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

LONDON, CHATHAM, AND DOVER.

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 some objections by share-
holders as to capitalisingthe arrears of the Doverpre-
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 CHAIRMAN 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 4TARRIS 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 cf
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
hoped 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.

MID KENT (BROMLEY TO ST. MARY CRAY).
The half-yearly meeting of this company was held
on Tuesday at the office, King's Arms-yard, Moor-
gate-strect--Mr, W. Dent in the chair.
On the motion of the CHAIRMAN, a dividend at
the rate of 4 per cent. per annum for the past half-
year was declared payable on the Bth inst.

NORTHAMPTON Aor
thiBANBITRY.
The half-yearly meeting this company
mpany was held
on Saturday, at the office, Victoria_ street, West-
minster—Dr. Beattie in the chair.
The report stated that the works were - progressing
satisfactorily, and there was reason to believe that
the railway would be opened for traffic by the time
originally contemplated. An Act was obtained in
the last session for making an extension line from
Chipping Norton to Banbury, and running powers
were secured over the Buckinghamshire line and
part of the London and North-Western, by which
they would be enabled to convey iron ore from
Northamptonshire to South Wales. Running powers
were confirmed by Parliament, and also the making
of a half-mile branch of the Northampton and Peter-
borough Railway at Northampton. The whole
length of the line would be 51i miles. They would
ask the proprietors for power to raise capital on 5
per cent. preference shares authorised by the Com-
panies' Branch Act, 1865, and also by their Exten-
sions Act, 1865. The report of Mr. Collister, the
engineer, stated that the entire line would be com-
pleted by the autumn of 1866.
The CHAIRMAN, in moving the adoption of the
report, said he thought he might congratulate the
proprietors on the success of the Board in Chipping
Norton, and from Banbury to Broekley, which would
not only enable them to develop the local traffic, but,
also through traffic between Northampton and South:.
Wales, by taking iron ore from Northampton anfl.
bringing coal from South Wales to Northampton an' 3
other stations on their line. The extension from
Banbury
route to
Norton would give them the
to Cheltenham and Gloceater, anclp

along the Severn Valley line, to Monmouth and South
Wales. It was evident that those extensions would
give them great advantages. The report of the
engineer told them that the works would be com-
pleted within the time specified, which must be con-
sidered satisfactory.
Mr. SHELDON seconded the motion, and stated that
he resided in the centre of the district through which
the extension from Banbury to Blockley would pass.
It was greatly in want of railway communication,
was a rich agricultural district, and rather thickly
populated. It was also a grazing country, and in
want of young cattle, which could be supplied direct
from Wales by their lines. Coals were dear, but
when the extension railway was made through the
district they would be considerably cheaper.
Mr. BANKS remarked that there was a great want
of direct railway communication from Hereford to
Northampton, which their line would supply. They
now carried iron ore from Northampton to Merthyr
to mix with other ores there, and when other com-
panies' new lines, sanctioned last Session, were com-
pleted, and also their own lines, he thought they
would have an enormous traffic.

The report was unanimously adopted.
The meeting was then made special, and the
directors were authorised to create and issue exten-
sion shares with a preference dividend of 5 per cent.
per annum for the purposes of extension lines.
The proceedings concluded with a vote of thanks
to the chairman. .