The Express.
London, England, 1849-08-23 00:00:00

should wiak their enviers might be retained. (Clean.)
The 500 shares which were allotted to cash of the directors

Ia tin dean Masud arrangement he should have
thought binged to the sompany, and not to the directors,
for it ih• amens took Uses for their owe private advan-
tage, they were bribed to the extent of the large premium
for which they were sold to carry out the erangentent. With
regard to that premium ft might be a question for Messrs.
Quitter sad Baltogether it should be transferred to the
revenue or capital wont. He male thus observa-
tion in DO emotions spirit, but with a view to anent those
ditheresse, those unseemly squabble, between dine= end
sbeeneiders whin could not bat sad in the Isis of their
pearty. Me waled to restore piddle enffiliens to the'
emery, set "sly es the part of the IpuNs, bass w the pert
of 1m 4ndisvne vein seder an efielent margenen would
"dense their as freely, and at se low a rate, to this
~as as to a:7l other. He knew that it was the fashion
le nee the shareholders, as well as the directors, for the
Monde which had befallen railway emanates, but he
wished thole editors who took that view knew what it as,
as he did, for on. or two shareholders to attempt to
organise anything like an opposition to a direcor Ida
Mr. Hudson. It was In the power of the board at any time
to command vote sufft:ient to put down any small body of
shareholders. He bad experienced this difficulty, and at •
former occasion he had only five to support him is oppos'ng
the proceedings ed the board. It had cost him 121. or 131
'for a list of the shareholders, when in April last he wished to
send a circular round to them, and the contort in which he
and the Liverpool committee had embarked had cost them
from 1201. to 1401. It was true he had been reimbursed b
the shareholders, but very few would like to incur the risk
of such an outlay, and to undertake the overwhelming
amount of correspondence in which he, in carrying out this
agitation, had been involved. It was pinsible that the power
of the directors would be sufficient to negative the motion
which he was now about to submit, but it was in the hands
of the shareholders ultimately to carry anything which was
right, by perseverance. Should It be his lot again to become
an agitator in this matter, he would have end meeting after
special meeting until he carried his object. (" Hear, and
laushter.) He wished only to add, that in the observationshe
bad made he had spoken of the directors in their public position
only, and without intending to cast any imputation on their
prorate character. The amendment he had to propose wee,
" That the further consideration of this report be adjourned
until the half-yearly meeting of the 7th of September, that
the committee might be requested to present the share-
holders with a detailed statement respecting the lees of the
Leeds and Bradford line, also with a detailed account of the
transactions respecting the South Midland; also with • state-
ment of the arrears on calls; also with a return of the set
revenue on each of the lines belonging to the company, or
leased by them ; also with "statement of the capital autho-
rised by parliament to be raised for the construction of each
of the lines, and the sums actually expended on them; also
a statement as to the whole of their locomotive stock, and
their present value, with any further information that might
appear to them desirable to give."
Mr. CARBETT said he had been a shareholder in the
Midland Railway for many years had paid up all his calla,
an had in any instance iaised his band against the
Mead. He could not, therefore, be supposed to entertain
boodle hidings against the board, or any great want of
confides's in it. All were agreed that the accounts which
had been presented were a correct transcript from the books,
and that there had not been any " cooking " of them by the
board. But, having said this, he must observe that the
report was • megre,untatiafectory statement of their affairs.
With repeat to the guarantee Hues, he felt regret that they
had ever guaranteed any lines; but the main point was the
leaslog of the Leeds and 13adford line. He considered
there bad been great recklessness in making that lease, and
that the transaction compromised Mr. Waddinghem mat
seriously. With respect to the South Midland Railway,
they ought to have a much more satisfactory account, and
he was of opinion that the report aught to be further con-
sidered.
Mr. SIDNEY bad no objection to reconsider the report.
He would pram upon the m. edam however, the necessity of
considering more the future than the past. (Hear.) He
would not mourn over the past, but rather direct their
energies to the promotion of the general interests of the
body. He was of opinion that the directors had abused the
trust rived in them, and that they ought to resign in order
to afford the shareholders an opportunity of remodelling
the direction.
A SHAREHOLDER said the funds would not pay more
than 41 per cent., whilst their line would pay nearly is per
cent., and he thought the interest they had in the under-
taking worth defending. He must say he ead a
report with more satisfaction than the one which Mr. Wylle
desired to have further considered. The fact was the public
had adopted the report. (.• N‘,no ;" " Yes, yes.") Having
read the report, he ordered the purchase of shares for him-
self, and so far he had adopted the report.
Mr. WADDINGILAM here ruse, and was received with
marks of disapprobation; but the chairman having de-
misaded a hearing for him, he proceeded to say that the
fan of his connection with the Leeds and Brsdtord line
wen est forth in his evidence, and that at the time of the
nansaetion it was well known he had shares in the line, and
there was no secrecy in the matter.
