The Express.
London, England, 1849-11-30 00:00:00

THE FXPRESS, FRIDAY EVENING. NOVEMBER 30, 1849.

Mr. RAMSEY complained that Sir Jobs thspeoc,. one of
the late directors, wee In the weekly practice of gee, to
Wakefield end took a Leeds day-ti t, rebooking at Cud.-
ford, and thus doing the company out of two or three
shillings a week. He wished to know if that could be pre-
treated.
Mr. HUTCH said no doubt th• prattles wee illegal.
Mr. B 1 OCRS wid that the raw viatica as as to stores,
whoa appeared to have been bought In tither shelter,
without books to record them. The committee atom-
ateaded all stores be bought by contrast, whisk wee tried
to, and Mr. CRAWSRAT added that that practice WY now
geatrally adopesd by the present directors.
Mr. RAIIISRY suggested that many redactions be suie
in wham; he thought that from 4,0001. to 5,0001. might
thus be payed. Hs add rasa Ike residual engineer to
4001. • year ; the sec etary to 3001 let elate sautes M
1001. • year, Sad elan to , 3rd ;to 401.; the porters
he would reduce to 124., they paying 2e. a week for rent. He
pee crated other rauctiose.
Mr. CRAWBHAY sal that a mita& of salaries wee esw
templata by the directors.
Xt. RAMSEY salted how Mr. Holloway's affairs stood.
The CHAIRMAN said, with we or two exceptive*, every
heat in hie accounts had been verified, and he had paid the
akar wean hem hint.
Mr. WIRY gave notice that in February he skald
sae raskdoss for further legal proceedings against Mr.
Mallsofe. kis so-diroctess, and ofEciah, involved la the late
Surginhart tosasestioes.
Mr. CRAWSHAY said that he hoped that the steps
*heady teas would sots produce the mosey overpaid to
Mr. Undoes he his lead; as to the shares he bad Improperly
mhos, the like views meld be used.
The hapowast question of the prefarami shares wee
sew mooted, sad the Crisham(slimmed that the best
coarse would be to appoint a co at awl's' of shore-
leans se prehreace shams. ead et Obese !midair other
doemfiagag of stork, gad that this sommilla shissid ash"
with the diastase sad dais a game et mad adla
to all peaks. Is may psalmists they speed with tie
aggestier a the somata of tavestigatioa, and felt that
some sessmgemea was r. quilts. He proposed that ain e
eisl geostiag amid be held ea the 21st of Dane= for
Sadly detensialag thin matter.
Mr. SMITH said, ae a large peewees* bolder, he was
quite prepared o, snake • sompremiee.
Mr larsor ,of York, gamma two of the directors,
two of tiecomasitue of investigation, two preference
holders, sad two original stook holders, should comprise the
eassattee.
Tee wane suggested wee agreed to, and the mewing
seacluded.

SOUTH STAFFORDSHIRE.
SPECIAL MEETING.
Yesterday a special retersi meeting of the eharo-
holders in Gus company was bald at the George Hotel, Wal-
sall, for the purpose of considering a proposal for the /sass of
the line, and, if deemed upedient, to anthers ea applies.
Van to parliament is the erring ermine for the nocessary
powers to grant such lease, and for other purposes—the hoe-
swiss of mosey ou mortgage or bond, &C.
The CHAIRMAN (Mr. S. Foseraz) harleg briefly
slimed the herr of the series, the Secretary read the
minus of the terms of the soloed leer of the Une, of
which the &Mewing is** abreact
" The tam is for 21 years from the Mth of Much, 1860 ;
the Sul *sisal to be tak-s at 669,3761, being 81. 10e
per akar ; and the rent to be rid is respect of such capital
to be 13,3871. 10s. for the fiat year, and 28,7781 per an-
num afterwards, being at the rate of 2 per cent. on the
flied capital for the fleet year, and 4 per cent. afterwards.
