The Sun.
London, England, 1842-01-21 00:00:00

esmeseaesees,
expenditur7ee. whiCh the ertg,meer. bad reoOmmended tube
made, and that recommendation they had thought
fit to submit to the meeting, viz. that of building extra
workshops and wharfs, which together he estimated
would amount to about 100,000/. He had his
((he engineer's) estimate, and he would read it 'is
them. ( The Honourable Gentleman then read a
list of the various buildings to Le erected on
the line in the way proposed.) The Hon. Gentleman
continued,- -the total made the sum of 9.5,960/., for
which they had put down, in round number?, the sum
of 100,000/. These expenses were never once con-
temp)ited in the estimates laid before them, and it was
for them to determine, first, whether it was necessary
to erect these buildings at all, and, if so, what amount
of money should be expended upon them. It was pos-
sible,they might not have to commence them immedi-
ately—that would be a matter of consideration. With
respect to the London-bridge station expenses, they
had power, by the Act of Parliament obtained by the
Nroyelon Company, to raise the sum of 120,0001. ; but
they would not require for these expenses more than
85,0001., therefore they would want, altogether,
371,318/. He was willing to admit this sum was a
vejy large amount, but they must bear in mind that
186,318/. was for the railway itself. Now, one word
as to the manner in which they proposed to raise this
money. They recommended that loan notes shoud be
issued, payable, at the end of five years, at 5 per cent.
interest, with an option to the holders of such notes, at
the expiration of three years, to convert them into
quarter shares of that Company, at 101. per quarter
share, under the power of an Act to be obtained fur
that purpose, for which application would be made to
Parliament at the earliest possible period, the present
Shareholders to have the preference of tendering
for such lean notes, and such tenders to be
made on or before the Ist of February, 1842,
when the ssid allotment would take place ;
51, upon each remaining sum of 21. 10s. per quarter
share, on or before 15th July next, and interest to
commence from the time of the respective payments.
This subject had had a :great deal of discussion and
consideration, and it appeared to them (the Directors)
to be the best mode of raising the money ; ho would, at
the same time, say that if they (the Proprietors) could
suggest any other or more reasonable mode, they (the
Directors) would gladly follow it, but they must bear in
mind, that although the Directors were asking for a sum
of nearly 400,0001., yet they had to expect nearly that
amount from the South Eastern Railway Company.
The Directors had been in communication with these
gentlemen, and they had given notice of their intention
to purchase a moiety of the line, and they were anxious
about it, so that if this were completed, it would destroy
the effect of the present grant. He did not know if
there was any other point he could particularly allude
to, unless he mentioned the recent Chancery suit be-
tween the Company and Sir 1. L. Goldsmith Sir Isaac
had amended his bill, and he (the Chairman) had seen
it ; and he was prepared to say that the Company had
nothing to fear from it. The only other point he had
to remark upon was the fact of their Secretary having ab-
sconded. They were certainly taken very much by sur-
prise on the morning of discovery,when, on going to the
office t hey found a letter from the Secretary, which stated
that from various circumstances he was obliged to leave
the place. They (the Proprietors) might naturally ex-
pect that they would be at considerable loss, but they,
would not be great sufferers from it, for he was exceed-
ingly happy to say the whole amount of his delinquen-
cies would not exceed 566/. 14s. 10d. They had arisen
in this way. He was entrusted with a cheque for
2741. 12e. Id. to pay the Government duty ; this he ap-
propriated to himself. A cheque for 81. Os. Bd. for the
office ; ano_ljapr cheque for 49/. 17s. 6d. for the office
of the agen Liverpool ; and several other cheques
given for the payment of bills, all of which bad come in
against thew,' and which amounted to the sum of
566/. 14s. 10d., which he had appropriated to himself.
They had no reason to believe there was any thing else
against him, except that he took with him a cheque for
195/., but of this he paid himself his quarter's salary,
leaving a balance behind him of 171.—(Loud laughter.)
lie (the Chairman) was quite sure that if the business
brought before them that day led to discussion, their
interest would teach them to conduct that discussion
with calmness and temper, as the only way they could
expect to arrive at a good and honourable end.—
(Hear, hear.) He begged to conclude with a motion,
in order that the question might come fairly before them,
which was, -' that the Report and accounts now read
be received and adopted, and entered upon the mi-
nutes, and a copy sent to each Proprietor."
A PROPRIETOR wished to know the amount the Di-
rectors expected to rcceivo for the portion of the line,
from the South Eastern Railway Company ?
'['he CHAIRMAN said they could not say exactly, but
it would be between 350,0004 and 400,0001.
A PROPRIETOR—When are they bound to pay that
money ?
The CHAIRMAN said that, fortunately for them, they
bad given notice to take the line, and he should sup.
pcie they would require but a reasonable time, because
if they did not act upon the notice, ho thought that any
fillourt would give tle amount. But ho was safe in
saying that the South Eastern Railway Company was
using and making ovs.ry exertior, and were exceedingly
anxious to pay the amount.
A PROPRIETOR said he thought it a rather prema-
ture proceeding, on the part of the Directors, to call
for this money, especially as they so soon expected it
from the South Eastern Company, and having been
told by their Chairman that the works and buildings
'you'd be delayed. If they found that the money was
not forthcoming from the South Eastern Company, tl.ea
they cull a special meeting for the purpose of
raising it, if the money was necessary. Ile was ex-
tremely sorry that they had come forward to ask for this
money, when in their last Report they expressed such
sanguine expectations, and which Report was in such
unequivocal words. In that Report the Directors
said that no more money would be required, and it gave
him sevi re regret to see them come forward then for such

