The Sun.
London, England, 1849-04-12 00:00:00

Mr. CLOSES Examination resumed.

Mr. Love—Who gave you authority to pay the sum
of 16,662/. 13i. on the sth of April last to Mr. Hudson,
and on what account was that sum paid?—l took my
directions from Mr. lludson, and gave a cheque of the
directors for the amount. It W 33 paid to Mr. Ilutkon's
private account at the York Union Bank, viz., 16,562/.
103. eu the sth of April, and 1001. on the 12th of May ;
I understood it to be for Mr. Satterthwaite's shares.

Mr. Love—Are you aware that Mr. Hudson pur-
chased these shares when in Londt.n, and paid for
them there; and, if so, are you certain that the order
to pay the sum of 16,6621 lOs. was given verbally or by
letter?—Mr. Huda in gave we orders verbally, I am
certain of that.

Mr. Love—And did you, in accordance with such
orders, so enter the purchase in the books of the com-
pany ? —Yes ; it was on such verbal order that I did so
enter it.

Mr. Prance—Produce to this committee all the cor-
respondence between you and Mr. Satterthwaite on this
subject.—l produce copies of my letters to Mr. Satter-
thwaite, and his original letters in reply thereto.
The following is a copy of the correspondence thus
exhibited:—

" Sir,—Mr. Iludgon urchased through
e3b.o.
u242,5018G49r
North of England 301. sharesp eat
may I trouble you to send
d in March last or in April;
m
receipt for the amount of pureehsea sale note, and also a
neces-
sary to have formal receipts foa.
r the committee which
It becomes
are about to investigate this account ex
n
'•I am, sir, your obedient servant,t week.
(Signed) ~ jouN
" To C. Satterthwaite, Esq., 38, Throg ra
or t
0C
CLOSE.
n-street."
3IR. SATTERTHWAITE'S REPLY.
" London, Feb. 26, 1849.
" Sir,—Yours to hand, I did not make the usual notes of
sale as in the case where I obtained a commission,
having treated Mr. Hudson merely as a dealer in the
transaction. I think Mr. Hudson will have a note in his
posses,ien, which will be all you requirh e.
me to give you
" In requesting a receipt, do you wis
a stamped receipt.
Mr. Hudson gave me his own cheque for the amount,
and I thindk he 'Air' find a note from me acknowledging
the same.—Yours truly,
(Signed) C. SATTERTHWAITE.
" John Close, Esq."
JOHN CLOSE TO C. SATTERTHWAITE.
" February 28, 1849.
" Sir,—ln reply to your letter of the 26th inst., I shall
be obliged by your giving,me a receipt on a stamp for
the 16,3621. 103. paid to you by Mr. Uudion for Great
North of England shares.
" I beg to enclose a 103. stamp.
" Apologizing for this trouble, I am, Sir, yours very
obediently,
(Signs d) " JOHN CLOSE.
To C. Satter(hwaite, Esq., Stock Exchange, London."
C. SATTERTHWAITE'S REPLY.
" London, March 1, 1849.
" Sir,—Yours to hand yesterday, with stamp: the

amount I received from Mr. Hudson v.•as 16,5001, bßing-
-16,5001. for shares, 1001. for stamp.—Yours truly,
(Signed) " U. SATTERTIIIVA:TF...

" John Close, aq."'
Joint Exitnination of JAMES RICHARDSON and li-Zony.,RT

D.sVIES, two of the direcors of this company.
Mr. Prance—Dii you gentlemen sign en the 27th
October, 1846, a argue for 81,100/.; and also one on
the 27th November, 1816, for 50,7671. Os. 33.; and are
these the cheques now produced?—We signed the
cheques now produced, but on what particular day we
cannot charge our memories.
Mr. Prance—What authori;y had you to sign them?—
We signed them as directors of the company.
Mr. Prance—For what purposes were such payments
made?—For the payment of purchase of Great North of
Englani shares, as expressA in the cheques.
Mr. Prance—Are there any minutes of the board of
directors giving you such authority on setting forth the
purposes of payment 7—We have reason to believe that
no such minute was made.

