elded a single inch to the men. ("_Oh! oh!" and a Voice, "Oh!
we've had enough of 'that'!")_ It is also true that this firm and
unflinching front had necessitated some sacrifice, and had involved
the Company in no little difficulty. (_Prolonged groans._) He was
sorry to note these manifestations, for he had not only to announce
to that meeting the non-payment of any dividend, even to the holders
of the Company's Debenture Stock, but he had further to inform them,
that, owing to some difficulty in settling the account of their coal
contractors, these last had taken proceedings against them, and had
seized not only all the contents of their refreshment-rooms, but also
the whole of their rolling-stock. (_Prolonged wailing._) He grieved
to say that the last two engines that the Company possessed, and which
they had up to now hidden in the cloak-room at the Edinburgh terminus,
were unfortunately discovered and seized last night. (_Groans._)
Still, the Company did not despair of being able to carry on, at
least, a portion of the Passenger Traffic (_Feeble laughter._) They
might meet the statement with a manifestation of ridicule--but
such was the case. It was with a sense of pride in their method of
triumphing over difficulties, that he announced to the meeting, that a
train of cattle-trucks would be started for the North daily at twelve
o'clock, the motive power of which would be the Directors themselves.
("_Oh! oh!")_ They could not say anything about _the pace_ at which
the train would travel, but that, _with time_, it would do the
distance he had little, if any doubt. It is true that in a similar
experiment on a neighbouring line the train came to a dead halt in the
first tunnel, and the passengers had to descend in the dark and grope
their way out to the nearest station as well as they could, but this
unsatisfactory experience would in no way deter them from making the
experiment on their own behalf. (_Jeers._) He was sorry to see that
the ordinary stock of the Company, which, a twelvemonth since, had
touched 128-3/8,--could not now find purchasers in the Market at
7-1/2. (_Groans._) But he hoped for better times. ("_Oh! oh!_") But,
come what would, he would hold fast by his principles, which were,
"_No Compromise, No Meeting Halfway, No Arbitration, No Concession!_"
Men might starve, Trade collapse, the Country come to ruin, the
Company disappear in Bankruptcy, but he cared not. The Directors had
put their foot down, and