The Express.
London, England, 1865-08-25 00:00:00

ViPleFill, FRIDAY EVYNISIti, iTrorsT 25.

- ,
Ism ; second to nye his stake. etralght ludf-mile. (16
sobs.)
Mr. J. & karkey's Kingsley, by King Tom—Surf, Bet 2111
(J. Mann) 1
Mr. I. Woolcot's Rooky. ht lab (Dowling)
Prince D. goitykoda 11 Ole, set 10Ib (W. Dorm) II
Sages she MIL
Bitting : 6 to 4 apt Kingsley. 2 to 1 apt Rooky, 4 to 1
each apt Exeter sod 11 Ole. Won by three quarters of a
log; a length between mooed and third, • bad fourth.
LADIZIe PIA!' el 25 roes., added to • sweepstakes
of 5 son. each, for 2 yr-olds and upwards; weight for age
with telling and other allowances. Three-quartan of •
mile. in heats.
Mr. W. stabbings The Your. by Vol Chaises,
3 Yrs. l
ily.b Ur. AdaMs, 1 1
Bavaria il Bet alb (Murray) 3
Kathleen, Mt 121 b (J. Mann) 5 2
Betting: G to 4 apt the Roarer, who won by • length ; a
bad third Deciding beat—Betting bad to lon The Rower,
who won easily by three lengths ; & third. The winner
was bought in for 50 guineas.

GMAT BASTRRN RAIJWAY.

