The Sun.
London, England, 1839-11-15 00:00:00

SOUTH EASTERN RAILWAY.

The usual half yearly meeting of the South Eastern
(London and Dover) Railway Company took place
yesterday, at the Company's office, Coleman-street.
J. W. Tyndale, Esq., Chairman of the Board of Di-
rectors, in the Chair.

The CHAIRMAN said the first business would be to
affix the common seal of the Company to the register of
Proprietors.

A
SMAkEPIOLDER said he believed the register was
incorrect, and should oppose the motion.
Mr. D. W. HARVEY wished to know what was
the object of affixing the common seal to the register ?
The CHAIRMAN said it was to estabiish the right of
those who had become shareholders since the last ge-
neral meeting.
Mr. LEE said he should oppose the motion.
The CHAIRMAN said the shares of Mr. Lee were
in arrear, and he must be aware that he was not entitled
to vote or take any part in the proceedings.
Mr. HARVEY begged to dissent from that statement.
He was himself in arrear, and he wanted to have in-
for nation on the affairs of the Company. Although he
might be prohibited from voting by the Act of Parlia-
ment, he was not precluded from making any observa-
tions he thought proper with respect to the guardian-
ship of his property.—(Hear.) He hoped the meet-
ing would allow the Proprietor to state the grounds he
had for opposing the motion, as it would be satisfactory
to persons in similar circumstances.
The CHAIRMAN conceived no Proprietor in arrear
could vote or take part in the discussion. That at least
was his construction of the clause.
Mr. HARVEY—That may be a convenient construc-
tion for the Chairman, but it won't do for the meeting.
The CHAIRMAN did not know what Mr. Harvey
meant. He had no right to impute motives to him,
Mr. HARVEY—I don't mean to impute motives, but
we won't take your construction.

The CHAIRMAN—You have given your opinion, and
I have a right, I conceive, to give mine.
Mr. HARVEY—I beg your pardon. I only state a
fact.

Mr. LEE said he would object to the motion, because
certain parties had obtained shares at a sum of 31., when
he had been obliged to pay 71. on each.
Another Proprietor said he thought if a shareholder
would not pay up his shares, he did not think they were
justified in hearing his observations or entertaining mo-
tions submitted by him. It would be permitting an in-
terference with the property of others.
Mr. HARVEY was glad to receive any suggestion for
the benefit of the Company to which he belonged. He
dissented, however, from the doctrine that a shareholder
in arrear should be only heard on sufferance. Every
shareholder had a right to address the meeting
on any point affecting his interests.—(Hear,
hea.) He was there as the guardian of his own inte-
rests, and if he did not get protection there he
would go elsewhere.—(Hear, hear.) He did not ap-
prove of the illiberal construction which the Chairman
had put upon the clause when any subject was brought
forward which was calculated to advance the interests
of the Company. Now it appeared to him a good
ground for refusing to assent to the present motion, that
some parties had obtained shares for Si. which others
had paid 1.5/. for.

The CHAIRMAN had never controverted the right of
any Proprietor to address the meeting. There was, he
could confidently state that there was no single act of
the Directors which they would shrink from giving the
utmost publicity to.

Mr. HARVEY said, that having been compli-
mented with legal proceedings, he should now look
into these proceedings. He should pay the solicitor
his paltry costs, and pay the instalments due
upon his shares, and then at all events he would he
entitled to look into the concerns of the Company. He
should be glad at all events to know who the favoured
parties were who got the shares at that low rate.
Mr. TYRRELL said there were several statements
made relative to the number of shares forfeited, and he
would be glad to know which of them was the correct

