The Express.
London, England, 1849-09-21 00:00:00

t. gi,e them a fair autos. With Atte vi, WI. hit Donal
to more, •' That It is inerpedioat to sppo'nt a c.ototittto of
--tubas, the propieton hating full col Baffle: in thole

shell have hem made, shell he forthwiti: boa* sad regis-
tered, *MOMU dakalt shall be made in the dee payment
of any isteiemit wpm as y .here for the ek-ses of 30 d•ye
after the ewe Mall have booms die, all prawn instal-
ments* taigeM *the elm share stall be abes:stely for.'
I rifted to threempeny, we party in respect of s. Pre-
views headmeme shallieimiled to say sham sr have my
olds en tine meepeay, seer all testaments paid der the
time wire the same Mall Sam besome dm, shell be *I.I
with Weirs* at the rate et V. per ante. per annum son.
paled hem *at time. That the Ithlden of the said sew
Mermaid! bet be entitled to my of the privileges of share.
Mile..,hat tidy to interest at 41. 10s. per cent. That the
*ream Mei be at liberty to lane, upon sash tense and ia
stab Ramer es *ay 'ball think proper, any of the mid new
thane whisk we parties shall have expressed their desk* to
bike, ea sr blips the Ist day of October met."
The filliatiser wee manimemly agreed to, after which
thetas were moved to the dimes's, megimer, and mastery,
omit the proceedings teratiestid.

dir c:on."

