The Express.
London, England, 1849-08-09 00:00:00

THE "RECIPROCITY ASSOCIATION."

The Glasgow Daily Mail says:—The secretary of
this association here has received from Henry Drum-
mond, E.q., M.P. fir Surrey, the following docu-
ments, now published by permission:
" Albury•park, Guildford, July 27, 1849.
"Sir, —I have received the lett. !sand enclosures sou were
good enough to end me; and I enclose a espy of the re.
solutions which I intended to move in a committee of the
whole house (ike only way in which, according to its forms,
a meaiure relating to trade and taxation can be entertained).
ii I had carried my nrrion for the house to realise itself into
the said committee. Yon will perceive that these resolutions
arc analogous to the sentiments entertained at your meeting.
" I am, sir, your obedient servant,
(Signed) " HINtIY DRUMMOND."
" P.S. I have given notice of the following motion for
nest mutton
That the burden of taxation be removed by a graduated
scale front the noorer to the richer classes, and that all
duties be ebo:ished which prevent any /amino from grow-
ing hops, or making malt, soap, candles, or bricks for their
o an use.'

" RESOLUTIONS:

I —That the amount and ciistriiitrion of the pretext
general and local taxation are heavy burdens on the produc-
tive industry of the country.
ll.—That, in order to alleviate the we'ght of these bur-
dens, it is necessary to levy, as far as possible, all taxes,
st:mps, and other duties on the same principle as that on
which the assessed taxes are levied.
111. That, in order to diminish the general expenditure,
it is expedient to discharge all public servants who are not
regrind fir immediate service, especially those in the civil
de pertments of the army, navy, and ordnance.
IV. Thar, in order further to dinsinists the sold expendi-
ture, it is swampy to reduce the salaries of all public ser-
vants who are retained in °fills, governars of colonies, fo-
reign ministers, and especially such as had their salaries
formerly a.vanced on the ground of the increased prices of
eolamod ties.
V. That, in order to afford greater encouragement to
manufacturing industry, it is esp-dient to remove all restric-
rimss on commerce between Great Britain and her depen-
dencies.
Vl.—Thst, in order to tromote the better cultivation of
the colonies, Galante the circle of the home market for our
manufactures, and relieve the poor-rates of the mother
country, grants of land and free passage in the public ships
eh mid be given to all labourers who are a burden on the in-
dustry, and confined in the unions, of Great Britain and
Ireland.
Vit.—That, for the purpose cf raising a revenue necessary
for defraying the expenses of government, a duty ad valorem
shall be levied on the productions of all countries not subject
to the crown of Great Britain.
Vlll.—That, in order still further to relieve the poorest
classes, all duties shall be remitted on such portions of malt,
hops, bricks, candies, soap, and tobacco made or grown by
any person for his own consumption.
IX.—That, in order to set free capital that is locked up
unproiattivi Ip, and to promote its employment produc-
tively In agriculture and manufactutes the government
shall be empowered to buy up such pubis: annuities as are
off-red fix sale from time to time in the market.
X.—Test the funds necessary to enable the executive to
effect these purchases shall be raised, as required, by a duty
on property and t n land, which funds stria be appropriated
solely to the above object."

REPRESENTATION Or WEST SURREY.—A 001Te-
spon,,ent eye: "A sew candidate for the representation of
the western division of the county of Surrey his appeared, in
the person of Mr. Thurlow, a gentleman who. os a previous
occasion, wee the unsuccenfal candidate for Guilford. Mr.
Thurlow entertains liberal opinions, similar to those held
by Mr. J. Ivatt Briacoe, whose address is already before the
electors. Teen appears to be ery considerable doubt on the
subject of Mr. Frishileld's becoming a candidate. The Fa
tretinr,ios ars eausassiag is hiabebelf with great seal ; but
Mr Frmb6•ld bee made no °facial announcement of his in-
tentions. Mr. Shaw, of the Mark-Jaw Express, has been
spdten of ; bet it is quite unsertaM at present whether be
will start. Both patios are resolved to put oat their whole
strength, so that a keen contest may be anticipated."

NORTH BRITISH RAILWAY.

