The Sun.
London, England, 1868-02-28 00:00:00

LONDON, CHATHAM, AND DOVER.

The half-yearly general Meeting of this company
was held at the Victoria Station yesterday ; Mr..G.
liodgkinson, M.P., in the chair.
- - - -

The report, an abstract of which has appeared in
The Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the
report, said they were assembled at the. first ordi-
nary general meeting of shareholders, pursuant to
the Arrangement Act of last Session, which pro-
vided that separate general meetings of share-
holders and mortgagees should be held in the last
weeks of February and August each year. As re-
garded the report, the directors had endeavoured
to give every possible information as to the pro-
perty of the shareholders, with the view of enabling
them to judge of its position and value. They had
that was evil arising out of
management of the company,
tehxetepnausatthedistonroyt hainndg
neither were they actuated in the preparation of
the report by any desire to exaggerate the diffi-
culties of their position. (Hear, hear.) They
had not felt themselves called upon by any facts
within their knowledge to say anything which
could encourage those feelings of despair and
foster those forebodings of utter ruin which, with
regard to the affairs of this company, were indulged
in by some persons. (Hear, hear.) Neither had
of prophecy by hold-
itnhge theyout
natnuyr eedx intoect
atthi
oe
nswhichregions
possibly the future
might fail to ratify. They had simply contented
themselves with placing before the shareholders a
complete statement of the facts of the case, so that
each might judge for himself quite as well as the
directors as to what was the present position of the
company and its future prospects. With regard to
the traffic and cost of working, the proportion be-
tween the two was the keystone of their hopes.
Each year for several years they were entitled, under
their agreement with the South-Eastern Company,
to a considerable share of its continental traffic.
Then there were the Metropolitan Extensions, along
which and on each side houses were being erected
in large numbers, and there existed an enormous
amount of building land still to be covered. Judging
from the experience of other lines, it was reasonable
to expect at least 10 per cent. increase on the traffic
of those extensions each year, and treble the present
traffic in less than 12 years. If that proved to be
the case, the revenue would be amply sufficient to
pay not only the debenture holders and other cre-
ditors of the company, but a dividend to the share-
holders. In the traffic of the last half-year there
had been an increase of £47,615 over the corres-
ponding half of the previous year. Large as it was,
this increase had been earned at considerable dis-
advantage, arising from the stoppage of this com-
pany's traffic on the Metropolitan Company's sys-
tem, in consequence of the laying down of two
additional lines for the accommodation of the traffic
of this and the Great Northern Company. The
percentage of the working expenses had been re-
duced, and not only so, but the actual amount had
also been reduced, notwithstanding the increased
working. (Hear, hear.) He had the satisfaction of
knowing that that had been effected by no cooking
of accounts. (Hear, hear.) Referring next to the
law expenses, he said that £5,000 had been put
down as the proportion towards this half-year.
The board were most anxious, if they erred at all,
to err by placing a large amount to the debit of re-
venue. With a view to the reduction of the law
charges, a law clerk had been appointed, and the
result of that appointment, he trusted, would be a
considerable reduction. The next subject was the
Arrangement Act of last session. One of itaynost
important provisions had the effect of staying the
proceedings in a very large number of suits, which
were eating up the capital of the company by daily
expenses; and the directors could now devote their
attention to the realising of surplus lands, and by
degrees get rid of those liabilities which a great
number of persons were seeking to enforce in the
Court of Chancery. Another provision in the act
enabled them to raise new capital, but they had not
availed themselves of it, and did not intend to do so
until the various questions of property were settled
by the Court. (Hear, hear.) With a view to their
settlement once and for all a petition had been pre-
pared which it was intended to present to the Lords
Justices, and he was not without hope that before
the shareholders mot again a decision would be ob-
tained thereon. With regard to the litigation with
the General Credit Company and Imperiol Mercan-
tile Company, while the claims were sub judice it
was improper to discuss publicly the arguments by
which they were supported. Since the issue of the
report, which placed the shareholders in possession
of such facts as the directors believed to be
authentic, the General Credit Company had issued
a counter-statement, and there had appeared in
the newspapers numerous letters from anonymous

FEBRUARY 28, 1868

=Hors. The charges contained in these he pro-
ceeded 1;o rebut, concluding by assuring the meet-
ing that the board had no desire to engage in liti-
gation 07: to continue it one moment longer than it
was ne,3essary for the shareholders' interest.

Mr . HILLIARD seconded the motion for the adop-
tion o f the report.

Se veral shareholders, among them Mr. Turner,
Mr. ( 3orbett, Mr. Hartridge, Mr. Price, and Sir R.
Jervis ', made observations on the report, and, in
reply • to one of them,
The CHAIRMAN said there were no dissensions at
the board which could really affect the material
interests ,of the company. It was true that the
directors were not the most happy family in the
world, but, with one exception, they got on pretty
well together. (Cries of " Name, name !") He
would rather not name, but simply observe that a
minority of one was powerless in the progress of
business. (Hear.)

The motion for the adoption of the report was
carried.

Mr. Hodgkinson, Mr.liard, and Mr. Warter
were re-elected directors.
The CHAIRMAN then submitted the working.
agreement between this ,aompany and the South-
Eastern and Brighton Ctiernpanies, subject to such
modifications and provisiws as might be thought
necessary by the directors.

The general tone of the observations offered upon
the resolution was favourable to its adoption.
Mr. HARRIS, who proposed an amendment, with-
drew it, and the resolution was unanimously
adopted.
Mr. PRICE proposed, with the concurrence of
the chairman, a resolution having for its object a
closer supervision of the proposed new works than
had hitherto been permitted to shareholders.

Mr. HARTRIDGE seconded. Me motion, which was
carried ; and the proceedings closed with a vote of
thanks to the chairman.

CRYSTAL PALACE AND SOUIII LONDON JUNCTION.

The directors state in their report that since the
last half-yearly meeting their endeavours to place
the affairs of the company in a more satisfactory
position has been unceasing. The important ques-
tions at issue between the company and the London,
Chatham, and Dover Company would, in a great
measure be determined by the suit instituted by a
debenture-holder in the Court of Chancery, in
which the company were made joint defendants
with the London, Chatham, and Dover Company
The necessity of an application to Parliament for
powers to relieve this company's undertaking from
its present state of isolation from having no con-
nection with the Metropolitan system was strongly
urged upon the Board at the last half-yearly meet-
ing. The directors were not yet in a position to
state whether a sufficient sum would be subscribed
by the debenture-holders and shareholders to enable
them to proceed with the Bill, but they hoped that
those who had not expressed themselves willing to
contribute would at once intimate their consent to
do so. The directors hoped there was a prospect of
an amicable settlement of all matters in difference
with the London, Chatham, and Dover Railway
Company, provided the projected communication
could be effected. The sale of the surplus land was
nearly completed. The exact amount it would
produce could not at present be stated, but it was
estimated that at least £5,000 would be realised
after payment of the loans charged upon it. The
capital account showed that £861,367 had been
expended, leaving a balance of £20,584.