The Sun.
London, England, 1866-11-07 00:00:00

RAILWAY INTELLIGENCE.

At an adjournNer oTfiSthlle Board of direc-
torslTS B:Rg
of this company, held Thursday, in the
Board-room, Edinburgh, Mr. Balfour in the chair,
It was moved by Mr. J. Omt SWING
and seconded
by Mr. W. P. ADAM, M.P., " That
the Board hav-
ing had under consideration the report of the com-
mittee of investigation, deem it proper to record that
they cannot agree to the paragraphs contained in
pages 11 and 22 of the report, imputiug•blame to
the directors generally, as they are not aware to
what these observations apply, and do not find in
the report any facts stated which justify such re-
marks. Further, as it appears from the report that
the chairman has for years systematically in-
duced certain officers of the company secretly to
prepare deceptive accounts, which, being docketed
by the auditors, were issued by the Board to the
shareholders, the conduct of the chairman so dis-
closed is calculated to forfeit the confidence of the
public in the company, is injurious to its credit, and
in its results ruinous to the interests of the share-
holders." It was resolved-
4, 1.

That it is the duty of the Board to support
be committee of investigation in carrying into effect
the suggestions made in their report as to their re-
construction of the board of direction, and sug-
gest to the shareholders that they should support the
recommendation of the committee accordingly,"
Mr. CRAVEN dissented.
" 2. That this resolution be communicated to the
committee of investigation."
It was further resolved—

"That the foregoing resolutions be communicated
to the shareholders, and that proxies be asked to be
intrusted to the following directors to support the
committee--viz., Messrs. Beaumont, Orr Ewing,
Balfour, and Ronald."

Mr. Hodgson, to whom a copy of the minute was
sent; wrote to the secretary as follows :
"I contend that there has been no falsification of
accounts. What has been done was to postpone and
place in suspense, until dealt with by the share-
holders, a portion of expenditure during a period of
constant struggle of enormous propoitions, aggra-
vcahtaendcaenryd
sprolonged
which
bybu
ta nf unjust
oduel fde n
have
ae v toe b
et he
ne
compromised on very inadequate terms, and unless
the shareholders reverse their decision of Sept. 28,
the transactions will be ratified by them, and the
postponed expenditure charged to capital. The na-
tural consequence will be that the dividends, though
deferred, will be eventually paid; for I cannot be-
lieve that the doctrines of the committee of investi-
gation with respect to the balance sheet of revenue
for the past half-year will be accepted. All the prin-
cipal items depending on the divisions of the half-
years into unequal periods, the interest on unpro-
ductive capital, the charge for deficiency in the Ed-
inburgh and Glasgow rolling stock, and the balances
of revenue from the clearing house and the previous
half-year, and allocation of parliamentary expenses,
have been without dissent adopted by both directors
and shareholders. With respect to the future, Iwould
submit that it lies with the proprietary to choose in
whom they will confide the conduct of their interests;
but for myself I say without hesitation that no mere
majority of votes would induce me to retain a seat
at the board. Nothing but an unmistakeable expres-
sion of opinion on the part of the great body of
shareholders that my services were needful would
persuade me to encounter the difficult and, in
some degree, painful task that continuance in office
would impose."

AQUATICS•

SCULLERS' RACE FOR £lOO.

The scullers' race between John Augustine Caffin, a
waterman of the Old Swan, London-bridge, and William
Sadler, a waterman's apprentice, of Putney, for £5O a side,
coma off yesterday, in old-fashioned boats. Both the men
are well known, Caffin having figured some seven or eight
times previously in private matches, and without defeat,
while Sadler (the brother of Joseph Sadler, matched with
Chambers for the Championship) has never been defeated,
having rowed but two private races, and won a coat and
badge. There is not such a disparity in the ages of the
men as thero is in their stature and weight—Caffin stand-
ing 6 feet 11 inches, and weighing 12st 121 b, and Sadler
standing 5 feet 41 inches, and weighing 9st 121 b—their
ages being about 25. Both were in good condition, but
unfavourable rumours were about, and as much as 3 to 1
was laid on Caffia. Two steamers accompanied with largo
parties. Mr. J. Ireland was referee, Messrs. H. Salter and
G. Hammerton umpires for Caffin and Sadler respectively,
while Robert Bain and Henry Kelley were pilots. Cairo
won the toss, and took Middlesex, in a stiff noser and tido
nearly done. He took the lead by half a length, and Sad-
ler, rowing very badly, was cleared at the Star and Garter,
Caffin leading by three lengths at the Point and four at
Hammersmith. Sadler, in fact, was never in the race, and
was beaten by eight -oFteti lengths; never having perse-
vered. Time over 30 minutes.