The Sun.
London, England, 1862-08-15 00:00:00

GREAT WESTERN RAILWAY.

HALF-YEARLY MEETING.—(THIS DAY.)
The ordinary half-yearly meeting of the directors and
shareholders in this company was held to-day at the Pad-
dington-station.
There was a very full attendance of shareholders, and the
greatest interest was manifested in the proceedings.
At one o'clock the chair was taken by the Earl of Shel-
burne.
Previous to the commencement of the proceedings,
A PROPRIETOR said he should like to know the names
of the directors present who were entrusted with the money
of the shareholders.
The CHAIRMAN said, after the meeting had been opened,
he would feel happy to attend to the request of any of the
shareholders.
The Secretary having read the advertisement calling the

meeting,
The report, which recorded a dividend for the half-year
at the rate of lf per:cent. for the half-year, having been
taken as read,
The CHAIRMAN said he hoped the shareholders would
first hear what he had to say, because he did not feel
ashamed, neither did his br ther directors, to meet the
shareholders that day. He should be quite content to ask
the shareholders to act as a jury, and he, for one, should be
perfectly content to abide the decision of the meeting, after
they had heard the observations he had to address to them.
He could not help expressing his regret at the great blow
which would be felt by the smaller shareholders, and he
could assure the meeting that that feeling was participated in
by the whole board. One of the great causes of the difficul-
ties was, that the West Midland Company had not sub-
scribed their proper quota to the expenditure and the bur-
dens they had brought upon the company. They all
knew there were ups and downs in all railway com-
panies. A person in the body of the meeting here
exclaimed, " We'veno ups here ; we've always had downs."
The chairman said with regard to their connection with
the South Wales Railway he felt satisfied when the traffic
was fully developed it would become a source of profit to
the shareholders. He admitted that the report was not at
all of a satisfactory nature, but he etill looked upon the
depression as a temporary one, and that the pros-
pects for the future were, he considered, favourable.
(No, no.) He had no desire to highly colour their present
position, but he felt justified in making the observation he
had used. The last session of Parliament had been a most
expensive one for the company, and it would require an
allotment of money on some future half-years to meet
the expenses. (Cries of " Where's it to come from r)
The noble chairman then proceeded to refer to
the bills they had to meet in Parliament, and said that the
steps taken by the directors were all thought to be for the
interest of the great body of shareholders. With respect to
the dividend it was, it must be confessed, exceedingly small,
and he hardly liked to refer to it—(a cry, " Give it to
Saunders)—but he felt that if the half-year had been
divided at the end of July instead of at the beginning, it
would have borne a very different aspect. During the last
month there had already been an excess of £52,000 over that
of the corresponding period, and it is obvious that a
great portion of that sum would have been available
for dividend if the period he had alluded to had been the
time for taking the half-yearly accounts. (A shareholder
here asked whether there would be any difference in the
gross amount for the year if that were done. The chairman
admitted that the yearly result would be the same, but the
present dividend would have been much better. He had
to assure the shareholders that the board of directors were
not fascinated with any desire for extensions or amalgama-
tions.) The chairman having alluded to the position of
the Great Western Railway with the North-Western and
South-Western Railways, stated that the great desire of the
board was peace and good feeling with their neighbours ; but
it was not to be expected that to obtain that they were
to accept every proposition that was made to them without
first ascertaining whether or not it was for the benefit of
the Great Western shareholders. After again regretting
the smallness of the dividend, the chairman resumed his
seat by moving the adoption of the report.
The motion having been seconded,
Mr. BROWN said he was not actuated with any ill
feeling to any of the directors, but he must tell the meeting,
in mild; yet strong language, that he had no confidence in
the board of directors. He thought their attempt to get to
Southampton was the most foolish attempt he had ever
heard of. (Hear, hear, and cheers.) At the proper time
he intended to move a resolution embodying his views. He
hoped the shareholders would not on the present occasion
be contented by simply complaining of the present state of
their affairs; but, on the contrary, that they would take
such steps as would secure the improvement of their pro-
perty. (Hear, heat.) This resolution was to the effect, that
taking into consideration the present position of the Great
Western Railway, the shareholders were of opinion that all
it required was rest, and that no fresh schemes be en-
tered into, no new guarantees with any other company con-
cluded, and that all further outlay of capital on existing
lines be stopped. (Hear, hear.) In the event of the meet-
ing agreeing to that proposition he had another resolution
to follow, which, he felt satisfied, was equally worthy their
acceptance.

