The Express.
London, England, 1850-02-07 00:00:00

Tht A7xprt%s

engaged in this difficult task. All that is wanted is,
that a good law shall be passed in time to catch the
text half-yearly accounts of the °meanies ; and,
considering that the present month will be occupied
in collecting the opinions of the railway meetings
which are statutsbly held during February, it is
scarcely possible that the boll can b.. 1 introduced
before Easter: for the measure to be well done, Dann
be carefully and deliberately prepared.
The Liverpool shareholders of the North-Western
Company are foremost in the qoestion. Already
some of the most intelligent and influential or th ir
body have propounded as the babied prin-
ciples, similar in many respects to those of the much
abused Palace-yard delegation, but of a larger and
more comprehensive character. As, however, there
principles are still undergoing great alteration; as
when settled, their reduction to a legislative
will bs confided to the committee now furmiug in
Manchester, Birmingham, and the other great town'
of the kingdom • and as they will, ehen jointly
agreed on, he submitted to the consideration of the
shareholders of the North Western Company at the
next general meeting in London, and through tht-ni
to Railway Proprietors generally, it would at present
be premature to discuss what has not been even pro-
visionally adopted. All, therefore, we shall now say
on the subject is, that the measure will b: as stringent
as any rational man Gan expect.
As, however, the field of discussion of railway
affairs and policy becomes larger and cslmtr, it is appa-
rent that the law of railway management requires im-
provement in many other points besides that of audit.
this, we think, is fairly established by the very use-
ful reports recently published by the Consultation
Committee of Shareholders of the Greet Western
Railway, and by the Investigation Committee of the
South Western Company. The law, as it at present
stands, does not, practically, give to hareholders suffi-
cing power in the choice of and over doevors.
Practically, shareholders have hardly the means of
selection. For, in the first place, it is only either by
personal attendance at the companies' offices., or at
considerable cast, that they can know who their co-
partners are: information which is always at the dia.
poen of directors. In the next place, though sharehold-
ers can by these obstructive means obtain a knowledge
of the names and addresses of their co-partners, the
law denies them all information as to tree extent of
seek other's holding ; whilst a director has only to
tarn up his company's books and get all
such particulars there. Then, again, shareholders are
not necessarily informed of vacancies at the board;
occurences which directors most know of. Truss
vacancies may be, and are generally, filled up by
directors themselves, without even consult.ng the
shareholders. And directors when once at a board
can only be removed, under the present system, by
the explosion of a railway bomb at a general meeting,
and by the introduction of diword and ill will into
these corporations.
All these are such obvious defect', that, surely, they
only need to be stated to be corrected. Shareholders have
a right to know who their partners are ; and for this
purpose lists ought to b. published half yearly.
They have a right to know immediately vacancies at
the board occur; and if the interests of the company
require those vacancies to be at once filled, the share-
holders ought to do so at a special meeting. The
west stringent provisions to prevent the dictation of
colleagues by boards, and to prohibit any (nevus by
directors, ought to be adopted. And to secure free-
dom of action on this all-vital point to shareholders,
we think that the recommendation of the Great
Western committee is well worthy of consideration :
Your committee are of opinion that ih: present mote of
constituting the baud of c:ireetors is highly obtectionable,
inasmuch uit results in thei• being self-elected, which is
opposed to the interests of the company and to the intention
of the act under which it is constituted; and, therefore, your
c 'matinee recommend that one-fourth of the board should
annually retire and be ineligible for re-election for one year;
which would establish the principle on which the directors
of the East India Company arid of the Bank of England are
appointed.

'ARY

AND FINANCIAL REFORM.

MEETING AT LEICESTER.

