The Express.
London, England, 1850-08-29 00:00:00

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Mr. lILLUPANIP ankl,if curt wigs the owe whs. th.
linen and the committee Wen agried. Amothor ortaat
,614 wee died ties ewpwate anal of die eampurt been
Semi illemeed to moan if the reetody et Ws salielary,
L
ialebt Ili for partners lavoleg the interests el
thrt Milleelf." 0, ICJ Then was viewmrteat does-
nedobrnpadtligir bi ill agnenteat &t h the Bristol end
Nan* solves, and the Chen Weenie Cartel eon-
villellitlepidleg at reeetos, whisk had die wal of the
to it, aid the wintery, as being *eked, said
ItereM 'deader se adnufe elk is the Web.
A great dial e 1
ward" mid Wig ilissuelos followed en
this subjeet, width was by the ekeirmaa exlain-
ing that the feet was, the alitided to was madpe in
Leedom with Mr. Taverner, sebsitem of the Cheat Western
Caraway; it was deem at a time when the dimmers were
eigaged bt parliameoury beinieues. It wee thought wear
rut y the egnemest should be emplaced at owe; the cor-
porate seal of the seaway ins sent for, and attached to
the deemed is his Ohs °Minna's) jpresense. (Hear,
hear )
Mr. BILLIFANT said, the east point he bad to wp ow
the meet' was is regard to the dudes of the madder, Mr.
Beemmabe. H. enlarged as this tOpie, hispriecipal somplaint
Wing that he bad not it. power of disallowies say items of
wLish he disapproved. The next thi( ass Ik. surveyors
and winders' Mlle; they was very ve.dreninens, sod the
committee would rewatineud that they should be taxed.
dines the directors had adopted the tariff proposed by the
superiateadent of traMe, their traffic had nereased 46
per wet is ell their mineral trifle, and 26 per ant. on ths
oral trams. (Heir, hear )
The OBAIRMAN.—Where did you get those returns.
Mr. BILLIFANT said—From Mr. Harrison. He was
not respocsible tor the figures.
Some very strong language passed on this sate; duo
se enemy most indignantly denying the feet; he would
deny it wont the bateau of his soul." After whisk great
confusion prevailed for some dam Yr. Britain attempted
to address the meeting, which wee for a long time unable
tplowed from the puha storm of Wawa with widish he was
ved.

