Northern Times.
Liverpool, Merseyside, England, 1857-08-28 00:00:00

THE GREAT NORTHERN RAILWAY.

The committee of shareholders appointed at the half-
yearly meeting of the coinpany on the 12-1 of March
have issued their report. It is signed by Messrs. C. F.
Giesler, chairman, Wm. Malins, an IE. T. Waters. They
state that they had received every assistance which the offi-
cers of the company had it in their power to give, both as
regarded furnishing accounts and the straightforward man-
ner in which they gave their evidence. These remarks ap-
ply not only to thosa connected with King's-cross, but all
the stations on the line visited by the committee. The
Redpath frauds are reported on by the committee as follows:
—4` First. No committee of directors had any supervision
over this important deportment, nor did they (the direc-
tors) individually or otherwise, examine or cause any
examination to insure that the proper checks were
maintained• Second. When Redpith became registrar,
the whole duties of the office were left to him and his
clerks, without supervision or check of any kind. Third.
The auditors, although they were aware in 1854 that pay-
ments were made not in accordance with the amounts due
on dividends, continued to sign the accounts issued to the
shareholders, declaring them to be correct. Fourth. The
secretary signed warrants for payments for large sums, not
knowing even the amount for which he was issuing those
warrants, and without instituting any examination or check
of any description, nor was the amount upon which divid-
ends were issued ever compared with the authorised capital
upon which they were due. Fifth. As the accountant had
no list of the warrants issued, he only knew the amount
of those which had been paid by the bankers, either by
the pass book or the cancelled warrants returned aftrr
payment." With regard to the balance-sheet for the half-
year ending December 31, 1856, the committee state they
believe that it exhibits a sound financial position, that the
large amount of cash in hand bearing interest will be
viewed with setisfection, that the debts of the company
are good, and that the over payments of dividend, amount-
ing to £9,362 are to be written off. As a general rule the
committee are of opinion that on all completed lines the
capital account should be closed, awl every expenditure on
those lines should be borte by revenue. The committee
consider that the passenger tr iffic is well manag-d un the
Great Northern, and that the fares are as good as on other
lines, and generally sufficient, In conclusion, the commit-
tee recommend "that the shareholders should require a
proper supervision on the part of the directors, not frr the
purpose of meddling interference, but that the beard may
be enabled to understand the business of the railway, and
prevent abuses, or correct any that may exist 48. Consid-
ering the voluminous accounts, monthly balances woul be
advisable. 49. Friendly relations with other lines should
be kept up, and where convenient, working agreements
made, but only on equal terms. 50. Guarantees of every
kind should leo avoided, experience having shown that we
have lost by all we have given. 51. That the general
capital account be closed as soon as possible. 52. By
carrying out these views—careful attention on the part of
the directors, proper economy and avoidance for the future
of such mistakes as have been already committed, and for
which we must pay the penalty—your property ought not
to be inferior to any of the metropolitan lines. If year
committee have not been able to give SO much information
as may have been expected and desired, yet if they can
only succeed in rousing shareholders to look more to their
own interests, and nut trust implicitly to others, they will
consider their labours have not been without value."