The Express.
London, England, 1853-01-19 00:00:00

EASTERN UNION RAILWAY COMPANY.

' A mettle' Of pfvf•rence -Shareholders is this com-
pany was hsl4 yesterday, at Hadley% Hotel, called as pre-
liminary to a general 'meeting, to devise measures for
arranging the claims arising on the stiversi classes of pre-
ference snares, and for obtaining a new board of directors.

Mr. HOLT having taken the chair,
Mr. Can, as secretary as he said of a committee of pre-
ference holders, read the circular calling the meeting, and
letters from the chairman of the directors, stating his
readiness to co-operate in promoting any reasonable mea-
cares to relieve the preference holders having regard to the
other proprietors; from Mr. Fletcher, of York, dectiniog
concurrence in the objects of the meeting,it they were to
pronswe the views or one class of shareholders to the pre-
. Jodie* of others s- and from various other proprietors, who
were unable or objected to attend, some expreming
themselves favourable to a compromise of the claims for
back interest, and others refusing to surrender any portion
of those claims. Mr. Cole then proceeded to explain the
necessity of altering the constitution of the board, com-
plaining that the present directors, though promising Early
enough at the meetings of the company, neglected to carry
out the views of the proprietors in taking steps to rescue
the property from its present depressed condition, lie sug-
gested that a subscription should be -Mead amongiit the
preference holders, that a committee should be appointed,
and that a future meeting should be called of proprietors
generally to carry out their purpose.
Mr. STUI6OI, as an acting member of the committee
appointed some months ago, and which was still pursuing
its investigation, expressed hie conviction that under effi-
cient management the revenue of the company would
enable them to pay to all classes of preference holders
and all other claimant& of the company all that was
due to them, and in two or three years to place
the line in a dividend paying position to the ori-
ginal holders. He himself would undertake, if he had
the management its his own hands, to bring about doeh a
ninth, and he expected ere long to be in a position to
bring forward sued indisputable proof of the capabilities of
the hoc, the canes of its failure hitherto, and the particu-
lars of its mismanagement, as would induce the original
•

holders to unite with preference holders in doing what I
was right and proper. The bill which had been brought
into parliament by the directors in the present session
amounted to cosfiacation. It proposed to confiscate all the
back interest due to the preference holders to pay off the
shares at per, and to re-issue them at 4 per cent., thereby
securiag • profit to the original shareholders at the expense
of the holder■ of all other shares. He hoped in two or
three weeks to he able to produce a repeat of the cap►bili-
ties of the line.
Mr. UMDIIIIVICIOD said he MIS
_prepared to pay 101. to-
wards the necessary expenses. He proposed a resolution
to the effect that a subscription of ls. a share on the prefe-
rence shares be entered into to carry out the objects of the
meeting.
Mr. CoLa stated that all that was intended to be done
would be done in eo-operation with Mr. Sturge's committee,
which had devqted so much time and talent in investigating
the affairs of the company. It was not to be supposed that
the directors would resign on the mere spec digit of the
present or any other meeting of preference holders; but it
was to be seen whether they would retain their seats iu op-
position to a pamphlet which was in preparation and about
to be published fur general circulati3e, an which the mis-
maaagcment that had characterised the proceedings of the
present board would be let forth.
Mr. FISILLit, in seconding the resolution, expressed his
confidence in the capabilities of the line to pay not only the
dividends upon the preference, but also a very good divi-
dend oo the original shares.
Mr. HARDT, while ready to cooperate in any measure
for developing the capabilities of the line, and doing justice
to all classes of shareholders, and while objecting very much
to the policy of the board, could not be a party to any step
for dismissing with disgrace men who, he believed, to have
been influenced by honourable motives. lie complained
that the traffic on the line was carried at ruiuously low
prices, and at from 20 to 25 per cent. below what the dis-
trict could very well afford to pay.
Mr. I.l4aanawn, jun., a member of the existing com-
mittee, stated that they were in daily expeetation of re-
ceiving a communication from the directors, stating what
they were prepared to do in regard to the preference
shares, and the moment they did so it was their intention
to call a meeting to lay the same before the holders. He
could not see what advantage could be obtained from ap-
pointing another committee, and suggested that they
should pause a few days to ascertain the results of the la-
bours of the present committee before they took any further
steps. At all events, they should wait until Mr. Sturge, who
was the working man of the committee, made hie report.
After same further discussion, in the course of which se-
veral proprietors objected to the formation of another corn•
mittee at present, i* to pledging themselves to any further
expenditure, the resolutioa was withdrawn, and a motion
of confideuce in Messrs. Sturge and Bagsliawe's committee
passed, and it being understood that the report now pre-
paring by them would be es early as possible circulated
among the shareholders, and that afterwards • general
meeting would be called, the business terminated.