The Sun.
London, England, 1868-03-26 00:00:00

METROPOLITAN RAILWAY COMPANY.

The adjourned half•yearly meeting of this company was
held at the City Terminus Hotel on Wednesday ; Mr. J.
Parson in the chair.

The half-yearly meeting was adjourned for the purpose
of hearing a statement from Mr. Neale, who expressed his
belief that an amicable arrangement could be effected in
the suit of Bloxham v.' the Company, which had caused
some uneasiness amongst the shareholders.

The CHAIRMAN having called upon Mr. Neale to ex-
press his views,
Mr. NEALE said that on the last occasion the share-
nolders would remember that he expressed great confi-
dence that if the meeting_ were adjourned for a fortnight
rather than for three months he should be able to an-
bounce an amicable and equitable settlement of the dis-
pute between Mr. Bloxham and the company. He was
glad to state that the belief he then expressed had been
realised—(hear, hear)—and he was in a position to state
that the arrangement, if agreed to, would put an end to
litigation, restore harmony, and remove what
might have been a serious impediment to the
rapid development of their property. The resolution
which he had to propose was to the effect : "That the
meeting considers it would be expedient for the interest
of the shareholders that all litigation should imme-
diately cease ; that the ordinary shareholders
should receive a further dividend for the past
half-year at the rate of 1 per cent. per annum.
That the Extension shareholders should have the option of
converting their stock into ordinary stock, as from
January last upon payment of per cent. on the
amount of their stock, into a common fund, to form part
of future profits available for dividend; and that the
directors be authorised and requested to adopt in the com-
pany's present application to Parliament such measures
as they may deem necessary to effect these objects."
Mr. HOLMs seconded the proposition, feeling convinced
that the step proposed would be the means of bringing the
affairs of the company into a more wholesome condition
than they had been for the last two or three months, as in
the place of their having a capital stock of £1,800,000,
which was much too small, it would be £3,700,000, and be
the means of doing much towards consolidating their stock
in the market.

A Shareholder inquired whether it would be necessary
tor the company to seek parliamentary powers to merge
the stock.

Mr. BuncuELL, solicitor, said that it would be necessary
to go to Parliament, but inasmuch as the company had a
bill there already they would endeavour to get a clause
introduced into it to meet the proposition now made. Ile
did not apprehend there would be any difficulty in their
doing so ; certainly not if the proprietors were agreed
to it.

Another Shareholder said that the parties themselves
rim had brought the action were not present to say
whether they concided with the proposition made. (Hear,
h ear. )

Mr. NEALE intimated that Mr. Bloxham fully approved
of the arrangement. (Applause.)
A question was asked if the company would now get
rid of the injunction in Chancery, as until that was re-
moved the directors would be prevented from paying the
same rate of dividend as the shareholders had been in the
habit of receiving.
The CHAIRMAN said that the shareholders knew as much
about the arrangement as the directors did. The company
were under no obligation to pay a farthing in the shape of
costs to the plaintiff. (Hear, hear.) The board were at
first very much like the shareholders, animated by
indignation, and perhaps rather powerfully, when
they conceived that the suit would interfere with
the welfare of the undertaking ; but after a little time
discretion took the place of indignation, and they consi-
dered that a continuance of litigation must be disastrous
to the shareholders. They thought it desirable that it
should be stopped, because it would deteriorate
their property and damage their credit to some degree.
Then the question arose as to terms. They found that
Mr. Neale and his friends were prepared to forego one-
half per cent. of their dividend, and seeing that they were
Imongst the largest shareholders, the board thought they
had no right to throw obstacles in the way. The Exten-
sion shareholders said theywanted power to amalgamate the
two stocks as soon as parliamentary power could be obtained.
It had been said that the stocks were the same, but they
were certainly not. The Extension stock had a limited
dividend until the 31st December, 1869. If litigation went
on, the dividend for 1868 would not be likely to exceed 7 per
cent., and he did not know whether it would even be so
much. As to the dividend for 1869, the Extension share-
holders would be entitled without arangement to 6
per cent., and therefore, if they paid £2 per
cent. before the old stock could be ensured,
the line must earn more than 8 per cent. during the year.
It appeared, therefore, to the board, on reflection, that no
ordinary shareholder could expect that his dividend in
1869 could exceed 8 per cent., so that he
would not be damaged by admitting the Exten-
sion shareholders into partnership. As the directors were
Informed that the terms then submitted were all that had
Leen asked for by the parties who represented Mr. Blox-
ham, and as an assurance had been given that there should
be no more litigation on their part, they felt they could
with propriety support the resolution.
The resolution was adopted with only four dissentients,
and the meeting was further adjourned till the 20th May
for the purpose of declaring a dividend.

The convicted Fenian Mackay has been removed
from Cork to Dublin, the authorities having wisely re-
solved to remove out of the reach of possibly reckless
sympathisers a prisoner to whose conviction considerable
importance was attached.
COUNTY FINANCIAL BOARDS.—The Council of
the Norfolk Chamber of Agriculture has agreed to the
principles of a bill for the establishment of county finan-
cial boards, but it is not proposed to take at present any
public action on the subject. About seventeen years have
elapsed since the late Mr. Joseph Ilume, M.P., brought
the question under the consideration of the Norfolk
Quarter Sessions, but he then obtained but little support
to the views which he expressed in favour of the establish.
ment of these representative boards.

A meeting has been held in the Queen-street
Hall, Edinburgh, for the purpose of considering resolu-
tions " bearing on the number of public-houses in the city,
the evils they entail on the community, and the means by
which these evils may be lessened or removed." After
speeches by the Rev. Dr. Begg and Rev. Mr. Wilson, in
support of the first resolution, regarding the connection
between drunkenness and pauperism and crime, a scene
occurred, tvlien two gentlemen read and supported an
amendment in which it was denied that the evils of
drunkenness would be diminished by the decrease of
licensed houses. The resolution was carried by the whole
assemblage; except eight who voted for the amendment.
The resolutions were then unanimously adopted, and a
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