The Express.
London, England, 1867-03-30 00:00:00

GREAT WESTERN RAILWAY.

After our report left yesterday,
Mr. thus moved a rider to the chairman's motion. It
approved of the appointment of a committee from the
ordinary and preference shareholders to consult with the
board on the financial concerns of the company and the
organisation and management of its general aflairs, and
nominated Messrs. E. Smith, T. Dreamy, and
R. Wither, as a preliminary committee to select
five from among the shareholders to be the
consultation committee referred to by the chairman. The
most extravagant ideas (he said) prevailed out of doors
regarding the financial embarrassments of the company,
and it was not considered that this was altogether an
embarrassment of capital with which the revenue trans.
actions had no share. The present difficulties were caused
by the million of temporary loans that hung round their
neck, and their debenture debt. He strongly urged co-
operation with other railway companies on the principle
that the only effectual way of getting rid of an enemy was
to convert him into a friend. It was a good thing for the
company that the distinguishing characteristic of its
present chairman was his earnestness to be on friendly
terms with neighbouring concerns. (Cheers.)
Mr. LANCASTER seconded the rider, and professed him-
self ready to accept his dividend in the manner proposed
by the board. By careful management and the reduction
of trains where necessary, there was nothing to prevent the
Great Western becoming one of the beet lines in the world.
As to the government, they were in a state of embarrass-
ment themselves at the present moment—(s laugh)--and
no help could be expected from them. It was, however,
their bounden duty to pass some law for the protection of
all railways, and until that was done public confidence
would not be restored. Unfortunately the debenture and
preference holders were persms who understood but little
of business. (Oh, oh.) He meant they caught up rumours
that were flying about, and accepted them without
examining the accounts for themselves. (Hear, hear.)
Sir Groans JCIRINAON thought the meeting should eon-
eider how best the company might be extricated from its
difficulties with the least possible injustice to those who
were called upon to sac-idce their dividends. So far as he
understood the circular (or second report) that had been
placed in their hands, it was proposed that the dividends
due to the preference and ordinary shareholders should
be applied to the payment of capital—in other words, con-
fiscated by fore.. (No, no.) If the shareholders' money
was to be taken for the purpose of paying off pressing
capital liabilities, it was only a measure ofjustice that the
preference and ordinary stockholders should be put in the
oboes of those deheature bondholders who were going to
be paid. He was prepared to bring forward a motion re-
solving that for ' all amounts of debenture bonds now or
hereafter paid off by means of money applicable to the
payment of dividends on preference or ordinary stock of
the company, a debenture stock shall be created which shall
hereafter be rateably distributed amongst the preference and
ordinary shareholders in lieu of and in extinguishment of
the stock now forced upon the ordinary and preference
shareholders, and that the directors be instructed not to
issue any now debentures or, to create any new debenture
stock except under these conditions." (Hear, hear.)
Mr. B. /Wulf, who was called for by several share-
holders, said that after all he looked upon the present
position of the company as hopeful. For the first tinis
he could see a way out of their troubles, and with an ener-
getic chairman, well supported by a few directors—Omar,
Lear)—and a judicious committee of advice, the company
ought in three or four years to pay 4 per cent. The I
shareholders must, however, make up their minds
that it was by work and care, and not by a mira-
cle, that this chronic disease of more than fif-
teen years' standing was to be caned. He hoped the
committee would have plenty of time given them to
develop the traffic of the company, and to introduce
economy into every department of the concern. A board
of 25 was a very cumbrous machine, and the directors
ought therefore to diminish their numbers. (Hear, how.)

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