The Sun.
London, England, 1847-03-15 00:00:00

MARCH 15, 1847.

Mr. MozLEY—I tell you, Mr. Chairman, in all can-
dour, that I am about to move a resolution, as an amend-
ment to the motion for the adoption of the report: which
lam determined shallhe put.—(Hear, hear.) That re-
solution is a want of confidence in the directors.—(Loud
cheers.) The shareholders, seeing how their property
has been sold at much below its real value, have a right
to express their opinions in such a practical way as I
propose. I know something of railways ; and I
a ill undertake to say, that in the annals of
railways no instance can be adduced in which
50 per cent. of the capital had been called
up in five months.—(Loud applause.) You may disclaim
any improper motives as you please, but you cannot
divest our minds of the conviction that you had your own
ends to serve.—((Tear, and cheers.) The whole of your
conduct bears out this conviction_ Your object evidently
was to shut out the great body of the shareholders, be-
cause you knew they were against you, from the right to
votn. You shut your books for an unusually long
period. Shareholders who had purchased shares, and
held a large amount of the stock, could not obtain them.
I myself was for six weeks in this position, and some of
the shares which I had bought, and which were kept for
me far this long period, belonged to the directors of the
company.—(Deafening plaudits.) Mr. Motley then
proceeded to condemn, in very severe terms, the conduct
of the directors in amalgamating the Oxford and
Birrringham Junction with the Wolverhampton and
Dudley. He felt it painful thus to animadvert on
the conduct of a body, but he felt that the conduct
of the directors had been such as to impose upon
him the duty of expressing himself as he had
dOne. Mr. Mosley, after one or two other observations,
proceeded as follows:—We are threatened with an in-
quiry into the way in which many of the shares have
changed hands. Perhaps, Sir, that inquiry, when it
comes, many end in discovering what is commonly called
" a mare's nest."—(Loud laughter and applause.)
You (the directors) made great professions of patriotism
in connexion with this company, but all your patriotism
teems to'have evaporated through the medium of
.your
pockets.--(Laughter and cheers.) You read the rights
of shareholders in one way—we read them in another.
I never knew an instance in which a body of men so
pertinaciously clung to office, in defiance of the wishes
of the shareholders. We have, Sir, at least 45,000
shares out of the 50,000 shares of which the stock con-

sists; and I beg to tell you that a great proportion of
the proprietors consist of men who are wholly uncon-
nected with any other rival company. Mr. Mozley then,
ti midst loud cheers, proposed a motion, declaring a want
of confidence in the directors.
Mr. JONES seconded the motion.

The CHAIRMAN—I do not mean to make any reply to
Mr. Mozley's speech. I think the sootier an inquiry is
made, in another place, into the matters referred to by
the gentleman the better.—(lronical cheers.) If we be
guilty of the one. half of what is charged against us it is
high time an inquiry were made into our conduct.
The resolution was then put and carried without divi-
sion, amidst the most deafening cheers. On the applause
subsiding the chairman declared the meeting at an end.

ADJOURNED MEETING FROM TWO O'CLOCK.
At five o'clock, the meeting, which had been ad-
icurned from two o'clock took place, when the same
parties were again present. The chairman of the com-
pany again presided.
Sir J. VERNER wished to ask whether the directors
had re-considered the point on which they differed with
the meeting when it adjourned ? We have carefully
considered the matter, and are satisfied that we are acting
legally in pressing the resolution for the retirement of
four directors.

The CHAIRMAN---I regret that I cannot put the reso-
lution. I can only put what is according to legal forms.
Sir J. VERNEY—Then I will put it myself.—(Tre •
mendous cheers.) I have now, Sir, learned, for the first
time, that gentlemen who acknowledge that they do not
possess the confidence of their constituents can still cling
to office.—(Renewed cheers.) You say you cannot be
compelled to resign. I would rather have said, were lin
your position, that I was delighted that I could not,after
such an expression of opinion as had been given that day,
be compelled to remain.—(Hear, hear.) lam surprised
that the directors should not have, at least, attempted to
reply to the grave charges which Mr. Mozley had pre-
pared against them. It you persist in refusing to put
the resolution, I must, I repeat, put the resolution my-
self. The Hon. Baronet then submitted the resolution
to the meeting.
The CHAIRMAN—You have called on me, sir, to reply
to the charges preferred against us. I have already told
you that they will be more fittingly replied to in another
place. I have heard a vote of censure and want of con-
fidence passed this day on the directors, because we
would not break an engagement and take 151., after we
had agreed to take 101. ss. I am content to leave the
charges to the public, and am willing to abide by its de-
cision.

Mr. MATTHEWS (chairman of the Wolverhampton.
and Dudley Company) entered into a defence of the
directors. He eared not for the vote of censure passed
by the meeting.—(A. laugh.) He felt that in character
or social position he was second to no one in that room.
Sir J. VERNEY—I now propose the resolution.
The CHAIRMAN—I call on the meeting to proceed to
the next business of the day.—(Cries of "No, no.")
Sir J. VERNEY—I move the resolution.

