The Express.
London, England, 1868-01-04 00:00:00

MIDLAND RAILWAY.

A meeting of the Manchester shareholders in the
Midland Railway Company was held at the Clarence Hotel,
Manchester, yesterday afternoon, which had been called by
the Railway Shareholders' Ansociation " for the purpose of
considering what steps can be taken to lessen the great ex-
penditure proposed by the Midland directors, and what
measures will be best calculated to restore to the company
the confidence of the public at this critical period." The
meeting was numerow4 and influentially attended. Mr.
HENRY Rawsole was called to the chair, and opened the
proceedings by calling attention to the action takes ley this
association at previous meetings. Since then he mil the
Midland board had expended 2,800,0001. upon new week;
and 2,000,0001. more wag required, whilst the original
mate of the line from Bedford to London did not exceed
1,800,0001. This association had been blamed by shame
holders who had since joined in a movement to stop the
execution of some of the works. (Hear, hear.) He was of
opinion that the shareholders and the public would have
but little confidence (though he still believed their property I
was a good and valuable one) in the company until an in-
vestigation bad been made into their position independent
of the board.
Mr. JosHUA Ful.nur, of Todmorden, moved the first
resolution—" That, considering the injurious effect pro-
duced upon the value of Midland property by the pro- I
posed application to parliament for power to raise new
capital to the extent of 5,000,0001., this meeting is of
opinion that the engagements of the company should be
revised, with a view to the abandonment of all extensions
upon which there has not been already a large proper- I
tionate expenditure, and to every possible reduction of the
outlay on the works absolutely necessary to be completed."
Mr. Fielden criticised the conduct of the directors at some,
leogth, condemning the proposed outlay, and especially
under present circumstances. He was of opinion. that
until the capital accounts of all the great companies were
closed, and until directors could be induced to abandon
ambitious schemes of competition and warfare with other
lines, shareholders generally were standing upon a vol-
cano, and had no security for their property.
Mr. BOHLRY seconded the motion ; and Mr. Greg, of
Lancaster, and other gentlemen spoke in support of it, con-
demning strongly the policy of the directors, with the
warning they had before them of the wreck 11,:oroperty in
certain other companies in the south of England.
The resolution was carried new. con.
Mr. CIEWDSON, of Kendal, moved :—" That, with a
view to carry out the foregoing resolution, it is absolutely
necessary that a detailed statement should be laid before
the proprietors as to the future estimated outlay on all the
works of the company, and that such statement should be
certified by persons entirely independent of the board, and
no decision should be asked from the proprietors before
such a statement has been laid before them."
Mr. W. BROOKE, merchant, Manchester, seconded the
motion.
The CHAIRMAN said he wished to pay his tribute to the
honesty and sincerity of Mr. Edward Baines's views, as
expressed at Leeds. He only feared that be bad too
kindly anature and too intimate an acquaintance with many
of the gentlemen who managed the • eto pursue
that rigorous course which any man who undertook to
reform railway matters must mum& (" Hear," and
cheers.) Every effort should be made to assist Mr. Baines
in carrying out his proposals, but no estimate coming from
the Midland directors would serve the purpose it was in-
tended to serve at the present time. Any estimate of
future expenditure must be certified by other parties—
(loud cries of " Hear")— if it was to be received with ore.
deuce by the public. (Cheer.) If the directors at the
meeting on the 15th obtained the appointment of a
consulting committee of persons friendly to them, they
would only be considered as echoing the opinions of the
board. Any report of such a committee could not be
received with confidence. The responsibility in this
matter rested with the large proprietors. He bad averted
that at the meeting last year, he and those who acted with
him had the support only of the smaller shareholders of
ten, fifteen, and twenty thousand, whilst the directors
were supported by gentlemen who, on their own account
or as trustees, held as much ass quarter of a million of
stook. Two families alone holding half a million gave
their support to the directors. Another gentleman sup-
ported them who held 100,0001. Two of these gentlemen
entirely sympathised with him (Mr. Rawson) in opinion,
and it was only on the grounds of social friendship and
kindly feeling to the directors that they gave thoir votes.
(Hear, hear.)
The resolution was carried, and a vote of thanks to the
chairman closed the proceedings.