The Sun.
London, England, 1847-07-13 00:00:00

THIC StlX_

CHARING-CROSS-BRIDGE.
A special general meeting of the shareholders in this
company was held yesterday, at the offices of the com-
pany, 9, Villiers-street, Strand, " to reconsider and
rescind, if it should be thought fit, the determination of
the special general meeting of the company, held on
Saturday, the 19th inst., against confirming the arrange-
ment made by the directors.with Messrs. Jackson, Sir J.
Walmsley, Reed, and Fuller, respecting the contract for
the sale and purchase of the bridge and the property of the
company. And also to reconsider and rescind, if it
shall be thought fit, the resolution passed at such meet-
ing, whereby the proposition made by the directors for
raising the sum of 20,000/., by the issue of 32,000 new
shares of 61. ss. each, and to be called quarter shares, was
negatived, and an amendment thereupon, for appointing
a committee of seven shareholders to examine and re-
port upon the accounts of the company, agreed to ; and
to adopt such measures upon each of the said matters as
may be then deemed expedient." Mr. William Hawes
occupied the chair. A considerable number of share-
holders were present.
The clerk (Mr. Lawrence) having read the advertise-
ment convening the meeting,
The CHAIRMAN was about to explain the object of the
meeting, when he was interrupted by
Mr. ELKINS, a solicitor, who stated that he had become
a shareholder since the last meeting, and that he was
anxious to know how the Chairman proposed to get rid
of the resolution agreed to at the last meeting, which,
judging from the respectability of those who supported
it, would, he thought, not be allowed to fall to the
ground? He asked the opinion of the Chairman on this
matter, in order that the gentlemen who supported the
resolution to which he referred, and who were still of the
same opinion, might know how to act.
The CHAIRMAN said the committee mentioned in that
resolution was not appointed at the last meeting, and as I
that was not an adjourned meeting, it could not be ap-
pointed at it. The business which the last meeting was
called to transact had been determined and completed
when it rose. It was absolutely essential for the good
conduct of public assemblies that gentlemen should
observe the rules on which such assemblies were gene-
rally conducted, and therefore he trusted that no one
would speak more than once, except in reply.— (Hear.)
It was necessary for him to state this, as no doubt strong
expressions would be used ; and as much irregularity
would no doubt prevail on this as on the last occasion, he
trusted the meeting would adhere to the rule he had laid
down. He wished it to be distinctly understood that the
proceedings of the meeting_ commenced de sieve.
Mr. STUTELEY adverted to a circular which he had
issued in reply to charges which had been made against
him by the Chairman, and wished to know whether it
would be fitting for him to make some observations on
the matter before the commencement of the business of
the meeting?
The CHAIRMAN said, with respect to the observations
of Mr. Stuteley, as far as he was concerned, he was
perfectly careless whether or not he accompanied any
observations he intended to make with fresh allusions to
his conduct as chairman. He did not intend to allude to
the correspondence which had taken place between them
at that stage of the meeting, though it might be neces-
sary for him to do so before its close. He should first
state the whole of the proceedings of that company, and
then submit certain resolutions seriatim to the meeting.
The object of the meeting was simply to bring before the
shareholders again the resolutions which were negatived
at the last meeting. Two resolutions were then brought
forward—the first to determine the contract with Mr.
Jackson, Sir Joshua Walmsley, and others, for
the sale of the bridge ; and the second to
authorise the directors to take means to raise a
certain sum of money to enable them to place the
liabilities of the company on a much more satisfactory
basis than at the present moment. He stated, he
thought, clearly at the last meeting that the sum sought
to be raised was not for the purpose of discharging any
liability not previously known, and accounts of which
had not previously been submitted to the meetings of
the company, and which had not been audited by the
auditors of the company, but of sums regularly placed
before the company from time to time, and at that meet-
ing they took the opportunity which then presented
itself, and which had been delayed by the negotiations
with respect to the sale of the bridge, of placing their
affairs before them, and of devising some plan by which
they might be placed upon a satisfactory basis. The
remarks made at that meeting against the conduct of
the directors showed that those who made them had
either forgotten that accounts had been submitted to
them, or they had treated them as waste paper, and
been put out of sight altogether. They asked the share-
holders to give them power to raise about 20,0001. upon
the creation of new shares under their second Act of
Parliament, but they stated in making this proposition
that it was a bad mode of proceeding; but no other
course was open for them to adopt, as they had raised
all the money they could on debentures. The money
they thus proposed to raise was to be devoted to the
repayment of the money which Mr. Jackson and others
had deposited, to discharge several outstanding liabilities,
but especially the debt due to their bankers. The amount
due to Mr. Jackson was taken credit for in the balance
sheet submitted to the meeting in July, 1846, and at the
meeting in the following August they would find that
not only did many gentlemen, who were now op•
posed to :each other, take part in the discussion
which then ensued on the matter, but the question of the
propriety of applying the money to defray the liabilities
of the company was openly canvassed, and Mr. Adams,
whose acquaintance with accounts was surpassed by
few, stated that the investment of the money at interest
of five per cent. was the best thing that could be done
