The Sun.
London, England, 1851-03-18 00:00:00

THE

packets aiwa)s to call there—bearing in mind
also that the directors would always have a train ready
for the reception of the passengers landing from
those packets, and that everything would be done
to promote their ease, comfort, and accommoda-
tion—looking at the large amount of mineral traffic
which they were likely hereafter to obtain, and which
at the present moment was simply stopped for the want
of the extension, since last week he was obliged to re-
fuse a contract to carry 75,000 tons of ship coal
to the port of Holyhead, because the company
was not in a condition to carry them to the
water's edge,—when he took into account all these various
points, and taking them for what they were worth, he
thought that in the course of next year he would be
placed in the pleasing situation of telling the
old proprietors connected with the company,
who had exhibited so much patience and
forbearance, that the profits had attained that pitch which
would enable them to declare a 3 per cent. dividend—
(Cheers)—he might be thought by some to be too
sanguine in this matter, but he could only assure
the meeting that if he did not believe that the
exertions which must and should be made in
connexion with their traffic would answer, he would not
on this occasion have made this statement, which he
firmly believed time would prove to be correct.—
(Cheers.) Now, another point to which he wished to
refer was the hotel accommodation in the Straits of
Bangor. The directors were anxious to accommodate the
large number of visitors who annually visited the beauti-
ful scenery of that district. During the last season this
plea! are traffic was necessarily impeded by the want of
hotel accommodation, and, theretore, on this occasion
the directors had to make a novel proposal
to the meeting, but one which he under-
stood other companies had not been loath to adopt.
They were unanimously prepared to recommend the pro-
prietors to embark in the necessary expenditure for
erecting an hotel for the aecommodation of those to
whom he had already alluded.—(Hear, hear.) Par-
ties of the highest respectability were prepared to
take the hotel at a rental which would yield a very
large interest on the money so expended; while, on the
other hand, the directors would take care to make such
an arrangement as to ensure to the public the use of the
hotel at reasonable terms, and to obtain accom-
modation for first, second, and third-class passengers,
at prices which they could not hope to meet with in pri-
vate establishments.—(Hear, hear.) Of course this ar-
rangement, besides the interest he had already spoken
of, would secure them a large addition to their traffic,
and he was sure, therefore, the meeting would not be slow
in perceiving the advantages of this proposal. He
felt he bad detained the meeting rather longer than he
ought to have done on the present occasion, but
it had been his anxiety to put them in possession of all
the information in his power, and if there was
any point which he had not touched upon, and
information were required respecting it, that
information should be given in the frankest and most
open manner.—(Hear, hear.) They had nothing to con-
ceal from the proprietors, as they were but the represen-
tatives of the proprietors themselves; and while they
continued to enjoy their confidence their best exertions
should be given to the development of the undertaking,
but the moment they perceived that they had not that
confidence they would retire at once, as no amount of
remuneration could compensate them for the attention
they bestowed on the affairs of the company.—(Cheers.)
The chairman concluded by moving the adoption of the
report.
Captain Moons= seconded the motion.
After a long.and very desultory discussion, in the
course of which Mr. HENMAN deprecated the proceed-
ings pursued by the directors, designated them as ille-
gal, and called on the proprietors to mark their sense of
it by not adopting the report. He moved as an amend-
ment to that report that the directors had forfeited the
confidence of the proprietary by issuing more debenture
shares than they had authority to do.
The CHAIRMAN in putting the amendment denied that
the directors had issued any more debentures than they
were intitled to do. All the debentures that had been
issued had been issued under the best legal advice. None
regretted more than he did the vast expense that had
been incurred by the present company in the great
works they had undertaken„but,they. had,this console-
tiori; that in that vast Outlay they }an obtained for them-
selves thhe great high. road to Ireland from which no one
could depriv,e them.—(Hear.) , •
i A- PROPRIETOR thought, that as the original 'share-.
:holders could 'not live out of the proPerty of the line,
they ought to have some benefit from the property ee-
joyed by the preference shareholders. He thought thd
original shareholders ought to have one-third of the pro-
perty of the line, and moved an amendment to that
effect.
Mr. JACKSON defended the course adopted by the di-
rectors. He had little doubt that next year they would
make Bangor the Brighton of Wales, and
would open a communication with Ireland which
would be highly profitable to the company, aided, as
they doubtless would be, by the London and North-
Western Company. He had no doubt that by pursuing
a proper course the credit of the eompany, which had
been blown upon in the stock market, would be made
secure, a stock would be raised that would always in-
sure a certain profit, and sll the proprietors of the com-
pany might laugh at the stock market.—(Hear.)
Major BUCHANNAN defended the conduct pursued by
the directors, and said a great deal of time had been
wasted in endeavouring to blacken their conduct.
The CHAIRMAN then put the amendment, which was
negatived by a large majority, and the report was de-
clared to be carried.
Tho CHAIRMAN then moved that 16s. 6d. a share
should be paid on the preference shares, which was
agreed to, after a short but rather stormy discussion.
Mr. JACKSON moved that the directors who went out
by rotation should be re-elected.
Captain FINLAISON bore the highestitestimony to the
conduct and character of Mr. Peto, and asserted that
as long as ho was in the chair, ho had no fear for
the interest of the company.—(Hear.)
Mr. PETO returned thank, and felt no doubt that if
his life was spared, all that be had stated that day
would be realised.
Alderman THOMPSON and the other directors that
went out by rotation also returned thanks for their re-
election. They had hitherto had to do with rocks
and quicksand, but they were now, thank God, in smooth
water.—(Hear, hear.)
Mr. HERMAN then moved the appointment of a com-
mittee of inquiry, which was lost by a large majority.
The meeting was then made special, for the purpose
of rescinding certain resolutions for creating preference
shares, for considering the traffic arrangements with the
London and North-Western Railway Company for the
purpose of authorising the directors to construct and
maintain a temporary railway from the present terminus
to Holyhead, for the purpose also of authorising the di-
rectors to erect an hotel near Bangor, and also consider-
ing the draft of a bill to give the company power to ex-
tend their railway.
Resolutions for the purpose of carrying out these pur-
poses were carried after a short though personal dis-
cussion.
In the course of the discussion on the resolution,
A PROPRIETOR complained of the difficulty that was
experienced by passengers in seeing the Conway Bridge
unless they feed the policemen.
The CHAIRMAN said that all had been done by the di-
rectors to afford every facility to the public to see that
great work, and that after the Ist of May special instruc-
tions would be issued on the subject.
A vote of thanks was then voted to the chairman and
directors, and the meeting ndjourned at a late hour.

