The Express.
London, England, 1849-10-23 00:00:00

ROLLING STOCK.

YOUr committee present in the appendix the report of
Mr. Adis, the engineer of the Edinburgh and Mugu, Rail-
way, upon the previous rept ri of Mr Harrison as to the
rolling mock. This report confirms Mr. Harrison's views in
all the materiel features, and is such u fully to satisfy your
committee that a jut estimate has been formed of the value
of that property.

•ND MANAOIIII.I4T.

Your committee Mainlined, on the 6th instant, their
fourth report for your consideration. In consequence of the
recommendation contained therein, a meeting of delegates,
from various localltes, was held hers on the 17th instant,
and a selection was then made of such shareholders as the
meeting conridared meat eligible for the future manage-
ment of your affairs The mode edopted for calling
that meeting wee deemed best ealculstrd to attain the
object of getting • new board, likely to ponew the con-
fidence of the proprietors ; but, of course, the recommenda-
tion then made is subject to your consideration at the en-
suing
meeting.
In that report year committee brought under your
sotto boa suggestions, as to the future management of
the company; and, with it, sent out a list of queries, to be
considered red replied te, by the shareholders. To thew
queries mien have bees given by 2,103 shareholders, as
Lair :

Asfinnois surciviro non 2,143.111A1
162,1119 MABEL

11 No. a No. or No. o No. a
. , Shares •dare. Shares
Mid. repre- bold- rem-
its. tented. era seated
Approve at recommendatkoi at tom.
strum. ODRUILOCii in Yutaka I, Gat
the number oi directors be eight ... 1,601 132,0112
Disapprove
la lama of at managing director
la brand two ditto ditto lO les
... ..
la favour at three ditto ditto 1,041 06,333 ... ...
Allialt the appointment of a• • •
dinosaur - 93 7,072
Approve of proposed enormity* to
airy 'became ..- . 1,560 16,130 .. ...
Do +slaw the propeeed allomme
ma*
Approve diem:awed glowers to
neglog &make or analogs. l,llllO 131,319 . .
Coareder proposed allowease tow •.. iie 31,077
Approve of sada ea yews' by the
committee 2,021 137,738
In favour at a goverameat audit ... ... 75 4;581
Give direct approval is answer to sixth
question 1,715 181,730 ...
Do not give a &wet ammo, co dis-
approve .- ... 395 3.11414

From these replies, the general views of the shareholders
may be gathered; but, at the meeting of delegates, a very
strong opinion wee expressed, that at present, with the little
time the shareholders bad for the emaideration of them in-
quiries, it would not be prudeet to eat upon them, but that
the subject would be more safely Wt over till the half yearly
meeting in February, when it should be again brought
forward. The committee did not ems when the question wee
discussed; but, hay ng no one to recommend. as qualified for
managing director or directors, they did not object to the
proptiety of delay in the appointment.
The committee, however, have no difficulty in repeating
the esprestion of their opinion in favour in the principle of
appointing managing directors; with the exception of one
aesab r of your committee, who, with no intention in any
way of lettering the powers or reducing the responsibility of
any manager or managers that sight be appointed, considers
it questiosabie how fir the geeeval interests of the company
may be promoted by such having a mat at the board, with
votes as director.

rtrehlth PROSPIICTI.
The future prospects of the sinewy, although matter of
the greatest pcesible importance to the shareholder', is
mutely within the provisos of • coalmines of investigation.
The committee have, howear, given such ample details,
on all palate of importaace, as will enable each shareholder
to form an enlightened opinion for himself. The earnings
of the year siidimg 30th June, 1849, and the earnings of
the half year endsag at the 'sae date, having been stated
separately, has pot the shareholders in poesessioo of the most
resent and accurate inforinatlai from which to judge. The
earnings of the half-year, ending December 30 neat, will be
considerably larger than thus of the fine half of the year, as
is the case with nearly all railway companies. Bat the
capital will also be insreued, and a considerable sum will
be required from the increased earnings of the ball year,
to provide for the asemeot of the permanent way, in
eoespliance with Yr. • 's recommendation.
The ancemietee hole that experteace will prove the paw
nubility of making very considerable reductions In the
expenditure of the company, so as to increase the fund
available ice dividend. The shareholders hays a right to
expect that the new board of directors will give theft mat-
ten their early and serious attention, and that they
zealously seconded in their efforts by all the superior dame
01 the compote.
TM heatittet also look leeward with bops It the pew
peat of a material augmentation of woo& 4-ereese4
attemtkm shall bo paid to he prow ' As ad.
Aliso of leo par hat, on ski 'moat of
....cro teak
he hme loot (whisk trookl lero osoteloostl
&dual Wensto Ow sago') mei "I t

.lUIN 1...

. 1 . 1 ' •I..yaaa ... 4' li

worltieg exposes to 40 per c. ut , would hate increased Lao
dividmid w the extent of oce per cent. per annum.

ronctrstow.
In the flat rope of your committee they mentioned the
various new works then in enntessolvion ; these were,
the Sunderland Docks, the Tyre D ,the, the Percher
Beam* to Sunderland, and the Bishop Auckland Branch to
Ike mak line. You committee have not from that time
boss inattentive to your interests in respect to these node-
e. With regard:to the claim for the sums illegally
Mikan for the purchase of shares is the Sunderland
Dab, they trust that amount will shortly be restored to
the oompany. As repeats the other three undertakinp,
• committee, duce their appointment as directors, have
not taken any steps other than wen absolutely neceesery.
Thee, and morel other matters of a minor on
white the committee would have been glad to have W-
elshed information in this report, it time had permitted, will
doubtless receive the early 'destine of the new board, to
whom your committee an, with aces convenience and
utility, personally make the suggestions which they have to
offer theresa.
In now closing their labour, year thurnittee have to
assure the sharettolden that they have endeavoured to fulfil
the onerous task which her bees deposed upon them, with
the single object of asst at the truth, end of presenting a
faithful report to the peon_ rleton of the real state of the com-
pany's affairs. In pursuing their inquiries they have neces-
sarily had many anxious and unplessant duties to perform,
but they have endeavoured to discharge those duties with
strict impartality.
They have only, in conclusion, to express an earnest hops
that their invesUgation ay have the effect of plating the
affairs oldie great company under sack a vigilant system of
management for the future as will preventthe recurrence of
those enormous evils which their various reports have ex
posed, and that by a cordial attention to time arrangements
en the one hand, and working expee dun on the other, this
company may be again restored to that rank which, under
prudent management, it is entitled to hold amongst the greet
railway undenakiegs of the kingdom.
Ind= Manx,
HORATIO Lova,
Dracut McLane,
JAMS LRICHHAN,
JOHN KIPLING.
030. Landau,
York, Oct. 20,1849. Secretary.
Mr. Cotten, the accountant, in his report to the com-1
mutes of investigation, rays:—" I regret being ob iged to
accompany this report with a long list of missing vouchers
for disbursements on capital manual, although it appears
that for most of them the company has bad work or matelots
supplied, or value in some other way; whilst on the other
hand, there are various same for which no consideration has
been received, the chief of which are those taken by Mr.
Hudson, and afterwards returned, and which it I. presumed
will be corrected in the capital account for the half-year
ending 30th June, 1849, which bas not been submitted to
my examination."