The Express.
London, England, 1856-12-06 00:00:00

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PAPAL III• 1911. /As IMIMIR
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AILY NEWS LENT TO READ, frost 8 saa.
ball 3 p.a. a a psi :LtinTriztinlll7 et smoky. at
itior 94.4r4iyerit01.0.4. ; by Mr. WAY..

MBE EXPRESS.—TR. PUBLIC sad TRADE
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THE EXPRESS —The PUBLIU sad TRADE
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NIGH WATIN AT LONDON MODEM
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LONDON, *SATURDAY,

Tax farther the REDPATH CYO is carried, the less
are we able to understand the grenade ea which
Misers. CHAPMAN and CATTLIT. the auditors, west
oat of their way to express so mash satielasdat es
to the mode is which the amounts sad basks of the
Oust Northern Company am kept. We mast in

charity suppose that time- oommesitadoes were, like
their audit, mere formal and eimaylimeatery mattes►
understood to be only a mode of 'admitting to the
shareholders that they bad performed a duty of some
sort. They are doubtless highly respeetable gentle.
men these auditors., and fully competent to audit
accounts winch are neither the better nor the were.
for each an operation ; bat we apprehend that at the
next semis( they may not unfairly be greeted with
some such myrmidon of opinions. that mule better
addressed to " a great aritheseticiaa"—

tievethes, Cam%
Bet sever mere be snow dodos.
If their audit was so condusted that it failed to
discover frauds in the stook account, what is the
possible state of the ether books of the Company P
The tree% expenditure, going through a thousand
channels, tamale 600,0001. per annum ; large
balances are at all times outstanding both to the
credit and debit of the company, sad if the system of
check aid audit be no mom eilleiest in that depart-
ment than in the stock ofEctesit is clear that the *nom
may be easily robbed to the extent of twenty or thirty
thousand a year with little danger to the culprits.
We hue, e a previous sets sic shown how easily
the hoed was perpetrated. The saunters, or Aoki
esetifleste issued to the probes,' .1 stalk, was
framed se as to reader forgery, as reprds themes&
speeded on the SOS of it, extremely easy. Whoa
REDPATII received the coupon for his 2601. stock, that
sweat Nag merely written in figures CV the does-
meet, it was easy for his to Worst with a pea a "
sad I. convert it into 1,2601.; the sense addition to
the amount to his credit in the steak ledger mespleted
the operation, making him the holder of 1,0001. more
stook than he bad really purchased. Bet when he
sold this stock, and transferred it, he was
compelled to band over the mopes to the buyer with
the treader, and the transferee wee bound to seed in
both the transfer and acorn to the saes before he
could be registered as ;the proprietor of the stock.
Now. bad the coupon, when it was thm seat is to
the °Moe, been oompared with the original treader
to REDPATII, in right of whisk it was issued, the
finery 'mid at owe have been discovered. But it
is clear that either this simple coarse of verifloadon
has not been resorted to; or—what we esa hardly
think probable—it woe lest for REIM= himself
to verify, which would be tantamount to an
absent* ot any Meek whatever. Supposing
that from some modest& circumstance this
precaution bad been °aided on one 00M8L011, It
IS, to say the least, strange that in the many tram-
maims of this kind on the part of RILDPATII, It should
have boss always negketed. Bock a fact leads to the
conclusion that no such verification is seer attempted.
From the evident* adduced at the last examination
it %clear that the mode in which the stock ledger is
balanced, is order to calculate the amount of dividend
dee to ash proprietor, le at any rate an exequies
to the schnireble system of amounts so eulogised
by the auditors The clerk charged with taking eat
those balances stated that HUT desired him to
omit RILDPATIeII name and the mama of his
stock, which was subsequently added by the taw
himself. It appears, mersover, that Sfty mere names
were subsequently added by smother clerk ; bet we
hear nothing of any diseltiog of those balms% It
wee this mooed clerk who entered oppeeite to
PATH'S nem, the amenat of stook standing to his
credit in the ledger—minely, 7,6001. Eat m this
not, being 6,0001. in mem of the tree smount, might
even with the eyeless system of cheek arlepled by
the Great Northern, have excited midden, this.
figures were erased, sad 1,6261. eslostiteted, being
only 1264 is moms of the sem to whisk be woe redly
entitled. " The 1261. Bess goo troftato to i• trotierri;
adds Mr. Commt.t, m this incorrect lISIMVBO-811888
was sesepted OS tree, sad fanned thenufanrard the
basis tithe stock ammo%

