The Sun.
London, England, 1857-08-29 00:00:00

EAST KENT.

The half-yearly meeting was held at the London
Tavern yesterday, Lord Sondes in the chair.
The CHAIRMAN having simply moved the adop-
tion of the report.
Mr. LTISHINGTON (deputy chairman) seconded the
motion, and in doing so he said—My lord and
gentlemen, in seconding the adoption of the report,
I do not think it necessary for me to detain you,
as the report itself so fully records the proceedings
of the directors during the last three months. You
will see from that report, from the balance-sheet,
and the engineer's statement, that we have been
doing, I can say truly, our utmost to expedite in
every possible the operations of the contractors in
order to accomplish the opening of the line.
We have, however, been impeded at one
or two points, as we have stated in the
report ; at one point, near Rochester, by the
state of the embankments, and at another point,
near Sittingbourne, by some legal proceedings,
which delayed us six weeks or so. We shall not be
able, therefore, to open in September as we had
expected, but we shall endeavour to open at the
earliest possible period. The report refers to the
proceedings which have taken place before Parlia-
ment, and which took place in consequence of the
feeling generally expressed at the last and previous
meetings by the directors and shareholders of the
company, in favour of the extension of the East
Kent line from Stroud, so as to give us an indepen-
dent access to London. We were unfortunate in
the House of Commons. The committee gave an
ambiguous answer. The chairman said that they,
had reluctantly passed the preamble of the South-
Eastern Bill, but that at the same time they bad
exacted a kindly pledge from that company that
they would, during the next session of Parliament,
bring in some measure which would provide for a
West-end terminus in conjunction with the Dart-
ford and Lewisham Extension. The bill which, in
the report of the South-Eastern, was called the
Dartford and Lewisham Bill, and which was said
to have passed, was applicable only to a certain
junction at Trowbridge ; all the other portions of
the measure were rejected by the Lords, so that
both companies were in much the same state as
they were before they applied to Parliament.
There has been a large expenditure of money on
both sides. The South-Eastern has gained nothing,
and all that we have gained is the recognition by
the House of Lords of our right to compete with the
South-Eastern, which Parliament deliberately
sanctioned in 1855, with a view of securing access,
by a direct inland route, from London to Dover.
But these questions have been so often discussed,
that I need say no more about them. We shall
abstain as much as possible from Parliamentary
litigation ; but the objects we have been striving
for are of the greatest public and national impor-
tance, and wo ask you to give us the power to take,
when the proper time arrives, such seeps as in our
judgment it may seem advisable for the interests of
the company. It was undoubtedly the intention of
Parliament that we should extend our line to Lon-
don, whea it sanctioned the line from Canterbury
to Dover. The chairman of the South-Eastern
meeting yesterday, said they had " expended 11
millions of money in providing railway accommo-
tion," but then that money was not spent for the
advantage of the county of Kent • and yet the
Chairman of the South-Eastern urged the expendi-
ture of money as a reason why they should not
have the opposition of new companies. But the
E ist Kent is not a new company, it is the
scheme which was originally proposed by the in-
habitants of the county, and which they have ever
since desired to SAO earried out—a scheme, the na-
tional importance of which the South-Eastern
thernselves have ever and over again admitted and
promised to carry out, but have not done so. I
cordially second the adoption of the report, and 1
shall be happy to answer any questions which may
be put t o
Mr. HA.RTRIDGIR was understood to object to
the extension of the line from Strood to London,.
as being in reality a " new" scheme. He wanted
to know what was the nature of the difficulties
which had been referred to ? Were the contrac-
tors unable to complete the purchase of the neces-
sary lands ? What was the amount of debentures
they were allowed to issue ?
Sir It. W. GARDEN.--The act of Parliament de-
lines that.
Mr. HARTRIDGE.--Bllt it ought to have been in
the statement of the assets and liabilities.
Sir R. W. CARDEN. --I never saw it in such an
account in my life.
Mr. HA.RTRIDGR.—Then I have, and I am happy
to inform you.
A SHAREIIOLDER.-Why they do not exist yet,
and how could they be either in asset or in lia-
bility ?
A DIRECTOR.—The sum is 233,000/.
' Mr. HARTRumn wanted to know also how many
shareholders had not paid their calls ? They not
only ought to forfeit elleir shares, but also to have
their names stated for the benefit of the rest of
the shareholders.
Sir B. W. CannrcN--Certainly not. That is
never done. They never publish the names of the
parties.

