The Express.
London, England, 1849-12-24 00:00:00

THE EXPRESS, MONDAY EVENING, DECEMBER 24, 1849.

MIST MEETING AT HUNTINU-
"rog.ETSIARL FITZWILLIAWS OPPOSITION.
floterumenos. deromet
siarhaall an arranally sting Dentin of the
ceramist party wee held la this town. It mated to
Ina isteaded to make the Wait • prastioal reply to
os. c.bdis,i aeries at Le ode. he se poise had beta spared
...see the assembly exclusively of sedwateriets. •
4-- sigaitures, wee seat to
unties. with a ing Ise of
WI 11, V. kn., the high Maid et the efranty.tour
tore ead that esatamen seseediegle salad a many
at
be held in the illeire-ball, tenderise, this
messell
soui, at la ellen. • few Wow Mee the appoiated
tom it town su4 that the ascommodadoe Worded by
A.--git'comell Midi be inielleint, and after Yon delay ea
"elitist Millie. ea the large ball of the Lite/wand
la meiss=pei eels et do high dearilli to et-
eir loggia, his sea. the ender sherif, pee.
-dine Walks pianos wen the Berl Fitairilliso, Capt.
gleanhe for Deka Linos, d ge leee,
...in, n M.P. tor Cashel.* she Rev. kb. Benet, Mr.
Day, an a emoiderabie 'anther of the priecipel Onset
knees ot the ettunty,
Tee CHAIRMAN haviag briefly called attention to the
owe of it. requisition.
Mr BRIOIII I moved the OW moieties. After 'de
*mica co the moat piece of grain, and swain that ia.
*Aisle meal tad Seer, as well as wheat. the importation of
weirs ore last ems was nth. maillioaeof Torun, he wens
mse my, that the leaded interest was Renee heavily taxed.
laid nal burdens prose' it; epos it, In addition to those it
end is Wises with other amen Tau lair which placed
ibese gnat budges upon this elms ought to provide
vlsmodal privileges lice. met to met the increased gall. There
e land tat. Ile admit,.d that it was sot large in
noon bet lazes to be just should be point This tax
nflatid real property only ; hat an answer was given to the
shone Westin of this exclusive tax, by ming that it en
wily did not Moen the lumen who had purchased the
bid sehject to the Mad tax. The hos. gentleman concluded
his remark' hp wag—
" Tout the agricultural and other great Outlets of this
pastry are at poem indeed in dirficalties aad distress
glass: without preeeient, and from which no relief can be
expeet d total the free tr.& policy to which their onditioa
aelibutable be abandoued, an • system of
just protective
our domestic interests against Wrenn competition be ta
gitited."
lir. LANCASTER, in secoedieg the reeolutios, remarked
▪ th,y were waling se protecionista to gin to their ante.
reasra credit seeking the good of tee whole, il their
internists would only believe that they bad the
wele object is view. Is reference to the stunk
biotin indicted by the free trade system, he would all
the monition of those pretest to the immense superiority
of tee coatineatal soils as compared oith thet of Erielan". I
Tie lire agrisalteral chemist in the world had in speaking
elloilary said, that siliceous matter Ira conthised in its
• In sock question ea to give the land the power of
prenotho Otte crops of wheat, tobacco, de , 'ear aftro
coils the clayey soil of this country required enema
Wm a hapenuate it artificially with the materials to
getdociet nitre, sad eta novelly it wet more thiamin
be cal iliac, MI yielded lees.
Tee CIIAIRMAN then waited for a (
rise,ts, nil
Meg that uo r unman attempted to said that he
nolo put the rooted .n. Us read it aloud, and was about
leash. elbow at bawds upon it, when
Eat FITZ W ILLIAIi roes and said—As no other gentle.
Ma has ven any intimatin that he is desirous of addles'
W yes, Twill not suffer this resolution to be put irom the
glow vi bout expresein" to you the °piens' which I enter-
lain rapectin do proposition which it involves. In the
gent pews, tentlentee, I beg to assure you of the entire re-
open which I feel for those gentlemen who have called this
eimenne, for I believe I may attribute the cosvocauce of
lima, ming priseipallj to the tenantry ot this meaty. (Haan
I ass to SAVO the respect which I feel for this clan of my
hilow.easntirma. Myself belonging to another clue, I
beg to express to you that I eousidsr that other class as
me awn the indestre of those who are their taunts. '
.era.) It to to their industry and the employment of
capital that we owe our incomes. We are musketeers
open oar tthantry, as lea larger sense rich men, inhales
dal toms% who is also comparatively a rich man, are pia-
limn epos the iodurry of all Wen of the community.
