The Sun.
London, England, 1850-08-24 00:00:00

he wanted to know if that extreme dissatisfaction was
reasonably entertained? Therefore they asked, as he
thought most reasonably, fir inquiry by a committee.
If such a committee was granted, he would propose that
it should consist of three men, viz., Mr. Wylie, Mr. G.
Chambers, and Mr. Wyld.
Mr MITCHELL thought the chairman had spoken of
this question very daintily indeed, but he wished ho had
been as dainty at the last meeting, when the 50-pounders
came to a resolution that they should have 43- per cent.
upon money which they had never paid.—(Hear.)
Mr. GEACEI took a very different view of this case from
that urged by the mover and seconder of the motion,
though he admitted they had urged their arguments with
fairness and propriety, The question was not one of
money, it was ?imply whether they were entitled to
break what had been a fair agreement. -If it were a
mere question cf law, then the best course for those .
shareholders who were adverse to thh bargain would ha
to go at once into the Court of Chancery, and try the
validity of it. He, however, should very much regret to
be obliged by the Court of Chancery to do that which
he ought to do as an honest man—(Bear, hear)—viz.,
to do that which, however onerous, was still binding
upon him as a duty. They had already had inquiry into
this matter.—(No, no.) It came before the investiga-
tion c entnittee, hho invited Mr. W, lie to snake com-
munications to them on the subject ; and when the
commicommittee reported to the shareholders, that body
ttee
that it was not desirable to go any further into
the renter. He, for one, would not be a party to
the repudiation of any bargain into which they had
entered.—(Herr.) licwt tor bad the bargain might be,
they were bound as honest and honourable men to abide
by t'.—(Cheers.) There were few people in the room
that would benefit more by the lease be;ng done away
with than he would, but he had a character for honesty
to maintain, and he would not do that which be con-
ceived would be a dishonest act.—(Hear, hear.) Ho
hoped the proprietary would set this question at rest for
ever, and let the world see that when they had entered
into a bargain, whatever it might be, they would
honourably stand to its fulfilment.—(Hear, hear.)
Mr. BRANCKER denied that in voting for the resolu-
tion he was voting fur repudiation in the sense conveyed
by the chairman. lie repudiated this lease, however, as
one got from the company by freud.—(Hear, hear.)
Why should they be saddled with a burden which was
neither legal nor equitable? There could be no repu-
diation in getting rid of what had been accomplished by
fraud. He vs as quite willing to allow the question to
go before a jury of their countrymen, and, if they found
it right, he for one would be willing to acquiesce in the
decision.—(Elear, Lear.)
Mr. MeTunx could not be said to repudiate, for he
was against this bargain from the very beginning. No
inquiry bad yet taken place into the matter, for the in-
vesttgation committee left the question open to the con-
sideration of the shareholders. If matters went on as at
present, he thought the probability was that in a few
years the shareholders would receive no dividend at all,
while the Leeds and Bradford Company would be in tho
receipt of their 10 per cent.—(Hear, hear.) If the di-
rectors opposed this inquiry it would appear as if they
wished to conceal something they were ashamed of.
Mr. E. BAINES, cf Leeds, felt it impossible tither to
vo'e for the resolution or to sit silent and not protest
against it. Never having held a share in the Leeds and
Bradford Railway, and having too many in the Mid-
land, he had no interest in refusing to give up the lease,
but he looked to the principle involved in the matter, and
found it fraught with consequences highly important to
their credit, to railway companies generally, and
indeed to all mercantile communities. He understood
Mr. Wylie and Mr. Brancker to tay that they had no
desire to repudiate a fair and honourable bargain; and
he hoped that feeling would he echoed by every gentle-
man in the room, and that they would show an amount
of honour that would not only prevent repudiation but
everything that had the slightest resemblance to it.—
(Hear, hear.) He had looked into the transactions by
which the leasing of the Leeds and Bradford line was
conducted, in order to see if anything hsd occurred to
raise a doubt on the legality and fairness with which it
had been carried into effect, and ho declared that he hal
been bitterly unable to find anything of the kind; nor
had an) thing been alleged by Mr. Wylie which could
lead them to doubt the validity of the lease. He
stated that he had the opinion of counsel
that it was not valid, but he did not give
the grounds on which that opinion was founded.— (Hear,
hear.) It seemed to be supposed by some shareholders
that they would not be guilty of repudiation in break-
ing the lease, because they had always been opposed to
it; but every shareholder must be held as bound by the
acts of the majority of the proprietors, and no ens was
entitled to plead the right of repudiation on any such
grounds.—(Hear.) No one could condemn more than he
did the principle of paying a large sum to the Leeds and
Bradford Company, based as the payment of that sum
was on a false view of the profits of railways; but, the
arrangement having been made, neither Mr. Brancker
nor any other person was entitled to get rid of the loss
by saying that he protested against the payment at first.
It was said that nothing more than a committee was
wanted; but let them consider what alarm the proposal
had created in the minds of the public—what alarm it
had created in the mind of Lord Lifford, and in that of
their chairman.— (A laugh.) Lot them look at the letters
in the public papers en the subject, and at the effect VI hich
it must produce on the shares of the Leeds and Bradford
Reile ey.— (Hear.) Suppose a Committee of the House
of Commons was asked to inquire into the " assumed
liability" to pay the national debt, would not that
look like a repudiation of the natior.al debt.—(Ques-
tion.) That was tho question, and he had only
used an illustration to show the exact position
in which the motion would place them: He found, on
looking into tho records of what had taken place, that
the lease was considered at a full meeting of the share-
holders and wzreed to, though Mr. Brancker made a pro-
posal that further time should be taken to consider the
matter. 'flier, slier this, another meeting was held to
include in tt o lease the junction line to Bradford, and
all the other undertakings cf the Leeds and Bradford
line. That matter was also discussed and carried, and
on that eccasien the chairman said it was an open above-
board least. He found that they had gone on from that
time to this vcith the lease w:thout one instance cf devia-
tion, and it therefore seemed to him as notorious as any-
thing could possibly be, that this was an agreement into
which they entered with their eyes open.—(No, no.) He
did cot mean, of course, that they were aware how im-
provident a baroain they were making ; but still, there
the bargain stood, entered into with all the solemnity of
a public act.—(Hear, hear.) Now if, after all this, they
asked for a committee, was it not certain that the general
impression would bo that it was with a view to get rid of
the lease ? Re v. ould say, let them lose their money,
but let them not lose their honour and their character.
He could go to bed and sleep comfortably with the
knowledge that he had lost his money, but he could not
do so if he had lost his character.—(Hear, hear.) This
proposal had created suspicion, alarm, and distrust, and
was calculated to keep up disunion in their body; but
he would rather sty, let them stand by their contracts,
and then apply ell their patience, skill, and perseverance
to the development of those vast resources which were
still open to them.—(Cheers.)
Mr. Bowen, of Leeds, supported the resolution. They
were entitled to examine this matter just as they would
enamine the title-deeds of an estate that were thought
doubtful. He had no wish to get sixpence of any mates
money, but let them have justice.
Mr. SCOTT scorned the idea of repudiation, but as an
honest man he wanted to know whether this lease was a
bond fide honest agreement, and for that purpose he
wished a committee.
Mr. WESTON (at whose request the report of the
committee of investigation on the subject was read) de-
nied that he was in favour of repudiation, and observed
that the sole object of a committee was to put right that
which they strongly suspected was a great wrong.
Mr. FACET, ono of the directors, said this was en-
tirely a question of character, and reprobated the idea
of taking advantage of any technical errors, should such
exist, for getting quit of the lease. On the other hand,
if they adhered to the lease only because they were
bound in law to do so, they could take no great credit for
honesty. If, however, they did not mean to take advan-
tage of a technicality, then they were taking a moat un-
wise course, as they were destroying the credit of the
Midland Company, for the gratification of their own cu-
riosity, and to pursue a chimera.—(Hear, hear.) If
this was a money question, as he held it was not, he
would say that no loss they could sustain by retaining
the lea-e could be equal to the money loss they would
suffer by letting it go forth to the public that they were
a company eager and ready to get rid of their engage.
merits. He would say that a company borrowing to the
extent of nearly 4,000,000/. could not afford to hate such
discredit thrown upon it.—(Hear, hear.)
After a few words from Dr. O'BIUEN in favour of the
resolution,
Mr. SMITH, a director, opposed it. He contended that
it was not competent for the company to make such an
inquiry as was now proposed.
[The CHAIRMAN here asked if any gentleman bad lost
two 10/. Rotes, as two such had Leen found in the room.
Amid loud laughter the Chairman's question was an-
swered by about 100 voices exclaiming, " We have all
lost 10/. notes." " This is just the place for empty
pockets," &c. The Chairman afterwards intimated that
an owner had been found for the notes.]
Mr. GOODWIN, a director of the Leeds and Bradford
line, defended the lease at some length, and was followed
by Mr. CABBUTT, a director, on the other side.
Ultimately a show of hands was taken, when a great
majority were held up in favour of the resolution. A.
poll was then demanded, the result of which was as
;ollows :
For the resolution ...
Against it
Majority

