The Sun.
London, England, 1857-12-02 00:00:00

GREAT NORTHERN RAILWAY.

[The following-appeared •in part of our impression of yes-
terday :—]

The adjourned general meeting of the shareholders in
this undertaking was held this day at the London Tavern,
Bishoissgate-street—Mr. E. Denison, M.P., Chairman of
the Board of Directors, in the chair. The former meet-
ing, it will be recollected, was adjourned to enable the
directors to appeal to the Court of Chancery, relative to
the liability of the preference shareholders to participate
with the ordinary shareholders in the losses arising from
Redpath's defalcations. On Saturday week last
the Lord Chancellor and the Lords J ustices delivered
their decision, placing preference shareholders in the
same position as guaranteed dock, and relieving them
from the losses accruing in consequence of such defalca-
tions. The meeting was very numerously attended, and
much angry feeling was displayed by the shareholders
throu,ghout the whole of the proceedings. The ohairmais
and directors were received with loud cheers, interspersed.
with a few hisses ; the former predominated to a great
extent.

The SECRETARY having read the advertisement con-
vening the meeting, and its object,
Mr. RIIGHES, before the commencement of business,
called attention to the use of proxies, urging that
if they now used the proxies issued for a former
occasion they were illegal. (Cries of " No, no,"
" Hear," and uproar, with cries of "Don't be bullied
down by any one.") He referred the legal advisers of
the directors to the 7th Victoria, which provided that a
proxy for one meeting might be used by the directors at
another. (" Hear," and uproar.)
The CHAIRMAN said that they were assembled to con-
sider the report of the directors issued in August last,
with one that had been recently issued. The assets for
the first half-year of 1857 left an available balance for
a dividend of upwards of 153,0001, after paying the
interest upon the debenture bonds. He should now
content himself with asking the meeting to receive the
report that had now been in their hands for the last two
or three months.
Mr. WILSON—Won't you reply to the remarks stated
by Mr. Hughes, and condescend to give us your opi-
nion on the legality or illegality of using such proxies.
(llear, hear, and confusion.)
The CHAIRMAN—I now move the reception and adop-
tion of the report. (Cheers and hisses.)
Mr. HEATH rose to make some observations on the
reports. (Cries of "Off, off," hisses and cheers.)
The CHAIRMAN—Practically speaking, you are too
late. You should have spoken before I put the ques-
tion. (Hisses and uproar ; a voice.---" Do you mean to
burk all expression of feeling on the report.")
Mr. HEATH, after some difficulty, was listened to for
a few minutes patiently, in the course of which be re-
plied to the paragraph in the directors' report relative to
the conduct of the preference shareholders. He at-
tempted to defend the latter, but he was soon assailed
with hisses—(cries of " Off, off," " Time, time," and
" Question, question"), which continued throughout his
address, and prevented his being heard with any degree
of accuracy.
Mr. Josnut WILSON asked if the meeting was called
upon to pass the accounts for the last half-year ?
The CHAIRMAN—I have asked you to receive the
report ?
After some remarks from several shareholding,'
Mr. BILLINGS opposed the report, on the ground
that the statements contained in it were incorrect.
He characterised the publishing of the holdings of every
individual shareholder as a breach of commercial trust.
It was not money that made the man, but his conduct,
and a small holder might be as good a manager, and
have as great a desire to promote the undertaking as
a large holder. He denied that preference shareholders
were partners in the concern, but mere money lenders.
The arguments of the directors:relative to the detection
of Redpath's forgeries were as cracked as "Big Ben."
(Laughter.)
Mr. GREENING charged the directors with a deliberate
untruth in what they had published in the 6th paragraph
of the second report issued, and dated 26th November.
Mr. WILLIAMS and other gentlemen attempted to ad-
dress the meeting, but were unable to obtain a bearing.
Mr. HUGHES called on the chairman to preserve order.
(Cries of " The meeting is packed," and uproar.)
Mr. J. WILSON again rose to address the meeting,
and was met with cries of " Spoke."
The CHAIRMAN—YOU are out of order. You have
already spoken on the motion. (Cheers, and cries of
" Shame.")

Mr. J. Witsorr—l have not spoken to the question ;
I merely asked a question.

The CUMRM&NLI have no objection to hear your
eloquent speech. It rests with the meeting. (Hisses,
and cries of " Insult.")