After the close of our yesterday's report,
Mr. Ilerieut G H.P., said he disapproved of the
conduct of Captain J end equally so of the toss and
meow la which kis had °ensured him. He
thought the directors ought to be the first to demand a ems-
mitts, of investigstioa, sad Were promedieg farther, be
bagged to side the chairman whether the board intended
tosequism is the proposal for a °Dimities (Cheers, and
cries of " Haar. hear.")
The CHAIRMAN suggested that the learned serjeast
should oculude his speeed before be (the chairman)
answered the Trestles. (Oh.)
• Berjeent GABIL/13 demanded a reply forthwith ; and
his denoted being supported by the majonty of the meeting,
The CHAIRMAN would, if it was the wish of the meeting,
read the decision to which the board lad some. He bad
come prepared with an answer to the question, but would
have preferred, se being more io order, to have given it in
his general reply. The reply prepared by the board wax
ea
follow.: 'ln deoldieg not to maim* in the proposal
for • committee to isvestigate the charge, brought agaiest
them by Captals Jervis, the chairman sad directors of the
Great Festers Railway Company desire not to be misun-
derstood by the shareholders or the publics. They have so
desire for concealment and have nothing to ocoosal, but
they submit that the charges preferred require no further
answer or inquiry than that which has already been
given them." (Cris. of "Oh, oh," "Shame," and great
interruption, which prevented the chairman coo-
tinning the reeding for some moods.) "In this view
a large majority of the shareholder. have manifested their
ooneamenes by entrusting their proxies to the charms sad
other directors, and the directors feel, after the gratifyieg
response which they have received from thole muddies*
in answer to their' Reply,' that they are bound to give
effect to the confidence so Mud in theca. (More interrup-
tion.) With regard to the public generally, it would seem
that apprehension is felt in cartels quarters as to the
validity of hoods issued in anticipation al others falling due.
(Hear, hear.) 8o far as the question affects the board of
the Great Rasters Company, His one of principle only, not
of feats. (A laugh.) About the latter there is no doubt,
and reference to the auditors' report just issued
will clearly show bow the moss arose is the par-
ticular case complained of. No amount of Investigation
am add anything to the farde there stated, sod as the report
is that of the shareholder sod immediate odium who stand
Interim them and the board, the director. trust that both
the 'shareholders sad the public will be satisfied with the ex-
platioo given by them. ( ' Oh," and disapprobation.) Under
these circumstances, sad considering the mitres and roma-
taros interferonce with the ordinary important duties of
the board, and mere especially with the officer. of the com-
pany, which a formal inquiry would entail, besides the de-
trimental effect it would produce upon the credit of the
company, your directors are of opinion that they are eon-
sulthig the best interests of the °mosey in sot soquiesciog
la the proposals for such inquiry., (More expressions of
disapprobation.)
Mr. &duet GAMIN proceeded to denounce with great
vehmeeee the course decided epos by the direeton, and to
°Mimi.e their general conduct, which, he said, had justly de-
prived them of the confidence of the proprietors. The learned
gentleman's speech, however, met with considerable inter-
ruption, principally approbatory, the effect of which was to
of
feederre it impowible to dear more than the gum! perport
his marks, which he concluded with a direst
skim for the appointment of a committee of invistig•Prr;
to inquire into the charges brought eeriest the direction.
Dr. O'Hare seconded this, and held that the share-
holders were much iodeliked to Captain Jervis for venti-
lating the question.
Mr. Casten said that the`d not yet exercised their
powers of tolling up capital, had • balance of a million
and a half to the good ; whereas the charge of having ex-
ceeded the borrowing powers resolved itself into the trifling
amount of 110,0001. He had fall 'confident). in the
directors, sod deprecated the interference of airy
committee, which could only add to the difficulties
of the board in developing the resources of the company.
He had always till now had • high opinion of Captain
Jervis, but he deeply regretted that be should have been
unwise enough to atop the traffic of the company, and inter-
fere with the futilities the public had s right to look for, in
order to further his election as member for Harwich.
(" Hear, bear," and "Oh, ob.")
Mr. Bevis advocated the appoiatment of • committee,
oe the ground that the charges brought &Mast the board
by Captais Jervis were too serious to be rued over. He
knew nothing about Oaptaie Jervis, bet it was an old say-
ing, sod • true clue, that who certain parties fell out,
barest men roues by their own. ("Heft, hear," end •
laugh.) He would not sit at the board with mean having
such charges hanging over them, end he believed that
if the whole body of the director' were to resign
to-day the shares of the empagy would go up in the
market to-morrow. (Cheers.) Captain Jervis, he believed,
had merely lifted the opener of the curtain. If they bad •
committee he expected they would find that a great deal
more remedied behind. The report congratulated them cm
their prospects ; but where were the gamed. of congratu-
lation hefailed to see. At the timed the ameigamatron of the
three companies Mr. Bidder, in recommending it, promised
them • 5 per cent dividend in five year', whereas now they
were at the sixth half-year proposing • dividend of 10e.
per amt., and it wag doubtful eves it they were entitled to
that.
Mr. Berjunt ATICINDON, amid much interruption from
Mr. Adams and others, who suggested that the Warped err.
intro was retained by the beard, which, however, he dis-
tinctly denied, spoke at some length against the appoint-
ment of a committee, which he said would interfere preju-
dicially apisettbeir arrangemeste with the Great Northern,
and prejudice their stock in the market. There was no
charge affecting the personal honour of the directors, and
the emu of the borrowing powers bad bees admitted, con-
seciromtly there wee no necessity for further Inquiry.
BORT did not believe that the result el appointing a
committee would be to depreciate their stock. At present
they had first thee: parte statement of Oarocau Jervis, and
await it the ex parte stateroest of the directors. How
were they or the public to decide which was right. He
did sot doubt that the directors had acted rightly, and for
their own sakes, therefore, he hoped that they would m-
ean: to an investigation, and withdrew the paper the chair-
man had read.
Mr. Josserotes likewise advocated fall inquiry by means
of • committee. The time. of the borrowing powers was a
Wel question which ought to be submitted to the legal
adviser of the company. He deprecated the use of proxies
by the directors.
Mr. ADAMS considered that an investigation into the pre-
sent affairs of the company, u to who was right or who
wan wrons in the quarrel diKweee the director., mattered
little. He had never seen • larger meeting than the pre-
sent, and held that they were quite competent to settle the
questioe of whether a committee should be appointed with-
out calling on proxies
Mr. Fence suggested that the amendment should be
Literal by striking oat the word. haviog a personal refer-
ence, and thee it should be simply • motion for a ommittee
to investigate the present position of the Greet Eastern