Any leather espital required to be rimed by way
of lose, the leases paying the interest of sue:,
loans not exceeding 44 per coot, provided that it
my sub farther capital curt be obtained at a rate
of
Starr not exceeding 44 per eau., the com-
ps, may Ball up the additionel amour required,
tor whisk the leers shell pay 44 per seat. The
lases is to include all property el the cosepany's in the hands
of the crew y, in the nature it superfluous lands, or not
required for the purposes of the unaking, bet not so as
to preplan. the company's power to deal with such lands,
ha , as required by the Railway Clare Consolidation Ain,
and the company shell sell all or any of such lands wh
required by the laser. The spuny are to construct such
additional sidings and stations, end purchase such additional
stock, and also such mines under and near the railway and
works as the lesser, shall nareably requ!rit, subject (as re-
prds the edditimal capital to be required for the purpose)
to the provisions contained is the third article. The lessees
to deposit 10,0001. as a guarantee for their felfilment of the
cootrati, but their liability not to extend beyond that sum.
The rent to be named to 44 per cent. after the first eleven
years, or the Less to be terminable in the option of the
company."
The CHAIRMAN immediately re and said that, in kis
Individual capacity as a shareholder, be moved that the pre-
' per be seeepted. He believed that the offer made wee •
fair sad reeeesable or, end that it had been made he,
ties who were fully prepared to wry it oat. He licked
epos it as a fair return for the roar of capital nerd:
and he full believed that, during the next twenty
years, few speculatirs of this hied would realise more
than 4 per eent. ft was decidedly of opinion that the
rate of Starr would, in Mare, be genually lower in this
country at the present time the government securities did
not pay mar the. S per oast., and he thought it not un-
likely that they would see it rafted to 24. On all °mei-
devotions threshes, he Irked epos this offer ot 4 per cent.
as an adequate reemmentra for the capital embarked in
the undertaking t therefore, he pleasurably submitted it for
the mileptiou of the seers. Mr. Forster concluded by
moving a herb reelatrie the effect that the offer to lease
Would be mosered.
Mr. B. BULLER (late member for North Btet-
-I.rdshite) sounded the ghettos of this resolution. The
question for the shafehaders to raider was, whether they
were prepared to accept 4 per cent as • lair return
for the capital they had embarked In the undertaking ; or
whether it was deemed preferable to take the Sur of
the value of the COMMIS during the next twenty
years. He =reseed that be at one time entertained dubs
on the subject ; bat after fall ousideratiou he had decided
on accepting the lease. It wee quite clear that the extras-
, pat snteipations which had been iadelvd Is on the subject
of railway dividends were not likely to be realised, therefore
he *Gegen it was better for them to sort the cartaiaty
which this lease held out. It was tract, the line was partly
opened, and that consequently they bad no means of est
sung the vales of the trails; bat in this as, a certainty
presented Self which seemed to his worthy of aeceptaties.l
They had a fair offer of 4 per est, with 44 in per•peetive.
Would they seers this, or take the chance of profit resulting
hoot workir the line terseives ? This was the only
quart for ins considered*, of the meeting.
Mr. JOHNSON, of Lichfield, inquired who were the
parties making the offer, and what were the receipts on the
railway harlot the lest month ?
The CHAIRMAN replied that Mr. M'Clean had made the
offer ea the put of some substantial individuals ; and
with referees* to the 10,0001, he had a letter in his pocket'
from highly respectable hankers guannteeing that it should
to ready when it was required. The amount of trifle feel
the last width was &boot 1,0401.
Mr. JOHNSON proceeded to my that he was decidedly
opera cc the lease, inasmuch as be believed that the
line was of far greater vales than had been put epos it.
By the 'err of the lease they were to receive the trumpery
arid 10,0001 by way of forfeiture, whereas it gave to the
' lemma the chance of realising 200,0001. If it was to he s
waft transaction, let the shareholder participate is the
per meth. For his part he thought It uogeousue si re
peet duke directors to have submitted such a paprika M
Ma ebrekolden, at d he shoed give to it kismet elleimmese
He went on to complain that the teals ken
epee He
been unfairly diverted by the London sod
Mork Warm Company; he Snored that they were
ober to se their infirm to awry this lease, sad further
erested as opinion that, is the kinds of the afteekolder,
the line would he worth • ggnroast deal more then 4 per amt.
Mr. PAYNE, of Birstyham, spoke in fewer of the
Isar, belisving, r he did (he said), that the time Waft not
altogether disadvantageous. He Begird seekihillems in
the tome of the lease, for hares, the ribs ad the goo.
rare to 44 per cent.
Mr. HORNSIf and Mr. BOOTH, as mpreseutiog the
Loren and North Western Company, declared that
individually they would vote for accepting the
isall=t the 16,000 shares held by their company would
net be employed in the vete.
Mr. BEALL, derity.eheitro lithe Midland Company,
mode • similar stator nt on the part of his company.