Mr. Prance—Are you not aware that clause 98 of the
Companies Clauses Consolidation Act specially enacts
that the •" directors shall cause notes, minutes, or copies,
as the case may require, of all appointments made, or
contracts entered into, by the directors, to be duly en-
tered in books to be from time to time provided for the
purpose ;" and was it nut your especial duty, as mem-
bers of the legal profession, to see that this enactment
should have been observed ?—ln signing those cheques
we considered we were performing a ministerial act, in
carrying out the previous understanding of the board,
and that the clause referred to did not apply to the case.
Mr. Love—What previous understanding do you re.
fer to ?—To an understanding that had been come to by
the board immediately after the general meeting, that
the chairman should have the entire management of the
purchase of these shares.
Mr. Prance—ls there any record or evidence in the
books of the company of such understanding ?—On
referring to the minute-book we do not find any such
entry.
Mr. Love—What do you mean by a ministerial act ;
you, yourselves, as directors, representing the executive
body 7—When we signed those cheques we considered we
were merely carrying out the previously expressed de-
termination of the board.

Mr. Love—What security have the company against
the improper payments of money, if you sign a cheque
without having first ascertained for what, and on whose
authority, it has been paid?—We are apprized by the
secretary, Mr. Close, that shares had been obtained for
the company to that amount.
Mr. Clayton—Was there any reason for not recording
the understanding or determination of the directors to
which you have referred?—The reason was, it was
thought advantageous that the shares should be obtained
as quietly as possible, because if it were known that the
company were purchasers, the shares would be more dif-
ficult to obtain.

Mr. Clayton—Were you aware that any of these shares
were purchased for the c )mpany of Mr. Hudson himself ?
—We were not.

Mr. Prance—Referring you to your answer-to Mr.
Love's last question, do you consider that the assertion
of the secretary—that shares had been obtained; by
the company to that amount—was sufficient evidence of
the fact to justify your signing a cheque for 81,100/.?—
We did.

Mr. Love—When did you first become acquainted.
with the fact that Mr. Hudson had been a large seller of
the Great North of England shares to this company?—
When he himself stated it at the last half:yearly meeting.

Mr. FLEWS Re•examined.

Mr. Love—Are not the calculations in your paper
simply a comparison of values?—They are a comparison
of values, assuming the prices in the London market of
the day as the standard.
Have you ever furnished this company with more
staiements of comparative value than one?—Never.

Mr. Clayton—ln making a statement of comparative
value, did you ascertain separately the value of each
description of share to a party investing money at 5 per
cent.?—l did.

Mr. Love—Were you aware of the extent of Mr.
Allhasen's sale to the company Y—l was not; I may as
well save trouble at once by avowing that until the 12th
of February last, when I came to York, I never saw a
single account of the purchase of Great North of Eng-
land shares by the company, but I kept a regular account
as chairman of the Great North of England Company
of the shares as transferred.

Sir JouN SlmPson, one of the Directors, Examined.
Mr. Clayton—Were you present at the meeting of the
board of directors previous to the general meeting of the
company on the 20th of February last?—l was.
Mr. Clayton—Did anything pass in your hearing be-
tween Mr. Hudson and Mr. Close with respect to the
15/. shares of the Great North of England Company?
—I heard Mr. Hudson say to Mr. Close, " I am sure, or
I am satisfied, there is something wrong in these
151. shares; we mnst look into it after the meeting."
Mr. Love—Were you aware at that time that Mr.
Hudson had been a large seller of Great North of Eng-
land shares to this company?—Not at all.
Mr. Love—When did you become aware of this fact?
—Not until the last half•yearly general meeting.
MR. HUDSON'S Re-examination resumed.
Mr. Clayton—ln your previous evidence you have
stated that the prices shown to you by Mr. Close, as es-
timated by Mr. Plews applicable to the 151. shares,
was 241. 3s. Gd.; on looking at the statement of value
prepared by Mr. Plews, do you find that to be the case?
—No, I find that Mr. Close was i❑ error, and that the
prices ou4ht to have been 211. ss. 3d. per share.
Mr. Prance—What was your inducement to select the
15/. Great North of England shares in which to invest
the company's funds, when even from Mr. Plews's own
calculation, apart from the error you attribute to Mr.
Close, they left so small a profit in comparison with the
1001, 401., and 30L shares?—My plan was this, to take
the value of the 1001. shares, and to buy the others in
proportion.