lino 'et, therefore. that the boons of all the classes coa.
lined with lead, anti ate only of that class, but dell others
we boned up together—and it is Impossible—and Imy alai
lams* the experiment hashes& tried and failed—it is ir
risible for the Isiisleture to accomplish the interest of on
ism, without. in sums degree, empeomiling the welfare of
all e' hers Whenever they Lave ettempod it, it has always
bile., even in accomplishing the lutenist of that clam for
"don protection It was endeavoared to legiala•e.
bear i Now, gentlemen, I wish to consider all the people
el h,..claul as one family. The reetlithisa who moved toe
ree-lo,ion mid that ale ~ and that be did sot wish to en
me close swayed spinet an titer. In that opinion I entirely
moo. I have never rejoiced in nth differences. I have
bola o niroes el helping all closes, instead of setting them
Wee, omen anther. I have
level . d vituperations against the landlords or tenant', or say
et that Clllll. Oa the ening I kave wished to see the
leaded intereee prevail, because 'look upon it as the most
Sable interest In the cautery. No clan however. as Pa'
mil, unless it km right and justice apes its sideoind admit,
die poi Orin of right end justice to oaten. (Bear, hear.)
?Muth yea may have seen that then are districts in this
Metre is whisk tbe class connected with the landed interest
deem nut as* that popularity which I treat It does la other
geese el Eagan, yet you must attribute that to a deep mi.
elution In the minds of the popula•ioe, in the minds of the
wasesery, in the minds of th( usands of the insinuate of
*see districts, that the le gi.latioa of England on this quo-
Wm of the cora laws is sot one intended for the baulk of
Me whale, but flor the benefit of one clam in particular,
(Brest ebeeriag.) I do not say that it is so. f slaw this
stir as the deep conviction which exists la the minds of
Milano of my tellow-cot me tryn,
dare tha
pouch
ouch we. h
e
later e
lates Mm of the legislae. I that so
emosen you have nod the Ties, a of yesterday ;
end if you have, yea wile have read something very Sinai-
mat in that piper; don't shut your eyes to such matters
Bet navies that Foist, I turn to a propoeitin which is
termed is this noisome It is therein 'filmed that free
tads is the ewe of the distress which exists unapt As
tritons/al I put the question whether this is IMO?
(Cuies ref" Y yes," " No, se," &ad somee oodesien.) Now
either the who moved or sweaded the resolution
venire to the Mows gond, of ewe whisk has Muir
ported doting the last yew. la 1846 I presteme he De
Sated that the importaties was afar mailing. I think that
is s eon exaggeration; but I will Oka him at his weed,
thcuah 1 believe he is mistake., sad very mosiderably mis-
taken too. I believe he gave shout disable the Weal
quantity. (Cries of " No, no," and " lien, hear.")
Whither it be four millions or nine millions I do not at all
ewe. hut what do you apprehend has been the cane of this
'sermons importation of foreign. corm ? (A voice, " Because
we at. foils' ass pigs WWI aurora.") He lens his pies with
his oen cons. lea afraid helm not been van suciondel in
•Ire S.• SO. I • 1 •1.
prod AC Ing groom OWL tint*. 11011au MAU
very coed core, Maus the pen at average price of corn must
be alma 34e. or 35e., and that by no means the best. It you
leek for returns giving the price of oorn in foreign countries,
In will Sad that the best corn in Dawns market is now
per quarter ; and It is sin cies, therefore, that no corn
sea come from Beanie at the present moment, when there
they are giving 39e, sad whea they could get only 35e. In
Zeplan, unless epos the mir position that the coon from
Da,tzle is meek 'better able to command a pries in this I
Whet boycott that a their own. It is, sot, hewever. the
best Eagliah corn which is now selling at 35a. It is not even
the pin of the corn upon mei& the people of Zeeland now
teed (A Veice—" Ye. it is "1 The gewlentaa who mays
it is does sot knew the difference between the average and
the highest price. The fact of the average price being We.
