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

.THE EXPRESS, MONDAY EVENING, APRIL 9, 1849.

North of England 1091. shares at 2401. per abate, the 401.
shuts at 63/.55. per share, the 301. shares at 671. per share,
and the 161. shares at 231. 10s. per share ?
Mr. Plows: If the current market price at that time was, as
I believe, 2361, I should not have recommended the purchase
at 240 similarly with regard to the 401. shares, I should not
have recommended a purchase at 631, having sold my own
shame to a friend at 62. The 301. shares I should not have
' recommended to be purchased at 67, the market pike being
541. With regard to the purchase of the 16/. shares, I cer-
tainly should not have recommended their purchase at a
higher price than my own calculation of 211.55. 3d. per share,
the calculation handed in on the 26th October, and produced
by Mr. Close.
Mr. Clayton : Do you believe that any one can have paid,
or any one received, so high a price as 231 for 151. shares,
same in mistake ?
Mr. Plows : I think not.
Mr. Prance : Do you believe the intrinsic value of 151.
'hares was 211. 6s. 3d. in Oct. 1846 ?
Mr. Plows: I do.
Mr. Prance : Can you reconcile this with the fact that you
yourself sold 100 shares September 3, 1846, at 171 prem. ?
Mr. Flews : I can. I sold my own shares bemuse I
wanted the money.
Mr. Love: Would you not for the same reason have re-
commended the Company to have waited until they could
have purchased their shares on equity advantageous
terms r
Mr. Flews: Certainly, had I thought the shares would
have fallen ; but, having made the calculations, which I did
on the 26th October, and knowing that about 300,0001. must
in a few days be in the hands of the beakers Westing to
thisoompany, the call having been made on that day,' would
have recommended the purchase, even at rather higher than
the market price.
Mr. Shield: If you could net have ebtainud Greet North
of England 1001., 401., and 301. shares in the market at the
prices then current, would you in such care have recom-
mended the purchase of these shares at the prices paid to Mr.
Hudson ?

:hat the 832 1001 shares mentally cast the company on the
average 2341. 14e. Ofd. ?
Auditors: We took no means to ascertain the average, as
previously meted in reply to Mr. France's question ; we °on-
side:A it only our duty to wedeln that the sum total was
correct, and drrespondtd with the banker's book and the
(Seeders' cheeks.
Mr. Prises: Ara you aware that your signature to the
account rendered included the fart that the average price was
2341. 14s. Id., and which Let should be included in your
antsiliiion to the printed statement presented to the half-
yearly meetteg_?
Auditors : We were net aware that there we. any inten-
tion of including the average price in the statement ; there
was a conversation, and Mr. Close said the average was so
and so, but we ourselves went no farther than the books
showed, that is the bona fide mat of the shares.
Mr. Love : Had any other sums been inserted in the jour-
nal as due to individuals, and paid to them, would you have
considered the fact of the payment corresponding with the
entry in the journal conclusive as to the correctness of the
account ?
Auditors : We do not understand the question.
Mr. Love : Have you examined the journal ?
Auditors: We did, and compared the journal with the
cheeks and the banker's boat.
Mr. Lon: What mode do you usually adopt to prove
that you have examined a book
Auditors : We tint umpire the items in the book with
the checks and the banker's book, cast the accounts, and
then sign ft.
Mr. Love ? Have you so examined the book marked
Journal No. 1 ?
Auditors: We have examined it, but we have omitted to
sign it, but we have signed the result in the ledger.
Mr. Love : Then you would not undertake to say that all
the items in the journal are correct ?
Auditors: We b:lieve thei are coned; we compared
them with the checks.
Mr. Love : What mode did you adopt to ascertain that the
purchases entered in the journal of the Great North of
Ragland shares were correct ?
Auditors: The checks of the directors.
Mr. Love: Did you not compare the purchases with the
contracts ?
Auditors : No. We thought that the business of the
di-
rectors.
Mr. Love : Have you assumed the fact of payment by the
directors as evidence of correctness?
Auditors : Yes.
Mr. Love: In the entry of shares bought of George Baker
and Son, amounting to 19,8051. 4s. 4d., what vouchers did
you compare with that account?
Auditors ? None but the directors' checks: we never
looked at the broker's contracts at all ; we thought that the
duty of the directors.
Mr. Love: Then in fact you did not examine or compare
any one of the colones. with the entries in the journal for the
purchase of the Great North of England shares, amounting
to 747,7851. 14s. Id.
Auditors : We did not.
Mr. Shield : Then, in fact, did you limit your examina-
tion of the Great North of England Purchase Account to
the verification of the fact that the directors had actually
paid the same of money they professed to have paid on ac-
count of these shares ?
Auditors : Yes, we did.
Mr. Love Within what deriod, before the last half-yearly
meeting, did the directors furnish you with the statement of
Great North of England Purchase Account for examination ?
Auditors : We saw the soconate for the feet time on the
6th of February, and audited them on that day, as well u
the revenue and construction accounts.
Mr. Love : You are aware that you are appointed
auditors by the general body of the proprietors, for the
examination of accounts rendered to you by the directors,
that the proprietors might have some security for their
torrectnew. - - _

Kr. ;Plows : No ; I would have given 24W. for 1001.
shares. I would have given 621. 10s. for 401. shares. I
would have given 561. 10s. for 301. shares.
Mr. Shield: How much do the prices paid to Mr. Hudson
tweed the estimate ?

