The Sun.
London, England, 1842-01-21 00:00:00

lities to the amount of 184,0001., to provide for them
in the bseostbswerav way
atithoneyin co
a could.—(
makeit ; he merely told them truths not to be contravened.
aT spirt, Hirieta, r 2
anythinglie id
like
not
The Directors were in this position—they had these
liabilities to pay, and if the Proprietors did not provide
lot them the Directors must. He was not saying that
in any shape or way offensively—he would be exceed-
ingly sorry to do so ; but still it was exceedingly painful
to see the Proprietors expressing a want of confidence
is the Direction.- If they thought it wrong to raise the
100,0001. now, let that be adjourned ; be had no ob.
jection ; and leaving out this amount it would leave the
sum required 271,000/. One word in answer to what
had fallen with respect to the power the Directors had
for making that call. He believed that every gentle.
man in that room would agree with him, that the plan
they proposed had been adopted on almost all railways,
and he did not know that in any one instance the least
difficulty had arisen relative to the Act of Parliament.
He was quite prepared to ray that the time was short,
and he was quite prepared, on the part of the Direc-
tors, to state that there was no objection to lengthen
that period. But he would wish to impress upon them
the position in which they (the Directors) were
placed, not by any mismanagement or fault of theirs,
hot placed in that situation by circumstances
over which they had no control. If he had ex-
pressed anything offensive to any gentleman he was
sorry for it ; it was his duty to go into the matter as
fully as hoefrad done, that no one might leave the room
with a false impression. He would tell them that parties
who had assisted them were looking to this meeting,
and the issue of that meeting would decide whether
they went on with their traffic or not ; and if they (the
Proprietors) came to the resolution of refusing to adopt
the Report, the consequence would be, the works must
stop. If he had taken a wrong view of the case,
he should be most proud to be set right ; but
he did hope, that before they left that room,
they would empower the Direction to raise 160,0001.
to 185,0001. He would not lay further stress on the
matter, but if they refused this, it would be the means
of damnifying the Company ; and it only required them
to hold together to be successful in the undertaking.
If he had taken a wrong view of the ease, still the
course proposed by the Directors was a safe one ; and
be had no doubt on earth that when the time came for
their again assembling, they would say to him—Mr.
Harman, the advice you gave us was good, and although
we then took a different view of it, 3et we are now
convinced it was the best you could give.—(Cheers.)
A PROPRIETOR said he thought there was no reason
to adopt a different course to that suggested by the
Direction, and he saw no reason to adjourn the meeting.
He thought the meeting would support the executive
in their report, and he thought the amendment would
not be supported by a dozen Proprietors. The mode
proposed for raising the money was reasonable enough,
and most probable. And with respect to the Act of
Parliament, there could not be a doubt but that that
would be obtained without any difficulty at once.
The CHAIRMAN was quite sure that the gentleman
who had moved the adjournment did it from no want of
courtesy to the Directors. That gentleman had written
to the Directors about getting out their Report, but
what, be would ask, would be the result of such a step ?
Why, others got out their Report a week before the
meeting ; gentlemen who were contented would not at-
tend, and those who were not would ; and the result
might be the greatest inconvenience. All that the Di-
rectors were desirous of was, that their accounts should
be fully gone into, and they would be happy to give any
and every Proprietor who would call at their offices the
fullest information.
Sir ISAAC L. GOLDSMID had abstained hitherto most
carefully from entering into this question. He had been
now a Director of two other Companies—one for 32
and the other for 39 years—and he must confess that
during all that time he bad never heard such an
extraordinary threat as had come from the Chairman
that day. He had told them that unless the Proprie-
tors waited for the accounts of the Directors, he would
put in force the power he held by the Act of Parlia-
tnent, and would call upon the Company for the pay-
ment of the 51. Shares to pay expenses which had been
incurred by the Directors without the authority of the
Company.—(Hear, hear.) It certainly was his inten-
tion to support the motion for the adjournment. He
had 200 shares in the Company, and bad never sold
one, and such being the case, he thought he might con-
fidenciksay that he bad a greater interest at stake in
the Company than any other Proprietor present.—
(Hear, hear.) He had entered the Direction upon the
faith that the lice was to be completed for 1,200,0001.
