The Express.
London, England, 1849-11-26 00:00:00

ACCOWITANT'S 1210111.
Tear tomatittee him sow so ants your attention to the
seseaseit's tepid, and the Watsmats with which it is
assemesiet
Theo etateseste embrace the following :
& Tie capital
kit,
showily; the outcast expend' d
the load sad weeks each liae of railway.
.The ensue cement of each half year from the lot of
stealjem,•lB4B,le the 31st Demeter 1846, shooing the
lliolio retail mesa% of lasesie aad expenditure is
is, period, with a desitedexplaaatioa of the overstatemosts
a esderstatemesta, and of the mason is which they hay.
do weeelly ask with. Boos farther special remarks
dome wir.l aloe bo dead he the accountant's report ander
hese Ne. 2, " ABM tlie Royals* Amounts of the Cos pas y."
a Teo Sepias, Asereast. coseistice of
1. The peeks of the ovorita'avarato is the traffic sad
aiderotatomeata is the working chows which lave
be' a till Ws time tinprovided for titbit oat of capital cor
eise.
W
1. Coarse. iscurred previously to the 31.1 of Deem-
lotr, 1843, but which at that time wire maliquidated or
seprouided
& Bad Ethos and defalcations, overcharge, compel-
ratios for damage &c., not slitter. Lif at the time of

their occurrence.
ref balance of the suspe um
id account shows the sum of
0,7922,. id. to have been dived eatong the shareholde ear
ffer eroiee no provision erh Astor has as ye t bees made; and
that ma now rands as • debt in .11. compels'', book.,
width the shareholdeis will have to entertains in what w.y
it is to be
liquidated, whether oat of the capital stoek, or out
el the future Tevenue of t • company.
The detailed statements and report of the waterloo**.
smountant in connection with this account render it unne-
y for you committee to do more than to rads
rto those docenents for a full explseation of the
regressive hawse, of that account to Its pre tont kris
mono.. The omiseion to charge each ball year's revecme
with the debts incurred is earning unite, they hod been
sassily paid at the time, is &defect tes‘he system of keeping
the accounts which appears to have exi-ted almost from tin
sommeneement, but to have been of late taken advantage of
es an easiest% in regulating the Wanes to be shown se op.
pliable to dividend, by putting forward or keeping back
aceounia. So far ult has been made to serve Otis par pre,
it differs in no way from the intentional over-stateesents of
traffic and under statements of workisg cherry •
Your committees may observe, that they dad, opal In.
query, that the late direct. re generally appear to have been
unconscious or these Omuta'. proceeedi gs; and in this, as
is almost all other mitten requiting any explanation, your
lllMain.ttee bees had to apply to Mr. Hodson. The prin-
cipal reseons assigned by him for borrowing from future
traffic, and peetponing to a future day the cheeping of some
M the Current serums are, that in the gaily period of rp .n-
-leg new limes, the traffio falls very far abort of the future
gery.oe that may be Nifty reeksaed upon, while the wok-
lag mot is very greatly is e mom, rendertag their relation to
each other eaormously d sproportionme to the omits average.
That some among these • sc•-atve chards, a! the operang of •
user line he entemeten fairly chargeable to cepa el, just the
wee se the maintenance of the railway ire m' stly placed by
railway eempealn to capital during the fins year; that
this company has crone less in this way than almost any
ether company, and he lays csp dal stress upon
the Tay smell assn ant of merest placed to capital
loy this comel as compared wish other companies,
tke real don Mine the same, whether it be iota rest or work
Mg eb eyes so serried, namely, to increase the amentat up
which little lowest and . rv,dends have to be paid.
Your committee would observe that some portion of 0 e
enteresolinaccounts, and of degreest
the a
te-
em, back, in a greeter or less ,to the first opening of
the line.
On femme to the seventh pipe of the accountant's report.
Wag the emeehoion sr his remarks spat the capital accemot
el Of company, he draws sometime to the fact of a sum of
72,1041. twit g been paid e uiag the two years to leliebiu steer
LSO, as dividends au • poems of the compost's share espi-
ed, which was at the tone employed in lines then in course
Of toad:action, red therefor* earning nothing towards such
dieideed; and that this dividend was thereiore paid out
of the revenue derived Irma the other fine • of the company
--• rreumstaue not orly withlet precedent, so far as jeer
elemmittee are aware, but contrary, in Ibis particular case, to
• nerslaties which had been previously paned by the strop
Wens vie , that interest at the rate of 4 per cent. par
amass should he paid net of spit - I upon such share sub
wiptien until the worker were completed. Had this resole
ties bees fated upon, the militia' account would have been
charged with 4 per cont. interest, arnouittiog to 28,8421., and
the holders of the share capital then entitled to dividend
would have received the whole benefit of the 72,10.11. And
it is further worthy of remark, that the entire amount of
intense paid out of capital, isetuding that on the 'artier. nor
Agree is not more thee 71,7421., which is a less addition to
the capital ezpenditure than ie to be found in the capital
ateoiiios of most o'lw railway companies.
Your committee have now to lay before you the conclusion
they have come to ae t the beet means, tvr the iteiser.l in-
terest of the shareholder, of eerreMing these: sic. yeas in
diyideed of former alf 'n. Whatever plan is adopted will
have the same ultihmatera result le one seem, namely, to
disiniek future dividends by so week as they twee here-
tof..re bees in ewes; but it makes • very material dif-
ference as to the effect it will have upon the share-
holders., whether that diminution be made is one or more
gross sums. or in snail per mamas. A shareholder, who
Yin f rrtaaitely large resourees heymid Al. share interest
in the railway, can afford to /WINO his divi lend mail all
irregularities have been emereeted, tic ultimate future
dividends being proportionately increased in eossequetee,
precisely the same as if be to .k a present dividend, and in-
ere** d hie shareholding with the amount but even a
eltarehold. r, in this h ppy financial condition, would most
likely prefer receiving et once • lair average oividend ;
while to a shareholder of limited resources it becomes a
matter of the utmost importance that he should do so, es his
circumstances will not admit or his setting aside part of hie
present to increase his boort income. A regular dividend,
though of small sweat, 1- of greater importance to him than
an inn eased dividend in esp mangy.
These ferneries will clear y • xplein to you the views of the
esawittee, and the coselii,loa that they have moo
unwil-
come to. on this queries (as they 'wetly see no other
way to wet it), which is to place the amount of the sus-
pense account to cepital, when each future half-year will
bear its pr. p-rtion of the irregularity, instead of the whole
burden brie g thrown upon one or two, or more, stated num-
bs/a of halt year', and your committee now leave the matter
entirely in your hands to be dealt with as you may think
proper.