Leicester has often been the Nan of large and
influential meeting. on important soda and political
subjects, but seldom have such megdges bees characterised
by the decided unanimity of opisionsenahmed at one held in
the New Hall there, on awaniag. when Sir Joshua
Walmsley and 11:1=, M.P. visited
that borough as a Iran No otiose' Parlia-
mentary and Fin Amasistion. Saveral
thousand persons, oomanislyiad drew of the inha-
bitants, assembled to Metes to the addressee of the
deputation. The sparians building was crowded to excess,
and numbers were unable so obtain a standing plane sisfit
cloudy near the doors to catch the words of the speakers.
Wimame Btoos, Req., who filled the office of chief
magivrate of the borough last year, as well as on • previous
occasion, wee called upon to preside.
Sir JOSHUA WALMSLRY, who was received with
much applause, said the House of Commons does not
represent the people, and if it dose not represent
the
_p ople of this country, who does it represent ?
(" The idler.") It represents the oligarchy, and not the
people. It represents the class who have no right there;
it is occupied by men who have deserted their own house,
and usurped the house of the people. (Hear, hear.) It is
to endeavour to regain your constitutional rights that I am
before you. To wit for your rights from this house, I
believe to be utterly hopeless, shims you express your
united determination to regain those rights. It has been
shown that a man representing 150 electors is equal in power
to the man who represents 10,000. (" Shame.") " Oh,"
say, some, ''but population ought net to be the criterion."
Well, I will say, u I have said before, I am willing to take
latioopulation an property combined. Wherever you find popu-
n
there you find wealth ; and where you find
population and wealth you find intelligence. (Hear.) It is
population, wealth, and intelligence that we wish to he re
presented. We wish the House of Commons to be the house
of the peep's. We wish the House of Lords to be their own ;
we do not with to rob them of their constitutional rights;
and we wish the crown to be supported with all true dignity.
All the views we entertain, whether with regard to the sepa-
ration of the church from the state, whether it be with re-
gard to free trade or protection, or whether relative to war
or peace, we sebmit them with confidence to the British
people; but we ere not content to bow to the decision of a
mere mine/thy of this people. (Cheers.) Lord J. Russell
stated in his place is the House of Commons last night, in
answer to a question put by Mr. Home, that it was notphe
Intentions of her Majesty's ministers to introduce any bill
for the extension of the suffrage during the present session.
(Cries of t. Turn him out," " Hang him up," " Oive him
rope enough.") We hang nobody up ; we are men of peace.
(Lind cheers.) We want el we have by moral force alone,
because we know that what is gained by physical force is not
worth having. We believe that the will of this great people,
fully and freely expressed, will get what we want. We
must take counsel together ; we must ask how we are to
get this. I would put it to you If any of you wore
Prime Minister, end had a notion that the people were
apathetic, awd did not want the franchise, whether, under
such circumstances, you would venture to propose a measure
which would have toe efeet of making a great cheap is
your position, unless you were sure the people were wish
you. Lord John Russell is in this position. He has dose
some kind actions in his lifetime; he has advocated the cause
of the people before now, and let us give him
credit for sincerity of purpose. He thinks the people of
this country have never shown by their union and filmiest
that they want the franchise. The great majority of the
people have not yet asked for it unitedly ; but we will do to,
and endeavour to show him diet we are in earnest. (Cheers.)
There are min y ways. The 40a. freehold is one way. It is
at least a social and mcral plan worth adopting. it would
be doing ms a good in other ways, besides giving them votes.
(ids. 0 TIIOMFSON (contrary to the advice of a physi•
clan, whom he h id conrulted before coming to the mutiog)
then add d the assemblage, illustrating the anomalies of
the pri sent representative system, and pointing
out some of the shameful pensions and payments
which the country had been saddled with, in such
cues as the Duke of St. Alban's and the Duke of
Richmond, and urged a unanimous support of the National
Parliamentary and Financial R -form Association as the best
, and meet effectual method of obtaining a reform.
03 the motion of Mr. J. F. Wyche, seconded by Mr. E.
S. !genre, it was noanimously resolved—
' That we cordially approve of the general principles of
the National Parliamentary and Financial Retorts Auocia-
tion, and pledge ourselves to give it, upon every )easiest
occasion, our effective and energetic support."
A committee was appointed for the organization of a
' branch association.

The practice of stupidly re-electing the outgoing
directors must be pat a stop to.
Greater power of inspecting accounts ought, too, to
be given to shareholders. With this view rail-
way companies might be directed to keep two
sets of books, one set to be the copy of
the other; and the copy, made or written
up to the date of the last audft, might be at all times
open to the inspection of shareholders. Nor live
we seen any reason to change an opinion formerly
expressed—that in each railway office there might be
advantageously added a shareholders' room; where a
clerk should be stationed to furnish all proper infix-
motion; as it is quite incompatible with the other and
ordinary demands on their time for the ordinary effacers
of a railway company to respond satisfactorily to all
the demands, requests, and entreaties of shareholders.
We find also in the Great Western Report
another recommendation identical with r. suggestion
made more than once in the course of this discussion
by the Daily News:
Your committee very strongly recommend that hereafter,
for all expenditure, an estimate in detail should be submitted
at each hill-yearly meeting, and should be confirmed by a
vote of the proprietors, on the same principle as the estimates
for the expenditure of the public departments are annually
submitted to and voted by parliament.
Nor should an hour be unnecessarily boat in com-
pelling all railway companies to close their capital
account. and to convert their shares into stock. For
without the capital account being closed, the most
skilfully devised audit may fail ,l • and to keep railway
capital in shares when it can be converted into stack
is a piece cf senseless clumsiness.

MR. HOPE, M P., AND FINANCIAL REPO/M.—At
the sixtieth anniversary of the Gloucester True Blue Club,
held on Monday night, Mr. H. Hope, M.P., said—Certain
cirenmstntces bad tah:n place which, whether they might
result for good or for evil, could not be helped; and what
was done could not be undone. It would be for them to call
upon the government to make every possible reduction in
the public expenditure ; and he relievid it would be found
that through these meats the only prscticab'c relief which
could be afforded to the various interests of the country—
agricultural and c.ictinercial—would be attained. The
utmost po,sible reduction of expenditure should be effected,
which would effec! • corresponding reduction of taxation.
He felt that the first item of txadon on which a reduction
should be sought was the window tax—(hear, hear,)—and
after that came the tea duty, as affording one of the most
general and acceptable relics to the country. The relief of
tome burthens would be regarded by the suffering &asses of
this country as sfferding an earnestof the government's good
intentions, and would show that parliament and the govern-
ment were prepared to do something for their relief.—Other
speakers followed, and the moderate tone of Mr. Hope was es-
echoed by all of them.

