The Sun.
London, England, 1846-02-26 00:00:00

38 p

MACCLESFIELD AND LICHFIELD
OR CHURNET AND BLYTHE JUNCTION
RAILWAY.
TO THE EDITOR OF THE SUN.
SIR—In your paper of Thursday last, in the Parlia-
mentary proceedings, under the head of Manchester and
Lichfield Railway, it is stated that Mr. Muntz withdrew
a petition in favour of the Macclesfield and Lichfield
Railway, and presented one in favour of the North
Staffordshire (Churnet Valley line).
Now, I beg to inform you, that the facts were just the
reverse as the petitions really presented were from
two individuals withdrawing their opposition on standing
orders to the Macclesfield and Lichfield ; and another
from the inhabitants of Cheadle, against the North
Staffordshire (Churnet Valley line.)
1 shall feel obliged by your correcting this misstate-
ment in your next paper.—l am, '&e.
C. T. RATTENBURY, Secretary.
11, New Palace-yard, Feb. 25. 1846.

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DIRECT LONDON AND EXETER

RAILWAY.

A special general meeting of the proprietors 'of this Company was
held at one o'clock on Monday, at the London Tavern, for the purpose
of receiving from the committee appointed at the last meeting, a
statement of their affairs, and to take steps accordingly. Sir J. B.
Chichester, occupied the chair, aad a considerable number of share-
holders were present,
The CnAntateet called attention to the resolution passed on the
15th of December last, in which the shareholders stated they had
every confidence in the directors, and empowered them to issue
shares and to return the deposits to the shareholders in the event of
the necessary capital not being subscribed, and that a statement of
accounts be prepared to be submitted at a subsequent meeting. At
that meeting they awarded a vote of thanks to him for which he
felt extremely grateful, but the compliment was not without its alloy,
inasmuch as charges were made against himself and the other direc-
tors. He then entered into the proceedings of the last meeting, and
contended that it was contrary to the spirit of the deed to discharge
the old committee and to appoint another.
The SECRETARY then read the report of the committee, which stated
that at the last meeting the balance in hand was 4921., but they expected
that in a short time they would be able to show a larger balance in
favour of the Company. They had applied to the members of the
provisional committee who had not paid their deposits to do so, but
they had in every case refused. They had, however, taken the
opinion of counsel, who were of opinion that they could be com-
pelled to do so, and they had instructed their solicitor to take steps
torecover them; thus several thousands would be added to the assets
of the Company. They had experienced great difficulty in inquiring
into the state of their finances on account of Dr. Blundel,
who had taken a number of papers, which he refused to give up in
consequence of a claim which he had made for services rendered in
his capacity of honorary secretary. The liabilities of the Company
had been greatly underrated at the last meeting. Mr. Columbine
had claimed 8121., but on Investigation they found that he had re-
ceived various sums of money, but for what purposes did not appear ;
they had called on him to send in a full statement of his claim, but
he had Rot yet done so. His claim, they understood, arose
out of an agreement entered into with the old committee
on the 16th of Septemoer, by which he was to receive
1,800 shares, on which 11.75. 6d. should be considered as paid, in con-
sideration of his having been the pro•noter of the line, and, in addi-
tion, that he should be retained as its solicitor. They had sought the
opinion of counsel on this point, and the opinion they had received
was to the effect that it was objectionable and illegal. Mr. Colum-
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bine had printed a statement, which had thrownmuch obloquy on
the directors ; but as the statements contained in it were untrue,
they could afford to despise them. Mr. Ancrum had behaved in a
different manner, as he had consented to receive a small sum in
discharge of his claim, with this prevision, that if the line was ulti-
mately carried out, his claim might not be prejudiced. Claims,
amounting to upwards of 6,9541., had been reduced to about 3,0001.
Two actions had been brought against them by Mr. Braithwaite,
the engineer, for 5,5331. 6s. 5d., In addition to 8,0001. he had received,
and the other action was for 90001. by one of the surveyors, which
the committee held was part of the amount included in the claim
ma le for that portion of their undertaking. They were of opinion
that Mr. Braithwaite's claim could not be maintained, and in addition
that they could compel him to refund the money be had received, as
his plans and sections, were most defective, which were delivered at
the last moment, and would have caused the line to be thrown out
in standing orders. They intended, by permission of the share-
holders, to appoint an eminent engineer to go over that gentleman's
plans. The opinions of counsel had been obtained at the expense of

the directors.
A SHAREHOLDER said it was, a mistake to say that they constituted
a committee, inasmuch as the directors had failed to form one ; the
necessary capital of 3,000,0001. had not been obtained, and the de-
posits received were simply a pledge that the remainder would be
paid when required. They had no right to spend a shilling belong-
ing to the shareholders—in fact thy might be taken before the Lord
Mayor for doing so.—(Laughter.)
The CHAIRMAN having moved the adoption of the report.

