The Sun.
London, England, 1867-08-29 00:00:00

The CHAIRMAN, in moving the adoption of the
report, and he hoped the increase in the coal traffic
would prove permanent. There had been, and still
was, great competition for this traffic from South
Wales, which the directors had endeavoured to meet
by personal influence, and by providing every pos-
sible facility for carrying on this important trade to
advantage. (Hear, hear.) So much had been said
about railway debentures of late that the directors
thought it right to lay -before the shareholders a
statement of the satisfactory security on which the
debentures of this company were issued. The
amount was very limited, and there was no reason
for any increase. He thought it right to add that
the directors bad never experienced any difficulty in
placing their debentures. In fact, their little com-
pany was one of the few which had experienced no
positive inconvenience from the late money panic,
and he hoped that it might be regarded as one of
those legitimate undertakings which would continue
steadily to progress. (Hear, hear.)
Mr. W. BROWSE seconded the motion, and it was
carried unanimously.
The dividends recommended in the report were
declared; Mr. Moates, jun., was elected an auditor,
in sucassion to his father; and the proceedings
concluded with a vote of thanks to the_chairman and
directors.

proceedings.
LONDON, TILBURY, AND SOUTHEND.
The half-yearly general meeting of this company
was held on Tuesday at the office, Fenchurch-street
—Mr.C. J'.-Eley in the chair. '
The.report, an abstract of which has appeared in
The Stn, was taken as read.
The CIIAIRMAN, it moving the adoption of the
report, said he was sorry to meet them with a dimi-
nution in the passenger traffil, which might have
been expected from the depression of trade and other
matters, but there had been an increase in the goods
and cattle traffic. He thought the decrease in the
receipts had chiefly arisen from the inert system of
management, which was induced probably by the
extraordinary tolls the lessees had to pay to the Great
Eastern Company, which left a very small profit on
increased traffic. It was something like running a
race in fetters. The lessees had to contend with
many difficulties in consequence of the cxtraordi- I
WATERLOO AND WHITEHALL.
nary bargain made by them years ago with re- 1
The half-yearly meeting of this company was
{hard to tolls, which accounted in some measure held yesterday at the offices, Westminster Chambers,
for their indifference. He mentioned the tolls with .
Victorm-street ; Mr. J. Parson in the chair.
a view to impress the shareholders with the fact that
The report stated that the undertaking had re-
they must not judge of the capabilities of the line
mained in abeyance since December last. The act
by the present receipts, or as to what might be done passed in the late Session authorised the company to
with it when the lease was at an end, and when the
raise a further capital of £75,000 for the purpose of
line came into their own hands. When the com-
completing the line by au 8 per. cent.. preference
pang could work it without let or hindrance the re-
stock if necessary. That act also conferred an ex-
suit would be very different. The Thames Haven
tension of time for completing the'works. Those
Company since they commenced operations had
powers, they trusted, would enable the directors to
acted in a liberal spirit ; they had laid out a larger
raise the capital required to finish the line. The
sum than they bad agreed to lay out, and it ap-
directors did not think that the time for utilising
peared they were prepared to incur a greater outlay
those powers had arrived, and they recommend the
to fully develope the traffic. He regretted that it
shareholders to wait till the distrust on the part of
was intimated on the part of the Government to
the public had passed away. The directors re-
prohibit the conveyance of cattle from Thames
tamed their confidence in the eventual value of the
Haven over their line to the Metropolitan Cattle
undertaking. It appeared to the directors that
Market. They would have great reason to complain
, those shareholders who had paid in full on their
if privileges were withdrawn from them and trans-
-1 shares, or £2 more than the £8 called, were clititled
ferred to others who had competing landing-places, . to interest on the £2 s 3 p yid in advance, and they
such, for instance, as the Victoria Docks. They
would pay the interest to the 30th of June.
did not want any unfair exception in their favour, The CliktrimAN, in moving the adoption of the
but wished to be treated as all others who had land-
I report, said if they were to abandon the undertaking
ins places in the port of London. The bill autho-
the whole of the original capital would be lost, but
rising a junction between their line at Bromley and i
1 by completing the undertaking, whatever might be
the North Loudon Railway had received the Royal '
i it ultimate result, there was a chance of getting some
a.sent, and the directors had entered into an agree- I
i
return. They could not get the Act of Parliament
went by which the North London and the London 1
i without the consent of the contractors, and if they
and North-Western Companies wouldhave running ;I
were to pay the contractors for the work that was done,
powers over the Tilbury line on the principle of 1
and compensation for the work that was not done, it
paying a fair mileage rate. It would be of great
would absorb more than the whole of the capital. lie
importance to them in extending their traffic, and
thought it a'lvisable that they should wait before
would, he thought, practically settle the toll qucs-
, exercising the powers which the Act gave them.
tion. (Hear, hear.) He was glad to see, by the
He hoped as soon as confidence was restored they
papers, that the chairman of the North London
would be able to raise the money on favourable
Railway, at a recent meeting of that company, said
terms for completing the undertaking. The salaries,
be looked upon the Tilbury line as passing throur,h 1
• secretary, oflice, and other expenses amounted only
an undeveloped district, and that he believed the i to £2 iS.
Ile had every confidence in the ultimate
junction of the two lines would be mutually advan-
success of the line, and they might depend upon it
tageous to both companies. I that the best efforts of the directors, whose interest
Mr. MOXON, a director, seconded the motion for
I was that of the shareholders, would be directed to
the adoption of the report. that object.
Mr. Gossett, Mr. llohnes, and Colonel Palmer
The motion for the adoption of the report was
thought the traffic on the line was capable of consi-
seconded by Mr. BURKE. and carried
unanimously.
derable improvement, by making the places on it 1 •
the CHAIRMAN stated that before the powers for
better known, and affording greater fac:lities to
i raising additional capital were exercised the share-
those residing in the districts through which the .
holders would be called together, and the matter
railway passed. submitted to them for their assent.
The CHAIRMAN explained that the tolls were out 1
A vote of thanks to the chairman and directors
of all proportion to the distance travelled over the
terminated the proceedings.
line. The first-class fare to Southend was 201, but
the toll absorbed the greater part of it, leaving the
lessees something like 41d., and to other places,
such as Barking, only id. or lid., which was no
inducement for the lessees to expend money in the
development of the traffic ; and until the lease ex-
pired those tolls would remain as they were. He did
not impute any blame to the Great Eastern direc-
tors as to tolls—they were trustees, and could not
alter them unless they got an equivalent. He had no
doubt whatever that when the lease expired, and the
line was in their own hands, it would be a 6 per cent.
line. He was quite sure that during the summer and
autumn the receipts might easily be increased 30
per cent.

