The Sun.
London, England, 1850-05-17 00:00:00

PROVINCIAL BANK OF ItELAND.
This annual meeting of this banking company was
held yesterday afternoon at the offices, Old Broad-street;
Oliccr Ferrer, Esq., in the chair.
The four retiring directors having been re-elected,
the report of the directors was read to the meeting,
from Which it appeared that, in spite of the agricultural
and commercial distress which had prevailed in Ireland
during the last year, the bank had maintained its position,
and been enabled to give its usual accommodation to its
customers. The net profits far the past year were 43,343/.
10s. ld., and better prospects were entertained of the
coming harvest than had been the case for the preceding
four years. The balance of last year's " rest " was
110,0381. 16s. 3d., out of which two dividends had since
been paid, amounting to 43,2001., leaving a balance of
, " rest ' of 66,8381. 16s. 3d. ; to which adding the nett
profits of the past year, made the present " rest "
110,182/. 7s. 4d. From this the directors proposed to
pay the usual dividend of 81. per cent. per annum.
After a short discussion, in which the directors and
local managers were complimented for their exertions and
management during the last year, the report was adopted,
and a dividend at 81. per cent. agreed to.
A vote of thanks having been passed to the Chair-
man, the meeting separated.

GREAT WESTERN RAILWAY.
A special general meeting of the proprietors of the
Great Western Railway was held yesterday, at the
Paddington station, for the purpose of considering and
determining upon all or any of the matters referred to in
the report of the directors presented to a previous meet-
ing; Mr. Charles Russell, chairman of the board of di-
rectors, presided.
The CHAIRMAN, in opening the proceedings of the
day, reminded the meeting that the matters now to be dis-
posed of had been fully explained in the reports of the
directors and the reports of the committee of consulta-
tiOn, which for some time past had been in the hands of
the proprietors. He should have contented himself on
this occasion with that simple statement, had it not been
for $ letter which Mr. Williams and two other
members of the committee of consultation had
thought proper to address to the directors, and
which the directors themselves had felt it necessary
to circulate amongst the shareholders. In the first
place, then, he denied the imputation contained in that
letter that he unfairly dissolved the last meeting.—
(Hear, hear.) 'However that might have been, this let-
ter, it would seem, embraced the views of Mr. Williams
and his friends, which they had wished to address to the
previous meeting had it sat long enough, and it was now
for the meeting to decide upon the question of salaries
between the directors and the committee.—(Hear, hear.)
All .the information which the directors possessed upon
this subject had been supplied to the committee without
reserve, and he hoped the proprietors would not further
delay the settlement of this matter, but dispose of it
before they separated to-day.—(Hear, hear.) Already
had the dilatory proceedings of the shareholders
shaken the confidence and disturbed the harmony of
their executive body. Some of their most able officers
had quitted their service for employments in which they
were likely to meet with good faith and equitable remu-
neration for their labour. That they were entitled to
this no honest man could deny, while it was equally un-
deniable that the very stability of this great undertaking
required the speedy settlement of the questions which had
so long agitated both the executive and the proprietary
bodies.L-(Hear, hear.) Nothing was so much calculated
to shake the confidence of the public in commercial
speculations like this than angry disputes between its
malegera and proprietors.—(Hear.) The mischief pro-
duced by such a course as that took years of labour
and energy to remedy, and he therefore trusted the
meeting would see the expediency and propriety of car-
rying on any discussion that may now arise in the course
of to-day's proceedings.—(Cheers.) Three resolutions
would be proposed for the consideration of the meeting,
which would have the effect of adopting the recommen-
dations contained in the reports of the directors, and em-
powering the directors to carry them at once into force.
Mr. GRIFFITHS asked if it was true that Mr. Saun-
ders, the secretary, volunteered a reduction of his salary
from 2,000/. to 1,5001.?
The CHAIRMAN said it aas not. The directors were
compelled, at the instance of the committee of consulta-
tion, to request Mr. Saunders to consent to the reduc-
tion, but the directors were of opinion that 2,000/. a year
was not at all an extravagant remuneration for the ser-
vices which Mr. Saunders rendered the company.
Mr. SAUNDERS said, as this was a matter personal to
himself, he might perhaps be allowed to say that be
was quite prepared to abide by the decision of the meet-
ing upon the question of his own salary, but he begged
it to bo distinctly understood that he had been forced
into the reduction, and it was by no means a voluntary
act of his' own.—(Oh, oh, and hisses.) Now, really,
was this generous treatment fsr a man who had devoted
fifteen years of his time and energies to promoting the
interest of this company?—(Cheers.)
The CHAIRMAN hoped those gentlemen who objected
to what they heard would do so in a manly and open
manner, and not disgrace themselves and the meeting by
indulging in such unseemly noises as they had just
heard. se (Hear, hear.) He would now move the resolu-
tion adopting the report of the directors.—(Hear, hear.)
Mr. WILLIAMS, the chairman of the committee of con-
sultatioe, entered into a lengthened defence of the past
proceedings of that body, and justified the redact ions they
had recommended in the salaries of their superior offi-
cers, on the ground that similar services were rendered
to other companies of equal magnitude, and by officers of
