Blackpool & Lytham Railway Company
Newspaper report concerning the Blackpool & Lytham Railway Company new
share issue, 1864.
BLACKPOOL AND LYTHAM RAILWAY.
SPECIAL GENERAL MEETING.
An extraordinary general meeting of the Blackpool and Lytham
Railway Company was held at the company's office Lytham, on Thursday afternoon,
"for the purpose of obtaining the sanction of the company to the issuing, under the
powers contained in the Blackpool and Lytham Railway (additional capitol)
Certificate, 1868, in addition to the capital already authorised to be raised by
them, the sum of £12,000, by the creation of new shares, either ordinary or
preference, or partly ordinary and partly preference, at the option of the company,
in such manner and on such terms as the company shall thick fit-" There were
present, T. L. Birley (chairman), Charles Birley, Thomas Fair, Charles Low Swainson
Esqrs. (directors) ; T- B. Foster and Samuel Harrop, Esqrs. (shareholders).
The secretary, Mr. Thomas Cowcill, having read the notice
convening the meeting, the CHAIRMAN stated that in a few words he might explain why
the directors wished to authorise the creation of new capital. They would probably
recollect that in 1861, in consequence of the capital of the company being
insufficient to complete the works, there was a loan from the principal
shareholders raised, in proportion to the number of their shares, to the amount of
£5,150. Likewise, in 1864, there was a further loan raised from the same parties of
£4.705 11s. making a total of £9,855 11,. 3d., which was raised for the purpose of
completing the line, rather than incur the expense of going to parliament at that
time for increased capital, and for which the shareholders up to this time had
received no security.
The directors were of opinion that the time was come when this
sum ought to be capitalised, and they had consequently taken advantage of the
powers which they were able to avail themselves of by the act of parliament, which
authorised the increasing of capital of railways, on application to the Board of
Trade. Application bad been made, the necessary certificate had been obtained, and
it now rested with the meeting to authorise the issue of these shares which the
directors proposed to issue to cover the overpaid capital. The amount authorised to
be raised by the Board of Trade was £15,000, and the directors proposed to issue
new shares to the amount of £12,000, which would be distributed in the first
instance to those panties who had contributed towards the loans which had been
granted towards the company.
He thought this was the only explanation necessary, and it was
the reason why they had taken this measure for increasing the capital of the
company, which was small, and of paying off the debt incurred in the formation of
the line over and above the capital of the company. The chairman concluded by
proposing the following resolution :—" That the company hereby sanction the
issuing, under the powers contained in the Blackpool and Lytham Railway (additional
capital) Certificate, 1868, in addition to the capital already authorised to be
raised by them, the sum of £12,000, by the creation and issue of 1,200 new
preference shares of £10 each, bearing interest after the rate of £5 per cent. per
annum."—T. FAIR, Esq-, seconded the resolution, which was unanimously agreed
to.—The CHAIRMAN said that, having decided that the shares should he issued, the
next business for the meeting was to decide as to how they should be
distributed.
The resolution he had to propose was—" That such new shares be
offered in the first instance to the shareholders who have advanced the sum of
£9,855 11s. 3d. on account of the company, pro rata with the amount of each advance
; and that, if the same are declined by such shareholders, then that the shares
declined should be offered to the shareholders at large, and, failing acceptance by
them, that the same should be at the option of the directors."—T. FAIR, Esq-,
seconded the resolution, which was carried unanimously.—It was also agreed to, on
the proposition of the CHAIRMAN, seconded by Mr. FAIR, " That the new preference
shares be issued on the 15th August next."—A cordial vote o: thanks was accorded to
the chairman, who briefly acknowledged the compliment, and the proceedings
terminated.
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