The Sun.
London, England, 1866-11-27 00:00:00

-
Railway and Other Companies.

LONDON, CHATHAM, AND DOVER.
A meeting of debenture holders in this company
was held yesterday at the Victoria Station, Pimlico,
Lord Harris in the chair.
The CHAIRMAN said it was necessary to apologise
on one point, as the directors thought there ought
to have been a larger room provided on that occa-
sion, but it was the largest they had available.
They knew they had a large number of debenture
holders, but they did not suppose so large a number
would have attended. They felt some difficulty in
the matter of providing a larger room elsewhere,
because the Vice-Chancellor had refused to allow
the expenses incurred in engaging St. James's-hall
for meetings on two former occasions. They had all
been made fully acquainted with the scheme pro-
posed by the present board of directors to renovate
the affairs of the company. (Cries of "No room ;
get a larger room.") He said the object of the direc-
tors had been to carry on the business of the com-
pany without interruption, as the traffic could not
be stopped without great injury. The very unsatis-
factory state of their affairs required all their atten-
tion. (Several persons struggling to get into the
room caused considerableinterruption. It was stated
that the corridor was full of debenture-holders.)
Mr. Baxter, solicitor to the company, amid some
uproar, said that Mr. Forbes, the general manager,
had gone to see whatplace on the premises could be
made available for the adjournment of the meeting,
and on the return of Mr. Forbes he announced that
the only place available was a carriage shed about a
quarter of a mile off, where there were no seats, and
would be very much like being in the open air.
Mr. HoDGSON, chairmanof the debenture-holders
committee, said he would pay the expense of a suit-
able room for the meeting at the Grosvenor Hotel,
but after some delay it was found that no room
could be had.

After several suggestions to go to Exeter-hall,
the Crystal Palace, and Hyde Park, and objections
to adjourning the meeting to some other day, it was
agreed to go on as well as they could in the room
provided in the station.
The CHAIRMAN said he was prepared to make a
few preliminary remarks, and then hear any obser-
vations the debenture-holders had to make. In the
circular signed by the directors they were fully ac-
quainted with the plan proposed by the board and
the pOsition of affairs. The object was to renovate
and improve the position of the company. The first
thing was to facilitate the traffic and prevent any
stoppage in working it, to get rid of the present un-
satisfactory state of affairs. The propositions of the
Board for the renovation of the company had had
the united approval of all the directors, himself in-
cluded. There were many things of interest to the
shareholders, as well as debenture-holders—many
things of great interest, but they were not pertinent
to the proceedings of that day. He hoped they
would keep their attention fixed to the object they
had in view, and when that was discussed there were
many points the directors would be glad to confer
with a committee of the debenture-holders upon.
The object of the present meeting was to have a
conference with the debenture-holders on the pro-
position placed before them for the improvement of
the undertaking, and to render it as productive as
possible. He should be happy to hear any remarks
suggestions wish regard to the proposed Parlia-
mentary scheme for raising additional capital.
Mr. HODGSON, the Chairman of the Debenture-
holders' Committee, said he regretted that the sub-
ject had not been previouslydiscussed in a conference
with the directors, so that they might have come there
prepared to deal with the matter. He thought, in the
first instance, that the shareholders should have been
prepared to find a certain proportion, if not the
whole, of the proposed new capital. The debenture-
holders had no information to guide them either as
to the past expenditure of the company, or as to what
was proposed to be done with the new capital. An
estimate of every item ought to have been laid before
them. He then entered into a statement which ho
had gleaned from the half-yearly reports of the com-
pany from February, 1865, to the half-yearly report
of June, 1866, with a view to show some discre-
pancies which he considered were very important to
the debenture-holders. He complained that the
debenture-holders had had heretofore no voice in
the affairs of the company, and contended that the
company's Acts of Parliament had been systemati-
cally violated. Ile advised the debenture-holders
not on any account to give their assent to the
raising of the £1,500,000 proposed by the directors.
Ile thought that a measure so destructive to their
interests would not be sanctioned by Parliament,
even if the debenture-holders were to assent to it.
He then expressed an opinion, amid considerable up-
roar and furious cries of " Order, order," that the
secretary should be requested to retire from his pre-
sent fositiou. He found from a statement in the
half-yearly report for June 30, 1865, that the Me-
tropolitan Extension debentures issued amounted to
£1,646,365, while the Parliamentary powers were
only £1,433,000, showing an excess of £213,000. In
the succeeding half-year the amount of debentures
was increased to £1,673,558, showing an excess of
£240,000 ; but on the 30th June last the amount of
debentures issued for the metropolitan lines was
stated as £1,556,883, showing an excess over the
authorised amount of £123,833. He complained
that the Committee of Investigation had so far over-
looked this matter that they reported the excess at
£6,295 only. He wished to know how it was that
the company had exceeded the Parliamentary powers
to the extent of £240,000, and had since reduced
that excess to £123,833.

Mr. HODGKINSON, M.P., the chairman of the late
Committee of Inquiry, said he did not propose to
reply to the observations made by the last speaker
further than they reflected on the Committee of In-
vestigation. It was quite a mistake to suppose that
the committee had overlooked that mater. The item
referred to in the Metropolitan Extensions accounts
not only included the amount of debentures issued,
but the whole of the common fund debenture stock.
The reduction in the amount of debentures issued
alluded to by Mr. Hodgson was the result of the
Metropolitan Extensions' proportion of the com-
mon fund debenture stock being added to the issue
of debentures, instead of the whole common fund
stock, and therefore the statement in the committee's
report was correct.

