The Sun.
London, England, 1841-02-19 00:00:00

TTII4: SUN, LONDON, FRIDAY, FEBRUARY 19, IS4I.

Dock, leaving two sides sloping down, end of course
would not have been of any use for dock purposes.
NOW, when we found that the Rcyal Mail Steam Packet
Company were about to make our docka their home
station, we knew that we would require much more
dock-room than we before calculated. Again, suppoe-
lug we had the sloping banks, end the steam-pickets
were lying along the south quay, when the
tide went out ; they would fall, and one end
of them would rest upon the embankment ;
probably she might receive no hurt from that, but when
the tide rose again, probably the vessel might not rise
along with it, and become a complete wreck ; it is
better to avoid such a risk or any chance of prejudicing
the interests of that Company ; therefore, we found it ne-
cessary, and thought it much the better plan, at once to
make quay walls in place of embankments. We did
this the more readily because we not only expected the
Royal Mail Company to come to us, but it came to our
knowledge that another Company was about to be
formed to trade to India, and one to America, who
would;probably use our Docks; it became ❑ecessary that
we should provide proper accommodation for them.
The increased expenditure upon this head, we calculate
at 16,200/. We felt compelled also to take away the
piling at the entrance to the Dock, and face it substan-
tially with stone ; that will cause another increased out-
lay of 6,4601. You will recollect, Gentlemen, that when
we submitted our estimates to you, we contemplated
that these same objects should be carried into execution
at some future period. We therefore, tinder all the
circumstances, thought it best fur the interests of the
Proprietors to have the works done now. One of our
reasons too, was founded upon economy, for that
which we can now do at a cost of 22,0001., would cost
us at least from 30,000/. to 40,0001. It is almost un-
necessary for me to add, that my confidence in the en-
tire success of our undertaking has never once been
shaken ; and I may say, that my colleagues are unani-
mous in opinion that we will accomplish all which we
have ever promised, and that our undertaking will not
only prove of essential advantage to the interests of
humanity, which we have all along contemplated, but it
will be found that our Company will be the most pros-
perous and profitable one in the kingdom.—(Cheers.)
Mr. HEATIIFIELD wished to ask whether the
Chairman intended to make any distinct proposition re-
specting that part of the Report which alluded to the
taking up money upon loan.
The CHAIRMAN—In reply to the question, I have
to state that it is our intention to submit a proposition
for the purpose, and to ask for the necessary powers
for raising money upon loan.
In answer to Mr. HEATIIFIELD,
The ENGINEER said they were now working dry.
There was no water in the Docks, and the excavations
and building of the walls were being worked dry. He
was now engaged in laying the foundation all round
the Docks, so that all should go on simultaneously.
With good weather they would have the Docks ready
for shipping in seven or eight months.
Mr. HEATIIFIELD—Then, Sir, with respect to shed-
ding. I wish to know what is the intention of the
Directors with respect to the sheds and warehouses.
The CIIAIRNIAN--I feel gratified at being asked that
question. Gentlemen are perfectly aware that the esti-
mates are only applicable to the construction of the
Docks. Of course every one must be aware that the
Docks will not be productive without proper ware-
housing. In the first place we can only have sheds,
but they will be such sheds as will afford sufficient secu-
rity to the officers of her Majesty's revenue. It is
well known at head-quarters that Southampton would
soon become a most important port. It was only a day
or two ago I was in conversation with the Surveyor-
General of the Customs, and he said he was well aware
that they would soon have to increase their force at that
port. When the proper time arrives, I have no doubt
we will be able to run up proper warehouses in a very
short time.
Mr. HEATIIFIELD was only anxious that the
summer should not be lost, and autumn come and
find them unprepared for the goods which must un-
doubtedly flow into them for warehouse room. He
would not mention any names, but he knew one Dock
Company who had only 27 acres, which last year divided
amongst them 100,000/. of nett profit. The quantity
of land which they held would be of immense advan-
tage to them. He would advise them to have a slope
to go under warehouses, which would prove a source
of saving in labour to an immense amount. If they
were once in a condition to accommodate the merchants
of this country and the world, their troubles would be at
an end, for money would then flow into them as fast as
they could spend it upon their other works. Their land
was of much importance. Those present were aware
that there was a clause in the Act of Parliament which
provided that unless they inclosed it wholly within a
certain number of years, it reverted back to the Corpo-
ration. Now, he thought it was not too much to say
that every acre was worth at least 5,000/.—(A laugh.)
It was so, as he could prove ; therefore, they ought to
take means to obtain a revenue by getting warehouses
ready along with the Docks, for the purpose of inclosing
it in time.
Mr. M'LAREN—I wish to inquire the means by
which it is pi oposed to raise this addition. It would be
satisfactory to me and the other Shareholders to know
how much you propose to call for in the course of the
present year.
The CHAIRMAN—In reply to the question of the
Hon. Proprietor, I answer, that it will be found un-
avoidable on the part of the Directors to make three
more calls in the course of the present year, unless it
should so happe❑ that in consequence of the power it
is proposed to invest in them they should be able to
borrow money, and in that case to defer some of the
calls beyond the present year. We shall be glad to do
so if we can ; but I can't pledge myself on the subject.
What the Directors contemplate is what they informed
the last meeting—four calls in the present year ; one
has been made, and there are therefore three others to
make.

