The Sun. — London, England, 1849-04-12 00:00:00

THE SUN, LONDON, THITRSDAY EVENING, APRIL 12 1849, INNER AT 'WAKEFIELD TO MR. I rests, as well as ours, that they should; and whilst they COBDEN. do not, but, instead of that, go whining to Parliament, NORMANTON, WEDNESDAY MIDNIGHT.—This even- and talking of transferring the taxes off their shoulders ing a grand complimentary entertainment was given to on to ours—whilst they indulge in such child's play, Mr. Cobden by his constituen t s , i n celebration of his tri. the y ma k e t hemselves sim p l y ridiculous in the , eyes of um phant return for the West Riding at the last election. men of business, and we tell them we have no sympathy The entertainment took place at the Corn Exchange, for any of their pretended distress. They say they can 'Wakefield, where accommodation was provided for be- not compete w i t h foreigners in th e d muscle of the produce of corn. tween 600 and 700 persons. The side walls were orna- I speak to the backbone an mented with branches of laurel; at the upper end was clothing districts of England. You have no protec the Royal cipher, surmounted by an Imperial Crown; tion, and if you wanted any, I should vote against your and at the lower end of the apartment was suspended a having it.—(Cheers.) But there is this difference be. flag with the inscription, " Cobden and the ledependent tween_ to sell your your caseand that of the farmers. You ar e cloth so cheap that when it is gone Electors of Wakefield;" in front of the Chairman were obliged emblazoned the mottoes, " Protection is Robbery;" to China or New York it must compete with the pro 't The Twins—Agriculture and Commerce," " Free duce,rs there even after the consumer pays the cost of Trade," &c e carriage and a heavy duty.—(Cheers.) Your produ c tio n so good that the . consumer .. prefers to buy yours, ply- At the upper table, which was slightly elevated and stretched the entire length of the room, sat the Chair- ing those charges in addition.—(Cheers,) The farmer, man, the . contrary - , has only to compete with the foreigner ' man, Mr. George Goodman, having on his right Mr. Mr. William Brown, when • his corn is brought into this market after incur- Cobden, M.P.; Mr. Bright, M.P.; M.P ; Mr. George Wilson, late Chairman of the Anti- ring the expense of carriage. The farmer, therefore, is Corn-law League; Mr. Harrison, Mayor of Wakefield; always sure of getting a higher price for his corn than Mr. Alderman Carbutt, of Leeds; Mr. James Hanierton ; the foreigner, and you are always certain of getting a Mr. C. 11. Dawson; and on his left Mr. Marshall, M.P.; lower price for your cloth than the foreigner requires. Colonel Thompson, M P.; Mr. Salt, Mayor of Bradford; The farmers may have difficulties, but they cannot be Mr. Henry, M.P.; Mr. Kershaw, M.P.; Mr. John Bald- allowed to indemnify themselves out of your packets, if win, Mayor of Halifax, &c. they cannot make their trade answer.—(Cheers.) The following acted as vice-chairmen:—Messrs. W. H. I have been watching with some anxiety the course the Nester, of Bradford; F. Crossley, of Halifax; F. farmers' friends have taken in Parliament. I thought schwann, of Huddersfield; C. G. Maclea, of Leeds; Ed- when they found themselves deprived of protection they ward Baines, of Leeds; R. Sully, of Sheffield; James would at once begin to join with the free-traders in re. Micklethwaite, of Wakefield. during the expenditure of the country; they have not The list of stewards comprised the names of the lead- done so, for this reason—they believe still, or find it their irig free-traders of the district. The body of the hall policy to affect to believe, they can put their hands into was covered with 15 tables, each accommodating 40 per- your pockets and indemnify themselves.—(Cheers.) I sons. The dinner was supplied by Mr. Wigney of the want the agriculturists and landowners to be convinced George Hotel. that to go back to protection in any shape is impossible. —(Cheers.) We are not now talking the l anguage o f a The CHAIR MAN , in propo s i ng th e first toast, said—lt is our peculiar h a ppi ness an d p r i v il eg e to live under a party, but of every party, and there is so party i n ex i s t- Sovereign distinguished for many excellences, and de- ence which has a leg to stand on in West Yorkshire voted to the best interests of her country—a monarch which is in favour of a return of protection.—(Loud who lives in the affections of her people, and whose de- cheers.) When the constituencies of real counties light it is to diffuse as much happiness among them as are satisfied that if they maintain a taxation they possible. It has been my delight in all public assemblies shall pay their share out of their own pockets, and of my fellow-countrymen to see the spirit of loyalty shall not indemnify themselves by putting their which has animated them, and the same spirit will, I hands into your bread-baskets, they will join with us am sure, prevail among us on the present occasion. I in reducing the taxation and expenditure of the country am confident you will all join me most heartily in as the only means by which they can enable themselves drinking long life and happiness to her Majesty the to meet the competition of foreigners. Up to this time they have . not pined us, and I have been, I confess,.Queen. Drunk with all the honours. astonished to see the unanimity with which county Mem- The next toast was the " Health of his Royal High- biers uphold the extravagant expenditure of the Govern mess Prince Albert, the Prince of Wales, and the rest of meet. I made a motion, which I put in a very modest; the Royal Family." way—l merely proposed that in the opinion of the House The CHAIRMAN said—lt was a matter of sincere re- of Commons we should return as speedily as possible to joicing to all her subjects that the Queen was blest with the amount of expenditure which was found sufficient a good husband, and they all hoped that the Prince and for us fourteen years ago, and upwards of a hundred the royal family would with her Majesty enjoy long life county Members went into the lobby against me, and and happiness. the county constituencies therefore sent up Members in The usual toasts of the " Army" and "Navy" were favour of high ta xes . W e ll, if th e y won't help us to not drunk. reduce the expenditure we will take care that they only The CHAIRMAN then, in a highly eulogistic speech, have low prices to pay high taxes—(Loud cheers) — proposed the " Health of our distinguished and patriotic and if they continue to pay high taxes it shall be Member, Mr. Cobden, with thanks to him for past in- their own fault. It is not considered etiquette to at valuable services to his country and mankind, in the tribute motives for the votes given in the House of cause of free trade, and an assurance of the hearty sym- Commons. We must not state what we know to be t he pathy of hie constituents in hi s p resen t l a b ours on behalf fact as to what influences votes in Parliament. It is of economy and peace." actually forbidden us to say that the counties are repre- Mr. CoRDEN, who was received with the most enthu- sented by the aristocracy. whose families are connected siastic cheers, said—l feel that it is from me the with the service by land and by sea, and that the mem. apology should come that I have not long ago had bers of those aristocratic families keep up an enormous the opportunity of meeting the electors of the West expenditure for the army and navy in order that their Riding at home. I ought to have paid my respects young er s o ns ma y find_ bertha, It is considered very to you immediately on my return from the con - i m pr o p er that an y of these allusions should be made; tinent, to have thanked you, and my friend in the and t h ere f or e a s there is a rule that motives should not chair especially, for the most prominent and responsible be attributed, don't let it be supposed that I have position he filled on that occasion in nominating me and imagined anything like what I have stated. We will returning me when I was thousands of miles away, con- suppose, then, that these farmers and small freeholders ferring on me the most distinguished honour that could are the men who suppose they have all the interest. We be conferred on a citizen of this country. But, gentle- must suppose, looking into our army list, that the staff men, since my return home I have found myself occupied appointments are all held by the relatives of the farmer in public avocations ; I believe that my pursuits have and 40s. freeholders. We have 150 admirals ; we been your pursuits; that my aim has been your aim; and never can employ more than 14 of these at a time, I have felt assured that, dealing as I have done with a and we must suppose that these admirals are all of body of intelligent and practical men, you have been them near connexions of the tenant farmers. It will not satisfied, whilst I was in pursuit of what I humbly con- be considered bad taste to have assumed that. Then, if ceived my duty and your welfare. You would be satis- these farmers and 40s. freeholders will support high fled that I should pursue my duties in Parliament, taxes because their brothers and sons may be admirals, and be content to be together in spirit, though majors, and colonels,—if they choose to keep up such we were absent in body. Your excellent chair- establishments for their interest, we are not going to let men has been good enough to associate my name them pay fur them out of the bread- basket.