one.
A rather angry and personal discussion here took
place between Mr. Tyrell and the Chairman, the latter
indignantly repudiating the charge that he had made in-
consistent statementswith respect to the number of for-
feited shares.
The SECRETARY said Mr. Tyrell's error arose
from a confusion of dates and facts. It appeared
that some time ago 7,504 shares had been re-
turned to the Company which had been treated
as forfeited shares. These, by a resolution of
a general meeting of the Proprietors, had been re-issued
at 121. discount, and sent in the first place to the Pro-
prietors for their acceptance. No preference was given
to any party. At the general meeting in May last it
was stated that the register consisted of 26,173 Proprie-
tors, leaving a deficiency of 1,827 shares ; these 1,827
had been since disposed of, and the purchasers were
then upon the register of the Company. The number
of forfeited shares at the two different periods led to
the mistake which Mr. Tyrrell had made.
Mr. HARVEY said he thought the discussion they had
had was in some respects useful. It might perhaps be
an object to have the common seal affixed to the re-
gister, and if so, he would not object to it. He was
glad the explanation had been given, that instead of
7,500 shares, only 1,800 had been forfeited, and sub-
sequently sold at a loss. Now, he would wish to know
what the amount of that loss had been in the transfer.
The SECRETARY said there was no loss to the Com-
pany in the transaction. If a party had taken seven
shares, and paid 21. per share, he received in exchange
for them two shares at 71. each. The loss arose when
the general meeting, in May 1839, authorised the sale
of the 1,800 shares at a discount. The loss sustained
included the amount due upon the consolidation of the
shares of the Hon. Member for Southwark himself.
Mr. HARVEY—Now, Sir, you are the servant of the
Company, and I call you to order as their servant and
as mine. You are paid out of my pocket, and you have
no right to make an observation which is uncalled for
and unfounded. The Company will suffer no loss from
me.—(Hear, hear.)
The SECRETARY—AII I can say is, that it has been
lying over a year and a half unpaid.
Mr. HARVEY—Have you not charged interest?
The SECRETARY—I have not.
Mr. HARVEY—Your solicitor has marked it with in-
terest, and every penny shall be paid.—(Hear.)
The CHAIRMAN requested the Secretary to state the
amount of the loss.
The SECRETARY said the amount lost by the issue of
the new shares at a discount was 135,000/.
The motion that the common seal be affixed to the
Register of the Company was then agreed to—three
nands being held up against it.
The R port of the Directors was then read by the
Secretary, with the half-yearly statement of Receipts
and Expenditures.
A lengthened and able Report from Mr. Cubitt, the
Engineer, was then read, detailing the progress of the
Works.
Mr. HARVEY before the Report was adopted, wished
to offer a few remarks. The great question with the
shareholders must be, whether, the capital
in their hands would be adequate to accom-
plish the object they had in view. The capital
to be raised was 1,400,0001., and if he took down the
figures of Mr. Cubitt correctly, the four divisions into
which the work was divided would amount to something
under 1,300,000/., which left a sum of 100,000/. sur-
plus ; but it had been stated a short time previously
that they had lost a sum of 135,0001., so that they were
,n fact 35,000/. deficient. But that was not all—they
had already expended a sum, as appeared by their ac-
counts, of 275,0001., for objects not worth a farthing--
(A laugh)—at least the greater part of the expenditure
before Parliament was, so far as the profit's of the Com-
pany went, of not the least value. Besides, there was the
sum to be paid to the Brighton and Croydon lines for the
use of a portion of their line to Godstone. Now when it cost
more than the original capital to make the line from Dover
to Godstone, through a district where the land was cheap
what additional sum, he would ask them, would it cost,
either to purchase the right of going upon other lines or '
constructing one for themselves from Godstone to Lon-
don ?—(Hear.)
Mr. FOWLER said he had been lately at Dover, and
he did not think the works at the Shakspeare tunnel
were going on in a business-like manner.
Mr. CUBITT—May I ask when that was
Mr. FOWLER—About a month ago.
Mr. CUBITT said the works were not then in the
hands of the Company—they were in the hands of the
contractor.
A PROPRIETOR said the works at Sneeth would be
extremely heavy, and he feared from all he had seen of
the line, that they never would be able to accomplish
what they contemplated. He had gone
over
de
a great
part of the line, and could speak
that unless ocularunless there was
It appeared to him,
satisfactory evidence or statements_e
given to them, that
they had better at once dissolve
his professional
Company,
Mr. CUBITT would stake professional character
upon the Report he had made. He
leee had
ndot insensible
to the difficulties of the line,a dluded to
these points of Sneeth and other andplacesin his Report,
and he was satisfied it could be completed for the esti-
mated sum.
Another PROPRIETOR wished to know if it was true,
as had been reported abroad, that the chalk stratifica-
tion was incliued towards the sea, that water would
penetrate, and that it would be liable to expansion
from frost, by which the stability of the works would be
endangered ?
Mr CUBITT said the Hon. Gentleman had been to-
tally misinformed. The works were all of the most
permanent and stable character, and any Gentleman
applying at the works would receive the most satisfac-
tory information from the resident engineer.—(Hear.)
Mr. TYRRF.LL wished to know whether the Direc-
tors had not lent a sum of 10,000/ ?
The CHAIRMAN said the question was asked by
the legal adviser of a party who had filed
a hill in equity, for the purpose of making
the Directors personally- liable. The object was merely
to ( ntrap him into an answer which might be used else-
where to his (the Chairman's) personal injury, and to

