LONDON, BRIGHTON, AND SOUTH COAST. 159. ment of the Surrey and Sussex. This placed the company in the alternative of either carrying out that line or incurring the penalty of 501. a day from July 6, 1871, limited to a maximum total of 35,2501. The completion of the railway would require an issue of from 1,000,000l. to 2,000,000l. of ordinary stock, and as the line when completed could not pay its working expenses, the result of any attempt to construct it would be tantamount to the rain of the shareholder's property. The directors did not feel justified in adopting this course, and proposed to adopt the other alternative, of paying such penalties, not exceeding 35,250., as might be legally enforced against the company. The result is not materially worse than was always contemplated, as compensations to landowners must have been paid if Parliament had sanctioned the abandonment, and these will now be covered by the penalty which was applicable to the compensa tion of landowners, and which was to be returned to the company if not required for that purpose. The estimate of remaining liabilities on capital account, payable in cash, stood at 126,000., which more than covered by available debenture power, proceeds of sales of surplus lands, &c. The directors, therefore, had no reason to anticipate any necessity for issuing any part of the 1,000,000l. of ordinary stock authorised by the Act of 1868. CAPITAL.-The receipts and expenditure on this account to 30th June, 1870, were set forth as under: The accounts are made up to 30th June and 31st December, and the statutory meetings are held in London within one month of 31st January and 31st July. Scale of Voting-Ordinary Stockholders-3 votes for 50%. of stock up to 5001, and 3 additional votes for each 2501, beyond 5001. Preference Stockholders-3 votes for 1001. of stock up to 1,000l. and 3 additional votes for each 5001. beyond 1,0007. Certificates must accompany transfer deeds of stock. Registration fee, 2s. 6d. each deed. Fractions of 11. stock allowed. Transfer books close usually 14 days before each meeting. Regulated by special acts as well as C.C.C. Act. Qualification for Directors, 1,000l. stock. DIRECTORS: 3 Chairman-SAMUEL LAING, Esq., 1, Eastern Terrace, Brighton. 2 Deputy-Chairman-JONAS LEVY, Esq., Kingsgate Castle, Isle of Thanet, Kent. 2 Christopher Baldock Cardew, Esq., East | 1 Ralph Ludlow Lopes. Esq., Sandridge Hill, Lyss, near Petersfield. 1 Thomas Francis Fremantle, Esq., 22, 1 Park, Melksham, Wiltshire. Arthur John Otway, Esq., M.P., 9, Har- 1. retire in 1871; 2, in 1872: 3, in 1873; all eligible for re-election. OFFICERS-Sec., Allen Sarle; General Man, John Peake Knight; Res. Eng., Fred. D. Banister; Loco. and Carriage Supt., W. Stroudley, Brighton; Goods Man., J. Light, Willow Walk, Bermondsey: Surveyor and Estate Agent., J. Cripps Auditors, William Cash and J. C. Fitzmaurice; Solicitors, Baxter, Rose. Norton, and Co., 6, Victoria Street, Westminster Abbey, S. W., and London Bridge Station, Head Offices-Terminus, London Bridge, S.E. 182.-LONDON, CHATHAM, AND DOVER, Incorporated by 17 Vic., cap. 132 (4th August, 1853), for a line from Strood to Canterbury, continuing the South Eastern (North Kent); length, 291-10th miles, with branches to Faversham Quays, mile, and Chilham, 1 mile. Total length, 31 miles. Opened between Strood and Faversham, 19 miles, on 25th February, 1858; to Canterbury 10 miles, on 18th July, 1860. By 18 and 19 Vic., cap. 94 (June 26th, 1855), the company obtained release of its deposit, on condition of expending the same on the construction of the Medway Bridge. By 18 and 19 Vic., cap. 187 (July 16th, 1855), the company obtained power to extend the line from Canterbury to Lover, and to increase the share capital by 500,000l., and the borrowing powers by 166,6661. The length of Dover extension is 16 miles; branch to Admiralty Pier, 3 furlongs 2 chains; branch to Dover Harbour, 1 furlong 51 chains. By 20 and 21 Vic., cap. 76 (27th July, 1857), the period for compulsory purchase of land was extended one year. The capital for the Dover extension was raised under resolution (31st August, 1856), by a preference guarantee of 5 per cent. By 21 and 22 Vic., cap. 51 (28th June, 1858), the company obtained an extension of time for completing the works on the line to Dover till 29th December, 1860. By 22 and 23 Vic.. cap. 54 (1st August, 1859), the company was authorised to change its name from "East Kent" to "London Chatham and Dover:" to unite its original and Dover extension capitals, and to raise a further sum not exceeding 80,0001. in shares, and 26,6001, on mortgage, and half-shares may be allotted. WESTERN EXTENSION.