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

ford line appeared to be a moat important link to be con-
nected either with this line or the Lancashire and York-
shire lines. They were anxious to get it, and the
Lancashire and Yorkshire were as anxious to have it, on
' the other hand. The then board of the Midler d
unani-
mously sanctioned an agreement and the bargain was
made in positive good faith between them and the Leeds
and Bradford Company.—(Hear, heir.) It was a
bond fide bargain, and had been so acted upon to the pre-
sent time. Propel ty had changed hands on the Bradford
line, and he cautioned them to be careful how they ex-
cited the bare suspicion that they wished to disown the
bargain which had been entered into. If they took any
s:ep that could be viewed as repudiation, he would tell
them that to railway property, bad as it was, it would be
the worst blow ever inflicted upon it.—(Hear, hear.) On
this subject be had received a number of letters; but
there was ono which he would read to the meeting, ac-
cording to the de sire of the writer. It was from Lord
Lifford, who was now in Ireland :
" Gentlemrn,—l see i❑ the newspapers a rcggisition
made to you to call a special meeting of the Midland
Railway Cotyapany to consider the liability of• that C7.'cl•••
pany to ray an annual rent to the Leeds and Bradford
Railway Company, and other matters connect: d there-

" With great respect I beg to protest against the
attempt to dietutb an engasement which has so lung
been arepiesced in. You are aware I wrote to you to
know vviiether any such intention was entertained by
your beard, and was informed none such was c ntem-
plated.. I wrote to the Leeds and Bradford directors to
know whether there was any grour d for the charge of
unfair procedure, and was informed none whatever, end
there was nothing on their books which would not bear
inspection. The bargain was made many years ago,
when the most sanguine expectations weie entertained
as to the profits of railways, and it was made under the
pressure of a comp• titian for possessirg this railway. It
has not only been accepted and approved by the pro-
prietors, as well as acquiesced in ever since, but has
been noticed in several reports which have been adopted
by the proprietors, and especially in one (if not more
than one) since this Liverpool committee have discussed
the subject., and yet that report was adopted wi bout a
dissentient voice, and thereby many individuals, aed
among the rest he who now addresses you, have been led
to invent their money at a high price on these shares be-
lieving the objection to be abandoned, and confiding in
the good faith of honourable men, who, it was supposed,
if they contemplated hostilities, would not allow the
public to be deceived by an acquiescence which had a
contrary appearance.
" In troubling you with this respectful protest against
this proceeding, I cannot but express my surprise that it
should proceed from gentlemen who, I presume, are mer-
cantile men. Nothing has so advanced the success of
British enterprise as the inviolable good faith of mercan-
tile men and mercantile bodies—nothing shakes confi-
dence so much as attempts, especially on slight grounds,
at repudiation, when circumstances have rendered a
bargain less profitable than was expected; and could
repudiation assume a worse appearance than when a
bargain was made with a company at a time when it
was solicited to form a connexion with another company,
and to seek to repudiate that bargain when the con-
nexion formerly proposed is no longer practicable?
What would be said of the Leeds and Bradford Corn •
pany if they sought to repudiate this bargain, bscause
the Lancashire and Yorkshire, or East Lancashire,
offered better terms? If these proceedings ere counte-
nanced, it will be necessary to take a legal opinion before
a purchase is made of guaranteed or preference stock.
The confidence in railways has been much shaken, for
no man will invest his money in concerns liable to such
attempts, and the present movement keeps up the want
of confidence, for it has so far lessened the value of this
stock as to show that there is no security in any kind of
railway property.—l have the honour to be, gentlemen,
your moat obedient humble servant, " LIFF:111).
" August 13."
This was a proprietors' question, but he wished it to be
understood that he could have neither part nor lot in the
matter.—(Hear, hear.) Ho believed that it would be
one of the most fatal blows to railways ever given if
anything that savoured the least of repudiation was
sanctioned by that company.—(Hear. hear.) If he had
read the requisition aright it went to the extent of repu-
diation, for it raised the question whether they should
pay rent to the Leeds and Bradford or not.—(Hear,
hear.) As a body the directors were with him in this
matter. They could be no parties to any such step as
this. They looked upon it as a most suicidal proposal
as regarded the Midland, and deeply injurious to rail-
ways generally. Doubt and distrust would be raised on
all sides by the mere agitation of such a question as this;
and, having thus given them his sentiments on the sut-
ject, he would now leave it in their hands.—(Hear.)
