The Express.
London, England, 1849-11-09 00:00:00

AUDIT OF 'RAILWAY ACCOUNTS.-DELE-
GATE MEATING OF DIRECTORS.

Yesterday, at one o'clock, en aggregate meeting of
the representatives of railway companies was held at the
Ringer Arms Motel, Wesindaster, to consider the best means
es encasing for the railway ihareholders of the United King-
dom II OM efficient system of auditing railway aceounts
drag hes been generally exercised by companies, and ice
maim with the opinions expressed at the various half-yearly
Inaiethqm of that* dies recently held.
The roll of representatives was as follows :
The Right Lien. Lord Lonsdale, chairman of the White-
haven and Purses; Mr. Gouge Can Glyn, M.P., chair-
man Mr. Forster. M.P. Mr. William Ellie, XP. , Mr.
David Hodgson, Ceptail Hebb, R N., and Mr. Charles
Stewart, represeatatives of the London end North Wes-
tern; Mr. Msegregor, the chairman, Host. James Byz,
Mr. Charles Irosade, Mr. Carmen Smith,
Renshaw, Mr. Lewis SW, directors, representa-
tives of the South Eastern • Mr. Ellis, M.P., chair
man, end Mr. George 'Brag Paget, sad Mr.
Beale, the dimity chairmen, representatives of the Midland ;
Mr. Chaplin.M.P., the chairman • Mr. Antic, of Liverpool,
Count Byre, Mr. Ribbon, and Mr. Wyndham Harding, on
behalf of the South Western ; Mr. Joseph Glynn,ltr. R.W.
Keseard, and Mr. C. P. Roney, on behalf of the Eastern
Counties ; Mr. Leeman, for the York, Newcastle,bind Ber-
wick ; Mr. Rickshaw, C.ll , for the Lancashire and York.
shin; Mr. Swift, for the Lanouter, and Carlisle, and Cale-
donian; Mr. Edwin Tooted, for the Buxton sad Matlock;
Mr. Alderman Bancroft, for the Birkenhead and Cheshire
Mr. Nathaniel Plows, for the Great North of Enelend and
York, Newcastle, and Berwick ; Mr. Richard Barrow, tor
the Birmingham and Clousester : Mr. Oman, on behalf of
Lord Powis end the Directors of the Shropshire Union
Mr. Samuel Laing, the chairmen of the London and
Brighton • Mr. C. L. Webb, Northern Counties Union ;
Mr. W. Rawson, of Liverpool; Mr. Ramon, and Mr. Parker,
on behalf of lines is alliance with the London and North
Western • Mr. Francis Parker, Mr. Monett, and Mr. Bax-
ter, on behalf of the Earl ofYarborough end Mr. Denison,
M.P , of the Great Northern. Otter minor companies
were represented either in person or by proxy, and amongst
proprietors, nubile* directors, present were Colonel Buck-
ler, Brener, to the Queen ; Mr. Hoye., auditor of the Seoul
Western ; and Mr. J. B. Yates, of Liverpool
Several letters of concurrence with the objects of the
meeting were received from the directors of various other
railways, and amongst them one from Mr. Charles Russell,
the chairman of the Greet Western Railway (from which
company there wee no representative at the meeting), ad-
dressed to Mr. T. COOMBS, the secretary, as follows:
" Deer Sir,—l was deputed by the Great Western direr
ton to attend the meeting to-morrow, but I have been coe-
dited ter two or three days, and there is not time fir me to
procure a substitute. I shall feel obliged to you if you will
inform the noble chairman, that the Grcat Western Com-
pany is quite prepared to co-operate cordially with other
companies in establishing an efficient sj stem of intik.—
Yours faithfully, Caestees Rusem.L.—Argyle-street, Wed-
nesday, Nov. 6."
Lord LONSDALB (in the motion of Mr. Glyn, M.P.)
was voted to the chair by acclamation, and, in opening the
proceedieas, recalled the consideration of the meeting to the
bill introduced into the House of Lords by Lord Monteagle
in July lase, for the better auditing of railway accounts. As
chairman of the railways he represented, he opposed the
passing of the bill, which created no small excitement in the
railway and commercial world, upon the ground that the
principle of government interference with the private coin-
morel el afiain of individuals was bad, obnoxious, and ob-
jectionable. (Applause.) There were several important
discussions on the question is the House of Lords; but
there, unfortunately, he was not strong enough to throw
any suffidently effectual obstacle la the way of the passing
of such a measure, but when it went do en into the
House of Commons, more practical men bandied
and opposed it, seed this resulted in Its being
thrown out. (Applause.) They were now met as
the representatives of the great railway interests of this
country, to hike seeps for organising an effectual opp esition
to anything like the future progress of such a measure. A
deputation of the railway interest had waited upon Lord
John Russell, who after hearing them, frankly said he had
no notion himself of 'sectioning such a measure, if a gur
rantee could be given that a bill should be introduced in the
next union of parliament that would give such an efficient
&odic of railway accounts as would be satisfactory to the
general body of the sharbolders. Consequent upon the
u•urance of Lord John Russell, they adjourned all further
proceedings until that day, in order to give the representa-
tives of the railway bo.y full opportunity for deedieg on the
course they would adopt. It was,he believed he was right in
stating, the general opinion that some better sys-
tem of audit should be adopted by law. (Applause.)
That plainer and more lucid expositions of attended
affairs should be forthcoming, for at present the various
railway companies pursued different systems of keeling
their accounts, and he *believed it was the general opinion
that railway shareholders as well as the public expected that
there should be far greater uniformity, he might almost say,
a strict uniformity of accounts. (He.r, hear.) Certainly
under all the general heads of account there could be. Some
railways had expenses that otters had not, but in then
cases the re should b, no omissions. All these items of addi-
ti 'nal expense should nevertheless be distinctly stated. For
instance, in the Case of the two railways of which he (the
noble lord) was the chairman, the Whitehaven and Furness
Railweys, they were at great expense occasionally for repair-
ing sea walls, en expense that did not occur to his friend,
Mr. Glyn' endathe London and North Western. While he
advocated these additions to the accounts of railway com-
panies, he contended that there should be no omissions
In any term of railway accounts that might here
after be adopted as a pree dent and model, and
which it would be their duty to circulate
thrrughout the country and submit to every shareholdt r for
approval, in order that they might either approve or cisap-
prove, and by sending in their objections or suggestions
thereby make toe scheme of audit more effective and com
plete. It had been urged that government interference
would be desirable, and it was particularly urged in parlia-
ment that the bill should be delayed to take the sense
of the shareholders of all the railways on the subject.
S nce then, a pretty good index had been given on the
muter at the various railway meetings. Oa looking
ever the printed reports of the different half-yearly meetings
he had found that on one or two occasions the proposal of
government audit had b. en started, bat that the parties who
started it met with no support—(hear, hear)—evidently
showing that it was against the general wishes of the shore.
holders. In one company the vote, when taken on a divi-
sion, was as 40 to 1 against government interference • and
from all these proceedings
ewnasw:talutoinfairethetor
againsti th
tietinhe.
teliiiirenncoefortilssi government in oommereial °encores. (Applause.)
The none chairman conch' 'ed by proposing a resolution to the
effect that the almost unanimous feeling of railway proprie-
tors, as expressed at the recent halt-yearly meetings, fully
justifies the opposition rude to the audit bill of last session,
and warrants the conclusion that it is the desire and deter-
mination of railway proprietors to rein any attempt on the
pan of government to interfere in the audit of their accounts,
or otherwise in the conduct and management of their pro-

