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

against my own ensnared into the mi.
dcrtaki3g, and afterwards compelled by legal pro-
ceedings to continue a Shareholder. (Laugh-
ter.) I can never approve of dte proccediaF,s
which have taken place, pattieultirly When I bear in
mind the atrocious conduct towards me on the part of
the 13oard of Directors, in coming to my residence at
an early hour in the morning, putting me in custody—
having sworn first of all that I wa, going to leave the
country—and then leafing me ; and when I offered a
cheque for the amount, refusing to receive it. I have
no doubt the Chairman might have prevented those pro-
ceedings. He did not, and therefore I have no confi-
dence in him. I wish to know bow many shares was
hell 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 that the Chairman had nothing to do
with entrapping him into this Company ? I knew him
not until years after he became a Shareholder. Does
lie, then, attribute it to me ?
Mr. MADDEN—No, Ido not. The individual who
entrapped me was unconnected with the Company
—Cheers and laughter)—that is, he was not one
of the Directors
The CHAIRMAN—Is that a reason for want of con-
fidence in myself ? The friend who " entrapped" you
into this Company, Sir, allow me to tell you, was
your hest friend.---( Hear, hear, and laughter.) With
regard to the question about Mr. Wright, I thirli he
has 100 shales, and has paid on them 18/. pet she
Mr. MADDEN—I wish to know whether we have
a legal claim on his estate for the last calls
The CHAIRMAN—For an answer to that question I
must refer your to our solicitor.
The SOLICITOR—We have the power of either
proving our claim on the estate 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 banker. 1 think the Directors should adopt
a bank where there is no risk, or get a joint stock
bank where there will be perfect security, and some
small interest given for the deposits in their hands.
Mr. HEATIIFIELD—Mr. Wright was not originally
appointed our banker. Our original bankers were
Messrs. Williams, Deacon, and Company.
Mr. MADDEN—WiII they allow interest?
Mr. HEATHFIELD—No ; but they are large Share-
holders in the Company, and hold their shares at the
present moment.
The CHAIRMAN—The object itiverted to by the
Hon. Proprietor is obtained, the Directors having ap-
pointed the London and Westminster Joint Stock
Company for their \Vest-end bankers, in the place of
Messrs. Wright.
Mr. INPLAREN—I wish to know how matters have
been settled in the cese of Mr. Richards, which have
contributed to so much litigation ?
The CHAIRMAN—He has paid the calls in full, with
the interest and costs.
Mr. I\l'LeiteN—How much is remaining due upon
the calls?
The SOLICITOR—The number who have paid on the
fourth call is 5,472. Deduct that number from 7,000,
and you will have the amount. The number who
have paid on the fifth call is 5,27'2, and on the
sixth call 3,941. You are aware, probably, that the
last call is only a month due.
Mr. LUARD—It should not be inferred that the
Company has lost a great sum by the bankruptcy of
Messrs. Wright. The amount is but 126/, and of
course that will not be all lost,
The CHAIRMAN—I now beg leave to call the atten-
tion of the Proprietors to that division of the Report
which refers to the propriety, in fact, to the necessity
of borrowing money. The 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!., or a
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 a 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
be empowered to borrow at interest the sum of
150,000/., part of the capital provided by the Act.
That is the resolution I have the honour to submit to
you. The Directors take on themselves the responsi-
bility of suggesting this resolution consequent on the
Report which the Engineer has made to them.
Mr. MeLeaeer—ls that in addition to the calls ?
The CHAIRMAN—It will be appropriated in addition
to the calls. 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. M‘LaneN—lt 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 nsoney.—(No, no.)
Mr. HEATIMELD—Having been an active party in
obtaining the Act, I wish to state the views of the pro-
moters of the Act. They could carry out the works to
the extent of 350,900/. paid capital, but tney had the
means of employing half a million, and therefore it was
provided that permission should be given to rase
150,000/. in addition. The proposition is to shield,
support, defend, and relieve the Shareholders.
A PROPRIETOR asked what was the amount received
from subscribers ?
Mr. HEATEIFIELD-126,000/. only, for which we
have one Dock already completed, and another in ad-
vance. Deposits have been paid on 6,700 shares.
A PROPRIETOR inquired what was the balance which
the bona fide Shareholder would be called on for ?
'lire DEPUTY-CHAIRMAN—It would be impossible to
make that calculation at the present stage of their pro-
ceedings.
A PROPRIETOR wished to know whether they would
get the works finished for 850,000/., or would require
more calls ?
The DEPUTE'-CHAIRMAN—The Report of the En-
gineer says the 350,000/. will be suflic'ent to answer
all purposes.
A PROPRIZTOR—IncIuding warehouses?
A Diaecr,oit—Some warehouses.
The DIiPIPTY-CHAIRMAN—This is the first objec-
tion I have ever beard to borrowing money under the
Act of Parliictnent. 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 thtrown 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 seconding the resolution.
A Paoreesawroa—lt is now admitted that these
Docks cost. 500,000/. ; consequent'y, instead of
350,0004, you have incurred an expense of 500,000/. for
a few Docksa and warehouses.—(Cries of " No, no.")
The CHAIRMAN—AIIow me to give a comparison.
The expenses of the St. Katherine's Dock Company,
which posses ses down acres of water, amounted to
2,100,000/. 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 fourteeei acres, and if we get. the same amount of
business, we' shall of course be in the receipt of some-
thing like a e same amount of revenue. Now the
Hon. Proprietor can compute what will be the return
on the capi thl expended by comparison with the St.
Katherine' s Dock.
A PRoP RlETolt.—You don't take into consideration
the great tirade of the port of London.
The Cit AIRMAN—We don't require at Southampton
the trade of the port of London ; but we shall go to
that part. of it to which we can give the best accommo-
dation in the kingdom.

Mr. MADDENLThere can be no doubt that the
whole was contemplated to be done f0r350,000/.—(Crics
of "Hear, heir.")
Mr HEATHFIELD—It is no such thing.—(Hear.)
M_r. MADDEN-1 think it Very strange that the
House of Commons should have sanctioned such
me: ,sure.

:Mr. HEATIIFIELD—It was most strongly opposed
Loft ire a Committee of the House of Commons, and I
beli eve is nct strictly in accordance with Parliamentary
uses 7e. I verily believe, that unless a Learned Counsel,
who,m I will not name, but whom I proposed to the
Company, had been retained for us, that if he had
heed. opposed to us, we should have been defaate.l ; but
as it is, we have 208 acres of land. I believe no body
of m ,en has been so effectually served by their Direc-
tors as the body of the Shareholders of this Comp, ‘fly.
—(1 -leer, hear, and cheers.)
C rptain Wann—lt was one of the greatest acts ever
done,. the getting the sanction of Parliament to th e
Bill. We should have had much greater difficulty, arm'
have, done less, had he attempted to get half of it. The
great, !st honour is due to the Directors, who would
have all or none.—(Cheers.) This 76,. comprises
the e: eabankments, and payment for a large quantity of
stone s ; and a large sum has been expended out of it-
in t.b c excavation of a second dock. This expense is
not, therefore, to be attributed to one dock alone.
Colonel ANDERSOfi—As an inhabitant of South-
amp ton, I can testify to the truth eft what Captain
War el has stated. I know that a certain portion of I

the e xcavation is got to the full depth necessary—that
is, 24 feet below high water mark. A great portion has I
gone form the embankment of the Tidal Dock, and

a grea t portion towards the ralway. As to the sr aloe,
which :Ar, licathfuld has put upon the land,