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

RAILWAY IN TELLIGEN CE.
GREAT WESTERN.
A special general meeting of the proprietors of the
Great Western Railway was held yesterday at Pad-
diugzon, to consider the expediency of appointing—
and for the purpose of appointing, ir so determi,ted—
two or three siezrehulders, as recommended in the
report of the auditors, dated the 7th ult., to meet and
confer with the directors of the company on the ex-
ercise of their powers with regard to the manage-
ment of the cou:pany's affairs; and also for consider-
ing the nomination and election, or the recommenda-
tion for election, of four proprietors, to be directors
of the company, to fill up the same number of vacan-
cies created by the resignation of four directors.
The meeting took place in one of the large sheds
at the terminus, which had been very conveniently
fitted up for the occasion. There was a very large
attendance of shareholders, a numerous body of whom
arrived by special train from Bristol and other places
along the line of the railway shortly before the com-
mencement of the meeting. The chair was taken at
half-past one o'clock by Mr. C. Russell, the chairman
of the board of directors. Most of the directors
were also present.
The notice convening the meeting having been read
by Mr. Saunders, the secretary,
The CHAIRMAN said it would not be necessary for
him to detain the meeting many minutes in opening
the proceedings. The notice w hich had been read
fully explained the purposes for which the meeting had
been called. The half-yearly meeting of the com-
pany had been held so recently at Bristol, that it was
hardly necessary for him to remind the proprietors of
the circumstances under which it had been determined
to submit to them the proposals which would be made
to-day. The auditors of their accounts last year had
adopted a report, recommending the selection of three
proprietors to consult with the directors upon ques-
tions of general expenditure, and upon other impor-
tant matters connected with the interests of the
company. The directors immediately and cordially
acquiesced in that suggestion, which was adopted by
the shareholders at their last half-yearly meeting, and
they were now assembled to carry out their own de-
termination. It was only necessary for him to state
to the meeting, on the part of the directors, that when
they had made a selection of three gentlemen, the
directors would afford them the fullest and freest
access to every description of information they might
think fit to require—(Hear, hear)—and the directors
would also cordially concur with them in carrying
out whatever measures might be devised for the general
benefit of the company.—(Hear, hear.) That would
be the subject of the first resolution. The object of
the second resolution would be the appointment of
four gentlemen to fill vacancies which had been
created in the board of direction. The directors
could not contemplate the retirement of their old col-
leagues without considerable regret; but it had been
represented to them that the appointment of four new
directors chosen by the proprietors would be calcu•
lated to give confidence to the shareholders and the
public. The directors had felt that that object was
superior to all considerations of personal regard, and
it was now for the proprietors to select those gentle-
men whom they might think fit to fill the vacancies
in the direction. It was right he should inform the
meeting that in point of form the appointment of
persons to fill those vacancies must be made by the
directors. -The Act of Parliament enabled the pro-
prietors themselves to fill up the vacancies occasioned
by retirements in rotation in the month of February
in each year, but all other vacancies occurring during
the intermediate period must be filled up by the
directors. The directors had, however, convened a
board for to-morrow, in order to appoint the gentle.
men who might be recommended by this meeting.—
(Hear, hear.) He thought the directors had given
the best proof in their power of their disposition to
act cordially with the proprietors by the course they
had pursued. The common object of all of them
was t i improve the property of the company, and to
promote the prosperity of their enterprise. Surely,
that object would tie the best accomplished, not by
angry discussioz.s, not by exaggerated statements, but
by cordially and heartily concurring in carrying out
such measures as, upon reflection and deliberation,
might ue thought best calculated to promote the wel-
fare of the company.
Mr. L. HaYWORTU moved the following resolu-
tion :

" That Mr. T. S. Gladstone, of Liverpool, Mr. R
Withers, of Liverpool, and Mr. C. F. Sage, of Bristol
be a committee for the purpose of conferring with the
board of directors from time to time on the exercise of
their powers with regard to the general expenditure of
the company, the outlay of capital for new lines and
works, and the regulations for establishing a reserve
fund; and that they be authorised to report their opinior.s
to the proprietors upon the several matters so referred
to them for consultation with the directors thereon ; the
board being requested to give every regular and proper
facility to the said committee for the performance of
their duties."