Mr. Pratice—You assign the date of the 27th October,
1846, as that or your purchase for the company of Great
North of England shares. How could any investment
have taken place at this date, when the first call on the
Great North of England purchase shares did not occur
until the 25th November, and the money having to be
paid in various parts of the kingdom, could not actually
be in the company's treasury until early in December?—
There was no difficulty about that; the York Union Bank
advanced the money.
Mr. Prance—You stated, in answer to a former ques-
tion of mine, why you bought shares for yourself, instead
of the company, that you had no authority at that time
to purchase for them. Then why did you not defer the
purchase until you had obtained that authority?—l did
defer purchasing fur the company until I had that
authority.
Mr. Prance—And do you not consider another evil re-
sulted to the company from having purchased the shares
first on your own account, as, by the purchase of so many,
you thereby raised the market value of all future pur-
chases of Great North of England shares by the York,
Newcastle, and Berwick Company to their prejudice?—
No doubt it world have that ieffect for a time, but the
effect would gradually subside, the amount 130,0001.
being small in comparison with the whole amount of
Great North of England stock, viz., 3i millions.
Mr. Prance—You have stated to this committee that,
on Monday, the 19th of February last, a doubt was for
the first time entertained by you, that the average price
of the 151. shares sold by you to the company was too
high. How can you reconcile this with a speech you
made at the half-yearly meeting on the 20th February,
and thus reported in the public prints: "The chairman
said he might have gme wrong in the early stage of
these proceedings, but, if he had made an error in this
instance, he had teen right in many others. He had
never directed his attention to this particular traus-
action"?—l don't recollect using those expressions; in-
deed, I deny having done so.
Ur. Love—How many of the 159,000 Great North of
England Purchase shares are unissued?-15,061. That
number is over and above the number allotted to each
registered shareholder, and the shares are still retained
in the coffers of the company for their benefit.
FRIDAY, MARKI 16.
Mr. CLOSE'S Re-examination resumed.

Mr. Love—Why did you, in your letter to him of the
28th Februlry, ask Mr. Satterthwaite for a receipt for
16,5621. 10s., the sum appearing in the books to have
been paid being 16,6621. 103.7—1 asked him for the re
ceipt for the shares, but not for the 1004 charged for
stamps. I thought the committee would not require a
receipt for the stamps.
Mr. Love—By the word shares you mean the whole of
Mr. Satterthwaite's account in the books, exclusive of
the 1001. for sta►nps?—Yes.
Mr. Prance—Have you, at any time since the passing
of the Act of the Great North o' England Purchase, viz.,
the 27th of July, 1846, received from any parties offers
of Great North of Engl Ind shares, which offers you
have not accepted?—l should like to refer to my corre-
spondence before answering this question.
(See Appendix, No. 4.)
Mr. PLEws Re-exlmined.

Mr. Prance—Do you think that the calculations which
have been exhibited as yours have any other import than
to determine which class of shares left the greatest profit
if bought at the then assumed market price?—The state-
ment shows a separate calculation of each description 01
shares, as well as pointing out which class of shares it
was then most advantageous to buy.
Mr. Prance—Then, taken per se, would not the result
be that the 30/. shares were the most desirable to have
selected for investment, and flap 151. shares the least, at
the price of 2 I/. ?—Yes.
Mr. Prance—Should it hereafter appear to us, in the
execution of our duty as a committee of investigation,
that we ought to trace in the books of the Great North
of England Company the; succession of transfer of cer-
ta;.n certificate numbers, would you, as director of both
companies, indulge us with the permission so to do by
giving us access to the transfer book of the Great North
asklea
(sst
et
the
ebAjoepcpt
adviceri nd
ioxtfo
hdoeo,
35500,1;ifeoibrtuoatr,81
esttoitteutrhasetuecbdos
of England Company ?—lndividaally I have not the
N
to the committee by Mr. Plews.)
meTa sualennyat
in;
handed
I must

