The Sun.
London, England, 1858-08-20 00:00:00

GREAT NORTHERN RAILWAY.

The ordinary half-yearly meeting of the shareholders in
this undertaking was held this morning at the London
Tavern, Bishopsgate-street. The chair was taken by E.
Denison, Esq., chairman of the Board of Directors.
The usual routine business having been gone through,
The CHAIRMAN said, before moving the adoption of the
report he intended to make a few observations. He said the
revenue of the Great Northern Railway had been seriously
affected by bad trade and competition. Their expenses had
also been increased by that competition, and this was the
cause of the dividend being lower than it would have been.
With respect to the competition, he begged to say, in the
most public manner possible, that no man more disapproved
of it than he did, and if it had rested with him it should not
have lasted a single day. But, as the chairman of a great
company, be had a duty to perform to the shareholders, and
as soon as it was possible, with a due respect to the
interests of their property, it would be put an
end to. The competition that had been carried
on had no doubt arisen from an arrangement
entered into with the Manchester, Sheffield, and Lincoln-
shire Railway, which he mentioned to the shareholders in
August last. The directors had renewed that agreement,
and that had been looked upon with distaste by one great
company in particular, the London and North-Western.
It was not for the directors of the Great Northern to look
into the quarrels that might exist between that company
tine others—it was not tor them to know the exact posi-
tion of the Manchester, Sheffield, and Lincolnshire
with the London and North-Western. The directors
finally determined to lay the whole of the correspondence
before Parliament, and no body of persons more strongly
opposed the bill promoted by the company than the London
and North-Western in committee, but after a contest of
twenty-one days the committee unanimously passed the bill,
having declared that the agreement of 1854, made between
the Londonand North-Western and the Manchester and Shef-
field Companies, by which the traffic between the London
and Manchester by. the Great Northern route was ob;
strutted, was at variance with public policy. The bill re-
ceived the support of all parties, and the passing of it ought
to convince the London and North-Western that they
would not be allowed to monopolise the entire London and
Lancashire traffic. Parliament had declared that the Great
Northern and Sheffield Companies were fully justified in
establishing a second through traffic between London and
the Eastern Counties and Lancashire, as suggested by Lord
Dalhousie, in his report on railways in 1845. Under
the agreement with the Manchester and Sheffield they were
entitled to receive out of the earnings arising from through
traffic such a sum as would with their other receipts make
up the gross sum of £lO,OOO per week subject to being re-
paid when their gross receipts exceeded £ll,OOO per week.
The Great Northern company had advanced to t rem £25,000
in respect of the earnings of 1858. He looked upon the
outlay of 8.01, a cam as nothing compared to the benefit of
securing the traffic they were endeavouring to do. (Cheers.)
A SHAREHOLDER said lie could not find the sum of
£2,5,0003 tvhtch had been advanced, set forth in the accounts.
He wished also to know wl;ethrr it was to be taken out of
the revenue of capital account?
The CHAIRMAN said it would be found amongst the
" money advanced to other railways." It had been ad-
vanced as a loan.
The SHAREHOLDER—You have not answered the last
part of my question.
The CHAIRMAN said it would not be taken out of reventr.
It had been advanced to the Manchester and Sheffield,
as a loan out of the capital, and would be repaid back to that
account in the course of two or three. years. He would con-
clude his observations in moving the adoption of the report by
trusting that for the future competition and inadequate
rates might be avoided. The gross receipts for the half-
year ending June 30, 1858, were £587,027, being an in-
crease of £9,393 over the corresponding period of last year.
The total expenditure for the half-year was £327,193,
showing an increase over the corresponding period of
£30,238. Af er providing for preference shares and
other charges, a balance of L 81,320 remained, which
would yield a dividend at the rate of £3 7s. Gd.
per cent. upon the original stock, and £3, 7s. 6d. towards
the 0 per cents. for the year to the holders of the B
Stock. (Hear, hear, and slight marks of disapprobation.)
The motion of the chairman having been seconded,
Mr. HUGIIRS said the chairman had given a very plau-
sible account of the state of affairs of the company, and had
attributed the failing off to depression in trade and the
opposition of rivals, but in his address he had not satis-
fied them that be was not the original promoter
of that most shameful competition. (Loud cheers.) He
looked upon him as the instigator of the monstrous hostility
which bad been shown them by the London and North-
Western—(hear, hear)—and he maintained his damaging
opinions in defiance of both shareholders and directors.
Great as bad been the loss occasioned by competition, he
thought there was another thing to which great lo,s was to
be attributed. He would not detain them by entering at
length on the point, but would in one word tell to what he
attributed their great losses, that word was mismanagement.
