The Sun.
London, England, 1851-03-26 00:00:00

the bank. The measure which he had taken that morning
was against his own conviction as to the ultimate advan-
tage to the bank; but—
Mr. HuTcEasori interrupted. He did not understand
that there was any accusation against any of thb retiring
directors; and as to the circulars he did not perceive
that any one there had anything to do with them.
Mr. MIIRBAY—I had thought that in a meeting of
Irishmen, and being personally known to a gi eat number
in the room, I should have been allowed, distasteful and
even painful as it might have been, to have gone over the
calumnies that have been brought forward to the detriment
of my character. I feel quite at a loss to conceive why
that hearing should be denied to me, even upon the
ground of form, who have taken so prominent a part in
this very room in all the measures of the bank since its
first commencement. I can safely say, laying my hand
upon my heart, that there is not one act during
my official connexion with which I have to reproach
myself. That I have done many things which
have tended to the ultimate advantage of the hank
every one in this room can testify. I have had many
difficulties to contend with—very few men have
had more to deal with—in the direction of a

public company. I have frequently stood alone
in my judgment upon measures until I and
my views were afterwards considered to be right.
Therefore I think there should be some deference to my
feelings in consideration to my acknowledged services,
because I intended to go over in a succinct manner all
the allegations which have been brought against me
and against the bank; for, although you have satisfied
yourselves above stairs upon the most ample informa-
tion, yet I consider the public should know the grounds
of your satisfaction with the state of the bank; but I
have been stopped in lintine by your declaration that
you do not consider them worthy of your attention
and as I understand you, therefore, to say that you
have gone into the marrow of the subject—the conduct
of the bank—and found that no stigma can rest upon
the character of those gentlemen who have, in obedience
to a rule laid down by you, retired from it. I was con-
scious from the first that any investigation that might be
made here with regard Ito my conduct or that of the di-
rectors generally, it could lead but to the result you have
arrived at. If lamto be stopped in this way, I certainly
must bow to the decision of the meeting. lam sorry to
enter into any discussion of this subject now, but I had
hoped to be allowed to answer these charges in the
first instance, as I thought it necessary for the
vindication of my own character. If, however, the
meeting chooses to stop me in the manner it has done,
and is satisfied there is no necessity for it, of course I
have no other redress, as I should be sorry to force an
address upon the meeting which would not be agreeable
to it. I have also bowed to the sentiment expressed on
Saturday night, that if any director was under a pecu-
niary obligation to the bank, it was impolitic for such
director to continue in the direction. I bowed to that

decision, although I did not entirely agree with
its justness or the aptness of its application in my own
instance. As regards the sum which I have borrowed
from the bank, the amount is considerably less than the
value of the security, and I never should have brought
my business here at the time when I had occassion for
a loan of money, nor was any dissent expressed at the
last annual meeting when the subject was mentioned.
had it not been for a peculiar proviso in a clause of
our bank deed, which rendered the security, though a
good one to the bank, invalid to any other person, by
reason of the forfeiture contained therein. If that

