The Express. — London, England, 1849-04-09 00:00:00

• Market Per stare. ynce. ?Atm. S 8. P.r alum. l d. 151 100 •bares 28011 by Yr. Thula= it 211) C 237 343 4) „ CS 5 ... 598 10 31 st) „ 57 0 .. 55 .. 183 0 1874 13 ~ 99 23 10 21 .. 1183 0 Making a total excess, on these several classes of shares, compared with the market price of the day, of 8,418/. 10s. The difference between the price assigned by Mr. Close to the 151 shares and the market price of the day, and Mr. Plews's calculation, is no less than W. 10s. per share. In the evidence given b fare no, Mr. Close *scriber this difference to a mistake occa sioned by an erroneous combination on his part of agates tikes from Mr. Plews's calculation, which gave a resat of 2 41 . 31 . 6d. per share u the alue of these shires, whilst the market price of the day was ally 21/. per share, which, in point of fact, was the Table assigned to them by Mr. Flews. As a difference of opinion exists in the committee respecting this exploitation, we leave it, without 00131- meat, in the hands of the proprietors. The number of these shares sold by Mr. Hudson to the company being very considerable, the company, in this part of the transaction, paid in excess of the market price of the day, to the extent of 7,1851. This, however, cannot be taken as the measure of the injury to the company, inasmuch as the purchase of so large a number of shares by Mr. Hudson, on his own ac count, doting the month of October, without any question contributed to enhance the market price of the 27th Oc'ober. Of this sum Mr. Hudson repaid on the 19th February last 28741., ander the circum stances after stated. We think it due to Mr. Hudson to append his state ment with respect to this transaction : " In fixing the price which I thought in fairness I ought to receive from the company, the price esti mated by Mr. Flews, and shown to me by Mr. Close, was 241. 3s. Od. per share as a price at which it was advantageous for the company to purchase; and I then directed Mr. Mee to put them down to the company at 231. 10s. per share, and I never discovered that there was any error, or doubted that the transac tion W 11.4 perfectly correct, until Monday morning be fore the meeting, coming to York, I was looking at the average price put in the statement, it struck me that the average looked very high ; but ladore the statement was sent out it was submitted to a meeting of the board, and although some of the directors went into the calculation% yet none of them made any re mark as to the high average of these shares. Upon arriving in York I wont into Mr. Close's office, and I stated to him that the average looked very high, and asked of whom had been bought the largest number of these shares. He referred to the books of the com pany, and stated they were principally bought of me. I said. Then turn to see whet are the prices given far the same description of shares to other parties,' upon which, seeing that the shares taken of me were at a higher price than those taken of other parties, I said, ' I must pay the 11. call due upon them imme diately, and after the meeting you and I must go carefully into that account, and we must have the matter set right.'" Mr. Hodson accordingly drew a cheque on his own bankers for 2,8741., which was paid on the 19th February to the Great North of England Railway account, being 1/. Foreshore remain ing uncalled on 2,874 151. shares. Sir J. hn Simpson confirms this statement thus far : He states " that be was present at the board meeting of the directors on the 20th February last, and heard Mr. Hudson say to Mr. Close, ' I am sad or I am satisfied there is something wrong in these 151. thane; we must look into it after the meeting.'" "Stith the power Mr. Hudson possessed of giving this explanation, it is to be regretted that he should ham moved the adoption of the report, including the Cheat North of England purchase account, by the meeting of the 20th February, without making any correction or noticing the existence of any error. We have felt it our duty to endeavour to trace the by Mr. Budge:sof all the shares included in purchasesa e to the company, and to ascertain the dates of the purchase and the prices at which they were bought, which seemed to be important with reference to the principle that Mr. Hudson must be considered se having made those purchases in the character of a trustee for the company ; this inquiry has to en at tended with considerable difficulty, and has coca miessed delay in making our report. All these shares seem to have been purchased by Mr. Hudson between the &hot October and the 12th of November, 1846, and sot at earlier dates, as was originally appre hended, and consequently Mr. Hudson's profit by the transaction has not been so considerable as it was at Ant believed to have been. With respect to the payment to Mr. Hudson for these shares by the company, we feel ourselves called upon to observe that at the period when he received the cheque for 81,1001. (the 2 • th of October, 1846), he himself could not have paid more than about 25,000/. cm account of tie purchase of these shares, although he might be called upon to make a further payment of about 70,000/. on the 30th of October. The effect of this would be that the shares bought by Mr. Hudson on his own account, and sold afterwards at an enhanced price to the company, were to a con siderable extent paid for in the first instance with the money he had received from the company. The impropriety of such a transaction tetween en in dividual and a company towards which ho stands in the relation of a trustee cannot be doubted. And we are of opinion that the sum charged by Mr. Hudson for these shares ought to be reduced to the sum he actually paid for them, and the difference repaid with interest. It appears from the evidence of the other directors that they were not aware of any purchase having bun made by the company of Mr. Hudson. And the auditors were ales ignorant of the fact, they having contented themselves with an examination et the books without ascertaining whether any original con tracts existed. The next contract of importance is that of Mr. Christian Aileen, amounting to 218,6691. 12s. On comparing the prices of the shares included in this contract with tte market prices of the day, viz., 19th of December, 1816, we find the company has paid in excess a sum of between 5,0001. and 6,0001. The rest of the item.., composing the sum of 749,3241. 14.. 7d., have been carefully investigated, and we have no comment to make on them. The next matter which required our investigation was the charge toe _brokerage, amounting to 2,4991. 7e. M. This sum is reduced to 1,6931.14..11d. by deducting 805 i. 12.. 6d., erroneously glued under the bead of brokerage, which was, in point of fact, a payment for interest on bills of exchange which were paid as part of the purchase money of the shares sold by Mr. Allhusen to the company. Of the re • gum, the earn of 990/. 18s. 9d. was a payment ma de to Mr. Hudson for brokerage on the shares sold by him to the company. This, according to the state ment of Mr. Close, was done on the assumption that the company must have paid brokerage if they bad bought those shares in the market, and without re ference to the consideration that Mr. Hudson must have paid brokerage if he had sold his shares in the market. This charge for brokerage cannot be justified or maintained. The next item is a charge by Mears. Laurence and Co. of 6471. la. Id., which was paid to them, being the fell rate of brokerage, although, in their origins' cos traota produced to us, they charged only half. We find, however, they returned one half of this amount to Mr. Hudson, who states he gave the order, as Asin man of the York Union Back Company, and that be paid to the bank the sum he so received. As all the other brokers employed by the company have charged only half brokerage, we do not consider there is any reason, in this CM, why the company should sustain a loss, and we are of opinion the gam so received should be paid to the company. The remaining item is that of Mr. Satterthwaite who sold to Mr. Hudson a parcel of shares amounting to 16,5001., and stamps 1001. making 16,6001., which sum he was paid by Mr. Hudson himself. The par ticulars of this purchase, as entered in the books of the company, are : 240 3 dl. shares £16,462 10 S'aups Coguaiselai L 16,662 10 Width rum were repaid by the company to Mr. godson as follows: 1847. _____ __ . April 6 ,362 10 May 12 £16,662 10 Being 621. 