The Sun.
London, England, 1865-09-05 00:00:00

LAMBETH-BRIDGE.

The half-yearly general meeting of this company
was held yesterday at the office, Great George-street,
Westminster ; Lord Torrington in the chair.
The Secretary read the notice convening the meet-
ing, and also a statement in reply to recent inquiries
of shareholders, from which it appeared that only
one auditor had signed the accounts, the other audi-
tor being absent in Scotland. The bridge was in a
sound state, the only requirement during the last six
months being the painting the underneath part of
the roadway. The expenditure on capital account
to the 30th of June was £45,749, towards which
they had received from the London Gas Company
£2,276, leaving £43,473 as the net expenditure.
The receipts amounted to £31,684 on shares and
£lO,OOO on loan, together £41,684, showing an ex-
cess of expenditure over receipts of £1,789. The
assets were 924 shares of £9 each, making £8,316,
on a certain number of which the £9 per share could
not be recovered, leaving £4,948 assets being reco-
verable, which, with surplus lands and other mat-
ters, amounted to £6,214; the liabilities amounted•
to £6,183, leaving a surplus of £3l. The engineer
had estimated the cost of the bridge at £41,000, but
the actual cost would be nearer £50,000. The un-
paid calls would form a fund to pay off the liabili-
ties. The present lease of the tolls would end on
Nov. 17 next, and the directors were of opinion
that the tolls would never pay less than 5 per cent.
per annum to the shareholders.

Mr. DAVIES, the lessee, said he doubted that
statement.

The Secretary stated they had a reserve of £2,000
in hand, which would be available to make up that
dividend if requisite. There were only two direc-
tors on the board since the death of Mr. Wodehouse,
and the company had not suffered any loss from this,
but rather gained as far as fees were concerned. The
books were open to the inspection of the shareholders.
The CHAIRMAN, in moving the adoption of the
report (an abstract of which has appeared in The
Sun), said he was very much surprised on his return
to London, after an absence of nine days, to hear
that a few little differences had arisen between some
of the shareholders, and that they had expressed
dissatisfaction as to something that required expla-
nation. The company had been established about five
years, and during that time the shareholders had at
various meetings expressed satisfaction at the policy
of the board. The directors had on this occasion
recommended a dividend at the rate of 5 per cent.
per annum, and expressed a belief that the dividend
of the company would never be less than 5 per cent.
Mr. DAVIES said the net revenue would not pay 4
per cent. He contended that they should have three
directors instead of two, and two auditors instead of
one, in order to make their proceedings legal. The
calls to the amount of £9 per share should be made
on all the shareholders alike, and be paid by them.
He moved an amendment to the effect that themeet-
ing be adjourned until the requiremants of the act
of Parliament as to the number of directors and au-
ditors were complied with. He held £5,000, or one-
sixth of the capital, and had lost £7,000 by the gua-
rantee of tolls to the company, and if he should have
to pay £l,BOO more on shares which he was told
when he took them would never be called up beyond
the £1 deposit, he would hold one-fourth of the
capital of the company. He had shown his books
from time to time to Mr. Barlow as to every half-
penny that had been received from tolls on the
bridge from the commencement, and he could prove
his statement.

Mr. GOSSET seconded the amendment. He said
that, as Mr. Barlow and Mr. Davies were the largest
shareholders in the company, he was anxious to
prevent the squandering of money in law, and if
possible to bring about an amicable and equitable
settlement of differences at present existing in the
company. He thought there should be "five directors
instead of two, and that their remuneration should
not be more than £l5O per annum.
A very long discussion ensued, in the course of
which it was agreed to withdraw the amendment,
and to adjourn the meeting to that day three weeks,
with the understanding that no call should be made
The
ee
in the interval.
Tt
proceedings concluded with a vote of thanks
to
chairman, and the meeting adjourned ac-
cordingly.

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