The Sun.
London, England, 1849-09-21 00:00:00

but the circumstances under which the committee was
proposed were such as to impress him with the belief
that it would end in no benefit to the committee. lie
observed that the first name, on the list was that of
Mr. Glaistone, who hod originally recommended the
investigation, and the chairman had stated that he
and the other two gentlemen had all consented to
act, thus showing that there had been a regular
preconcert between these gentlemen and the chair-
man.—(Hear, hear.) e
The CHAIRMAN was at a loss to understand what
Mr. Williams meant by " a perfect farce." If he
meant to say that there had been any collision be-
tween these gentlemen and the directors he begged to
give that statement a positive and distinct denial.—
(Hear, hear.) The three gentlemen had been selected
for reasons which he was satisfied would fully present
themselves to every unprejudiced mind.—(Hear,
hear.) Mr. Gladstone, it was very true, was the first
who recommended the committee ; and when it was
at length resolved to make the appointment, Mr.
Gladstone felt that, though the du'ies were highly
responsible, yet, having recommended the committee,
he would not be justified in declining to serve upon it
himself.—(Hear, hear.) Mr. Withers was nearly in
the same situation ; and he was perfectly satisfied that
it would be impossible to find better men than those
to undertake the duty.—(Hear, hear.) Then, with
reference to the other name, he begged to say, that as
a large body of the Great Western proprietors were
resident in the west of England, it was felt to be
desirable that at least one of the committee should be
chosen from that district and hence the selection of
the name of Mr. Sage. An Honourable Proprietor
had stated that he had long been an inhabitant
of Bristol, and he had never heard the name of
Mr. Sege. He (the Chairman) could only say that
that gentleman's knowledge of and connexion with the
commercial inhabitants of Bristol must be very limited
not to have heard the name of Mr. Sage.—(Hear.)
He occupied the position of a large proprietor, and
manager also, he believed, of a most extensive cotton-
manufactory there, and must be well known in the
town and neighbourhood.—(Hear.) The directors
believed that better men than the three they had
named could not be chosen ; but it was for the
proprietors themselves to determine whether they
would adopt them.
Mr. ASIITON, of Bristol, said that since be had
made the observation to which the chairman had re-

ferred, he had been informed that Mr. Sage passed
his door daily, though he (Mr. Ashton) was not
aware of it. It was said that he was a proprietor of
the Great Western Cotton Manufactory. He be-
lieved, however, he was a small one, and that to a cer-
tain extent he was subordinate to one of the direc-
tors of that company (Mr. Miles).
Mr. SMITHERS complained that the names of the
proposed committee had not been communicated to
the shareholders previous to the present meeting.
The CHAIRMAN assured him that till that morning
he had not known the names himself.

