The Express.
London, England, 1867-02-05 00:00:00

LONDON, CHATHAM, AND LifIVER RAILWAY.

Yesterday afternoon a meeting of the 13 and c
shareholders of this company— i.e. the proprietors of the
Metropolitan Extensions—washeldat the Victoria Stake
Pimlico, to receive the report of the committee which we;
appointed at a meeting held on the 10th of January last
Mr. H. D. WARIER took the chair. 1 I
The report of the committee, the substance of which Ilse
already been made public, was taken as read.
The CHAIRMAN, in moving its adoption, after mention,u'
that the committee bad received from a great number ol
shareholders expressions of their approval of the viem
expressed in the report, said that their principal ie,,,,, a
mendations were that the metropolitan extemea„.the p
capital of which amounted to 5,733,000/. as againstyi
6,4 09,000M_ ~ the capital of the original undertaking_ 5
should be distinctly and fairly represented at the to
board—(hear, hear)—that the liabilities of each seen,* es
of the railway should be confined to itself • and i N
hyt et
in the case of the money proposed to be raised the liability St
of each section for the payment of interest should be cey et
fined to the money proposed to he expended upon that it
portion of the line. The directors bad consented that the et.
ta
committee should draw a clause providing that the Metro. St
politan Extensions should be liable only for the mosey N.
which was expended upon them ; and under those cu, la
cumstanoes he saw no reason why the 1; aud I ' Amt. st.
holders should not give their hearty concurrence to the N.
bill which the directors were about to introduce into par. et
se.
liarnent If the plan which was embodied in that nee. AL
sure could not be carried out, and if the director saw sc
that provided the debenture holders showed forbeanice, St
they could extricate themselves from their difficultita by AL
means of a sum of 500,0001. or 750,0001., he thought that N.
the shareholders ought to raise that amount by sib. 10
le
scribing 5 per cent. upon the capital which they held , 800
and if others would act is a similar spirit he should be
ready to subscribe 3,000/. for that object. (Hear, brae) 0
If, however, everything was togo to the bad, the alternative
plan of the committee was that the metropolitan sections
9
should go to parliament and obtain power to sere
themselves from the general undertaking. If they
did that, he bad no doubt that with the assietaw of
other railway companies they would be able, with a little
time and patience, to place their property in a satisfactory
position. Their rolling stock was, he was happy to be ~.c
to state, in capital coudition, and quite adequate to ern
the demands of any traffic which they were likely to 6, *
called upon to accommodate. As Messrs. Peto and ce,
would not permit the IS and C shareholders to sharera teably IS
with other creditors, the committee had thought it right 10
to commence an action against them, and the snit was now at
at
It was desirable that there should be • mediae'
1 loifendaingicruple of members of each of the different et.
os.
1 committees which had been appointed, and, se et.
far es this committee was concerned, they wee et.
most anxious to do anything that could be down 90
for the benefit of the concern, and to relieve it from its St.
10
I difficulties. (Hear, bear.) In conclusion, be moved "that 'be
the meeting confirms the report of the committee, and re- , le
quests them to continue and act in furtherance of the re-
solutions passed at the meeting held at the London Tavern
on the 10th Jan., 1867."
The motion hving been seconded, ea. I
Mr. DRIaLVE thanked the committee for their most 100
business-like report, and inquired whether they thought Si
that the Metropolitan Extensions were intrinsically a good 20
202
concern.
14
The CHAIRMAN said that there was no doubt that they 100
Were.
Mr. Beisene said that it was welts the H and Cabot- at
holders attempting to do anything without the co-opera. St
100
tion and assistance of the debenture holders ; and to secure et
that, they ought to know exactly how the directors in- in
tended to apply the 1,500,000/. which they proposed to et.
raise. Did the board intend to proceed against SUS. M,
Petal and Co., the members of which firm were living in 300
luxury while others were starving. (Hoar.) 100 ,
The CHAIRMAN said that the committee fully recognised 100 'lOO ' 2
the importance of obtaining the concurrence and assistance 100 •
of the debenture holders, and if they could secure them too al
from having placed before them anything beyond a iota of 100 al
50,000/., which was required for the erection of coal sheds,
110000 V
ell
the earnings of the Metropolitan Extensions would soon lay
al 100
to the bondholders 4 per cent. He had asked the dire. 10 all
tors whether they intended to take any proceedings again,* 0 6
Sir B. IL Peto, but be received no formal answer. The m ! 4
feeling seemed to be that one board of directors could not IL :NS
well proceed against another ; and that it was not for the St I*
IL 1 2
present directors, but for other parties, to take action I/ IS AU
the matter. SA AU
Mr. BlLLmes would answer for it that the bondholder' me A
were in no way hostile to the B and C shareholders. If Ito VI
the shareholders would secure them the payment of their 10 I II
interest, there would be no difficulty about the renewal of St 'lOO
1011
the bonds.
It
:
Sa lab
After some further conversation, in the course of which SO I all
the Cheirman stated that the committee had bad a 60 1 All
long discussion with the directors upon the subject of the 100 • all
appropriation of tolls, but intimated that it would be 100 i ell
better not to enter into the question at that meeting, so. 100
Mr. lionarre, a member of the committee, asked Mr. St, 1100 st !11l
to whether the debenture holders would be content SO 11l
to receive 4 per cent. for three years, the arrears being St US
capitalised. st. IA
Mr. BILLINGA said that, as far as he knew, the delve.
ture holders would, if the payment of the interest VAS
assured to them, accept 4 per cent. for the period liaised,
either with or without the capitalisation of the arrears.
The motion was then put and unaniroowdy agreed to.
Mr. BRISCOE, who had previously urged the importance
of having a parliamentary inquiry into all the mecum-
stances of the company, a view in which he had been sup-
ported both by members of the committee and by other
shareholders, read a petition to parliament which he bad
prepared with a view to the attainment of that object.
The general mope of this petition appeared to be generally
approved ; but one or two paragraphs were objected to on
the ground that they might delay the remedial measures
the obtaining of which was the principal object to be pur. .
sued. Under these circumstances an understanding was
come to that Mr. Briscoe should leand the draft petition to
the committee for their consideration, and the proceedings
terminated.