Mr. WYLIE, cif Liverpool, agreed with the chairman
that this was a most vital question, and that it should be
approached with caution, and with an earnest desire to
act justly, and fairly, and honourably towards all par-
ties. He was one of those mercantile men to whom
Lord Lifford had alluded, and in the course of his
experience be had ever found that honesty was the
best policy.—(Hear, hear.) Though he had made
many enemies try his agitation in that company,
he would nevertheless ask if the circumstance of their
now being better able to judge of the accounts of the
company was not the result of the agitation which he
had pursued?—(" Yea, yes!" and " No, no!") He con-
ietsed that he approached the subject referred to in the
requisition with the utmost hesitation, not, however, on
account of any doubt he had of the correctness of his
position, for he was full of confidence in the justice of
the cause he had taken up. They had heard Lord Lif-
ford's opininion as to the consequences which would
follow this inquiry if it took place; but he (Mr. Wylie)
must candidly confess, that while ho would not :end
himself to do injustice to Lord Lifford or to any other
person, his sympathies were not with the Lord, but with
that L. icoster shareholder who bad told them that he
was utterly ruined.—(Checrs.) Last half-yearly meet-
ing, when this question was brought forwar(l, they were
detested; but he was never so satisfied of the Justice of
his cause as after that de feat; and he begged now to say,
that the only effect of defeat would be to lead them still
to maintain the right, with the assurance that, in the
end, right would prevail.—(Hear, hear.) The Leeds
and Bradford mesa, n was c-rtainly a most important
one t that company. It was a serious matter to them
to pay this large amount of annual rent, and much ho
feared that the downward course of that railway—and it
had been progressive hitherto—mould put it beyond their
power to pay this large amount of annual relit, and
then they would have to make a bargain with the Leeds
and Be adford Company, whether they would or not.—
(Hear.) TI e Leeds and Bradford lease was submitted
to the committee for investigation, and they reported
upon the sutject. He had teen it his duty to contend
against that report when it was brought forward, and
he was well seconded by a gentleman who was now in
the direction. On the whole sutject there was such an
expression cf feeling en the part of the proprietors that
Mr. Murgteroyd and Mr. Waddington, though they
resigned, were virtually expelled from the management.
—(Cheers.) He, and those aho thought with him on
this questior, had been charged as repudiators, but he
denied that they were so ; and if a committee was ap-
pointed he pledged himself to bow to its decision,
whether it was adverse or favourable to his views.—
(Hear, Lein) He begged to state that ha had
placed all the papers he could command on the question
in the hands of tin eminent solicitor in London to take
the opinion of counsel. The result of the opinion given
was, that on a question so (pen to doubt it was his duty
at once to have convened a special meeting, and to have
asked the directors to go into Chancery, and to with-
hold the rent duo to the Leeds and Bradford
Company till the whole question was investi-
gated.—(Hear.) He did not wish to inflict the slightest
injury on individuals, but he ventured to say that it they
did not give him this committee they would it filet infi-
nitely more evil than seemed to be anticipated. If the
investigation committee had prosecuted this inquiry as
they ought to have done they would not now have been
driven to this alternative. That committee seemed to
have some doubts themselves on the subject, for they
stated in their report that the question remained as it
was, and that it could be taken up by the shareholders it
they thought proper. He had urged upon that commit-
tee the propriety of taking the opinion of counsel upon
the question, but it was carried, though not unanimously,
that it was inexpedient to do so. Everybody knew the
auspicious manner in which the Leeds and Bradford lease
was got up, that Messrs. Hudson, Waddington, and
Murgatroyd had all a personal interest in the arrange-
ment, and that, in fact, they were both buyers and sellers
at the sloe time—that, in short, the transaction was of
such a nature as would not bear investigation.
with the ap-
pointment After
referring to some circumstances connected
of the investigation committee, Mr. Wylie
proceeded to nay that the company was
rival in a most serious
The great they now had
and critical position.
at their door might snap away the small surplus they
had it in their power to divide, end in ouch circum-
stances it was of tte utmost importance that no division
should exist among themselves. He believed that be
was acting a friendly part, when he proposed that they
ahould terminate all questions of discontent, and that
they should have that perfect union which the chairman
so strongly inculcated.—(Hear, hear.) If, however, it
was believed by a large body of the shareholders that
the Leeds and Bradford lease was fraudulently brought
about, it was impossible they could have the union to
much desired.—(Hear, hear.) One great argument
against inquiry was, that time bad now legalized the
art angement, but he denied that time could ever legalize
wrong. It was said that suspicion had been excited all
over the country by this movement; but the innocent
did not suspect, and if any man held a lease which he
believed he had obtained fairly and honestly, that man
would court inquiry, and not oppose it,—(Elear, bear.)
He contended that the re were auspicious circumstances
connected with the granting of the Leeds and Bradford
lease, and that ther,fore they were fully entitled to in-
vestigate the matter. If instead of fraudulency the
whole transaction was characterized by honesty and
fair play, then all this would be elicited by iiapiry,
and an apple of discord would be taken out
of the way. He begged to state that if this com-
mittee was refused, he held in his hand a document
which would bring the whole case into court.— (Hear,
hear.) He hoped, however, that by giving him the com-
mittee they would rend, r it unnecessary for him to take
that step.—(Hear, hear,) Mr. Wylie concluded by
moving for the appointment of a committee to it:quite
into the liabilities of the company with reference to the
expenditure incurred by the Leeds and Bradford Rail-
way, end into the debenture debt, and the liability to
pay a rent to that come any, &c., with power to call for
persons and papers, and' to repent from time to tune to
the company.
Mr. IRON SIDE intended the motion. He had examined
this question deeply, and if ever there was a matter on
which his conscience was clear it was this. Whatever
might be the result of the committee's investigation, he
would be satisfied with it.—(Hear, hear.) Mr. Hudson
told them that if they were not satisfied with the bargaind
he would take it off their bands.--(A laugh) The
i-
rectors acquiesced in that statement. .Now, he and
vthere were ',gamely clitaatiified with Ow bugaiDl Aud,