The Express.
London, England, 1849-08-18 00:00:00

an mistime 366 XL. to make good the deliaiancy in locomo-
tive sock ea the 31stDocember 1848.
The foamier b the a:pi:wades roesived from Mr.
lirtley :
• Lesomollve Department, Derby, July 26, 1849.
(Ramat from Report of Accountaats.)
s Gentlemis,-1 beg to lay In rip'',
1. Thu amp o( 20,00 W. to put late weritirg eon&
t he
ties•
21* available outlaw% en hand.
• This &up sit sot fairly bo made, as it io imposribla
st b," every asa la oomph,* repair. 1% et of the
stssk is always eleilm-As that peados knot at presort
*as what wadi be considered as amigo ? Wo bare
Syr, rie shine 78 per mat moe• than is respired to
bps, la roam, Nit working tko walk. Of that amber,
sea,balf 193) *Weld be in petters amilition to meet clads-
prides sad sediment wear sad tear—this will !ears 60 for
...dm The pewit samba of •Ofiliel repairing and
• yog vs*" le 811, iacluding the light salines laid up for
SO
..L
.Um of ospitol Is respect of GO ligkt es giass,37 of whisk
Woo bore wild se slight (r
disposed err and 23 of whisk yet
el bead, ars too light for use.
igp adoirion of large engines for the Arista and
moisalia working ot Om trails (the light inteiseo hay.
nig bosses iseillient), the expenditure iscisired would be
£16,000
ft• To the credit of the amain we kayo:
fees the eels of engines £17,900
Tot appropriation to new works 2,440
klepossation load from reeestas
dad ogee et stock ea hand
88,683

"tties is Mariano £16,417
ill lore has ecrehed friss a change of ligat to heavy
engieas, and as this circulation., cannot therein occur
spin the debt will gradually be liquidated by an i.,erzsatil
emp• es the sting* rats for repairs sad depreciation
•• • •preelatius of carnages and waggons
•• • pm los. on this perdue et the p'sat bas net arises from
Gainer? wear and 'ear, bat from original defietiva eon.
struettoo of a ponies, of the old sack.
•Tbe recite trumion of the 'number of cariages
aid wsgc. as tarok's lapsed sold will cost about £io,ooo
•• • To the credit of this amount we hate:
Value of material or hand £lo,ooo
And from sato of sersiages
- 21,780

Amount of depreciation........... €18,220
" ' This sum will be liquidatid by as lammed charge
oft the mileage rats fcr repairs sad dspresiatica,
KIITLLT.'

