The Sun.
London, England, 1854-05-12 00:00:00

WATERFORD AND KILKENNY.

A special meeting of this company was held yesterday
at the London Tavern, to receive a report from the com-
mittee of investigation appointed at a former meeting—
Mr. Hadow in the chair.
The report of the committee of investigation, an ab-
stract of which has appeared in The Sue, was taken as
read. The reply of the board of directors to the report
of the committee of investigation was also taken as read.
It stated that at the time the present board assumed
office the difficulties in which the company were in-
volved were without parallel in railway experience ; and,.
believing that the plans they then adopted were the best
that could be devised, under the peculiar circumstances
of the case, and conscious of having since conducted
the affairs of the company honestly and faithfully, they
felt no hesitation in submitting every transaction to
the most rigid and searching investigation, supposing,
of course, that the committee would, as is usual in
such matters, allow them an opportunity of explain-
ing anything which might appear to be injudicious
or objectionable. In this, however, they have been
disappointed, and hence they state that the report is full
of statements which ought to have been very materially
modified before they were published, and which the
committee should have known were capable of being ex-
plained satisfactorily. The reply of the directors, which
is a very able one, explains at considerable length various
matters adverted to in the report of the committee of
investigation, with a view to show the inaccuracy of
many of the statements contained therein. With regard
to the assertion by the committee that the directors
evinced a "want of personal interest in the undertaking,"
' the directors state that, owing to seizures of the
plant and other property of the company, they bad
advanced out of their own private funds, and without
any security, 20,0411. The sum of 1501. paid to Mr.
Bates, as explained by the secretary to the com-
mittee, was not for furniture, but for travelling and other
expenses paid by him on the business of the company
during his protracted stay in Ireland. The directors
explain various items in the committee's report under
the heads of Parliamentary and law expenses, land and
compensation, construction account, forfeited shares,
traffic, and liabilities. "With regard to the cost of the
land from Thoma.stown to Waterford, it amounted only
to 7731. per mile, instead of 1,761/. per mile, as stated
by the committee. It appeared that the committee, in
their investigation, had refrained from examining the di-
rectors or engineer on the affairs of the company, and
had trusted entirely to the evidence of the officials, con-
tractors, and others, and the books of the company.
A discussion ensued, in which the Chairman, Mr.
Bates, Mr. Dowling, Mr. Wills, Mr. Ellie, the contrac-
tor, and other shareholders took part, in the course of
which various explanations were given and statements
made. Eventually resolutions were passed adopting the
report of the committee of investigation, recommending
a change in the board of directors, with a view to place
the affairs of the company in a satisfactory position, and
requesting the committee of investigation to confer with
the directors on the subject, and to report the result to
the half-yearly meeting, to be held at the end of the
present month.
The proceedings concluded with a vote of thanks to
the committee of investigation for their able report,
and also to the chairman for his impartial conduct iu
the chair.