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

THE GREAT WESTERN RAIL TVA

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 ' Hoole 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
1 right to explain the nature and position d the
matter in question. Mr. lloole, 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
paymentof 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 26th 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.' .11c case
has now been argued before Vice-Chaucellor 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 nut interfering with
what has already been done. Having regard to
this conflict of opinion between two eminent judges,
arid acting under the advice of their counsel, the
directors have determined to appeal from this deci-
sion, having reason 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.
Under these circumstances, and until the question
has been disposed of by the proper tiihunals, the
directors will be unable to take action in regard to
any documents which have 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 balers
of such documents will be placed as far as possible
in the same position as if those docuMents had be it
received in the ordinary course.—l am, Sir, your
obedient servant,
Fer.D. G. SAUNDERS, Secretary."

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