The Sun.
London, England, 1849-05-17 00:00:00

OAKS.

6 to 1 agst Mr. Wreford's Woodlark (Wadastra filly)
6 to 1 agst Mr. Greville's Clarissa
7 to 1 opt Mr. Payne's Glauca—taken
8 to 1 agst Lord Chesterfield's Sister to Arkwright
16 to 1 agst Lord Stanley's Caricature
18 to 1 agst Count Bathyany's Eva—taken
300 even between Escalade and Caricature.

WOOLWICH GARRISON RACES.—WEDNESDAY.
Sweepstakes of 5 soy's. each, 3 ft, and 35 added. Heats,
one mile and a halt; over four hurdles. (5 subs.)
Captain Thomas's Merriman, list 71b ... 4 1 1
Captain f'atten's Campanile, I2st 1 2 2
Mr. Myttnn's Mind-your-oral-business, 125 t... 2 3 dis
Captain Gambier's Shamrock, I Ist 71b 3 4 dr
Captain Ingletield's Butterfly, list 71b dis
Sweepstakes of 5 sovs. each, and 40 added. Two miles.
(5 subs.)

Mr. Greville na Guist, 1031 1116 1
Mr. Ord's Bagatdie, list 111 b

Captain Patten'skampanile, I Ist 111 b ... 3
Mr. Mytton's Mind-pour-own-business, I Ist 111 b ... 4
Sweepstakes of g sovs. each, and 25 added. Heats, once
round and a distance. (5 subs.)
Mr. Greville na Forester, Ilst 111 b ... 2 0 2 1 1
Capt. Inglefield's Caterpillar, Ilst Illb 3 0 1 dis
Capt. Patten's Wooden Wall, 1 Ist 71b 1 3 3 dr
Capt. Fortescue's Miss Myrtle, I lstl Ilb 4 4 dr
The Scurry Stakes of 1 sov. each, and 10 added, half
a mile (4 subs;, were won by Mr. Newton's Rf.dwing,
list 71b, beating Rocket, 11st 71b, and Goojerat, 1 Ist 71b.

NEWSVENDERS' BENEVOLENT AND PROVIDENT IN..
STITIITION.—The tenth annual general meeting of the
members of this institution was held last night at An-
derton's Hotel, Fleet-street, Mr. James Harmer in the
chair. The report stated that, at the last anniversary,
a decayed member of the trade, who was formerly a life
subscriber, was elected as the first pensioner on the
funds. The sum allowed for temporary relief, amount-
ing to 151., bad all been -expended, and the case of one
of the recipients would illustrate the usefulness of the
institution. One of the largest newsvenders in the City,
who had been a liberal contributor to the funds, died a
short time ego, leaving his widow so reduced as to com-
pel her to apply to the committee for temporary relief.
The committee granted her 101. Three members in all
had applied for and obtained relief. The receipts of the
past year amounted to 111/, and the expenditure to
100/., leaving a balance of 11/. in hand. The funded
capital amounted to 1,0001. The donations received
since the report was drawn up amounted to nearly 50/.
The report baying been adopted, the officers for the en-
suing year were elected, and the meeting closed with
the usual compliment to the chairman.
TURNPIKE TOLLS IN Tro METROPOLITAN 80..
ROUORS.—A return obtained by Lord Dudley C. Stuart,
numberM.P.,
hamlets,ambe
th. 34anidn
ns ht
ho we s
metropolitanthe
total I
boboroughs
f toll-gates
amounts and side-
bars
to 160,
scale of
of the tolls levicd at these Camay
°to in
Southwark. A
Fins-
of those whom
which
8146 a
irne s
Ituaraytelebinonteh,e 16 Towerin
appended for the information
concern,