" The next point of difference between the 10c0....._
and the committee is one partly of feet and pertly of opinion.
and it arises on the seitsjeet ofl interest paid out of capital.'
"The aceoustants say: The pretties which prevailed
until the half year ending 31st December. 1843, appears to
ban been, to charge capital with the interest raid on the
entire 'moues raised by now shares, witkuut coosidering
whether or not say portion of it had beanie productive.
la the half-year alluded to capital was relieved of this bur-
den to the tweet el 12,61105. that sum being then placed
to the debit of re venue, as fat • ' baleyear's interest on pro-
portine of 601. share chargeable to **
" Your committee consider the first part of this statement'
in be ince:net, ineemuch m by the published statements'
from December, 1846, to the present time, a portion brat, pad
afterwards the whe:e. of the 401. shares bsesute sad were de-
clared entitled to a dividend ; and from them respective
tints interest ceaee i to be paid upon theta, and the divides&
were duly paid out of reveoue.
" The whete amount of interest actually paid out of capital
eastern the accountants tin,l to be 228,2311. 2a. 104.
"By their In-, dof dealing with toe *silent they make
heat that 141,2111. 29. 10.1. of this sum ought to have been
Charged to revenue, aid therefore the cepitsl has bees
'barged with that &mount in excess of what it was properly
liable to.
" In going late the subject with the accountants, in order
to arrive at the means whereby they had come to a conclu-
sion so greatly at variance with the company's accounts,
your committee were informed, in the firs place, that
they, the etc mamas, only em.sidend capital to be charge
able for interest from the time when each capital was ac•
tually expended, and not from the time when it was paid
into the hands of the company as the calls were made ; and,
mousey, that io their calculations the ecoountants had con-
sidered that as soon as any portion of thi line was opened for
traffic then the interest payable on the capital spent in the
construction of each portion should cease to be psis' out of
capitol.
" It seems, then, to arise from the different mode of deal-
lag with this subject by the accountants from that pursued
by the threaten that this great difference in amount has
been arrived at.
With regard to the preposition that capital account is
charge ibis with interest only from the time that such capital
actually is expended, your committee differ entirely in
opinion from the accounts.
" The moiety on which the interest less charg-d was raised
by calls on shares, issued on the condition that they should
bear interest on the amount call-ci up from the time of pay-
ment of such esti. The money was raised for the rmstrue-
tion of new works, and, therefore, was capital ; and capital
would be jostle clargeeble with the interest from the time
each interest b. gas to accrue.
The remaining cause of difference between the result
brought out by the acc..untants and the company's books is,
that capitol was always debited with interest in the com-
pany's book.' toed au entire line wag opened; whim the
necountsists have ceased so to debit it as soon as any portion
eta line was opened, in respect of the money expended on
such portion.
"If the accountants' calculation on this subject be
adopted, then revenue will have to be debited with
141,2411. 2e. 10d.
" If the views of the committee be adopted, the interest
already chanted to nisi'sl well remain as it is.
" The next subject is the accountants' report requiting
the notice of the c enmities is composed of two item. The
fast is a sum of 16,396 f. 9a charged to account of " weeks '
of roads and stations.' ea the 31st December 1847; and the
ether a sum of 0,7621. Its. 4d. charged to e.mistruation
account' on the 30th June, 1848. The first of these sums
represented the as NOM in hand taken over on the Ist
Jule, by the Midland Company, from the three amal-
'striated companies.
" The latter represented the eaniage stores in hand trans-
leered from the Bristol and Birmingham line to the Midland
Conway.
" The aseesntants my,' thew twos items, amounting teen
Nee to the tam of 2.5,1601. Is. 44 , were properly chargeable
es nesse*, and ought to have been placed to the debit of
that acceent.'
" It *prase that them two rams have been improperly
earried from a store account and charged to capital. But,
as a setoff against this, there are stores le had, according
ee Mr. y's estimate, amounting to WAIN. paid for out
el renew.
" Grimmest. Law Ceuta. The accountaats imp Seethe
only ram barged se revenue for general law cuts &Wag
the period under investigation, 2321. 6e. Ild. ; year or
mitt& think this essast be the only amount expended noise
this head. It, the/ekes, there hat been any greater me-
'indite's, it has been misted ley with other charges, so that
the amount does not appear. It is probable, however, that
the ram is not large.
" EnOtseatueo Ash Seuvresete—la telefoon to the
expenditure fee those parpeen the necountanu obesity*,
that ' by far the largest properties bee been paid to mese
on account, the peymants as made being carried uses se
es account of eigiterering and surveyieg. imam* of a
personal amount with each of the ndpleste of
remain to their respective debits, until woman rendered by
them, and approved by the beard, should wanted the
penile of equivalent credits I. the teempasy's books; to
at Wet three-fourths of this sue Bei sesesente, as far as we
have bees able to ascertain, have bees rendered to the can-
• As to the fact of the above musses having been carried
to one acceunt instead of several, your committee do not see
that the result would be anything different. Moreover, the
services paid for under this head were usually by contract
As a the statement that ' for at least three-but& et act
sem so seertnete, as far se we have been able to sewn*
have been rendered to the company,' the cassabas sea only
say that they have inquired into Um subject, and have found
that accounts have been sent into the company for the greater
part of the animist paid under this heed. There are still
some accounts outstanding, which the direseors are endea-
vouring to get in, with a view to discharging them, if
correct.
" On the subject of the shares held by this company in
ether companies, the accountants estimate that a less would
be sustained of about 100,000!. if the shares were sold at
present pekes.
" The committeee, however, think that for the purpose of
this investigation the se shoes, as part of the capital of the
company, may fairly be taken to represent the amount they
have cost.
" There are balances in the company's books on the 31st
Deeemher ben, purporting to represent masts amounting to
443,96:b. 13a. 6d. Of this sum the accountants think it
likely that a low will arise fa the adjustment and realisation
of these balances of 60,0001. ou revenue account. Some
loss under this head, it is probable, may take place; the
exact amount at present it is impnsaible to say. The best
way, then, as your committee think, of dealing with this
subject is for the accountant of the company to write off
from time to time any bad debt as may turn up; and for the
purpose of this inquiry it is unnecessary to attempt an
estimate of what must be from its nature very uncertain as
amount.
" The company held 1,088 Bristol and Gloucester shaves,
bought by them about the time of the taking to that Ihme
with a view, as your committee an informed, to noun the
earning out of the arrangement. The price paid for thew,
including premium, was 66,4751. 15s. 6d. The accountests
say that, if now sold, there would he a Ices of 11,0531., ar
thereabouts. These share. are guaranteed 6 per cast., and
your committee think that they should be taken to repro-
mat the sem they cost to the company.
"In rieht of the above, the company had allotted to
them an equal number of the 371.6 e. shares lathe above line
All these shares see now held in trust for the company by
three directors, Messrs. Ellis, Paget, aid Peyton.
" The company have also 600!. Midland 601. shares, which
the directors purchased in order to be enabled to arrange
with parties to whom fractions of sharee were allotted. From
the fall in the value of share*, or from some other cause,'
these shares were never maired of the company. They
cost, with the premiums, 3,041. 10e.
" The aerouwasts say that if the calls sines made as the
601. shares had been p epos these, there would be a loss
upon them, at the present price, of about 8,4641. The same
*nervations as the committee have made with regard to the
Bristol and Gloucester, and other shares, they think will
equally apply to these.
' The accountants further find that, in addition to the out-
standing balances on 31et of December, 1848, representing