The Express.
London, England, 1851-01-28 00:00:00

WINDINO•UP OF JOINT STOCK COMPANIES.

THE MADRID AND VALENCIA RAILWAY.
Yesterday the proceedings in this matter were
',roomed before hie Honour the Master in Chit:Leery Blunt ;
Mr. Selwyn and Mr. Mellish appearing as c,unsel for Mr.
(Wier, the official manager; and Meur. D-well, (house,
Rangeley, and Gifford for the directors summoned to appear.
Kr. (Selwyn end that one of the oblates of the meeting
was to prove that the official manager had done all in hie
power under the act to bring the directors who did not
appose into court to give an necount of the transecttons.
831110 witaesses were now examined relative to the services
of notices and summonses upon those director' who have
not personally appeared before the court, after which the
summing up was proceeded with. This tea devolved upon
Mr. Moll eb, who, together with Mr. Selwyn, acted sa counsel
for the official monger,
Alter stating that the official manager had Instituted these
proceedings for the purpose of charging the directors of the
oompasy wilt the coca of 106,031'1 received by them in de-
posits of V. per .bare, Mr. Mellish continued to say that, on
behalf of Mr. (With?, he did not mean to contend that
the whole amount named should be paid into his bands,
for he was willing to give credit for the anal he had
nulled out of the caution money required by the Spanish
government. and also for what moneys had been expended
Me the benefit of the shareholders. The sum of 106,0301,
had been smokily paid up in the terms of the contract, by the
individual shareholders, and this money was gone; with
the exception of the sum which had lately come bane from
Spain, and some trifling balacces at the bankers, all the
money was gone, and no account rendered to the shareholders
as to bow it had been exp. nded. The evidence given as to
the receipt of 106,0301. by the bankers es nepoeits had been
satisfactory and conclusive; sod it was also clearly proved
that a wit( mg sum now remained to the credit of the com-
pany at the bankers. Certain moneys bad been traced to
the South-Western Railway. Mr. (Whet bad stated that
ha had received about 18,0001. from Spain, and the aecourts
of
the expensed of the company, eves if accurate, show a
earn of 10,0001. The learned counsel then entered into •
minute exemination of the circumataw es consented with the
alleged breaches of trust, and sub's queotly took up the case
of each individucl director, and drew the attention of the
Master to the manner in which he (the counsel) conceived
the specific charges could be applied to it. Mr. Chadwick,
he considered, wee aware of the commission of all. Mr.
• who was also an t tisane] trent*, &0., had said be
could nut give any kind of an account, than , which he, Mr.
Mellish, could acutely conceive • greater breach of trust.
Mr. Capc,r knew of the pinchese of shares out of the funds
of the company. Mr. Welty was the only one of the board
who pretended that he bed done his duty, but if so, it was
very Imperfectly, and without soy good result. The case of
Pr, ItllCann was certainly the beet. The case against Mr.
Kinloch was that, as long as he attended the board, he
voted for all the breaches of trust, and n pave any In-
formation subsequently to the thereholden, Captain Char-
retie had occasionally attended board meetings, and re-
collected
the company.
uiononwhi T
which
shha-rIllown." Mr. e . purchasedVilliers was
out
coolthlecetelud nnodse
of
not an active member, awl had, be (counsel) believed, done
ail be could in getting the mosey lo,ck from Spain, With
respect to these directors who had not appeared, he, of
course, could not bring forward any particulars, except that
they were members of the board.
Mr. Selwyn said that i', whilst the petition for winding up
was pendiwt,the directors bad come forward with infermcion
cult as they gave now, the money would probably have been
sav(d.

The Motes inquired what was the specific charge against
the dir. store.

..... .
Mr. Mellish replied that the official manager asked that a
account should be opened between the directors and him,
and that thee bo debited in that account with the

;a leatiog it for the whole or each of them
afterwards to discharge themselves from liability if they
wished. If they refused to come and give an account, then
the official manager would eak for an order to make them
Per•
After considerable discussion, the proceedings were ad-
journed to the 10,h of February, when the directors will be
i^thvidually called upon to enter upon their defence and
explanatioa.

EASTERN COUNTIES AND SOUTHEND RAILWAY.—
Yesurday a meeting was held before his flavour Muter
Ferrer to consider the list ot contributories in this company,
when Sir Henry Webb, and Messrs. Underwood. Riddell,
Bradley, Stewart, Pye, Woodlatad, Ashcroft, Cadman, and
Harrison were placed upon the list as members of the
managing committee. 'the name of Captain Carnegie was
ordered to be strut elf, on the ground that tho letter asking
for an application of shares was a forgery, and not in his
own handwriting, and the name of Mr. Gill was struck off,
upon the ground that he had declined to have anything
further to do with the company. Mr. E. W. Cc: appeared
for Mr. Bradley, and Mr. Linklatir for Mr. Urterwood,
who, as he d.d nut contest his aignaturs further, wu placed
upon the list of contributories,