The Sun.
London, England, 1850-07-25 00:00:00

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iIAILWAY INTELLIGENCE.
NORTH STAFFORDSHIRE.
The ninth half-yearly rneetieg of this company was
held yesterday, at the company's offices, Stekc-upen-
Trent. There was a much smaller attendance than at
the two or three previous meetings of the company.
J. L. Ricardo, aq., M.P., presided.
The directors' report having been read,
The CHAIRMAN, after soliciting a fair hearing for any
statements which the directors might deem it necessary
to make, said he came before the shareholders with much
greater satisfaction than he had done on previous epee-
eions, inasmuch as his tongue was in a great measure
loosened as to the political actions of the direction, and
he was enabled to stele to them what had been done, and
to indicate what remained to be dune in respect to the
policy to be pursued by this company. Hitherto the
directors had not been able to explain their ac ions in
regard to the oppoeents with wham they had had to
contend. Referring shortly to the past history of the
line, the Chairman alluded to the period when Mr.
Glyn had re commended the necessity of this company's
atealgemating with the Churnet Valley, which recoen-
m,eiation had been odopte-d, under the beget that it they
r, nu:lined independent cl the Chure et Valley Company,
tots company would have had the uppositem of the
Lyndon and Birmingham Cempeny; and than, ender the
t Tens of a previous agree silent, they would then have a
right to demand from that company the direct Man-
se:ester traffic.—(llenr, hear.) When the amalgamation
with the Gland Junction and the Manchester and Bir-
mingham Companies was proposed, an agreement to that
effect was proposed to this company, which it was to be
regretted had not been secured uncle r ihe signs-nre of
fee chairman of those two companies. Uncer present
circumstances, however, the directors were anxious to
allay all ill-feeling between those companies, and the
abstract of an agreement which had been entered into
with the London and North-Western Comprne, and
which had 'been laid before the shareholders, would show
that they were cluing everything they could to carry
out the arrangement for securing that traffic upon the
most amicable terms. The arrangement which they
had new entered into with the London and North-
Western Company, comprehended not only the traffic
from London to Manchester, but from intermediate
places between London and Manchester, and also
the cross traffic from Chester, Holyhead, and Liver-
pool, by Crewe, to Derby and the east ; and also
trom Manchester to the east, to any places south of
Boston.—(Hear, hear.) None of that traffic had been
entered in the accounts of the present half-year; but, in
future, he trusted it would show a considerable addition
to the company's receipts. The traffic from Crewe to
'Derby had already been obtained; but that from-Derby
to Crewe remained to be secured; and in time they
trusted. they would have a thorough traffic between Lon-
don and Manchester, which would materially assist in
developing the local traffic of the line. They had also
entered into negotiations to have the mails carried over
their line. Some of the members of the investigation
committee had taken the somewhat imprudent step of
stepping in between the directors and the London and
North- Western Company, and to that cause he be-
lieved was to be attributed the suspension of negotia-
tions. He (the chairman) objected, except in very ex-
treme cases, to the appointment of committees of hi-
quiry. They paralysed and embarrassed the efforts
of the directors; and the accusers naturally became
the judges of the directors, and, in their own de-
fence, were inclined to twist and turn every circum-
stance, in order to show the necessity which had existed
fur their appointment. So far as the directors were
personally concerned, they did not complain of the
committee; but they regretted on the part of the
shareholders that proceedings should be taken which
operated against their own interests.—(hear, hear.)
As to the system of retrenchment which the com-
mittee proposed, the directors were prepared to
propose such measures as might be deemed practicable
witeout injuring the interests of the company. They
should begin with themselves, and at the next half-
yearly meeting they should tell the shareholders not
what they proposed to do, but what they had done from
this time forth.—(Applause.) In conclusion the chair-
man stated that the canal, running parallel with the
railway, and existing under almost similar circum-
stances, realised a weekly revenue of 3,0001., while tho
receipts of the railway were only 2:000/. If, with the
support of the shareholders, the directors were enabled
eto carry out their views, hfelt convinced that the rail-
way revenue might be at least equal to that of the canal,
and from calculations which he had made, he could say
that of whatever additional receipts they might have
over their present income, 80 per cent. would be avail-
able for dividends.—(Applituse.)
The CHAIRMAN then proposed the adoption of the
report, which was seconded by Mr. R. C. SHARP, vice-
chairman of the company.
General I.3iticcs proposed that the report of the com-
mittee be considered previously to that of the directors;
and entered into a long analysis and justification of that
very elaborate document, condemning the reckless ex-
penditure which had been incurred in the erection of
stations, fee., the present extravagant .salaries, and other
points of the policy of the managemeut. While taking
these objections, the speaker said that he had great hopes
of the line, and believed that it would, at nu distant day,
realize the expectations of the shareholders.
Mr. TAuNTure, entailer member of the committee of
investigation, seconded the resolution, adding his con-
demnation of the proceedings of the directors, end urging
the necessity of a reconstitution of the beard, with its
reduction from titte‘en to nine members. It was impos-
sible that tile shareholders could ever have fall confidence
in the board until they saw the men of property resident
in the neighbourhood exercise a legitimate iitflaenee
thereupon, and until the large mess ef shareholders resi-
dent in Loedon were properly represented.
The lengthy conversation which ensued had reference
mainly to matters of difference between individual mem-
bers of the investigation committee. At length
Mr. Codas:, barrister, suggested that the original mo-
tion should be allowed to be curried. It was needless
longer to dispute when it was universally agreed that the
directors were honourable, the officers e fficient, and that
the committee had well discharged its duties. After
what had taken place, the directors would surely see to
the reduction of any salaries which were extravagant.
Mr. STOCK, of Leeds, characterised the report of the
committee as one of the most milk-and-water description.
It contained no suggestions a hich were truly valuable,
but such as the directors were ready themselves to make.
After the blustering of the previous meeting, he was
ashamed of the report, and of the gentlemen who thus
c_ime forward and injured their own property and that of
the directors.—(Applause.)
It was suggested that the report of the directors should
be put and carried, but
Mr. TAUNTON objected that it contained a sentence
which reflected upon the members of the investigation
committee.
The CHAIRMAN said the passage alluded to in the re-
port was constructed in the defence of the directors from
insinuations contained in the committee's.) tlf the report
had been in the same spirit as the speeches of the mem-
bers of the committee, absolving the directors from
blame, he should not have recommended the sentence
contained in the report. It was desirable, however, that
the mutter should drop, and no would consider that no
insinuation had been made against the directors by the
committee.
General BRIGGS said, they did not impute to the di-
rectors a want of integrity, but a want of judgment.
The motion for the adoption of the report was then
put and unanimously carried.
Load LIARROWBY, without pledging himself to any of
the details in the report of ;.he committee, moved a vote
of thanks to them for their services, which was carried.
The seal having been affixed to the registry of share-
hoHere,
The CHAIRMAN replied to the sort of charge preferred
by Mr. Taunton against the Earl of Shrewsbury. Mr.
Ricardo said —‘• A snore honourable and noble-
minded man I never met than the Noble Earl who
has been referred to; and to say that he has
sold his Parliamentary interest for 1,000/. a year
is most unfair and improp,r: it is a most unfair
attack, and never ought to have been uttered or made.
Now it is always usual, when a Bill is before Ptirlia-
ment, the affect of which wil. be to injure a great lend-
owner's property, that a sp,(ific sum shall be specified
by way of compensation; and is any property
in the kingdom injured more than another by a railway,
it is that very beautiful estst_, called Alton Towers.
Th,n sum of 20,000/. was agreed upon by the Churnet
Valley Company let fore we amalgamated with them; and
I believe that Lord Shrewsbury never gave a vote in
Parliament on the u ject of this railway in his life.—
(lle.tr, hear.) His Lordship has made all sorts df con-
cessi-ns to us; he has lent to us every possible facility.
Th In e runs for four miles through his property, close
to his pleasure grounds, and he has opened his gat dens
to cat rtr p 3. I believe that the 20.0001. which had been
converted in debentures was a fair sum to be pad to
Lord Shrewsbury, as times went when the estimate
was fixed; and he, for one, would never he the man '0
endeavour to set ,uch azreertrnt aside. Inrd Shrews-
bury had never himself interfered in the m tter in his
life."

