The Express.
London, England, 1851-01-27 00:00:00

WINDING UP JOINT STOCK COMPANIES.

THE DIRECT LONDON AND EXETER RAILWAY.

Oa Saturday the examination of Mr. Walter
Bhairp, of ahem: Gardens, Hyde park, for whom Mr.
Bagaltaw appeared as counsel, wee continued and concluded
before his 11011011/ Master Brougham, in answer to the
charge brought in by Mr. Wryghte, the official manager for
the shareholders, calling upon him and his ca-directo: to
give an moue of so much of the deposit money, amounting
to between 30,000 i. and 40,000 i., received from the pro-
prietors,

Mr. Shah" deposed that be was • member of the coil-
mines of maaagement of the Dirett London and Exeter
Railway, and that his name appeared on the original pros-
.tus. The name" added suhaequently wine those of
Lieut.. Colonel Matron, Sir Bruce Chichester, Dr. Phalli-
same, and Mr. J. Chambers. Wu a member of the
6110:cant committee, as were Dr. Blundell, Captain Pepe,
Mr. T. P. Healey, Mr, O. Evans, and Mr. I'. Dowalses. The
dunce committee was appointed on the 16:b Oct., 1845,
consisted of the same members as the allotment committee,
with the addition of Mr. C. W. Spicer end Sir Henry Pram.
About 400,000 shares were spoiled for, and on the Ist of
October an deer Liniment wu trued, stating that so farther
applications could be rushed, and on the 15th October
another edvertisemeat was issued, ":sting that the allotment
had bun completed. At this period the committee had
allotted 62,000 shares, which was as any as et that time
they hitended to allot, but they coatinued to allot until
parties brought their letters back, and refused to take them
up. The advertisements were left to Dr. Bluodell and Mr.
Healey, sad application was made to Misers. Sutton and
Gribbe', the company's brokers, to know whether farther
snares shenkt be allomed, sad he resommeneted delay. The
allotments wan very enmerose, sad be believed that the
learned monied had one himself. The seeding out of the
all taunt continued Mr 10 days in 'accession altar
the allotment itself was tante. The original reason of the
allotment committee for limiting the allotment of shares to
60,000 and allotting only us half of the share capital,
urban had been fixed at 120,000 shares, was for two or
these reasons. Oats was because they expected that
Mr. Madsen would have joined them as chairman
and, it so, it was the "Railway King's" custom t require
a large tunics of shares. Another reason was that they
might have an opportunity of "amalgamating " with other
hate, there being et the time no fewer Hum eight lines
competing with the Direct London and E , and, had the
directors allotted all the shares, there would have been no
opportunity lett for the other lines to say, "We will
abandon our line if you will give os an In in yours."
The reason of the directors for stating publicly that the
allotmeat was completed was bemuse it was completed so
tar as the committee intended it should be. The advents@
went stated that the allotment was completed, but not that
all the shame had been allotted. The plans and notions at
this Use had been deposited tor the whole of the line to Exeter.
Could not say that he had approved of the issue of the
advertisements in question, which appeared in the Iron
Times, and other journals. On Tuisday, the 9th of Decem-
ber, at the request of the committee, the witness went to
Edinburgh, Otagow, and Liverpool, to get the deed signed,
and returned on the following Sundey morning, at 6 a.m.,
end attended a general meeting of the shareholders held on
the 15th, at the London T , when a statement of
amounts was read, either by Sir Bruce Chichester, the
chairman, showing the exhalation of ell the assets up to
that time, with the exception of a lattice" in band of 4914;
lead looking at the report of the przeudings, as announced
ilorapatko Railway Journal, of the 20th December, it
appeared that the cash received by the committee on 23,563
enema, at 11. Is. 6d. per stare, was 32,29:a. The pinion-
wry expenses were set forth at 4,3161 ; the engineering
earnest, at 14,0401. ; the law expense" at 8,7911. ;
the advertising expenses at 2,639 l—which, with other
small items of expenditure, left • balance uf 4921. At this
muting resolutions were proposed and passed by the parlia-
mentary agents of the company on the tooting of the repro-
sentations of these accounts. Signed a check on the com-
pany's bankers., the day before be left for Scotland ler
1,1361., which Sir B. Chichester requested the members of
the committee of management to 'ln, with a view to
truster the funds from the bank either to pretest their
being attached, or to pay certain claim,. Witness did not
receive the proceeds, and believed they were accounted fur.
Wes not aware that at toe meeting of the 15:h of December
there wee • larger balance in hand than 4921, or that there
wen assets of use company is hand to the amount of several
thousand pounds, though ha had heard since that there were
end had seen a later acount which stated that
the committee then had in hand, amongst other
sums, 4,9291. balance of cash, end 1,8101. office farni-
tare at the establishment in Regent-street. Had not
attended much to the &Gin of the company at this period,
and had in feet tendered his resignation on the 6th of No-
vember, alter which he was solicited to return, but he filially
resigned on as 17th of December, two days alter the suet-
iag. Did not know whether the accounts were correct or
incerreet, and was not surprised to bear it stated that there
was so small • balance. Could not say whether a portion of
the company's funds were invested in Kuhl quer Dula at this
time, or whether or not they were sold. Could not say he
had signed as authority fur the sale of Exchequer bills, but
signed an order for the delivery of the bills to Sir B.
Chichester, and on the Bth of December, signed a Magus
in bluk to place the funds in the hands of the
chairman for the puritans of the conspehy. A sum
of 12,0001. was originally invested in exchequer bills,
and the cheque in blank was for 7,0001 , the balance
of them, and the object was to truster the account
from Minn. Currie's, which, from being in the City, was
liable to as attachment, to the bank of Meiere. Straiten
and I'aul, in the Strand. Should not say that these funds,
which might have been attached at the instaoce of any
creditor hating claims upon the company, were withdrawn.
Was ant any party to the preparetiun of the account pre-
sented to the muting on the 16th ; nor to any conversation
to the effect that it was important not to show too large a
balance to the shareholders. In October, 1845, cheques were
drawn is favour of the Seance committee, one of which, for
6001., was sighed by wittau, and there ware other payments
by that body of 3001., 15111 , 1001., aud 1241. It was no
part of the dety of the finance committee to arrange matters
on the 8;o:k Buntings, and no directions were given by them
to parches.: shares there, and no shares were purchased with
the monies of the company by order of the finance

