The Express.
London, England, 1849-04-10 00:00:00

Mr. Love : Did you give the order se a tanker, or as chair-
nue of this company ?
Mr. Hudson : I mold not separate the two sepacities.
Mr. Lore: Did sot your ditty to this compeer render it
all:Mfor you to operate the two capacities ?
odem operate
: I think I have dose fairly in the transaction
between both.
Mr. Love : What was yoir reasos for not adopting the
sum blamable terms of eommtielon with Lemma and Co.,
suA when you boimht a large useunt of shams, u with
edin 'wain *mei IiAMIR you bought a small me ?
: Laurence and Co. are employed by the
Dub, mad I theeght it wee a fair beaker's eksege.
Yr. Love: Have you any objection to authorise us to is-1
spout the books of the York Cation Bookie; Company, to see
whether the half wreweiwka allowed by-Neemee. Laurence
sad Co., has, bora time to dam since October, 1848, bees
serried to the credit of the pro& and has socount of the 1
beak ?
Mr. Haden : I do not think it would be sonsistent with
my
_deg to do 1/0.
LIITS : What lave the Beak to do with perohsow of
dares, as they did net send the mime?
Mr Radom I trammeled theißseelf, as from the Beak.
Yr. Love Doss not the leak *ergo for pa te wade
La sews iadrpeadsally of a th far on shares
Taoism: No chalk about it.
Lem : Are yea aware that Laureate sad Co. wade
istylmillased the York Deka Banking Onspiay in their
isneeprellence respecting the shares purebasa4 by the eon-
I away, ead does not the extract from their hooks I now
AAMA asks it AM tame elver the beakers are no pardas to
the Weeesetisee

(GOy) Iktreeted by Mr. lave.
To oeo.-lindsoa, leg., Newby
-perk. Jan. 31.1849.
" We sing On Mr. Clow She account of the G. N. E. shares
lieught Ire MAW, asseitating to 12.1881.84.2 d., and we shall
want an (Mission of credit at Gips's."
T. Jabs Chase,zee. Jan. 81,191
" We creates mosaat of the G. N. M. shame isought
kr this asttimasst, and advise the amount to Mr. Radom:
Mr. Radian: I am net aware they do we make any
Mein eke Bank; I know nothing el the extract now
Wined.
1 lir. Lem : Yon say Baker sad Son treated yea as a
bialsr, be es good as to look at their contracts, are they not
kale out to the York, Nomad/es sal Berwhe Costes,
le what have the bastion to de with the trmenetisn
Mr. Hadar: I apprehend It *my bed been mimed
IMO 0"i
LINO: Hhap am ew NIA yes amenitkoWewitgoem
bought arlbe
=idea : I was the porrinilit on holislt
of Ilb• aempany. •
lir. Preset,
Mr. Love : It has appeared is 'Moose bane this esaa-
mitts* that, in the asonth of Ostehem, 11114 aertain Great
Nags of England 151. shares wars trairkmed into /oar
ants at 191 premium, or 211. per skin; ought kb • to
be tales es a nmesuriof yew sphisa of the intrlaalc value
of the share t
Mr. Prance : Most assurolly net ; it would perhaps have
dace so in the case of an ordinary purchaser, bat in my case
as a dealer it would by no tenor ham justified such a con-
cision.

Mr. Love : Hem the goodnew to explela to this mu-
Lam in what respect a Fuchsia by • dealer would differ
from that of an ordinary purchaser es a criterion of his
vision ?
Mr. Prense : I will as doerly se I ean ; though I feel it is
MAW& mde se, in • way that shall make it essay letelli•
=those net convarematwitk the mode of conducting the
of the Sleek lieghwags. It is first neesseary to in-
ism this efumatllee Oat die members of the Stock Exchange

ars &tided last two &Ws; vis., Mbritsts and dealers, the
former oat, ropustatfatt the pablfs se smter on thair
be-
half: the brae. is festivity isslnislism-ftm his principal
tell, ddrilme him& to the loiter, and simply
ae~Wrtb mamba, Mama asewant of moth in which
he has to deal, without besmeing him whither he be • buyer
or edict ; the &gullies same two plias, at the former of
whist ho wOl M bey, and at the latter to sell the
gustily ; fa this one. in all probability, the prices
sand have Mutat Is 21 A. As the broker thee bu
*smiles*, bey st mil alluded to him. the duke dearly
amid so Imre be aserldismi as an optative, be might in-
deed be a nissMat Myer sr miler ; clearly, thinks., a plu-
shest, by a dealer ssoli set be takes as a meant* of intrMe
value, but only of the mesh* value as determined by the
Pgreiof war* to isseami.
cle:e : Is it poet °Maim that the directors of this
company would have exersised a wise diuretics in selecting
the IM. SN, in which to invest the gamey raised by the
Gnat Nowa Majtiond main shares ?
Mr. Promos: Most sunredly ; I think thay could not have
ludo a UMW apparition of their lands if faulted at the
ordinaey gunge piss whit* hat
uiremiled previous to the
mut , UM, and w hof Clistasras sabseguatly pre-
vailed.

Mr. Love:
•li 13We to this committee the grounds on which
you arrive at & coneheeke.
Mr. Prunes : We invatialidy Ind that shares not paid in
full, from their liability to *Mbar ealia, are considerably be-
low Owl: relative value asi eonapared with other deseriptior
of stuns Le the same mew , which are paid in full; and
In this sem, that would have been further
aggravated by the WA, that es the dividend woe nearly no-
minal (kw two yeas only Is. 6d. per share) the advantages
were prospective, operating rather ma a dithered than a pre-
sent annuity,. and, while this oirounestasce would operate
with the public, to make these shares nopopular as an invest-
ment ; the company it would operate as an advantage, in-
asmuch se a small instalment only being called, the same
mousy would have entingeblted a larger propertioa of the
Great North Enka/ stock, and that at • somy lower
price thaa the 100 i. shares.
liz. Love Wee this a priori inbrenco sebssqueatly borne
out by the fact ?
Mr. Prance ; It was ; from July 27,1846, when the Great
North of England Purchase Act received the royal went, to
September 30th, the average sad nearly uniform prise was
171 premium or 181 per share, which was in fast the price
marked on 30th September.
Mr. Love; And is it your opinion that any considerable
number of this. shares might have been roared at about
this avenge prim ?
Mr. Primes : I think they might, if the purchase had been
weed over a period of soma soothe, waiting, in fact, until
the shares ease to market.
Mr. Love: Do you remember the state et the market for
Great North of Ragland LE. shares in the mouth of October,
11146 t