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

lutely necessary it was that they should be at peace
among themselves. That 2 500,0001. ought to be bor-
rowed at not more than 4 per cent , and, if it were so,
they would have relief to the amount of 25,0001 a year.
A part of that money wculd fall in during the year.
There was one debeeture of 100,0001. at 5 per cent., on
which alone they might make a saving of I,COOI. per
annum.—(Hear, hear.) It was not his intention to have
said a word about the 50/. shares, but, as a meeting had
been held at Liverpool, at which Mr. Braneker had done
them injustice, he could net help referring to the subject.
At that meeting Mr. Braneker stated that the Midland
directors, afraid of the responsibility, wished to throw it
upon the shoulders of the proprietors—that he (Mr.
Ellis) made plausible speeches for the purpcse of getting
the resolutions with reference to the 501. shares passed,
and that the directors were fearful that if the Bill which
had been filed in Chancery were prcceeded with it would
get them into a "hobble. Now, he could assure them
that the whole of these statements were incorrect. With
r-gard to making plausible speectes,llo had never spoken
on the occasion alluded to at all, and had only read a
statement which bore very mrtsrially on the point. As
to these 501. shares, he might state that the mattsr was
talked over at the board before the meeting at which
they were first ;Idol ted took place. A calculation %TS made
as to the amount of money required to complete the
works, and it was agreed to propece raising a 501. share
for every 1001. stock. Mr. Hudson proposed it to the
meeting, which unanimously adopted the proposition,
and the shares were voted. That there was irregularity
is the matter was reit*, ctly clear; but ho denied that
the directors were actuated by any sinister motives, or
by any wish to promote their personal interests.— (Hear,
hear.) As to the question of an Audit Bill, the company
bad committed their interests to three gentlemen, and he
could speak to the assiduity with which they had dis-
charged their duty, while he believed they would bear
him out when he stated that he pieced himself as a Mem-
ber of Parliament at their disposal. After several at-
tempts at legislation on this subject, they were still
without an Audit Bill, and he would request them to be
careful what they were about before they ran their head
against an Audit Bill. Ile had no interest ie opposing
an audit, but he cautioned thorn to beware how they put
themselves in the hands of the Railway Commissioners.
—(lean) They had powers of their own, if they chose
to exercise them, by which they were able to audit their
own affairs most thoroughly and efficiently.—(Hear,
hear.) There was a desire to keep the Railway Cem-
mission alive, and he believed that without the auditing
of accounts it could not be done.—(Hear, hear.) He
wished to say nothing personal regarding the Commis-
sioners. Some of them were his personal friends, and
he did not mean to impute anything improper to any of
them; but still he would say they had been guilty of in-
terferences which must surprise people, and ha would cau-
tion the shareholders net to fall into their hands.—
(Hear, hear.) The Cbairmain then moved the adoption
of the report.
Air. DAKIN, of Birmingham, complained of the great
expenditure in the locomotive department, and sug-
gested the running of lighter trains. He was afraid that
under the present system the line could not prosper its
they e ere entitled to expect, and suggested that a paid
manager should be appointed, who would derive part of
his income from the efficient working of the line. He
thought, also, that the number of directors should be
reduced. Nearly three-fourths of their income went to
pay debenture interest, thus creating an immense hole in
their dividends. He did not despair, however, of the
company becoming highly prosperous under good and
economical management. As to the Leeds and Bradford
line, he thought the conduct of Mr. Waddington had
been such as to deserve the lasting execration of the
proprietors.—(Hear.)
Mr. PAGET said there was no doubt a great increase
in the expense of the locomotive department. That
arose partly from the greater number of miles run, not
from any increase of expenditure upon each mile. There
had been a great increase in the conveyance of goods and
minerals, but a decrease in the passenger traffic, and it
was well known that the expense of coke for goods
trains was nearly double that of passenger trains. A
number of other circumstances, such as an increased
payment for water, an increase in the wages of workmen
and mechanics (who were now paid by piece) &c., were
also to be taken into account. As to the use of light
engines, they could not be employed on the Midland
line, because their trains were all mixed, and very unlike ,
the mere passenger trains on the Eastern Counties line.
There were, however, other considerations which ren-
dered the use cf light engines impracticable.
After a fsw words from Mr. HUTCHINSON, in answer
to some other observations made by Mr. DARIN,
The CUAIRMAN, in answer to a shareholder, stated
that a reduction of fares between Sheffield and Rother-
ham bad been attended with the most beneficial results
to the company—so much so, that the directors were re-
solved to extend the experiment.—(Cheers.)
Dr. O'BRIEN complained that a sum of 8361., due from
the Manchcster, Sheffield, and Lincolnshire Company,
was put down as received, whereas the company only
held coupons for the amount. Nothing but what had
been actually received should have been put into the ac•
count as revenue. _ .