- Mr. HARTRIDGE--Nay, they do.
Sir E. W. CARDEN—WeII, I never saw it.
Mr. HARTRIDGE—Then I hope you will take my
word for it. •
Sir R. W. GARDEN—Why neither the Gazette
nor any other paper would insert such a thing.
Mr. HARTRIDGE then said it was of the utmost
importance that the shareholders should know
what the directors intended to do ; the report con-
' fined itself to the past, and even if the past found
it convenient to overlook some matters, how would
they raise the necessary capital ? At present it
was impossible to get people to take their shares,
and the sooner they came to some arrangement
with the Souih-Ea,,tern the better. Well, then, if
they were disposed to continue an independent
company let them inform the shareholders which
course they intended to pursue. The opening they
were most anxious about was that from Strood. to
Cantiarbury. Before he sat down be also wished
to ask whether the five per cent. allowed by the
contractors was likely to ho long continued ?
Mr. D. STARLING said there was no line to be
built from Strood to London, it was from Strood
to Crays, and this appeared to him the vitality and
prosperity of the East Kent line. It seemed to be
received with some alarm, but to his mind it was
of the utmost importance ; in fact, it was the only
thing which induced him to become a shareholder.
When completed the line from Dover to the West-
end would tie a very valuable piece of property.
All they had to do was to construct sixteen miles
of railway ; and, in fact, such wore his hopes that
he confidently expec ed 10 per cent. He objected to
advertising the names of the parties who had not
paid their calls. It would have a very injurious
effect. As to the contractors' five per cont , they
wou d pay it while the line was in progress but no
longer.

Mr. 11A.RTRIDGE--Are you a director, sir ?
Mr. STARLING—No, sir.
Mr. HARTRIDGE—WeII, then, I asked my ques-
tion of the hoard.
Mr. STARLING--I thought it would come better
from me.

Tl:e SECRETARY said it would have been inad-
visable to have entered publicly into matters which
were the subject of legal controversy. The difficulty
to which allusion had been made was now, how-
ever, settled. It arose from the vexatious inter-
ference of a gentleman through whose lauds they
had to pass, and who, it was thought, wished to
obtain money from them. They had now, I,ow-
ever, defeated him. With respect to the deben-
tures, they had power to issue to the extent of
233,0001. The arrangements of the directors for
raising capital had been such that neither the con-
tractors nor the landowners had yet had to wait for
a single instant for their money. The directors had
raised 150,0001. during the past half-year, and there
was uo necessity whatever for the non-proprietors
despo:idency ; for gentlemen who bad overcome the
difficulties through which tho directors had passed,
were not likely to succumb to any which would
probably arise in the future. It would, however,
be most damaging to give the honourable proprie-
ti-r publicly the means by which the directors
hoped for the future to raise their money. As to
the issue of forfeited shares, it was stated at the ,
last meeting that this had been done to the ext ent of
5,0001. When things looked a little better he saw
no reason why the remainder should not be issued.
They would not, however, be reissued as prefer-
ence stock, without the sanction of the share-
holders.

The report was then adopted.
C.d. RAINES moved a resolution authorising the
directors t:)go on with he Parliamen, ary opposition
in such manner as they might think best for the
interests of the company.
Mr. STARLING seconded the motion, which, after
a few observati ns from Mr. Hartridge and others,
was agreed to.

The DEPUTY.-CHAIRMAN said, with respect to the
debentures that up to June 30, 32,4001. was placed,
but now the sum had reached 100,0001.
Sir R. W. CARDEN moved a resolution empower-
ing the directors to deal with the forfeited shares
as they thought proper.
Sir J. M. TTLUEN seconded the motion, and in
a brief speech disclaimed all idol of t•eiug an oppo-
sition company to the South-Esstern.
The resolution fras- then put and agreed to.
Mr. DENT aslied. whether Mr. Coleschild was now
or ever had been 4 shareholder of the company ?
The SECRETARY replied in the negative.-
Mr. DENT said he hoped the press would take a

AT

ft 'f) A

k V

not 3 of that, as the contrary had been stated to be
the case at the South-Eastern mee,ing.
Sir J. TYLDEN said he heartily wished Mr. Coles-
child would take some of their shares.