The Sun.
London, England, 1863-09-19 00:00:00

the benefit of Mr. Saunders's experience and
memory upon any question upon which alone he
was able to inform them. He did not think they
would have had unanimity in such a board as that
of the Great Western Railway Company, unless
there were strong reasons for it. Let them do it
handsomely, and let them have the benefit of Mr.
Saunders' memory and experience upon matters
which would continually occur. He beseeched them
to do it gracefully and do it unanimously. He
would not have undertaken the position which by
the favour of his colleagues he occupied that day,
unless he had the most complete confidence in the
future of the company. (Hear, hear.) He believed
that every year the margin available for dividend
upon the ordinary stock would increase. With re-
gard to the South Wales revenue accounts, he be-
lieved there had been some little disappointment
among the ordinary shareholders of that company
at the reduction of their dividend from 31 to 3 per
cent. The explanation of that was a thoroughly
satisfactory one. In the charge for debenture in-
terest for the seven months in the South Wales re-
venue account there was a sum of £l,lOO in ex-
cess of the proper charge for the seven months. The
whole of the sums paid in the month of July had
been included ; whereas, for the actual period of
seven months, £l,OOO less was paid or
payable.
There was besides an old claim which had been
running, arising out of some dispute with the con-
tractor, and a portion of it was interest which had
accrued during the time the settlement
washadbeen
in abeyance. That amount for interest £5,500,
and the whole of that was charged to tthheathatlhfe-
year ; the consequence of which w
dividend of the South Wales without these
lex-
ceptional charges would have
cent. With respecteve per
exceeded 3
cent. instead of being 3
to the West Midland ordinary proprietors, the
and Hereford Rail-
wayshareholders of the Worcester
h e
ea: r tnheadt t thhee
gtur
aa
rffia cn t ue pe oonf
would be glad tor
that line had more than
(Hear, hear.) It was no
4u3s-e perto
dc
ieengtu.
ibs ye
th't4,ofoaoe. fact that, in the process of re-
constructing the
hadboard,
a andtt
en d ined thet
theydis discussions u ssi
had
some.
on s and
agitations which
what impaired the board's authority. If they wished
the concern to be well administered, they must give
the board authority when they saw they had earn-
estly set their minds to doing what they could.
With confidence they would have authority, and
with authority they would have credit, and then
they should be able, with some satisfaction to
themselves and with benefit to the long-suffering
ordinary proprietors of the company, to bring about
a state of things which would give them at no dis-
tant date something like a more adequate return for
the risks which they ran when they conceived the
project of making a railway from Bristol to join the
London and Birmingham Railway in London.
l!lr. FENTON, deputy chairman, seconded the mo-
tion for the adoption of the report.
A very long and noisy discussion ensued ; the
observations were chiefly directed to the opposition
against allowing a retiring pension to Mr. Saun-
ders, although the chairman and other members of

the new board repeatedly urged the expediency and
other reasons for sanctioning the recommendation
of the directors in that respect.

Mr. ADAMS took the most prominent part in
opposing the measure, and indulged in personal
observations for a considerable time. He contended

that the sum available for dividend was chiefly de-
rived from the increased receipts of July being
L 72,000 more than those for the month of January.
Seven months were included in the present ac-
counts. He protested against the legality of the
election of the directors representing the Great
Western interests on the amalgamated Board.
Mr. Malins, Mr. Salisbury, Mr. Baxter, Mr. De-
lahunty, and other shareholders contended that tke
meeting should support the proposition of the new
Board, on the ground that it was wise and politic
do so.

Mr, Sergeant GASELEE and other shareholders
were opposed to the measure.