The Express.
London, England, 1856-02-12 00:00:00

EASTERN COUNTIRS RAILWAY.

Yestardsy s meeting of those shareholders of the
Eastern Counties Railway Company who eta client shed
with the present management and opooted to t: to reelection
of Mr. Waddington was held at the Landon T , to meet
the committee which had been formed to protect tt-eit in-
Unite and to receive the names of those gentlemen whom
the committee recommended for n minstio t at directors
Mr. HELPS was called to take the chair.

The Cleatituan said he bed been requested to begin by
stating the objects of the committee which bad celled them
together that day. Seeing the universal dissatisfaction, he
end others hod come to the conclusion that the result of the
last general meeting should not be final. That result had beta
obtained by means of proxies, while throe who obtained
Item proxies had entirely misrepresented the truth to the
givers of them. Tte maeagement of Mr. Waddington was
tending so rapidly to engulf the proprietor,, teat he and
his eollesgues felt some defensive measure to be titulary ;
and this was more obvious, from a competence article had
come out at the last meeting. A bid hid been prepared,
which would have been brought before parliament but for
the activity of Mr. Bruce, which authorised the formation
of a new preference stock at 6 per cent. Au many of the
shareholders might not be able to take this stock as it
was tamed, he would Minas open them that as
they were now warned in time, they abeuld
set in time. He firmly believed that three years
,i more of the mismanagement of Mr. Waddington
1 sod his friends would lesve no: one shilling of dividend to
the ordinary shareholders. For this auto of things he and
i his colleague bed taken upon themselves to try and provide
a remedy. The wisdom of goverment had provided a means
I of getting rid ot a person who was unpleasiog to tie share-
holders, by forcing diree::rat to retire ty totatior. . This now
come to their aid, Mr. Waddicroobeuig one woo mu t re-
ties by retation at the next meet ng of the company. This
furnishes a means of getting tin ot one, whom we relieve,
rightly or wrongly, to 1 awe bees the primary cause of all
our misfortune.. I say rightly or wrongly, for if
the feeling we have towards this man were
only a strong prejudice, instead of a steady and
firm cony ct or, founded and sustained by undoubted
proofs, stilt it would be his duty to retire. The chair-
men of this company should he above suspicion ; but as he
appears not to knew his duty, it is our humus to displace
him; for as long as be remains it is impassible that har-
mony can be restored, or that there should be any cocfidence
between shareholde's and board. The objects of the com-
mittee then were to get the best men who would consent to
act as directors, and that their property should not be
squandered by dishonest or incapable men, each as Mr.
Waddington end his friends would come into the field on
the next election with all the advantages or organisation,
that the independent shareholders might also art ii: concert
the committee was formed. It had bun :heir intention
from the first say of their SIiIIICOC) as a comma,e to
close toed' proceedings by a general meeting of those
starehelders who were opposed to the re-election of Mr.
Waddington. This meetiog was accordiogly e dled, and
he had only cow to lay before them the names of those
gent!emen whom the committee should recommend as can-
didates ter the dite.twate in the three vecaecies which
would occur et the nest meeting of the coup eny. The
flat of these was Mr. Retell Orr, of Glasgow, sad be read
a letter from that gentleman consenting to be put in nomi-
nation. The second he named was Mr. Ralph Walters, 33,
Susses-garden', Hydrp ak, known is the gentleman
whom five hundred or the ioliabitants of Newcastle-
oir-Tynv had re quested to stand for their tcwa
at the next g leh c ion. Mr. Orr had held 400 shame,
and 100 preference shares from the year 1843, and had
parted with them. He considered it a pity that Mr.
Walters was such a recent shareholder. Nevertheless, both
these candidates the committee cordiclly r« Amended. A
gentleman of the committee of investigetioc bad as, signi-
fied his willingness to stand if the shareholders should think
it desirable, but as a feeling spinet that committee wee
abroad amongst some proprietors, the committee purposely
abstaioel from recommending him. lie had many claims,
however, on the shareholders, and they should be h•ppy
to hear his came from some cne not on the com-
mittee. He th.o called attention to an a ivertieement
of Mr. Good. ott's in the nicruing papers, and declared that
the rise in the vale, o! shares clamed by that gentleman
as tie resu,t of Mr. Wsdoington's re-elect uo was to reality
due to the general is p oveene•t A etoek COOP quint on the
prospect of peace. Oae word he w ,old say regarding the
Commit it, of Investigation. Mr. Waddington declared
that such a c mutat ie would paralyre the dims of the
direct ors, but the result had 'town that one t tr. as well
; *sato 00000 vents act d beet under the eye or tome masters.
' ; In uncles o i he hoped tut this contest—u be believed
, I there must ill a contest—at Oa I be carchiciel in Net spirit
of candour and Imbue mu which sheull distinguish the
differences of gentlemen end partners.
Mr. Dot:otos Butes mid he was deputed by the cons.
, Istaves to propose C.v. the support of the meeting Mr. ft +hart
Orr erd Mr. Ralph Walters. Of the letter hi would ay
that he was a n•-t ve of Neereast.e-oc-Tyne, that 1 e had
• bun very successful in his profession there as a lawyer, but
p use inheriting a large property be had taken up his residence
is London, aid was now ucder Colll,flet for a very fine
property upon the Eutern C. untie' line. He was also a
large eharebolde r. Mr. Orr had be en for eixteen years a
merchant in the West ludo s, and afterwards in Gla.gow,
• end was so much esteemed there tt at. for terse years be bud
been upon the town council. He t at now come up to reside in
Leedom, evil with thoroughly a lour habits be would give
his undivided attention to the interests of the company. He
said it was hard for men who bad been grievously wronged
to 'it down without trying to prevent a fresh injury, and
this motive, and his alone, actuated the members of that
committee. _
-- --. . .. _

Serjeant Gallatin rose is propore Yr. H. los es the third
candidate for the rut pmt of the iodependect Ameholders.
He did not koo• whe her Mr. Helps would cement to act,
but from the mu:mimics they had had of him they would
agree with him in declaring that no p moo would be a DIM
efficient director.