It was unfortunately too well known to the meeting
that the value of their property in this company had
lately been greatly depreciated; and he, as a large
shareholder, was happy to propose the appointment of
the three gentlemen named in the resolution to con-
sult with the directors relative to the affairs of the
company. It was very gratifying to him to find that
this resolution had so readily been concurred in by
the directors; for if they had anything to conceal—
anything they were afraid of being publicly known—
they would have objected to admit three independent
gentlemen to consult with them on the business of the
company. It was satisfactory to know that the
state of their property was now likely to be investi-
gated to the fullest possible extent by gentlemen of
high integrity and sound judgment, whose pursuits
rendered them conversant with business ma-
nagement, and who were well acquainted
with railway property. The questions into
which they were to inquire were matters of
the greatest interest and importance to the proprietors.
—(Hear, hear.) The enormous outlay of capital for
new lines had been most onerously felt by the share-
holders, and it was of the greatest importance that
they should have some one who would keep a watch-
ful eye upon the proceedings of the directors, to pre-
vent any future extravagance in the construction of
new lines. He was happy to say he believed that at
the present moment the stations, and stock, and every
portion of the property of the company were in excel-
lent order, and had been kept so out of the revenue ;
but he considered that, in order to satisfy the public
mind, as well as to protect the interests of the share-
holders, it was necessary that the expenditure should
be most closely and carefully watched.
Mr. DICKINSON seconded the motion. The proposal
which it involved had originated with his co auditor
and himself; for they thought it was most advisable,
under existing circumstances, to scrutinize with the
strictest jealousy every portion of the company's
outlay.
Mr. ASHTON had lived in Bristol for many years,
and had never heard of Mr. Sage.
Mr. F. Fliy—He is very well known in Bristol. I
know him very well.
Mr. ASHTON thought the persons appointed to such
a situation should be gentlemen engaged extensively
in trade, and who were intimately acquainted with
railway affairs ; and, although Mr. Sage might be fully
competent for the office, yet, as he (Mr. Ashton)
knew nothing of him, he would suggest that Mr. L.
Rey worth be appointed in the place of that gentleman.
A PROPRIETOR said he thought that those gentle-
men who had selected the committee of consultation
had committed a great error in not including at least
one person resident in London, the locality of the
chief terminus of the railway.—(Hear, hear.) It was
important that the committee should have frequent
personal communication with the directors, and that
would be impossible if they all resided in Liverpool
or Bristol. He suggested that Mr. Williams, for-
merly M.P. for Coventry, should be appointed one of
the committee.—(Hear, hear.)
Mr. EDWARDS concurred in the views of the last
speaker with respect to the vast importance of having
at least one of the committee resident in London, but
he was not prepared to name any one.
Mr. F. Fay had no doubt that the names of the
committee had been well considered before they
were submitted to that meeting. With reference to
the name of Mr. Sage, he begged to say that he was
connected with the largest cotton manufactory in
Bristol—he might say in the kingdom—and that he
believed no gentleman could be selected who was
better qualified, both from his high character and his
experience of railway matters in past times, to dis-
charge the important duties which it was proposed to
intrust to the committee.—(Hear.) He sincerely
hoped, therefore, that he would be elected.
Mr. MAYHEW asked whether the three gentlemen
named were then present?
The CHAIRMAN replied that Mr. Sage was not
present. The other two were. He might also state
that they had all consented to act, if elected.
Mr. MATHEW wished they had all been present, in
order to have given the meeting a solemn pledge that,
if elected, they would not fail to do their duty. Men
of large businesses were in general so much occupied
that it was not every one who was able to bestow so
much time as an affair of this magnitude required ;
arid if the gentlemen named were in that position he
hoped they would not accept the office, for he believed
it would require no ordinary amount of time, and no
common understanding, to unravel the mystery in
which the affairs of the company were involved.—
(Hear, hear.) For his own part he would willingly
contribute to pay a salary to those who would faith-
fully report to the proprietors the real situation of
their affairs.
Mr. Wirmems said, that his name having been
mentioned, he begged to state that if he were appointed
a member of the committee he would decline to serve
upon it, and for this reason, that he considered the
appointment of the committee altogether a farce and
a delusion.—(Hear, hear.) He had a large interest
in the company, and believed that such an investiga-
tion as would serve to throw light upon its affairs
would restore the confidence of the publio is them,