Foe ooreelese, wo mood hues' say rumen wley
web am error oboold bses bees mod woe so oalis-
pedlar ; lit them is as main is beok-keepiss Niro

' nalverfally acknowledged than this, that if a balance
be not perfectly acentrate it is good tce nothing
as a test of the troth of the =Waitress which it is
derived. There is no excess for an lame of 1261. Is
the stock ledger of a public company, seers especially
for a company with each appliances es Were at lb&
disposal of the Great Northern; What would a
banker's clerk say to an grief, net of 1361., hater
125 farthioge, in his half-yearly balance ? The
fact of an error existing, irrespective of its amount,
would immediately provoke a re-obseking of all the
scootnts, and there would be no net until it was
discovered. Nor can the magnitude of the Great
Northern stock account be pleaded as an exollllll for
it is, after all, approached by more than one banking
total, and is composed of items less numerous and
less complicated. Nevertheless, this error of 1261.
seems to have been looked upon as of no importance,
either by the clerks or the auditors. But this is
not all. One of RIDPATIeI transfers was dated
Feb. 10, 1654, and the amount of stock represented by
it was included, by his desire apparently, in the
stook balancershest for Dee. 31, 1853, and the
necessary alterations in that balance-sheet must have
been made subsequent to February 10. Now, any one
who will take the trouble to read the report honed
by the Great Northern Railway Company on March
1, 1864, will find at the foot of the capital account
this remarkable certificate :

Bisadsed sadoospusd with' Lodges sad 'sadism sad
found serviet. J. CZAPN Alt. mum
I. r-

CATTLE T,

Lead" 'Wray 9,1864.
How are we to reconcile this certificate of the
auditors with the statements made on oath on Wed-
nesdny last? One clerk states that the balance was
1261. out, but that each an amount was too trifling to
be noticed ; yet the auditors find the total amount
of stock to be "correct." They examined and coop
paled the items with the ledgers and washers, and
bore is clear @Ticino& that the ledgers and vouchers
did sot agree—the former were falsified, and the
stalk baleseethest showed that an error bided

somewhere. On the 10th of February that stook
balane►sheet could not hare been complete, for
RxDrovs's amount was not entered, and yet on the
9th we fad the auditors molds, for its correetnses.
They had " maw= it with the ledgers,"&o. Either
then is some singular mistake in the report of
the evidence, or Masers. CHAPMAN and Cowles:
have a vary Miceli explanation to make. Bet the
blame does not net entirely cm their shoulders.
It was surely the business of some one else to bow
that whoa, an Feb. 9, the auditors =tiled the cor-
rectness of the balances, the stock balance was neon.
plots t and it wee doubtless known to some one besides
Coaxml.L. the clerk, that the stock balsam woe in
error 1251. The auditors express their "comitinned
matiefeedon with the oxalis= system pervading
every bran= of the socountaat's department." Now
the shareholders ought to bow whether this pawing
of approximate and iseomplete balances is a poetics
of that " system" so highly appreciated by Wan.
CHAPMAN sad Corner, and who is respossible for
its introduction sod tolerant,. That those pude-
men are either too incompetent or too careless to be
=titled to pronounce on the merits or accuracy of the
"excellent system" is tolerably akar; it his cost
the shareholders of the Greet Northern a good round
stun to arrive at that bowled's, sad we trait that
both they sad other railway mentors will sot fail
to profit by the costly experience.