The Sun.
London, England, 1849-05-17 00:00:00

ettrb EVtttoit

SUY OFFICE, Seven o'Clock.

SOUTH-EASTERN RAILWAY.
(THIS DAY.)
The CHAIRMAN (in continuation from our Afternoon
Edition) said—He had yet confidence in the future suc-
cess of the line notwithstanding the difficulties it had to
pass through. It must be remembered that in the year
1846 they were running trains at reduced fares as an
experiment, and fora purpose. Then theytwere contending
against parties who were anxious to rob them of their traffic
by making Mid-Kent and North Kent lines, and he ap-
pealed to the meeting, in such a state of things, while
they were struggling against false legislation, would it
have been wise and judicious to have charged 31,0001.
for counsel's fees, and 30,000/. paid fur the withdrawal of
opposition ?—(No, no.) So much, then, for that policy.
and now let him add that the directors were pr!paren to
carry out the recommendations of the committee, and
at the next half-yearly meeting the direction would be
remodelled.—(Cheers.)
Mr. LEVY said it was useless now finding fault with
the report of the committee. They were appointed by the
shareholders, and the question now was were they honest
men.? He agreed with the Chairman, that the
line was one of the best in England. In fact it
passed through a " cultiwated" garden, and it
was no use anybody saying nothing to him.
He knew Kent well, and this line was one
of the " werry" best in the world.—(Hear and laughter.)
It was his opinion that the line long ago would have
been a fix had it not been for the talent and ability of the
Chairman, and, if he could have his way, he would
vote him 4,0001. Now that, perhaps, was a stopper!
—(Hear and laughter.) However they might relish his
suggestion, when they must remunerate the directors for
their services.—(Cheers.) He should continue to sup-
port the Chairman upon all points but thesteam-boat
question, and he hoped, as the Honourable Gentleman
had come clear through his trial, he would meet the
support of the meeting.—(Cheers.)
Mr. J. Wensoze would not place confidence in the
Chairman, nor exonerate him from all blame. The re-
port of the committee of investigation represented that
270,000/. had been paid in the shape of dividends which
had never been earned, and the meeting, therefore, was
not justified in refusing to hear the opposition.—(Oh !)
He admitted that the committee was fairly and legiti-
mately appointed, but he found fault with them for
having conducted their investigation upon an erroneous
principle, inasmuch as they took no oral evidence, but
insisted upon receiving no communication except it were
in writing.—(Hear, and a cry of " Very proper.") Ile com-
plained that the moneys of the company had been unduly
and improperly deposited in the coffers of the Commer-
cial Bank of Liverpool. lie wrote to the committee,
detailing some of these facts, but they had not con-
descended to notice them in their report, and with the
permission of the meeting, he would read his letter.
The CHAIRMAN cal:Ed the proprietor to order.
Idr J Wieesosr—Oh you do, eh?