and cries of " No, no.") From beginning to end this liti-
gious spirit bad been fostered and cherished by the chair-
man. He wished to discriminate between sire actions of the
other directors and those of the chairman, so be looked upon
Mr. Denison as the autocrat of the concern. (Hear, hear.)
Indeed, he thought the company was "Denison-rid."
(Immense cheering.) He thought the law expenditure of
the board bad been shamefully extravagant—so extravagant
that its parallel in railway affairs could not be found. Again,
the salaries given to their officers were enormous. (Hear,
bear.) Mr. Seymour C:ark received no less a sum than
£2,500 per annum, exclusive of patronage. (Cries of
shame.) However great Mr. Clark's ability might be, he
did not believe any body of persons in the kingdom would
be inclined to give him so extravagant and enormous a
recompense far his services. Then aaain, the locomotive
manager at Doncaster received £l,lOO. (Shame.) He
thought that that was a great deal too much. Then sealr,
he had to complain of the sum of 50 guineas being paid to
the chairman's son for certain legal opinions, after he had
said he would not expect payment. (Cheers.) The chair-
man had treated very lightly the Redpath frauds, and said,
let bygones be bygones; but, immeeietely after such an a,-
sertion, blame was attributed to Mr. Mowatt, the secretary
and he was discharged. He believed the true came
that led to his dismissal was, that he was too
honest; that he had attempted, as far as he
could, to prevent the suandering of money in law
expenses. (Hear, hear.) lie looked upon the directors as
it/A.3.7 solely responsible for the frauds that had been 'were-
enacd on the company, au.t sr not been guar), of
the greatest negligence, such a circumstance could not have
occurred. The vtry fact that they did not exact a guarantee
of security from lielpath, was, of itself, great negligence
(Hear, hear, and cries of "yes, yes." There had been a.
very large outlay of money for the purpose of defending the
company fram the action of Mr. Mowatt, and at the proper
time he should move a resolution that the di rectors indi-
vidually bear the cost of that action instead of its being
taken out of the revenue of the company. (Cheers.)
A PROPRIETOR deprecated the competition that had
been carried on by the two companies. He had no doubt
many of the sharehold I's stood in the position that he did,
namely, holding shares in both—(hear, hear)—and he
did not see why one part of such shareholder's
property should be allowed to ruin the other. They
had been told that when they carried passengers
from Edinburgh to London for lls. they would have
no dividend, but the directors had been doing the same
thing, they had carried pass engers from London to Man-
chester for ss. He had a resolution in his hand which it
was his intention to propose, namely, that the directors
should not enter into any competition or lower the rates of
fares without the sanction of the shareholders. (Hear.)
A discussion then ensued upon the payment of certain
sums of money to Mr. Denison, jun., and the altering the
reports sent in by the short-hand writer's notes.
The CHAIRMAN then defended the salary paid to Mr.
Seymour Clarke, and said no amount of money could repay
that gentleman for his exertions in promoting the prospe-
rity of the undertaking. With respect to the payerent of
50 guineas to his son, he believed Mr. Leecb, the legal
adviser of the company, had a perfect riAht to obtain the
advice of any gentleman he thought proper. (Hear, hear.)
After s nne discussion, the motion for the reception of
the report was put and carried.
Mr. HUGHES said he tdought now was the proper time
to put his resolution concerning the cost of the action with
Mr. Mowatt. He therefore proposed a motion to the eiret t
that the costs arising out of the action brought by Mr.
Mowatt against the company be not paid out of the funds
of the company, but be defrayed by the. directors indivi-
dually, (Cheers.)
The motion having been seconded,
The CHAIRMAN said if the motion was carried lie could
simply say he should refuse to pay. (Cries of " Oh, oli,"and
"Of course.") He looked upon the resolution, in point of
fact, as a vote of censure on the directors. Tee resolution
was illegal, and if carried would damage the property of
shareholders. (Cries of " Oh, oh," and great uproar.)
Mr. LEECH said the chairman was legally justified in
refusing to put the resolution. (Uproar.)
Mr. HUGHES said he intended his resolution as a vote of
censure, and as the chairman refused to put it to the meet-
ing he would do it. The hon. proprietor then put the
resolution amidst great uproar, hut it seemed to be the itn-
pression that the majority of hands held up was rgainst the
motion.
A SHAREHOLDER then moved a resolution to the effect,
that the conduct of the directors in dismissing Mr. Mowatt
was highly reprehensible.
The CHAIRMAN said he should refuse to put that reso-
lution also.
A SHAREHOLDER—If the chairman would tell the
meeting that he refused to put any motion from the chair,
but of which notice had been given, ire might as well tell
them so, and then they could go home.
The CHAIRMAN said the directors had no objection to
meet a vote of censure brought forward in a proper manner.
If the shareholders desired to discuss such a motion, let them
give notice. A meeting should be called in time.
After a short discussion a resolution for the payment of
he dividend mentioned in the report was agreed to, and
.be proceedings terminated.

