The Express.
London, England, 1850-02-15 00:00:00

gbe Court.

The Queen, accompanied by their Royal High-
nesses the Prince of Wales, the Princess Alio', and the
Princess Helena, visited her Royal Highness the Dachau
of Gloucester yesterday, at Gloucester House. Her Ma-
esty was attended by the Counter' of Mount Bdgeeumbe,
yin Waiting, and Colonel Buckley, Equerry in Waiting.
Priam Albert presided yesterday at a muting of the
Royal Commission for the promotion of the Exhibition of
the Works of Industry of all Nations, to be held in the
year 1851. Ilia Royal Highness arrived at the New Palace
of Westminster at three o'clock, attended by Limit -Colonel
the Hon. Alexander Gordon. The oommrsionern present
Isere Earl Granville, Lord Stanley, the Right Iron. Sir
Robert Peel, the Right Hon. Henry Labouchere, Sir
Archibald Galloway, Sir Richard Westmenott, Sir Charles
Lyell, Mr. T. Baring, Mr. Barry. Mr. T. Baxley, Mr.
Cobden, Mr. William Cabitt, Mr. T. F. Gibson, Mr. J.
Gott, Mr. dome Loyd, and Mr. Philip Puny, MP. The
&entity to the Commission, Mr. Scott Rowell, was in
attendance. The meeting broke up at a quarter past Bre
o'clock.

- Her MeJesty and Prises Albert honoured the Haymarket
Theatre with their pressers last evening. The royal suite
consisted of the Coaster of Mount Edgearbe, Hon. Bliss.
beth Lenses, the Marquis ct Ormonde, Colonel Buckley.
and Lieut.-Colonel the Roo. Alexander Gordon.
The Granter of Moant Edgeenshe has relieved the
Counter of Draft in her duties es lady in waiting to the
Queen.

Th. Hon. C. Joy Morrie, United sates ehargd
d'Affaires to the Magda's' of the Two Sicilia (with his lady),
Itas left town for Path on his route to Naples.
A deputation of shipowners had an interview with
the Bight Hon. H. Labouchere yesterday, at the onto, of the
Heard of Trade, en the subjeA of the present state of the
sldipplag interest. The deputation esnsistod of Mr. G. F.
Tem& Mr. W. C. Harnett, Mr. George Marshall Mr. J.
ifila
Rielmmessa, Captain Gilmore, Kr. N. Giulia. Mr. J. Allan,
MR.

Tha-Pmelesiartinal Commisioners for England had
I 'Mid aseetiagyisterday.
-The Judicial Committee of the Privy Council sat
yesseeday. Th. Lords pretest were the Manor of the Rene,
Imed Campbell, dee Obasseellar of the Duchy of Comma,
end th. Judge dine High Coast of Admiralty. &r Edward
Ryan eat es a Privy Councillor. An appeal from Bombay
wee beard, " Simmer v. 'widow."

MAILBOIIOI/011 Hoop:—Thu sale. of th. late
Clean Dowaseei effects wee riecwaseeseeti yeeteetley, sad
will be oostinawl today. There will b. se Isle to-wienew,
but the suasion will be wiz throws ape* next week, for
the disposal of the remainder el *a re* Forst/.

