The Sun.
London, England, 1866-11-28 00:00:00

onder---s will be received at the Union Bank, of Aus-
alia, until debentures £400,000 shall have been subscribed
a`r, but not later than Tuesday, the 4th December next,
at r'
St 2q
t"lm All applications will be recorded and considered
rc,etlY in the order in which they are received.
Ehe subjoined relates to the London Chatham and
°ver Railway Company (Main Line and Western
tZt •
ension Capital) • rz,"
Shareholders in these sections of the London Chat-
pra end Dover Railway being all but unrepresented in the
nt board, are urged without delay to form a commit-
;en of their own to watch their interests in Parliament
,
sheCOUrt of Chancery, and elsewhere, and obtain a better
tic re of representation on the board of directors, and par-
tineallY to assist in the serious further enquiries requisite
; be made, as shown by the report of the late committee
n; investigation. The members of it should have a pre-
aihng intere.st in the Main Line Capital—the
tr°Politan Extensions, City Lines, and Eastern
Teketi", being regarded as separate and distinct.
e creation of £1,500,000 stock, "to take priority over
ill Other
other stock and debentures, and to bo a first charge on
`.the
in addition to the £35
wholeof the undertaking," will involve a new charge
1475,0000 a year, ,OOO a year for the
ntoria-station improvements about to become chargeable
P°4
revenue, which together represent an expenditure
n•t More than one-half the net amount of earnings for the
dear g
"In 30ila June last on the whole of the under-
takings' lt will never do for the main line shareholders
UtiPermit this expenditure of £1,500,000 to be entirely
litany the control of mere representatives of the metropo-
extension or other sections, contributing little or
noth*
I,
pat log to revenue. It appears to be the intention of the
s.,
Cit 4,. to place the debentures of the eastern section and
+ lines on an equal footing with the main line deben-
,ure
s, and to provide for payment of two years' interest on
86 are equally with the others. These payments of interest
egexpected
If to
tru teesb
areabout £30,000 out ef the
5",000.; appoinoted to eontrol the
Penditure of the portion for which this section
laY become liable, it would appear to be very much in the
nterest of the bondholders secured on the main line capital
consent to the priority over them and the delayed pay-
raent of their principal sums. The creation of the deben-
tnre stock conditionally and for purposes of conversion
Only ,would likewise be advantageous to them. The effort
'0 take the affairs of the company out of Chancery and to
easpend litigation should certainly be made, and might be
necomplished if the new capital be obtained. The funds
to be raised should be under the control of trustees for the
purposes and maintenance of the proportions assigned to
each section. The trustees should be selected from the
representative bodies of the several sections. But the
proposal :to make "all future debentures and the deben-
.;into stock to be a charge pari passu on the whole of
"41 undertaking," would appear to be most objectionable,
411c1 why should new debentures, chargeable on the whole
utl the undertakings, be given to the holders of Eastern Sco-
t.4i Debentures, who will be unable to contribute any re-
°nue to the income of the company, their bonds being at
present secured only on their particular undertaking ? In-
rest or principal ought only to be paid out of their own
6elvisting capital undisposed of. No sanction should be
hen to the Parliamentary scheme until the shareholders
ave Under their consideration the scheme for amalgania-
e,„
'4 of the sections with the general undertaking therein
referred to, it is impossible otherwise to understand the
u.
are and extent of the powers sought to be obtained from
Peril
di ament for these purposes. A very serious and
sturbin
anion g element in determining the questions
the but the shareholders at present arises from
ut tact that the various Acts of Parliament confer powers
the holders of the Metropolitan Extension and other
{eheti°llB to vote on all questions affecting the interests of
e Main line shareholders, and it is understood that some
nt the finance companies, money lenders, and representa-
;lves
a of the estates of ruined speculators, are holders of
Ofamounts, and that their support is pretty well as-
'red to the new board as representatives of these sections
th
„. -0 undertaking; on the other hand, the main line
it Pita' generally is in the name of bona fide holders, and
uhl!eif flies the more urgently necessary that they should
ab,V3,nrid be represented equally with the debenture holders
," the other portions of the undertaking which have ad-
eZese interests and voting powers. Besides the. watchful.
h necessary on the part of the main line shareholders in
beiti'sPect to Parliamentary and Chancery proceedings affect-
g their interests, there are most serious questions existing
wean the main line and the Kent coast, Bevenoaks, and
sauettn.l Palace and South London Railways, demanding
these Inquiry. The late committee of investigation notice
trei undertakings of necessity very cursorily, their con-
keu eftipletion and fulfilment of the working arrange-
oth tn
appearing to be very much in the keeping, amongst
bevel;"B of former directors of the London, Chatham, and
Roueßailway, as it appears that in February last Sir C.
• oske7 and Mr. G. F. Holroyd were directors of the Seven-
and Ord Crystal Palace and South London ; Sir C. Roney
Rail
-`r •J. Coleman are directors of the Kent Coast
all. v7,3' ; and
Mr. W. E. Johnson is the secretary to them
hev.e•in these the Metropolitan Extension and their allies
li
no liability or interest. The liability of the main
provabareholders, in respect to the Victoria-station im-
thiu enieuis, would by no means appear to be a settled
be nod the undertaking itself may properly
thie aidered an adjunct to the Metropolitan extensions ;
eaklir requires attention and further inquiry. It will be
VGA °Bt that these main line questions require the atten-
the
eel Persons.speeially interested in its share capital, and
thattablishment of a committee of protection, and, besides
kok further representation at the board ; at the present
At the only Lord Harris can fairly be said to represent it.
lest) Meeting of proprietors, held on the 12th October
pinal7r. lieritage, the representative of the Credit Foncier
rector at Company, stated that he " was nominated a di-
nt I:" the request af Mr. Surgey, one of the Committee
iniiheuvestigation, because his clients represented a
not an of interest in this company ; it was thought
should unreasonable thing that so large a stake
eortila he represented, and ho was nominated ac-
Y• rho T"I,Q ditties of the Committee of Investiga-