SATURDAY, MARCH 17.
Examination of Mr. CHARLES 'FEE and Mr. NICHOLAS
WOOD, two of the Directors of this Company.
Mr. Prance—Were you cognizant of Mr. Hudson's
sale of Great North of England shares to this company ?
—No.

awareheeto the
t thhheo
eff 0 i it v
e?t
sh—t
e_
Mr. Prance—When did youhtbetchoemseu
y genaersatl instructions
been given by Mr. Iludion by the board
w mil eli. ypor ua ,n
ce Mr.__ IL: rt aanncye ,t
ibmr on uhcra 4 a n
meeting on the 20th of February.
ment of the money called on the Great No
of Eng-
land purchased shares ?—Thero was a general
En
ralunder-
standing by the board that Great North
shares should be purchased, and that as discreetly
a
possible, and that Mr. lludson alone had the sanction ofs
the board to purchase them.
Mr. Prance—Do you wish to offer anything by way
of explanation why this instruction to Mr. Hudson never
appears on the, minutes of the board?—lt would have

neutralized cur intentions, by defeating our object of
secrecy.
Mr. Lore—Are you not neeere to :t the directors are
required by Act of Perlia meat to valise notes, minutes,
or copies of contracts entered into by the directors, and
all orders and proceedings of the directors and commit-
tees of directors, to be duly entered in books, to be from
time to time provided for the purpose, which shall he
kept under the superintendence of the directors?—We
are quite aware of this clause, and are quite aware, in
general practice, cannot be rpplied in strictness, and that
directors are very often obliged to exercise their discre-
tion independent of the Act of Parliatnent.
Mr. Prance—ln what cowist3, in this particular in-
stance, the difficulty of literally complying with the 92d
clause of the Special Act of the Newcastle and Darling-
ton Company?—lt would have defeated the object we
had in view; the object being to save the money of the
shareholders.
Mr. Clayton—Did you think by recording the minute
greater publicity would be given to it?_Certainly.
Mr. Clayton—And did you deem publicity undesir-
able?—.Unquestionably.
Mr. Clayton—Was it your opinion that the entry of
the minute of the proceedings would tend to give it pub-
licity?—We think it would have that tendency.
Mr. Love—Did the directors at any time require from
Mr. Hudson particulars of the purchases he had made of
Great North of England shares on behalf of this com-
pany?—We never inquired.
Mr. Love—Did you examine the statement of Great
Nirrth of England Purchase Account to 25th January,
1849; as exhibited at the general meeting of proprietors
on the 20th February, 1849?—Not minutely.
Mr. Love—Did the auditors submit that statement to
the directors, at a meeting of their !nerd, for their sanc-
tion prior to publication?--We are not aware whether
they did or did not.
Mr. Love—Were you present at a meeting of the
board on the 13th February, 1849? Mr. Tee—l was.
Mr. Wood—l was not.
Mr.. Love—Did not the auditors on that occasion ex-
hibit the statement of Great North of England Purchase
account, above referred to, for the approval of the di-
rectors prior to publication? Mr. Tee—Not in my
presence.

Mr. Love—Then you cannot say you gave your ap-
proval to the average prices of the shares as there stated
being inserted in that publication?;--Mr. Tee—No.
Mr. CLOSE Re-examined.:
Mr. Prance—Have you a rough minute book besides
the one nuw exhibited?—l have no other minute book
except the committee of management book.
Mr. Love—ls there in the committee of management
minute book any record of the proceedings of the whole
body of directors ?—No.
Mr. Love—ls there a record of the board of directors
which met on the 13th February, 1849?—Yes; the paper
I now produce.

