The Sun.
London, England, 1841-07-17 00:00:00

THE LONDON AND BLACKWALL

RAILWAY.
Yesterday a Special General Meeting of the London and
Blackwell Hallway Company was held at the London Tavern,
Dishopegate-rtreet, for the purpose of raising additional funds,
and of determining the manner in which that should be done.
WM. ROUTH, hsq., Chairman of the Directors, in the
Chair.
Mr. J. VVATottrititelg, the Secretary, having read the ad-
vertisement convening the meeting,
The CHAiumAN stated that by the Act of Parliament the
Ceitapany.Was itithoelsed to faise d Blither turn 0i.150,0001.
by shares, and 50,0001. either on delatBfet of b shares.
Ihe Directors had 'considered it necessary to raise hIItYAKYOL,
and this meeting was convened for considering the best man-
ner bt raising this illotiBy, with the least possible detriment to
the Company. The Company *ete atithotleed td raise 50,0001.
by debenture or shares. Congideritig the piesetit depressed
state of the Mniiey lilafklit, and that the Aet of Parliament
would not allow the payment of More than hi. per tient. infe=
rest, it was, in fact, impossible to raise that sum by debenture,
the DifeetOrsi thertfore, after much consideration, had come
td the determination of asking the Proprietors for what appeared
to be very much in the shape of a subscriptien, tit., to propose
that they should take amongst themselves 24,000 shares, of the
reputed value of 251: eiteh4 but felf these they should only pay
84 os. tad in the ittanher :—That yeas to say,
2/. di. Bd. on the delivery of each share, and that the remain.
thehe issuing
Generl Meeting of the Pro-
of these 24,000 shares
General ins 6!. should be paid in three instalments of 2!. each, at in-
tervals of three months. What the Directors wished the meet-
ingo nthtoe do,
ef wasAugust.to authorise
As t
prittor4Wottid take place itt shoat ohe rriontlit he (the Chair-
man) would take this opportunity of informing gent men pre-
sent, that at that meeting he should be able to lay before them
all the details eofirieotod with the expenses incurred, &c. Be-
fere sitting down, be begged to remark that a vacancy had
taken place in the Direction of the Company, by the re-
signation of Alderman Humphery ; and it was not the inten-
tion of the Directors, at present, to recommend the filling up
o that vacancy.
The Report was then read by the Secretary, but it contained
no facts besides those stated by the Chairman:
Mr. GOLnsMin said he wished to ask whether one half the
sum proposed would not be sufficient? The Chairman had
stated a long time ago that 10 per cent, profits would soon be
divided amongst the Proprietors. He wished to know why
that had not been done. He believed that 80,0001. had been
expended in law expenses. Now, much as he had heard of
railway extravagance, this certainly did appear to him to be the
most profuse ease of expenditure he , had ever heard of. He
should like to have this explained before more money was
g. anted. And, lastly, could not the Directors wait some time
longer for the money ? The state of the moneyy market would
no doubt improve, and why should the shares e offered at so
depreciated a rate ?—( Hear. )
The thrareataat said he certainly had anticipated that some
profits would have been divided ere this time. He had hoped
the extension line to Fenchurch-street would have been opened
in April. He had also, perhaps, expected more of the steam-
boat traffic than he had a right to have expected. He believed
ihat Ito Director had sold a single share ; and he thought the
benefits of the steam-boat traffic would not be developed until
the extension. line were completed. And besides this, owing
to the frequent-breaking of the rope which took place at first
A persons wsre afraid, not only to travel, but also to trust their