The Sun.
London, England, 1846-08-03 00:00:00

.1" N AUGUST 3, 1846.
r.,
9

be la stated that all the directors had paid their deposits;
he wished to ask if Mr. Hudson had paid his deposit ?
Mr. ALLHUSEN felt obliged to the gentleman for
bringing the matter before the meeting, as it would
enable hini to give an explanation which he had not the
slightest doubt would be satisfactory. In the first place
Mr. Hudson consented to become a director, and here is
his written consent (holding out a letter). It would not
be out of order, under the circumstances, that he should
read it. (He then read the letter, which merely stated,
in very few words, that after mature consideration of
the scheme, he should have great pleasure in allowing
his name to be added to the committee of management.)
This letter was dated September 25, and was addressed
to Mr. Allhnsen. Now it was quite evident, from that
letter, he (Mr. Allhusen) should say, that it was his in-
tention to go on with the undertaking. He had at that
time a great deal of business on his hands, and be did
not attend the committee; and at a latar period, when it
was necessary to sign the deed, he (Mr. Allhusen)
waited upon Mr. Hudson, together with the parties
who witnessed the deeds, and Mr. lludson signed
for 25,0001. As it was not convenient to be run-

fling after Mr. Hudson, when the deposit was to be
paid, to ask him fur it, he (Mr. Allhusen) paid the de
pasit on his account, and the scrip was now in his pos •
session for Mr. Hudson. More could not well be said
on the matter ; but one thing he would rather have
avoided, which he must say. Mr. Hudson, he had no
hesitation in saying, would have gone on with the mat-
ter, but that he and Mr. Harper had been at variance.
When Mr. Hudson was put on the direction he (Mr.
Allhusen) endeavoured to - reconcile them, but failed;
and Mr. Hudson declined to go on if Mr. Harper was
appointed. They communicated with the directors of
the -Lancashire and North Yorkshire Company, and after
a great deal of difficulty about the matter, they were
obliged to give in. The directors at the same time
thought the Lancashire and North Yorkshire had the
best line, but as they were not engineers they did not
blame themselves for holding such an opinion. They
gave in upon it, and Mr. Hudson withdrew, though up
to that moment he (Mr. Allhusen) believed Mr. Hudson
.n end, dto have en interest in the line. Mr. Allhusen
then entered into an explanation with reference to the
charges made by the Marquis of Londonderry, and also
stated that the Marquis applied for shares originally, as
one of the provisional committee, which he subsequently
declined to take up.
Mr. PEET was asked by the Chairman if he had any
more inquiries to make. After saying that he did not
think the time of the meeting had been unprofitably em-
ployed in the explanation just given, he said it was re-
ported in the public papers that there were 61,900 shares
issued in the Liverpool, Manchester, and Newcastle
Junction line, and that out of that number fifty includ-
ing the provisional committee awl the solicitors, held
44,800, or more than two-thirds ; was this so ?
Mr. ALLHUSEN said it was correct that a large num-
ber of shares did appear to be held by the provisional
committee. They made bargains before the amalgama-
tion of the several companies. Amongst others, the
Fleetwood, Preston, and West Riding were to have
11,000, and the Blackburn, Darwen, and Bolton. 11,000

—they had sufficient money to pay the parliamentary
deposits, and they signed for a certain amount. As it
was necessary to deposit two bills for the one undertak-
ing, they went into Parliament as two bills.

Suggestions were here made that the time for ad
lournment should be shortened.

