The Sun.
London, England, 1849-05-19 00:00:00

public and, if possible, to appear to take the lead. And
accordingly, although quiet enough 'in former years,
now that Mr. Hudson has been " found out," the Times
rushes forward to prove with all possible zeal, that he is
littlo better than a common swindler. It is scarcely
pcssible to believe that the Times was not aware of the
emptiness of its own accusations. Let us quote a pas-
sage or two:—

-"Even on points of comparative insignificance there
are unnecessary contradictions. He says in one place
that he had no shares in the Eastern Counties Railway,
and no interest in it whatever, before he took the office
of chairman. He afterwards says that he has neither
bought nor sold, that ho is a sufferer to a large amount,
and that he holds the same stock that he d►d when he

first joined the company. A discrepancy so great and
so obvious can only be ascribed to a slovenly habit of
memory or expression."
This " discrepancy," which the Times calls" so great
and so obvious,". is no discrepancy at all. Mr. Hudion
says, and doubtless says truly, that he had no interest
in the Eastern Counties Railway until the shareholders
requested him, and he consented to assume the office of
chairman. Ho also says that he holds now the same
stock which he did when he first joined the company.
Now, there is no discrepancy here. Mr. Hudson,
we understand him to say, occupied with his
Northern railways, did net interfere with the
Eastern Counties Railway at all, until a great majority
of the shareholders requested him. He acceded to their
recpiest, and in order to do so, bought a number of their
shares, which he now holds, and by which- he is a great
loser. Such is his statement, as we understand it, and
we find in it no discrepancy whatever. Again the Times
says:—
He justifies his sudden advance of the dividend from
3s. oa the half-3 ear before he took the direction to 9s.
on the half-year during which he took it, by the fact,
as he states it, that the gross income of the latter half-
year showed an improvement of near 60,0001. But at
the time the dividend was fixed that improvement had
nut yet been ascertained, inasmuch as the half-year was
not ended."

This is a second fallacy. For as the weekly re-
turns are published in all the newspapers, it is easy
for any man, and still more easy for a director,
to ascertain what rate of increase is going on, and
what may probably be afforded as a dividend : and this
even before the half year has closed. Mr. Hudson,
therefore, might easily be able to say, " The increase
for the half year is 60,0001.," even before the last week
was ascertained. The Times in this, as in its other
charges, goes clearly beyond the truth. On the whole,
our opinion is that Mr. Hudson, ridiculously overrated
four ears since, is quite as absurdly underrated and
assailed now. More was expected from him than mortal
man could perform, and he has failed in rerforming it.
But the real truth is, that the nostrums of 1846 have
failed, quite as disgracefully as the nostrums of 1845 ;
and now the advocates of free trade, having no defence
to offer on their own part, are very happy to be able to
divert the public attention by attacking Mr. Hudson.
POST.—We were not among thoso who grovelled
before the prosperity and golden opinions which once
surrounded Mr. Hudson, the Railway King ; neither
shall we be among those who seek to trample upon him,
w turned n
commentse d against
which,hiso
Woeo
fortuneto observeh
as
the
out of individual jealousy or party spite, have been made
nhavethat beent hdisgustedtide o f
upon his speech in the House of Commons on Thurs-
day evening. The impression made upon the House—
not upon one party in it, but upon the House generally,
regarding Mr. Hudson was most favourable. Not that
Mr. Hudson has exonerated' himself from blame—not
that it can be disputed that, under cover of his name,
a certain aspect was given to the concerns of the
Eastern Counties Company which the facts of the case
did not warrant, but he showed that no peculiar delin-
quency attuched to him—that he had made no private
profit of his connexion with the company, and what
was done was the act of the dircctien, and not his

individual act. That the conduct of Mr. Hudson has
been regarded with a certain animus—with a bitterness
of hostility arising from something else than merely the
mismanagement of railway affairs, appears in this—
other managers who have done as he has done in the
Eastern Counties concern have not only not been pur-
rued with obloquy, but they have been thanked and ap-
plauded One of our contemporaries took notice the
other day that a member of the investigating committee
which so strongly blamed Mr. Hudson is vice-chairman
of another company which has charged to capital the
very same items which the Eastern Counties are so
blamed for having charged to capital. And but the day
before yesterday a meeting was held of a company
which an investigating committee accused of having,
like the Eastern Counties company, placed
heavy charges to the capital account which ought to
have gone against the revenue account. Instead of
censuring the chairman and hooting him from his seat,
this company, more careful of their property, approved
of what bad been done! This is the mercantile justice
of London. One man shall be the mark of obloquy
and another of applause, both of whose modes of con-
ducting business are the same! The Times, in its eager-
ness to find fault with Mr. Hudson, stumbles into
downright stupidity. It states, regarding Mr. Hudson's
speech, that—
" He says, in one place, that he had no shares is the
Eastern Counties Railway, and no interest in it what-
ever, before he took the office of chairman. He after-
wards says that he has neither bought nor sold, that he
is a sufferer to a large amount, and that he holds the
same stock he did when he first joined the company. A
discrepancy so great and so obvious can only be ascribed
to a slovenly habit of memory or expression?'
There is no discrepancy at all. Th 3 slovenliness and
inattention are on the part of the cotnicentator. It ap-
pears from Mr. Hudson's statement that he held no shares
previously to his connexion with the company as chair-
man. Ile then bought stock, which it was necessary
for him to do as a qualification—he paid for it a higher
rate than the stock has ever been at since, and what be
then bought he still holds. That is his statement, which
he says the registers of the company will confirm, and he
adduces this as proof that he has not trafficked in
the stock of the company, and that from the trans-
actions of the company ho has made no private
profit. So far as we know of these matters we think it im-
possible to deny that the Eastern Counties Railway and
other railways have been managed with a combination
of looseness and boldness which deserves grave censure,
and which has produced great calamity to a very largo
portion of the public that had confidence not only in the
integrity but in the accuracy of management of those at
the head of railway concerns. But the fault we:conceive
to have been general, if not universal, and the singling
out of Mr. Hudson as the one great victim to suffer odium
for the faults of this most faulty system, is an instance
of that sort of gross injustice which the public is some-
times led into by a general feeling of vexation and dis-
appointment.