ETENING EDITION.

defeat the just claim.‘ of the Company. Under such
circumstances he trusted he would not be compelled to
answer the question.—( Hear, hear.) He was their
Chairman, and be trusted he should receive their pro-
tection.—(Cheers.)
Mr. TYRRELL said a sum of 3,0001. was lent to ano-
ther Company, and he wished to know whether any se-
curity had been obtained for that sum ?

The CHAIRMAN said he had the same objection to
answer that question, as the object of both was the same.
One word with respect to himself—he had been met with
anything but the cordiality which he expected under the
extremely embarrassing and disadvantageous circum-
stances in which he and his brother Directors were placed.
He should be most happy, and it it would take a load
of anxiety off his mind, to resign the position he held, at
the very earliest °ppm-unity. The Chairman then
entered into a variety of de•ails connected with the fur-
ther progress of the works, for the purpose of showing
that the funis at the disposal of the Company would be
amply sufficient to c ,rry them to completion. He
would state in conclusion, that he never knew a period
when the proceedings and affairs of the Company were
in so prosperous and satisfactory a state. He felt satisfied
that the undertaking would amply remunerate the
Proprietors, and if he individually had the means
he would not hesitate to carry out the line to
its completion. There was not a single state-
ment connected with the management of the Com-
pany, which they wished to hide, but it was one thing
to give an amicable explanation and another to
have statements dragged from the Directors which
would be afterwards used in a suit against the Company,
—(Hear.) Whatever result they might come to he
was satisfied that they would give the Directors credit
for having conducted the affairs of the Company to
the best of their power.—(Cheers.)
Mr. HARVEY was gratified to hear a good deal of
what had fallen from the Chairman, and if it was under-
stood that when the next call was made a Committee
would be appointed to report upon the practicability of
completing the line, he would cheerfully pay up his
shares, with all the instalments due upon them. As to re-
moving the Directors, he for one never entertained the
slightest idea of the kind.—(Hear, hear.) Notwith-
standing what had been thrown out by Mr. Tyrrell,
which pointed out where be might have a good defence,
he would not withdraw from the statement he had al-
ready made, that he would pay his instalments to-mor-
row morning. He hoped it would be understood that,
before the next call was enforced, a Committee would
be appointed to investigate fully the affairs of the Com-
pany, so that, if there was no ultimate prospect of suc-
cess, they might get quit of all liability.
A PROPRIETOR (Mr. Palmer, we understood) said
he would move the adjournment of the meeting till Sa-
turday next, or until a Committee had been appointed.
He thought that would tend very much to restore the
confidence of the public.
Mr. RENNIE would also support the motion for the
appointment of a Committee.
The CHAIRMAN had no objection to the appointment
of the Committee at the present time.
After some discussion, it was moved that a Commit-
tee of five be appointed to investigate the affairs, ac-
counts, and works of the Company, and report to a
special general meeting of the Proprietors.—Agreed to.
The Committee was then named.
The Report was then agreed to, and ordered to be
printed.
Thanks were then voted to the Chairmain, and the
meeting, which was rather numerously attended broke up-