poets that the beet corn ie greatly stove 31e. (A Voioe—
"lt is only a shllling a 'Me.") Well, bat is that good or
bad ors ? Are we restricted to oar owe markets when we I
base tee markets of the whole world? Bat whet was the
ease under mention, for of course you would expect yam- ,
thing better fres protection than from the want I
el it. (Appleto) Exactly so; but why is it
that yes have sew a pries of 36.. a quarter, and what
wee the law of 1816 ? 1 with to know if we are not to hap
tits, law, what an we to have ? (A voice " The law of
111441-1842—in fact, protection.") Protection is a very
ez4 es word. I want something more definite upon that
had; and I doubt whether any gentleman in this hall an
gin me asp delimit, law welsh he would propose indeed or
hes trade. (A voice : We would go beck to
ker Si
1,41.") WO, what was the law of 1641 ? vein :
" From 4a to 10e. a quarter.") That gentlemen is greatly
mietekoi. There was so law in 1642 but the present law—
the pro.ective law was the law of 1828, sad I would sue
gest that patlemie should not wastradiet toiler they memo
of their lots, red that they are right. Now, iwerAbale"
1842. what was the law which existed? passe •
ugly. (Silence.) What, no answer I Well, then, fm lOW
passion for you I will tell you. The law of 1842 WY dile
mended law el 1628. Well, but what was the law at liii r
It .unotostite gentleman is the body of the hell obeelleide
a duty of from 4e. tt 10e—it was a law of a dials' meiee
11°4" r' • nano% of which lon will bear in mind, ba the
year .836, the average was precisely the same ea that Si
which you have been complaining. (A voice in the Ida—
" But the poors' rata were not so high.") The WNW
price in 1830, under the law of 1828, was the ems se sow
and that Yes the most &handset pew you had Inesera.
(Cries of "No, sow) Well thee I will not deal in pod*,
adman= ; it was sot the most abundant, it was one et
th. must abundant ever known. ("No, no.") I repeat
it
was oils of the moo abundant yeses ma kaoline New
than I will tell yea why I apprehend the import' of the lest
per to have been se very great. Do you remember,
what ms *estate of things la the earlier Part r"f rim
year 11147 ? I wish to ask the gaieties, ha:easel want to
Rawly ima theme sesames who semplaia of the prises d
I=ere la 1847. Why. about 100 e. par quarter.
(A Nag did that lest ? It was &Jabbing Wilk
el thewgentwesa.") The reason why there km hese Min
Overladen es the high prices in Entead la 1111ils
starla= mated a great importatioa 1847. Ilia
nib the wawa. sad the eoeseqnsom wasement
nei That pries ef Fenno of that then ma be se
W▪
eIll• mpend= wad est haw taken Pin
"NM the nineties e(
I' iseallod tree trade bat whet
woe d have boa the we 51 the pm*, of this MOO
iithet nineties heed set takeske& pine ?- You have set, how-
e,,, mowed the .of vela* I pat. What is year
mown to the modem of what would you have Mond of
lOW ?(A Vela A gm" duty, to keep up the me.
if lee
aims led possessiss to endue iodestry.) but
mom amen iadany you awl exclude the MIL tea".
o. " No, no.") These was some onse is the progoilies for
Lira re•SEIIII derived two Mew MA is totes
IMP a ensues es yea might have dodged lim ; bat that
lea P 10 retemisa sr twisislive sow is a

Wag aunty ispewilds. (Loud SAN et" He, as") [fia-
rsl questiess were here pat at ease to the settle earl—" Why
ant Wket's to peeveat t" "I. it bursae the kiag of
the West Radio" aye we shall net I' Ala] It is sot IP-
ease, the king es the West Melia' says yes shall set—by
the grey, I thiak that geatllessa it bees talkie' a net
deal too sash, sad that he is a class legiehtor. It is set he-
reon the king of *s West Ridkag says you shall ass, hat
becalm I think yes wit find a Futile *Wing I. lashed that
will wake it imealble Ise_yea ands/ metal desialelassa
retais preseuelprea. (The noble Lad set dews amidst
ream awl biros )
11r. J. OAKS DAT, is esigertie" Ike veselaties, said
that he was soul that wields te/I fees the noble
seri should sot Is• with estisfessios, he-
aling whatever of Walt mist between Ids
loesiekip aeltheseselvse, se eres aeon willed to
their Deepest os an bases, osseeldstbas, asd sisters sea.
The espied.* was pa, so the weestlag sad adopted. bat
sot without some Muses Wag WM spin &bat iron it.
Mr. FRYER prerteed the mesa reardatioa
That in the eits of this satins So hope ego be ob-
tained of the reveesal of the teal policy seder which the
wreatry sad this ..soup fa particular frees
the pretreat Howe of COOMINIS. the esebeity of which this
weeds" is easelae.d does set peewee the etra'Aisses see n-
' peewit the pretreat orbiter of the people.
Mr. NICHOLLS weraded the resolution. It was op
coed by Captaia Dabeely sad Professor Pryese, late M.P.
r The CHAIRMAN pat the resolution to the reastiag, sad
It wee carried by a amide/able sugerity.
