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

Dock, leaving two sides sloping down, and of course
would not have been of any use for (lock purposes.
Now, when we found that the Royal Mail Steam Packet
Company were about to Make our docks their home
station, we knew that we would rcquire much more
dock-room than we before calculated. Again; suppos-
ing we had the sloping banks, and the iterith=packets
were lying along the south titian when the
tide went out i 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 coins 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 necessary that
we should provide proper accommodation for them.
The increased expenditure upon this heal, 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-
ley of 6,460/. You will recollect, Gentlemen, that when
we submitted our estimates to you, ve contemplated
that these same objects should be carried into execution
at some future period. We therefore, under all the
circumstances, thought it best for 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 22,000/., would cost
us at least from 30,000/. to 40,000/. 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 arc 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 tho interests of
humanity, which we have all along contemplated, but it
will be found that our Company will ha the most pros-
perous and profitable one in the kingdom.--(Cheers.)
Mr. HEATHFIELD wished to ask whether the
Chairmen intended to make any distinct proposition re-
specting that part of the Report which alluded to the
taking up money upon loan.
The CHAIRMAN-411 reply to the question, I have
to state that it is our intention to submit a proposiCon
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. Ho
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 ssven or eight months,
Mr. HEATHFIELD—Then, Sir, with respect to shed-
ding. I wish to know what is the intention of the
Directors with respect to the sheds and warehoutes.
The CHAIRMAN--I feel gratified at being asked t hat
question. Gentleonen are perfectly aware that the esti-
mates are only applicable to the construction of the
Docks. Of course every one mast 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 chord sufficient secu-
rity to the °Meets of her Majesty's revenue. It is
well kneels at head-quarters that Southampton would
Soon become a moat 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 woul.l soon have to increase their force at that
port. When the proper time arrives, I have no doubt
we will be LOA.: 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 eondition to accommodate the merchalts
of this country and the world, their troubles would be at
an end, for money would then flow into them as fa;t as
they could spend it upon their other work~. Their land
was of niuch 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 ycarr, it reverted back to the Corpo-
ration. Now, he thought it was net too much to say
that every acre was worth at least 5,0001.—(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‘Lettew —I wish to inquire the means by
which it is proposed 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 CIIAIRmAN--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 happen 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 arc therefore three others to
make.
Mr. M'Lenee—By reference to the Bth page of the
Report of February, it will be seen that you pledged
yourselves that a sum cf 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, 78,000/, of which yon
say has been paid to the contractor.
The CHAIRMAN—A portion of that was paid to the
previous contractor for that part which he commenced,
forming the Western Dock, which is not now in pro-
gress.

Mr. ITLAREN—Is that 78,0001. all supposed to
have b_en paid to complete the Dock?

The CHAIRMAN—NO ; because a portion of that
78,000/. has been expended in rill formation of a
nearer or Clo3e Dock, which has been excavated, and for
the purpose of forming an embankment around that Dock.
Mr. MsLAREN—You have shown a further sum of
16,200/. and 6,4601. I apprehend that 10/. per share
would be sufficient to raise that sum, That would be
in addition to what has been already raised.
A DIRECTOR-4 submit that un;ess the Ge:ltleman's
premises arc right his conclusions mutt be erroneous.
The question is simply what proportion of the sum was
applied to the respective Docks.—(Hex-.)
Mr. M‘LAitEN—I will give the Chairman the
figures. The Report stdt.s that 78,000/, 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 t':e Proprietors
that they must remember the propriety of being pre-
pared for three calls of 51. in the present year. 1 state
this with the full probability of our being driven to the
necessity of making these calk I hope, therefore, it
will not be said that at any future meeting I attempted
to deceive the Proprietors on this subjeet.—(Hear,
hear, and cheers.)
Mr. M‘LaltEar—lt was exit-1y a misconception on
the part of many. I did not expect to be called on
for more than 201. Now I find lam called on for
20/. more.

• The CHAIRMAN—You have forgotten that when
speaking of 20/. per share, we were speaking of 7,000
shares in which we were disftppoiated.—(Cries of
" Hear, hear," and " Question.")
The CHAlRMAN—Gentlemen the question is " That
the Report row read ba received, and that it be printed
and circulated among the Proprietor?."
The DEPUTY-CHAIRMAN seconded the resolution,
which was then put and carried, with but one dissentient
voice.

A PROPRIETOR--I am sure that every Proprietor
who has listened to the Report, will ticl just lied in con-
tinuing his confidence to tht present Directors. Four
of those gentlemen orb this day going out of office, but
are capable of being re-elected ; I, therefore, have
great pleasure in moving the second resolution which 3,
" That Joseph Liggins, Patrick Cruikshank, JamOs
Burt, and William Hill, Esq., be and are he:-eby re-
elected Directors of the Companv."—(Hear, hear.)
The 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 then- attention,
having caught the sound of " one dissentient voice"
(Hear, hear)—and, as I apprehend, that one is zilso 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 Roport
should not be received, and why the present Chair-
man should not be re-elected.—( Hear, hear.) I con-
fess it would be painful to me to continue n 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 me, 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
tL re election of the Dir,.ctots. I conflifence
in (Adler the one or the other. I -
towards rnyseF (though that is a personal matter) to
have been most unhandsome. I was first, and much