The Sun.
London, England, 1849-06-15 00:00:00

receive any premium knowingly, feeling it to be wrong,
I may mention, that upon the completion of the pur-
chase of the Maldon, Witham, and Braintree Railway by
this company at 10s. per share premium, that company
relying a reserve of shares, offered me 351 shares, which
I declined, although I could have pocketed the premium
without anything further being known about it. I have
a document in my possession which will prove this.
I have further to state upon this subject that there was
no disguise or secresy about the payment. Mr. Hudson's
name and my own were inserted in the cheques and
banker's book, and the cheques were open to the inspec-
tion of the officers of thej company, same as other cheques
paid by the secretary for Wisbeach and St.
Ives shares. Mr. Duncan, the solicitor sf the
company, carried through the arrangement up
to the signing of the cheques; and as
he addressed a letter to the board of directors giving
particulars of the transaction, I beg to enclose a copy
for your information, merely observing that a letter was
addressed by Mr. James, the managing clerk of Mr.
Duncan, from the office of the latter at Westminster to
the secretary of the Wisbeach and St. Ives Company,
which is not alluded to in the letter of Mr. Duncan, and
to which I beg to call your attention. Mr. Day, of St.
Ives, the solicitorof the Wisbeach and St. Ives Company,
can furnish you with a copy. As it is a letter which
may be quoted against me on account of my name being
made use of, I have only to say that it was not by my
authority my name was used by Mr. James. Up to that
time Mr. James and myself were unacquainted with each
other except by sight. Mr. James supposes that he wrote
it by order of Mr. Duncan, and he will confirm what
cannot be disputed, that I did not give him any authority
nor in fact exchange words with him upon the subject.
I repeat that I considered myself entitled to the 1,0001.,
yet I am at the same time prepared to submit this or
any other question that may be in dispute with me to
the fair decision of arbitrators, and to abide by their
award.
There is another subject which I will only briefly
refer to, as an inquiry is now taking place by a Com-
mittee of the House of Commons as to an expenditure
by the Size-lane Committee.
" This expenditure was incurred in the aim of putting
a stop to the progress of the London and York Line,
which, if successful, would have been of great import.
ance to this company. The Board of Trade had re-
ported in favour of the extension of the Eastern Coun-
ties Line from Cambridge to York, and I then felt it my
duty to support, by the strongest measures, the scheme
that was submitted to me for defeating the rival pro-
ject from Lyndon to York. During the vehement Par-
liamentary struggles of that time I felt that we were
fighting almost for the vitality of the company, and al-
though we were unsuccessful in this case yet we ulti-
mately prevented the London and York party from ob •
taining a second line into Cambridge.
If I had been allowed by the late meeting calmly to have
addressed them it was my intention to have mentioned
that in my opinion an exaggerated statement had
been submitted of the sums charged to capital, and that
if I had been consulted by the Committee of Investigation
and their accaintant, I have no doubt I could have sa-
tisfactorily explained to them that many items charged
to capital, and which in the report it is stated ought to
he charged to revenue, were rightly charged to capital,
I regret that this opportunity was not afforded me. -
" With reference to the impression exisiug generally
amongst the proprietors, that since I joined the board
we had recklessly engaged in new aid additional lines
and branches, alai that we had originated the increase
of expenditure from 2,900,000/. to 9,800,0001., I should
also have stated that the only additional lines that had
been promoted and contracted for since that period,
"all the other existing lines of the company having
been previously sanctioned by Parliament or bar-
gained for,' were the Maldon, Witham, and Brain-
tree, and the Enfield and Edmonton lines, together
fifteen miles of railway, at a cost of about 300,000/.
There has teen a large expenditure for carriages and
waggons, sidings, goods warehouses, and increased sta-
tion accommodation, locomotive and waggon repairing
shops, but I speak with confidence, that the increased
business upon this line could not have been carried on
unless the major part of such expenditure had been
incurred.
" I have made the foregoing statement, not in a spirit
of complaint, nor with a view of obtaining friends to put
me again forward as a director; for having sold my
shares, which will be transferred on the 31st instant,
the day on which I understood the new board would be
elected, t -shah become disqualified on that day, but 1
make it WWI a , vies' of• laying,a fair statement before so
important a portion qt the proprietors, feeling confident
that they will; upon perusal, arrive at the conclusion that
I am not the mercenary character which has been repre-
sented,- fbr the committee will observe that, although I
haVe coniinued to ttkie my unwearied attention to the
company's affairs, I did not 4.4, for any recompense be-
fore the 2,000/. was voted to me; nor have I since, al-
though the energies of both body and mind have been
up to this time devoted, to the best of my ability, to
further the interests of the Eastern Counties Railway
Company.
" Having given so much time and minute attention to
the traffic department, there is no doubt many matters
will arise with which I shall be more conversant than a
stranger; and I have now only to assure you that I shall
cheerfully give every information and aid in my power to
the new board of directors, however much my time may
be occupied in doing so, until all outstanding or disputed
claims are disposed of.
" I am, gentlemen, yours obediently,
(Signed) " DAVID WepuistoTost."
Mr. MEER then proceeded with his comment on the
conduct of Mr. Hudson and Mr. Waddington. His
answer to Mr. Hudson, who complained that the com-
mittee did not call him in and examine him upin the
affairs of the company, was simply that they were not
appointed to investigate charges against that gentleman;
but with regard to Mr. Waddington he had another
answer. In the early sittings of the committee it was
,trange to see the number of confidential interviews Mr.
Waddington had with some members of the committee,
and wish one in particular.—(Name, ram..) It was
quite clear that Mr. Waddington was anxious to join
'lie committee; and this be could tell the meeting, that
had not the minority of the committee succeeded in
sifting out some of these dark facts, it was the intention
of the majority to have join. d Mr. Waddington,
and met the proprietors with a report favourable
to that gentleman's election as chairman.—((.lh,
oh! and cries of " Name, name!") One member
of the committee to whom he particularly referred was
Mr. Christie.—(oh, ob.) The Hon. Proprietor then
ixoceeded to discuss the merits of the proposed list of
directors, but as the list consisted of names nominated
by a friend of Mr. Waddington, he could not give it his
support.
Mr. GLYN and Mr. CHRISTIE briefly supported the
list.

