The Sun.
London, England, 1846-03-05 00:00:00

Sub-Committee No. 5.

(Continued from our Afternoon Edition of yesterday.)

MACCLESFIELD AND LICHFIELD:

This case, which stood over from yesterday, was next resumed,
and the accuracy of the datum point was proceeded with. It was
contended that the levels, from which the datum point was taken,
were incorrect, and that there was no datum point, it
being described as taken from the pier of a proposed
bridge, to be constructed over the contemplated line,
whereas there was no pier shOwn on the maps, and that the term
" pier" was improperly used, a " pier" being a building betwzen the
arches of a bridge, or work projecting into a river.or sea. A model
of the bridge was then produced by the engineer who took the trial
sections, who proved that he could not find the part described as the
" pier" from which the datum line was taken.
On the part of tke promoters of the line,

Mr. Lock, engineer to the line, was called, who distinctly stated
that no fair engineer would have any trouble or difficulty i❑ flndin,g
the pier in question, as the bridge, being a single span, the piers of
coarse would be the buildings on either side, from which it sprung.
On cross-examination, he admitted that the more usual ttrm was
" abutment pier," when talking of the buildings next to the shore.
Several other engineers were called, who gave similar testimony
to the last witness, among whom was

Mr. Donaldson, professor of architecture to the University College,
London.

Mr. Clarke was called next on behalf of the promoters of the ins,
to prove the accuracy of the levels taken, but Mr. G. I'. kidder,
proved from the field-book of Mr. Clarke that an error of 16 Inches
existed.

The agent for the Bill then solicited a postponement for the purpose
of re-taking the levels, which was opposed by Mr. Burke, and the
Committee ordered strangers to withdraw On our re-admission

.....
The CHAIRMAN said that the Committee had decided that the
standing orders had not been complied with, Inasmuch as the datum
horizontal point on the line was not correctly described.

Sub-Committee No. G.

(Continued from our Afternoon. Edition of yesterday.)
WEST LONDON IMPROVEMENT AND

EXTENSION.

Thl was an adjourned caio from last week,

The CLUBMAN said that the Committee would be obliged to report
non-compliance with the staneing orders on two points; first, on the
ground that the plan which had been deposited at the Private
Bill-office was not exactly the same as that which had been deposited
with the clerk of the peace, and, secondly, on the ground that certain
notices had not been served in due time.
The standing orders were in all other respects complied with.
NORTH UNION (HORW'SCH BRILNCH).
The promoters of this Bill seek to construct a branch from the
main line at Blackred to the town of llorwich ; length two and a
quarter miles ; estimated cost, 28,7001., which is provided for by the
original funds of the Company.
Engineer, William Cotrithard, Esq.; Parliamentary agents, Messrs.
Gregory, Faulkner, and Co. ; and the solicitors, Messrs. Woodcock,
Part, and Part, Wigan.

Decision postponed to enable the promoters to produce some ne-
cessary proof.

LEEDS, YORE, AND MIDLAND JUNCTION.
The object of this Bill is to shorten the means of railway commu-
nication between Leeds and York, now 313 miles, to 25 miles, and
to accommodate in its route the towns of Tadcaster afid Aberford.
The line also passes through extensive fields of coal and of agricul-
tural lime.

The length Is 1614 miles ; the estimated cost 340,0001., and the
amount subscribed 260,000/.

The engineers are Me ssrs.Vigmoles and Leather ; the Parliamentary
agents, Messrs. Gregory and Co. ; and the solicitors, Messrs. Terry
and Watson, Bradford; Mr. Cariss, Leeds ; and Mr. Modgson, York.
Standing orders complied with.
TUEI IVIANCHESTIIR. AND HYDE.

The promoters of this Bill seek to construct a line of railway from
the Manchester and Birmingham Railway, at Ardwich, to Hyde,
through Gordon and Denton.
The length is about sib miles, the estimated cost is 130,250/. ; the
amount subscribed, 112,4001.

The engineer is J. W. Back, Esq., tne Parliamentary agents,
Messrs. Dorrington and Co., and the solicitors, Messrs. J. and W.
Heron, 3fancbester.
Standing orders complied with.
The Committee then adjourned, at half-past four o'clock.

