Northern Times.
Liverpool, Merseyside, England, 1859-08-29 00:00:00

the accounts the amount for the usual renewal fund,
£2,500,. which was set down every half year. for the
purpose of maintaining the line in a good state of repair.
That, he would explain, was on account of an arrange-
ment entered into with the Great Western and London
and North Western Railway Companies. The arrange-
ment was this, that they were to deliver to. them, onthe
Ist January, 1860, the line in the same state of repair
as it was ou the 3rd June last, and they had calculated
the sum now standing in the renewal fund would be
sufficient to maintain the line in that state of repair
until that time. This item was omitted with the full
knowledge and consent of the companies. The most
satifactory saving of all had been that effected at the
Chester station. It was questioned whether .they had
really saved £1,706 during the past .
It was, however, he contended, a
figures, and was absolutely a saving to this amount
Iu the last half-year of 1858 there was an expenditure a'
that station of £5,986, and in the half-year of 1859 th 4
expenditure was only £4;280: It had been stated also
that there was some extraordinary expenditure entered
into the last half-year of 1858; but what he wanted to
impress upon. the proprietors was, as he had stated to
them in February last, and he spoke now with great
respect for Mr. Williams, who was connected with that
place, that to his mind that station had been managed
altogether. upon erroneous principles. The accounts
were signed, and the orders were given by one indi-
yrdual, and the accounts were paid by the same indi-
vidual by his own cheque ; and the Chester St
Committee knew nothing whatever of the expent_____
going on until it had been incurred. He stated then,
and he stated now, with all respect for Mr. Jones as a
gentleman worthy the respect and entire confidence
of the directors, that the directors themselves required
something like auditors for a check upon them ; and he
therefore thought that it was but right :auditors should
be placed over the accounts at Chester station.
They had appointed a Finance Committee to examine
the accounts before they were passed for payment,
and carried a resolution to the effect that every
cheque shall be signed by a director of the station
and if any order for upwards of £5 be required, it shall
first of all be obtained from the committee, and that the
work be tendered for. He was quite sure this was the
right principle upon which the station ought

governed

He thanked his colleague

matter of

I'ownshend, for the great pains he had taken in the
matter; and he was sure the principle would work
well, in the end, for the company, as they would now
have a control which had never been exercised before at
that place, and it would bring down the enormous cost
of that station to something like a reasonable amount.
His impression was, that the whole of the work could
be done at that station by a private contractor for
_ _

£16,000 or £17,000 ; and he thought a committee
might do it very well for £20,000. That, would reduce
the price of that station very much, and they must not
forget that that station had made a very great hole in
the funds of the company ; for they must always
recollect that, in addition to the ordinary expendi-
ture for management, they had to pay four and
a half per cent. in perpetuity upon £70,000 or
£BO,OOO, the cost of the station. With regard to
their parliamentary proceedings, he would call their
attention briefly to the three matters named. At their
last half-yearly meeting, it was their intention to oppose

',luso to

the Mersey Docks and Barbour Bill, then before pail
meat. What they required in the bill was a cl-
compel the board to invest their surplus revenue for tht
purpose, not of reducing their bonded debt and construct-
ing works ou the Liverpool side of the water without the
authority of parliament, but to complete the works on
the Birkenhead side of the water. It was the interest
of the company to stand on good terms with
pool Dock Board, and they had

no wish to take any
don to the bill; and they withdrew all

£6OO. When he (Mr. Titherington) was in the chair,
two years ago, he would much rather Lave seen the
money divided among the shareholders ; but he was in
duty bound to say that he could not have given that
time, as a man of business, which the office required.
He might say that their chairman was not a man of
business, but a professional man, and to him time was
money, and they could not take that time without giving
him sufficient compensation. He thought it would beb
ungrateful if they allowed that resolution to fall to the
ground without their support.
The Chairman observed that he could not get through
the world if he felt ashamed to say what he felt, and he
had no hesitation in saying that his colleagues were
good enough to tell him that tl
his taking the chair un

le was properly paid for his
trouble. -The question of £4OO was neither here- nor
there ; but he wished to inform the proprietors that he
would not take that chair, and discharge the duti63 of

trouble,

tut not think proper to pay him for his
Ile was strongly inclined to follow his pro-
fession, and give up railway matters altogether. A
salary of £4OO would never land him on the .woolsack,

which every lawyer expected ; and if they did not like
to pay him, they must get somebody else to fill that
chair. The truth was, he would rather not have it. For
the last seventeen weeks the whole of his time had been
taken 'up with the duties of chairman, except when he
fought his election against his friend MI. Williams,
who succeeded in beating him. Unless his. colleagues
had pledged themselves that he was to be paid, he would

Mr. Mill said Mr. Taunton had compared them to
much richer companies, and to compare them with thos'
cited by Mr. Taunton was preposterous. He hail
objection to the £4OO increase ; and he would
what he had before said, that all railways should have a
paid manager—that the board of directors are merely
ornamental. He maintained that business men should
be paid, and not the drones.

The resolution was put to the meeting and carried:
The Chairman stated his obligations on behalf of him-
self and his colleagues who had done their duty well.
lie agreed with M. Mill that the smaller the board was
the better the management. He went on to say that
there wts one question more that he wished to mention,

Mr. Mill said as there were many gentlemen present
who wished to get away, he thought it would be
better to allow it to stand over till after they had ended

the special meeting.
Mr. Johnstone, the secretary, read the notice Ca'

the special meeting.
The Chairman said

there was a summary in th

put 1, WiLll 11,6.0 LV urie proposeu agreement, wawa ne
would read. He then read the summary-, and stated
that he ought to tellthem that a gentleman was appointed
to look at the plant, and the other companies were to
take it on the Ist of January,lB6o, as it was now. He
then proposed the following resolution :

That this "meeting, du4 Co '.vend for such purpose by spe-
cial notice, both hereby ...,„rove and confirm the proposed
agreement, of which a summary has been circulated among
the.proprietors, for the transfer of the Birkenhead Railway
Company to the London and North-Western, Railway Company

and the Great Western Railway Company jointly, and for
other purposes ; and that this meeting doth hereby authorise
the directors to carry the same into effect by any deed or deeds
t 3 be settled by counsel, to which the seal of this company may
be affixed in ratification of the whole or any portion of such

agreement as the directors may think fit. - -
Mr. H. C. Beloe seconded the motion.
Mr. Challoner proposed an amendment, w 1

not seconded

Mr. Dickson said he had made some enquiries, and 11(
found that they would receive too small a dividend or
the property that they were to give away. (Hear, hear.
In the first place the earnings were three per cent., anc

now thf

railways had taken the start theirs had began
to move too. He thought when they were making three
per cent. now, when the docks were made the coal trade