The British Press; or, Morning Literary Advertiser.
London, England, 1826-01-07 00:00:00

KENTISH RAILWAY COMPANY.

A special general meeting of the proprietors in this Complier
sena held yertrniay, at the Albion Totem, Alderricate.rtreet, pue
saint to public requisition, for porpore of receiving the teso:::
Ma ballot tseen on Sa,oriay. the 14th Detember. agreeably to
resolution passed at a previous general meeting. the object of which
was to assertain the wise of the shreeltnitlent on the expediency o.
empowering the Directors to entry a Dill into Parliament, for the
farther prosecution of the immure originally con templatdd.
Sir JAMES COCESE am, dart. one of thebitectota. ern called to
the Chair.

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The CU 412)1AN, on opening the bbsiness of the meetirsit, re.
gretted that Captain Barlow, the Secreuoy, was unavoidably de-
tained by enure riming busineas, in Maidstone ; however, with
the approbation of the proprietors, 31r. Verveke, ode of the so-
licitors, would perforin the duties of Secretary. The chief cause of
calling this meeting was, to submit the result of a ballot previously
agreed upon, and he now begged here to state, tliat teat *l2ll
shareholders who had voted, there appeared to be 113 in favour of
taking the Bill before Parliament, and 108 against It. Now,
though this was but a small majority, yet It was fair to infer that
it gave a proportionate estime!e of the feeling entertained
by the proprietary as to the prohi.hle success of the under.
taking. From the favourable light in which railwar had latterly
been viewed by Parliament, there was very little doubt that the
Bill would pass. and that sanction haring once been obtained, it
was certain that the shares, notwithstanding the depression of the
money market, would increase in value. He wall glad to mention
that the vacant auditorship had been filled up by' the name of
3lr. Clarke, who had formerly held an opinion adverse so the
measure, but who, front • strict investigation of the Cfitr;pany's
affairs, Was now pleased to express his unqualified iiennbatiou of
the hoe of conduct pursued by the Directors. The depressed value
of the shares was attributable rather to remote than immediate
causes; but, however. those of the Kentish Beltway Company
were not at that deplorable ebb which some perilous heel imagined.
Ile knew of one gentleman, who last week sold no lesX than sixty
shares-
A SHAREHOLDER—AI what price. Sir, may I ask P
The CHAIRMAN replied, at the price which was asked for them.
SII•REHOLDEN—That must have been very low Indeed.
The CHAIRMAN said that it was • proof, nevertheless, that they,
were worth something; but whatever some gentlemen might feel
on the subject, he for one entertained tin doubt, when the thick,
dense cloud which bad so long overshadowed the money-market
had passed away, which he was glad to find was slimily to be ex-
pected, there would be no difficulty in obtaining sufficient funds to
carry this measure into full effect. If, the
.proprietors were of
that opinion, be conceived the proper course to be adopted would
be to enter into a resolution, by which the Directors would
be bound not. to proceed further than merely calterig the Bill
' through Parliament, without the consent of the shareholders having
been previously obtained. It was stated by.the solicitor*. at ttik
last meeting, that the motley now in the baniter's hOpels would by
sufficient fur that purpose; therefore no further all vroald be
made until the Bill had passed. and • suggestion having been
made by 31r. Clarke, that it would be well to pet timer gentlemen
to guarantee that pledge by their siOnstures, • letter had both
written to them by Mr. C. which they had since signed.
Mr:CLARKE wished to explain that the reason why he had
altered his opinion as to the expediency of going on with the
company was tbat hawing attended the ballet to which he weabifori
adverse, and helps perfectly satisfied with the honourable nsannee
in which it was conducted, together with the general of
the accounts he had certainly thought himself bound to withdraw
that opposition. finder this impression aloe. had be been LB-
dueed to accept the °trice of auditor, but he had math rather tile
the gentleman who had been put in for it with hire, Mr. Henry
Blain, had been elected. As the proprietors were pleased to confer
that honinnable mark of their confidence upon him, the only re-
turn he could make was, In a sedulous and unremitting devotion to
their interests.
A Su/teen orn n —lf the proprietors at largo are net bound tit
go beyond their present degrentif responsibility, whet" II Maims.,
sty of requiring any pledge from the solicitors ?
The CRAIRAIAN replied, that. there certainly wean') uteal 1111-
creaky. but it was making " assurance doubly sure."
SnaaEnoselta-,Theri I am to understand that no proprietor
is to lose more than the single Poland already advanced on she
sharcs--11 that the fact ?
The CHAIRMAN replied, certainly nothing beyond that; until
the Bill be paced no further ca/Lie to be made. •
Another SHARRHOLDKR observed, that although there was
nothing more honourable than the manner in which the transfer of
shares in this Company bad been conducted, still lie could not
avoid saying, that he entertained strong doubts as to its ultimate
success. It was the duty of every man who had a family, to ascer-
tain the extent to which he was going in a speculative conceit like
this. Ile knew so much of these transactions—he had seen es InattY
lamentable clam in the Tunnel and other Companies. that he had
almost resolved to abandon every unticitaking of the kind. He
would merely put one question 3 " Supposlog the Bill be passed,
will the ahareholdera then be compelled to pay up on their shares,
beyond the present deposit of IL ?"
The CHAIRMAN replied, that after the Bill had gone through
Parliament, the Directors would have no pewee to melte a furthet
tall without the concurrence of the Proprkurs I suck HIS the in-
tention of the resolution tp which lie alluded Wore,
A ditsaenostea—Will those who affix their mate to the
petition incur any greater liability by doing so ?
The CH•IRMAN said, u he was not a lawyer, he was not pre-
' eared to give any specific answer on that point. Every holder of
Scrip would, of course, have the privilege of signing.
Sailreftnlnen—l am thainfiful for the intormetion, but I
shall not avail myself of the permission.
Another SHAREHOLDER—Nor I, I am sure.
The CHAIRMAN said it .was of course optional with Staff
gentleman to do so or not. The Directors, however, were hostel
to call on them to do so ; but though they " call spirits fret!.
the vasty deeti,'" yet will they Come? At the same time he begged
to be understood, thsit although some might not sign, yet it was rot
intended to debar them on that account from any advantage which
might hereafter occur on the establishment of the Company
(hear, hear, and applause), provided the filtUre calls, as might be
, agreed on by the proprietors, were paid up.
' Mr. CLanxe then moved the fallowing Resolution :—" The'.
after the Act for establishing the C.ynpany shall have been obtained,
the Directors shall not be authorised to take any further proceed-
Mr in execution of the measure without the settee of the Pro.
pnetors having been taken thereon, cat a General Meeting to be
called for that purpose."
Mr. lVsnite, of Leadenhall-street, said, that before the Reso-
lution was put he begged to ask one or two questions. First--
What number of shares had been paid on ?
CID( ailt•le—l think about 11.000, or perhaps 7,100.
Mr. Warms—Have all the deposits been paid up ?
CHAIRMAN—Yen, on the whole, except by one gentleman,
Mr. Russell, and of his I cannot speak with certainty.
Mr. OliAT—Mr.Russell's shares are paid on.
Mr. Wanxe—l would wish to know whether the list hung up
in the office of the CoMpany are all shareholders, and have paid
tip their deposits ?.
€IIA/RMAN—Yes.