SPORTING INTELLIGENCE.

YORK AUGUST MEETING.
WEDNESDAY'S RACES CONCLUDED.

THE YORKSHIRE OAKS Of 15 sovs each, 5 ft, with 100
added, for three-year-old fillies, Bst 71b each; allowances
and penalties; the second to receive 50 sovs out of the
stakes, and the third to save her stake. One mile and a
quarter. 53 subs.

Mr. Copeland's The Argosy, by Pbyrrus the First, Bst 71b
(S. Roger.) 1
Sir C. Monck's Hepatica, Bst 71b (Ashman) =2
Mr. J. Thompson's Tunstall Maid, Bst 71b (Aldcroft) 3
The following also ran :
Lord Chesterfield's La Fine du Regiment, Bst 71b (Flat-
man).
Mr. Gratwicke's Maid of Kent, Bst 71b (Norman).
Lord Zetland's Rita, Bst (Ord).
Mr. J. Osborne's Lady Alice, Bst 7lb (J. Osborne).
Betting-6 to 4 agst Hepatica; sto 2 agst Tunstall Maid;
sto 1 agst The Argosy; and 10 to 1 agst any other. A
fine race in with the three placed; won by a bend; a neck
between the second and third; La Fille du Regiment was a
bad fourth.
THE CONVIVIAL STAKES of 10 90y9 each, h ft, with 100
added, for two-year-olds—colts, Bst 61b; fillies, Bst 21b;
allowances and penalties; the second to receive 10 per
cent. out of the stakes, and the third to save his stake.
T.Y.C. 7.2 subs.

Mr. W. Robinson's Cavendish, by Voltigeur, Bst 31b
(Frencb) 1
Mr. J. Merry's Rainbow, Bst 81b (inc. 21b extra) (Wells) 2
Col. Pearson's King at Arms, Bst 3lb (Cotton) 3
Mr. Capel's colt by Cotherstone—Black Bess, Bst 31b
(J. Mann) 4

The following also ran :
Admiral Harcourt's filly by West Australian, out of Eller-
dale, 7st 131 b (Aldcroft).
Mr. J. Osborne's filly by The Cure—Miss Agnes, 7st 131 b

.. _
(Challoner). -
Mr. J. Styun's filly by Poynton—Ellen, 7st 131 b (J. Noble).
Mr. J. Scott's Cock o' the Walk, 7st 131 h (Pearl).
Mr. Wright's Rara Avis, Sat 21b (A. Day).
Lord Zetland's Sequidille, 7st 131 b (J. Osborne).