The CHAIRMAN—I do; but perhaps if I were to let
you go on it would be necessary for some one to warn
you that you are committing a libel.—(Cheers.)
Mr. J. WILSON was afraid, after this intimation, to
read his letter.—(Cries of " Oh, oh," and " You don%
seem to be afraid of anything.") He could
see no difference between this case and the
Eastern Counties, and he could place no further
confidence in the direction.—(lronical cheers.) It was
too bad to tell them that 20,0001. had been lost in running
experimental trips, or that heavy pariah rates should be
paid because their Chairman was so much engaged in
Parliament, nor could it be tolerated that 300,0001,
should be paid as a dividend, which had never been
earned. Where had it gone to ?
A VeiecE—Why you are a pretty fellow not to know !
Where do dividends go but into the pockets of the share-
holders, and if the 300,0004 were to be refunded, you
will have to stump up some of it.—(Lhughter.)
Mr. J. WILSON would pass over that then—(A laugh)
—but on another occasion he would say something
more to them about their affairs. At present he had
said enough for them to ceeitate over till their next
meeting; and there he should leave the meeting, thank-
ing them for their at:ention.—(lronical cheers.)
Mr. BARER saw a strong similarity between this com-
pany and the Eastern Counties Company. The Chair-
man and Deputy-Chairman appeared to have been the
managers of the concern, and the directors their puppets.
So it was with the Eastern Counties Company. The
meeting, no doubt, well remembered the circumstances
which led to the retirement of Mr. 13axenclale, and he
would pass it over; but there was one circumstance
which he should be glad to have explained. Since
Mr. Macgregor had assumed office no less than
eighteen directors had resigned, while their successors,
a short time before their election, were not qualified?
Why, whom did the meeting think had been elected to
the deputy chair, in the room of Mr. Pritchard, who
resigned ? Why, no less a person than Mr. Hen,
shaw, who, on the 25th of last November, held not a
single share in the concern.—(Cries of " Oh, oh.") Then,
again, one man had been elected a director mho had been
turned out of the Eastern Counties; and if the meeting
wished to place their property on a safe footing they
would at once set about reforming the direction.
Mr. C. HOLLAND thought they owed a deep debt of
gratitude to the opposition, who bad been instrumental
in bringing about the appointment of a committee that
had made a report which must prove of great service to
the property.—(Loud cheere.) He could see no
analogy between this company and the Eastern
Counties, for in this case the committee of inves-
tigation had exonerated the Chairman from all
blame, while in the Eastern Counties it appeared
the chairman had been most culpable.—(Cheers.) No
doubt the directors and the Chairman had fallen into
error, but they had not erred wilfully, and now that they
had got an excellent and cheering report upon the exist-
ing condition of their line, he hoped their future efforts
would be directed towards carrying into effect the recom-
mendations which that report contained. Appoint
paid accountants and auditors, as the report recom-
mended to the directors, and than they would guard
against future error, and secure an efficient manage-
ment of the line.—(Cheers.)
The resolution was then put and carried by a large
majority, only three hands being held up against it.
The CHAIRMAN then moved a vote of thanks to the
committee, and in doing so, he took occasion to express
a hope that the company would continue to have the as-
sistance of some of its members either as directors or as
auditors —(Cheers.)
Mr. REwsaAw, the Deputy-Chairman, seconded the
motion, and hoped that ere they met again, he should
have done something which would show that he was not
unworthy of their confidence.—(Cheers.)
The motion a as then put end carried with acclamation.
Mr. L. MOZLEY briefly acknowledged the compliment,
and warmly repelled the insinuation that he, or any
member of the committee, had acted as the puppet of the
directors. He pledged his honour as a man that every
ward in the report of the committee was based upon
strict truth, arrived at after a long and tedious
investigation, and it was too bad now to
be taunted with partiality by a gentleman
who confessed that he had signed 288 cheques
as a financial committeeman without knowing what they
were for. IN ith respect to el hat had fallen from Mr.
Wilson, he could assure that gentleman that the paper
bullet he fired at the committee—he meant his letter—
received the utmost attention, and it had been entered
on the minutes as a record, either of the fully
of Mr. Wilson or of the importance of his document.
If the committee had remained investigating every
mare's nest submitted to them, the committee would have
been sitting to this day.—(Hear, hear.) Now, let by-
gone.) be bygones, and having discovered the errors the
concern had fallen into, let them turn their entire at-
tention to the future improvement of the undertaking.
Mr. THOMSON explained that he signed the cheques as
a director, and not as a committeeman.

The CHAIRMAN said, at the last meetir.g it was agreed
that two auditors should be appointed at this meeting.
Was it the wish of the meeting to appoint auditors now,
or to depute the accountant of the Committee of Inves-
tigation to examine the accounts of the next half-year,
and at t!-:o next meeting appoint them as auditors, with
a salary?
The meeting elected to adopt the Later course.
Three hearty cheers were then given for Mr. Mac-
gregor.

X VOlCE—Three groans for Thomson.
Three very dismal groans were ace..raingly given, Mr
Thoaason joining in them.
Mr. Tuomsell—Gentlemcn, if I had come here as
a thief I should have been well received, but this is the
treatirent an honest man always meet: with.

The meeting then broke, up at four o'clock.

IMPERIAL PARLIAMENT.
(THIS EVENING.)

HOUSE OF COMMONS.
he SPEAIiER took the Chair at Four o'clock.
L9RDs' AMENDMENTS.

The Lords' amendmeLts to the following Bills were
considered and agreed to :
Marshland Smeeth and Fen (Eqqaliz4tion of Drainage
Rates and Repair of Roads) Bill.
Whitchavcn Water% orks Bill.
THIRD READINGS.

The following Bills were read a third time and passed :
Edii burgh and Glasgow Railway and Edinburgh and
Glasgow Union Canal (Amalgamation or Sale or Lease
of the Union Canal to the Railway Company) Bill.
London• Gas Light Company (Amendment of Act) Bill.
Staflordshirn Potteries Waterworks (Extension and
AraLmiment -of Act) Bill.