Mr. CRAM was quite willing to do so. He disclaimed
a desire to make any imputation against the directors or
any party whatever. He had long known Mr. Allhusen,
and he believed him to be incapable of the acts which a
noble Lord had charged against him and his party, but
he thought it necessary some tangible refutation should
be given to the charges.
Mr. Nicol, moved, as an amendment, that the meeting
proceed to the business of the day, coupling with it a
resolution for the appointment of a committee.
Mr. ALLIIUSEN seconded it, and in doing so said that
any gentleman on the board, to whom suspicion might
attach, in connexion with the Liverpool, Manchester,
and Newcastle Junction, after the investigation, would
place his seat at the disposal of the shareholders.
Mr. HARPER, of York, said the North Yorkshire
accounts were kept in the same style as the Liverpool,
Manchester, and Newcastle Junction, and he put in a
statement of them with Mr. Allhusen's. The directors
of that company, as Mr. Yates said, were equally ready
to submit to an inquiry. Referring to the dispute be-
tween himself and Mr. Hudson, he said he did net enter
upon it as a personal matter between him and Mr.
Hudson, in that light the shareholders had nothing to
do with it, but only as it affected kim as a director. The
dispute between him and Mr. Hudson arose out of a
letter, which, at the request of his brother directors on
the North Yorkshire, he wrote to the directors of the
Sunderland and Durham, at the time Mr. Hudson
was in negotiation with them, and which had the effect
of impeding those negotiations, and the directors had,
therefore, felt it their duty to support him. Nevertheless,
he bezzed to say. that he had no desire to sit at the board
in his resignation twice to the directors, and on each oc-
casion it was refused. Mr. Hudson's conduct to him

had changed after that letter was written, and now it
appeared he had made it a matter of objection to him.
4s to the satements of the Marquis of Londonderry,
they were but the result of other people's information.
A DIRECTOR said, as they were forming alliances of
importance, he could not with propriety recommend the
shareholders to take any further steps vv ithout more
time. He thought three months too long, one month
too short, and he suggested two months. In that time
they would have got in a number of their engagements
at present outstanding, such as the engineer's and soli-
citor's bills.

The amendment was then put, and lost by 31 to 40,
and by a show of hands the meeting stood adjourned to
the 20th of September, the time in the original motion
having been altered to two months. A poll, however,
was demanded, and two scrutineers were appointed.
This was at twenty minutes to two o'clock. The voting
was carried on. _ . .

About seven o'clock, the directors, with Mr. Houlds-
worth at their head, again came into the meeting room,
and _ _ .

Mr. HOULDSWORTH, taking the chair, announced
that the amendment had been carried by a large majo-
rity, and consequently they would proced to the business
of the day.
(The whole of the resolutions passed will be found in
our advertising columns).
The secretary was elected at a salary of 3001. per an-
num. The allowance for the directors was fixed at
1,0001. per annum. The next ordinary meeting of the
proprietors was fixed for February, 1847.
Mr. Gibb, Mr. Cram, and Mr. Nicol were appointed
the committee of investigation, and the fullest powers
were given them, so that all the charges which have
been made in the railway and other journals, or else-
where, may be sifted and disap.froved, or otherwise.
Mr. Ginu moved the appointment of the following
gentlemen as the board of directors
William Hutt, Christian Allhusen. Nicholas Wood,
Alexander George Gray, William Amos Scarbrough
Westoby, Thomas R. Wilson France, Henry Houlds-
worth, Joseph St. John Yates, Edward Harper, Thomas
Broadhurst, Francis Billam, and Lot Gardiner.—They
are the samea s those whose names are recorded in the
Act.
Mr. BEAUMONT, of Halifax, seconded the motion,
which was carried.
The CHAIRMAN said that his name was included in
the list, and he begged to say that he had quite made
up his mind that he would shortly withdraw his name
from the direction, in consequence of the business he
was obliged to attend to in other quarters, and it would
be impossible for him to render his services for any
length of time.
The general meeting then dissolved, and a special
meeting was held for the purpose of confirming a num-
mer of agreements with various companies as to tolls,
&c. Mr. Houldsworth again occupied the chair. The
business was soon gone through, and after a vote of
thanks to the solicitors of the undertakings and to the
chairman, the meeting separated.

PRICE SD.

