The Express.
London, England, 1849-11-09 00:00:00

of the plan proposed by the Committee of In ee
were from 2,023 abareholden, repremuting 157,738
ahasati
approving of it, while the answers neeived in favour et
government audit were from 76 shareholders, uprisen..
4,581 stares. (Loud applause.)
Mr. LAING, chairman of the London and Brighton lian„
way, did not wish, in anything that might fall item him,
disturb the unanimity of the meeting. When examined ea
a witness before Lord Idonteagle's committee, he stated
opinion that if government interference could be confirm os
the extent of simply nominating an independent public as.
onatent, he thought, while very doubtful of ea
public principle of such a measure, that it walk
be advantageous to railway ahareholdme, had be
bound to my, from the experience of fffel‘....
that had =arra during the last 12 months, they
was quits warmed in that opinion. He thought that
government intesfennoe could be strictly limited to Me
minion of some resonated aad well known public aexmat•
sat, the measure would work beneficially tor the Win:
body, and he doubted whether the question is that keek
had ever been specifically submitted to the great messed
railway profiting's. (Applause.) They entertained, he 6e.
bend, an almost unanimous and well founded objictses bs
the bill introduced last session, and en equally strong otivo
don to any measure interfering to such an objectionable ex.
tent with all the details of railway management. He dot
nut andeestand the resolution to commit thou who sai4ln net
be opposed to government interference is the qualified sat
, limited form be had indicated.

Mr. GLYN would not say anything with reference to ge. '
Verndleat audit, either limited or unlimited, but rose tepee
the meeting right upon the point that the meeting was oes
of directors and not of proprietors in railways.
Mr. HOYKS, auditor of the South Western Railway, ►ad
no objeotio.i to the resolution on the understanding that it
was a revolution directors, ►ut to purr it es represeutio; Ai
voice of railway proprietors generally would cause bin re
have no hesitation in sayiog he dissented from it altogether.
He agreed with Mr. Glyn that the proptiet. re of the La►.
don and North Western had ezpreseied an opinion uneneiso.
caddy against government interference, but not that they isig
appointed delegates to attend the meeting.
Mr. GLYN.—That delegates were to be appointed by the
directors to attend this meeting.
The CHAIRMAN—The resolutions will be sent to every
proprietor in the kinedom, and they will have a fall app..
%unity of individually expressing their opinioia. Wit► re.
Gretna to the other resolutions to be propel d and passed, bs
might observe that during the past twelve months cute*
trentactions in railways had taken place which they had an
wiuessed with regret. There was, in fact, a complete peak
amongst railway companies which they really did not de.
serve. People had now come down into their more sober
tenser, and sensibly enough attributed the fall in cut*
railway revenues to other causes over which 'Won
directors ►►d no earthly control. (Applause.) The g.ae
opinion of all independent shareholders wu now agajait
government audit. lie thought that if goveramint oats
get their hand in there would be Cu end of patvinage and
desire for more power. (Applause.) Everyone, they will
knew, wanted to have a pull at the railways— (laughter).-
whether in the shane of pariah rates, landed prupristors, or
government control.
Col. BUCKLEY (interrupting)—ls it not rather from the
conduct that has recently hapoeued throughout the *outcry!
(Loud cries of " Chair, chair," " Question," and contusion,
upon which the gallant colonel took up his hat and hastily
left the meeting.)
The CHAIRMAN (resuming) said these were the realm
why, u a large railway proprietor, he believed that no pri-
vate concern could go on with government interference, sad
that the plan proposed would give to shareholders allinfli-
cient confidence. The next resolution, the terms of whisk
it was proposed to bo embodied in the bill to be brought be.
fore parliament next session, andwhich should be it univeresl
application to all railway companies, Irae to the diem that
there should tie in each company two auditors appointed by
the shareholder % with a competent salary, and that they i
shall employ a professional accountant independent of the
directors.

The rceolution having been put from the chair, um
carried.

The next resolution war, "That powers should be take*
for auditing the accounts every 3 months, the auditors 10
report the result to the directors." ♦ very long Meninx
ensued upon this, in which the predrinets speakers, Mr. T.
Parker, Mr. Baxter, Mr. Leeman, Mr. Glyn, Mr. Hawk-
Thaw, Mr. M'Gregor, Mr. Forster, M.P., and °then took
part, and ultimately, with the general approval of the meet-
ing, the wards " a continuous audit," instead of an audit
every 3 months, was adopted.

The CHAIRMAN was of opinion that once in 3 months
pave ample time for correcting any possible abus-s. The
government accounts were made quarterly,
Mr. YATES thought it should be made den whoa,
the sort of audit proposed was the Procrustean one of givisg
no greater amaunt of auditing to each a gionntic line so the
London and North Western, than to such a has as the
London and Green wich.

