The Sun.
London, England, 1856-07-24 00:00:00

Tt72 mtrlNT‘ LONDON, -riTrusDAY Pv.ll4lgllsier, Jt7Li -24, lissel

LONDON, BRJGATON, AND SOUTH
COAST RAILWAY.

LAW INTELLIGENCE.—(This Day.)

MEETING TEIIS DAY.

COURT OF BANKRUPTCY.
(Before Mr. Commissioner Fonblanque.)
IN RE J. W. COLES.

The—usual Half.yearly meeting of the shareholders 01
the London, Brighton, and South Coast Railway Com-
pany was held this day at the Bridge House Hotel.
The chair was occupied by Leo Schuster, E4q.

A meeting was held under the'estate of this bankrupt,
described as a merchant in Birchin-lane, who was connected
with the extensive frauds by Davidson and Gordon. The
meeting was held in the private room, and the examina-
tion was understood to relate to a large-claiM made against
the estate, the arguments on which are to be heard at an
'early day.

The usual routine business having been disposed of,
and the report, which has already appeared in The Sun,
having been taken as read,
The CHAIRMAN, in moving the adoption of the report,
entered at length into the particulars of the heads of
the subjects mentioned therein. The total capital out-
lay during the half year has been 7,8821. 10s. 4d., which
has been expended in completing the Thames Junction
'Diversion. In consequence of the high rate of inte-
rest which has prevailed until a very recent pe-
riod, the company's guaranteed stook had not reached
such a price .as to enable the directors .to
issue the remaining portion with due advantage. In
the meantime the board of directors had the pleasure
of anocnncing that during the recent monetary pressure,
no part of the company's mortgage debt bad been re-
newed or replaced at the rate of 4i per cent. Indeed,
the present average rate of interest on the whole debt
was not more than 41. 2s. per cent. The directors had
great pleasure in stating that the permanent way, build-
ings, and rolling stock were in a much better state than
they were last year. The best material had been used
by the company, as the directors felt that the cheapest
course to adopt was to have nothing but materials
of the very first description. (Hear, hear.) The
most amicable relations continued °to be maintained
with both the neighbouring railway companies, and, in
order to further cement the friendly connections 'with,
,he South Western Railway Company, the directors had,
as had been announced at the recent general meeting,
consented to that company participating in the lease of
the Wimbledon and Croydon line. The net amount of
the credit of the revenue for the half-year was 115,6831,,
out of which the directors recommended a dividend of
2i per cent. for the half-year, amounting to 115,4641.,
leaving a balance to the credit of the current half-year
of 2191. The report entered Po fully into all the affairs
of the ccanpany, thathe felt he need not detain them
any longer than to move its adoption by the meeting.
The motion having been seconded by Mr. SCOTT.
A discussion ensued, at the termination of which, the
motion of the chairman was carried.

The bankrupt was brought up in custody from the Peni-
tentiary at Millbank, where he remains under a sentence
of four years' penal servitude ; but as ho was assisting by
his disclosures in Obtaining the conviction of the principal
delinquents, it is probable there will boa commutation of
the sentence.

At the conclusion of the half-yearly meeting, a special
meeting was held, when resolutions converting the Mort-
gage debt of the company in a four-pencent preference
stock, and• reducing the number of directors to eight,
were agreed to unanimously.
Thanks baying been voted to the chairman, the pro-
ceedings term in at ed.—