The Express.
London, England, 1850-03-04 00:00:00

JRIBTOL, Mara 2.

deocht-Ifieseitoi.—The market showed bat little
notivity, and inly few traniscUons were skied within Etchange
hours. Prkat weret If anything, a ands firmer than tm tltv
pre-
vlou deb

RAILWAY MEETING.
EAST LANCASHIRE.
At the adjourned half-yearly meeting, on Friday,
the directors canted their point in resisting
the attempt to
place auditors over their heads by giving them access to the
minute-book and acts of the board without subjectiag them
to the responsibility of directors.
The CHAIRMAN, having declared. unequivocally, the
determination of himself and some of the other directors to
resign rather than submit to 'course which implied suspicion
and distrust,
Mr. BLACHLOCK (one of the auditors), after tome
hard words had been let slip from individual shareholders,
advised that this point should not be insisted on, Ile said,
had the auditors been appointed with powers merely to
audit the accounts they might perhaps have dose it without
insisting on seeing the minute book; but he contended that
an examination of the minute book would have been neces-
sary to enable them to cony out their instructions. He said
the company, however, was not in a state to afford the
resignation of their directors ; and though they might have
committed errors of judgment he believed they were actu-
ated by the best feelings for the interest of the dmpany.
Mr. WRIGLEY (one of the directors) said he was one
who would not be content to have this matter slurred ever,
but would have it settled on principle. While he admitted
the rights and privileges of shareholders, he contended that
directors also had rights, and he demurred in the remarks of
the chairman. For anything that was in the minute-book,
it might lye exposed to public view in the fish market ; but
to i t upon it lying open to the auditors or a consultation
committee implied suspicion. If they suspected the directors,
let them appoint a committee of investigation—let that com-
mittee examine every document in tke company if they
liked; but for God's sake let them prenonnce a verdict when
they had done so. A continued inspection would WOO 7
continued suspicion and distrust of directors which would
drive all men from the office except mere hirelings who
might be content to hold it at any price.
Under these circumstances, the parts of the directors re-
port excepted from approval at the last onetime were
adopted, together with the accounts, and the resolution re-
commended by the committee for the appointment of a new
committee of consultation was not pressed.
Mr. Wm. Leaf, of Manchester, was appointed a member
of the board ; and Mr. Blscklock (one of the auditor') and
Mr. J. R. Kay were elected to ti;i up two other vacancies;
Mr. Bromley Moore, of Liverpool, was invited to fill up the
other vacancy: A meeting is to be convened on the 26th
March to receive Mr. Moore's answer, and to give authority
to raise the new capital by preference shares.
YORK, NEWCASTLE, AND BERWICK.

