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

EXTRAORDINARY GENERAL MEETING

To receive the report of the committee of investiga-
tion; which was agreed to.
The business was commenced by reading letters of
resignation from three directors—Sir J. Simpson, Mr.
Dodsworth, and Mr. Jennings. The last gentleman's
was as follows:

" Mill Crooks, York, Sept, 5.
" My dear Sir,—Being anxious, so far as I am able,
to facilitate any arrangements with regard to the direc-
tors which may be considered beneficial to the share-
holders of the York and North Midland Railway Com-
pany, I beg to resign my seat at the board. My only
object in remaining' a director until now has been, as
you are aware, to render yourself and the other gentle-
men who came into the direction with you such assis-
tance and information respecting the affairs of the com-
pany as my short experience as a director would enable
me to give.
" In thus offering you my resignation, I think it due
to myself to state, in consequence of some remark which
the committee of investigation have thought proper to
make in their second report, recommending that the re-
maining membess of the old board should be requested
to retire; that I did not join the direction until October,
1845, more than eleven years after the formation of the
company, and at a period when of all others it was most
difficult for a new member to get any ready insight into
its affairg.
" Taking my seat at the board as I did, under the
full, though, as it now appears, erroneous impression
that the affairs of the company were in a sound and
prosperous condition, I endeavoured by regular attend-
ance to acquire a knowledge of the business, which, all
must be aware, cannot be quickly understood. After a
short time, however, I found that Mr. Hudson had so
completely assumed the sole management in the direc-
tion, that it was impossible to get a thorough knowledge
of the affairs of the company; and had I, at that time
the, junior member of the board, pressed my inquiries
further, a resignation on my part must have bees
the result.
" The position of Mr. Hudson, and the implicit confi-
dence which was until lately placed in him by all parties
were such, that any attempt on my part to dispute his
management would, I felt, have been treated with the
utmost disregard. Being thus limited in my desire of
obtaining information into the company's affairs, I had
at one time fully determined to retire from the direction,
but at the urgent, request of several shareholders, largely
interested lii-tfie 'company, and who thought that at some
future period I should he of service to them, I was in-
duced to retain my seat.
" The moment, however, that circumstances transpired
elsewhere which were of a suspicious nature, and which
appeared to justify such a step, Mr. Dodsworth and my-
self insisted upon an investigation of the whole of the
company's affairs, the resolution for convening the special
meeting to appoint the committee, and bring in new
directors was brought forward by us; and I think I may
confidently appeal to yourself and th other new direc-
tors, whether we have not endeavoured, to the utmost of
our power, to aid the rest of the board in the discharge
of its several duties, and to ascertain the real state of
to company's affairs.
" In conclusion, I will only remark, that during my
seat in the direction I have endeavoured so far as the
peculiar construction of the board permitted, to fulfil my
duty; and I am not aware of any act on my part which
justifies the recommendation of the committee that I
should be now summarily called upon to retire from the
board, and especially so as the committee were fully
aware that I was an earnest promoter of the present in-
vestigation, and had continued my seat at the express
desire of the new directors.
" I am, my dear Sir, yours very faithfully,
" GEORGE JENNINGS.
"iTo Mr. William Crawshay, Chairman of the York
and North Midland Railway Company, York."
Mr. SWANN (Chairman of the Committee of Investi-
gation), on moving the adoption of their report, said be
never rose to address a meeting with wore painful feel-
ings. He had, in the first instance, to express his re-
gret that the committee could not issue a final report—
(Hear, hear)—but the subject to which he alluded with
most pain was that of the resignation of their directors.
—(Cheers.) He was sure those gentlemen would feel
that, as their fellow-townsman, and an acquaintance of
all them, he could not have come to such a resolu-
tion but with the deepest pain ; but he was sure the
committee had acted on their best discretion, and with a
regard to the true interests of the shareholders, when
they determined not to make any distinction between the
directors, or to say who were or who were not most
blameable.—(Hear, hear.) They, therefore, did not ad-
vise any to be continued at the board—(Cheers)—for
they would observe, very serious matters, affecting the
directors and company, were at issue, and it would be
highly improper for the committee to have advised the'
retention of any members of the old board.—(Cheyrs.)
He said that without a feeling of personal to any
one. Sir J. Simpson, for instance, he had known
for a long time. But his sense of duty compelled
him to come to the decision adopted by all the com-
mittee.—(Hear, hear.) In drawing up the report the
committee thought it unnecessary to use harsh language
—the facts spoke for themselves.—(" So they did."
" Oh, the villain I") The committee thought the com-
pany would not be placed on a true foundation unless
there was a fund set apart for the rolling stock and per-
manent way. It would be far better to put up with a
little inconvenience now than to go on declaring divi-
dends when in reality there should be none at all.--( Hear,
hear.) He was glad to state to them, on authority of
the accountant, that the suspense account would not be
so great as was supposed.—(Hear.)
On the motion that the report be adopted,
Dr. 01:3aLEN suggested that it would 'oe better to make
a special fund for the rolling stock send permanent way
by a resolution of a special meeting, than to go on post-
poning dividends in that way.—.(Cheers.)
Mr. MAXWELL begged not to be understood as depre-
ciating the labours of the committee of investigation,
whose report was most valuable, while he inquired into
the reason of tho depreciation of their stock, which
from 3,000,000/. had sunk in value to 1,000,0001.
—(Hear, hear.) His idea was, that parties were
employed to write down that and other property
in order that nymeyed men might get it for nothing.—
(Hear, hear.) He believed they would pay 6 per cent.
in six months, instead of IL se Mr. Wilson said. As
advantage had been taken of the uncertain state of the
company's aff.aira to lower the price of shares, he wished
to ask a few questions as to their real position. Was j
there any, and how ouch, land to pay for?