proviso in the deed of settlement is rescinded, the security
is at once marketable, and the money due to the bank,
and much more, can be repaid in an hour. A friend had
offerred this morning to advance me the money, but Ire-
fused his offer, because I felt a great storm had been raised
for purposes which you will more clearly see hereafter,
as they develope themselves, and which it will be my
duty to watch; and much of it has been directed against
me because I stood in the way, and because it has been
supposed that I had taken such a prominent part in the
administration of the affairs of the bank—that I had such
an overwhelming force and influence in its manege-
went, that other gentlemen felt it to be :difficult
to bear with it, or act with me; and, therefore, that con-
sideration induced me to retire, and not a feeling that I
had done anything wrong or improper while T had taken
part in the administration of the bank's affairs, or exer-
cised such pretended influence from my consciousness
that I used it unfairly. My resignation I have
agreed to tender, in deference to the opinion of
the committee up-stairs, that no director should
be indebted to the bank in any sum, however
small or well secured. I bow with deference
to that opinion, however inconvenient or in-
vidious it may be, but still I bow to the opinion of the
meeting up stairs. Charges have been brought against me,
but tlfibugh deference to what has been done by the
committee up stairs, who have investigated the bank's A.
affairs, I have passed them by. The position in whickt
I wish to place myself new is thit': I have felt it pru-
dent to give way, because in-any movemant which may
be made for the benefit of the bank hereafter, peace sid
quietness to the bank is the first object to be securer
—(Hear, hear, and cheers.) Whatever may here-
after be designed for its advantage, and for its
ultimate security and prosperity, you will always find me
ready to help or guide, in order to place this institution
in the position which it is entitled to occupy, high as it
may be now; for I believe every man has admitted to-
day that its standing is unquestionable. Some kind
of distrust had been instilled into the minds
of proprietors that the bank might have a bet-
ter direction, but an investigation has proved that
you cannot allege any incompetency on the part of the di-
rectors. I believe without vanity I may say that moat
gentlemen in the room have some little confidence in my
capacity, and I feel quite certain from the expression of
confidence I have received from gentleman with whom
I have communicated, that had I stood on my conviction
and not listened to my judgment on this occasion, and
demanded a ballot on the statement I was prepared to
make, I do not think I should have been left in a mino-
rity notwithstanding what my Rev. Friend may say to
the contrary; but what I have done is to show you that I
am willing to sacrifice my own convictions and all other
considerations for the sake of the interests involved. As
regards myself individually, for me to retire from the
direction of the bank is a relief, because the time I have
lost in its management for a meagre payment of an at-
tendance fee, considering the value of time in London,
has certainly been no compensation to me. There are
other institutions, of which I have a great share in their
direction, which certainly have suffered in conse-
quence of the incessant attendance which I
have given here, and as they, like the bank, have
been attacked, but which your verdict has clew of
of all imputation, I came here to-day prepared, if you had
allowed me, to show they have been most unjustly at-
tacked, and seemingly for no other purpose but that of
casting personal odium upon myself ; but though you
have not thought it necessary to hear me on their behalf,
it is some satisfaction to know that they are quite capa-
ble of defending themselves. Notwithstanding, I amhappy to say that I enjoy the confidence of the propri-
etors of those institutions; and lam glad, also, to feel
that I also enjoy the confidence of so large a number of
influential proprietors of this bank, and whatever course
may be followed hereafter—whatever may he done, the
Irish shareholders will find me generally coinciding is
their views. If the bank bad been in tact carried out
as it was at first designed, and as it now is at Clonmel
and Carrick-on-Suir, it would now have been paying a
much larger dividend, and the stock borne' a higher
value in the market. Gentlemen, I will not detain you
any longer than to say that the act which I have
today done will place me in a better position
to serve you than if I was at this board,
which I leave without regret on my own account, and
without a single personal feeling against any of its mem-
bers, because I can now stand outside and watch its deve-
lopement, and help to resist dangerous influences, should
they tithe, having at the saute time forbearance for those
are charged with the management of
i
a great nsti
tuiton.
Tho following resolution was then moved by the Hon.
and Rev. H. E. Cholmondeley, seconded by John
Greene, Esq, and resolved unanimously :7
" That the warmest thanks of the proprietors are due,
Dr. Magee, for
and are hereby given, to the Very Rev.
originating the requ!sition of this meeting, which has
terminated, after a minute and patient inquiry, in
de-
monstrating the prosperous character of the institution,
and for the pains and solicitude which he has exhibited
Esq., ofai
hyng ac a ted the chair, and
throughout the sittings the cvom mittee,"
havingeing called thereto
Charleslt O'Hara, Esq.,
F rancis,
ja
a cCi
wass SmRp uoa gei nhd gt
Ey i
seconded by
the Very Rev. Dr. Magee, and resolved unanimously—
" That the thanks of this meeting are due, and are hereby
given, to J. C. Ruding, Esq., for his able and impartial
conduct in the chair."

OXFORD, WORCESTER, AND WOLVERHAMP-
TON, AND LONDON AND NORTH-WESTERN
RAILWAYS.
TO THE EDITOR OF THE SUN.
SIR,—My attention having been called to an adver-
tisement in the Times of the 22d instant, being a letter
addressed to the editor by Lord Ward, in which he
states that, at u meeting of the Oxford, Worcester, and
Wolverhampton Railway company, on the 20th ult., he
denied the charge then made against him of having de-
manded an appropriation of 5,000 preference shares in that
cuaPanY; I feel it due to myself at once to declare that
Lord Ward did not at that meeting deny, nor has he, so far
us I am aware, till now, attempted to deny the statement
which I then made, nor did his solicitor, who was pre-
sent at the meeting, and through whom I stated that the
demand for the shares, on the part of Lord Ward, had
been made. utter oae word in denial or explanation.
Lord Ward's proceeding leaves me no alternative but
to add, that I repeat what I then said,
Ward, when chairman of the company,viz., that Lord
demanded an ap-
propriation to himself, at par, of 5,000 preference shares
then at a premium, as one of the necessary preliminaries
to his consideration of the arrangement proposed with
the London and North-Western and Midland Companies.
This statement I shall be prepared at any time to estab-
lish.—l ata, Sir, yours, &c.,

S. MORTON PETO.
47, Russell-6quare, March 24, 1851.

REPRESENTATION OF ROCHDALE.--The present
Member for Rochdale, Mr. Sharman Crawford, has signified
his intention of retiring at the next general election; and it
is stated that it is in contemplation to invite Mr. Roger Fen
ton, son of the first Member for the borough, to become a can-
didate.