LONDON AND WESTMINSTER
BANKING COMPANY.
(Continued from our Afternoon Edition •f yesterday.)

were many
Tux proposed the adoption of the report. He felt thai, there
direct
many present who could lay claim to greater importance and
higher standing than himself, and to whom he ought, perhaps, to
published, he felt
give way ; but
that the
of the report and
as ha had ventured at their lastmeeting
should alter the form in which the accounts
usually appeore
andi to give such a statement in the ono they had
begged to thank the
at he might be permitted to propose the adoption
accounts which had been submitted to them. He
tc?' because
befrothnrahtltietba
statemde:
adopted that directors,sugmtio on behalf of the proprietors, for having
t apublicationfavourable
orfes result
of t:laweltrui
ra:apicrest,
could not fail
might use the term—would do
to andther
et:malt
clear and simple
y unfavourable impres
such an " exposure"--if h
more than anything to
convinced that the
adabseuemwriaveeysted to meet tin-
would destroy it,
Ilion which might exist in any sqtroei
blishment. If such impression did eartran
statement which the directors had put he
erwaB
chi' statement
because it showed how large a sum il
expected contingencies, and how large
Wear, hear.) In fact, the perspicuity of their flualniail in hand.—
was much to their credit. - The usual dividend of et. per cent, w
exceedingly satisfactory, and ,they might congratulate the directors,s
and themselves on there being no probable chance of its diminution.
No doubt the directors had exercised a wise discretion in proposing
the payment of the usual amount, instead of devoting a portion of the
proceeds to the payment of a higher di vliend, bnt if they had proposed
71. per cent. instead of 6/., carrying 6,000/. instead of the sum pro_
proposed to the reserved account, he should have felt more satisfied
—(II,•ar) —but as he had said, he had no doubt the directors had
excellent reasons for not proposing sueh an alteration.
The moan having been seconded, . .
3/r. Josriiia Maim wished to maidO a few ooservations before
the chairman put the motion to the meeting. In the first place, ho
wished to congratulate the proprietors on the splendid statement
which had been submitted to them, by the directors, and which re-
flected great credit not only:on them, but on the managers and others.
—(Hear, hear.) He had no idea of the wealth and power of the bank'
until he entered into all the particulars connected with it. He happened
to possess one of the first reports, and as he had tat= some trouble