The Rev. I. LINTON and other "eatleates addressed the
seetie". As address to her Wes y praying tor the
dieeo-
lotion of the present House of Cosmos was agreed te, sad
thanks having Mee voted to the sherif kw kb weerway is
Ave
presi.dag, the useetiss separated atter a sedersat et
hours.

Madly paid up, and though the truant s& shows to the
parties tUmealess a very heavy loos, yet that the pan of
pia arks. does not aka the question. To all °and and un-
prejudiced minds, however, it will be salaam to advert to the
eirmaseasems of the Wm, to the auditions wader whisk the
*antes* kind theassairea, and to the quotation of the Stock
Br=to prove that for the liability they the see so
motive sea be Wised, hat that by whiskthe diem
tees slim that they WWII aetsated—the brook dike see-
r. (Chem.) If the dirarton mai hen ham kthswed
oecesicessacio7:3"rolwhlettera7colweassileaZxceakiisausitttrofhlosableakilsislhommelliallibilest
ser.tilloa
tan and inusee'iate. In the year 1837, whoa k was a cos-
my to raise eapital to finish the original Ike to Souls:amp-
ten, am shares were stored to the prominent.* per seat.
dissent, end * souiderthis prolamin of the subscript°.
Mat remained milled. The dirseton of that day (several of
whom remained la the hoard in November, 1846, and some
of whom are still members of it) subscribed for the &Belem
is addition to the proportion of the new dock which they
took up on their own account ; the thane afterwards rose
is value, and though the risk of the traosestios woo boas
by the directors individually, the shareholden at large had
the entire benefit of the moat (21,8071. 10s. 3d.), whisk was
settled to the mat 01 the company.
In 1841,1843,1144, end 1846, new capital ma swesenvely
created for the mamma of those reeve patois; on nth
oceans the eke es, when Wok ben • endembie me.
dam; os each suse*. then nth peaks wise item one
saw or otter) malted to assays of their ; oa
each mean the been had the oppertuaity of sbasfag their
trust, sad cm the two meat hawks% occasion was distinctly
invested by the reprising with power to dispose of the
shares use aosepted • bat is nose of these batmen where
malt was serials, did they monks that power by allotting
to themselves or alms say maks whatever of the sambas
shame, whisk have rmann in ivory case the property of
the empaay. (Chen.)
Sad. As to lease seeds out of. the company's fends to
direeton sad ethers :
Towardsthodsse et 1846 it was oddest that, for some
arms at ked,aetwithstanding the coasiduablo expenditure
pin Ihrast4 es works, • large Boating balance would
mi he head, a portion of which the directors• deemed it
advisable to liesphy temporarily in low at laterest on
security. In this meaner' on the security of shores of this
semsany ansply emoting tie mount, various sums were
lest baween Dlllollmber, 1848, and February, 1848, to seven
I isthaduals, three of whom were di:esters ; the total amount
death lase wee Rader 60,0001, the rats of inertia five per
ant. With sae eneptios, the whole of these was were
rupsfd with *tenet when rroeqgacrd by the directors. The
wog*. is that of • sh (sot • director) lasgely in-
tarsal he the South Western Railway. The directors, not
being able to obtain re-peymsat from hint at the stipulated
period, did precisely as they would have don in the mansge-
meat of their own affairs, they obtained payment for ono
half the amount, and took adequate seesatyon real property
for the remainder. (Cheers.)
It may be here proper to remark that fa the essethenal dis-
position of balances an hand, the dimities here bon goked by
so other rule than that of obtaining the lighnente of intend
consistent with good security; and reldist, k Wensas ohne-
'Glynn, the sagneate =cunt of Worse thee sensed ant be
°oast. arable, no lore has ever bees winked by the compasy
(cheep)—the loans to members of the Osaka were certainly
accepted at the time, under the belief that the assommoda-
lion was mutual but the diseases ewes new be keessible
to the objections to which each lame me liable; be however
weeniest and advantegeous to the company they may be—
as mare money transactions—every such layman* is note
than neutralised, if misconception and distrust are thereby
occasioned. (Cheers )
3rd. The directors' arrears of call. It may be well, at
ones, to state that it is understood that the remarks made on
this subject have been pointed exclusively at two members
'st the board. These genlenten (Meters. Chaplin and W.