EASTERN COUNTIES RAILWAY-
(THIS DAY.)
An adjourned meeting of the shareholders in the
Eastern Counties Railway Company was held this day,
in the large room of the London Tavern, in conformity
with the resolution agreed to at the former meeting.
Mr. Glyn occupied the chair.
There was a very numerous attendance of proprietors.
The proceedings were opened by Captain Kelly
presenting the report of the committee of shareholders,
which had been appointed at a special general meeting
on the 13th of February, to consider the propriety of
making a working agreement with the Eastern Union
and the Norfolk Railway. (This report has already been
published.)
Captain KELLY then moved the adoption of the re-
port, which was seconded by Mr. PAULDING.
After some discussion the CHAIRMAN proceeded to
state the objection which he entertained to the report.
Ho contended that had the committee been placed in a
similar position to the directors they would have
been obliged to make exactly the same ar-
rangement. After going through the report
the lion. Gentleman proceeded to comment on the state-
ment, which the committee had put forth that they had
opened a negotiation with the other two companies, by
soliciting an interview with deputations from those com-
panies. With reference to this he would refer them to a
letter which he bad received from Mr. Cobbold, of the
Norfolk Railway, on the subject of this interview, which
had been forwarded to Captain Kelly :
(Copy.)
" 7, Pall-mall East, March 17,1851.
“My dear Sir,—l deem it only due to you, as well as to
my colleagues and myself, to detail to you prior to the meet-
ing of the Eastern Counties shareholders to-morrow, the re-
sult of the meeting which took place at the request of the
shareholders' committee, and in accordance with the wish ex-
pressed by the Board of Directors of the Eastern Counties
Company, between the deputations of the Eastern Union
Company and the Norfolk Company and the ahareholders'
committee.
" The desire of the committee that we should meet them
having been communicated to the secretaries of the two
companies, through the secretary of the committee, I lost
not time in obtaining the sanction of the deputation of the
Eastern Counties board, with whom we were appointed to
negotiate, to such meeting ; and I proceeded to Norwich my-
self, to urge my friend Mr. Bignole to come up and attend
the meeting, as one of the Eastern Union deputation who
had signed the agreement, knowing that he had an engage-
meLt at Norwich of some importance on the day named for
the meeting, :and being apprehensive that a letter might
have failed in prevailing on him to forego his other engage-
ments.
" I also went to another member of the deputation of the
Eastern Union Company to come up from Scarborough, and
both these gentlemen, as well as several others, attended at
great
personal inconvenience, as we were all anxious to give
the committee appointed by the Eastern Counties share-
holders any
130 (planation which they might be entitled to ask
with regard
our respective companies.
" We attended
accordingly, and tiie committee at the Bishopsgate Station
the afterchairman some preliminary polite expressicns on
we w ere simply informed the part
already come to a unaneilamobuys
of the committee of shareholders,
hriemsoltuhtiaotnt htoe
recommendcom tteelitande
shareholders to reject the agreement, and that their report was
took our leave
feeling; altlnath
in type, and would be
such treatment towards us was most un-
ore the public the next day
that, to
gentlemen
who
but one, and we therefore
who attended with me concur
they were appointed, I must leave it,
and to their report to justify.
cm°lllli.liciHeesOtuwst.efrarnr it accorded with their duties to the body of
to themselves P
shareholders, bt yo
evfxhoil