The Sun.
London, England, 1860-08-15 00:00:00

LONDON AND BLACKWALL.

The half-yearly meeting of this company was
held yesterday at the London Tavern ; Mr. J. N.
Daniell in the chair.
The report,
wasantaken abstracte na
sread.
of which has appeared
in
The CHAIRMAN, in moving the adoption o f the
report, said the propositions therein mentioned,
when carried out, would go far towards establish-
ing a new traffic on the line. The passenger traffic,
as a whole, had been as good as circumstances
would permit. The great difficulty had been to get
a goods traffic on their line, and after long and con-
siderable exertions, the directors had succeeded in
getting one or two companies to use their line for
goods traffic to the river and the city. He
,was
glad to say that other great railway companies
were following the example, and adopting the
means of sending goods traffic over the railway to
all the docks, with the exception of the St. Katha-
rine Docks. Goods stations for those companies
were being erected on the line, and the station for
the Great Northern Railway Company would be
ready in a fortnight. They had obtained powers
to make a branch line to the London Docks, a
goods station for the Midland Railway Company
and other works, for which they would receive in
terest on the moNey expended, and also a rent for
the space occupied. The new capital would be
raised on shares issued at a discount, so as to give
a sufficient inducement to the proprietors to find
the necessary capital for the completion of the pro-

. source in the =rent half-year. He trusted that
. the result of the goods traffic which they
were preparing to accommodate on their lin•
r would not hi to be of great advantage
! to them. The gentlemen connected with
the Midland, Cheat Northern, and London and
.
North-`Western Railway Companies would not
have made such a7rangements for goods traffic and
expended their money unless they saw their way
to having a good rnd remunerative traffic.
Mr. J. WILSON, a director, seconded the motion
for the adoption of the report.
Mr. G. SMITH thought that the shareholders
should have had sune explanation in respect of the
sums to be guaranteed by the different companies
using their line, sc as to induce them to subscribe
to the new capital.
The CHAIRMAN said it was proposed to issue the
new shares at £6 10s. each, and, when consolidated
into stock, they would rank as £lO shares the
result would be to give the subscribers something
more than 5 per cent., while at the same time, the
outlay would have the effect of increasing the
traffic generally, ant gradually augmenting the
dividend on the existing shares of the company.
They would be allowed interest at 5 per cent. on
the outlay for the branch to the docks, and 6 per
cent. on the cost (f the station and siding accom-
modation, which ,Nivoald be appropriated during
construction to dividend on the new shares; and
when the works contemplated were completed and
£6 10s. paid the new shares would be consolidated
on the terms mentioned, and participate in the
general dividend.
Mr. SMITH estimated that the new shares would
yield, even at the present rate of dividend, a return
of more than 6 per cent. per annum to the sub-.
scribers. He looked forward to increased dividends
for some years to come.
A PROPRIETOR thought they ought to be well
satisfied with their prospects, and that they had a
fair chance of ultimately obtaining a remunerative
return upon their capital.
Resolutions were passed adopting the report,
declaring a dividend at the rate of 3 per cent. per
annum for the past half-year; authorising the
directors to raise £300,000, in shares of £6 10s.
each, which were to be consolidated into stock at
£lO per share, and the new shares would be offered
rateably to the proprietors in the prop3rtion of one
new share for each £3O stock held by them. The
deposit of £1 lOs per share was to be paid in Sep-
tember next.

The CIIAIRMAN then announced that there were
two candidates for the office of uditor. It was a
question upon which the directors would not vote ;
Mr. G. Smith and Mr. Radcliff were both qualifiea
to till the office of auditor.
Mr. TITE, M.P., remarked that if they wanted
two excellent auditors, the gentlemen proposed
were the men to elect, but as Mr. G. Smith had
done good service to the company on various occa-
sions, and was well acquainted with the affairs of
the company, he thought they would do well to
elect him to fill the vacancy.
On a shew of hands 75 appeared in favour of
Mr. Smith, and a much smaller for Mr. Radcliff.
The chairman declared that Mr. Smith was elected
auditor by a large majority.
The proceedings concluded with a vote of thanks
to the chairman and directors.