Mr. VALENTINE KNIGHT rose to address the meeting,
and was met with cries of " Another preference share-
holder," to which he replied "he was sorry for those
unfortunate shareholders who were not." (Hear, and
laughter.) He called on the meeting to calmly consider
their position, and lauded the management of the line
by the chairman and directors, though he condemned that
gentleman's haughty feeliug'in the chair towards the
meeting. He should support the adoption of the report.
Mr. GEISLER (a member of the committee of share.
holders) rose to propose a resolution sanctioning the
expenses of the committee.
The CHAIRMAN said he was out of order, but would
call on him at the proper time. He then said that before
he put the motion for the adoption of the report, he
would make one or two remarks. If he had ever said
anything discourteous to any one, it had been in conse-
quence of provocation given at the time, and he was very
sorry for it. (Loud cheers.) He reminded them that
a person occupying the responsible position he held
had a great deal to go through. He was ready to let
bye-goner be bye-gones, and forget all that had
passed, and he asked them to do the same.
Mr. HUGHES—Does that include your observations in
your report I (Cheers and hisses.)
The CHAIRMAN said he made these remarks purely
from personal feelings, never having intended in his life
to insult any one. (Cheers.) He had been en many
occasions provoked, and had no doubt spoken at the
time candidly what he meant. (Cheers.) He then put
the motion which had been seconded, which was carried,
two only holding up their hands against it.
The CHAIRMAN then moved the payment of a divi-
dend in accordance with the terms of the report, re-

The motion was put and carried, two only holding up.
their hands against it.
The CHAIRMAN declared the motion carried, and said
an eff,rt would be made to pay the.dividends in a fort-
night.

GREENING (a third clips preference shareholder)
mcved a vote of censure on the chairman and directors,
in the course of which he opened up the case of the
prierence shareholders. lie said the question was,
whether they were liable for the thousands and tens
of thousands .of pounds of dividend the shareholders
ought to have received. The speaker read various
extracts from the chairman's previous speeches, in the
course of which he was desired to "cut it short,"
but he angrily replied, "I shall use my discretion
about that." He proceeded at great length, and
amidst much confusion, to reiterate most of the charges
that have been urged against the directors for their
condact with reference to the Redpath frauds, and
the subsequent litigation with regard to the prefer-
ence shareholders.

Mr, HUGHES seconded the motion. His wish was
to blame the Chairman alone, because it-was Nell known
that he was the autocrat and despot of the line, and the
directors only his Puppets. (Cheers, and cries of "No,
no.") It was quite clear from the investigation that had
taken place that the chairman had sufficient knowledge
in time to prevent the perpetration of the Redpatb
fraude, 14 had therefore been guilty of gross negii-
,
en gcaliweiee4 to fender hiM.ptir.onally liable with his
colleagues for the losses inflicted on the shareholders.
Ha protested against the use of proxies on this
occasion, and said he should take means to prevent the
using of them if the directors persisted in doing so.
Mr. SCOTT proposed an amendment, as a means of
amicably settling the question, to the effect that the
directors were chargeable with neglect in placing too
much confidence in the officials of the company, and the
secretary in affixing his signature to the dividend warrants,
A 9 presented to him in bundles, without checking the
amounts, had been guilty of the grossest negligence,and
had afforded a temptation to the commission of crime,
and hence the means of precipitating the issue of
219,000/. fraudulent stock, had thereby forfeited the
conUence of the shareholders, and ought to be super-
seded.
Mr. LUCK seconded the amendment.
Mr. FENWICK defended the conduct of the secretary
from the attack that had been made upon him, urging
that it would have been impossible for any one to have
guarded against the villainy of such an insidious vaga-
bond al Redpath.
Mr. Sergeant WELLS advised the meeting not to adopt
a course that would tend to the injury of the railway
stock. Ile eulogized the management of the line by
the directors, illustrating it by a reference to the weekly
receipts amounting to 23,000/. on a capital of 11
millions, greater in proportion than the receipts on any
other line. He condemned this attack on the directors,
which he said emanated from professional agitators and
would-be railway reformers.
Mr. WATERS (one of the committee) said that they
had done their best to benefit the undertaking. He
considered the secretary a truly honest man, but he did
not possess sufficient ability for the efficient discharge of
the duties of the office. He then referred to the ap-
pointment of the secretary, alleging that it was owing to
the chairman, who made it a condition on his taking
office.