Mr. Bnvcn said he did not know whether he
rhauld have been at the meeting or not, bet
for seeing that day in the pp re that Mr.
%V• Winton bad demand rut cw ng to the turbulence of
the meeting he ass OMNI to bring forward wilily thous be
could t are done in his own defence He theta went na to
give fresh instanciss of fraud, such as writing off a debt of
21,0001. due t o them—reusing hire, u a director, a light of
invoices and acroonts; sod he said that 26,0001. had been
k p• b.ck from toe pahlished returns of traffic, to be and
oa amber true-ion to raise the price of shares. Oa disco-
vering this he sus toll it was a mistake of the el arres-
t one. He war a member of tie elear.og-hots',
and went there to inquire, hot found, by the priduc-
Von of all the all (toots connected with the affair, tau no
mistake bad been tease by them.
Mr. Box ohj cted to the small remuneration of all the
directors 'adept the chairman, w hue salary sons too high,
and suggested that a (ode of bje-laws should be framed to
regulate the conduct of the board towards the shareholdem.
Mr. BEATTIE rcut to ',curd the nomination of Mr.
Help. He comaiitered that as htuiness qushacatioas were
thou moot required, Mr. Helps would be an invaluable ad-
dition to the board. He therefore seconded the motion that
Mr. Helps be requested to rand. He said requested, vs be
did not thick it -as a post just at present at all dewier le.
Mr. Howls was sorry no member of the Commit re of
Investigation had been put in nominsth n; he um afraid
ame of their names wool i be out forward by (thus, and
that the opposers of Mr. Wsddington would not present the
undivided front of him and h s friends.
Mr. ATLIa said as these gauziere were likely to be
so will 611-d he lentil. nit, a. he intended, pat himself in
nomination that election ; but if other changes ohnal i take
plea, he shrill be happy t r act for them.
Mr. HAINES est Isioed th, t the ress,n ro member of the
Committee of Investigation bad been brought forwsr I was
that the committee felt such proxsal must not come from
them, but from the room.
Mr. BULLER said it was In patent that this meeting
ghoul l be independes t of the Committee of Investigation.
lies Lied attest on t ela t report of the auditors, which
cottoned five patagrapbs, to each of which the direction
was condemned.
A BEAREHRLDER tailed the attention of the meeting to
the Um:outlines of only puttiog forward three candidstes.
The motion that Mr. Helps be requested to rand mu
now put by Sorjrant MAIIELLE, and unanimously e.rried.
Mr. Moire said it was only after great pressure from
every member of the committee that he hai consented to
have his mama brought forward in :ivy war. However,
after the manner in whih his nomination had been re-
ceived. he had no other course but to take the responsi-
bility thus offered him. He highly disapproved of the
amount of the chairman's salary; ant woe reason be
had not wished to be attedidat for:the direction was that
he might d when he proposed to raise the
salaryoftahPe9ectihrer director*
Mr. Norris was then proposed as a candidate by Mr. Boa
sad *scowled by Mr. Din, but, after some conversation
about his health, his quelification, ite , the "Lotion wan pot
to the mating and rejected.

- -
Mr. WALTIRS said he felt that a member of the eomni,tthe
o' investisetton would bane greater claims upon them than
be could have. But he had not thrust himself forward es
a candidate, and would be willing to resign at once if a
better man came forward. Hs agreed tbt.t it would be a
sad mistake to put forward four candidates. If be were
elected he would lend himself to anything like a j
and he would not consent to any system of accounts month
sold not be understood by any sensible business man. He
felt that, without radical reform, the company would goon
be bankrutt.
Mr. One said be considered Mr. Nt Hs a remarkably
Clever man. He tenet would dream of plating himself in
opposition t t tta• gent'emen, but if the meeting ipprcved
of him, would sot only reside but snip r him with all the
I inane:me in his power. If ele:ted to tee office of director,
t e would bring to this poet Vett.. honesty, and pensive coca,
and that knowledge and Uwe habits of bylines' which be
had aecinitet in a lifetime. If necessary. be would Tint
es ery part of the line 'My week. His principal reason for
allowing himself ti be nominate I was, that be might render
alleles% cuspate to Mr. Bruce, whose courage sad endow.
had hese of each serene to the c mosey
On ee question titian put whether the meeting would
support Mr 0 r, Mr. Witte", aid lie. Helps at the seat
e action of direct as, it wss carried uneniepanly.
The emitsl thanks of the meeting were gives by stala•
matiostr the Committee of loreet;getioo.
On the motion of Mr. Lore, it was resolved that this
committee should vignette to set till after the neat general
meeting of the company.
After a Tote of thanks to the Chairman, the meeting
I separated.

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