Company.
After remarks from Mr. Mee° and melons other
shareholders, one of whom questioned the arreogemeets
with the WOMILIII Valley Railway, bet generally advocating
inveetigatioe,
Mr. Norma (director), in reference to the objection
which had been raised by Serjrant Gamins and others
against the use of proxies, asserted that in sending out the
proxies the object for which they were required was fully
explained—the charges and the income being at the time
In the hands of the parties--end the response wee that
proxies representing It million of their stock had been
seat in to the board. Ile held therefore that they were
bound to um them.
After remarks from other shareholders,
Mr. Bracer; in regard to the Hossein Valley Railway,
expiated thu the arraogement had been made by him at
the request of the board and to provost the lies falling
into the heads of the Midland Compasy. The arrangement
was that the Great Eastern should find the third of the
share eapital, but not to take any part of the debentures ;
but it appeared that the contract, instead of being 180,0001.,
according to the estimate, wee 2140001., and the. the
board demanded • remdjustmeot of the ontraist ; there-
upon the promoters threatened litigation, but they could
not litigate, and if they did, be would undertake to meet them
for a 10/. note. As to the proposal for a committee, he was
boned to meows it in the interests of the tharitheidein
But he was prepared to sign • reference deed, Captain
Jervis to appoint one referee, and the board another ;
that they should name ao umpire, and that in this way they
should decide which should leave the board, he or Captain
Jervis, and which should pay the &emcee of the whole
preceding'. (A Voice—" That is fair.") If anything
wrong could be proved against him, be would retire, and
pay the whole expense. (Hear, bear.)
A ESEILIIIHOLDER,refening to the OVer-iligile of debentures,
' held that the directors were persosally liable for all deism-
' tune issued in excess. The dispute between Mr. Bidder and
Captain Jervis was not all they had to inquire into. There
was this excess of the borrowing powers, the payment of
Interest on the capital, and venous other matters which
affected their intense' and prejudiced the position of the
company is the commercial world.
Captain Jesters, M.P., who was received with loud cheers
on me side and marks of diaapprobatioo on the other heed,
said all he demanded was • clear stage and no favour ; and
if the committee were appointed, he would uedsrtake to
prove every one of his thanes. The report was a packed
and a cooked one ; but by adopting is the proprietors would
be taking upon themselves • Impossibility whisk the direc-
tors were anxious to avoid. He did not steed alone at the
board, but had two of the most independent members with
him, Mr. Jocelyn being one of them. He then proceeded
to reiterate the charges contained in hie pamphlet, and
amused the majority of the board of intentional falsehood,
and with havisg, is replyieg to him, put forward false figures.
He sooned the directors of refusing him the opportunity of
examining the amounts. and the aseretary of emosallog the
names of the parties to whore favour the excess of diame-
ters was ism& He should like to know what it was shot
mismid the reduction talkie dividend ; Awes not the heavy par-
lisatestary expellees, for these were less thee in mousy previous
years—bat it was the additional charge to capitth He had
so pommel =bolas to @ens. Hia professional datias
would set allow him to take the chairmsaship, end he bad
preatised,when Mr. Goodson took the shale, to give him all
the support possible, hie object beteg to keep est those eke
were mom pliable. But be could sot go the whole
beg. lie had doe's he ooald to get informa-
tive, bet bed f and, if he amid net, how
were the shareholders to get isfonnaticia ? the
eamadriee was mated he was prepared to prove all be bad

alleged, aid DM& more. He beaked the directors for rt -
fume( seek as hirmiry, become that refuel was, is he
mind, sod wadi he in the nubile mind, an admission that
the *barges he lad made were true.
Vr. N onnin, who bed Wee persocally !sierra blot
Contain Jerrie, offend some einiswatics, Ms amid so es
notes sod interrupdao that what he maid was not heard.
Mr. &DDSs also essayed to adder the mishap but wee
smash mote mioneedul, the pawn of the meeting, which
hod boas now taxed between three and four hours, being
apparently exhausted.
Mr. Hormtart ALP., director whose mime had also bees
motatinend by Captain Jervis in his speech, sad previously
In kis pamphlet, is refeeenoe to atoms having been supplied
to the cionipany by.Hienaird's) Arta, followed, and
having • louder vows was enabled to make himself heard
above the din. He said that for himself he should have
been glad if a committee had been agreed to, but the
directors having oPPealed to the sharsholden in their
reply, and in the prcums they had mot cot,
were booed to sot in consents«. with the °pinks
which had thee been elicited. They were sow led
about entering into an arrangement with the Great
Northern, which they had been long anxious for, sad just
as they wire moodier it wee proposed to atop their pro-
gram ("No, no—nosasese) As to the mucilage of
storm from he, he had away. understood that all
1 people should boy is the cheapest market, sod that was
what the storekeeper had done. If he was not to do so is
future, let it be known. The whole question was whether
' there was to he • eommittes or sot? (Hear.) The whole
chug* arms out of election differences. They bad *ever
heard anything of the charge spinet the direotere until the
Honda eleodos. He protested wicket the proposed com-
mittee manjurious to the eocopany, and namosesery.
The Hon. G. JOOILTN (director) supported the motion
for inquiry, ie order that information which, as • member
of theMerd, soy refused him might be obtained. What he
wanted was, that the truth and the whole truth might be
ucertained, and so inoonymience that adol le °maimed
to the odieen or others ought to stood in the way.
The Caaramarr, as to the Moue of the Ire per sent.
stock, said that Captain Jervis was • party to it. (Osptaln
Jervis drooled dila ) It was issued to meet the demands of
the ornitrootor, and to enable them to exercise the boner
lag powers. sad Captain Jervis was • party to it,
Contain Jsmte-1 wee not.
The Camillus—You signed the document
Captain Jamm—l did not.
The amendment sad the report were then put, and the
amendment was declared to he carried.
A poll was demanded by Mr. Bidder, wad the chairman
announced that it would be takes immediately sod clots to-
morrow (this day) it 4 &dark, sad the meeting would be
adjourned till Tuesday oast at U a.m., when the nonsbees
would be declared, and the modal business would bo takes.
The meeting adjouraed oresedingly.

