LONDON, CHATHAM, AND DOVER-AWARDS OF ARBITRATORS. SUBSTITUTION FOR EXISTING ORDINARY SHARE CAPITAL. 63 40. The company shall appropriate and on demand issue and distribute proportionately to and among the several holders for the time being of the existing ordinary stock described in schedule N to this award or their representatives arbitration ordinary stock to the aggregate amount of the existing ordinary stock therein described. As from and after the 30th June 1870 all claim to dividend on the existing ordinary stock described in that schedule shall cease. On the issue of arbitration stock as required by this provision the certificates for that existing ordinary stock shall be delivered up to the company and cancelled. INTERIM MANAGEMENT OF COMPANY. 41. Until our final award takes effect the powers and duties by this award conferred and imposed on the company shall be exercised and discharged by the board as constituted by or under the Arrangement Act of 1867 subject and according to the provisions of that Act relative to the functions of the board and of general meetings of shareholders and mortgagees. 42. Until our final award takes effect for the purposes of sections 7 to 17 (inclusive) of the Arrangement Act of 1867 holders of arbitration debenture stock shall be deemed mortgagees and holders of arbitration preference stock and of arbitration ordinary stock shall be deemed shareholders and the word mortgage" in the said section 17 shall be taken to include arbitration debenture stock. FUTURE APPLICATION OF NET REVENUE. 43. As from and after the 30th June 1870 the annual revenue of the company after proper provision for (1.) Working and incidental expenses of the undertaking including the proper maintenance of the permanent way rolling stock and station and other buildings: (2.) Passenger duty and other taxes and rates and tithes: 3.) The annual charges described in schedule O to this award-shall subject and according to the provisions of the enactments incorporated with this award be applied by the company in the manner and with the priorities following and not otherwise First. In payment of the interest on arbitration debenture stock: Secondly. In payment of the preferential dividend on arbitration preference stock: 44. Nothing in this award shall affect the heads of agreement between the company and the London and South Western dated the 5th of January 1865 scheduled to and confirmed by The Dover and South Western Companies Act 1865. ROLLING STOCK DEED. 45. The trustees of the deed known as the Rolling Stock Deed dated the 19th January 1867 shall at the expense of the company re-assign to the company the property and effects comprised in or subject to the trusts of that deed and the same with the deed of the 30th June 1866 therein recited shall be delivered up to the company and cancelled. Our order of the 4th August 1869 relative to the payment of a weekly rent in respect of the property and effects comprised in or subject to the trusts of the rolling stock deed is hereby revoked as from and after the 30th June 1870 and any money paid under that order after that day shall be carried to the credit of the revenue of the company for the half-year beginning from that day. The provision made by this award for payment of money and issue of arbitration stock or for issue of arbitration stock to parties entitled to the benefit of the trusts of that deed shall be deemed to be in full satisfaction and discharge of their respective claims under that deed. STAY OF SUITS AND ACTIONS. 46. The suits and proceedings in the Court of Chancery enumerated in part I. of schedule P to this award and the actions and proceedings at law enumerated in part II. of the same schedule shall be and the same are hereby absolutely stayed but only as against the company where so expressed in that schedule. 47. Nothing in this award shall affect the right of the company or of any person or body to proceed in bankruptcy against Sir Samuel Morton Peto Edward Ladd Betts and Thomas Russell Crampton or any or either of them or to proceed in bankruptcy or otherwise against the assignees of them or of any or either of them or to recover or receive any dividend paid in the bankruptcy of them or of any or of either of them in respect of any claim which as against the company is provided for by this award. EASTERN SECTION. 48. The company shall with the best despatch complete and open for traffic the Eastern Section from Nunhead to Blackheath Hill (Greenwich) expending thereon a further sum not exceeding 25,000. CRYSTAL PALACE KENT COAST AND SEVENOAKS COMPANIES. 49. As from and after the 30th June 1870 the Crystal Palace Kent Coast and Sevenoaks Companies (in this award referred to as the three companies) shall each be charged with the actual cost of the maintenance and working of their railway taken or ascertained as in this award provided. The traffic receipts accruing from the local traffic of the respective railways of the three companies shall belong to the three companies respectively. The traffic receipts accruing from traffic passing to and from the railways of the three companies respectively from and to any portion of the system of the company shall be divided between the three companies respectively and the company according to mileage. The actual cost of maintenance and working as aforesaid shall be deducted from the aggre gate amount of the traffic receipts aforesaid to be allotted to the three companies respectively and the balance shall be paid to them respectively by the company at the times and in the manner in this award provided. Each of the three companies shall be entitled to retain or have for their own use all net receipts from their undertaking other than traffic receipts. 