-By 21 and 22 Vic., cap. 107 (23rd July, 1858), the company was authorised to construct a line from Strood to St. Mary's Cray. New capital: shares, 300,000l.; loaus, 100,000l. Length, 20 miles. Traffic arrangements authorised with West End and Crystal Palace, so that the Chatham may obtain access to the Victoria station. Opened 12th October, 1861. METROPOLITAN EXTENSIONS.-By 23 and 24 Vic., cap. 107 (6th August, 1860), the company was authorised to construct the following works: 1. A railway (4 miles 21 chains) from a junction at Beckenham with the Farnborough extension of the West End of London and Crystal Palace to Herne Hill; two junctions (length 29 chains and 39 chains respectively) to connect No. 1 with the Brighton at Penge. 2. A railway (4 miles 32 chains) in extension of No. 1 from Herne Hill, across the river Thames at Blackfriars to the eastward side of Farringdon Street, and two junetions (length 27 chains and 11 chains respectively) to connect No. 2 with the Metropolitan, near Victoria Street and West Smithfield. 3. A railway (2 miles €5 chains) in extension of No. 1 from Herne Hill to a junction with the authorised line of the Victoria Station and Pimlico, at Battersea; two junctions (29 chains) to connect No. 3 with the main line of the South Western at Battersea and a junction (60 chains) to connect Nos. 2 and 3 in the Parish of St. Mary, Lambeth. Extra land, eight acres; compulsory purchase, three years; completion of works, five years. The company authorised to run over the Mid-Kent, the West End of London and Crystal Palace, the Metropolitan, the Pimlico, and the West London Extension, and to enter into arrangements with respect to construction and working of their undertaking, and interchange of traffic with the Great Northern, Great Western, Metropolitan, and Victoria Station and Pimlico. The company is empowered to raise further sums of 1,600,0001. by new shares, and 550,0001. by borrowing. CAPITAL ACT, 1860.-By 23 and 24 Vic., cap. 187 (6th August, 1860), the share and debenture stock of the company were regulated and constituted as under:Original Capital.-Ordinary Preference, 1855. £700,000 500,000 Ditto 1859. Unissued shares may be cancelled and re-issued at 6 per cent. preference. Half-shares may be created as preferred or deferred. Calls not to exceed one-fifth per share, with intervals of two months. New loans, 100,000l. for original undertaking, and 30,000l. for Western Extension. Debenture stock may be created at interest not exceeding 5 per cent. and issued in lieu of bonds on mortgage. VARIOUS POWERS.-By 25 and 26 Vic., cap. 240 (August 6th, 1861), the company is authorised to make certain deviations in the Metropolitan Extensions, as well as to construct a line of 4 miles parallel with the Bromley to St. Mary's Cray, in the event of the latter remaining under lease to the South Eastern. The new capital authorised by this Act amounts to 129,000l. in new shares, and 43,000, on loans. By 25 and 26 Vic., cap. 163, the London Chatham and Dover was authorised to extend the line to Walmer and Deal. Length, 9 miles. Capital, 150,0001. in shares, and 50,000l. on loan. Dividend restricted to 6 per cent., remainder of earnings, when any to go to Chatham and Dover. LONDON, CHATHAM, AND DOVER. 161 By 25 and 26 Vic., cap. 192 (29th July, 1852), the company was authorised to construct Also to acquire additional land in Kent a junction at Battersea, &c. Length, 11 mile. and Surrey. New capital, 1,700,0001, in shares, at 6 per cent., and 566,6007. on loan. By 25 and 26 Vic., cap 224 (7th August, 1862), the company was authorised to lease the Mid-Kent (Bromley to St. Mary's Cray, as from 1st September, 1863, at a rental equal to 4 per cent, on the outlay. By 26 and 27 Vic., cap. 204 (28th July, 1863), the company obtained power to extend its line from Peckham to Greenwich, as well as several other extensions and junctions. Also to complete arrangements with the Brighton and the Great Western, in respect to New line, 4 miles. New capital, 1,220,000l. in occupation of the Victoria station. shares, and 406,000l. on loan. By 27 and 28 Vic., cap. 96 (23rd June, 1864), the company was authorised to run steam vessels from Ramsgate to certain foreign ports. No new capital. WEST END AND CRYSTAL PALACE.-An agreement has been entered into with this company. The following article occurs in this agreement:-"The said West End shall provide, or cause to be provided, for the East Kent, such accommodation for engines, carriages, and stores, as well as for goods, materials, and passenger traffic at the Battersea station of the West End Company, as the said East Kent may require; the extent. and nature of such accommodation, and the terms of payment in respect thereof, to be agreed upon between the companies, or in the event of difference to be settled by arbitration." By 23 and 24 Vic., cap. 174 (23rd July, 1860), the Farnborough branch of the Crystal Palace line is transferred to the London Chatham and Uover, and an extension of time to the 8th August, 1862, conceded. The Bromley section is also sold to the Chatham, which may raise a further capital of 190,000l. for these purposes. VICTORIA STATION.