Mr. ROBERT SCOTT (late M.P. for Walsall) delivered
• lengthesed speech, sermgly ordering the lease.
Although he wee a director ta the eximpany it was • pri-
gs km that he did not knew the names of the parrs °Ser-
b* to take the line spot this ; therefore he was rest
=VINT obP.Seellemdirettove ev Ho anagidsmroi aa-
esternised it—especially es hiving 1•01 submitted 101
am el their swee servants. By the terms d the lease, the
bed been ailed, no guarantee whatever was afforded to
direboidas ; is last, it was the meat re-sided affair he bad
ever witareed—the Lis and the Iseee Wen be made use of
to serve the Stemma of ere greet company ; the railway
might be despoiled of its rake, and then rowed to
the shareholder with the paltry sum of 10,0001. as a
osseilieratioe. Having reviewed the line of sorry
thieve' whisk the line passed, and the large purrs li
end eared hello it wee likely to yield, the ken.
and trod gentlemen eanaluded by reiterating the rpm-
mien if his opinion that it was far better ender the cher-
Meru fee the sharkeidem to retain the line in their own
hoods. (Applause.)
Kr. MACLEAN, the 'wiser of the company, Stier&
that he had made tie peeper to lend with • view to bark
the Ilse, bet that if there were Sky paeans in the rum
agrato the Ire he was not dlrset to press I.
Doooeu, el Bie missire. etre egret the hese,
sad Caipt I/TOW. al IMMIIK in sopa of it.
A elbow d beads was wow east fr. lest the Meknes
positively raiser to permit my ahem of bands, en des
surd o. that It would take MO mar time." Abe seedy
a quarter of en hoer bed bessusztels the aeries of
thin point, voter papers wareand the ebeedleftell
proceeded es 11l them up and bend ie. War ebeet
three per of these had been ,sewed, Mr. Rehr Segel
handed is • against the validity d the seeseiker.
ea the sodas thew of beads bore hes kir of
a not thmered, eel draftees sot
hula. been apploted "
Attar this Fret had bass relished, Mr. TOW= add
was • =Wake net te wrist seseiseme, amd be essirlei
two sestlemen to this eiftehriewftedy.
Weigel the votes sr %deft leklie, es ober radalis
sired, avithoridas the arse to shea farther biadge
kla for the purpose lithe smog sot emoting NOP"

(By Iffsetne Tekirsch.)
By electric telegraph we have receireu the following result
et the voting :
Tr■ PROPOSAL TO Lsaas.—Btsrtaok•x, THURSDAT
ETINIXO, 9 o'haocr.—Tte ro mg at the wetting trade,
os the question of accepting the ropiest to 'we the South
Steffordeliire Use was declared ea follows Fur the lease,
1,609; against it, 2,2113 ; mejority lumina, 744

THE AUDIT OF RAILWAY ACCOUNTS.
MARLING AT LIVIiUPOOL.

Yesterday a public meeting of railway proprietors
was heed at the Clarenilou Rooms in Leverpool, ter the pur-
pose of oonsideriag the beet made of auditing railway
accoaata. There was a numerous attendance.
Mr. A It. WYLIS was pled to the chair. They were
aware, be said, that last miaow Ltd Montane" had Woe-
dined a bill late the Rowse a Lords, which passed that
house, but did set go through the Huns* of Commons. 11,
was withdrawn, Indeed, became the railway directors
pledged themselves te introdnee in the fineentans a bill
which woad be aufileient for all purpose. The dr
legated meeting of directors ice this purpose was held oa
the Stn inst , Lied Lossiae in the chair. They agreed to
eight 'moieties', but amongst these were some more fatal
and restrictive than any hitherto propose ~ He was en-
tirely opposed to the resolatioss numbered 6 and 8, which
are as follows :
":6. Accounts passed by the meeting shall be final, "abject
to the eighthseggestios.-8, It shall be competent for any
ameba of the proprietors holding stock or sham to the
valet, paid up, of not lees thea ale-third of the total pad-
up capital a the company, to app int, within one men*
after say general meeting, two of their number for the per-
pose of mate; a epeeist examination of the accounts of the
current hall year ; and such auditors so specially appointed,
together with the public seeounteot selected by them
shall have the same power of exiiniaation in every respect
as is by this sad other ace granted to auditors appoint, d is
the ordinary mires by a major.ty at a general meeting.",
If No. 6 bad beet in easterner, we should have h.d no
snob disolesures as had taken place, all mount. would hays,
bees wandered final, sad they would have had no ri ht to
re-opea them. (Hear.) As to the Bth resolution, he e oei
dared it a monetrone cohesion. It was imporible in Verge
frompanies (or dismal's% shareholders to obtain the opiri
of one-third of the peoprietary It was altogether pretexts
roma. The dinette, professed have the same object in view
as the shiereleademiLlat they did tot offer to the proprietors
the mains, lee a eeliag it. It was necessary to siva the
lassebeiden NO pewee-, and to wean their organisation, so
that they might more readily be brou4ht into actions& abody.
