The Sun.
London, England, 1864-09-16 00:00:00

SITTINOBOURNE AND SHEERNESS.

The half-yearly general meeting of this company was
held on Wednesday at the offices, John-street, Bedford-row
—Mr L. Simpson in the chair.

The report stated that the Board thought it desirable to
invite the aid and counsel of some of the leading share-
holders and creditors of the company, and this led to the
appointment of a special committee to consider and propose
such an equitable arrangement with all the creditors and
shareholders as would put the company into a position to
pay a dividend. The committee had since submitted such
a scheme of arrangement to the Board, it had received
their unanimous approval, and was recommended to the
*shareholders for adoption. The income of the company was
largely increasing, and if the pending questions were sets led
as proposed by the committee, nothing would prevent the
thepayment
property
of dividends
the
forthe
meantime future.ei
g n
t For the
protection of
Evans, the company's accountant, had been appointed alegal
assailants,
Mr
re-
ceiver, The accounts showed a total receipt of £231,113,
the total amount of liabilities being £87,000.

The CHAIRMAN, in moving the adoption of the report,
congratulated the proprietors on the results of the labours
of the committee, which consisted of Mr Baines,
Mr West, who represented Mr Wythes, the contractor and
principal creditor, Mr Head, Mr Atkinson, who repre-
sented the preference shareholders, Mr Hartridge for the
ordinary shareholders, Mr.L, Simpson. the chairman, and
Mr Magnus, the deputy-chairman of the company. After
many meetings and much negotiation, they had succeeded
in reconciling the conflicting interests of all parties. The
result was that the Board had decided that all claims on the
y
femu° otaiPre ea a"
pi r mustoi gmr pe
se ds
andedischarged
prosperity et
oysuhto afopf itsteh eo f company.assetsso as t
liabilities,
He toe° re-trhe cs-
gretted that they had not been able to come to an arrange-
ment with the War-office and other outstanding questions
as to land. It Was gratifying to find that, as regarded the
increase of traffic at Queenborough, there had been an in-
crease for the last six months of 17 ships and 7,003 tons of
merchandise. It was proposed to erect suitable machinery
there, and when that was done no doubt the traffic would
be doubly developed.

Mr MAGNUS seconded the motion. According to the
statement of Mr Evans, there were £78,800 of liabilities,
£5,000 interest on debentures, and £3,000 interest on pre-
ference shares—making a total of outstanding liabilities of
£87,000, to meet which there were 6,113 shares not issued,
lands to be taken by War Department, and other items.
Whether these would produce sufficient or not remained to
be seen, but the result of the proposed arrangement would
be that the company would be out of debt upon disposing
of these unissued shares and surplus lands, and any surplus
would be available for general purposes.
Mr HARTRIDGE congratulated the meeting on the result
of the labours of the committee and on the successful way
in which they had adjusted the conflicting interests. He
believed that the preference shareholders would get the
whole of their interest, an that the ordinary shareholders
would be placed in a good position.
After some observations from Mr Wade, Mr Roche, and
others, Capt Dnmerque and Mr S. Bersley were re-elected
directors, and Mr W. G. Head auditor.
The thanks of the meeting were then given to the chair-
man, directors, and officers of the company, and the meeting
separated.

THE NEW ATLANTIC TELEGRAPH.—Active ()pee
rations have been commenced during the week for
the manufacture and submersion of the new Atlantic tele-
graph cable. The construction of the ewe with all the
latest practicable improvements, is progressing at the works
of the Gutta Percha Company in the Wharf-road, City-road,
in accordance with the designs of the scientific commission,
consisting cf Captain Galton, Professors Wheatstone and
Thoms3n, and Messrs Fairbairn, Whitworth, and Varley.
The iron wire, and herup3n covering forming the exterior
portion of the cable, are also in hand at the manufactory
of the Telegraph Construction Company's works, under
Messrs Glass and Elliot,lthe contractors, at Morden Wharf,
East Greenwich, a large number of artisans being em-
ployed at both places for the purpose. Tho new cable
is in every respect a groat improvement on the old one of
1858.

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