been of comparatively
little moment, for the directors were not without their critics--no
directors of public companies ever are. But the author, who did not
withhold his name, was Mr. David Davies, constructor of much of the line
and now one of the most influential directors. Here, apparently, was a
matter for serious concern, and the seriousness was not diminished when
to the pamphlet itself was added a speech, at the shareholders' meeting,
in which Mr. Davies did not scruple to suggest that the line was being
expensively worked, that the rolling stock had not been adequately
maintained, that the road was defective and that, some of the stock being
worthless, the whole undertaking was in a false position. It was what
Earl Vane (now become Marquess of Londonderry), who presided, called "a
stab in the dark." The stab in the open with which Mr. Davies followed
it up was certainly not less sensational. He declared that "the line at
the moment was not safe, and he should not be at all surprised to see the
rails sprinkled with human blood before they were very much older." He
alleged that a fellow director (Mr. S. H. Hadley) had expressed a wish to
see the Oswestry shops burnt down and new shops erected at Aberystwyth
instead. The balance-sheet was "an insult." He washed his hands of the
whole affair and demanded a Committee of Inquiry. A hub-bub ensued,
amidst which it was not impertinently pointed out that Mr. Davies had
himself laid much of the road which he now condemned, and, backed by a
letter from Mr. George Owen, the engineer, it was shown that his
strictures on its existing condition were unsubstantiated by facts. But
Mr. Davies stuck to his guns, and before what was well described in the
local Press as "a stormy meeting" terminated, he had left the room and
his seat on the Board. It was a matter of doubt, for some moments,
whether the noble Chairman would not go too, but, happily, he discovered
enough signs of confidence among the proprietors present to encourage him
to continue his thankless task.

It was a tremendous tempest while it lasted, but it was soon over. At
the next half-yearly meeting, in the following August, the directors were
able to report that, instead of spilt blood, the summer had brought a
considerably increased weight of tourist traffic, hearty congratulations
were showered on Mr. George Lewis, the Secretary, on his efficient
administration of the line, and Capt. R. D. Pryce, presi