The Express.
London, England, 1866-11-12 00:00:00

THE WORTH BRITISH RAILWAY.

A meeting of the London shareholders of this
company was held on Saturday at the London Tavern to
decide upon the course to be taken at the adjourned
meeting of the shareholders, to be held in Edinburgh in
the ensuing week. The chair was taken by Mr. Ferguson.
Mr. Beaumont and Mr. Ronald, directors of the railway,
and Mr. Mackenzie, one of the accountants of the com-
mittee of investigation, attended as a deputation from
Scotland. The proceedings, which were considered to be
of a private character, were confined to a discussion of the
relative merits of Mr. Hodgson, M.P., the chairman of the
North British, who had been the most active in the man-
agement of the company's affairs and by whose directions
the so-called system of "cookiit' the accounts had
been adopted, and the other members of the board who
' had tacitly permitted this system to be adopted for so
many years. The supporters of Mr. Hodgson con-
tended that the course which that gentleman had
taken, although not strictly in accordance witb prin-
ciples which ought to govern the managers of
public companies, was entered upon solely for the benefit
of the company, and that, had any other plan been fol-
lowed, the probability was that the position of the under-
taking would have been much worse than it was at the pre-
sent moment, and that the concern would have been
entirely at the mercy of the neighbouring and hostile rail-
ways. To have disclosed to antagonistic companies the
actual financial position of the undertaking would have
been most suicidal, and would have completely prevented
the company obtaining that commanding position which it
now occupied, with access to Glasgow, Perth, and Dundee,
and the securing the occupation of the route to Newcastle
and Carlisle. It was argued that these advantages could
not have been obtained, nor could the painful litigation
to which the company had been exposed have been success-
fully contended against, without a temporary departure
from the strict rule whereby the limits if expenditure
out of revenue and capital had been defined, while, to use
the words of Mr. Hodgson himself in his reply to the
report of the committee of investigation, " to have ad-
mitted the irregularities which occurred pending the ter-
mination of the struggle would have ensured pro on ;ation
of hostilities and probable discomfiture." It was further
contended that whatever irregularities had been committed
they had not included any over issue of shares or loan
capital, that not a mile of the railway had been made at
enhanced cost by paynim.t of contractors in shares, and if
the revenue had been fostered at ultimate coat of capital,
the shareholders themselves had derived the full benefit
of the arrangement. The reply of Mr. Hodgson was fre-
quently referred to, and the speakers in his favourezpressed
hair confidence in his ability to carry the company through
its present difficulties, and realise the prospect which he
had held out, that the revenue will speedily prove itself
more than equal to all obligations in respect of prefer-
. ence dividends, with a surplus for ordinary shareholders.
6 The chairman and dissentient directors took the view
of the committee of investigation, and contended that
the policy adopted hail been most injurious to the in-
. terests of the company, and that nothing but a con-
viction that its affairs would in future be treated in an
honest and straightforward manner would restore public
confidence in the undertaking. When asked how it was
that the other directors had not discharged their duty of
looking after the interests of the company during the
period over which these irregularities were said to have
occurred they replied that it was utterly impossible for
them to know anything of the accounts, or of the system of
" cookins " which hail been adopted. A. strong opinion was
expressed that the directors ought to have insisted upon
making themselves acquainted with matters of so much
vital importance as the declaration of dividends and the
payment of the liabilities of the company. Mr. Mackenzie,
as one of the accountants, entered into a number of ex-
deflations on various matters of account which were in

dispute between Mr. Hodgson and the committee ; and
ultimately Mr. Wright moved a resolution to the effect
that, after the explanations and discussions which have
taken place, it is the opinion of the meeting that the con-
fidence of the shareholders should he given to the coni-
mitteeof investigation. The resolution was seconded by
Mr. Hartridge. On the other hand, Mr. M`Laren moved
as an amendment, " That the shareholders of the North
British Company, having heard the statement respecting
the railway and its affairs, are decidedly of opinion that the
safety of the property depends on the services of the present
chairman being retained." Mr. Roby seconded the amend-
ment ; but on being put to the meeting, the original resolu-
tion was carried by a considerable majority.—Observer.

THE. SMITHEIELD CLUB CATTLE SHOW.—The
forebodings which at this period last year beset the agri-
cultural mind as to whether the ravages of the cattle
plague, and the probability of contagion arising from bring-
ing a large number of animals together, would not have
the effect of preventing our great annual Christmas show
of fat stock from being held, now, happily, no longer
exist, and the ensuing anniversary of the Smithfield Club
is looked forward to with increasing interest, and without
that apprehension of danger which was attached to its pre-
decessor. not only prior to, but throughout the whole exhibi-
tion, and which led to the shortening of it by a day in Decem-
ber last. The day appointed for the opening of the show this
year is Monday, the 10th of December, when, after 2 p.m.,
provided the judges have finished their awarda,there will be
a species of private view, at a fee of ss. admission, and it
will then be opened as usual to the general public on Tues-
day, the 11th; Wednesday, the 12th; Thursday, the 13th;
and Friday, the 14th. The number of entries, which are
compelled by the rules of the club to be made on or before
Nov. 1, have consequent upon the disappearance of the
rinderpest materially increased over those of last year, and
may be said to average in the respective classes those of
any previous cattle show since the club has held it anni-
versary at the Agricultural-hall. The prizes the Smith-
field Club have awarded this year amount in the aggre-
gate to upwards of 2,2001. The show will be divided
into 56 classes, being some eight or ten more than
usual, of which thirty four are devoted to cattle, eighteeen
to sheep, and four to pigs. The money prizes to be
awarded in the cattle classes alone reach the sum of
1,325/., which is more than double the amount of the
whole snm given by the club some few years ago, when
the show WAS held at the Baker-street Bazaar. The money
prizes for sheep amount to 560/., and for pigs 120/., or to-
gether 2,005/. In addition to this the club this ear award
1601. in silver cups, and some 50/. or 601. in gold and silver
medal., making the aggregate prize list reach somewhere
about 2,2501. The president of the present year is his
Grace the Duke of Richmond. Mr. R. H. Ellman, of Land-
port, Lewes; Mr. Joshua Drum, of Eynsham, Oxford • Mr.
Owen Wallis, of Orerstone Northampton ; Mr. Edward
Pope, of Maiden Newton, Dorset ; Mr. Thomas Twitchell,
of Willington, Bedford, and Mr. Charles Howard, of Bid-
der,ham, Bedford, are the stewards of live stock, and Mr.
W. Senday, of Holmepierpoint, Nottingham, and Mr. R.
Overman, Edgmere, Brandon, Norfolk, stewards of imple-
ment'. There have been several changes in the council
during the past year, including the regrettable death of
Mr. Fisher Hobbs, who was a most indefatigable member
of the council, and supporter of the Smithfield Club.-06-
"MT.

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METROPOLITAN FREE HOSPITAL, DEVONSHIRE-
SQUARE, City.—The aggregate number of patients relieved
during the week ending Nov. 10 was—Medial, 828; sur-
gical, 861; total. 1,389, of which 612 wets novr swam