RAILWAY MEETINGS.
GREAT WESTERN.
Yeatuday, the twenty-ninth half-yearly meeting of
the proprietors was laid at the Paddington Station. The
their was Mama at one ,o'clock by Mr. C. Bunsen..
After the diservenee of the anal preliminaries,
, The CHAIRMAN said: Ø.M.eeaut, the evert of the
committee of the shartheiden_ wffilek you appented in the
I month of September lest bee desks& mach. length with all
the questions/64in the Resort lanweets et WI company,
and the report of des dinners. Osman with .the ascounts
which we have demisted amengst you, thwe ontered
fully iato all the dslaila 'destine the thmeeithens of the
past dr menthe, that I did net fled myself enterethed in
tanning yea Atha the disetheitheff Thta Inffedestaseathithe
by many einereadthe lres agaelf. The report ethic emen-
lathes hoe now bum • la you heads. end I. eon-
, eider's, that meth I at is yea will gin fall webin le
the eiremestememmedler whisk it Le been peepers& The n-
cemneseideithe to smith that ecomealsase proesedoi heath,
auditor' Went!' kid half-yearly . It wag sheartelly
sad inthellfately esquimead laity the end it was
adepeed hj yeennelres in August. At a s aerating in
the month of September, unwound for that purpose, three
goitlentoy ,sweet rag a large Wenn in this ornmeny, and
iassit pa in die estathere ial ethimani-
tioning petharistol and Liverpool, were nethisoted by one of the
largest—l believe the largest—shareladthe in the company.
It was thought that the City of Leadwaaho should be repre-
sented, and at that meeting a fourth gentleman wee named
and was immediately appointed. lam Ohre the propels-
ten will remember that we eared not one kegler word
of objection to the aemoiatmeat of any of those
gentlemen. (Chun.) We were datunnned that, as
the act of nominating a committee was yours, so should
W selection of that eorainittee be also yours, and that
it should be impossible for say one to allege that the
Meson's bad eurdsed any interference or any Influence on
the subject. Then four gentlemen have devoted a great
deal of time and labour, during the last four mouths, to the
investigation of your strain. Every account, every book,
every voucher, past and present, has been placed unreservedly
at their disposal. (Chem.) They have personally inspected
every department of y our establishment ; they have visited
every station upon your Una ; they have comennicated with
every officer, hum the highest to the lowest, as they have
seen fit. The has communicated with other perms and
with other b in, not immediately connected with ourselves,
when it seemed to them that It might be desirable to obtain
information useful to their inquiry. On every occasion, I
am sure, they will say—indeed, they . have said—the
directors afforded them every toility in their power.
(Hear, bear.) From an investigation thus prosecuted by a
committee so appointed the report which is now in your
hands has emanated. To the ',item upon which your
accounts are framed, to the perfect fidelity with which thou
accounts are kept, not only an the prinmpal offices, but in
every department of your establishment, they bear the most
unreserved end unequivocal testimony. Indeed, one of then
gentlemen, in speaking to me of the excellence of the system
upon which your accounts are framed, used to me this
forcible expression, " Why, your accounts audit themselves."
(Chun.) Gentlemen, the committee have in their report
token a review of all your relatians and engagement' with
other companies. They concur in the opinion which bee
already been expressed by us, that it is desirable to diminish
the expenses of the Wilts, Somerset, and Weymouth Rail-
way, and to obtain complete control over the prosecution of
the works upon that line by taking it entirely into our own
hands, and an agreement for this purpose will, at
a subsequent period of this meeting, be presented for your
approval. They recommend that in the first instance we
should confine the extensions of that line to the towns of
From' and Warminster. But your directors have always
thought, and they still think, and with your concurrence they
are prepared to set upon this opinion, that the line ought to
be extended to Radstock. (Hear, hear.) It is the town of
Redstone, and to the Somenetabire collieries in that neigh-
bourhood, that we have always looked to give value to the
Wilts, Somerset, and Weymouth line, and which we expect
to bring a very large accession of traffic to the main trunk
line. With respect to the South Wales line, they are of
opinion that it will be desirable, for the present at lent, that
it should terminate at the town of Swansea. They
have recommended us to enter into negotiations
with the South Wales Company for a modified arrangement
with that company having that object in view. Gentlemen,
in this opinion also the directors have always concurred ; but
they thick that a modified arrangement of that sort should
be equally beneficial to both panes, and that, in seeking to
reduce our obligations and habilitin, we should be cautious
that we do not, in fact, render them, it not ultimately mote
onerous, at least more certain and less remote. (Hear,
hear.) We are in communication with the ,South Wales
Company' and I hope that we shall be enabled to come to
some arrangement with that company which we shall feel
justified in presenting for your approbation. With respect
to the Birmingham and Oxford and the Biembighatu, Wol-
verhampton, and Dudley Reilway 1, the committee, both in
their report and in the frequent communications
which we had with them, earnestly press upon
us the urgent necessity of prosecuting those work!,
with the utmost vigour and despatch, in order that at tee
earliest possible period we may be able to render the money
which has been expended en them productive. They approve
of the principle of the negotiation which is still pending
with that company—the principle of dispensing with dupli-
cate lines and stations, and unnecessary work,, and thus
saving expenditure of capi al to both companies. That nego-
tiation is, I my, still pending, and with respect to it also we
