The Sun.
London, England, 1856-03-01 00:00:00

1,1)N 01)N SAI URDAY EVENING, MARCH 1. 1856.

TO the PROPRIETORS of the EASTERN.II
COIT NTr ms 1 [LW AY 00M PANY.
M Loins, LADIES, AND 131-NTLEMEN,
been 00, shy pro,,,esed and seconded to a seat at you
Board. 1 tseg to solicit your votes and interest in my favour. Fre
from those trammels of party that Mitrait the councils of your dire
tins, and which are in the highest dcgroe injunons to the pro%) rit '
c.f the Comp any, I pledge myself, if honakured wl'h your eonf‘den
to cOnaltat w•th whatever o'7.stacles are in the way of ;dos ng c tpl' •
aocrawit. to endeavour to maintain the permanent way and rallin
spook in a stato of efficiency out of income, to arrive at the rt.,
tirincipte of making up railaay accounts, and to make your Railwa:.
$ solid dividend-paying lino.
he Poll is open, at the London Tavern, every day from Teta tll
Four o'clock, tlll Tuesday inc'usive.
I hove the honoar to be,
' My Lords, Ladies, and Gets lemen,
Your most obedient servant,
Theobald?, llerts, Feb. 29, 1856. J. R. 1101tRBON.

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di- remarks to the motion before trio meeting. He
eould, after the adoption of the report, have an oppor-
unity of making rerherks on his (the chairman's) con-
mud.
Mr. NORRIS rose to sri7er, The report stated that
" David Waddington, Esq., retired
.from the direc-
.iry; and was eligible for re-election," the speaker
vaidnor•ler in trying to prove the contrary. (Cheer...)
Dr. TtILET then proceeded amidst cries of question
rid order to triter into the state of the.Coinp.any's affairs,
riticising, at the same time, the Chairman's conduct in
eference to them, which he contended hid been such at
o forfeit the shareholders' confidence in him. He pro-
lased to put cerfain questions to the Chairman, who
leclined answering them:nntil be mime before the meet-
ing for re-Oection at a later period of the day. This
innouncement of the' Chairinan was received with
pplauee.
Dr. RILEt continued his address amidst such a storm
if confusion as to be inaudible to all except a few within
Lis immediate neighbourhood.
Mr. Norris and Mr. Bruce (director) rose together, ,
nd were received with applause by their respective
riends. Ultimately Mr. Bruce was called upon by the
leeting to address them first.
Mr..BRUCK defended himself from the imputation of
inlay in the stores account, which arose from the
chairman and the other directors refusing to
,Dfient his appointment of a storekeeper of
lhiEty and putting in, the situation a man
incapable of discharging the duties. Hs ;assured them
!-tat the • stores aCalllnyb 7eCO e ,149 ct. l 3 i ttie n
flyteredilarrAttigent m_ 44;1 is for the half year which'
he said were unsatisfactory. .
• The CIikIRIUN denied that he rem nnreiniliad the ap-
uniatment of the store-keeper. Mr. grime_ recom-
mended that person to the ,corninittee, . and they
appointed him. fie (the Chairinan) had rendered
every assistance possible to get the stores accounts ready,
tut the system. of accounts !aid down by Mr.),Bruce had
peen a failure. The utmost
,confusion prevailed during
the statement of the chairman.

-- -
Mr. BRUCE, with great vehemence, defied the Ghair
•nan to deny that he appointed the st4rekeeper, and
called on Mr. Anderton in confirmation.
Mr. NORRIS censured the unseemly interruptions of
'he chairman ►n the discussion that had taken place,
od he claimed „H.,' right to address any remarks he
aoughc proper on the contents of the report. Every'
.hind sank into insignificance in comparison with that
•1 the election of directors. Looking at the act of Par-
tiement, he charged the dire.ctore with serious derelic-
ion of duty in not having the accounts ready 14 days
oefore the meeting, and certainly a person re-
ceiving 2,0001. a year should be able to
Jroduce them in time, or be was net,
f re-election. The h'im. gentleman then
*ent over the general state of the undertaking, which
.as been so repeatedly put before the public during the
Nast half-year. He thought it wai time to remove the
resent chairman from that position, and elect a man
lapable of successfully cmducting the affairs of the com-
eany.
In reply to a qsestion from. Mr. LOVE,
The Ammon said that the locometive superinten-
le. Ce books had not been audited,

