The Sun.
London, England, 1867-06-19 00:00:00

Railway and other Companies.

LONDON, BRIGHTON, AND SOUTH COAST.
The adjourned special meeting of this company
was appointed to be held yesterday at the Bridge-
house Hotel, London-bridge, to receive the report
a the Committee of Investigation, but as it had
not probably reached all the proprietors it was
deemed better to further adjourn the meeting for a
week ; Colonel Barttelot, M.P., in the chair.
The CHAIRMAN said he had simply to propose the
further adjournment of the meeting to Tuesday
next, the 25th instant, to be held in the same place,
at 1 o'clock. _

The motion was agreed to unanimously, and the
proceedings terminated.

GREAT EASTERN.

A Wharncliffe meeting of this company was ap-
pointed to be held yesterday at the London Tavern ;
Mr. C. H. Turner in the chair.
Mr. S. B. Owen, the secretary, having read the
notice convening the meeting to consider a bill now
pending in Parliament to confer on the Great
Eastern Company facilities for raising money,
The CHAIRMAN said that in consequence of their
financial bill having been taken before the commit-
tee of the House (*Commons that morning for the
first time it would be necessary to adjourn the meet-
ing to Wednesday nest, at 12 o'clock, to be held in
the same room. He was sorry to give the proprie-
tors the trouble of attending again, when the direc-
tors hoped the bill would be ready for their con-
sideration.

A PREFERENCE SHAREHOLDER said he attended
the meeting, as he understood that it was intended
by the bill to seriously interfere with the rights of
the London and Blackwall Railway, which was
leased to the Great Eastern Company.
The CHAIRMAN said the legal representatives of
the Blackwall Company would be found in the com-
mittee-room that morning. The Great Eastern
Company had offered to insert a clause in the finan-
cial bill to protect their rights, which he hoped
would be satisfactory.
Several preference shareholders said they had
come very long distances to attend the meeting—
one said 160 miles ; another, 200 miles ; a third,
360 miles—and they thought it very hard on them
that they had received no notice that the meeting
would be adjourned.

The CHAIRMAN said notices had been sent on the
14th inst., informing the proprietors that the finan-
cial bill would not be ready on the 18th inst., and
that the meeting would be adjourned. In reply to
a question, he stated that when the bill was ready
to submit to the shareholders the discussion at the
adjourned meeting should be as wide as the stand-
ing orders would admit.
Mr. C. LEGG thought they could not Mule the
directors for not having the bill ready, as that de-
pended on arrangements in Parliament ; but he
hoped the shareholders would attend the adjourned
Wharncliffe meeting, and fully consider the clauses
before they passed the bill.

Mr. Stiaw, the solicitor, explained to some of the
shareholders, who apparently never attended a
Wharucliffe meeting before, that it would be useless
to submit the financial bill until after it had passed
the committee of the House of Commons. It would
then require the approval of three-fourths of the
capital, represented in person or by proxy, at the
adjourned meeting.
The CHAIRMAN then moved the adjournment of
the meeting to the 26th inst.
Mr. G. SMITH, a director, seconded the motion,
which was carried, and the meeting adjourned.
The finance bill provided for the issue of
£1,500,000 stock, to be known as debenture stock
B (over which existing debentures and debenture
stock were to maintain a preference) ; also for the
appointment of deposit trustees, who were to receive
and pay the interest accruing on the debentures and
debenture stock, which was to be paid to them
every week; and for the appointment of preference
shareholders' trustees, who were to watch over the
interests of the preference shareholders.

lIANCHEST ER, SHEFFIELD, AND LINCOLN

SHIRE.

A special meeting of this company was held yester-
day at the London-road station, Manchester, to
authorise the conversion of the debenture debt
into stock.

Mr. IVATKis, M.P., the chairman, explained that
one of the main features of the Company's Addi-
tional Powers Act, 1867, was the power to convert
from time to time the whole of their debenture debt
into debenture stock. The conversion could be made
at such periods as the condition of the money mar-
ket rendered favourable. The permanent debenture
stock would have all the powers possessed by the
temporary debt, and would form a first claim or
mortgage. The proposed conversion having been
effected, the company would never be in the position
of facing an undue pressure applied at a time of
panic or inconvenience. No new capital was con-
templated by the measure, but it was necessary to
ask the consent of the shareholders. He therefore
moved a formal resolution in accordance with the
provisions of the several acts of Parliament relating
to the creation of debenture stock by the company,
" That there be now created a debenture stock to
the amount and extent authorised by the Additional
Powers Act, 1867, and that the same be issued by
the directors from time to time upon such terms and
conditions as they might deem expedient in the in-
terests of the company, in lieu of the debentures
now authorised to be raised, or in replacement and
extinction of debentures already issued."

The CHAIRMAN remarked that when the stock
was all issued it woull save the company all the
stamps, commission, and other expenses attaching
to the temporary loan system.
Mr. FENTON, a director, seconded the motion.

The motion was agreed to, and a subsequent re-
solution empowered the directors to borrow and
reborrow from time to time such sums as the com-
pany were authorised to raise by loan or by deben-
ture under their several acts.

The CHAIRMAN, in response to a vote of thanks,
said he was sanguine enough to believe that the
security of debenture stock was so good, and the
advantage of every kind attending it so great, that
it would before long be very much in demand.
When Parliament gave them power to do so he be-
lieved trustees would be glad to sell Consols and invest
in debentures, the former representing only debt,
while the latter represented property, and thus a
new market would be opened. (Hear, hear.)

