The Sun.
London, England, 1852-09-10 00:00:00

Company amalgamated with them as soon as they could,
cr they would stand a chance of losing all the traffic
they now derived from that source.—(Hear, hear.)
The original motion for the reception and adoption of
the report was then put, and adopted by an overwhelm-
ieg majority.
The next motion from the chair, authorising the pay-
ment of a dividend of 7s. 6d., less income-tax was agreed
to without opposition.
Mr. WILSON would now move that the report of the
auditors be received, and that the directors be requested
to act upon that portion of it which related to closing
the capital account. The observations of the auditors
were as follow:—" We cannot conclude our report with-
out expressing a strong conviction that the beat interests
of the company require that the capital account should
be finally closed with as little delay as possible, which
result accomplished would tend to promote a wholesome
economy and inspire confidence in the undertaking. We
are of opinion that the point at which the capital ex-
penditure should cease could be ascertained and re-
ported to you at your next half-yearly meeting."
After some discussion, Mr. Wilson consented to with-
draw the proposition, and the following resolution,
moved by Mr. Coles Child (one of the auditors), and
seconded by Mr. Maclauren, was adopted unanimously;—
' That with the view of determining the amount at
which the capital expenditure will cease, the directors
be requested to submit to the proprietors at their next
half-yearly meeting a detailed estimate of the amount
required to complete the line and works of the South-
Eastern Railway Company; also a statement of the en-
tire debts and liabilites of the company, and of its pro-
perty and assets, as a necessary preliminary to the final
closing of the capital account."
The declaration as to forfeiture of shares, contained
in the several resolutions of the directors dated the 22e1
April, was next confirmed, and the directors ordered to
dispose of the shares so forfeited in the manner pointed
out by Act of Parliament.
The CHAIRMAN—The next resolution referred to the
correspondence which had taken place with Lord Sondes
and other gentlemen, upon the subject of the proposed
extension of the North Kent Railway. It was—" That
this meeting approves the views of the directors, as ex-
pressed in their letter to Lord Sondes of the 2d of De-
cember last, as to the extension of the North Kent Rail-
way from Strood to Clailham ;and that the directors be
instructed to take such further steps in relation to that
extension as they may deem to be most expedient for
the promotion of the interests of this company."
Mr. GaEY was of opinion that it would be highly in-
expedient for this company to have anything to do with
the construction of the line proposed by these gentlemen.
If the landed proprietors in that part of Kent were so
very anxious to have a railway, let them raise the money
and carry it out themselves, or give the land which
would be required for its formation. But if thethirooo ex
the
Al the com-
pany ject was simply to benefit their own property
pense of the South-Eastern CompanY
correspondence was at an end the better. at
toner the
could be reasonably called upon to do was, after
the line was constructed, to enter into an agreement for
working it, but to have nothing to do with the construc-
tion itself.
The resolution was agreed to phanimourstlye,rassumweorfe
also two other resolutions authorising the_ho directors to
borrow at interest on mortgage Fy
money not exceeding aso,ooo and
theinstructing f them to
o
give notice to the directors fCanterbury and
Whitstable Railway Company of the South-Eastem
Company's intention to exercise the option given them
to purchase the harbour and works of the Canterbury
and Whitstabk Company on the terms agreed upon by
the two companies.
The CHAIRMAN said the next resolution referred to
the steam-packet company, and the directors had drawn
it in such a manner as not to commit any proprietor in
this company. He begged to .move that " the directors
be authorised to negotiate terms with the South-Eastern
and Continental Steam-packet Company, for the pur-
chase of that company's steam. boats, such terms to be
submitted to a future meeting of this company for their
consideration."—(Loud cheers.)
Mr. WILSON suggested that it would be advisable for
the proprietors to appoint a committee from their own
body, who were not shareholders in the steam-boat com-
pany, to co-operate with the board of directors in the
performance of this duty.—(Hear.)
Mr. G. SMITH thought there was nothing invidious in
the recommendation of Mr. Wilson, and that the chair-
man and directors could entertain no objection to its
being adopted.
The CHAIRMAN—AII the directors asked was to be
allowed to bring the subject before the steam-boat pro-
prietors, and call upon them to agree to some terms
which might then be submitted to the South-Eastern
Company. He would, however, accept the addendum of
Mr. Wilson. The resolution would then be as follows:
"That the directors be authorised to negotiate terms
with the South-Eastern and Continental Steam-packet
Company for the purchase of that company's steam-
boats; such terms to be submitted to a future meeting of
this company for their consideration; and that a com-
mittee of five proprietors, who are not proprietors in
the steam-boat company, be associated with the direc-
tors to consider and report on the terms that may be
proposed."
In this shape the resolution was agreed to unani-
mously; and Mr. Iveyleaf, Mr. Coles Child, Mr. G.
Smith, Mr. Wilkinson, and Mr. Grey, were nominated
members of the committee.