REPORT OF THE COMMITTEE OF
IN VESTIGATION.
The following are the prieeirl portions of the
.• Rep di of the Committee of Investigation," which is to
submitted to a meeting of the shareholders of the North
British Railway Compaq, to be held at Edinburgh on
Thursday next.
The report is divided Into three heads, via., the extent and
preens coadition of the mein limo, branches, buildings,
kid end rolling stock—forming the property of the tom-
pay ; its past management ; and future prospects.
I.—TRIII PROPS/MT OP Tan cOMPANT.
Under this heed the committee make the following state-
smen' with regard to ground and builithige purchased from
Learmont :
With referees, to future improvements of the Edio-
hank Mateo, the committee find that a block of bund-
le., with land adjoining thereto, his been purchased
by the stospeoy of their chairman, Mr. Loarmonth, at
the pries et 211,1031. to which the particular attention of
Use smokes* kes Imes directed. The enateittee are of
opinion that the situation of this pro ny renders it of great
important's to the future acco on of the company's
traffic, especially with nferemos to its connectioa with the
Edinboro/It and Northern line, provided a OWSTatt-
sior ion under Um North-bridge can be obtained between it
and the exists, statios-room.
A difficulty, however, pretests itself =this taint. When
the purchase of Mr. Learmeatia's property was made, the
directors expected to obtain pareeetion of the desired coot
maniestioo by virtue of an act of parka at • bat in this
they were tiaseecessful, on the opposit on of the; then autho-
rities of Eliabersh. The committee venture, :however, to
hope that, bearing in mind the vast advantages conferred
upon the city of Edinburgh by the North British Railway
end the railway system in general, the authoritke of that
city will reconsider this question, and afford yen anemia to
the property you have purchased, which will tints be made
to contribute to the misivenienee of the public, and promote
the interests of your compan
The pries to be paid for tinsy. property was settled by Mr.
James Smith, arceitect and valuer, of Edinburgh, and the
commits,are positively enured, in a way which leans no
doubt of the fact upon their minds, that another party was
willing to give eves • huger sum for it at the tints the per
• was effected. Toking all thus conaidercion,
eat the peculiar positive et them primes., with reference to
your station—beingln the very centre of the town and ad-
joints; the termini of two other railways—your committee
are usanimouly of opinion that the pries is not unreasonable,
and that the directors consulted the interest of their share-
holders by securing this most important property.
11.-21111 PACT UANASINKNT.
The following paragraphs Denten the most important
Mau ments made under this head :
It is with extreme gratification that the coutin:ttee are
enabled to state that, after the most diligent nriries on
their own part, and the systematic investigations: the se-
coasts by Mr. Cape, of Manchester (an experienced railway
acesuataut, and entirely unconnected with the North British
die rict), they feel convinced of the perfect fidelity and cog.
romans of the accounts, the accuracy with which capital
and expellees have been charged to the proper head,
and lathe unquestionable integrity with which the directors
have conducted your affairs. Nothing has been communi-
cated to or come to the knowledge of the commit- e, sites
the most careful inspection of the minute books of tie dine-
tors, and of every other document in the office for which they
have called, that leaves the remotest doubt on this '
portent question= their minds.
The committee find that the directors, during the excite-
ments and struggles for the reiession of different districts of
country in the sears 1845 and 1846, became connected, by
the purchase of shares on behalf of the company, with fear
neighbouring projects, :—The Edinburgh and Northers,
the Tyne Valley and East Lothian Central, the Edinburgh
and Perth, and Lancaster and Carlisle Railway,.
In the Edinburgh and Northern they took, as the share-
holders may be aware, 1,004' original 251. shares, by Tina,
of the Bth and 9th Vi.., cap. 82, sec. 46 (1845), and also
1,000 new 201 shares, in right of the original met, all of
which were subsequently sold, leaving a profit to your COM-
pally, in October, 1845, of 1,3401. 15e.
In the East Latino and Tyne Valley they took, on their
own responsibility, 5000 original shun, and in January,
1846, paid thereon 16,0001. On the failure and winding up
of this anthem they received hack, in the years 1846 and
1847. 7.0621. 10s., leaving a lose to this company of
2,9371. 10s.
The Edinburgh and Perth transaction is of such import-
anc• and has attracted so much notice, that it is desirable to
explain it more fully. It appears that in the autumn of 1845
the directors thought It expedient to obtain a commanding
interest in this projected line from Queeneferry, by Kinross,
in nearly a straight line to Perth, and for that purpose, be-
tween the 20th of October and the god of December of that
year, purchased, through a stockbroker in Edinburgh, •
large number of shares, at a met in all of 94,1261. 18s. 6d.
On withdrowiog from the concern in 1847, a Use accrued to
the North British Railway Company of 84,9541. frs. 9d.
After the purchase of the above shares, the directors
agreed upon terms of amalgamation bet nen your company
and the Edinburgh and Perth, and thereupon your then
existing connexion with the Edinburgh and Northern line
was broken off, your shares therein having been all sold be-
fore the commencement of the above purchase of shares in
the Edinburgh and Perth, the Edinburgh and Northern re-
garding the Edinburgh and Perth as a rival and hostile
scheme.
The committee are distinctly assured by the chairman,
deputy chairman, and several other directors, that they in-
dividually held no shares in the Edinburgh and Perth, nor,