After some further discussion,
Mr. LIAINE woved as an amendment that the report
he received and adopted so far only as related to the de-
claring of a dividend ; but that the report and accounts
in all other respects be received, but not adopted, and
that'the arc .unts be referred back to the auditors for a
more perfect audit.
Dr. RILEY seconded the amendment, which was car-
ried.
Mr. MINE then moved the following resolution :
" That the payment of 2,0001. to the chairman of the
company should be discontinued."
Dr. RILEY seconded the motion, which was carried.
After the raisnction of some other bnsieesq, the meet-

lag proceeded to tke election of retiring directors.
Tbe retiring directors are Mr. Waddington, M.P. ;
Lard A. Paget, M.P., resigned ; and Mr. J. Packe.
Tho candidates to fill the vacancies ara Mr. Wadding-
ton, the chairman ; Mr. Packs ; and the following new
candidates—Mr. Goodson, the Albany, Piccadilly ;,Mr.
Pulley, 28, Great Winchester-street ; Mr. J. R. Mor-
rison, Theobal&, Hera ; Mr. R. Orr, Sydenham ;
Mr. T. W. Helps, Dean's-yer I, Westminster •, Mr.
R. Walters, Sussex-gardens, Bydepark ; and Mr.
M. Reilly, Bishops Stortford.
After some conversati•ontlik tirthe audit of takinz the
poll, the names of the candidates were pat to a ply w of
hands, and the elec•ion declared to be in favour of
Aessrs. Helps, Walter,, and Orr.
Tbe poll was ordertd to commence at six o'clnck. and
proceed to eigLt, and be a 'jourrictl day by day from tea
a.m. to four p.m., closing. on Tuesday, and that the re-
Ault would be declarod at 12 o'clock on Thursday.
The proceedings then terminated.

ROYAL SWEDISH.
A numerous meeting took place yesterday at the London
Tavern of persons interested in the Itoyal Swedish Railway
Company, Mr. J. Rhodes presiding, to consider tie unautho-
rised issue of shares and obligations by •he late chairman,
Mr. Sadleir It was stated that no suspicion i.f any irregu
larity was aroused until about the T- th of the present month,
and that Mr. Sadleir, when appealed to on Saturday, the
16th, promised the secretary ho would prepare a full state-
ment and present it on the following Monday. His death
having meanwhile occurred, there was no alternative but
to announce the fact and to adopt precautionary mea-
sures. Some of the principal sharehold ,rs having been
consulted, it was determined to call in the aid of Messrs.
Broom and 13agsli ewe, the accountants, by whom a preliminary
investigation was made, the result of which is embodied in
tue following figures. It was explained that the committee
temporarily appointed entertained no desire to continue
in office, and that they had only assumed the responsibility
of instituting an initiatory proceeding to bring the question
under the cnisideration of the proprietors, who were recom-
mended to appoint a new and enlarged body to carry out a
thorough inquiry iota the situation of the com,etny For
this purpose the necessity of a calm and impartial discussion
was suggested, since, serious as the prospect is, it may ho
greatly aggravated by precipitate litigation or the onforce•
moot of pressing claims. The project was stated to be inher-
ently sound, and it was alsa observed that if plans can be
devised for organising its management, the Swedish Govern-
ment may be inclined to afford further faci itics or its com-
pletion. The debate that ensued principally related to the
a tuation of the holders of the unauthorised shares and obli-
gations. but this, it was urged, could not he decided till
a further report was presented. The general feeling
was favourable to the formation of a new commit-
tee, giving them power to make a searching investigation
prepay a:ory to any proposals for arrangement, the directors
pledging themselves to be bound by the advice and instruc-
tions of its members until their labours are completed.
Eventually a committee of seven, including Mr. Chaplin and
Mr. Tottie, the Swedish Consul, was appointed, but some of
the shareholders were dissatisfied at the exclusion of particular
names, and protested against the manner in which the votes
had been taken.
Subjoined aro the statements submitted by the committee
of investigation. From the fact that Mr. Sadleir seems to
have issued shares irregularly not only for his own purposes,
but also for those of the company, and that the transactions
in this respect have been almost indiscriminate, it is difti ult
to ascertain at present the actual amount of his delinquencies
on personal account. It will be seen that the total over-issue
of 51. shares beyond the 83.334 which were authorised as the
capital of the company is 16,291, the nominal value of which
is 81,4551., and that the over-issue of obligations of 41. each
beyond the 25,000 authorised is 18,782, of an aggregate value
of 75,1281. As a large proportion, however, of the original
amount of shares and obligations had never been issued to the
public, but ere retained by the cornpany until Mr. Sadleir
misappropriated them, his fraud will probably be found much
larger than the two sums thus rep'esonted of 81,455/. and
75,1281. Together they make 156,5831. ; but it is possible
that the total issue appropriated by himself may prove
to have been 254,000/. Until the exact nature of his ac-
counts with the pompauy shall have been ascertained there will
be no practicability of determining this point. Everything
seems to indicate that his brother directors allowed him to act
without•control of any kind, leaving him to borrow money
for the company on any terms or pretences he pleased, and
to help lhimself to its assets whenever the pressure of
his "wry affairs impelled him to that course. A more extra-
ordinary instance of neglect and infatuation ou the part of a
public board has never transpired, and the culpability of
those who have thus betrayed the interests of their consti-
tuents is without mitigation, except such as is afforded by
the belief that their disregard of duty was not accompanied
by any intentional dishonesty. Under the circumstances,
the grand point of inquiry will now be as to the method in
which the undertaking may meet its difficulties, and prevent
the money already out, and which by the balance-sheet a:-
pears to have been about 300,0001., from remaining unpro-
ductive. Any attempt to repudiate the over-issued shares
is app treutly out of the question. T, ey are understood to
be free from the slightest taint of forgery or irregularity
which could threw any onus upon the holden; or exo-
nerate the company from liability upon these, and it
may be hoped, for the honour of London, that,
unless facts should transpire wholly different from
anything at present known, the disgrace
_will not be in-
curred even of contemplating' such ft course. It is true that
in the instance of Mr. Schuyler and the New York aid New
Haven Railway, which perhaps gave Mr. Sadleir the first idea
of this mode of plunder, the original shareholders are endea-
vouring to contest the claims of the holders of the stock he
over-issued; but tkis course has drawn upon them the une-
quiiocal condemnation of the commercial public, and has been
cited in Europe as another example of American laxity. In
the present case, moreover, all the circumstances in favour of
the holders ars believed to be still stronger and clearer than in
that instance :---
STATEMENT ACCOUNTING FOR 83,334 SHARES', THE AUTHORISED
SHARE CAPITAL OF THE COMPANY.
The number of shares printed was
There have been issued , 29,669