TURIN AND SAVONA RAILWAY.

A special meeting of the English shareholders in
the above oompany was held yesterday, at the ofEce of
Kimber and Ellis, Gresham-house. for the purpose of
hearing a report of, and discussing the proceedings lately
taken at the general meeting held in Turin on the 16th
ult. The chair was taken by Generel TEEM ENHILERE.
From the report of the Turin meeting it appeared that
there were there present ITS shareholders, representing
17,734 shares. The dissolution of the company was deter-
mined on, and a committee of liquidation appointed, con-
sisting of Marquess Rosa, General Tremenheere, and the
Mayors of Savona and Turin.
The CHAIRMAN stated that be had called the meeting
for the purpose of submitting to the shareholders the
hernia of an arrangement which was now open to them ;
but in the first place he would recall a few beads of the
history of the company. The original capital caul:tell
of 40,000 201. shares 800,00811. ; debentures, 750,00 e. ;
and • government subvention of 480,000/. 10,000 shares
were forfeited for non-payment of calls, and the
share capital when realised in England produced
only 248,400/. An issue of obligations then became
necessary, but in 0011110710EDCW of the depreciation of
shares and of all Italian securities it was found imNe
sible to do anything without a government guarantee. The
government subvention was then given up and a guaractee
taken of 6i per cent. on a capital of 2,040,000/. The capital
then stood--201. shares, 600,000/. ; obligations, its. eseh.
1,480,000/. The obligations, however, at 8/. 65., realised
only 175,646/., which sum and the share capital were
expended in the works up to October, 1865. Then fol-
lowed a loan of 40,0001., and afterwards a government
advance to the same amount. This, however, was instifti-
Mont ; a. suit against the company was instituted is
Turin, and an award of 180,00(8. obtained. Bankruptcy
was now imminent, but a delay of three months was ob-
tained from the government, with, however, a distinct in-
timation that at the end of that time the concession, if not
fulfilled, would be cancelled. Finally, he Ithe chairman)
proceeded to Florence, and after much negotiation be hal
obtained the following offer from Mr. Gueetalla, to which
he (the chairman) hail assented. Mr. Guestalla Folioed
to give for every .id-up share of 201. an obligation fee
101. ; Mr. Guestal however, reserving to himself the
power of paying, instead of the 10!. obligation, 6/. in cash.
(Oh.) The result of this arrangement would be on e'-
change of each 201. paid-up share for 6/. sterling.
ob.) The chairman entered into some calculation: to show
that by investing this sum in Italian Rent,. or the
eraprotalnref , an interest of 12 per cent. would he secured.
had paid 16/. or 18/. would have the option of
Mr. CONTREA RE asked whether the shareholders who
carrying the
balance and partaking of Mr. Guertalla's arrangement.
Mr. MAXWELL disapproved wholly of the agreement
and wondered bow their chairman could have signed it.
Mr. KIHRER analysed the draft agreement in grr. •
detail, pointing out first its insufficiney to inert the pi,t
claims of the English shareholder* and second, its imper.
fection as a legal instrument. Whilst it gave so men,
advantages to Mr. Gueetalla, it by no means hound him
strictly to pay in cash the price of shares stipulated for in
the arrangement. However, the agreement woo now
signed, and- all the English shareholders could do was to
reappoint the London committee, with instructions to
obtain all possible modifications.
Mr. Votruiratte having warmly complimented Mt. Kim-
ber on the mastety he had displayed of the subject. sue-.
ported the reappointment of the committee.
Mr. FIELD repudiated the agreement, recommended x
protest, and complained that the proxies had le en given
contrary to the instructions of those who had sent them.
After some further discussion,
A resolution, moved by Mr. Finn and seconded by Mr.
floerueeite, to the effect that the meeting, whilst full
recognising the probity and good intentions of Geller°
Tremenheere, protest against the agreement he had signed .
an being at variance with the intentions and interests of
the English shareholders was then put, as also one le-
appointing the committee, both of which were care"
uniuninously. This terminated the proceeelinio.

INDIA, CHINA, AND AUSTRALIAN MAIL:S.—ALEN-
ANDRIA, Frs. 3.—The Pent left at 9.30 a.m., and the
Syria at 2.30 p.m., to-day. The former may be evectol
at Marseilles on the 9th and the latter at Southamrt"
about the Itith inst.