Northern Times.
Liverpool, Merseyside, England, 1857-08-14 00:00:00

concerns.

► We have already alluded to the determination
of the Directors to declare a dividend of only
one per cent., and animadverted upon some of
the probable causes which have contributed to
this alarming diminution. Subsequent reflection
upon the history of the Great Western Company
induces the belief that there has been a reckless
expenditure of the shareholders' capital, and
that such was the state of the Company's
finances, that the last two or three dividends
were wholly unwarranted and unjustifiable.

We presume that it is the duty of the Directors
of a Railway Company to pay due deference to

the opinion of the Auditors acting under them.
Their duty is to examine into the financial
condition of the Company's affairs ; to see that
all receipts and disbursements are duly accounted
for and properly applied ; to act for the Railway
in a capacity similar to the Actuary of an
Insurance Society, and to advise the proper rate
of dividend to be declared. Where this is 'done,
there is an effectual check upon the expenditure,
and a barrier to undue speculation in Railway
projects and undertakings of a questionable
character. Has this been the case with the
Directors of the Great Western Company ? We
believe not. In proof, we have merely to say
that, after advancing the dividend for the last six
months of 18i6 to the rate of three per cent.
per annum, contrary to the emphatic opinion
and advice of the Auditors, who energetically
protested that it was excessive, could not be
maintained, and must therefore certainly lead
to early and serious disappointment; and have
thus soon been compelled to recommend the
miserable and paltry allowance of one per
cent. This, too, we have reason to believe,
is contrary to the auditors' advice and opinions,
who, having regard to the Company's liabilities,
present and prospective, consider that at present
there should not be any dividend at all! The
result of the one per cent. dividend has, as we
have already remarked, manifested itself on all
the leading Stock and Share Exchanges in the
Kingdom. There has been a serious deprecia-
tion of the Company's Stock, and the placing of
the entire concern in a position of daily
increasing discredit. Nor is this all. Other
companies come in for a share of the injurious

oor•cociu0000a oor.noctoci with tho Great WeLciu.
The entire railway system participates either
directly or indirectly with its misfortunes, and
the public generally begin to doubt the accuracy
and genuineness of all railway accounts.
Let any one examine the liabilities of this
Company, and take into account that nearly
two years ago the grand total of debt, possessing
a preferential claim upon profits, was greater
than the ordinary share capital, some five
millions and a-half sterling, whilst the debenture
debt alone, then renewed with much difficulty,
exceeded the ordinary share capital by the sum
of 1,710,8921. Thus, then, there is, in round
numbers, preferential claims and debenture debts
amounting to nearly 7,000,0001. sterling, to be
satisfied ere the original shareholders could look
for a penny out of the surplus earnings of the
line.

But matters did not stop at that unfavourable
Position. In less than six months after the
date to which we refer, the mortgage debt was
augmented to the extent of a million and a-half.
The accounts to be submitted to the meeting
to-day will exhibit a still more discouraging
state of things, and must convince the share-
holders that at present the magnitude of their
debenture liabilities hang around their neck
with all the deadly effects of a millstone placed
on the body of a drowning man. Considering
the extent of the debenture debt, and mortgage
bonds, the Company seems to be at the mercy
of the money lender, who increases or abates his
claim for interest according .as the Company
rises or falls in public estimation. And even
this is not the worst feature of the case; for one

of our metropolitan cotemporaries gives currency
to the report that " the directors have been
already compelled to pledge their personal
responsibility to raise money for the recent
necessities of the Company." Should this be
so, might we ask, were any of these necessities
connected with their promotion of the Mersey
Conservancy Bill ? Indeed, we trust that at
the meeting to-day some of the shareholders
will call for information as to the cost of that
ill-advised and reckless expenditure, the object
of which was to carry out a project chimerical
and unfeasible in the extreme. The result of
this lavish, extravagant, and uncalled-for expen-
diture the shareholders see in the report already
sent them. To put an instant and an effectual
stop thereto is their first duty. How is this to
be done ?

The affairs of a railway company are, strictly
speaking, commercial. To guide and manage
such an undertaking the directors, particularly
the chairman, should be distinguished for com-
mercial experience and business habits. The

Hon. Mr. PONSONBY may be—nay, we believe,
is—a very fine gentleman, clever at athletic and
field sports, a first-rate amateur theatrical, and
`. a jolly good fellow" at the festive board ; the
Right Honourable SPENCER WALPOLE is a clever
lawyer and a fine parliamentary debater ; Sir
WATKIN WILLIAMS WYNN is an estimable
country baronet; so, also, is Captain BULKELEY
and all others of the directors-whom we see ; but
we deny that they are men of commercial expe-
rience, or fitted for the task of managing such a
gigantic concern as the Great Western Railway.
The shareholders can rectify these evils to-day,
and institute a committee of investigation, which
would take the whole matter in hand, and
prepare a plan which would place the Company
in a way to future greatness and prosperity—
abolishing parliamentary intrigue, and carefully
watching all future expenses of the Company.

LITERARY AND DRAMATIC SOCIETY.

PERFORMANCE IN REMEMBRANCE OF THE

LATE DOUGLAS JERROLD.