are in hopes that we shall be enabled to conduct it to a satis-
factory conclusion. With respect to the Oxford, Worcester,
and Wolverhampton Company, they have been made fully
acquainted with all our engagements with that ompany,
and with all the circumstances under which an order has
recently emanated from the Railway Commissioners, direct-
ing us to complete that line, and they express no mistrust,
or feel no mistrust, as to the position which we occupy in
relation to that company, in the form which it has recently
assumed, affects so many conflictiag interests—the land-
owners, the proprietors of that company, the proprietors of
the Great WeeterniCompany, the public, the diutton, on
whom the responsibility of all these proceeding' must rest—
s* many interests I say, are affected, so many points of legal
doubt and difficulty are raised by it, that it is necessary that
we should proceed with the utmost caution. We are quite
prepared on this oczasion, as we have been on every occa-
sion, to do what is right and just by them as well as by you.
But, on a question of so much difficulty we have thought it
right to take the best legal advice to which we have access.
We shall be guided in a great measure by that advice in the
course which we shall pursue; but let me repeat that
neither the committee of consultation nor the directors en-
tertain the slightest mistrust as to the relation in whieh we
stand towards that company. Such, gentlemen, are the
general views expressed in the report of the committee of
shareholders. They suggest some alterations in the details
of the iaternal management of your affairs, which shall
receive our fullest consideration. I have looked through
that report with a careful, I might almost say with a jealous
eye, aid I cannot find one single word which impugns the
conduct, the character, or the integrity either of the directo-
rial or the executive management of the company. (Cheers.)
In times like these I may, perhaps, be permitted to say
thus couch, and even thus much I would not say
merely for the purpose of taking credit to myself, or
of warding off the thus which is so indiscriminately
heaped upon all railway directions. I say it for the pupas
of claiming for you, and claiming for your property, all the
benefit that can result, and I think it ought to be =eider-
able, from such unqualified and unequivocal testimony.
(Hear, hear.) Gentlemen, in addition to the report of the
Committee
ittee of Shareholders, we have had a very careful
scrutiny instituted by your auditors into our "mints. Ido
net say this for the purpose of disparaging previous audits of
your accounts ; on the contrary, I have always contended
that the audits of this company have never been merely
formal. (Hear, hear.) ''hey have always been
conducted with great care ; they have always,
I maintain, been most efficient and meat substantial.
But on the present occasion the auditors—gentlemen of
great experience themselves in commercial matters—have
been awned bye public accountant, a gentleman most com-
petent, I am informed, to discharge the duty, although he
was entirely unknown both to your directors and your
officers, till he was introduced to them by the auditors
themselves. (" Name.") These gentlemen have gone
carefully, I believe, through every item of your accounts.
I am metalled that they will be prepared to answer any
inquiry that may be made by any proprietor; and I
shall be very much disappointed indeed if they do
not cootie= the testimony of the committee of share-
holders, both as the excellence of the system' upon
which our accounts are framed, and the truthfulness
with which they are kept. Let me say, too, in justice to our
own officers, that this is no new system, nor hat it been
trumped up to meet the exigencies of the present time. Our
accounts, such as they are, have been co framed and kept
from the earliest institution of the company. (Cheers.)
Having alluded to the audit question, he went on
to say : I am happy to say, that we are enabled to main-
tain our dividend of 4 per cent. per annum, and, after doing
so, to carry forward the large balance, in round numbers, of
40,0001, to meet the exigencies of the next half year, which
is always the list productive one. This dividend we are
enabled to maintain, notwithstanding the deprerion which
has affected such numbers and such large interests, amid not-
withstanding the visitation of the cholera, to which we were
suhjeeted during the last autumn. We shall use our best
h"odldeleiTs°uri withto arty
outtothoethvieerwscopaomf then s committeei a
views coincide very much with those which we expressed to
you on the mama of our last meeting. We shall devote
indeed, e odf, s liaor:
ourselves most earnestly to the subject of promoting unsay
jet every branch of your establishment. Indeed, for die lest 13
months we have been se engaged, and, I am happy to say,
with very beneficial results. But we must be cautious that
we carry out that 'yeti= of retrenchment in such a manner
as not to endanger the efficiency of your establishment or
the safety of your real interest-. Last, but not least, we will
do our best to increase and improve the whole of our line—
(hear, heal—because I am perfectly satisfied that it is to the
development of the traffic that the railway companies of this
country must mainly look for the reetwation of prosperity
and use. (Chun.)
The SECRETARY (Mr. Smanden)tiesa mad Ike &glowing
report ',the direction :
be essountastimemeatheeptonture which have been Weedy
Oreekted mug the gra ecereely puma any remarkable
hews*, witisebsychwantinanes that, ex the &et time in
the history of the iwthweidefh fie las beat a Maw/ la the te-
mplet from pareagere. weigh weal& le referred to with Wp greater
regret if the Nab eau* ef gad mat been awaifeely at a
character. If issues hew the following statement that tat=
Of has bus /war to growths with the third slate thee with ogee
parmagetei. tehough eat* Salmi shows a cleastahoy.
Ifea Pareagere conveyed
trona the Ist July tithe
Slat Diewaber.
- - -

