The Sun.
London, England, 1867-11-26 00:00:00

THE GREAT TVESTERNRAILIT• AY.

The following official circular has been addressed
to the shareholders in the Great Western Rail-
way :

"Paddington Station, No. 21, 1867.

" Sir,—l am instructed by the directors to inform
you that, on the application of a shareholder in the
Vale of Neath Section, his honour the Vice Chan-
cellor Wood has this day granted an intermediate
injunction in a cause of Mole v. Great Western
Railway Company,' restraining the issue of any
further amount of £6 per cent. preference stock, or
£4 10s. per cent. debenture stock, in payment of
dividends, until the hearing of that cause. In
giving you this intimation, the directors think it
right to explain the nature and position of the
matter in question. Mr. Iloole, the plaintiff in the
cause, filed his bill in the court of Vice Chancellor
Wood on the 7th of September last, praying for a
declaration by the Court that the issue of stock in
payment of dividends was illegal, for the cancellation
of the stock already issued, and for an injunction to
restrain the company from paying dividends • on
what had been so issued, and from making any fur-
ther issue ; and he gave notice of a motion before
the vacation judge for an intermediate injunction
to that effect. Under the advice of counsel the
company demurred to the bill on various grounds ;
and on the 2Gth of September the demurrer and
the motion came on for argument before Vice-
Chancellor Malins, who refused to interfere, leav-
ing the plaintiff to proceed with his cause, but at
the same time intimating his opinion that there was
'no foundation of justice in the bill.' rhe case
has now been argued before Vice-Chancellor Wood,
who has overruled the company's demurrer, and
required them to put in an answer to the bill,
so that the whole of the facts of the case may be
fully before him. He has also, as above stated,
granted an intermediate injunction until the
hearing of the cause; such injunction, how-
ever, being confined to the issue as from this
day of any further stock, but not interfering with
what has already been done. having regard to
this conflict of opinion between two eminent judges,
and acting under the advice of their counsel, the
directors have determined to appeal from this deci-
sion, having rea-on to believe that upon the plain-
tiff's own showing, and apart from any answer.
which the company may give, he has made out no
sufficient ground for the interference of the Court.
IJud:•r these circumstances, and until the question
has been disposed of by the proper tribunals, the
directors will be unable to take action iu regard to
any documents which h:tve not already been sent to
the office; but it will be understood that, in the
event of the injunction being ultimately dissolved,
and the company thus left free to act, the holders
of such documents will be placed as far as possible
in the same position as if those decutr.ents had been
received in the ordinary course.—l am, Sir, your
obedient servant,
" FRED. G. SAUNDERS, Secretary."

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