—(Cheers.) with three principles free trade, economy, and Our friends in the southern counties will perfectly un peace. I beg it to be distinctly understood that derstand that we see through the whole case—that we in meeting you hero to-day—in having the privilege know exactly how the land lies. If the tenant- farmers of exchanging sentiments with you, we do not and the people of the middle class in the . south of &T -meet for the glorification of any individual or ourselves, land really want to reduce taxation—if they want any but to do homage to those principles which your chair- amelioration in those laws tbat affect them with respect man has enumerated— (Cheers)—to render if possible to game, with respect to occupancy, or in any other way more secure the attainment of the first of thole prin- in which legislation cln be to their interest, they must ciples, and to pave the way for carrying out effectually join us, but not to impose an Bs. or 12s. duty.—(Loud and speedily the other two. lam not going to make a cheers.) When I see the farmers getting up a row free-trade speech; but an attempt has been made to in South Hampshire, and carrying down a Mr. Shaw show that free trade in corn—for that is about the limit to be more prominent than the squires themselves in. of our triumph as yet—that free trade in corn, which clamouring for protection, I pity them; they are posi we have had for some time short of three months, is a Lively past all hope of salvation.—(Cheers.) The farmers failure. Well, I don't know what we expected free are a class of the most dependent, politically, on the trade in corn to do that it has not done for us, as far face of the earth. They every now and then burst into as it possibly could h ave d one f or us. Did any b o d y a sor t o f saturnalia. These political bondmen—they ever ask themselves this question—What would mean nothing—it ends in nothing. The landlord is have been our position now if we had not carried merely asked to go to his agent, and say—Tell all the the repeal of the corn-laws just at the time we did? farmers on such an estate they must vote for such a man I have talked to men coversant with these matters, and —and they do it. The whole thing is effected by a wink I have put this question to them—Supposing the old or a nod. It requires no noise. Besides, the farmers sliding scale to have remained in operation now, what form a very small portion of the electors even in a would have been the price of corn at this moment? And county. We have a return before Parliament of the the general opinion I hear is that wheat would be at 70s. d ffsrent kinds of qualifications, and in the most rural a quarter. What would then have been the condition of the proportion of occupying tenants is about one. eighth England—what would then have been the condition of or one-seventh, and in Lancashire not more than one- Yorkshire? Just what it was in 1839, after the failure tenth.—(Hear, hear.) To set up for themselves with of the harvest in 1838. Your towns would have been out the middle class is the most hopeless, helpless, crowded with paupers, aed your capitalists would have childish thing that human beings could resort to. If been meeting together to try and avert impending ruin, they went a reduction of taxation, we will help them as they did in 1839. Now what is the condition of things? to obtain it.—(Loud cheers.) My friend Bright has I don't say that trade is as good as it might be, or as I proposed to get rid of the game-laws for them. But hope it will be; but asking the condition of the mass of they don't help him much. It is something like the the working population now, and comparing this with malt tax over again. The few men that will support Mr. sa hat it was in 1839, 1840, 1841, 1842, and 1843, I say Bright will be the free-traders; they are the only friends there is now a state of great prosperity—(Cheers)—nay, the farmers have in the House of Commons.—(Cheers.) I doubt very much whether that portion of the labouring You know what my motion about retrenchment is. It classes of this county and Lancashire which is fully is a very simple case. I put it before Parliament, and I employed in the mechanical arts, in manufactures, and was sorry you found your representative in so small a in other pursuits—l speak particularly of skilled work- minority. But I beg you distinctly to understand that I men—ever in their lives were in possession of a greater was in good company.—(Cheers.) I had Lancashire amount of comfort in exchange for their labour, than with me—l had the metropolis with me—l had Edin they are at this moment ; because now you have not burgh and Glasgow with me—l had Middlesex with me. merely food, but raiment and all those human luxuries Of all the large towns only Liverpool—" a strange ano which are happily within the reach of the working maly," seeing that financial reform commenced th ere , classes, cheaper than, as a whole, at any time when the and Sheffield, rather peculiarly situated—(A laugh),- trade of this district was peculiarly prosperous. When plumped against me.—(Cheers.) Sheffield voted against we go back to 1835 and 1836. for instance, though me under peculiar circumstances, which you will under there was great prosperity, the price of many articles stand, but that won't occur again. lam very anxious of clothing was then much higher than now ; cotton that you in the West Riding should understand this, goods were about double what they now are. The and if you will take the trouble to analyse the places working daises are doing better than the masters whence my supporters came, you will find that en at present ; but, however, I hope to see their em- lightened and free public opinion was with me on ployers deriving a full and adequate reward for their that motion, as certainly as it ever was with Mr. Vil skill and capital; but we did not profess that free trade hers before Sir R. Peel took up free:trade in corn; and I in corn was a sort of alchemy that was to discover the may boldly say that I never ever expect to be in a ma philosopher's stone or cure all diseases; we never said so. jority in reducing our expenditure to the standard of Our opponents have said that of us, to try and make us Mee Government will take care of that, as they did ridiculous. We never said that free trade in corn would on the corn laws; they will do the work themselves.— prevent the evils that follow excessive speculation in rail- (Cheers.) It we were in the majority, the Queen wool] ways.—(Cheers.) There is a sore place in almost every have to send for us—(Cheers)—and that would not suit family and counting-house, arising from these railway them.—(Cheers.) Some Government must do it for us. speculation:.—(Cheers.) We never said free trade in To be sure our Right Hon. Friend and neighbour, Sir corn would heal those sores.—(Cheers.) We never said Charles Wood, has only made a beginning—that is his it would prevent civil wars on the continent; or, if civil policy. It is intended only as an encouragement for us wars arose on the continent, we never said that free trade to go on. Perhaps he could not do more this time, but in corn would prevent them from operating injuriously it is quite plain what he means if you persevere, rape on our foreign trade. We never said that there would be cially in the West Riding. A great deal:more will be no potato rot if we had a free trade in corn. None of those done next year, and it will be all done as soon as pos evils that have fallen on us did we ever profess to avert Bible.—(Loud cheers.) What I proposed was to go or care; but what we did say and do say is this, that back as speedily as possible to the expenditure of 1833. whether foreign or civil war happens, or railway No answer was given to the facts I stated, viz., that the speculations turn out disastrous, or p o t a t o ro t su ccess i ve i ncreases of our expenditure for armaments comes, you will be a great deal better able had all been occasioned by special circumstances, which to bear all those evils with free trad e i n corn h ave a ll passed away. I statd other changes, which I than you would have been under the old sliding scale. hope will engage the attention of the West Riding. I —(Cheers.) We never said more than that, and, if so want to enlist you in two or three practical questions, much as we professed has been done, who has a right to but which our opponents will call Utopias. Utopias? say that free-trade has been a failure?—(Cheers.) But The West Riding has a knack of making Utopias reali then we are told there is great difficulty and embarrass- ties.—(Cheers.) The West Riding made Clarkson's went in certain portions of the agricultural districts. I Utopias for the abolition of the slave trade a reality.— think there has been a great deal too much of outcry (Cheers.) The West Riding made Wilberforce's Utopias about distress in the agricultural districts.—(Cheers.) for abolition of slavery a reality. You made what was I think it is a disgrace to certain portions of those dis- called madness in 1839 reality in 1849.—(Cheers.) I tricts that they have made any outcry at all during the want you to take up my other Utopias.—(Cheers.) One great part of 1847 and 1848. The farmers of England of them is to reduce the expenditure by means which were placed under more fortunate circumstances than seem to follow naturally out of our free-trade struggle. ever they had been in this country within the memory I want you to raise the cry for colonial reform.