(copied from the original, by Mr. Clayton, so far as re-
late& to the Great North of England Purchase Ac-
count.)

" YORK,FEB. 13, 1849.

" G. 11. in the chair.—R. Davies, James Richardson,
N. Plews, C. Tea, J. Simpson. That this statement be
approved.
" Money.—Plews issue a circular at 41. per cent. Offer
4 per cent. for three or five years.
G. N. E. Purchase Shares.—Parties—from the al-
tered state till nearer the time of completion of pur-
chase 4 per cent. in advance."
Mr. GEonoE HUDSON Re-examined.
Mr. Prance—At a special meeting of the company,
September 14, 1846, you are reported in the Railway
Times, Vol. ix., No. 38, September 19, 1846, to have
used these words :—" The chairman next said that he
had not purchased a single share either in the Great
North of England or the Hull and Selby Line, and con-
sequently he had not made a single sixpence by either of
the purchases. He had no interest in the lines except
as the trustee for the interest of the shareholders over
whom he had the honour to preside, and as a joint-
shareholder with them." Then, if so, how could you so
soon depart from the salutary rule which you had pre-
scribed for yourself, as the measure of your duty, by
placing your own individual interests in competition
with that of the company for which you were trustee?
I hive no recollection of the words which you quote from
the Railway Times. I have already given my reasons
why I felt justified in the course I took.
Mr. Pralee—The first call on the Great North of
England Purchase shares became due 25th November,
1846, and your purchase for the company being 27th
October, 1846, you informed us that an advance of
money by the York Union Banking Company furnished
you by anticipation with the means of pay ine•" such pur-
chase. What was the necessity for haste? Was the
then market price so low, relative to previous months,
as to make it appear desirable not to endanger losing a
favourable opportunity for investment by investing nearly
100,0001. over and above the proceeds of such call ?—I
thought that the pricos would rise in the market, the com-
pany being purchasers, and I used the best judgment I
could in the matter.
Mr. Love—You said yesterday that 15,061 of the
Great North of England Purchase shares are unissued;
has not the difference in price of those shares been so
great that at one time a loss of nearly:6o,ooo/. would have
been sustained by their sale, and at another time nearly
90,000/. profit would have accred by that operation; why,
therefore, did you not avail yourself of the very favour-
able state of the market to sell them at the latter period
for the benefit of the company, or else why not have ac-
quainted the shareholders, and left it to their discretion?
—To the best of my belief the shareholders were aware
of it; but I.do not think it wise to issue guaranteed share:
of a large interest to a greater extent than is absolutely
necessary.
LLsoohyvaeer----espAboreeeyso,yntodhue
jrnueoilyotrleafvare that these are not gua-
ranteed
as with stock guarante:tdhoe?in—sampi
AArr
aeermpr lt eu
ity apply?— tNo
ostu ct ho
the same extent.

Mr. Love—What amount of call per share has been
made on the shares issued?-8/.
Mr. Love—Does there not remain 17/. per share to call
between the present time and the Ist July, 1850?—There
does.

Mr. Love—Should the calls not be made by the Ist
July, 1850, and the Great North of England
proprietors
require to be paid on that day, what course could you
adopt to pay so large a sum of money on one day without
placing this company in great danger, you not having
made a provision for it?—That is a matter of finance
which I should have taken into consideration at the proper
time. lam not prepared to say at present what course I
may adopt; at all events, the holders of those shares
wou!d be entitled to pay up their calls by 1850, if they
think proper; but in all probability, as the time drew
nearer for the c )mpletion of the purchase, I should have
made arrangements satisfactory to both parties, as to the
calls and as to the payment.
Mr. Clayton—The committee find in some original
contracts of Messrs. Laurence, Cazenove, and Co., a rate
of brokerage is charged lower than the rate charged in
their accounts current; can you account for or explain
this discrepancy?—lt is very
well known by gentlemen
on the Stock Exchange that brokers allow bankers half
commission, and their being allowed in this as in all
other instances, allowed the bank half commission.
Mr. Clayton—To whom have they allowed the half
commission in this particular case?—To the York Union
Bank.