The report of the directors of this line, to b- pre-
sented to the shareholders at the half-yearly meeting in
York, on Thursday next, affords the following information
on the affairs of this company :
The accounts for the half year er.ding Dec. 31 show the
result of the working of the railway for that period to have
been as follows:—Receipts for passengers, mails, goods,
cattle, and mineral traffic, and from miscellaneous 11011KIMP,
318,3361. Is. Id. Disbursements : debenture interer, and
rents to Great North of England and Hartlepool Railways,
120,9741. 14s. Id.; waylsavee, government duty, ttter, and
taxes, 21,2851. 15e. 2d.; working expenses, 135,6831. is. lld.;
total, 277,9481. 14s. 2d. Leaving • net balance of
78,3871.65. Ild.
In the third report of the committee of investigation,
which was adopted by the shareholders, the ruin of 24,1372.
was proposed to be deducted from the revenue account end-
ing the 31st of December in each year, in order to provide
for the replacement of the permanent way. - 'Phis .am must
therefore be deducted out of the balance of 7F,3871. Gs. 1 l d.,
unless the shareholder shall be of opinion, with the dire*.
tors, that the 50,0001. recovered frem Mr. Hudson ehoulti
be appropriated to that purpose.
Tee directors state that they have given their best con•
'iteration to the mode in which the sum of 50,0001. re-
covered from Mr. Hudson, chiefly in respect of the premiums
realised by him on the Newcastle and Berwick shares, can
be made available to all daises of shareholders equitably
entitled to participate in it, and they have come to the
unanimous conclusion that the proper mode of dealing with
that sum will be to employ it as • fund for the replacement
of the permanent way, which will render unnecessary any
deduction from the earnings of the railway for more than
two years to come.
As to the dividend the report says :—" Assuming that the
shareholders adopt the opinion of the directors, and resehe
to meet the first two years payments towards the permanent
way fund cut of the 50,0001. received from Mr. Mitchell, it
will leave available the 78,3571. 6s. Ild. net earnings of the
half-year, out of which your directors recommend a dividend
of 21 oer cent., which will amount to 67.5171. 9.., and leave
a balance of 10,2211. Bs. 11d. to be carried to the credit of
the next half-year, after paying 6481.9,. for interest on calls
paid in advance on the extension stock."
Since the Committee of Investigation made their final re-
port, founded on that of their accountant, Mr. Cotten',
showing an available surplus of 7,968 i. 13s. 7d., on the 30th
June, 1849, it has been ascertained that certain revenue
debts, of considerable amount, which were represented to
their accountant as good, may prove to be irrecoverable,
and for which 8,0001. is set apart, and that certain charges
against revenue which were then owing had been overlooked.
It has been deemed advisable to keep these old accounts
separate from the revenue accounts of the last half-
year; and. accordingly, they have been included in
• supplementary account, which has been debited wilt all
the known liabilities of the company, forming •
charge against revenue, and credited with the above
surplus, the interest due on calls applicable to the ue
of the former half year, end dividends due to Mr. }badmen,
which by the agreement made with him have bee ,me the
property of the Company. Against this latter rum has been
net off the expense. leathered by the committee of investiga-
tion and by the preliminary committee, as forming a proper
charge against the sum recovered. A sum of 5,8001. is set
apart to meet income tax claimed for former years, and sill
unsettled, and 1.4741. for law expenses, applicable to the
revenue of former years. It will be seen from the account
refitted to that there will be fonds to meet all these old
claims without interfering with the earnings of the past or
future half years.
It is highly desirable that the proportion of debt on which
the company is paying interest at a per cent. should be re-
duced as early as practicable, and your directors will seek to'
effect this as the existing debentures fall due. The value of
this company's debentures is undoubtedly equal to that of
any other railway in the kingdom, in as much as by the
arrangement with the Great North of England Company,
the debt of this company, up to 1,300,0001. (of which only
about 1,000,0001. has been raised) is to take priority over the
security to be issued to the Great North of England pro-
prietors. For this reason, your directors feel justified In
looking to a gradual diminution under the head of interest
upon debenture debt.
The board are anxious that the capital account should be
closed with the least possible delay ; and they hope this may
be socomplished for all practical purposes on the 30th of
June neat.
The directors an not sufficiently convinced of the necessity
for the Tyne Docks to recommend their formation at pre-
sent, believing that the pressure of shipment at South
Shields may be relieved to a considerable extent by the
erection of additional staiths at that harbour; and as the
contract for these docks was entered into at • time when
materials and wages were very high,' they deemed it ad-
visible to determine that arrangement by an amicable cons-
promise with the contractor.
The directors think it right to mention, that in a few
weeks the connexion between the Great Mardian and York
and North Midland H uilways will be so far completed as to
give • new route from London end the eastern did:date to
the north of England and Scotland ; and in 01111 lOU's, of di
simmer this route will be still further improved. This must
have the effect of causing an accession of new traffic over thin
line of this company.
The completion of the high level bridge and station if
Newcastle, and the permsneet bridge at Berwick, will afece
facilitate traffic by the eastern line. The Sunderland dock to
expected to be open in about two months, and the thereasedl
mespaponryt,,swiihni.ch will be highly
steitticia.
be
questions in dispute, between this
coAbgrumoasipaithinitetyymootanfvnectdroattolshiset:cdorilrectors of the Sunderland Dock Cont.
pany, has been effected on terms which are expected th
prove mutually advantigeous.
The directors have given much consideration to the posi-
tion of those shareholders who have paid up in full thein
Great North of England purchase shares; and tit. y have
come to the conclusion, that although those parties have nit
strictly legal claim to any preferable dividend, yet, tithing
all the circumstances into account, it would be fair to them,
and not unjust to the other shareholders, to allow then
interest at the same rate as will be payable to the Oust
North of Zealand company, viz., 4 per cent. per annum oft
so much (Atha shares as *hall continue to be paid in advance;
and the ort:inary rate of divi lend on the amount call it up
from time to time, until the whole amount of the calls be
paid.

