The Sun.
London, England, 1867-01-22 00:00:00

RAILWAY INTELLIGENCE.

LONDON, CHATHAM, AND DOVER.
A meeting of the common fund shareholders in
this company was held yesterday at the Victoria
Station, Pimlico. Mr. William Hartridge, at the

•
request of the meeting, took the chair.
The CHAIRMAN remarked that the weather was
against having a large assembly, but, as a consider-
able number of shareholders had responded satis-
factorily to the circular issued by the committee, he
was not surprised on that occasion to find that the
room was only partially occupied. At the last meet-
ing it was felt desirable that steps should be taken
to protect the interests of the common fund share-
holdqrs, and a committee was appointed with that
view. It was now important that they should take
immediate steps in the Court of Chancery and in
Parliament, and for that purpose re-appoint the
committee with power to take the necessary steps to
maintain their rights, and have their claim for inte-
rest regarded as a part of the working expenses of
the main line and of the Metropolitan Extensions.
Their rights under the Act of 1862 gave them a
position and a security which justified the public in
subscribing at par for a 5 per cent. (common fund)
stock at a time when 6 per cent. was the interest
offered and payable on a large amount of debenture
bonds then under issue by the company. It was
very unfair and unreasonable for the holders of de-
benture bonds to attempt to supplement them on
the position assured to them by act of Parliament ;
but, as that attempt had been made by means of a
bill filed in the Court of Chancery, there was no
alternative for the common fund shareholders but
to defend themselves, and there seemed very little
doubt of their position being successfully defended.
To do this an expenditure and superintendence by
persons interested had become necessary, and the
meeting was called to appoint persons and to
raise funds to efftct those objects. It might
also be necessary that the proprietors should be
represented in Parliament by counsel or other-
wise, not only to obtain the insertion of clauses
in any bill affecting the London, Chatham,
and Dover interests for the protection of common
fund rights, but to seek for powers to convert the
£250,000 debenture bonds secured on the common
fund into an equal amount of debenture or ordinary
stock, similar to that existing, and representing
£750,000 in amount. It was not supposed that any
difficulty could occur in effecting this very desirable
arrangement, inasmuch as a b per cent. stock secured
as the common fund was, and the interest upon it
regarded as a part of the working expenses on these
lines, in ordinary and quiet times would be consi-
dered worth 105 or 110, being a premium of 5 or 10
per cent.; and such might fairly be expected to be
the result of measures adopted by Parliament for
adjusting the difficulties that now beset the London,
Chatham, and Dover Railway Company. The direc-
tors of the London, Chatham, and Dover Company
had shown a very considerate feeling towards them.
In regard to the London, Chatham, and Dover dif-
ficulties, he alone was responsible for the opinion
that they should all act in harmony, and that the

rights of the holders of rentcharges, leases, and de-
bentures should be settled in the suits now before
the Court of Chancery as to their respective priori-
ties, and after the establishment of all those he pro-
posed that their position should be inserted in the
bill to be brought before Parliament. Of course some
further capital must be found to pay the debts and
liabilities, and to provide such a sum as would finish
any portion of the uncompleted line as would add to

the income of the company; and each section should
bear its own burden as to its share of the outlay and

its interest and preference charges. He thought the
• sum required might be reduced from £1,500,000 to
£1,000,000, and that after paying the interest upon
it the surplus should be divided rateably among the
debenture holders and others, according to their
priorities, giving them acknowledgments for any-
thing overdue, or for any deficiencies which should
be defrayed rateably hereafter out of any surpluS
earnings before any payments be made to share-
holders, preference or otherwise. Providing, of
course, that no debenture holder be paid off
before 1872, as provided in the directors' bill, except
by taking debenture stock. lie understood that
three bills were to be promoted in the ensuing ses-
sion, one in respect of the main line shareholders,
another in respect to the debenture holders, and the
third by the directors of the London, Chatham,
and Dover Company. He hoped a com-
mittee would be appointed by Parliament to inquire
into the whole matter, that any fraud, plunder, and
other wrongs inflicted on the company might be ex-
posed and the consequences visited upon the wrong-
doers. In the present Common Fund Committee
they had a Queen's counsel, a banker, a shipbroker,
and a railway director, and he trusted, so far, that
they had conducted the business satisfactorily. (Ap-
plause.)
Mr. HAWKSLEY proposed—" That the committee
appointed on Nov. 27 last be requested to continue
their services, with power to add to their number
-:—viz.,Mr. S. H. Burbury, Mr. E. B. Denison,
Mr. J. Glover, Mr. W. Hartridge, and Mr. W. M.
Take—for the purpose of maintaining the priorities
of payment and other rights, as specified by the
London, Chatham, and Dover Railway (Additional
Powers) Act, 1862, and to take such steps in Par-
liament and in the Court of Chancery and elsewhere
in relation thereto as they may deem necessary."
' Mr. J. GLOVER seconded the motion.
The CHAIRMAN, in reply to questions, stated that
some steps had been taken by the common fund
bondholders, and it was essential to have their co-
operation. Ile believed the claims of the leased
lines caine after those of the common fund. The
time had now arrived for taking active steps to
maintain their right and position. The attitude they
assumed was one of defence, not of defiance.
Mr. BITRBURY explained that Mr. Bacon had
given an opinion in favour of the claims of the
common fund before all debentures issued after
the creation of that stock, but the deben-
tures issued previously would have precedence until
paid off. He said that Mr. Denison, Q.C., had no
doubt they would be able to maintain their rights
and position.
Mr. TYREMAN said he represented several deben-
ture-holders, and had filed a bill in the Court of
Chancery for the protection of their interests, and
they were as nearly as possible the same as those of
the common fund shareholders. Their interests were
in fact identical, and they would concur with the
shareholders in promoting the general benefit of
common fund, share, and debenture holders.
The CH aiRMAN said the common fund shareholders
were desirous of protecting the interests of the deben-
ture holders, and were in favour of a union of both,
which would make together £1,000,000 common
fund stock.

After some observations by Mr. Wrillan, Mr.
Richie, and Mr. Glover on the claims of the common
fund shareholders,
The resolution was carried unanimously, and the
proceedings concluded with a vote of thanks to the
chairman.

RAILWAY BILLS.
Yesterday Mr. Frere and Mr. Palgrave, the exa-
miners on standing orders,held sittings at the House
of Commons. The following unopposed bills were
passed by Mr. Frere as having complied with the
standing orders :—The Crystal Palace and East
London High Level Junction ; the Peterstield and
Bishop's Walhana ; Blyth and Tyne ; the Forth and
Clyde Junction and Caledonian and Skiption and
Wharfdale Railways, and Greenwich and South-
Eastern Docks. Of the opposed bills, the Swansea
Vale was adjourned to Monday next, and the Glas-
gow (City) Union was postponed until the 27th
inst. Before Mr. Palgrave, who has teen appointed
examiner, vice Mr. Smith, resigned, the following
unopposed bills complied with standing orders
The Caledonian and Forth and Clyde Navigation
(Amalgamation) ; Caledonian (Forfarshire, Works,
&c.) ; Norwich and Spalding ; Denbigh, Ruthin,
and Corn en ; and Mold and Denbigh Junction
(Amalgamation). The Thames Subway Bill did not
comply with the standing orders; and the Brecon
and Merthyr Tydfil Junction and the West Cork
Bits were adjourned.

There were only three new attacks of cattle plague
last week, and all of them were at the old spot,
namely, South Holderness, in the East Riding. 'The
animals affected—a steer, a cow, and a calf—were
killed at once by order of the inspector.