The SECRETARY—It is not true. It's a falsehood.
You never uttered a grosser falsehood. (Cheers.)
Mr. WITHERS, after referring to the many officials
that had been named as the victims of their wrath, said
that probably the "auditors" were as much to blame as
any of the officials. (Hear, hear, and laughter.) He,
however, did not intend to charge them with neglect of
duty, but the real party to blame was the unscrupulous
forger who had fallen into the hands of the law and
been justly punished. It was impossible to get their
money back again, and the best thing they could now
do was to forget the past, accept the chairman's hand-
some apol ,gy for anything angry that he might have
said, and look forward t 3 the future management
of the directors to speedily retrieve their position. He
called upon the mover of the motion and amendment
to withdraiv them, so as to enable the shareholders to
.become a united company for the mutual benefit of all
interested. (Cheers.)
Mr. J. WILSON (preference shareholder) proceeded to
address the meeting, remarking that those who objected
to hear what speakers had to say bad better leave the
meeting. He called on the shareholders to ask for an
explanation of the law charges in connection with the
Red path frauds, more especially with reference to the
appeal to the Lord Chancellor.

The uproar and confusion at this time was very great,
two,or those shaolders,spetkingatotz*; Order having
been reettred,„
After some finnarks from Mr. J". WILSON,

The CHAIRMAN, in reference to remarks that had been
made on his personal and written observations, said that
he challenged them to find a railway chairman who
bad had such strange language used towards him as
be had, .and if he had net had the most sincere respect
far those whose property was embarked in the undertak-
ing, and that he was not at liberty to be affronted
at those observations, no consideration would have
induced bim to remain, as chairman of the
board of directory. (Cheers.) He had done his
duty to the shareholders and the public, and no taunt or
language used as it had been towards him would drive
him from the position he then occupied. Lnowing;as he
did, that he enjoyed with the directors the confidence of
the majority of the shareholders—(ehe(rs)—referring to
the motion of censure, he said that in February or
March last, when Mr. Greening
was in possession of
as many facts relative to the Itedpath fraud
as now, he was a candidate for the direc-
tory, but rejected, and in August he gave notice of
the present vote of shareholders.
Mr. HVGIIES-But you would not have him as a
director. (dear, and cheers.)
The CHAIRAIAN—You are right, and that explains the
present motion. (Cheers.)
Mr. GREENING denied that be was aware of any infor-
mation relative to the affair until after the report of the
committee was issued.

The Onernmex then proceeded to defend the conduct of
the directors and officials relative to the Redpath defalca.
tions, and in doing so gave a history of their proceedings,
which has been so often and so fully placed before
the public. When the discrepancies were dis-
covered he informed the secretary that unless they
were found out by the next time he came to town,
he would put in a new set of clerks, and bottom
the thing in spite of them. The consequence was, that
the secretary and the assistant took such measures as to
discover that there had not been errors but frauds com-
mitted, and on the following day having satisfied himself
they were so, he took the necessary measures for the
issue of a warrant against Redpath that led to his
apprehension and subsequent conviction and transporta
tion. (Hear, hear.) He had no desire to shrink from
a vote of censure if the meeting thought the directors
deserved it. lie had taken the responsibility
on himself, and would take all the chances
of the verdict, feeling confident that he might appeal to
them and Mr. Greening that the directors' conduct was
in this respect blameless. (Cheers.)
Mr. GREENING—I must say I think otherwise.
(Hisses )
The CHAIRMAN said the meeting might throw as much
dirt on him as they pleased, but that would not induce
him to throw it on others. He vindicated, as he had
done from the first, the conduct of all the officials con-
nected with the line (except that consummate villain,
Redpath) and expressed his belief that they were free from
the slightest tinge of fraud. On the part of himself and
directors, he should meet the motion of censure
with a direct negative, but he asked the mover
of the amendment reflecting on the secretary to with-
draw it. (Hear, hear.)

-Mr. SCOTT accordingly withdrew his amendment. '
Mr. CRooxeoN then moved another amendment ex.
pressing a vote of confidence in the directors.
The CHAIRMAN said that, on the part of the directors,
he would rather the second amendment was not put,
and, with the permission of the mover and seconder, he
would rather not put it.
Ultimately the second amendment was also with-
drawn, and the original motion was put and negatived
by a large majority, amidst loud and repeated cheering.
Mr. GRIMING declined going to a ballot.
This closed the business of the ordinary meeting. It
was then made special, to consider the report of the
committee appointed in August, and to pass a resolution
for discharging the expense incurred by them in pur
suing their inquiry, amounting to 566/.
Mr. GEISLER, one of the committee, moved resolu-
tions to that effect-.

Mr. Sergeant WELLS objected to the payment of the
amount, characterising the affair as a job. The com-
mittee was ostensibly appointed for investigating the
Redpath frauds, but the first 20 pages were devoted to
the question of railway policy. That was a difficult ques-
tion, yet these gentlemen, Messrs. Geisler, maiins, and
Waters, bad thought proper to enter on an investiga-
tion of a question with which they were incompetent
to deal. (Cheers )
The CHAIRMAN objected to the payment on public
grounds. lie declined to ask the shareholders to con-
tribute one farthing towards his answer to it. (Cheers.)
Mr. BIALINs intimated that if the amount was not
paid ho should endeavour to enforce it in a court of
law.
Ultimately the resolution for the payment of the
committee's expenses vas carried.

