The Sun.
London, England, 1841-11-25 00:00:00

THE SUN, LONDON. THURSDAY, NOVEMBER 25 1841.

The CHAIRMAN stated that the railway was 78 miles
in length
.

Mr. CCBITT, in reply to a question from a Proprietor,
stated that the sleepers were being Kyanised upon the
high-pressure principle ; and expressed his belief that it
would have a most beneficial effect in preventing decay
from vegetable substances.
The CHAIRMAN said before the question was put he
wished to say a few words in reference to the loss of
184,0001. It must be recollected that great benefit had
resulted from the slow way in which they had proceeded.
He believed that had they gone on as railways generally
had done, that both their present and future expenditure
would have been much heavier than they were likely to
be under present circumstances.
A PROPRIETOR made some allusion to the manner of
coastructing the stations. Having lately been abroad
and seen the way in which such things were done in
other countries, he hoped the stations would be such as
Englishmen might be proud of. He would rather re-
ceive a less dividend than sacrifice such an object.—(A
laugh.)
The CHAIRMAN was in favour of erecting temporary
stations for one or two years. They might then, if they
found themselves in a position to do so, erect stations of
a [more ornamental kind. The great evil in railways
generally was, that expensive work had been constructed-
before they were opened, which might easily have been
deferred to a subsequent period.
The resolution for the adoption of the Report was
then put to the meeting, and carried unanimously.
Resolutions were then passed, declaring a great num-
ber of shares to be forfeited.
The CHAIRMAN next put the following resolution :
" That the Directors be, and are, hereby ordered and
directed to dispose of the shares, the forfeiture of which
had been confirmed at this meeting, in the manner di-
rected by the Act of Parliament, made and passed in the
6th William-IV., incorporating the Company."
Mr. HILLYARD thought that the sale of so many shares
was a matter of very great importance. Every one was
aware that one of the principal causes of the depression
of the affairs of the Company was the immense number
of forfeited shares which were supposed to be hanging
over the market. Now, in his opinion, the best mode of
disposing of those shares would be to offer them, in the
first instance, to the existing Proprietors, who had paid
up the full amount of their calls.
The SECRETARY said he believed such a step could not
be taken.
Mr. HILLYARD saidt it seemed to him that if the Di-
rectors had the power of disposing of the shares by pri-
vate contract, they had a perfect right to enter into such
a contract with their own Proprietors. That seemed.to
him a very rational mode of getting rid of those shares;
and he believed that if the shares were so offered, they
would all be absorbed. There was an instance in point
It appeared • that the Bristol and Exeter Company
having also had a great number of forfeiture shares, it
was proposed that they should be absorbed among the
Proprietors, and he (Mr. Hillyard) understood that that
course having been taken, the shares of the Company
were in a very short time raised five per cent. in the
market. He believed that a similar course, on the part
of the Proprietors of the present Company, would be
attended with similar success. Of course he would leave
to the Proprietors to say at what price they should dis-
pose of the shares. He (Mr. Hillyard) would certainly
be ready to take part of them for himself.
The CHAIRMAN and several other gentlemen said that
they should be ready to do so too.
Mr. HILLYARD thought that the shares should be ab-
sorbed among all the Proprietors, according to the amount
of their previous payments.
The CHAIRMAN felt obliged to Mr. Hillyard for his
suggestion, and he would take care that it should be
attended to.
Mr. SMITH said it was his opinion that the shares for-
feited should be distributed and got rid of. It was the
number of shares that was supposed to hang over the
market that kept down the prices of them. For himself
he should be glad to take five shares.
The CHAIRMAN said that himself and his colleagues had
been anxious to get rid of the shares as fast as they could.
Mr. HILLYARD wished to know whether there would
be any objection to such a resolution as the following :
—" That before the Directors disposed of the forfeited
shares, they should offer them to the present Share-
holders at certain prices."
The CHAIRMAN thought it would be better to leave
the Directors unfettered, as he wjs sure what bad been
stated by the Hon. Proprietor would have its weight
with the Directors.
Mr. HILLYARD was satisfied with the assurance of the
the Chairman. He was sure what he had proposed was
sound in principle, aad would be good in operation,
The CHAIRMAN had no doubt if the proposition of the
Hon. Proprietor was adopted, the forfeited shares would
soon be disposed of ; but he would rather that they
should be an open question.
Mr. HILLYARD thought this was a matter where Pro-
prietors might interfere, without being thought they had
any distrust in the Directors.
The CHAIRMAN observed that supposing any difficulty
arose, it would be satisfactory to him to have this ques-
tion set at rest; but supposing any difficulty arose might
they not be shackled ?
Mr. HILLYARD did not think any lawyer in West-
minster Hall could object to the proposition which he had
made. He would draw up a resolution as to what he in-
tended,
and submit it to the meeting.
Mr. FIELD proposed a resolution to the effect—" That
the present meeting, in consideration of the zealous and
efficient co-operation of Mr. John Williams on the
original formation of the Company, and heavy pecuniary
sacrifices to which such exertions have exposed him, that
493 shares now forfeited be allotted to him withou,t the
payment of any future calls ; that these shares be kept
by the Company as security for the money lent to him ;
and that the proceedings commenced by the Company
should be stayed ; and that out of the proceeds of the
shares the debt be paid."
Mr. MARK seconded the proposition.
Mr. SMITH thought they had not the power of pass-
ing so extraordinary a resolution.
Mr. FIELD expressed a hope that the motion would
not be passed over in silence.
A PROPRIETOR said it seemed to him that this ques-
tion was quite an- anomaly. The mover wished to lay
out 12,0001. for the sake of receiving back 6,0001., and if
that was the case, he (the I'reprietor) did not see any
advantage would arise to the Company—(A laugh)—
and he therefore was quite prepared to hold up his hand
against it, as self preservation was the first law of
nature, and he thought they ought to take care of
themselves.
The CHAIRMAN said he was not able to speak to the
subject, although he was a Proprietor at the time. Had
he been able to havigiven any information on the sub-
ject, he should have been very glad. The Chairman
was about to put the resolution, when

