Series 4 > Scottish industrial history

178 SCOTTISH INDUSTRIAL HISTORY
As it has been officially communicated to the Committee that the
Board, at a meeting held on 23rd October, resolved to place their
seats individually in the hands of the Shareholders, for the purpose
of a new Board being elected at the meeting to be held at Edin¬
burgh, on Wednesday, the 14th of November, at Twelve o’clock
noon, for considering this Report, the Shareholders will then have
an opportunity of nominating the parties into whose hands they
are prepared to commit their property and the future management
of the Company.
The Committee have anxiously considered the best means of
restoring the credit of the Company, and promoting its future
success, but the subject is so beset with delicate and important
questions, that it appears to them that the consideration of this
subject should be left to the reconstituted Board of Directors, and
as Parliamentary powers for accomplishing this may be necessary,
they recommend that the requisite notices should at once be given,
the terms of which should be so comprehensive as to embrace any
scheme that may be devised and approved of by the Shareholders.
The Committee, while they cannot but attach blame to the
Board for the present position of the Company’s affairs, have no
hesitation in expressing their conviction that the conduct of the
Chairman has been so unjustifiable as to preclude the possibility
of his being allowed to retain any official position in the Company.
They, however, are of opinion that the services of some of the
present Directors may, with advantage, be made available to the
Company, should they be willing to act in the present emergency.
The Committee consider that the Manager and Accountant
ought to have communicated to the Board the irregularities carried
out in their department, and ought not to have been parties to the
improper entries made in the Books, and that they should at once
have taken care that all the Directors were made cognizant of the
irregularities suggested by the Chairman.
They feel it due to Mr. Walker, the Secretary, to say that the
Shareholders are greatly indebted to him for the straightforward
and independent manner in which he has acted throughout for the
interest of the Company.
In conclusion, the Committee desire to express their sincere
sympathy with the Shareholders, many of whom, they are aware,