Mr. Plows: I do net know of my own knewledge of my
shares bought of Mr. Hudson.
Mr. Shield: Is it your opinion that a very large quantity
of Mares could have been bought in the market without any
material advance at the prices than current ?
Mr. Plows: I should think. Um market price would be
raised._

Mr. Prance : Do you think that the sale of any consider-
able number of shares would not have equally had the effect
of depressing the market value ?
Mr. Plows: I think it would, unless there were large
buyers in the market at the same time.
Ms. Prance: Should not your answer to the previous
question, " I should think the market would be raised,"
have is propriety, a similar limitation, viz., unless large
sellers happened to be also on the market?
Mr. Plows: I suppose it would.
Mr. Love : As director of the York, Newcastle, and Ber-
wick Company, would you have thought it good policy to
have appeared in the market as buyers of Cheat North of
England shares, the moment you had power to do so, at
price., by your own calcola.ion, that would leaves very
small remuneration to the company, when you had upwards
of three years and a bait allowed .you to take advantage of
the market ?
Mr. Plows: The answer I gave to the former question
equally applies —that having 300,0001. in the hands of the
bankers, I should have bought the shares at the prices I be-
fore named, excepting the IR shares, which I should not
have bought beyond 211. de. 3d. per share.
THURSDAY, Maim S.
Mr. Plews's examination resumed.
- -

Plllloll : HIM TM anything to correct or anything to
add to your testimony ?
Mr. Plews: I sald the residue of my 161. shares through
Mr. Fanlooner, whose contract I exhibit at 211. per share ;
and on the 29th October, 1848, I sold forty-fire 161. shares
belonging to Mr. John Church Backbones, at 211. 6s. per
share ; on the 26th of November, 1848, Kr. Prance bought
four 151. shares at 211. 10s. per share. A charge has been
made against me in the public prints of having given &bonus
of 2,800 shares to Mr. Hudson to induce him to purchase the
Great North of England Railway. Mr. Hudson never re-
ceived one share, nor any director of the York, Newcastle,
and Berwick Railway, excepting Mr. Oxley and myself, who
were the managing directors of the Great North of England
Railway. and who received twenty 161. shares each. At the
time of the agreement for the purchase of the Great North of
England Railway, Mr. Hudson had no shares in the Great
North of England Railway registered in his name.
Kr. Love : When did the York, Newcastle, and Berwick
Company resolve to buy up the Great North of England
shares ?

Auditors: Yes, and we executed our duty to the best of
our ability.
Mr. ?ranee: Do you consider it consistent with the
duty delegated to you by the general body of proprietors,
that you should confine your verification to one fact, whereat'
the dccument to which your signature was attached included
a large variety of facts which are actually included is your
attestation ?
_ _ .

Auditors: We inquired into every fact which we con-
sidered it our duty to inquire into.
Mr. Prance : You stated that you audit-3 and examined,
in one day, the Great North of England purchase account,
as well as the construction and revenue accounts. If so
short a time was allowed to you, do you not conceive it was a
duty you owed to yourselves to refuse to attest the accounts
unless sufficient time and means were allowed you for their
investigation ?
Auditors : We believed we fully and fairly examined the
account,. _ _

Mr. Love : Your name appears, by the printed statement,
to be appended to the Great North of England purchase ars-
count. Did yon sign any document of which this professes
to be a copy, or which may be supposed to be a copy ?
Auditors : We do not know that we signed any. tabular
form similar to the printed account; but we examined and
signed, in the ledger now before us, every item from which
this tabular statement is constructed.

Mr. Plows: To the best of my recollection, I think it
would be at the meeting of the directors held 24th Oct., 1844.
Mr. Love: Of course such an important resolution wou'd
be entered in the minutes in the company's boils on that day
Mr. Plews : I suppose it would.
Mr. Love : Be so good as to look at the minute book ; do
you find on that day, or any subsequent day, any minute of
the board of directors directing or authorising the purchase
of any of the shuts of the Great North of England
Compa ?
Mr. Plows: (After looking through the minute book), I
do not.
Mr. Close re-examined.

Mr. Clayton: Where did you examine the item of brokers'
commission, and front whence are the particular items form-
ing that charge collected ?
Auditors: We examined it at page 16 in the ledger, and
we collected the particular items from the journal.
Mr. Love : Are there, in the basks themselves, any marks
of yours to make you &e 1 assured that you arrived at that
conclusion at the time you audited the accounts?
Auditors: Certainly, our initials are 'axed to the com-
mission account, p. 16, ledger.
Mr. Love : Are you aware that the sum of 171. 45., in-
cluded in the commission account to which you refer, and
which you state you have examined, is not the sum that was
paid to Baker and Son for brokerage, that being the whole
sum eller d to be paid to them in the ledger?
Auditors: We are not aware that it is not the sum.
Mr. Love : Be so good as to look at the eighteen con-
tracts now exhibited to you, and see what amount of bro-
kerage is charged therein.
Auditors: 74k65. bd. . _

Mr. Love : Where is the contract entered into between the
York, Newcastle, and Berwick Company, ter the purchase of
shares of the Great North of England Railway Company of
Mr. Hudson ?

—Mr.7Croaal The only contract I find in my possession is
the paper
_ I produced yesterday.
Mr. Love : What paper is that ?
Mr. Close : The paper I now produce is the paper to which
I refer :

. Dr. You AND Nrorcursa Commirr."..

To 151 oacioliiiiiii.iiiii:7-- £36,240 0
312 „ £4O „ at 631
91 „ 39 „ at 67
2,874 „ 13 ~ at 234
Stamps
Oxambake 990 1 9