I Reed) have requested that there may be no reserve as to
their names, or as to the circumstances under which these
sneers have arisen. (Hear, hear.) First, therefore, as
regards Mr. Cbaplin
Its well knows that Mr. Chaplin has, fie the last tea
pan, been • very large shareholder is the company; that
he has, on all occasions, token his full proportion of all new
aware of shares, besides, on some occasions, purchasing
shares ; and that his interest as a shareholder exceeds that
of any tiller proprietor. The extreme confidence which led
him to risk so large a property in, and to bird his fortunes
to this company, p ed his being a seller of shares when
he might have realised very law profits. and bas always
made him unwilling to diminish his interest at every soccer
sive period of decline in prices, whilst the repeated calls upon
the large number of starts he held have constantly brought
upon him fresh lisbilitin. Mr. Chaplin was entitled to rely
on his o her large resources to enable him to meet these lie
Whin ; but the circumstances of the times at the end et
the year 1847, followed by the French Revolution, have
operated in rendering these resources unavailable, without
excessive sacrifice.
In the sprint of 1845 Mr. Chaplin lent the Company the
sum of 0,0001. at 81 per cent., which was pieced to his
credit in the ledger ; the calls up to the sad of 1847 being
placed to his debit there. Up to the 31st May, 1845, he re-
mined a creditor of the company.
The several calls and deposits for new sham at the close
of 1846 brought a considerable balance against him, which
was increased during 1847. The various sums paid in liqui-
dated of these claims by Mr. Chaplin to the company dung
the distressing years 1847 sad 1848, and to this date, amount
in the aggregate to 106,2191 19s. 9d.. leaving him still in
sneer a call 48,2461., exclusive of the optional calls. Mr.
Chaplio, at this time, is • holder of stock upon which
194,5741. has bees paid. (Cheers.)
Mr. W. Reed's arrears of calls (exclusive of the optional
eelie) amount to 10,0001. ; they arise solely on 1,600 new
shares takers up ley him on the irmitatios of the directors in
December, 1846, being • portion of the extra 16,000 thirds
of 1846-1847 allotted wider the circumstances already ex-
plained. The whole of the calls on his other shares are
fully paid. Mr. Reed was not then • director of the
company, but became so in February, 1847. The re-
loathe already made in respect to Mr. Cksplin sp.
ply in some degree to Mr. Reed ; both have been
long emaciated with the South Waters Company ; both have
had a confident opinion of its Who* were pecu-
liarly affected by the adverse tarn of aad especially
by the unexpected revolution is Perk, kr ebrurry, 1848,
which so seriously injured railway property In Franco ; 111111
it may be added, that both have been especially marked by
the seal and matey with which they have devoted them-
selves to the service of the South Wartime Company.
(Cheers.) Taking all these circumstances fairly Into view,
the directors are willing to abide by the judgment of any
unbiassed and honotirate body Gimes, as to how far it was
possible for them to regard those MN otherwise than as
justly tattled to the same just consideratios as was extended
to the utmost to every other proprietor. (Hear, boa ) To
the settle tribunal they are also willing to refer the general
question, of whether an any degree it can be justly alleged
in regard to the accusations brought against them, that they
have sought their own individual advantage at the expense
et the proprietors. (Lead cheers.)
The CHAIRMAN could assure the proprietor that
whatever mieht be the Winer out of doors or in that room
o
en no woman outing the many yeses of his connexion with
that railway had he felt greeter Makatea In soaring beim
them, or greater pride is the consciounem that he hod
demo kis beet in the discharge of his duty to the ampasy.
The ssessim had read • report of • part of the ekeetees upon
**emanations in which some of their caesium were in-
yoked. Some of those directors were see eseasetai with the
hued at the time whet the transeetwomemod ; othen had
W IkethizAdo with the loans, sate hada( paid their own
wall be
actedsultan to he km haterested than
illaselighOln the charges din a earefel examination of
the bets. (Hear, hear.) The report had been made by five
grallismes of the board, and since brought before the whole
of the directors, who had agreed to MOWN it; and, there-
in.. is mentary had read • dominant which a:premed the
egkin of the whole body. (Loud Moen) Hs believed it
I wed* be inferred from the statement that the shareholders
▪ maffered no loss from what bad taken plaos—(cheera—
lid One had been no fraud in the transactions—(cheers)—
I Mat** thesithes had been properly paid, and that no arrears
of call or atomise had been allowed to exist, without ka-
rma being duly paid upon them. (Cheers.) Is re-
ferring to himself, he would endeavour to avoid
those recriminations and personalities from which,
he was happy to my, the South Western meetings had
hitherto been generally exempt. With regard to his en
transactions with the company, he had thought it desirable
to issue circulars to the shareholders individually, in order to
make ea open and frank avowal of the position in which he
stood, that the pr •priston might have an opportunity of
considering that position, end calmly viewing the whole of
the affair, and, he hoped, of coming to • satisfactory judg-
ment relative to it, upon which he had no hesitation in say-
ing he coofidently relied. (Cheers.) Since the last meeting,
his friends from Manchester had had an opportunitp of ex.
