The Sun.
London, England, 1849-04-17 00:00:00

ciary character, it would not have been, until after
the resolution of the 26th October, authorising him
to purchase on account of the company, and it will be
found that about that time he was paying rather more
than Mr. PLEWS'S estimate. Thus we find him, on
the 14th October, paying through Mr. E. BROWNF,.
191 premium for 151. shares ; on the 15th, 191, 191,
and 19i ; same prices on the 16th, and 201. premium
on the 19th and 21st. Again, through Mr. LAW-
RENCE, we find him paying on the 16th and 21st, 20
and 191 premium. Now, as Mr. PLaws's valuation
was 211. ss. 3d. per share, or 19f premium, it will be
seen how very trifling was the amount at issue to a
man of such undoubted wealth as Mr. HUDSON,
whose transactions were of such gigantic
dimensions at that period. Indeed, it would
be of very little consequence in a pecuniary
point of view what the decision might be in that re-
spect. We may, however, ask, did the shareholders
of the York, Newcastle, and Berwick, at that time, sup-
pose that Mr. HUDSON, by occupying the situation as
chairman to their company, had abandoned all private
speculation in railways, or that he was in every tran-
saction to act as their trustee? Was it not notorious
that he bought and sold to a very large amount for every
account day, and that he gained considerable profits by
so doing ? Would not the charge that he was doing so
be looked upon as perfectly absurd, and laughed out
of court, if it had then been brought forward ?
And what has since occurred to alter his position
with regard to the company ? We, therefore, con-
ceive that Mr. HUDSON could not fairly be regarded
as a trustee for the company for any shares pur-
chased, or ordered, prior to the 26th October, 1846.
On the second point we have no hesitation in say-
ing, that if Mr. HUDSON was possessed of those
shares in his own right, and not as trustee
for the company, he was fully justified
in selling at Mr. PLEws's valuations, and not at the
nominal quotations of the day. If he had at that
time gone into the market to purchase—if he had
sent his broker to Mr. PRANCE—the Chairman of the
Committee of Investigation—who was the prin-
cipal jobber in the Great North of England
shares, the prices would speedily have increased be-
yond the estimated value. It is true that PRANCE
would have realised many thousands by the transac-
tion, but the company would have been no
gainers ; indeed, they would have been worse
off than they would have been on the plan adopted
by Mr. HUDSON but for the mistake that occurred.
Mr. HUDSON himself puts this matter in the clearest
light in an answer to Mr. PRANCE :
" Mr. Hudson—Experience has taught me that in at-
tempting to buy any large quantity of good shares, it is
utterly impossible to obtain them without materially ad.
vancing the price. I give an instance :—Last Saturday I
wrote to two brokers in London to purchase Great
North of England shares at about the price of the day ;
the answers I have got are, that they are unable to
make any purchases whatever, though the Stock Ex-
change List' showed sales on that day. I believe, but
for the unfortunate error respecting the 151. shares, the
sum paid to me for my shares would not be more than
5001. above the market value at that time."
Under these circumstances, then, we assert that he
was in every respect fully justified in thus disposing
of these shares, and that nothing in the slightest
degree derogatory to, his character can be asserted.
That so far as anything has been proved against him,
he is still without stain and without reproach.
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