The Express.
London, England, 1849-04-27 00:00:00

THE EXPRESS, FRIDAY EVENING, APRIL 27, 1849.

ght erprefSf4

The (,Meal Steam Navigation Companys steam ,
ship, Nand, Capt. Ws. PhOps, sifted off the Tower
early this martin hos Hamburg, haviag crispleted the
pump to forty-is hose.
THE STRAY PACIOrfi BETWEEN EXCLAIM AND
Arnmus.—lt mess that the Anodes goverumeat, in
fps'mast with the New Yak Oases Steam Maladies
uraseatres to huff the right et Axing the time fu;
the of theOcesa sesemesfffrees Serathesplsa
sad Yeah, sad the day that Is lasi Is the 10Ik shark
mendi. This asusgsseut is Mad vesplaesaviniest. he*
la RaglatA mid in Amides, bases it so afts Vi rusays kw
that
wasesly ear Werra between the d
then
the Ocean steams end Cusses vessels to ve the Ame-
ns& sad BMA ports, sal asesquencly an additioall sea-
anadeatisa to sad from the tisoomatnes for mail papas
ls seereely gainediby the sekffildssent of the Ocean stasters.
Cunard's steamers leave Ballard always on a Satan* and
the Amerisaa parts ca a Weisel*, and it would hi far
sae convenisat if the Oman elesmort left as a fixed day in
the week, instead of on lash deg et Ike mesh. Far the
next eight scathe the s_lewbgare use days of the swath
on whisk Canard's MMUS leas Liverpsel,viz., the
wiU
19th, 23d, 214, 18thb lido 21114 17th, 15th. They
leave New York or Bans as the =4, Nth, VW 22d, 19th,
17th, 211 t, 19th. It will be One Ina thes the preset u-i
ents are notkiag like so somewhat as they would be
=Ores steamers left Ragland on some Wednesday in
the mouth, sad New York on a Saturday or Sonde', by
which Roans three days would always elapse between the
deputise of the Raglkh and Asides sail packets.
During that interval banaen would create a very considera-
ble sail Ise the Coma steamers, sad serehents on both
sides the Atlantic would have an opportunity during one
week Is the month of oommunicating with each other twice
instead at teas.

OUTGOING MAIN..

Mk kr Mkt ileiti-emersie MI tie Man OWN ern le
weds vet thk week& Ihe Ita Ann
Ms nen lois Midi. nine. Inuen Ineene, Mies%
m= Mew Odeon en Win aed anellog ONO tar
Juwedle.lllewene, Miter Orown nen en ran.
bran ea the wersin ne Ike May.
Inns on be wen op es tbe wenn at the kr Ms.
dolma Iliestee, Cape le Twee Own Leon
awl Asenin le be enewel by Mell=C int whisk
k Is mg Devawere ea =aft a! the 6th
pea. Linos bar Ihneka. Me Minn an anal Vital IllsaA
Mte Is a pesky el le. In. nwensitere kir ben Own 'au
Owlet hL eon Lank, Itneeinnewe Lwow awl AIM.
eke en he tineed L. ern let nil tie net free. All
butters an estenewee bawled is be ibt by this own swept
thes.e el Marra Lava; lam In wildly aikand ..117 bar Majesty's
Ow Meralse.'•
TY rib kr Makin the Wane, en Bones eiteor vino made
ep co the eseeiV et May.
Ike men tw Owen Won Makin Coln and Ofbralw ,
en be mole up ea werelee et the re of May
The ..the Mentenew w the nterteasee, Zan ens.
Corks, Inn Beeeneegotte., win be mole up ea the mein of the
In et May.
The win tee Oltraller, Nan utssa, the bona Warn fine.
Aft" Myles, lniensee, an We Ilestanotoe, will
to wide eon owner dew len May.

WON WATES AT LONDON WOOS.
--Ke4W.4l man pan 4. Minuses. =AL Pan I,
—lll•Mag. 46 aka peat ►. Altermen.l9 W. plot S.