' . 1212649939
49. nat.
lint Wan 1
193 69 46.
1
11l
Snood clam 912,249
Third dam 259,141

It innat sot he torgatisa Unit the diminished number of pmmenger
trolasulthortasynmismanill.4.4 tienissiatedu.:onsarebeerzgrtirr to the cofroint;
=M inginne trfl le tin= of Loving, especaly to,r abort
dlibasest. listerisn 'Wham
amanat rindwad kr In Ur eamanpandlog is 12.4141.11 c 4d. Lena than
qi
71m direst= sae to : that the otercheadiae business.
es dr Mar borl. 1e 3: am shows • tendency to improve
.
ass beim as snow ins any hawk hem them extended
.rtes st assenneslal MeMs to bath Webs and Itallindstdre which
mat asentoally aid sysilmally to the ,no et the Great
Walesa 11.11w'. The Malin et Mem, dads la Bristol has, to
sot= Mot. imilsoesd the tads et this port, owl there is reason to
upset sows ffsmal el dm hale Ihe owe. Ss. trawl the south of
Iran/. Ishii hod boa empandmil Pm toe sr shies years by reason
of tie late that asimm
The &TIMM have reem/Ir Undo NUR to with their
sena lar pods and kit sod ham In contemplation
Is sin* edam and tZerime aim Ow Ihrositi rates with other
sinosislasr wnm will meas teas remsmorattan to the proprietors
kin as sine Osamu talllahttsreamdLisp M the pubbs,
issipts
let elefeinnahn, Man mid paresis have exceeded to
Vim anamt AK las. Id, thaw at the conmponding period
et 1141.

Ii h etemeary lenumelis death' sena credited for the mall senior
Is the rate awarasdinsislhe lafterhieratioe the third, between the
Poetaster-General wad thisesspsy but that the usenet has not
ham received. The proprisinee be surprised to learn, so the di-
rectors were, that, ass repeated appeals by that department from
or aspire to ans &sr. the Postneacter-Cieneral has been again ad-
vised to earn them nth a mile' In the mouth of July het, having a
reireastive east, ' the company to proceed to • new arbitra-
the tram the Nth Jane. Is determination was accounted for by
the &W.I and gratis Company working their own line, but as the
tee esmpaaiae agreed with the Poet-office to receive payment in ooe
we, es hire, and in eatinnetioe to discharge lt from all claims by
beak and wan willing to execute deeds either by wsy of agreement
provided tar In the aet, or in full acquittance to the Postintieter.Oe.
nerd hem all claims upon the awarded payments, the directors can
only regard it in the light of a fresh appeal, again to met side the
award of en umpire. While they eater upon the arbitration, there-
fore, with a sere of injustice, they do so with entire confidence In its
result, but they desta it their duty t. make the t ircutostances known
to the proprietor, in order that they may distinctly understand that
the sum credited Poe the half.year in respect of service. pertemed, at
the rate previously awarded, Is neverthes subject to aiteratMn by e
new umpire.
With respect to expenditure, the directors have been employed in
endsvoruies to reduce it by all prudent and availisble means. This
lONS has been treated so much in detail by the committee of share..
holders in their report, which I. to be prase nted at the half.yearly
meeting, that the directors axe unvriljng torepe.et informationalready
given to the propeieterv.
The resulted the half.yeark am.sunts, after deducting the rents and
Wanes of interest paid (tomprhing that on the herks and Hants
Extension shares), will leave 1e6,39:1C 9s. lid. at the duiposal of the
proprietors.
The board and the auditors coulointly recommend that a dividend of
four per cent per annum be dehlaed for the halt-jeer, to 31st De-
cember last, which will leave over a balance of 39,7031. be. lid. to the
credit of the company.
The statements of capital which have ben In like manner placed
In the hands of the proprietors exhibit, in detail, the some received
and disbursed on that account. It may be briefly stated that there
has been es new expenditure, to any ext. ut, undertaken dieing
the half-jeer, in reepsat of the lines previotsly opened. Every
item paid has been minutely easmined by the auditors, the vouchers
and receipts have been Inspected, and the purpores to which the pay-
ments were applied have been amertained by them to belong excite.
lively to capital.

