The Express.
London, England, 1849-05-16 00:00:00

SOUTH EASTERN RAILWAY.

COMMIT TEE OF INVESTIGATION.
The tgport of this committee wu iqmed to the pro-
prietors yse•erday. It is divided under different heads, ac-
cording to the subjests of investigation.
The investrasat &Mount is lint dealt with.
This amount commences on the 28th October, 1847, and
as made up in the eompany's ledger to the Slat January,
1849, exhibits a balance at its debit of 136,2191. Se. Bd.. and
purports to be the amount of the transactions of the board in
the purchase and sale of shares in the company's own stock.
The coat ordure, remaining on hand on the 31st January,
1849, was 154,8481. ; and reckoning the dividends and inte-
rest on shares at the rate declared at the last half-yearly
meeting, the annual income derivable to the com-
pany from this investment would be 7,6811. 181. 4d.,
equal to about 4f per cent. per annum. Eighty-
five No. 1 shares were purchased through Messrs.
Pritchard and Dale, of Liverpool, but notwithstanding
repeated applications have been made for their delivery,
and there is remain to fear, owing to the embarrassed state of
the affairs of that firm, the company will not be able to
obtain possession of those shares, nor to recover their value.
The report then states that " there appears no reason for
doubting that the investment was intended by the directors
bonafsde for the abject declared in the resolution of October,
1847 ; nevertheless, your committee disapprove of the mea-
sure itself upon the general pt inapt* of the inexpediency of a
public company entering the market as a purchaser of its
own stock. But having regard to the actual transactions
which took place subsequently to the resolution of May,
1848, under cover of its authority, your committee
cannot too strongly condemn the utter di-regard ex-
hibited of the recorded order of the board of directors.
Not only were the shares ordered to be sold not sold, but
'lather large purchmes,to the extent of doubling the amouut
of the original investment, were made of the very descrip-
tion of stock directed to be sold, the acting broker being Mr.
Id. L. Pritchard, the deputy-chairman of the company,
s mediae' in his separate character, sometimes as a mem-
ber of the firm of Pritchard and Dale. And while looking
at the large amount of commission earned by there parties
(1,5601.), the deviation from the usual practice in making,
money advice', and the defalcation of the 85 shares, your
computamtifoutte•eoferehalunagbltake toeu clunearduellaar:ranPruitgcheaorid
hfri:ponaittieonimin-
the direction, and Tithed the interest of the company, in
order to carry out private objects ; nevertheless, they cannot
absolve the Board of Directors from the charge of
neglect of duty ; for, had a strict and formal system of ma-
nagement prevailed, no individual member of th‘ir body
could have taken the liberties which have involved the
company in this un'ortunate transaction.
The charge of the RIM of 14,8791. to the debit of the profit
and loss account for the half year ending 31st January, 1849,
arose from a peculiar mode of keeping (" cooking '• would
have been tie word applied by the deputy-chairman of
another line) the account*. "'The responsibility attaching
to the mode adopted in making up the accounts for the hall-
y,ar, 31st July, 1818, rests with Mr. Pritchard, the then,
deputy-chairman, as that geutlemen admits; and he hying,
in reply to the requisition made to him by your committee for
explanation, stated, in writing, the grounds on which he
considered the courts he had taken to be a warrantable and
proper one, your committee consider it due to Yr. Pritchard
to place his statement on this subject betas sou. It will be
found in the appendix. But your committee in no sense
concur in the validity of the reasons as•igneei by Mr.
Pritchard in justification of the course taken on that

fieitiiicee." -
The allegation that 3.5,0001. had been paid to the solicitors.
of the company without taxation appears to be true; but the
charges were made upon the same scale as that established
in the taxation of the former solicitors' bills.
In re knew tothe payment of 0701. to Mr. R.W. Kennard,
a director, it appears that when, on the 30th Novomber,
1946, Mr. IL W. Kennard was ected a director, there ware
subsisting between him and the company two contracts for
iron chafes, one fur 1,000 tons of which 93 tons remained to
be delivered, and a aubsequent one for 350 tous, of which no
part had been delivered. On this being brought to the
notice of Mr. R. W. Kennard, that gentleman resigned his
seat at the baud, assigned his interest in the twu con:rico to
his son, Mr. T. W. Kennard, and was thereup.de re-elected a
director.
Respecting the testimonial to Lord Torrington about
which so much has been said, the committee state that, act-
ing under the authority of a resolution passed in darch,
1817, the hoard presented to Lord Torrington a secs co of
plate, of the value of 24•891. 51 , the cost of which, as well as
that of tbo public dinner, at which tee presentation took
place, namely, 3421. 125., is properly charged in the accounts
as part of the expenses incurred In the promotion of the
North Kent line. " Whether a less splendid memorial
ezegt,t have been an adequate expression of the gratitude of
the proprietors, would be now a vain inquiry ; but it ought
not he forgotten that the directors, to whose discretion the
execution of the wishes of the proprietors was expressly con-
fided, were, of necessity, the moot competent judges of the
value of the se
which that noble lord bad rendered to

the company"
From the accountants' report, it appears that sums pro-
perly chargeable to the debit of reveune during the period
wader investigation have been charged, and now stand, to
the debit of construction, to the extent of 197,93'21. 14s. 11d.
The committee deprecate strongly this mode of dealieg with
the sums forming this amount in the books and accounts of
the company ; it is, in their opinion, at variance with every
sate and sound principle of mercantile economy ; they have
accordingly felt it their duty to make strict inquiry, in order
to ascertain the authority upon which it was resorted to,
and to discover the grounds, if any, upon which it could be
justified.
It farther appears from the accountants' report that had
. the accounts beta strictly made up so as to include all the
expenditure incurred, as well as that actually paid during
the period, end had the probable losses hem bid debts been
written off, and had the full amount of stores consumed been
charged, the actual available profit would have appeared
i surther reduced by the sum of 33,842/. 13s. 9J., to which has
to be added tt.e item of 8,2G91. Gs. Id., carried to the credit of
revenue instead of capital.
The observations of the committee on the position and
prospects of the company we must deter abstraw.ing tall
another opportunity.

