The Express.
London, England, 1863-09-19 00:00:00

GREAT WESTERN RAILWAY.

After our report left yesterday,
The Marquis of LANSDOWNE observed that he was the
last to lettuce any one by personal feeling to vote use way
or the other. All he wished was that they should vote on
facto properly laid before them, and it was owing to these
facts having been improperly laid before them by the bo-
ocntrable proprietor who had just addressee. them that be
wished to say a few words to them. Mr. Adams
bad stated that Mr. Saunders bad great weight at
the board. It was alleged that Mr. Saiuxlers's °pi•
aka governed the conclusions that they arrived at. Now
be had strong reason for believing before be had anything to
do with this company that Mr. Saunders undoubtedly gave
his °plaice, but his opinion was not invariably taken ; and
he must do Mr. Sweden the justice to say, that if a policy
were adopted which was not his policy, be earned it out SS
earl:wetly and as zealously as if it were his own. One
word with regard to the retiring pension. With reference
to the justness of it be must say that when a
man had devoted 30 years of his life and great ability m the
service of &company (and nobody had denied that he had
greet ability) it was but just that he should have a retiring
allowasoe. He bad never beard any nee say that Mr.
Saunders had Dot the interests of the company at heart.
Some people said that Mr. Saunders was the Advocate of
extensions, bat he was not. As to the policy of granting
this retiring allowance, he thought they would all agree with
him in eying that it was impossible that Mr. Saunders
should not be required for the purpose of giving valuable
information which scarcely anybody Ant himself possessed.
Then were questions of detail, questioas of what was in-
tended at particular momenta which so one could give them
the requisite information about except Mr. &modem ; and
it was essential to the interests of the company that the
hoard should be able to call oa Mr. Saunders for this bailor-
mad°, when it was required.
Mr. Ornua Lgoo said Mr. Adams bed complained of the
composition of the board ; but he for one thought that the
introduction of the commercial element into the board
would be attended with benefit With regard to the peo•
sioa to Mr. Saunders he believed that it would be cheap to
get rid of him at the price. He believed, notwithstanding'
what the noble lord had said, that from the beginning Mr.
Sausages had dictated the policy of the company. Mr.
Saunders undertook more than he could perform in taking
upon himself the office both of secretary sad manager, and
it augured well for the board that they propmed to give him
a peados in order to get rid of him. He should vote for it
as a matter of policy. He thought Mr. Saunders was some-
thing like Mr. nudism at the Midland. They had war.
shipped him and made him their king. and he bad put his
foot on their neck, and it was mainly through him that
their dividends bad fallen off. He did not mean to say that
Mr. Saunders did thus intentionally, but that he bad beet
mistakes in the policy which he had advocated.
Mr. Nauss ',premed his surprise that Mr. Adams, who
bad been the advocate of a change in the board, should, im•
madiataly after that change, had been made, turn round
upon the new directors.
Sir It. JERVIS said the chairman had asked the share-
holders for their full confidence. He believed the share-
holders bed always wished to repose confidence in the
beard, and they had supported the policy which the board
recommended, but which had invariably turned out inimical
and fatal to the undertaking. What claim had Mr. Saun-
ders to come before the proprietors for such an enormous
pension ? Mr. Saunders had received an enormous salary
independent of the other advantages attached to his post-
titre the patronage, and the various other incidents that
hereupon it. He had bees amply remunerated. Sesidim,
sot long ago they presented him with 5,000 f., and that, too,
at a time when they were sot able to declare any dividend.

Mr. SALISBURY said be had no personal retard for Mr.
Saunders, but his feeling was quite the other way, because
whoa he ens chairman of the Birkenheed Railway Mr.
Saunders addressed to him such • letter as no gentiornae
ought to address to another, and until that letter was with.
drawn he could have no other feeling than that of personal
hostility to him; @pinkie' there, however, as a Great
Western picot:Metre, be believed it was honest, and it was
politic to pre lir. Saunders kis pension. He know of bin
owe knowledge that the policy of the Great Weston, had
not invariably been the policy of Mr. Saundem. He knew
of his own knowledge that the Great Wasters Company
were paying the Birkenhead Railway Company much more
thsai Mr. Saunders would have paid them. He thought that
the necessity of opposing many hills in parliament and the
payin" counsel's fees for the purpose might be obviated by
negotiation with the company promoting the bill.
Mr. mid if they were to come to • vote on this
question be hoped every shareholder would give a mews for
his vote. Lend laughter, there being some hniedreds of
shareholders in the roan.)
Mr. Barra observed that they were wandering from the
ipentiem, which was, whether the report should be adopted
or not. They had had a reconstruction of the board, sod
the laid thing he should here expected that day was to hear
Mr. Adams attacking the new board, and that they should
have a debate of three or four boon on a personal question
instead of on the policy of the board. If they now refused
to show that they bad confidence in the board, what strength
would it have?
Mr. Darin:wry remarked that there was a traffic to be
got from Ire/and of the last importance, and the railway in
that country with which be was oonuected were deter-
mined to use mesas to bring their traffic over this system.
He deeouneed Mr. Adams sea traitor to the interests of the
Great Western Company.
Mr. RaLtrer would admit that Mr. Saunders bad been
paid well, sad whop exorbitantly, but he hoped they
would neanimously vote to grant him • pension.
A SHAREHOLDER remarked that he pitied Mr. Saunders
1 when it was said it would be well to grant him • pension in
order to get rid of him. If be had any sensibility left surely
he meat say "save me front my friends." He protested
spinet their voting against the pension being construed into
1 a vote of west of confidence.