Mr. SMITHERS considered it a suspicious circum-
stance that the names had been proposed to—he might
say thrust upon—the meeting, without any previous
intimation, and moved that the meeting adjourn to
that day three weeks, in order to afford time to con-
sider the matter.
Mr. LAMBERT seconded the motion.
After some conversation on the motion for adjourn-
ment, in the course of which a very general feeling was
expressed against such a step,
Mr. STANFORD, M.P., said, the simple question
before the meeting seemed to him to be, whether the
proprietors reposed confidence in the board of direc-
tors or not.—(Hear, hear.) The appointment of the
proposed committee of consultation—or rather of
investigation—would be virtually a vote of want of
confidence in the directors.—(No, no.) He thought,
therefore, that if the proprietors did confide in the'
directors, the consideration of the resolution for the
appointment of the committee should be adjourned
sine die. He conceived that the shareholders would
be generally satisfied if, as was proposed, four direc-
tors elected by themselves were added to the board,
and if the directors undertook to lay before the pro-
prietors at each half-yearly meeting a printed state-
ment showing the exact financial position of the com-
pany.—(hear.) He entertained the highest opinion
of the integrity and honour of the members of the
board of directors, but he could not help thinking that
they had been somewhat extravngant, and that they
had been too profuse in their guarantees for branch
lines. He feared, however, that if the committee now
proposed was appointed, they might on some occasion
be brought into collision with the directors, and such
an occurrence would probably be attended with most
injurious consequences to the interests of the company.
The CHAIRMAN observed, that the suggestion of
this committee did not emanate from the directors.
The appointment of such a committee was recom-
mended by the auditors, and by several large pro-
prietors, who represented that a committee of con-
sultation would be likely to give the public greater
confidence in the management of the company ; and
the directors at once acquiesced in the suggestion ;
but they had taken no part whatever in the selection
of the committee.
Some further conversation took place on the motion
for adjournment, which was ultimately withdrawn.
Mr. MERCER suggested that a resolution should be
passed declaring it inexpedient to appoint a committee
of consultation, the proprietors having full confidence
in the directors. Ile considered that if any collision
took place between the proposed committee of consul-
tation and the directors, the value of their property in
the market might be very materially affected.—(A
voice—" We can't be in a worse position than we are
now."—Laughter.) He thought that instead of
appointing a committee of consultation, they should
—if they considered that the three gentlemen named
in the resolution ought to have any share in the
management of the company—at once make them
directors. If the proprietors thought there had been
any inaccuracy or unfairness in the accounts, the best
plan would be to call in a public accountant, who
would be much more competent to furnish them with
accurate information than the committee of consulta-
tion could be expected to be.
Major COURT thought a committee of investigation
of much less importance than a committee of consul-
tation. Ile considered a committee of consultation to
be indispensably necessary. The company had,
within the last two years, spent upwards of 2,500,0001.,
and the half-yearly revenue up to the 30th of June
last was nearly 2,0001. less than the half-yearly re-
venue to the 30th of June, 1847. They had also
3,500,0001. embarked in undertakings of a similar
character, and it was necessary to have these matters
properly considered, and the way to do it was to do
as the directors themselves had suggested. With re-
spect, for instance, to the Wilts, Somerset, and
Weymouth line, they ought to enter into some
arrangement to curtail the line, and consequently the
guarantees of the company. Their liabilities to the
South Wales Company amounted to upwards of
170,000/. a year. He understood that the South
Wales Company were perfectly willing to enter into
an arrangement to limit the line, and at the same
time, of course, the liabilities of the company for the
execution of the line. The Oxford, Worcester, and
Wolverhampton Company had expressed a similar
inclination; but he was bound to say that they had
offered such terms that it was quite impossible for
this company to accede to them. Still it did not
follow that a committee of consultation should not be
appointed to try and bring them to more reasonable
terms. The Oxford and Rugby, and Berks and
Hants lines, were also great burdens upon this com-
pany. All these were matter for serious consulta-
tion, and he did not see that gentlemen could be
better employed than in investigating the subject.
Mr. VousLET thought the shareholders would best
consult their interests by at once adopting the reso-
lution which had been proposed to them. lie hoped,
however, that Mr. Williams would be added to the
committee. _ _ _

vv
Mr. BLIGH was thankful to the directors for haying
boldly stated that they would submit every document
and paper in their possession to the committee._:_
(Hear, hear.) Ile was convinced that to attempt to
get rid of the committee altogether would be to
damage materially the interests of the company. It
would be of great importance too if the meeting would
associate with the committee a public accountant.
Dr. O'BRIEN, Bristol, also maintained that it was
of great importance to appoint the committee, and
was proceeding to show why it was so by reference
to the financial position of the company, when he was
interrupted by
The CHAIRMAN, who reminded him that the ques-
tion before the meeting was the appointment of a
committee, and not the financial condition of the
company.
Dr. O'BRIEN, in continuation, said a few words
more in support of the motion, and also suggested
the appointment of a public accountant to assist the
committee.
The amendment for an adjournment was then put
and lost, there being only four or five hands in its
favour.
On the original resolution being put,
Mr. FIELD, sharebroker, said that the efficacy of
the committee would wholly depend upon the powers
conferred upon it. It was possible that the omission
he had noticed was accidental; but it was certainly a
grave omission, and ought not to be allowed to pass
unnoticed. The resolution gave the committee power
" to confer with the directors on the exercise of their
powers with regard to the general explinditure of the
company," tee.; but there was nothing said about the
" liabilities" of the coinpany—he did not mean with
regard to the new lines, for which they were finding
capital, but with regard to the undertakings which
they had leased, and for which the capital was found
by other parties.—(Hear, hear.) Among the liabi-
lities of that company was that of having to pay 5
per cent. to the South \Vales Company upon a capital
of 4,000,0001., representing 200,0001. per annum, and
requiring a traffic of 400,0001., or one-half of the
existing traffic of the company, while it was in their
power, to cut down the 4,000,0001. to 2,500,000/.