FOREIGN Alb SotlETT.—Yesterday afternoon the
ninth annual meeting of the friends of this society took place
at the Hanover square Booms, the Marquis of Cholmoodeley
in the chair. Tile report of the committee stated that
although the evanaelisation of Frarce had been much af-
fected by the tide of revolution which had rolled over the
country, and the faith of the converts from the church of
Some had been severely tested, yet, upon a review of the
events of the year, the cause of the uspel had
rather been furthered than retarded, and many formal
requests for platen of the reformed church had bton re.
ct ie. d from Roman Catholic congregations by the committee
at Paris. The republican government had determined to
centimes the payment of ministers of religion out of the
public tressury, the only difference made between
the churches beieg the payment of salaries. The
v 416440641 churches were set upon a free towing, and
their preachings and prayings in public were under no me
s, riaion except that of forwarding notices to the authorities,
who attended to preserve order. The estimate fur the ex-
penses of ministers of the reformed church during the cur-
rent year was 50,0001., being 1,1001. less than het peer. 1 his
sum was for the payment of about teventy minister a, besides
numerous agents from the societies of Geneva, Penis, and
Lyons. At Muntenoirron, in Veucluse, the catholic, had ex-
pel,ed their priest and made a formal request to have a
pastor gent to them, and this example had been followed is
many other places. The report then detailed the proceed-
ings of the Socielte Evangelique de Geneve, which had risen
from the depression of the year preceding, was now in a pros-
perous state, had been enabled to pay tdf its debt of 20,000 f.,
and to establish many new stations. The Foreign Aid
Society had made a grant if 6501. towards the expense's of
the brethren in Geneva. The Sociki Evangelique de
, France had taken advantage of the freedom of opinion which
1 tullowed the revolution to establish a synod, the first which
I had existed in Freest* since the year 1059. That society had
now 27 ministers, and eight colporteurs, besides students
acid professors. The synod refused to receive the psymeat
from the state. The Foreign Aid Society had contributed
552/. towards the support of the synod. The SocA,te Celt.
trale Protestaute de France, a newly organised society, had
not gone on so well during the past year. It acted as a kind
of direction to the mueements of the poeteurs. It was at
present encumbered with a debt of 1,1001. The Societe de
[ Evangelisation of Lyons was progretaing, as was also the
reformed church in Belgium, and efforts were being made
at Lisbon and Gibraltar. In all these cassethe Foreign Aid
Society had lent its assistance. The yearly income amounted
to 2,8631. lac 7d., the committee not having the pleasure of
announcing a donation of 1,0001., as they had last year. On
the motion of the Earl of Galloway this report was adopted,
and the meeting was then addressed by several clergymen
and gentlemen in support of resolutions favourable to the
objects of tke society. The meeting separated after a warm
I expression of tha• ks to the chairman.
1 REPRESENTATION OP SOUTH ESSEX.—The follow-
' lop Las reached us from a correspondent, and rot is ing able
i toimpeach or confirm the statement, we publieb it ns we
I have received it ...—" We understand, that should it diwoh,
1 ties take place, S r E. N. Buxton will n,t offer Piansel
, again, hat that John L Lurie, Eaq , the late e,er i ft of Lon,lon,
' who has purchased the Marshall's estate, near ll...tering,
I and will be our constant resident, has b e n r:qt.erted by a
large end influential body of electors to succeed our present
member, and from his known zeal and intehno nee as a
to the
magidrate in our county, as well as in Middl.s...x, he will be
found an active and tht roughly useful member, and of his
Rherine's
success there can be no doubt."—Eseez 'tenth!.
ARRIVAL OF FOREIGN SUGAR.—TILE NAVIGA-
has
—The
zautikiel
rtbsiiipel.oecKotijavote
ly,
[ brought a large cargo of for ign sugar, ecmrriring 1,080
bones from the former, and 1,820 boxes from the latter place.
This large cargo of sugar was necessarily entered to he
li TtrDi!i°eXtedltsLAtB:otalett.s.
warehoused and declared to be for exportation only to an.,ther
foreign c 'entry, it b. ing inadmissible, in the .xis' log state of
the navigation laws, for home use.
TUE " GUY MANNERING."—The Livericol papers
say this noble ship, which has just made her lust voyage
aeries the Atlantic, has been fitted up as a passenger vessel,
and whether in the saloon, the second cabin, ,I[ the steerage,
the accommodation appears to be of the very first description.
The Tenth'. ion throughout is excellent, and, In the 'monk
cabin, Lieut. Hodder's plan for berths has bean t. ~..
':
Some idea of her immense size may be fore* , . . .
4
known that, independently of a large cargo, sie , [..,..
modate upwards of 800 pamengen. t f:::t.-:1:• ..1 w
..,
- :,.. ; tri
:,.
..-....:
voilrks': 7'