Mr. APLAREN—By reference to the Bth page of the
Report of February, it will be seen that you pledged
yourselves that a sum of 20/. would be sufficient to
complete the present Dock.—(Cries of " No, no," and
confusion, that prevented our hearing the next two or
three sentences.) You have shown an addition of
22,000/. to the original contract, 78,0001. of which yon
;ay has been paid to the contractor.
The CHAIRMAN—A portion of that was paid to the
previous contact it for that part which he commence],
forming the Weztern Dock, which is not now in pro-
gress. _

Mr. APLAREN—Is that 78,0001. all supposed to
have been paid to complete the Dock ?
The CHAIRMAN—No ; because a portion of that
78,000/. has been expended in pa•t formation of a
nearer or Close Deck, which has been excavated, and for
the purposeof forming an embankment around that Dock.
Mr. MiLAREN—You hare shown a further sum of
16,200/. and 6,-100/. I apprehend that 101. per share
would be sufficient to raise that sum. That would he
in addition to what has been ahead>, raised.
A DlREc•roi—l submit that unless the Gentleman's
premises arc right his conclusions must be erroneous.
The question is simply what proportion of the sum was
applied to the respective Docks.—(Hear.)
Mr. MtLattEN—l will give the Chairman the
figures. The Report states that 78,0001. has been
already paid to construct the Dock.—(Cries of " No,
no.") Well, then, the object I have in view is to know
how much will be called for in the course of the year to
complete the works?
The CHAIRMAN—I would suggest to the Proprietors
that they must remember the propriety of being pre-
pared for three calls of 5/. in the present 3car. I state
this with the full probability of our being driven to the
necessity of making these als. I hope, therefore, it
will not be said that at any future meeting I attempted
to deceive the Proprietors on this subject.—(Hear,
hear, and cheers.)
Mr. 111'LaREN—It was clearly a misconception on
the part of many. I did not expect to be called on
for more than 20/. Now I find lam called ou for
20/. more.
The CHAIRMAN—Yon have forgotten that when
speaking of `2O/. per share, we were speaking of 7,000
shares in which we were disappointed.—(Cries of
" Hear, hear," and " Question.")
The CHAlRMAN—Gentlemen the question is " That
the Report now read be received, and that it be printed
and circulated among the Proprietors."
The DEPUTY-CHAIRMAN seconded the resolution,
which was then put and carried, with but one dissentient

voice.

A PROPRIETOR-4 am sure that every Proprietor
who has listened to the Report, will be just.fied in con-
tinuing his confidence to the present Directors. Four
of those gentlemen are this day going out of office, but
are capable of being re-elected ; I, therefore, have
great pieasure in moving the second resolution which is,
" That Josiah Liggins, Patrick Cruikshank, James
"
Burt, and IVilliam Hill, Esq., be and are hereby re-
elected Directors of the Company. —(Hear, hear.)
Tile resolution having been seconded, was put to the
meeting, and the Deputy-Chairman announced that it
was carried with but one dissentient voice.
The CHAIRMAN—I trust the Meeting will pardon
me for trespassing for one moment on their attention,
having caught the sound of" one dissentient voice"—
(Hear, hear)—and, as I apprehend, that one is also the
one who dissented to the Report being received, I trust
I shall be excused if I state that I think it would
much become that Proprietor if he would do us the
kindness to state why' he dissents—why the Report
should not be receivcd, and why the present Chair-
man should not be re-elected.—(ll"l.9 hear.) I con-
fess it would be painful to me to continue a Director of
the Company if 1 did not enjoy the confidence of every
Proprietor. I would rather know, at all events, why
he dissents to my re-election, and if he has any charge
against rne. I challenge him to bring it forward, and
allow me an opportunity of meeting it.—(Cheers.)
Mr. HENRY MARTIN MADDEN (the dissentient)
--
I have no objection to do as I am requested, and to
state why I object to the Report being received, and to
the re election of the Directors. I have no confidence
in either the one or the other. I believe their conduct
towards mysel' (though that is a personal matter) to
have been most unhandsome, I was first, and much