The Sun.
London, England, 1867-01-30 00:00:00

LONDON AND ST. KATIIERINE DOCKS.

Yesterday the half-yearly meeting of this com-
pany was held at the Dock-house, Tower-hill—Mr.
Manning in the chair.
The Secretary, Mr. T. Chandler, read the report,
which stated that the earnings for the six months
ending Dec. 31 had been 1480,971, the expenditure
£320,251, leaving a profit of £160,720. The balance
of profit, after paying the interest on debentures
and preferential stock, was £97,800. The directors
recommended a dividend for the half-year of 11 per
cent., making up for the year a dividend of 31 per
cent., leaving £12,640. There had been a falling off
in the business, the laden shipping having decreased
17,834 tons, the landing of goods 24,845 tons, and
the stock 10,996 tons. The directors regarded with
great concern the injurious effects on dock interests
of the unequal competition to which the docks were
more than ever exposed from " private" warehouses,
the owners of which had free access by water to the
docks, the cost of constructing which formed so con-
siderable a proportion of the company's outlay, and
entailed a heavy annual expenditure for mainte-
nance, rates, taxes, &c.
The CHAIRMAN, in moving the adoption of the re-
port, regretted that the statements they conveyed to
the proprietors were not more favourable. lie said
the company had to pay £5,000 increase of rates on
the half-year in consequence of the cholera. They
never, he said, paid their labourers less than half-a-
crown a day, and it was impossible to raise the wages
for the addition of a shilling a week would cost the
company £12,000 a year. The company never acted
oppressively to those they employed, and provision
to the extent of about £3,000 a year was made for
those who bad served the company, instead of turn-
ing them upon the parochial rates. The directors
had also established a soup-kitchen for the labourers
and their families. In proposing the 11 per cent. the
directors thought it prudent to propose a safe divi-
dend, for the company had dangerous competitors
in the wharves, and were about to make arrange-
ments to meet that competition.
A Proprietor thought the staff might be reduced.

Another Proprietor suggested, amid loud cheers,
that a committee of three or four proprietors should
be appointed to confer with as many directors with
respect to the management of the property.
The CHAIRMAN said, without consulting his
brother directors, they would be glad to have any
number of the proprietors as a committee of investi-
gation, and the directors would not take the pro-

posal as showing any want of confidence in them.
(Cheers.) He then explained the disadvantages
which the company laboured under as compared
with the wharf owners. One of these disadvantages
was that the company was bound to leave certain
space, by order of the Legislature, between its ware-
houses, and private warehouses were differently
placed. Then, the company was compelled to give
admittance to the barges of these wharf-owners,
which was somewhat costly to the company.
Mr. TATLER considered that the dock companies
should be asked to combine, so as to compete with
their dangerous rivals.
Mr. CATOR seconded the adoption of the report,
including dividend, which was carried unanimously.

A vote of thanks to the chairman and directors
terminated the proceedings.

WESTMINSTER PALACE HOTEL (LIMITED).
The half yearly general meeting of this company
was held yesterday at the Hotel, Victoria-street,
Westminster,—Sir C. Russell, M.P., in the chair.
The report stated that the gross receipts for the
half year ending Dec. 31 last amounted to £15,971,
and the expenditure to £11,356, leaving as net pro-
fits £4,615, which, after deducting £744 interest on
mortgage, and charging £942 for the respective re-
serve funds, would, with £1,691, the amount car-
ried over after paying the last dividend, leave to the
credit of profit and loss £4,620. Out of this
amount the Board recommended a dividend at the
rate of 6 per cent. per annum, clear of income-tax,
leaving for next half year £720.. The tenancy of the
Indian Board would expire in August next, and
steps had been taken to relet that portion of the
building. Several applications for offices, shops, &c.,
were under consideration. The Board had reason to
hope that the whole of the premises would, without
any_.considerable loss of time, be profitably relet,
although they feared the entire rental of £6,000 per
annum might not be secured in the first 6 or 12
months. The expenditure on capital account
amounted to £150,969, leaving a balance of £6,531.
The CHAIRMAN, in moving the adoption of the
report, congratulated the shareholders on the con-
tinued success which had attended their undertak-
ing, notwithstanding the monetary crisis of the past
year, which had injuriously affected other compa-
nies and trade in general. He explained the course
which was being adopted by the Board with a view
to the conversion of the hotel or a portion of it into
shops and offices, and thus to make the property as
productive as possible.
Mr. FRANKLYN thought that the India Board
would not be ready to leave at the time mentioned,
that the company should go on in the same success-
ful way as they bad done with the hotel, and let the
other portion of the building, as proposed by the
directors.

Mr. A. ITATCHARD said they should not he in a
hurry to dispose of their property, as it would Im-
prove in value.

Mr. CROUCH, one of the auditors, explained that
the company had realised dividends during the
whole time averaging 64, per cent. per annum on
the capital ; that, with the exception of the Great
Western and the Charing-cross Hotels, they had
been more successful than any other hotel company.
He considered that the directors had managed their
affairs well, and ware taking the right course.
The report was unanimously adopted, and the
dividend at the rate of 6 per cent. per annum was
declared, payable on Feb. 15 next. The retiring
directors and auditors were re-elected, and a vote
of thanks to the chairman concluded the proceed-
ings.