10a. in axone of the sum paid by him. Aomading to the evidence of Mr. Hudson, he had Inanncted Mr. Close to pay to his credit the sum of 1001. about that time for travelling expensed, and he ooald only account in that manner for the mistake we now point oat. We thick it neceesary to add, that the sum raised by calls made and paid in advance was 1,427,8331. 10a., of which the sum 749,5241.145. 7d. has been ap plied to the putposes irtendei by the proprietors in their resolution of the 26th tnf October, 1846. This sum is about one-fifth of the whole amount replied to pay off the Groat North of England proprietors, and it has been invested in Great North of England Railway Shares as follows, 1 y viz.— In the ear 846 £351,822 2 0 1847 ~ 1848 1849 £743,64218 7 There remain, therefore, four-fifths of the entire sum still to be paid. We think a more beneficial result would have ac crued to the company bad the resolution of the pro prietors before referred to been carried into effect to a much larger extent at an earlier period. The Great North of England Purchase Account has been very imperfectly kept. The transactions to which it relates commenced in the month of October, 1846 ; and yet it is admitted that no books were opened till the month of December or January last, when a journal and ledger appear to have been be gun and ported up, the entries in the journal of the purchases of shares being without dates, and being so made as to baffle examination without the aid of other mat- ries. The general accounts of the York, Newcastle, and Berwick Railway Company, we hope are dealt with in a very different way. ' The auditors seem to have miespprehended their duty in auditing those accounts ; they limited their examination to • comparison of the bank book, in which are entered the directors' cheques, with the entries in fle journal and ledger ; they have neither required the production of vouchers nor original con tracts—a mode of examination which it is obvious must be utterly worthless. The remissness of the directors in the discharge of their duty with respect to this account is very remarkable. From the 27th October, 1818, till the 13th of February last, mead 'nate their own statement, they remained in entire ig norance of the state of theGreatl'corthof England Pur chase Account, and made no inquiries about the matter. A still greater degree of blame attaches to the two directors who signed the cheque for 81,1001. on the 27th (Mabee, 1848, the day after the creation of the Asa fir the purchase of the e shares, without asking for or rseeiving any further explanation, than that it was for the purchase of Great North of England Rsilway shares. Shareholders have a right to expect l i of gentlemen who accept the office of directors that they should be cognisant of, and take part in, all im portant proceedings of the company. It is not right that they should confer absolute power, and impose and:sided responsibility, on one of their body, how ever able and efficient he may be. The secretary ought not only to be competent to the discharge of his duties, but should be strictly con fined to the business of the company. A course of proceeding directly the reverse of that which we have found to have existed with respect to the Great north of England purchase account ought to be pursued both by auditors and directors, in the affairs of the York, Newcastle, and Berwick Railway Company, in order to give to that railway, posees•ing as it does so many essential elements of prosperity yet undeveloped, its true value, and to insure the con fidence of the proprietors in its management. (Signed) ROBERT PRANCE. HORATIO LOVE. Joule CLAYTON. JOHN SHIELD. ROBERT DENISON. York, March 29, 1849. WZDNISDAY, Magma 7, 1849. It was ordered by the committee that the secretary, Mr. Close, be summoned to attend them. Mr. Prances Espial's the fleet item in the books of the purchase of shares amounting to 131.8671. 9e. 3d. Mr. Close : The shares were originally bought by Mr. Hudson for himself, to the hest of my knowledge, between the poring of the Great North of England act end the special meeting of this company, called to confirm the agree ment made with the Great North of England Company on 26th Oct, 1846. Mr. Flews was requestul at a board meeting of this company by Mr. Hudson to furnish a valuation of the value of the Great Nor:h of England shares to this company. Mr. Flews sent me a document, exhibited to the committee, giving the value of the stares. Mr. Hudson asked me after wards what valuation Mr. Flews had put upon the shares. I told him for the 1001. shares, 2411. 6s. • for the 401. sheets, 61. paid, 631. ss. per share ; for the 301. shares, 151. paid, 671. 15s. per share ; for the 15/. shares, 11. 10s. paid, 241. 3s. 64. per share. Mr. Hudson then told me to mark the shares named in the fret lot in the journal, below Mr. Piewe's estimate, vie., of a. d. t 8. J. in toot. alma amounting to 36,240 0 0 at 240 0 0 per share. 342 401. „ „ 21,631 10 oat U 5 0 „ 91 3W. „ ~ 3,107 0 oat 37 0 0 „ 2574 151. „ „ 67,339 00 at 23 10 0 „ I added the commission an d the stamps of my own accord, but Mr. Hudson was not aware of it, the money was paid to Mr. Hudson's account at the York Union Bank, the date of 'lemma 27th October, 1846; ant payment, 51,1001. on the 27tb October ; *mad payment, 27th Nov., 60,7671. 91. 3d., which ;dosed the account. Mr. Hudson came to me some time in the mouth of January last, and shred to me that, as rime. were so materially changed, in making up the accounts of the Great North of England purchase, I mast deduct any profit be had received on that transaction. He afterwar& said, before I had the accounts made up, that he bad recon sidered the matter, and that the account was not to be altered, in consequence of his having advanced out of his private account a sum of upwards of 16.0001. on Weal of this mammy, in the purchase of " West Durham shs.-es," for which he had no sanction of the proprietors, and on the 19th February last, being the day before the meeting, Mr. Hudson ease to me, and said he was sure there war some thing wrong in the account of the 151. shares. That I was to debit his mount with 11. (one pound) per share uncalled on the 151. shares on the 2,874 shares which he had sold to the company, and that after the meeting he would go into **sonnet with me ; I wish to add, that Mr. Hudson de livered to the company two Great North of England 1001 shares, which were not paid for until the 9th October, 1847, being the time when I found out the mistake, as they should bare been included in the purchase above referred to. Mr. Clayton : You stated that Mr. Mews valued the 16/. shares 11. 10s. paid at 241. 31. 6d. per share. It appears to me from the document put in Coat the valuation is 211. 6s. 3d. How do you account foe the discrepancy Mr. Clore : Mr. Plows worked out in details the 1001. shares, the 401 ahem, and the 301. shares, but net the 161. shares ; there are two statements with reference to the 151. shares on the side on which the 1.51. stares are put. I took from the first line 21/., and 31. 3e. 6d. from the last line, thinking that the two together represented the value of the 151. shares. _ . _ Cisiton .• 1 a.sume you would not be ignorant of the market values of them shores on the Stock Exchange on the 27th of October, 1846. Be so good as to state them, and the differecce between that market price and the sum paid to Mr. Hudson for these shame. Mr. Close : The prim of the 1001. shares in the London market on the 27th October, 1846, was 2371, Mr. Hudson in enema 21.15 e. per share, or 4151. 55. The price of the 401. shares was 611, Hr. Eames price be off 6 31, or 161. b. per shire in or 3981. 