The Sun.
London, England, 1857-03-12 00:00:00

GREAT NORTHERN RAILWAY.

MEETING THIS DAY.
The half-yearly general meeting of the proprietors of
this company was held this day, at the London Tavern,
Bishopsgate-street ; Mr. Edmund Denison, M.P.,
chairman of the board of directors, in the chair. This
being the first meeting since the discovery of the Red-
path frauds there was a very large attendance of pro-
prietors, and much interest was manifested in the pro-
ceedings.
The chairman and directors entered the room and took
' their seats in silence, a rather unusual circumstance.
The SECIIBTARY having read the announcement, of the
meeting,
;The CHAIRMAN said that it had been customary at pre-
vious meeting.; to affix the seal of the company to the
registry of shareholders, and he therefore proposed to
go through the same form on that occasion, but before
doing so he proposed to add these words, "The foregoing
is an abstract from the several registers of the holders
of consolidated and other stocks of the Great Northern
Railway Company as they appeared on the books, being
closed on the 31st January, 1857, and showing the total
amount of stock registered, 8,412,8801., and the num-
ber of shareholders, 6,1631. The amount of stock
in the above 8,412,8801. is about 217,000/.
in excess of what it ought to be,
and the number of proprietors is the same as before
within six." So, therefore, with their permission
he
would affix the seal to the register.
The motion having been sec Aided.
Mr. K. KNIGEIT said he objected. He understood
from good authority that the directors and auditors bad
no idea of the extent of Redpath's frauds. The share-
holders ought to know it before the seal was affixed to
the registry.
Mr. BILLING said that if the seal was affixed it would
legalise the fraudulent stock.
A PROPRIETOR proposed as an amendment that the
consideration of affixing the seal of the company should
be adjourned until the exact amount of fraudulent stock
was ascertained, and the extent of Leopold Redpath's

assets.
The CHAIRMAN said that affixing the seal tp the regis-
try did not pledge the shareholders to anything of a
dangerous character. (Cries of " Oh, oh.") If the
meeting of jetted to its being done, he asked them to
consider what would be the effect of such a circumstance
on their stock in the market. It was an important ques-
tion, and the shareholders were responsible for the
answer.

