The Sun.
London, England, 1870-01-13 00:00:00

METROPOLITAN STREET TRAMWAY.

The general meeting of this company was held
yesterday at the office, Old Jewry—Mr. W. Evans
in the chair.

The CHAIRMAN said that the meeting was held
for the purpose of electing directors, in compliasce
with the provisions of the Company's Act. The
directors regretted that some delay had occurred in
commencing the works, but ground had been broken
and the works were now making fair progress. A
most favourable contract had been entered into for
the supply of 400 tons of rails and 200 joint plates,
the first delivery of which had been made ; also for
a large quantity of timber, sufficient for the con-
struction of the whole line, and is addition the
paving of the entire line had been contracted for.
Eight carriages had been ordered in New York, one
of which had been delivered. The directors had
entered into an arrangement with Mr. George
Hopkins to superintend the construction of the
works, upon terms mutually advantageous. The
company was working on terms of amity with all
the local authorities. Having now a good supply
of first-class materials, the directors had every con-
fidence that the line would be soon laid in a solid
and substantial manner. He moved the re-election
of the retiring directors—Messrs. W. Evans, J.
Humphreys, W. T. White, W. Morris, J. D.
Ayers, and W. Sheldon.
Mr. GRABHAII seconded the motion, which was
adopted nein. con.
The proceedings closed with a vote of thanks to
the chairman and directors.

MILLIVALL LAND AND DOCK.

A special general meeting of this company was
held yesterday, at the City Terminus Hotel, Can-
non-street ; Mr. C. 11. Parkes in the chair.

The Secretary having read the notice convening
the meeting,
The CHAIRMAN said they had been called together
to consider the propriety of authorising the direc-
tors to raise money for the purposes of the com-
pany. They had, in the first place, to construct
warehouses at the dock for a company who had
agreed to pay a fixed rental for them, in addition
to the dues on a large business they would bring
to the docks. The Dock Company were to
be called upon to extend those warehouses
from time to time when necessary, for
which they would receive a further amount
of rent. They would not be required to con-
struct more than half the warehouses during the
present half-year. The cost of one-half of
the warehouses required would be £36,000. This
was one of the objects for which they were obliged
to raise money, another object was to make a rail-
way into the dock premises. It was important that
railway communication from the main lines of rail-
way should be extended to their property, to en-
able the company to let or dispose of their land.
Unless they could show there was railway as well
as water communication to the land they could not
dispose of it advantageously for the company. The
branch from the London and Blackwall Railway
must come to their docks, and the Great Eastern
Railway Company were quite ready to do their
part of those works. The Dock Company would
have to continue the branch railway alongside of
the docks and to make the necessary sidings, which
would cost about £lO,OOO or £12,000. After they
got the railway extended to their land they would
let a portion of it directly. Another matter was
working capital, for want of which they were at
considerable loss ; the directors had had to provide
money on their own responsibility for that purpose,
but it was not right that they should have to pro-
vide it. They had used revenue to some extent for
that purpose, but it would be much better for the
company's business to provide sufficient working
capital. There were debts due which would have
to be met, and he hoped they would enable the direc-
tors to provide what was necessary. They had powers
to raise £490,000 on preference shares in 1866,
of which £203,000 remained unissued. The com-
pany had a bill before Parliament that would
not be passed before June next, and the direc-
tors wished for power from the shareholders to
enable them to deal with the unissued pre-
ference shares by getting advances upon them. The
company [would be in a much better position in 12
months' time than at present. Although the ac-
counts were not made up for the past half year, the
net profit would be sufficient to pay the interest on
the debentures, and 2} per cent. per annum on the
£300,000, preference shares issued. When the
rental of the whole of the warehouses came in the
preference dividends would be paid in full. They
would oak the shareholders, as well as the public,
to tender for the unissued shares. He believed that
the company's dock would become a good property,
although there was at present great c Aripetition at
reduced rates. A revival of trade and manufac-
tures would improve their condition considerably.
lie concluded by moving a resolution authorising
the directors to dispose of the unissued 5 per cent.
preference shares to such persons, on such terms,
and at such times as they might think fit.
Mr. HEAD, a director, seconded the motion,
which, after some discussion, was agreed to unani-
mously; and a vote of thanks to the chairman and
directors concluded the proceedings.