The Liverpool Standard and General Commercial Advertiser.
Liverpool, Merseyside, England, 1838-12-28 00:00:00

and reporting the progress of our great undertaking. The
report is now in the hands of the meeting, and I shall not
delay your comments on it a moment. except to state that as
this day ends the services of the first Board of Directors, ap-
pointed under the act of incorporation, it will now rest with
the present meeting to elect three directors in the room of
three whose names have been hallotted out as required by the
act. In making this announcement, I cannot help alluding
with feelings of pleasure to the unanimity which has charac-
terized the proceedings of the board—a circumstance which,
I a,sure you, has tended not less to facilitate the business of
the company than to the personal comfort of the directors;
and also to the good feeling and excellent spirit which have
all along prevei'ed between this board and the gentlemen of
Glasgow, in managing the joint line. It cannot be supposed
that so great a mass of business could be transacted as that
which has passed through the hands of the board, without
grappling with the most formidable difficulties, and, in truth,
the directore, in conducting the business of the company,
have found themselves placed in, and had their ways to work
out of situetions sometimes rut' of perplexity and embarrass-
ment; but with energy and perseverance, and guided by an
eye constantly directed to the solid welfare of the Railway,
and hence to the interests of the shareholders, difficulties
have been overcome, and no opposing influence, so far as
can be seen, can now prevent the Railway being opened at
the time originally contemplated and proposed— the summer
of 1810. There are two leading points on which the Directors
were thoroughly agreed, and which formed the foremost
and most fundamental principles of our management, viz :
—lst. To secure, above all considerations, that the work
should be well done ; and, 2nd, Its speedy completion.
With a view to the accomplishment of these most important
objects, it was our first most anxious concern to commit the
executive department, both indoor and outdoor, into the
hands of men of the highest professional skill and talent, in
whose zeal for the interest and honour of the Company the
fullest reliance could be placed; and I speak with the hearty
concurrence of every member of the Board, whether present
or absent, when I say that the gentlemen who were appointed
to these responsible offices have in no respect come short of
the good opinion that was formed of them, or disappointed
the trust reposed in them, but that one and all have fulfilled
to the full the highest and most sanguine expectations of the
Board. I should do violence to my own feelings, and be
committing an act of injustice, did.l not embrace the present
occasion of speaking in terms of the highest commendation
of the indefatigable labours and zeal of these gentleineu. If
it were a matter of purely personal concern, it is impossible
that more devotion could be shown to the business of the
Railway, or more interest felt in its welfare, than is done by
the gentlemen we have the good fortune to cull the officers of
the Company; and I invite the shareholders to look at what
is done, and, the arrangements in progress, and to rest as-
sured that onr 'Railway, when it arrives at its completion,
will not, in point of masterly construction and working effici-
eucy, combined with economy of disbursement, be surpassed,
or can be surpassed by any railway in the united kingdom.
On a late occasion, when the directors visited the line, they
were agreeably astonished and delighted to find the works in
such a state of advancement, which, considering the unfa-
vourable season for carrying on operations of that descrip-
tion, reflects the highest credit on all concerned. The ut-
most pains continue to be used to secure the landowners and
resident country gentlemen front annoyance; and from the
few complaints that have reached the ears of the directors,
and these from still fewer individuals, it may be fairly in-
feri ed that their efforts have been successful. For this we
are mainly indebted to the prudent care of the contractors,
and to the able and judicious management of Mr. Ross, our
inspector of police. I congratulate the meeting on the pros-
pects of the company, and the favourable report you have
just beard read. The general prospects of the company are
every day brightening. The report states on increase of tra-
velling—in illustration. of which, I may mention that the
traffic was taken for three days last week, during the dullest
Month in the year, and during very wet and stormy weather,
showing within a traction of 700 a-day between Glasgow and
Greenock alone, the number being greater than was proved
in parliament. The directors also expect to obtain a touch
larger proportion of the traffic than was originally antici-
pated, one or two companies have sienified their acqui-
escence in the plan ; as soon as the company's plans are ma-
tured, negotiations will be entered into with all of them.
