The Express.
London, England, 1862-08-16 00:00:00

THE ii7EPRESS, SATURDAV EVENING, AUGUST 16, 1862.

as might have bees supposed, and- tm 'would nom move that
the rsioat 1.4 adopted.
Lord BAidur4GioN memeded the motion.

JKp,AteOwn said the oondition of the company was go bad
that it was absolutely inoresary that Bowe steps should be
taken to mend it. He wished them to take • proceeding
mild yet strong. He did not wish to call anybody bard
namea. At the same time, in order that he might guard
afisinst.the impreesion that the resolution he was going to
proposes was of too mild • character, he would state that be
had no confidence whatever in the board. (Applause.)
The resolution be would move was as follows : • That
' this meeting is of opinion that in the present politico of
the Great Western Company it requires rest ; that no fresh
schemes be entertained, and no agreements entered into
with other companies, and that • stop be put to the outlay
of capital on existing lines; that steps be taken imme-
diately to organise au united economical manage
meat of the three companies, and that • bill be
prepared for their legal amalgamation, an abstract of
which should be sent to each shareholder prior to a general
meeting to be held in November to consider the same ; that
free penes be allowed to attend such meeting, and that no
proxies be applied for by the directors or officials." With
regard to the first part of the resolution, he asked whether
the rule of this company had not been agitation, and whe-
ther they did not require rest. As to their amalgamation
with the South Wales sod West Midland Company, there
were but 16 persons present at the Wharnaldre meeting out
of 11,000 shareholders. The fact was that Wharncliffe
meetings were a farce and a delusion. With regard to the
East Gloucester line afew gentlemen having property which
the proposed line would pass through, and • few gentlemen
living at Cheltenham, were its promoters. They went to
the Great Western board, and said if you will not make the
line we will go to the North Western. The Great Western
board took it up. The capital was to be 800,0001., and the
directors said to the promoters, " it you will raise 150,0001.
io the district we will raise the remainder," and
they agreed to guarantee four per cent. upon the
150,0001. as well as to raise the remaining 650,C301,, the
whole tribe raised by guarantee. It was a line that could
not be completed under a million, and it could never pay.
To that bill the shareholders had given their con-
sent, and he asked them not• to wait for the Wharncliffe
meeting, but at once to express their decided dissent to
giving any guarantee to the East Gloucester. Then tame
the question as to the future management of the company.
This was quite as important a question as the other. The
time had come when on the legal amalgamation of the three
companies they ought to have a newly-constituted board.
He had no wish to exclude from the board members of the
aristocracy, but he thought they ought to have on it men of
business.

A SHARRROLDIR asked if Mr. Brown intended his resolu-
tion to stand as an amendment to the motion for the adop-
tion of the report.
Mr. BROWN said he did not ; but he would move it as a
substantive resolution at the 'proper time.
Admiral COFFIN rid he we of opinion that the manage-
ment of the railway had totally failed—(hear, hear)—and
that they were only finding grace to the wheels of other
railways. Their trunk lice to Bristol would have paid them
12 per cent. if amalgamation bad not been continually pro-
posed by their secretary. (Tumultuous applause.) They
wanted • little more dividend ; but what dividend
would they have if they amalgamated with the South
Wales? The directors told them they could not give them
any more money, because the South W ales had
not got into working order yet. And this was
what they bad to tell their wives when they got home.
(laughter.) He proposed that the whole of the directors,
together with the secretary, be requested to resign, and that
that meeting be adjourned for ten days, to enable the pro-
prietors to appoint • committee of management.
The CualltmAS—ls that an amendment to the motion that
the report be adopted
Admiral Bonus—No ; I object to the whole of it.
The CHAIRMAN—Thou you bad better move • negative to
the motion. _ _ _

A SkLAIUCHOLDri remarked that when Lord Baum'
was chairman they laird a reeolution that there should be
DO more amalgamations, but the board had broken through
it. They did not consider how many thousand orphans and
widows were dependent for their living. on the dividends on
their tares in this railway, and the privations they would
have to endure by the dividend being reduced to j per
cent. He considered that half the directors were ciphers.
They gave them nothing but promises, and he bed laird
them half-year after half-year till he was weary of them.
Mr. ADAMS said at former meetings he bad opposed these
schemes to the utmost of his power, but they had been
agreed to almost unanimously. He did not think that the
responsibility of the shareholders ought to be cast side.
The destinies of the line be believed to be in the hands of
the shareholders. He boiled with indignation when he
lookel to the conduct of the directors of the East Glouces-
terthise scheme, It was brought forward as a pure land-
owners' line, and it was said they would find half the capital,
and the company world find the remainder ; but when the
bill was brought before parliament it came out that the com-
pany was to guarantee 4 and 5 per cent. on the capital.
Then with regard to the parliamentary contests this ea,-
sion he should like the chairmen to tell them the expense.
Was it 40,0001., or 50,0001., or 60,0C3f., because whatever
it was the expense of the bills that were lost ought to come
out of the revenue of the half-year ? The capital of this
company might now be taken in round numbers at
42,000,0001., so that it could not be for want of extent of
territory that they were losing money. He should like to
move that not one farthing more be expended on capital
until the shareholders of the company had received ii
_pet
cent, In the past nine years their total dividends had
been 17 per cent.
Mr. DIACON remarked that the increase of the expendi-
ture in twelve months was 199,599/. Cle. &1., or in round
numbers 200,0001. He asked how that great increase bad
arisen ?

