The Sun. — 1861-04-11 (London, England)

GREAT WESTERN RAILWAY OF CANADA  COMPANY.  MEETING THIS DAY.  A meeting of the shareholders was held this day at the London Tavern, for the purpose of considering the reports and general statement of accounts for the half-years ending 31st July, 1860, and 31st Jan., 1861, and also thC report of the committee of investigation into the reply of the directors, preparatory to its submission to the legal meeting to be ).geld in Canada. • Mr. GILL occupied ,the chair. The report,:which has been published in The sun, having been taken as read, The CHAIRMAN said no resolution, passed that day, would be legal, and could only be taken as an expression of 'the opinion of the shareholders until they had been confirmed by the meeting to be held in Canada. The traffic during the last half-year was £45,000, and the shares which stood in April at £l2 15s. now stood at £ll 10s., ore depreciation of the total share capital of a quarter of a million. Tb.is was one of the results of the committee of investiga don, a circumstance which ho trusted would be held up as a beacon by all companies appointing such committees. (Hear.) The committee had reported that a million sterling had been misappropriated or wasted, but it was a reckless charge, made without the slightest foundation. In consequence of the:remunerative working of theline the directors *ould now be able to recommend the payment of dividends. He concluded by moving the reception of the report. Mr. Lao SCHUSTER said, after reading the report of the committee of investigation, and the reply of the directors, he felt that the directors deserved their confidence. He read the report with care, because his predecessor at the Brighton Railway was one of the persons accused. He had seen Mr. Laing but once since ho quitted the company ; and for the many years he had acted as his deputy, he had never seen anything calculated to create the most distant suspicion that he did anything except for the advantage of. the company.• (Hear, hear.) He seconded the motion.  Mr. CANNAN moved as an amendment, "That the proposal of the directors that a dividend of three per cent. per annum for the half-year be confirmed, and with that exception the consideration of the directors' half-yearly report be adjourned, and that the report of the committee of investigation and the rejoinder of the directors be received." The speaker then entered at great length into the various statements made by the committee of investigation. Some discussion having taken place as to whether the amendment could be legally put, and it having been decided to proceed with it, f Mr. FILDER said he readily seconded the amendment, and he hoped the meeting would adopt it en masse. Mr. J. B. SMITH characterised the report of the committee as one that had done harm to the company rather than good. The committee had altogether abandoned their first charge and had confined themselves to having a hit at an absent man and a personal charge against himself, by stating that his evidence in 1861 differed materially from that given in 1856. He defended his conduct and contended that many of the statements were entirely devoid of truth, especially that which stated that Mr. Laing was in the habit, for nine months after he ceased to be a director or shareholder, of attending the board of directors in order to obtain a settlement of Mr. Wythes' claims. If the committee of investigation had confined themselves in the inquiry to the actual working of the company, without attempting to find out " mare's nests" they would have done some good, but he felt certain the result of their labours would end in a very expensive abortion. (Hear, hear, and cheers.)  Mr. BEATTIE said if a Committee of Investigation were appointed he thought the company would benefit by such a step. With respect to Mr. Laing he knew that that gentleman never advocated the claims of Mr. Wythes. He might have recommended concessions whilst he was a director, but with the ultimate settlement he had nothing whatever to do. He had hoped that the committee of investigation, when they commenced their labour, would go into the matter with a determination to help the company through their difficulty; but he was afr.aid the result of their labour proved that they had looked at all things with a jaundiced eye. (Hear, hear.) Mr. WA.TKINS condemned many of the observations that had been made on the conduct of Mr. Laing, who being in India, was unable to defend, himself ; he believed the statements had been made by political opponents. (No, no, and disapprobation and cries of Withdraw.) He insisted they were bound to pursue a course which would improve their property, and appoint a new staff and board of directors.  Alderman DAKIN condemned the conduct of the directors for their impolitic conduct and want of prudence. Mr. BRIDGES said some gentlemen wanted him to say something about the £4,000 he had received from the Detroit and Milwaukee Company. He had hoped the explanation in his letter to the directors, which was in the hands of the shareholders, would have been sufficient. All he could say was he received the £4,000 from the Detroit Company for services which they believed he had rendered them. He defended his conduct generally as being only for the interests of the company, and by that conduct he would stand or fall. (Cheers.) Mr. BRAITHWAITE said, looking at the position of the Buffalo and other railways, they ought to congratulate themselves they were in no worse position than they were. Mr. SALISBURY condemned the un-English conduct of the committee in bringing charges against Mr. Laing in his absence, and when he was unable to defend himself. (Cries of " The charges are withdrawn.") Several other gentlemen endeavoured to address the meeting amid loud cries of " Divide, divide," and general confusion.  vV Colonel Sir HENRY BAYLEY said, having read the report of the committee, the directors' report, and the rejoinder of the committee, and all that he had heard that day, he had come to the resolution that if the meeting came to a resolution against the directors they would be committing suicide. (Cheers and laughter.) After some further remarks, The CHAIRMAN put the amendment, which was negatived by a large majority. The original resolution was then put and carried, that the report of the directors be received. A dividend of 3 per cent. on the half-year ending 31st January last was then declared. Mr. SYDNEY SMITH moved the re election of the chairman, directors (Mr. Lance and Mr. Waite), and auditors. Payment of the expenses of the Committee of Investigation, after some discussion, was agreed to. A vote of thanks to the Committee of Investigation was negatived. After a vote of thanks to the chairman the meeting was dissolved.