GREAT WESTERN.
Yesterday a special general meeting of this company was
held at the Paddy station.
C. RUSSELL, . M.P., the charm's, opened the
proceedings. He it would not be necessary for hien
to detain the peopelemes many minutes after the reading of
tilirisheleaadtolverthiasheituumeOinareetli‘e:rit siallis.athat ft TwitoeuldheltfanbeY-sureelYtheaarliPygr"“mreq"lisuieligs ftaraet,
any more for him to raided the proprietors of the expression
of on in which the point manna originated. Their
auditors, when they milted the scoonts of let year, ad-
enoma to them a report, m which they recommended that
throe proprietors should be selected to consult with the
director on the querhes set forth in the advertisement—all
of them matters deeply affords*, no doubt, the interests of the
company. The directors immediately and cordially acquiesced
in that suggestion ; the proprietors were pleated to 'wept it,
and they were assembled that day to awry out their own de-
termination. On the part of the directors, all it woe necessary
for lies to state was that when the proprietors had chosen
the committee, they would be given by the directors the
tallest and freest access to every description of information
they might think fit to require, and that the directors would
comially concur with them in carrying out whatever raes-
sans might be adopted mom them for the general benefit
of the company. (Hear, hear.) This would be the object ,
of the first re olution. The neat bedews of the proprietors
would be to elect four gentlemen to 811 the vacancies which
had been created in the board of direction. It was anima
ble for the directors to contemplate the retirement of old
mileages' without considerable regret ; bat ft had been re-
presewed to them that the eppoin,ment of four new direc-
tors, chosen by the proprietors themselves, would be cal-
culated to give confidence to the proprietor and to the pub-
lic; they felt this object to he superior to all considerations of
road feeling—(hear, hear)—end the proprietors had now
to select four gentlemen from among themselves to ti the
Tummies that had bean created. It was right he should se-
t/neat them that, in point of form, the appointment must be
made by the directors. Their act of parliament enabled the
proprietors to elect to vacancies maimed by retirements in
rotation in the month of February bit all vaeaucia basset
ing at intermediate periods must be filled up by thl
tors. This, however, was a mare matter of form, for the dl-
rectors had convened • board for to morrow, and those gentle-
men whom the proprietors might select that day would
them be appointed on the board by the directors. (Hear.)
Before they wee t to the business of the day, he hoped they
would faun him when he recommended that the pro-
ceediegs should be orderly. (Hear, hest.) Whatever ols-
serrations hen, proprietors might have to make on the sub
jects brought before them, would sorely carry more weight
if delivered in calm and temperate language. (Hear, hear.)
The directors had given the Mt proof it was In their power
to afford, of their full readiness to act cordially with the
proprietors in the mesons which might result from that
day's meeting. (Hear, hest.) The common object with all
of them must obviously be to improve their common
property—(hear, hear)—to support and extend the
prosperity of their common enterprise, and this would be beet
accomplished. not by angry disenssion, not by exaggerated
statements, but by all et them cordially and heartily, and
with temperate earnestness concurring towards the common
good. He should conclude by calling upon some bun. pro-
prietor to wive the first resolution, appointing the committee
of consultation.
Mr. L. HEY WORTH then moved:
" That Thomas Static Oledstone, Charles Frederick
Sage, and Richard Withers, Pews.' be • committee
for the purpose of conferring with the board of die
ream", from time to time, on the exercise of their powers
with regard to the general expenditure and liabilities of the
company, the outlay of capital for now lines and works, and
the regulations for g a reserve fund, and that they
be authorised to report their opinion to the propristen upon
the several matters so referred to them, after consultation
with the directors thereon, the board being requested to
give every requisite and proper facility to the said committee
the the performance of that duty."
Mr. ALSTON was decidedly of opinion that one member
of the committee should be resident ia or quite near Lon-
dm. (Hear, hear.) London was the seat of the railway,
a Imp proportion of the property in the line belonged to
residents In London, and it was, therefore, peculiarly proper
' that a London proprietor should take pot to the oonsulta-
tans. (Hear, hear) To appoint Mr. Hey worth would be
en make the committee wholly • Liverpool committee. He
would, thereto, propose instead, Mr. Williams, the late
Member br Coventry, • reddest in London, and a gentler
men most competent and merge tie.
• SHAREHOLDER entirely concurred in the
of this suggestion. lie had the highest opinion of
qualifications, but the eireumatanos that he was not
in London rendered him less desirable than Mr. William.
Mr. F. PRY supported the original nominations.
Mr. MAYHEW asked whether the three gentlemen of
minated were present ?
The CHAIRMAN mid that Mews. Gladstone and
Withers were parent, but not, he believed, Mr. Sage,
Mr. MAYHRW considered that all of them ought to
have been present, in order to give the proprietors say
pledge that might be desired, that, if elected, they would
apply the whole of their time and energies to the dudes to
which they were appointed. All that time and all these
energies would be required to nerW4lll the arteries of the
accounts which would be laid before them, and which se
ordinary attention could fathom. For his own pert, groat es
hie losses bad been from railways, he would much rather coo-
tribute towards a salary for these gentlemen than not have
their usidnous attention. (Hear, hear.)
Mr. WILLIAMS said that even if elected he should de-
cline to act, tor this reason, that, having a largo interest in
the company, he had looked carefully into the matter, and
considered the appointment of their committee a pirfret
farce and delseion. (Hear, hear.) Here came his excellent
friend Mr. Lawrence Heyworth with a list of three gentle-
men, no doubt very respectable permits, but all pre-arranged
appointments. There was lint Mr. Gladstone, one of the
very auditors of last year who recommended the committee.
Mr. Gladstone was clearly a very eararetest am to fill say
situation, however important ; but his immediate connection
with the genie( up of the committee rendered his appoint-
ment upon it of very questionable propriety. He had ex.
petted that the chairman, in hie opening speech, would have
given them some meow for the adoption of this mums,
but be bad given none whatever. The company
had always exhibited gnat confidence in the dime-
tors. Were the directors tired of this confidence, or
did they reall think that it war time a closer watch should
be set upon them? Personally he bed every respect for
the directors, bat he quite concurred that they should be
looked after. He did not believe that this committee would
throw so much light upon the condition of the company as
wee requisite to restore that public confidence in the comers
which could aloe* raise that condition from its present dee
premice. As it was, he who went into the market with
area Wasters shares went with documents of next to no
value. There wee • that Indication of preconcert made
about the whole thing.
The CHAIRMAN-begged to say a few words in reference
to what hod fallen from the hon. proprietor. The hon. pro-
miller denounced this committee as a mere farce. He pre-
snood that the hon. proprietor by this expression meant to
mewl the opinion that the selection had been made by col-
ludes between these gentlemen and the directors ; if so, to
sash an imputation he at once gave a positive and unequivo-
cal denial. (Hear, hear.) Mr. Gladstone, it was
may toe, was the auditor who recommended the
eppiatinent of this committee- it was percale], bemuse
Mei odes created was one of great reepoomblity, of
moo &Meaty, of great labour, that Mr. Gladstone haviog
Ssom as person to recommend its creation, felt that he mad
net eensistemly decline meepting its responeilaility emi lie
Meer. (Hear, hear.) Mr. Withers stood inmost the some
pretties ; he wee one of the proms who hod most
sought the iaquiry ; and the inquiry having 1181. 11=
he fele that he could not refuse to mdertake the Wass
whisk it involved. (Hest, hear.) Names of higher anew
city than them of Mr. Gladstone and Mr. Withers maid net
be submitted far such • purpose to any railway proprie-
tary. (Hear hear.) Mr. Sep, the third /mailman,
wm the prapristor and manager of a highly ha-
=at cornea meaulactoey at BristoL Mr. Wll-
@shed for the mamas upon which the com-
mittee woe founded; the mesons were suilidently
potent, he should have imagined, on the resolution beta*
the meeting. (Hear, hear.) The matter, however, was en.
*sly in the Asada of the proprietary.
ig"", BMITHERB objected that no notice had boon gives
of th* names of the proposed committee.
The CHAIRMAN d that until that morning he had not
himself known who was to be nominated.
Mr. [WITHERS thought it so essential that the proprie-
lose sbeald have time to consider the names, that he would
moms to ti
day, to be named by the dieere Ohs appointment of.e q
the committee to
some
concurred in the propriety of loan one irectors
gentleman en . Huite
the
large
seated. netleasegly way In which their committal Mil
committee raddeutotinthe ofeaDilerstal Dleinuittoenee;
inspancityyinwaseliiiissents
• .
be satisfactorily conducted, would be by having very inc.
quest meetings with the board, and it would be pits it
compatible with the occupations of men in • large way eli
business at Liverpool or Bristol. to attend anything like he-
quest meeting% in Loudon.
Mr. MERCER seconded the amendment.
The CHAIRMAN having pat the poetics al afilcons-
mint,
Mr. MATHEW rose to support it, became the path-
s= who were proposed were airs all present to make some
pledge to the proprtstera.
The sera of the meeting was evidently against postpone-
ment, and Mr. Smithey accordingly withdrew his mellow,
and the original motion was !spin put.
Mr. MERCER agreed with what had fallen from the last
speaker but one, that they ought din to appetite a contratimi
of consultation, and that the question was of confides.*
or no eonfidence is the directors.lf they were of opinion
that the directors had not kept their mounts well, let them
cal fa a public accountant to examine them. 'they were
going to pat four fresh act is the direction, otei they ought

