The Express.
London, England, 1850-01-09 00:00:00

RAILWAY MEETINGS.

YORK, NEWCASTLE, AND BERWICK.
SPE:IAL GENERAL MEETING.
On Tuesday (yes'erday) a special general meeting
of the York, Newcastle, sal Berwick Railway Compiny
was held at the De Grey Rooms, York, for the purpose of
considering the terms and conditions on which the purchase
of the Greet North of Ragland Railway is proposed to be
completed, and of approving, altering, or =waling such
terms and conditions in lien thereof; and also for the pur-
pose of authorising the directors to 'mop-wind, settle, adjust,
or arrange certain debts, claims, and demands of the tom.
pea, upon Mr. Hudson, the late chairman, and of adopting
such measures relative thereto as should be thought proper.
The meeting was not very numerowly attended.
Gao. Laments, Esq., the chairman of the company. pre-
sided; and after the advertisement convening the meeting had
been read by the Secretary (Mr. Close), he stated the two-
fold object of the meeting, as given above, and proceeded to
discuss the position in which the Great North of England
purchase question at present stood. The whole circum-
stances were detailed in the third report of the committee of
investigation; and he therefore would not now go into
them. Bat that committee had made certain recommenda-
tions on the subject, which he read to the meeting. These
recommendations were, after discussion, adopted, and the
committee placed themselves in communication with the
Great North of England Company ; the matter was further
diagramed from time to time afterwards. Eventually a com-
mittee of Great North of England shareholders was ap-
pointed to costar with the directors of the York, Newcastle,
and Berwick, and the arrangement now to be subneitted to
the present meeting was concluded. It was as follows :
Memorandum of at ides agreed this 23rd day of Novem-
ber, 1849, between the directors of the York, Newcastle, and
Berwick Reieway, and a committee (cousistisg of directors
and shareholders) appointed by an extraordinary general
meeting of the Great North of England Railway Company,
to arrange terms for the payment of the sum of 3,547,5004,
or thereabouts, due from the York. Newcastle, and Berwick
Railway Company, to the Great North of England Ccm-
pony, on the Ist July, 18.50, in substitution for such sum
when due on the said Ist day of July, 1850. The said terms
of arrangement to be subject to the confirmation of the
shareholder of the respective companies. Art. Ist. That
three-tenths of the aforesaid sum, due to the Great North of
England Railway Company, shall be payable by the
delivery of debenture'', falling due on the Ist
July, 1853, and bearing interest at the rate of
4 per cent. per annum. Art. 2nd. That four-tenths of the
aforesaid sum shall be payable by debentures, falling due on
the lit January, 1855, bearing interest at the rate of four
per cent- per annum. Article 3rd.—That three•tenthe of
the aforesaid sum be payable by debentures, falling due on
the let July, 1866, bearing interest at the rate of four per
cent, per annum. Article 4th.—The provisions of the pre-
ceding articles shall be embodied in • separate Act of Par-
liament, to be promoted by the York, Newcastle, and Ber-
wick Railway Company, and to be approved and assented to
by the Great North of England Railway Company, and the
maid act shall convey to the ihareholders of the Great North
of England Railway in guarantee for the payment, when
due, of the debentures aforementioned all the security which
the property of the York, Newcastle, and Berwick Railway
Company can, as on this day, be made to confer, after allow-
ing for the borrowing powers of the York, Newcastle, and
Berwick Railway Company on their present line, to the
extent of one million three huadred thousand pounds, in lei-
sive of their existing debentures.—Gao. LEEMAN, Chairman
of the York, Newcastle, and Berwick Railway Company.
J. G. HUBBARD, Chairman of the Committee of the Great
North of England Railway Company."
Thus, instead of paying the whole amount at the end of
six years, three-tenths would he paid at the expiration of
three years from the Ist of July, 18.50; eighteen months
would then elapse betweea the first payment of three•tenths
and the next payment of four•tenths, taking four and a half
yearn for the second payment. Then, again, 18 months more
would elapse before paying the remaining three-tenths;
thus throwing the whole payment over the period of time in
suggested by the committee of investigation, but making the
payment of the first instalment due three years earlier than
rt otherw se would have been. He concluded by moving
a resolution to the effect " Treat the above terms be ratified,
and that the directors be authorised to go to parliament to
obtain a bill for completing the purchase of the Great North
of England Railway, in ccordance with those terms." f
Mr. LOVE seconded the resolution.
Mr. CHAYTOR ulr.cl if the resolution embraced the
position of the Preference shares?
The CHAIRMAN sail the resolution was simply a modi-:
gallon of that which the shareholders had already deter.'
mined upon in principle.
Mr. CHAYTOR—Is this the proper time to move the
' appointment of a committee to inquire into the pa-ition of
the Preference shares?
The CHAIRMAN replied in the newly'. This meeting
was called for an express purpose. (Hear, hear.)
Mr. W 1 LIE, or Liverpool, said this was a very grave
question. The question was, would the shsrehelders affirm
thin purchase or not ? and he asked the directors to postpone
the ratification of the agreement, for which he assigned
several reasons, the principal one of which was that this
Great North o: England purchase was the first bold stroke
of Hudsonian policy, which bad been the cause and engin of
that grasping disposition and rivalry among railway com-
panies, and that unfortunate gambling among individuals,
which had spread ruin all over the country. He had doubts
, which led him to think it desirable that this purchase should
t be more fully investigated, and he moved accordingly en
• amendment to tte tffict, that the ratification should be
portioned until the haleyearly meeting in February.
Mr. RAMSEY seconded the amendment.
Mr. CRAY TOR found fault with the short and itisuffi)
Cent notice given of this meeting.
Mr. STACK, of Barham, con•ended that the shareholders
were now in a position to consider this question as an ori-
einal matter ; they were not bound 11 any previous resolu-
, tione whatever. He called upon the Great North of England
shareholders to separate themselves teem the rest of the
meeting, that it might be seen who were and who were not
interested parties (Applause.) This was a matter that had
not been sifted to the bottom, as it should be; and he there-
fore should support the Amendment. (Hear, hear.) Every
other stain and blot connected with the Hudson frauds had
been made clear to their understandings, and this question
also should be cleared up, seeing the vast amount of money
involved. (Hear, hear.)
The CHAIRMAN, in reply, made some remarks in
justification of the course adopted by the directors in calling
this meeting, and went on to say that Mr. Wylie's speech
would have been a very good one on the 23rd of August last.
Why, he asked, when the question then came before the
i *bushel ler., did he not come forward and oppose the adop-
L tion of the committee of investigation's recommendation
upon which the committee and the directors hat since been
I acting ? hear.) He defended the report of the in-
vestigation committee uoon this subject, and contended that
i the question was entered ii.to in that report with a minute-
. nen of detail that did not belong to any other part of the
; report. The directors would deprecate most strenuously
any delay in this matter, for by delay the commercial repu-
tation of the company would suffer, and its financial position
would be crippled.
The CHAIRMAN then put the question, when there ap-
, peered for the amendment, 10 ; against it, about 30. The
amendment, therefore, was lost.
The original teaolutton was then put and carried by a very
large majority, almost unanimously, there being only three
or four bands held up against it.
Mr. CHAYTOR ailed leave to give notice to move at the
half-yearly meeting in February the appointment of a com-
mittee to go into the whole question reepecting the present
position of the preference shares.
The CHAIRMAN said, if the shareholders wished it, the
directors would make the half•yearly meeting special, !or the
purpose el clod to by Mr. Chaytor.
Mr. CHAYTOR then suggested that a committee should
be appointed now, but
Tie CHAIRMAN moved—
" That the next meeting be made special, for the coneide-
ration of the matter to welch Mr. Chaytor had called atten-
tion."

