The Sun.
London, England, 1857-12-01 00:00:00

GREAT .N 1

AILWAY.

ADJOURNED MEETING THIS D.Y.
The adjourned general meeting of the shareholders in
this undertaking was held this day at the London Tavern,
Bishopgate-Great—Mr. E. Denison, 2,LP , 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 Justices delivered
their decision, placing preference shareholders in the
same position as guaranteed stock, and relieving them
from the losses accruing in consequence of such defalca-
tions. The meeting was very numerously attended, mid
much angry feeling was displayed by the shareholders
throughout the whole of the proceedings. The chairman
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. HUGHES, btfore the commencement of business,
called attention to the use of proxies, urging that
if they used now the proxies issaed 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 183,0001, after paying the
interest upon the debenture bonds. He should nos'
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.
(Hear, hear, and cAlfusion.)
The CHAIRMAN—I nos 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 CHAlRMAN—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. HNATII, after some difficulty, was listened to for
a few minutes patiently, in the course of which he 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
" Qeestion, question"), which continued throughout his
address, and prevented his being heard with any degree
of accuracy.
Mr. JoSIAH 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 shareholders,
Mr. BILLINGS opposed the reports, on the ground
that the statements contained in them 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 argument 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 hearing.
Mr. Huanns called on the chairman to preserve order.
(Cries of " Tee 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. WILSON—I have not spoken to the question ;
I merely asked a question.
The CHAIRMAN—I have no objection to hear your
eloquent speech. It rests with the meeting. Hisses,
and cries of "Insult.")
Mr. VALENTINE KNIGHT rose to tyldress the meeting,
and was met with cries of " Another preference share-
ho'der," to which he replied "he was sorry for those
unfortunate shareholders who were not." (1143,r, 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 feeling 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 ur 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.gones be bye-gorses, and forget all that had
passed, and he asked them to do the Lame.
Mr. HUGHES—Does that include your observations in
your report ? (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 on many
occasions provoked, and bad no doubt spoken at the"
time candidly what he meant. (Cheers.) He then put
the motion which bad been seconded, which was carried,
two only holding up their hands against it.
The CHAIRMAN then moved the payment of a divi-
dend iu accordance with the terms of the report, re-
marking that the preference shareholders would be paid
in full, which had ever been the desire of the directors.
Mr.Vare KNIGHT (a preference shareholder) seconded

. _
the motion.
Mr. BILLING (a preference shareholder) said that if
the preference shareholders were not • paid interest he
shc.uld consider the directors had robbed him.
The motion was put and carried, two only holding up
their hands against it.
The Cillinme.N declared the motion carried, and said
an effort would be made to pay the dividends in a fort-
night.
Mr. GREENING (a third class preference shareholder)
moved a vote of censure on the chairman and directors,
in the course of which he opened up the case of the
preference Shareholders. Ile 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
°June 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

conduct 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 Cha'rman alone, because it.was well known
that be was the autocrat acd despot of the lice, and the

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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 affixinghis signature to the dividend warrants,'
as presented to him in bundles, without checking the
amount?, 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
219,0001. fraudulent stock, had thereby forfeited the'
confidence 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 bad 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 as Redpath.
Mr. Sergeant WELLS advised the meeting not to adopt
a course that would tend to the injury of the railway
stook. Re eulogized the management of the line by
the directors, illustrating it by a reference to the weekly
receipts amounting to 23,0001. on a capital of 11
millions, greater in proportion than the receipts on any
other lime. He condemned this attack on the
which he said emanated irons professional agitators and
would-be railway reformers.
Mr. WATERS (one of the committee) said tbat they
had done their best to benefit the undertaking. Re
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-.-/t is not true. It's a falsehood.
You never uttered a. gross©r falsehood. (Cheers.)
Mr. WITHEns, af,er referring to the many officials
that had been named as the victims of their wrath, said
that probably the " a uditers" 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 ps,rty to flame was the unscrupulous
forger who had fallen into the hands of the law and
been justly punishe et. 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 apehtgy for ar,ything angry that he might have
said, and look for ward to the future management
of the directors to speedily retrieve their position. He
called upon the mover of the motion and amendment
to withdraw them, rso as to enable the shareholders to
become a united company for the mutual benefit of all
interested. (Che ern.)
[We shall give, the conclusion in our last edition.]