Mr. FRY seconded this amendment.
Major COURT opposed the amendment, end referred to
several items is the aotoonts of the company, to show the
necessity there a xisted for appolatiog a committee of roma-
talkie. Bur since 1847 they had spent 000.0001., and
yet their halfeyearly revenue was nearly 10001. less than k
1847. (Hear, bear.) They wanted to being that gustiest
is a Make ameiderstion, read the way to do it was by act-
far ele tba neggesisa of the direetcee, and mitering late es
Art fir martmlinp the guarantees of the cosepany.
itTeRIZTOR remarked, that if they were to appoiat
• committee, it should be ea sack terms as they could all
Dancer ie. Before they decided on the poem who were to
form that committee, it was highly desirable that the pro-
posed names should be submitted to the body of proprietors
at lane.
The CHAIRMAN said that that could not be dote with-
out re-openiur the question of adjournment, which had bees
decided.
Mr.y VOUSLRY was of opinion that if there was one
thing more than another calculated to give confidence to the
company, it woe the appolatmeu of such • committee es
wm proposed, which emanated, in the first place, from the
auditors, and in the ,woad, was supported by the directors,
who, to show that they had no secrets, desisted that the
fullest sow should be gives to all documents, books,
Re. Such a committee would be able to say, after
a clogs examination of the accoante, how the d-
etrain of the company stood. If they were worse
than they now appeared, It would be well to knew the
worst. He had yet to lure, however, whether the appoint.
Rent was to be merely honorary, or with a salary. He
cared not which himself. Bat be wee decidedly of opinion
that the meeting would beet moult its intonate by epeeist-
Jog three efficient proprietors, or four—he should gladly see
Mr. Williams, the late member for Coventry, added to the
number—who would report at • subsequent meeting the
real stets of their floancial position and prospects.
The mover of the amendment was melted upon by Several
proprietors to withdraw it, upon which he said he was will-
leg to do so if it were the deals of the wieetisg; but Mr.
Fry, the seconder, having objected to its withdrawal until
the feelsig of the muting was more distinctly ascertained,
• show of hands wan called for, which rejected the mead

