The debenture-holders of the Loudee, Chatham, and Dover Railway held.a
meeting on Monday to consider the proposal of the shareholders. They rejected it by acclamation, and forced Lord Harris, the chairman, to put a resolution authorizing a committee of bondholders to investigate the- accounts of the Company anew. This was carried, but the Company has-not given up its plan, and the bondholders will probably be compelled, after all their losses, to sustain a Parliamentary battle. Lord Redesdale, however, has written to the 7Vmes condemning the scheme, and suggesting that the Company should be allowed to raise enough money at par to pay the debentures off, paying any interest. needful. If in five years the Company were unable to pay this interest; the line, cleared of all liabilities, should become the pro- party of the stockholders. The -scheme has only one defect—that it gives the shareholders another; chance to which they have no right whatever. Why not change the- debentures into stock, and hand over the railway at once? Lord Reeleadale 'suggests, as an alternative, that Government should pay off' he debenture-holders, pharging the railway 5 per cent., — a scheme which we have, commented on elsewhere. It will not- pass; being 4 direct tempts- tion to the public to lend money to insolvent railways.
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