Mr. Love—flow could that apply in Laurence's ease
generally, and more especially in this particular account
current, dated 24th to 28th January inclusive, when all
the original contracts were charged to the company at
the reduced commission charged by other brokers, and
company, when there is a difference in amount between the original
contracts and the account current of 631. 17s. Bd.?—The
charge is not made to the
half commission, as is usual in all these cases, was paid
by me to the bankers. but to me, and the
Mr. Love—Did you give the order as a banker, or as
chairman of this company?—l could not separate the
two capacities.
Mr. Love—Did not your duty to this company.rdnder
?...4
it necessary for you to separate the two cap
aweeiteinesboth.
think I have done fairly in the transaction
between
adopting
Mr. Love—What was your reason
forwin th Laurence
the same favourable terms of commission a
large amount of
shares, as with other brokers through whom you bought
emp l
oyed by the
bank, an
and Co., through whom
bought
a small one.—Laurence and Co. are ,
and I thought it was a fair bankers charge.
Mr. Love Have you any objyou
ection to authorise us to
inspecti the books of the York Union Banking Company,
to see whether the half commission allowed by Messrs.
Laurence and Co., has from time to time since October,
1846, been carried to the credit of the profit and loss ac-
count of the bank?—l do not think it would be consis-
tent with my duty to do so.
Mr. Lore—What have the bank to do with purchases
of shares, as they did not send the orders?—l transacted
that myself, as from the bank.
Mr. Love—Does not the bank charge for payments
made in town, independently of a charge made for com-
mission on shares bought?—No doubt about it.
Mr. Love—Are you aware that Laurence and Co. made
Company in
purchased by
the company, and does not the extract from their books
no
oeir mentionearres
correspondence
n d theen
eYe York p
eUe
tniinogn t
hßea
sharesnking
I now exhibit make it still more clear the bankers are no
parties to the transactions?
(Copy.) ExPracted by Mr. LOVE.
" To Geo. Hudson, Esq., Newby Park.

"Jan. 31, 1849.
" We send to Mr. Close the account of the G. N. E.
shares bought for to-day amounting to 12,1681. Bs. 2d.,
and we shall want an extension of credit at Glyn's.
" To Juhn Close, Esq. " 31st Jan., 1849.

" We inclose the account of the G. N. E. shares
bought for this settlement, and advise the amount to Mr.
Hudson."

Mr. Hudson—l am not aware they do not make any
mention of the bank. I know nothing of the extract
now prcduccd.
Mr. Love—You say Baker and Son treated you as a
banker. Be so good as to look at their contracts; are
they not made out to the York, Newcastle, and Berwick
Company; if so, what have the bankers to do with the
transaction?:—l apprehend if they had been ordered
through the company, full commission would have been
charged.
Mr. Love—How can you account for that, when it is
expressly stated they are bought for the company?—.
was the party in the transaction on behalf of the corn
party.

Mr. PRANCE Examined.

Mr. Love—lt has appeared in evidence before this
committee that in the month of October, 1846, certain
Great North of England 151. shares were transferred
into your name at 191 premium or 211. per share; ought
this price to be taken as a measure of your opinion of
the intrinsic value of the share?—Most assuredly not;
it would, perhaps, have done so in the case of an ordinary
purchaser, but in my case as a dealer it would by no
means have justified such a.conclusion.
Mr. Love—Have the goodness to explain to this com-
mittee in what respect a purchase by a dealer would
differ from that of an ordinary purchaser as a criterion
of his ,opinion?—l will as clearly as I can; though I