The auditors have been assi.bed, for the frost tits; throughout a
laborious v a enination of all the hooka, accounts, and documents of
the Company, by a public accountant, whom they appoint.l without
previous communication with any individual c.aineend with the
company. Although the result of their researches has list been
officially communicated in any written report, ney 111,:...e, by their
signatures, autbinticatcil the accounts, and have exp d their
general commendation of the system Rae, end the mode in which it
is worked. the auditors have stated to the board their intention to
attend the half-yearly meeting, for the purpose of giving information,
or expressing their opinions upon any matter of interest to the pro.
prietore, and it is propored by them that, for the future, the audit
should be conducted m. re continuously, to which the board has given
Its reedy and unqualified consent.
While alluding to these topics, the directors dvert with ratistae-
thn to those obeervatinns in the report of your oonsultation cots.
mate., which bear testimony on their pert to the correctness of
the accounts, a subjcet to which they bad devoted their caretnito
tisg attention, quite irrespective., of the audit twit. This mathr so
essentially involves the inteoity of sour affairs, and the fidelity of
your officers, as to render such testimony of the highest value to the
character of the undertaking.
Referring to a pat agraph in the same report on the subject of
audit, the directors mu-t cantles an earnest desire, in cor.currence
with it, that some steps may he taken to secure the final adoption of
an effizient and independent splem of audit by a legislative measure
during the present stadon.

It has been C nsidered with some justice that the duty of preterits.
hag the precise method and conditions of audit, belongs more pro.
petty to shareholders than to einectore. It to obvious, whatever plan
may emanate from the latter body, that it will be viewed with dia.
trust, however stringent the scrutiny suggested, however honourable
the Individuals who propose it.
Your board will therefore content itself with reiterating the gene-
ral opinion that the audit should be seratinising, continuous, and
complete, conducted by persons wholly unconnected with and inde-
pendent of directors and officers, but possessing the confidence of the
proprietary, whose affairs are to be emitted to their investigation.
The auditors should have commercial gspertense, to render than
competent for the performance of the task, and the duties should be
compulsory upon them. Thee should be assisted by a public so.
countant ; their remuneration sboukt be fully adequate to their
!snout e, but flied In amount, a+ to divest the system of all hope.
diments to business from tecutibelities, and avoid needless' or extra.
slant expenditure in carrying it out. They should be required to
report their opinions freely and unreservedly, as well to the directors
during the audit, as to the proprietors after it 5h..11 have been corn.
pleted.
It wilt be very satisfactory if some of the leading and influential
proprietors of this company can be induced to assist those, who are
understood is be actively employed at the present time, in con.sider-
ing a bill to be brought before parliament; and they recommend it to
the meeting to makes selection among themselves of a few proprie-
other
tor*, to the purl toe dotting with gentlemen similarly gr. ointed by
companies.
The recent publication by your committee of shareholders, enters so
fall into the matters of general interest in the affairs of the compsny,
that it teems to the directors scarcely necessary upon this occasion to
offer any lengthened statement upon the some subject.
The branch railway from :hough w Windsor was ;opened on the
Bth of October last.
The purchase of the Wilts, Somerset, and Weym.Ath Railway will
be brought specially before the meeting for confirmation, with the
full concurrence of the committee of &or:holden. It attains the
object of reducing expeditor, by abolishing a separate beard of
directors and office establiebroett; It simplifies the cemtroul and
management, by pia the undertaking under the exclusive charge
of Great Western di/edam; while it does not in any way directly or
indirectly lames* the liabilities or affect the pecuniary rights of
proprieties in either company. That has been ecrupulously attended
to ln the terms of agreement to he laid before the meeting.
The conditions of payment will secure to the Wilts, numerate. and
Weymouth Company the permanent nobility of i per cent, per an.
num, to which each holder of those charm Is entitled, with a con-
tingent benefit, whenever the Great Western shareholders may be
receiving more than 8 per cent. per annum on their shares, as ori-
ginally provided fur, and therefore still rnaistained in the new

