The Sun.
London, England, 1849-02-24 00:00:00

[PRICE SD.

Mr. MARTINE/ix then directed the attention of the
meeting to another question. It had reference to the
last call on the No. 1 and 2 Extension Shares, which be
contended, according to a statement made by the chair-
man at a previous meeting, ought to receive dividend,
whereas it now appeared it was only to receive interest.
Fie therefore moved a resolution to this effect—ghat this
stock should receive dividend in proportion to the capital
paid up.
The motion was seconded, and a confused discussion
ensued, several shareholders speaking whose names
we
could not learn.
The motion was ultimately withdrawn,
The CHAIRMAN promising that his best attention
should be given to the matter. As far as he was indi-
vidually coact reed, the proposed dividend would benefit
biro gr,tvly, for he held a larger amount in that stock
than any other. But as chairman of the company, that
consideration should never actuate him.
The report was then received and adopted.
The CHAIRMAN then moved that a dividehd be now
declared at the rate of 6 per cent. per annum on t1h5e1..":
pone:
solida ted stook of the company; on 201. per share of the
original Nevvestle and Berwick shares; on 201. per
share of the North Shields purchase shares; n
share of the Extension shares, No. I;
and 10/. per share
of the Extension No. 2 shares, from the Ist
of July
last and on an additianal 5/. of the same shares, from
the 25th August last, and at 5 per cent. on the .rera,,in.
ing al. per share of the North Shields sham, Bush dill. •