—(Cheers.) of man. They had capital crop s an d unprece d ented l y h i gh Depend on i t you are as much interested in carrying out p ßear r s in ; at least prices without a pr ece d en t s i nce t h e war. re f orm i n our co l on i a l system as t h e co l on i es themselves, mind that when in former times they had or as you are in your own municipal affairs, because it a high price for their eor n it was f rom a deficient crop, is only by the reform of your colonial system, that you but during 1847 and 1848 they were in the glorious posi- can everhope largely to reduce your present expenditure, tion that the scarcity and high price of corn arose from f or be in a position to be safe against an overwhelming ex-- the failure of the potato, while they had capital crops p m e a n t i t ia u v re e from any accitlenea f l cause that may arise. You e wheat, They never had such an opportunity of actually se another war in Ka . rum or New Zealand. coining money as in the spring of 1848 and during the must y have our colonies put in a totally different position; whole of 1847. In Hampsire corn was selling at 5/. the we must raise the cry of " self-government for the colo cleaner; 100 shillings the quarter was refused in Chi- nies." Don't g ive a feeble response to that under the 'Mester market; and now those people are meeting and idea, industriou sly spread abroad, that something tending declaring they are all ruined because they have had: to a ' dismemberment of the empire is involved in giving - three or four months' bad trade. It is disgraceful your colonial fent - it's-subjects self-government. As Eng - both to f von hail 3 5 and landowners to make that outcry.— lishmen they are entitled to it. If you don't separate you had more ; ae Youtt had eighteen months of bad trade, yourselves from the dominant class—if there be a domis . price for their wheat L e very time they were getting this . nant class, for it is hardly fashionable to say there is - tress - at a loss. Lancashire i lolwere carrying on your busi- (Cheers)—if you don't separate yourselves from them in eeighteen months must e losses during those. their attempt to keep the colonies as a field of patronage ettle menufactory. it ' wa insured by the extent of for their younger sons, and that the aristocracy may and, if smaller losaree, the loss was about nominate the Government, you will have wars without :rd-:a-th - of that sum permontle was about about one-half or en d w ith your colonial fellow-subjects. English people, - ditl not come whining to ParlianTgt;h) Yet, you whether in North America, at the Cape of Good Elope, =fully during the storm , and were rea d yot stood man- in New Zealand, in Australia, or in the West Riding of ytogo •liith-the first gleam.—(Cheers.) Wedo to work not y Yorkshire, will govern themselves.—(Cheers.) You s trey that the farmers . will not h ave a difficulty p!etend to cannot take up a newspaper from any point of the corn .threviash the transition state — monopoly to free tradgoe.tl- g pass without meeting complaints in every direction. I is-in the very nature of things, that if you have been do not wish to be thought attacking the Noble Lord at ''trying on evil courses for 30 years, the ordeal of getting the head of the Colonial-office. ido not attack Earl into a right course must cause one pain. A man does a high respect for his personal honour, .not recover - from a fever without going through a very roe the moral courage and independence. He was first that boldly advocated our principles of - painful state of languor. We expected there would be queesrithan lend himself to compromise on this difficulty in the transition; so did our opposers, or doped oiric 4C at hzer.,.) Some of you recollect be aban (Cheers.) Such a man is en why did they give us the work of a seven years' battle? the slavery and hououralZin "'on They have no right, though, to turn round upon us, and titled to our respeeit).n.T fills an office under Go say, " Look at tho difficulties we h av e in ou r arrangements Hewes, a man of businessalfake no ehgasrtgoeurastiaeienss,t w M h r o . .e to do impossi oitsi,,that men should with our tenants arid landowners to meet this new state industriou,ly 4fenrecleYft.otrausls. have of things." We told them they would have difficul- vernment. What Ido find fault ties precisely such as the manufacturers in 1817 ; allow themselves to be pet intowaitnh they had to look about them; they had to adopt a new hilities ;it would require omnipotenc e an d °ran . i system of business, make larger ret urns in q uicker t i me; aimost to b e abl e , f rom a street in London, toPrgeostircne they had to produce more from a given quantity of ma- more than 40 dependencies in every latitude. e Supp ose , chinery and in a g iven space of time; and we tell the we had to send up to Sir George Grey to have his u farmers and land owner s too, they must go through pre- thority for everything we do in municipal affairs, w% a u ld - cisely the s ame process, they must have their energies we tolerate such a thing ? And yet we have railway:' quickened, th e y must ma k e t h e i r land mote productive, tr a nsit that performs the distance bet ween this an d, they must come to terms with each other by which they London in six hours, and by the telegraph that will corn. may have the utmost possible production out of the soil. municate with the metropolis in a minute you can talk All these we intend they should do—il is fur their Lite. with the ,Home-uffice, aud yet yott would nt3 tvlerate D its interference in Wakefield, Leeds, or. Manchester. How, then, do you think that in Downing -street they can govern the people of New Zealand and Australia? Before they can exchange communications, ten to one the object of those communications will have passed away. It is utterly absurd, and it is impossible for the interest of the colonies, with the inalienable right of Englishmen and the rights of our own interests, that they should be kept in a state of pupilage any longer. If the colonists require our soldiers as a police they must pay for it; they must pay every farthing required for their own defence and their own government; nor would they grumble to do so if they only gave them self-government. No doubt I hear Lord John Russell meets Sir William Molesworth on this subject with an objection which, with all deference and respect, has shown me more than anything else that Lord John is not quite equal to the position in which be is placed. I refer to the puerile levity with which he treated those profound arguments and most carefully col lected facts which Sir William Molesworth and others brought forward on this subject. He s iid twice since, . 4 You want something totally different from me ; you want to dismember the empire; you want to make this great united empire a smaller empire by getting rid of your colonies one by one. You are going the right way to accomplish your object." Is it right to treat this question in such a spirit? What is free trade for, if it be not carried out to its legitimate ends? There are some statesmen of our days wha think the only object of the Reform Bill or the abolition of the corn-laws was to place them in power—(Cheers)—and that when once in power they are to remain there. The country is to be satisfied that they are there. They console them selves with tkie belief that the country wants nothing but that they shall be there, and they are utterly incom petent, or what is the same thing in effect, they are unwilling to carry out legitimately those principles by which they have acquired power, and of which they pro fessed to be the champions.—(Cheers.) Our colonies are subjected to an enormous expenditure in order that Government may exercise the patronage. We have five colonial governors, and a Governor in our North Ameri can colonies, with salaries amounting to 17,0001. a year, while the United States, with tbirty governors, paid only 14,3001., our colonies having a population of 2,000,000, and the United States 20,000,000.—(Cheers.) The last appointment made by the United States was of a Gover ner of California, with a salary of 600/. ; our last ap pointment was the Governor of Labuan, with 2,0001. a year. The Hon. Gentleman then urged at great length the necessity of greatly reducing our armaments, insist ing on the policy of arbitration instead of war. He also urged the formation of a convention between England, and France, and America, to prevent the indefinite in crease of our naval force, and concluded an eloquent speech by calling on his friends to attend to the regis tration, as the best means of carrying out their pacific economical views. He sat down amidst loud cheering. The CHAIRMAN proposed, " The seventy-eight sup porters of Mr. Cobden's motion in favour of financial re form, and may the public expenditure be speedily adapted to the circumstances of a heavily burdened people. Mr. J. G. MARSHALL, M.P., responded. He said, after the able and exhaustive speech of their Hon. Mem ber, it would not become him to address them at much length; but, although he should speak shortly, he hoped he would not be found wanting in their estimation in the cause in which they were embarked. He felt proud at the welcome they had given to their new represents. tile. He had pleasure in bearing his testimony to the sentiments expressed by Mr. Cobden, and had perfect confidence, as he believed they all had, in his carrying out those views with which he was associated. With respect to financial reform, it was clear that they would have to fight the great battle inch by inch ; once getting a large slice, they would go again a second time. He had no doubt that in bringing forward such a measure as Mr. Cobden hud done he had laid himself open to many attacks, but, having given it his best attention, he could not find that anything objectionable was embodied in:it. There was great room for a very large reduction in the army and navy. Having had the honour of taking a part with Mr. Cobden in his financial reform move ment, he hoped to go on with him.