The negotiations referred to to the report of the shareholders' corn.
milky, for a meddled lease of the South Wales line, between Gloriosa.
ter and Swansea, and for saving expenditure in the railways h,,tweea
Oxford, Birmingham and Wolverhampton, are still proceeding with
the respective companies, and the directors entertain a lave that they
maybe terminated is ur eatishiction.
Ty concur in the prudence of reconciling, by some compromise,
the interests of this undertaking, with the apparently oanftictir.g
views of other comptuties, but the terms must be just, and the
conditions must not be oiiereus on tither side; two coned r-tions
which the board rt geed as essential, and subject to which, they wal
steadily persevere in the objects for which they have consented to

negotiit;.
with newt to the Oxford, Worcester, and Wolverhampton rail.
way, the directors have to report that an otder has been received
from the railway commie/toners to enter upon that undertaking, and
comp'ete it.
The subject requires the moot prudent and careful erect oration of
the board, who are carious to pm torn evert duty which the law on.
joins, but they are bound scrupulously to ascertain their powers 11/
gall as the relative rights and privileges of all funks interested
in both undertakings. The proprietors may sety upon the most
vigilant regard being had to their interests in t is important
matter.

The works of those railways which ere Wended to be completed In
the manner recommended by the committee' and which are not
likely to be affected by any pending agreements with other compa-
nies, will he carried on without intermission, In order to render the
outlay productive ; and it is proposed to convene a special meeting
within • few weeks to consider lied di termine the mode of raising
capital fbr the payment of that expenditure, as well as for the liabUL
ties of the company. This course seems most likely to be rtislactory
to the propeidoes, and, therefore, preferable to bringing any financlil
scheme under discussion at the hrleyearly meeting, before the va-
rious matters comprised in the report of the committee have under.
gone the coned .... ion of proprietors to which they are justly en-
titled. The directors will, in the mean time, devote their attention to
the subject.
In the report of the committee of sharebelders there are some re-
commendations, which could only be carried into effect by the prove.
Mons of a new act of parliament, and the directors refrain therefore
from makirg any observations upon them en the present maiden.
But they consider it due to the proprietors at one to express frankly
their unanimous opinion upon one principle, vis., the appointment
' of a managing director, which seems to be referred to with appro.'s-
bon by the committee of shareholders, rather than recommeethd for
The beard consider that such au appoinment involves evils from
the generalisation of almost unlimited power in one individual, over
whom his colleagues MD never pretend to exercise en adequate eon.
trout, such as they ate enabled to do over an odtcer of the company.
They are convinced of many embarrassment* wh ea must ensue from
attempting to combine he one pereon the degree of deliberation and
decision, with those of execution of orders or supervision of practical
detail.
The directors are of opinion that while deliberative date,, so ex.
tensiire in character, ought not to be committed singly to any indivi-
dual, however gifted, executive duties in umnagicg and working
railway cannot be advantageously performed by any but pones
responrible to the whole hour,!. A managing director, coequal, to
ley the last, in authority with other directors, cannot be subjected to
the same test by his colleagues as a subordinate ofticer, without the
danger of Introducing Kronal feelings into every di,e4l/14011 of the
board; kis conduct and capabilities cannot undergo the same e:retti.
,Wog inquire; the abused his authority or the neglect of hie duties
cannot be prevented or corrected in the name manner as if be were
acting in the coact, y of a palatial Wilco, under the orders of the
whole board; his opinions or intentions are naturally assumed to
have the sutbordy of the board, even before it is invek, and the
responsitlity of every director attaehes therefore to his individual
acts, as tither had sanctioned them.
In offering these suggestion', the directors have 'mother motive than
to guard the proprigtoreageinst any misconception of their opinion,, es
to the prioeiple• of management of such mensal,e intermit* asthma
of the Great Western Railway; and while they deprecate the deleo•
thin pf met powers to one or more individuals of a beard, they adorit
the advantages which may be derived from themore continuous dens.
thin of the time of the thrown anierelly to those deliberation whisk
properly Woad to the preaidiag authority of a company, and they
will ansiously apply themselves to sondes the beet means of obtain.
lit intended to submit to the special meeting a resolution for tole-
ration the paid cap shares of the ann•any into stook, to take elfeet
from the let July next—a measure spproesd by the committee In their
repot, and proommentkel, a• well by economy in the registration de—
pertinent, as by convenience to the progeletora, holding aevaral &o
Ws/toe Oahe/ea
A memorial bad teenreenttly received from some of the erornelern
noddies in Bristol and the mighbearbeed. requ, sting that pesos
mitt be hoed to them, la order to eland the general meeting.
and rerecastrancee which wear made 4J that system
• when =Ur; be adopted in September lase by a rvw,lutian d, 110
Cpvittkgetnocriel nle;ett serbied Itigluipeumi;eo, 'exuding it, rend...cid it
respectably signed.
The system itmlf comply
belle charecterned as most unfair, in giving. pc.
Gunton benefits to some ehereboldere, to tipmac of other! ,_ se
reducing the profits of the ceremony, by g the meaty of freigo
Modem( to writhe who may esquire • very trititivilinvog at inset
Taranto
I gale the amount of fare, and one us Weise Ors
with ceria'n PT`'vtet'hh In
the adof
eared fheenmehreeognmetid thee Ile practicetestier tbeee eircumetaccas the
remold oat be mnin merged to, at all events until the whole body of
emit have had hill opportunity. after doe mottos, to record
=l,Weresupoli
rewt of ton engineer derprithag the condition of the railway
and works, and stating the progress or new lines, will be eubcoitted
to the meeting. Mr. Cabin has expressed himself unable to tinders
take and gonsi•kde his Woodall and report on the permanent way
at so early a penal so was *meted by the coomillteth of eunailtatiettep_
When they recouniaadad his appoudment.
et. directors ere &straw of recording in Ale report, th "4"-,m -
the courtesy shown tia them by the committee share lips
pointed in eepeunibea whom they Oneida Catlike! ARUM