50. The payments to be made by the company to the three companies respectively shall become due on the 31st December and the 30th June in every year. The company shall keep true and perfect accounts with all proper details and vouchers of all the traffic and maintenance and working expenses to which this award as affecting the three companies relates and of all other matters requisite for the purposes of this award as affecting the three companies. Those accounts and vouchers shall be open at all reasonable times to the inspection and transcription of the respective officers of the three companies and the company shall afford them all proper facilities for the same. The company shall within one month after the end of every half-year deliver to the three companies respectively a full and true abstract of those accounts for the then last half-year containing all proper particulars. The accounts for each half-year shall be settled within 6 weeks after the end of the half-year. The balance payable to the three companies respectively for each half-year shall be paid to them by the company within 14 days after the settlement of the account. If at any time any difference arises between any of those three companies and the company respecting anything contained in or omitted from any such account or respecting the result of the account the same shall by virtue of this award stand referred in accordance with The Railway Companies (Arbitration) Act 1859 to the determination of a competent and impartial person to be appointed for the purpose by the president for the time being of the Institution of Civil Engineers on the application of either party and the reference shall proceed as if the parties had independently of this award referred the same to the arbitration in accordance with that Act of a single arbitrator. 51. Nothing in or done under this award shall prejudicially affect the interests (if any) to be determined by us of the three companies respectively in any payment made or agreed to be made by Her Majesty's postmaster-general in respect of telegraphs. 52. Nothing in or done under this award shall prejudicially affect the rights or interests of Messrs. Spiers and Pond under any arrangement made by them with the company respecting the use and occupation of a building at Margate belonging to the Kent Coast Company and Messrs. Spiers and Pond shall be entitled as against the Kent Coast Company to hold that building as long as and on the same terms on which they would be entitled as against the company to hold the same. EXPENSES. 53. The expenses of the arbitration up to the date of this award shown in a list signed by us shall be paid by the company. APPLICATION OF CASH ASSETS. 54. The company shall apply for the purposes of the directions of this award relative toThe redemption of A debenture stock and payment of interest thereon: The discharge of the liabilities comprised in schedules C and K to this award : The payment of the expenses of the arbitration as aforesaid-the cash assets of the company as existing on the 30th June, 1870, and shall by means of the residue thereof execute the directions of this award relative to the completion and opening for traffic of the part of the Eastern Section aforesaid. Dated this 18th day of August, 1870. (Signed) SALISBURY, The schedules which relate to the organisation of the company are as follow: SCHEDULE (D.) Common Fund. Debentures Debenture Arrears of interest thereon at 4 per cent. exclusive of amount of B 50,377 B debenture stock issued for arrears of interest. 122 Stock.... 750,000 Arrears of interest thereon at 4 per cent. and unclaimed interest before 161,892 LONDON, CHATHAM, AND DOVER-AWARDS OF ARBITRATORS. 65 Victoria Station Improvement. Debentures ....£172,813 Arrears of interest thereon at 41 per cent. exclusive of amount of B debenture stock ... 34,928 Debentures existing on 31st December, 1861, and still outstanding (according to list subjoined) £74,012 Arrears of interest thereon at 4 per cent. exclusive of amount of B 14,958 74 Western Extension. Debentures £186,600 Arrears of interest thereon at 41 per cent. and unclaimed interest before 37,792 Stock taken at 4 per cent.. 640,000 Arrears of interest thereon at 41 per cent. and unclaimed interest before 122,478 The Company's present proportion (with Great Western) of rent (32,000.) payable to Victoria Station and Pimlico (liable to variation from time to time by arbitration under agreement) Beckenham and Dover rent-charges to landowners.. Mid Kent Railway rent (liable to variation from time to time according to rate of interest on Mid Kent debenture capital bearing interest now reduced to 8,1007.) Sittingbourne and Sheerness railway rent [Should the Second and Final Award of the Arbitrators be published, as promised, by the end of January, it will be given in the ADDENDA to the present Volume.] 5.-BILLS LODGED FOR SESSION 1871. The subjoined list comprises in detail the whole of the Bills lodged, in complianco with the Standing Orders of the House of Commons, in the Private Bill Office, on 23rd December last : Acton and Brentford.-Revival of powers and extension of time for purchase of lands and construction of works; amendment of Acts. Alcester and Stratford-on-Avon.-Incorporation of company; construction of railways; compulsory purchase of lands; tolls; compulsory facilities and working and other arrange ments with and other provisions affecting the Evesham and Redditch, the East and West Junction, the Midland, and the Great Western; running powers over Evesham and Redditch and East and West Junction; amendment of Acts. BILLS LODGed for seSSION 1871. 