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

He was unable to find a motive for this. It had
been hinted to him (though he did not believe it)
that there was a local interest at Bristol which
was desirous that the South Wales line shuuld
never be completed, and in the hope that the
4,000,000/. would never be raised, and that, there-
fore, the guarantee would never be required trom
this company, they threw every difficulty in the
way with the view of preserving to t►iemselves the
id-lipping trade of the Channel, which the railway
would deprive them of. Now, it was a mistake to
suppose that the South %Vales Company would not
raise the 4,000,0001. It might be raised under great
distress at a fearful sacrifice, but the day would come
when they would raise it. He concluded by moving
that the words " the liabilities of the company " be
inserted after the words "general expenditure of the
company.
Major COURT seconded the motion.
Captain PRIOR moved, "That the name of Mr. W.
Williams should be added to the committee of con.
sultation." They would the❑ have a member in Lon-
don, one in Bristol, and two in Liverpool.
Major COURT seconded the motion.
The CHAIRMAN said that the observations of Mr.
Field were rather those of a South %t ales proprietor
than of a Great Western proprietor. [Mr. Field—
"No, no.") lie (the Chairman) could assure that
gentleman that there was no such influence at the
board of directors as he supposed to exist there ;
that there was no Bristol influence desiring to
obstruct the completion of the South Wales line.
He could assure the meeting that the directors
were solely influenced by a desire to pursue such a
course as might best promote the interests of the
Great Western shareholders.—(Hear, hear.) He
had no objection to the insertion of the words " and
liabilities" in the resolution, after the word "expen-
diture," as he understood that Mr. Heyworth assented
to the alteration.

Mr. HEY WORTH observed that he was also willing
that the name of Mr. W. Williams should be added to
the committee of consultation.
Mr. T. S. GLADSTONE said, that as one of the origi-
nators of this committee he might state that his inten-
tion was, that the committee should take very full
powers indeed, and certainly that they should inquire
into the liabilities of the company.—(Hear, hear.) He
had himself great disinclination to become a member
of the committee, on account of the distance of his re-
sidence from London, and the time which would be
taken up in the discharge of the duties devolved upon
him. He was exceedingly glad, however, to find that
Mr. W. Williams was to be upon the committee; and
he could assure that gentleman that he should have his
(Mr. Gladstone's) sincerest co-operation to make its
proceedings anything but a humbug. He conceived
that if the committee required the aid of an ac-
countant they would be at full liberty to obtain such
assistance—(Hear, hear)—and though he (Mr.
Gladstone) did not expect to be paid himself, be did
expect that the company would bear the expense of
working the committee, including the services of an
accountant, if necessary.—(Hear, hear.) He thought
it right to say that he and his friends had been met
in the most friendly and candid manner by the chair-
man and directors of the company, and that he did
not think they wished to make any concealment.
Dr. O'Bstisr4 asked whether the resolution would
empower the committee to employ a public ac-
countant ?
The CHAIRMAN replied, that it would empower
them to do whatever they thought fit.
A PROPRIETOR suggested that salaries should be
given to the members of the consulting committee.
The CHAIRMAN said he was decidedly opposed to
such a measure. He did not contemplate the ap-
pointment of a committee of consultation as a perma-
nent body ; for if they were a permanent body he
would at once cease to be a director.—(Hear, hear.)
Mr. WITHERS expressed his concurrence in the
remarks which bad fallen from Mr. Gladstone. He
could assure Mr. Williams and the meeting this com-
mittee was not meant to be a farce at all.—(Cheers.)
They would inquire into the general management and
liabilities of the company, into its future prospects,
and, indeed, into all matters relating to it.—(Hear,
hear.) The report of the committee would be pre-
sented to the proprietors on a future occasion, and he
hoped it would be completely satisfactory. ie might
add his testimony to that of Mr. Gladstone, that they
had been met in the most cordial manner by the
board of directors—in a manner which gave him great
confidence in the integrity of their management.
The motion was then carried unanimously, and
amidst considerable applause.
Mr. GLADSTONE proposed that Mr. S. Baker, of
London, Mr. R. Potter, of Herefordshire, Mr. C.
Wardell, of London, and Mr. T. Williams, of London,
be recommended to the board of directors to fill the
vacancies caused by the retirement of four members of
the board.