11*

t 1.1101.419917 49V-790,11 Ratios or poplin fa
trorrpro rielottleg, a tie Wilett,ffelmeare,
the
ibbair. • • 9124114 91 109 .991110/11, ‘ll9
The siestas of the peeefett Maim babes bees ran,
me Abe advertisement eatemale. the passe*,
The m 11.10410 mkt that the mania/ baii bees ass-
essed for a doable puipme, namely, shamanism heitiessiy
hostages of the *warmly, sad oleo to resolve a report of •
committee of tovirogatioa which bad bees appoimil by the
ehareholders. He thought the men esavestect eesme
would be to read the directors' report lest; after which
acme* pristaser might call attention to the reward the sea-
&Mee. He should. therefore, is the Ant teatime, all apes
eserestry Se read the ripen (Beer, hear.)
The SiCARTAST IMP. J. B. Babas) prepaid to rad
the »pat as follows:
" The proms trade reeeipa upes the Brian and Ramer
Railway from the Ist or January to the 30th of Jaye, 1860,
amour% A 97,9401.13 e. 7J., and the workbox expels owl Isaias
the man period to 43,452/ oa. lad or abets 46.40 per cent.,er 6281. 10s. 34. per mile tee the half-year ea 68 miles of Mat
The sister of passessers ems erect is 27061, smell*:
7,643,423 miles, sod the &tabor of to., of good LO 66,067
tone, 2 ewe.. 2 vs. 261 a., essayed 2,498,884 mike. The
receipts Name be fairly compared with these of the corm
spondlag half of 1849, became, duds, the erosior part
of that period the hoe was worked by the Gress Western
Company under the lease, and the mamas isaisiled the
receipts of 17 additional -days for the time banes the
14 h and the 31st of acembs. Tie bags entettaingd
that, by this time, ism retire would haw bees re- '
waived es you: South Devon railway shame, he. been
disappointed. The bill introdueed Isle palmseist Is tho
last auks having bees sliest* the
of that comma: ecatisas to be appospdatenimaidalef
eel towards the diabase of liabilities to sestesetere and
others ; bat a separate
the amass due to the Midas of half Mares, aid SUN
seam to be no doebt ef yea ansoitua3y reeeiviag • return
apes your subeeriptions to that company. No program has
yet been nude in the arbitration between this mopes, and
the Postulator-General for fixing the compensation for eon.
very, nee of the mails. The delay rests entirely with the
P.st-ofilos authoulties. The balances of the revenue account,
including 23824. 10i. 81. brought Ire the former
hall-
yam, le 64,3881. 111 a ld.; which, after providing far (armrest '
211 cabman., Ica notes, do., winless, • dissemble behests '
of 28,3655, 13e. 11d., and enable you to declare • abridged of
28s. par 1001, share, sad 9s. 4d. per third .bar., for the hall- I
year. This civAlsed is rather more than meal to 3 per ant.
per amuse& the espial called up befogs the steeth of March
11 ,st. The bakes, serried over is only 3661. 1114 114 but
the esellas of this rearm Is the lees objeetiotable, as the I
second half of the year is always more productive than
the first, and in the present Mime* there have bees as-
traudinery recreate denims the meeting of the Royal Agri- 41
culture Society in July to the extant of hawses 3,0001. 1
and 4,0004. The board of dinettes of the Cornmeal Railway, '
searing partly of the rerprosantativu of sada* Devon I
Basal sad Esser, sad Great Western Companies. he. I
determined to gradually wind up and dissolve the Com-
pany. The armor mat eapeeted to have been entered into
ey the Easter and Creditou Railway Company, set having I
bees earned into elect, the she miles of the Ilse remain use-
lees to the public ; but there is resat to believe that sego- 1
satirise may be revived, which may terminate in an arrange-
anent to work the Bile at she brood gage. The goods '
sada, engine-haw, and other 'milldam, lately erected at
Pyle-bill afford lankiest aceommodation for the sank of the 1
line ; and plans are in cane of preparation for extending I
the loaomotive npairieg shop at Master and for
bathing, sad general edits Is Wised. Your direceore
are not aware of any material outlay likely to arise fur the '
sank of the Nue, alas ft should be detee mined, on the '
consolation of the electric telegraph between London and I
Bristol, a continue it to Exeter. The chain of tele-
graphic am vanishes would be miaterrupted from 1,
.11 parts of England, through Bristol to Plymouth. Your ,
' late Deputy. chairman, Mr. John Browne, having reamed, ,
the number of the board was reduced below the minimum
prescribed by your ate at pediment, and Mr. Francis Fry,
• mations& bag and well acquainted with railway affair.,
has hers sleeted fa his Mao. Your directors believe that
the period h sot far off whet you will be all* to ham ,
la preference stock at 4 per eels., to cover your debesturee
and other liabilities. Bat no present measure Ii neeemary
lon that subject, adios you should at once determine to
give notice in November nest of a hill in parliament
her authority to aisle each sleek. A epeeist meet-
ing must in that sees, be massed. la the meantime
year directors would reeoimmta your conflating the has
already accepted and approving any others that may here-
alter be obtained at 4 per amt., towards providing for a ,
I age mama% of debentures and :can notes which will tall due
nest year. The loan notes, as you are aware, cannot be re ,
sewed. The balance is tea bankers' hands on the 30:b of ,
Jose was 13,801. 13s. bd., and the total balance of the gene-
values:aunt, inelneling your South Devon and other sharer.,
do., was 3808344. 19.. 2d. Against the sum of 13,0291
set down as the bastes of mount with the Great Wirere
C..mpaay, is the value of your apportionment of land in
Temple Meade, with interest thereon from the time when
the purchase money was paid by the Great Western
Company. The arrears oa calls at the and of June last
amounted to—

