The Sun.
London, England, 1849-02-17 00:00:00

LONDON, SATURDAY EVENING, FEBRUARY 17, 1849.

RAILWAY IN TELLIGEN CE.
MIDLAND. _

respect it afforded a striking contrast to the
published statement of the London and North-Western
Company, fur in that document every inquiry appeared
to be anticipated, whilst in the statement of this com-
pany every inquiry was provoked. The state-
ment of the London and North Western Company, in his
opinion, reflected infinite credit on the management of
that company, which was due to the position its property
held in the opinion of the pui lie, no less than to the
high character, talent, and integrity of their chairman,
Mr. Glyn, whose reputation had never been tarnished
even by the breath of suspicion.—(Hear.) Reference
Lad been made to the profitable working of the mineral
traffic, and he thought it very desirable that the share-
holders should be informed of the amount of that class of
traffic on the Birmingham and Gloucester line. He
thought the directors might have been more explicit on
this as on some other points, which, however, he consi-
dered it better not to discuss ui,`..on that occasion. He
thought there were sufficient grounds of support to the
amendment to be found in the fact that they were now
proposing to declare a dividend of only five per cent.—
(Hear, hear)—at the same time that they were paying
guaranteed interest of a much higher rate.—(Hear,
hear.) Then, again, their accounts showed a
gross amount of income of 600,0001., out of which they
had only 200,000/. to divide. After enlarging upon the
evidence which such facts afforded of the necessity of in-
vestigation, the Honourable Proprietor concluded by
moving the amendment he had proposed.
Dr. O'BRIEN seconded the motion, and, at the same
time, took the opportunity of expressing the great cons
deuce he entertained in the directors, particularly in their
worthy chairman. He could not, however, avoid de-
claring his concurrence in the disappointment expressed
by the mover, that no satisfactory explanation had been
yet afforded on several matters with which it was highly
important for the shareholders to be acquainted, and he
particularly complained that questions he had himself
put respecting the Birmingham and Bristol and Glou-
cester traffic, had not been fully or fairly replied to.
Mr. Eras, the deputy chairman of the board of direc •
tors, desired to make a few remarks on the somewhat
singular proceeding of the gentlemen who had epoken in
support of the appointment of a committee of inquiry,
particularly the seconder, who, whilst he declared he
had the most implicit confidence in the directors, was
actually concurring in a vote of censure upon their
conduct.—(A laugh, and cries of " No, no.") He
would also make a few observations upon a most un-
founded attack upon some of the directors in the
Midland Company, made in the shape of a letter, which
appeared in Herapath's Jots nal, under the signature of
Mr. Brancker, and imputed improper motives to the di-
rectors in the purchase of the Leicester and Swanning-
ton Railway. 'The simple facts of the case.were, that
the Leicester and Swannington Railway was sold to
that company, for which a preference was given at ;the
time when the Leicester and Swannington directors had
various offers before them for the purchase of their line,
which offers were equally good with the terms proposed
by the Midland Company. The directors of that com-
pany, in fact, thought it their duty to give the prefer-
ence of that purchase to the Midland Company as the
natural ally of the line. He (Mr. Ellis) was a director
of the company at the time, and it was insinuated in the
letter to which he referred, that it was the predomi-
nating influence of the mineral interest of that board
that bad led to that purchase, which it was argued was
against the pockets of the Midland proprietors, to the
advantage of the shareholders in the Leicester and Swan-
nington line. He (Mr. Ellis) could say that the only direc-
tors of the Midland Company who possessed any interest
in coal working were himself and his colleague, the
chairman of the company, and therefore there could be
no doubt to whom the insinuations referred. He en-
tirely and absolutely repudiated such an attack.—(Hear,
hear.) He had derived no interest from the purchase,
which he considered advantageous under the circum-
stances, both to the seller and the purchaser. and he
defied Mr. Brancker, or any other man, or set of men,
from Liverpool or elsewhere, to prove that he had ever
" dirtied his hands" in connexion with the Leicester and
Swannington Railway or any other railway with which
he had ever been connected.—(Applause and great con-
fusion.)
Mr. BRANCKER here claimed to be heard in 'explana-
tion. Ho called Mr. Ellis to order for the personal at-
tack thus made upon him, and appealed to the chairman
to enforce the call.