to compare its statements with those in that now submitted to them,
and as ho thought it could not but be interesting to the meeting, in
order that they might perceive the great progress which had 'marked
their establishment from its commencement, he would state the re-
sults of his investigation. The capital in 1834, which was the first
year in which any statement was published, was 182,000/., whilst In
1846 it had increased to 80.),000/. The deposits in 1834 were
180,0001. ; in 1846 they were 3,590,0001. That was a very large sum
to have reached in that short time. The profits in 1834 did not ex-
ceed 3,540/. ; in 1846 they amour_ted to 66,3441. They had no re-
served fund in 1834, but in 1846 they had a reserved fend of 88,3001.
—(Cheers.) He observed also that the gross or not profits made by
the bank during the 12 years it had been established amounted
to 496,1751., out of which the proprietors had received 407,9361. in
the shape of dividends.—(Hear.) This was a startling result in so
short a period, arid showed the great degree of public confidence be-
stowed on the bank, and the unremitting attention of the directors
arid other officers to their affairs.—(Cheers.) He also observed that
in 1845 they had only one branch, which was in Westminster ; they
had now five, and he found by the Bankers' Almanac that in 1835 the
hank had ne country agents, whereas at the present moment not
less than 150 local banks and branches were connected with them.—
(Cheers ) He found 'also on inquiry that whilst in 1835 only 20
clerks were required, the services of 117 were required in 1846.—
(Hear, hear.) He did think that as these things showed such rapid
and extraordinary progress in their undertaking that they could
not fail to be interesting, arid that they would not object to hear them.
But there was one thing which struck him very forcibly, whether
during this rapid increase of prosperity and business, and c mse-
quently increased labour to the directors any additional remuneration
to that originally agreed had been voted to them.—(Hear.) It did
seem to him that they ought to give their attention to the subject, as -
that increased labour required additional remuneration.—(Hear.)
In 1834 the directors declined to receive any remuneration whatever,
and in 1835 a sum of money was voted to them in consideration of
their services. He would make no farther comment on the subject;
but he could not help anxiously inquiring whether any addition had
been made to that sum commensurate with the additional
labour which the rapid increase of the business of the
hank had imposed upon them ? The Chairman had stated
that an increase of directors was contemplated. He was glad
to see Mr. Chapman one of that body, because he had known him
and his wealthy connexions for several years, arid he did not think a
better selection could have been macie.—(clear, hear.) He hoped
that the directors, in making any additions to their body, would select
gentlemen from that body of merchants of which Mr. Chapman was
a member, because he believed, that by doing so, they would add to
the influence of the bank, and consequently promote its prosperity.
Mr. LEVY would have no objection to receive 71. per cent., as re-
commended by Mr. Tite ; but, as the directors were of opinion that
they ought not to pay more than 6 per cent., he should support
their determination, because he bad the greatest faith in their
discretion. If they had a sufficiently reserved fund let them have
the additional sum which they proposed to add to it, but the di-
rectors were the best judges, and they were in favour of paying no
more than the usual per. tentage. The subject of increasing the
remuneration of the clerks in the bank ought to be lett in
the hands of the directors, as he considered that the
proprietors had not the opportunities of testing their respective merits
as the directors. However, he could state that the department of the
bank in which he principally transacted business was as well, and
perhaps better, conducted, than any other bank in the kingdom.—
(Hear, hear.) The directors must excuse hint if he referred to
what was, in his estimation, a " sore place."—(Laughter.i
Now he did not like the election of Mr. Chapman to the '
office of director. He was, no doubt, a very respectable man, and
if he had been canvassed, he, perhaps, should have voted for him ;
but Ire regretted (and the more so because the Chairman wa sa
Liberal to the backbone)—(Laughter)—that the proprietors
had not been consulted in the election of Mr. Chapman, or
of any other director—(Hear, hear)—and he hoped when
a vacancy again occurred in the direction that they would be ap-
pealed to. He did however not mean by this to detract from the
merits of their directors, for he believed that a more competent
body, than the one which presided over their affairs, could not be
fouud—(hear, hear)—but he wished the power to be vested in the
proprietors, as he disliked a " home list," and as they had elected Mr.
Chapman, they might elect anyone else they pleased.
A PROPRIETOR expressed his willingness to second any motion
which might be submitted to the meeting embodying the sentiments
enunciated by Mr. Levy.
Mr. TITE rose to order. The only motion before the meeting was
for the adoption of the report.
Mr. LEVY declined to put his sentiments in the shape of a motion,
as he considered that the suggestion ho had offered would have the
desired effect.
The CHAIRMAN explained that the right of electing directors was
vested in themselves by the Act of Incorporation ; and that the prad-
Bee of filling up vacancies, which occurred between the annual meet-
ings, had been continued since the establishment of the Bank.
However, they were at liberty not to confirm. the report.
A rotatory principle was adopted by which three of the directors went
annualy out of office, and the proprietors might propose directors
during the six weeks before the Istof March. There was no "home
list," but they acted on a home principle for the benefit of the under-
taking.
Mr. DONALDSON expressed his satisfaction at the way in which
the accounts were made out, and congratulated himself on having
been the first to recommend the adoption of the improved plan. The
right of electing directors should be vested in that body, and while
they had confidence in the directors there was no necessity for the
proprietors to meet to fill up any vacancies which might occur. When
the principle was abused, they might take steps to effect a change.
A PROPRIETOR considered that they ought to meet twice instead of
once a year, in order that they might have the pleasure of hearing
such satisfactory information as that afforded by the director's to-day
oftener. The number of directors originally intended was 24, but
they never had a greater number thou 16 or 18. The present
number was 13. New as the busines of the bank hat
increased they ought to have an an additional number, Last year
the profits amounted to 51,0001., this year to 66,3441. ; showing an
increase of 15,3431. 19s.—(Hear) -whim was highls satisfactory, and
showed that the directors had performed their duties in an efficient
mariner. He considered that as they had in a measure superseded
p-ivate banks, they ought to devote a portion of their pr fits to
charitable purposes. By the visitation of Providence many disasters
had occurred, such as the late fire at Quebec, the famine in Ireland,
Stc., the effect of which would be materially reduced by their contri-
buting a small suns out of their large profits to the sufferers.
Mr. LEVY—That would take away our 71. per cent. with a ven-
geance.
Mr. BROWN said, with regard to the suggestions which had just
been made, he thought that the proprietors had better follow the
usual course of private bankers, which was to give money in their
individual capacity. He did not find that the Union Bank or any
other joint-stock bank had made any grant from their corporate
funds. Then, with respeet to the matter of the directory,
he thought any increase in the number of directors,
the usual meetings were quite sufficient for making any alteration.
He would suggest that sonic attempt should be made to get Into

