The Sun.
London, England, 1847-07-13 00:00:00

L

t power, and when it was proposed to the shareholders
1,813 voted for the sale, and but 95 against it. He con-
tended, therefore, that in every case the directors had
acted bond fide, but with a strict regard to law, espe-
cially with reference to the mode in which they brought
the question of the bridge before the shareholders. At
the request of the shareholders they came forward and
proposed the rescinding of the contract for the sale,
stating, at the same time, that they had been obliged to
eithdraw from their application to obtain a Bill from
Parliament to effect the sale by the opposition of one
of their own body—(Hear, hear, and cheers)—but they
would have been enabled to carry that Bill if they
had received that support from the proprietary and from
the Hungerford Alarket Company which they thought
they might have asked for. Opposition came from their
own body, and the Hungerford Market Company refused
to sign a petition which would have gone far to pass the
preamble of the Bill. He believed he was justified in
saying that he did not think the sale of the bridge ad-
vantageous. Messrs. Jackson had met them fairly in
the negotiations which they had had with them, and
though some might think the forfeit of 1,000/. too small
a sum, when the difficulties of obtaining the Act was
borne in mind he considered that they would be of a
different opinion. Messrs. Jackson had agreed to re-
ceive the 9,000/. in the most convenient manner to the
company, as they consented to receive one-fourth at the
earliest possible moment, and the rest in any shape most
conducive to the interest and convenience of the com-
pany. The chairmen then submitted the resolutions
seriatim, and stated that he would be happy to receive
any amendments which the shareholders might think
proper to propose. The first proposed the rescinding of
the contract, the second the appointment of a committee
to investigate the accounts, and the third the creation of
3,200 quarter shares, of 6/. ss. each, for the purpose of
raising the 20,000/., subject, however, to the approval of
a special meeting to be held on the same day as the
annual meeting, on the 12th of August, on which day
the committee of inquiry was to furnish their report.
The direetors were still of opinion that these new shares
should not be used for any other purpose save the crea-
tion of a temporary loan, as, by the sale of the wharf
and the increase of the traffic, he thought they would be
enabled to call them up, and, if necessary, to distribute
them amongst the shareholders. It was advisable that
they should not form additional capital.
It may be well here, perhaps, to publish an abstract of
the accounts circulated at the meeting.

No. I. _
ACCOUNT of RECEIPTS and EXPENDITURE of the COMPANY,
to the 31st July, 1846—circulated amongst the Proprietors
after the Annual Meeting held on the 13th of August,
1846 :
DR. X s. d.
BRIDGE—

To Calls „.. ... 80,000 0 0
Loans of Bankers ... ... 5,000 0 0
Exchequer Loan Commissioners ... 21,000 0 0
Hungerford Market Company ... 6 15 0
•Messrs. Jackson and others ... ... 10,000 0 0
Forfeited Shares 646 0 0
Balance ... 2,234 14 5

118,887 9 5

CR.
By Works— £ s. d.
Executed under Contract ... 80,000 0 0
Not in original Contract ... 4,700 0 0
Extras on Contracts ... 3,038 15 2

--- 87,738 15 2
Enginers and Surveyors ... .. 4,445 6 1
Law and Parliamentary Charges—
Ordinaryßusi ness, from 1836
to 1846, including the for-
mation of the Company... 973 13 9
First and Second Acts of
Parliament ... ... 2,300 0 0
3,273 13 9
Stationery, Printing, &c. ... 1,433 6 0
Directors ; Clerk's Salary, &c.—
Directors and Auditors—
Eleven Years ... ... 1,575 0 0
Clerks—ditto ... 1,436 5 6
Charges—ditto ... ... 379 18 8
3,391 4 2
Interest Account ... ••• ... 1,160 14 2
Ditto—Loan Commissioners ... „.. 2,582 3 10
Approaches—
Hungerford Market ... 6,000 0 0
Lambeth Wharf ... ... 8,524 6 3
14,524 G 3

Ilungerford Market Share ... 21 2 G
Office Furniture, &c. &c. 316 17 G
338 0 0

118,887 9 5

No. 11.

Dn.
Eighth Share Account—
'l'o Deposit 1,564 3 1
To Parliamentary Charges—Few and Co. 600 0 0
Balance ... ... .... 964 3 1

1,564 3 1

No. 111.
CAPITAL ACCOUNT from July, 184 G, to Janmary 31, 1847.
Dn. s. d.
To Loan from Bankers ... 3,000 0 0

3,500 0 0

CR.
By Balance from June 30,1846 „, ... 2,334 14 5
Sundry Payments for Works in the Six
➢lonths from July, 1846, to January 31,
1847 ••• ... .. ••• ... 926 6 4
Balance ... ... ... •. • .... 338 19 3