with the eaceptiou as stated is witness's discharge of a
cheque for 1,6061. There was a payment to the finance
committee drawn out by sense of its members en the 9.h of
November for 4,0001. This was by a cheque signed by Si,
Henry Pyrites and Messrs. Spicer sod Evans, troantenigeed
by Dr. Sleaded, "pay to ourselves, finance commas.,
4,0001.," and it was subsequently, through the exertions of
witness and Sir B Chichester, that this 4,0001. was restored
to the funds of the company. Rather thought that the
cheque for 1,6061. was given to these gentlemen when they
retained the 4,0001 ,- and on condition of their handing over
certain scrip ct the company that had been purchased in the
market. Some of the dates of sig to the deed had
been altered. As regarded t►e signature of witness he
believed that having originally signed it he subsequently
drew a dry pea over it at the office eu that it might be properly
executed in the presence of an attiotiog wanes., but he
could nut speak positively, as these were things which
happened five years ago, and were not things which they
thought would be brought into question at all. Did not
recollect that any representations were made by the officers
of the company to the effect that an insufficient allotment of
the shares had been made, or that another hat was made cut
showing the propriety of allotting 40,000 shares more. Out
of the 130 cheques now produced 21 were signed by witte,s,
sad out of the 16 that were objrcteil to, three only had his

signature.
Mr. Daniell, counsel for the of 'manager, then said
they test proposed to enemies Sir Bruce Chichester.
Mr. Clark and Mr. Chichester, counsel for Sit B. Chi-
chester, said that gentleman wm is too ill a mate of health
to move' end could not appear is court, whereupm, after
considers' dimuition, the proceedings were adjourned, it
being intimated that at Ow neat meeting Dr. Phialimore,
Mr. Chambers, sad others would be examined.

INDIPENDENY ASSURANCE COMPANY. TELE
Porn 10111PES.— Oa St turday, before his Honour Muter
Tiansy, the settlement of the list of contributories was pro-
eeeded with. Mr. Roxburgh, on the pert of Mr. Button,
the edictal manager, appeared to show cause why Mr. Joseph
Turnley, lighterws, should not be placed on the list as
having applied for 30 shares and had them allotted, and paid
the deposit, but had igned the deed. Mr. Joseph
Turnley, solicitor, stated that the Joseph Taniley,upon whom
the summons had been served had pplied for shares or
had anything to do with the company. There were, in fact,four
Joseph Turnleys—eis , Joseph, the father; Joseph, the son ;
Joseph, the coin ; and Joseph, the grandtath,
' lightermen. (Laughter.) The cue was then adjourned for
the productioo of the right Joseph.

TUMOR RAILWAY Tim,Wntt7.—The following are the last
Mused tue some meipts of the plate* French railways ;
Ileamma.—Prowaanuary IS to January 21: ?revenger; 164,1291.;
geeds, 240,311 L; total, MAK
Sovs.—Prom Jan. IS to Jen. IS : Pomanders, 32,4391.; Mods,
79,1144 total, 131,8441.
asvist.—Prera Jan. 12 to Jan. 19 : Primers, 19,9151. ; goods,
M,91.11.; MaM MAIM
0•••. o. rem Jan. IS to Jan. /9: Paseragera 29,91214 goods,
106,4331.; NW, 1121,3442.
Boa/MAlTL—rma Jan. IS bias. 19: Premegers, 27,89111.; goods.
ASISL.; Mal. 67,4164.
Visas.—From Jaa. IS Iola& 19 : Psesengem 26,9714 ; mob,
113406:........ &total. MC
Jaa. IS to Jen. 19 i reseingem 11,125 L ; gages.
14=MMI. 13,1101.
—From Jan. If to J. 111 : Posswagen. 3,1471.; good,.
OAK ; SAM
Nairsm—rsm Jan. II to Jan. 17 : Pessamera. 14,9111.; gawk
1 01266,24.1...t0ta1. 21,311111.
From Jan. IS to Jm. SI: Temener% 270191.; Mt"
tand. 111,1111.
MEI Jaa g to Jai. 12 : besentre. 17,01171. ; geode,
1=.11.5,71191.
Prom Jae. e Sohn. 14: Twaragwo. 8,0034.; goons,
13=elat, SIAM
—Flonalas. Ito Jan.ll: rawmgass, 14,8111.:; goads,
11,141/4 Mal. KIM
Manownsan—rogs Jan. 1 lobe. 7 : Itesengers, 33,491.; goods,
VOL; Mei.
recieran to Jan. II: ralnangsfs, 9e,733C; goody
2.111114 1944 129,1141.