The Sun.
London, England, 1867-02-14 00:00:00

BRISTOL AND NORTH SOMERSET.

An extraordinary general meeting of this company
was held on Monday at Midsomer Norton.
Mr. J. COLTIIURST, the chairman, presided, and
in his opening remarks referred to the vacancies in
the direction, stating how undesirable it was that the
present state of things should continue, and urged
shareholders to make an effort to complete the line.
He then adverted to the large amount of money
which had been borrowed upon the personal respon-
sibility of the directors, and expended on the under-
taking.
Mr. S3IITII, the vice-chairman, said that up to the
present time their line had, with the small exception
of £20,000 bona fide subscribed capital, been made
by means of the loans which had been raised upon
the personal responsibility of the directors. These
who had advanced the money-to the company ought
to be fairly represented at the board. The under-
taking would require .£340,000, and those who only
represented £20,000 should not oppose the gentle-
men who would find the money to complete the
line, and who had already provided over £200,000
of that sum, Ile moved that Mr. F. P. Chappell,
Col. Hamilton, and Mr. G. Hardy be elected direc-
tors to fill the vacancies on the board.
Mr. W. COATES seconded the motion.
oveadpDaoninatmedenudnintielnat t theeff'aecltr.thja.t no Dawson
directors m
be
commit-
tee of investigation had examined the books.
Mr. GIBBONS seconded the amendment, which
was declared carried by 23 to 12.

A poll was demanded and taken, which resulted
in 145 in favour of the amendment, and 141 against.
The meeting then adjourned.

An
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com-
pmar. Russell,nywasheld on Tuesday at the London Tavern ;
M.P., in the chair.
Mr. BREKON (chairman of the Committee of In-
vestigation) said that immediately after the meeting,
held on the 31st ult., the committee commenced
their labours of inquiry into the affairs of the com-
pany. It was clear that the call, due on the 15th
inst., would be required to meet the engagement of
the company, and that another call would be neces-
sary soon to meet other engagements. Under these
circumstances the committee had to consider what
they were prepared to recommend to the share-
holders. The directors bad made the following pro-
gn
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entertaining undiminished confidence in the value
of the proposed line and in its ultimate success,
agree to accept transfers of shares from any share-
holders willing to dispose of the same on the follow-
ing conditions :—We agree to accept the transfer to
ourselves.or our agents for as many shares as may
be offered to us by the present shareholders for the
consideration of a penny per share, and we agree
that the local transfer of such shares shall be made
at our cost on the register of the said company
within one week of the purchase. We further agree,
jointly and severally, to indemnify and hold harm-
less against obligations and liabilities of every
kiwi all shareholders who may sell and dispose
of their shares to us on the above conditions,
but it shall be optional with us to withdraw these
terms in respect to all shares not offered on or before
the 21st inst. We further agree that the terms of
this offer shall be sent to every shareholder not later
than the 14th inst." He said that he should un-
hesitatingly advise the shareholders to accept the
proposal of the directors.
In answer to a question it was stated that the
company had received £56,000 on capital account,
and that about £31,000 would be required to clear
of the liabilities of the company.
After some discussion it was decided that the pro-
position of the directors be adopted, and that the
absent shareholders be requested to accept it.
A vote of thanks to the chairman closed the pro-
ceedings.