Kr. BILLIFANT, when order was in s thre measure
restored, proceeded to crlt attention to the &abject of the
prelim recently Weed by the directors, and paid for In a
cheque from the secretary, Mr. Bodiless • but it eventually
appeared that the directors themselves had paid for Aare
proxies. Another gross thing he had to complain a wee.
that in the half yearly etwounte the amounts stated to be paid
for the purrhass of the Taw Vale, the Baster sod Crediten,
and the Glastonbury Canal shares were put down at 2E,8871
who in. they really cost 31,6161.; sad then was another
the menet perhaps was as aware of—that some of the
directors of this company had sold some of their shares to
the somp.ny. He also understood that Mr. Fletcher, tit. it
former auditor, bad obj• mod to the Investment account when
it reathed 70,0001., whirl stood in the seerstary'e name.
He called on the directors for an explanation, and de.
thud to attach his name to the account till it was explained;
and the result was he was rimmed from the anditorabip. He
then proseeded to touch on other recommendations of the
committee—such as the preservation of the broadgartge with
respect to the Easter and Crediton line, and the desirability
of radiating the working enplane. He also contended that
their halflearly account were not (dearly made out. There
was a great deal of spare lead on the line which should be
turned into money, or some portion of it pat to a better par-
pose. He concluded by proposing that the report of the
committee be received and approved.
Mr. ABBOTT prooreded 'triunes to combat the Kato-
mints made by the chairmen of the committee of hthesties-
ties, and characterised the whole proceedings of the corn
mittee, amidst much uproar and confusions, as trivial and
ridicule**. The real question was, whether the direoton
were possessed of their coca :elute, and whether they would
strengthen their kande, or whether they wets not entitled
to their oonedents is managing their property. He also
reprobated the conduct of the committee in rotaries to exa-
mine the b skit when offered them, alleging that they had
closed their report. If they had beam serious and the matter
was of such importance is had been represented, they would
still have gone into them. Kr. Abbott concluded by moving
as an amendment:
That tide meeting, having exastheree the report of the onnatittee of
investigation, and the answer thereto by the directors, feel it helmet-
heat an the to thank the committee for the time and
tremble devoted to the report, and at the ease time they
nour or
y fames
(the me.their enti )re emeddmioe in the integrity and ho-
Meditates,.
.

Mr. AVERY said he would ask whether the report was
such a document as would compensate for the state of coots-
lion Intl which they bed been thrown. lie hoped the result
of the poll would be an entire confideice in the directors,
that their line might be placed in that position in the market
whcle it d solved. (Cheers.)
After some discussion an I much confusion,
Mr. BADHAM, the secretary, proceeded to mad the
letters, which consisted of a eorrespondence between him
(the secretary) and Mr. Rub. rt Fletcher, accountant of the
company, and which passed in 1843. Mr. Fletcher, it ap-
peared, requested some explanation of the sum for invest-
ment standing in Mr. Badhaa's own name is the books of
the Bristol and Rzetercompany, amounting to 78,6981. 7s3d.
Oa the recommendation of the flumes committee, the se-
cretary instructed Mr. Fl-tcher to continue to mike up the
accounts in the usual way, leaving the sum of 76,6961 71. 3d.
to the debit of the secretary. Mr. Fletcher smoldered he
could not do this and act consistently, if he did cut relic-
quest% his situation as the accountant of the company. He
thought it an improper thing that this sum of money should
be allowed to stand a, it did in Mr. Ba ibam's same.
Mr. ROWLEY proposed that the two resolution% which
had been put b•tore the meeting should be passed separately
as two substantive motions. He could censor in thanking the
committee kr their labour, and he could also rem eve and
►dopt their report, but be must also concur in the vote of
confidence in t►e directors witted' had been proposed hj
another gentleman.

£14,148 1 0 oft Whole shares.
And 30.979 13 4on Thirds.
£46,127 16 4
Slane then they have been reduced to lees thee 35,0001. to.
clucks' the arrests on the forfeited third shares end en the
eighty beloaging to the company ; and several parties ate
eadosvorning to make arraignments for liquidating their
amen."

Mr. 1.-OVIBOND criticise I the way in which leading
questions had bt.en put to Mr. Harioott, and the tariff put
torward by that gentleman as superior to the previous tariff,
which 'misted at the time when Mr. Browns sat at the
board. As an instance. in the last month their coal trek
had been 636 more toLe then in the gime month in 1849,
sod the revenue for carrying that greater quantity h►d been
361 Ws.

