The Express.
London, England, 1849-07-20 00:00:00

Desks, and the misappropriation dart shares. With regard
to those shares which had bees appropriated by the other
directors as well as by Mr. Had or, he amid with the ems
Ware in saying that they had an right to do so. Yet he
agreed with them also in th'ishis g that it woMd nut be proper
mow to Sall for ressitutioo. He must recall the feelings which
were entertained with regard to railways stthit time, when
It wan considered the perquisite of the chairman and &rec-
tos that shares should be allotted to them; and he believed
that if the shareholders had been aware of this trans-
action at the time—that was three years ego—they would
Mot have been against it. (Hear, hear.) L t them be just,
them, and not put the directors in the same character
_with •
San who took shares to the extent of !leveret thousands sad
Sever told his brother directors what he was doing.
They had gives the committee of humpy every anistanee,
and they had remained to a very dissgreeatile position for the
Imaelit of the shareholders. Let all allowance be made foe
them, therefore; and though their conduct was blameable
and indefensible, yet he believed at the time it would net
have been reprobated. The next matter was the Branding
Jusetion on which the committee had not espreesed
any opiairelw he most say, that he had attended the
meeting where these 2,000 shares were mentioned, and a
suggestion was made that as • reward to Mr. Hudson fur his
esnmes to the company, they should be given to him. A I
resolution was pasted, that the surplus shires should be placed
at the disposal of the direeton, and he (Mr. Thompson) and
all his friends certainly understood that they were to be
given to Mr. Hudson; and, however much he might have
thought the gift extravagant, yet, ca he said nothing against
it at the time—as he was • consenting party, he would
not now tura his back upon what he had for-
merly done ; and he could not, ea ea individual,
consent to be a party to proceedings against Mr. Hud-
son on amount o. them. The report concluded
with a recommendation that the ordinary meetings of
the board of directors should henceforth he held at New-
castle, instead of York. He was not prepared to object to
that recommendation, but as the matter involved gut stions
of considerable importance, sodas a step of this nature, once
taken, cmild not well be retraced, he would recommend that
its consideration be postponed.
8.71611 discussion here took place as to the order of business,
seem gentlemen proposing that they should discuss the re-
port SI • whole, ethers recommending that the venous re-
eammeadatioas it contained should be taken serial& Tido
kw opioina was ultimately adopted ; and Mr. Prawn with.
drew l 4 modem for approving the whole report, awl MIME
in its stead, that so mach of the report as referred is the
Sunderland Docks, be now approved of.
The Hon. Mr. DIINDAf3 seconded this motion.
Mr. NICHOLAS WOOD, one of the directors, said, be-
fore this resolution was put, perhaps the meeting would
allow him to say a few words. He wee a director resident us
the Sunderland part of the line, and be considered himself
partly responsible for the advice he gave respecting the
shares taken b this company in the Sunderland Docks, sad
therefore, he thought it was incumbent on him to explain
the pert be took in respect to them. In 1845 a
railway to Sunderland, connected with new docks,
was projected under the auspices of very power-
ful parties, in opposition to the Newcastle and
Darlington Railway. There was but one opinion in the neigh-
bourhood as to the effect which this project would have upon
the prosperity of this company. He might state here that
he believed, in round numbers, the traffic from the different
ports in coal and coke was from 290,0001. to 300.0001. a-year,
and including goods it would amount to 400,000/. That wee
a traffic which it was most important for this company
Maio.
Mr. DENT said the shareholders had now very import.
ant duties to discharge. Many of them might not
perhaps sustain much personal 100 from the mismanage.
ment of the railway, yet there were many others whose
whole income would be sacrificed. (Hear, bear.) This was
the question of the fatherless and the widow, and they were
asked, as honest men, earnestly to express their opinion.
He had known many of these gentlemen personally, and it I
was a pfiel thing for him to hurt any of their &slings
but star the course they had takes, as brought out is
the report, be did not know what to say with respect
to their delicacy. He thought, as a company, they were
bound to set their faces against all compromise la this matter ;
for in the works of truth and honesty, he would say that the
national character of Englishmen was disgraced by these
transactions. Let every nose be turned up ; let every sub
("dante be brought to account ; let all who had been treated
with gratuitous primes along the line be called on ; let the
truth in regard to all matters be diseloeed. (Applause.)
A 811MLINOLDIA here remarked that he understood
the act of parliament provided that the matters respecting the
Sunderland Docks could only be disposed of by this com-
pany at • meeting especially called for the purpose. Now
this meeting had aot hem specially called (or the purpose.
Mr. LEEMAN mid atat was true, and the adoption of
this mm.loo would not settle the question one way or the
Other. This was only an @rennin of the opinion of the
meeting, Ind it would be perfectly competent to the sh
Leiden to call a special meeting afterwards if they thought
necessary.
The motion was then put, and carried unanimously.
Mr. PRANCE then mound that so much of the report
be adopted as referred to the allotment of the Newcastle and
Berwick shares. _ _