CENTRIL NORTHUMBERLAND.
The directors of this company state in their re-
port that they were without any further available
resources for the prosecution of the work, or even
for meeting the outstanding claims upon them. The
property of the company they had, however, reason
to believe, was more than sufficient to meet these
claims, provided all further expense was at once
put an end to. In these circumstances they were
compelled to express their opinion that it was no
longer possible to avoid finally abandoning the un-
dertaking, and they recommended to the share-
holders that they should appoint a small committee,
with authority to sell the property of the company
and to apply the amount realised i❑ discharging its
liabilities. The directors recommended this course
to the shareholders with pain and reluctance, which
involved the entire sacrifice of the capital expended
on the line, without any advantage having been de-
rived from it; while they remained firmly convinced
that if a comparatively small additional sum of
money could have been raised, the line from Smytt's
Gap to Rothbury might have been completed so as
to yield a moderate interest on the whole expendi-
ture, and to afford very great advantages. to the
pact of the country through which it passed.

HUDSON'S BAY.
The governor and committee of this company in-
tend to recommend a dividend at the rate of 10s.
per share, payable on the 10th of July next, in ad-
dition to the Bs. paid in January last.

IMPERIAL MERCANTILE CREDIT (LIMITED).
The report of the liquidators, Messrs. A. Young
and J. Ball, state that theliabilities, calls,and engage-
ments at the date of the stoppage, on the 11th of
May, 1836, amounted to £4,534,444, and that the
assets at the same date, including liabilities on bills
re-discounted and other engagements, which, when

I paid, would become assets, then stood in the books
of the company at £5,397,947, thus showing a
nominal surplus of £743,503, consisting of £500,000
paid-up capital, £98,790 on account of the £5 call
made in March, 1866, and a balance of £144,713.
On the 11th of May, 1867, the direct liabilities of
the company were reduced to £2,095,040, from
which there must be deducted £426,459 for dividends
already paid, leaving as the balance of direct liabili-
ties £1,668,581, to which must be added £71,940
for engagements and calls on shares which have to
be provided for, making a total of £1,740,521, while
the assets still standing in the books (including
liabilities on bills re-discounted, and other liabilities)
amount to £3,014,623, showing a nominal surplus
of £1,274,102, representing the following items :
Capital paid up at the date of the stoppage,
£598,790 ; further amounts received on account of
£5 call made by the directors, £269,221 ; amounts
paid in respect of the liquidators' call of £5 per
share, £316,320 ; and a balance of £81,772 remain-
ing at the credit of profit and loss on the 11th of
May, 1867. There had, therefore, been a total re-
duction of liability to the extent of £2,487,463 dur-
ing the past year. The engagements to contractors
and others, which at the 11th of May, 1866, reached
a total of £417,000, had, partly by payments and
partly by reduction of amounts agreed to be advanced
by the association, been brought down to £4,750 ;
and the liabilities in respect of calls were £67,190, as
against £374,220 in 1866. The advances made dur-
ing the liquidation were absolutely necessary in ful-
filment of binding engagements entered into by the
association, and for the purpose of securing assets
which would otherwise have been in great danger of
being altogether lost ; and with reference to the
call on shares held by the associations the sums paid
and remaining to be paid related chiefly to one of
the most important securities. With regard to the
assets in the present statement, of £3,014,623, they
were taken at the figures at which they stood in the
books. In consequence of the prolonged and un-
expected continuance of the monetary crisis, and
its serious effect on the realisation of securities, the
disposal of many of those belonging to this associa- j
tion had been a matter of impossibility, except at
such sacrifices as they have not felt justified in mak-
ing. After the most deliberate and careful consi-
deration, they were of opinion that, if these assets
were submitted to immediate or forced sales, the
proceeds would fall very far short of the present
amount of the liabilities ; and having regard to the
large number of the shareholders who had not yet
been able to complete the payment of the calls
already made upon them, notwithstanding the pres-
sure which had been applied, and to the great num-
ber found to be utterly unable to contribute further
in aid of the liquidation, the future must be looked
upon as demanding from all concerned the utmost
care and consideration. Under these circumstances,
to have recourse to forced sales of the securities, or
to heavy calls upon the shareholders, would be dan-
gerous alike to the interests of the shareholders and
the creditors. They had had conferences with the
principal shareholders and creditors,- and believed
that the following modification of the committee's
original proposal, if cordially adopted by the share-
holders generally, would be favourably entertained
by the creditors—viz., 1. That the remaining 15s.
in the pouad, with interest at the rate of 5 per cent.
per annum on the entire debt, should be discharged
by six equal half-yearly instalments, the first of
these being payable on the 15th Jan., 1868. 2. That
the liquidators should issue to such of the creditors
as might require the same promissory notes, payable
at the Bank of England, for the above instalments.
3. Each creditor to surrender one-eighth of his
securities to the liquidators on the payment of each
instalment vote. 4. That the liquidators should be
at liberty, on giving notice to the creditors of their
intention so to do, to discount or anticipate the
payment of all or any of the promissory notes from
time to time before they fell due, under a rebate of
interest at the rate of 5 per cent. per annum, and
that so soon as they had given such notice respect-
ing the last of the promissory notes no further call
on the shareholders should be made. The liquida-
tors were not without hope that not only would the
amount of all further calls be returned, but that
some portion of the amounts already paid up would
alio be ultimately returned to the shareholders.