l tivit
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see
, tlis

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nnallUrad On DiniCTOMI.
Your committee will now report the events that have
transpired since the last meeting of the ihereholdt n with
respect to Mr. Meek and the chairmanship of the
board :
On the bet- rd minutes of the 2nd of November there ap-
pears the following :
"The chairman having laid beforethe board the following
letter, resigning his office t
To tree dir:CtOn of the Y. and N. li. R away Company.
" Nev. 2nd, 1849. Cieneemen,—ln consequence of the
majority of votes (including proxies) of the shareholders in
this company having been recorded on the 31st ult. against
my coat inuang the chairman cf the board of directors, being
a member of the Great Northern Rnileay board of direction.
la deference to the opinion of the ahareholds re, I therefore
nags my seat at the board of direction.—l have the honor
to be, etc. (Signed) JANES MILIK."
It was resolved unanivously,—.. That, under existing cir-
cumstances, it is the el, tided opinion of this beard that it
would be highly iejarious to the interests and prejudicial to
the proper management of the affairs cf this company, to be
deprived at the present time of the services of the Lord
Mayer, and that he be therefore earnestly requested to retain
his seat until the adjourned general meeting of shareholders
to be held on the 29ch inst."
On the receipt of a copy of the foregoing letter and rwolu-
Son, your committee addressed to the board the following
letter :
" York and North Midland Railway Committee of Inves-
tigation, to the Chairman and Directors of the York and
North Midland Railway.—York, Bth November, 1845.
Geatlersen,—ln the board minutes of the 2nd instant the
committee find retarded a letter from Mr. Meek, resigning
his Seat at the board of direction, in cow( queen, of the once
of the shareholders haying been recorded on the 81st ult.
adverse to his continuing the chairman of the board. This
letter is followed on the minutes by a resolution of the di-
rector*, requesting Mr. Meek to retain his seat until the ad-
journed general meeting of shareheldtn„ to be held on the
29th instant. The committee of investigation desire to be
informed whether Mr. Meek has acceded to the request of
the directors to retain his seat; and, if so, whether it is
intended that he shall continue the Chairman of the board
doing that time.—l am, gentlemen, yours faithfully, Joint
SWANN, Chairman of the Committee of Investigation."
This letter produced the following reply:—
"York and North Midland RIIIWIIy, kerMIT,'S Office,
York, Bth Nov., 1849. Cepy entry on sinrd minute. The
Lord MI7Of communicated to the board his intention of ae•
ceding to their unanimous request that he would retain his
ae;t as chairman for a short time longer."
This committee having failed to obtain a full and explicit
avowal of the intentions of the board and of Mr. Meek,
addressed to them oa the 14th instant the following com-
musioatien :
Entreat from the minutes of the committee of invest**.
ties, 14th Nov., 1649.—" The committee having received
from the directors a board minute of the Bth November, is
which it is stated, in answer to a resolution of the 2nd of
November, that Mr. Meek boa scolded to the unanimous
request of the board that he Amid retain his seat as chair-
= fit a short time now,—
" Reeolved,—That the committee being anxious to have
a frank understrnding with the directors on the subject, re-
quest to be informed it there is any intention on the.r p ,rt of
pressing Mr. Meek to continue as chairman after the 29th
inst. Or, wnether the resignation of Mr. Meek, in cone-
quence of the recorded opinion of the meeting of the 3let of
°Meter, will take effect —Joss SWANN, Chairman."
The asswor wee :
" November 14, 1849.—1 n reply to the communication
received from the committee of 4-.vestima, ion, requesting to
be usloresed if there is any intention on the part of the
directors of pressing Mr. Meth to continue its chairman after
the 29th last , or whether the resignation of Mr. Meek, in
consequence of the recorded opinion of the meet-
ing of the 31st October, will take effect, the directors (in the
absence of Messrs. Thompson and Crainhay) beg to inform
the committee that Mr. Meek has stated his determination to
retire from the board previous to the meeting on the 29th
instant. Jamas Mxxx, Chairman."
On the 16th of November the committee spin wrote:—
" 16th November, 1849.—Theeoranattee have received the
communication. of the director?, of the 14th instant, stating that
it is the intention of Mr. Meek to retire from the bard
previous to the meeting on the 29th instant. The committee
r.quezr th. 7.:.r.1 1) 1.-..:r= i!cm if tic y ot.,st consider the
matter settled, and that the directors will not sanction any