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 held Yesterday afternoon in the
Town Hall of Queensborough—the Right Hon. S. R.
Lushington presided, supp )rted by the deputy chairman
(Mr. L. S. Alagnus), 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 ; Nr. Balls, Mr. Perry, and others.
The Right Ron. CHAIRMAN, in opening the proceed.
ings, observed his age and infirmities rendered it impos-
sible for him to take a very active part in the concerts
of the company ; bet 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 opp, rtunity of promoting the best interests of the
company. (Cheers.)
Mr. MA.CINIIS 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.
lie notice, and it gives them great satisfaction to an-
nounce that their endeavours have succeeded beyon 1
their most sanguine expectations, in the support they
have received helm the public, Who have beccme 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 shareholder:, generally to take a part in the affairs
of the company. Your directors have also lcly 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 consider 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 that 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 2i 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 0001., so that the amount added to their 80,000/.
capital really made their 10/. shares worth 121. 10a.
Tne shares were now something below premium, but
one of the reasons why they had not reached the pre-
die ed premium of 2i per cent, was that parties who
did not hold any —and why, 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 publie,y alleged the managers of the Ceylon Rail-
way Company acted. Those bent emen, 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 hero he must say
that, although the directors bad received more support
in the island than they had been led to expect, yet
be 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. (near, hear.) The shares ap-
plied for exceeded in number that which they had
to distribute, and the board had resolved to divide them
am angst 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 for their friends abroad, who had not had
time to seizs the opportunity of taking their fair share
in the enterprise. He could truly say that the
directors had not, in their prospectus, said ens-
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 months—at
the rate of 10 per cent. per annum. (Cheers.) LThe en-
gineer saw no difficulty whatever in finishing the line in
18 months. It was probable they would commence the
works of the bridge within a few weeks. They bad not
required any assistance from the contractors. (sear.)
The board had an agreement with them to borrow, if
necessary, 26,000/., with a promise that if the sum were
not borrowed the company should be allowed a discount
of 3,7501. This discount would be 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 on the flattering position in which the com-
pany now presented itself. (Cheers.) He then moved
the adoption of the report.
Mr. LEES seconded the, motion, which was carried
unanimously. The directors having been re-elected,
It was resolved, on the motion of Mr. Casnig, that
the secretary, Mr. Breeze, should be paid 2001. per
annum.

A cordial vote of thanks to the chairman closed the
proceedings.

RAILWAY TRAFFIC RETURNS.