..... ...._. -
A vote of thanks to the chairman and directors termi-
nated the proceedings, which commenced at 11 o'clock
in the morning, and terminated at 4 o'clock in the after-
noon.

A meeting of creditors of Messrs. Rose, Higgins,
and Rose was held on Monday at Wolverhampton, when
a composition of 6s. Bd. in the pound was offered and
refused. The liabilities are stated to be 72,5011., and
the a.Eets are estimated at 29,4171. It was ultimately
decided to place the entate under the bankruptcy law.

The following reinforcements, selected from the
Ist and 2d battalions at Chatham, will leave that
garrison this day and proceed to Portsmouth, where
they will embark on board the steamer Leopold to
foin the service companies of their respective regi-
ments in Bengal, Madras, and Bombay,—viz., 7th
Royal Fusiliers, 51-rank and file ; 27th Enniskil-
lens, 16 men of all ranks ; 52dEight Infantry, 12
men ; 61st Regt., 11 men ; 70th Regt., 8 men ;
87th Royal Irish Fusiliers, 16 non-commissioned
officers and men ; and 98th Regt., 35 men of all
ranks. The officers selected to embark in charge
of the reinforcements aro,—Capt. W. Corbett, 52,1
Light Infantry, and Lieut. W. H. J. Lance, 98th
Regt. Reinforcements" for the 94th Regt., to the
number of 21 men, were also ordered to ba held in
readiness to embark with the detachments for India,
but yesterday an order was received at Chatham
cancelling the former order for their embarkation,
and directing them to proceed to Plymouth, to join
their regiment at that station and proceed with it
overland to India. Yesterday the whole of the
troops under orders to embark were inspected on
the general parade-ground at Chatham Barracks
by Col. E len, the commandant of the garrison, the
appearance of the men being very satisfactory.
Major S. G. Bunbury, commanding the Medical
Staff Corps at Chatham, has received alforder di-
recting him to hold in readiness 30 orderlies, ward-
masters, and stewards of that corps, who are to
proceed to India for-the purpose of being emplOyed
'as assistant dispensers in the military hospitals.
Yesterday an Admiralty order was received by
Colonel E. A. Parker, commanding the Royal.
Marine Light Infantry at Chatham, for the im-
mediate embarkation of 124 non-commisiened ofli-•
cere and men of the Light Infantry companies
and 22 men of the Royal Marine Artillery, on
board the Renown, 91, Capt. A. Forbes,. with the
following officers :—Capt. T. P. Casey, First Lieu-
tenant.F. Levy, Second Lieutenant H. C. Bowker,
and Second Lieutenant G. Hewett. An order was
likewise received for First Lieutenant E. Spry,
and 20 non-commissioned officers and men to em-
bark on board the Calypso, 18, fitting for sea at
Chatham. The officers and men were immediately
inspected by Lieut.-Colonel R. J. and
embarked in a very short time after the order was
issued.

The Goliath, SO, screw steamer, has been taken
out of duck at Chatham, and will be fitted with her
machinery at Sheerness, after which she will return
and be made ready for sea at Chatham.
• The Racoon, 21, screw steamer, Captain J. A.
Paynter, preparing for sea at Chatham, has been
taken into dock for the purpose of having defects
made good.
The commander's commission at the disposal of
Sir M. Seymour, for the reward of the lieutenant
who had most distinguished himself in thelate ope-
rations in the China rivers, has been conferred
upon Lieutenant R. V. Hamilton, not Hawkins,
as stated yesterday. . .

The South Western steamer arrived at Ports-
mouth yesterday from Jersey, and embarked in the
afternoon a portion of the 55th Regiment, which
was conveyed from Cowes by the Echo tug. Sho
returned to Jersey last night.
The Diadem, screw, 31, Capt. Moonom, C. 8.,
went out of Portsmouth harbour again yesterday,
and after running the measured mile at Stokes Bay
anchored at Spit head. On this trial she improved
in her speed under the influence of the new screw
and at a new pitch, having averaged a speed of
rather better than 12 knots against wind and tide,
royal and topgallant yards across ; force of the
wind 5.

The Lords of the Admiralty sent down a repri-
mand to Capt. Fremantle, of the Juno, after the
receipt of the minutes of the extraordinary courts-
martial, held at his instance on three of his officers.
The Juno will be paid off on Saturday.