The Sun.
London, England, 1867-02-05 00:00:00

LONDON, CUATHAIL AND DOVER.

A meeting of the B and C shareholders in the
Metropolitan Extensions undertaking of this com-
pany was held yesterday at the Victoria Station,
Pimlico ; Mr. D. H. Waiter in the chair.
The report of the committee was taken as read.
The CHAIRMAN, in moving the adoption of the
report, said he was glad to mention that the com-
mittee had received replies from a large number of
shareholders expressing their adherence to the views
of the committee stated in the report, and if they
were present they would nearly fill that large room.
The committee had suggested to the Board of Di-
rectors that the Metropolitan Extensions share-
holders should be duly and efficiently represented
at the Board. The capital of the Metropolitan Ex-
tensions amounted to £5,733,000, while the capital
of the generalundertaking amounted to £6,709,000,
so that there could be no doubt that the Metropo-
litan Extensions interests should be duly represented
at the Board. The original capital of the Metro-
politan Extensions was £2,200,000, but for one
purpose or another it was increased by the former
Board to £5,733,000. Those who had put the
additional millions on their backs bad not given
them a palmy of additional tolls to compensate for
the increased capital. Although the cost of the
Extensions was nearly as much as that of the main
line undertaking, they only received 2s. tolls out of
the 18s. 6d. fare to Dover. The link line received
4d. per passenger. That showed that their interests
ought to be distinctly and effectually represented at
the Board. They contended that the liabilities of
each section should be distinctly confined to such
section ; that the liability to interest on any money
borrowed should be confined to the money actually
expended on each section. They had suggested
that provisions should be made in the bill before
Parliament for securing the interests of the Metro-
politan Extensions and other sections, requiring the
liabilities of each section to be explained. They
wished to pay their own debts, but not to be saddled
with other people's debts. They were only liable
for money expended on the Metropolitan Exten-
sions, and if those and other things were fairly done
there was no reason why they should not help
the directors to get the gas bill carried. He also
thought that. the debt due to them of „L.:52,902 for
interest to June 30 last should be secured to them
less any amount paid on their account. The com-
mittee found that £283,230 of the Extensions capital
had been misapplied, leaving £192,000 due for land ;
but this debt would take priority of the debentures.
Beyond the £192,000, about £30,000 was required
to provide accommodation for the coal traffic, and
about £22,000 for other improvements to facilitate
traffic. They would therefore concur with the
Board, and assist them in carrying out a good pla❑
to benefit the property, and he trusted the deben-
ture-holders would endeavour to assist the share-
holders in that object. The debentures of 1860 had
had priority of those of 1862, and the latter of
those issued in 1864. He thought the interest of
the common fund could be paid as working ex-
penses. There was nothing intended as antagonistic
to any section, but if the directors' bill should not
be carried out, or some modification of it, the com-
mittee must take other steps ; and if the bond-holders
of the extensions would give them time, and not
harass them with law proceedings, £750,000 would
meet all the liabilities. If the shareholders would
subscribe 5 per cent. on their capital, and the de-
benture-holders would assist, ample funds would
soon be raised to provide what was necessary. He
was a very large shareholder, and would subscribe
£3,000 towards raising £550,000 to get the under-
taking out of debt, and provide what was requisite;
if other shareholders would do the same. If things
could not be arranged as proposed by the committee,
he thought the Metropolitan Extensions section
should go to Parliament for a bill to provide money
to pay their own debts and place their affairs on a
sound basis. There was ample rolling stock to work
the line. A great many unfounded remarks had
been made to their detriment, but he ventured to
assert that. there was no railway stock south of the
Thames so efficient as that of the London, Chatham,
and Dover Company, both as regarded engines and
carriages. He thought it would be better for the
separate committees of all the sections to meet and
devise some plan of action to promote the benefit of
all parties connected with the whole undertaking.

Every member must put his hands in his pockets and
do everything in his power to protect the property.
He entirely objected to the statement in the City

Article of the Times of that morning, and denied
that there was an internecine war by which the
committees of the various interests in the company
were madly contriving to inflict irreparable damage
on all concerned. He.concluded by moving the
adoption of the report, and that the committee be
requested to continue their services.
Mr. ISHERWOOD seconded the motion.
Mr. BRISCOE was glad tc know that the views of
the committee were supported by a large number
of shareholders. Without the assent of the deben-
ture-holders he thought it would be hopeless for
the B and and C shareholders to exert themselves,
therefore they must work hand in hand with the
debenture-holders. He wished to see a tangible
scheme proposed by the directors, with the neces-
sary details, showing how far it was the interest of
debenture and shareholders to assist in carrying it

through.
Mr. BILLINGS assured the meeting that they
would have no trouble with the bondholders. If
they would only secure the regular payment of the
interest, the bonds would be renewed for any length
of time.
Mr. HOGARTH suggested that if the debenture-
holders would take 4 per cent. for three years, the
present revenue of the company would pay it in
cash. That would enable them to get out of their
difficulties, and bring the line into punctual and
efficient working order.
The resolution was carried unanimously.
Mr. BRISCOE suggested that a petition should be
presented to Parliament by all the sections, praying
for the appointment of a committee of both Houses
to inquire into the affairs of the London, Chatham,
and Dover Railway Company, and its various sec-
tions, and the proceedings terminated.