10s. ; the 301. shares 6,51. per share, Mr. Hudson ' s price being 2/. in excess, or 182/. ; the 151. shares, the market prim was 211. on that day, whilst Mr. Hudson received 231. Hts , being 21. 10s. per stare in excels ; making in the total 7,1861. Mr. Love Did the directors at any meeting of the board authorise the purchase of them shares of Mr. Hudson Mr. Close: There is no minute to that effect. Kr. Love: Hare they named a resolution authorising the purchase of any shales, and if so, when ? Mr. Clops : On referring to the minute book I Sad no resolution to that effect. Love . ; - ifsNIS - tie shares mounting in total vette to 81,1001. paid kw es the 27th October, 1846, delivered on that day Mr. Clem (After being allowed an opportunity of re ferring to the books of the company.) I believe they were, but cannot be pentivo. Mr. Love : Mr. Close, please deliver to this committee the certificates of regietralion foe the shares represented by the sum of 81,1001. ' Mr. Close: I proclaim the whole of the certificates of shares sold by Mr. Hudson, but I am arable to idontity the individual shires represented by 81,1001. paid for on the 27th October, 1846. Mr. Plows examined, Mr. Clayton : you a director of both tun paaies, Great North of England, and York, Newcastle, and Berwick, in Oct., 1848 ? Mr. Plows : I was, Mr. Prance: Do you admit that you were requested by the York and Newcastle board to determine what was a fair price at which they should purchase certain Great North of Begland shares of Mr. Hudson, of which he had become pos. esmed ? . . . . Mr. Plews ; Mr. Oxley and myself, at the board meeting of 46th October, 1846, were requested to make a calculation es to the intrinsic value to the company of the different dams of Great North of England shares, but I was not aware the ealculatioes were required to buy Mr. Hudson's shares ; I wu not aware he possessed any excepting two 1001. shares which stood in the Company's books in his ' num. Mt. Love : As one of the Directan of the Great North of England, and York and Newcastle Companies, was there ens a made to you to purchase of Mr. Hudson his shams 167P4ws Never. Mr. Love : Did you over know that the Conpasy had pa:- chased &arm of Kr. Hudson ? Mr. Plows : I sower did. Mr. Claytes : If Mr. Close free your valuation, which has boss pat in, ham nmetuned tkat you valued 151. shares, 1L 10a. paid, at 241 . 85. 6d. per share, hos ha co not meads a nalstake Mr. Plows : Hikes decidedly me. Mr. Love : Weald you have recontrasuded the company to have punkated of say party, in October, 1846, the Great .THE EXPRESS, MONDAY EVENING, APRIL 9, 1849. North of England 1091. shares at 2401. per abate, the 401. shuts at 63/.55. per share, the 301. shares at 671. per share, and the 161. shares at 231. 10s. per share ? Mr. Plows: If the current market price at that time was, as I believe, 2361, I should not have recommended the purchase at 240 similarly with regard to the 401. shares, I should not have recommended a purchase at 631, having sold my own shame to a friend at 62. The 301. shares I should not have ' recommended to be purchased at 67, the market pike being 541. With regard to the purchase of the 16/. shares, I cer tainly should not have recommended their purchase at a higher price than my own calculation of 211.55. 3d. per share, the calculation handed in on the 26th October, and produce d by Mr. Close. Mr. Clayton : Do you believe that any one can have paid, or any one received, so high a price as 231 for 151. shares, same in mistake ? Mr. Plows : I think not. Mr. Prance : Do you believe the intrinsic value of 151. 'hares was 211. 6s. 3d. in Oct. 1846 ? Mr. Plows: I do. Mr. Prance : Can you reconcile this with the fact that you yourself sold 100 shares September 3, 1846, at 171 prem. ? Mr. Flews : I can. I sold my own shares bemuse I wanted the money. Mr. Love: Would you not for the same reason have re commended the Company to have waited until they could have purchased their shares on equity advantageous terms r Mr. Flews: Certainly, had I thought the shares would have fallen ; but, having made the calculations, which I did on the 26th October, and knowing that about 300,0001. must in a few days be in the hands of the beakers Westing to thisoompany, the call having been made on that day,' would have recommended the purchase, even at rather higher than the market price. Mr. Shield: If you could net have ebtainud Greet North of England 1001., 401., and 301. shares in the market at the prices then current, would you in such care have recom mended the purchase of these shares at the prices paid to Mr. Hudson ? :hat the 832 1001 shares mentally cast the company on the average 2341. 14e. Ofd. ? Auditors: We took no means to ascertain the average, as previously meted in reply to Mr. France's question ; we °on side:A it only our duty to wedeln that the sum total was correct, and drrespondtd with the banker's book and the (Seeders' cheeks. Mr. Prises: Ara you aware that your signature to the account rendered included the fart that the average price was 2341. 14s. Id., and which Let should be included in your antsiliiion to the printed statement presented to the half- yearly meetteg_? Auditors : We were net aware that there we. any inten tion of including the average price in the statement ; there was a conversation, and Mr. Close said the average was so and so, but we ourselves went no farther than the books showed, that is the bona fide mat of the shares. Mr. Love : Had any other sums been inserted in the jour nal as due to individuals, and paid to them, would you have considered the fact of the payment corresponding with the entry in the journal conclusive as to the correctness of the account ? Auditors : We do not understand the question. Mr. Love : Have you examined the journal ? Auditors: We did, and compared the journal with the cheeks and the banker's boat. Mr. Lon: What mode do you usually adopt to prove that you have examined a book Auditors : We tint umpire the items in the book with the checks and the banker's book, cast the accounts, and then sign ft. Mr. Love ? Have you so examined the book marked Journal No. 1 ? Auditors: We have examined it, but we have omitted to sign it, but we have signed the result in the ledger. Mr. Love : Then you would not undertake to say that all the items in the journal are correct ? Auditors: We b:lieve thei are coned; we compared them with the checks. Mr. Love : What mode did you adopt to ascertain that the purchases entered in the journal of the Great North of Ragland shares were correct ? Auditors: The checks of the directors. Mr. Love: Did you not compare the purchases with the contracts ? Auditors : No. We thought that the business of the di rectors. Mr. Love : Have you assumed the fact of payment by the directors as evidence of correctness? Auditors : Yes. Mr. Love: In the entry of shares bought of George Baker and Son, amounting to 19,8051. 4s. 4d., what vouchers did you compare with that account? Auditors ? None but the directors' checks: we never looked at the broker's contracts at all ; we thought that the duty of the directors. Mr. Love: Then in fact you did not examine or compare any one of the colones. with the entries in the journal for the purchase of the Great North of England shares, amounting to 747,7851. 14s. Id. Auditors : We did not. Mr. Shield : Then, in fact, did you limit your examina tion of the Great North of England Purchase Account to the verification of the fact that the directors had actually paid the same of money they professed to have paid on ac count of these shares ? Auditors : Yes, we did. Mr. Love Within what deriod, before the last half-yearly meeting, did the directors furnish you with the statement of Great North of England Purchase Account for examination ? Auditors : We saw the soconate for the feet time on the 6th of February, and audited them on that day, as well u the revenue and construction accounts. Mr. Love : You are aware that you are appointed auditors by the general body of the proprietors, for the examination of accounts rendered to you by the directors, that the proprietors might have some security for their torrectnew. - - _ Kr. ;Plows : No ; I would have given 24W. for 1001. shares. I would have given 621. 