The Express.
London, England, 1866-08-31 00:00:00

RAILWAY INTELLIGENCE.

THE CRYSTAL PALACE AND SOUTH LONDON

JUNCTION.

The eighth half-yearly general meeting of the '
of this railway was held yesterday et the offices
sip
the coo , Victoria Station, Westminster ; Sir C. P.
ROOMY, chairman of the board of directors, in the chair.
Mr. W. E. JOHNSON, the secretary, having read the
notice summoning the meeting, the following report was
presented :
'ln their last report the directors intimated that the
line of this company was being worked for the benefit of
the contractors and as those gentlemen paid the interest
on the "B" BLIMP to the 31st December last, the share-
holders up to that date had no interest in the results of
the working of the line. The directors deeply regret the
loss and inconvenience which will be ocossioned to the
shareholders by the failure of the contractors to
provide the funds necessary for the payment of
the interest for the six months ending 30th June last.
Under the arrangement made in 1862 with the London,
Chatham, and Dover Railway Company for working the
line, this company is entitled, as stated in the original
prospectus, to at least 40 per nt out of the gross receipts
r cent.
traffic booked between the Metropolitan Extension
lines of the London, Chatharo, and Dover Railway Com-
pany and this line, as well es the traffic on this line, after
deducting working Gurnee., in no awe to exceed 60 per
cent., an excess in receipts above that sum to be equis
divided between the two companies. The directors, how-
ever, have not as yet received any payments from the
Chatham Company on this company's traffic account.
The board is advised that the Chatham Company is
bound to account for at lent 40 per cent. of
the actual earning, under the terms of the foregoing
agreement, from the date of the opening of the line • and
the directors are further advised, that at the proper 'time
measures, if necessary, should be taken for bringing this
question to an issue. The directors consider that they
have also a claim to a large amount against the London,
Chatham, and Dover Company, in consequence of that
company having failed to construct the line from Peckham
to Walworth, which it undertook to construct in considera-
tion of this company abandoning its junction with the
Metropolitan City Extension near Brixton. The directors
beg to report that, Mr. G. F. Holroyd and Sir C. H. J.
Rich, Bart., htve ceased to be members of the board, and
that the two vacancies have been supplied by the election
of Mr. J. G. T. Sinclair and Mr. E. Humby, two gentle-
men largely interested as shareholders of the company."
The CHAIRMAN, in moving the adoption of the report,
renewed its expression of regret at the petition in which
the company had been placed by the distressing failure of
Messrs. Peto and Bette. Under the arrangement between
these gentlemen and the company they were bound, in
accordance with the terms of the prospectus, to pay in-
terest on the B shares until a year after the opening of
the railway for traffic, which event took place on the sth
August, 1865. The line had not been worked satisfac-
torily, owing to the great difficulties which the Loudon,
Chathan, and Dover Company had had to contend with
in consequence of the obstacles interposed in the way of
them getting in and out of the Victoria station. These
obstacles, however, would shortly be removed by the open-
ing of the new Victoria Bridge, and no doubt there would
I be a considerable improvement made in the working of
the traffic. But the most serious impediment to the due
development of that traffic had certainly been the default
of the London, Chatham an Dover Company in not con-
structing the line between Peckham and *alworth, for
bad that line been carried out the company would have
been in a very different position to what it was at the pre-
sent time. It was at the instance of the London, Chatham,
and Dover Company thatthiecompany abandoneda junction
that would have enabled them to run from the Great North-
ern, the Metropolitan, and the Ludgate-hill stations to the
Crystal Palace. It was represented, and truly represented,
that the Peckham and Walworth line would give a shorter
route between the north of London, the City, and the
Crystal Palace than the junction, hut unfortunately the
London, Chatham, and Dover had been unable to find the
capital for it. construction, and they had in consequence
been very serious sufferers, as it now took upwards of an
hour to get to the Crystal Palace from Ludgate-hill. The
board had been strengthened by the introduction of two
gentlemen who were not only themselves largely interested
in the line as shareholders, but were also the representa-
tives of friends who were equally concerned in its welfare.
Mr. Sinclair, one of them, having to be in Scotland just
now, was unable to be present ; but Mr. Humby, the
other gentleman to whom he referred, sat near to him in
his place at the directors' table. It had been mentioned
to him that some of the shareholders thought it desirable
that a committee of investigation into the affairs of the
company should be appointed. The directors had not the
slightest objection to such a course ; but it was only right
that he should state that at the present moment
negotiations of a delicate and difficult nature were pend-
ing between this and the Chatham and Dover Com-
pany, and that in the settlement of those questions
the gentlemen who he had just named no doubt fully re-
present the interest of the shareholders. In addition to
which two, if not three, of the gentlemen proposed to be
appointed on the London, Chatham, and Dover com-
mittee of inquiry were considerable shareholders in this
company ; and if they should so desire, the directors and
°Swale of this company would be quite ready to give that
committee every information in the most unreserved manner.
Mr. T. HOLROYD, director, seconded the motion.
After a long and desultory discussion with regard to the
rights and interests of the various parties concerned in the
line
,
Mr. Sunny moved as an amendment that the accounts
be received, and the meeting be adjourned until the 23rd
of, Octobler next, the directors being requested in the
meantime to prepare a complete statement of the affairs of
the company. hear.) . .

Mr. TAY 1.i)11 seconded the'amendment.
The CHAIRMAN withdrew the original motion, and Mr.
Surgey's resolution was unanimously adopted.
A cordial vote of thanks was then given to the chair-
man for his conduct in the chair, and the meeting, which
was numerously attended, and had lasted over two hours,
broke up.