It happened that at this time the affairs of the Brighton Railway Company were in an unsatisfactory state, so much so that it was held desirable to unseat the actual directors and appoint others in their place. In this project I was invited to take part, and being put in nomination for the new board, became, by the success of the movement, one of the directors. The new Chairman was Mr. J. M. Parsons, and to him, more than to any other individual, are to be attributed the judicious and energetic measures taken, in the early stages, for the restoration of the Company's affairs. He afterwards informed me that he viewed my appointment with considerable alarm, expecting that I should urge, if not a penny rate, at least some sweeping reduction of fares, to the ruin of the Company's finances. It will suffice to say that we became sincere, accordant, and earnest coadjutors, and formed a friendship which continued warm and unbroken to the day of his death, some five-and-twenty years afterwards. The rigorous examination immediately set on foot showed the existence of practices now too well known in railway management, whereby the appearance of prosperity is maintained amidst progress towards real insolvency. Dividends had been paid when there were in fact no profits to divide, and meantime the resources of the Company were being drained and narrowed, by waste, mismanagement, and inattention to public convenience. Distrust and dissatisfaction had gone so far that the value of the shares, originally £50, had fallen to £35. The directors soon saw that for the first half-year, at least, no dividend could justly be made; but, of course, they were not without anxiety as to the result of such an announcement on the price of shares. To our gratification, it was so well received by the public that the price almost immediately began to rise; and I may add that purchasers had no reason to regret their outlay. After having continued some time in the direction, I had the satisfaction to find myself, on the motion of the late Mr. Pascoe Grenfell, M.P., unanimously appointed Chairman of the Company, and from this time I gave my undivided attention to its affairs. Fully convinced of its great capabilities, and having great reliance in my coadjutors, and (if the truth must be told) in myself, I had invested in its shares all my own property, and a considerable sum of money borrowed from the various members of my family and other friends, some of whom also became shareholders on their own account. In so doing, I did not look upon myself as rash, but as simply embarking the largest capital that I could command in a concern of whose soundness I was well assured, in which I was a leading partner, and from which, if expectations were not realized, I should have it in my power to withdraw with, at worst, but moderate loss.