RAILWAY RILLS ON STANDMO Ottesitc.—The stied
committee have decided in the cue of the Rut and Weed
India auks and Birmingham Junction Railway, that the
proving of certain matters before the railway commissioners
prior to applica'ion to parliament may be dispensed with.
and that the standing . refers may be dispensed with in the
case of the Caledonian and Edinburgh end Cilsegow Amal-
gamation; second readirg to be exteeded to the 18th inst.
FRAM's RAtLWAT Taerrte.—The renewing are the lase
retaras ahte gross remise of the principal French railways:
Nearnuut.—From II to Feb. 23: reateggers,l34,o47f.; geode.
$33,493L; total. 369,342 L
ROCILL—From Feb. 17 to Feb. 23: Pummels. 36,3347. ; geode.
93,334 L ; total. 141.9:84.
!Item—Front Feb. 17 to Feb. 23: Passengers, 111,922 L; goats
33,4721.; total, 54.5031.
OLLIUJW—(Tom Feb. IS to Feb. 24: Paweagew, 61,1931.; goods.
110,1121.; total. 171,3. M.
BONDUVIL—Front Feb.l7 to Feb. 13: Passengers, 23,7681.; geodes
43 3331.; veal. 42,3011
lex:pg.—From Feb. 13 to Feb. 24: Passengers, 24,408 f. ; goatee,
35.641 f. : total. 63.040 r
bowman—hoes Feb. 18 to Feb. 244: Aneengere, 12,6711.; geode.
7,111121.• total. 34231 L
purrs.—Pros Feb. 19 to Feb. 24 : Fiewitgete, 2.7037. ; semis"
11,2331.; total, 13,933 L
NM4TCP.—From Feb. 16 to Feb. 12 : Pasemes4l4/9Xel ttkoit
6,1271.; total. 24,6291.
t- •; r
•
• •

; 31k. *

Cl),e enreoo.

OUTGOING MAILR.

The Rah f t Maditria,thoifTllls;:i7d SUMO. Ayres, will
biemsee er. t:.11 overtime, March 4.
The mail, fr • Ikirten, Spain, and Oihra!tar will be made
op oaths mominp of Marsh 7.
11 e mails via Nisrwilles, to the Mediterranean, Egypt,
Ceylon, ladle, HmtHoeg, &c., will be made up on the
evening siMervh 7.
The !nails PM British North Amities Lai the United
Slues will be made up ou the evening of March S.
• The West India Malls, excluding Bermuda, Benumb,
'Noma, lin .doras. New Orleans, and Mexico, and including
them foe )(adobe, St. Jesn.de-Nieasstrua, New Granada,
Chili, and Perumill be madtuip on the 17th inst.
The mails Ow °Pinker, Malta, Grist*, the lonian Islands,
&opt Ceylon, India, and Chime, via Southampton, will
be made up on the morning or March 20.

HIGH Wfkl AT LONDON MUM&

iii

Toe DX:Wome.
4h. 33•••••

ItieWro I. Wait

LONDON, MONDAY', MARCR 4.

GOVERNMENT, and the governing claws of this
country, have certainly no ground for cimplainiog
that political et( trany is not at their service. It
would be d.fficult for them to have found a more con-
venient handmaid. If the poor increased in numbers
and demands, political economists were not wanting
to show the they might be left to their fate, for their
starvation was just ; it it teemed advisable to diminish
the envy and surprise experienced at the immense
sad sudden opulence of the landlords at a certain
period, philosophers were found to prove that rent,
however exorbitant, caused prejudice to nose, and
enhanced no price. And now we have learned gen-
tlemen of the same school come to toll vas that
we are the most lightly taxed people on the
face of the earth, the nation's burdens smaller,
its capital and p^pulation greater than they were half
a dentory ago. The c inclusion from these premises is,
that we are an urgrateful and illogical people to
grumble at taxation, general or local, of which we
should, it teems, be reedy to bear an augmentation,
instead of clamouring to be relieved of a portion.
Mr. NORMAN, in his " Examination of Prevailing
Opinion as to the Pressure of Taxation," under-
takes this proof. His first proposition is, that
beaus the nation u a whole accumulate, wealth,
the persons who compose the nation do
not feel eureka]. In the first place, there may be
it great many deceptive symptoms of the accumula-
tion of capital. That new capital is always in a elate
of creation from certain sources, and that it often
appesrs abundint in the market, there is no doubt ;
but how ter the value of capital already Azad is
dimirdshing,or worn out, or whether the very abut-
deny- of capital at times does not denote its unfruit-
fulness, are qnertions to be considered. Undoubtedly
we have a greater populstien, and undoubtedly there
is more capital employed in keeping this population
active and re macciated. Ile it is ateo as undoubted
that the turning and employment of capital is
much more subject to risk, and much les.' certain
of return than formerly; that an immense quantity
of old capital, whether vested in land, factories, or
railways, has disappeared; that many, very many,
fruitful sources of private revenue have been dried
up ; and that those kinds of business which are
prospering and the capital that is thriving, are con-
centrated in fewer hands than formerly. This latter
circumstance alone accounts fur a greater accurnula-
tics of capital, though it cannot be said that the
peosperity and comfort of the industrious and middle
else. keep puce with that accumulation. Thus, it is
not large capitalists who pay most taxes is this
marry i it is the many, industrious, and middle ranks