Betting-2 to 1 agst Rainbow, 7to 2 agst Cavendish, 6to
1 agst King at Arms, 7 to 1 each agst the Black Bess colt
and Ellerdale filly, and 10 to 1 agst any other. Won by a
head ; a length and a half between the second and third ;
and a length between the third and fourth; Sequidille was
fifth; the Ellerdale filly was sixth ; and Cock o' the Walk
next. After the race, 1,000 to 40 was the highest offer agst
Cavendish for the Derby.

HER MAJESTY'S PLATE of 100 guineas—for three-year-
old, 7st 71b; four, Bst 121 b; five, 9st 41b; six and aged,
93t 71b. Tw•o miles.

Mr. T. Part's I'.liLrinan, by lleron, S yrs, 9st 41b
(S. Rogers) 1
Earl of Fifzwilliam's Ignoramus, 4 yrs, 8A 12:b
(J. Osborne) 2
Betting-7 to 4on Fisherman, who made all the running
at a good pace, and won easily by two lengths.
THE SELLING STAKES of 5 sous eacb, with 25 added—
for three-year-olds and upwards. T.Y.C. 3 subs.

Mr. J. Thompson's Sans Culotte, by Bryan O'Lynn, 4 yrs,
Sst 11b, £3O
Mr. G. Johnson's Cballenger, 3 yrs, Gst 10Ib,
(Little) 2
Mr. Lambert's Turn Nevvcome, 4 yrs, 7st 101 b, £3O
(Snowden) 3

Betting-9 to 4on Sans Culotte, who won in a canter by
a length; bad third. The winner was sold to Mr. Hanson,
of Beverley, for 77 guineas.

THURSDAY.