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Ale. Wattxx—flow long previous to the last meeting did the
notice appear In the newspapers ?
CEI•IIIXA27—A fortnight at least.
A gentleman objected to this discussion, as bring irrelevant to
the business Sir which the meeting had been convered.
The Cnai await said that although it might be a little out of
course, yet, as the proprietors were met, the directors were anxious
to give every information in their power. (gear, hear.)
Mr. Traatic then contended that as there was as very large a
minority as U)8 out of 221 persons who had voted at the ballot, he
thought that the Directors shouM have been ashamed to go on,
when the tense of the Proprietary was so manifestly against the
measure. The Chairman said the money in hands would enable
the Directors !a take the Bill' into Parliament—he, for one, would
much rather get it beck, and declared that whenever she drat sale
was made, he would tile a bill against the blrettou. He had
heard of the correctness of accounts, and the fairness of proceed-
ings, but he hid never been able to tee these accounts, though be
had gone to the office at least fifty time/. IT 7,800 shirts had
been paid on. what was become of the money ?' In what way was
it expended ? He did not mean tb impugn taste rfirectms the did
not mean to say that they had misapplied these ftmds, but thin
there ought to be some accoutit of them laid before the Company.
If there was but one shilllng now remaining out of the tweity, he
should like to get it back rather than incur the risk of losing many
more. He should, therefore, move as an amendMent, that the pre.
vious question do not be pat.
The (.11AIRMA:f said, that if the amendment was iteentded he
should certainly put it to the vote; but at the same titre ns bentsia
reaveto observe, that the Obvious effect of it would b* twgive the
Directors a letter of license, either to go on with or to asish the.
Company, as they thought proper, whilst the previous resolntio:_
would tie up their hands from acting without the cum:tame:A of the
Shareholders at large.

Mr. WaxtrE sac d, that was the very retools why he had moored)
the amendment. He was anxious that the Directors shohld btr
unfettered b' any tie, and that all that they did should be s.'net o••
their sole relionsibility ; the small majority they had obtaln:d fat
a clear proaf that the public feeling was against the measure.
Tne CHAIN MAN entertained a contrary opinion, and' felt tacit.
tied that. if the votes of the whole had been taken, the malority
would have increased in a much greater p'roportion.• llad those
five voices been on the other side, vrotati the Directors be Aisle&
in using anch an argument ?
Sir Jolts SEWELL thought that the abject of• the reeohnion.
wits mistaken ; if was Intended au checiron the•Direeteri—:it as!
intended to prevent their going on without the concurrence of the
amendment would hem n directly cooteaty
effect.

Mr. CLARNT regretted that (Mr. Aram* had not been
present at the last meeting, as he would not have to complain 01
any want of information. However, as it vat then agreed to t.i
a ballot, he thought it was Dow toe late serf:truer theirsteps. 'Bad
the majority, though it were but one, been against the me{sure,
then the Directors would be bound to abandon it ; u the voice,
went the other way. they were bound to go on.
Mr. WARN t said it dist not follow at matter of COWS., that
because these persons who voted for the mensure thought proper
thereby to expose themselves to loss, that he should put h:e Mask
in his pocket to Lrovids them with funds beyond abet 1* lad&
already paid. Ile vauld now gladly give up, fifty shares if the
Directors would give Mtn 21i/.
Sir Joint StwElit.w.lf I understand the matter rightly, no oeo
will be bound beyond lie deposit airtsti paid. unless they plum
A Bu.szEisoLnits---Certatoly got; aril I liet, tO observe that•
this ballot is only an Xdditional confinhation of the lira voci, %s-
-alon of the last Meeting.
Lieuterinnt.Colonel TuditEXl said that the giatlsaaan seeml4