... 1,229
... 2,034

VAUXHALL-GAM:MISS.—The season at this place
was terminated last night by a bal masque on a seal.: of some-
what increased display and expense. The company, which
was numerous, were regaled in the usual manner by an
immense band of instrumental performers, the appliances of
all kinds of inspiring fluids, and such other access
doirectries
ionas
such amusements afford. The dancing, under the
of a host of masters of the ceremonies, was incessant from,
eleven o'clock till daybreak. The perfOrmers, however, ex-
hibited n 1 symptoms of weariness, and the only regret was
the neceEsity of retiring at last. lime persons in costume
dresses, as they are termed, were urmcroareus, and some of them
were very gorgeously arrayed. IVLI:.t termed "
tera" were, however, but feebly suppoeed. 'I he whole was
well arranged under the management of Mr. W4rdell, the
lessee, to whose exertions during ,the season the pleasure-
seeking public arc much indebted.
The directors of the London and Weatmingter
Bank have resolved that on and after the 30th of next
month their Westminster branch in St. James'.i-square shall
be closed at 4 o'clock. There can be little doubt that this
arrangement. which has been entirely successful in the City,
will ultimately also become the rule among the banks at the
West-end.
SIR CHARLES NAPIEL—There haiing been
ru-
mours that Lord-Advocate Rutherford is to be elevated to
the bench, the electors of Leith have resolved, in case of a
vacancy, to Admiral Sir Charles Napier to become a
candidate.