Mr. BILLIFANT, chairman of the committee of inves-
tigation, said It devolved upon him to make a formal penes-
tioo to the insisting of the report of the committee el Mena
'anon. It was a painful duty to him to stand in the posl'ion
he did. It was a querns of property, of management and
lef eysteut. (Hear, hear.) Now, without sayine anything
that was hand or disagreeable, he must be allowed to ote
serve the sysem adopted in past years wee not satisfactory to
the sharetoldan and he believed their best Literati were
involved in amending that system. In the prosecution of
their inquiry he must say that the meretuy was not disposed
to lay open to them the diens of the company is the way he
believed he ought to have done, in conformity with the
wishes of the shareeolden, whose officer he was. (Cheat.)
Toe secretary had charged their committee with Utensil*
to damage their line, bat he must soy that the members of
that committee had such a stake in it as would secure their
not attempting to injure their own property. The eon-
=Wee bad had great difficulties thrown in the way of their
legally, not thr least of wbizh was the refusal of their mere •
ter, to produce document after document, and doubting
whether they were not exceeding their duty. Their report,
therefore, was not a perfect one. They had simply been able
to touch upon the most salient and obvious points. Their
report, however, included enough to tumble the meeting to
judge of the system by which their property had beea ma-
naged, and to warrant them in &Ades the board of canton
to conduct the affairs of the company in a manner more in
'centimes with the general rules of commercial business.
(Hear.) There was oats point to which he wished specially
to call the attention of the meeting, and that was, that the
emamittee were not reepossitds for the statements which had
been laid before them. The charges against Mr. Browne had
been disposed of by the directors themselves, who had come
to a resolution that it was tot desirable is future to elect to
the board any gentleman who was a carrier on the line.
They dismissed the charees against Mr. Browne with the
simple remark that they thought Mr. Browne bad exercised
a wise dis.retioa in retiring frcm the board, sad they fully
! agreed with the directors that no earner should be eligible
I io save on the board. The committee, therefore, had gained
their point by Mr. Browse's resignation. The report of
the committee of investigation alleged that the inane. eflIP
'tastes was a secret committee. Tee directors' answer was
plainly that it was not a secret committee. That was as
issue which could only be decided by as appeal to the
evidence. He would take the 'Mane of Mr. WU-
Inas Poole King, one of the board of directors, which was
to this effect, that the 1108402: committee was quite a secret
committee • that its minutes wen read at the board meet-
ings, but beyond that it was a sealed book to every one
else. The committee wholly dieapproved of this secrecy in
legatees connected with the direction. He believed teat
are mischief had been dose by secrecy and mystification
is railway stein than by anything else. (Load cheat.)
The storekeeper's department demanded more supervision ;
it was a point sot touched on in the answer of the di eats
and he thought the attention of the skersholdeve should be
directed towards it. Mr. &Wan detailed a ease which had
oonrred with a storekeeper at Bridgwater, who had ro-
und goods witboat the company's neognixanu, and had
shoe been dismissed from their mace. Another point be
would settee was the madam of diseetees at a chums
from the line, which involved an outlay last half-year for
travelling 'ipso'', of 1331, and this half year of 681., which
he thought ought not to have been incurred when 1,2001.
ryas was allowed to the directorate. He then adverted to
the power given to 'he secretary to draw cheques.
The CHAIRMAN explained that the money for whit*
! the secretary drew *bevies was placed to his credit at the
beak for a particular porpeee, and it could only be used by
him for ti_letiourven.
Mr. BI LLIPANP said this we. really the point at hese. He
thought the secretary could not deny that he paid cheques to
a Mr. Davey and a Mr. Watson without any authority from
the board.

Mr. }HIPP said Mr. Lovibond was wrong in his figures.
(Cheers.)
Mr. LOVIBOND said at the last meeting a gallant Major
°Alm had observed that figures could not lie, but It
seemed now that they did. However, he would rather not
be interfered with. He did not quarrel with the share-
holder, for adopting the abstract proposition that it was un-
desirable (or any director to be a carrier on the line. Mr.
Browne had no de•ire to return to the board, hut ►e did
desire to have his character cleared from the imputation that
had been cast upon him, and he asked for some trot, of the
proprietors in their aggregate number, since use committee
had neglected their duty in abstaining from the inquiry for
which they were appointed. The hon. proprietor than went
into the charges mute against Mr. Browne at the last meet-
let for the purpose of refuting them in much the same terms
as Mr. Browne used es his exptiesatkra on that occasion.
The meeting was proceeding, with no chance of titular
don, at five o'clock wits n oar parcel left.

it;BIICRE TART said that mime be had beta atentested
with the railway ha had war draws a single camas foe a
sisals sixpence within, tha approbation of the &noon.
(Chien.) There was a carless sea of mew plased at
hie disposal at the beaks booed of fts Wog put lota a has,
and hie book would pros* a easlostsehipaoM eipalost say
ealeapproprietioa of the assay. He castle 'flawed is say
that it would be quite icapessible to as sash aa affair
as a railway without sone eas_haft a for draw-
isskoques for ansouats of a Lasftsd aalsos. (lisas, Max.)
Mr.
OILLIFANT read a peat deal a "Memo whisk
bad been adducted before the sonatina), and sealataisted
that it clearly showed that one class of cheques had bun
drawn by the board, and another by the secretary, without
their sanetios.
The CHAIRMAN was sate that wet of bulimia would
be satisfied wick the emplaaatioa whisk had been afforded
by the direeters. All the asessais pined to the 'radii et
tits secretary at the bank wont saws potty sash asosants.
Mr. FRU?, oils of the diosehmesidided that so baaker
belseglari is the aural wadi pay wait abwiw• Wan is
was sigma by sfirs• at Rs larsaiirs. Tbs esaritisy *ow
*hoss abstass la Ns ows NMI all alibi Se same of *a
sessymy.