LONDON, FRIDAY, APRIL 27.
THs Report of the Committee of Intsestirtion to
the Shareers of the Eastern Counties Railway, in-
serted elsewhere, fulfils—far more than fulfils—the
worst auguries of those who had no faith in Mr.
HUDSON. It is indeed a melancholy document; show-
ing at once how confidence the most entire can be un-
serupubusly abused; how men of ostensibly good
character and recognised probity can submit, for the
opportunity to job in shares and in railway. patronage,
to terms CL distation at railway boards inconsistent
with personal honour, and to practices of minters-
sentat^on absolutely fraudulent; bow shareholders can
be galled and defrauded; how railw_v accounts can
u
be cooked" (the word Mr. WADDINGTON%) ;
how rogues fall out when detected ; and how
neither at the board of the Eastern Counties
nor in the service of the company was there one
human being who had the courage or the honesty to
protect its proprietary spinet transactions almost re-
quiring investigation at the Central Criminal Court.
Thirteen millions of capital in this company and its
alliances were at the mercy. of Messrs. HUDSON and
Wsnrimorox ; and since December, 1845, they have
been paying at the game of ducks and drakes with
it ; making and unmaking dividends, traffic, capital,
and revenue, kid as they pleased; disbursing sums
of which they will render no accounts; pocketing
cheques, for which there is no authority, and of which
they will give no explanation; appropriating to
themselves money belonging to the company ; and
even descending to the petty meanness of making the
company ply their hotel expenses.
In August, 1845, the Eastern Counties' Company,'
though not a very flourishing one, was at all
events a solvent and an honestly conducted con-1
cern ; after paying alt its expenses, and the in-1
tenet on its preference sharer, it then divided
three shillings a share out of profits. Its share-
holders were, however, dissatisfied at this low
rate of dividend in those golden days. Nothing lees
than Mr. HUDSON and 10 per cent. would satiety
them. Mr. HUDSON they got; but on his own
terms, vim, " that he was to have the entire control
and management of the company." This autocracy
he, however, relaxed a little; he permitted Mr. WAD-
DINOTON to look after the traffic. Where could
Mr. HUDSON find colleagues to sit at a board with
him on such a condition ? Their presence there was
evidence of their own nonentity, of their iielf-stultifi-
cnion of their regard for something else than the in-
terest; of their constituency. They reduced themselves
to the condition of Chinese Mandarin figures, bowing
only when Mr. HUDSON shook them. Found, how-
ever, such men were, and richly they merit the plight
in which their more than Egyptian taskmaster has
left them. With these almost papal powers, Mr.
HUDSON took the chair; in it he forthwith promised
the shareholders 10 per cent. Now Mr. HUDSON
has, it must be confessed, an easy mode of conjuring
up high dividends; he dec`ares them, and then looks
after the money to pay them. Without even calling
for such vulsar things as accounts, ho inaugurated
his presidency by raising the dividend to 9s. ; whereat
the Maurine nodded, and the shareholders sheeted.
Hers is Mr. DerecAres, the law clerk's, acmes* el tie
process; it is a simple, if not an ingenious or hem'
one:
The board meeting el the 22nd of December, WA wee
held, and at that meeting a le. dividend was dennli=
No wastes had Uses beesprepared. I rementbet Me
said that when he took the prepared.
dirk he
cern depressed ; that he had ark a wed divided Owe%
being satisfied that he could bekig the masses M keep me
',kat dividend out of its profit, ; sad that the SW this.
toast be dose with the Eastern Coat The boord.hisme=
Mot Air. Hobo hid Imp* ISV ihe companies 1
edehe awe highpraes (eked 231. per share), deferred Se Mel
Onion • • • I modeet every ether dividend deckled
seheeptently to the the declared at Christmas, 1846, sip le
mid theiseire el the ea* ia July, 1848, was, so far as my
sew anger le hese been orerstated, to hare been commesat
es the false slip lain by Mr. Hudson in the first teelemith
The systemesee introduced could not be abasdoseL
