The Sun.
London, England, 1865-08-07 00:00:00

LONDON, CHATHAM, AND DOVEIt.

A special general meeting of this company was
held on Friday at the Victoria Station, Pimlico—
Lord Sondes in the chair.

On the motion of the chairman, the directors were
authorised to convert the ordinary shares into ordi-
nary capital stock in the general undertaking of the
company that had not yet been so converted ; also
to convert 2,400 Dover preference arrears of interest
shares of £25 each (£60,000) into stock, to be called
the Dover preference arrears stock, redeemable.

The directors were also authorised to capitalise
further arrears of interest on the Dover preference
capital, by the creation and issue of £llO,OOO of
additional shares or stock, redeemable and entitled
to a dividend not exceeding 5 per cent. per annum.
Mr. Holroyd, in reply to someTibjections by share-
holders as to capitalising the arrears of theDoverpre-
ference stock, explained that it was very desirable to
spread the charge over a number of years, instead
of taking the full amount of current revenue. As
a financial arrangement it was deemed beneficial to
all parties to capitalise the arrears, and the sanction
of Parliament was obtained to an Act for capitalis-
ing the arrears and spreading the payment of them
over a period of 15 years ; so that, instead of the
ordinary and second preference shareholders not re-
ceiving anything until the whole of those arrears of
interest were discharged, they would receive, any-
thing that might be available, less £12,000 a year,
which would be set aside for the redemption of the
arrears.

The CIIAIR3IAN then moved a formal resolution
authorising the creation of £370,000 capital stock
under the Act of 1863, and of £150,000 under the
New Lines Act, 1864, and that these two stocks be
called the Victoria Station Improvement Stock.
Lord HARRIS seconded the motion, and ex-
plained the circumstances under which it was neces-
sary to raise the new capital. The company's Vic-
toria Station and the approach to it were inadequate
to accommodate the traffic ; many complaints were
made in the public press, and otherwise, of the want
of punctuality in the company's Metropolitan Ex-
tension trains, not only at the Victoria, but also at
the Blackfriars, City, and other stations. The only
remedy was to get an independent branch line of
their own, and they had accordingly. ,obtained
powers to go from a juntion near Wandsworth
Station across the Thames to the Victoria Station.
This would enable them to accommodate the traffic
of other companies as well as well as their own, by
which they would be materially benefited. The
works were in course of construction, and it was
honed they would be completed in April next.
The resolution was adopted.
Formal resolutions were passed authorising the
directors to borrow further sums of £123,000 and
£50,000 in respect of the £370,000 and £150,000
share capital referred to in the preceding resolution.
Sir M. PETO, M.P., in reply to questions by Mr.
Billings, said that his firm had been and were carry-
ing on the works vigorously, with the view of bring-
ing into operation at the same time the four lines of
rails from Farringdon-street to Herne-hill and the
Victoria Station, which he believed would be accom-
plished by April next.
The proceedings concluded with a vote of thanks
to the chairman and directors.