LONDON, CHATHAM, AND DOVER RAILWAY.
The twenty-fifth half-yearly meeting of the
above mamas), was held yesterday, at Um GE'03•111101 Hotel,
the chairman of the company, Lord Scums, preading. The
report, which has already been published, having bees
taken as read, and the other formal preliminaries dis-
posed of,
The CHAIRMAN proceeded to move the adoption of the
report aad sereants. The report read was • favourable
one, although the traffic had not iocreaarad as mace as bad
been expected, chiefly bemuse the incomplete state of the
works prevented free ingress into the Victoria station. The
other drawback was the eon-completion of the link line with
the Metropolitan line. Si soon as than two obstacles were
removed, be expected a great iecrease in their traffic.
Lord HARRIS seconded the motion, elm commenting on
the incompletion of the link line with the Metropolisen as
retarding the advance of their traffic. They had hoped it
would have hese open before this time, but unfortunately,
se was usual in the WWI of great undertakings, unexpected
obstacles had arisen, especially from the holders of metro-
politan property. However, their works were ample*
but the Metropolitan Company had given thsni notice that
they would not be ready until November. Taking then
drawbacks into oonsideration, their tame had considerably
Increased, Weill a balance of 10,0001., or more than
30 per cent. Moreno on the traffic of the previous half-year.
They hoped fore still greater increase when their nannies
with the North Weeters, the South Western, the Crystal
Palace, he., were in fell work. The exposes* were heavy.
but it must be remembered that they bad to compete with
completed lines In the most perfect onto of efficiency, sad
would be deserted by the public if they gave len attention to
passengers them their competitors. Theattention of the dine-
tors would, however, be carefully directed to this point, and
economy, wherepreeticable,wouldbeintrodneed. Theism's**
of pawn's= was most eacourseng, being co the main line
4,118,383 against 2.910,110 in the previous half-year, and
on the Metropolitan Extension 3,322,009 evillest 2,202,005 is
the same period. When they got free ingress into the various
stations these numbers would be mach increased, as at
present their trans were so mush blocked out by other
companies which bad the priority, that for short Joanne
it saved time to walk instead of going by tram. The
Crystal Palace line was most promising, the traffic having
quadrupled itself in four weeks. (Hear, hear.) He had
only further to say that they had come to such en ar-
rangement with the South Eastern Company as to preemie
the possibility of any damegiag oppositioo in future. (Hear,
bear) Mr. Lloyd was drawing up the terms of arrange-
meet. and it we. expected they would be prepared by
September, when also they would have completed • Nair
factory arrangement with the indepeedsat Dover and Deal
proprietors.
A SIURZHOLDIM asked when the shareholders of the
main line might expect to taste • dividend. (A laugh.)
Mr. Joiumoe (Secretary) stated that the available
balance for the half year was 10,182/. ; a seam which did
not cover the fixed charges, but next half year it was
expected there would he • small inhume in favour of the
nomad preference shareholders.
After some discussion,
The report sod amounts were carried unanimously, sad
the meeting tenniested with the usual yore of thanks.