10s. for 401. shares. I would have given 561. 10s. for 301. shares. Mr. Shield: How much do the prices paid to Mr. Hudson tweed the estimate ? Mr. Plows: I do net know of my own knewledge of my shares bought of Mr. Hudson. Mr. Shield: Is it your opinion that a very large quantity of Mares could have been bought in the market without any material advance at the prices than current ? Mr. Plows: I should think. Um market price would be raised._ Mr. Prance : Do you think that the sale of any consider able number of shares would not have equally had the effect of depressing the market value ? Mr. Plows: I think it would, unless there were large buyers in the market at the same time. Ms. Prance: Should not your answer to the previous question, " I should think the market would be raised," have is propriety, a similar limitation, viz., unless large sellers happened to be also on the market? Mr. Plows: I suppose it would. Mr. Love : As director of the York, Newcastle, and Ber wick Company, would you have thought it good policy to have appeared in the market as buyers of Cheat North of England shares, the moment you had power to do so, at price., by your own calcola.ion, that would leaves very small remuneration to the company, when you had upwards of three years and a bait allowed .you to take advantage of the market ? Mr. Plows: The answer I gave to the former question equally applies —that having 300,0001. in the hands of the bankers, I should have bought the shares at the prices I be fore named, excepting the IR shares, which I should not have bought beyond 211. de. 3d. per share. THURSDAY, Maim S. Mr. Plews's examination resumed. - - Plllloll : HIM TM anything to correct or anything to add to your testimony ? Mr. Plews: I sald the residue of my 161. shares through Mr. Fanlooner, whose contract I exhibit at 211. per share ; and on the 29th October, 1848, I sold forty-fire 161. shares belonging to Mr. John Church Backbones, at 211. 6s. per share ; on the 26th of November, 1848, Kr. Prance bought four 151. shares at 211. 10s. per share. A charge has been made against me in the public prints of having given &bonus of 2,800 shares to Mr. Hudson to induce him to purchase the Great North of England Railway. Mr. Hudson never re ceived one share, nor any director of the York, Newcastle, and Berwick Railway, excepting Mr. Oxley and myself, who were the managing directors of the Great North of England Railway. and who received twenty 161. shares each. At the time of the agreement for the purchase of the Great North of England Railway, Mr. Hudson had no shares in the Great North of England Railway registered in his name. Kr. Love : When did the York, Newcastle, and Berwick Company resolve to buy up the Great Nort h of England shares ? Auditors: Yes, and we executed our duty to the best of our ability. Mr. ?ranee: Do you consider it consistent with the duty delegated to you by the general body of proprietors, that you should confine your verification to one fact, whereat' the dccument to which your signature was attached included a large variety of facts which are actually included is your attestation ? _ _ . Auditors: We inquired into every fact which we con sidered it our duty to inquire into. Mr. Prance : You stated that you audit-3 and examined, in one day, the Great North of England purchase account, as well as the construction and revenue accounts. If so short a time was allowed to you, do you not conceive it was a duty you owed to yourselves to refuse to attest the accounts unless sufficient time and means were allowed you for their investigation ? Auditors : We believed we fully and fairly examined the account,. _ _ Mr. Love : Your name appears, by the printed statement, to be appended to the Great North of England purchase ars count. Did yon sign any document of which this professes to be a copy, or which may be supposed to be a copy ? Auditors : We do not know that we signed any . tabular form similar to the printed account; but we examined and signed, in the ledger now before us, every item from which this tabular statement is constructed. Mr. Plows: To the best of my recollection, I think it would be at the meeting of the directors held 24th Oct., 1844. Mr. Love: Of course such an important resolution wou'd be entered in the minutes in the company's boils on that day Mr. Plews : I suppose it would. Mr. Love : Be so good as to look at the minute book ; do you find on that day, or any subsequent day, any minute of the board of directors directing or authorising the purchase of any of the shuts of the Great North of England Compa ? Mr. Plows: (After looking through the minute book), I do not. Mr. Close re-examined. Mr. Clayton: Where did you examine the item of brokers' commission, and front whence are the particular items form ing that ch arge collected ? Auditors: We examined it at page 16 in the ledger, and we collected the particular items from the journal. Mr. Love : Are there, in the basks themselves, any marks of yours to make you &e 1 assured that you arrived at that conclusion at the time you audited the accounts? Auditors: Certainly, our initials are 'axed to the com mission account, p. 16, ledger. Mr. Love : Are you aware that the sum of 171. 45., in cluded in the commission account to which you refer, and which you state you have examined, is not the sum that was paid to Baker and Son for brokerage, that being the whole sum eller d to be paid to them in the ledger? Auditors: We are not aware that it is not the sum. Mr. Love : Be so good as to look at the eighteen con tracts now exhibited to you, and see what amount of bro kerage is charged therein. Auditors: 74k65. bd. . _ Mr. Love : Where is the contract entered into between the York, Newcastle, and Berwick Company, ter the purchase of shares of the Great North of England Railway Company of Mr. Hudson ? — Mr.7Croaal The only contract I find in my possession is the pap er _ I produced yesterday. Mr. Love : What paper is that ? Mr. Close : The paper I now produce is the paper to which I refer : . Dr. You AND Nrorcursa Commirr.".. To 151 oacioliiiiiii.iiiii:7 -- £ 36,240 0 312 „ £4O „ at 631 91 „ 39 „ at 67 2,874 „ 13 ~ at 234 Stamps Oxambake 990 1 9 Mr. Love : How can that agree with the entry made, p. 16, ledger, which you say you examined ? Auditors: We cannot explain, as we before saw the contracts now put into our hands. We believe Mr. Close will be able to explain. On the esieceeding day the auditors handed to the com mittee the following statement, drawn up and signed by themselves, which they requested the committee to append to their:evidence. " We submit that we have fully and fairly executed our duty as auditors, basing compared every entry in the journal or payments and receipts with the banker's pan book and vouchers, and afterwards gone through the ledger, se Jag that every item was entered under its proper h ead; that we have cast up all the sums, and seen that they corre sponded, and i particularly in the journal of the Great North as of England purchase, s evidenced by the payments being regularly ticked ; having been compared with the directors' checks and banker's peas-book, with which they actually agree, and whiidi we consider sufficient vouchers for those accounts. Ws did not examine the contracts of sale of the brokers, considering them entirely within the province and jurisdiction of the directors, and we submit that the accounts, as audited by us, contain a true and just exposition of the pecuniary affairs of the company." Mr. Class's re.examination continued. Mr. Prance : You stated in your first day's examination, that you were ordered by Mr. Hudson to deduct from the price charged for Great North of England shares the profit e bad made by the transaction. What means had you of knowing what profit he had made ? Mr. Close: I understood Mr. Hudson that the profit was between 7,0001. and 8,0001. Mr. Clayton : Yon have stated that you fixed the prices of Mr. Hudson's 161. &era purchased by the company at 231. 