Mr. THoms.s BROWN having been re-elected auditor,
The CHAIRMAN, in answer to a proprietor, said that
the Submarine Telegraph Company had offared this
company 501. par wire per annum for permission to place
six telegraphic wires along their line between Dover and
London. In other words, 3001. a year only. This the
directors had refused; and subsequently the Telegraph
Company had laid down wooden troughs on the common
road between Dover and London for their wires—a sys-
tem which had been tried in Prussia and failed, and he
very much doubted whether it would succeed better
here.—(Hear.)
The business of the general meeting being terminated,
the shareholders resolved themselves into a special
general meeting for the purpose of considering the
question of capitalising the mortgage debt.
The CHAIRMAN said, that so far as he could judge the
prospects of the money market were that money would
be cheaper still, and if the directors might offer an
opinion they would say that they did not think the com-
pany would suffer by allowing the question to pass over
for the present.
Mr. MACLAUREN could not see the advantage of the
proprietors taking the debenture debt at a given rate of
interest in perpetuity at this moment; for, notwithstand-
ing the obloquy which was sometimes thrown upon their
unfortunate railway in the money market, it stood pre-
eminently successful; and although their shares were 30
per cent. discount, they could borrow money at as low a
rate of interest as any other line in the kingdom. It
was an anomaly difficult to account for, nevertheless so
it was.

Mr. WILSON suggested the propriety of adjourning
the question.
The CHAIRMAN—The directors had placed the matter
before the shareholders, expecting that some notice
would be taken of it; but it was obviously not important
that
perfectly should be done now. Mr. Maclanren was
)rciptgy rrect : except the London and North-Western
did that ,noizo company's debt stood in such a position as
stances, theretfhoe South-Eastern. Under the circum-
safely adjour, .fie, he would suggest that they might
ample notice sb.oueirizaiatter until a future meeting, of which
The consideratio be given.
sine die by gen„mlicOfoilsthe question was then adjourned
A PROPRIETOR mover t.
accompanied
and a large ~,,,,:abr a Tote of thanks to the chair-
man,its support, Of hands were at once raised in
Mr. WILSON Qualpinc, x 5; loud cheers.
he objected to the prapia'sitl:ocinu a chair) exclaimed that
t.throats" of the meet-
tempted to be " crammed down and that if it were st-
ing he should move an amendment
Mr. MACLAIIREN—AII ho cot:d ;-(l)h, and hisses.)
13:1 was, that the tience the chair had exhibited that
pa-
best thanks.—(Loud cheers.) Y demanded their
A vote of thanks, proposed by Mr. 115 .
seconded by Mr. Wilson, was then pata,edetioinlen, and
tary and other officers of the company, for t',ll:.reecre-
attention, and efficiency in the discharge of ti:le, re
attention
of their respective offices, after which the tat't ties
sting
broke up.
___------_

EXTENSION OF THE NORTH KENT.
We extract from the " Correspondence for the Con-
sideration of the Proprietors of the South-Eastern Rail-
way relating to an Extension of the North Kent Rail-
%°3', proposed by the Right lion. Lord Sondes, the
Right Hon. S. R. Lushington, and others," the follow-
ing documents:—
MR. CHARLES LUSHINGTON TO MR. MACGREGOR.

" London, 10, Whitehall-place, August 3, 1852.

"EAST RENT AND MAIDSTONE RAILWAY COMPANY.
"Sir,—ln the absence of Lord Sundes (the chairman)'
owing to a domestic affliction, I beg to hand you a cop/
of some resolutions passed by the committee of land-
owners interested in promoting the above projects.
"You will see that Lord Sondes, Sir Edward Dering,
Bart. M.P . H. P. Gipps, Esq., M.P., Mr. Twopenh
and myself were appointed a deputation to bring the
resolutions before the board of the South-Eastern Rail-
h:7eCompany through yourself as its chairman, and I
A. therefore, to request that you will submit the
51 our directors at their next meeting, so that, if
poifitn_lijo,u see fit, we may be favoured with an lip-
< t for Tuesday or Wednesday in next week.
to
with t1;),.'"(1,. that Mr. Mills, our engineer, will at
course of theat
and ',IL° explean the points of junction, gradients,
spect that the • line, as we are anxious in every re-
explanation betlweeerNiew should be as efficient as full
" I have he tiling parties can make it.
rhonour to be, Sir,
orYibedient servant,
On behalf ot
the LUSRINGTON,
e Chairman, Lord Sondes.
" To James MacGregor, E,
the South-Eastern Rai" 11. P., Chairman of
waY Col:nano

(Extracts fron-- '
-
" EAST JEZNT AND MAIDSTONE 8,)
1852, ttle andowners,
" At a meeting of the committee nruca wsys.
held at Faversham, 31st July,
Stephen Rumbold Lushington in the nnair6.ltight ann.
and seconded, and unanimously resolved,' It was moved
" ' That this committee, having heard and
the letters addressed by Mr. White to the che°.neidered
the South-Eastern Company, on the third and a2T4en of
3d
ibitll inst.,
ea also the reply of the chairman of the
that of the secretary of the 28th inst., do hereby 4010"ia and
heretews stated by Mr. White in his letters, sad
with Y 8 abgree that the following proposals shall be forth.
and directors
for the consideration of the chairman
viz. :...., of the South-Eastern Railway CompaeY,
,x,_ e
company, uwehoeammittee to obtain an Act for forming a
junction with the t 0
construct a line, commencing at a
at a point four ina lue between Chilham and Canterbury,
ford-bridge, pttuila"fvona the latter place, near Shalms-
gby the west aide of Boughton-hill