anteing the books and papers of the company—be did not
know for bow many days ; and the audit committee had
also been engaged in examining the books and papers, and
he believed that very fee documents which they desired to
have, had been kept from them. (A member of the com-
mittee," None, nose.") Thcse gentlemen had had ample
opportunities of examining into the affairs at
the company ; and if they had found that either
the chairman or any of the directors had bees in*
cated in any contracts for the purchase of leads et hoones—
ia my contracts for iron, timber, °ha, or etha—se MEd
that there bad been any fallacious acomesth err
gird air
counts—or found that any practices had be
for the
lacrosse of revenue at the expense of onital--ce that there
were any divisions, collisions, or quarrels at the board—thes
he would have admitted that their chairman sad directors
as a body were open to censure. (Hoer, bear.)
_Bat se
gosh disown-Ws had beat made ;at least, he had never
beard that any of those gentlemen had stated that they had
hued each Sawa be is existence. He had betas told them
that they were going too feat- He believed that ON great i
and crymg evil under wilt* they were Benin was the
having made too many extensloes. Re did not think, how.
ever, that the board ought—looking at the thesunstances of
theeve—to be blamed for that—(cries of hear, hear)
and if, in future modifications of the board, they could find
any gentlemen who had stood perfectly firm against the
excitement of the times which they had seen, most as-
suredly then gentlemen ought to be elected as directors.
(Cheers and laughter.) He did not think they could blame
use another for what had elsee place, for even his
keened friend Mr. Sarisaat had been one of the
most forward la ruing them to make extensions of the line.
(Cheers.) He would tell them tinkly, that he, as
chairman, had been too coaldent as to the now of
their extension. So also were the directors. Nay, he
night go farther, and say that their engineers sad sollaton
and even the shareholders themeless had bees too eangsiae
on the subject (Hear, hear.) It must be admitted they
were al: in one boat with regard to the extensions, and h
at
tet
they had all been evidently wrong. (Hoar, hear.) L
them not,fteliszaraid bonyher with what Ind taken
place as that (Loud cheers.) He held

le his heads some returns ef they maids, from w.......
lie lend that in the autism six months of 1843 they
W WO milse of railway open to Bouthamptoe, Gosport. and
=rd, and that thew misdeed • maim et 201,6221.
lie wished to speak with perfect good humour, yet
lie mast say that at the lest massing his Mmehester inside,
Is mattes the *MN of is toile a chirp &salsa the bead
of del alsa the skaseheasess had dealt with them somewhat
badly. (Hear.) He ersitmed that at that time he did
think they bed get all the mints ed a goad sad burials,
trade, and that they meld wed. Weer tharehre this by
geoalitibeirrsiagerslda".7 Kr 6511.2 th.M•waverestileria;&4ll"l4l7 ee
the till "Pre :7 Wila;
i:riaiklimasswereedoisVltiiiireot
194,8211. Hen Illea4rewellathey°l 11);Aidalkes
deficit of ,00111., Omagh they had the eareirge ors se
additional sue aim of new
_bet it was le leaky
Over ten miles of the line from Rishemed to Loads.,
while their expense. had &creased by 4,000 i. (Hear, Mier.)
He passed over 1847, became there was no parasitise miss-
skis dam Has; bat when he cams to 1848, he head that
they opened 22 wiles of additional rating to Belisha' sad
63 to Dorchester—sot parallel lineswith their owe, wide,
of nurse, would only draw away the traffic from theirisiglaid
line, but teqq Dorchester 63 miles right out from thathaniptos,
and to 22 miles right oat. In addition to that,
they, on the 11th lay, opened two mike el lias to the
Waterloo station, 14 miles to Dacha, sad nine mileetoward
Portsmouth, making togellta 219 wins Lentils their revenuer
was only 272,0001., so that _they only got 66,0001. for 119
miles of railway. He sow came to their earnings far the six
months ending on the 31st of December, 1849 ; or though the
half year was sot quite coupleted, it required se great
amount of talent to ea/slate what would be received in the
few remaining days. On October 22, they! !posed 6 mile of
their loop ; ea the 15th, 3 to Godalmieg ; and is
the same month, 12 miles further on their &teed= lines,
making together 239 miles. Though these last mundane
had only been in operation for • short period, they might he
expected to have some effect on their traffic i yet the tesel
receipts would only be 274 0001.; so that with lie saes
additional railway, they only received en ens trigs dolma
70.0001., out of which they had to pay the ass espousal
working and dividends on the iswessed assume of sheik.
