The Sun.
London, England, 1853-01-27 00:00:00

THE CITY TERMINUS.

Yesterday, a meeting of the shareholders in the com-
pany which had been formed to carry out the plan of
Mr. Charles Pearson, the City Solicitor, was held at
their offices, New Bridge-street, Blackfriars, to receive a
report from the Board of Directors.
On the motion of Mr. PEARSON, the chair was taken
by

Mr. ACTON AYBTON, who, after apologising for the
absence of the secretary, from a domestic affliction, pro-
ceeded to read the following report :
" In consequence of the very short time which elapsed
between the first announcement of this project and the
meeting of Parliament, the directors were led to entertain
doubts whether it would have been possible to comply
with the standing orders, which required a subscription
contract to be signed, and a deposit to be made of three-
fourths of the capital, whilst the public were scarcely
informed of the precise nature of the undertaking ; but
most responsibly contractors having been anxious to
avail themselves of the opportunity offered by the reso-
lution passed at the last meeting, the directors were
enabled to make a very satisfactory arrangement, by
which, without any sacrifice of capital, the subscrip-!
tion contract was completed, and the deposit of 45,000/.1
made in due time. The directors have since allotted'
shares to persons anxious to support the company ;
and with the exception of those which are specially
reserved until after the act is obtained, to meet pend-
ing negotiations, only 2,500 shares remain at their dis-
posal, and for which they have received an application
but have postponed complying with it until the share-
holders had had an opportunity of expressing their
wishes on the subject. A numerous and respectable
body of shareholders being, however, constituted, the
directors feel called upon to redeem the pledge contained
in the prospectus, that a certain number of their body
would resign their offices to afford the shareholders
opportunity of effecting whatever change in the directinonn
they might desire. The directors having since acquired
a larger stake in the company, have devoted muchtime
and attention to its affairs, and become
more conversant
with the merits of the undertaking ; and having now
embarked in important negotiations to further its
objects, they suggest to the shareholders that it would
be expedient that the responsibility of bringing the pro.
ject to maturity should be entrusted to those with whom
it originated ; the undermentioned gentlemen who retire
by lot, therefore offer themselves for re-election—Mr.
Burchell, Mr. Dakin, Mr. Bayne, Mr. Laurence, Mr.
Virtue, Mr, White. The directors informed by r.
are e
solicitors of the company, tat the standing orders of
the Houses of Parliament have been complied with in
all respects, and they have every reason to hope that the
bill will pass through Parliament this session."
The CHAIRMAN then addressed the meeting at consi-
derable length in favour of the project, and concluded by
moving the adoption of the report, which was accordingly
agreed to unanimously.
Mr. CHARLES PEARSON said that having
seat as an honorary member of the board,
117r:fret his