April vlo.—Mr, M. L. Pritchard, a director, of the
a ladWirecdtiorrea
comp.suy.
otofrthoef
April rToghodmens,or,a
the
Acpormi pal
2n6y.
companin And addition to the foregoing there wa:sdt,ibmion.ttthede
to the committee, on the.3d ik statement from Mr.
R. S. Wilkinson, of 'St. Mildred's-court; a
10th Aprilroge• from Mr. Josiah Wilson,' of'Stamford-
hill, both those gentlemen being shareholders. "The
statement of Mr. M. L.. Pritchard," the report proceeds,
"is confined almost exclusively to explanations
respecting the part,he personally bore in • the
transactions had by :the•company in its own shares,
and in the making up of the accounts. for the half.
year ending 31sfJubr, 1848. All 'the other statemeats
consist of allegations of discrepancies in the accounts,'
and of acts of irregularity or impolicy in thetmanage-'
merit of the affairs of the company. The Manchester
statement, clearly drawn up and promptly submitted,
was confided unreservedly to your committees for in.
vestigation, as was also that of Mr. R. S.' Wilkinson.'
This proper and business-like course of the Manchester'
proprietors was not taken by the other parties, Messrs.
Cunliffe, Thomson, Rrogden, and Wilson; they were not;
Content that your committee should investigate, but'
sought each for himself, and in his own way, to conduct,
an investigation into particular allegatiOns or sug-
gestions put forward by him, and so to subordinate
the duly constituted authority of the -committee to
the unauthorised pretensions . of individuals. Your
committee saw no grounds -for, and therefore re•
fused to sanction so unusual
thanmevoedreoess, tenderedprocedure,fle to
con-
ceiving it to be calculated to impede the legitimate
course of the inquiry ;they,
those gentlemen their distinct rindertaking and assur-
ance that any statement they plight put in would re-
ceive full investigation; and at length, after much dis-
cussion, hesitation, and delay, they placed their respec-
tive statements in the hands of your committee. Your
committee state these circumstances in order that you
nt
ha beml e di
oto thisja drgeevoefe'
tt;hiet
sproprietyetoefd the
ecrowuirssee,
tmakayenbheye
they consider that they would have- essentially, failed
their obligations towards you by a ' practical
transfer to others of the execution of duties ,which
you',had appointed them to perform; they, moreover
felt it to be their duty, as far as it lay with them, to do
so, not only to prevent the inquiry from being subjected
to needless embarrassment, but also to keep it free
from the injurious action of personal prejudice; and
that your committee are justified in fearing that
such would have been. the effect of their com-
pliance with the requisitions made to them, it is only
,ndeiesessesnatriye-nto d
ipororemiconticot..:.:cs:ue,
intrusion
Ittivraaiurstsycidto:nifebtwyiiheth gentlemenatt 0
rincneoyws
iechomypoaunryc,
owinemrciltatthneuedes
believeaassisted
tob promoters
be uf unprecedented in the history of similar in-
vestigations."

TILE INVESTMENT ACCOUNT. •
Somo extremely injurious reports were circulated pre-
vious to the last half-yearly meeting respecting the man-
ner in which the following resolution of the board of di-
rectors, dated 26th Oct., 1847,,had been carried out, viz.:
--" Resolved--That a sum of money beinvested either in
the paid- up stock or the No. 4 shares of the South-Eastern
Railway, at the discretion of the finance committee, to
meet the accounts sent in by J. P. Fearon, Fearn and
Clabon, and Robt. M. Stephenson." The amount claimed
was by Fearon and Clabon 116:463/. 63. 10d., and by R.
Stephenson 20,8391. 53. 2d., or in the total 137,302/. 12s.
On the 25th May, 1848, the board of directors passed
the following resolntion:—" That the shares purchased
under the resolution of the board of the 26th Oct., 1847,
be sold and converted in No. 2 and. No. 3 shares." At
this date the investment consisted of 430 old shares, 469
No. 1 shares, 101 No. 3 shares, and 6,346 No. 4 shale?.
With the exception of " the old shares the whole of the
above yet remain on hand,- notwithstanding the order
made by the board for the sale, and, say the committee
of investigation, "instead of the intention of that order
being carried into effect, which appears to have been
merely to vary the description of stock, the investment
was very largely increased; for although No. 2 and'No. 3
shares were brought under its authority, none of the
shares previously purchased were sold, excepting the old
shares referred to.

