The Express.
London, England, 1864-02-15 00:00:00

BRITANNIA.

TRH EVENING. HICE4I.I7—DICKORY, DOCK. Hrs.
S. Lane and first-rate Pantenalmlsts.—THE GREAT GHOST
EFFECT.—Arthur and Itertrand.—lha Fairy Yountaln..=.&nd
31Y LORD WELCOME.

SIGH WATIR AT LONDON BRIDOL
DA9 mnrou9A 711. Min .. nihirsooll. 7h. CM.
Iv.ignum.... Inning, Sh. tlm Maws. 94 3m.

LONDON, MONDAY, FEBRUARY 15.

EVERY shareholder in a public company has an
interest in the cue of PaarioNs r. Snazzy, which
after occupying Lord Chief .Justice Cocaanae and
a special jury for four days was brought to a con-
clusion on Saturday. Mr. Psitsoes, the
is Chairman of the Hammersmith and City Railway
Company, in which Mr. SERGET, the defendant,
is a shareholder, and the action, which was one for
libel, arose out of a speech made by the defendant
last July at a meeting of shareholders of the
Company, where he made some reflections on the
plaintiff's conduct in connexion with purchases of
land required by the Company for their line. Mr.
l'AttioNs, who was spoken of throughout the trial
as a gentleman of great business ability and large
experience in railway matters, joined the direction
of the Hammersmith Railway Company in March,
1864. In July of that year Mr. PARSONS
was consulted by a Mr. BLAKE, who has
an estate at Notting-hill, respecting the value of
the Portobello Estate adjoining his own. They
looked over the land, and Mr..Praisoes expressed
his readiness to join Mr. BLAKE in the purchase of
it. In October Ittsits bought the land, and PAR-
sox, acquired an interest in it to the extent of '
three-tenths. At this time, according to a bargain
made with Mr. RUMMENS, the contractor, the bur-
den of any increased value of land requiring to be
bought for the purposes of the Company would
fall upon him ; but by an arrangement which
subsequently became necessary, the Company
was restored to its natural position as purchaser
of its own land. In November the Railway Com-
pany went to Parliament for powers to enable
them to buy more land. The line was to be carried
through the property which Mr. Parisoss had
recently acquired by purchase. The Portobello
estate had been bought for 8301. an acre. The
two acres required for the Company were valued
by Mr. RlTcuie, the Company's surveyor, at
3,000/. By other estimates the value was carried
to 7,820/. and even to 15,6781. Mr. PARSONS put
the matter in the hands of his attorney, Mr. B.
LAKE, instructing him not to refer to him respect-
ing the price to be asked for the land. Mr. LAKE
at first claimed 7,5001. for the two acres, but
subsequently raised the demand to 20,000/. In
June, when Mr. Ps It -ONS'S purchase and claims had
become generally known, they were much dis-
cussed, many of the shareholders being of opinion
that it was an extraordinary and unsound proceed-
ing for a director of the Company—and by this
time Mr. PARSONS had become its Chairman—
to anticipate the Company in the purchase of land,
and afterwards sell it for his own benefit. The
defendant, Mr. Sur.orv, being himself largely in-
terested Urthe Company, and having induced many
of his friends to take shares, took up the matter.
In the month of June last, several meetings
of shareholders were held, and at one of these
two of the directors, Mr. FOWEES and Mr. STAN-
TON, said that they had not been informed of the
purchase of the land by Mr. PARSONS, and that
if they had known of it they should have pro-
tested against it. This was said in the preseue
of Mr. PassoNs, who states that he was "than-
" derstruck " by the statement, and that he had
informed his colleagues of the fact at a board meet-
ing held on the 19th of November. A committee of
inquiry was held, and on the 23rd of July a spe-
cial meeting of shareholders was convened by the
defendant to consider the report. M-. PARSONS
was unable to attend this meeting, but he
sent a shorthand writer, who took down the defend-
ant's words, and thereupon brought this action
for libeL The defendant had charged Mr.
PAR,ONS with purchasing the Portobello land
with the intention of making • profit of it
to himself, so far as regarded the portion
required for the Company; and, secondly, with
sending in au exaggerated claim, making an un-
due profit from the Company. With respect to
his own position as vendor of the land, Mr.
PsusoNs spoke with the greatest frankness in the
witness-box. He said, "He was always ready to
" buy land, either as a director or privately. If
" he knew where a railway was about to be con-
" structed he should buy some of the land through
"which it would pass." Of course there is
nothing more to be said against this than against
any other kind of speculation. But, then,
ou the other hand, if a gentleman in the
position of Chairman of • Railway lays him-
self out for this line of business, it is
only proper that the shareholders should know
what he is doiirj, so far as his operations a 8 zt
their interesti. As Lord Chief Justice C0,1,11E/IN
observed upon the case as presented by the defen-
dant, " There was not a shadow of doubt of the
" impropriety of these things. The Company were
" entitled to have the best assistance of the
" chairman and the board. What cord they say
" to a man who, having an adverse interest, sat
"as chairman Could anyone suppose that he
" could with propriety fill the chair of the manage-
" ment when he had a private interest which must
" militate with his duty ; but how much stronger
" did that apply when his adverse interest was so
" great ?" The question of fact which the Jury
hail to decide was, whether, being interested in
the land for which the Company had to pay, Mr.
Prticsoxs had kept the fact back, instead of com-
municating it to the Board and to the shareholders.
Mr. RtasuNs says he informed the Board of it
on the 1 9th of November, 1862 ; but
several of the directors stated at the trial that
the impression conveyed to their minds fell far
short of that statement, and only amounted to an
intimation that he had a certain influence with the
owners of the property. As to the excessive
claim, it apvears that Mr. PAR,ONS having full ,
confidence iu Mr. LAKE, his attorney, left the!