As with Mssist, one crime led to another, until " re-1
tutning walrus tedious as go o'er;" and from the
first half-year in 1845 down to July, 1818, the greeter
portion of ',thy half-year's dividend was paid out of
capital; in Misr words, out of the calls which Mr.
HoDsoft was making for other purpoeee from his
dopes, the shareholders. He got their money, called
it revenue, and repaid it to them as dividends. The
amount of money divided between those dates was
645,7141.8 a. 4d.; of that sum, 225,1411. 12s. 6d. was
only, say the committee, " really applicable to divi-
dend." The capital was therefore robbed of the sum
of 320,5721.155. 10d. Thus, also, in the last half-
year ending 4th of January last, the accounts as
" cooked at the Albert-gate by Mr. HUDSON exhi-1
bited a sun of 103,6871. 13s. as net divisible profit.
Whereas the committee have discovered that of
this sum no less than 97,3644 14e. bd. was impro-
poly placed to the credit of profits; and that
6,3231. Bs. 7d. was all that the Eastern Counties then
I had to divide amongst its proprietaries, who, half-
'
year after half-year, had been promised their 10 per
ant. The consequence is, that this half-year there
will be no dividend. What do the Mandarins say to
this?
The mode in which Mr. HUDSON concealed the real
state of affairs from hie constituents was also simple:
—" In order to justify the foregone conclusion of the
board, the traffic accounts were altered, and the ex-
penses were squared to snit the dividend, and not the
dividend to suit the expenses." Of course, now that
Mr. HUDSON is found out, he denies all knowledge of
any such asaipalations, though they began with his
tenure oldies; nay, be protests that lie left the board
because he maid not redoes the =miss
/ war wet awn that the sic its to revenue
had bees charred b oepiMi. Ike sharps spinet
revises were beerier thaa they era es have bees, sad se
I meld cast eastrest the wpm= * the hosed. The
states met et mein* were rages& mths Assam earsait-
tee, sod them *Se board. I was set awarethat sash
=teed in the --resin. I was sot aware that
the misted esesnals dilated am the books. I was sot
aware that than was say amidst variation betwesa the
amounts sad the petaled replete. I might be swan that
there was a slight diawspealy between the printed
sad the renew upending* I am of that there
were Was* IA ova, but set to say extent—to the edema
0(1,0001. or 2,0001.
Unfortunately, however, the evidence is very strong
the other way. The half-yeses account for Ally,
1846, has been found so altered " with figures in the
handwriting of Mr. HuDson." When in July, 1844
Mr. WADDINGTON, daring en excursion to Norfolk,
remonstrated with his chief on declaring an 81. divi-
dend, the following scene occurred
Oa the nest morning, as we were retarsing &meld*.
the Nodal' line, he told as that I lad made Estisemble,
ss he toted and would pay 8a pa share. H redoes&
his dividends in the north, and he world sot pay less than
Bs. hers. I stated to him that it was a stoke, sad that if
he paid it now he could not pay it again ; that he would not
be thanked for it, but very math blamed hereafter. lie then
went into a calculation to prove that I was wefts as U the
him gallium of the °papal, he stating that fee the et
wig (calf year the receipts-would average 18,0001. per math.'
I stated that they would be bat 16,0001., or at most ISOM
per week. Os this we had angry words, and 1141 the ruts I
may carriage.
Nor is Mr. WADDINOTOPIie testimoey unapporteil
sir Mr. Mount' thus corroborates it :
I use directed by Mr. Waddington to take the essemill
tor the haly.year ending July 4 1818, to Mr. Heime,, at
Albert-gate. I did take them. Mr. Modem dieadaine,
101 l them (at the ones) to carry 10,0001. ts the andsg
year ; teat is to say, to make the expo:odium in Os pinta
report appesr to be 10,0001. lees than was aim* besemel.
I delivered his memo to the amounts**, whe meld, of
course Ish think; bk., his instructions from the direc-
tors ; but whether be did Or wit I cannot say, I saw is the
publish.ll reports that the al,tralon had been made. The
expenditure was reduced 10,0001. Ibr. Waddington, on