The Sun.
London, England, 1864-08-27 00:00:00

LONDON, CHATHAM, AND DOVER.

The half-yearly meeting of this company was held
yesterday at the Grosvenor Hotel, Pimlico; Lord
Sondes, the chairman, presided.
Mr W. E. Johnson, the secretary, having read the
notice convening the meeting, the report was taken
as read.
The CHAIRMAN, in moving the adoption of the
report, said it must be gratifying to all the share-
holders that the traffic had increased so much, and
was still increasing. The working expenses had
been very great, but their attention had been given
to the subject, and he had no doubt reductions in
the expenses would be effected. The opening to
Blackfriars-bridge had been a great advantage to
their undertaking. The Parliamentary proceedings
had been very important daring the past Session,
and several Bills affecting their interests had re-
ceived the Royal assent. They had had two meetings
recently to take into account the affairs of the com-
pany; and, as matters had been fully discussed at
those meetings, but little remained, so that it was
unnecessary for him to detain them ; but if any
gentleman wished to ask questions they would be
answered. He considered the reports of their engie
neers very satisfactory, as regarded the works at
Dover, and he hoped they would soon be completed,
as it was of the greatest consequence to them for
their continental traffic.
Lord HARRIS, deputy-chairman, seconded the
motion for the adoption of the report.
Mr. HAMILTON remarked that out of £125,270
traffic received on the main line during the past
half-past year about £60,000 had been received
from the South Eastern Company, leaving £65,270
as the receipt on the Chatham line proper. Ire
therefore estimated that the working expenses had
exceeded the actual traffic by £35,000. The £30,369
net revenue for the half-year had been absorbed by
the rent-charges and other matters.
Mr. HEDGCOCK said he held in his hand a cll.,
ruler from a stockbroker, stating that Lloyd's bonds
of £l,OOO could be purchased for .£750, including
all charges, and would yield to the purchaser 18
per cent. He wanted to know upon what terms
the Lloyd's bonds had been issued.
_ _

Mr lIOLRovy thought it ridiculous to ask such
questions. It would not do at all times to state the
interest they had to pay for money. At a former
meeting it had been explained that Lloyd's bonds
were given as an acknowledgment of a debt, and
the amount of those that had been issued was ins
eluded under the head of liabilities on the accounts.
One man might transfer a debt to another—but
if the Lloyd's bonds adverted to were made trans-
ferable to any one, all he could say that their com-
pany had never issued bonds of that description, as
it would be illegal. In reply to Mr Hartridge he
stated that the Lloyd's bonds issued by the corns
pany were included in two items—one liabilities
for the general undertaking amounting to £6 8,291
and the other for the metropolitan extensions,
amounting to £471,888, These items included the
liabilities of every descriptiou up to that date.
Lord HARRIS hoped and trusted that the state-
ments of accounts were correct, and that the u.ual
information would be found in them. They could
not expect to have the truffle fully developed upon
the lines before they were constructed and com-
pleted. No doubt the accounts would be much
more satisfactory in another year when the lines
were completed and open for traffic.
Mr HARTRTDGE thOtlght that every kind of in-
formation should be given to the proprietors.
He had read an account cf the proceedings of
the last meeting, and he saw that the
amount of Lloyd's bonds issued was £1,200,000,
but he would not have known that if some-
body at the meeting had not asked the
question. The £30,00D net traffic on the main line
would just cover the rent charge:: on the western