(Cheers.) lie thought, therefor'. thel Mrs was a
which better charted the &teenaged thelbegeheldmi=
the little trumpery prints upon whist dleff hum=
cavilling. (Con Om Sn.) It was but right loe Ihsta
be borne le mind, in order that the dimmais Wilt be sums'
with confidence by the shareholders, sad Mess be plasma
Ia their honour. if they did not treat their Fees& directors
as gentlemen, they might rely seas it that in say future me
dification of the board they would not find the right sort
of men, such as were required at a railway board to take
office. (Cheers.) He must say that they were injuring
their property by these continual Islamism jealousies, and
foneyings, that the directors were &lira). ragged in jobs
and costrivances against the interests of the sherebolden.
(Hear, hear.) When he looked at the mem by whom he
was surrounded, he felt that they could not have a better
clams of directors. (Hear.) One of his colleagues (Lord doe-
ley), had coadaerawded to come from the Home of Lords to
take part is their mercantile trammtions, and add dignity to
the board, and he could not imagine where they would he
able to find a gentleman more destrios of eselideash
Then, again, they had amongst them the Hes Ilsossialkall,
M.P. for a Boot& county ; Mr. Her etyma, the reprise
eentative of Dorset, and other gentlemen, the amount of
whole hidepeodeet property, irrespective of their high
honour, was adicient to prove that they were not looking
for jobs; and he could enure soy 'manumit dm thought
that by coming into that direction they would he able to take
a pert in jobs that the would be miserably disappointed.
(Cheers and laughter.) he directors had thetefore a reel>
lotion to propose, which he hoped would be unanimously
supforted, for such en inquiry into the character of the board
as to prove that they had never bent to jobbing. It was
necessary that such an inquiry should take place, as from
the want of confidence which existed amongst ones of the
shareholders the officials had been for a long time past em-
ployed in preparing ratans and documents which, while they I
could produce no god, kept their minds diverted from the
&Rya developing the uafficot the line. They had 2,000,0001.1
of floating debt, and if, by the coarse they panned, the'
shareholders damaged the credit of the company as the de-
bentures fell due, the directors would be prevented from
availing themselves of the golden opportunity presented by
the low price of capital of lessening their liabilities. (Hear.)
If they did that, the shareholders mast recollect that the
fault would rut not with the directors, but with themselves.
In conclusion, he Wined to move—
*, That • committee be appointed to investigate the charges
and statements made against the integrity of the directors
at the last epeeist general meeting of the company, and any
other charges affecting the probity of the directors which
the committee may see fit to entertain, together with any
other &errs which might be brought against them."
(Loud cheers.)
Lord MORLEY, in seconding the resolution, sail he was
satisfied that an inquiry would clear the character of the
directors from all imputation, and he could saute the share-
holders that every facility should be afforded of making it as
searching as pootaile.
Mr. HAMIIICK said that feeling assured that a triumph-
ant refutation would be given to all the charges which could
be brought before a committee of investigation into the ce.n-
duet of the directors, be thought such a committee quite un-
necessary. They had every reason to place the utmost confi-
dence in all the members of their board. They might
naturelly deplore the lore of dividad and the unfavourable
aspect of their affairs ; but that was no excure for imputing
blame to their directors, tad he felt confident that the
meeting would cordially coincide with him in lassoing a vote
of confideree in the chairman and directors, which he begged
to move. (Cheers)
Dr. SNOW perfectly agreed in the sentiment, of the last
speaker. Hs maintained that they. had no muse for suspicion
prehis belief
account of their dividendslong
they would avtng been lessened, and es-
sedhave better
times end larger dividends. (Hear.) TIM had been told that
they ought to have different rot n for directors, but he would
ask them could they find more honest men? (Hear, hear.)
He trusted that they would be unanimous in their expres-
sions of confidence in the bud, and he certainly saw no
necessity whatever for the appointment of a committee.
(Hear, bear.)
The CHAIRMAN said he hoped that what had been said
by the hon. gentleman who had last addressed them would
not have the effect of preventing the appointment of this
committee. After the charge which had been made and
'er repented, they (the director) felt it imperative that

publicly —.40.. fu..-
such a committee should be appointed.
