The Sun.
London, England, 1865-08-29 00:00:00

SITTINGBOURNE AND SHEERNESS.

The half-yearly meeting of this company was
held yesterday at the office, John-street, Bedford-
row ; Mr. L. Simpson in the chair.
_. _

The Secretary read the report, which expressed
the regret of the directors that they were unable to
announce the close of the long-pending arrange-
ments whereby the debts of the company were to
become liquidated by preferential shares, which
could not, they feared, be carried out without
Legislative enactment. The agreement between
this company and the London, Chatham, and Dover
Company, under which the latter company worked
the line, expired on the 19th of July last, and the
directors were now negotiating the terms of a per-
manent lease to that company, with the object of
including the entire undertaking of this company in
the lease.

The CHAIRMAN, in moving the adoption of the
report, regretted he was unable to lay a more satis-
factory report before the shareholders. He had
been in hopes that before this meeting the whole
assets of the company would have been realised, its
liabilities ascertained, and the final arrangement
with the London, Chatham, and Dover Company
completed ; but, unfortunately, the affairs of the
company were so complicated that the whole of the
past half-year had been occupied with legal matters
affecting the rights of the preference shareholders,
which would be fully explained by the solicitor. An
offer had been received from the London, Chatham,
and Dover Company, but the arrangements had not
arrived at that stage when it would be prudent to
state the terms. They were all aware that they
could not receive a less sum than the minimum
agreed upon, £5,000 per annum ; but he thought
the line ought to produce a much larger sum.
(Hear.)
The report, after some discussion, was adopted.
Messrs. Comyn and Leese, the retiring directors,
were re-elected.

The meeting was then adjourned until the 25th
of October, to give time to the directors to com-
plete their arrangements with the London, Chatham,
and Dover Company, and to consider whether it
would be more in the interests of the shareholders
to refer the matter to arbitration or to apply to
Parliament for further powers.

A vote of thanks to the ehairman concluded the

proceedings.

COCKER/EOLITH, KESWICK, AND PENRITH.
The ninth half-yearly meeting was held on Satur-
day, at the Keswick station ; Mr. T. A. Hoskins in
the chair.
The report stated that the directors had reason
to believe that the cost of the line would not ex-
ceed £lO,OOO per mile. The receipts from the
opening of the line to the 31st of July were
£11,168, and the outlay £7,086, leaving a balance
of £4,082. The amount of £2,360 was available
for a dividend, at the rate of 2 per cent. per annum,
less income tax.
The CHAIRMAN congratulated the shareholders on
the prosperity of the line during the seven months
it had been open. He had every reason to believe
that the cost of construction would not exceed
£lO,OOO per mile. He believed that there would be
no limit to the expansion of the tourist and passenger
traffic, so general was the wish to visit the beautiful
scenery of which Keswick was the centre. During
the last few weeks the goods traffic had very much
improved, especially in pig iron, which had tra-
velled along their line to Hartlepool and thence to
Rotterdam. The mineral traffic also gave fair pros-
pect of increase. Although nothing official from the
London and North-Western Company was known,
he believed it was not their intention to lease this
line at present. He alluded to the importance of
preserving friendly relations with the London and
North-Western Company, who had behaved most
loyally towards them, every way aiding them to de-
velope traffic,and making no attempt to compromise
their independence.
Mr. I. FLETCHER (deputy-chairman) seconded
the motion, which was carried.
The CHAIRMAN moved that a dividend at the rate
of £2 per cent., less income tax, be declared on all
paid up shares, made payable on and after the Ist of
September.
Mr. I. FLETCHER seconded the resolution, which
was carried.
The retiring directors and auditor having been
re-elected, the proceedings terminated with a vote
of thanks to the chairman and directors.