The Sun.
London, England, 1850-07-25 00:00:00

RAIL WAY INTELLIGENCE.
NORTH STAFFORDSHIRE.
(it ibis company was
et;e:(lay, apany's eiaices, Star-I:poe-
n. • There was a much smaller oetanduece then at.
.e or three previous meetiugs of the compaz:y.
J. L. keeedo. q M.P., presided.
The direeto:.s' teport having been read,
The CHAI,`,!MAN, after soliciting a fair heating for any
state raenre which the directors might deem it necessary
to make, said he came before the shareholders with much
greater satisfaction than he had done on previous occa-
sions, inasmuch as his tongus was in a great measure
loosened oa to tha peliiieel actions of the directiou, and
he wag enabled to state to them what had been done, end
to indicate what remained to ba done in respect to the
policy t 3 to pursued by this company. Hitherto the
directors had not been able to explain their actions in
regard to the opponents with whom they had had to
contend. Referring shortly to the past history of the
line, the Chairman alluded to the period when Mr.
Glyn had recommended the necessity of this company's
amalgamating with the Churnet Valley, which recou. •
mendation had been adopted, under the belief that if they
remaioed iadependeet of the Churnet Valley Company,
this company would have had the opposition of the
London and Birmingham' Company; and that, under the
terms of a previous agreement,. they would then have a
right to demand from that company the direct Man-
chester traffic.—((fear, hear.) When the amalgamation
with the Grand Junction and the Manchester and Bir-
mingham Companies wra proposed, an agreement to that
°fleet eras proposed to this company, which it was to be
regretted had-not been secured under the signature of
the chairman of those two companies. Under present
circumstances, however, the' directors were anxious to
allay all ill-feeling between those companies, and the
abstract of an agreement which had been entered into
with the London and North-Western Company, and
which had been laid before the shareholders, would show
that they were doing everything they could to carry
out the arrangement for securing that traffic upon the •
most amicable terms. Tho arrangement which they
had now entered into with the London and North-
Western Company, comprehended not only the traffic
from London to Manchester, but from intermediate
places between London and Manchester, and also
the cross traffic from Chester, Holyhead, and Liver-
pool, by Crewe, to Derby and the east ; and also
from Manchester to the east, to any places south of
Boston.--(Hear, hear.) None of that traffic had been
entered in the accounts of the present half-year; but, in
future, he trusted it would show a considerable addition
to the company's receipts. The traffic froth Crewe to
Derby had already been obtained; but that from Derby
to Crewe remained to be secured; and in time they
trusted they would have a thorough traffic between Lon-
don and Manchester, which would materially assist in
developing the local traffic of the line. They had also
entered into negotiations to have the mails carried over
their line. Some of the members of the investigation
committee had taken the somewhat imprudent step of
stepping in between the directors and the London and
North- Western Company, and to that cause he be-
lieved was to be attributed the suspension of negotia-
tions. He (the chairman) objected, except in very ex-
treme cases, to the appointment of committees of in-
quiry. They paralysed and embarrassed the efforts
of the directors; and the accusers naturally became
the judges of the directors, and, in their own de-
fence, were inclined to twist and turn every circum-
stance, in order to show the necessity which had existed
for their appointment. So far as the directors were
personally concerned, they did not complain of the
committee; but they regretted on the part of the
shareholders that proceedings should be taken which
operated against their owu interests.--(Hear, hear.)
As to the system of retrenchment which the com-
mittee proposed, the directors were prepared to
propose such measures as might be deemed practicable
witeout injuring the interests of the company. They
should begin with themselves, and at the next half-
yearly meeting they should tell the shareholders not
what they proposed to do, but what they had done from
this time forth.—(Applause.) In conclusion the chair-
man stated that the canal, running parallel with the
railway, and existing under almost similar circum-
stances, realised a weekly revenue of 3,000/., while the
receipts of the railway were only 2,000/. IF, with the
support of the shareholders, the directors were enabled
to carry out their views, ho felt convinced that the rail-
way revenue might be at least equal to that of the canal,
and from calculations which he had made, he could say
that of whatever additional receipts they might have
over their present income, 80 per cent, would be avail-
able for dividends.—(Applause.)
The CHAIRMAN then proposed the adoption of the
report, which was seconded by Mr. R. C. Sneer, vice-
chairman of the company.
General BRIGGS proposed that the report of the com-
mittee be considered previously to that of the directors;
and entered into a long analysis and justification of thut
very elaborate document, condemning the reckless ex-
penditure which had been incurred in the erection of
stations, &c., the present extravagant salaries, and other
points of the policy of the management. While taking
these ()ejections, the speaker said that he had great hopes
of the line, and believed that it would, at no distant day,
realize the expectations of the shareholders.
Mr. TAUNTON, another member of the committee of
investigation, seconded the resolution, adding his con-
demnation of the proceedings of the directors, and urging
the necessity of a reconstitution of the board, with its
reduction from fifteen to nine members. It was impos-
sible that the shareholders couldever have full confidence
in the board until they saw the men of property resident
in the neighbourhood exercise a legitimate influence
thereupon, and until the large mass of shareholders resi-
dent in London were properly represented.
The lengthy conversation which ensued had reference
mainly to matters of difference between individual mem-
bers of the investigation committee. At length
Mr. CooKE, barrister, suggested that the original mo-
tion should be allowed to be carried. It was needless
longer to dispute when it was universally agreed that the
directors were honourable; the officers efficient, and that
the committee had well discharged its duties. After
what had taken place, the directors would surely see to
the reduction of any salaries which were extravagant.
Mi. STOCK, of Leeds, characterised the report of the
.committee as one of the most milk-and-water description.
It contained no suggestions which were truly valuable,
but such as the directors were ready themselves to make.
Atter the blustering of the previous meeting, he was
ashamed of the report; and of the gentlemen who thus
came toiward arid injured their own property and that of
the directors.—(Applause.)
It was 'suggested that the report of the directors should
be put and carried, but
Mr. TAUNTON objected that it contained a sentence
which reflected upon the members of the investigation
corn uaittee.
The CHAIRMAN said the passage alluded to in the re-
port was constructed in the defence of the directors from
I insinuations contained in the committee'e.l llf the report
had been in the same spirit as the speeches of the mem-
bers of the committee, absolving the directors from
blame, he should not have recommended the sentence
contained in the report. It was desirable, however, that
the matter'should drop, and be would consider that no
insinuation Lad been made against the directors by the
committee.
General Bneocs said, they did not impute to the di-
recters a went of integrity, but a want of judgment.
The motion for the adoption of the report was then
put and unanimously carried.
Lord lannownr, without pledging himself to any of
the details in the report of the committee, moved a vote
of thanks to them tor their services, which was carried.
The seal having been affixed to the registry of share-
holder:,
Tile CHAIRMAN replied to the sort of charge preferred
by Mr. Taunton against the Earl of Shrewsbury. Mr.
Ricardo said A more honourable and noble-
minded man I never met than the Noble Earl who
has been referred to; and to say that he has
sold his Parliamentary interest for 1,000/. a year
is most uufeir and imprepr: it is a most unfair
attack, and never ought to have been uttered or made.
Now it is telivr.ya usual, when u Bill is before Parlia-
ment; the effect of which ail'
ce Mc sum shall be specifi ,d
o wner's property, that asp he to injure a great land-
by way of compensation; and it ,ho:e is any property
in the kingdom injured more theme another by a railway,
it is that very besutifal Can t ! cslled Alton Towers.
The sum 01'20,0001. was agreed upon by the Churnet
Valley Company b fere we amalgamated with them; and
I believe that Lord Shrewsbury never gave a vote in
Parliament on the a 'jest of this railway in his life.—
(Heir, hear.) his Lordship hus made all sorts of Coll.•
COSSLIIS to us; he has lent to us every possible faility.
Th: lit e runs for four miles through his property, close
to his pkeeeure grounds, and he has opened his I.st dens
to 0: r:r p;. 1 believe that the 20,000/. which bee been
converted in debentures was a tsir sum to he pa'd to
Lo:d Shrewsbury, as times want when the rat mats
was fixed; and he, for oee, would never he the man :o
endaavour to set • uch azrei ment aside. Lard Shrews-
bury had never himself interfered .in the m itter in his
life."