10s. per share, on the assumption that Mr. Plows had valued those shares at 241. Si. 6d. per share. If you had known that Mr. Plews's valuation was 211. ss. 3d. per share, what sum, acting on Mr. Hudson's instructions to keep below Mr. Flews's valuation, would you have fixed as the, price of the 151. shares sold by Mr. Hudson to the company Mr. Close: My opinion is that the price would have been put down at 211. per share. Mr. Clayton : What, therefore, is the exam of price be. yond 211. per share charged to the company for Mr. Hudson's 151. shares, and what is the aggregate amount of such excess I Mr. Close: The meet of price is 21. 10e. per share, and the aggregate amount of excess, 7,1851. Mr. Clayton: Was the sum of 2,8741. returned by Mr. Hudson to the ei mpeny on the 19th of February last as part of that exam ? Mr. Close: Yea. Mr. Clayton: You have stated in answer to a question put by Mr. Prance, that if Mr. Hudson bad sold his shares in the ordinary way he must have paid brokerage; if the com thpany bad purc paid brokerage ? hased the shares in the ordinary way must they Mr. Close. Yes, and it was on this consideration that I put down the brokerage charged and included in the directors' cheeks paid to Mr. Hudson. Mr. Love : You state that the sum of 28741. was repaid by Mr. Hudson to the company on the 19th Febeosry, as part of the ems charged on the 151. shares sold by , why was not the whole some of 7185/. repaid on that day ? Mr. Close : I had not discovered the extent of the error. Mr. Prance : Assign a date to your disoovery of the error. Mr. Clow: On the 20th of February after the meeting. ' Mr. Love : You have stated, had you purchased 'bares in the market to the amount charged to Mr. Hudson, you would have been charged a commission ; would the commission in that can be so mach as you have paid Mr. Hudson ? Mr. Clow : This was the first transaction, and at that time I considered it was the commission which would have been £131.1187 9 Mr. Love : In whose handwriting is this paper ? Mr. Close: In my handwriting. Mr. Love: Whoa did you show it to Mr. Hudson ? Mr. Close : I am not aware that I ever shelved it to Mr. Hudson ; to the best of my belief I n Mr. Love : When did you lay it before the directors ? Mr. Close I laid it before the directors. Mr. Lon: Upon whose authority did you enter it as a purchase on behalf of the company ? Mr. Clue: On Mr. Hudson's authority, in accordance with the circumstances stated in my previous evidence. Mr. Lose : You call this paper a contract, having no date to it, no name of seller ; and you enter it is the boots of the company without the authority of the directors ? Mr. Close: I call it the calculation of the nine of certain shares, bred on the paper sent to me by Mr. Plows. Mr. Love : Then you admit it is no contract ? Mr. Close : I consider it equally binding as a contract. Mr. Love : Why do you think so ? Mr. Close: Bernet, ander all circumstance, providing there had been no mistake, it appears tome a fair transaction. Mr. Love: Are ore not aware that the prier of the shares in the paper aced are higher than those in the calcula tion made by r. Plows ? Mr. Close: I am not aware that they are, except with re spect to the error in the 15/. @bares. Mr. Love Whose authority had you for the psyment to Mr. Hudson of 131,8671. fn. 3d. for the shares by him to the company ? Mr. Close : The authority of the chairman and of the two directors who signed the cheques, Robert Davies and James Richardson. Mr. Lov: What mode of calculation did you adopt in charging the oornanhaion ? Mr. Moe: I think to the best of my knowledge I charged the !cale of the London brokers. Mr. Prance: Do you feel your position in this company is such that you are at liberty to dispose of a sum nearly amounting to 1,0001. upon gout own sole responsibility ? Mr. Close : I consider that this is a very peculiar case,and that I am only justified in charging what I think is right. Mr. Prance : In what does its peculiarity consist, and who gaveietY ? you authority to constitute yourself a judge of its pro. r Mr. Close: I consider its peculiarity to consist in its befog a valuation. I had no other authority than my own judg ment. 11LZ Preece : Do you conceive yourself authorised, being the servant of the company, to usurp the authority of the executive ? Mr. Clare : Certainly not. Mr. Prance: Did you not practically do so in tha instance in question ? Mr. Close : Certainly. Yes. Mr. Prance : In your opinion had Mr. Hudson d isp osed of his shares in the ordinary channel of business, would he not have had to pay a brokerage, instead of as in this case receiving one ? Mr. Close: If he had sold them through a broker he would bare had to pay one. Mr. Prance : At what time did you communicate to Mr. Hudson that yen had allowed him nearly 1,0001. in the form of commission ? Mr. Claw : I am not aware that I ever communicated the fact to Kr. Hudson until after the meeting of the 20th Februuy. tennmv, itutCH 9. Joint ezunination of the auditors, Messrs. Thomas Barstow and Henry Richardson. Mr. Prance: This committee is appointed to investigate "the statement of the Great North of England Purdue. Ac count," to 25th January, 1849, to which your signatures are appended as having been audited and allowed, we proem tlus implies previous aumnation ? Auditors : We did previously 111411211111 it Mr. Prance: The drat entry in the statement on the Dr. side of the account is 832 1001. shares, miming 2311.145.01 d. per share, total 195,2711.175. 3d. How did you cumin. the latter item? Auditon : We took the book. charged. Mr. Love: Are you not aware that all the principal broken with when you have dealt have charged only half the rate paid to Mr. Hudson ? Mr. Close: Yes, of course, George Baker and Son and othen. Mr. Prance: Do you state the ground of the error into which you had fallen in your supposed estimate of Mr. Plows, that you added to 21 an item of 31. 35. 6d., which appears at the foot of that statement? Mr. Claes : Yes. Mr. Prance: If this be a true explanation, why wee not the suns prieciple applied to the 1001. shares, and also to the 401. shares, viz in th e ease of the 1001. shares adding to 2361. 10s. (gee Mr. Plews's statesmen.) The antount 161. 17s. 6c1., gingerly appended at the footof the statement, with the 31. ds. 6d., as applying to the 161. shares, which would thus have brought out the price of the 1001. shares 2631. 7s. 6d., and to We 401. shares add the sun 111. 129. similarly appearieg at the foot of the page, which would thus make their price 7'21. 12a. per share ? Mr. Close: Because I took the result of the detailed oil culation of the 1001. shares sad 401. dune as given on Mr. Plewe's pew. To what book did you refer ? Auditon : To a book entitled O. N. B. Purchase, now on the table. Mr. PIAXCI The first ism states the swim of the 1001. shuts to be 2341. 141. Old per share, from wltat docu ments did you arrive at this maclusion Auditors : We did not calculate the aysenne, bat we saw that the sum total and the items composing it ware cornet, 195,2211. 17c 3d. Mr. LOT,: Did yea compare the asleep in the ledger with the contracts? - _ _ Aadilen : In did woe. Ws :ooutporwl thew with the honker's book sad the dinettes' cheeks. Mr. Love : Too took so mem, thew, it Rimy to seorrtela Mr. Clayton :Is there any detailed calculation of the lei Mr. Prance : Have you any objeetior s sha Mr. res on Close: No. Mr. Plews's pap r? your o wn whenou camelsp orche, d the shares, they w ere tra¢derref w "lhor Mr. Prenee: In your opMion, as a principle of equity, Hr. Hudson: I would like this question to be rep e e qt , ought not Mr. Hudson to have been coutent nil a negative morrow. advantage of escaping the necessity of paying a commission We shall print the rest of the evidecee without adding thereto the positive advantage of receiving commiesion ? Mr. Close : Under tke circumstances, when the transaction occurred, I thought Mr. Hudson was entitled to Cie com. mission. Mr. Shield : Is there any principle of equity which prescribes the duty of either receiving or not receiving brokerage, or is such a receipt or non-receipt a mere matter of bargain or of calculation with reference to cir cumstances ? . . Frost Rio EDINBURGH GARETTF ri E — ctoy,4, 4 SCOTCH BEQUESTRATIONk t Room. liztonsiorne Comm., Allow, brewer, April It & - i the Royal Oak Hote LT Eau' n ber eu Aberdeen, l, Alloa. tailor, April 13 & If ay 3, et th e R am ; Adeen. ron, ' ll l, A ,,,,... w m imeam . pin., Leib, tnerehant, April 13 & Xly 4, 43 , 4„ Eason% BhlP Hotel, Edinburgh. . 