The Express.
London, England, 1867-05-31 00:00:00

UNIFORMITY ACT AMENDMENT BILL

DIVISION-MAY 29.
PAM&

FOR VIC SZCONT anonio.
Mr. D. Itebertioit
ittpteln White
Mr. H. E Crum•Ewbg
Mr. C. Edwards
Mr. P. Vanderbyl
Mr.
coloect MattalA
Kiergarnte
C. Pitztrittima
Mr. Ditadat
It,. M. Ei.l.lolph
Mr. Whallo
Mr. Wickham
sir A. Buller
Mr. W. Lee
81x1 C„Derintr

•0111118? THIFECOND BEAI.IIO
81r J. Tborold
Mr. E. R. Ka:slake
Mr. Wmlmnd
Mr. F. Dick
Mr Merry Brace
Mr. G. Bturt
Mr. Lowther
Colonel J. W. Fane
Hon. 11. G. Liddell
Mr. Tolkmache
Mr. K Laucelles
Mr. W. N. Hodgson
Major It. B. Paget
Mr. J. IL. Yorke
General Forester
Mr. Cobboid
Mr. C. W. Yreko

Mr. 0. C. GI)
Mr. H. IL °rental
Mr. A. Panama
Mr. Layarti
Mr. C. HUN&
Mr. 11 Jihson
Ht. Hon. W. Coon
Mr. Moue
Mr. Waldeurave Leslie
Mr. J. H. Mills
Mr. H. Berkeley
Mr. W. E. Yonder
Sir W. Scott
Mr. T. Hughes
Sir H. Davie
L.rd Milton
Mr. M. Aubyn
Mr. W. B. Beaumont
Sir T. Lloyd
Mr. A. KlngLake
Mr. James
Colonel Pryse
Sir'. Ogilvy
Mr IL Marlorthanks
Mt. Spain
Mr. W. H. Gregory
IL Peto
Mr. Harvey Lewis
Mr. M. Marsh
Bit J. Johnstone
Mr. Z. Bynan
11 'for Gavin
Mr. T. Bar
Lord Pelham
Lord Andover
Hight Hon. W. Limes
Mr. Green Price
Hon. H. B. Portman
Mr C. 0 Loghlen
Mr. W. Morris
Mr. A. Dunlop
Purfeant Sullivan
Baron 1.. Rothschild
olr H. Williamson
Mr. R. Devereux
Right Hon. E. Mumma
Lord C Bruce
Mr. IL Dalgliail

Mr. E. Legit—Mr. Hubbard
Colonel Bartlelot
Mr. filopford
Mr. B. Stanhope
Hon. J. L. colt:
Major Morgan
Viscount Coortenay
Mr. B. Brooks
Mr. N. °tort
Mr. T. Hiring
Mr. acoureeld
Mr. Booting
Colonel C. Lindsay
Colonel P. Herbert
Mr. B. P. long
Viscount Hamilton
Mr. Beach
Lord Claud J. Hamilton
Colonel Lowther
Mr Charles Kamen
Colonel Stuart Knox
Mr M. Lomb.
Lord B.
Colonel Loyal-Lindsay
Mr. Welty
Lord H. Scott
Colonel B. Knox
Colonel How
Mr. B. B Harvey
Colonel Gilpin
lord Newport
Mr. C. F. Sortees
Mr B. Lechogre
Mr. Barnet
Mr. Buckley
Mr. Neville Grenville
Mr. Chatterton
Mr. Bowen
EOM Hon. & Walpole
Mr. Severn*
Lord Naas
Mr. W. H. Dyke
Mr. Campbell
Mr. Conolly
Mr. Hartopp
Mr. A. J. 'flues

GREAT WESTERN RAILWAY.

The committee appointed at the adjourned
meeting of shareholders on the 29th of March last, " to
consult and advise with the board of directors in reference
to the financial position of the company and the organisa-
tion and management of its affairs,' report that they have
given considerable attention to the business entrusted to
them. At the time of their appointment they found the
financial position of the company the most pressing ques-
tion which required their attention, and it is with no little
satisfaction they are able to state that the liabilities of the
company, in respect to the floating debt, have been dimi-
nished from 1,300,000/.. at which it stood on the 31st
of July, 1866, by 654,0001. This has been effected partly
by the acceptance of the Six per Cent, stock when origi-
nally offered to the proprietors, and partly by the appli-
cation of the revenue of the company to the discharge of
these obligations in lieu of the payment of dividend in the
customary form. Hitherto, in spite of the panic
which hes affected railway securities, the greater part
of the debentures which have become payable hive
been renewed at • moderate rate of interest, and the
interest on debentures, which is now payable at the Bank
of England, has of course been regularly met. The com-
mittee have satisfied themselves, by au inspection of the
return made in pursuance of the Railway Companies Seen-
' rities Act, that the debenture issue is considerably
within the limits of the parliamentary powers and they
have no hesitation in stating their opinian that no safer
investment can be found than the debenture stock of the
company. Numerous letters approving of the issue of 6
per cent. stock in payment of dividend, to meet the finan-
cial difficulties of the company, have been received ; and
your committee, on • review of the past, are confirmed in
the judgment that no better course could have been pur-
sued. It will probably be necessary to continue a similar
coarse for • short period, unless a restoration of confidence
in railway securities, which may reasonably be anticipated,
should obviate the necessity for such an exceptional prac-
tice. And the committee are of opinion that the
Inits:tr
no
dutinnatioctikincie und
will poroubtall;b:insafe investment,
In conference with the directors, it has been decidedrf to
seek powers in the bill now before parliament (in accord-
ance with the strongly expressed opinion of the share-
holders) foe reducing the number of directors, so that the
board may consist of not more than fifteen, nor less than
twelve, irrespective of the owner of the Wyanstay estate,
who holds • seat under legislative enactment. In the
opinion of the company's iter, it was not considered
desirable to attempt to make this change without the
sanction of parliament, which it is expected will be ob-
tained without difficulty before the close of the present
session. Whilst much remains for the committee in con-
ference with the directors (who have given every assistance
in their power) to consider in respect of the future policy
of the company, this will require the most careful delibera-
tion for its due decision, and much more information than
they yeti have had time to obtain. Certainly nothing has
arise' in the course of this investigation to shake their con-
lidence in the future prospects of the Great Western pro-
perty. although it is apparent that it is now suffering
severely. and must continue for sonic time to suffer, from
having been overloaded with unprofitable undertakings.
lf, as may be hoped, the commercial activity of tie