Mr. Love : How can that agree with the entry made,
p. 16, ledger, which you say you examined ?
Auditors: We cannot explain, as we before saw
the contracts now put into our hands. We believe Mr.
Close will be able to explain.
On the esieceeding day the auditors handed to the com-
mittee the following statement, drawn up and signed by
themselves, which they requested the committee to append
to their:evidence.
" We submit that we have fully and fairly executed our duty
as auditors, basing compared every entry in the journal or
payments and receipts with the banker's pan book and
vouchers, and afterwards gone through the ledger, se Jag
that every item was entered under its proper head; that
we have cast up all the sums, and seen that they corre-
sponded, and
i particularly in the journal of the Great North
as of England purchase, s evidenced by the payments being
regularly ticked ; having been compared with the directors'
checks and banker's peas-book, with which they actually
agree, and whiidi we consider sufficient vouchers for those
accounts. Ws did not examine the contracts of sale of the
brokers, considering them entirely within the province and
jurisdiction of the directors, and we submit that the accounts,
as audited by us, contain a true and just exposition of the
pecuniary affairs of the company."
Mr. Class's re.examination continued.
Mr. Prance : You stated in your first day's examination,
that you were ordered by Mr. Hudson to deduct from the
price charged for Great North of England shares the profit
e bad made by the transaction. What means had you of
knowing what profit he had made ?
Mr. Close: I understood Mr. Hudson that the profit was
between 7,0001. and 8,0001.
Mr. Clayton : Yon have stated that you fixed the prices of
Mr. Hudson's 161. &era purchased by the company at
231. 10s. per share, on the assumption that Mr. Plows had
valued those shares at 241. Si. 6d. per share. If you had
known that Mr. Plews's valuation was 211. ss. 3d. per share,
what sum, acting on Mr. Hudson's instructions to keep
below Mr. Flews's valuation, would you have fixed as the,
price of the 151. shares sold by Mr. Hudson to the company
Mr. Close: My opinion is that the price would have been
put down at 211. per share.
Mr. Clayton : What, therefore, is the exam of price be.
yond 211. per share charged to the company for Mr. Hudson's
151. shares, and what is the aggregate amount of such
excess I
Mr. Close: The meet of price is 21. 10e. per share, and
the aggregate amount of excess, 7,1851.
Mr. Clayton: Was the sum of 2,8741. returned by Mr.
Hudson to the ei mpeny on the 19th of February last as
part of that exam ?
Mr. Close: Yea.
Mr. Clayton: You have stated in answer to a question put
by Mr. Prance, that if Mr. Hudson bad sold his shares in
the ordinary way he must have paid brokerage; if the com-
thpany bad purc
paid brokerage ? hased the shares in the ordinary way must
they
Mr. Close. Yes, and it was on this consideration that I
put down the brokerage charged and included in the
directors' cheeks paid to Mr. Hudson.
Mr. Love : You state that the sum of 28741. was repaid by
Mr. Hudson to the company on the 19th Febeosry, as part
of the ems charged on the 151. shares sold by , why
was not the whole some of 7185/. repaid on that day ?
Mr. Close : I had not discovered the extent of the error.
Mr. Prance : Assign a date to your disoovery of the error.
Mr. Clow: On the 20th of February after the meeting. '
Mr. Love : You have stated, had you purchased 'bares in
the market to the amount charged to Mr. Hudson, you would
have been charged a commission ; would the commission in
that can be so mach as you have paid Mr. Hudson ?
Mr. Clow : This was the first transaction, and at that time
I considered it was the commission which would have been

£131.1187 9
Mr. Love : In whose handwriting is this paper ?
Mr. Close: In my handwriting.
Mr. Love: Whoa did you show it to Mr. Hudson ?
Mr. Close : I am not aware that I ever shelved it to Mr.
Hudson ; to the best of my belief I n
Mr. Love : When did you lay it before the directors ?
Mr. Close I laid it before the directors.
Mr. Lon: Upon whose authority did you enter it as a
purchase on behalf of the company ?
Mr. Clue: On Mr. Hudson's authority, in accordance
with the circumstances stated in my previous evidence.
Mr. Lose : You call this paper a contract, having no date
to it, no name of seller ; and you enter it is the boots of the
company without the authority of the directors ?
Mr. Close: I call it the calculation of the nine of certain
shares, bred on the paper sent to me by Mr. Plows.
Mr. Love : Then you admit it is no contract ?
Mr. Close : I consider it equally binding as a contract.
Mr. Love : Why do you think so ?
Mr. Close: Bernet, ander all circumstance, providing
there had been no mistake, it appears tome a fair transaction.
Mr. Love: Are ore not aware that the prier of the shares
in the paper aced are higher than those in the calcula-
tion made by r. Plows ?
Mr. Close: I am not aware that they are, except with re-
spect to the error in the 15/. @bares.
Mr. Love Whose authority had you for the psyment to
Mr. Hudson of 131,8671. fn. 3d. for the shares by him to
the company ?
Mr. Close : The authority of the chairman and of the two
directors who signed the cheques, Robert Davies and James
Richardson.

Mr. Lov: What mode of calculation did you adopt in
charging the oornanhaion ?
Mr. Moe: I think to the best of my knowledge I charged
the !cale of the London brokers.

Mr. Prance: Do you feel your position in this company is
such that you are at liberty to dispose of a sum nearly
amounting to 1,0001. upon gout own sole responsibility ?
Mr. Close : I consider that this is a very peculiar case,and
that I am only justified in charging what I think is right.
Mr. Prance : In what does its peculiarity consist, and who
gaveietY ?
you authority to constitute yourself a judge of its pro.
r
Mr. Close: I consider its peculiarity to consist in its befog
a valuation. I had no other authority than my own judg-
ment.

11LZ Preece : Do you conceive yourself authorised, being
the servant of the company, to usurp the authority of the
executive ?

Mr. Clare : Certainly not.
Mr. Prance: Did you not practically do so in tha instance
in question ?
Mr. Close : Certainly. Yes.
Mr. Prance : In your opinion had Mr. Hudson disposed of
his shares in the ordinary channel of business, would he not
have had to pay a brokerage, instead of as in this case
receiving one ?
Mr. Close: If he had sold them through a broker he
would bare had to pay one.
Mr. Prance : At what time did you communicate to Mr.
Hudson that yen had allowed him nearly 1,0001. in the form
of commission ?

Mr. Claw : I am not aware that I ever communicated the
fact to Kr. Hudson until after the meeting of the 20th
Februuy.
tennmv, itutCH 9.
Joint ezunination of the auditors, Messrs. Thomas Barstow
and Henry Richardson.
Mr. Prance: This committee is appointed to investigate
"the statement of the Great North of England Purdue. Ac-
count," to 25th January, 1849, to which your signatures are
appended as having been audited and allowed, we proem
tlus implies previous aumnation ?
Auditors : We did previously 111411211111 it
Mr. Prance: The drat entry in the statement on the Dr.
side of the account is 832 1001. shares, miming 2311.145.01 d.
per share, total 195,2711.175. 3d. How did you cumin. the
latter item?
Auditon : We took the book.

charged.
Mr. Love: Are you not aware that all the principal broken
with when you have dealt have charged only half the rate
paid to Mr. Hudson ?
Mr. Close: Yes, of course, George Baker and Son and
othen.
Mr. Prance: Do you state the ground of the error into
which you had fallen in your supposed estimate of Mr.
Plows, that you added to 21 an item of 31. 35. 6d., which
appears at the foot of that statement?
Mr. Claes : Yes.
Mr. Prance: If this be a true explanation, why wee not
the suns prieciple applied to the 1001. shares, and also to the
401. shares, viz in the ease of the 1001. shares adding to
2361. 10s. (gee Mr. Plews's statesmen.) The antount
161. 17s. 6c1., gingerly appended at the footof the statement,
with the 31. ds. 6d., as applying to the 161. shares, which
would thus have brought out the price of the 1001. shares
2631. 7s. 6d., and to We 401. shares add the sun 111. 129.
similarly appearieg at the foot of the page, which would thus
make their price 7'21. 12a. per share ?
Mr. Close: Because I took the result of the detailed oil-
culation of the 1001. shares sad 401. dune as given on Mr.
Plewe's pew.