—(Loud cheers.) Mr. S. SOLLY, of Sheffield, proposed the next resolu tion, which was in favour of international arbitration, as calculated to supersede that unchristian appeal to the sword in the settlement of our national disputes. He was sure if that sentiment were adopted it would be felt as a great national boon. He was happy that Mr. Cob den :had made such a decided stand for financial re form, and hoped that it would meet with that support which it so justly claimed at their hands.—(Cheers.) Mr. Alderman J. MICKLETHWAIrE, of Wakefield, in a short speech, proposed the health of Mr. Bright, the champion of civil and religious freedom.—(Cheers.) Mr. BRIGHT, in taking a respective view of English politics, observed, that the last Tory banquet of any importance which was held in that room was in 1841. The Whigs, as such, had not met at any great public dinner for twelve years past, but the last time they were heard of was when they assembled at Greenwich or some such place, to eat whitebait, or at Brooke's, which they still kept up the delusion of calling the " Club." He contrasted those gatherings with the great and enthusiastic meeting of that day and those assem blies which they had lately held in the adjoining counties. Worn-out principles; he said, the people of England were about to brush away, and with them a great deal of that which had been previously looked upon through nursery prejudices with reverence and awe. Ho exult ingly spoke of the triumphs of free trade and its teachings to the people, and warmly advocated, at great length, the three great principles asserted by Mr. Cobden. Mr. FORSTER, of Bradford, then proposed the next toast, for " an Extension of the Basis of Representation." Colonel THOMPSON, in a warm and spirited address, responded to the prcposal of his health, which was en• thusiastically received. _ " The total Repeal of the Navigation Laws" was pro , posed by Alderman CAantrrr, of Leeds, in a speech o some length. Seven, other toasts were given and responded to amid mach enthusiasm; and after three cheers for the chair man, Mr. George Wilson, and the League, The meeting dispersed about a quarter before eleven o'clock. COURT CIRCULAR. WINDSOR, WEDNESDAY. The Queen, accompanied by their Serene Highnesses the Countess Erbach and the Princess Amelie Hohen lohe Schillingsfurst, walked this morning in the grounds around the Castle. Her Serene Highness the Princess Elise of Hohenlohe Schillingsfurst was prevented from arriving at the Castle yesterday evening. The Royal Family took their usual airings to-day. The royal dinner party at the Castle this evening will include her Royal Highness the Duchess of Kent, her Serene Highness the Countess Erbacb, her Serene High ness the Princess Amelie of Hohenlohe Schillingsfurst, Lord and Lady John Russell, Lady Augusta Bruce, Baroness de Spell; the Marquis of Breadalbane. Sir George Couper, the Commanding Officer of the Grena dier Guards, Colonel Spencer Stanhope; and the Com mending officer of the 21 Life Guards, Colonel M'Douall. The band of the 2d Life Guards attend during dinner. The Queen's private band attended yesterday evening in the Castle and performed the following pieces:— Overture, "Le Domino Noir" . Auber. Final?, Ist act, " Marie" Herold. Selection " Iphigenie" Gluck. Kricges Kirsch, " Athalie" Mendelsohn. Die Grenzboten Walzer DRAINAGE (IRELAND).--A return yesterday pub lished by order of the House of Commons, on the motion of Colonel Dunne, M.P., shows that the quantity of land in Ireland originally estimated to be improved by drain age works amounts to 302,840 acres ; the quantity of land f, and to be benefited by the proposed works to 341,567 acres ; the sums of money hitherto expended on the said works, up to the 31st of December last, in cluding the interest on borrowed money, to 602,2661. ; and the further sums estimated as necessary for the completion of the said works, from the Ist day of January, 1849, to 1,027,353/. THE Lusa POOR-LAW.—Since Parliament ad journed for the Easter vacition, two blue-books have been published in due eourse, both bearing on the subject of the Irish Poor-law. The first is the third report from the Select Committee of the House of Commons, appoint ed on the sth of February last, containing merely the minutes of the evidence hitherto taken, which extend over a space of nearly 200 pages. The second blue book contains the first report from the Select Committee of the House of Lards appointed to inquire into the operation of the Irish Poor-law, and the expediency of making any amendment in its enactments. This docu ment is, in like manner, confined to the minutes of evi dence, covering a space of nearly 300 pages. A Sow LIVING FOR FIVE WEEKS WITHOUT FOOD. —A farmer at Brickendon lately missed from his pig gery a fat sow, weighing 16 stone. About five weeks after. a servant, on entering a barn on the premises, heard a noise something between a moan and a grunt; she communicated her suspicions to her mistress that the noise came from the sow; her statement was disre garded at the time, but as she asserted that she heard similar sounds on entering the barn on the following day, it was determined to inquire into the cause. The floor of the barn was taken up, and underneath was disco• vered a sow, worn to a skeleton. The barn is ele vated from the ground, being built upon transverse rows of brickwork, and the sow had crawled under the floor ing, till it got fixed between two rows of the brickwork, and was unable to tarn. It must have remained in this painful position without food for five weeks. The poor animal, which weighed 16 stone when it was missed, only weighed 5 stone when it was discovered, having wasted no less than 11 stone. When released, it could not rise from the ground; but, after having some milk, it walked, and is now improving rapidly—in fact, getting quite fat again.—Hereford Mercury. [ADVERTISEMENT.]—Amputation again prevented by Holloway's Ointment and Pills.—Extract of a letter from Mr. S. Smith, 69, Capel- street, Dublin, dated March 13,1849. —To Professor:Hollovray : Dear Sir,—l think it only my duty' to inform you ant the public, of the wonderful cure your Ointment and Pills have effected on me. For three years I had a dreadful wound in my leg, I tried all the Faculty in this city, but to no'purpo3e ; they informed me Ethat nothing could save my life, but amputation. I was then advised by a cele brated doctor to use your remedies, which in a brief per;od have healed my leg, and made it as strong as it formerly was. Sold by all Vendors of Medicine, and ; at Professor Holloway's Establishment, 244, Strand, London. NARROW ESCAPE FROM DROWNING.—Three offi cers of the Royal Engineers attempted, on Sunday af ternoon, between five and six o'clock, to row through Rochester-bridge against tide, and after being thwarted in two attempts they foolishly endeavoured the tt ird time, and were upset. Two of them laid hold of the Po the thi r d caug h t one of the oars, and, assistance being promptly ren d ered, they escaped with only a duck ing, but at the imminent peril of their lives.---illaidaorte Journal. THE YORK, NEWCASTLE, AND BERWICK IR AILwAy. THE REPORT OF TEE COMMITTEE AP POINTED TO INVESTIGATE THE GREAT NORTH OF ENGLA,ND PURCHASE AC COUNT. Chairman--RoBieRT PRANCE. FORATIO LOVE. JOHN SHIELD. JOHN CLAYTON. ROBERT DENISON. Secretary—E. H. LAWRENCE. The agreement for the purchase of the Great North of England Railway was entered into provisionally in the month of June, 1845, and the Act of Parliament for carrying out that agreement passed on the 27th of July, 1846. At the time when such agreement was entered into, and such Act passed, Mr. Hud.son, the chairman of the York, Newcastle, and Berwick Railway, had not any share or interest in the Great North of England Rail way, nor were any shares ever allotted to him. The terms on which the several classes of shares in the Great North of England Railway were agreed to be purchased by the York, Newcastle, and Berwick Rail way Company were as follows, the principal of the pur chase-money of each class being payable ou the Ist of July, 1850: — The 1001. shares at 2501. each, with interest at 10 per cent. per annum on 1001. in the mean time. The 40/. shares at 601. premium per share, with in terest at 10 per cent. on 401., deducting 4 per cent. on amount uncalled. The 301. shares at 451. premium per share, with 5 per cent. interest on calls until July, 1847, and 10 per cent. afterwards on 301. until paid off. The 151. shares, on which 11. 10s. only had been paid, at 221. 