Bs had rot replied to any (AIM director.' 'wisdom mut to
and did sot intend, beams he disproved of them, sod
would to er emit himself to a bill which was not as yet j
drafted. (Hear.) It seemed to him extraordinary that the '
&eases should ask their meat merely to the principles of a
added they all knew might be materially modified in j
Ikea &away as itors had been hitherto appointed by
diorite's, best there had been no mote complete faders than
that. Ii (the chairman) was opposed to the inter-
ference of government ; and would rather that the
pewee was placed Ia the hands of shareholders of
securing a salaams and satisfactory audit. It this power,
when so erieforred, should not work well, then he would go
for government audit. He coecluded my moving—
. That in the opinion of this meeting the resautisee
urged to at the delegate* meeting of dinettes es the WS et
November are aet ea culated to procure a endishat end
satisfactory audit of railway accounts."
• Mr. Dr MATHER mended the motion.
Mr. FALKNER also expressed disappteval of the Bth
resolution. He was strongly (opposed to the powers of audit
being put into the heads of govereimeat That he thought
would be a violation of the British consitutien. It such
supervision were to eoesreesee with railways, what would
prevent its being extended te joint-cock banks, insurer:6
companies, everythieg ? He prop wad that tarts should be
en amountaat-gentral for railway audits. He would have
two auditors, to be appointed at their half-yeerly meetings
by the shareholders, their audit to be continuous, and the
amounts to be dosed windily and referred to the socountaar
general.
Mr. H. C. BBLOE thought the best system would be to
appoint a guardian sea r f sharehulders, to recommend
to the proprietors at the"' yearly meetings what auditors
should be app anted for the Wiling year.
The CHAIRMAN said he would net give a fig for the
responsibility of an auditor appointed at a half-yearly meet-
lag. The &futon could undoubtedly influence 011 e elected
in such a way as that.
The reaolutioll was put sad tarried unanimously amid ap-
plause.
The CHAIRMAN next read a number of suggestion%
which met with general approval. It was propound thet ,t
without the meeting pledge itself to details, a_cony should
be sent to the committee of directors sitting in Loadoebat
after some little discussion the motion was withdrawn. They
were as follows :
SUOOLSTIORS FOR TRI AUDIT OF RAILWAY ACCOUNTS.
That a general act be introduced, to include ell railway
companies, fur the purpose of enuring a satiasetory and suffi
cient audit of railway accents, to define the duties of audi-
tors, and i, r other ram' purposes.
That it shall be incumbent upon the directors of each rail-
way company, at least six weeks before the annual general
meeting, to Low to each sliesekulder of the company, a cir-
cular notice, calling upon the shassholders of each town or
locality, where stook is held to the amount of 100,0001., or I
one-teeta of the capital stock of the company, to meet and
appoint a delegate, to attend and meet other delegates
similarly appointed, at the place whets the meetings of the
company are generally held, at least tour weeks before the
illoweral meeting.
That the secretary of the corapeny shall, in such circular
seta, specify the time and place of the errand local meetings,
end cause to be presented at each local meeting a printed
lad the shareholders of the company, with toe number of
males* which each shareholder is entitled, together with
the name of the ',Orloff auditor and directors, it being un-
desseeed that not less than three of the directors and o'e of
the eattlito.s should retire annually.
That at such local meetings no person shall be allowed le I
vete or speak oboes name is not on the printed list of share•
badges, and that sack person be obliged to enter his AGES I
ages a list of parties present.
That It shall be the duty of the delegates so assembled
ea nsuanate individuals, to be recommeoded to the general
laseing, as successors to the retiring directors and audits,
as& that the Luau dutch individuals be eannienicated to
the 'barmen of the several legal meetings, and be duly pub-
lished nad advertised at least one fortnight before the general
suda.