the clearing-house. If there was plenty within and peace without
with the Bank of England, he thought it would be better to extend
those peaceful relations with other banks, and he would suggest that
some attempt should be ma ie to accomplish that object.
The CHAIRMAN said that persevering attempts had been made to
become members of the clearing-house, but all they could at present
do was to knock patiently at the door until they did, as he was sure they
ultimately would, obtain admission. Then with regard to the suggestion
respecting charities, he did not wish it to go forth to the shareholders
that their money was appropriated without their consent to purposes
to which they were not strictly applicable. lie did not, however,
wish it to go forth to the Christian public that the directors did not
sometimes smuggle a portion of their cash for the relief of misfortune
and unexpected calamity.—(Laughter and cheers.)
Mr. KEMPATRAD begged to express his thanks for the manner in
which the business of the bank had been conducted, and to move a
vote of thanks to the directors for their conduct, and to Include in that
vote the name of Mr. Chapman, who, although young in the manage-
ment, was eminently, entitled to the respect and good-will of the
shareholders. He mute coincided in the opinion that the directory
ought to be increased. lie found that there were now thirteen direc-
tors, among whom the sum of 2,5001. were divided.
The motion having been seconded.

Mr. LEVY said, that he thought it would be better that any pro-
posal for enlarging the directory, and fur increasing the compensa-
tion for the services of the gentlemen now constituting the board,
should come from the board itself. He thought that
they were gentlemen of too high character to bo liable
to auy false supposition respecting their motives. He
was sure they would not be mealy-mouthed.—(Loud
laughter.) When they wanted money they had not hesitated to
ask for it.—(No, no; nothing has ever emanated from the board.)—
All there was a whisper—(Laughter)--and there were always Wends
ready to put a whisper into circulation and give it effect.—(Cries of
" No, no.")
Mr. WAILIZEN objected that there were insuffleient statements of the
expenses of the branch banks, and proceeded during the expression of
much disapprobation, to state that he hail understood that an advance
of from 1,0001. to 2,000/. had been made to the managers of the
different banks, and he was not surprised at it when he saw the
elegant mansions which were engaged for those branch hanks ; but
he thought this altogether unnecessary when he observad the little
business that was done at those branch banks. He thought that
whenever a vacancy in
,the direction occurred, a special meeting
ought to be convened, so that it might be filled up by the votes of the
shareholders.

Mr. TLTE had read of a man of ono idea, and there was an illus-

tration of the fact in the present Instance. He had heard the gen-
tleman who had Just rat down make the same speech three times
over within the last fortnight, and always with the same result, and
that was, that he concluded without a seconder. And with regard to
the suggestion of an alteration in the direction, so that each and all
should be subjected to exclusion from office for a twelvemonth,
it was Loth inconvenient, inexpedient, and illegal. From the nod
of the solicitor he was convinced that such was the case.
He thought that the nomination of now directors was most properly
left in the hands of the directors themselves, and if the increase of
the number of directors was necessary, he believed that they were the
best judges of the matter. If there was to be any increase in the
compensation given to them, lie for one was quite ready to give
his cordial assent and support to any motion which had that ob-
ject.—(Cheers.)