I feel it is difficult to do so in a way that shall make it
I easily intelligible to those not conrersant with the mode
lof conducting the busiaess of the Stock Exchange. It
is first necessary to inform this committee that the
membcrs of the Stick Exchange are divided into two
classes, viz , of brokers aid dealers, the former only re-
presenting the public as agents on their behalf.
The broker, on receiving- instructions from his prin-
cipal to buy or sell, addresses himself to the dealer,
and simply mentions the number of shares or
amount of stock in which he has to deal, without
informing him whether he be a buyer or seller; the
dealer then names two prices, at the forintr of which he
will engage to buy, and at the latter to sell the quantity
proposed; in this case, in all probability, the prices
named would have been 21 to 21i. As the brok,r thus
has the option to buy or sell afforded to him, the dealer
clearly could no longer be considered as an optative, he
might, indeed, be a reluctant buyer or seller; clearly,
therefore, a purchase by a dealer could not be taken as
a measure of intrinsic value, but only of the market
value as determined by the proportion of supply, to de-
mand.

Mr. Love—ls it your opinion that the directors of this
company would have exercised a wise discretion in se-
lecting the 151. shares, in which to invest the money
raised by the Great North of England Purchase shares?
—Most assuredly; I think they could not have mad a
better application of their funds if invested at the ordi-
nary average price which had prevailed previous to the
month of Wtober, 1846, and which has subsequently pre-
veiled.

Mr. Love—State to this Committee the grounds on
which you arrive at this conclusion. We invariably find
that shares not paid in full, from their liability to further
calls, are considerably below their relative value as com-
pared with other description of shart s in the same com-
pany, which are paid in full; and in this case, that dis-
proportion would have been further aggravated
by the fact, that as the dividend was nearly
nominal (for two years only one shilling and
sixpence per share) the advantages were prospective,
operating rather as a deferred than a present annuity,
and, while this circumstance would operate with the
public, to make these shares unpopular as an invest-
ment, to the company it would operate as an advantage,
inasmuch as a small instalment only being called, the
same money would have extinguished a larger propor-
tion of the Great North of England stock, and that at
a considerable lower price than the 1001. shares.
Mr. Love—Was this a priori inference subsequently
borne out by fact?—lt was; from July 27, 1846, when
the Great North of England Purchase Act received the
Royal assent, to September 30, the average and nearly
uniform price was 171 premium or 184 per share,
which was, in fact, the price marked on Sept. 30.
Mr. Love—And is it your opinion that any consider-
able number of these shares might have been procured
at about this average price?—l think they might, if the
purchase had been spread over a period of some months,
waiting in fact until the shares came to market.
Mr. Love—Do you remember the state of the market
for Great North of England 151. shares in the month
of October, 1846?-4 remember it well: a sudden rise
took place in them.
Mr. Love—What emotion did this excite on the Stock
Exchange?—At first that of intense surprise: the gene-
ral law I before referred to appeared reversed, and in-
stead of being cheaper, as had always hitherto been the
case with reference to the 100/. shares paid in full, they
suddenly became dearer, and then observing that the
purchasers followed each other, day by day with unusual
rapidity, the emotion of surprise yielded to that of sus-
picion as to the motives of the principals ordering such
purchases.
Mr. Love—Had you any means subsequently of know-
ing into what names, the shares then bought were trans.
ferred ?—I had; the names given on the following settling
days into which the shares were ordered to be transferred
were some Joseph Lawrence, others Philip Cazenove,
and others Richard Nicholson; names we have subse-
quently learnt to identify as trustees for Mr. Hudson.
Mr. Love—The stimulus of such purchases having
ceased, did the shares fall back to their former level?—
By degrees they did. In November and December, 1846,
they receded to an average of 18/. 69. Bd. premium;
January to June, 1847, to 17i premium; August to
December, 1347, to an average of 151. 18s. 6d. premium,
the average of 1848 being 16.fpremium; but a strong fact
is the present price two years and a halflater, within three
months of commencing 10 per cent, dividend, and 15
months of being paid off at 221 premium, the price is
only 19 premium, and the company have recently made
purchases at this price; and, indeed, in every description
of shares the same fact is apparent, that in each the
prices aro lower than the company was charged in 1846.
Mr. Shield—Did not all the other shares of the Great
North of England Railway Company fall in price during
the interval you mention as well as the 151. shares?—
Yes.
Mr. Shield—Did not shares of other railways fall in
price during the interval you mention, as well as the
shares of the Great North of England Railway ?
Having referred to the authorised lists, I exhibit in a
tabular form the relative fluctuations of five descriptions
of shares :