Mr. VALLANCE said he had no doubt their directors were all
honourable men, but they had shown most lamentable incapacity in
the management of the affairs of the Company. He was. however,
prepared to prove that at the very time the Chairman stated at the
last meeting that there was only a balance of 4121. in hand, he had
1,0001. belonging to the Company in his pocket, which he intended to
devote to stock-jobbing transactions.— (Cries of " No, no," and
" Hear, hear.") And that he had since devoted 5601. of the Com-
pany's money to the same purpose. The balance now appeared to be
7,0001., which he called upon the directors to divide among the
shareholders. Subsequent decisions in the law courts showed that
they might recover all the money which their directors had mis-
appropriated.
Mr. COLUMBINE said he >was also prepared to show that-on the
26th of November the Chairman issued cheques to pay for stock-
jobbing.
The CHAIRMAN said if this was so, he must have been cognizant of
the fact, as he was his professional adviser at that period.—(Cheers.)
Mr, VALLANCE then proceeded amidst great noise and confusion to
repeat his statements, and concluded by proposing an amendment
calling on Sir Bruce Chichester,, Dr. Phillimore, and Mr. Chambers
immediately to dissolve the Company, and to divide the balance
amongst the shareholders, without prejudicing their right to claim the
deficiency, if any, which may be due to them en their deposits.
Mr. COLUMBINE then proceeded to address the meeting, and en-
tered into a statement of his connexion with the Company, and of
his withdrawal from it. The cheques for the steck-jobbing transac-
tions were issued by the present Board, and not by the former one.
Mr. Chambers was present on the oceasion.,

Mr. CusmßEas denied that he was present.
Mr. COLUMBINE inquired if the cheques for the 1,5001. were drawn
uuder his advice?
The CHAIRMAN said he (Mr. Columbine) advised him to make the
best arrangement be could.
The CHAIRMAN then proceeded to address the meeting, and trusted
that whilst he did so he should not be interrupted, as the thread of
his address would be thereby broken. On the 20th of October he
came into the Company, when he found Mr. Columbine at " daggers
drawn" with the then committee ; but he was never excluded from any
meeting whilst he (the Chairman) was present. He at length ascer-
tained what was the nature of the differences between the committee
and that gentleman, and they were to this effect—that• lee was a
money-lender, an usurer, and charged seventy per cent. for the
money he lent—that he NN as mixed up in Lord Huntingtower's affairs,
and that he was secretary to the "Flying-Kite Machine."—Cries of
(" Question.")
A SHAREHOLDER rose to order. He considered that these allu-
sions had no relation to the affairs of that Company.
Dr. PHILLIMORE said Mr. Columbine had made grave and un-
founded charges against Sir 11. Chicester ; they had heard one side,
and were in duty bound to hear the other.

The CHAIRMAN proceeded, after some interruption, to read a letter
he had received from Mr. Columbine, referring to several members
of the provisional committee, as a proof of his respectability and
talent. He laid this letter before the committee, and they imme-
diately dismissed, him from the office he held. • (Sir Bruce was about
to refer to a pamphlet published by Mr. Columbine and to ether mat-
ters, but he cave way to repeated calls of Question, question.") With
respect to the charges about the cheques, he read the following
statement :—"Dec. 8, received from Currie and Co., balance of cash,
1,135/. 9s. 10d.; Dec. 10, paid into Strahan and Co., 1,1351. 9s. 10d.,
on account of the Company ; Exchequer-bills, same date, 11,600/."
Was this putting their money into his pocket?—(Loud cheers.) He
did it under the advice of Mr. Columbine, in order to forward the in-
terests of the Company.—(Loud cheers ) Then with respect to the
purchase of shares, he admitted he did it, but it was a common
practice by stock-brokers, and he was ready to bear his share in the
responsibity.
Mr. COHEN said he had been connected with the Stock Exchange
all his lifetime, and it was a most improper practice, and one which
the authorities of. the Stock Exchange would not countenance.
The CHAIRMAN said the shares were purchased with a view to
compensate Mr. Columbine's bill.---(Hear.)
Mr. COHEN wished to know why they bought 1,000 shares, when
they had 62,000 now on hand? Who were the brokers that bought
them ?

The CHAIRMAN said, because they did not wish to pay Mr. Colum-
bine themselves. Who was to pay the 1/. 7s. 6d. per share if they
had not done this ?

Mr. COHEN said Dr. Blundell had told him that he had received
5121. 10s. from the finance committee, of which Sir H. Pym, Mr.
Healy, Mr. Evans, Mr. Spicer, and Mr. Sharp, were members, to
purchase shares with, and that they were purchased at the Hall of
Commerce. From this it appeared that the finance committee had
jobbed in the shares of the Company with their money. Then ho
wished to know by whose authority Lord Mexborough was placed
on the provisional committee?
Mr. Aticaum stated that Mr. Clark supplied Mr. Columbine with
the names of several parties, on the understanding that if they were
placed on the provisional committee 2';o shares should be allotted to
each.