a sum of money as 400,000/.
Mr. HENDERSON objected to the shortness of time
between that meeting and the allotment of tie Loan
notes. That time was only twelve days.
PARSONS said that if it was a convenient time
to bring forward a motion he would do so. It was an
atsterAment to the motion made by the Chairman.
IN had taken the liberty of sending a letter to the Di-
rectors, suggesting to then) the propriety of sending
the Report to each Proprit tor a week previous to the
meeting ; and he had done so because he found it in-
corivenii.nt to examine the accounts at their Gcr.eral
Meeting. In fact they could pass no opinion upon
therm at all without a previous examination.—(Hear,
hear.) If it was thought that they could not do so,
as the meeting was too close at hand, then they might
have postponed it to enable' them to do se. I-Ie was
tl.erefore under the disagrceallo necessity of proposing
that the consideration of the Report be adjourned to u
future day. No man could have fairly examined it, and
that was his only object in moving the amendment.
PROIRIETOR rose to second the amendment, and
did so bcc ►use he thought the Report itself was of so
important a nature Viet it would be unwise to give an

opinion upon it t►t once.
The CIIAIRMAN said that before the motion was
put he felt it his duty to make a few observations ; and
in doing so he felt the great weight of the observations
of the gentleman who had addressed them.—(llear,
hear.) Lie thought they vere entitled to Lvery
information they required, but in the present
lostanee, they had taken quite a different view of the
position in which the Directors were placed from the
reality. They seemed to feel that they (the Directors)
had ant any ;unwed:ate .want for money ; and the fact
was, they had imroediate.warit of it. Then they (the
Proprietors) would say, So much to your shame ;
if
you knew that these expenses were cotnir.g. you ought
to have provided for them. He would ask any one of
them whether, situated as they had lately been, hoping

for weeks that eireoinstances change, whether

it was nscessm to call a meeting at an carlier period,
to state what ? To ma that, consequence of the

extraordinary season, ce.t.tin "damage bad been done.

But they were in hopes, at they ;.11 wele, that the
season..would not be more productive of damage to
their milt; ay than others. In consequence of the con-
tinued bad season, they had incurred a responsibility of
181,37 W. lie did not think that any one in that room
would go out of it, leaving the Directors this responsi-
blity upon themselves, without taking some means such
as they suggested to them to de. The other amount
alluded to of 100,000/, as he had said before, if they
were anxious that it should be submitted to another

general meeting; they could have no objectiou. They
mu. t recollect, that, if they raised the money, as they
were empowered to do by law, it must be by 5/. shares,
and this would have the effect of depreciating the value
of. the ishares, which would be, by this course of
proceeding, brought down to 30 or 35.—(Hear.)
Now it did appear to him that by the course they
were pursuing in moving an adjournment, thcy ww.e
damnifying the undertaking, and it would appear to all
the wort% something like a stigma upon the Direc-
tors, that they (the Proprietors) wanted confidence in
them. This sum was all required for the purposes of
the litilwa;.—(Hear, hear.) If the Directors found
any difficulty. in raising this sum, they were empowered
to make Si. calls, and they must recollect that if they
Dhe Proprietors) took such steps as would place the
irectors in a responsibilty of 15,000/. that they the
I).ieetors) must adopt that course. Unfoitunato cir-
aunistanees over which they had no control had
occurred, and he did think that no set
of Directors had incurred such great io,poasibility ;
and if they (the Proprietors) meant now to turn
round upon the Directors for having done their duty
on the part of the Company, he should advise the Di-
rectors, although he had as yet said nothing on the
subject, to make a Si. call and relieve themselves from
responsibility.—(Disapprobation.) He was aware he
A* propounding that which eras unpalatable to their
ears.- The Directors had had care, trouble, and anxiety
come upon them from week to week ; and now, when
they came for money to clear their liabilities, they were
told to adjourn that meeting, for there had not been
time to look into the accounts ; and thus they (the Pro-
prietors) would leave the Directors with responsibi-