of commerce and consumption. Now, amongst this
clam, we do assert that then is km prosperity, lees
profits, lees accumulations going on than formerly,
and consequently that the p•puler back, which has
always borne the chief harden of taxation, is less
- • -- .otmithstanding its increased

able to _
•
activity and numbers.
If Mr. NORMAN cannot mako out his case in this,
the most plausible portion of hm argumi nt, he fads
still more signally, and falls into the most sophis-
tical errors in another series of his assertions.
These go to establish that the national burdens were
mach greater during the war than they are now,
whilst the nation was then much less able to bear
them ; that it did bear them, nevi rthelees, and that
consequently we are now in a condition to bear much
seore than we do now, or did then. But fact, do not
show any very increased burden of taxation in war
times over what has prevailed since. The difference
between fifty millions now, and sixty millions then, is
nothing enormous. And although the sixty w ero raised
on a smaller population, the large amount of loans
which were flung into private incomes and profits,
enabled these to pay an increase of taxation in a 00113-
try, wht-re taxes are paid universally out of income,
not property. The burdens are now pretty much
what they were during the last years of the war,
with this to be taken into account, that after the war
tl.e wealthy flung the property tax off their shoulders,
whilst at a later period Sir limner PEEL and the
free-traders took a large portion of the burden off
the sloulders of the poor consumers. On the
shoulders of the middle class, however, the burden lies
as leaden and as crashing as ever ; more so, indeed,
because their profits are less, their business more un-
certain, whilst speculative investments have not me-
added, but by failure have literally robbed and
impoverished them.
The chi f sourors oat of which taxation is to be
supplied, according to oar present fiscal system, are
rent, profits, tied ialaries fiom high and low. The
mass, the amount of all three, may have increased
with the increased espital and population of
the country, but how have these sources and re-
sources ircremel with respect to each individual ? That.
is the question. Let Mr. NORMAN poll his fellow
citizens, and uk their individual opinion as to the
ability of each to bear taxation now, compared with
their ability to bear it in times put. We entertai'
not the least doubt as to the reply ; which, indeed,
there are few of our readers who cannot make from
their wen experience.
In order to argue, as Mr. NORMAN does, from the
amount of a ration's copilot to the amou-.t of its
taxation, we should first of nil fix taxation upon
capital or acc)rding to it, which is far from the case
with us. A system of taxation that is based on con-
sumption must be mete I by the capacity and condi-
tion of the consuming duos, by their rate of profits,
by the mode in which all labour is remunerated.
In this system it is not so much the capital of the
country that is to be looked to, as that part of the
annual sum devoted to income over and above the
necessary 'keeping up of appearance, comfort, and
life. RSA this surplus of income in each individual
been increased or dintinistsed ? Does it afford greater
room for taxation ? Or is it not pitched beyond the
possibility of bearicg more under our existing fiscal
system P
We shall take another opportunity of considering
Mr. NORMAN'S wild assertion, that the English ar •
the least tract of any people.