-An agreement has been made between the Victoria Station and Pimlico, and the London Chatham and Dover, and Great Western, for joint use of a certain portion of the Victoria Station, and of the Pimlico railway, from 1st October, 1860, temporary station accommodation being provided at a reduced rate till 1862, when more permanent station buildings were provided. The cost of the accommodation works is limited to 105,0001. The rent for the station accommodation and use of the railway on the mixed gauge is to be 13,2501. for the first year, 18,000l. for the second year, and so on, increasing for about seven years, until the rent amounts to 32,000l. a year. NEW LINES-By 27 and 28 Vic., cap. 195 (14th July, 1864), the company obtained power to acquire additional lands. to deviate lines, and to alter works, as well as to amend the Acts of the company. New capital for Battersea works, 150,000l. in shares, and 50,000l. on loan. For Kent works, 220,0001. in shares, and 73,300l. on loan. By 28 and 29 Vic., cap. 268 (5th July, 1865), the South Western was authorised to contribute 400,0001, in shares, and 133,300l. on loan, towards construction of a part of the Hy 28 and 29 Vic., cap. 269 Metropolitan Extensions, and to obtain use of the same. (5th July, 1865), the Chatham was authorised to make several connecting links, and to abandon part of the Crystal Palace and South London Junction. Also to consolidate existing capital, and to provide for dividend on preference shares. By 28 and 29 Vic., cap. 347 (5th July, 1855), the company was authorised to make a short connecting link at Beckenham, to abandon some other junctions, and enter into traffic arrangements with the South Eastern. By 29 and 30 Vic., cap. 282 (30th July, 1866), the company obtained power to construct a branch to Chatham Dockyard. Length, 1 mile. New capital, 100,000l. in shares, and 33,300l. on loan. By 29 and 30 Vic., cap. 283 (30th July, 1866), the company was authorised to execute a variety of new works in Kent and Surrey: to acquire additional lands in London, Middlesex, Surrey, and Kent; and also to acquire the Sittingbourne and Sheerness at a yearly sum of 7,000!. An extension of time for three years was also obtained for construction of Greenwich and other lines. By 29 and 30 Vic., cap. 303 (10th August, 1866), the company was authorised to enlarge the Ludgate Station, by making two new streets and altering another street, and to take part of the property of Apothecaries' Hall, in which the society have carried on business for two centuries. The new streets are to be in Union Street, Earl Street, and Church Entry, Blackfriars, and to join the new street. The city commissioners to act with the company as to the land taken, and among the improvements contemplated is the widening of Ludgate Hill. The corporation may contribute towards the expenses and agree with the railway company as to the alteration. The Act also authorises a new road to be made at Ramsgate by the Kent Coast from East Cliff to the Royal Harbour. ARRANGEMENT ACT, 1867.-By 30 and 31 Vic.. cap. 209 (20th August, 1867), the company obtained extraordinary powers to raise additional capital, as well as to effect arrangements with its creditors on the one hand, and the various classes of its debenture holders on the other. The leading provisions of the Act are given in extenso in the APPENDIX to Volume XX., but the subjoined synopsis may not be unacceptable to the general reader. All existing legal proceedings and claims against the company are ! placed in abeyance for ten years, and during that time, which is called the "suspense ARBITRATION ACT, 1869.--By 32 and 33 Vic. cap. 116 (12th July, 1869), the company obtained powers to construct certain additional works, and to submit the whole financial condition of the undertaking to the arbitration of the Marquis of Sali-bury and Lord Cairns, for whose awards, which have the force and effect of au Act of Parliament, see APPENDIX to pr sent Volume. METROPOLITAN.