That to NOM the nnlothunecil expression of opinion at
en times on the part of the shareholders, the directors of
the company shall not be allowed to true proxies at the ex-
pense of, net under the erection of, say of the officials of the

company.
That in each compaay there 'ball be two auditor', with
salaries varying according to the capital Mock of the cora-
piny—viz., if below 1,000,000,. 'steelier, the salary to be
601. each, with reasonable travelling expenste, and 501.
addiXonal for each and every additional million of capital
oneolidated stock, bat la no °sae to exceed 3001. per annum
each ; that the two auditors be autitotieed to appoint an
accountant sad such ether person as they may think proper,
at the express of the company. That the auditor shah
make a special half.yearly report to the shareholders' of the
company, and such report sad half yearly statement of at-
eounts stall he transmitted to each shareholder at least one
week previous to the general meeting.
That the audit shall b• rectinuoma, sad that the mullion
sad ameantent shell have a right to impart the amounts
end books of the company at each times as they may think
proper, .:tends( the same over the wh7le period of their
appointment.
That the auditors shall not ammearil be shareholders.
That the acemante presented to the den shall be
Mead by the auditors and acconateat.
That such accounts shall exhibit eller detailed and dis-
tiact statements of the capital sad revenue amounts, show •
lag the capital stock under ha various heads. herein
daring the halt year. Capital paid ia. Increase during the
half year. Debenture alt debt. lacrosse or Morose
dude, the bat year. Periods sad data when such de-
bentures ienne are due. Average rate of into on the
mem Yens sad return of the rolling stock, won
the
ineierieb. Tabular seatemeat of all wages paid by the eon-
=tiesCalla in MUM ends sash head. Espensinn for
the reed Motive power. Translation in sash
halt year. Income daring the half year, specifying all he
MON&
Sredloathis of 'm'a'ts 'Bested &Meg the half year, and
the feint of the indleme should tardier mimeo any mis.
Mhos= tobesedne deemed of imams=
That If the siedliese aresenia be not satisfactory, tweet,
rembeides Midis Miens 60,0001. stook shall be em-
powered es spoiler mew wag of the proprietors
ton resolder then ; sad that reek rand meeting shall
have the meet of redising suet ammo to a lemming .1
iiivengin oa, appointed by the delegates in the maser
above stated.
That a petition be peinested to Hs Mamie* el the Ex-
, chequer, praying bin tereanse die pre: mop foes 2a. ad.
to lt, the pretest rate prinineleg • Isgidatam impression of
opiates on of may shanholdes.
Kr. HEALEY maned a resoludea »quoin the sai-
-1 Mese of diatom be Lesiva net to appal to the share-
bidets cal Obey had transalba • draft of the bill intended
loviglireseted, and retermseadieg railway proprietors to
their meat fres the Manors' reeelatious till this
shoal/ bewin libelnffieneadoie.
Mr. PALLE= seseadoil the modem ; bet it was lost,
after • welly moll re divides.
Kr. K. A. LANUTON send that a enmities of flve
gentlemen should be appointed to mesh nee the bill for
midway audit. The seeks mot afresh but Es se of the
geodes= insimated were found willing to sine.
After eselderablo diemedin, It was rash= mot to take
say father &dabs steps kr ibe resin ; and hind no-
des wee even to, that the raisin posed lambi be ma
to the ragmen railway asthenia. to Ind John
sad to Kr Chia. Weed.
It was shoe agreed to apply to the Chandler of themettgest for enamel= of the poesy elm% hem half a to
a
pasty.
Aftse aMe of thanks to the rice, the swedes than
broke up.

Tat MONAZON salikag ship bit Owns on Monday
irr Now Zialead. She Ma an baud abseil sizty firsoalast
wire pumas liming a colony Main Thauzwook.
alsoirds with thee: dear, how,
, the perms at broils,. The Mansaikrabwitallt at
ea a woman to is brewain that part son
allastkaulti4var. b saw brae asavanal hits a Haag vaissi,
cad will altar ha arrival at Sew
plagaraa, am bowsaw that
roaany and Prim hi_ SW raids Min It appaan that
armalla Haw' in la as orient ia M New &shad,
ime ea Miss antis widen pravail them
and hap isniSlWAssi degas ins grimy lake plass thus
is stormrsam.