The Sun.
London, England, 1849-09-08 00:00:00

A PROPRIETOR—What are you going to do with the
balance 01 17 000/.?—(flear, hea-.)
The CHAIRMAN— We are in the hands of the share-
holders un Oka point. I think, in the face of the sus-
pense account, we could not recommend a dividend. I
am sorry for this. I know very well there will be cases
of great distress in consequence.---(Here arose a great
number of noises—`Yes, that there will! The rascals!
What ruin they've caused! Not one of them can ever
hold up his hsad in York again. No men so des-
picable!")
The LORD MAYOR of York suggested they ought not
to divide the 17,0001., as no provision had been made for
the deterioration of their stock. There could be no
question that some reserve fund was necessary for that
purpose, and looking to alt the circumstances and extent
of their line he could not thin' less than 15,0001. a year
should be set aside. •

Mr. Ross thought that question premature. The ex-
pense of rolling stock and permanent way was a matter
of inductive science as yet, and it was impossible to state
any sum precisely as enough for the purpose.
A PROPRIETOR—It is a matter of necessity to many
shareholders that the 17,0001. should be divided.—
(Hear, hear.) The reserved fund may be made next
half-year.—(Hear, hear.)
A PROPRIETOR asked if the portion of the line which
did not pay would be continued in full play?
The CHAIRMAN said the committee of investigation
would report fully on the state of their line. He re-
gretted to say that in looking over the receipts of one
line—Market Weighton—he found a day's receipts so
low as 1 H.—(A laugh.)
Mr. THOMPSON claimed a subscription of 5001., which
had been promised on behalf of the company by Mr.
Hudson to the newly-erected hospital at York, and on
the faith of which the promoters had gone on with a
portion of the building.—(A great deal of opposi-
tion was manifested, and cries of " No, nor from several
prrsons in the meeting.)
Dr. O'BRIEN called on the solicitor to state if a promise
of Mr. Hudson could he binding on the company.
Mr. NEWTON replied that the shareheldera alone
could vote away the money of the company.—(" Let
Hudson pay it himself!")
The CHAIRMAN said that though there was no resolu-
tion of a public meeting, it might be well to consider
how far the company ought in honour to perform the
promise, particularly as they derived advantage from it
in case of accidents. It was all a matter of feeling, and
the hospital had no strict right or claim at all.
On Mr. THOMPSON'S again urging the meeting to pay
i the money,
Mr. RAsisAY (a proprietor), in a very high state of
excitement, both of manner and language, declared he
ought to be ashamed of himself to make such a proposi•
tiou at such a time, when the medical men could prove
hundreds would lose their lives through the rascality of
an individual (whom he named and denounced as a
sharper, scoundrel, liar, &c., amid the loud cheers of
the meeting.) His brother directors were as much to
blame. Vs hen it was said, "He is buying another es-
tate—he must be robbing ue," he (Mr. Ramsay) said,
" Oh, no, that can't be ; we have Mr. Williams and Sir
J. Simpson at the board, and they never would allow
him to rob us."—(Cheer:.) In the name of the father-
', lees and widow, he moved that this should not be paid.
Before he sat down he called on ;the meeting to express
their opinion that any one who associated with the per-
son already alluded to, or any member of his family,
should be held up as a disgrace to society.
After some further remarks from different speakers,
it was agreed to defer the consideration of the subject.
I Mr. WeasoN entered at some length into a series of
calculations to show that in its present state the line
could Lot possibly pay more than l per cent. on the
wholo capital, and proceeded with earnestness to enforce
a plan of his own for the better arrangement of their
affairs, recommending the Hull and Selby, the Lanca-
shire and Yorkshire, and the York and Midland to
appoint a certain numbcr of directors to settle their
dispute amicably, and ultimately enabling the company
to have a dividend of 31. per cent. But the general feel-
ing of the meeting being against its consideration at that
time it was postponed to another meeting.
The CHAIRMAN (in reply to a proprietor) said Le
hoped the report would be ready that thy month, when
it would he hid before a general meeting.

Mr. PRICE movA, and Dr. o'l3atEN seconded, a vote
of thanks to the. chairman and directors. _

Ihe CHAIRMAN, in returning thanks, expresiel his
regret that neither his health nor his other engagements
would enah!e him to continue their chairman—(" We are
sorry to hear it")—but arrangements had been made that
the Lord Mayor should take his place.—(Hear, hear.)
He concluded by moving that they should resolve them-
selves into an

The CHAIRMAN—We have not wade our report, and
we cannot answer Ow gles'i,•n; but it will not ho lire
rem. We have BMW rail and rs .paid fur than
will (o,nul-te th 4, NOtZingha.o.; hoe —(I ar, hear )
Mr. MAXWELL—iIeW many cuntraes 11...,ve you, and
to what amount?