Now, what was asked by the Directors that day ? Why,
that the Company should agree to their raising
300,000/. or 400,0001., without inquiring into the
causes that bad already increased the outlay to
2,800,0001. The Chairman had complained, and
threatened, and used most extraordinary language ; he
had stated that the Directors could not foresee things. He
did not blame him for what he had done that day, but he
did blame him for carrying them on step by step to in-
crease the charges.—(Hear, hear.) In defiance of all
the assertions of the Chairman, the gentleman who had
moved the adjournment asked for delay in order to in-
vestigate the accounts of the Directors, and the Chair-
man upon that had told them, as if in defiance, that if
they adopted such a course, he would call upon them
for the Si. shares. This was a throat which he (Sir
i. L. Guldsmid) thought ought not to have come from a

person situated as the Chairman was.—( Hear, hear,)
With rcspet t to what had been stated about not giving
giving nctice of proposing the adjournment, the Act
said that tourteen days should be allowed to parties
who wished to see the accounts; and, if he understood
the gentleman rightly, he had applied at the office for
the accounts. With the little knowledge be had of
accounts, he would defy any one present to look at those
now produced, and say that they could place confidence
in the Directors. ,With respect to himself, he must be
allowed to say one word. It had been said by the
Ctairman that he had filed an amended bill. Now
what was the real fact ? Why, he had already offered
to rerer the question as to whether he was entitled to
have the clause he contended for in the agreement to
two uninterested gentlemen ; and that if they were of
&pinion he was not, that he would abide by their deci-
sion. It was said that he might take the land away.
Now, he could assure the l'roprictors he had no such
intention. He would ask, then, was it fair to give an
improper impression with respect to the conduct of a
man who was willing to place his cause in the hands of
any two honourable gentlemen ? Ho had, as he hail
said btfore, a large interest in the Company. He
had a largo sum of money to rem% e from theca
for land ; and he had, therefore, stionem tempta-
tions to go into the Direction, which ho did, but
which he resigned, because he saw that what
had occurred that day must take place. He
applied to the Chairman as a man of honour to allow
the accounts to he investigated, in order that it might
be seen whether or not all that had been lad out had
been properly expended.— (Hear, hear.) If he agreed
to this, he should have his support, but if he refused
inquiry, he would oppose him to his latest breath.—
( Hear, le ar.) If the engineer in the estimate of the
expenses had been mistaken, a ell and good, but if not
It: ought to be dismissed.—( Hear, hear.) In conclu-
sion, he called upon the Chairman to reeal what he had
said, and assist them in investigating the whole ac-
counts of the Company.
The CIIABIIAN was exceedingly sorry again to oc-
cupy a moment of the time of the meeting, hut after
the vindictive address of Sir Isaac L. Goldsmid—
(Cries of " No, no.") He said yes ;he had had to
fight the battle of the Company with him—(Cheers)—
and he was not to be put down ; and he
was sure the meeting would not be led away by
any vindictive speech.—(Cries of "Ilear, hear.") Sir
Isaac Goldsmid had said that he (the Chairman) had
threatened to "make the 51. calf now ; he had done no
such thing.—(Cries of " Yes, yes.") Well, if he had, be
did not mean it.—(Hear, hear.) Sir Isaac Goldsmid
knew the law with respect to the Company, as well as
he did ; and that law was, that any creditor of the
Company, who had not had his claims provided for at
the general meeting, might obtain a mandamus from
the Court of Queen's Bench, to compel payment. He
was sorry that Sir Isaac Goldsmid should have made
statements that he was obliged to give a direct negative
to, but the Directors had given way to him, till they
could give way no more.—(Hear, hear.) He would
not say more upon this subject, as another tribunal
would determine who was correct and who in error. He
admitted that he held a responsible situation, and he did
not shrink from that responsibility—(Hear, hear)--
and he would say boldly that he had never, in any in-
stance, made use of the power given him as Chairman,
to further the views of any friend.—(Hear, hear.) Was
such the course pursued by Sir I. Goldsmid, when he
was a Director ? Had he not made it a sine qua non
that he was to make his son Standing Counsel ?
( Hear, hear.) Had the Directors visited their spleen
upon him for that ? No, they believed Sir Isaac's son
to be an " honourable man," and he was now the Stand-
ing Counsel of the Company.—(Hear, hear.) As to
adjourning the meeting, that was entirely out of the
question, because if they did so they would prevent the
Directors from raising the capital they required, and
put them in this position, that the creditors of the Com-
pany might, to morrow morning, serve them with a man-
damus, compelling the Directors to enforce the 51. call.
He trusted the meeting would not separate without making
provision for tbo two sums he had referred to, if not
for the 300,0001. Since be had been a Director of the
Company, he had never lost sight of its interests. He
had never clone any act of which he was ashamed, and,
as he had said before, if any gentleman wished further
inquiry, he wished them to attend at the Company's
offices, and if they were not satisfied with the course he
had pursued, he would at once resign the trust reposed
in him into the hands of the Proprietors, as nothing
would afford him greater pleasure than to see that trust
in the hands of those who were better qualified than
himself to carry it fully out.—(Cheers.)
Mr. L. MOZELEY, of Liverpool, had attended the
meeting for the purpose of hearing the Report read.
He came there from the Proprietors of Shares, in Lan-
cashire, who were anxious to know what was the
cause of the great expenditure that had .taken placee..