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

Railway

Impanies.

LONDON, CHATHAM, AND DOVER.

A special meeting of shareholders in this company
was held yesterday at the Victoria station, .Pimlico,
for the purpose of considering the proposition of
the directors for raising £1,500,000 for the purposes
of the company ; Lord Harris, the chairman, pre-
sided.

The CHAIRMAN said the shareholders had been
invited to consult with the directors as to a measure
they intended to lay before Parliament in the en-
suing session. The new Board, in the first instance,
directed its attention to preserving the traffic of the
line, and to the support and maintenance of the
company. The directors had held a meeting of the
debenture-holders, on the same subject, last Mon-
day. He need not trespass further on their time, as
the chairman of the late committe of investigation,
Mr. Holgkinson, would address them on the subject
for which they had been called together. (Hear.)
Mr. 110DGKINSON, M.P., said he had no doubt
they were all aware of what took place at the meet-
ing of debenture holders on Monday last, and there-
fore the scheme of the directors came before the pre-
sent meeting with the disadvantage of having a hos-
tile vote already reported against it. He was not at
all disappointed by the expression of opinion on
Monday last, neither was he discouraged by it. First
impressions were not always durable, and often gave
way after due reflection, as he had no doubt would
be the case in that instance. The question proposed
was quite as much in the interests of the holders of
debentures as of the holders of shares in the com-
pany. The debenture holders who had advocated a
course opposed to that proposed by the directors
were by no means a majority of the whole. There
were 3,750 debenture holders. About 400 holders of
debentures attended the meeting on Monday, which
was not convened for coming to a vote on the direc-
tors' scheme ; it was called with a view to a confe-
rence with the debenture holders, and for the pur-
pose of seeing what objections could be made against
it. The debenture holders who did not think itne-

cessary to attend that meeting were favourable to
the proposal of the directors. So far as the directors
could ascertain the opinions on that occasion, there
were 416 assents, representing £431,268 stock, and

550 j debenture holders, representing £482,978,
against the proposal of the directors. He had no
doubt they had read an account of the proceedings
at that meeting, from wilich they would perceive
that the decision was not founded upon the merits
of the scheme. They had bills of indictment pre-
ferred against them and the officers of the com-
pany, as if the present Board had had to do with
previous mismanagement. Some gentlemen at-
tacked the scheme and raised objections to it, but
the meeting would not allow any of the directors
to give an explanation or to answer the objec-
tions. His connection with the company was

of recent date, through the death of a relation.
He knew less of its affairs up to the appoint-
ment of the committee of investigation than any
other member of it. In consenting to be a member
of the committee he did so at the request of friends
who were largely interested in the undertaking as
debenture holders ; but, after investigation, he felt
the interest of shareholders and debenture holders
were identical. The debenture holders had a first
and paramount claim, and there was no intention
on the part of the directors to place any stock be-