The Sun.
London, England, 1842-06-01 00:00:00

HERNE BAY PIER COMPAN Y.

The annual meeting of the Shareholders in this Company was
hold yesterday afternoon at the King's Head Tavern, Poultry,
for the purpose of declaring a dividend, and also to elect five
new Directors and two auditors, and to receive the Report of the
Directors for the past year.
JAMES CLIFT, Esq., was.proposed, and took the Chair, and
in doing so, he said he need not state the objects of the meet-
ing, as they were all aware that that was their annual meeting.
It was exceedingly gratifying to see so many Proprietors pre-
sent on that occasion, and it was equally gratifying to know
that en that occasion they had something to communicate that
was a little more acceptable.to them than the communications
at former meetings. The Directors trusted that they would be
able to lay before the meeting such a statement as would not.
only be satisfactory to them, but that would show them that
they had arrived at the time when they were able to get a re-
turn for the capital invested, a circumstance which had not
hitherto occurred. He should, therefore, call on the clerk to
read the Report of the Directors, and he should then be happy
to hear any observations upon it.
DIRECTORS' REPORT.
" To the General Annual Meeting of the Herne Bay Pier Com-
pany, held at the King's Head Tavern, Poultry., on Tuesday,
May 31, 1642.
" The duty of the Directors on the present occasion is much
more pleasing to them, and will be more satisfactory to the Pro-
prietors, than that which has devolved on them at the previous
geacral mee;ing,s of this Company. It is highly gratifying to
them to state that by the adoption of themeasures recommended
to the special, meeting on the sth of October, 1841, all the
debts of the Company have been discharged, as will appear
from a statement appended to the annual account of the re-
ceipts and payments of the last year, ending '2sth March, 1842,
which the Directors now lay before the meeting.
" At the special meeting of Proprietors, held on the sth of
October, 184!, the Directors were empowered to issue 500
new 50/. Shares, at 15/. each, being more than the market
value at that time, for the purpose of defraying t. a debts of
the Company, and of repairing the Pier. In order to carry
'
out that resolution, a circularlet. er was sent to every Pro-
pietor, desiring each person to state how many Shares he was
willing to take. The whole number of Shares has been issued,
and every application from Proprietors has received the prompt
attention of the Directors. With the money thus-raised, the
debts of the Company have been discharged, leaving a consi-
derable surplus at the disposal of the Directors.
" To secure the restoration of the Pier, and the Company's
property in general, in an efficient manner, drawings and
specifications were prepared by Mr: Higgins, and tenders
were invited by public advertisement. The lowest of these
was selected, and the Directors entered into contracts with Mr.
William Sherwood to the amount of 2,211/. The works are
now in progress, and, although they have been much impeded,
by the unusual continuance of strong Easterly winds, and the
difficulties necessarily connected with drawing the stumps of
the broken piles in deep'water; the Directors tpel satisfied that
the repairs as far as they extend are most effectual, and have.
placed the Pier far beyond the reach of danger. It is also still
believed, as mentioned in the Report to the last special meeting,•
that a present outlay of about 2,500/., and an annual expend'.
ture of 5001. for five years, with a subsequent standing expense
of 251)1. a-year, will put and keep the Pier in a permanently
safe state of repair.
" The income of the Cotip!tny during the past year has
amounted to 3,7761. Os. 5d.; being an increase of 595/. 3s. 9d.
over the returns of last year. The Directors have had fre-
quent occasion to allude to: the annually increasing reve-
tole of the Company, and it is gratifying to find that the
increase still continues, as will appear from the following table
of returns from the first erection of the Pier :
In

1832 the receipts of the Company were .. £543 16 10
1833
1831
1835
1836
1837
1838

1839 ..
1840 ..
1841 ........
Under these circumstances the Director,s can safely rccom,
mend the Proprietors to declare a Dividend of three per e, nt. •
of 30s. per Share, upon the whole amount of Shares issued;
The Directors have in cons deration the propriety of recom-
mending the payment of Dividends half-yearly ; an arrange-
ment that must be advantageous to the Proprietors.
" In accordance with the resolution of the last special meet-
ing, the Directors have cancelled unpaid Shares.
" The Directors have to report that, agreeably to the provi-
sions contained in the 22d section of the amended Act, they
have balloted out four of their nutnber—viz., Messrs. Brough,
Coe, Halket, and Pocock ( who are eligible for re-election),
and that the vacancies in the Direction must be filled up by the
present meeting."
The CLERK. then read a statement of the accounts, from
which it appeared that there was a balance in the hands of the
Treasurers in favour of the Company of 2,0201.55. 3d.
Mr. SPENCER moved that the Report be received, printed,
and circulated amongst the Proprietors.
Mr. MERILIOTT seconded the resolution, which was carried.
Mr. CAMPBELL suggested that the minutes of the last meet-
ing should be read over.
The CHAIRMAN said that the Act of Parliament did not re-
quire it. If they were to read the minutes of the last meeting,
it would perhaps lead to endless discussion, without any ultimate
good, because they could form no resolution upon them, nor
could they alter them; therefore he thought it would not be ex-
pedient to read the minutes.
Mr. CAMPBELL said that under these circumstance, he would
withdraw his motion.

Mr. SPENCER. said there was very great credit due to the
Directors for their exertions in behalf of the Company, but he
was anxious to draw their attention to one subject, and that was,
to the present slate of the Pier, which was exceedingly incon-
venient on account of the repairs now in progress. He hoped
this inconvenience would be speedily removed.

The CHAIRMAN said the Directors would be most happy
to take the subject into their immediate consideration. They
were ever anxious to receive communications or suggestions
from any Hon. Proprietor. He need not say that during toe
past year they endeavoured most zeal usly to aid to the public
convenience.

A PROPRIETOR wished to know if any of the Directors
lived at Herne Bay.
The CHAIRMAN said that four lived there, aril he hoded
they would have them all there soon.
Mr. SHIPWASH proposed a resolution to the effect that, the
meeting thereby deeare a dividend to the Proprietors of
three per cent. payable on or after the 14th June next.
This resolution having been seconded, was carried unani-
mously.
The CHAIRMAN then said the next question that came
before them, was the election of four Directors. By the Act
of Parliament, four Directors were each year ballotted out of
the twelve, and in accordance with that provision, the Directors
had ballotted four of their number out, and it was for the
meeting, therefore, either to re-elect them or aPPCIi.TIt foNf
other gentlemen in their stead. The pqmos o'pOn whom
lirougli., Mr. Coe, Mr. Halket,
the ballet he's fallen, w4e
and Mr. Pocock. If any Hqn. Proprietor wished to propose
another gentleman, he could do so ; and if more than fenr
gentlemen were proposed, it would thin be ft.r the meting to
say in what way the election should take place.
Mr. SPENCER wished to know if the attendance of the
Directors was regul..r.