To what book did you refer ?
Auditon : To a book entitled O. N. B. Purchase, now on
the table.
Mr. PIAXCI The first ism states the swim of the
1001. shuts to be 2341. 141. Old per share, from wltat docu-
ments did you arrive at this maclusion
Auditors : We did not calculate the aysenne, bat we saw
that the sum total and the items composing it ware cornet,
195,2211. 17c 3d.
Mr. LOT,: Did yea compare the asleep in the ledger with
the contracts?- _ _

Aadilen
: In did woe. Ws :ooutporwl thew with the
honker's book sad the dinettes' cheeks.
Mr. Love : Too took so mem, thew, it Rimy to seorrtela

Mr. Clayton :Is there any detailed calculation of the lei Mr. Prance : Have you any objeetiors
shaMr.res on
Close: No. Mr. Plews's pap r?
your own whenou
camelsp orche, d the shares, they were tra¢derref
w"lhor
Mr. Prenee: In your opMion, as a principle of equity, Hr. Hudson: I would like this question to be repeeqt,
ought not Mr. Hudson to have been coutent nil a negative morrow.
advantage of escaping the necessity of paying a commission We shall print the rest of the evidecee
without adding thereto the positive advantage of receiving
commiesion ?

Mr. Close : Under tke circumstances, when the transaction
occurred, I thought Mr. Hudson was entitled to Cie com.
mission.
Mr. Shield : Is there any principle of equity which
prescribes the duty of either receiving or not receiving
brokerage, or is such a receipt or non-receipt a mere
matter of bargain or of calculation with reference to cir-
cumstances ? . .

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; ...A conveying the maLs for the north and the manufacturing/0...a'
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for Wag exted mail delivered. will he 100 int

Mr. Close: I am not aware of any such principle.
Mr. Love: My reason for asking you
.why you charged n
commission in this particular instance is, that Mr. Hudson
individually is the seller to himself, as te* to the York,
Newcastle' and Berwick sluucholders and do you not con-
ceive that this is a circumstance which would render the
charge of commission an unjust one ?
Mr. Close: If I had, at the time of the transaction, seen it
in the light you now put it, I should not have charged it
without full authority.
Mr. G-orge Hudson's examination.
Mr. Prance : Do you desire to offer anything by way of
explanation of a sale of Great North of England shares, de
bited to the York, Newcastle, and Berwick Company
131,8671. 9s. 3d. ?
Mr. Hudson: If the committee think proper to ask me
any questions remelting this matter, I shall be very happy to
answer them, and also to give them any information in my
power.
Mr. Love: Did the board of directors authorise you to
purchase these shares, and if so, at what period ?
Mr. Hudson : Immediatelyi after the meeting on the 26th
of October, 1846, to the best of my recollection, a board meet-
ing was held, and a general instruction was given to me to
carry out the resolution of that meeting to purchase the
shares, in accordance with the plan which had been stib-
=Med to the meeting of proprietors by which the stock was
created for the express purpose of such purchase; for it
would be impossible to meet the payment of Great North of
England shares by raising a capital of throe millions and a
half in one day, that is, on the Ist of July, 1860.
Mr. Love: When did you sell these shares to the company ?
Mr. Hudson : On the day after the meeting.
Mr. Love : Did you formally acquaint the Board that you,
individually, had sold to the company, of which you were
chairman and trustee, 'certain Great North of England
shares, amounting to 131,8671.95. 3d., in October, 1846.
Mr. Hudson : No; nor did I acquaint them with the pur-
chase of any other shares during the whole of the time it was
under my management. Before I made the sale or filed
the price at which I would dispose of the share' to the com-
pany, Mr. Plows, and Mr. Oxley were requested by me and
the board to furnish an estimate at what price it would be
advantageous for the company to punkas, the shares ; to the
best of my belief and conviction I charged them at a lower
price than that estimate; I did not then think, nor do I now
think that, inasmuch as the company wen compelled to be
ipurehasen in 1850, my paid= did prevent me being a
seller, at a proper price, as any other individual, and I also
felt I had strong claims on the company for the best price
they could afford to give, inasmuch as I had given up to the
company a very large sum guaranteed, which I held in my
own right, amounting to 3,2.501. a year, which would have
produced me a very considerable income.
Mr. Love: Are you aware that them is no minute made by
the directors either on the 26th October, 1846, or at any
other time, that they had requested Mr. Plews and Mr. Ox-
ley to furnish intimates of the value of Great North of
England shares?
Mr. Hudson : I am not aware that there is, but there is no
doubt of the fact that such instruction was given.
Mr. Love: You have stated that the shareholders of the
York, Newcastle, and Berwick Railway at the 'pedal meet-
ing authorised the purchase of Great North of England
Railway shares, can you point out any particular resolution
to that effect ?
Mr. Hudson : I refer you to resolution No. 2 at that meeting.
taken more particularly in connection with the statements I
made to the meeting, and at the York and North Midland
meeting held on the same day and place.
Mr. Love: Is not resolution No. 2, to which you have re-
ferred,rstrictly limited to a provision for the purchase of the
Great North of England Company's railway and works, and
not to a particular purchase of the shares ?
Mr. Hudson: I consider the resolution of proprietors ex-
pressly authorised the purchase of shares; I could only pur-
chase the railway and works by the purchase of the shares.
Mr. Prance : The principle of the calculation adopted by
Mr. Plows is to ascertain that if money borrowed at 6 per
cent. was invested in Great North of England shares at air.
fain priors, what profit would have accrued to the purchaser
when paid off at 2.501. in July, 1860; the results, assuming
that his calculations were arithmetically correct, were that
1001. shares at the price of 2361. 10s., would have left a profit
of 71. 6e.; 401. shares at 611., would have left a profit of
21. 18s. ; 151. shares at 211, would have left a profit of ss. 3d.
—how can such a calculrion be applicable to the duty which
devolved on you, viz to have purchased for the company,
of which you were trustee, shares at the lowest possible
price, and would not the average price which had prevailed
on the Stock Exchange of London for a certain period, say
six months preceding, have been a fairer principle than that
of Mr. Plews's calculation ?
Mr. Hudson: Experience has tam;ht me that in attempt-
ing to buy any large quantity of good shares,it is utterly im-
possible to obtain them without materially advancing the
price. I give an instance: last Saturday I wrote to two
brokers in London to purchase Great North of England
share' at about the price of the day ; the answers I have got
are, that they are unable to make any purchases whatever,
though the Stock Exchange list showed sales on that day. I
believe, but for the unfortunate error respecting the 151.
shares, the sum paid to me for my shares would not be more
than 5001. above the market value at that time. _