with it. Out of it, however, they paid the Exchequer
Loan Commissioners the first instalment of the money
they had borrowed from them, as they were well aware
that the whole of their property in the bridge was mort-
gaged to them, and they could not have disposed of the
wharf, or of any of their property, until that amount had
been paid. Believing, therefore, that the:contract would
be carried out in all its integrity, that it was a bond fide
contract—that there was no doubt about its being car-
ried to a successful result—they appropriated the sum of
5,0004 to discharge a part of the claim of these compa-
nies, together with 2,5001. in discharge of old debts to
the bankers, and 2,5001. was carried into the general
assets of the company. They, therefore, simply asked
for power to raise a sufficient sum to discharge their
contract with Mr. Jackson, to repay him 9,000/. out of
the 10,000/. he had deposited, and to defray other lia-
bilities which pressed heavily upon them. It was said
that they did not require so much as 18,000/. for this
purpose. It was true at that moment they did not re-
quire so much, but in order to place the funds on a satis-
factory basis the amount they sought would be absolutely
necessary. However, a considerable return would ensue
as they would, by means of an accession of funds, be
enabled to sell the wharf on the other side of the water,
which would, no doubt, realise about 7,000/. ; so that
he might repeat what he stated at the last meeting, that
a considerable portion of the 20,000/. would be returned,
because a great increase of traffic, and consequently of
tolls, could not fail to result from the opening of the
south-western terminus on the Lambeth side of the
river. The directors had been told that they had de-
ceived the shareholders, as they were unprepared for
such a financial statement as the one submitted to them
at the last meeting; in fact, they were plainly told that
they had been squandering the money of the share-
holders. Now the bridge was the very first public work
of the kind on record which had been constructed at an
increase of but 5 per cent. on the original estimate, which
was 83,0004 The cost had been 87,738/., which in-
cluded several extras not specified in the original con-
tract ; therefore, so far as that bridge was concerned,
they had carried out the contract to the letter ; and the
shareholders had no right to turn round now and accuse
the directors with having squandered their money. Then
the whole of the law expenses amounted to only 3,2731.
—(Cries of" Oh, oh.") But the first and second Acts of
Parliament cost 2,300/. of this, and the whole cost of the
ordinary law business of the company, from 1836 to
1846, including the formation of the company, only
cost 9731.—(11ear, hear.) Let them bear in
mind that this sum had reference to the
whole of the transactions of the company, which were
spread over a period of ten years; it included the cost
of perfecting the treaties and arrangements with the
market company, and he believed he was paying but a
just tribute to the solicitors of the company when he
said that but few solicitors would have conducted the
legal proceedings of the company for a period of ten
years at so moderate a sum. Therefore, looking at the
question of the law expenses, he contended that no
charge could be made against them on that head. Then
the cost of the management of the company had been
far from exorbitant, as the directors and auditors for
their services for ten years had received no more than
1,5001., and the clerk and other officers 1,4001.; and
isnurel
during
y these
withdrawing
eleventya o m
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eri
sit
re,
confidencebs did not
but
t 9 50l
.from
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ceived spent,
but 1,5001. for their services.
were they to adopt at the nresent momWenetl?l,
wThh aetv ccoaul rl
es
de
for an investigation oe well aware
accou
hnttsa,
taant thdhe laedsitd
meeting
he i
he gave a casting vote for the
c appointmenteer of a com-
mittee for this purpose.—(Loud
that meeting, on the part of his se,t
that bothcolleagues,s taatned tie
coannfident
t ed
were it
perfectly then,
careless whether
he He d
and his col-
leaguesr epe
examina-
tion of the accounts took place or not, so er
they of the result; but, in order to show that they had
no objection
,to such an examination, they intended to
propose the appointment of a committee to investigate
them—(Cheers)—and the first name they intended to
propose was that of Mr. Stuteley, the deputy-chairman
of the market company, Mr. Cope, Mr. Few, one of the
largest shareholders, and two original and independent
shareholders, who had taken a part in the proceedings
of the company since its formation.
A SHAREHOLDER—You bad better leave it to the
meeting.
The CHAIRMAN was not indisposed to do so. They
likewise intended to propose a resolution confirming the
agreement for terminating the arrangement with Mr.
Jackson, to move the appointment of the committee to
which he had referred, and to submit a resolution for
the purpose of raising 20,000/., upon the understanding
that nothing should be done until the committee pre-
sented the report of the result of their labours,, which he
proposed they should do at the annual meeting on the
12th of August. They would thus give the directors an
opportunity of showing that the accounts were correct,
and of hearing the report of the committee to that effect
at the annual meeting, when the confirmation of the
resolution for creating the new shares would be proposed.
He thought the business of the meeting would be best
conducted and the interests of the shareholders pro-
moted by the course he had pointed out. lie had said
that he did not intend to notice the letters which had
been circulated amongst the shareholders, and he should
adhere to that resolution ; but there was one charge
made against the directors with respect to which it yeas
important that the shareholders should be set right.
They were told that they should have ascertained that
they had power to sell the bridge before they eridea-
Tmcd gy, Th©y did locerialia 1 4 Ihoy had the