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 ba 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
Blackfriara-bridge had been a great advantage to
their undertaking. The Parliamentary proceedings
had been very important during the past Session,
and several Bills aff.ctiug 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 aEk questions they would be
answered. He considered the reports of their engi•
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
las the receipt on the Chatham line proper. He
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 cira
cular 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 waned to know upon what terms
the Lloyd's bonds had been issued.
Mr HOLROYD 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 ti debt, and
the amount of those that had been issued was in.
eluded under the head of liabilities on the accounts.
One man might transfer a debt to another—bat
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 corn■
pany were included in two items—one liabilities
for the general undertaking amounting to £038,291
and the other for the metropolitan extensions,
amounting to £471,888, These items included the
liabilities of every description up to that date.
Lord HARRIS hoped and trusted that the state-
ments of accounts were correct, and that the usual
information would be found in them. They could
not expect to have the traffic 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 HARTRIDGE thought that every kind of in.
formation should be given to the proprietors.i
He had read an account of 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 £30,000 net traffic on the main line
would just cover the rent charges on the western

extension and the Victdria station, and after paying
the Mid-Kent rent, would leave £3OO or £4OO, and
not a shilling for the debentures. There was also a
debt for interest in respect of the Dover extension
of £67,000, which would have to be paid in some
day. He believed that Mr Forbes had stated that
a traffic of £B,OOO a week would pay all the pre,
ference charges on the main line, but that must be
the average for the whole year, since then
£2,000,000 had been added to the capital. He esti-
mated that £12,500 a week would be required to
pay 5 per cent. all round, which he hoped they
would have some day, They had now power to
raise altogether £16,500,000, and it would require
a traffic of £31,750 a week to satisfy every one.
Mr ADAMS estimated the present capital at
L 16,900,000.

Mr HARRISON estimated that the loss on working
the steamers must be something like £30,000 a year,
allowing for depreciation and everything.
Mr SURG EY thought it perfectly useless to talk
over their affairs in that manner, while several lines
were in course of construction, the traffic greatly
increasing, and before their present system was
completed. We should at least allow some time for
the development of the traffic after the completion
of the undertaking.
Mr FORBES, the general manager, explained that
if the traffic continued to increase as it had done,
everything would be amply covered in a reasonable
time after the opening of the company's lines now
in rapid course of construction.

The report was then unanimously adopted.
The meeting was then made special, and the
directors were authorised to raise additional capital
of £1,600,000 for the metropolitan extensions, by
the issue of 160,000 ten-pound shares, to rank pari
pant; with the deferred A shares ; also under the
Act of 1864 to raise on debentures, £533,333 in re-
spect of the metropolitan extensions, They were
then authorised to convert 82,500 A deferred shares
of the metropolitan extension into A deferred stock.

On the motion of Mr REES, seconded by Mr
HARTRIDGE, a vote of thanks to the chairman and
directors concluded the proceedings.

LEEDS, BRADFORD, AND HALIFAX
JUNCTION.

The half-yearly meeting of this company was
held yesterday at Bradford, Mr. W. Brown in the
chair.

The report having been read,
The CHAIRMAN expressed his confidence frnm the
receipts of the Great Northern Company during the
past half year and the prospects of the company in
the coming half year, that the shareholders of the
Leeds, Bradford, and Halifax Junction Company
would, under their agreement with the Great
Northern, receive in the present year a dividend
after the rate of from 7 to 8 per cent.
The report was adopted, and a dividend after the
rate of 6 per cent. per annum for the half year end.
ing the 30th of June was declared.