10s. premium per share, with interest at 5 per cent. on calls to the Ist of July, 1849, and afterwards interest at 10 per cent. on 151. until paid off. On the 26th of October, 1846, a special general meet ing of the shareholders in the Yerk, Newcastle, and Berwick Railway was held at York, when a stock was created on which 6 per cent. per annum was guaranteed till the Ist of July, 1850, in order to provide for " the purchase of the Great North of England Railway and works." The object of this measure is stated to have been to spread the payment for the shares of the Great North of England Railway Company, amounting in the whole to three and a half million sterling, over a space of three years-and a half, instead of making that payment on one day, viz., the Ist of July 1850. After the conclusion of the business of the special general meeting of proprietors on the 26th of October, 1846, a meeting of the directors was held, at which it was resolved that the shares:in the Great North of Eng land Railway Company should be bought by the York, Newcastle, and Berwick Railway Company, and that Mr. Hudson alone should have the management of the purchases. The directors are agreed that such a reso lution or understanding was come to at this. meeting. But no record of it is to be found on the minutes of the proceedings of the directors. The absence of such record is ascribed by some of the directors to their wish to keep ST secret its possible the fact of the company being pur chasers of shares; a knowledge of which fact might, in their judgment, have had the effect of enhancing the price of the shares in the market. We cannot, however, admit this as any reason for the omission, particularly as Mr. Hudson has himself stated in his evidence (as the fact was), that it was well known at that time that the company were purchasers of the shares. At this meeting Mr. Plews, one of the directors, sup posed from his connexion with the Great North of Eng land,Railway to be best qualified for the task,was requested to make a calculation of the value to this company of the different classes of Great North of England Railway shares. On his return to his place of residence at Dar lington, it appears that Mr. Plows prepared a statemen of the comparative value of the several classes of Great North of England Railway shares, showing the separate value d a rj ) of each (assuming the class m ufs a b r u k r e e t t price p a o r f t y t he da y as investing hi s moneysta n at five per cent. This statement, he believes, he transmitted either on the 27th or the 28th of October, 1846, to Mr. Close, the secretary of the company at York. As this calculation of Mr. Plews has been much re ferred to in the evidence taken before us, we subjoin a fac-simile of it. N6 T w la n e ls s t u h r an e d xpndd Beerweiekbynatihhse directors ,ny of Companyi t n he York, buying Gri at North of England Railway shares up to the 205 f 7 1h409,44 of January7d. last, amount in the aggregate to the sum The first sale to the company was by Mr. Hudson himself to the extent of 131,8671. 9s. 3d., to which sale Mr. Hudson has assigned the date of the 27th of Octo ber, 1846. It appears in evidence that Mr. Hudson had early, in th'e mouth of October, 1846, begun to purchase the va rious classes of Great North of England Railway shares on his own account, and that on the 27th of October, 1846, being the day after the special meetin;, he effected the sale of his Great North of England shares to the company. The prices were fixed by Mr. Hudson himself, assisted by Mr. • Close, and the principle alleged to have been adopted was based on Mr. Plews's calculation; lye b do u rk i t t this Great is part of the thransaction appears to be involved in sorne obscurity as to dates, for if the sale took place on the 27th of October, Mr. Plews's calculation of the value of the s h ares inthe j could ou r n a s i c a o r f c t e h l ye company, have p be day. llve ti North on of England Purchase J ourna l , " the follow ingthate entry without date. Sundries, Dr. To George Hudson and others. ... 21,631 10 0 ... 5,187 0 0 X s. d. ... 67,539 0 0 1001. shares (151 shares) ... 36,240 0 0 B 34150 : 1/ 1 .: k s: e hhb r afta S rrr:: : BB ol (92 l l4B2 i -s‘ s h: s Ita:osrahnerase)rs4 ... 9 90 18 9 Transfer stamps ". ... 279 0 6 £131,867 9 3 This entry represents the wh o l e amount of the Great North of England Railway shares sold by Mr. Hudson to the company, and the amount appears to have been paid to him by two cheques on the York Union Banking Company—the one for 81,1001,dated the 27th of October, The cheques have been produced to 1846, and the other for 5 0,7671. 9s. 3d., dated the 27th Pany, Messrs James Richardson twoNovembe, 1846, both of which cheques are signed by and us, and the payments are entered in the banker's book, and stand in the ledger of the company under their re spective dates. paid to Mr. The prices •• Hudson for these shares, corn pared with the market prices of the assigned date of the h following results , vi • RdiorbecertotrDs.ovfitehz c sale, present t he , z. . Per Share. Market Price. Excess. £ s. Per Share. X. a. 4. 151 100 Shares fixed by Mr. r e i s c e2 e 634ss o l e f v l t s e ooo h r e al da c 2 y l 3 a 6; s lls :s f es B, o 4 7 f 4 ; 5511 8 9883 5 1 532 h. shares the price assigned by Mr. 1, the market price of the day, 3 9 4 11 2 1 " 3 4:0 °n at.••••• :: **•..." Cc M 2 o : mol a 7 1: 4 hpe i eant compared ebdtdaih with difference rl t t e a hsn l t. cehesxehc shares rse market srwk o ae n e net between p h and Mr. Plews's calculation, is no less than 2/. 10s. per share. In the evidence given before us, Mr. Close as cribes this difference to a mistake occasioned by an erro neous combination on his part of figures taken from Mr. Plews's calculation, which gave a result of 241. 3s. 6d. per share as the value of these shares, whilst the market price of the day was only 211. per share, which, in fact, was the value assigned to them by Mr. Plows. Asa difference of opinion exists in the committee re specting this explanation, we leave it, without comment, in the bands 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 7,185/. This, however, cannot be taken as the measure of the injury to the company, inasmuch as the purchase of so l large a d n o u r mbe r i ngt h o o f m s t e h s by Mr. H of thema October,uds r market Hudson, npi price i coeu h to is own fanthyeci ac count 2u7etsh lion contributed to enhance of October. Of this sum Mr. Hudson repaid . , on the 19th of February last, 2,874/., under the circumstances 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 estimated by Mr. Flews, and shown to me by Mr. Close, was 241. 3s. 6d. per share as a price at which it was advan tageous for the company to purchase; and I then di rected Mr. Close to put them down to the company at 231. los. per share, and I never discoiered that there was any error, or doubted that the transaction was per fectly 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 was sent out it was submitted to a meeting of the board, and although some of the directors went into the calculations, yet none of them made any remark as to the high average of these 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 these shares. He referred to the books of the company, and stated they were principally bought of me. I said, Theft turn to see what are the prices given for 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 immediately, and after the meeting you and I must go carefully into that account, and we must have the matter set right." Mr. Hudson accordingly drew a cheque on his own bankers for 2,874/., which was paid on the 19th of February to the Great North of England Rail way account, being 1/. per share remaining uncalled on 2,874 15/. shares. Sir John Simpson confirms this statement thus far: he states—" That he was present at the board meeting of the directors, on the 20th of February last, and heard Mr. Hudson say to Mr. Close, ' 1 am sure, or I am satis fied, there is something wrong in these 151. shares; we must look into it after the meeting.' " With the power Mr. Hudson possessed of giving this explanation, it is to be regretted that he should have moved the adoption of the report, including the Great North of England purchase ;account, by the meeting of the 20th of February, without making any correction or noticing the existence of any error. We have felt it our duty to endeavour to trace the pur chase by Mr. Hudson of all the shares included in his sale to the company, and to ascertain the dates of the purchase, and the price at which they were bought, which seemed to be important with reference to the principle that Mr. Hudson must be considered as having made those purchases in the character of a trustee fur the comptsuy) this i,squiry has been *Wattled with ccda. siderable difficulty, and has occasioned daisy in making our report. All these shares seem to have been purchased by Mr. Hudson between the sth of October and the 12th of November, 1846, and not at earlier dates as was origin ally apprehended, and consequently Mr. Hudson's profit by the transaction has not been so considerable as it was at first 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 81,100/. (the 27th of October, 1846,) he himself could not have paid more than about 25,0001. on account of the 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 considerable extent paid for in the first instance with the money he had received from the company. The impropriety of such a transaction between an in• dividual and a company to which he stands in the relati,n of a trustee cannot be doubted. And we are of opinion that the sum charged by Mr. Fluthen fur 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 been made by the company of Alr.Hudson. And the auditors were also ignorant of the fact ; they having contented them& lvas Kith an examination of the books without ascertaining whether any original contract existed. The next contract of importance is that of Mr. Christian .Mlhusen, amounting to 218,6691. 12s. On comparing the prices of the shares included in this c n tract with the market prices of the day, via. 19th of De cember, 1846, we find the company has paid in excess a sum of between 5,0001. end 6,0001. The rest of the items, composing the sum of 749.524/. 14s. 7d., have been carefully investigated, and we have no comment to make on them. The next matter which required our investigation was the charge fur brokerage, amounting to 2,4991. 73. sd. This sune is !educed to 1,693/. 143. 11d. by deducting 805/. 12s. 6d. erroneously placed under the head or bro kerage, which was, in point of fact, a payment for in terest o•n bills of exchange which were paid as part of the purchase money of the shares sold by Mr. Allhusen to the company. • Of the remaining sum, the sum of 9901. 