The CHAIRMAN-It is perfectly illegal.
Sir J. VERNET—Then if it is illegal it will do no
harm. As many as are of opinion that the resolution
should pass, will be pleased to signify the same by hold-
ing up their hands.
A forest of hands was here held up.
Sir J. VERNEY—Those who are of a contrary opinion
will please to hold up theirs.
None were held up, the friends of the Great Western
remaining passive.
Sir J. VERNEY declared, amidst thunders of applause,
that the resolution was carried unanimously.
Mr. Mom.Ey—You said, Sir, that there is to be an
inquiry, and you intimated that I was afraid of inquiry.
Sir, I tell you that I am not afraid of inquiry.—(Loud
cheers.) I feel that I have a right to make what use of
my money I think fit. I am sorry to hear Mr. Mat
thews say that he cares not for a vote of censure. I
exceedingly regret that, for I think it must not be very
pleasant to a man to be censured by his own friends. I
had thought, Sir, that public confidence was the she( t
anchor of society.—(Loud applause.) The conduct of
the directors must go far to shake confidence in railway
property.—(Elear, hear.) With reference to the threa-
tened inquiry, I again repeat that lam quite prepared
to meet it.—(Loud cheers.)
Captain CARNEGIE, M.P., then rose to propose a re-
solution, respecting the amalgamation of the Oxford
awl Birmingham Junction with the Wolverampton
Company, ands u
repudiating the sale of theh Oxford
and Birmingham Junction to the Great Western. The
resolution further instructed the directors to oppose the
Bill now in Parliament for the amalgamation and the
enk. The lion. and Gallant Officer then preceded to
censure the indecent haste with which the directors had
concluded their arrangements. In their hurry they had
over-reached themselves, and had proceeded throughout
illegally. He regretted the bad feeling between the
two companies, and thought the better way for both
would be to come to an amicable understanding. The
shareholders of both were great sufferers from these
quarrels, and the public were the gainers. He then
moved the resolution.

The CHAIRMAN—I cannot put that resolution. I
could not do so as a man of honour, as it proposes to
commit a breach of a contract which had been duly
signed and sealed.
Captain CARNEGIE-Why the meeting was called for
the purpose of considering the propriety of proceeding
with or withdrawing the bill for the amalgamation and
the lease.
Mr. MozLEv—Read the advertisement calling the
meeting.
The CHAIRMAN read the advertisement, which.
amongst other things, stated that the meeting was called
for the purpose of giving their opinion on the propriety
of sanctioning the Bill for the amalgamation with the one
company, and the sale to the other.—(Loud cheers.)
Captain CARNEGIE—Then we are acting in accord-
ance with the terms of the advertisement.—(Loud
cheers.) Would I be troubling you too much. Mr.
Chairman, to ask you to put the seal of the company to
a petition to Parliament against the amalgamation and
the lease?—(Laughter.)
The CHAIRMAN—I certainly will not do that.
Captain CARNEGIE—Then I must put the resolution
myself.

The resolution was accordingly put and declared to be
unanimously carried, amidst vehement cheering.
Mr. MOZLEY —I now propose a resolution to the
effect that Sir J. Verney and any other five shareholders
shall be empowered to put their names to the petition to
Parliament in the name of this meeting.
A PROPRIETOR seconded the motion.
The CHAIRMAN—I protest against that resolution
being put.
Mr. MOZLEY—Of course you do, but I will put it to
the meeting nevertheless.—(Laughter and cheers.)
The resolution was then put and carried amidst

deafening acclamations.
Mr. MOZLEY then proposed a resolution to the effect,
that the directors be instructed to endeavour to bring
about an arrangement for the leasing of the line to both
companies conjointly, or keeping it independent of both,
but giving each the use of it.
Sir J. VERNEY seconded the resolution, and said he
had heard with great satisfaction the wishes for peace be-
tween the two companies which had been expressed by
Mr. Mozley. It was a most desirable consummation.
The two companies might advantageously work together.
The CHAIRMAN—I fully concur in much, Sir, that you
have said respecting the desirableness of peace between
the two companies.—(Cheers.) Nothing could give me
greater pleasure than to aid in bringing about a peace
between two companies to which the public are co much
indebted. I cannot, however, put the resolution, for it
would have the same effect as the former, namely, to
break a solemn and duly ratified engagement. lam
sure there are many around me who would be sorry to
see me put the resolution. I have presided at a hundred
meetings, but this is the first time I have refused to put
a resolution.
Mr. MOLLEY—There is nothing binding in the reso•
,ation. It simply contains a recommendation to the di-
rect)rs. If the ceairman is at liberty to refuse to put
such a resolution, then be is the meeting in his own
perPO. ; feel for the ohairmau ; for there on be no

Palcß SD.

doubt that he is made a puppet to the gentlemen around
him.

The CHAIRMAN—If Mr. Mozley knew me, he would
know that I am incapable of being made a puppet in
the hands of anybody.—(A laugh.) The resolution, I
repeat, is one that I cannot put.
Mr. MozLEY—I deny that the shareholders are bound
by the acts of the directors before their acts have been
sanctioned by Parliament. Now, Sir, I will snake a
proposal. If you will consent to withdraw the Bill, we
will agree to raise the question of the legality of the sale
in a few days, and we will abide by the decision of the
Court, whatever it may be.
The CHAIRMAN—I have no authority to withdraw
the Bill.

Mr. MOZLEY—But we, the shareholders, give you the
authority. You seem determined to set law and justice,
and the interests of the shareholders, equally at de-
fiance; but we will fight you.—(Tremendous cheering.)
Mr. Mozley then put the resolut►on, which was carried
unanimously, amidst tremendous peals of applause.
The meeting was then declared by the Chairman to
be at an end, without the customary vote of thanks to
the chairman. The meeting lasted till half•past six
o'clock.