The CHAIRMAN had done his best to cleanse other bodies from the
evil of self-election, and no one had a greater objection to such a
plan ; but the deed of settlement bound the directors to the system,
and by that mean, they retained the services of the most efficient
men. The gentleman who had just sat down had displayed a total
ignorance of the whole business of the bank. With respect. to the
exclusion of gentlemen from office, he could assert that
there was only one bank in England which followed that plan
—ho meant that of Preston—and he believed that a
worse clause had never been inserted in any deed
than that which compelled that bank to pursue such a course. As
to what had fallen from Mr. Warren concerning the indolence of the
directors, he thought a sufficient reply had been given by the terms
of the report, but he might further state that the directors were
responsible for the conduct of the branch banks as well as
for that of the principal establishment. Three directors sat
every day during workin4 hours as a committee, and once—every
week the whole board met to revise their proceedings,
and he could assure the proprietor that if he inquired more closely
he would find that, instead of the directors being a set of drones, who
consumed the honey of the bees, they were very industrious people.
The motion for the thanks of the shareholders to the Chairman and
directors was then passed unanimously.
John Esdaile, Esq., Sir John Kirkland, and John Stewart, Esq.,
who went out of the direction by rotation were then re-elected.
Mr. WARREN then proposed that the 48th clause of the deed of set-
tlement,. which allowed the directors, the right of electing members
of their board in the case of a temporary vacancy, should be expunged.
The CHAIRMAN said that the motion would, if carried, alter the
constitution of the Company, and that notice ought to have been
given beforehand.

Mr. IVAaars said he had inquired of the Secretary whether such

fotiee was necessary or net, and had been informed Mitt it was not.

After some conversation and after great opposition, at the request
of the board of directors the motion was put, and with the exception
of the mover and seconder, it was unanimously negatived.
Thanks were then moved to Mr. Gilbert, the general manager,
and to the several gentlemen who were managers of the different
establishments.

In seconding this proposition, a SHAREHOLDER said that as this
was a day for complaints he should complain also, not of the
directors or the chairman, but of the proprietary ; for if the
shareholders exhibited as much zeal and energy in bringing accounts
to the bank, as the directors had shown, the affairs of the Company,
prosperous as they were, would be more prosperous still.
The motion was passed unanimously and with much applause.
Thanks were then voted to the Chairman with acclamation.

Mr. P. M. STEWART begged to thank them for the very handsome
compliment which they had just paid him. So long as he held a seat
at that board he should always be happy to give his best services t•-
wards the interest of the shareholders.
_

The Hen. Gentleman concluded amidst great applause and the
meeting seperated.

BRISTOL and EXETER RAILWAY.
BRISTOL, WEDNESDAY, HALF-PAST ONR O'CLOCK.—
The half-yearly Goneral Meeting of the proprietors
of this Company was held yesterday, at the White Lion,
Broad-street, at one o'clock. The chair was taken by
James Gibbs, Esq., chairman of the board of directors.
The SECRETARY read the following report
" The amount of Rent and and Share of Toll stated by the
Great Western Railway Company to be due to this Com-
pany for the half-year ending on the 13th of December
last, is as follows, viz :
Fixed rent of the line from Bristol to Exeter,
from the 14th of June to the 13th of De-
cember, 1845, at 71,9571. a year ...... £35,978 10 0
Share of toll on 305,599 pas-
sengers, conveyed 9,633,927
miles, at id. per mile £10,035 6 10
On merchandise, 59,174 tons
7 cwt. 3 qrs. 10 lbs., equal to
one ton conveyed 2,423,766
miles, at id. per ton per mile 2,524 15 2

12,360 2 0

48,538 12 0
omingosur our line during the year 1845,
wereveryTThheearrangements gnr oe
sasr lye,a
for encouraging traffic by return
lr
tickets, and a liberal reduction of fares of passengers and
9n
carriage of goods, adopted by the lessees of the lice, have
operated the more favourably upon our proportion of toll, as
it has not been subject to any corresponding abatement, and
does not therefore contribute to the increased ratio of work-
ing expenses.
"After deducting the balance of income-tax, it will be
seen that the last half-year's revenue does not justify any
present increase of dividend; and your diectors therefore re-
commend to you to declare the usual dividend of 11. Bs. per
share on the 15,005 whole shares free of income-tax, for the
half-vear ending on the 6th of April next.
" interest on the deposit of 2/. per third share, to the date
of the second call (the 15th of January), will be remitted to
the proprietors who stood registered for these shares at the
closing of the books on the 21st of February.
" Under the authority of your resolution of the 2sth of

:./