The Express.
London, England, 1850-02-16 00:00:00

1,133,990 9 0
Charged to capital account (exclusive or Yorkshire
stock), vit. :

1847 £337,373 0 0
1848 301,694 0 0
1849 97,417 0 0 739,494 0 0

Total charge tor roiling stock to Slat Dec.,1849 1,095,474 0 0
Leas In store 92,693 0 0

Total charge for stock in use £1,802,779 0 0
The charge home by revenue for repairs and replacement.,
Glace 1846, by been—
_ . -

81384021 • 11 81,493,343 0
1818 130,910 0! Aseseust expuuled 1,718,503 0 0
1849 131,152 00 i ke stock In ur 1,842,779 0 0

U 0) for
=9.16 per cent. per annum.
To tbieshould be added tattrest and rerun of workshops
and msoninery sled for repairs, and interest upon stock of
stores, as follows :-
74 per cent. tot Interest and re-
on amount estimated to
hare been espended in work-
shops aed buildings, viz.:—
£413,903 1:31,942 0 0
124 per cent. for Interest and de-
preciation of tools and ma
ciiinery used in repairs, Ike,
£54,606
4 per cent. for interest on stock
of locomotive, carriage, sad
rung= stores: say £lOl,OOO 4,040 0 0

't42,407 0 0 or--2.33 per etre! OM I
Equal to an annual average Expenditure of 11.11 per et. per man.
or to a aunt i qual to the coat of the en•ire renewal of the
stock every eight and a half yule; and this, too, without the
addition which a na.nufaidurer's profit would make to the
amouct, had this work not been executed in the workshops
of the company.
A careful examination of these statements, assisted by the
practical experience of Mr. Wright. together with our own
personal observation, enables us to state that the system
adopted by this company (aided as it has been in former
years by a very large annual charge for deterioration, amount-
' tag in the aggregate to 390,0001.) has had, and continues to
the effect of preserving the telling stock in a state of full
effieieocy and corking value.
Entertaining a strong *pinion that the shareholders are
desirous of knowing, as accurately as it could be ascertained,
the amount of capital of which the concern is finally tc con-
sist, seas to be enabled themselves to form a deliberate opi-
nion of the ultimate value of their property, we have cor-
dially concurred with the directors in the preparation of an
estimate of the remaining expenditure required upon each of
the railways and works, with which the company is con-
nected. That estimate, which will no doubt be laid before
you, shows an aggregate of 1,670,0004; in reduction o(which
there are surplus lands and ether assets, estimated at
520,0001, leaving • net ultimate increase upon the present
expenditure of -1,020,0001. ; end we strongly recommend
that within the limits there indicated the capital amount be
rigidly closed, and not again re-ripened, unless to meet the
requirements of • positive increase of traffic, and even then,
only by virtue of a special vote of • general meeting.
Although, in our cam, we have been permitted and in-
vited
to exercise, unrestrained, all necessary power, we are
of opinion that such should not be left optional, but should
be vested fa your auditors by legislative enactment; and
while we would recommend you to oppose to the uttermost
any interference on the part of government in the internal
management of railways or their accounts, we entirely concur
in the meseures now osing adopted by our brother share-
holder', for obtaining by parliamentary powers a clearly
defined, efficient, and independent system of railway audit,
free from government interference or control.
(Signed) AnaL PEYTON.
ELIAS Jos. MOSLEY.

ACCOUNTANT'S IMPORT.

Mr. Coleman, having cre;al;dtiidMode la which the
amounts g e lly us kept, pretended thus: I have to
ripen that the joint taint-I account, as published each
half year, crisis s of actual receipts and additions, without
reference to advances or liabilities. .

The general capital account shows, in like manner, the
actual remiss and expeaditure.
Upon the examination of the share account, I find that all
new creations have been issued rateably to the registered
proprietor,; those entitled to fractional parts having the
option of receiving either the value in cash, or a share on
payment of the difference calculated at the same rate. The
result of this account shows a loin of 4,699/. 6.. fid. which,
with the sum of 18,4261. credited in the published statement
of 30th June, 1847, in respect of fractional parts of new
shares, still in the strong box of the company, stand as a
debit against the value of such shares, and others, the pro-
✓erty of the company, registered in the names of the chair-
men end deputy chairman, and the premium upon which,
at present Om, amply cover the amount.
The foregoing shares are exclusive of 20,187 London and
Birmingham 201. shares of August, 1845, and 19,115 new
quarter sharer of August, 1846, created, but not issued.
Not any of these Mures have come into possession of the
company by purchase, the whole Ming the result of non-1
blue, forfeiture, or unclaimed by parties originally entitled.
The us account has regard to all debits and credits
applicable to the put half year? comprising, not only all
payments and receipts made within that period, but em•
bracing all ascertainou liabilities appertaining to the reeeipts
and expenditure for the but six months; end in order to
arrive at the most correct conclusion, the accounts are kept
open until the last moment, so u to afford an opportunity of
having the actual amounts of such outstanding accounts.
The exceptions which have to be estimated are few, and
consist of ordinary regular charges, which are capable of
b log calculated to a very close approximation ; credit is
taken upon this basis for all debts due to the comrany, and
in like manner the several departments are debited with all
liabilities in respect of the same that are owing by the
compiler.
The nuounts which I hod forming exceptiens to this
austral rule are:
The Wolverton and Tting Accident Aceount, 1647,1646 E 11,197 17 10
La debts Incurred by the iwttlentent with the old ear
tiers connected with the futilely, prior to 1848 10,541 18 2
Claims ofsgents from 1846, still partially unadjusted as
to amount MOO 0 0

!!9,!39 10 0
In liquidation of which there has been written off by po
doiliesl inata,roents to the debt of " Campeanaticia for
Accidents sad Losses' Account" 10,097 17 10

Leaving a Wince of

01,241 II 2