The Sun.
London, England, 1847-03-16 00:00:00

. .
shareholders, neither did they seek to set aside, nor had
they sought to set aside, the right which the Great
Western also possessed of working-over the line. The
Great Western bad offered 101. per cent., but the
North-Western subsequently ()tiered 151., but their '
offer was not founded upon the basis that they
(the North-Western) in the event of becoming the pur-
chasers should interfere with the powers which the
Great Western possessed ; but founded upon the basis
that the Great Western should not have the power of ex-
cluding others from working over the line. They proposed
to make an arrangement by which the North-Western
company should have the use of their line, and work
over it in conjunction with the Great Western. On the
4th of December previous to the issue of the new shares,
and before those to whom they belonged had the
right of voting, a, meeting was called, at which only
21 attended, and at which a remonstrance was entered
into by many of those present, who wished to have the
meeting postpoued until the new shareholders became
bona" fide shareholders, and had a right to vote ; but
the proposition was negatived by the directors of
the company, who adopted the original offer, and
who had acted :thrJughout in opposition to the
opinion of the 40,000 or 50,000 who held shares
in the Birmingham and Oxford Company. Now, in
consequence of this arrangement, large sums had been
made by the directors. They put their shares into
the market, and sold them at immense premiums. He
did not think that the parties had any right whatever to do
so ; it was against the powers of their own Act, and the
subject would be brought in due course before the Com-
inittee of the House of Commons, and if they decided
upon the measure being proceeded e ith, their Lordships
would have an opportunity of deciding upon it. Pro-
ceedings bad, he understood, been set on foot by the
shareholders in a court of equity upon the subject.
When this Bill should be brought before Parliement,
the matter must be investigated before a Committee of
the whole House of Commons, and should that Bill ever
come tip to their Lordships House, their Lardships
would have an opportunity of searching into the matter,
and therefore the petitioners see no reason for their
Lordships departing from the ordinary course
of Parliamentary proceedings. The directors who
was instructed, had sold all but a nominal amount of
shares at considerable profit to themselve?, were the
parties who bad brought in the Bill ; and before the
proper tribunal the question would be raised, whether
they had power to dispose of the line in the manner he
had related. It was asserted that the shares were bought
up by the capital of the North-Western Company, but he
was instructed that that assertion was absolutely incorrect;
but all these matters would be brought out at the proper
time, and in the proper place. The petitioners, under
these circumstances, prayed their Lordships to adopt
one of two alternatives either that the preliminary in-
quiry should not be made, or that it should be extended
to all the circumstances connected with the dispute, and
he thought their Lordships could not refuse one of them.
It appeared to him that the question should not be pre-
judged by coming before a Committee of their Lordships
House. If his Noble Friend pressed for a Committee
he should be unwilling to put himself in opposition, but
as at present advised he was not predisposed to concur
in the motion of his Noble Friend.

Earl St. GERMANS concurred in the opinion of the
Noble Lord (Lord Stanley) that it would be somewhat
premature to move the appointment of a committee at
that time. He could not see any reason why these gen-
tlemen should not be allowed to sell in the market as
other individuals were. He trusted that the Noble Lord
would not press the appointment of the committee.
Lord BROUGHAM had some petitions to present on
the same subject, but he would keep them back for a
little longer.—(Laughter.)
Lord HATHERToN denied that the Directors
of the Amalgamating Companies were actuated by
merely mercenary motions in the disposal of these
shares, and the proof of this was to be, found in the fact,
that while they realised only 10 per cent. from their'eon-
nexion with the Great We tern, they were offered 15 per'
cent. by the North-Western. He was very anxious to
advert to one part of his Noble and Learned Friend's
speech, of which he had no right to complain, and which
was stated with his characteristic perspicuity and dour-
ness. That point was one which the petitioners had no
doubt instructed him to state, and it was with reference
to the sale of shares by the directors of the Birmingham
and Oxford Company. He was not about to enter into
any long details upon the subject, but their Lordships
were fully aware that the Birmingham and Oxford
directors had been accused of endeavouring to make a
diversion, by attacking the directors of the other line
on the score of their shares. Such a system was pur-
sued, that the din- ctors found it impossible to hold any
influence by maintaining a large amount of shares; and
many of them sold their shares, in order to transfer
their interest into the Birmingham, Wolverhampton,
and Dudley line. No mercenary views were to be
attributed to the directors because they sold those
shares, f it. they had fulfilled their agreement with the
Great Western at 101 per share, when the London and
North Western Company offered them 151. per share.
He would not go furtive into the subject then, for when
the discussion came on on his Noble and Learned
Friend's statement, he should have another opportunity
of addressing their Lordships.
Lord LYNDHURST rose, and was
(LEFT SPEAKING.)

HOUSE OF COMMONS.
The SPEAKER took the Chair at a few minutes before
Four o'clock.

NEW MEMBER.

Lord ALBERT CONYNGUAK t• ok the oaths aad his
seat for the borough of Canterbury.

IRISH POOR-CAW.

An HON. MEMBER (whose nuw we could not. learn)
presented a petition from the high sheriff and grand
jury of King's County against the proposed poor-law ler
Ireland.