineana of the report of Bs
committee the shareholders were made sernieted
with the real position of the property. The cot
mittee bad concealed nothing, and bad Westland
nothing. The shareholders now knew the full extent of the
evils by which their property wan beset, and, knowing the
worst, they might look forward to something bodes
It was true the prospect was rather gloomy, but
whether the gloom was to Le dispelled and Mb
ceeded by sunshine must depend on the fugue
management. He trusted that, bad as was the neat
aspect of affable, they might if they had patience, sod to*
care that the proceedings of the past were not repeated,
anticipate a brighter, if not • very brilliant fans.
(Cheers.)
Mr. Hn.brann, deputy-chairman of the commhtesif
investigation, seconded the motion. The report was arse
one, and be hoped the meeting would deal with the IOW
before them like men of business and men of ewe. 51
should have been glad if they could have laid &el
something for the future guidance of the shareheld.
but it would have been out of the maxims of the so
mires to go beyond a statement of the facts. The nil
of the company's affairs was urgent, and requited Ars°
handling. With proper measures the company''
he believed, soon be put in possession of fob
to a considerable amount. The line was
oellent and • popular one; its traffic wee est
to increase ; and if all parties interested "Is
not act hostilely towards each other, and would unite 00
efforts as one man, the result would he believed Wall
factory.
Mr. Bribery, another member of the committee, deg
that he had, as had been supposed, acted as broker to tki
company and everybody connected with it. He indsl,
friends interested in the property, and in all thighs
he relied upon the information afforded ID ll*
As to the reports, not a single true report had been rr
Dented for four or five years, and yet no officer of the 01'
pany seemed to know why. Even the accountant
tab
by him on the subject ciuld not endemism'
matter. The line bad been throughout a coutneetort bris
with • vengeance ; but a contractor's line was gmt nit;
Emily a bad one ; on the contrary, a connector wee
to act only in cases in which he would have good oleiritTl
(Cries of " Question.") The undertaking itself was Ilia}'
rate one. The continental traffic could not but heisse_
largely ; and next year, the year of the Great Saw
Mon at Paris, was not likely to be the west °:
They must all put their shoulders to the wheel
i ventured to tell the debenture holders in the
Sallerea
there was not money at present to pay either their Pswr—,
or their interest; but he deprecated legal Prs*."-_,..
as tending to injure all parties concerned. Tb•
new directors were men of business and 1,144.
keels'
and the company's affairs might well be left in their
(Hear-) Every claim upon the company roust be
,sav at
met. As to the leased lines, though they might not e-•
best, it did sot follow that they would not do sobroa b.f.;
and let there be no attempt to get rid of their obtifsw'
an SI
As regarded the eastern extension, the companyoso.
Iseek to get rid of any honourable obligatioaL
bear.) Hitherto they had had enemies evardrA
but be hoped they would now be a reformed OW*

(Laughter.) There was no railway company, he believed,
in which there were so many gentlemen among the share-
holders. Three dukes were to be found among the bond-
wars. (" Oh oh." and laughter.)
Jr. WILSON, of Brighton, said at the last meeting
the meretary, Mr. Johnson, defended the directors with
regard to the overissue of 128,000 f. of debentures. Mr.
Johnson said the directors only learnt the facts two or
three days before the meeting. He should like to
tam on what ground. Mr. Johnson made that statement.
(lied miss of " Johnson.")
The CHAIRMAN said he thought the question had better
la deferred. (Cries of No, no," and " Johnson.")
gr. JOHNSON then rem. Hs maid he dated en the
gist of August what was perfectly true, namely, that the
direness only became aware of what had occurred a few
dap before the meeting. He himself did not know it till
shout the time of Sir Morton Peto's suspension, and. be-
gging that the debentures would be retired, he did not
*ink it desirable under the oironmetanees to in-
fantile directors of his &wormy. (" Oh, oh' and hisses.)
He now thought it was very indiscreet not to inform the
directors, but he did what he thought best for the interests
tithe eoopany. (Load hisses and cries of ," You ought to
hare 'unnamed a special board meeting at ones," " Hick
him eat," tcc.)
SILLS wished to ask Sir Morton Peto whether he
renewed 303,5001. to camel debentures, and if so whether
he did cancel them. If he did maim moon and did not
Olga the bonds his conduct was disgraceful and in-
famous. The man who would appropriate 128,0001., the
monies of that company ought to stand at the bar of
tie Old Bailey. (Cheers.)
Sir Marton Pete here rose amid load groans to address
the meeting.