Mr. TAUNTON subsoquently in part explained away
his accusation, but he considered that the 20,0004 paid as
compnkaion was excessive.
The retiring directors ware reelected.
Th 3 motion for declaring a dividend of Is. 6d. per
share was put and lost, so that the surphis of revenge
stands over to the credit of the ensuing half-year.
Gentral Manus moved a vote of thanks to the Chair-
man, which was carried, and then
Mr. thous, of Halifax, said that something more than
a mere formal vote was necessary on this occasion. In
this spirit he moved the following:—" That this meeting
cannot separate without expressing their high opinion of
the beard of dircctors, and their fell confidence in their
upright and honourable conduct in the management of
the affairs of the railway."
General IbIGGS seconded this motion, and It was car-
ried by acclamation.
The CLIA/101LN—We came here prepared to offer cur
resignations. We are content, however, to reamin with
this expression of your good will; and when you can
find better men we shall gladly retire from your service.
thou broke up, having lasted five hours
andr ilaQqmuaeretChig
r.

THE NEW NOVEL, " PETTICOAT GOVERNMENT,"
the spLuibblrisalrtieesthiAs
ldsaoynboywMrre.aCody—lbu2r.nA, and
bniya3Mbre had s o
al lto la)
lel,
'hide Lindsay, edited by the author 'of Emilia Wyndham.
3. The Travellers; or,.Mornings at Matlock, by R. Shelton
Mackenzie, D.C.L. 4. Anne Dysart; or, The Scotch Mini-
ster's Daughter. 5. La Vendee, an Historical Romance, by
Anthony Trollope, Esq. 6. Reginald Hastings, by Eltot
Warburton, Diq , second edition. 7. The Story of a
Man of Fashion; or, Sin and Sorrow. 8. Freston Tower;
or, Tha Early Days of Cardinal .Wolsey, by the Rev. R.
Cohhod. 9. Passages in the Life of Mrs. Margaret Mait-
land, of Sunnyside. Also, just ready,' Our County. by John
Mills, Esq., author of " The Old English Gentleman," &c.
CHESTER AND HOLYHEAD RAILWAY.— Traffic for
the Week ended July 21, 1850 -C. and H. Main Line,
3,397!. 19a. 5d.; Mord, 121/. 14s. 9d.; Steam-boats, 296/.
O. 6d. ; Total, 8,7254 -