Mr. BILLING—Never mind that. (Hear, hear.)
The CHAIRMAN—If the meeting prevented his affixing
the seal of the c3mpany to the registry, they must take
the responsibility of its effect on public opinion.
Mr. LLOYD (barriruer), at the request of the share-
holders, gave his opinion on the question. He said it
wan merely a ministerial act. It did not legalise any-
thing, but gave merely a prima facie title.
A SHAREHOLDER called on . the meeting neither to as-
sent nor dissent to anything, but leave the matter to the
directors, and let them act on their own responsibility.
The CHAIRMAN said that the act did not pledge the
sharahcliers to anything. He had power to affix the
seal without their consent, but out of courtesy the pro-
position had. been submitted to them.
After some further angry discussion,
The CHAIRMAN said that he bad the power of affixing
the seal to the registry without putting the question,
and he should do so.
The honourable gentleman then affixed the seal of the
company to the registry, and his cool and determined
manner took the meeting by so much surprise that they
allowed the seal to be affixed in silence.
The CHAIRMAN then said—Gentlemen, we meet, at
last, I am sorry to say, under more unpleasant circum-
stances than have occurred since the formation of the Great
Northern Railway. Within the last six months frauds
and forgeries have gradually come to light, and which,
as they came to light, were enough to alarm the pro-
prietors of stock as to the extent to which these frauds
might be discovered. They were more than enough to
alarm and mortify the directors, and more than enough
to exhaust the ability, patience, and perseverance of all
the clerks iu the office to investigate these incorrect
accounts, and I am bound to say, in their defence, that
they have worked tilt 11 and 12 o'clock at night most
willingly to accomplish that object. The result of the
investigation is this, that so far as we have gone, we have
discovered that you Labe been robbed by Redpath to the
extent of above .220,000/., and although the judges be-
fore whom he was tried, for the offence of committing
three forgeries, passed a most severe sentence on him,
it is no compensation to you to know, and very little
gratification to remember, that he has been sentenced
to transportation for life. Deeply do I grieve that any
officer, especially belonging to this company or any other
company, should have committed such enormous frauds
as this man has, and that his example should be added to
the many others of fraud, arising from speculations, with
which this greet city unfortunately abound. Irrespective of
the pecuniary loss we have all sustained, it is a ruelan:
choly reflection to find that speculation has led men into
such enormities of crime, and such eventful danger and
ultimate punishment as he has received. We shall have,
I have no doubt, in the course of the day, an animated
discussion on the whole of the subject of these
frauds, and, therefore, I have this favour to
ask you, that you will allow me to go
through the business of the ordinary meeting,
and dispose of it as far as we can before we launch our-
selves on the subject of the frauds. (Hear, hear.)
Adopting that view of the case for the moment, I will
ask you to go through the accounts as if nothing had
happened with regard to Leopold Redpath. Irrespec-
tive of that question, I think you must admit that the
condition of the railway was in a satisfactory state, and
that had it not been for these frauds, we might have paid
a dividend that would have amounted, with the previous
one, to 5 per cent. on the year. The traffic on
the line goes on increasing, so ' that, not-
withstanding this annoying amount of fraud, there is
no reason whatever that I can discover that ought to
shake your confidence or that of the public in the value
or progressive prosperity of the railway. I advise the
shareholders to get quit of this unfortunate calamity
with as much stoicism as you can muster. Not to look
back, but to look forward, as I am sure you can, with
confidence— (hear, bear)—for I never addressed you with
more confidence than at this moment when I say your
whole property is on a safe and solid foundation, and en-
titled to stand as a first class investment in the Stock
Exchange of this country. (Hear, bear.) The hon.
gentleman then went into the statement of the traffic
accounts and receipts (already published), and said that
the directors had not yet received Mr. Gladstone's award
relative to this line and the London and North-Western
Railway ; and he concluded by moving the reception of
the report and the accounts.
The motion having been seconded,
Dr. RILEY addressed the meeting, calling attention to
what he called the " pomp, mockery, and deception" of
the directors, and charged them with not having attended
to their duties, and referred to the statement of the
chairman on a former meeting, that from the head engi-
neer to the fireman, and from the secretary to the porter
they had not a dishonest man, and with Redpath's
frauds before them how could they believe the chair-
man's statement ? (Hear, hear.)
Mr. HUGHES charged the directors and auditors with
a dereliction of duty, and that the accounts for some
time past must have been known to them as being in-
correct. He considered them personally responsible for
the Redpath frauds, and he moved an amendment to
that effect. (Cheers.)
Dr. RiLEY seconded the amendment.
After some further discussion of a rather persona
character,
The CHAIRMAN said that he was not surprised that
there was a general feeling prevalent amongst the public
that the directors had not discharged their duty. (Hear,
hear.) He denied that the directors had neglected their
duty, and he would not take any personal responsibility
with reference to these frauds. They had done every-
thing they could from the first to take the best possible
care of the property, and be knew the responsibility
of Mr. Clarke, who had charge of the transfer office
from 1848 to 1854 at a salary of 6001. per annum. It
was his duty to have attended to the registry, and dur-
ing the time he held that office Redpath had committed
several frauds, and Mr. Clarke had honestly stated that
he had been duped by Redpath. He asked to whom it
had been stated that the directors had afforded facilities
for fraud ?
Mr. HUGHES—Redpath.
The CHAIRMAN—He was clerk to Mr. Clarke, and that
gentleman had adreitted that he was the dupe of Red-
path. It was, the Chairman said, owing to Mr. Clarke's
neglect of duty that this confounded calamity had fallen
on them.

Mr, GASKILL asked if the directors were aware at the
gof thesethe
thdeiscrepancies when they affixed
thesubject was ere.
H
The utmost confusion prevailedt
company to the transfer registry ?
He
rtooul dg
htohuetnit
haet thedis-
cussion, is
last meeting that the -
under investigation.
riawhieanu&N proposed to put the motion for the re-
ception of the report, which
cuT ssihoen c,
objected
whicht o la y Awl
ar
s.
11
ES.LIAIRMAN then put the wasamendment,
uTohne
C
gh e
nm a jyori
aboutt
to put the original me-
.
lost
The
ey
CaHnAotvhemrAwNhewloalsint
tion, when
Mr. BILLING moved an amendment "That the
charge
for religious instruction, now merged in the general ac-
counts, be at once and for eve: expunged." The h °n.
gentleman asked, "Who will second it?" (Confusion.)
Dr. KING, alter some slight delay, seconded the
amendment, which was put to the meeting and I)st by
an overwhebning majority.
The motion far the reception of the report and ac-
counts were then carried unanimously. .
The 01,11E11.1N said that as the Directors, according
to the Attorney-General's opinion, could not pay a divi-
dend without a special act of Parliament, and as that
could not now be obtained he proposed " that no
dividend be declared but that he Directto .ors
take be, and
are hereby requested and nulorised
necessary steps to solicit and obtain as early as possible
an act Of Parliament to enable them to provide for
and the (
loss resulting to the company from the forgeries
frauds of Redpath, the late registrar." If te
passed a resolution for paying .a dividend he would not
obey it, but put the money (243,000/• balance for divi-
de
cer""n the Bank of England or in the Court of Chan-
-11:
_where it would be perfectly safe. (Laughter.)
'"t?l,Yr to a question from Mr. IIuGGINs,
hatewhttuhe"m""said that he declined then to state
before directors intended to do with the money
the act
to do so, m was obtained, bccauFe it might, were he
Avgaterially affect their interests.
Mr,
11f3 nicqed, as an aineudolents that the eon.