18s. 91, was a payment made to Mr. Hudson for brokerage on the shares sold by him to the company. This, according to the statement of Mr. Close, was done on the assumption that the company must have paid brokerage if they had bought those shares in the market, and without refer ence to the consideration, that Mr. Hudson must have paid brokerage if he had sold his shares in the market. The charge for brokerage cannot be justified or main tained. The next item is a charge by Messrs. Lawrence and fullCo r o a f te s4 of 7L br l o s k . e i r d a . el' h i a c l h th w o a u s g h paid t t o h e t h i r e m or , being igin a leo th n e . tracts produced to us, they charged only half. We find, however, they returned one-half of this amount to Mr. Hudson, who states be gave the order as Chairman of the York Union Bank Company, and that he paid to the bank the sum he so received. As all the other brokers employed by the company have charged only half brokerage, a e do not consider there is any reason in this case why the company should sustain a loss, and we are of opinion the sum so re ceived 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 particulars of this purchase, as entered in the books of the com pany, are— 250 304 shar©s Stamps ... Commission X. s. ... 16,462 10 ••• 100 0 ••• 100 0 Which sums we re repa id b y the company to , 1666 10 Mr 2 . Hudson as follows:- 1847. April 5 May 12 X s. ... 16,562 10 ••• 100 0 16662 Being 621. 10 s. i n excess of the sum paid by, him. 10 According to the evidence of Mr. Hudson, he had in structed Mr. Close to pay to his credit the sum of 1001. about that time for travelling expenses, and he could only account in that manner for the mistake we now point out. We think it necessary to add that the sum raised by calls made and paid in advance was 1,427,8334 10s., of which the sum 749,5241. 14g. 7d. has been applied to the purposes intended by the proprietors in their resolution of the 26th of October, 1846. This sum is about one• fifth of the whole amount required to pay off the Great North of Englund proprietors, and it hss been nivebted in Great North of England Railway shares as folliiws:— s. d. 351,822 2 0 155,528 19 4 174.705 7 6 61,586 9 9 In the year 1846 1847 -,- 1848 . 1849 £73,42 18 7 There re ma i n, t h erefore, four -fifths 4 oft he entire sum still to be paid. We think a more beneficial result would have oc curred to the company had the resolution of the pro prietors before reierred to been carried into effect to a witch larger extent at an earlier period. 'l'be Great North of England purchase account has been very imperfectly kept. The transactions to which it relates c,mmeneed in the month of October, 1846; and yet it is admitted that no books were opened nll the month of December or January last, when a journal and ledger appear to have been begun and posted up, the entries in the journal of purchases of shares being without dates, and being so made as to baffle examina tion without the aid of other materials. 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 misapprehended their duty in auditing those accounts; they limited their examina tion to a comparison of the bank book, in which are entered the directors' cheques with the entries in the journal and ledger, they have neither required the pro- duction of vouchers nor original contracts—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 remark able. From the 27th of October, 1846, till the 13th of February last, according to their own statement they remained in entire ignorance of the state of the Great North of England purchase account, and made no in quiries about the matter. A still greater degree of blame attaches to the two directors who signed the cheque for 81,1001. on the 27th of October, 1846, the day after the creation of the stock for the purchase of these shares, without asking for, or receiving any Further explanation than that it was for the purchase of Great North of England Railway shares. Shareholders have a right to expect of gentlemen who accept the office of directors that they should be cogni zant of, and take part in, all important proceedings of the company. It is not right that they should confer absolute power, and impose undivided responsibility on one of their body, however able and efficient he may be. The secretary ought not only to be competent to the discharge of his duties, but should be strictly confined 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 9f the York, Newcastle and Berwick Riilway Company, in order to give to that railway, possessing as it does so many c siential elements of prosperity yet undeveloped, its true value, and to insure the confidence of the pro prietors in its management. ROBERT PRANCE. HORATIO LOVE. JOHN CLAYTON. JOHN SHIELD. ROBERT VENISON. York, March 29, 1849. EVIDENCE OF THE WITNESSES, WEDNESDAY, MARCH 7, 1849. It was ordered by the Committee that the Secretary, Mr. CLOSE, be summoned to attend them. Mr. Prance—Explain the first item in the books of the purchase of shares amounting to 131,867/. 9s. 3d. Mr. Close—The shares were originally bought by Mr. Hudson for himself, to the best of my knowledge, between the passieg of the Great North of England Act and the special meeting of this company, called to confirm the agreement made with the Great North of England Com pany on the 26th of Oct., 1846; Mr. Plews was requested at a board meeting of this company by Mr. Hudson to furnish a valuation of the value of the Great North of England shares to this company. Mr. Piews sent me a document (exhibited to the committee) giving the value of the shares, Mr. Hudson asked me afterwards what valuation Mr. Plews had put upon the shares. I told him for the 1001. shares 2414 55.; for the 404 shares, 51. paid, 63/. 51. per share ; for the 304 shares, 15/. paid, 57/. 15s. per share; for the 151. shares, 1/. 10s. paid, 241. 3s. 6d. per share. Mr.. Hudson then told me to mark the shares named in the first lot in the journal, below Mr. Plow's estimate, viz. of -15! £lOO shares, amounting to 416,240 0 0 at £240 0 0 per shre. 342 40 a 21,631 10 0 at 63 5 0 91 30 5,187 0 Oat 57 0 0 2,874 15 67,539 0 Oat 23 18 0 I added the commission ani the stamps o f my own „ ac cord, 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 payment 27th October, 1846; first pay ment, 81,100/. on the 27th October; second payment, 27th November, 50,7674 93. 3d., which closed the ac count. Mr. Hudson came to me some time in the month of January last, and stated to rise that, as times were so materially changed, in making up the accounts of the Great North of England Purchase, I must deduct any profit ho had received on that transaction. He after wards said, before I had the accounts made up, that he had reconsidered the matter, and that the account was not to be altered, in consequence of his having advanced out of his private account a sum cf upwards of 16,0001. on behalf of this company, in the purchase of West Durham shares, for which he had no sanction of the proprietors. And on the 19th February last, being the day before the meeting, Mr. Hudson came to me, and said he was sure there was something wrong in the ac count of the 151. s h ares. That I was to debit his account with 1/.1 •" n e pound) per share uncalled on the 154 shares on the 2,874 shares which he had sold to the company, and that after the meeting he would go into the account with me. I w i s h to a dd , t h at M r . Hudson delive red to the company two Great North of England 1004 shares, which were not paid for until the 9th of October, 1847, b eing the time when I Nutt out tho atiotitho t its they t should have been included in the purchase above re ferred to. Mr. Clayton-You stated that Mr. Plews valued the 151. shares, 11. 105. paid, at 241. 3s. 6.1. per share. It appears to me, from the document put in, that the valu ation is 211. ss. 3d. How do you account for the dis crepency 2-Mr. Plows worked out in details the 1031. shares, the 40/. shares, and the 30/. shares, but not the 151. shares; there are two statements with reference to the 151. shares, on the side on which the 15/. shares are put; I took from the first line 21/., and 3/. 35. 6,1. from the last line, thinking the two together represented the value of the 15/. shares. Mr. Clayton-I assume you would not be ignorant of the market values of these shares on the Stock Exchange on the 27th October, 1846. Be so good as to state them, and the difference between that market price and the sum paid to Mr. Hudson for these shares?-The price of the 1001. shares in the London market on the 27th October, 1846, was 2374; Mr. Hudson in exc2ss 21. 15s. per share, or 415/. 53. The price of the 40/. shares was 61k, Mr. Hudson's price being 63k. or 1/. 158. per share in excess, or 5981. 103 ; the 301. shares 55/. per share, Mr. Hudson's price being 21. in excess, or 1821.; the 15/. shares, the market price was 21/. on that day, whilst Mr. Hudson received 23/. 10s., being 2/. 103. per share in excess, making, in the total, 7,185/. Mr. Love-Did the directors at the meeting of the board authorise the purchase of these shires of Mr. Hudson 7-There is no minute to that effect Mr. Love-Have they passed a resolution, authorising the purchase of any shares; arid if so, when?-On re ferring to the minute. book I find no resolution to that effect. Mr. Love-Were the shares, amounting in total value to 81,1001., paid for on the 27th October, 1846, delivered on that day ?-(After being allowed an opportunity of referring to the books of the company) I believe they were, but cannot be positive. Mr. Love-Mr. Close, please deliver to this committee the certificates of registration for the shares represented by the sum of 81,100/-I prod :ce the whole of the cer tificates of shares sold by Mr. Hudson, but I am unable to identify the individual shares represented by 81,100/. paid for on the 271 h Oetob. r, 1846. Mr. PLEWS examined. Mr . . Clayton-Mr. Plews, were you a director of both companies, Great North of England, and York, New castle, and Berwick, in Oct. 1846?