THE JOB AND POST-MASTERS, &c-
PROVIDENT FUND.
The sixth anniversary of this institution was celebrated
last evening, at the London Tavern, when about 260
gentlemen sat down to a most excellent and sumptuous
entertainment, provided by Messrs. Bathe and Breach,
the renowned caterers at that establishment.
Lord MARCH, M.P., in the absence of his Noble
Father, the Duke of Richmond, who was prevented
attending from indisposition, presided; and he was sup-
ported by the Hon. P. S. Pierpoint, the founder of the
institution, Captain Somerset, the lion. Mr. Grimstene,
Count Bathyany, Mr. Higgins, G. J. G. Murdoch, Esq.;
Brice Pears(' Esq.; F. &on; Esq.
'The " Health of the Queen," and the other loyal and
patriotic toasts, were received with much applause.
The CHAIRMAN proposed the toast of the evening—
" Prosperity to the Fund," and expressed his un-
feigned satisfaction at having had the honour
of presiding over such a numerous and influential
assemblage. Ile regretted that the Duke of
Richmond was not present to take the chair, who
was prevented attending owing to a severe attack of rheu-
matism, which rendered him unable to leave his bed.
They all knew that he was not in the habit of bolting
or running away from his engagements —(Leughter)-e
and he could assure them that nothing but severe indis-
position would have kept him away.—(hear, hear.)
He had the interest of the society very much at heart,
and would on any occasion, he was sure, do all in his
power to promote its welfare.—ZLoud cheers.) He
(Lord March) had great pleasure in observing that the
funds were in a prosperous state ; the money invested
was upwards of B,OOOL, and the number of members was
increasing. The society was rapidly progressing in po-
pularity, and had only to be more known to be more ap-
preciated. He believed its object was intrinsically good,
and that it would receive the support which it justly
merited.—(Cheers.)
The toast was drank with great applause.
The Honourable Mr. PIERREPOINT proposed the
health of the Chairman. lie was confident no one in
the room had heard of the Duke of Richmond's illness
without the most deep and sincere regret—(Hear, hear)
—and if anything could tend to diminish that regret,
it was the able and amiable way in which his son had
tilled his place.—(Cheers.)
It was drunk with three times three, and great ap-
plause.
The CHAIRMAN briefly returned thanks, stating that
he should on all occasions be ready to co-operate in pro-
moting the welfare of the society. One of the oldest
friends he possessed was Mr. Tattersall, the treasurer,
and he had the pleasure of being acquainted with one of
the most magnificent and most liberal benefactors which
any society could almost have at the head of it—he
meant the Hon. Mr. Pierrepoint.—(Cheers.) Neither
of those gentlemen he was satisfied would take such an
active part in the society unless they were fully satisfied
of its benevolence and its usefulness.—(Cheers.)
"The Health of Mr. Pierrepoint, the Vice-President,
and Patrons of the Institution;" " Mr. Tattersall, the
Treasurer, and the other Directors and Officers," toge-
ther with " The Stewards," were then drunk with much
enthusiasm, thanks being returned by each of the gen-
tlemen so honoured.
The Hon. Mr. PIERREPOINT proposed the health of
the young Earl of StrW:hmore, the chairman elect. He
was of high rank anerunblemished character, and was
of a sporting propensity, which was no small feature in
his merits.—(Cheers.) He was but young on the turf,
but most sincerely did be hope that it would be full
half a century before he was placed under the turf.
also
The toast was drunk with much applause, as was also
the health of the ladies.
eveTnhinegseacmreotuarnyteadnntoou4nocoadl.
from Mr. Vernon.
and glees were sung
Several excellent songs, ballads, ,
ncis Young,
by Messrs. Hobbs, officiated dd
and Prank Bo a.
suh stcwr iepnttiyo n s
guineaso the
master. , that
including the
Mr. Harker ably in his capacity of toast-

CoLosssum.—The Duchess of Suthaerrtl.a,nadn,dDpaurktye,
and Duchess of Argyll, Lady Mary Howard, Sir Thomas
Howard, Countess of Carlisle, Lord and Lsdy Blantyre,
Duke and Duchess of Montrose and family, Earl of
yienrtelecrtanhedcp.yaroitcyr,smSi;
oAunTdrueewsdCayorlhaeatt: B