The Sun.
London, England, 1853-08-24 00:00:00

The CHAIRMAN said, that Mr. Ironsides was in some
error with respect to Mr. Allport, Whatever changes
they proposed would be mentioned next half-year; but
in the meantime he would say that the directors were
either compent to manage that concern, or they were
not. If they were competent, surely they were fit to
be intrusted with fixing the salaries of their servants.
If the proprietors thought them incompetent, tell them
so at once, and they should no longer be troubled with
their services. (Hear, hear.) With respect to the
French lines, there was no analogy whatever between
the cases, for if the English Government had protected
the English lines as the French Governrsent had pro-
tected the French lines, they would have given as
good dividends as the French railways ; but the
British Parliament had subjected them to fierce and
unnatural competition, for which the directors of
existing companies were in no way responsible. One
of the great points at which they ought to aim was the
maintenance of peace and amity with surrounding
companies, and he was glad to inform the meeting that
in addition to the six towns with respect to which an
arrangement had previously been made, they had now
arranged that with regard to the towns of Peterborough,
Stamford, Nottingham, and Newark there should be no
competition between the Great Northern Company and
themselves so long as the Gladstone award remained in
force, which would be up to the beginning of 1856.
(Hear, hear.) Their rates were agreed and fixed upon,
and with respect, therefore, to those important towns
there would be no competition whatever. (Hear, hear.)
Mr. IRONSIDES said, the chairman would recollect that
at a former meeting he had recommended that a list of
all the salaries above 1001. a-year should be published
with their financial statements. With reference to Mr.
Allport, he asked where they found educated men in the
professions receiving 1,8001. a-year. What clergyman
received such a sum for his services ?
The CHAIRMAN —A clergyman would be of no use to
us. (A. laugh.) If Mr. Ironsides persisted at any
future time in his motion ho should oppose it, because
he was convinced that it would prove of a most preju-
dicial character if adopted. (Hear.)
A conversation then took place with respect to the
increase of the Leeds and Bradford capital amount,
which the chairman answered to the satisfaction of the
shareholders.

Mr. GEE, after referring to the inconvenience experi-
enced by coal proprietors in consequence of the non-
return of trucks, adverted to the unfair and irregular
manner in which passes were given by the company's
servant's to persons on all parts of the line, although
not employed on the business of the company.
The CHAIRMAN said, it would be a long time before
any railway company would ever satisfy the coalowners
in the matter of trucks. He had been in the way him-
self, and he knew what it was. (A laugh.) With re-
gard to the pass question, he said let him and the direc-
tors be informed who were the offenders, and he would
soon see that the evil was remedied. He asked the
question, did any of them ever know that he had given
a pass to any of his friends ? Neither to his wife, nor to
any of his family, had he ever granted such a privilege.
He wished Mr. Gee to supply him with the names of the
persons to whom he had referred, and he would see that
the matter was thoroughly investigated, and justice done
to the company. (Hear.)
Mr. GEE said that he was possessed of a number of
names, but he thought it better not to mention them on
that occasion. He only hoped that the system of which
he complained would be amended. (Cries of " Name.")
The CHAIRMAN said, he should not receive any-
thing Mr. Gee said at that meeting, unless he gave to
the directors the names of the personi he had referred
to.

Mr. GEE asked if Mr. Taylor had a pass ?

The CHAIRMAN replied that he bad: He was an old
director of the company, and his eminent services en-
titled him to that privilege. He believed there were
only three old directors who during their lifetime had
enjoyed passes. He referred to the late Lord Wham-
cliffe, the late Mr. Gisborne, and Mr. Taylor. As he
bad before stated, however, if Mr. Gee would furnish
the case, a rigid inquiry should take place.
The motion was then unanimously agreed to ; and a
resolution declaring the dividend in the terms of the
report was also unanimously adopted.
The meeting was then made special, in order to de-
termine upon the mode of creating the new capital for
the construction of the Leicester and Hitchin Railway.
The CHAIRMAN, in introducing this subject, again en-
larged upon the advantage which this line would bring
to the company. Their engineer, Mr. Liddell, had es-
timated that it would cost to construct 900,0001.,
which the directors proposed to raise as follows :—To
take powers for the creation of 135,000 51. shares, which
would yield 675,0001., and to borrowing the remaining
225,0001. They proposed that the new stock should be
issued in October next, that it should bear interest at
the rate of 4 per cent. (preferential), that it should be
offered to the present holders at the rate of one share
for every 1001. stock, that the first call of 30s. should
be made on the 24th of October next, a further call of
30s. on the 24th of April, 1854, and the last call of 21.
on the 30th of October, 1854. He concluded by moving
a resolution to that effect.
A PROPRIETOR wished to know what good was anti-
cipated from this line ?
The CHAIRMAN, said it was unnecessary to go into
that, because they were obliged by Parliament to con-
struct it within five years—they had no option. He
might say, however, without meaning anything in-
vidious to the North-Western, with whom they were
on the best terms, that he could never rest until the
Midland Railway, with its 500 miles of line, was nearer
London than Rugby. (Hear.) This line brought it
within 30 miles of the metropolis, and was in that re-
spect highly important and advantageous. (Cheers.)
After a few words from Mr. Ramsay and Mr. Cooke
in opposition to the guarantee principle generally, the
motion was agreed to.
On the motion of Mr. BARROW, M.P., seconded by
Mr. Simnrron, the Audit Board was appointed, and
the proceeding terminated with the usual compliment to
the chairman.