The Sun.
London, England, 1847-07-13 00:00:00

'DOM TUESDAY Er-ENING,

shareholders ; • but their confidence in them had
been much shaken by the way in which they
had acted towards them. However, if they
had been unjustly suspected—if charges had been
made against them which were without foundation, the
appointment of a committee would at once set the matter
at rest; and surely when they had been directly charged
with mismanagement, with squandering the money of
the shareholders, it was incumbent upon them not to
hesitate for a moment to submit themselves to such an
unobjectionable tribunal. They must either confirm or
rescind the resolutions agreed to at the last meeting,
and he considered that it was, therefore, competent for
the meeting, nay more, that it was incumbent upon them
to confirm in all its integrity, the resolution which they
passed so unanimously at the last meeting.—(Cheers.)
Little credit, however, was duo to the directors for
coming forward, after a lapse of fourteen days, and
offering an inquiry, when they knew they could not
withhold an investigation into the affairs of the company
any longer—(Hear, hear)—but they accompanied this
concession by a salvo, as they said " We must have a
committee of our own."—(hear, hear, and cheers.)
Nothing was more legitimate, or more common in
the ordinary transactions of life, than for a committee
of proprietors to be appointed to inquire into the
financial position of a company, at the request of the
proprietors themselves, without objection on the part of
the directors, because they were merely the trustees for
the shareholders, from whom all power emanated.—
(Cheers.) For the sake of their own characters, they
ought not to have objected to inquiry, more especially
when a great body of the shareholders demanded it.
It was one of the most astounding things he had ever
heard in connexion with commercial matters that, after
a body of persons had passed a resolution for the ap-
pointment of a committee, that they were incompetent
to carry out their determination.—(Hear, hear.) Why,
the plan adopted by the high court of judicature—the
Parliament—was to appoint committees of inquiry at
all times and on all subjects, and to take care that the
mover was one of its members—(Cheers)—and, there-
fore, he was perfectly justified by precedent and common
sense in asserting that the decision of the Chairman was
illegal—(Hear, bear)—and he called upon him to say
that he was wrong in his conclusion; but, above all, he
earnestly called upon the shareholders to be true to
themselves, and to stand by those who, out of their own
pockets, had brought this matter to its present juncture.
—(Cheers) The time had come for solemn and searching
inquiry, and inquiry after a lapse of fourteen days was
considered necessary, and due to the shareholders by the
directors themselves. Presuming that the great body of
the shareholders agreed with him, ho should conolude
with an amendment proposing the appointment of a
committee; but. first of all, he wanted the shareholders
to know what they had met to decide. The question they
had to decide was simply this :—Should they support
their former resolution, or stultify it by acceding to what
the directors now proposed?—(No, no.) What, he would
ask, had happened since the last meeting to induce the
directors to offer that fraternal advice which they had to-
day? Then he should also like to know whether the
letter issued by the directors was signed by Lord Devon,
and whether upon their minutes it appeared that the
conclave which issued it consisted, in addition to the
directors present, of that Noble Lord, of Mr. Christy,
Mr. Ford, and Mr. Seeger, and other gentlemen?—
whether they approved of it, and, if they did not, as he
apprehended, whether it could be considered as rather
conveying the sentiments of the chairman and those
actively engaged with him in the direction, than
of those h bad mentioned?—(hear, hear.) He
was not ashamed to confess that he was a lawyer—
(Laughter)—and he should be unworthy of the profes-
sion to which he belonged if he did not call upon the
directors to uphold their decision. Let them look at
the accounts which had been presented to them. He
would ask Mr. Stuteley, who was a man of business—
he would ask any one at all conversant with commercial
matters, if the accounts were so clear and satisfactory
that on the very face of them they would consent to the
enormous powers sought by the directors ?—(Cries of
" No, no.") He submitted to the meeting whether they
ought not, in justice to themselves—in justice to the
public—and in justice to the example of that society
which formed an example to all the world, to support
their decision. He understood,befu'osreyohuercaaumtheoirnittoy?the
room, that the directors intended to carry their pro•
positions.
TheAM
r.
QC uH 1
DIRECTORANI_R mNAtos sh,
(Fuog7hkitellienp you give
honour that the authority for
such a statement should be given.
Mr. EusiNs said his honour was in his own keeping.
The resolution at the last meeting was carried by a
majority of 89, and surely that evidenced a want of con-
fidence. The amendment be proposed was to the effect,
that the meeting considered it expedient to defer any
affairs decision
of
otnh
et propositionsch.oempauy
have
beenof the
investigated directors untilbya
mittee of the shareholders, and that a committee of
seven be appointed, with power to inspect all documents,
books, and papers, and to call in the aid of an accountant
if necessary, and to report the result of their decision to
an adjourned meeting. He wished to know from the
Chairman what course he should adopt, as from his
mode of proceeding, he was unable to say how he should
proceed ?
The CHAIRMAN said it was not for him to advise him
as to what course he should adopt.
A SHAREHOLDER said, as the Hon. Proprietor had
called himself a partizan, it would be well if he would
state to what party he belonged.
The CHAIRMAN said he would explain. He became a
shareholder on Saturday last, by a transfer of shares
from Mr. Varnham. Every one who was present at the
last meeting must be aware that the Hon. Proprietor was
not present from the mistakes he had made.
Mr. ELKINS admitted that he became a shareholder
on the proceeding Saturday; but could any blame attach
no.)to
franklyotnhatthahtescwo,raes?—on(Ntoh,eie of aodsemiwttheod also
f
brought the matter to its present state.—(Cheers.) lie
appeared in no false colours. He confidently submitted
his motion to the approval of the meeting.—(Cheers.)