Mr. COLEMAN then rose to propose as an amendment,
a list of names which had been selected by Mr. Meek,
as follows :
The Hun. Eliot Yorke, M.P. for Cambridgshire.
George F. Young, Esq., Limehouse.
John Fryer, Esq , Chatteris.
James Packe, Esq., Mildenhall.
Tnomas Naughton, Esq., 32, Fenchurch street.
Ambrose Moore, Esq., Endsleigh-street.
H. E East, Esq., Maida vale.
George Meek, Esq., 29, Russell square.
Mr. NATHAN seconded the amendment.
Mr. PRICE said the Shareholders Protection Society
would not consent to have any one upon the direction
who held in the Norfolk Company—nor an engineer in
a way likely to be benefited in his trade from his con-
nexion with the railway in an official capacity. He,
therefore proposed the following list:—
George Meek, Esq., Russell-square.
Henry V. East, Esq., Canterbury Villa, Maid Vale.
• }Hon. Eliot Yorke, Esq., M.P.
John'Fryer, Esq., Chatteris. .
James Packe, Esq., Mildenhall, Suffolk.
James Box, Esq., Burton-street, Burton- crescnt.
Ambrose Moore, Esq., Endsleigh-street,'Eusto sqiiitie.'
George Frederick Young, Esq., Limehinnie.
Mr. Low seconded this list. 8 ~i.
Mr. HELPS doubted whether their present proceed-
ings were legal, and in order that the meeting should
dispose of the business in hand in a lawtul mariner, he
proposed the following resolution:—" That the four
vacancies in the board which have occurred in due order
of rotation be forthwith filled up by the shareholders in
manner prescribed by law." The directors had only
power to nominate and fill up four vacancies at a time,.
The CHAIRMAN ruled that the resolution could not be,
entertained at the present stage of the proceedings.
Mr. LAWLEY proposed that Mr. Hawes- should -be
elected a director.—(oh, oh.)
Mr. HARRIS had taken the opinion of Mr.. Lloyd, the
counsel, on the question of the legality of their past and.
present proceedings, and that learned gen•
tH. Bomanethonehhtadthe. peeper
course to
opinion corroboratirg,
' 'slew of Mr. Helps on the subject.-
He prsue was to fill up
occurredsi in the direction. in
two
February vacanciesla st , andwlitlahn select
the legalwhich
way to- the
go to the general board to elect inx namesshould
direction.
After a few words from Mr. CASlK,compu
lima',
of
the,
Mr. HUMPHREY BROWN, 31.1)..
course Mr. Cash had pursued, of keeping • back all he
knew of the Size-lane affair till the matter got. hale
a Select Committee of the House of Comtnotis.
He had given notice of the three following resolutions ;-
but so much time having already been taken up, it was
not his intention to inflict them on the meeting:—
" 1. That the capital account of this company be closed
up to the Ist day of July next, and that a committ,etOhe.
appointed (two only being directors) with power to ak e
the assistance of a competant accountan,, to arrange anti
report the same, with the balance sheet, at your next
general half-yearly meeting, and that in all future state
ments of accounts submitted to the proprietors, any in-
crease in capital be explained in detail.
" 2. That a valuation of all the working plant be made
by some competent person appointed by the same Com-
mittee, assisted by the superintendent of each depart-
ment, and that such valuation, together with its original
c..t, be reported to the proprietors at the next general
half-yearly me *ig. ;- .
" 3. That a Coin•mittee- be appointed (two of them
being dirtct..rs), with authority to employ a compe
tent statistician, and' that such committee 00 report to
the next half-yearly general meeting the amount of
traffic, in classifications, .of the Eastern Counties Rail-
way proper, as well as on each of its subsidiary lines,
stating the amount of. tonnage and rata per mile re-'
spectively received -on each class, and on each line, as
well as their opinion of the .capabilities of the line for
increasing the traffic." ' •

ELLIs wished to know if all the gentlemen in Mr.
Meek's list were shareholders in thiscompany ?
Mr. RONEY said, all but one, and that one was Mr.
A.Mbrose Moore.—(oh, ob. Shame.)
Mr. Etus— When did Mr. Elliot York become a share-
holder ?
Mr. ItAmar—Yesterday.—(oh, oh!)

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