Another agreeable fact to mention is, that of the shares held
on the Clyde only 158 are in arrears of the second call, and
of these 90 will be made immediately. In short, sanguine as
the directors have always felt as to the success of the railway,
from the advance of public opinion in favour of railways in
general, and the increased estimation in which our railway
held in its locality, evinced by the increased amount of stock
held by local proprietors, and the increased travelling be-
tween the termini, the efforts of the directors will receive a
new stimulus, from the well-grounded and increasing con-
viction that our railway is destined to yield an ample return
for the capital invested, and prove a powerful instrument of
much public and private good. (Great applause.) In con-
clusion, I may state that the directors have determined that
they will receive shareholders to the amount of £2O per share,
allowing interest at the rate of five per cent, on all balances
after deducting the calls.
William Leitch, Esq. said —ln rising to move the adoption
of the report which you have heard read, I cannot forbear
giving expression to the feelings of satisfaction with which I
have listened to it. lam sure every one present must join
me in congratulating the directors on their being able to
produce such a gratiiying report. Our worthy chairman has
anticipated what I would otherwise say in reference to the
good qualities of the officers engaged on the railway. I com-
pletely concur with him in all he has said of their efficiency,
and, without any further remarks, I move that the report be
adopted.
Thomas Turner, Esq., seconded the motion, which was put
from the chair, and carried unanimously.
On the motion of Bailie Muir, seconded by Thomas Saun-
ders, Esq., the common seal of the company was attached to
the register of proprietors for the last six months.
James Baird, Esq., in moving that 58 shares be forfeited,
remarked that it was a most gratifying proof of the solidity
of the basis on which the undertaking rested, that of the con-
tributors to a sum of £400,000 there were only 58 lame ducks.
(A laugh and cheers.)
Thos. Saunders, Esq., seconded the motion, and expressed
his concurrence in Mr. Baird's remark, that the paucity of
the forfeitures was a remarkable proof of the solidity of the
company and the zeal of its members.
Tne motion was carried unanimously.
Adam M*Leish, Esq.. said he had a motion to make, but
from its nature he would rather address himself to the share-
holders than to the chair. At last meeting it would,)?, re-
collected that he had given notice of his intention to move
that some remuneration be given to the directors for the great
toil, trouble, and loss of time to which they were subjected
by attending to the duties of their important office. Every
other railway company made an allowance to their directors,
and he was sure that by none was such a mark of favour bet-
ter merited than by those whom they had the happineis to
have plaeed nu... their ,inderiakiiig. The suor tie promised
might strike a number as too small; but he did not propose
it so much as a payment for their services—for he was well
aware that, in that sense, it was altogether inadequate—as to
mark to some extent the respect in which these gentlemen
were held by their constituents. He would hold it as the
height of ingratitude were they not to do something of the
kind; and, impressed with this conviction, lie should move
that the thanks of the company be given to the directors, and
the sum of £4OO be paid to them for past services, and a like
sum be given to them annually in future. He made his mo-
tion from a sincere conviction that it was right and proper,
and he hoped it would meet with the unanimous approbation
of the meeting. (Cheers.)
Andrew Donaldson Campbell, Esq., of Ashcraig, seconded
the motion, and expressed his regret that the proposal did not
give them compensation equal to that granted to directors on
other lines. (Cheers.)
The Chairman said, before he would put this motion, he
must take the liberty of saying that the proposal did not ori-
ginate with the directors. It was a spontaneous movement
from without, and the directors had resolved to be altogether
passive in the matter.
James Baird, Esq. had serious objections to this motion,
and was afraid it would have an injurious effect upon the
minds of shareholders at a distance. What to the gentlemen
composing the direction was the paltry sum of £3O a year ?
It could not for a moment compensate them for the loss of
that proud and independent position which they hail hitherto
occupied as a gratuitous labourers in the work. He should
regret to see them lowered from the lofty pedestal on which
as yet they stood. It would be much more gratifying to the
directors themselves, and much more. satisfactory to all con-
cerned, were they to wait till the works were completed and
in active and successful operation, and then bestow upon
each a present which they could transmit with pride to their
children's children—something. that
,it would be a credit to
the shareholders to give, and an honour in the directors to
receive. He must repeat that he regarded the remuneration
proposed by the present motion as paltry in the extreme.