6 ths 1 69 1 6n9 Gme ml u m SHIPPING .INTELLuf.G.EII:O: MAILS. AIM DVS AIL 1 umbels ....... ....... ....... 0 India Mt ManoMmi . . 4 0 110i1ing..... ...... . ..... .. - ill . 9 Beaton and UMW . .......... • 0 Lisboa. „,. ...... .Ar il 16 0 Mettee NA Iliseeftii"../ 0 107disey. N.ILIr. . 0 I Meat 1001•..... ARIM 0 India vialkstibmwhen..A.Dra bb 6 Madi-..... .. -- • ..... I - btellg Tua Famscarra Mana.—An irapottard alteration in the Irt mein of thermals commenced at Falmouth, on Freiey Iva ; ...A conveying the maLs for the north and the manufacturing/0...a' lett that town at bh. 3m. am., instead of at 5 pan. on , b ,.....,_ - -•••; evening, % which will be a gala in time ten huure hart iiiiri..._ daily. Generally an advantage .has its ineomenirne% rb,;.,,,,• - • mail wIC arrive at Falmouth at 9h. 40m. p., which for Wag exted mail delivered. w ill he 100 int Mr. Close: I am not aware of any such principle. Mr. Love: My reason for asking you . why you charged n commission in this particular instance is, that Mr. Hudson individually is the seller to himself, as te* to the York, Newcastle ' and Berwick sluucholders and do you not con ceive that this is a circumstance which would render the charge of commission an unjust one ? Mr. Close: If I had, at the time of the transaction, seen it in the light you now put it, I should not have charged it without full authority. Mr. G-orge Hudson's examination. Mr. Prance : Do you desire to offer anything by way of explanation of a sale of Great North of England shares, de bited to the York, Newcastle, and Berwick Company 131,8671. 9s. 3d. ? Mr. Hudson: If the committee think proper to ask me any questions remelting this matter, I shall be very happy to answer them, and also to give them any information in my power. Mr. Love: Did the board of directors authorise you to purchase these shares, and if so, at what period ? Mr. Hudson : Imm ediatelyi after the meeting on the 26th of October, 1846, to the best of my recollection, a board meet ing was held, and a general instruction was given to me to carry out the resolution of that meeting to purchase the shares, in accordance with the plan which had been stib =Med to the meeting of proprietors by which the stock was created for the express purpose of such purchase; for it would be impossible to meet the payment of Great North of England shares by raising a capital of throe millions and a half in one day, that is, on the Ist of July, 1860. Mr. Love: When did you sell these shares to the company ? Mr. Hudson : On the day after the meeting. Mr. Love : Did you formally acquaint the Board that you, individually, had sold to the company, of which you were chairman and trustee, 'certain Great North of England shares, amounting to 131,8671.95. 3d., in October, 1846. Mr. Hudson : No; nor did I acquaint them with the pur chase of any other shares during the whole of the time it was under my management. Before I made the sale or filed the price at which I would dispose of the share' to the com pany, Mr. Plows, and Mr. Oxley were requested by me and the board to furnish an estimate at what price it would be advantageous for the company to punkas, the shares ; to the best of my belief and conviction I charged them at a lower price than that estimate; I did not then think, nor do I now think that, inasmuch as the company wen compelled to be ipurehasen in 1850, my paid= did prevent me being a seller, at a proper price, as any other individual, and I also felt I had strong claims on the company for the best price they could afford to give, inasmuch as I had given up to the company a very large sum guaranteed, which I held in my own right, amounting to 3,2.501. a year, which would have produced me a very considerable income. Mr. Love: Are you aware that them is no minute made by the directors either on the 26th October, 1846, or at any other time, that they had requested Mr. Plews and Mr. Ox ley to furnish intimates of the value of Great North of England shares? Mr. Hudson : I am not aware that there is, but there is no doubt of the fact that such instruction was given. Mr. Love: You have stated that the shareholders of the York, Newcastle, and Berwick Railway at the 'pedal meet ing authorised the purchase of Great North of England Railway shares, can you point out any particular resolution to that effect ? Mr. Hudson : I refer you to resolution No. 2 at that meeting. taken more particularly in connection with the statements I made to the meeting, and at the York and North Midland meeting held on the same day and place. Mr. Love: Is not resolution No. 2, to which you have re ferred,rstrictly limited to a provision for the purchase of the Great North of England Company's railway and works, and not to a particular purchase of the shares ? Mr. Hudson: I consider the resolution of proprietors ex pressly authorised the purchase of shares; I could only pur chase the railway and works by the purchase of the shares. Mr. Prance : The principle of the calculation adopted by Mr. Plows is to ascertain that if money borrowed at 6 per cent. was invested in Great North of England shares at air. fain priors, what profit would have accrued to the purchaser when paid off at 2.501. in July, 1860; the results, assuming that his calculations were arithmetically correct, were that 1001. shares at the price of 2361. 10s., would have left a profit of 71. 6e.; 401. shares at 611., would have left a profit of 21. 18s. ; 151. shares at 211, would have left a profit of ss. 3d. —how can such a calculrion be applicable to the duty which devolved on you, viz to have purchased for the comp a ny, of which you were t rustee, shares at the lowest possible price, and would not the average price which had prevailed on the Stock Exchange of London for a certain period, say six months preceding, have been a fairer principle than that of Mr. Plews's calculation ? Mr. Hudson: Experience has tam;ht me that in attempt ing to buy any large quantity of good shares,it is utterly im possible to obtain them without materially advancing the price. I give an instance: last Saturday I wrote to two brokers in London to purchase Great North of England share' at about the price of the day ; the answers I have got are, that they are unable to make any purchases whatever, though the Stock Exchange list showed sales on that day. I believe, but for the unfortunate error respecting the 151. shares, the sum paid to me for my shares would not be more than 5001. above the market value at that time. _ (Ma ow i ora•Zurat i r ". G "'""• AM/ r 4li ttt 'Jaar,1 1 .4 ';174 .44 ! 6b16:44 Jona IZ e 'eey, pper 4 41 Jane Arettitula, gri.4.. 7. 1 . 