in respect of Porthdynllaen Harbour, as, after the pro-
ceedings had advanced to a certain stage, they felt them-
selves compelled to give orders for the dismissal of the
Bill, upon the advice of Messrs. Williams and McLeod,
the agents of Messrs. Williams and Breese.
"The directors have thought it expedient to confine
their attention at present to that portion of the litie that
lies between Bangor and Carnarvon, and they have rea-
son to think that when the railwaY shall have been con-
structed to that extent, it will yield a profitable return
for the outlay.
" The directors, in purchasing the necessary land for
the purpose, have a great difficulty to contend with in
respect of the line going through the lands of John
Griffith Griffith, Esq., at Lianfair, as it is expected that
that gentleman will claim the payment of the sum of
5,4001.: should this be so, it will be under an agreement
entered into from a misapprehension of the facts of the
case, and from the directors being in ignorance of a pre-
vious agreement having been formally and duly signed
providing for a yeferenee to J. A. Smith, Esq., to deter-1
mine as toille4-course of the line, but the result of which I
reference must have been to permit the line to go through
the lands, according to the Parliamentary plan, without
any compensation, if the deviation as proposed should,
be a more expensive one, .and the directors feel that,
under such circumstances, they ought not to be com-
pelled to pay the 8,400 L
" The directors, in compliance with the terms of the
adrertisement inserted by them on making the call, will
pay interest after the rate a. per cent. to the proprie-
tors on the amount of the deposits and calls, and the
same will be in the course of payment from and after
the 18th September next. They are glad to be enabled
to meet this charge withont drawing on the capital but
to a trifling extent, from the manner in whit% they have
been enabled to deal with the funds of the company; for
bearing in mind that they had the interest to pay, the
directors have not thought it expedient to leave the
money in the hands of the bankers at the small per
tentage allowed on deposits, but in the first instance lent
great part of it to the South-Western Railway Company
at 4/ per cent., and have since lent it to the Richmond
Railway Company at 4/. 103. per cent. This last corn
party did propose to pay off the amount, but on the ap-
plication of the directors have consented to retain it,
subject to repayment on demand. It should also be re-
collected that the sum of 1,750/. profit has been realised
to the company, from the sale of shares reserved for
Wales,

" Tl.e balance sheet up to the end of June is annexed
hereto: it contains, as will be seen, several items of ex-
penditure, which were due the previous half-year.
" The directors regret to report the want of co-opera-
tion on the part of the chairman, W. B. Hughes, Esq.,
M. P., in forwarding the interest of this undertaking,
and cannot help expressing their conviction that he is too
much connected both by family and political ties with
the former legal staff of this company, to act to the ad-
vantage of the proprietary. It will be, therefore, for the
proprietors to consider whether their interests will be
best consulted by a change in the direction.
" The directors, before concluding their report, deem
it right to refer to the letter that appeared under the
signature of " Evan Griffiths," in Bradshaw's Gazette
and Herapath's Journal in June last, as they would be
greatly wanting in respect both to the shareholders and
themselves if they allowed it to pass unnoticed; they
therefore thought the best way for them to proceed was
to call a meeting of the shareholders at the earliest op-
portunity, in order to satisfy them that the charges in
such letter were wholly groundless, and accordingly they
gave directions to call the present meeting. At the
same time they directed their solicitor to write to the
editors and proprietors of the above journals, to give up
the name of the author of the libel and to publish an
apology. The proprietor of Bradshaw's Gazette at
once expressed his regret that the article had been ,
inserted, apologised for it, and stated that it had been
done under a misapprehension, and that he was unable
to give up the name and address of the author of the
slander, since the person who had left the article for
insertion had given a false name and address; however,
as he had done all in his power to comply with their
request, the directors were quite satified. The conduct
of the proprietor of Ilerapath's Journal was very differ-
ent. He refused to publish any apology, but merely
stated in a short note under that part of the journal
which is addressed to correspondents, his regret that
some remarks had escaped in an article headed " North
Wales Railway," which, if they had been seen before
publication, would not have been inserted.

" The board of dir€ctors not thinking it desirable for
them, as a board, to take any proceedings let the matter
drop.

"-The letter, however, more particularly reflecting on
the Deputy Chairman, (Mr. llerapath having declined
to make any apology), he has thought it right to
commence an action of libel against him ; and to a
declaration, setting forth the libellous article, Mr. Hera-
path has not pleaded any denial or justification of it,
but has admitted that the article was totally false, and
that there was n 9 ground whatever for the---,-1,4'
it without gross negligence ana without actual ma ice,
and had inserteda full apologyforitin a subsequent num-
ber of his journal, and that not greater damages than 5/.
had been sustained, which sum he paid into Court. The
deputy-chairman thinking that no apology had been
published, and being, moreover, anxious to give the pub.

licity of a trial to the falsity of the charje, replied in
answer to the plea. The defendant has demurred to the

replication on purely technical grounds, the effect of '
which is to prevent the cause from coming on for trial
at the present assizes.
"In conclusbn, the directors take leave to observe, that
they have entered into detail more fully than is usual on
such occasions, but they feel that they would ill dis-
charge the duty they owe to the shareholders and them-
selves if they withheld the circumstances and causes

which have hitherto controlled and impeded their pro-
ceedings.