1,/, ,
L ..
...:

A I. d.
Itt =statement* at way. statism rat AMY .... 41,135 13 3
So losanawn sows= it per Abstract 5), ela. OtaL
sake, =pairs, wages to drivers, 6/111111111. is ,64
=Hew sal aA ether ladisatal asylum 35,5711 la 1
TO=str assume
ris (as par
&th Asting, ract Imaks Wips to
pm at at.
dam saw, its. 43,7111 IS 10
Ta penseal tialgtatntil:takeinals. Pepsin-
imam= sal sin advertleima, sillso.
my, awl suattries, eapsaala 15,754 7 1
76 isharsenwts IN. =psis mil altstriais slew
%Oft 57a. sad ix immenria 1,391 II 6
Stampammallom See amino. Mom ma alkes

II 7 II

Siipposnimet at, espies swipe bin pros
11,1147 6 4
To RAW iiii aims
111• Clad man :—Far olibmseas. NW*, Intl all
0 2 1
4,4,
I* 1941 =rme• immemb tor isprlig Mess 11411
1.1111 1 9
----

W,4117 7 T
A MEM iX lb. keltysir swabs Dousber 71. 1141 14 4140 14 4
4471.017 17 II

Oa tba credit auto appeared the fellow*:
C= SONS g
Orriara.. ;lea U

-ii.;oe lo 4
aislielei=illsis... arm ......
17,10 4 6
- -
164 1 1
44$ I I
633 I 6

Was Own
Embry el merge Sok seessat.
asiessk pelt es Mos ----

41%4113 1* 11

11,11•11rimol arl*Pm Campo"
1.4., divilsolo IPS aldbablal awe
Dy Lanni oil she web ballases et Sr mem sr
cvuut anflai Mr baler l6llll II I
• rwir PrWINAN attegue. a 5.... _Awn 11
17 NOstrislailm
-- mos 15

£312.017 17 II
The fellAstiog was given seder the hod of Cieserel &-
yew Aecoost ott the debit side :

A • IL
130,40au
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