The Express.
London, England, 1849-11-07 00:00:00

RAILWAY MEETING.

SHREWSBURY AND HEREFORD.

Yesterday a general meeting of the shareholders in this
company was held at the Royal Hotel, Chester, on the gene-
ral affairs of the company, and for the purpose of taking into
consideration a plan proposed by the directors fcr proceeding
with the line (the works of erh, owing to the depressed
state of the times, have be in a state of abeyance) on a
reduced soak of expenditure; and for the further purpose of
sauctinulag an application to parliament in the ensuing ses-
sion, for power to limit the capital to 400,0001., to reduce
the shares from 201. to 101. each, and to increase the *usher
of shores from 40,000 to 45,000. Mr. Ousteny Clone, 11. P.,
was the chairman on the occasion.
Mr. KELSA.LL, the solicitor, reed the direction'
report, which has already appeared in our columns, and
which gave an exposition of the plans proposed for carrying
out the undertaking.
In reply to gelation, the solicitor stated that those propri-
etors who had not paid the last call would not be entitled to
vote.
Mx, G. Z. TAUNTON, representative of the Liverpool
sharehladen, opposed at considerable length the adoption of
the reJOport.
Mr. HN BUDD, of Liverpool, also opposed at consfele•
cable length the adoption of the report, and wished to know
from the directors whether it was intended to allow dissen-
tient shareholder to withdraw on consisting to the re:Hiat-
us of their shares. lie and those be represented held very
strong opinions as to the conduct displayed by the directors
of railways generally, to which was to be attributed the
ruin-
ous condition of that property. It had been the fashion to
describe shareholders as a species of maniacs, exhibiting
every thing that wee unprincipled and absurd in their de-
sire to conch themselves by shares. Tnis, howevir, was un-
true, for by the returns msde to parliament it appeared that
the pestles who asturibed for hundreds of thousands,
quarters of =Mims and half millions sterling at a
times for shares in new railroads, were directors. By
captivating statements of small outlay and large
profits the directors had no difficulty in getting
shareholders together, and if the enure number of
shares was not issued, it was only because the directors ra-
served them for themselves. Experience had proved the
promises in oonnexion with the Shrewsbury and Hereford
to be fallacious. Public opinion was at length realising a
kind of public conscience among railway directors, but as yet
it was a king way off what it should be. The first step that
was taken by the directors of the Shrewsbury sod Hero-
ford was to spend the company's fund. in buildinr a station
at Shrewsbury for the use of other companies without
any present adulates,. The number of voting shareholders
had been restricted to the directors themselves. The funds
of whole families of widows and orphans would be engulfed
while the proprietors would have the pleasure of reeciag
the directors* report, and of observing with what royal muni-
ficence they bestowed railway communication upon Shrop-
shire and Herefordshire. After some further observations,
Mr. Budd cmcluded by calling upon the directon to allow
all di sentient shareholden to retire.
Mr. SCOTT, late M.P. for Walsall, expressed surprise at
the apparent desire of the Liverpool proprietors to repudiate
their connexion with a company to promote which they bad
taken shares upon the faith of an act of parlisninit ; more
particularly when, at one period, had it not been for the
sums. of the Shrewsbury and Hereford in parliament,
another company might have node the line.
Sir CHARLES MALCOLM supported the !molt, and
the proposals of the directors, which he thought judicious.
Mr. ROBERTSON, the engineer, in reply to questions,
said he telt cos& lent that the line could be constructed for
485,0001., at which he estimated it, and he was confirmed in
this by persons greatly experienced in railway construction,
and who were ready to do it at the prices.
After considerable discussion, the amendment was lost,
and the original motion adopting the report WIN carried.
Mr. BUDD and Mr. TARNTON, who represeated 4,000
shares, offered to dispose of the number they held individu-
ally to the directors for a nominal sum.
A vote of thanks, on the motion of Sir Charles Malcolm,
was given to the chairman and directors, and the muting