" WM. CHADWICK, Deputy-Chairman."
The CHAIRMAN desired leave that a clerk of his soli-
citor might be permitted to attend in the room profession-
ally. To this course there was a great deal of objection
made by several shareholders, and the request was with-
draw.

It was then moved by Mr. NORRIS, and seconded by
`Mr. LAWTON, that the report be adopted.
The CHAIRMAN said that he had never seen the report
until an hour before he came into the room. The cause
of difference between him and the directors arose from
his dissent to a loan of 25,0001. to the Richmond Railway
Company, on what he considered insufficient security ;
and he believed himself in honour bound to institute
proceedings against the directors to obtain a restitution
of the money, in order to protect himself and the share-
holders. A resolution of the board of directors pre-
vented him from making extracts from the minutes; and,
taking the whole of his conduct, it was for them to
say whether his conduct was worthy of reprobation.
Mr. SIMPSON, one of the directors, would like to know
if the charges made against them (the directors) by
their worthy chairman were likely to involve them in
the criminality alleged?—(Laughter.) For his part, he
did not think that they had any reason to apprehend
the dang of incarceration in Newgate, or any where
else, in sequence of the line of conduct they had pur-
sued.—( : car, hear.) He was of opinion that they had
pajO far too much attention to the Hon. Gentleman, and
haixtended to him a courtesy which had not promoted
their own interests. The reason, however, why they had
done so, was the belief they entertained that the influ-
ence of the chairman would materially aid them, bring
an increase of traffic to the line, and strengthen the
hands of the direction. What was the first step taken
by the lion. Gentleman? The first thing he did was
to prevail upon them to establish a local board. Now
what was the fact with regard to the shares? How
many shares in the North Wales Railway were bold by
persona in Wales, so as to justify the appointment of a
local board? Why, none. There was not a single share
held in Carnarvon, with the exception of those held by
the board of directors. The chairman just held twenty.
That was the interest, then, which Wales had in the
undertaking.—(Hear, hear.) He begged, on behalf of
the board, to assure the meeting and the Hon. Chairman
that had he continued to co -operate with them everything
would have been done by them, short of compromising
the interests of the company, to meet his wishes. The
Chairman complained of the minutes of the board not
having been forwarded to him. In reply to that, he
(Mr. Simpson) wished to state that the minutes were
forwarded to him up to a certain date, but this was dis-
continued in consequence of his (the Chairman) giving
them to other parties. With regard to the loan re-
ferred to by the Chairman, the meeting would scarcely
believe that, when it was first proposed to lend a sum of
money to the South-Western Railway, many of the
directors demurred to the proposition. Mr. Hughes
himself demurred to it ; but circumstances arose which
induced them to consent, and the very solicitors by
whose direction the chairman was acting in the present
instance, actually drew out the billthe
loan
fbrth:,aslonaonwon
madethe
same kind of security exactly as h
to the Richmond Company.--(Hear, hear.)
A SHAREHOLDER—Who signed the note of hand ?
Mr.SrmrsoN—The chairman of the South-Westernßail-
way Company, Mr. Chaplin, Mr. Chapman, of the firm of
Chapman and Hall, of the Strand, and Mr. Whiting, of
Beaufort. house ; and he had such confidence in the par-
ties who had signed the note of hand, that if the money
was demanded at five o'clock that evening, he was quite
sure there would not be the slightest diffiulty as
to the repayment. Nov, why did they lend
the money at all ?—(Hear.) According to their
own Act, they were entitled to receive interest at the
rat of four per cent. on the deposits and calls, and as
only t. 70 per cent. was paid at the Bank, they had no
hesitation in lending it out again at 41 per cent. The
directors, lOwever, feeling that some danger might
a
ga:d to the present loan, obtained the se-
etrlir; et
y with
the company to the note of hand.
e f three
seal
The CiiinataN-3 believe the seal of tho company
has not been put to it.
Mr. SIMPSON—WeII, if the statement was not correct
he would withdraw it; but his impression was that such
was the case. As it appeared, however, that he was in
error, he would withdraw it.
A SHAREHOLDER wished to know if any remuneration
had been given to Mr. Chadwick when he went down
to ascertain the expediency of carrying the line to
Carnarvon? .