Dr. SNOW said he thought it very desirable that no sash
committee should be appointed; still, if the directors desired
it, they must yield, though, at the same time, they had a
right to expos their full and perfect confidence in the
board. (Cheers.)
Mr. HAYS observed that there was an old adage,
" Heaven save me from my friends!" It wu certainly veri-
fied by the address of the last speakers, who, when the di-
futon bad thought fit to move a res.:dation for the adop-
tion of a committee, wished to prevent it, thereby sot giving
them the chance of justifying themselves in the eyes of the
oublie and mulling, the eh--- • —.bid them
"°
• . - ••••ge. auto.. • • -•-•
considered the report which they had heard that day a one-
sided document. Mr. Chaplin had accueed him (Mr. Kaye)
of saying that he bad deluded the shareholders. He be-
lieved that Mr. Chaplin had deluded himself, and given
forth accounts and prospects which had never been realised
or borne out. When the Manehester shareholders saw the
pathos of affairs, and the insufilcient return which they res-
mind for their property, they *ought to (Ain some Womb
lion on the subject, and true the cause of their
disastrous position. He bad withdrawn a resolution=
intended to pat before the meeting in August last, trusting
implicitly to the directors' statements; but at the
suns time he thought fit to nuke some inquiry,
although he had never taken any step hastily. lie would
call their attention to the fact of the manner in which they
had been deceived as to the expense of the London-bridge
Extension. They had been told that it would cut 500,0001.
Now he knew from competent authority that a million and a
half was about the sum which would be r4quired. (Hear,
hear.) He complained that although at the last meeting
the shareholders had very properly determined not to 'go on
with the Laudon-bridge Extension by an overpowering ma.
jority, that was not stated in the minutes in h a way as
clearly to exhibit the tact. In consequence of the altercations
which took place at the last meeting, and what he saw in
the public press, hie colleague Mr. Walker and himself
thought it prudent to call at the office for information,
where they met Mr. Chaplin and Mr. Reed. Thous
gentlemen referred them to the board, which gave
them pessaasion to look at all the books. That
might not be the proper place to give the result
of the investigation, but when he saw a report brought in
at the last hour, reeking from the press, and pee with
great care by parties knowing all the bearings of e ease, he
must say that he felt great suspicion. (Cheers.) He had
not called for this committee of investigation ; the directors
themselves had proposed it. He wanted to ascertain tho-
roughly the policy on which their affairs were based. (Cries
of " Question, question.") He would call their attention to
the loans which the directors bad thought fit to advance each
other. He found from a statement which he had extracted
from the books of the company that they had lent Mr. James
Aiken in Febraary. 1847, 9,0001. (Hear, hear, and "Oh,
oh.") This had been repaid by three instalments of 7,0001.,
July, 1847; 1,0001., September, 11347 ; and 1,0001., November
4, 1847. To Count Eyre there had been lent 5,0001. is
Ju1y,1847, and 6,0001. in February, 1848. These two sums
had been repaid ; the first in July, 1848, the ether in
October, 1849. Mr. tzielli had received as a loan 7,5001. in
February, 1848, which was repaid, 5,0001. in May,
1548, and 2,5001. in June. (Considerable confusion here took
place in consequent* of several gentlemen calling the bon-
proprietor to order, while others demanded he should read
the whole of the rut.) He would read it in brief. Colonel
Henderson borrowed 2,5001. in Jan., 1947 ; Mr. Lacy, 5001.
in 1847; Mr. Reed, 5,6251. in 1847; the Hon. Francis Scott,
3751.
Mr. REED—I utterly disclaim ever having borrowed ore
shilling of the company% none/. (Loud cries of " Hear.")
The Hen. FRANCIS SCOTT—I beg to deny that I ever
owed case single tarthieg to the company. (Confusion.)
Nr. LACY—And so do I. (Hear, hear.
Mr. RATE had made his extracts from the books of the
company, and could only give them as be found then. The
next name he came to was that of Mr. William Chadwick,
who, they all knew, had been connected with the Riekunoad
line. He found that sums amounting to 22,1251. had been
borrowed by that gentleman.
Mr. CHADWICIC—It is totally false. I borrowed
one shilling of the company. (Confusion, and cries of
" Hear, hear.")
Upon this several gentlemen rose and said it was melees to
go on with the list, as denials were pouring in from all
quarters. (Cries of "Oa on.")
Lord MORLEY said the °eject for which they proposed
that a committee should be appointed was to investigate
these charge'. Wee it right, then, for these to go into then
at the moat time 1