The Sun.
London, England, 1856-08-02 00:00:00

RAILWAY INTELLIGENCE.

SITTINGBOURNE AND SHEERNESS.
An influential meeting of the original shareholders of
the above railway was field yesterday afternoon in the
Town Hall of Queensborough_the Right Hon. S. It.
Lushington presided, supprrted by the deputy chairman
(Mr. L. S. Magnu,), Mr. Frederick Lees, the largest
holder of land in the Isle of Sheppy, and through a con-
siderable portion of whose property the line will pass;
Mr. Comyn and Capt. Demergue, both large holders of
land ; Mr. Balls, Mr. Perry, and others.
The Right Hon. CHAIRMAN, in opening the proceed.
in,gs, observed his age and infirmities rendered it impos-
sible for him to take a very active part in the concerns
of the company ; but it was pleasing for him to know
that they had an able and indefatigable deputy-chair.
man, Mr. Magnus, a gentleman who would not lose
any opportunity of promoting the -best interests of ths
company. (Cheers.)
Mr. MAGNUS then presented the following report of
the directors :
"Your directors have called this meeting in pursuance
of the 66th section of the Bth Vic., chap. 16, Companies
Clauses Consolidated Act, obliging them to convene a
general meeting within one month after the passing the
special act, which, they are happy to announce, received
the Royal assent 7th of July. Since that period your
directors have employed themselves in bringing this
undertaking, in the most prominent manner, into pub.
lic notice, and it gives them great satisfaction to an-
nounce that their endeavours have succeeded beyond
their most sanguine expectations, in the support they
have received hem the public, who have become appli-
cants for shares far beyond the number they have to
allot. It being necessary that this meeting should be held
before the allotment of the shares, your directors do not
desire that any business should be entered upon beyond
what is absolutely required by Act of Parliament, as they
wish the shareholders generally to take a part in the affairs
of the company. Your directors have ahem:ly given the
instructions necessary to enable your engineer to pro-
ceed with the borings for the foundation of the bridge, and
he reports that in a few days he will be prepared to lay
before them the working details of the bridge and line.
Having now assured you of our complete success in a Par-
liamentary, financial, and engineering point of view, no-
thing remains for us but to assign our trust into your
hands, to recommend the re-election of the present board,
and to observe that your Act of Parliament permits the
election of eight directors; but as they consi,ler six amply
sufficient for the efficient working of this company, they
would not recommend you to exceed that number."
Mr. MAGNUS, in moving the adoption of the report,
said that one of the objects of the meeting was to fix the
remuneration to be given to the directors, but he begged
to state that the board had determined that they would
not accept any remuneration for the services until the
line was open far traffic. (Cheers.) They wouid recol-
lect tbat at the meeting held at the Queen's Ferry
House at the time the company took possession of the
ferry property, he told them that the shares when issued
to the public would probably be at 2,1 premium, and
he then pointed out to them that they had had presented
to them by the ferry wardens property to the value of
20,000/., so that the amount added to their 80,0001.
capital really made their 101. shares worth 121. 10s.
The shares were .now something below premium, but
one of the reasons why they had not reached the pre-
die:ed premium of 21 per cent. was that parties .who
did not hold any—and who would in all probability have
very few in answer to their applications—had been
selling shares in the market. (Hear, hear.) Another
reason was no doubt to be found in the mode in which
. .. .

it was publicly alleged the managers of the Ceylon Rail-
way Company acted. Those gentlemen, it was stated,
had, after inviting the public to apply for shares, and
receiving money with the applications, kept the money
in their hands for some time, and then allotted few or
any shares except to particular parties. The directors
of the Sittingbourne and Sheerness railway did not
intend to adopt such a course. They would, as far as
possible, distribute the shares to persons connected
with the locality—(hear, hear)—and here he must say
that, although the directors had received more support
in the island than they had been led to expect, yet
he believed there would hereafter be many to re-
gret that they had not made investments in a line
which, he was convinced, would turn out a most
profitable one. (Hear, bear.) The shares ap-
plied for exceeded in number that which they bad
to distribute, and the board had resolved to divide thorn
amengst three parties—first, to those residing in the
locality ; secondly, to the exceptional class—viz., those
who had sold shares which they did not posses,, and to
whom the directors would make very spare allotments
indeed ; and, thirdly, to the general public. They would
reserve a few far their friends abroad, who had not had
time to seize the opportunity of taking their fair share
in the enterprise. He could truly say that the
directors had not, in their prospectus, sari one-
half that they would have been fully justified in stat-
ing of the capabilities of the line ; but it was gratify-
ing to know that what they had said was believed.
(Hear.) He hoped that by that time two years they would
meet to declare a dividend -for the half-year--for the
line would then have been opened for six monthsat
the rate of 10 per cent, per annum. (Cheers.) The en-
gineer saw no difficulty whatever in fieishing the line in
18 months. It was probable they would c nuceence the
works of the bridge within a few weeks. They liad not
required any asaintance Irons the contractors. (Hear.)
The board had an agreement with them to botrovr, if
necessary, 2d,0001., with.a prorniFe that if the sum were
not borrowed the company should be allowed a discount
of 3,7501. This discount would he allowed, as the com-
pany would not want to borrow the 26,0001. (Cheers.)
He had nothing further to do than to congratulate the
shareholders co the flattering position in which the com-
pany .now presented itself. (Cheers.) He then moved
the adoption of the•repert.
Mr. LEES seconded the motion, which was carried
unanirnou-ly. The directors having been re.elented,
It was resolved, or, the motion of Mr. COMLI NT, that
the secretary, Mr. Bretze, should be paid 2001. per
annum.

A. cordial vote of tanks to the chairman cloeel the
proccedinv.

RAILWAY TRAFFIC BETURNS.

TRAFFIC RETURNS FOR THE WEEK.

Mlles
(Eddied,
1856.

NAME OF RAILWAY.

Receipts.

1m56. 1655.