to the best of their and our belief, did any other member of
the board, directly or indirectly, hold any, when the above
purchases were made. Upoa Use whole, after ell the investi-
gation that they have been able to give to the subject, the
committee have come to the unanimous resolution, that the
shin purchase of Edinburgh and Perth shares, however
unfortunate in its results, and however little it may do credit
to the judgment and foresight of the directors, wee dons in
perfect good faith, and was entirely free from any motive of
parental or individual interest. They farther think that the
motive for entering into it was a sincere desire to benefit the
North British Reilwey by the connexion and influence to be
this obtained as regards the northern traffic ; and to effect
this public object, the directors did not hesitate to expose
themselves to a very serious amount of individual respond-
biiity.
As to the purchase of the Lancaster and Carlisle Railway
shares, the committee have oily to observe, that it was en-
tered into, as they feel satisfied, in the same disinterested
spirit, to promote the extension of your line to Carlisle, and
your traffic southward over the wet lieu; but as the Wisc.
tors had most handsomely taken upon themselves and
exonerated you from all lots incident to that investment, the
cminaittee do not feel it nacersary to trouble you with any
details.
Upon these four transactions the committee would observe
that, setting the gain npm the Edinburgh and Northers
against the lose on the Tyne Valley shares, and considering
the manner in which the directors have taken upon them-
selves the Lancaster and Carlisle shares, and the good faith
and zeal for the interests of the company with which they
have acted in these affairs, they feel called upon, as far as
thi y may be permitted so to do, to advise the shareho'don
to chide by the resolution of the general meeting in February
1106.
The calamities having attached gnat importance to
certain statements in the half-yearly reports of February and
September 1845, and February 1846, of the satisfactory
terms upon which the land had, up to that time, been pro-
cured for the company, and which, alth iugh touched upon
in the statement of November, 1848, had remained in effect
uncontradicted, until the speech of the chairman, Mr.
Learmouth, at the March meeting of this year, submitted
certain extracts from these reports to the directors, and
requested an explination in writing of their discrepancy with
the facts so mentioned by Mr. Learmouth, and which the
committee find fully borne out by the accounu of the com-
pany (Append 13). The committee have carefully exa-
mined the somewhat voluminous reply of the directors, and I
ere unavoidably compelled to state that it does not obviate
their above mentioned objection.
Whilst the committee express their surprise and regret
that such statements should have bean permitted to appear
fathom reports, and lament the veserious miscalculations
Into which tonsten io the North British Railway hove in
masequence been led, they do not hesitate to declare their
*pinion tut the directors have made great exertions to ob-
tain t: e land required on the best pootible terms, and have
spared no pains to keep down its cost as much as was in their
poorer.
The committee have compared the wages and duties of the I
different officers and servants of the company with those of
east line., and are of opinion that there is considerable
teem be reduction in the numbers of them. This may well
be nerempanied by drafting deserving men frm where they
are at present place I, and appointing them to the branches
sow about to be opened. In 1 instances, also, con-
sidering the chi amine of all articles of consumption, and the
diminished incomes of all classes of society, particularly of
the owners of railway property, the amount of remunera-
tion to the officers may be reduced. They also think that
the number of clerks in the central office may be revised with
a view to their reduction.
The committee have given their best consideration to the
policy of issuing the prefer. see shares, and are unhesitatingly
of onin:on that it was absolutely necessary to complete the
works which had been so far advanced, and that no bete?,
more economical, or more equitable mode of raising the re-
quisite foods could be deviled.
Had the directors applied the resources of the comnoy to
portions of your lines seriatim, and completed one part for
traffic before any
.great outlay was incurred upon the rein,
instead of attemptit g so large an extent of maine at once,
a great saving in interest of money, and probably in salaries
to env. eers, and prices to contractors, would have been
made, and earlier returns upon the expenditure secured to
the shareholders.
Is order to oboists • misapprehension which is generally
prevalent. it may be as well here to state that Mr. Dasidsos,
though known only as the at cutters., is, and from the com-
mencement has been, also general manager, affording to the
company the benefit of his legal knowledge, the ordinary
duty of secretary having devolved upon Mr. Nairn., the
assistant-secretary. This arrangement the committee think
it for the advantage of the company to continue until the
construction account be erased and the share capital of the
company consolidated. which, they trust, may all be accom-
plished
before the expiration of twelve mouths from this
present dins.
111.—PUTURS PROOPICTB.
With regard to the future management of the affairs of
the company, the committee consider that much good might
arise won • portion of the directors selected from the share-
holders resident at a distance, sad removed from all local
inhumes The committee have great reason to believe such
an admixture would streagthea the hands of the directors in
promoting a wise and judicious economy, and give the con
posy the streatage of the ksowiedge and 'modem* which