The Sun.
London, England, 1866-11-30 00:00:00

the concern in good working order ; but he thought
the claims of each section should be defined, and
the proportion of money (£1,500,000) to be raised
allotted to each distinct undertaking, so that the
position of the several sections might be seen at a
glance. This was the more necessary, as it was
proposed in the bill to take permissive powers to
enable the company to amalgamate the whole of the
section as one undertaking. He hoped the deben-
ture-holders would keep in view the first three lines
of the directors' proposal. He wished to know if
there was any scheme of amalgamation in the hands
of the directors that they intended to carry out.
Unless the debenture-holders accepted those three
lines, there would be nothing but a sea of confu-
sion. (Hear, hear.)
Mr. BRISCOE said the directors stated in their
estimate that £338,000 would be sufficient to com-
plete the works, while he found that Mr. Forbes, the
general manager, had estimated the amount at
£700,000. The net revenue was barely £200,000
a year, while the claims on the company amounted
to £250,000, to which must be added £75,000 a
year, as a first charge, if they were authorised to
raise the £1,500,000.
Mr. HoDoKlNsox explained that certain works
were excluded from the present estimate, which
might very well stand over to a future time, with
the exception of a junction line atKnight's-hill, that
would probably cost £64,137. The receivers of the'
Court of Chancery had now about £30,000 in hand.
Mr. HILLIARD, a director, said there had been
various misstatements with regard to the accounts.
There were certain sums due to the company. With
regard to the Messrs. Peto's account, the board and

committee had ascertained that therewas no balance
due from the company to that firm, but, on the con-
trary, a considerable balance due to the company.
There was also a considerable amount of Victoria
Improvement stock to be accounted for by Messrs.
Peto. The board were every day attacked by credi-
tors having open accounts. It was not to be won-
dered at that persons should wish to stand still, but
it was requisite to give proper notices for the mea-
sures proposed to save loss of time. There was a
great deal of assets to be realised. They had to meet
judgment creditors on every side, and if those claims
were not met promptly they would have to pay for
every pound they owed £2, including law expenses.
With regard to the proposed issue of £1,500,000 at
80 per cent., it would save the company 14s. per
cent. on the full amount. That money would give
them ample funds for all purposes and to develope
the traffic. He assured Mr. Hartridge that the
board had no scheme for the amalgamation of all the
sections. In case an amalgamation was contemplated
the terms would require the assent of three-fourths
of each section, as, for instance, B shares would re-
quire the assent of three-fourths of B shareholders ;
and with regard to C shares, the assent of three-
fourths of the C shareholders, before anything could
be done affecting them. While there were so
many different interests to deal with there would
be great difficulty in dealing with them. Each sec-
tion, common fund, debenture holders, and others,
took their own views of their position ; but it re.
quired a general view of the whole to comprehend
what was due to each section, and to promote the ,

general interest. Until all the interests were amal-
gamated they could not act together as a united
company, which was requisite to insure success.
One great object was keep faith with every cre-
ditor. The traffic returns of last week showed an
increase of £1,720 over the corresponding week last
year, notwithstanding every impediment. Next
year they would have an addition of 3 per cent. to
their proportion of the Continental traffic, which
would increase the amount by £12,000. They would
have a net income of £130,000 from that source.
They had only two sets of rails laid down, and when
the facilities were afforded for working the traffic
on their Metropolitan Extensions the increase would
be at least 11,000 per week ; so that there was an
increase of £50,000 to £60,000 more traffic in the
year awaiting them on that section. He had no
doubt they would have a considerable increase in
the traffic when proper facilities for conducting it
were afforded.