-co-- '—'
- ,
ti ..onae gentlemen-are—net at all aware.-44- -
cb/
~) If their docks were ready, forthe shipment of
ley would be enabled to'realise a vast increase in
..s department alone. A handle bad been made rather
unfairly to himself, as to. the North British Company, ' •
and if they would give him II few moments of thew at-
tention, be thought he could., explain that matter in a
e
way that would exempt him from anything like an at
tempt to involve them in an imprudent.bargain. Ile
had been urged, re-urged, and pressed in all directions
to make arrangements with the
~North British. The
London and North-Western, it,was said, were not con-
tent with their position, and, were anxious to increase
their safety by .getting hold of this line. There-
upon he had an interview with . Mr. Glyn, and he sug-
gested to that gentleman that this was neutral ground,
and .that neither of them should telt. thia line.
That gentleman assented, and then he (Mr. lindson)
felt himself safe. But other parties thought differently,
and be telt obliged to pay attention to the represents-
tions that wero made to him. he never had an Anger-
view with the directors of the North British himself, but
in all his negotiations he had made this, proviso—that he
should not be bound for a longer period than three years. .
They told him their traffic Ives so-and so; and his reply.
was that he did not believe it. Nevertheless he,wonl4
try it for three 'years, and if it then turned out to be un-
profitable he would give it up. Was there anything very
improvident in that proposition, considering the period
at which' it was made?—(Hear, hear.) And again, to
show that he had no great opinion of the North British at
that time, he might meetion that the York and New-
castle Company were considerable subscribers, and he
sold out and divided 30,0001. surplus profit among the
shareholders in the of dividend.--.(} ear He also
at that time proposed that they ithould not construct
any branches without the sanction of this board, and in-
deed he altogether guarded, as clear as he could, con-
sidering the excitement which then prey ' ed. People
were wild at. that time, and it was not to be ondered at
if directors did catch a little of the disord from'
the
proprietors.— (Laughter.) Shareholders 'would . not
aii
allow .their directors to stand still; and, therefore, he
did consider it hard and unfair to quote e: *atter of
this sort against a public man, as an instance of impro-
vidence and want of caution.—(liear, hear.) -The-North
British Company were at that time projecting a Mae to •
Carlisle, and fer that and other reasons it WM of some.
consequence that the York and NewcaStie !should hal*.
that- line, but the inducement ,we,s, nevertheless, not
sufficient to warrant the directors in involving ,thia
-company in so serious a risk, and , they, therefore, ,
abandoned The idea. Not- long ago he had had a fur- . .
ther communication with the directors of the North '
British Company. He then had the only interview
which. had taken place between, them, and having
heard their statement he told them he. would make .
them no offer. for having gone through the ordeal of
October, 1847, he certainly did not feel anxious for
more responsibility than that which then devolved upon
him.—(Efear, hear.) And to show the sound position
this, companyfwas in -at that precarious period, he might
Mention to its- honour, that it then paid back to the
Bank of England the sum of 170,000/. which it had bor-
rowed on its debentures. But there was another charge
against him respecting the Great North of England pur-
chase. Why be told, them at theltime that that was a bail
'bargain--a -dear-bargain-=but 'they began---witlrit;-and- -•-
he did not see then how they could get out, nor did be
see the way now. There were the Leeds ind-Thirsk
end the Greet Northern threatening them on the ono
hand, end' the Steelton end Darlington clerking with
them ou the othtr, and under all the circumstances he
'questioned whether they could haie done better; but be
that as it might, he had never, concealed the whole trans-
action from the shareholders,and he must say he thought
it not verycreditable on. the part of those who had ex-
torted- the, terms. He was not prepared to say that the
great North of England would not pay its rent. He
believed be could-show a -"very large sum received on
that line. • When they took the line the coal traffic
was, 80,666 tons, but now it was 500,000, ' add
would, he had no doubt.' go on increasing, for they-
would supply the whole of the south, and also Scotland.
and Ireland with coke, as no other part of the country • -
could furnish that article with such perfect means; as' ~
they could. But it was no use reaping up old sores;
and, therefore, without going further into the subject, he
would conclude by assuring the shareholders that nothing
should be -wanting on the part of the directors to secure _
the best interests of this company. '
Mr. PRANCE, of London, wished to call the attention
of the meeting to a subject which was of vital import-
ance to the interests of this company. The directors
had very properly put into the hands of the shareholders
some days ago a statement of accounts. In those ac-
counts there was a charge of 747,785/. invested in the
shares of the Great North of England Company. The
1001. shares were stated to have been purchased at an
average of 2341. 14s. 01d; per share ; the 40/. shares, at
941. 6s. 61d.; the 301 shares, at an average of 70/. Bs. 3d.;,
and the 15/. shares, at an average of 34/. 19s. 90., or
211. premium.---(Hear, hear.)
The CirairtirAN said there was an error in the last '
item—there was an omission of 2,800/. which had '' been
paid on those shares.
Mr. PRANCE said he held in his hand an extract from
the official list of the London Stock Excharrege; 'which
contained every transaction from October, 1846, to De-
cember, 1848; from which it appeared that the 15/.
shares were being sold at an average of 16/. 15s. Now, the .
directors might say, and very properly, who could have
foreseen the difficulties they had gone through. It was
true they might not have selected the beet mode of pro-
, viding for these shares :or the financial poiition of the .
company did not enable them to pay for them'when the '
opportunity occurred. - In the exercise of that " sharity
which beareth all things, and hopeth all things," he
should have been Inclined to say that was satisfactory;
but there was about those 151 shares something so
extruordinary as to induce him to ask for further
explanation.—(Loud applause.) What was the
condition of these 15/. shares ? They were crested
with a small deposit of 303. Unlike the larger shares, -,
they were not to receive 10 per cent. dividend, but only
son the instalments, which were to be completed to .
June, 1849, when they were to receive 10 per cent., and
when they were paid off, the company bad a claim to be'
paid eff at the rate of 221. 103. premium. In October or
November, 1846, these shares must have been bought ,
by this company. Then if 21/. per share premium wet--
given for them, they must add 81 years' interest at 6 per .
cent., because they were giving that for money. which' •
was equal to 255. per share per annum. The 31 years
would represent 41. 13s. 9d. to be added to the cost price,
and that`veould make 251.135. 9d, in July, for which
they were only bound to pay 221.105. • That was a sub-
ject which required explanation; for who in his senses ,
would raise money at 6 per cent. to invest it at lit per
cent.? This seemed to him irreconcileable. He dis-
claimed all animosity or hostility towards the directors, .
in bringing this matter forward, which he had done front . •
no other motive than a sense of duty.
The CHAIRMAN said he bad not the books ,there, and .
could not therefore inform Mr. Prance who was the ~,
seller, as the company had bought a great many lots of
different parties; but if there was any mistake the books
of the company were all open to the shareholders, and
they could examine them as minutely and as fully as - '
they thought proper. He would tell them candidly at
once that he had 2,800 of those 151. shares; that was all
he had of them; and if ho had disposed of them to the
company at a larger price than ho ought to have done,
ho should be disposed to do whatever the shareholders
thought would be just and fair. He had got the esti-
mates of the 'prices from Mr. flews, be believed, and .
that was all he could say upon the subject.
A SHAREHOLDER, from Liverpool, thought Mr. Prance
ought to be content with the assurance of the Chairman,
that whatever the average might turn oat to be, he was
agreeabla to abide by it. He congratulated the meeting
on the candid manner in which the proposed leases had
been abandoned, at all events for the present, and coin- -,
mended the course adopted by the directors in ''giving
notice on the subject.—(Partial applause, and gapers'.
diiapprobation.)
, Mr. PRANCE moved the appointment of a committee
of five shareholders to examine into the matters, and to '
report to an adjourned meeting.—(Applause.)
Mr. H. N. Love seconded the motion.
The CHAIRMAN said he might have got wrong in the
early stage of these share transactions, but if he had
Made an error in this instance he had been right 'in
'many others. He had never ditected his attention to
this particular transaction; and if he had made an error
he was ready to refund the money. - He would -take .all •
the shares back if they liked, and pay all -the 'bore"
on thetn.—(Hear.)
Mr. LOVE said there was no. doubt about ' the 'P"
being excessive.
The CHAIRMAN—Then let it bepnt right.
A SHAREHOLDER did not esteem the Stocis.
his life at
list as anything, for he never bought I! share
the pries) in that list. • He-wished he
have been beeter off than be was.
Mr. R. DENISON, of Wapliniet•ir H:4ueddsofthorinna,Ehtaoaxnacwhttainehegrisdeee
were seven other directors besides .. had
could have in it.
of censure, until the eh
thought there was anything
eag
put their veto upon transaction, they
vowed that no resolution might be
I shpeourAlt,dieinnrgtobfe really-
susSHAßEHOLDEßchsuch ae understoodT°eb. iuthr.atilthudesroenviwasaaßosmaiedthtoln. ghaitdrevee:
sold these shares above the market price; and his _ answer
seas, that i
fit were proved that he had done so, he was
willing
to refund the money, and after that pledge he
for one was satisfied.
The CHAIRMAN said if the shareholder s wished it,-he
had not the least objection to a committee.,.—(Hear,).
A committee was then appointed, a--
COaausfraug of Mr.
Prance, Mr. Love, Mr. Denison, Mr. Clayton, and Mr.
Shield.