(Ma ow i

ora•Zuratir".
G"'""• AM/ r4li
ttt'Jaar,11.4';174.44!6b16:44
Jona IZe'eey, pper4 41
Jane Arettitula, gri.4..7.1.410113
r144°646 all.Pult A
tueb, Gloaraezadig3.4•llll
Lauren& r Merta,
1 Ataalua., Orsiz, 4Mpulaart. st.
le:1414.10, PIM. AirIle
atueautuai,Aprii
/teat Wilde 4A.."'"Na1t,....
Marl AY. li•A".
Mettalf•A/17**
ZLirmaftrfm.lit=
Wird, Oraernead. Apra I .14.14
It snot, Orarruaa , 4rg °4"d, op&
Nymph, teravarand Why-
Nor t beta Mal{ Aad , ap'
Nouvelle noUrie, bainei:.4llgrt
Oalris• Weer, Ap a,Wdeh.lloll
Padre Makin
'COT and Jona, cusuaela.n,..
Plover Palette, ap,
Portia, Porten, ap, I WA.
,Apt. I iid.
l'outdoeu, Lir., areur,l6A--
PHscrteklAte, aprn 7 pm
Quiver, Warein gap Cot, , Airy" Al'
Rutin , ~ Ap. 761.4
Wend. a, thp.pm
Iliad Inackede, Art am.
6,
Phelan Bunke, Au. 3 Meal
bY1343, Vane., ap,
Speedy Peckemilat'p ap
McKeon, .1,106, Ali. honua.7
bum., Salmon*, a, fauna.
Sarah, Torbay, Ar 3 ,thapain,
Mates Rearm, Gametal, giAL
Steam blelk,Ourresenti,auu
Tjordr atihJeld,tlarier, pl. 1464,
TanaTU4"O'raltUlk.l'lnif:l"6""Nal
arr. Ne •p, April a tardid
Trial Taut. • April'
• law, April ' pion
Luba, OlillNti, dpn 1, buoy
Union, Grateeead A -
VIM Deal. Apiel
Viar kodakmde, lrta.4a di
Viscount lialido3l,Gravearsi,l
ern. and Maria, Graved,
Ila
Wave,Grarratutd, ape IMAM%
linueread,Aprir ,Lua
Winand Mary,flarrr..Ape'lriunne
7 Zeo, Lie.. Ap. , Marina
116.11JAD.

• , Graveeead, Apra 7
*abler Gravivenil, Ay. 7, N. Orleans
Asaphos, Grartseed,Apell I, Mobs!
AzoresPaeket,Graveeend,Ap 6,Llsbon
Anus Marta, Graveand, Ap. R Cale.
Asertan, °reamed, April 7, Stallah.
=l3v., Ap. 7, St. Pelmet,.
, Ap. 7, Hush.
Aala, Deal, Apt% 6, Gravesend
Ada. BoAuey, Hartlepool, April 4,
Hoslogae
Ada. CoUlagwood, HartlegL
W., Ap. $,
ary
Anne, Mead, Ap. 6, Coedit
Betas, Belf., Ap. 4, Sanderlaad
Cltark GiesnrD74.A4.lli.Aorirli.ans
oountens of kulgrsve, Deal, Ap. 6,
Gravesend
Countess of eadeld, Deal,. April 6,
Olavesela
Candela, Deft, Ap. Gravesead
Catherine, Planeness, AprUi ll barman
nh.
Cato Freres, Gloster, Ap.
Charlotte, Hall, Ap. 3. Dentate
Chasm, Shields, Ap. 6, Haub.
Columbus, Welds, Ap. 3, Haab.
eircaulan, Rwenars, Ap. 4, Cuba
Cadet lan 61.11.. Welt , Ap. 6, Kowa
Ceattiflos. elf Vales., Ap. 6, Danube
Chas. Welton,Deal, Ap. 7, Gravesend
remains, Onivesend, Aiptil 7, Deans.
Carol, Gravesend, April 7, Demerit
Canterton, Gravesend, April G, Santa
Man.he
Daniel Brea, Gravesend, April 4,
Gamut.)
Dr. Winterbotteas, Ploherrovr, Ap.