-An agreement had at length been finally concluded and sealed with the company to enable the London Chatham and Dover to run trains to Moorgate Street. The requisite junction and the station works were to be provided by the Metropolitan, who estimated the cost thereof at 40,000, and this company undertook to run at least 80 trains per day to and from Moorgate Street, paying the Metropolitan for the use of their railway mileage proportion of such fares as might be tixed by the Chatham, and for the use of the station at Moorgate Street a rental based upon the traffic actually carried. The company to be at liberty to terminate the agreement at or after ten years on pa ing 30,000l. to the Metropolitan. REVENUE. The receipts for the half-year ending 31st December, 1869, were 388,7511., as compared with 359,687 for the corresponding period of 1858, equal to an increase of 29.0641., or 8:08 per cent The expenses amounted to 213,256, as compared with 211,4781., being an increase of 1,778, or 0.84 per cent. The net result for the half-year was a balance of 175, 1941. earned at a per centage of 54 86, as compared with a balance of 148,2091. for the corresponding period of 1868, earned at 58-73 per cent, The receipts for the half-year ending 30th June amounted to 313,6687., as compared with 306,668 for the corresponding period of 1869. The expenses amounted to 201.1557., or 64 13 per cent., as compared with 200,3761. or 65 33 per cent.; and the net result of the traffic for the half-year was a balance of 112,513., as compared with 106,2937, for the corresponding period of 1869 A comparison of the June half-year with the corresponding period of the four preceding years, gives the following results of profit on the working: 65.33 CAPITAL. This account to 30th June, 1870, showed that 16,967,2917, had been expended, According to the award of Lords Salisbury and Cairns, the capital is for the future to be constituted as under : Debenture stock at 4 per cent. Preference stock at 4 per cent. Ordinary stock Future capital. with 5,4751. in ordinary stock to the Sittingbourne and Sheerness. No. of Directors-8. Qualification, 1,000l. £5,000 000 4,394, 289 7,743,405 .£17,137,694 LONDON AND GREENWICH-LONDON AND NORTH WESTERN. 163 DIRECTORS: Chairman-GROSVENOR HODGKINSON, Esq., M.P., Newark, Notts. + Deputy-Chairman-THOMAS SALT, Jun., Esq., M.P., Walton-on-the-Hill, Stafford ↑ Joshua Dixon, Esq., Winslade, Exeter. G. C. Taylor. Esq., 42, Elvaston Place. W. E. Hilliard, Esq., Cowley House, South Kensington, W. Uxbridge. +Richard Hodgson, Esq., F.R.A.S., Hawkwood, Chingford, Essex. H D. Warter, Esq., Longden Manor, Sir Sydney Hedley Waterlow, Fairseat Mortgage Representatives. OFFICERS.-Sec., G. W. Brooke; Gen, Man., J. S. Forbes; Goods Man.. C. H. Chapman: Res. Eng.. W Mills; Loco. Supt., W. Martley: Accountant, J. Morgan; Auditors, S. B. Bristowe and G. Hogarth; Solicitor, W. Cleather; Bankers, The London and County Bank. General Offices-Victoria Station, Pimlico, S.W. 183.-LONDON AND GREENWICH. This line (3 miles) is leased to the South Eastern for 45,000l. per annum, on a rentcharge on the whole of the lines for 999 years. The guaranteed 5 per cent. interest is on 222,7201, capital, payable 31st March and 30th September. The ordinary capital of the company. 861,540, pays a half-yearly dividend in the middle of January and July of 5. 5d. per share, or 11. 78. 1d. per cent clear of income tax. The debenture debt of 233,3001. at 4 per cent. pays interest half-yearly on 1st January and 1st July. CAPITAL.-The statement of this account to 30th June, 1870, furnished the subjoined particulars of income and expenditure: Received. Shares and stock. £993,287 Qualification of Directors-50 unprivileged shares. Scale of Voting-10 shares, one vote; 20 shares, two votes; 35 shares, three votes: 50 shares and upwards, four votes. Transfer fee, 28. fd, each seller. Several shares may go on one transfer. Certificates must accompany transfer deed. Books close about ten days before each half-yearly meeting. DIRECTORS: Chairman-ROGER KYNASTON, Esq. Capt. Wm Scott Murray. James Holbert Wilson, Esq. OFFICERS.-Sec., H. Adron; Transfer Clerk, Harry Forster. Offices-173, Gresham House, Old Broad Street, E.C. 184.-LONDON AND NORTH WESTERN. The company is formed out of the LONDON and BIRMINGHAM, GRAND JUNCTION, and MANCHESTER and BIRMINGHAM (9 and 10 Vic., cap. 204, 16th July, 1846). SUBSIDIARY LINES.-The London and North Western is likewise interested by subscription or lease in the following undertakings: BIRMINGHAM, WOLVERHAMPTON, AND STOUR VALLEY.-Incorporated in 1846, Capital, 1,110,000l., leased under 11 Vic.. cap. 120 (1847), in perpetuity, at a rental on a fixed capital of 760,350. at 2-3rds of the dividend of the L. and N. W. to participate in all creation of stock; the L. and N. W. to find any further capital. BUCKINGHAMSHIRE.-Incorporated 1846. Length, 41 miles. Capital, 795,000%. Consolidated by 11 Vic.. cap. 236 (1847). Under the Acts of 1846-7. this company subscribed for 422,3751. Leased to L. and N. W. at 4 per cent. per annum and half surplus profits on the authorised capital; but as a considerable portion of that capital, say, 25,714 shares of 171. 10s. each-449,9957. and all the extra cost of construction will fall upon this company, the actual liability is limited to the above rate on 791,9007. |