Mr. MOORE seconded the motion with great satisfaction.
He said he was connected with both companies, and
lie
th
seeing that the conduct of certain parties had not con-
duced, and was unlikely to conduce, to the benefit of
either, which were two noble companies if they were
properly managed, and seeing that that company was so
much indebted to its
directors the market company, and that
directors were endeavouring to injure that company, he
felt that he was discharging his duty honestly to both
ei
by not only seconding the motion, but calling upon
t.
shareholders to give it their most strenuous suppor
interests were clearly identical—(
In effect they ought to have been one concern, as theirhhad
comprised but one company there would have
which had
none of the jealousies and illegal proceedings
taken place.—(Cheer;.) He denied that they were
erlei
ignorant of the proceedings of the directors, and of a
Bear)—if they
been a
that had taken place; at any rate he had kept his. re-s
ports, and would read a few extracts to show the views
of the directors from year to year. On the 2d of August,
1838, they issued a very elaborate report, in which they
stated " They hoped that the total cost of the bridge42at
would be 105,0004—Meer, hear)—in February', 18 ,
the next meeting, the cost was stated to be tie_
to b
same;
and in August, 1842, the probable cost was stated
102,254/. In February, 1843, the Hungerf ord Market
r Company relieved them from their difficulties,
and they
. repeated then that the cost would be no more than that
very dif
O riginally estimated; but in August, 1845, a
would loot
ft rent report was presented, and they learne
not be
sit tie that all those sanguine expectations
0_
1838
ret dised, yet the report stated that the estimate t
;bnt
wo old be found to be as nearly as possible coChairman
Choi v had that prediction been verified? but he had
s, zit 1 the accounts had been regularly audited'
Hear.
ts.—( )
an iv er seen any auditors names to the accou
nhad been
Tau 're might have been one account which
cost
two he bridgebe 1
ts•
a,t 000/.; and therefore, as co-partners
l'ation that was
had. 1 ?roved a more advantageous apecua
ght to be no
anti'ci pated, he contended that therer
obild.ies were so
seer, st s. When they knew that their
have increased the
great he
too;thught they ought not to h .
ih a )
cent,...-kt ear, eT.
divid es ad even and a half per
as 'stated, as they
The iis bilities were greater thanLwori
n Commissioners,
owed 121 ),000/. to the Exchequer
liabilities altogether
and 01, 000/. besides, making the loss a
loss to understand
41,0001.- —akar, hear.)
He was aandour evinced on the
why ebea e should not be more ce
v h y should deceive the
part of ith e directors,
and
wh-
]scions statements to
sharelsolth ,rs by presenting fa
erford Market Com-
them, 'r he directors of the Hung
rietors, and he be-
pany had .:nover deceived their p 9e
-wrhich so much unani-
lieved their never was a body 1)
The bridge company
mity prevai.ku d.—(Loud cheefras;v, :
when they must have
ought not to have gone to
offer a
shadow of opposition
known that t hey could not..._
(Hear, hear.) He called
to the claims of the compesmnYia
a bear) full and succinct states
upon th e proVietors to dllear,
.
1 ment of the accounts.—(
have( it.
A Vo ICE--
We
will
then submitted the proposition to the
The ClllantatAN
solution at the last meeting was
meeting. He said the re. .
ttdb M E •
majority, as aa e y r. lkins,
not cams d by a large
as he gate the casting v
Mr. Erse would leave
accounts.
adjourned one,
for the purpose of
impos-
sible for the proprietors ote in favour of it.
the chairman to deal with the
contended that the meeting was not an
He if it had been they could only have met
a similar purpose, w ,
put forward this
staked his opinionl looking at each other. It was
to move or second resolutions for
on .is
them.
just addressed . hen the first had been carried. the
put authority as a b • •
arrister;
against that of the solicitor who had
Now, it appeared to him that this
considered a qpestion of
was simply consi,ut; s. ps
o No, no," and ' Yes,
..y . s Well party•—(Cries of
, it so appeared to
g good property, and their interests as
him. They bad - aentical.—(Cbeers.)
proprietors were
sin-
cerely desired was All they
ito make their property as luerativeasit could be made, ,
promote that end..and he came there to do his best to
called •
Th©y were upon to discharge
liability of 10,000/., but they had no-
without delay a
out of which to dischar
thing in their coffers
9,000/. of this immediate)! it
if
I ti ley did not pay y they
10,0001., and sure] •
w a mid have to 1)7 ..
so than 10,0001.—(Hear,it was
Le a tier to y
Pa- 9,0 • n how it was to bepaid, hear.)
Tl 4. en came the questdio and un-
ut that 10 000/
les: ; the directors had p, • into their own
i eta and had only
to take it out again, ho could not
pos 1 tto discharge this and other liabilities,
Bess in. 'w they were he means of doingraise but
so.
"e was
fre• that they should lo,oool.—(Hear,
o f 05......9n time lie was of -•
I tear —bot at the same
could not "
,_
with less, and therefore it was useless for
time in talking about each
them to waste
racters ; instead of doingt beso they should consider
calmly what was best odonee to promote the
of their property.—(Hear he ) F
advantage
ew
la's Byers knew much
were available; it appeared
to him that the eighths
of debts, and if they
met for the payment
listed he should be the first to stop the direction by
pr
injetnetion. They were created for the purpose of making
aroaches.
They had had enough of fighting, and he
agpprod with b9u, ProPri9t9rs than they did ;act wrest of