The Sun.
London, England, 1845-02-15 00:00:00

The report minutely detailed the many advantages
possessed by the project, and recommended the Pro-
prietors to empower the Committee, in case it should be
subsequently thought advisable, to extend the expendi-
ture.beyond 10s. per share, the original sum specified in
the prospectus of the Company.
The report having been adopted,
The CHAIRMAN proposed to read a memorial to the
Board of Trade on the subject of the scheme, but
Mr.; Alderman COPELAND objected to it, and
The CHAIRMAN acceded to the wish of the worthy
Alderman, and abstained from reading the document.
Mr. MATHESON, M.P., who expressed himself strongly
in favour of the Company, moved the first resolution,
directing the Committee of Management to remove the
ninth clause of the subscribers agreement, limiting the
expenditure to 10s. per share, and authorising them to
appropriate the funds already paid up to.. any expenses
which might be incurred in applying to tha Legislature
for an Act of Parliament sanctioning the project.
Mr. CHAPMAN-seconded the- motton.
Mr. HUNT protested against any additional expendi-
ture, beyond the 10s. per share, because he had pur-
chased largely, on.the understanding that the prelimi-
nary expenses were not to exneed that sum. He, there-
fore, should enter a public protest against the proposition.
The CHAIRMAN asked the Hon. Proprietor if he in-
tended to move an amendment ? _ _

Mr. HUNT replied in the negative. He should simply
content himself by protesting against the additional ex
peuditure, because he did not think it was acting fairly
with the shareholders.
One of the Committee offered to purchase the Hon.
proposer's stock at 2/. per share.
Mr. HUNT said he should be a considerable loser if he
sold them for that price.
Mr. NONCE (of Norwich)—Well, then, I will give you
2/. :is. for them.—(Laughter.)
The CHAIRMAN—Pray, gentlemen, don't let us con-
vert our meeting into a stock exchange. s the Hon.
Proprietor going to move an amendment or not?
Mr. HUNT—I can't say that I am. I only protest
against any further outlay.
MV. CHAPMAN was sure there was not another gentle-
man present who did not fully concur in the terms of
the resolution. The Hon. Proprietor appeared to make
a personal matter of the loss of his 10s. per share.
Mr. HUNT—I bought them at a large premium.
Mr. CHAPMAN—No doubt the Hon Proprietor did;
but a lair and liberal offer had been made to him, and
why did he refuse it ? It would place him in the same
pesition now as when he purchased the stock with his
eyes open. He trusted, therefore, the Hon. Proprietor
would either accept the offer of 21. 55., or consent to
withdraw his protest.
Mr. HUNT preferred adopting the latter course, and
the resolution was carried unanimously.
Mr. CROMBY, in moving a vote of thanks to the Pro-
visional Committee for their past exertions, passed a very
warm euiogium upon them for the zeal and attention
they had paid to the interests of the Company. He only
detained the meeting to relate to them the feeling enter-
tained in Scotland on the subject of the line. In that
part of the kingdom they were all favourable to the pro-
ject, and the reason was obvious—it would be a great
advantage to Scotland. Why at present it took
him to come to London from Aberdeen, the
town in which he resided, upwards of four-and
thirty hours, and then he had to be out of bed and travel-
ling two nights. Now, if their line was carried, they
would be able to leave Edinburgh at eight o'clock in the
morning and reach London by eight o'clock the same
evening. It was a wonderful improvement—(Cheers)—
and he would defy any company to show how this could
possibly be effected without the aid of the Direct Northern
Rad way.--(1-rear0
Mr. REnswAr seconded the resolution, which was
carried by acclamation..
The CNAIERMAN, in acknowledging the compliment,
said the Committee felt that they deserved the
confidence of the Shareholders, or they would
not have asked them to 'go on with the
undertaking. They had done their best to
promote the interests of the Company, and with their
continued support they had no doubt success would at-
tend them hi a Committee of the house of Commons.
The meeting, which was very numerously attended,
and occupied about three-quarters of an hour, then
broke"hp.

THE SOUTH-EASTERN RAILWAY

TO. THE PROPRIETORS OF THE SOUTH-EASTERN RAIL-

WAY COMPANY.