Ilaiwass, Leith, April 5, liolbeer
Ihunielarad, Leith. April 3, Hotbed.
EJLesteth, Deal,ApU Gramm&
illGabetb, Leith, Ap. Hush.
Es peer, I.eith , Ap. 3, Fleekethird
EUsa Loiters, Lel th. APA.WAWSitaisde
Esperasee, Eorilinadss,Ap 3,Lokken
Epen ier, Shields, AprU 4. Havre
Eche, Shields, April 3, 80/slog.
nouthasop.,Ap. 11,1tetterians
Ellen, Gravesend, Ap. 7, Delmont
Eghass. Gravesead, Ali. 7. Cadis
Espbratee, Gramma. April a,China
Eniaatiel, Grave•end, April I, Alines
Ectsiosiy, Onwesend. Alp. 7, Pettis
Elle°, Gravesend, April?L Oporto
Fame, Gravegeod, Ap. 6, Emil.
Fiskeni, Leith, As 5, Stettin
Flint. cd the Wight, April 3, Astw.
Flower of Yarrow, Deal, Apilie 3, St

Mr. Prance: Would not your experience have equally led
you to the discovery that any considerable sale, such as yours
to the company, would have had the effect of depressing the
price, and that a similar difficulty of finding purchasers
would have been felt, as you now describe, in finding
sellers?- _ . . . .

Mr. Hudson : Under ordinary circumstance' I think it
possible it might have that effect, but with the resolution of
the Newcastle and Berwick Company promulgated in the
London Stock Exchange, I don't think that the effect would
be to lower the price ; on the contrary, to raise it, in conse-
quence of the company being known to be large buyers of
the shares.
Mr. Clayton: What written evidence is there that the
shares which have been purchased for the company have
been so purchased and are so held ?
Mr. Hudson : I put in a deed of trust, dated 25th of
January, 1849, executed under the seal of the company, by
myself and my colleagues, and by three directors of the
York, Newcastle, and Berwick Company.
Mr. Love: What is the unfortunate error you refer to
with regard to the 151. shares.
Mr. Hudson : In fixing the price which I thought in fair-
ness I ought to receive from the company, the price esti-
mated by Mr. Plews, and shown to me by Mr. Close, was
241. 3s. 6d. per share, as a price at which it was advantageous
for the company to purchase ; 1 then directed Mr. Close to
put them down to the company at 231. 10s. per
share, and I never discovered that there was any
error, or doubted that the transaction was perfectly
correct, until Monday morning before the meeting
coming to York, I was looking at the average price
put in the statement, it struck me that the average looked
very high, but before the statement wee sent out, it was sub
mitted to a meeting of the board, and although sone of the
directors went into the calculations, yet none of theca made
any remark as to the high avenge of those shares. Upon
arriving in York, I went into Mr. Close's office, and I stated
to him that the average looked very high, and asked of whom
had been bought the largest number of those shares. He re-
ferred to the books of the company, and stated they were
principally bought of me; I said, then turn to see what are
the prices given for the tame description of shares to other
parties; upon which, seeing that the shares taken of me were
at a higher price than those taken of other parties, I said I
must pay the 11. call due upon theca immediately, and after
the meeting you and I must go carefully. into that account,
and we most have the matter set right, but I Cannot
attend to it until after the meeting; I received no intimation
from any party whatever that there was anything wrong in
the price of the shares, or in the statement, and although I
felt that something was wrong, I was not aware until after-
wards of the extent of that wrong. Had it been my inten-
tion to have concealed or to have taken an advantage of the
company, it would have been very easy to have published
that account in a manner that the error would not have
been so palpable.
Mr. Love : Why did you not mention, when you had pro-
ceeded so far as to move the adoption of the report at the
half yearly meeting held'on the 20th February last, the fact
that there wee an error in the statement of the Great North
of England Purchase Account?
Mr. Hudson One reason wee, that I was not aware of the
extent of the error • but still I regret that I did not at once
state that an error gad been discovered.
Mr. Love : Did you repay, by the cheque now produced,
to the York, Newcastle. Bawick Company the sum of
2,8741., being 11. per share on 2,874 Great North of England
151 shares sold by you to the company ?
Mr. Hudson : I did.
Mr. Prance : What induced you to fix on this particular
sum of 11. per share as the limit of your overcharge ?
Mr. Hun : I did not fix it u the limit of the over-
charge, but I paid the 11. per share as being unpaid on the
calls, and I dktiectly stated in paying the IL I would go
carefully into the matter after the meeting, and correct any
further error that might exist.
Mr. Love : To whom did you make this communication ?
Mr. Hada= : To Mr. Close.
Mr. Prance Am Ito understand that the sum of 1/. wee
simply a payment on account towards an error, the total
amount of which was hereafter to be ascertained, and the
balance then to be paid ?
Mr. Hudson : Most distinctly so.
Mr. Love ; What means had the directors of ascertaining
whether the payment made to you on the 27th of October,
1846, of 81,1001. was correct, they not having had any re-
port made to them of your sale to the company ?
Mr. Hudson : I have no recollection what representation
was made to the directon, bat I have no doubt that they
were informed that it had been expended in the purchase of
Great North of Ragland shares.
Mr. Prance : Have you any objection to state to this com-
mittee at what period and antler what circumetances you be-
came ponsessed of thee Great North of England dares you
subsequently sold his company
Mr. Hudson : To the beat of my recollection I bought every
share in the open market through broken, in the latter part
of September and the month et Gaoler 1846.
Mr. Prance : Have you any objection to ruches your
beckon' entracte ?

Liu., April 7 New cirri
Cilmg.,April 0, Mauritius
(Moreau, Hull, April 6, boom
Garouue, Ilya., April 11, Hama.
Grantham, Melds, Ap. 6. Hamb.
Wrath, Gravesend, Ap.b, Hotteed.
Gazelle, Orairaread, Ap. 7, Ootteubs
Hercules, Deal, Ap. 4, Oravettemi
Herald, Palm., April 6, Coustuatleel
Hector, Orgasm., Ap. 3, litasSeck

Ands. Holiest, Ap. 6, Now York
America, Cork, April 3, Now York
Adelaide,_ Cowes, April 6,
Aspen. Falmouth, A p. 6, Tr: Zino.
Anna Morgan: tt.r, L.Mraboro*, April
6, Hunk.
Affahnn, Greenock, ApeU 3, N.York
Alarm, Guernsey, April k Lisbon
Alpha, Jemey , April 3, killbea
Anne Moore, K ilnidt, April 6,Qoebec
Arscur,Fort.m., April 6 UM.
A'"Alow7gngeaT, rrglizAPeAll, ptlithi:raCon.
stantlnople
Archimedes, Glasgow, April 6, Um;