William Leitch, Esq. —Let Mr. Baird propose a larger
sum, if .he thought so little of this.
Mr. Baird.—No; he would propose nothing at the present
time, as he thought such ae expenditure of the money inju-
dicious, and, as regarded the directors, of no importance to
themselves personally. He was sure that, even if voted, they
would refuse it.
Mr. M`Leish admitted that the sum was too small, and,
with regard to the value of the services of the directors,
altogether inadequate. It was not as pay, but simply as a
mark of respect, that he moved it. The directors of the
Glasgow and Ayr Railway had £6OO a year allowed them,
anti the shareholders of the Edinburgh and Glasgow line gave
their directors £lOOO a year, and be felt persuaded that those
in the management of the Greenock Railway were as well
entitled to remuneration as the directors of any other line in
the kingdom. The idea of the shareholders at a distance
being displeased at what had been proposed, he couiti not
admit. Indeed, he felt convinced that they would be asto-
nished were a practice, universally followed elsewhere in
regard to works of this kind, not adopted here.
John Poynter, Esq. was anxious for unanimity, and would
suggest that, before the motion was from the chair, the
directors should retire for a little, to consider whether they
should consent to receive any remuneration for their services.
William Brown, Esq., of Kilmardinny, begged leave to
remark, that there was only one motion before the meeting.
Mr. Baird's objection had scarcely assumed the form of a
motion; and, even if it had, it had not been seconded, and
consequently fell to the ground. As to the .suspicion that
shareholders at a distance would object to the directors
receiving some compensation for their services, he would
merely remark, that such conduct on their part would be in
the highest degree unreasonable. They surely could not
expect that people on the spot should have all the toil and
trouble, and that they should have nothing to do but to pocket
their share of the profits. He believed that their directors
would attend to their business without any other inducement
than a sense of duty, but he also knew, that in other joint
stock concerns, the despatch of business had been much fa-
cilitated by the payment of the directors.
The motion was then carried unanimously.
Captain Houston Stewart, R.N., in name of his brother
directors, returned thanks for the vote of approbation with
which their services had been rewarded. He must confess
that he had been but a drone in the hive hitherto, owing to
circumstances which compelled him to reside at a distance
from the scene of actiou ; but he hoped that, in future, he
would be able to devote more of his time and attention to the
great work in which they all felt so deep an interest, and the
prospects of which were now so very promising. He spoke
disinterestedly when he said he regarded the thanks they had
voted to the directors well deserved, for he was conscious that
no share of the merit was due to himself. Since he was last
among them, he had resided in England, in the immediate
neighbourhood of a great railway, with the officers on which
he was well acquainted. He had inquired into the working
of this mode of conveyance; and, from all he learned, he
was convinced that the Greenock Railway needed to fear
no competition with any other medium of transit. Of the
officers, too, he felt bound to speak in the highest terms. Mr.
Errington and Captain Huisli had conducted themselves in
such a manner as to gain for them the respect and approba-
tion of the landed gentlemen along the line, although their
duties led them sometimes into discussions which required
the utmost prudence to bring to a satisfactory conclusion.
He recollected being once on the line, when he had an op-
portunity of seeing how their engineer conducted him-
self in very trying circumstances. Mr. Errington at that
time did not know him (Capt. S.) but he was met with a host
of serious objections, and he was quite delighted with the
knowledge, good-humour, and firinuess with which he met
and finally overcame them all. (Chrers.) lie was sorry to
learn that an_old_and esteemed friend of hie (Captain B.'e)
was not friendly to the railway. He was convinced that
there must be some misunderstanding in the case; and al-
though he could not promise to remove it, his best endeavours
should not be wanting to effect that object. (Cheers.) His
heart beat high at theprospect which this railway opened of
increased prosperity to Greenock, and to Renfrewshire gene-
rally, and he could not express his desire for the success of
the undertaking better than by wishing their next half-yearly
report might be as satisfactory as that which had been read
that day. In regard to the pecuniary part of the resolution
in which the thanks of the meeting had been conveyed to the
directors, he would only say that he agreed with what had
fallen from Mr. Brown on the subject, but at the same tints