The Sun.
London, England, 1868-03-27 00:00:00

adopt was to do nothing at all. The subject had
been ventilated, and that was quite sufficient ; and
if the people of the metropolis were in favour of
establishing municipalities, there was nothing to
hinder them availing themselves of the privileges of
the Municipal Corporations Act if they so desired.
The Court was subsequently addressed by ➢Tr.
Medwin, Mr. Bedford, Mr. Bonneville, and others;
and Mr. Deputy Fry having been heard in reply, a
division was taken, and the amendment was carried
by a majority of ten.
The amendment having thus become the substan-

tive motion, Mr. BEDFORD moved, as an amend-
ment, "That it be referred to a special committee
of twenty members, to be appointed at next Court,
to consider the whole question of the future govern-
ment of the metropolis, and to report thereon to
this Court."

Mr. Bedford's proposition was carried by a majo-
rity of 17, and the previous question, which was
next moved, having been negatived, the Court ad-

ourned.

RAILWAY AND OTHER COMPANIES.

METROPOLITAN DISTRICT.
The half-yearly general meeting of this company
was held. yesterday at the Westminster Palace
Hotel, Victoria-street ; the Earl of Devon in the
chair.

The report, an abstract of which appeared in The
San, was taken as read,
The CHAIRMAN, in moving the adoption of the
report, said he met the shareholders with more

satisfaction than on some former occasions, when
they had to regret the public distrust regarding

railway undertakings. He was sorry to say that
the general distrust did not exist without affecting
their undertaking. Some time ago the directors

had looked forward to an early opening of the line
for remunerative traffic, but during the past half-

year, and close up to a recent period, the directors
had felt very serious anxiety for the progress of
the works, which could only be mitigated by the

unaltered confidence in the soundness of the uu-

dertaking, a reliance on the good felling of the
shareholders, and their continued support. The
progress of the undertaking had been materially im-
peded until recently; when the proprietors and the
public had shown their confidence in the concern by
taking up all the debenture stock the directors were
able to issue. (Hear, bear.) They were now en-

deavouring to remove the difficulties in the way of
purchasing land, and they were actively engaged in
getting possession of all the land they wanted up to
Westminster•bridge. it was quite true they ha 1
to issue the debenture stock at a higher rate of in-

terest than they could have wished, but the ques

tion of proceeding with the works became a serious
one, and under all the circumstances the directors
felt bound to issue the stock at such a rate as would
insure their being taken up, so as to enable them to
complete the important undertaking in which they
were engaged. They also felt that the line should
be opened at the earliest possible period. The di-

rectors had been in treaty with the •Governmen

for the purpose of land for the station at West
minster-bridge, and of the sum to be paid by the
Company he believed there would be no rea-
son to complain. That and other purchases would
put the company into possession of the laud required
for the portion of their line up to Westminster-
bridge ; this brought them to the Thames Embank-
ment, and he might mention that the company had
been charged with causing unnecessary and avoid-
able delays in proceeding with the works, and with
depriving the public of the advantages and accom-
modation those great works would afford. There
was no ground for those allegations against the
company, as they were ready to assist in construct-
ing and opening those works as soon as possible,
and they were now preparing to do so. Of course
the shareholders would recognise the advantages
that would arise to their property by carrying on
the railway to Blackfriars-bridge. The contrac-
tors for the railway felt confident that a little more
than six months after the Embankment works were
in a sufficiently forward state to allow them to en-
ter upon the construction of the railway they could
make and open the whole line between Westmins-
ter-bridge and Blackfriars-bridge. He believed the
Metropolitan Board had not let the works from
Temple-gardens to Blackfriars, and they pro-
posed to allow the contractor two years to complete
that portion of the embankment, so that the rail-
way company IN ould have to wait 18 months be-
fore they could confluence operations. He hoped
that a much shorter time would finish those works,
and that the railway company would be enabled to
work harmoniously with the Board of Works for
the public interests. (Hear, hear.) The directors
were doing their best to complete the portion of the
line between Kensington and Westminster-bridge,
and he ventured to hope that before the next half-
yearly meeting the line between those points would
be opened for traffic. (Hear, hear.)
Mr. SIIERRIFF; M.P., deputy-chairman, seconded
the motion for the adoption of the report.
In reply to a question, it was stated that the di-
rectors saw no necessity for applying to Parliament
for power to raise further capital, and that much
more than the whole of the debenture stock had
been applied for, and none of it was issued at less
than par.
Mr. BEST said he was not satisfied with the re-
port ; he had endeavoured to trace the progress of
the works on the map, but was unable to do so, as
the places on the map and those mentioned in the
report did not agree. The stock was very low in
price, and he thought if more information had been
given in the report as to the progress of the works,
it would have given the shareholders and public
more confidence in the undertaking. They should
have said something about completing the line to
Westminster-bridge and when it would be ready
for traffic. They should also have stated in the
report the amount raised by the issue of the 6 per
cent. debenture stock. It would be a most serious
matter for the company if the line should be de-
layed for two years before they could get to Black-
friars-bridge. He hoped that before half that time
expired it would be completed.
Mr. CULLUM thought the directors should have
given the shareholders more information in the re-
port as to the works and the financial position of
the company.
The CHAIRMAN said the directors had given all
the information they could up to the time the report
was issued ; the accounts were made out on the
same plan as those of the Metropolitan Railway,
and the books of the company were open to the
shareholders for inspection. The directors had
stated facts, and the truth as matters stood. They
had offered to co-operate with the Board of Works,
so as to shorten the time for the completion of
those important works: (Hear, hear.) It would
have been a waste of funds to commence works ou
the Embankment two years before the line could be
opened for traffic. He trusted that a much shorter
time than two years would be sufficient to enable
them to complete the railway.
Mr. SHERRIE', M.P., explained that before they
could commence the works on the Embankment an
arrangement should be made as to the payment of
£200,000 to the Metropolitan Board of Works for
the privilege of carrying the railway through it.
This sum was to be paid in such manner as Lord
Stanley might decide. Then there was the cost
of thelworks. It was quite possible to carry on the
railway works cotemporaneously with the works of
the Embankment, and to finish up as they pro-
ceeded with the works. Ile thought if the Board of
Works would forego the receipt of the £200,000
until the works were executed, that it would be for
the benefit of the shareholders and the public. The
company were not in a position to pay the money
immediately, but if that part of the contract could
be arranged so as to enable the railway company to
delay the payment till the works were retnunera ive
all difficulty in that respect would be removed.
Mr. WyLD called the attention of the chairman
to statements by Mr. Fairlie, at the meeting of the
Society of :Arts, and Mr. J. Samuel in the news-
Parrs, on the subject of rolling stock being gene-
rally construcied very much heavier than was neces-
sary ; as lie was anxious that their rolling stock
should be made on the best principle with a view
to economy and efficiency.
Mr. FOWLER, the engineer in chief, explained
that he bad given his attention to the peculiar re-