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

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against my own ireliutioe, ensnared into
the un-
dertakirg, and aterwards compelled by legal pro-
deediugs . to continue c Shareholder: (Laugh.
ter.) t can nhi,ef epptove ,of the prneeediegs
which have taken place; particiilaili when I bear in
mind the atrocious conduct towards me on the pati of
the Board of Directors, in coming to nay residence at
an early hour in the Morning, putting me in custody—
having sworn first of ell that I was going to leave the
country—and then leaning me ; and when I offs red a
cheque for the amount, refusing to receive it. I have
no doubt the Chaim-than tight have prevented these pro-
ceedings. He did not, and therefore I have no confi-
dence in him. I wish to know how many Shure was
hcl I by our late banker?
The CHAIRMAN—I hope I shall be excused for mak-
ing one remark on the candour of the last speaker. He
has no doubt the Chairman could have prevented all pro-
ceedings that were taken against him. I ask him if he
does not know thet the Chairman had nothing to do
with entrapping him into this Company ? I knew him
not until years after he became a Shareholder. Does
he, then, Lttribute it to me ?
Mr. MADDEN—NO, Ido not. The individual who
entrapped me was urconnected• with the Company
—(Cheers and 1 tughter)—that is, he wa; not one
of the Directors
The CHAIRMAN—Is that a reason for want of con-
fidence in myself ? The Friel(' who " entrapped" you
into this Company, Sir, allow me to tell you, was
your best friend.—(Heir, hear, and laughter.) With
regard to the question about Mr. Wright, I think he
has 100 shares, and has paid on them 181. per share.
Mr. MA DDEN—I wish to know whether we have
a leeal claim on his estate for the last calls.
The CHAIRMAN—For ae answer to that question I
must refer your to our solicitor.
The SOLICITOR.—We have the power of either
proving our claim on the est Al as a debt, or of for-
feiting the shares.
Mr. MADDEN—That question leads to another. I
think the Company should have the power of appoint-
ing their banke,i. 1 think the Directors shook! adopt
a bank when there is no risk, or get a joint stock
bank whe-e there w:11 be perfect security, and some
small interest givea for the deposits in their hands.
Mr. HEATHFIELD —MI'. Wright was not original!),
appointed our banker. Our original hankers were
Messrs. Williams, Deacon, and Company.
Mr. MADDEN—WiII they allow interest?
Mr. EATHFIELD —NO ; but they are large Share-
holders in the Compaey, aid hold their shares at the
present moment.
The CHAIRMAN—The object adverted to by the
Hon. Proprietor is obtained, the Directors having ap-
pointed the London awl Westminster Joint Stock
Company for their West-end hankers, in the place of
Messrs. Wright.
Mr. MiLetteN—l wish to know how matters have
been settled in the ceie of Mr. Richards, which have
contributed to so much litigation ?
The Coetemeel—He has paid the ca is in full, with
the interest and costs.
Mr. MWAREN—HIw much is remaining due upon
the calla?
The SOLICITOR—The number who have paid on the
fourth call is 5,472. Deduct that number from 7,000,
land yen will helve the, amount. The number who
have paid 00 !Ito fifth call is 5,272, and on the
sixth cal 3,941. You are aware, probably, that the
last call is only a month due.
Mr. Ltieen—lt should not be inferred that the
Company has lost a great *am by the bankruptcy of
Messr'. Wright. The amount is but 1261, and of
course that will not be all lost:
The CHAIRMAN—I nott bey leave to call the atten-
tion of the Proprietors to that division at the Report
which refers to the propriety, in fact, to the necessity '
of borrowing money. Time Report says, "If possible
to relieve the Proprietors from the burthen of furnish-
ing the active share of capital as rapidly as the Act al-
lows, the Directors contemplate the alternative of rais-
ing that portion of capital which the Act empowers
them to take up at interest—namely, 150,000/., ot
considerable portion of it, by loan, during the present
year ; and the sense of the Proprietors will be taken
thereon at the present meeting, by e resolution which
will be submitted, empowering the Directors so to take
up money, if they shall deem it advisable." In con-
sequence of that passage in the Report, the
resolution I have to submit is—" That the Directors
he empowered to borrow at interest the sum of
150,000/., part of the capital provided by the Act.
That is the resolution I have be honour to submit to
you. The Directors take on themielves the responsi-
bility of suggesting this resolution consequent on the
Report which the Engineer has made to them.
Mr. AP REN—Is that in addition to the calls ?
The CHAIRMAN—It will be appropriated in addition
to the calk. If we succeed in borrowing the amount,
we may be able to defer the calls of which notice has
been already given. But, I hope, as far as the heart
of man can be animated by hope, that we shall want a
great deal more—(Hear, hear)—because, the more
money we expend upon the works, the more valuable
they will be to the Proprietors.—(Cheers.)
Mr. APLAREN—It is evident that every farthing
you borrow will push yourselves farther off from re-
ceiving any income—(Cries of " No, no,")—because,
of course, you have to pay interest—(No, no, and
some confusion,) How is it that we were not told
this would be required before ? It is the same with
every other Company. Our finances are exhausted,
and then we are called on to borrow money which we
must pay. We understood the works were to be
completed in the portion which was stated, in the first
instance, and that we were not to be called on for any
more money.—(No, no.)
Mr. HEATIIFIELD—Having been an active party in
obtaining the Act, I wish to Aye the views of the pro-
moters of the Act. They could carry out the works to
time extent of 350,0004 paid capital, but tney had the
means of employing half a million, and therefore it was
provided that permission should be given to raise
150,000/. in addition. The proposition is to shield,
support, defend, and relieve tee Shareholders.
A PROPRIETOR asked what was the amount received
from subscribers ?

