The Sun.
London, England, 1850-05-16 00:00:00

ourtt bitton

SUN OFFICE, Seven o' Clock.

PROVINCIAL BANK OF IRELAND.
(THIS DAY.)
The annual meeting of this banking company was
held this afternoon at the offices, Old Broad-street;
Oliver Farrer, Esq.,yin 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 for the past year were 43,3431.
10s. Id., 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
110,038/. 16s. 3d., out of which two dividends had since
been paid, amountine. to 43,2001., leaving a balance of
"'rest" of 66,8381. 16s. sd. ; to which adding the nett
profits cf 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 ye ar, the report was adopted,
and a dividend at 8/. per cent. agreed to.
A vote of thanks having been passed to the Chair-
man, the meeting separated.

GREAT WESTERN RAILWAY.
(THIS DAY.)
A special general meeting of the proprietors of the
Great Western Railway was held this afternoon, 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 a letter' which Mr. Williams and two other
members of the committee of consultation had
thought proper to address to the directors, and
which the P.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.—(Bear, 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, bat 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 at Clement of the questions which had
• so long agitated both the executive and the proprietary
bodies.--(llear, hear.) Nothing was so much calculated
to shake the confidence of the public in commercial
speculations like this than angry disputes between its
managers 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,
dors, the secretary, volunteered a reduction of his salary
from 2,0001. to 1,5001.?
The CHAIRMAN said it was not. The directors were
compelled, at the inatauce of the committee of consulta-
tion, to request Mr. Saunders to consent to the reduc-
tide but the directors were of opinion that 2,0001. a year
was not at all an extravagant remuneration for the ser-
vices which Mr. Saunders rendered the company.
Mr. lianernems 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 be 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 for a man who bad devoted
fifteen years. of his time and energies to promoting the
interest. of this' company 2—(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. —(Bear, hear.) He would now move the resolu-
tion adopting the report of the di, ectors.—(Hear, hear.)
Mr. ‘N ILLIAMS, the chairman of the committee of eon.
sultatioe, entered into a lengthened defence of the past
proceklingsof that bid'', and justified the reductions they
hod recommended in 'the salaries c f their superior ail-
cers, on the ground that similar services were rendered
to-other companies of equil neignitude, and by officers of
equal. talent, at a much less remunerstion.—(llear, hear.)
There were tie tees than 2,250 pers,ms in the service ut
this coMpany avho were in the receipt of salaries to the
extent of 144,754/., and engaged in working 230 miles of
traffic. There Were 17 stiperior I.ffieers in the receipt c-f
10,0304 per annum- and principally at the insiigatiou of
the directors, or rather through information, which the di-
rectorssupplied to them, the committee had eonfined their
proposals fur reductions to these officers. The reduction
upon the total, 144,754/., recommended by the committee
amounted te2,060/ a sear, while those which the directors
recommended did
_DM amount to 251. a year.—(oh, oh.)
The- Government accounts, relating to up. ards of
• 20,000,000/., were simple and easy compared with those
of this company, and the committee of consultation had
therefore recomer ended 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-
prieters- would ate hesitate. to adopt the recommendit-
don Of 'the Committee in.preference to those of the di-
rectors..--(Hear, hear.) He should therefore move as
an amendment the scheme propounded by-the committee
of consultation, which was as follows:
" 1. That hereatier tor all expenditure an estimate in
detail should be submitted at each halt-yearly meeting,
and 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.
" That a more detailed account of the expenditure
should _-be Submitted to the proprietors at each half-
yearlyerneeting, especially a statement of the increase or
dtcreioe of the salaries and e ages of each of the officers
ancreervants.
"3. That, viewing the great depression in the re-
sources of the company, -and the very large diminution
in the cost of all. the necessaries, and luxuries of life, the
redneikeas in' the salaries and wages of the officers and
servants-recommended by the committee of consultation
should be fully carried out, as well as their other recome
tnendatiens for reducing he expenditure, . which may be
effect-al without in the least impairing the efficiency of
the company's service.'
4:''l'tfat The present mode' of Constituting the
board of directors is highly 'objectionable, inasmuch as it
results in their being self-elected; which is opposed to
the interest'of the
the Aet.SindeeWhicchotN)-ny.- and to the 'intritioes of
t is constituted; to:remedy this
injurious practice; one-fourth.b. of the board should retire
swahniuchallwyopualttndebetAnieilshigeth.: for .re-electioo foe one' Year,
principle on Which the direc-
tors elf -the. East India
c(71QP„,11:37 and of the Bank of England are appointed; an
direcfors ehtiuldhe the number of the
trate responsibility; and without adzulchnore minden--
re-
muneration for th-eir, services;" might besincreased.
on!! 'cost, the
5. Thai a..eolicitov should, be engaged,- neon -
anneal` kalary, whose whole
,time should be d
the services of the company; by a
would,. be effected, and that the comyliv 1
evoted to
arge Sevin
pany's records and
title deeds. should be deposited in safe canedy
on the
company s premiss.
The'amendwerit having been steouded,
Mr. J. DICKINSON, one of the auditors, told the
meeting he; together with
.Messrs. Crosthwaite and Glad-
• d sifted the accounts to the
stone, of.Liverp#, ,very
his reputation that they -sver
battens, 'and he staked e
1 t It was nothing but right to add that
strict.y correc the a ours.of the auditors
I b
the directorS had, facilitated )
r —(llcar, hear. Now, if
to the utnerieteef their powe .
they threw overboard the reduction recommended in the
e, there was
salaries of the. porters and policemen,the . &
direetors
only 9, diffeeirfee of 8004 between
No,
no.)
and._ the :committeeeet ecrnsulta"u.—(
He gathered. this information from the
pub-
lished
,report 'OE the committee itself, and again
he repeated the only difference was 8001. a
y ear.—(l:lear, hear.) Why then should • they trouble
thednselves'Vth reductions of the salaries they
paid 'to their stiperiT;T'offieers, who were perfect pro-
digies in their respective departments?—(Laughter.)
Mr. MORGAN thanked the committee of consultation
for the able exposition which they bad published of the
affairs' of this. company, but really they were wasting
time HI keeping up a struggle of this nature, which, after
all, only involved a sum of 1,800/.—(Hear, hear.)
Mr. Wileheeeeis said the committee had
a general reduction of salaries, which would-- save them
thousands per annum, but at the request of the commit--
teethe,er now confined thenitelves to the salaries of the
sperior officers.
lir.;l4onoArtstill insisted that the difference between
the coalinittee and the directors aas only 1,8001. The
question iheaSur•them. to consider was simply,had they
confidence in the direction?' Judging from their past
votes, he concluded that they bad. Why then keep up
thew di4sneions yibian had no other effect but to.depress
their propeeiy,. Those disputes had brought the price
at their shares down fe
. cuse 2061. to 504, and- -that fact
alone oughtto be sufficient to stop this discussion.
esupperted the scheme of the cora-
raitteee on -the ground thae,:during the period of the
mania; .when- the work sevas heaviest, the salaries paid
were much lets than thosenow proposed.'
SiftekELlDE said this was a question of confidence in
direction.—('Nei. no.") - He maintained .tilat it
was; and if the meeting-adopted the amendment, it Would
-
be tant4Wouat to a vote of want of -conedence.;-C No,