41 0 113 r144°646 all.Pult A tueb, Gloaraezadi g 3.4 •llll Lauren& r Merta, 1 Ataa lua. , Orsiz, 4 M pulaar t. s t. l e: 14 1 4.10, PIM. A i r Il e atueautuai,Ap r ii /teat Wilde 4A.."'"Na1t,.... Marl AY. li• A". Mettalf•A/1 7 * * ZLirm aft r f m.lit= Wird, Oraernead. Apra I .14.14 It snot, Orarruaa , 4rg °4"d , op& Nymph, teravarand Why - Nor t beta Mal{ Aad , ap' Nouvelle noUrie, bainei:.4llgrt Oalris • Weer, Ap a , Wd eh.llo ll Padre Makin 'COT and Jona, cusuaela.n,.. Plover Palette, ap, Portia, Porten, ap, I WA. ,Apt . I ii d . l'outdoeu, Lir., areur,l6A-- PHscrteklAte, aprn 7 pm Quiver, Warein gap Cot, , Airy" Al ' Rutin , ~ Ap. 761.4 Wend. a, thp. p m Iliad Inackede, Art am. 6, Phelan Bunke, Au. 3 Meal bY1343, Vane., ap, Speedy Peckemilat'p ap McKeon, .1,106, Ali. honua.7 bum., Salmon*, a, fauna. Sarah, Torbay, Ar 3 ,thapai n , Mates Rearm, Gametal, g i AL Steam blelk,Ourresenti,auu Tjordr atihJeld,tlarier, pl. 1464, Tana TU4" O ' raltU lk.l' l nif:l"6""Nal arr. Ne •p, April a tardid Trial Taut. • April' • law, April ' pion Luba, OlillNti, dpn 1 , buoy Union, Grateeead A - VIM Deal. Apiel Viar kodakmde, lrta.4a d i Viscount lialido3l,Gravearsi,l ern. and Maria, Graved, Ila Wave,Grarratutd, ape IMAM% linueread,Aprir ,Lua Winand Mary,flarrr..Ape ' lriunne 7 Zeo, Lie.. Ap. , Marina 116.11JAD. • , Graveeead, Apra 7 *abler Gravivenil, Ay. 7, N. Orleans Asaphos, Grartseed,Apell I, Mobs! AzoresPaeket,Graveeend,Ap 6,Llsbon Anus Marta, Graveand, Ap. R Cale. Asertan, °reamed, April 7, Stallah. =l3v., Ap. 7, St. Pelmet,. , Ap. 7, Hush. Aala, Deal, Apt% 6, Gravesend Ada. BoAuey, Hartlepool, April 4, Hoslogae Ada. CoUlagwood, Hartleg L W ., Ap. $, ary Anne, Mead, Ap. 6, Coedit Betas, Belf., Ap. 4, Sanderlaad Cltark Giesnr D 7 4. A4 . ll i. A o rirli . ans oountens of kulgrsve, Deal, Ap. 6, Gravesend Countess of eadeld, Deal,. April 6, Olavesela Candela, Deft, Ap. Gravesead Catherine, Planeness, AprU i ll barman nh. Cato Freres, Gloster, Ap. Charlotte, Hall, Ap. 3. Dentate Chasm, Shields, Ap. 6, Haub. Columbus, Welds, Ap. 3, Haab. eircaulan, Rwenars, Ap. 4, Cuba Cadet lan 61.11.. Welt , Ap. 6, Kowa Ceattiflos. elf Vales., Ap. 6, Danube Chas. Welton,Deal, Ap. 7, Gravesend remains, Onivesend, Aiptil 7, Deans. Carol, Gravesend, April 7, Demerit Canterton, Gravesend, April G, Santa Man.he Daniel Brea, Gravesend, April 4, Gamut.) Dr. Winterbotteas, Ploherrovr, Ap. Ilaiwass, Leith, April 5, liolbeer Ihunielarad, Leith. April 3, Hotbed. EJLesteth, Deal,ApU Gramm& illGabetb, Leith, Ap. Hush. Es peer , I.eith , Ap. 3, Fleekethird EUsa Loiters, Lel th. APA.WAWSitaisde Esperasee, Eorilinadss,Ap 3,Lokken Epen ier, Shields, AprU 4. Havre Eche, Shields, April 3, 80/slog. nouthasop.,Ap. 11,1tetterians Ellen, Gravesend, Ap. 7, Delmont Eghass. Gravesead, Ali. 7. Cadis Espbratee, Gramma. April a, China Eniaatiel, Grave•end, April I, Alines Ectsiosiy, Onwesend. Alp. 7, Pettis Elle°, Gravesend, April? L Oporto Fame, Gravegeod, Ap. 6, Emil. Fiskeni, Leith, As 5, Stettin Flint. cd the Wight, April 3, Astw. Flower of Yarrow, Deal, Apil ie 3, St Mr. Prance: Would not your experience have equally led you to the discovery that any considerable sale, such as yours to the company, would have had the effect of depressing the price, and that a similar difficulty of finding purchasers would have been felt, as you now describe, in finding sellers? - _ . . . . Mr. Hudson : Under ordinary circumstance' I think it possible it might have that effect, but with the resolution of the Newcastle and Berwick Company promulgated in the London Stock Exchange, I don't think that the effect would be to lower the price ; on the contrary, to raise it, in conse quence of the company being known to be large buyers of the shares. Mr. Clayton: What written evidence is there that the shares which have been purchased for the company have been so purchased and are so held ? Mr. Hudson : I put in a deed of trust, dated 25th of January, 1849, executed under the seal of the company, by myself and my colleagues, and by three directors of the York, Newcastle, and Berwick Company. Mr. Love: What is the unfortunate error you refer to with regard to the 151. shares. Mr. Hudson : In fixing the price which I thought in fair ness I ought to receive from the company, the price esti mated by Mr. Plews, and shown to me by Mr. Close, was 241. 3s. 6d. per share, as a price at which it was advantageous for the company to purchase ; 1 then directed Mr. Close to put them down to the company at 231. 10s. per share, and I never discovered that there was any error, or doubted that the transaction was perfectly correct, until Monday morning before the meeting coming to York, I was looking at the average price put in the statement, it struck me that the average looked very high, but before the statement wee sent out, it was sub mitted to a meeting of the board, and although sone of the directors went into the calculations, yet none of theca made any remark as to the high avenge of those shares. Upon arriving in York, I went into Mr. Close's office, and I stated to him that the average looked very high, and asked of whom had been bought the largest number of those shares. He re ferred to the books of the company, and stated they were principally bought of me; I said, then turn to see what are the prices given for the tame description of shares to other parties; upon which, seeing that the shares taken of me were at a higher price than those taken of other parties, I said I must pay the 11. call due upon theca immediately, and after the meeting you and I must go carefully . into that account, and we most have the matter set right, but I Cannot attend to it until after the meeting; I received no intimation from any party whatever that there was anything wrong in the price of the shares, or in the statement, and although I felt that something was wrong, I was not aware until after wards of the extent of that wrong. Had it been my inten tion to have concealed or to have taken an advantage of the company, it would have been very easy to have published that account in a manner that the error would not have been so palpable. Mr. Love : Why did you not mention, when you had pro- ceeded so far as to move the adoption of the report at the half yearly meeting held'on the 20th February last, the fact that there wee an error in the statement of the Great North of England Purchase Account? Mr. Hudson One reason wee, that I was not aware of the extent of the error • but still I regret that I did not at once state that an error gad been discovered. Mr. Love : Did you repay, by the cheque now produced, to the York, Newcastle. Bawick Company the sum of 2,8741., being 11. per share on 2,874 Great North of England 151 shares sold by you to the company ? Mr. Hudson : I did. Mr. Prance : What induced you to fix on this particular sum of 11. per share as the limit of your overcharge ? Mr. Hun : I did not fix it u the limit of the over charge, but I paid the 11. per share as being unpaid on the calls, and I dktiectly stated in paying the IL I would go carefully into the matter a ft er the meeting, and correct any further error that might exist. Mr. Love : To whom did you make this communication ? Mr. Hada= : To Mr. Close. Mr. Prance Am Ito understand that the sum of 1/. wee simply a payment on account towards an error, the total amount of which was hereafter to be ascertained, and the balance then to be paid ? Mr. Hudson : Most distinctly so. Mr. Love ; What means had the directors of ascertaining whether the payment made to you on the 27th of October, 1846, of 81,1001. was correct, they not having had any re port made to them of your sale to the company ? Mr. Hudson : I have no recollection what representation was made to the directon, bat I have no doubt that they were informed that it had been expended in the purchase of Great North of Ragland shares. Mr. Prance : Have you any objection to state to this com mittee at what period and antler what circumetances you be came ponsessed of the e Great North of England dares you subsequently sold his company Mr. Hudson : To the beat of my recollection I bought every share in the open market through broken, in the latter part of September and the month et Ga o l er 1846. Mr. Prance : Have you any objection to ruches your beckon' entracte ? Liu., April 7 New cirri Cilmg.,April 0, Mauritius (Moreau, Hull, April 6, boom Garouue, Ilya., April 11, Hama. Grantham, Melds, Ap. 6. Hamb. Wrath, Gravesend, Ap.b, Hotteed. Gazelle, Orairaread, Ap. 7, Ootteubs Hercules, Deal, Ap. 4, Oravettemi Herald, Palm., April 6, Coustuatleel Hector, Orgasm., Ap. 3, litasSeck Ands. Holiest, Ap. 6, Now York America, Cork, April 3, Now York Adelaide,_ Cowes, April 6, Aspen. Falmouth, A p. 6, Tr: Zino. Anna Morgan: tt.r, L.Mraboro*, April 6, Hunk. Affahnn, Greenock, ApeU 3, N.York Alarm, Guernsey, April k Lisbon Alpha, Jemey , April 3, killbea Anne Moore, K ilnidt, April 6,Qoebec Arscur,Fort.m., April 6 UM. A'" Alow7 g ngea T , r rgliz APe A ll , ptli thi :r a