'~:'..

ferred with no pleasure to his connexion wi..th the coal
trade, which, unfortunately, had brought him no profit;
and, in reference to a personal remark which had etcare...d
a gentleman present on another oceqs;on, to the effect
that he (the Chairman) had bct listla interest in
the line, he begged to say •ho he held
from 16 0001. to 17,0001. stock in the line,
which was about the same a_,,o-ant which be
held when first he joined them. He referred with
much animation to the unhandsome imputation
which had been thrown out of improper motives in
r the directors•—for himself he could only say that he had
no other or higher motive but to servo the proprietary
faithfully and zealously, and the consciousness of having
done so was the satisfaction of his labour. What mo-
tive but to serve them could he have in leaving his
home, filled with friends, to travel all night in order to
wait upon them that day?—(Hear, hear, and applause.)
The Chairman concluded amidst frequent interruptions
of applause.
The business of the day had by this time fallen greatly,
into confusion, and, after a short discussion, in which
the Chairman and Mr. Ellis both decla,redthat they held
not a single share in the Bristol and Gloucester line, or
any other lines at the time of their sale to the company,
except in the Bradford line, in which the Chairman said
he held a few shares,
Mr. MALINS begged to know the actual position of
their affairs?

The CriAinHAN accordingly. .explained, that the mo-
tion for the adoption of the report was before the
meeting, and to that an amendment had been moved;
but be need scarcely again express the feeling of the
directors, that they could not but regard the passing of
that amendment in any other light than as a vote of
censure.

A renewed scene of considerable confusion arose,
quite unusual at meetings of the Midland Railway Com-
pany, and after some discussion, Dr. O'Brien consented
to withdraw his second to the amendment, whereupon it
was hoped that Mr, Wylie would withdraw the amend-
ment altogether; but we believe, for we really cannot ac-
curately state whether such was the case, the amend-
ment was put and rejected unanimously, whereupon the
motion for the adoption of the report was put and carried
amidst a very energetic show of hands.
The usual formal resolutions declaring the dividend
for the half-year, in conformity with the statement made
in the report, authorising the raising of moneys in ac-
cordance with the powers of the company's Act, and also
authorising the payment of the sum of 15,0001. towards
the completion of stations, &c., were then severally put
and carried.
A vote of confidence in the directors was then, upon
the motion of Mr. STRUTT, the high sheriff of the county
of Derby, put and carried with tumultuous applause, as
was also a special vote of thanks to the Chairman him-
self for his conduct in the chair.

The CHAIRMAN very briefly acknowledged the compli-
ment, and the meeting separated after a sitting of three
hours.

RAILWAY SHARE MARKETS.
LIVERPOOL, FEB. 16.

STOCK EXCIIANGE.—The market for shares has been limited to-
day. The sales are—Aberdeen, Preference, 6 per cent. in perpet.,
% p.—East Anglian, W. 10s. Shares, guaranteed 6 per cent., 234 _
Lancashire and Yorkshire (late Manchester and Birmingham),
Fifths, 2 dis.—Ditto, 321. Shares (late Extension), 5% dis.—Ditto,
Halves (late Huddersfield and Sheffield), 8 dis.—Ditto, Halves
(late Liverpool and Bury), 8% dis.—Ditto, Fiths (late West Riding
Union), 3% dis.—London and North-Western, 141%—Ditto, Fifths,
8 p.—Ditto, New Quarters, 61. Is. 3d. p.—Manchester, Sheffield, and
Lincolnshire, 101. Preference, 113—Ditto, Quarters, 71. Is. 3d. dis.—
Midland Mock, 9330—Ditto, New Half Shares, 5% c.
Staffordshire, 2% dis.—Scottish Central, 2314—Skrewsbnry, Os-
westr,y, and Chester, 3% dis.—South-Eastern and Dover, No. 4,
Thirds, 71. 16s. 3d.—York, Newcastle, and Berwick (N. and B. Ex-
tension), No. 2,1% p.—Ditto (U. N. E. Purchase), 6 per cent. gua-
ranteed, 21s. 3d. p.

MANCHESTER, FEB. 16.
STOCK EXCHANGE.—The sales are—South-Eastern and Dover,
No. 4, 731 dis.—Cheshire Junction, 11 dis.—North Staffordshire,
2 11-16 dis.—Leeds, Fifths, 2 dis.—Scottish Central, 224—Great.
_Northern, 9 dis. —Manchester and Birmingham, Qaarters (C), 4 4 P-
-Eastern Counties, 11%—Sheffield and Lincoln, 13tjz dis.—East
Lancashire, New. 5--London and North-Western, 140—Derbyshire,
Staffordshire, and Worcestershire, 2% dis.—West Biding Union,
3 5-16 dis.

GLASGOW, FEB. 15.
STocK EXCHANGE.—The following are to-day's transactions :
Aberdeen, Preference, 535. 9d.—Dundee and Perth, 24%—Ditto,
Quarters, 265. 6d.—Edinburgh and Perth, Halves, 53.—Glasgow,
Kilmarnock, and Ayr, 54—Ditto, Halves, No. I, 71. 15.—Great
Northern, Ii lA—North British, Thirds, 93s.—Scottish Central, 23
Wilsontown, Morningsido, and Coltness, New, 37—Wisloi.V aid
Celtness, 45%.