THE LOTTERY PLATE of 25 soya, added to a Sweepstakes
of 5 sovs each for two-years-olds and upwards. Optional
selling weights, &c. T.Y.C. 4 subs.
Mr. W. E. Hobson's Tiny, by The Cure, 2 yrs, sst 111 b
£4O ....• •• • (Bray) 1
Mr. Kerrick's Fabius, 2 yrs, 64 £4O ...(J. Snowden) 2
Mr. Boardman's Topsy 5 yrs, Sat 13Ib £4O (L. Snowden) 3
Betting-4 and stol on Tiny, who won in a canter by a
length; same distance between the second and third.
There was no advance upon the selling price of the winner.
J. Snowden was suspended from rising again during the
meeting for his " performance" on Fabius.
THE BANYCLIFFE PRODUCE STAKES of 10 SOTS each, h ft,
with 100 added, for two-year-olds; colts, Bst 7lb ; fillies,
Bst 41b. Allowances and penalties. The second to re-
ceive 50 sovs out of the stakes. T.Y.C. Five furlongs
44 yards. 29 subs.
Mr. J. Merry's Rainbow, by Chanticleer, Bst 1 llb (inc.
4lb extra) (Wells) 1
Mr. Bates's Raspberry, Bst 60) (inc. 2lb ex.) (J. Osborne) 2
Mr. T. Parr's Joyeuse, Bst 6lb (inc. 21b ex.) ..(Fordham) 3
Capt. Gray's Glenbuck, Bst 41b (Bahsam) 4
The following horses also ran :
Sir R. W. Bolkeley's Oceanus, Bst 7lb (Bumby).
Lord Derby's Colt by the Flying Dutchman, out of Menace,
Bst 71b (Flatman)
Mr. Ewbank's Tom King, Sat 71b (Charlton).
Mr. E. Waller's Basilisk, Bst 71b (S. Rogers).
Betting-6 to 4on Rainbow, 6to 1 agst The Meanee
Colt, 10 to 1 each agst Raspberry and Joyeuse. Won
cleverly by a neck ; a length between the second and third ;
bad fourth ; Oceanus was fifth ; Tom King sixth ; The
Meanee Colt seventh ; and Basilisk last, tailed away.
THE GREAT EBOR HANDICAP STAKES of 200 Boys,
added to a Sweepstakes of 20 SOTS each, 10 ft, and 5 only
if declared, &c.; winners extra ; the second to receive 50
sovs out of the stakes. Two miles over the Old Course.
63 subs, 27 of whom declared.
Lord Zetland's Vedette, by Voltigeur, 4 y srO , Bat 71b
(J. sborne) 1
Mr. J. Thompson's Tunstall Maid, 3 yrs, Gst (Cballoner) 2
Mr. T. Parr's Fisherman, 5 yrs, 9st 91h, In. 6119 extra
(S. Rogers) 3
Count Battnyany's The Courier, 3 yrs, sst (J. Daley) 4
The following also ran :
Mr. G. Forster's Underhand, 4 yrs, 83t 3lb (Basbam).
Mr. Rigby's Borderer, 4 yrs, Sst 21b (Fordtinm).
Mr. Craven's Gemina di Vergy, 4 yrp 7st 101 b (French).
Capt. Smith's El Hakim, 4 yrs, 7st 81b1 (Swainson).
Mr. Barber's Pretty Boy, 5 yrs, 7:t 91b, including 6lb extra
(L. Snowden).
Mr. Bowes's Bird in the Hand, 4 yrs, 7st 21b (Withington).
Mr. Wilson's Minnie, 4 yrs, 64 71b (Bray).
Mr. W. Topham na Kenerdy, 4 yrs, sst 9,b, carried sst 1011;
(Blackburn).
Mr. J. Osborne's Cornboro', 3 yrs, 4st 101 b (Grimshaw).
Betting at starting-5 to 2 agst Vedette, sto 1 age.
Borderer, 7 to 1 agst Pretty Boy, 8 to 1 apt Tunstall Maid,
10 to 1 agst Gemma di Vergy (offered), 12 to 1 each agar
Cornboro' and Underhand, 15 to 1 agst Fisherman, and 25
to 1 each agst Kenerdy, Minnie, and El Hakim. Cornboro'
made the running to the Gravel Road, where he gave way,
and Tunstall Maid showed in advance, with the favourite
in waiting. Half-way up the distance Vedette came out,
and ran home an easy winner by half a length ;:about three
lengths between the second and third ; bad fourth. Gemma
di Vergy, who broke down near the finish, was fifth,
Cornboro' sixth, Underhand seventh, and Pretty Boy
eighth. The ethers were beaten some distance, Kenerd;
being absolutely last.
THIRD NORTH OF ENGLAND BIENNIAL STAKES of 1C
soya each, h ft, with 100 added, for two-year-olds—colts,
Bst 71b ; fillies, 84 21b ; winners extra; the second to
receive 10 per cent. on the whole stake, and the third to
save his stake. T.Y.C. 50 subs.
Mr. T. Parr's Indifference, by Harkaway, Bst 41b
(Fordham) 1
Mr. A. Nichol's Phantom, 84 71b (Flatman) 2
Mr. Merry's Lord of the Manor, Bst 4lb (Wells) 3
The following also ran :
Mr. T. Allison's Layton, 84 41b (French).
Mr. Ewbank's Torn King, 84 41b (Charlton).
Mr. Harland's Maid of the Mist, Bst 21b (Basham).
Mr. C. Harrison's Morton, 84 71b (Withington).
Mr. J. Jackson's Fusee, 84 7lb (S. Rogers).
Mr. J. o=borri's b f by The Cure, out of Miss Agnes, 7st 131 b
(Challoner).
Mr. Robinson's Etaile du Nord, Bst 21b (Swainstone).
Lord Zetland's Volatile, 84 21b (J. Osborne).
Mr. R. Eastwesd's West Stanley, Bst 71b (G. Oates).
Mr. Johnson's Willie Wright, Bst 71b (Holmes).
EBOR ST. LEGER. 1

Hepatica ..
Whitewall
Two ran. Won in a canter

PRINCE OF WALES' STAICE•
Volcano
2
Malachite . .............................
Barefoot .............................. 3
JUVENILE STAKES.

Gamester 1
O'R3-an 2
Colt by Orlando, out of Broom 3
EGLINTON STARES.
a

Gamester .......................... _
Lord of the Manor
Palmleaf
FILLY SAPLING STAKES.
Terrona filly
Prelude
Gnatcatcher