K INGSBRID GE.

The works on this line were progressing rapidly.
The foundation stone of a bridge by which the line
would cross the Avon at Topsham was laid on
Monday by Mrs. W. B. Fortescue, wife of the
chairman. The line would connect Kingsbridge
with the South Devon Railway at Brent station,
and would cross the Avon 10 times in its course.

WHITEHAVEN, CLEATOR, AND EGREMONT.
The half-yearly meeting was held at Whitehaven
on Monday; Mr. A. B. Steward in the chair.
The report stated that the traffic for the half-year
showed an increase of £6lB as compared with the
corresponding half of 1866. The working expenses
had been 40.61 per cAlt. The sum of £10,049 re-
mained for division, and the directors recommended
a dividend at the rate of 9 per cent. per annum
upon the consolidated stock and upon the amount
paid on the £lO (C) shares. The Bigrigg branch
would shortly be opened for traffic. The permanent
way and rolling stock were in good order.
The CHAIRMAN, in moving the adoption of the
report, said that some doubts had been expressed at
the last meeting as to how the books were kept, and
the directors thought it right to employ Messrs.
Quilter, Ball, and Co., the accountants, to exa-
mine the accounts, and see whether they were right
or wrong. Their report was now before the share-
holders. He was happy to congratulate the company
upon the proverous state of their affairs. This
was the best half-year they had had. They had
earned more money, and were still increasing, while
other railways were retrograding. Ile urged the
importance and desirability of this undertaking re-
maining under local direction, instead oZ being
Itransferred to one of the great companies. The
railway bad not been made for the hole purposes of

The report was unanimously adopted, and a vote
of thanks to the chairman for his devotion to the
interests of the company, and also to the directors,
concluded the Proceedings.