Mr. SlMPSON—Nothing but his expenses. And now,
in conclusion, ho begged to say that many of the direc-
tors were willing to retire if any want of confidence was
expressed as to their disposition or ability to promote the

interests of the company, but he was quittveatsdn" +lna :fo*o'.')
the meeting would sanction the course whiert theliirecpe
tors had thought fit to adopt, and would Si them assent
to the report.
r • \t
Mr. HERAPATR, the proprietor of, .erapatrA.-......-nu,s,
who had been referred to in the report, expresapdthjajery
gret that the letter complained of had been ildereed pMalOr
his paper. It had got insertion entirely unknown to
him, and he was not aware that it alluded to Mr. Chad-
wick. So far from their being malice in its insertion,
he had sent the original letter to the solicitor of the
company, on his writing to him to that effect ; and at
the same time offered to insert an apology. He merely
rose to state that the paragraph in the report in re:
ference to him was not true.
Mr. GARDINER thought that their time could be much
better occupied than continuing these personal squabble&
He wished that the proper business of the meeting would
be proceeded with.

r. WATERFIELD would like to know from the Chair-
man if it was his intention to continue chairman of the
North Wales Railway after what had occurred, as his
answer might affect the future proceedings of the
meeting.
The CHAIRMAN said that a similar hint was thrown
out to him more than once that morning. After the state-
ment he had made, and after what had taken place, it
would be readily admitted that it was an unpleasant
position for him to preside at that board, but no vote
which the meeting might come to weuld induce him to
resign that situation. One reason why he formed that
determination was, that his doing so would deprive him
of the ability of recovering the money lent, in case it
would he necessary to do so.
Dr. WATERFIELD—If the lion. Chairman was exone:
rated from that, and every other liability, would he then
retire?
•
The CHAIRMAN intimated that he would not.
Mr. SHAW, of Huddersfield, said that he had travelled
200 miles to be present at that meeting, and as he was is
very large shareholder in the line, he requested the at-
tention of the meeting while he made a few observe=
tions. He came there in consequence of a circular of
the 29th July, and he was deputed to attend that meet-
ing by shareholders in Huddersfield, who held 1,600
shares in the line. From the circular he received, he
was prepared to hear some alarming exposures in refer-
ence to the conduct of the board of direction, but the
censure of the Chairman had been entirely taken up with
the loan to the South-Western Railway Company. SO
far from participating in the censures of the Chairman,
he entirely concurred with the board in the course they

duct of" he chairiTiTir7,TL=d by e meet-
ing to reject him from the position which he held, as
his continuance at the head of the board would be ex-
tremely injurious to the interests of the company.
Mr. SHAW desired to know what amount was to be
paid on deposits and calls?
The CHAIRMAN—Four per cent. The line was to be
made in three years. There has been no money paid for
land, nor has there been any land contracted for as yet.
A SIIAREHOLDER said that the reason the gentry of
Wales did not join in the undertaking was because a
local board would not be allowed, and they had no con-
fidence in a board conducted two hundred and fifty miles
away. Otherwise they would be ready largely to sup-
port it.

Mr. SHAW said he had a resolution to propose, which
would have the effect of compelling a resignation. He
therefore desired to move that the Chairman would best
consult the interests of the company by resigning his
position as chairman.

Mr. MILLS seconded the resolution.
Dr. WATERFIELD considered that they ought not to
proceed with the line until they ascertained that thei
harbour of Porthdynllaen would be made or not. If it
was made the line would be a good one, but it would not
be so otherwise. There was 25,0001. now remaining,
which could be divided among the shareholders.

Mr. ARCHER was not at all satisfied with the Board
of Direction. The company were involved to the ex-
tent of 15,0001., and yet nothing of that appeared in the
report before them. He also asserted that he could
prove, by the minutes of the board, that since the loan
was made to the Richmond Company Jackson's contract
was cancelled.

