The Sun.
London, England, 1867-04-17 00:00:00

RAILWAY I

TELLIGENCE.

LONDON, BRIGHTON, AND SOUTH COAST.

A Wharncliffe meeting of this company was held
yesterday at the International Hotel, London-bridge;
Colonel Barttelot, M.P., in the chair.
The notice convening the meeting for considering
certain bills having been read,
The CHAIRMAN stated that the meeting was
merely held pro forma, to he adjourned to the 30th
inst., with a view to meet the wishes of a committee
of shareholders; and as Parliament would not meet
till after the Easter recess it was thought they could

adjourn the meeting without interfering with the
progress of the bills. In the meantime a statement
wou'd be prepared for the purpose of informing the
shareholders as to what the bills were promoted for.
He trusted that the explanation that would be given
in a short report to the shareholders would be satis-
factory. Advertisements had been inserted in the
newspapers anncuncing the proposed adjournment,
and those notices would have rendered it unneces-
sary for so large an attendance on that occasion.
He concluded by moving that the meeting be ad-
journed to the 30th inst. at the same hour.

Mr. WHlsilaw, a director, seconded the motion

A PREFERENCE SHAREHOLDER said he had come
from the country that morning to attend the meet-
ing and to ask questions which he thought were im-
portant to the interests of the shareholders. He had
purchased the preference stock he held in 1857, at
a time when it was impossible to get their 5 per
cent. preference stock for less than 118 f.
The CHAIRMAN said they could not go into those
matters now. The question before them was that
the meeting be adjourned to the 30th inst.
A SHAREHOLDER said the proprietors should insist
on having an investigation into the circumstances by
which they had been brought into their present dis-
agreeable position. He thought that some of the
directors must be deserving of censure 'for what had
been done.

Sir CHARLES JACKSON, the chairman of the com-
mittee of shareholders appointed on the 9th inst. to
confer with the directors on the subject of the bills
now before Parliament and all other matters, said
that the board had promised to send a short report
to the shareholders, informing them of how matters
stood with respect to those bills, prior to holding the
meeting. He thought it would be more satisfactory
to the shareholders, under the circumstances, to be
told the facts of the case before they were asked to
approve the bills in conformity with the require-
ments of Parliament.

A HOLDER OF GUARANTEED STOCK complained
that a valuable property had been shamefully squan-
dered in making extension lines. He wished to
know whether it was true that dividends had been
paid out of capital. It seemed to him that they had
bad plenty of reports, but very little explanation as
to the necessity for and advantages of the expendi-
ture they had incurred. He feared that a large por-
tion of dividend had recently been paid out of capi-
tal. (Cries of " Shame.") Even the London and
North-Western were now doing away with new pro-
jects, and coming to amicable terms with their
neighbours. He wanted to know whether the board
of the Brighton Company had yet made up their
minds to abandon some of the insane projects. There
were lines intended to pass through fine scenery, but
there was no traffic to develope in those districts.

Mr. FILDER contended that the committee could
not act until its appointment had received the sanc-
tion of a general meeting of proprietors. He moved
that no action be taken in respect of that committee
until their appointment was confirmed.
The CHAIRMAN said it had been suggested to Sir
C. Jackson, the chairman of the committee, who
represented a large amount of stock, that the meet-
ing should be adjourned, and in the meantime that
they should consider what had best be done for the
interests of the shareholders. The directors had in
consequence agreed to the proposition for the gene-
ral convenience of the proprietors.

Mr. BILLINGS said he would second the amend-
ment of Mr. Filder. He trusted that the bills would
be rejected, and that some of the useless branches
would be shut up and the materials sold. He hoped
the present Board would be replaced by commercial
men, and that all unprofitable works would be
stopped.

The CHAIRMAN reminded the meeting that they
could not deal with the general business of the com-
pany at a Wharncliffe meeting, hut if they wished
to discuss those matters the directors would call a
special meeting of the company for the purpose, at
which they could dcal with them in a regular manner.

M. LOPES said itwas the first time he had attended
a meeting of the company, and humbly submitted
that the shareholders should be temperate in their
observations, so as not to make what appeared to be
a bad case worse. He had attended the present
meeting in hopes that the directors would be pre-
pared to inform the proprietors as to the policy they
intended to pursue in future. He thought they were
greatly indebted to Sir Charles Jackson for his very
excellent speech at the shareholders' meeting on the
9th inst., and for the exertions he had made to pro-
mote their interests. In his opinion no one could
agree with the extension policy of the Board since
18:57, and it would require the most able manage-
ment of directors exclusively devoted to the in-
terests of the company to improve its position and
develope its resources.
Sir C. J ACKSON asked the Board whether, under
the circumstances, they would consent to call a new
Wharncliffe meeting, as under the present arrange-
ment the proxies would be used that were applied
for on the 2(1 int.t. before the shareholders were
acquainted with the present state of things. By call-
ing a new meeting the existing proxies would be done
away with; and after reading the statement of the
directors on the subject, the shareholders would be
better able to judge as to how they should vote.
The CHAIRMAN said the directors had advertised
the adjournment of the meeting, and it would there-
fore be unfair to absent shareholders either to go on
with the proceedings now or to call a new meeting.
Of course, if the proxies which had been lodged
against the bill would be good at the adjourned meet-
ing, those that were lodged in favour of it would also
be good for the purpose intended.
Mr. COVEN remarked that hardly any of the share-
holders on the committee were old shareholders.

The CHAIRMAN then moved that the meeting be
adjourned to Tuesday, the 30th inst., and on a show
of hands it was Negatived by a large majority.
A poll was then demanded to carry the resolution,
if r ossible, on the ground that it would be a breach
of faith to those who had stayed away from the
meeting in the belief that the motion for adjourn-
ment would be agreed to.

Sir C. JACKSON said he had seen several share-
holders and told them the meeting would be ad-
journed by the directors. His wish was that a new
meeting should be called, 'but it would now perhaps
be more convenient to adjourn it as proposed.
Several proprietors expressed a wish that a new
meeting should be called, and thus do away with the
existing proxies.

The Solicitor explained that there were standing
order objections to calling a fresh meeting. The
directors having expressed their willingness to call a
special meeting to discuss any question that might
be deemed expedient should satisfy the proprietors
on that occasion.

After further discussion and considerable delay a
poll was taken, and the result was announced to the
effect that there were 2,495 votes of proprietors pre-
sent in favour of the adjournment, and 1,158 votes by
proxy, making together 3,653 votes. 'I he proprie-
tors present against, the adjournment recorded 1,460
votes, and also proxies for 636 votes, making 2,096
votes against the adjournment.
The CHAIRMAN said there was therefore a majo-
rity of 1,1;00 votes of proprietors in the room in
favour of the motion, and he declared the meeting
adjourned accordingly. In reply to a question, he
said the directois would be prepared to call a special
meeting of proprietors to consider the general affairs
of the company; and they would even further ad-
journ the Wharncliffe meeting, if it should be con-
sidered necessary. All the works on the company's
lines, as far as possible, had been stopped, and the
directors were doing everything they could to
economise.

The proceedings concluded with a vote of thanks
to the chairman, and the meeting adjourned.

BRISTOL AND PORTISHEAD.
This line having been examined and cedified by

Colonel Yonand, the Government Inspector, will
be opened for public traffic on Thursday, tle 18th
inst. The line is to be worked by the Bristol and
Exeter Railway Company.