rent, by a large majority.
Mr. MURRAY moved that the name of Mr. Williams
(late M.P. for Coventry) be added to the three already men-
tioned as fermium the committee of consultation.
Major COURT seconded the motion.
Mr. GLADSTONE said that the powers proposed to be
given to the committee were mAt exte naive, and certainly
comprehended an investigation of liabilities. (Hear, hear.
He was fully aware of the difficulties and responsibility of
the task, that nothing buts strict nue of duty could have
overcome his unwillingness to enter upon it, and he would
mast readily give way to a more competent men. (No, co.)
He should, at all events, gladly have Mr. Williams on the
committee, and he was prepared by his active exertions and
Agee of the two other gentlemen named, to show Mr. Wel-
Name that the committee was anything bat a humbug.
(Hear, hear.) In order to carry the thing out effectually, it
might be necessary for them to call In more assist-
ant* than their own heads could afford, but he
unseived that if they required an accountant to
aid them they bad full liberty to call in such aid. (Hear,
beer.) He did not expect the proprietary to pay him or his
gelleagues anything for their services, but be did expect that
they should pay the expense of working the continitjt.
(Hear.) He thought it right to and that they had been
the most cordial and candid manner by. the thairmanlrl
directors, and he fully believed in their sincere desire to give
'their most active co-opera'ion to the committee. (Hear,
ben.) There was no doubt that the company's money had
been spent extravagantly, foolishly ; but it was gone, and
all that could be done now was to look forward, and to try,
by economy and good management, to restore prosperity to
their affairs. (Hear, hear.)
Mr. WITHERS entirely concurred in what had fallen
(rem Mr. Gladstone, as to the purpose of the committee.
The res. lution wee then put and carried, the name of Mr.
Williams and the term " having been inserted as
above.
Mr. GLADSTONE then rose to move:
" That the under-mentioned proprietors duly qualified be
recommeaded for election as directors in the manner pea-
-1 eided by the act of parliament, and in the place of the tour
direeton who have retired from the board of management,
via.: Samuel Baker, Esq., of London; Richard Potter,
Esq , of Clayton-hall, Herefordshire; Charles Wardell, Esq.,
of London ; Thomas Williams, Esq., of London."
There had been at first the names of six gentlemen to sub-
mit to the proprietary, but Mr. Vining had declined to act,
so that only five names heel remained; and the four were
tet be proposed whose appointment would effect the object
generally admitted to be desirable, of infusing sew blood
into the direction. (Heir, hear.) With every concession to the
worth and ability of the exiatiog board, certain it was that
the affairs of the company were not so flourishing as might
be desired; and it was well, therefore, that new men should
add their efforts. The names proposed were those of Messer.
Sam. Baker, R. Potter, C. Wardell, and Thomas Williams.
A PROPRIETOR seconded the motion. Ever since the
existence of the company, the proprietors had allowed the
directors to re-elect one another as a matter of course. He
hoped that the proprietary bad been thoroughly awakened
Ito a MEN of what was due to themselves. He understood
that an attempt was tabs made to insist upon the re election
of Mr. Jones, bat he hoped that local prepossessions would
yield to the general good.
In reply to Mr. Wt uute'
The CHAIRMAN stated that the new directors would
stud alphabetically in the position occupied by the directors
balloted out, and their term of office would expire at the
time when their predecessors' term would have expired.
The resolution was then put and carried.
Mr. MERCER moved that the re-election of Mr. George
JOINS be recommended, and, in doing se, read several reso-
lutions end papers, to show that it was the desire of the
Bristol proprietary that he should be in the direction—that
he had been in it from the commencement, and had been
very attentive be.
The CHAIRMAN explained that when it was deter-
mined that four members of the direction should be ballotted
out, it was also agreed that those members should not con-
, sent to be re-elected. He reuretted that Mr. Jones was one
of those. He admitted that he had been most assiduous and
attentive to the interests of the company, but he could not
admit that he had any peculiar claim beyond his colleagues
to the consideratioa of the proprietore, and he must therefore
resist the voodoo.
Mr. PLOWDEN (the other director who had been bal-
lotted out, two having retired) said that the directors had
exercised a wise discretion in doing so, as he really had not
that time to devote to the affairs of the company which they
required. Bet, as a proof of the interest he felt in the
welfare of the company, be might mention that the shares
he held he had bought at 1701., that he had never trafficked
in them, and that he held them still, though reduced to 611.
(Hess, hear.)
Mr. W. WILLIAMS said that it was only by infusing
huh blood into the direction that they could hope to restore
confidence. That was one reason for selecting Mr. Jones.
But it wee a sheer waste of time to discuss the question. be-
cause if Mr. Jones were re-eleeted, he, as an honourable
man, would rerun to serve, and thus they would be obliged
to elect some one else. He hoped the hon. gentleman would
withdraw his motion. (Hest, hear.)
Mr. MERCER consented to withdraw the motion, upon
which the original motion, electing four new directors, was
put and agreed to; and a vote of *who having been passed
to the chairman and directors, the meeting separated.