The CHAIRMAN said there was no doubt the money
would be paid, and they were entitled to enter the sum
as they had done.
Mr. GEACH said this money wai owing as interest, and
was as certain of being paid as any account owing them
for goods or any thing else.—(Licer, hear.)
Mr. IRONSIDE said the chairman, at the last meeting,
spoke c;f a" pinch" coming this hal!'-year, though he
promised them 3 per cent. Certainly the pinch bad
eome. The pinch, however, was in the shapo of 2s. 31.
to the Birmirgham and Derby, and 54 to the Leeds and
Bradford.—(Hear, hear.) He agreed that the only hope
for shareholders raising dividends was by a thorough
re-organizition of railway management.—(Elear, hear.)
tie was in favour of light engines, and would only re-
mark that if they were found impracticable, then it was
nnpre.cCcable for them to havo dividends at all. He
would move that a &tilled statement of the con-
tracts tat( rod into each half-year and of the names, du-
tics, and salaries of all the servants of the company
should be circulated half-yearly with the accounts.—
(Hear, hear.) He thought there might be a great re-
duction in the latter quarter.—(lTear.) He would put
ell the servants en a less fixed salary, and would give
them a dividend on the amount of their salary along
Kith the proprietors. If the shareholders were to be
oiached, the servants must have a little pitching toy.
The CHAIRMAN had no doubt expected that they
uld have 3 per cent. this half-year, because ho looked
forward to such an increase of traffic as would %arrant
it, but he had been di-appointed.
A SHAREHOLDER asked an explanation of the sum of
25 0001 put down for engineers.
The CHAIRMAN said, this was a sum for the payment
f surveys made long ago, at a time when so many sur-
veys were taken. Since the accounts were made up
they had paid Mr. Stephenson 4 0001, and he believed
that a further sum of 5,0001. or 6,0001. weuld pay off the
whole.
Mr. I3RANCKER, with re fererce to the 50/. shares, con-
'ended that what he had formerly stated on this subject
was perfectly justified by the circumstances which had
taken place. Ile thought the heavy traffic of the line
was not so remunerative as it might bo made; and was
of opinion that the auditors would have saved much time
and discussion if they had reported on the various items
which had provoked debate.
Mr. Cnenrs, one of the audit:re, m'el they had cer-
tified the accounts as correct, and that was all they were
called upon to do. They could not anticipate every
question that would be raised.
The report was then agreed to; and, on the motion of
the CHAIRMAN, a resolution declaring the dividend as
recommended in the report was alto carried.
Mr. IRONSIDE then moved a resolution to the effect
that the names, duties, and salaries of all the servants
of the company should be circulated half-yearly with the
accounts.
The CHAIRMAN opposed the proposal, seeing any
shareholder could get such information as he desired by
applying for it. As to salaries, he did not think their
servants were overpaid. In fact, he thought they were
not sufficiently paid.—(oh, oh.) He was not to be put
down by cries of " Oh, oh," and he could tell them he
would not be chairman of a set of slaves who were not
half-paid.—(oh, ob, and laughter.)
A SHAREHOLDER thought high salaries were not
favourable to good work —(Hear, hear.) When their
servants were permitted to live luxuriously they were not
likely to be found attending to their work. How many
gentlemen in that meeting got 700/. a year for perform•
ing their duties?—(Hear, hear.)
Mr. IRONSIDE did not ask for small salaries. He only
wanted the shareholders to know what their servants got.
A SHAREHOLDER, from Leicester, who stated that be
had put all ho had into the Midland, complained that
the servants did not show sufficient activity in procuring
traffic for the lice. He had been informed that there
were five grocers in Daley whose custom would be worth
1,500/. a year if they were only asked to give it. It was
all very ;sell fur theze servants to be getting their high
salaries, but he felt that he must go a-begging if the
prospects of the company did not improve.—(Hear.)
Mr. Jose believed they would not get servants worth
having if they paid thr.n by dividends.
A show of hands was then taken, when Mr. Ironside's
motion was carried by a :milli majority.
This finished the business of the general melding.
SPECIAL MEE ING.

In compliance with a requisition from certain pro,
prietors, the meeting was then made special for the Pur-
pose of taking the opinion of the shareholders upon the
aai
invvya
ye 'rep:l33n dpiatnle;
iarticsuurmree(dl
Bradfordlbi;b:hlietiLeseco,fistahnolcompa
ny fu
Railway
alin with regard to the debenture debt and the liability
to pay a certain annual rent to that company; and also
in respect to all the circumstances which brought about
the engagement between the Ilidl4nd and the South
Midland Railway Companies.
The advertisement selling the meeting having heal
read,
The CHAIRMAN sa'd this was a matter of very hree.t
importance, and ho would make some rerea,:ks upcn it
now, as he meant to take no part in the eh bate after •
wards. lie looked upon this as the most grave question
that had ever yet in,cn mooted in a railway company—
(Hear, hear)— and, to his knowledge, it was looked
upon with great suspicion in all parts of the country,
as a supposed act of repudiation.—(Hear, hear.) This
bargain with the Leeds and Brrelfurel Company was
catered into a number of years ago, when they were
11 Tory sangu ire) about railway property. He had
himself never more then twenty shares in the line.
He bonglit them at a high premium, and
afterwards sold them, so that now he had
no interest in the matter, nor had any of his
connexions. But, he etocd there in a
public capacity,
and he begged them to remember that the eyes of all the
country wore upon them. He called upon them, as thty
1
i regard-'d the charaqc rof mercanti!e men,
the character
of Euglami, and the character of railway transactions, to
be cautious in their movements upon this matter.—
(Hear.) He was one of tho persons who entered into
this arrangement. At that time they were all very
eosins on railway matters,ltl this Leeds glad Wad'
_ _