The Sun.
London, England, 1846-08-12 00:00:00

KENT ATMOSPHERIC RAILWAY.

A general meeting of the proprietors of this railway was
held, at one o'clock yesterday, at the London Tavern, Bishops-
gate-street, for the purpose of receiving a report from the
committee of management, and to consider the course to be
adopted.
W. A. WILKINSON, Esq., presided, and opened the business
of the meeting by requesting the secretary (Mr. R. S. Young)
to read the adveriisem-nt convening the meeting, after
which, he read the foll•iwing

" REPORT OF TH E cOMMO'TEP, OP MANAGEMENT TO THE

G.,.NERAL. MEETING OF SC KIPHOLDERS.
"The scripholders will remember that this undertaking was de-
_ _

signed for the twotold purpose of affording additio:,al and improved
railway communication to the county of Kent, and of protecting the
Interests of the Croydon Railway Company, and that accordingly a
comprehensive scheme of railway communication was laid down
through the northern and central districts of the county, in connexion
with the Croydon Railway.
" The entire scheme comprised about 130 miles of new railway,

and require:4 a capital of 2,500,0001., which was divided into 100,000

thares of 251. each

" The Croy don Company, with a view to the promotion of the
undertaking, entered into a guarantee that the expenses, in the
event of no Act of incorporation being obtained, shoal(' not exceed

10i. per share.
" The applications for shares exceeded the requisite number, and
there NYSE every reason to conclude that the far greater portion of
the 92,00 ) shares allotted would have been duly paid upon. The
change, however, in public opinion was so great, that deposits were

received on only 42,809 shares.
" Under these circumstances, your Committee had to consider the
best course to be pursued. Great expenses had aoeady been in-
curred in the surveys, which would have been entirely thrown away,
and fallen exclusively on the Kent Atmospheric Company, had the
scheme then been abandoned ; whilst, in the prosecution of the
entire scheme, by any arrangement with other companies, or with-
out any such arrangement of any modified scheme, the future ex-
penses would be borne principally by the Croydon Railway Com-
pany, under their guarantee.
" Your Committee first turned their attention to the possibility
of carr: ing out the scheme in its integrity, and with that view
they approached the amalgamated Committee of the Brighton
and Croydon Companies, to ascertain whether, by their assist-
ance, the remainder of the required capital could be provided.
Your Committee were met by a promise of the necessary assistance ;
but, as the arrangement would have placed the Kent Atmospheric
Railway Company too much in the power of the Brighton Rail-
way Company, whose interests might not in certain events be found
coincident with those of the Croydon, and Kent Atmosphere Com-
pany's—it was considered for this and other reasons connected with
the state of public opinion, inexpedient to avail themselves of the
proffered assistance.
" Your committee next opened a negotiation with the North Kent
. .

Company, which resulted in an arrangement to the effect, that the
Kent Atmospheric Railway Company should confine their application
to Parliament to a line to Tonbridge and Maidstone, and that the