Con. stantlnople Archimedes, Glasgow, April 6, Um; Amity, Lie., Ap. 0, Pngwash Au word, Graesind, Ap. Utast 7, &nerd. Billo Bouvierl, (llv., inseed , ., Ap. li,ltottenians w, 0 Donne Nue, Ap. rter, Ap. St. John, Rancour, Rwansea, Ap. 8, Rouen Louvain, Trout, Ap. 4, Odessa Bowes, Prorklastom, April 5, Quebec. Cho, Watson, Deal, April 6, Buxton Countess 06 Ileaheld, Demi, A= China, Jersey, Ap. 5, Dupe Caroline,Noldon, April 4, Emden Chalon%) Whitmore, Swansea April C. cur. Colonello Salvino, Toon, Ar m.i t Circaosian, Tenon, Ap. 4, Odems Coronas, IJ v., Ap. I. Havanna Corsair, 1.1 v., Ap. 7, Quebec Caledonia, Ur., April 7,14.4300 City of Rotterdam. Oravad., April P, Itoiterd. Candidata, Gravesend, April 6, bar. Dodoes Countess of Lansdale. Graven,. April 7. finnan. Director, Ground., April 8, Antw. ' Danbrody, New Boa, Ap. f, N. Yak Della, Purism, Ap. 0, Onebee Elizabeth, Natal, April 5, New York Element, Cork, Apsll a, New York Elizabeth, Deal, April 8, Quebec Emerald, Elansh, Ap. 5, Quebec Eliza, Portland Ms., Al i i ; Leghorn Ella. !Welds. Apell 6, Ellen, Gravad., Ap. Echo Ap. 6, Rot Emmen, April 7, Nava Eagle,Ap. 7, Persian n , i. A ko l taz. iTork Free 'Trade, &Arend., April 8. Co. Pellhalice Pa:Orrrt 4aiit.rAifinijanetioo Gotkes, Cialestrorr, Aprl. 4, Rand, Gleaner, Greenock, April 4, G i ne . tr . insurfehn, Mahlon, Apl.l , . Gondola, tegow, April 13, 4 11sadtim GI oZT: L Eagle Le., Ap. 7, Bram liir:Hitia;ll7lshould have no objection if I had than, bat I ban them pt. Oewte Lt. Ap. 7, Quebec Henrietta, thsweead, 1.1 v., Ap. Swan err Hibernia, Lie., April 7, Newfound. Harleq LIT., April 6, Oporto 'tentage., Cimarron, April 6, Now oe! Hilda Charlotte, thlmooth, Ap Y ril 6, New Sort Hendrick, Inverkelthbag, April 6, Stettin Hallo, Port Talbot, Ap. e, Palmpol Heisler, Shield., Ap. 6, Copt - whoa...ft lofdtwoblle, Tryon, Ape 4, Terbi um& Ai bust. whir Bu b= Courier 1, balm l lpme c l =. . , ane, L 7 Jsramutl„l.ll. 4 1.. Mani and Calkinka, larnteisliss„ Ap.4„ Minn Lordra Ira , 1 11=1 , r t it . A42, Fait Lord I. Bissell, Orreesta p t Lanni, Gravesend, Ap r. Rain Lockladaal, Lir., Ap. 7, lerlunaltsiorr, Lie., April 1 16 1 1 = i ttrlti i rr u c . szd. Ap. Wand braral., Menke, Gravest., April!, Trask Mary Asa, ti,., April 6, Nam Matador, Falra., April Casts. Mary Mastro!, ()wk. Apnl 6, Rend map., April 6, INS Marta Agnetha, larerkelibte4,l !Luis, Kuria, April S. gales Mersey, Swansea, Ap. 6. Quist Marictia, Sloan, Ap. 1, Odems Mayel, arm, shields, Open 6, none llaW/, Shelds, April 0, Gram Naparlma, i Bristol, .61, 6, ft JAM Nrdo, Olassow, Awn 6, Nam Nord (*pc, Lir., Ap. 6, Wrier On Ochtertyre, Osurescad. Op. 6,0 p ward Lir., April 7, Bonus Arcr(te. Greenock Ap Pm' demo, Sklekis, April Princess Royal, Gravesca, 4 Princess Victoria, Gray areeT 3 n the re rna d e A , Q. E. D., Shields, A p. 6, rams= Rickard ;Dart, Deal, Aral as LIM fUctuird Cobden, Falmouth, Agit Regina, Inverkeltblag, April f ra Resolution, Newport. Op I . .balei Rain bow, Onmeerad, Ap Rickards., Lir., A p. 7, Net/ liosaskirc, Gravesend, Ap 7. Reid kir Ld. Banks, Orareorod. o ftj Sir J. Has Reid, GMCsl6l , l i. tg Runnel, Lly., April 7, Newt nodal Seadrift, Lir., April I. Si ;Menlo' Slavonia., Falai., An 6, Galata; P.e11:10, Orrtamk, Ap.l,Pensa Sarah, Gl over, Ap. 1, 1. Simms over, Pipit, AprilVinfill sumo, askbr, A p 6, boat Tancred T i,Tow April S. Alemakb Thomas Mandford Cot: And ; d _ °WU, orhootter D. litx khan ... Mclef , ,!.24llsti) xvA.ur. ;:g ritUtd.erd; Liverpool Mary Margaret, barquel Naomi (o4d ) Nralrew Norway ranope Thetis Trylila, schemer Michs. thy., Ap 7,10 MAMMA T. Mr. UT., Aix 7, Ihrtaa Cmla, lJr. Ap. Llos+trit Ammecuakt, Gramma& April 6, EA P•ha, Cowes, Av. 6, LaShamea p wry, Cireelach. Arn 144 'nip Victoria, :Meath, Ap. 6. Qmehcm_ m iaeter.Lori, April Wrahcran,UtarnaK AP :Ai'. Wiatrturer, LIP., April , Mn• Monad Watchman, UM, Ap. 6. MlO6 Mumma, Lc, Ap. a, Newland. Zig Lag, Sanwa, April 6. gm NTT. LIT. A I 2L w. ... Ll,erpoil l." iu lt Ma ki.l c l s l Uverpsoi :Talpanilao .. Nor. IS Of Kr Wan , lRointay . Pec. II On 041:: iimanswn Int a01ui23.1 . a. ACC 3 ON. ILirispinia ISt J0hn,24... 3W. 30 N. I S W s lisi.lll 47 N. IS W. limns ;Liverpool.... Ma* 1 33 1 3 1.. Chins 'London Jae. I in atrintitai Liverpool.... Quebee a. ant. IT o. 1 1 0 11 14"1". ;:e j l ineir. Aft eis N nor ".W . ... DTe• If IT t IX Constantin* Mar. •It I landoaPm .. Dee. la IN. . 3 " 1016rattas ... 'Newcastle-- CASUALTIES. Ann, English brigantine, grounded on the Costol2 de Rea m 110 ralta of :.3r.1 In.t. and Is beim: dtstnuttled.—Cadiz. Muth 2. Amelia Hill. 'min. from Conotantinopte to Cork. Knot the 2 0 " became leaky, and must Mockup n, repair.--Gibraltor. Martha_ Durham of Lehator, b ri o, from Ale andrla for Cork,Pe„ ... i th...he rt i bh „.gr been thrown on her beam ends, allifted OM% 2 e• —thw ' wiw Earl of Auckland tvcrew oteamen, Cook, from Cossuclinork...".. here thin m 'ruing leaky, baring struck on a rod het WM to 14 . 2 . 1 N. lon. 18 E., and will go Into dock (messaging.'" but it W nth will not hare to diocharge.—Malta, March 27. Florida, Lori., from Liverpool for Durdt, Put lw w ith ihah"gla broken nerre..—Kingstown, April 5. Frances, Nudge, of Aberdeen, bound to Cork of Pa/Month WV.% was wrecked on St. blames' Pant, IS mike met of 0110 0, March mores and pert of cargo expectel to be sand. esti Margiena Stargrletttn, mink of Petals, wai nbaplonol la ter &A 3rd lout. la a oinking date ; crew saved and hailed hat wink, April 6. yogi Town of I/no:hods, water-logia . i i i . nd abandoned, inu miles W. of Cape fo a m 23. „4,,al ion Verona, Fruady, Ne wport to New Orkin". was bon ninhinintate In ha. d on. 4L W. ; crew tacked tip aaJ W —thin-altar, Aprlll. BIRTHS. ADDlSo72 ugh .—April 3, the wife of T. F. Addison, D&4,, of " 144 f a ter. BIILL da OCIL.—ApriI 4, at Triangle, Hackney, NM J. DOA' /wetter. CAMPBELL—ApriI 2, et Rumple Castle, the wife of O. A. GAF V bell. ao., of a sin, staborn. COOMBES.—ApriI 2, at Stoke, the wife of Mr. J. M. Liendelka l daughter. CU N DELL—April 4, at Leith, Mn. Conde% of s an. FORSTER.—ApriI 3, at Dighburykroce, the wife of J. Foram r i S • of a son. ,MAII:LAN o.—April 4, at Guilfordetmet, the IWO of J. G. WWI of daughter. NM' 1 1.1,E.—A toll 3, at Glasgow, Me' . R. 11. Nerille. of ML, WAR REN.—April 4 Wouceetel,o,oo,, Mry. MIEN% I oUL brn. MARRIAGES, WIM BARER—MITCHELL—ApriI 3, at St. Andrew's, Plr Y74l ‘ 0 Rev. J. Hatchard. Mr. W. Baker, of Bridge-end. Seams Tura Therwa, youngest daughter of Mr. W. Mitchell, Plyinoish. tri.; BESTOW—riTARKET.—AptII 3, at Penton, near G rusham. Rm. G. Potchett. Mr. V. Nato., of Nottinghsre.to Sineansh. daughter of Mr. W. Fork y. of t 1 e former place. DAY, SON—PRINOLL—ApriI 3 at St. Peter's. Sercfnef`t °° • CWill ma Frederick, eldest son of the late J. Passion, Eq. , of 14,34 " -Durham, to Mary. Youngest daughter of the b i te 0. pro& /01. &remora -n. nr rL DREN NAN —frOTT.—Aetil 3, at Inverkcithing.bYthe ..."`:4 1011. of Linlithgow, Mr. It. Drennan, to lobi 10,chiest Ems., of Inctrkeithing Foundry. BROAD WOOD.—April 4, at B l eigh EAT to li n, S 3l . 1 Aroadwood. Esq.. of Lyre, rear floe ham. sred 71. RUCK WORT' I,—April4, at Ekigictleldkreen, .tens Maria daughter "April late O. Buokworth, /LK., of Parkplace, Bert. 0. RULLEIL 3 at Mortal, Cornwall, J. Rule., Esil. l,o7 '''y. CAMPBELL—ApriI 6, at If o, Franei.ea, relict of 1151 0 Danube% formerly of Fulmer, treks, end RariPeste, CRAWFORD.—ApriI 1. at Glasgow, Jessie, yosingof 4u g 6 ^" W. Crawford, late of Fort Glaegow. „. j gd FRESIIFIELD.—ApriI 1, at Brighton, Mary, eideet sank% 0. Freehlield, Hp., aged 9. OAF LEEKIL—ApriI 4, the Rey. R. M. Leeke, of Ruckley-gra 2 „ shire formerly rector of Longford, lo the lame county, Ms. MONTAGIII.—March 11, at Barcelona, John Monteath I 'A... — ravened and tc.7rettod. gala argarrt fichaw, wife of PRENTION.—ApriI 1, at Greenock, Elisabeth Reid. s ell- - Mr. T. PrenUce. Baz i ewihllamct t. blynfe of A. U. R owlsi r ll6' 'dated god Published by WILLI/111 KISCI Haim of No. Welk la Use City of London, Printer, st the osoo, La in on dultelant of littikertara—Mosuar. Anus 0.1810.