Mr. BILLINGS was entirely opposed to the prin-
ciple of overriding the existing debentures by the
issue of new debentures to the amount of £1,500,000
having precedence of them. It was like a man hav-
ing mortgaged his house and got into difficulties
asking the mortgagee to forego his prior claim to
enable the man to obtain money on a second mort-
gage, having the precedence of the first. It was
not likely that such a proposition would be
assented to by the debenture-holders. Parlia-
ment would never sanction such a proceeding. He
believed that several of the bondholders would
renew their bonds for 20 years if the company could
not pay them, but they must have the interest. They
might raise the money by the issue of a preference
stock after the debentures, but not to come in before
them.

Mr. PRICE, Q.C., contended that no trustee had a
right to assent to such a proposition. They could
not consent to take an inferior security. An act of
Parliament might probably do anything, but no
trustee oughttogive
his assent to such a proposition.
They
were
exertions and deeply indebted to Mr. Hodgson for his
the informationrih he had obtained for
them. It was the to do. They wanted
more informatian to guide in these matters,
and the investigation of tehebtooks of the company.
The committee and directors
mode
might be able
to strike out some practical meeting the
difficulty. He concluded by TnZI, of
a resolution to
the effect that a committee of debenngture holders be
appointed to confer with the directors, to obtain per-
mission from them to examine the accounts of the
company, and report the result to a future '
'Pectin,
t 5
of debenture-holders.
Mr. FEW seconded the motion.
Mr. SCOTT said they should remember that the
company was in Chancery and in difficulties, and if
the debenture-holders objected to the proposition of
the Board, they should be prepared with something
practical to improve the company's position. (A
Voice--" Sell the line.") It was all very well to
say " Sell the line," but who was to purchase it ?

There were three lawyers on the committee of de-
benture-holders, and they were urging them to take
legal proceedings, instead of acting with the com-
pany to clear away difficulties. The shareholders
would not provide the funds. (A Voice—" But
they must.") They had a new Board, and should
give them a fair trial. He believed the present
meeting was held for conference, but not for the re-
jection or adoption of the proposition.
Mr. SAMUDA thought they had to consider some
practical way of getting their affairs into the most
secure position. The debenture-holders must come
outright, let what would happen. Mismanage-
ment had brought the company into an immense
amount of difficulty, and to get them out of it a
careful and thoughtful course should be adopted.
Ile represented two trusts, and he could under-
stand that the debenture-holders must wait a con-
siderable time before getting the principal. A con-
ference of a certain number of debenture-holders
and directors should be held for a sufficient length
of time to come to some practical conclusion. He
suggested that the debenture-holders might reduce
the interest to 4 per cent. in cash, taking a de-
ferred dividend warrant for the remainder until
the company became sufficiently prosperous to pay
the interest in full.

The motion was put and carried, there being only
three dissentients.
Mr. HODGSON moved a vote of thanks to the
chairman for doing the best he could to preside
over a most unruly meeting.
The motion was seconded, and carried unani-
mously.

PLUMBAGO FROM TICONDEROGA.

-----....-.-

In the prefatory remarks, it would be observed,
the credit of the discovery of the non-metallic nature
of Plumbago is awarded to the indefatigable and
accurate philosopher Boyle, and this in opposition
to the opinion of those who, we are informed, being
" best acquainted with it, style it a black pinguid
shining earth, which they suppose impregnated with
antimony and lead."
That it should be regarded as a species of the
latter metal, and thus acquire the popular cogno-
men of " black-lead" or " plumbago, " from
Plumbum, need excite no surprise in the minds
of those who regard only the exterior pro-
perties of the two minerals.* Both are solid, have
an unctuous feel, and an opaque, lustrous, and
metallic appearance, and each leaves a dark streak
upon white paper ; but here the physical analogy
ceases. . .

vv
Strange as it may appear, plumbago, in its che-
mical composition, approaches more nearly to the
diamond than to any other known substance. In
fact, the most abundantly diffused, and hence
cheapest, variety of plumbago possesses, within a
very small per-tentage, a composition identical with
diamond, and yet how widely different in physical
appearance, pecuniary value, and social influence!
Of the diamond it may be said that for the pos-
session of even a few grains, thrones have tottered
to their bases, and the most ancient dynasties been
scattered to the winds ; its brilliancy and pellucid-
ness have rendered it an object of almost
idolatrous regard in all ages ; the chief attraction
amongst the gorgeous and glittering regalia of the
monarch, the decorative orders of the warrior, and
the well-merited insignia of the senator. It is also
the highly-esteemed jewel upon the brow, the bosom,
or the wrist of the fair and beautiful, where, fre-
quently its lustre is dimmed and its presence ren-
dered meretricious by the inherent grace and irre-
sistible charms of its possessor. As an article of
merchandise the diamond has, from time immemo-
rial. exacted a price fabulously high, and equalled
only by the estimate formerly attached to a "king's
ransom."

Of the varieties of carbon, the diamond ranks the
purest, the onyx-stone (according to Buffon) next,
and plumbago the third ; other varieties, as anthra-
cite and charcoal, follow in order. The diamond is
regarded as pure carbon. The onyx-stone contains,
according to the same author, a small quantity of
oxygen and earthy substance, whilst plumbago con-
sists of carbon with from 5 to about 40 per cent. of
impurities, not chemically, but mechanically, com-
bined.

Ix the following analyses are presented the com-
position of some varieties of the plumbago hitherto
furnished to the European markets, wherein it will be
noticed that the rarest and most valuable sort, the
" pencil-lead," contains the largest proportion of
foreign admixture.
The first table is arranged locally, according tO
Buffon, No. 1 being the massive plumbago or pen-
cil-lead from Borrowdale ; Nos. 2 and 3 the foliated
and granular respectively, from Himalaya, and
Ceylon :
No. 1. No. 2. No. 3.
Carbon
Iron 7.9 5.() 0.0
Limo and Alumina 36.0 8.4 6.0
Water 2.7 0.0 0.0
Silica