North Kent Company, if they succeeded In obtaining their Act, shnuld

pay to the Kent Atmospheric Company 10,0001. towards the expenses
already incurred, and give the.n, besides, the option of taking 5,000
shares in the North Kent Company.
"Your Committee were induced to assent to this arrangement upon
the following considerations :—Much money had already been ex-
pended ; the North Kent Company's success was sanguinely antici-
pated ; their scheme, in conjunction with a line through Mid-Kent
to Tonbridge and Maidstone, was calculated to afford, though
perhaps less completely and advantageously, as much railway
accommodation to the county of Kent as the entire plait
of the Kent. Atmospheric Railway Company—the interests of the
Croydon Company would have been, to a great extent, protected—
the subscribers to the Kent Atmospheric Company would have
secured, in the event of the success of the North Kent Company, a
larger payment to. ards expenses incurred, and shares in an under-
taking which were likely then to be highly valuable • and they had,
besides, the best portion of Mid-Kent still open to their exertions.
" The application to Parlament by this Company was accordingly
confined to a line to Maidstone and 1 onbridge. The result of the
Parliamentary contest is known ; the Bills of the North Kent Com-
pany and the Kent Atmospheric Company were both rejected by the
Committee of the Commons.
" In the House of Lords, the North Kent Line was withdraws
upon some arrangement with the South-Eastern Company. The
Kent Atmospheric Railway Company continued their opposition to
the South-Eastern Mid-Kent lines ; and after a short, but spirited
contest, succeeded in inducing the Lords to reject tile South-Eastern
Bill. There is reason to believe, that if the North Kent Company
had, in like manner, submitted the merits of their scheme to the
Committee, the same fate would have attended the South-Eastern
North Kent Bill.
" The South-Eastern Company having, however, obtained powers
to construct a railway only as far as Gravesend, the entire country
proposed to be accommodated, and all the objects originally con-
templated by the scheme of the Great Kent Atmospheric Railway
Company' - with the exception of the northern portion between
London and Gravesend—were open to future consideration.
" It became, therefore, a matter of anxiety to your Committee to
devise some measure which would secure to the scripholders in the
Kent Atmospheric Railway Company some advantage from the
past expenditure, and which would, at the same time, enable your
committee to return immediately the deposits, less the stipulated
deduetion of 10s. per share, which they thought, under any view of
the case, the scripholders would desire.
"Your Committee are happy to state that they have (subject
to the confirmation of the scripholders) arranged with the Lon-
don, Brighton, and South Coast Railway Company, that the
plans, Sec.. of the Kent Atmospheric Company shall be handed over
to that Company, and that the scripholders of this Company shall,
in exchange, have the option of subscribing equally with the London,
Brighton, and South Coast Company, or their proprietors, towards
any capital which may directly or indirectly, by a new company, be
raised by the Brighton and South Coast Railway Company, for the
construction of any line of railway comprised in the scheme of this
Company.
" If this arrangement be confirmed, the scripholders will imme-
diately receive 40s. per share, and their names and residences will
be recorded with a view to such future option.
" The committee have not been enabled to ascertain the amount
of their expenditure and liabilities, but an estimate has been
framed, which would be submitted to the meeting by the Secretary ;
by this it will clearly appear, that, under any circumstances, far
more than the stipulated 10s. per share have been expended; and
your committee therefore apprehend, that as the payment of the
balance will rest with the Brighton and South Coast Company, the
scripholders will not desire to delay the settlement of their accounts
until the fb.al discharge of all claims.
"The committee, although they have received several communi-
cations on the subject, do not anticipate any serious objection to the
course they have adopted.
" They have been entrusted with extensive powers, which they
have endeavoured to execute faithfully.
" They have throughout acted upon full advice and to the best of
their judgment and ability, with the single object of doing, under the
difficult circumstances in which they were placed, the best for the
large interests confided to their charge."
The CHAIRMAN commented briefly upon the report, and
stated that 10,000 shares had been re: erved for the land-
owners on the line ; and, although 90,000 shares was the'
number they intended to issue, they had actually issued
92,000. Of those shares a small number had been paid upon,
in consequence, he supposed, of a change of opinion as to the
propriety of prosecuting so many schemes at once. The di-
rectors took a s rious view of the matter, and, upon reflection,
found they had but one course to pursue, and that was the
one determined upon in the report they had just heard read.
It seemed desirable pro,c‘oe R r•ekstmln .axtel.ded
character, and he trusted the arrangement the committee
had entered into would meet with the approbation of the
scripholders at large. He concluded his very brief observa-
tions by moving a resolution adopting the report, and em-
powering the directors to carry out the objects it embraced.
Mr. JOHNSON (a director) seconded the motion, which was
carried unanimously, as was also a resolution that the scrip-
holders would accept the 21. per share, proposed to be re-
turned to them by the committee of management.
Mr. WISHAW wished to be informed whether the effect of
the resolutions they had passed would amount to a dis,olu-
tion of the Company, and whether the meeting would have
anicash statement laid before them?
The CHAIRMAN said the Company was virtually dissolved,
but whether completely so was a legal question into which
he would not enter, and with which he thought they had
nothing.to do. As to the expenses, he would read them a
brief statement which the secretary had prepared. lie then
read the followi,g account :
Da.
1846.—T0 42,809 shares at 103. per share, to
be paid by Kent Atmospheric Company £21,404 10 0
Deficiencies

£42,535 3 3

Ca.
By payments as per cash account 18,234 13 3
Outstanding claims estimated at

£42,534 13 3

A PROPRIETOR inquired when the 21. per share would be
returned? _ _

The CXAIAMAN replied, within a week. It was only on
Saturday last that the agreement with the Brighton Com-
pany hau been entered into.
Another l'aupatEToa wished to be satisfied that the Com-
pany was guaranteed from all liabliltty to contract any fur-
ther expenses?
The CHAlRMAN—Certainly, the Company is virtually at
an end. _ _

A vote of thanks to the committee, for their manage-
ment of the Company, was carried by acclamation; as was
also one to the Chairman, for his c:)nduct at that meeting,
and as chairman of the board of directors.
The utmost unanimity prevailed, and the meeting only
lasted about twenty minutes.