Alderman of Birmingham, regretted that gen-
tlemen had nut come forward at the various meetings which
had been held for the purpose of leasing certain lines, in.
stead of reserving all their opposition tor the present occa-
sion. The committee of investigation had laboured hard for
several months, and it was certainly much easier to find
fault with the result of their exertions than to produce a
man satisfactory document. He deprecated the course
tee often pursued by amateur managers of con-
deeming all management. Toe result of such con- I
tines complaints was to depreciate their property. In
his opinion the affair of the company had been well
massed. (laughter and" hear.") lie believed they had been
managed honestly. The directors were not responsible for
the depreciation of their property, and it was gratifying to
And that the report was favourattle to the directors' reputa-
tion. He would advise them, therefore, to be cautious how
they proceeded with their changes.
Alderman H. SMITH, of Birmingham, bed beard with
pleasure the speeches of Mr. Sidney and Mr. Cinch, and
could not ogres with the mover and seconder of the amend-
ment. Ile granted they might have had more details in the
report ; but of what utility would that have been? They
should recollect that the ,commit'es of investigation were
deeply interested in the inquiry, like themselves, and had no
interest whatever in making any misestatennt. In his
opinion, if the board had not purchased the Leeds and Brad-
ford Railway, they would have been liable to a heavy charge
for heal; lost so great an advantage.
Mr. D. MALINS, of Birmingham, defended the commitee
of invite and the directors.
Mr. WYLIE said the document was such as did not enable
him to come to a satisfactory conclusion. All he required
was some information, which he thought might be given by
the directors as well as the committee of investigation ; and
he would ark the directors if they would hereafter supply the
required infuriation. He disclaimed all intention of reflect-
ing on the committee.
The CHAIRMAN said there was no further information
to be given respecting the South Midland line.
Mr. O'BRIEN said there was aprimojacie ease made
out against eau parties, and he thought they ought
enly to receive the report as far as it was consistent with
the facts.
Mr. HUTCHISON, a director, said Mr. Wylie had found
fault with them for having purchased certain lines, but if
they had not bought them, others would have done so.
These hoes had increased their traffic. The trade upon the
Leeds and Bradford was still in its infancy, but a large a-
new of traffic would ensue, and he did not despair of that
Yes paying the amount guaranteed.
Mr. BOWER, of Leeds, would vote for the reception of
the report, and he hoped Mr. Wylie would give up the
amendment.
Mr. BLAND, of Bradford, bora testimony to the fact that
the value of the Bradford line was innessing, and said that
WI Midland company would not have reason to regret its
purchase.
Mr. SMITH replied on behalf of the committee of herd.
peas, and said the committee employed accountants, and
gave the proper instruction to report fully everything COl.
NNW with the affairs of the company. The report before the
nesting was en irely their own, and Its denied that they had
withheld any information they possessed relative to Mr.
liftedson's shares in the Leeds and Bradford line.
Mr. WYLIE then consented to withdraw his amendment,
van receiving an nuance from the chairman that he
*said be famished with whatever information he required
diet it was in the power of the directors to afford.
The original resolution having been put and carried nos-
sharnaly, the meeting terminated.
AMBERGATE, NOTTINGHAM, AND BOSTON,
AND EASTERN JUNCTION.
Yesterday the seventh half-yearly meeting of proprietors
of this company was held in the Exchange Hall,_Nottiog.
ham. The attendance was not very numerous. W. F. H.
Monvox ggpp. in the choir.
Mr. JOHlrr GOUGH, the secretary, read the reports and
leak account, from which it appeared—
" On a careful inspection of the register, the directors think
they may safely calculate on calls being paid up to comple.
tioa en 60,000 shares. They see no reason to alter the esti-
, mate made by the joint committee of the total sum that will
be required, and taking this as the foundation of their pre-
I sin cilculation, the further sum of 21. 15a. on €O,OOO shares,
se in all St. Its. per share will be required. Proceedings
have been taken against 108 proprietors; of these 66 have
pad in full with CODS ; judges orders have been given for
payment by instalments in 10 caws, six are in course of set-
tlement, and in only four cases have the parties passed
through the Insolvent Debtors' Court, leaving 32 action still
pending. Before calling any further sum beyond the 71. 10s.
per share, the directors are determined to use every effort to
compel pay:neat from all who have the means of fulfilling
their engagements to the company. The meeting was re-
quired to confirm the forfeiture of 1,914 shares."
The CHAIRMAN moved that the report be adopted.
The Deputy•Cbairensa (T. BISHOP, Esq.) seconded the
adoption of the report.
Mr. BIRLEY, of Leicester, protested against the meeting
being held that day, on eccoant of the Midland meeting
taking place at the same time; and he accused the director,
of plating into the hands of the Midland Cempany, although
they knew "the Midlands had robbed them." This was
rather strong lineage, but he could not help using it. He
proposed an amendment that it be adourned to neat Tutu-
day week Mr. 0. F. James eeoouded the amendment.
The DEPUTY CHAIRMAN said Mr. Birley evidently
was dissatisfied with the low value of Arsenate shares, for-
getting that railway shares generally were much de-
preciated; and the remedy he proposed, that of immediately
carrying the line to Baton, the directors had no power to
adopt, the consent of four-fifths of the shareholders b
necessary before they could take each a step. W
regard to the small number of shareholders present he
might with confidence say thee those absent had contented
themselves with a perusal of the report, which was ten
ted
with regard to every necessary detail.