The Express.
London, England, 1859-06-01 00:00:00

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LONDON; WEDNESDAY. JUNE 1.

Ws have recei:ed a copy of a somewhat remark-
able document—the Report of the Cessna. and

Conseil of Surveillant.; of the London General

Omnibus Company, submitted and adopted at the
third annual meeting of the shareholders, held at

Faris on the 27th April. It is only within the last few
days that this Report has been printed, and officially
circulated amongst the English shareholders. The
position and proceedings of this Company have
at various periods attracted so much public attention,
that a cursory review of some of the details now
afforded may be interesting to our metropolitan
readers. It &ppm.; from the Revenue Account foe
the year ItiSti that the aggregate receipts
were being 22,3241. less than in

the year 1537--ts decrease attributed to the
continued competition. The expenses amounted
to 356,978/., le►ving a Mamie' of 23,8881. designated
rotit. Of this sum. moon/. is to be distributed as
dividend r.t the rase of only 3 francs—or say half-a-
erown—per ',hare of 4/. ; 1,0,4)/. is reserved to meet
the expeller% of windirg op the old French Com-
pany ; and tgool. is to he applied to the redemption
of the expenam of First Retablinhatent" and
" Lease 5." The monstrous charges incurred under
these heads, especially the former our, hang like a
millstone round the Company's neck. Oa the credit

side of the general bslance-shset stands an item
almost sufficient of iteelf to sink any undertaking of

the kind—vie , ^ 6ee4ttedl of omnibuses and stock

" purchased by the Company, 242,000/."—a quarter
of a million for tt., " good-will" of a business in
Which any man muy start in competition with the
Company to-marrow, if be hare sufficient spirit of
miterprise ! Two or three other frightful items
5:1110W The eoit of the " First Establishment "of

the rimiest/kiting figures for 97,1071. Ila. 9.1., in-
clasi•e of " Compensation to contractors for right el
delivering 210 ornoihays, sa per award." The
contemplation of such bums is enough to make •
shareho'der's hair stand on end. These items are

irrespective of 63,2711, fur " omnibuses in work or in
the factories of the Company, including rolling
stock, wheel:, springs, &c."; 168,2011. for horses;

24,6431. for einstruetion of buildings; 41',131f, for
purchue of leases, &c. What an idea do detail,
of this sort afford of the voracity of the persons with
whoni the Company has had to deal!
One of the notion,. which runs through the re-

parts of tLeTants end Council of Surveillance is
peculiarly rich. These gentlemen affict the most
rigid adherence to the requirements of the
French law uwl,rr which the Company has,
unhappily, hitherto been constituted, and they
point ewlewnly to the pains they have taken
to secure the redemption, by the annual appro-
priation of a purtion of the profits, of certain items
ref expenditure. The French system requires, we
are told, that the expenses of" First EstiOlishment,''
the " Purchase of Leaatv,"and "Construction," shall

be dealt with by meansof a sinking fund: The Coos

ail remark that the balarce-sheet now submitted hie
"applied this prir.ciple of the sinking fund, which
your Geraats and your Council of Supervision
" transmit to the new English Company as the rule
"of a wise administration." But how small does
the year's appropriation of 4,8001. for this pur-
pose seem in face of the remarkable fact
that the three items above specified as• redeemable

by a sinking fund represent tie enormous aggregate
of 169,7814 What hope can there be for &company
the totem profits of which, so to speak, are mort-
gaged to this mins extent? Considering these
figures in connexion with the additional item of
242,000/. for " good-will," the idea that the share-
holders sill ever obtain even a moderate rate of
dividend seems almost farcical.
Another sample of the mode in which this Com-
pany's affairs hare been conducted is presented is
the extraordirary "disappearance" of 1,463 sham
of 41. each held by the Company. These shame
formed a portion of its unissued capital. The share-
holders are calmly informed that they "disappeared
" in the Paris office during the exchange of certill-
" Welk" The excuse for the concealment hitherto
practised is stated as follows:-."Up to the
" present time we have thought it desirable to keep
" this matter in suspense " (how handy a semi-
French plum is sometimes'') "hoping to be able
" to ebecover and stop the shares issued a second
" times ; or if, as there is reason to fear, these
" share di.appeared by the dishonesty of an ern-
" ploy', to ob!ain their restitution or compensation
" fur them." l'aming by this naive confession of the
managers' readied...l to aompound a felony, we gather
that another check proved, somehow, ueeless ; for
" the 1,465 provisional share certificates which die-
" appeared were brought in and exchanged a second
.• tone for shares to Leant, and thence it follows
that the number of shares to bearer netted has
It been increased by that number." The Ghosts
then submit to the shareholders a little gage-
*ion, remarking ; We feel it our duty, is
" placing the fact before yol, to mak you if the
" difference which ewer's shall be earned to the
" debit of profit and lose, which would naturally
" diminish the distribution to be made to you; or if,
as this unfortunate occurrence is a consequence of
" the tint orhauisal ion, you will not prefer that the
differenee should be carried to the account of first
" establishment charges, and be liquidated by .sink-
" lag fend." Upon this appeal the shareholders at
the meeting in Paris decided that " the replacement
in the texpany's safe of the 1,465 lost shares
shalt be made by the purchase of that somber
Of li.3rts, profiting by their present low
prie in t^e market, and by the application of
the sum necessary taken trove the reset re fund."