Mr. HEATHrinnn-126,000/. only, for which we
have one Dock already completed, and another in ad-
varice. Deposits have been paid on 6,700 shares.
A PROPRIETOR inquired what wa3 the balance which
the bona fide Shareholder would he called on for ?

The DEPUTYCHAIRMAN—It would be impos:ible to
make that calculation at the present stage of their pro-
ceedings.

A PROPRIETOR wished to know whether 0.1:1 would
get the works finished for :350,000/., or would require
more calls ?

The DEPUTY-CHAIRMAN--The Rvort of the En.
ginee; says the 850,000/ will be sufficient to answer
all purpoies.
A PROPRIETOR—IncIuding warehouses?
A DIRECTOR—Some warehouses.

The DEPUTY-CHAIRMAN--This is the first objec-
tion I have ever heard to borrowing money under the
Act of Parliament. Where the undertaking is based
on sound principles, it is good policy to do so. The
bondholders receiving only 5 per cent., the difference
goes into the pockets of the Proprietors, and hints
have been thrown out that there will be no great diffi-
culty with the Loan Commissioners when they have
funds, which however they have not at present. I have
therefore great pleasure in leconding the resolution.

A PRCIPItIE7fOR-It is now admitted that these
Docks cost 500,000/. ; consequently, instead of
350,0001., you have incurred an expense of 500,000/. for
a few Docks and warehouses.—(Cries of " No, no.")
The CHAIRMAN—AIIow me to give a comparison.
The expenses of the St. Katherine's Dock Comp-my,
which possesses eleven acres of water, amounted to
2,100,0001. That Company, with eleven acres of water,
is in the receipt of a considerable income. Now surely
we shall be able to carry on the same amount of trade
with fourteen acres, and if we get the same amount of
business, we shall of course be i❑ the receipt of some-
thing like the same amount of revenue. Now the
Hon. Proprietor can compute what will he the return
on the capital expeaded by comparison with the St.
Katherine's Dock.

A PROPRIETOIL—You don't take into consideration
the great trade of the port of London.
Toe ett AIRMAN—We don't require at Southampton
the trade of the port of London ; but we shill go to
that part of it to winch we can give the best accommo-
dation in the kingdom.
Mr. MADDEN—There can be no doubt that the
whole was contemplated to be done f0r350,000/.—((tries
of " Hear, hear.") _ .

Mr. HEATIIFIELD—It is no such thing.--(Hcar.)
Mr. MADDEN-4 think it very strange that the
House of Commons should have sapctioucd such a

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Jur. tlEettHFIELD—it was moststrong y o'; o,cd
before a Committee of the House of Commons, and I
beliae is ncf strictly in accotdanne with Parliamentary
usage. I verily believe, that unless a Learned Counsel,
whom I will not !Jame, but whom I proposed to the
Company, had been retained for that if he had
been opposed to us, we should have b,:cri defeated ; but
as it i,, we have ‘,2,08 acres et land, I believe no body
of tn..ri has been so efrA:tuaiiy sertied by their Direc-
tors as the body of the Sharettelders of this Cm.,;("nanY.
—( Hear, hear, and cheer;.)
Captain WARD—It was one of the greatest acts ever
done, time getting the sanction of Parliament to the
Bill. We should have had much greater difficulty, and
have done less, had lie attempted to get half of it. The
greatest honour due to the Directors, who would
have all or none,—(Cheers,) This 76,000/. comprises
the embankments, and payment for a large quantity of
stones ; and a large sum has been expended out of it in the excavation of a second dock. This expense is
not, therefore, to be attributed to one dock alone.
Colonel ANDERSON—As an inlmab:t.mt of South-
ampton, I can testify to the truth of. what Captain
Ward has stated. I know that a certain portion of
the excavatien is got to the full depth necessary—that
2-I 1,-Tt below I,oi 'rvatpr mark. A great. portion ha,
goi)?. 1r) form t went of the. Tidal U ek,
a great portion towards the 'ralway. As to the value
which Mr. Heathfield has put upon the land, I will