equal talent, at a much less remuneration.—(Hear, hear.)
There were no less than 2,250 persons in the service of
this company who were in the receipt of salaries to the
extent of 144,7541., and engaged in working 230 miles of
traffic. There were 17 superior officers in the receipt of
10,030/. per annum; and principally at the instigation of
the directors, or rather through information which the di-
rectors supplied to them, the committee had confined their
proposals for reductions to these officers. The reduction
upon the total, 144,754/., recommended by the committee
amounted to 2,000/. a year, while those which the directors
recommended did not amount to 251. a year.—(o6, oh.)
The Government accounts, relating to upwards of
20,000,000 L, were simple and easy compared with those
of this company, and the committee of consultation had
therefore recommended certain changes on that head.--
(Hear, hear.) It was for. the meeting to accept or re-
ject these propositions, but if they wished to see the
railway placed on a safe and solid foundation, the pro-
prietors would not hesitate to adopt the recommenda-
tion of the committee in preference to those of the di-
rectors.--(Hear, hear.) He should therefore move as
ate amendment the scheme propounded by the committee
of consultation, which was as follows
I. That hereafter for all expenditure an estimate in
&lei! should be submitted at each half-yearly meeting,
ands should be confirmed by a vote of the proprietors, on
the same principle as the estimates for the expenditure
of.the public departments are annually submitted to and
voted by Parliament.
," 2. That a more detailed account of the expenditure
shOuld be submitted to the proprietors at each half-
yearly meeting, especially a statement of the increase or
decrease of the salaries and wages of each of the officers
and servants.
"3. That, viewing the great depression in the re-
sources of the company, and the very large diminution
in the cost of, ail the necessaries and luxuries of life, the
redactions in the salaries and wages of the officers and
servants recommended by the committee of consultation
Afield be fully carried out, as well as their other recom-
mendations for reducing the expenditure, which may be
effected without in the least impairing the efficiency of
the company's service.
"4. That the present mode of constituting the
board of directors is highly objectionable. inasmuch as it
le sults in their being self-elected, which is opposed to
the interest of the company, and to the intentions of
the-Act under which it is constituted; to remedy this
iniuriuue practice, one-fourth of the board should retire
annually, and be ineligible for re-election for ono year,
which;wouthe
- establish principle on which the direc-
ot the East India Company and of the Bank of
England are appointed;h and also that the number of the
diiieetorsp.oshnosiuhltditt: reduced, which would more concen-
trate res
and without additional cost, the re-
muneration for their might be increased.
" 5.. That a Solicitor should
annual
salary,
Whoa©
wholecompany time should be devoted to
by which a large saving
would- he effected, and that t a company's records and
title (leech should be deposited
so in in safe custody on the
7.40 amendment .having been sc
uetidditors, told ti Or. J. DICKINSON, one of the°ernoGas
mosingeler, together with Messrs.
accounts to
and Glad-
toththe very
stage, of Liverpool, had sifted the ac
bottom, and he staked his reputation that
strictly correct. It evss.. nothing but right to oayddwere
the' directors had facilitated the labours of the auditors
to shy utmost of their power.--(rs
—ear, hear.) Now,° if
w overboard the reduction recommended in e.
they thre
porters and policemen, ee
sataries of the c., there was
of 8004 between the directors
only a -difference
and the committee of consultation—(N o, no.)
He gathered this
information from the pub_
lished report of the committee itself, and again
he repeated the only difference was 8001. a
3 ear.— (Sear; hear.) Why then should they trouble
themselves with trifling reductions of the salaries they
paid to their superior officers, who were perfect pro-
digtes in their respective departments?—(Laughter.)
a. Moilox thanked the committee of consultation
for.the'able exposition which they had published of the
affairs of this an but really
Nampa , they wore waiting
time in keeping up a struggle of this nature, which, after
all, onlyinvolved a sum of !,8001.—(hear, hear.)
Mr. Wtwials said the committee had recommended
a geUCttal redaction of salaries, which would save them
thousands per annum, but at the request of the commit•
tee they now confined themselves to the salaries of the
superiee offieere.

Mr; igOrIGAN Still insigtel that the difference between
the cetsimitte-e and the directors was oaly 1,600/. The
question then for them to consider was simply had they
confUenee in the direction? Judging from their past
vows, be concluded that they had. Why they keep up
thole dissensions which had no other effect but to depress
their property. Those disputes had brought the price
('f their shares down from 2061. to 501., and that fact
alone ought to be Suffi3iclit to stop this discussion.
Mr.:SttrruEns supported the scheme of the com-
mittee, on the ground that (luring the period of the
mania, when the work was heaviest, the salaries paid
were much less than those now proposed.
lair. SLADE said this was a question of confidence in
the direction._(" No, no.") lie maintained that it
wal; and if the meeting adopted the amendment, it would
beAantamount to a vote of want of confidence.—(" No,
no:) Companies, however, like individuals, could some-
times be penny wise and pound foolish; and he put it
calmly to the. meeting whether, in carrying this amend-
ment, they would not be realising that axiom.—
No, no.") Follow the recommendation of the di-
rectors, and they would secure a contented and
efficient executive staff, but pass the amendment for the
of 2d. per share on each half
sake of a paltry saying