"Reckoning the dividends and interest on shares at
7,681 L to
ls t3ll. e
4d c. o, m
equalpa) r from t
oaboutthis invest-
ment4i
pe
the rate declared at the last half-yearly meeting, the an-
nual income derivablebe
r
cent. per annum. The committee state that a list of the
transferors of the registered shares have been laid before
your committee, from which it does not appear that such
shares were bought of persons, having any official con-
nexion with the company. And the committee further
state there appears no reason for doubting that the in-
vestment was intended by the directors to be bona fide
for the object declared in the resolution of October, 1847,
nevertheless, your committee disapprove of the measure
itself upon the general principle of the inexpediency of
public company entering the market as a purchaser of
its own stock.
"But having regard to the actual transactions which
took place subsequently to the resolution of Dray, 1848,
under cover of its authority, your committee cannot too
strongly condemn the utter disregard exhibited of the
recorded order of the board of directors. _ _

_
sold, but further large purcbasee, to the extent of " Not only were the shares orderJ. to be sold not
dou-
bling the amount of the original investment, were made
crosm as pa
a nmy, sometimesemot firmin his o
of the very description of stock directed to be sold, the
acting broker being Mr. M. L. Pritchard, the deputy-
e i iim aof
sonit the
times fnseparate
character, Pritch-
ard and Dale."

CONSOLS, EXCHEQUER•BILLS, AND LOANS ACCOUNT.
One of the most serious charges against the chairman
of the company and some of his co!kagues was an al-
leged improper series of transactions with the company's
money, in Consols and Exchequer-bills.
It appears from their committee's report that the
transactions under these heads originated in the neces-
sity for making provision for the Parliamentary deposits,
and commenced with the purchase of Exchequer-bills
and Consols by the company, "October, 1845. The report
states that—

"The total expense attending these loan transactions,
by way of interest, commission, and continuation charge;
does not readily appear on reference to the books, the
items being for the most part mixed up in the general
interest account of the company; but from the examina-
tion made by the committee, with a view to ascertain the
point, it appears, after allowing for interest on Ex-
chequer-bills and dividends on Consols, to amount to
13,0001., or thereabouts. The average purchase price of
the Consols was 98 3-16, and the average sale price 85,
resulting in a less of 13,1624 10s." The report proceeds:
" The most important result of the investigation of this
particular account is, that your committee aro enabled
to report that the proceeds of the Parliamentary deposits
and of tho several investments made in connexion with
them, are satisfactorily accounted for in the books of the
company; at the same time they cannot but express
their regret that the transactions were not entered in a
more clear and explicit manner in the books; had that
been done the questions which have been raised in rela-
tion to them could never hale existed." A detailed re-
port of the accountants of the examination made by them
of this account is given in the appendix.

LOAN OF 15,0601. TO MESSRS. W. SCOTT AND SON.
Another strong charge against the chairman of the
company was an alleged improper loan of 15,000/. to the
above-named gentlemen. The committee state that the
allegation that the money was lent in an irregular man-
ner, and the more serious imputation that it was cor-
ruptly made use of for the private purposes of the chair-
man, are completely negatived, nothing having occurred
in connexion with the transaction inconsistent with per-
feet integrity on all sides, and the ordinary made of con-
ducting business.
THEENCDHINAGROJEANO.F37IEB4s9u3:
In reference to the items of which this OF 14,879/. 3s. TO THE DEBIT
OF PROFIT AND LOSS ACCOUNT FOR THE lIALF.YEAR
amount is cora-
-1

land: ... 1,300 0 0:
On other matters ... 7,000 0 0
£20,000 0 0
-leaving the sum of 11,9011. 15s. 2d. to represent the
amount of the professional charge for business done
during a period of two years and two months. The com-
mittee state that in reference to the question of taxation
they find that the bills have not been taxed, but that the
charges have been made upon the same principle and
scale of charge, maintained on the taxation. of the for-
mer solicitors' bills, and that it is satisfactory to know
that the large amount of costs incurred on the taxation
and arbitrations referred to—viz., 5,4534 Is., has not
been unproductive of benefit, the proceedings, so far as
they tire terminated, having resulted favourably to the
interests of the company, by eff cting deductions ifrom
various claims to -the extent of no less a sum than
65,9551. 2s. 63.