Mr. FIELD said he shoull be glad to refer the question.
The CHAIRMAN said he could not take upon himself
that responsibility.

The resolution was then put and lost.
Mr. HILLYARD then proposed the following resolu-
tion :—" That if no legal objection exists to such a course
the Directors be requested to offer the forfeited shares
pro rata, such existing proprietors as have paid up their
calls in full at the time such offer is made at such price
as the Directors may determine."
Mr. ROY seconded the motion.
Mr. SMITH said he was so satisfied with the whole
conduct of the Directors that he should be sorry to do
anything which might have the appearance of dictating ;
he thought they should be left perfectly free.
Mr. HILLYARD thought he had obviated that difficulty
by leaving it to the Directors to fix the price.
A PROPRIETOR observed, that if the xesolution were
carried, the Directors should be directed to offer the
shares at a certain price, otherwise he thought they
would be placed in a very awkward position.
The SECRETARY said there was this practical objec-
tion, that by limiting purchases to the Proprietors they
would limit the market; whereas, he thought the Pro-
prietor whose shares were forfeited, should have as wide
a market as possible. •
Mr. HILLYARD said the Proprietor who had forfeited
their shares had no right to expect.;any such considera-
tion; if they were paid the sum above that in arrear that
was all which they could expect. He could not admit
the doctrine that they were to be controlled in the ma-
nagement of their own affairs, by deference to those
who had brought them into embarrassment, by not per-
forming the undertaking which they had entered into.
The CHAIRMAN said he was aware of that, but he for
one wai quite prepared to bear the responsibility.
Mr. FIELD doubted whether it would be advisable to
press any resolution at present on the subject of the sale
of the shares.

The CHAIRMAN said that he cculd feel no objection to
the sesolution proposed by Mr. Hillyard. He had no
doubt but the Proprietors would purchase up the entire
Of the forfeited shares.

Mr. SMITH said that if the Directors had no objectioi]
to the reiolution, he should of course withdraw his amend.
went.

Mr. HILLYIRD said he believed that the immediate
effect of the resolution would 'be to raise the value of
shares ; and, besides, they wanted to get immediate pos-
session, not merely of the shares, but of the money for
which they would sell, for the purpose of carrying on the
undertaking. If the proprietors did not take up the
entire number of the shares they would still have the
public market open to them. By passing the resolution
they would show the public that they were themselves of
opinion that the undertaking was likely to be a pro-
fitable one. _ _

The original Emotion put by the CHAIRMAN was then
put and agreed to, as well as the resolution of Mr. Hill-
yard, the amendment of Mr. Smith having been with-
drawn

M. PxasoNs wished to ask what the arrears were upon
the shares not forfeited. The amount did not appear in
the Report.
The bECR‘ TARy said that there would be a supple-
mentary Report which would show that amount.
The CHAIRMAN explained that it was possible the
amount could then be stated, as many parties had paid
'tip their arrears on that very day.
The CHAIRMAN then put the last resolution before
him. The resolution was to the effect " That the
Proprietors should be enabled to erect accommodation
at the Greenwich and other termini "
The motion was put and carried without any discussion.
Mr. FIELD said he had another case to submit to the
kindness and consideration of the meeting. It was known
to many of the gentlemen present, that Mr. John Wil-
liams(of was now in a state of great distress, with nothing
left him of a very large fortune. He should move, there-
fore,; that the Company,vacate the judgments now hanging overlaim.
Mr. PARSONS seconded the amendment. •
The CHAIRMAN said that for his part he had no 'objec-
tion to the motion. He believed that Mr. Williams was
now in a state of embarrassment into which he had been
led principally by his too kind and unsthpicious nature.
He (the Chairman), had'also consulted the Solicitor to
the Company, and be found there 'could be no legal *ob-
jection to their passing such a vote.