67 Aldborough.-Revival and extension of powers of Aldborough Pier and Railway; construction of harbour and railways or tramways in connection therewith; powers to and arrangements with Great Eastern; guarantee by that company, or contribution, and by the lord of the manor of Aldborough, and trustees or tenants for life of estates abutting on rivers Alde or Ore; money powers; amendment of Acts. Alloa Union.-Incorporation of company, with power to construct-(1) A line of 8 miles 5 furlongs and 110 yards from the Stirlingshire Midland Junction railway in the parish of Falkirk, to the Stirling and Dunfermline, in the parish of Alloa; (2) a line of 1 mile 2 farlongs and 165 yards from the junction with the main line of the Scottish Central Section of the Caledonian, to a junction with the intended railway at a point on the western side of the road from Carron to South Alloa; and (3) a line of 3 furlongs and 132 yards from a junction with said intended railway to the Stirling and Dunfermline. The capital is to be 250,000%. in 25,000 shares of 101. each, with power to borrow a sum not exceeding 83,3001. Athenry and Ennis Junction.-To enable the company to raise additional sums of money; and for other purposes. Banbridge Extension.-To revive and extend the time limited by the Act, 1861, for the purchase of lands and completion of works; to enable the Banbridge Extension to make a railway to join the Downpatrick Dundrum and Newcastle; to abandon the branch to Rathfriland; and for other purposes. Birmingham West Suburban.-Incorporation of a company for making a railway from Birmingham to King's Norton, with a branch to Harborne; power to acquire parts of the lands of the Worcester Canal; agreement with that company; compulsory purchase of lands; power to levy tolls; amendment of Acts. Bradford and Thornton.-To authorise the construction of railways in the neighbourhood of Bradford in Yorkshire. Brecon and Merthyr Tydfil Junction.-Construction of Cardiff Branch and Cardiff Junction; abandonment of authorised Pontlottyn Junction, Ystrad Junction, and Caerphilly Junction ; stoppage of roads at Dowlais; further powers as to superfluous lands; use of Rhymney; amendment of Acts. Bristol and Exeter.-Crossing of Somerset and Dorset at Wells, and powers affecting the Somerset and Dorset; completion of purchase of West Somerset; guarantee of interest on debentures; dissolution of West Somerset ; purchase of additional lands at Bristol, Chilton Trinity, and in the in-parish of St. Cuthbert, Wells; widening of railway bridge in parish of Temple; lease of superfluous lands; powers to joint committee appointed under Bristol Harbour Act, 1866; additional capital; repeal of restriction in 8 and 9 Vic., cap. 89, upon the corporation of Bridgewater as to application of moneys carried to credit of navigation account; amendment of Acts. Bristol and Portishead (Portishead Docks).-Construction of dock and other works at Portishead Pill; powers to purchase, hold, sell, and lease lands; repeal of provisions as to parish wharf, and alterations of agreements affected thereby; powers in respect of Portbury sea wall, wharf, and other works, and amendment or repeal of Acts relating thereto; power to lay down narrow gauge on Portishead, parts of Bristol and Exeter, and of Great Western; power to levy tolls, and alter existing tolls; additional capital; powers to and affecting the Clifton Suspension Bridge, the corporation of Bristol, the Bristol and Exeter, the Great Western, and the Midland; amendment of Acts, and other powers. Burry Port and Gwendraeth Valley.-Extension of time for execution of works; amendment or repeal of Acts, and other purposes. Caithness.To authorise the company to alter their authorised railway, and for other pur poses. Cannon Street and Broad Street Connecting.-Incorporation of company; construction of a pneumatic railway from the authorised station of the Metropolitan District, near Bread Street, to the authorised station of the Great Eastern, on the north side of Liverpool Street. Carmarthen and Cardigan.-Scheme for the re-arrangement and settlement by arbitration of the capital, debts, and obligations of the company, and for the reconstitution and future government of the affairs of the company, and the efficient working of their railway, and other purposes, and amendment of Acts. Coatowners' Associated London.-Incorporation of company, with powers to make railways to effect a new line of communication between the South Yorkshire collieries and London; agreements with the Regent's Canal, and additional lands on the banks thereof; also agreements with the Manchester Sheffield and Lincolnshire, the South Yorkshire, the Great Northern, and the Great Eastern, and running powers over the lines of those companies; powers to Manchester Sheffield and Lincolnshire, South Yorkshire, and Great Eastern amendment of Acts. Devon and Cornwall.-Extension of time for completion of works; working and traffic arrangements with and lease or transfer of portion of company's undertaking to London and South Western and Salisbury and Yeovil, or one of them; powers to those companies to subscribe and guarantee and to raise and apply moneys; running powers and facilities over and powers to levy and alter tolls on railways of company, Bristol and Exeter, London and South Western, and South Devon companies; alteration of existing agreement between company and South Western; provisions as to distribution of funds amongst shareholders and cancellation of shares, &c.; amendment or repeal of Acts. |