The CHAIRMAN read a letter from Mr. Vining, who
had been put forward as a candidate for one of the
vacant seats, stating that his engagements would not
enable him to afford time for the performance of the
duties, and declining to accept the office.
Mr. WITHERS seconded the motion. He observed,
that for the last sixteen years the directors had, been
re elected as a matter of course. He thought it was
a reproach to the proprietors that such a system had
been so long tolerated ; they had forgotten their own
duties and responsibilities. He hoped, however, that
they were now awaking from their former dormant
state, and that they would now take upon themselves
the responsibility of appointing such directors as they
thought most likely to manage their affairs with
caution and success. He would recommend the
,hareholders, when there were any vacancies in the
direction, to elect the best men they could find.—
. . .

(Cheers.) He regretted that there was a section o
proprietors at Bristol who appeared on this occasion
to be misled by feelings of private friendship—(A cry
of "N o, no !")--and who had intimated their inten-
tion of proposing Mr. George Jones, one of the
directors who had lately retired. Ile would, how-
ever, strongly recommend the friends of Mr. Jones
not to persevere in proposing him, but to allow the
four gentlemen named in the resolution to be elected.
The CHAIRMAN, in answer to a question by Mr.
Williams, said that the new directors would each cc
cupy the place of a retiring director, and when the
time arrived for the retiring directors to go out they
would go out.
Mr. MERCLR then rose to move that Mr. George
Jones be recommended for re-election. He stated,
that immediately it was known in Bristol that Mr.
Jones had been balloted out by the board of direc-
tors a meeting was held at the Commercial-rooms,
and resolutions passed, recommending him to the
shareholders for re-election, on the ground " that
Mr. Jones was one of the originators of the com-
pany ; that he had attended the board meetings with
great regularity, and had displayed untiring energy
in promoting the general interests of the company ;
and that be had been a strong advocate of economy ;
and was the mover of the late revision committee of
their own board, and that be drew up the report of
that committee, which recommended a reduction in
the annual expenditure to a very large amount, a por-
tion of which, to the extent of many thousand pounds
per annum, has not been acted upon." With respect
to the argument about the infusion of new blood, he
asked gentlemen to consider whether, in carrying out
that idea, they might not infuse worse blood. They
knew the value of Mr. Jones's services, and they ought
to retain them,
Mr. FRY seconded the motion.
Mr. HALSALL, Bristol, said, that though a sub-
scriber to the Commercial Rooms of that city, he was
not aware that a meeting had been held there until he
saw it reported in the papers, and he knew many who
were in the same position. lie mentioned this
to prevent it being supposed that the whole of
the proprietary in Bristol were in opposition to the
directors.—(Hear.)
Mr. FRY explained that there was only a few hours
between the time when it became known that Mr.
Jones had been balloted out and the time when it
was necessary to return the nomination to London,
and that there was therefore little time to sum-
mon a large meeting ; but that there were forty-nine
requisitionists, and several others joined the meeting
in addition.
The CHAIRMAN stated, that in the course of the
discussion which ensued at the board of directors, in
consequence of the proposition to afford the proprie-
tors an opportunity to elect four new directors, it was
suggested that the object might probably be
defeated by the re-election of the directors who
should be balloted out. Upon that occasion
he (the Chairman) stated, in the presence of
the board then assembled, that, although it
was impossible to declare a candidate ineligible
whom the law declared to be eligible, yet it
was desirable that an understanding should be
come to that whoever should be balloted out
should decline to be re-elected. He stated that,
should his own name be struck off, no considera-
tion should induce him to resume his position
at the board. The same opinion was expressed by a
great number of directors. Mr. Jones did not dis-
tinctly express any opinion; but he (the Chairman)
was confident that the plain and distinct understanding
of the board was such as he had expressed, and that Mr.
Jones offered no objection to it.—(Bear.) Ile admitted
that Mr. Jones had regularly attended at the board ;
that he had displayed great earnestness and zeal in
promoting the interests of the company; but he could
not admit the claim put forward by his friends, nor
did he believe that Mr. Jones would put forth such a
claim for himself, that he had shown more earnestness
and seal than his colleagues had shown.—(Hear.)
It was quite true that he was the mover of the revision
committee last year, but it arose out of the general
determination of the company to have such a
committee. It was also true that he prepared a
report, but that was not the report that was adopted
by the committee. With reference to the state-
ment that certain measures of retrenchment which
he proposed had been rejected by the board, he (the
Chairman) bad to state that Mr. Jones proposed to
reditoe the oluitti of the polioemen tad porters, and