Mr. SimrsoN said there was no such resolution, and
no contract had been entered into.
Mr. ARCHER reiterated his assertion, and concluded by
moving as an amendment, " that a committee of five
be appointed to investigate the affairs of the company,
and to report thereon, and that the present meeting ad-
journ till that report be made."
After a long and recriminatory discussion, by no
means interesting to the public, the amendment was
withdrawn.

Mr. /Comas then moved the adoption of the report,
with the onsisaion of all reflections upon the Chairman.
Dr. WATEfirTELD seconded the resolution.

Mr. LAWTON said, as the seconder of the adoption of
the entire report, he desired to say that he had learned
that a great number of heavy bills had been concealed
from the. knowledge of the shareholders, and had not
been even mentioned in the balance-sheet," he therefore,
considered that something was not right, and he would
therefore withdraw his motion.
Mr. COOKE said he he did not consider that the direc-
tors had acted properly in making an exparte statement
with regard to the Chairman, and he considered that
they should at once expunge it.
The report as amended was then adopted.
Mr. LAWTON desired t o know whether the line
would be proceeded with ?
The CHAIRMAN said, as soon as the Act received the
rv..zit;-Ithere would be a meeting of the share-
for his courteous conduct in the chair.

The resolution was carried unanimously.
A vote of thanks was then passed to Mr. Wm. Chad-
wick and the rest of the directors; which was also car-
ried, and the meeting separated.

RAILWAY SHARE MARKETS.

BRISTOL, JtLr 31

STOCK EXCHANGE.—The sales are—Bristol and Exeter, NOV, 103(
—Great Western, Quarter Shares, 23%—Manchester and Leeds,
533,'3—D1tt0, half Shares, 11.
MANCHESTER, JULY 31.

STOCK EXCIIAKOZ.—The sales are—Ambergate, Nottingham, Sm.,'
1% dis.—Birmingham, Lichfield, and Manchester, 4 9-16 p.—Black-
burn, Darwen, and Bolton, New, % dis.—Blackburn and Preston, 7
p. —Derby and Crewe, 4 5-16 p.—Direct Northern, 13-16 dis.—East-
ern Counties, 24%—Ditto, York Extension, 114 p. —East Lanca- '
shire, 7 % p.—East Lincolnshire, 17s. dis.—Exeter and Exmouth, •
9s. Gd. dis.—Fleetwood, Preston, and West Riding, 14 dis.—Great
Grimsby and Dock Extension, 1% dis.—Huddersfield, Halifax, and
Bradford, 21,6 p.—lluddersfleld and Manchester Railway and Canal,
2 p.--Ditto, Extension, % p.—Lancashire and North Yorkshire,
1 dis.—Leeds and Thtrsk, dis.—Liverpool and Bury, New,
1 13-16 p.—Liverpool, Ormskirk, and Preston, 2 p.—Liverpool,
Preston, Manchester, and Southport, 14 dis.—London and Birming-
ham, Thirds, 74—London and Brighton, 66%—London and York,
dis.—Manchester and Leeds Extension, 2% p.—Manchester, Mid-
land, and Grimsby, 21s. 6d.—Manchester and Southamptan, % dis.
—North Staffordshire, 3 13-16 p.—North Western, par—Nottingham
and Mansfield, 7-16 p.—Oldham, Birkenhead, &c., 3.16 dis. —Preston
and Wyre, 36 —Ditto,Halves (A), 5' p.—Ditto, ditto (B), 0-16 p.—
Preston and Wyre Extension, 1.16 dis.—Sheffield and Lincolnshire
Junction, 4 dis.—Sheffield and Manchester, Quarters, No. 3, p.—
Shrewsbury and Birmingham, % p.—Shrewsbury, Wolverhampton,
&c., 7-16 dis.—Sluopshire Union Railway and Canal, 1% dis.—
South-Eastern and Dover, 4G%.—Ditty, Halves, No. 4, 1 p.—South
Midland, 11-1 G p.—South Staffordshire, % dis.—West Lancashire
Coast, 17s. dis.—West Riding Union, 2 9-16 p.—Whitehaven and
Fumess, 3% dis.