The Sun.
London, England, 1857-08-29 00:00:00

his intention, if he remained there for a month. (Oh,
oh, and hisses.) He continued that, notwithstanding
the difference of opinion that prevailed with reference
to the right of the preference shareholders, he was cer-
tain that everybody in the room must rejoice at the
progressive prosperity of the railway. (Hear, hear, and
cries of " No, no.") Why they could not dispute the
fact—(cries of "Yes, we can")—that the traffic on the
line increased, and but for those unfortunate frauds a
better dividend would have been offered than had even
been paid at this period of the year. He asserted, and
in that he was confirmed by Mr. Malins, that the rails
way was in a healthy and sound condition, and if they
would endeavour to avoid such unfortunate squabbles
as they now witnessed, he was certain their property
would rise in value in the market, as he was sure they
ought to stand higher than they unfortunately now did.
With respect to the parties who had had money lodged
in this railway for a considerable number of years, and
who did not intend to sell out, it would not make a
great difference in the end except the loss of a portion
of their dividend ; but as the value of the property re-
mained just as good as ever, he hoped they would firmly
stand by it, because he was sure it was very nearly, if
not quite, the best railway property in the kingdom.
(Hear, hear.) The parties for whom he and the directors
felt the greatest sympathy were those who relied prin-
cipally on the dividends in which their property was
embarked, viz., widows, and many persons who were
depending for money on trustees, who could not sell out
the stock, and had no means of raising money for them.
(Hear, hear.) He seriously commisserated their unfor-
tunate position, but he confessed he could not help it.
(Cries of " You could have helped it.") He begged
and entreated every person connected with the railway
to look calmly, and, if they could, dispassionately on
this painful subject. After referring to the remarks that
had been made on the directors both at meetings that
had been held in connection with the company, and by
the press, though he admitted they had a right to com-
ment on the conduct of the directors, and he found no
fault with hon, gentlemen who gratified themselves by
pitching into him. (Hear.) They were welcome to do
it for a month, and he should stand just as unmoved as
he was at present, and he told the meeting that as soon
as a majority of the shareholders wished it he would re-
tire, but not before that. (Hear.) The hon. gentleman
then entered into a detailed statement of the Redpath
frauds, the meetings that had been held in consequence,
and the proceedings in Parliament, and in reference to the
decision of Sir W. Page Wood, said it was the intention
of the directors to appeal against it, and he moved tho
adjournment of the meeting to such time, but not more
than 10 days after the decision of the appeal in Chancery.
Mr. WiLsoN—That will be for seven years. (Hear.)
Mr. PACER (director) seconded the motion.
A lengthened discussion, in which much personal feel-
ing was manifested, then took place, having reference
to the proceedings in Parliament and in the Vice-
Chancellor's Court. Some amusement was created
in consequence of Mr. Valentine Knight calling
Mr. Denison, Q.C. (the chairman's son) the "Young
May Moon," in reply to which, Mr. Denison, in his
speech, charged Mr. Knight with "squirting out venom-
ous observations." The meeting called upon the learned
gentleman to withdraw his offensive observations, and
amidst much confusion and laughter we understood both
hon. gentlemen to withdraw any offensive expressions
they might have used to each other.
In the discussion that ensued it was urged that the
directors ought not to use proxies given in favour of the
report in support of the adjournment, because many did
not receive the notice of adjournment till it was too late
to send or cancel their proxies, and Mr. Malins sug-
gested a kind of compromise, by the shareholders taking
a dividend of 11. in-tead of 21., which would enable the
directors to pay the preference shareholders in lull.
The CHAIRMAN, in reply, read the terms of the
proxies, which he said gave the direetors authority to
use them for an adjournment.
When the chairman was about to put the motion se
veral shareholders attempted to address the meeting, one
of them, Mr. Heath, protested against the law proceed-
ings, and asked if the decision in the Vice-Chancellor's
Court bad Leen in favour of the directors, they would
have appealed, on which the chairman, who was much
excited, exclaimed "Do you think I'm such a d—d fool
as to answer such a question." This was met with
loud cries of order, and that a religion, man
and a magistrate ought to be ashamed of using such ex-
pressions, and he was called on to retract. The utmost
confusion prevailed, amidst which the Chairman put the
question, when the amendment for the adjournment was
lost on a show of hands ; but this result was reversed on
a poll, in which the directors used their proxies.
A report from a committee of investigation, appointed
in March last, was presented, but its consideration was
deferred.
The meeting shortly after separated.