-Mr. Plews-I was. Mr. Prance-Do you admit that you were requested by the York and Neercas le board to determine what was a fair price at which they should purchase certain Great North of England shares of Mr. Hudson, of which he had become possessed ?--Mr. Oxley and myself, at the board meeting of Oct. 26, 1846, were requested to make a calculation as to the intrinsic value to the company of the different 'classes of Great North of England shares, but I was not aware the calculations were required to buy Mr. Hudson's shares; I was not aware he possessed any excepting two 100/. shares, which stood in the com pany's books in his name. Mr. Love-As one of the directors of the Great North of England and the York and Newcastle Companies, was there ever a proposition made to you to purchase of Mr. Hudson his shares? Mr. Plews-Never. Mr: Love-Did you ever know that the company had purchased shares of Mr. Hudson? -I never did. Mr. Clayton -If Mr. Close, from your valuation, which has been put in, has assumed that you valued 151. shares, 1/. 10s. paid, at 24/. 3s. 6d. per share, has he or not made a mistake 7-He has; decidedly so. Mr. Love-Would you have recommended the com pany to have purchased of any party, in October, 1846, the Great North of England 100/. shares at 240/. per share, the 401. shares at 63/. ss. per share, the 30/. shares at 571. per share, and the 15/. shares at 231. 10s. per share?-If the current market price at that time was, as I believe, 236 k, I should not have recommended the pur chase at 240; similarly, with regard to the 40/. shares, I should not have recommended a purchase at 631, having sold my own shares to a friend at 62. The 30/. shares should not have recommended to be purchased at 57, the market price being 54g. With regard to the purchase of the 15/. shares, I certately should not have recommended their purchase at a higher price than my own calcula tion of 21/. ss. 3d. per share, the calculation handed in on the 2111th October, and produced by Mr. Close. Mr. Clayton -Do you believe that any one can have paid, or - any one received, so high a price as 23f for 151. shares, unless in mistake ?-I think not. Mr. Prance-Do you believe the intrinsic value of 151. shares was 211. ss. 3d. in October, 1846?-1 do. Mr. Prance-Can you reconcile this with the fact that you yourself sold 100 shares, September 3, 1846, at 17i premium ?-I can. I sold my shares because I wanted the money. Mr. Love-Would you not, for the same reason, have recommended the company to have waited until they could have purchased their shares on equally advantage. ous terms ?-Certainly, had I thought the shares would have fallen; but, having made calculations, which I did on the 26th October, and knowing that about 300,0001 must in a few days be iu the hands of the bankers be longing to this company, the call having been made on that day, I would aave recommended the purchase, even at rather higher than the market price. Mr. Shield-If you could not have obtained Great North ot England 1001., 40/., and 30/. shares in the mar ket at the prices then current, would you in such case have recommended the purchase of these shares at the prices paid to Mr. Hudson ?-No ; I would have given 2401, for 100/. shares. I would have "given GU. 10s. for 40/. shares. I would have given 56/. 10e. for 3ul. shares. Mr. Shiell-How much do the prices paid to Mr. Hudson exceed the estimate 7-I do not know of my own knowledge of any s h ares b oug h t of Mr. Hudson. Mr. Shiell-Is it your opinion that a very large quan tity of shares could have been bought in the market without any material advance on the prices then current? I should think the market price wou'd be raised. Mr. Prance-Do you think that the sale -ot any con siderable number ot shares would no 7, have equally lied the effect of depre,sing the market value?-1 thank it would, unless there were large buyers in the market at the same time. Mr. Prance-Should not-your answer to the previous question, " I should thick the market would be raised," have, in propriety, a similar limitation, viz., unless large sellers happened to be also in the market?-I suppose it would. Mr. Love-As director of the York, Newcastle, and Berwick Company, would you have thought it good policy to have appeared in the market as buyers of Great North of England shares, the moment you had power to do so, at prices, by your own calculation that would leave a very small remuneration to the company, when you had upwards of three years and a half allowed you to take advantage of the market?-The answer I gave to the formeiquestion equally applies-that having 300,000/. in the hands of the bankers, I should have bought the shares at the prices I before named, excepting the 15/. shares, which should not have bou g ht b eyond 21/. 53. 3d per share. THURSDAY, MARCH 8. Mr. PLEw's Examinaion resumed. Mr. Prance—Have you anything to correct, or any thing to add to your testimony? -1 sold the residue of my 151. shares through Mr. Faulconer, whose contract I exhibit, at 211. per share; and on the 29th oc:ober, 1846, I sold forty-five 15/. shares belonging to Mr. John Church Baekhouse, at 211. 53. per share; on the 26. h of November, 1846, Mr. Prance bought four 151. shay. s. at 211. 10s. per share. A charge has been made against me in the public prints of having given a bonus of 2830 shares to Mr. Hudson to induce him to purchase the Great North of England Railway. Mr. liaison never received one share, nor any director of the York, New castle, and Berwick Railway, excepting Mr. Oxley and myself, who were the managing directors of the Great North of Englund Railway. and who received twenty 151. shares each. At the time of the agreement fur the par chase of the Great North of England Railway, Mr. Hud son had no shales in the Great North of England Rtil way registered in his name. Mr. Love—When did the York, Newcastle, and Berwick Company resolve to buy up the Great North of England shares?—To the bestof my recollection, I thi n k it would be at the meeting of the directors hell 26 Oc tober, 1846. Mr. Love--Of course such an important resolution would be entered in the minutes in the c.impar'y's books on that day ?—I suppose it would. Mr. Love—Be so good as to look at the minute-bo o k ; do you find on that d a y, or any subs (Dent day, any minute of the board of directors directing or authorising the purchase of any of th e s h ares o f the Great North of England Company. (After looking through the minute book, M. Flews said)—l do not. Mr. CLOSE re-examined. Mr. Love—When' is the contract entered into between the York, Newcastle, arid Berwick Company Sor the purchase of shares of the Great North of Euglind Rail way Company of Mr. Huds on ? —Th e only contract I find in my possession is the paper I produced yi.verday. Mr. Love—What paper is that?—The paper I now produce is the paper to which I reter:— " DR. YORK AHD NEWCASTLE COMPANY. To 151 G.N.E. Oid Shares at 240 £36,240 0 0 342 ,9 401. „ at 63/ 91 „ 30 „at 57 5 ,187 0 0 2,874 ,9 15 „at 23i Stamps 279 0 Commission Mr. Love—ln whose handwriting is ttlis3l:a6p7er?9—l3n my iuhra. Love—When i_t i n w g ' hen did you show it to Mr. lludson? lam not award that I ever showed it t Mr. Ifulson• to the best of my b elief I never did. o Mr. Love—When did you lay it before the director.? —I never laid it before the directors. Mr. Love—Up.,n whose authority did you enter it as a purchase on behalf of the dornpany?-0n Mr. Hudson's authority, in accordance with the circum stances stated in my previous evidence. Mr. Love—You call this paper a contract, having no date to it, no name o f seller ; and you enter it the olss of the company without the authority of the directors? —I call it the calculation of the valuation of certain shares based on the paper sent to me by Mr. Plews. Mr. Love—Then you admit it is no contract?—l con sider it equally binding as a contract. Mr. Love—Why do you think so?—Because, under all circumstances, providing there had been t,o inistak, it appears to me a fair transaction. Mr. Love—Are you not aware that the prices of the shares in the paper produced are higher than those in the calculation wade by Mr. Plews?—l am not aw are that they are, except with respect to the error in the 151. shares. Mr. Love—Whose authority hid you for the payment to Mr. Hudson of 131,8671. 9;. 3d. for the shares sold by him to the company?—The auth6rity of the chair• man and of the two directors who signed the chcqu,s, Robert Davies and James Richardson. Mr. Love—What mode of calculation did pu adopt in charging the commission?—l think, to the b st my knowledge, I charged the scale of the London brukers. Dir. ROLM—DC' YQ4 feel your P9Sicitni iu 014 C 9112- • pany is such that you are at liberty to dispose of a sum nearly amounting to 1,0001., upon your own responsibi ?—l co. , J,ider that this is a very peculiar case, and that I em oely justified in charging what I think is right. Mr. Prance—ln what does its peculiarity consist, and esha gave you authority to constitute } ourself a judge of its propriety ?—I consider its peculiarity to consist in its being a valuation. I had no other autho rity than my own judgment. Mr. Prance—Do you conceive yourself authorised, being the servant of the company, to usurp the autho rity of the executive?—Certainly not. Mr. Prance—Did you not practically do SO in the instance in question?—Certainly; yes. Mr. Prance—ln your opinion had Mr. Hudson dis posed of his shires in the ordinary chancel of business, would he not have had to pay a brokerage, instead of, as in this case, receiving one?