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

RAILWAY AND OTH

R COMPANIES.

CAITHNESS.

The first ordinary general meeting of this com-
pany was held yesterday at the Westminster Palace
Hotel i the Earl of Caithness in the chair.
The notice convening the meeting having been
read,

The CHAIRMAN stated that the meeting was held
in compliance with the requirements of the Act of
Parliament. In fact, the state of the money market
had rendered it impossible to proceed with the
works as had been desired ; but he trusted that be-
fore long, not only would the Caithness line be ac-
tively proceeded with, but that they would have
through railway communication by means of the
Sutherland and other lilies from John o'Groat's house
to the Lands-end. With respect to the advantage
of the line to the town of Wick he had received a
letter from the editor of a paper there stating that
steamers were then not able to get into that port,
and that upwards of 500 tons of fish were lying at
Wick, the greater portion of which would be spoilt
for want of convenient transport. So that, in fact,
the Caithness people must put their hands in their
pockets and endeavour to carry out this very im-
portant undertaking. He need not say any more
on that occasion, as all they had now to do was to
elect a board of directors, and he thought they could
not do better than elect those named in the Act of
Incorporation.

Mr. N.. Giles was appointed hon. secretary to the
company, and the directors named in the act were
elected directors of the Caithness Railway Company.

The proceedings concluded with a vote of thanks to
the chairman for presiding, and for the great inte-
rest he had exerted in favour of the undertaking.

LONDON AND ST. KATUERINE 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 £480,971, the expenditure
£320,251, leaving a profitof £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 1 per
cent., making up for the year a dividend of 3i 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. He 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 toraise 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 had 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 4 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 CIIAIRMAN 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. TALLER 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
terminates 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 had done with the hotel, and let the
other portion of the building, as proposed by the
directors.

Mr. A. HATCHARD said they should not be in a
hurry to dispose of their property, as it would im-
prove in value.

Mr. Cnoucu, one of the auditors, explained that
the company had realised dividends during the
whole time averaging 6f per cent. per annum on
the capital; that, with the exception of the Great
WeEtern and the Charing-cross Hotels, they had
been more successful than any other hotel company.
Ile considered that the directors had managed their
affairs well, and were 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-