The Sun.
London, England, 1854-11-22 00:00:00

VICTORIA LONDON DOCK COMPANY.

Yesterday an extraordinary general meeting of the
shareholders in this company was held at the London
TAvern, for the purpose of considering the propriety of
leasing the undertaking to Messrs. Peto and Co., for a
term of twenty-one years. Mr. J. P. Heywood, the
chairman, presided.
The report was taken as read.
The CHAIRMAN, in moving that the report be received
and adopted, stated that the directors had embodied in
the report all the particulars pro and con. that they
knew of the undertaking, but bad thought it best not to
express any opinion either way, thus leaving to the
shareholders the responsibility either of adopting or re-
jecting the agreement. Their dock, which would con-
tain a much larger water area, and had been constructed.
at a much less cost than other dock companies, would,
ho had no doubt, realise a handsome dividend. At the
commencement of their undertaking they would have to
encounter the great influence of the existing dock com-
panies ; a considerable time would no doubt be required
to draw a paying business ; a sacrifice of immediate pro-
fit for the sake of eventual benefit would no doubt in the
first years have to be submitted to ; and therefore he
thought it would be for their benefit if they agreed to
the preposition of Messrs. Peto, Betts, and Brassey, to
lease their undertaking for twenty-one years, the lessees
paying 5 per cent. upon the share capital paid up, and
giving security to the extent of 150,0001. for the per-
formance of the covenants of the lease. The chairman
concluded a very long speech by moving the adoption of
the report.
The motion, having been seconded, was carried.
The CHAIRMAN then moved a resolution having for its
object the ratification of the lease.
Mr. RAISES CURRIE, M.P., in seconding the motion,
was of opinion that they ought to act in a liberal spirit
towards the lessees, arid, if needs be, extend the length
of the lease. He thought that they ought also to con-
struct dry docks, which would be a source of great profit
to them, for no port throughout the kingdom was so de-
ficient of dry deck accommodation as the port of London.
Those docks could be constructed at a much cheaper
rate now than when the water was let in.
The CHAIRMAN, in answer to several proprietors,
stated that the 150,0001. was only intended as a security
for the interest, and not as a payment in case of non-
completion of the contract. With regard to the exten-
sion of the lease, he might at once state that the act of
Parliament limited the time to twenty-one years. The
subject of the commutation of the half profits had been
under the consideration of the directors, and he would
admit that, many of their shareholders having entered
the undertaking for the sake of a solid investment for
their money, it would be for their benefit if such could
be carried into effect ; but the great difficulty which had
been experienced in the matter was to fix the proper
amount. In conclusion he remarked that the engineer,
secretary, and dockmaster would be appointed by the
company, which he thought would be a sufficient gua-
rantee that no works not absolutely necessary would be
undertaken, and also that the accounts would be correct.
The m, tion was then put and carried unanimously.
A. vote of thanks to the chairman concluded the busi-
ness, and the proceedings, which were of a protracted
character, terminated.