• This motion was put and negatived, and thereupon the
subject dropp d.
The CHAIRMAN then went into the second subject for
distussion at this meeting ; via, the settlement of the claims
of the company upon their Lite chairman, Mr. Muds ii. He
referred to put proceedings in re erence to these Claioll., and
invited a calm and dispassionate discussion. He said that
legal proceedings had been commenced, two bills in equity
having been tiled ; but propositions had been wade by the
triewis of Mr. Hudson, and he believed he might sae the
friends of this company, and ultimately the directors had
taken loud opinions which recommended a compromise with
Mr. Hudson, on the terms which he (the chairman)
would now 'ring under their notice. He proceeded to detail
the pr posed arrangement, from which it appeared that Mr.
Hudson had undertaken to pay in all to tee company the
sum of 100,0001, he (Mr. Hudson) haying. during the past
year, paid to the company no less than 00,0361 He moved
that this meeting authorise 'be directors to carry Out and
ratify the proposed indenture, which was drawn as between
Mr. -Hudson and throe of the present directors. (He sr.)
Mr. LOVE peon led the motion.
The CHAIRMAN added, that in addition to the terms he
had already awed, Mr. Hudson is to ply the e a cones the
company have been put to in this matter. (Hear, bear )
Mr. WYLIH would never fine a blind support to any
board of directors, and there was so much itnportsrce about
this matter, not only to the shsreholders but to the public,
that he would ask the directors to postpone the decision of
the question.
The CHAIRMAN, without consulting with his co-
director', would say at once that he believed if the pro-
posed step were taken, it would jeopardise the whole pro-
CIN ding.

Mr.WYLIE protested against such • momentous ques-
tion being settled in such • hurry. He thought the
shareholders ought to know what th•sy reek wauted from
Mr. Hudson, u well as what he off. red; and trey ught to
hese time to consider this nutter further. if. should,
therefore, move the appointment of a special committee.
The CHAIRMAN, indianantly—We are your directors,
and we are either enuth-d to credit for going into this natter
honestly er not.
Mr. WYL4 .
farce, B replied
and ao
that hew hadh e.w it w. so. oftenthoughtraisrlay
tri weThey
night change meta as they would, but A wee • change of
system that was wonted. He went oa to refer to a petition
be had drawn up tor preuntation to the House of Com-
mons, praying that this Ratter Right be inquired
into by • committee of that house, and that if
the allegations against Mr. Hudson should be proved.
he be expelled from their honourable house. H. chars*.
Sniped the proposed arrangement a• a flagrant and IafaIMMO
peeding and couleded by moving es en emeeediesee.
hat
the'further consideration of the subjeet be
till the nut general meeting, sad that 19,1111/
etwehmestag not the objeol el II" • .a.: ,• •
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