The CHAIRMAN.-0121y two, but we cannot state the
amount; one is yet under arbitration. You had better
leave this subject till the fins' rep ,rt.—(Hear, hear.)
Mr. RAND —I wish to cede you, Sir, it you think the
resignation of the directors b! received?
The CHAlRMAN—Personally I have the highest re•
spect for tlr. Dudsworth, and I think it essential this
meeting should know he did not accept a share of any
kind.— (Cheers.) lam bound to do him and the other
directors the justice to say no men could be more assi-
duous in their attendance. I have but one objection to
Mr. Dods North. He refused to vote fur the prosecution
of a defaulting clerk, fur he felt as higher criminals had
been allowed to escape minor criminals should not be
punished.—(Cheers and applause.) That oljection
might be in his favour as a gentleman and man of teeling.
Mr SWANN, in answer to Dr. O'Brien, stated that the
first cits tribution of 100 shares to the directors hi,l been
received by all of them except Mr. Dadsworth and Mr.
lltok. Theys were sold very son after—almost im-
mediately_ Hesse:)—at from 7to 10 premium.—(oh !)
21sr. c
LLOYDhe first 600 shares were sold at 11 to
3 li
a
13 premium; the 800 were sold for 9 or 10 premium.
Altogether the directors sold their shares at an average
of 11 premium.—(" Oh ! oh !)
Dr. O'BRIEN—I-lad they a right to appropriate those
shares ?
The CHAIRMAN —Certainly not.—(Cheers.) But I
must say, at the same time, that had Mr. Hudson in
those days proposed to take 500 shares himself, and give
each of the directors 100, you and I would have gladly
let em do Yes, yes," " No, no.")
BRIEN—The transaction was therefore mani-
festly illegal.—(Hear, hear.) The meeting should see,
therefore, whether they could not empower the directors
thrl
Dr. o
to take immediate proceedings against every person who
had received and sold those shares.—(Hear, hear.) I
beg to suggest that the Committee of Investigation
should rep ert on the propriety of taking legal steps to
recover these sums.—(Hear.)
Mr. RAMSEY asked it Mr. Peter Clarke was to be con-
tinued in the company's service?
The CHAIRMAN replied that he was still in the com-
pany's service, but that it was more as a personal
favour than anything else, and that he took upon him-
self all responsibiiity in regard to Mr. Clarke's actions.
considered that it was a great benefit to the com-
pany to have the services of such a man ; that there
was no man perhaps so well versed in railway trans-
actions.

Several shareholders objected to this, but the Chair-
man repeated his former assertions.
Mr. KINNEAR felt himself obliged to speak on this
subject. He thought Mr. Peter Clarke's former conduct
had rendered him unfit for further service in this com-
pany. He then went on to show that, through certain
information which had got abroad in the city, and
which he seemed to attribute to Mr. Clarke's having to
do with the making up of the accounts of the company,
the value of the undertaking had then not been de-
predated, and that the facts of the case had been totally
misrepresented.
After some further discussi,m,

Dr. O'BRIEN proposed that the matter should be left
in the hands of the committee of investigation, which was
ultimately tweed to.
A SHAREHOLDER here asked about the error of 8001.
in the accounts?

The CHAIRMIN replied that he never saw it.
Mr. ROWNTREE explained that the error arose from
the sum of 5,0001., which had Lynn paid for 102 waggons,
having been charged as Current expenses instead of to
capital. Mr. Kennear diff,re4 from his opinion as to the
explanation given respecting the error. Ile said that
the original copies were out of their possession tor some
time, and when they were returned he discovered that
alterations hail bAen made in 15 or 16 different items.
He hid found this out by havieg kept a copy of the ori-
ginal account.—(Cries of " Shame! shame!")
After further discussion on this point, it was left in the
hands of the committee.
A STIAREIIOLDER. then referred to the practice of the
company's sera ants beating shares.
BOWNTREE proposed that as soon as ever any one
in that capaeity was bearing shares, he should be dis-
missed the company's service immediately.
Mr. RAMSEY seconded the resolution, but an amend-
ment was afterwards carried, referring the matter to the
committee.
Dr. O'BRIEN then asked Sir John Simpson if he was
ready to refund the money upon his shares?
Sir J. SIMPSON replied in a speech of some length.
He said he served the company faithfully in London
during the sessions of Parliament, in the years 1845 and
1846, and he considered that he had well earned his
shares. He declined to refund any money.
Dr. O'BRIEN said they would see whether their soli-
citors mild not make him refund.
A long discussion ensued as to Mr. Dosworth. The
question was, as whether he would be ranked with the
other directors who had illegally appropriated the shares
to themselves.
The shareholders spoke generally in the highest terms
of Mr. Dodsworth as a man of the highest integrity and
honour.

A resolution was eventually carried calling upon the
whole of the directors to resign.
Mr. THOMPSON, of Moathall, proposed a resolution,
which was seconded by the CHAIRMAN, that the report
now presented be received and adopted.
This was carried unanimously.

Mr. BAND then moved that the resolution of the three
directors (Sir John Simpson, Mr. Jennings, and Mr.
Dodsworth) be received.
This having been seconded was also carried unani-
mously.
Thanks were then given to the Chairman and the
committee for their valuable services, and the meeting
separated, after sitting five hours.