The Literary and Dramatic Society of Liverpool gave
a performance last night, at the Theatre Royal, in remem-
brance of the late Douglas Jerrold. The pieces selected
from that author's works were—" Time Works Wonders,"
and " The Rent Day." The amateurs were assisted by
Miss Page, Mrs. Power, Mrs. Shalders, and Miss Julia
Sedg,wick ; and Mr. Barry Sullivan spoke the prologue
written by Mr. Robert Crompton.
THE PROLOGU E.
WRITTEN BY ROBERT CROMPTON.
As clouds with thunder charged cleave their high way,—
Their lightnings flash ng forth in njmble play,—
With mighty power to strike, and wing to range
In forms fantastic, beautiful, and strange ;
Such was the wit of fERRocu. True men laughed;
Bat evil-doers writhed beneath the shaft.
One of the few was he whose written word
Proves that " the pen is mightier than the sword."
Did aught like moral pestilence appear,
Tainting the healthy social atmosphere,—
Uprose his fierce indignant eloquence
In tempest syllabies to sweep it thence.
Did fraud invade the mart,—his words of scorn
Scared it, a, preying owls are scared by morn.
Sincere, and strong, and fearless : —Force and Fraud
Shrank before such a comba.ant, o'erawed.
Hypocrisy he loa hed ; and wall the task
Became him to tear off its lying mask.
Hatred of tyranny in him became
A part of life, arid spoke in words of flame.
'Thus, the trangrossors 'gainst their follow-men
Feared that keen weapon, his wit-pointed pen.
Yet was he genial, generous, and mild,
A sage in wisdom, but in heart a child ;
A
doable nature, each ent re and whole,— '
Winter upon his brow, spring in his soul.
Mark, when his pungant flashing wit we breathe,
The fine humanity that throbs beneath.
When culpable supineness kept its stand
In the high places of our fatherland,
Courting disaster and disgra .e, hrs heart,
Glowing with patriotism, felt the smart;
His burning words flowed like the lava-flood,
For Albion's honour,—though preserved by blood.
And when misinle undid what valour gained,—
When England's anxiou throbb'•ng heart was pained
By trumpet-tones of eloquence, that caine
Across the sea, and set the land aflame,
Telling of British heroes stricken low
By cold, disease, and want,—not by the foe;
No clarion rang alarm in truer tone
To wake the sleeiairs than did JERROLD'S own.
When even Nei o died, some hand was there
To strew fresh blo-sours on his sepulchre.
Oh, then, since JERs9LD's eyes in death are dim,
Who will refuse a votive wreath t f him
They whose high intellects and social worth
Endeared them to Ilan whilst he stayed on earth,
Now with the pious hands of brothers, frame
Wor,hy rememorances around his name ;
And, when we bring our tribute-flower, bedewed
With sorrow, but sun-bright with gratudo,
Accept and interweave the humble bloom,
'To garland with their own o'er JERROLD'sInTab.
Esteeming it a privilege to stand
Here in his name, we wank ea oh he'ping hand
That has augmented through oar this night's mirth,
A fitting t istimoni al to his worth,
Wnoss star, though set,ples not, nor wares dim;
Honor accrues to all in honouring him.

18th July, 1857.

The play was scarcely well selected for amateur per-
formance, being long and heavy, but the gentlemen who
played Professor Truffles and Miss Tucker, both well known
arnone„the friends of the society, fully redeemed its credit,
Tne ladies of Mr. Copeland's company were all very effec-
tive. Mr. Barry Sullivan spoke the prologue with great
ease and freedo.n, except hi oue unfortunate passage that
c3capta 1115 recollection,, oorno of thy %Alava otacrn.vt.ut o
had need of the prompter, whose voice was occasionally
heard too loudly. Tue epilogue by 11,1 r. Mitlward was
distributed amongst all the company—amateur and
professional.

EPILOGUE.
BY CHARLES MILLWAILD.

FELIX.
So ends our play : but ere the Prompter's bell
Prompts us to mimic cane farewell,
Another scene rem tins f us to act,
But this instead of fact on, must be fact.

BE .81r.
The Epilogue 3 ou mean—but don't begin
Until we thz other pl,yers in.
GOLDTIIGMB.
A Roman custom.

TRUFFLES.
GreA
GOLD mum B
It's ail the sam3,
Greece had her Brutesses in all but name.

SI% GILBERT.
I like these Epilogues b•cause they teach us
To make the most effective wind-up speeches.

GOLDTIIUMB.
I line my boxes with them.

TRUFFLES.
SO do we,
And, in addition, Pit awl Gallery.
But who cum i here? Methinks I know the twain,
Who, having cut their parts now cone again.
Eater Olive and Jagby, in private attire.
OLIVE.
Excuse my costume, and let Olive ask
To be a sharer in your Leart-f it task.

JUGBY.
For Jugby's ale folks would oft walk a mile,
And deem his fare a solace for their toil.
Let Jugby's self :1;s gratitude then prove,
By joining with yea in this work or love .
CIIIcKEN (outside)
I willgo in, for who caa better oh )vv
An author's merits, I should like to know

Enter Chicken.

The Architect upon whose works we live
Shall aura have the tribute A. t can give.

Miss-Tire:litLa.
The Chicken, child, i 3 right. —for in her art
I think she always plays a worny part;
And you'll a omit Viat she c in fairly show
The rate at wh ch a woman's tongue can go.
(To Truffles)
But we lose tns. Professor, pray essay
A Latin peroration to oar play.