Amity, Lie., Ap. 0, Pngwash
Au word, Graesind, Ap.
Utast 7, &nerd.
Billo
Bouvierl, (llv.,inseed,., Ap. li,ltottenians
w, 0
Donne Nue, Ap.
rter, Ap. St. John,
Rancour, Rwansea, Ap. 8, Rouen
Louvain, Trout, Ap. 4, Odessa
Bowes, Prorklastom, April 5, Quebec.
Cho, Watson, Deal, April 6, Buxton
Countess 06 Ileaheld, Demi, A=
China, Jersey, Ap. 5, Dupe
Caroline,Noldon, April 4, Emden
Chalon%) Whitmore, Swansea April
C. cur.
Colonello Salvino, Toon, Arm.it
Circaosian, Tenon, Ap. 4, Odems
Coronas, IJ v., Ap. I. Havanna
Corsair, 1.1 v., Ap. 7, Quebec
Caledonia, Ur., April 7,14.4300
City of Rotterdam. Oravad., April P,
Itoiterd.
Candidata, Gravesend, April 6, bar.
Dodoes
Countess of Lansdale. Graven,. April
7. finnan.
Director, Ground., April 8, Antw.
' Danbrody, New Boa, Ap. f, N. Yak
Della, Purism, Ap. 0, Onebee
Elizabeth, Natal, April 5, New York
Element, Cork, Apsll a, New York
Elizabeth, Deal, April 8, Quebec
Emerald, Elansh, Ap. 5, Quebec
Eliza, Portland Ms., Alii; Leghorn
Ella. !Welds. Apell 6,
Ellen, Gravad., Ap.
Echo Ap. 6, Rot
Emmen, April 7, Nava
Eagle,Ap. 7, Persian
n,i.Akoltaz.iTork
Free 'Trade, &Arend., April 8. Co.
Pellhalice
Pa:Orrrt 4aiit.rAifinijanetioo
Gotkes, Cialestrorr, Aprl. 4, Rand,
Gleaner, Greenock, April 4, Gine.tr.
insurfehn, Mahlon, Apl.l , .
Gondola, tegow, April 13,411sadtim
GIoZT: LEagle Le., Ap. 7, Bram

liir:Hitia;ll7lshould have no objection if I had than,
bat I ban them pt.

Oewte Lt. Ap. 7, Quebec
Henrietta, thsweead, 1.1 v., Ap.
Swan err
Hibernia, Lie., April 7, Newfound.
Harleq LIT., April 6, Oporto
'tentage., Cimarron, April 6, Now
oe!
Hilda Charlotte, thlmooth, ApYril 6,
New Sort
Hendrick, Inverkelthbag, April 6,
Stettin
Hallo, Port Talbot, Ap. e, Palmpol
Heisler, Shield., Ap. 6, Copt-whoa...ft
lofdtwoblle, Tryon, Ape 4, Terbi-
um&

Ai bust. whir
Bu b=
Courier

1, balm
llpme
cl=. . ,
ane, L 7 Jsramutl„l.ll.
41..
Mani and Calkinka, larnteisliss„
Ap.4„ Minn
Lordra Ira ,111=1, rtit.A42, Fait
Lord I. Bissell, Orreestapt
Lanni, Gravesend, Ap r. Rain
Lockladaal, Lir., Ap. 7,
lerlunaltsiorr, Lie., April 11611=
ittrltiirruc.szd. Ap. Wand
braral.,
Menke, Gravest., April!, Trask
Mary Asa, ti,., April 6, Nam
Matador, Falra., April Casts.
Mary Mastro!, ()wk. Apnl 6, Rend
map., April 6, INS
Marta Agnetha, larerkelibte4,l
!Luis, Kuria, April S. gales
Mersey, Swansea, Ap. 6. Quist
Marictia, Sloan, Ap. 1, Odems
Mayel, arm, shields, Open 6, none
llaW/, Shelds, April 0, Gram
Naparlma,i Bristol, .61, 6, ft JAM
Nrdo, Olassow, Awn 6, Nam
Nord (*pc, Lir., Ap. 6, Wrier
OnOchtertyre, Osurescad. Op. 6,0 p
ward Lir., April 7, Bonus
Arcr(te. Greenock Ap
Pm'
demo, Sklekis, April
Princess Royal, Gravesca, 4
Princess Victoria, Gray
areeT 3ntherernadeA,
Q. E. D., Shields, A p. 6, rams=
Rickard ;Dart, Deal, Aral as
LIM
fUctuird Cobden, Falmouth, Agit
Regina, Inverkeltblag, Aprilfra
Resolution, Newport. Op I..balei
Rain bow, Onmeerad, Ap
Rickards., Lir., A p. 7, Net/
liosaskirc, Gravesend, Ap 7. Reid
kir Ld. Banks, Orareorod. oftj
Sir J. Has Reid, GMCsl6l,li.tg
Runnel, Lly., April 7, Newt nodal
Seadrift, Lir., April I. Si ;Menlo'
Slavonia., Falai., An 6, Galata;
P.e11:10, Orrtamk, Ap.l,Pensa
Sarah,
Glover, Ap. 1,1.
Simms over, Pipit, AprilVinfill
sumo, askbr, A p 6, boat
Tancred T
i,Tow April S. Alemakb
Thomas Mandford Cot: And

;d_
°WU, orhootter
D. litx khan ...
Mclef,,!.24llsti)
xvA.ur.

