The Sun.
London, England, 1861-04-11 00:00:00

GREAT WESTERN RAILWAY OF CANADA

COMPANY.

MEETING THIS DAY.

A meeting of the shareholders was held this day at the
London Tavern, for the purpose of considering the reports
and general statement of accounts for the half-years ending
31st July, 1860, and 31st Jan., 1861, and also thC report of
the committee of investigation into the reply of the direc-
tors, preparatory to its submission to the legal meeting to
be ).geld in Canada.
• Mr. GILL occupied ,the chair.
The report,:which has been published in The sun, having
been taken as read,
The CHAIRMAN said no resolution, passed that day, would
be legal, and could only be taken as an expression of
'the opinion of the shareholders until they had been con-
firmed by the meeting to be held in Canada. The traffic
during the last half-year was £45,000, and the shares which
stood in April at £l2 15s. now stood at £ll 10s., ore depre-
ciation of the total share capital of a quarter of a million.
Tb.is was one of the results of the committee of investiga -
don, a circumstance which ho trusted would be held up as
a beacon by all companies appointing such committees.
(Hear.) The committee had reported that a million ster-
ling had been misappropriated or wasted, but it was a reck-
less charge, made without the slightest foundation. In con-
sequence of the:remunerative working of theline the directors
*ould now be able to recommend the payment of dividends.
He concluded by moving the reception of the report.
Mr. Lao SCHUSTER said, after reading the report of the
committee of investigation, and the reply of the directors,
he felt that the directors deserved their confidence. He read
the report with care, because his predecessor at the Brigh-
ton Railway was one of the persons accused. He had seen
Mr. Laing but once since ho quitted the company ; and for
the many years he had acted as his deputy, he had never
seen anything calculated to create the most distant suspi-
cion that he did anything except for the advantage of. the
company.• (Hear, hear.) He seconded the motion.

Mr. CANNAN moved as an amendment, "That the pro-
posal of the directors that a dividend of three per cent. per
annum for the half-year be confirmed, and with that excep-
tion the consideration of the directors' half-yearly report be
adjourned, and that the report of the committee of investi-
gation and the rejoinder of the directors be received." The
speaker then entered at great length into the various state-
ments made by the committee of investigation.
Some discussion having taken place as to whether the
amendment could be legally put, and it having been decided
to proceed with it, f
Mr. FILDER said he readily seconded the amendment, and
he hoped the meeting would adopt it en masse.
Mr. J. B. SMITH characterised the report of the com-
mittee as one that had done harm to the company rather
than good. The committee had altogether abandoned their
first charge and had confined themselves to having a hit at
an absent man and a personal charge against himself, by
stating that his evidence in 1861 differed materially from
that given in 1856. He defended his conduct and conten-
ded that many of the statements were entirely devoid of
truth, especially that which stated that Mr. Laing was in
the habit, for nine months after he ceased to be a director
or shareholder, of attending the board of directors in order
to obtain a settlement of Mr. Wythes' claims. If the
committee of investigation had confined themselves in
the inquiry to the actual working of the company, without
attempting to find out " mare's nests" they would have
done some good, but he felt certain the result of their
labours would end in a very expensive abortion. (Hear,
hear, and cheers.)

Mr. BEATTIE said if a Committee of Investigation were
appointed he thought the company would benefit by such a
step. With respect to Mr. Laing he knew that that
gentleman never advocated the claims of Mr. Wythes.
He might have recommended concessions whilst
he was a director, but with the ultimate settlement he had
nothing whatever to do. He had hoped that the com-
mittee of investigation, when they commenced their labour,
would go into the matter with a determination to help the
company through their difficulty; but he was afr.aid the
result of their labour proved that they had looked at all
things with a jaundiced eye. (Hear, hear.)
Mr. WA.TKINS condemned many of the observations that
had been made on the conduct of Mr. Laing, who being in
India, was unable to defend, himself ; he believed the
statements had been made by political opponents. (No, no,
and disapprobation and cries of Withdraw.) He insisted
they were bound to pursue a course which would improve
their property, and appoint a new staff and board of
directors.

Alderman DAKIN condemned the conduct of the direc-
tors for their impolitic conduct and want of prudence.
Mr. BRIDGES said some gentlemen wanted him to say
something about the £4,000 he had received from the De-
troit and Milwaukee Company. He had hoped the explana-
tion in his letter to the directors, which was in the hands of
the shareholders, would have been sufficient. All he could
say was he received the £4,000 from the Detroit Company for
services which they believed he had rendered them. He de-
fended his conduct generally as being only for the interests
of the company, and by that conduct he would stand or fall.
(Cheers.)
Mr. BRAITHWAITE said, looking at the position of the
Buffalo and other railways, they ought to congratulate
themselves they were in no worse position than they were.
Mr. SALISBURY condemned the un-English conduct of
the committee in bringing charges against Mr. Laing in his
absence, and when he was unable to defend himself. (Cries
of " The charges are withdrawn.")
Several other gentlemen endeavoured to address the
meeting amid loud cries of " Divide, divide," and general
confusion.

vV
Colonel Sir HENRY BAYLEY said, having read the report
of the committee, the directors' report, and the rejoinder
of the committee, and all that he had heard that
day, he had come to the resolution that if the meeting came
to a resolution against the directors they would be commit-
ting suicide. (Cheers and laughter.)
After some further remarks,
The CHAIRMAN put the amendment, which was negatived
by a large majority.
The original resolution was then put and carried, that
the report of the directors be received.
A dividend of 3 per cent. on the half-year ending 31st
January last was then declared.
Mr. SYDNEY SMITH moved the re election of the chair-
man, directors (Mr. Lance and Mr. Waite), and auditors.
Payment of the expenses of the Committee of Investiga-
tion, after some discussion, was agreed to.
A vote of thanks to the Committee of Investigation was
negatived.
After a vote of thanks to the chairman the meeting was
dissolved.

THIS DAY'S MARKETS.