A shareholder (a debenture
at the mime time Sir Morton gave way.
The Snsiumoixota believed that Bir Morton's suspension
vu on the 10th of May. It was idle for the secretary to say
that he thought it right to postpone revealing the over-
time of debentures for four months after that.
Mr. donnewr said when he learnt the facts he pressed
Sir Merton Pete to pay, and the subsequent payments
were not made to him. (Oh, oh.)
flip hioaron Prro then rose amid groans and cheers-
He laid there seemed to be a general apprehension that his
firm were the financial agents of the company. The first
time they did anything of that kind was at the end of
1863. He was then called in and consulted by the board.
He found that there was 1,230,0001. owing on Lloyds
boas, and he directly told the directors that that must be
at once got rid of. He advised the creation of stock to
the amount of 2,300,00 W. with that view, and that advice
was taken. He obtained for the company loans on the
stock created, and with those loans took up Lloyd's bonds
to which he had referred. The question then arose whether
steak on which the loans were raised should be offered
the market ; and, having regard to the state of the money
market, it was thought best not to offer them. His firm
bad become personally responsible for a million and a
quarter of Lloyd's bonds, and it was on that account that
he appeared there on that occasion. As regarded the
pikes at which contracts were taken, he observed that
his firm offered to accept the prices which the Brighton
company were then paying, and on inquiry it turned out
that their charges were 5 or 6 per cent. at the lowest. They
all remembered the panic of last spring. As to the al-
leged misappropriation of money, finding that the com-
pany could sustain no lose by it, he felt justified
in using it. He was assured on the b;glaest legal authority
that the over-issued debentures were perfectly good. Sub-
stantially no one was harmed. In his account with the
company he had given full credit for what had occurred,
and the financial company which advanced the money had
in their hands funds of that company more than sufficient
to prevent their coming against it. As to the contracts
generally, he was prepared, in the liquidation of his firm,
to make good any deficiency that could be proved. As to
the o►er-issued debentures, he was not prepared to take
sny blame which did not properly belong to him.
The name of his firm was written on the debentures,
sad the document was approved by the solicitor. He
should be happy to afford any further information that
night be desired ; and ;n conclusion he would state that
his firm was prepared to leave every question to the adju-
dication of honourable men. They had no desire for sharp
practice, and would leave avec), question to be settled by
pour parties (Loud cheers.)
Inreply to a question,

I) having risen

. . .
Sir U. Prro said the over-insured debentures were with
1 financial auociation, and as the company was secured
wind loss, he could not conceive what he had done to
deserve such remarks as had been made. (Cheers.)
[The meeting was proceeding when our report left.]

DEATH OP THE BISHOP OP CALCUTTA.

We are informed of the death of Dr. Cotton,
Bishop of Calcutta, who was drowned while disembarking
home steamer on the Ganges.—Times (Second Edition).

The Liverpool borough engineer was yesterday
authorised to spend 2,000/. per month in ventilating the
seven, and to make a monthly report on the subject to the
Health Committee.

One thousand Norwegians aro shortly expected
is New York from Europe, to settle between Lake Cham-
plain and Ogdenburg, in the northern part of the state of
New York.

Dr. Augustus A. Gould, an Amer:can naturalist,
has jut died in New York.

At the great Ontario Agricultural Fair, which
ti to be held last month at einandagua, and which was
to last for three days, there was to be a show of trout.
The Commerce Breton. of Saint-halo states that a
foe days ago M. Willemot, manager of the Gr►nd Cafe.
Puisien there, shot himself on the sea-shore. The motive
for this act is not known.

Tradesmen at Paris and elsewhere have lately
hen imposed upon by a person who obtains goods and
&Inge for bills purporting to bo drawn on some leading
hating or mercantile firm. It seems extraordinary, says
the Timis, that such a device should succeed, and that
A 57, even among the smallest shopkeepers should be igno-
rant that • bill of exchange is worth nothing more than
waste paper until it shall have been accepted by the parties
spoil whom it is drawn.

" An order for 50,000 Chassepot guns," says the
Coaditutionnd," has just been given by the government
to the imperial factory at Tulle (Corrine). This news has
been joyfully received by the workmen of that town, who
bid been expecting it for some days, as orders were already
given at one or two of the other manufactories of arms in
the empire,"

Several of the French journals announce the
death of Maurice Roux, the servant who accused his
master of haring tied his hands and beaten him, and who,
aoeserding to the verdict of the jury, was simply • prede-
cessor of the Brothers Davenport. He is said to have died
miser►bly in the hospital of one of the towns of the South.
A journal of Venice announces the marriage of
the Marchese Letitia Pepoli, daughter of the marquis of
the same name, with tho Chevalier Concini de Conegliano.
A letter from Stockholm in the French papers
'epithet the Swedish corvette, the Naiad, during a late
voyage on the Spanish coast, saved the crew of the English
!teenier the Geelong, which was in distress. The captain,
it is added, refused to follow his crew on board the Swedish
vessel before he had shaved himself. "It would be un-
gentlemanly," he said, " to show myself on board a foreign
vessel before I have shaved ;" and the Swedish captain
was obliged to wait until this operation had been effected.
Scarcely had the captain got on board the Naiad when his
pea steamer went down.
The Bohemia states that General Klapka has re-
ceived the Prussian Order of the Red Eagle of the second
elms, and an estate in Silesia.
A letter from Putbus of the 7th says :—" Count
Bismarck arrived here yesterday with his family, and
'topped at the Hotel du Nord. In the evening the hotel
was surrounded by • large crowd, and the musical society
of the place sang several pieces. On the minister appearing
at the door he was received with enthusiastic cries. Count
Ifirmarck chatted in a friendly way with the singers, and
thanked them for the entertainment they had afforded
them. In the night he was suddenly seised with cramp in
the stomach, and was obliged to c►ll in the aid of •surgeon.
To-day he is better. He will stay here five or six days,
stopping from to-day at the summer chOteau of the Prince
of Putbus."

The Indipencianee Beige states that the health of
the bower of Mexico has much improved dues her
arrival with her brother at Miramar. Prince Iturbide, it
bids, who is at Ruth, has received from the Empress a
letter " which bears proof at onset° nta enlightened reason,
sod to the sentiments of the most affectionate solicitude."