iety
p .
Mr. GLYN, M.P., seconded the resolution. In connesio_
with their present proceedings it was most material it should
be understood that they were the result of the experience of
the last six months, in relation to the aggregate meetings
of the railway companies ; and that now, having taken
into consideration the various votes passed at those meetings,
the object of their reassembling was to embody them In a
manses and substantive form.
The resolution was then put from the chair, and carried
unanimously.
Col. BUCKLEY (Equerry to the Queen) said that &t-
-annish he might perhaps sta..d alone in the expression of
his s, intone, he begged to state that he by no means agreed
with the terms of um resolution with regard to the auditing
of railway account/. No one felt mare strongly manna
government interference than himself, and on every other
seibut, save that of auditing railway amounts, he should
wish that government had nothing to do, but from all that
they Lad seen during the past seer, and all that had
happened in regard to railway accounts be confessed he could
not see his way clearly without a person with the authority of
government to audit railway amounts. Being a shareholder
in one of the railways invited there that day, and coming
from a part of the country where he had taken the opinion
of a large number of persons holding the same views with
himself, he could not, though no one In the meeting might
be of the same sentiments with himself, hesitate thus openly
to express his opinion.
Mr. GLYN observed that the meeting was a delegate
meeting of directors, and not of proprietors, whose opinions
were to be taken hereafter.
Mr. COATES (the secretary) corroborated this, and said
it was a meeting of the repreeentatives of railway companies,
and not of shareholders.
Mr. CHAPLIN, M P., explained that Col. Buckley was a
shareholder of magnitude in that comdany, and having busi-
ness to transact at the offins that day, he (Mr. Chaplin)
thought It right to take hl5 opinion on the measure, and that
he could not do better than bring him to the meeting to hear
the day's discussion.
Col. BUCKLEY said he was not previously aware that it
was a meeting of the kind described ; bat he did not like to
go away without expo sing his opinion.
Mr. J. B. YATES, of Liverpool, said he wee in tile same
paid ia with Cslonei Buckley, having called at the cues
of the South Western Campany. Whatever opinion might
he oome to by the meeting it could not justly be said to be
the opinion adopted by the general body ut railway share-
holden throughout Englud—(cries of "It isnot intended.")
—but the opinion, not a co-extensive one, adopted by
their directors.
Mr. ELLIS, M.P., observed that his opinion as the re-
presentative of the Midland Railway Company coincided
with the opinions of the noble chairman ana Mr. Glyn. At
the last half-yearly meeting of the Midland Company the
question was pointedly put to him What course do you
intend to pursue upon the question of audit of railway
accounts ?" lie told them that it was the intention to hold
MI aggregate meeting of railway directors to take the great
question into consideration, and that afterwards it was t..eir
intention to take the opinion of the railway body generally
on the opinions and decisions arrived at by the directors.
(Applause.)
Mr. LEEMAN, representative of the York. Newcastle,
and Berwick 'repetition, submitted that probably that com-
pany had adopted the best mode of tasting the opinions of the
shareholders that possibly could have been devised. The
committee of investigation were mat anxious to ascertain
what were the reel opinions of the shareholder on the sub-
ject of government audit. They were distinctly asked whe-
ther they were in favour of government interference or of
the pen suggested by the committee of investigation, whic;l
was pretty much in accordance with that propeaed by the
present meeting, and the answers he thought were perfectly
conclusive on the question. The answers received in favour