3,500 0 0

NO. IV.
LIABILITIES to July 12, 1847.
Dn. s. d.
To Engineer—agreed Balance 1,000 0 0
Contractors—Estimate of Ex-
tras unpaid 2,000 0 0
Sundry Works, including the
alterations of the Toll-
houses and the division of
the Bridge ... 1,828 10 8
Hungerford Market Claim,
subject to reference ... 1,000 0 0
Law Charges, Parliamentary
Proceedings, and the cost
of the suit with the Market
Company ... 1,000 0 0
6,828. -10 8

Bankers—Loan ••• 3,500 0 0
Less Balance, as per Account
No. 111. 338 19 3
3,1G1 0 9

Jackson and Others—assum
ing the conditional agree-
ment will be confirmed ... 9,000 13 0
Balance ... ... 1,010 8' 7

20,000 0 0

Cn.
By 5,200 i Shares, proposed to be issued,
at 6!. ss. each ... ... ... ... 20,000 0 0

No. V.
TOTAL COST of the Caul:la-moss BRIDGII, as ascertained
to this day, July 12, 1847
Dn. s. d.
Account No. I. ... 118,887 9 5
No. 11. ... 964 3 1
No. 111. ... ... .. ••• 926 6 4
No. IV. .. 6,828 10 8

127,60 G 9 6

Total—Less estimated value of the Wharf on
the Surrey side

89 000 0 0
•..

Cost of the Bridge and its approaches ... 119,606 9 6
Balance available to reduce the debt of the
Company, as soon as the Wharf is sold ... 7,046 5 6

126,652 15 0

Ca.
By Capital on Shares ... . ... 80,000 0 0
Ditto on Debenture ... ... 26,000 0 0
Ditto on Shares forfeited and Sundries 652 15 0
Ditto on # Shares proposed to be raised 20,000 0 0

126,652 15 0

REMA lIXS.—The Account No. I. is a copy of the last
Annual Balance-sheet, with the addition of the explanatory
figures in the inner column, and, with the Accounts Nos. lf.
and 111.. has been audited by the auditors of the company,
Henry Vaughan, Esq , and James Farish, Esq.
The 4i.ecount No. 111., with the expenditure to June 30, in
the ordi nary course of business, would have been audited
for the annual meeting in August, and then sent to the pro-
prietors.
The Account No. IV. shows the intended appropriation of
the ne•av capital.
The accounts of the company are open to the inspection of
every shareholder.

Mr. M'CALLum inquired what objection there would
be to, raising capital by means of the eighths, which,
with. the sale of the wharf, would produce all the money
thc,y required. Surely there would be no objection to
tbal creation of new eighths. What balarace was there
cAtt of the money received, and what had become of the
money received out of the eighths?
The CHAIRMAN—The balance has been carried down
to the works.

Mr. M'CALLUM—What balance is there no\ w ?
The CHAIRMAN None it is all app 'ropriated.
There was a balance of 9641 3s. Id. on that account,
which:had been carried to the account No.s—tl `te cost of
constructing the bridge.
Mr. M'CALLUM said, it appeared to him, th at there
was a balance of 1,303/. 2s. 4d. on the first and second
accounts. Then 10,0001 had been received on t Ile May
calls on the eighth shares, and 1,564/ 3s. Id. as I Jeposiits,
snaking with the above balance 9,7381 19s. 3cl. .The n
the wharf cost 8,5241 6s. 3d.—its estimated value wa•
8,0001.-so that they could raise 17,7381. 19s. 3d. by
these means, and without the aid of the new quart, sr
shares proposod by the directors. It appeare.l
that they had more property than they required, •
and, therefore, be objected to the creation of new
shares. The balance agreed to be paid to the
engineers was 1,0004, to the contractors 2,0004;
sundry works, 1,8284 los. Bd.; claim of the Hungerford
Market Company, 1,0001; and law charges (supposed)
just incurred, I 4004—making together 6,828/. 10s. Bd.
They had to pay 3,1611. Os. 7d. to the bankers, and
9,000/. to 'aslessrs. Jackson. They had thus to pay
18,989/. 114, 3d., for which the amount he had stated was
available. He had discovered that there was a; i error of
300/. in, the accounts. 1 hey wanted but Little beyond
the amo Lint he had stated, and surely they could easily
obtain • money at interest from the bankers. They could
get 17, 7381. in a moment at 5 per cent. from aiy of the
respec.' cable banking houses. He submitted that the
course , he had pointed out was the proper one to -pursue.
M EDWARD Euttris then presented himse,lf to the
to ec,e ing. He said he considered that the decisic to of the
Chaia rman with respect to the business of the meeting
was 1 nairely wrong, and wholly at variance with the laws
by -, rhich popular public assemblies were regulated, as
the meting certainly could not be looked upon in any
other lilght than as an adjourned meeting, for t' be put..
pose of completing what was left unfinished at the last
nseeting ; still it seemed to him that the direc4 tars bad
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