Mr. Goss= said he totally objected to the report.
(Hear, hear.) He wished it to be thrown back at the
directors, and he accordingly begged to move that the whole
board of directors, with the secretary (Mr. Saunders), be
requested to resign, and that a management committee be
formed, and the present meeting be adjourned for ten days,
in order that a new chairman and board of directors he se.
lected. (Cheers.)

Mr. COURT objected to the report so far as the dividend
was concerned, because the amount it would take to pay it
had not been bona fide earned during the last half-year.
Mr, ADAMS would like to know the exact position of the
meeting, whether there was any amendment to the report
of the directors.

The CHAIRMA.N said no amendment had yet been moved
to the report.

Mr. ADAMS thanked the chairman for the information,
at the same time he could not but say the policy of his
lordship had altogether failed. He also objected to the
dividend, because not one farthing of the expenses of their
late parliamentary contest had been placed amongst the
accounts for the last half-year. He should like to know
about the amount of money expended during the late ses-
sion of Parliament, whether it was £40,000, £50,000, or
£60,000. (Hear, hear.) The amount whatever it was
ought to have been charged against the revenue. He
thought the proceedings that had taken place with respect
to the East Gloucestershire line were much to be condemned.
Then again their absurd attempt to get to Southampton,
why did the directors of the Great Western imagine that
if they went there the South Western Nvouli not go to Bris-
tol. (Hear, hear, and cries of Yes.) Of course they Would,
and it would only be right that they should as a
matter of pure defence. Instead of making two useless
lines, he thought the proper course to take was to make
that which they already had yield as much as possible. ,
The speaker then proceeded to make a comparison between
a
the present dividend and that declared some years
the rate of eight per cent., and then referred
in the diwreocutilodn,baesbheest
to the new Metropolitan line, which he considered would
was the greatest evil
be highly profitable to the Great Western. He thought
dderwtaikthingtii
con-
sideredthere ought u
their
rto
enormousbe some
the meeting had to deal with. (Loud cheers.) .
lie did not
wish to introduce a firebrand into the board, becauseebutihtmait_f
was not exactly the sort of person who
capital—nothing
p cal-
culatedo
threeta
n oeret ofoofur improveealing practicalt bei
tmphoesnxi
men—men
orn;oonfo
,tiohmoeopi rsoeufans
pinion that a committee
but good could result. He was of o
xpenditure, and the
be appointed to inquire into the e
manner in which the accounts Were kept,
gr. lIARTRIGGE in the course of his observations made
a charge against Mr. Saunders,
employed counsel before the secretary, of having
a parliamentary com-
mittee in a scheme his son as
of which he (the secretary) was the
originator.

Mr. SAUNDERS indignantly repelled the accusation; he
said he never had and never would be guilty of a job.
Mr. Haguicifaz continued to condemn the policy of the

•
board of directors, and contended that there ought to be
a committee of shareholders appointed to confer with the
directors upon the management of the undertaking.
Mr. MoNstra. condemned all extensions, and he was of
opinion that if rle directors determined steadily to develop
their own traffic, to keep to their own territory, to avoid en-
croachment, 'flitivo 4" good fe.ling with their neig,hbourF,
a better and brighter future might confidently be expected.
He was not one of those who looked upon Southampton as
the Redan the Great Western had to take ; on the con-
trary he looked upon it as the ruin of the companf. (Hear.)
The CHAIRMAN having replied to the various questions
put by shareholders,
The motion for the adoption of the report was then put
and carried,
Mr, BROWN then moved the resolution given above with
the following addition :—" That steps be immediately taken
to organize an united economical management of the three
companies, and that a bill be prepared for their legal amal-
gamation an abstract of which shall be sent to every pro-
prietor prior to its being submitted to a general meeting to
be held in November; that free passes be allowed to share..
holders to attend, and that no proxies be applied for by the
directors or their officials."
Mr. ADAMS seconded the resolution.

After a long and angry discussion the resolution was put
to the meeting, but the hands held up being so nearly
equal that the shareholders present divided, when there
appeared—

For the resolution
Against it ..
Majority against the resolution — 7
A scene of great confusion ensued.
At six o'clock the meeting was still going on.