Mr. Surjesot GASELZP: also protested against the doctrine
that the sos-adoptino of a paragraph in the roport was a
vote of west of coofidence in the directors. Had Mr. Sans.
den retired? If oat, was this the time to grant him a
pensice ? Or was this a throat that he would not retire
unless they would grant him a pension' For his own part,
from what be had heard that day he bad corns to the con-
clusion that they ought sot to grant this pension.

The Caamaito then rose to reply to various question.
which had been put to him. The first question was, why.
while the filimwsistry and Hereford shareholders got •
dividend.the proprietors'of the Newport section got nothing.
The mole/atlas was that the Shrewsbury and Hereford
carried all the traffic, which was increasing rapidly, between
South Wales sad South Staffordshire. Another question
was se to a elm of 39,5451. which was net down as &lassos
is eddition to their debenture debt. That sum was the
difference between the amount received on account of de-
bentures and the amount paid off, and represented an in-
crease of debeetum debt. Mr. Adams bad told them that
they had no record of their socouota with the Metropolitan
Railway. They had • record. bat they had thought it better
sot to publish it while they had disputes with that company,
but he was glad to my that there was every prospect of
that question being set at rest, and that they would shortly
have trains through between their stations and the seversl
stations on that line. He would now put the motion with
the distinct nadentanding that adopting it did not bind the
shareholders as to Mr. Seanders's pension.
The motion was then put and unanimously agreed to.
The CHAIRMAN then moved " That the office of riteera
superintendent be abolished in this manner remetssedid by
the directors in their report, and also that they he and are
hereby euthorieed, in testimony of the services of Mr. Sem.
den, who has held that office coopintly with that of secre-
tary from the commencement of the undertaking to pay him
• retitle' pension of 1,2501. s year after his isteedod ?advs.
ties of those two offices."
Mr. horror; seconded. •

The CHAIRMAN, in answer to Mr. Adams as to whether
Mr. Walpole had not promised that this proposition should
not be brought forward without notice, mid as far u his re-
collection served him Mr. Poneonby stated at the meeting in
February, that the paragraph in the report touching this
matter did not pledge the shareholders. Hewes not present
whet Mr. Walpole made the statement which had been
alluded to, but he wee told it waist a Wharncliffe meeting,
and that in answer to the question whether it would be
brought before any of the Wbarncliffe meetings, he said it
would not ha brought of without notice.
Kr. ADAMS mid it was at a meeting far the eidetic* of
diractoss. . . .

11teCeiantuaN said the pledge then given had been re.
deemed. immesh as the shareholders had had notice.
Mr. ADAMS asked the chairman if he meant to use
proxies?
The CluntiraN said he did not think it would be s
bet if it wen be should. (Crier of " Shame.") He
they were entitled to use them. Meny had been sent to
him with letter approvieg the recommesdation with m-
imed to Mr. esunders, and those alone would be inalleient
to the motion.
Mr. Fmcrott said he supported the motion in a Wed
Midland poiat of view.
Mr. ADAMS moved al ma amendment —" That the ques-
tion pi the pension to the scents' be deferred to the nest
-yearlyUM and that one month's notice that it
l brought forward be gives to the shareholders."
After soreefurther dismission the amendment was pat, and
the chairman declared it lost. The original motion was
thee pat, and the chairman declared it carried by a large
majority.
Mr. ADAMS demanded a poll, but withdrew his demand,
and aoesegmeetly no poll wtll take place.
Dividend, were thee declared at the rate of 11. Us. 3d.
per annum for seven mouths on the consolidated stock of
the company; of three pwr eeet. en the Booth Wales stock,
of 3s per cent. on the Ozford Tin noised stook, and the
moat dividends on the prMesunWl stack.

Om the wallas of Mr. Mawr, the allowanos of tin di-
ratan was Azad at 6.0001. per annum, to be divided amoog
themselves as they dean lit.
Nam A. Harper, .7. G. T. Child, and W. Bowen Wen
thee appointed sodiu', with a salary of illOt. per annum
sash, and the thanks of tie roosting wen riven to Mr.
Assisi' sad Mr. retiri Di auditors of the Booth
Wiles sod West Midland Railways.
The meeting was thus made special, and semiotic= veto
Caswa ain ea agreemeet hawses the Gran
ters Railway Company and the Uxbridge and Riek-
semowerth Railway Company, ender the provisions of
"The Uxbridge ad Riekaaasworth Railway Asa, 18111,*
fer the nos, wadies, sad snidatareos a the railway at the'
Ulm canipany aad fee ether eg• lease
to the Great Widow Sabra =Um; 'ofair Ely Valley
Railway. ands the pewees " The Groan Weiner., Rae-
ford, Rees, end. GleviaraVen, and Fly Talley Rail-
yaps Alsit, ME' sad afalloisibr theabasiplieb. by