ten directors, four of
whom were elected by the Coast Section and four by the Inland Section,
the other two seats being in the nomination of Earl Vane and the Earl of
Powis. The revenue from the whole undertakings went into a common fund,
and, after deducting working expenses, the surplus was divided between
the Coast and Inland Sections in certain proportions, to be determined by
arbitrators and an umpire. Admirable as this arrangement might be in
theory, in practice we know what generally happens when

"United, yet divided, twain at once
Sit two Kings of Brentford on one throne,"

and it is hardly astonishing that this form of dual authority should have
led to a good deal of squabbling between the rival "monarchs." It
proved, indeed, a cumbrous contrivance, and, when the period for its
operation terminated, with the close of 1878, the constitution of the
board was allowed to revert to the limits laid down under the Act of
1864, without any provision for sectional directors at all. During these
intervening years, indeed, questions of finance and of the upkeep of the
lines were still for ever cropping up, and not always as readily disposed
of. It is a long and dreary story of the inevitable struggles with ways
and means which so often marks the life of pioneer undertakings. For
years these Chancery suits hung like chains about the company's neck, and
even into the eighties the directors were never free from sudden
embarrassments and never knew from what quarter they might proceed.

One such difficulty, indeed, ultimately proved a blessing in disguise.
In 1884, at the instance of the Company's bankers, the line was placed in
the hands of a Receiver, Mr. John Conacher, fortunately, being chosen for
this office. The line was ripe for a great and final effort to place the
undertaking on a firmer footing, and, together with the late Mr. A. C.
Humphreys-Owen, Mr. Conacher drew up a scheme of arrangement between the
Company and its creditors under which about seventy different stocks were
consolidated into ten; and it was their patient and skilful work in thus
formulating what became known as the scheme of 1885, that laid the
foundation of the Company's improved financial position of which the
proprietors and the public have reaped the benefit in subsequent years.

Meantime, however, other matters not directly bearing on finance, engaged
the attention of the directors. Amongst these was the question of the
w