The Sun.
London, England, 1849-05-18 00:00:00

SOUTH-EASTERN RAILWAY.

The CHAIRMAN (in continuation from our Afternoon
Edition of yesterday) said—He had yet confidence in the
success 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 for a purpose. Then they,were contending
against.par ties 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 30,0001. paid for the withdrawal of
opposition ?—(No, no.) Se much, then, for that policy.
and now let him add that the directors were prepared 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,? Be agreed with the Chairman, that :,the
line was one of the best in England. In fact it
passed through a " cultivtated" garden, and it
was no use anybody saying nothing to him.
Be knew Kent well, and this line was one
of the " werre " best in the world.—(Hear and laughter.)
It was his opinion that the line long ago would have
been a fie. had it not been for the talent and ability of the
Chairman, end if he could have his way, he would
vote him 4,0001. Nuw 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 theisteam-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. WILSON would not place confidence in the
Chairman, nor exonerate him from all blame. The re-
port of the committee of investigation represented that
270,0001. 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.") He com-
plained that the moneys of the company had been unduly
and improperly deposited in the coffers of the Commer-
cial Bank of Liverpool. 1:e 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 called the proprietor to order.
Mr. J. WrLsoN—Oh, you do, eh?
The CHAIRMAN-I do; but perhaps if I were to let
Sou go on it would be necessary for some one to warn
you that you are committing a libel.—(Cheers.)
Mr. J. WeesoN was afraid, after this intimation, to
read his letter.—(Cries of " Oh, oh," and " You don't
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 20,000/. had been lost in running
experimental trips, or that heavy parish rates should be
peasirdlibameceanuts,e
nthoerirceouhladirmitanbewatoslesroatmedoicthhaetngg3aooe2 in
00t
dividend,eshrokuielvdd.obieclpi,v:hidelvreahhsyadayoiutgaorneeo
a
t which had never been
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.—(Laughter.)
Mr. J. WiLsoet would pass over that then—(A laugh)
—but on another occasion he would say something
more to them about their affairs. At present he hag
said enough for them to cogitate over till their next
meeting; and there be should leave the meeting, thank-
ing them for their at ention.—(lronical cheers.)
Mr. BAKER saw a strong similarity between this"com-
pany and the Eastern Counties Company. The Chair-
man and Deputy-Chairmen appeared to have been the
managers of the concern, and the directors their puppets.
So it wan with the Eastern Counties Company. The
meeting, no doubt, well remembered the circumstances
which led to the retirement of Mr. Baxendale, and he
would pass it over; but there was cne circumstance
which he should be glad to have explained. Since
Mr. Macgregor bad 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 ~eputy chair, in the room of Mr. Pritchard, who
resigned ? Why, no less a person than Mr. Hen
shuw, 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 who 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
grstitUde to tho,oppoition, who bad ben ihstruamtal