The Sun.
London, England, 1867-07-24 00:00:00

Railway and Other Companies.

,LONDON, BRIGHTON, AND SOUTH COAST.
A meeting of dissentient shareholders in this com-
pany was held yesterday at the London Tavern—
Mr. Samuda in the chair. About 50 shareholders

were present.
The CHAIRMAN expressed regret that some mem-
bers of the late committee should, since they became
directors, have adopted a policy that he considered
to a certain extent hostile. lie complained of the
manner in which the poll was taken on the amend-
ment. He condemned the agreement as being bad
for the Brighton shareholders. The interests of the
Brighton line had been sacrificed to the South-

Eastern, more particularly in the case of the tolls to

be paid for use of the North Loudon Termini. The
Brighton Company might expect new traffic in re-
spect of their own line, for which the South-Eastern
could give no quid pro quo, because its traffic was
already developed by its having the Termini in use.
He concluded by moving--" That, in the opinion

of this meeting, there should be no amalgamation
with the South-Eastern Railway on the terms pro-

posed ; that there should be no issue of ordinary
stock, and that any money required should be raised

by the issue of preference capital, and that a com-
mittee be appointed to give effect to these reso-

lutions."

Mr. FIELDER seconded the motion, and after some
discussion the resolution was adopted.
On the motion of Mr. MILLER, it was agreed that
a petition be presented to the House of Commons
praying for an alteration or suspension of one of the
standing orders of the house.
A committee, consisting of Messrs. Samuda,
Fielder, Jones, Davis, and Howell, was appointed,
and a vote of thanks to the chairman concluded the
proceedings.
Mr. S. LAING, the chairman of this company, in
a circular to the shareholders, states that the re-

cent conflict between the late board and the coin

rnittee of investigation had left a state of things
which made it the duty of the present board to
neglect no precaution against a possible defeat of
important measures by the concerted action of a
very small section of shareholders in a thin and un-

prepared meeting. Representing as the directors did
the interests of about S,OOO shareholders and nearly
£17,000,000 of capital, they felt bound on all im-
portant occasions to obtain as far as possible the
deliberate opinion of the general body of share-
holders. When this opinion was against them they
were perfectly ready to resign, but so long as it sup-
ported their policy they would remain at their posts
and do their utmost to carry out such measures as
to the best of their judgment seemed calculated to
restore the value of the property which had been so
grievously depreciated by past errors of manage-
ment. Acting on this principle, when they found
that the late board had concluded an agreement for
amalgamation with. the South-Eastern Company,
which left the entire result to the chances of an open

arbitration (chances which, in the judgment of the
present directors, might be very unfavourable for the
Brighton Company, awing to the wide discrepancy
between the real expenses of the last three or four
years and those charged to revenue in the published
accounts), they revised this agreement, so as to bring
the division of traffic to a definite figure based on
actual results, which, after deliberate examination,
they were satisfied was more favourable for Brigh-
ton interests than any probable result of the pro-
posed arbitration. This revised agreement was con-
firmed at the recent meeting by a majority of 52,656
votes against 2,988, and the directors believed that
it constituted a solid foundation for the future pros-
prity of both companies. The floating debts of
the company amounted to upwards of £700,000, of
which a portion was very urgent. Sufficient pro-
vision had not been made for the payment of the
debenture interest due on the 15th of July. The

new directors had succeeded in making arrange
manta by which the debenture interest and the
asst pressing small claims hal been met, and the
ao ttiag.debt.liad been reduced by nearly £600,000.
By thaw -acrwagements the urgent liabilities had
been reduced to a more manageable compass, and
now remained to raise the requisite capital to deal
with the arrears and remainng liabilities for works
recently finished, suspended, or in progress. For
this purpose a total amount of less than £1,500,000
would suffice, of which nearly £500,000, would be
provided by the spare lands and accruing debenture
powers, leaving about £1,000,000 to be raised by
shares, of which, however, not above £500,000 or
£600,000 would probably be required for the next
T 2 months. The directors had decided on raising
this amount by an issue of ordinary stock at a dis-
count, and they had succeeded in convincing a
Committee of the House of Lords of the expediency
of this course, and the Bill had just passed a third
reading. This mode of issue was more legitimate
and better calculated to restore the company's credit
than if they were to attempt to pile up more prefer-
ence stock at a high rate of interest on the already
too narrow basis of £5,400,000 of ordinary stock.
From numerous communications made to them, the
directors were convinced that this mode of issue
would not only give general satisfaction to the hold-
ers of Brighton stocks, and go far to raise the value of
the whole of its preference securities, but that it would
be an important step in restoring public con-
fidence in railway property generally by showing
the disposition of ordinary shareholders to meet
difficulties in the same spirit as honest men of busi-
ness would apply to the management of their pri-
vate affairs.