—lf he had sold them through a broker he would have had to pay one. Mr. Prance —At what time did you communicate to Mr. Hudson that you had alluwed him nearly 1,000/ in the form of commission ?—I am not aware that I ever communicated the tact to Mr. Hudson until after the meeting of the 20. h of February. FRIDAY, Bianca 9. Joint Examination of the Auditors, Messrs. Thos. BARSTUW and HENRY RICHARDSON. • Arr. Prance—This .committee is appointed to investi gate " the statement of Great North of England Pur chase Account," to 25th January, 1849, to which your signatures are appended as having been audited and allowed, we presume this implies previous examination? —We did previously examine it. Mr. Prance—The first entry in the statement on the Dr. side of the account is 832 100/. shares, averaging 2341. 14s. 04' 1. per share, total 195 2711 17s. 3d. Hew did you examine the latter item ?—We took the book. Mr. Prance —To what book do you refer 7—To a book entitled G. N. E. Purchase, now on the table. Mr.Prance—The first item states the average of the 100/. shares to be 234/ 14s. Oid. per share, from what documents did you arrive at this conclusion ?—We did not calculate the average, but we saw that the sum total and the items composing it were correct, namely, 195.271/. 17s. 3d. Mr. Love—Did you compare the entries in the ledger with the contracts?-No, we did not. We compared them with the banker's books and the directors' cheques. Mr. Love—You took no means, then, to ascertain that the 832 1001. shares actually cost the company on the average 2341. 14a. 04.1.?—We took no means to ascertain the average ; as previously stated in reply to Mr. Prance's question, we considered it only our duty to as certain that the sum total was correct, and corresponded with the banker's book and the directors' cheques. Mr. Prance—Are you aware that your signature to the account rendered included the fact that the average price was 234/. 14?. Old., and which fact should be in cluded in your attestation to the printed statement pre sented to the half-yearly meeting?—We were not aware that there was any intention 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 cost of the shares. Mr. Love—Had any other sums been inserted in the journal as due to individuals, and paid to them, would you have considered the fact of the payment correspond ing with the entry in the journal conclusive as to the correctness of the account?--We do not understand the question. Mr. .Love—Have you examined the journal?—We did, and compared the journal with the cheques and the banker's book. Mr. Love—What mode do you usually adopt to prove that you have examined a book? —We first compare the items in book with ;the cheques and the banker's - book, cast the accounts, and then sign it. Mr. Love—Have you so examined the book marked Journal No. I?—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?—We believe they are correct. We compared them with the cheques. Mr. Love—What mode did you adopt to ascertain that the purchases entered in the journal of the Great North of England shares were correct?—The cheques of -- the directors. Mr. Love—Did you not compare the purchases with the contracts?—No. We thought that the business of - the directors. Mr. Love—Have you assumed the fact of payment by h- ,e directors as evidence of correctness?—Yes. Mr. Luve—ln the entry of shares bought of George Baker and Son, amouating to 19,8051. 4s. 48., what vou..hers did you compare with that account?—None but the directors' cheques; we never looked at the broker's contracts at all; we thought that the duty of the di rectors. t Mr. Love—Then, in fact, you did not examine or com pare any one of the contracts with the entries in the t journal fbr the purchase of the Great North of England shares, amounting to 747,785/. 14s. Id ?—We did not. Mr. Shield—Then in tact did you limit your exami nation of the Great North of England Purchase Account to the verification of the fact that the directors had ac tually paid the sums of money they professed to have paid on account of these sbares?—Yes, we did. Mr. 140 1 .-;-11 iihin what period, before the last half- , yearly uoeeting, did the directors furnish you with the statement of the Great North of England Purchase Ac count for examination? —We saw the accounts for the firs.; time on sli 6 hof F.-bruary, and audited them on that day, as will as the revenue and construction accounts. Mr.. Love— You are aware that ycu are appointed audi ters by the general body of the proprietors, for the exa mination of accounts rendered to you by the directors, that, the proprietors might have some security for their correctness?—Yes, anti we executed our duty to the best of our ability. Mr. Prance —Do you consider it consistent with the duty delegated to you by the general body of proprie tors, that you should confine your verification to one fact, whereas the document to which your signature was attached included a large variety of facts which are actually included in your attestatiou?—We inquired into every fact which we considere.d it our duty to in quire into. Mr. Prance —You stated that you audited and exa mined, in one day, the Great North of England Pur chase Accmmt, 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?— We laiieved we fully and fairly examined the accounts. Mr. Love —Your name appears, by the printed state ment, to be appended to the Great North of England Purchase Account. Did you sign any document of which this professes to be a copy, or which may be saosed to be a copy ? We do n o t k now t h at 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. Clayton—Where did you examine the item of br. - iker's commission, and from whence are the particular items forming that charge collected?—We examined it at ra 4 .e 16 in the ledger, and we collected the particular items from the journal. Mr. Love—Are there, in the books themselves, any marks of yours to feel assured that you arrived at that c mclusion at the time . you audited the accounts?—Cer wanly, our initials are affixed to the commission accounts page 16, ledger. Mr. Love —Are you aware that the sum of 17/. 4se included 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 San for brokerage, that being the whole sum alleged to be paid to them in the ledger ?—%\re are ILA 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 brokerage is charged therein. -7.11 9s. sd. Mr. Love—How can that agree with the entry made, p. 16, led ger , w hi c h you say you examined? —We can not explain, as we never before saw the contracts noW put into our bands. We lzalieve Mr. Close will be able to explain. Ou the succeeding day the auditors handed to the committee the following statement, drawn up and signed by thews - Avf , s, which they requested the committee to ap pond to their evidence:— " We submit that we have fully and fairly executed our duty as auditors, having compared every entry in the j,urnal of payments and receipts with the banker's pass book ant vouchers, and afterwards g-ne through the ledger, se,ing that every item w is entered under its proper head; that we have east up all tie sum?, and seen that Om ) , corr , spondcd, and particularly in tilt, journal of the Great North of England Purchase, as is evidenced by the plyrufrita being rugularty ticke , e; having been coos' pared with directors' cht ques and banker's pass book, with which they actually agree, and which we c ons ider suffi ient vouchers for those accounts. We did not ex amine the conrr cts of sale of the brokers, considering them entirely within the province and jurisdiction of the directorti , , and we submit that the accounts, as audited by contain a true and just exposition of th e pecun i ar y affArs of the company." Mr. CLosE's Re-examination continued. Mr. Prance—You stated, in your first day's examina tion, that you were ordered by Mr. Hudson to deduct from the price charged for Great North of England sharer, the profit he had made by the transaction, What means had you of knowing what profit he had made?--- - I understood Mr. Hudson that the profit was between 7,0001. and 8,000/. Mr. Clayton—you have stated that you fixed the price of Mr. Hudson's 15/. shares purchased by the com pany at 23/. 10s. per share, on the assumption that Mr. Plews had valued those shares at 241. 3s. 6d. per share. If you had known that Mr. Plews's valuation was 211. ss. 3,1 per share, what sum, acting on Mr. Hudson's instructions to keep below Mr. Plew's valuation, would you have fixed the price of the 151 shares sold by Mr. Iludson to the compAn) ?—My opinion is that the price would have been put down at 211. per share. Mr. Glayten—What, therefore, is the excess of price beyond 21/. per shale charged to the company for Mr. Hudson's 15/. shares, and what is the aggregate amount of such exces s ?—The excess of price is 21. 10s. per share, and aggregate arrrAtut of excess, 7,185/. 8 Mr. Clayton—W as t h e sum o!' 2,74/ returned by Mr. Hudson to th e company on the 19th of FebruarY hat as part of that excess?—Yes. 2.. r. Myton—You have stated in answer to a question put by Me. Prance, that if 'Mr. Hudson had sold his shar a in the ordinary way, he must have paid broker age; if the company had purchased the shares in the onlinary way, mast they not have paid brokerage?—Yes' and it was on this consideration that I put down the brokerage charged and included in the director's cheques paid to Mr. Hudson. Mr. Love—You state that the sum of 2,874/. was re paid by M r . H u d son to th e company on the 19th Feb' . ruary, us p ar t o f th e excess c h arged on the 151. s h ar e 69141 by hAm ; why wt's not the whole KIM Of 7,1" •