Mr. Sadleir appears to have taken
the foll.wing shares to secure
himself for advances made by
him to the Company, &e• ... .... 38,695
Mr. Sadlcir has also taken for other
alleged purposes ...... ........ 9,C40

-- 48,245
There have been sent to Save ton 2,011

Supposed total
Shares destroyed
Unaccounted for
At the offices of the company
83,331

DUPLICATE SFIARMS.

23,780 total number of duplicate shares printed.
Memorandum.
12,300 shares were taken by M. Badleir, which,
from the fact of many of there having been pre.
'tented for verification, are surPosed to be in cir-
culation—say
' 7,400 shares were taken by Mr. Bac-Heir, which are
likewise presumed to be in circulation—say 7,400
4,800 shares are now in the company's offices.

Duloliente shares row in bireulation 1%7;0
j 3)• the fore,zoing statement It wilt be sea
• Shares.

Thai there are in-circulation
And it will also be seen
That 11r. Sadleir has had duplicates of shares, which
it is presumed lie has issued—say 19;700

Total number of shares issued
Deduct front the above the issue authorised by the
statutes 83,N1
Thus showing an over-issue of
STATEM!!..NT SIIOWING TIIE OVER-ISSUE OP TIES OBLIGATIONS OF
TIES COMPANY.
25,000 obligations were originally intended to bo
printed, but the printers- only del.vered to the •
company
N.B. In consequence of these obli".!stlons having
been printed oa inconveniently thick paper, it
VIM determined to call them in'and exchange them
for 25,000 obligations, which had been ordered to
be printed in thinner paper, and thus replace the
first issue...

25,001
Total number of obligations printed. 49,750
The original obligations aro thus 344eounted fur, viz. :
There were regularly issued. 7 303
Less—l:ought batik by the company 70

7,233

riblitiMUS giver, to VR.VIOIIA creditors as
collateral securityand novr held by them __,_ _
There were sent to Sweden 81(i
Mr, Sadleir had 3,300
Now remaining in the office, and including
two othigations unaccounted for

The new obligations printed on thinner
paper, as before stated, are thus accounted
for, viz.:—
Issued to R. Gilman
" As collateral security against a
renewed bill " ............
Mr. &vilely had .
No.v remaining in the office, in
eluding 6,559, to be delivered
to various persons who have
paid for them.

350
13,010

11,390

24,750

25,00)

49,750
It appears, therefore, by these statements that obli-
gations have been printed
From which must be deducted now in the office—
Obligations en thick paper
*ObligatiOna on thin paper

... 49,750

12 557

Showing a total issue of
'hereas the authorised issue was only

Thus making an overissue of
*N. B. Outof the 11,390 obligations now in the office
of the company, 6,581 will have to be delivered
to various persons wheo have paid the deposit on
them of 2/, 155., on presentation of the banker's
receipt

12,193

18,782

BALANCE•finEBT OF THE ROYAL SWEDISU RAILWAY COMFANY,

Fan. 16.