WESTMINSTER FREEHOLD LAND SOCIETY
MEETING AT GREENWICH.

A numerously attended public meeting was held
last night in the Lecture Hall, Greenwich, for the purpose
of explaining the principle of freehold land societies, and
recommending the orgalmation of one for this locality. Dr.
Pravts in the chair. Alter a few observations from the
chairman,

CHARLES LUSIIINGTON, Esq., M.P., addressed the
mee.ing. He said that the prieciple of these societies should
be dear to every one who valued his independence, and did
not wish to be called on to pay taxes without having
• voice in the representation of his country.
(Hear, hear.) Althtugh the principle of freehold
land societies bad been frequently discussed and was pretty
well exhausted, they well knew that as the hammer did
not drive in the nail at one blow, se if they remitted their
exertions the velem of the principle on which freehold land
I societies were founded would be lost sight of. They were
aware that the Reform Bill had proved • failure. (Hear,
hear.) As originally planned it possessed many good points,
such as the billet and household suffrage, but which had
been struck out by a majority of the cabinet, contrary
to the wish of Lotd Durham. It was • mockery
to say that the people were represented. (Hear, hear.) He
saw more and more every day that the people were not repre-
sented in the House of Commons. It was a mere plethora
of the aristocracy—a surfeit of the landed gentry. There
were amongst the members of the House of Commons 366
Alters of the army and navy, who would nct be disposed
to look very narrowly into the army and navy estimates.
(Hear.) There were 6 marquises, 63 sons of pi crs, 103 sone
of the immediate relations of peers, 56 baronets, and 85
landed proprietors who were either married to the sisters er
daughters of peers. (Hear.) It was, therefore, proposed
by Mr. Taylor, of Birmingham, of whom they bad no doubt
iheard, that land should be purchased in large quantities and
afterwards divided amongst the members of the Freehold
Land Societies. The moment that scheme was propounded
it spread with gaeat rapidity throughout the country.
According to the lest accounts of the Birmingham Freehold
Land Seiciety it cumbered 2,000 working men, and within
two years no less than 821 freeholds had been $O.l
quired. (Loud cheers.) Land which let at 3a. 4d.
and 3s. 6d. per yard by retail, had been purchased by the
society at Is. ld. per yard. (Hear, hear.) Referrirg to the
Westminster Freehold Land Society, with which they were
more immediately concerned, every person who became a
member and paid a subscription of 3s a fortnight for •
certain time, perhaps in four cr five years would be entitled
to a freehold valued at 455. It was proposed to purchase
freehold, in the counties immediately surrounding London,
and it eras estimated that freeholds could be purchased in
them for about 301. Persons might enter at any time, and
they would not be called on to pay fur any arrears.
The expenses of conveyance would be small—probably about
30e. The Westminster Society numbered 504 members,
and the number of shares were 689. The hon. golds'
man concluded by moving the following resolution :
... _

That this meeting is olopinion that freehold land meleties offer
to the industrious chasm ■ moot profitable Investment for their
reins and are efficient agents for elevating their moral and social
rionditlos, by cogewdering habits of forethought and a spirit of
independence. and this meeting ricaguines, in the general establiels.
meat of these societies, a most efficient mode of gradually sod legally
extending the suffrage, by increasing the number of voters for county
members; and le opinion that It behoves every man who is anxious
to extend the mgewantation of the people to contribute by all means
In Ms power to their encouragement and support; that inasmuch se
t►e Westminster Freehold Land tioclety embraces within its opera.
Umse the Ham cosailes, Kent being included, the meeting oilman
lt worthy of bring endislly supported by the people of Greenwich.

Mr. MASTERS seconded the resolution.
Mr. HUUGETT next addressed the meeting, and entered
into minute detail* respecting the rules and regulations of
the society. In case it was proved that a member was unable
to pay from ill letalth or other came, the payments trould be
let twelve months.
8171.1rdiFADB nut addressed the meeting, and steamily
recommended the pignelpLs of Freehold Land Swishes,
which could not be °Antrim than productive of imod. But
they mast net stop at what these societies eould do for them.
He kicked yrs theta as merely a mama to sit sad.

LONDON, THURSDAY EVENING, FEBRUARY 7, 1850.

Mr. UUOGETT stated, in answer to a guidon put to I
hiss, that no interest was allowed in the 'vest of a sub-
scriber withdrawing his money.
Mr. LUSHINGTON said that if any one desired more
information he would obtain it from the " Freeholder,"
which was conducted with great abiliq and mire devotion
to the muse by Mr. John Cassell, (Hear, bear.)
The resolution was then pot and carried unanimously.
Votes of thanks to Mr. Lusbington and the chairman
terminated the proceedings.