The Sun.
London, England, 1853-01-19 00:00:00

EASTERN UNION RAILWAY.

A meeting of the preference shareholders of this com-
pany was held yesterday afternoon, at Radley's Hotel,
Bridge-street, Blackfriars, for the purpose of "determin-
ing upon the measures necessary for obtaining a new
board of directors, that board not to be fettered by any
of the past acts of the present board." Shortly after two
o'clock the chair was taken by Mr. Holt, who briefly
stated the objects for which they were called together,
Mr. COLE then read a number of letters 'which he re-
ceived from persons who approved of the purpose of the
meeting, and also the circular by which he had convened
it. He thought it right and necessary that such a course
should be pursued, in order that the company should at
once get rid of the present board of directors. The com-
mittee to be proposed by the present meeting would do
all in its power to aid and assist that already in exist-
ence, of which Mr. Sturge was the able chairman. He
(Mr. Cole), therefore, suggested that a committee be ap-
pointed, with a view to rid the shareholders of the pre-
sent incompetent board of directors.
Mr. STURGE said that he thought it his duty to attend
that committee of shareholders, and to state that he was
about bringing forward a docament which he believed
would bring the company into its proper position. H.
had looked into its transactions and having done so, had
no hesitation in stating his belief, as a commercial man,
that if he had a control of it, not only would he be able
to pay off all the preferential shares, but the entire en-
gagements of the company. In coming along here he
thought to himself, that it was difficult to muster up
courage to speak the truth ; but again he could assure
them, that if the company were managed properly, it
would produce the results he had stated. He was for
some time past engaged in making out a statement
which would prove that, and what he wished was,
that when it was ready it should be circulated and in
the hands of every shareholder. He would show
the capabilities of the line, the mismanagement which
brought the company to its present position, and so sure
was he to do so, that he would be ready to engage
more largely in it than he was at present. The
board of directors, among other things, proposed to have
a bill passed this Parliament, which would empower
them to pay off the preference shareholders at par.
and if they did not consent to that, to reduce their stock
to four per cent. For his own part, sooner than consent,
to do so, he would sacrifice half what he possessed in it.
(Hear, hear.) The present movement was commenced
to make a property for the shareholders, and again he
would say that, if he were the sole director of this com-
pany, he had no doubt whatever of placing it in a proper
position.
Mr. HONEYWOOD offered to put down a subscription
of 101., and complained of the bad management of the
present board of directors, and especially of the project
of the line from Norwich to Spalding.
Mr. STRUTT had made himself acquainted with the
circumstances of that line, and was bound to say that it
had nothing whatever to do with the Eastern Union ;
and he believed it would do it some service when com-
pleted.
The CHAIRMAN asked when Mr. Sturge would have
his report ready ?
Mr. STURGE observed, that possibly he would have it
ready in a fortnight.
Mr. UNDERWOOD then moved that a subscription of
ls. per share be paid on every 201. stock, for the pur-
pose of taking the necessary measures to displace the
present board of directors.
Mr. COLE stated that it was proposed to publish a
pamphlet showing the misdeeds of the directors, and he
was then in communication with Mr. Effingham Wilson;
the publisher, on the subject. That course, he had no
doubt, would, succeed, and he also announced that the
committee then to be appointed would co-operate with
that of Mr. Sturge.
Mr. FISHER believed their motto should at that time
be nil desperandum, to get the directors to resign their
seats, and that the preference and original shareholders
should unite together for the common object of rescuing
their property from the present direction, and making it
valuable to all.

Mr. HARDY, of Norwich, could not give in any pro-
position which would censure the board generally, al-
though he disapproved of their management in many
respects. He thought if they infused new blood into
the direction it would be much better than to take a de-
cidedly hostile course. He believed the trade from
Norwich at the present time was ruinous, for goods
were brought 25 per cent. lower than the parties sending
them could afford to pay. At the same time, knowing
the gentlemen who were on the board of directors, he
he had no desire to join in a vote of censure on them.
Mr. BAGSHAWE was disposed to pause for a few days,
to hear what the directors had to say, before embarking
in a hostile course or proceeding. He threw out that
suggestion as one of the largest shareholders of the
company, and, therefore, deeply interested in it; pro•
sperity.

-A
PROPRIETOR complained of what was stated re-
specting the publication of a pamphlet, which could do
no good, but perhaps a great deal of evil. He thought
that if the board of directors resigned, then all difficul-
ties would cease.

Mr. WILKINSON denounced the meeting as a decep-
tion, and called for no other purpose but the publication
of a pamphlet. A. committee had already been ap-
pointed, of which Mr. Sturge was one ; that gentleman
was now preparing a report which would soon be ready,
and then they could consider what course they should
pursue. He wished to ask Mr. Bagshawe what became
of the proposition made to Mr. Brassey, one of the
directors ?

Mr. BAGSHAWE replied, that the matter was still
pending, and he suggested that they should wait for
a week or a fortnight before taking any further pro-
ceedings.
After some further discussion, a resolution was unani-
mously carried—and that for a subscription withdrawn
that the meeting desired to express their confidence in
Messrs. Sturge, Bagshawe, and the gentlemen associated
with them as a committee ; and that they in addition to
Mr. Holt, the chairman of the present meeting, be re-
quested to continue their negotiations with the Board of
Directors, and to call a meeting of shareholders when
those negotiations were concluded.
The meeting then separated.