Mr. TAUNTON subsequently in part explained away
his accusation. but ho considered that the 20,0001. paid as
compcmtvion was excessive.
'file retiring directors ware re-elected.
The motion for declaring a dividend of Is. 6d. per
share was put and lost, so that the surplus of revenue
stands over to the credit of the ensuing half-year.
General BRIGGS moved a vote of thanks to the Chair-
man, which was carried, and then
Mr. Ilicxs, of Halifax, said that something more than
a mere formal vote was necessary ou this occasion. In
this spirit he moved the following That this meeting
cannot separate without expressing their high opinion of
the beard of directors, and their full confi&nce in their
upright and honourable conduct in the management of
the affairs of the railway."
General BRicos seconded this mo:ion, and it was car-
ried by acclamation.
The CHAIRMAN—We came here prepared to offer our
tr,iseissigenxapir°eus:i.on Woif ayroe. cr o Itc;,ondt ,
wh
iol wi; e va(o, rd,
wt.uh
tn remain w
you
ciat
nh
find better men we shall gladly retire from your service.
'r Le meeting then broke up, bavieg lasted five hours
and is quarter.

'
THE NEW NOVEL,_ PETTICOAT GON ERNMENT,"
by Mrs. Trollope, is published this day by Mr. Colburn, and
maylaide had aeldlitelecei rby tairki:s.autAh(l,sro
ontor,..mriealiacl3'w'—y2. ndhAadenl...
3. The 'Travellers; or, Mornings at Matlock, by R. Shelton
Mackenzie, D.O L. 4. Anne Dysart ; or, The Scotch Mini-
ster's Daughter. 5. La Vendee, an Historical Romance, by
Anthony Trollope, Esq. 6. Reginald Hastings, by Eliot
Warburton, Esq , second edition. 7. The Story of a
Man of Fashion; or, Sin and Sorrow. 8. Freston Tower;
or, The Early Days of Cardinal Wolsey, by the Rev. R.
Cobbold. 9. Passages in the Life of Mrs. Margaret Mait-
land, of Sunnyside. Also, just ready,, Our County, by John
Mills, Esq., author of " The Old Eny.lisli Gentleman," &c.
CHESTER AND HOLYHEAD RAlLWAY.—Teaffic for
the Week ended July 2t, I 850: C. and H. Main Line,
3,3071. i9s. sd. ; Mold, 1211. 14s. 1)(1. ; .s,,team-boats, 2961.
Os. 6d, ; Total, 3,7251, 14s. Bd.