IT is some time sines we alluded to the subject
of medical reform. The last occasion we mentioecd
it Was when the Loan ADVOCATE in the liaise of
Commons, in reply to • question of Mr. THORNELT,
stated that the committee on medical legislation in-
tended to bring it • medical and surgical bill before
the end of the session. That bill was never brought
in, aed thereby hangs a tale. It appeers that one of
the contracting parties—the C )11,ze3 of Physicians and
Surgeons, the Apothecaries' Company, and the National
Institute, failed at the eleventh hoar A qualm of con-
science or self-interest came over the Celle of Sur-
geor.s, and the LORD A DVOCATL'i bill remains far ever
in that limbs to which have been successively
doomtd Mr. WARBURTON'S, Mr. IlawEe's, Sir JAMES
GRAHAM'S, and Mr. Wstatis medical rtfnm bills.
This fact speaks very sufficiently to all earnest medi-
cal reformers of the nature of these measure*. With
one exception they !Isve ben the concoction cf rotten,
corrupt coheges and corporations, and have been
framed, not with any view to the good of the public
or the advantage of the prof, salon, but for the perpe-
tuation of the worst forms of ahhse that an imperfect
legislation has allow‘d to grow op in the tactical
system of this country. We rejoice, then,
in the difference at the College of Surgeons
that led to the withdrawal of their support
to the LORD ADVOCATE'S medical bill j and we
think the present a &clod oKertuni'lt fur all caracet
medical reformers to unite for securing an Efficient
measure of reform. The great principle of action,
however, must be independence of the constituted
1 authorities.

We are gl.td, in our adtozacy of thii plan, to be
suppated by so able and influential a metnb^r of the
medical pro:ea-ion as Profcbsor SYME, of Edinburgh.
In a letter which tnis gentleman haa written to the
LORD-AtivocATe of Scjtland, on the eubjict of medi-

cal reform, he says that all previous
have failed, first on excel:let of their complexity ,
and secondly, " becanse none of these measures
were directed with a simple streigktf irward view to
general expediency and public advantage, but were
all founded on the principle of g:ve and take or
mutual concession and accommodation" between the
various co-opervions. "It may be easily imagined,"
he continues, " what a tissue of absurd and mis-
chievous regulations would thus be woven through
the selfish eagerness of each body to gain some ad-
vantage blinding it to the tendency of proposals from
others in the way of exchange or equivalent for what
they surrendered." It is on this ground that we have
always urged the medical profession to rally round
principles and not men, and to turn away their affec-
tion from institutions, which founded is the
infancy of society, are no longer capable of reapplying
its wants and demand'. Who' is to be expected from
the old bodies, may be gathered from the con-
duct of the College of Surgeons. It first withdraws
from its colleagues in cerryicg out the new measure.
The council give out that they are about to remodel
their charter. The members are all led to the 10-lief
that they are at last to have justice done them. The
invidious distinctions of fellows and members are to
be done away. The college is truly to represent the
profession. It is to be in reality what it ought to be,
the College of General Practitioners. No such thing.
After months' deliberation, the college determines
that all it can at present do towards medical reform
is to allow members of twenty years' standing to
become fellows by the payment of ten guineas.
We do not wonder at the burst of indignation with
which this proposition has been received by those
who have been anxiously hoping for some great good.
But we do wonder at the effect it has produced in
certain quart, re. When advocating the Medical
Registration Bill of Mr. WAICLEY, we thought he had
committed himself to the principles of that bill, the
simplicity and practicability of which recommended
it to the large majority of the medical profession. It
was a measure worth fighting for, and with a few
modifications we are still convinced would have
gained the suffrages of so large; a body of medical
men that it must at list have become the law of the
land. Mr. WAKLEY, however, in his ind4nation at
the College of Surgeons, throws overboard his own
measure, and is now prepared to fight for a new
college, "dedicated to the government and protection
of practitioners in medicine, surgery, and mid-
wifery."
Against adding another to the numerous colleges
and examining bodies that already exist we have
always protested. As far as the public is concerned
it is not needed, and in the profession it can only lead
to the es abliehment of another interest in opposition
to those which already exist. What is wanted by the
public is not a new college, but a standard examina-
tion, the peeing through which shall be guarantee that
a man is capable of practising any or every branch of
his art. What the profession wants is not corporate
rights, bat the right to practise in every part of her
Majesty's dominions, when qualified by such exami-
nation to do so. The evil of the profession is not so
much that it has no power to control its colleges and
corporations, as that these bodies have power to
examine, prosecute, mulct, and dishonour, not only
the various sections of medical men, but even mem-
bers of their own body. The College of Physicians
has thepower not only to fine and imprison gradu-
ates of Edinburgh and Dublin who practise
in England, but its own licentiates who
practise s London. The College :of Surgeons, by