Gentlemen,—Many of you may have observed tha,
last night, in the House of Commons, an Hon. Member
quoted a paragraph from the Economist newspaper, in
which the Railway Department of the Board of Trade
is charged with having reported " in favour of nearly all
your projected undertakings, although the line was con-
sidered entirely put of court by its omission of standing
orders." And next, that the intention was improperly,
communicated to me, and that I made use of the infor-
mation for stock-jobbing purchases, and bought several
hundred South-Eastern shares.
I feel it incumbent upon me to notice this accusa-
tion ; for though Sir James Graham, with a kindness
which deserves my most grateful thanks, vindicated my
character in a way which may seem-to you to render
unnecessary any further explanation, yet I cannot con-
sent that you should found your opinion of my per-
sonal honour upon the judgment of any individual,
however qualified to judge or high in character and
station.
I beg you will permit me to state both what I did, and
my reasons.
Early in the month of November I entered fully upon
the duties of my situation as manager of your railway.
As a matter of course I felt the propriety of having
some stake •in the concern, but was desirous of waiting
a short time to enable me to judge whether I could do
so without much risk, and also whether, among the
changes in the direction then going on, I could con-
sider my own position as secure.
In December, all the new schemes being promulgated,
I became satisfied on both points. It is true that part
of our plans were not deposited strictly in time, but the
reception of a deputation a week afterwards by Lord
Dalhousie, implied that this omission was not considered
as placing the South-Eastern Company " entirely out of
court."
The reasons which induced me to choose a particular
moment to purchase were three :—the anticipated dis-
tribution of the North French shares allotted rateably to
the South-Eastern Proprietors ; the high probability,
approaching almost to certainty, of carrying some of
our schemes ; and the fair chance of complete success.
The failure of all would not have been ruinous, while the
success of any one part would have been remunerative.
No prudent man would have purchased without in-
quiry, or would have waited until these chances of profit
had passed.
Accordingly, about Christmas, I purchased 250 New
South-Eastern shares for 2,7501., and these were paid
for by the sale of an equivalent amount of stock in the
Newcastle and Darlington, the Great North of England,
and the York and North Midland Railways. This is
the whole amount of my interest direct or indirect in the
South-Eastern Railway—and I may add that none of
my relatives ever possessed a single share in it.
This purchase entitled me to a certain number of
North French shares, which I lost in consequence of
some technical decision of the Stock Exchange; and my
broker, fearing a second disappointment wht n the opinion
of the Board of Trade became known and South-Eastern
shares rose in value, very properly posted the usual
notice in my name, and compelled the seller to complete
his contract.
I do not hold, except in a foreign railway, any shares
or scrip in any name but my own, nor has any other
person an interest in-those which I hold. I have shares
in the Great North of England Railway to the value of
1,5001., and in the York and North Midland Railway
to the value of 3,0001. I never directly or indirectly
had any interest in any line except the South-Eastern
Itiiilway, affected by the recent decisions of the Board
of Trade. I do not possess, with the exceptions just
named, any interest, direct or indirect, in any line
which their future decisions may affect.
Lord Dalb nisie has stated, in the House of Lords, that
to-morrow the Report of the Board of Trade on the
South-Eastern scheme will be made public. You will
then be in a position to judge whether their opinion is
based upon a consideration of what is for the public
good, or upon corrupt private motives—you will judge,
too, whether the framers of the schemes had reason upon
the real merits of the case to be sanguine of success. I
have now laid open to you my private affairs, and I am
prepared to do so to any further extent you
may desire. I am ',aware that a lurking sus-
picion may exist that I have operated through the
medium of other persons. As a negative cannot be
proved, I can only meet such a suspicion by the most
solemn denial ; and I call upon every person capable of
contradicting this denial, to come forward and state
every circumstance within his knowledge which would
justify such a suspicion.
My statement is now before you, and it is for you to
judge whether my conduct has been that of a man
of honesty and prudence, who has nothing to fear, no-
thing to conceal, and nothing of which he has any just
cause to be ashamed.
I am, gentlemen, your faithful servant,
WILLIAM O'BRIEN.
South-Eastern Railway-office, London, Feb. 12, 1845.