The nom Kr. MOMS eselnided this motion, which was
agreed to without diessmies.
Me. MANCE this mood that so much of the report be
adopted se refined to the York end Newcastle Exudes
shaves Ne. 1.
The Hoe. Mr. DUNDAS again seconded the motion.
Mr. BARSTOW moved, as an addition to this motion,
that the whole of the shares allotted to the other directors
were improperly appropriated, and that legal proceedings be
adopted to compel them to refund the profit obtained on the
sale of them, with intend.
Mr. RAMSAY seconded the motion.
Mr. M'LAREN, of Edinburgh, said it seemed to him that
if tits shareholders approved of the report, they would be
taking a safe coures—eoademning the principle, but without
instituting _proceedings, The amendment supposed that the
division bad sold their shares at a profit, but that was not
the case ; for one of the directors told him that he still held
his hundred 'enure. and that he would gladly give the com-
mittee 6004. to take them off his hands. If the committee
had rported otherwise than they did, it would look as if
*Ay woo revecuting the directors in all things. Even if
they were wrong in smatitar ni fact, he thought it was the
more dignified some for this company to pursue. He
did not, however, consider the amendment as a ensure up=
the report, for he wished the report to be carried by the rea-
sons which recommended it, and not by the weight of their
authority,
Mr. PLRWS, nee of the directors, could assure the nut-
ins that OWN the 20th of February, when theme roans, had
first been revealed respecting the conduct of their chairmaa,
no one could have felt more keenly than he had. With
to these shares, he had to nay that the envelope in
re
he first received them was never yet taken off them.
He never had been a shag-jobber; he had other business to
attend N. Had he known the taets, he never would have
been a consenting party. He was not so strict as he ought
to have been, because be had confidence in the chairman, and
he never for a moment thought that that gentleman would
have deceived them in the manner he had done. (Hear.)
Mr. WOOD explained, with regard to the ,hues he had
received, what was perhaps not known to the ohan
that it was the practice of Mr. Hudson to pay parties=
served him with shares instead of money. (Hear, hear.) He
had no objection to transfer them sham to the company now,
U they would pay hint his mosey. He had sot remind
them as a gift. Some of them he received before he wan a
director at all, to pay for the services he had done to the ilae.
Mr. LOVE.—What shares an you referring to?
Mr. WOOD.—The twenty shares I received out of the
2,000 Branding Junction shares.
Mr. LOVE—Oh, that is not now before as.
Mr. WOOD—The Berwick gum Same to me in the fame

we.
LOVE—No, no.
Mr. WOOD-1 beg pardoa •I an show the bill for them.
Mr. LOVE—They did not OM. to you before you was a
W
director.
Mr. OOD—Oh, yes; I rewind them eines I was a
director ; and I may state that slue I became a director,
four and half years ago, all the money I have rewind is
under 6001.
Mr. LOVE—That mast be the directors' own fault, u
2,5001. a year was allowed to the directors.
Mr. NEWMAN mid he was not a shareholder, bat be at-
tended the =alias on behalf of Mr. Tee, who wee mhos
to have bees preseat to-day, but wee scmilied by Mesa. Mr.
Tee had lastrusted him to say that he would set shrink team
respeasibility as to any set of cealeitar, bet that with re
to Wed amotimisa ke sid=ed perfect indemnity. In 1846.
100 *era of theNeweards amlßeevrick ware allotted to him.
sad in 1848 100 shares of the York and Newesses. Thum
shares he continued to held up to the must =meaty awl
farther, he said thatishis whole time le bed bass is
the mseagement, ad lis allawasse la a =
the only dime he samba em the se
he
expenses was for 6.1. 10s. in 1841, when he hat a
to Landow to obtain puma= of some lands has 11=0
of Portland, which were wanted for the contreatess. That I
was the only charge he had made, though be but Abu
attended in Load= to give evidence before palleammtary
committees.
Mr. WYLIE said that apology would not avail Mr. Tee
as by his own amaissies he Fealty of acts amnia:
dm
Mr. Tee was a director in another large and in-
fluential company, and he custdered his conduct Isere m-
atted him for the confidence of that body. (Hear, hear.)
Mr. SWAN wished to know, in tonsequenes of what Mr.
Wood had said, how the 2,5001. all3wed to the directors,
was divided ?
The CHAIRMAN—Mr. Hudson had 1,2501. The other
half was divided among the other directors. (Gnat laugh-
ter, and cries of " Hear.")
Several gentlemen here urged. Mr. Bassinet to withdraw
his amendment ; but he declined to do so. It was put to the
vote, and negatived by a large majority. The modem was
eantsd.
Mr. MANCE then moved that so much of the upset se
salon& to the allotment of the Brandling Juonlitat nano
be
1161=. Mr. DIINDAS essoaied tie soda.
Aldan= MATTERSON soli Ind Ind a ossiotooda
vita Ws. Bekaa Reuss ar too elter trassastion task
gm% ohm Kr. told hin that be bad porno.* Mho
Doe be Uneel; and eat the Darlington and Nemoido
Onsgany omen an have It witherst ming him a boa&
some boom Ma absold like wig midi to know who had
Um Mr. lioissea want/ for tint pasiosoAd rural til•
Osopor midi neva odd Ibsir bee to an isdivi.
deol Masa kimono.. Mr. Rolm hnleor told bin
w tb Smotha wend Est old their dm is ibe
Mowensio sod Gnat mint bol bola efflstr
• beta to Mr. 11 itsdarariLlasaike mar Ills bee Ore Moir ,1
men aid Dargoggs. Onsgeoy al ger sod Ilon
stow and Mr. Muhl mut= Goa down Oat the &MS
amphas dimes should lo m a revues kr
befiliwasuirisita. DM be baser the dm Tarr wail, lodt
haw *mit it boa nos geld the liemeng Oemptor—