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 be
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 3.1 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 bad been
in abeyance. That amount for interest was £5,500,
and the whole of that was charged to the half-
year; the consequence of which was that the
dividend of the South Wales without these ex-
ceptional charges would have exceeded 31 per
cent. instead of being 3 per cent. With respect
to the West Midland ordinary proprietors, the
shareholders of the Worcesterandth etrafficHereford Rail-
wayupon would be glad to hear that
that line had more than earned the guarantee of
(Hear, hear.) It was no
41 per cent. by £4,000.
use to disguise the fact that,theproc
essof
arned-
constructing the board, and in in
the discussions
agitations which had attended it, they had some-
what impaired the board's authority. It 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
I 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.
Mr. 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-

dere, 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
£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 tie
meeting should support the proposition of the new
Board, on the ground that it was wise and politic
to do so.

Mr, Sergeant GASELEE and other shareholders
were opposed to the measure.
The Marquis of LANSDOWNE and the Hon. Mr.
PONSONBY, former chairman of the company, ex-
plained that the allegations to the effect that Mr.
Saunders had ruled the former Board were without
foundation, for although they consulted Mr. Saun-
ders on various matters, they adopted their own
opinions,bu t they gave Mr. Saunders the credit of car-
rying out the instructions of the Board in the most
zealous and faithful manner, although those inetrec-
tions might not be in accordance with his views, He
had rendered long and faithful services to the com-
pany, and they considered him fully entitled to the
proposed retiring allowance.
The report was at length adopted.
The CHAIRMAN moved a resolution to the effect
that the office of general superintendent of the rail-
way be abolished, as recommened in the directors'
report, and also that they be authorised to pay to
Mr. Saunders a retiring pension of £1,250 per an-
num after his intended resignation of the offices held
by him.

Mr. FENTON seconded the motion, and explained
it was expedient and politic to pass the resolution.
Mr. ADAMS proposed as an amendment that the
question be deferred to the next half-yearly meeting.
On a show of hands the amendment was rejected,
and the original motion was carried.
Mr. ADAMS demanded a poll, but withdrew it at
the request of the chairman.
A dividend at the rate of 14s 3d per cent. for
the seven months ending the 31st of July, payable
on the Ist of October next, on the consolidated stock
of the company was then declared.
On the motion of Mr. BROWN, the allowance to
the directors was fixed at £6,000 a year ; and a divi-
dend at the rate of 3 per cent, per annum was de-
clared on the South Wales stock for the seven
months, also a dividend of 5s per cent. on the Ox-
ford stock of the West Midland Company, and also
the usual dividends on the preference shares.
On the motion of Mr. MALINS, Mr. Harper, Mr.
Stiles, and Mr. Bowen were appointed auditors,
with an allowance of £2OO a year each.

The meeting was then made special, and the agree-
ments with the Ely Valley and other railway com-
panies were agreed to, and the directors were autho-
rised to raise for the Birkenhead Railway, in con-
junction with the directors of the North Western
Company, the preference stock for the purposes of
that company and other matters specified in the
directors' report.

A vote of thanks to th© chairman cencluded the
proceedings.

THE ACCIDENT AT LLANDAPF.—The inquest on the
bodies of two of the three men who were killed by
tha quarry accident at Llandaff, as already reported in the
Sun, was held on 'Wednesday last. The witnesses were
summoned to that place, which is about four miles from
Cardiff, at 11 o'clock in the morning, but, in consequence of
the absence of the coroner, they were obliged to disperse.
In the course of the afternoon they again assembled, this
time at Cant3l), near Cardiff, when another difficulty arose,
for the body of one of the men had been removed by his
relatives to Bridgend without the consent of the coroner,
and it is supposed it was interred there the same after-
noon, as every preparation had been made for the purpose.
However, an inquest was held on the two remaining bodies,
and the evidence of Mr. Fisher, the engineer and superin-
tendent of the Taff Vale Railway Company, to whom the
quarry belonged, was to the effect that the design of the
staging and machinery at the quarry was suitable for the
work to be there performed. Ho had examined the con-
striction of the longitudinal staging, and it appeared to have
been put together in a workmanlike wanner, and sufficient
for any load it might have to bear. In the fracture of the
timber there were no indications of decay or sap, therefore
he was perfectly satisfied the accident was not owing to any
fault in the design, construction, or materials. In his judg-
ment, there might have been some important latent defect
in one of the bolts used for fastening the supports. The
foreman of the works. and the foreman of the carpenters
who constructed the works gave also in evidence their
opinion as to the general stability and excellence of con-
struction of the supports. The jury returned a verdict of
" Accidental Death."
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