;:g ritUtd.erd;

Liverpool
Mary
Margaret, barquel
Naomi (o4d )
Nralrew
Norway
ranope
Thetis
Trylila, schemer

Michs. thy., Ap 7,10 MAMMA
T. Mr. UT., Aix 7, Ihrtaa
Cmla, lJr. Ap. Llos+trit
Ammecuakt, Gramma& April 6, EA
P•ha, Cowes, Av. 6, LaShamea
p wry, Cireelach. Arn 144
'nip
Victoria, :Meath, Ap. 6. Qmehcm_
m iaeter.Lori, April
Wrahcran,UtarnaK AP :Ai'.
Wiatrturer, LIP., April ,Mn•
Monad
Watchman, UM, Ap. 6. MlO6
Mumma, Lc, Ap. a, Newland.
Zig Lag, Sanwa, April 6. gm

NTT. LIT. AI2L
w.
...
Ll,erpoill." iultMaki.lclsl
Uverpsoi :Talpanilao .. Nor. IS Of Kr Wan
, lRointay . Pec. II On 041::
iimanswn Int a01ui23.1.a. ACC 3 ON.
ILirispinia ISt J0hn,24... 3W. 30 N. IS Ws
lisi.lll 47 N. IS W.
limns ;Liverpool.... Ma* 133131..
Chins 'London Jae. I in atrintitai
Liverpool.... Quebee a. ant. IT o.
1101114"1".;:ejlineir.AfteisNnor".W....
DTe• If IT t
IX
Constantin* Mar. •It
IlandoaPm .. Dee. la IN. .3 "

1016rattas ...
'Newcastle--

CASUALTIES.
Ann, English brigantine, grounded on the Costol2 de Rea m 110 ralta
of :.3r.1 In.t. and Is beim: dtstnuttled.—Cadiz. Muth 2.
Amelia Hill. 'min. from Conotantinopte to Cork. Knot the 20"
became leaky, and must Mockup n, repair.--Gibraltor. Martha_
Durham of Lehator, brio, from Ale andrla for Cork,Pe„...i th...hertibh„.gr
been thrown on her beam ends, allifted OM% 2e•—thw'wiw
Earl of Auckland tvcrew oteamen, Cook, from Cossuclinork..."..
here thin m 'ruing leaky, baring struck on a rod het WM to 14.2.1
N. lon. 18 E., and will go Into dock (messaging.'" but it W nth
will not hare to diocharge.—Malta, March 27.
Florida, Lori., from Liverpool for Durdt, Put lw with ihah"gla
broken nerre..—Kingstown, April 5.
Frances, Nudge, of Aberdeen, bound to Cork of Pa/Month WV.%
was wrecked on St. blames' Pant, IS mike met of 01100,
March mores and pert of cargo expectel to be sand. esti
Margiena Stargrletttn, mink of Petals, wai nbaplonol
la ter
&A 3rd lout. la a oinking date ; crew saved and hailed
hat
wink, April 6. yogi
Town of I/no:hods, water-logia.iii.nd abandoned, inu
miles W. of Cape
foam 23. „4,,al ion
Verona, Fruady, Newport to New Orkin". was bon
ninhinintate In ha. don. 4L W. ; crew tacked tip aaJ W
—thin-altar, Aprlll.

BIRTHS.
ADDlSo72ugh.—April 3, the wife of T. F. Addison, D&4,, of "144
f a ter.
BIILLdaOCIL.—ApriI 4, at Triangle, Hackney, NM J. DOA'
/wetter.
CAMPBELL—ApriI 2, et Rumple Castle, the wife of O. A. GAF
V bell. ao., of a sin, staborn.
COOMBES.—ApriI 2, at Stoke, the wife of Mr. J. M. Liendelkal
daughter.
CU N DELL—April 4, at Leith, Mn. Conde% of s an.
FORSTER.—ApriI 3, at Dighburykroce, the wife of J. Foram riS•
of a son.
,MAII:LAN o.—April 4, at Guilfordetmet, the IWO of J. G. WWI
of daughter.
NM' 1 1.1,E.—A toll 3, at Glasgow, Me'. R. 11. Nerille. of ML,
WAR REN.—April 4 Wouceetel,o,oo,, Mry. MIEN% I
oUL brn.
MARRIAGES, WIM
BARER—MITCHELL—ApriI 3, at St. Andrew's, PlrY74l‘ 0
Rev. J. Hatchard. Mr. W. Baker, of Bridge-end. Seams Tura
Therwa, youngest daughter of Mr. W. Mitchell, Plyinoish. tri.;
BESTOW—riTARKET.—AptII 3, at Penton, near Grusham.
Rm. G. Potchett. Mr. V. Nato., of Nottinghsre.to Sineansh.
daughter of Mr. W. Fork y. of t 1 e former place.
DAY, SON—PRINOLL—ApriI 3 at St. Peter's. Sercfnef`t°°•CWillma
Frederick, eldest son of the late J. Passion, Eq., of 14,34"
-Durham, to Mary. Youngest daughter of the bite 0. pro& /01.
&remora -n. nrrL
DREN NAN —frOTT.—Aetil 3, at Inverkcithing.bYthe ..."`:4 1011.
of Linlithgow, Mr. It. Drennan, to lobi 10,chiest
Ems., of Inctrkeithing Foundry.
BROAD WOOD.—April 4, at BleighEATtolin,S3l. 1
Aroadwood. Esq.. of Lyre, rear floe ham. sred 71.
RUCK WORT' I,—April4, at Ekigictleldkreen, .tens Maria
daughter "April late O. Buokworth, /LK., of Parkplace, Bert. 0.
RULLEIL 3 at Mortal, Cornwall, J. Rule., Esil.l,o7'''y.
CAMPBELL—ApriI 6, at If o, Franei.ea, relict of 11510
Danube% formerly of Fulmer, treks, end RariPeste,
CRAWFORD.—ApriI 1. at Glasgow, Jessie, yosingof 4ug6^"
W. Crawford, late of Fort Glaegow. „.jgd
FRESIIFIELD.—ApriI 1, at Brighton, Mary, eideet sank%
0. Freehlield, Hp., aged 9. OAF
LEEKIL—ApriI 4, the Rey. R. M. Leeke, of Ruckley-gra2„
shire formerly rector of Longford, lo the lame county, Ms.
MONTAGIII.—March 11, at Barcelona, John Monteath I'A...—
ravened and tc.7rettod. gala
argarrt fichaw, wife of
PRENTION.—ApriI 1, at Greenock, Elisabeth Reid. sell- -
Mr. T. PrenUce.
Baziewihllamct t.
blynfe of A. U. Rowlsi
r ll6'

'dated god Published by WILLI/111 KISCI Haim of No.
Welk la Use City of London, Printer, st the osoo, La
in on dultelant of littikertara—Mosuar. Anus 0.1810.