be %pectator
August 18, 1866
Lord Sondes, chairman of the London, Chatham, and Dover railway, and Lord Harris, vice-chairman, have issued a circular this week announcing the insolvency of the Company. They have long since ceased to pay dividends, and now, as Lord Sondes puts it, "In conse- quence of the state of the money market and their yet undeveloped revenue, the company are unable to obtain new loans to replace the debentures (about 400,0001.) falling due last month, or even to pay the half-year's interest which then became payable on the whole of the company's debentures." The Court of Chancery has appointed a receiver for the income of the company. . . Of course the Board invites "the fullest investigation," of course questioners wilt be told that answers would be imprudent, of course the Board thinks that if everybody does as the Board tells them the "company will be placed upon a satisfactory and permanent basis." Boards always say that kind of thing: mean- while 'we would just note that the chairman looked to • loans, and not to revenue, to pay the interest on debentures.
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