The Sun.
London, England, 1853-06-16 00:00:00

RAILWAY INTELLIGENCE,

LONDON, BRIGHTON, AND SOUTH COAST.
A special meeting of this company was held yesterday
at the Bridge-house Hotel, London-bridge, to consider
a bill now before Parliament to enable the company to
enlarge their station at London-bridge and their goods
station at Brighton ; and to make a branch railway to
the Crystal Palace ; and for converting the debenture
debt of the company into stock or shares; Mr. S. Laing,
M.P., in the chair.
The solicitor read the heads of the bill, in the pream-
ble of which all the former acts relating to the company
were recited. Power is given in the bill to enable the
company to collect in one sum the fare by the railway
and the admission to the Crystal Palace. The works
authorised by the bill are to be completed in four years
from the passing of the act. Power is given to convert
the debenture debt of the company into a preference
stock, entitled to a dividend not exceeding 3i per cent.
per annum, or to grant perpetual annuities in lieu of the
mortgage debt.
The CBAIRMAN said he believed it was hardly neces-
sary to detain them one minute with any observations on
the bill, as the whole matter had been fully discussed at
former meetings. In compliance with the resolutions
of Mr. Cardwell's committee, all the clauses relating
to leases and other arrangements with branch lines
were withdrawn from the bill. In doing so the di-
rectors had no wish to prejudice the claims of persons
relying on those leases and agreements being carried
out. The clauses were postponed for the present,
in compliance with Mr. Cardwell's resolutions, but
not from any change in respect of them by the board.
The directors now held the same opinion respecting
the leases, &c., as they did when they first submitted
them to the proprieters. He had no doubt that those
claims would be brought forward again and submit-
ted to Parliament, and that the latter would then, pro-
bably, be prepared to entertain the question. The
principal matters in the bill he bad to submit for their
approval were arrangements with the trustees of St.
Thomas's Hospital and the Commissioners of Streets,
by which certain pieces of land were taken from the
hospital for additions to the station, and other pieces of
land given by the company to the hospital in lieu
thereof, which could not be done without the permission
of Parliament. They had also power to construct cer-
tain works and to convert the debenture debt into 31
per cent. stock. But this could not be done at the
present moment, as the state of the money-market was
not favourable, but these powers would enable the com-
pany at a future period to avail itself of a favourable
state of the market for raising money at a low rate of
interest. He concluded by moving a resolution ap-
proving of the bill.
Mr. SCHUSTER seconded the motion.
A Proprietor suggested that it would be better to
convert the mortgage debt of the company into ordinary
stock than to create preference shares.
The CHAIRMAN said, the existing acts of the company
would enable them to do so if the proprietors thought
it advisable, but he thought they had better have the
alternative of creating a debenture stock at a low rate
of interest, should it be deemed more advantageous for
the company. At all events nothing could be done in
that way without consulting the shareholders.
Mr. lIRRAPATII thought it would not be objectionable
to do as suggested, if they could not borrow money
at less than 411 per cent., but, as it was probable that
they would be able to borrow money at some future time
at 3i per cent., or less, it was necessary they i•h3uld
have the power to do so, should the opportunity occur
of reducing the amount paid in interest on the debenture
debt. It was by reducing the rate of interest on bor-
rowed money that the London and North-Western and I
other companies were enabled to increase the dividend
on the ordinary shares. The lower the rate at which
the company could borrow money, the better it would
be for the original shareholders. (Hear, hear.) He
wished to know whether any alteration had been madein
with theof by the
Palace Company
since the
proprietors.
The CHAIRMAN said, the only alteration in the original
agreement was, that in place of guaranteeing a certain re-
turn on 75,0001., they had enlarged their operations,
theit arrangement
me
approvednardtand extended the amount to 150,0001. The plans
relating to the Crystal Palace had gradually become
re