The SICRITART explained that it was caused by includ-
ing expenses of the South Wales and West-Midland Rail-
ways, which was not done before.
Mr. HA/471111KM said be had hoped, after the noble chair-
man's speech, there world be a proposition for a committee
to investigate the affairs of the company. He was sore to
hear from the chairman that there was a dark prospect
before them.

The Grtarituart said he bad not bald out a dark prospect.
Mr. W. Monett deprecated crimination and recrimina-
tion. There was nothing more likely to lead them from
discussing the true remedy for the policy which had led this
companyinto such a position. The directon of the com-
pany bad guaranteed lines in all directions—in South Wales
and in the North. He thought the attempt of the direc-
tors to extend the Great Western to Southampton was
ruinous. This policy had brought the South Western to
Exeter, and if it were persevered in would bring them to
Bristol. He asked the meeting not to support such amend-
ments as that proposed by Admiral Coffin, which said,
" Here is no dividend, and we must hang somebody—hang
Mr. Saunders." (lAughter.) He hoped they would rather
adopt a policy involved in the resolution of Mr. Brown, and
remember that the time had come when they should cease
to extend their territory. if they did that and applird
themselves to the development of the traffic the dividends
would soon be such as the directors would not be
ashamed of.

Mr. M asked how soon the complete am
Lion with the West Midland and South Wales could
effected.

The CHAIRMAN Mid it was the intention of the companies
to go for a bill for amalgamation in the next melon of par.
Lament.

Mr. Pow= was afraid he was under a disadvantage in
that room in being a director of the West Midland, but he
wu a/so akireat Western proprietor, and some six years
ago he resigned his seat on the Great Western board from
dissatisfaction with the management. With regard to the
amalgamation with the West Midland, no doubt it had
imposed • much greater burden upon them this half•year
than they bed anticipated. That had arisen from the open-
ing of two lines, the Worcester and Hereford and the
Severn Valley. No doubt the Severn Railway would not
have been made by the Great Western and West Midland
combined, but he was glad to tell them that within the
past few weeks the earnings of that line had risen consider-
ably, and it would soon pay the guaranteed interest. With
regard to the Woromter and Hereford, he believed that in
ordinary times no portion of their lines would be of greater
service to them.

Mr. DICIA111:14TY remarked that It was quite clear that
shareholders must be diertisfied when they had a dividend
of only 10s. a share. But they ought to look at the bright
side. (A voioe, "There is not one.") Be thought the
shareholders were as responsible for the present state of
things as the directors were. 'No.) Why, at the lut meeting
the shareholders were unanimous for an amalgamation with
the West Midland. (No, no.)

The Rev. Mr. NICHOLSON salted what amount of weekly
returns would enable them to pay 3 per cent.
Mr. SAMMIE'S said he could not answer that question.
They had in the last six weeks received 52,000 f. more than
in the corresponding period last year. They had been
very successful with excursion trains. and by arrangement
with the London and North Western there would be more
trains at a reduced rate. _

A Snafu:noLnir.a suggested that there should be no divi-
dend at all declared upon the present occasion. (Oh.)
Mr. D. GRIME then addressed the meeting on the sub-
ject of proxies. He asked the chairman what number of
proxies he was provided with, and whether they would not
render any dechion of the shareholders entirely nugatory.
The CHAIRMAN said he would now reply to the questions
that had been put to him. He could not enter into the
general question of proxies, which was more a question for
parliament. Nor could he my bow many proxies be bad, as
he did not know. Nor did he think it well to discuss the
policy of the company in past year; as to whether they
should have extended their system to Manchester in the
north, or to Southampton or South Wales in the south.
With reference to their getting to Southampton, he hoped
the question would be set at rest by an arrangement with
the two companies ; but be ventured to say that the
aggressiveness was not on the side of the Great Western.
With regard to the East Clotemetershire. things remained
in the same state they were in before. I bare was no addi-
tional reeponsibility in it. He had said before in that room
that they supported the line not because they had any love
for any nemetry gentlemen, but in order to preserve their
Cheltenham tra& which was very valuable. The matter
was thoroughly sifted, and they came to the conclusion that
it was their interest to make some sacrifice to get that line
into their hands. As it was? that matter would be
for soother year, but the directors still thought tZied
were
right I. suppqrting that line. He could not allow the
justice of what had been stated with regard to the composer-
Moo of the bolted. By the analgunatioa with the West
Midland the commereial element was cerlainly well repro.