Mr. GLYN remarked that as Be directors of the Leeks
and North-Western were desirous of a purely bond fide pro-
prietary audit of the accounts, the proposal of a continuos
audit month by mouth met with their perfect approv,l.
Mr. LAING, from practical experience of a continuous
system of audit on the Brighton Railway, was fitly prepaid
to concur upon this point.
Mr. ELLIS was also of opinion that the audit to be efee-
the, must be continuous and not at intervals of 3 months.
Mr. LEEMAN showed that this was the opinion of the
eounnitt e of invedigation of the York, Newcastle ad
Berwick, and that to limit the attention of the auditors to 3
months would be very little improvement upon the present
system.
Mr. lIAB'KSHAW intimated that the independent sc-
onuutant appointed in connexion with the Lancashire and
Yorkshire Railway had access to the account* at ell thus,
and not at intervals, so that a good and prettiest audit
was obtained.
Mr. GLYN, reps.( tentative of the Eastern Counties Rail-
way, said the directors of that company had appointed a
public accountant, who was now going [beetle the aconite
continually, and verifying them as they arose, and who
would make out his report for the next half-yearly media',
subject to the examination of two auditors appointed by the
proprietors. The process was carried on at swing misdeeds
expense that no company, however small, need hesitate to
carry out the plan.
Mr. BAXTER, representative of the Great Western nil
way, showed in a long address that the audit in large mei-
patsies to be effective must be continuous. It could be it
possible at intervals of months to go through their edam/r
nous accounts without creating embarrassments.
Mr. FORSTER, 11. P , was of opinion that the auditoaght
to be continuous, accompanied by a report to the direcron.
The next resolution, which was earned unanimoualy,wm
to the effect that if a question arises between the madams
and directors concerning any application of the funds, that
question should be specially referred to the met meeting.
The succeeding ones, which were also passed, proposed to
provide that the auditors should audit the as 40% half
yearly, and report to the meeting of shareholders the nature
of their audit and its results, with their opinions, and that
tlis report accompanied by the accounts and by any report
which the accountant may, if he thinks fit, make, shall be
circulated amongst the shareholders five clear days before
the half-yearly meeting—the accounts passed by the mane,
to be final !object to the question of voting. The half
yearly financial sta'ement of all companies to be made out ss
nearly as mg be to the form prescribed b, the act.
Mr. LAING, in speaking to the last point, observed that
one of the most objectionable features in the bill of last
seniors was its dic•atlon of the way in which accounts should
be kept, a question better left altogether to the commos con-
sent of the compen it s eenerally. (Applause.)
Mr. MACGREGOR observed that there were certain
constants in all railway accounts, which if fairly set out pve
a true account of the working, and this was what was to be
aimed at.
Mr. GLYN thought the great object. was so to give arida
general heads of the accounts, in uniformity, as to afford the
proprietors and the public every opportunity of comparing
one particular period and railway with another.
After some suggestions from Mr. Wyndham Harding, Mr.
Paget, and oilier',
Mr. GLYN proposed that, in order to afford the propree
tors of railways a more speedy means of examination into the
conduct of their respective undertakings, it should be cot
potent for any number of proprietors holding stock or shares
to the value paid up, of not less than one third of the total
capital of the company, to appoint, within a month after:sny
general meeting, two et their number for the purpose of
making a special examination into the accounts of the cur-
rent half-year, and such auditors so specially appointed,
together with the public accountant selected by them, shall
have the same power of examination, in every respect, as be
has by the proposed and other acts granted to auditese
appointed in the ordinary course by a majority at a general
meeting.
This preposition underwent • prolonged discussion, the
prominent objection being that it would open the door to
any proposed factious opposition on the part of a minority of
the shareholders.
Mr. FORSTER, M.P., believed that if this provision were
not inserted in the bill, parliament would in all probability
propose to insert something stronger, unless some such potent
wan given to the minority.
Ultimately, after an animated discussion, the r solutics
was carried by a majority of 2. It was finally resolved that
the resolutions be published and transmitted to the secretary
of every railway company, with a request that the °pillion of
the shareholders be taken upon them whethsr for or gait"
or proposing any modifications, and that the following noble-
men and gentlemen be appointed a committee to crepan
bill for parliament in acc-rdaaoe with the resolutions :—Led
Lonsdale, Lord Powis, Earl of Yarborough, Mr. Chapbo,
M.P., Mr. Glyn, M.P., Mr. E. Denison, M.P., Mr. Elba,
M.P., Mr. Ormsby Gore_ , M.P., Mr. Ricardo, MT-, Kt-
Blackbutn, Mr. Lying, Mr. Hamilton, Mr. Macgregor, Mr.
Charles Russell, Mr. Betts, Mr. Wickham.
A vote of thanks was given to Lord L.insiale for presid-
ing, and the meeting separated at half-past I o'clock.

JEWS IN ROME.—Recent letters from Rome inform
as that a great re.ction is manifesting itself regarding the
treatment of the Jews. The Cardinal• Vicar has just hard
an order to the Jews to Cischarge at owe their catholic sa-
vants. Thu is Jewish emancipation in Italy totteriagr•
wards its grave, which wa, dug by the unjust and mean is-
terference of the French the affairs if Rome, from "steel
she is now suffering, but, as usual, the Jews sutler the most.
" I fear," writes one correspondent, " that we shall sons
behold again the disgraceful gates of the Obetto."—Jewish
Chronicle.
ST. GILES'S BORIAL-GBOUNT.—The authorities of
the parishes of St. Gilts and Bloomsbury met yesterday. le
consider an order of the General Bud of Health, addreesd
to the churchwardetu, viatica zo the churehysa of Bt.
Giles ; and, with the approbation of the rector and church-
wardens, ordered that no new greets shunld be opened is
the churchyard, and no interraenta abowe,:, except in (spoil
vaults and grave.