The Sun.
London, England, 1854-02-17 00:00:00

in the accounts, and contended thatthe iteins adverted to by
Mr. Dickenson ought to be,charged to ,capital, instead of re-
maining as they did in the balance-ailed. It would be a great
injustice to the present proprietors"to charge the amounts
expended for additional working stock and sidings to revenue
instead of to capital.
Mr. HERAPATIX wished to know ,what. was the amount of
capital they were authorised to raised and what prospect they
had of closing the capital account?
Mr. Horns, one of the auditors 'Said, they had power to
raise on unissued shares 600,009/. The total amount of capi-
tal they were authorised to raise wati 7,434,0001. on shares
and 2,478,0001. on loan.
After some further observations the report was adopted,
and a dividend at the rate of 5 per tent. per annum for the
half-year was declared, subject to a rieaction of income tax.
Mr. CURRIE then brought forward Is motion for the elec-
tion of the new directors. He enter into an explanation of
the circumstances under which Sir V. Heathcoto had con-
sented to select six new directors fro* the two committees of
shareholders, in order to put au end tir the strife then exist-
ing in the company. He then proposed. that Sir W. Heath-
cote, Bart.., M.P., the Hon. R. H. Dutton, Colonel Luard,.
Colonel Henderson, Mr. Mortimer, Captain C. E. Mangles,
and Mr. E. J. Hutchins, be elected directors of the company.
Mr. W. P. SNELL seconded the motion.

The CHAIRMAN said, as a matter of order he would propose
that Colonel Henderson and Mr. C. S.. Mortimer, the retiring
directors, be re-elected.

The motion was seconded and carried.
Mr. CURRIE then proposed that Sir W. Heathcote, Bart.,
M.P., be elected a director in the room of Mr. H. Kerr Sey-
mar, M.P. ; Captain Manhles, a director in the room of Mr.
J. Mills ; Mr. Hutchins, a director in the room of the Hon.
F. Scott, M.P. ; Colonel Luard, a director in the room of Mr.
W. Reed; and the Hon. R. H. Dutton, in the room of Mr. J.
Hibbert, jun., resigned.
Mr. W. P. SNELL seconded the motie ,
A long discussion ensued, in which- Kay, Mr. Hender-
son, and Mr. •Tite took part, ed in the resolution
being unanimously adopted. • , - •
Another long discussion ensued on the proposition for re-
electing Mr. Hoyes,. the retiring auditor, and accepting the
resignation of Mr. Close, the other auditor. Mr. Austen and
Mr. W. P. Snell were proposed to be elected auditors ; but
eventually it was agreed to re-elect Mr. Noyes, and Mr. Close
was requested to retain office for a short time longer, Mr.
Snell and Mr. Austen having withdrawn their names.
Resolutions were passed requesting the directors to watch
the progress of certain bills in Parliament, and to take such
steps as may be desirable with respect to them, and ordering
68,0001., expended on working stock and sidings to be
charged to capital account.
On the motion of Mr. KAr, seconded by Mr. Rows, a cor-
dial vote of thanks was passed to the Hon. F. Scott, and the
directors with him, who had recently resigned their seats at
the board, for the zeal and energy with which they had
served the company.
The proceedings concluded with a vote of thanks to the
chairman.