Dr. PnuximonE said he was one of the three in which they had
placed confidence at the last meeting, and he had suffered much an-
noyance in his anxiety to, carry out their wishes. He then detailed
the labours of the committee and drew attention to the fact that
charges had been made amounting to 6,4291., which by their exertions
had been reduced to about 3,0001. When they found Mr. Braith-
waite's plans and sections defective they considered that to serve the
necessary notices at an expense of 2,0001. would be like ;throwing
money to that amount away.—(Cheers.) They were advised not to
incur any additional expense and to go into Parliament as a project,
but they were not allowed to do so this session in consequence of the
alteration of the standing orders. He received a letter from Mr.
Columbine, raying that he should recommend the provisional com-
mittee not to pay their deposits in order to embarrass the labours of
the committee they had appointed.
Mr. COLUMBINE They were my clients.— (Hisses and great up-
roar) There was a flaw in the letter of allotment.
Dr. PulLLimolz said that did not come with much delicacy from
him. Then there were enormous bills for advertisements.—(" Name
the papers.") They_were made out to Mr. Columbine, who when
dismissed offered to give the parties written orders in the name of
the Company.
Mr. COLUMBINE at first denied this, but afterwards said in one or
two cases he had given orders, because be had previously given
verbal orders.

Dr. PUILLiMORE then proceeded to say that when they were en-
trusted with their affairs they considered that they ought to put a
stop to all unnecessary expenses. They had defied Mr. Columbine's
menaces of resigning his office and of throwing their affairs into
Chancery,and would still defy them, because his demands were unfair.
The board had done nothing to bind them to give 8501. to Mr.
Columbine; the attempt was made, but he and Mr. Chambers resisted
it and succeeded. Sir Bruce Chicester, Mr. Chambers, and himself
having laboured with great assiduity In their service, with great per-
sonal obloquy, having been placarded, and had passages reflecting en
their character extracted from newspapers, and letters sent to their
residences, he would ask them if they would pass a vote of censure on
them?—(Loud cheers.)
Sir H. PYII explained that he sanctioned the purchasing of file
shares, but that he did not realise a shilling by the transaction, nor,
on his honour, anything from the funds of the Company, Dr. Blun-
dell had acted in a most extraordinary and improper way whilst he
held the office of Secretary.

Dr. BLUNDELL said, he held the paper referred to under legal ad-
vice. He could not understand why he was stated to have money
belonging to the Company in his hands.
Mr. NEILD said they ought to pass a resolution empowering the
Directors to take steps to enforce the payment of the deposits by
those to whom shares had been allotted. _ .

Mr. EADY answered, that by putting an end to the Company they
would involve the three Directors, to whom they were much in-
debted, and themselves in innumerable Chancery suits.
There appeared a great difference of opinion whether they should
at once dissolve the Company, or carry it on, in order to obtain the
deposits referred to. Some called " Divide, divide," whilst others
shouted and hissed vociferously at Mr. Columbine, who rose to ad-
dress the meeting. The question was put whether he should be heard
or not, but a decided and boisterous negative was the response.
The following resolution was then adopted, scarcely with a dis-
sentient voice :—" That the report be adopted, and that the com-
mittee be authorised to prosecute with vigour such measures as they
may be advised to take for recovering from the defaulting members
of the provisional committee the deposit and the shares agreed to be
taken by them; and that this meeting approve of the steps which
have been taken in resisting the actions of Mr. Braithwaite and Mr.
Abraham, and to empower the, committee to take such further
means as shall be necessary for bringing the differences of these
gentlemen with the Company to a satisfactory conclusion."
Mr. Vallance's amendment was of course negatived.
This stormy meeting which lasted nearly four hours and a half,
then separated, after passing a vote of thanks to the directors.

OBSERVER- OFFICE, 169, STRAND.—With a view to
furnish full particulars of the highly important achievements in
India, the Observer purposes publishing a gratuitous half-sheet Sup-
plement of twenty folio columns on Sunday next, March 1. The
price of the Observer (including the Supplement) Sixpence. A Mon-
day afternoon. Edition of the Observer is regularly published at Four
o'clock, which edition is best adapted for the country and readers
abroad. The Observer was the journal that first announced the in-
tended alteration in the corn-laws, and which paper has in its subse-
quent numbers anticipated all the official movements in progress,
connected with that highly importantmeasure.
EXTENSIVE FIRE fN THE SOUTHWARK-BRIDGE-ROAD.
—On Tuesday, shortly after eleven o'clock, a fire broke out on the
large range of premises in the occupation of Messrs. W. W. and R
Brook, tallow-melters and chandlers, Southwark-bridge-road. From
the easily ignitable character of the stock, the melting house, where
it is said the fire kindled, was soon in a blaze, and though assistance
was upon the spot the flames obtained a formidable head before any
effective aid could be rendered. The fire was seen to yield to the
judicious exertions of the firemen by twelve o'clock, and in another
quarter of an hour all further fear of its extension was allayed.
TROTTING.—Tuesday the match between Mr. Rus-
sell ana Mr. Jenks to trot their horses, came off on Sunbury-com-
mon, the contest causing considerable betting in the sporting world.
The match was to trot in harness over five miles of road for a stake
of 1001. ; an unusual quantity of spectators being present at the race;
the horses having been harnessed to light match carts, and starting
at a rattling pace, performed the first mile well together, in three
minutes and twelve seconds. Mr. Russell's horse then took the lead,
and after a splitting race, the match was brought to a conclusion by
his cob coming in the winner, covering the distance in NOTsntega
palatltti. .