NIL HUTTON'S =POI?
Bristol, Sept 19.
The actoonnts presented are compiled from the statement
prepared by the Great Western Railway Company, and in
to their shareholders on the 9th Nov., 1548, professedly
with a view to lay bus their liabilities and exhibit their
preeputive condition. That statement, subject to such alte-
rations as are demanded by the subsequent publication of
their half yearly accounts of 31st Dee., 1848, and 30th Jute,
1849, forms** basis of this account. Before entering upon
the consideration of these figures, it is necessary to draw at-
tention to the fact that the statement of liabilities published
in Nov. 1848, does not contain the slightest allusion
to a large amount of liability due on account if
the opened liam for the pushes* of lands, and
claims for componsation, to contractors or the execution
of works, to parliainutuy agents, engineers and solicitor',
for professional charges, and to merchants and tradesmen for
general accounts. It must be manifest that a statement of
liabilities can never be considered as complete or satisfactory
to shareholders which omits sums recognised by the company
as due and not paid, as well se an estimate. or at least an
approximation to each, of the amount of liability on disputed
efir. The suppression of this important information
more damaging to the true interests of a company than the
fullest disclosures. It will therefore be borne in mid that.
In estimating the financial position of the Great Western
Railway Company, u apparent from the following statement,
there is not the slightest provision made for liabsthka of this
description. The half yearly accounts issued by the Great
Western Railway Company are far from beiag as coupes-
' hensive and explanatory as their nature demands, and ma the
shareholders have • right to expect. There is a discrepancy
which suikes the observer very forcibly between the amount
of interest due on borrowed capital and amount stated to have
been paid for that purpose. Thus:
In the statement for the half-year ending 30th De-
cesaber, ISM, there appears tc. be borrowed on
delimPlese. 53,240,317 9 •
Oa kwe mese. lama, he 903,010 0
•
liMitireled mess the Ores% Weaken Railway
=forraalsei la Pity the company's sim.
Welber lines.. WO 0 0

Total debt, SOUL '..aotetabot, 1646

Z 4.9311,6117 li •

II Ole WOWane( theb elf.yeer ending 36th June,
80.663•19,3114rnbebonowedondebtatures £3,955,7331• 4
Oa issa am 44.148•8. 843,034
Oa Ms Mad t7&ts Gnat Western Illallway
ampenessewertese. to goy sabseriptions to
ease .. 993.140
£3,151,936 13 4

This will slik• ea memo debt during the whole
wad...-. ,t5,041,4117 0 0
In the Greet WNW'S Kalil) Company's Mato
meet of November Is4a, it is stated that the
SM./0 Wendt rid on &bawls led IsMO 111
1 at the rate of aa e 6d. per ant. Pr I=l
this applied to 1,045,4071., will dye la
charge of interest of ,.... 81114100 11 •
Is the statement for the halflear
ending slat December, II"
there is charged to means so-
count for interest 114,111 0 0
Ditto charged tome al Interact
ea the Oxford and Rugby Lisa— 11,565 0 0
Ditto ditto for interest cm the
Saimaa Banta Line. 1,114 0 I

'
ev,l44Wilo