Great North London and York York and
of Great North and North
1846. England. Western. Western. Newcastle. Midland.
Nov. 1....237 per oh. 51 pros. 199 per sh. 18 pros. 96 per sh.
Dec. 1 —.236 „ 45 „ 194 „ 13 „ 92 „

1847.
Jan. 1 ....238 ~
Feb 1 .. • 237 „

48 „ 196 „
39 „ 19334 „

March 1 ..233 35 187—
111 11

April 1.. —231 ~
!Any 1 ....231 „
June 1....230% „
July 1 „
Aug. 1.. —236 „
Sept. 1....230 „
Oet. 1 ....224 „
Nor. 1....217 „
Dec. 1 ....225 „

30 „ 176 „
29 „ 174 „
29 „ 179 „
36 „ 183 „
29 „ 175 „
24 „ 166 „
14 „ 154 „
7 „ 149 „
16 „ 155 „

13ii 9434
1214 „ 9l „
861
9% Si
13 „ 85 „
88
12 „ 85 „
10 „ 77 „
101 „ 72 „
9 „ 70 „
9 ~ 70 PP

1848.
July 31 ..221 „ 3 disc. 12114 „ 7 „ 66 „
Dec. 1 ....223 „ 11 „ 124 „ 33 „ 54 „
Mr. Shield—Does not the tabular statement prove
that the fall in shares of the London and North-Western
the York, Newcastle, and Berwick, and the York and
North Midland Railways, was very much greater in pro
portion than the fall of the shares of the Great North
of England Railway ?—Most certainly yes.
Mr. Love—ls it possible to conceive that the Great
North of England Railway shares could fall in the same
proportion as the otherrail ways referred to, as the one has
a guaranteed dividend of 13 per cent., and the others are

liable to all the fluctuations arising from an uncertain re-
venue, and also from the circumstance of all their capital
accounts remaining unclosed?—As a general principle
I should have inferred such would have been the case,
and the fact justifies the conclusion.
Mr. Shield—From the tabular statement does it not
appear that during the interval before mentioned, Great
Western Shares fell from 51 premium to 11 discount;
Loudon and North-Western from 199 to 124; York,
Newcastle, and Berwick, 18 premium to 3i premium;
York and North Midland from 96 to 54 per share; and
that Great North of England only fell from 237 to 228?
—Of course from a reference to that statement, such
appears to be the case.
Mr. Clayton—On the 25th August, 1846, were the
151. shares sold at 191. per share?—Yes; at 191. per
share, or 17i premium.
Mr. Shield—Did you, between the 16th and 19th Oc-
tober, 1846, purchase fifty 15/. shares at 20 premium, or
21i per share?—Yes, I did.
Mr. Clayton—Would you be so good as to toll me the
average price of the 15/. shares for November, 1846?—
There were but five transactions during the month, the
average being 204 per share. or 194 premium.
Mr. Clayton—Did not an advance take place on the
151. shares upon the passing of the Great North of
Eng-
land Purchase Act, 27th July, 1846?—The price on July
Ist was 11 per share, or 161 premium; and on the 31st,
18i per share, or 17 premium; and this price continued
to prevail during August and September.
TUESDAY, MARCH 20.

Mr. CLOSE'S Re-examination resumed.
Mr. Love—When was the purchase of the shares
bought of Mr. Hudson, amounting to 131,8671.95. 3d. en-
tered in the company's books?—ln the month of January,
1849.
Mr. Love—Never before?—No.

Mr. Love—Was the 131,8671.95. 3d. which was paid
to Mr. Hudson, paid to him on the memorandum you
exhibited to the committee some days ago as the contract
or calculation made of shares sold by Mr. Hudson?—l
had no other document.

Mr. Love—Did you ask the opinion of the directors as
to the propriety of paying the commission charged by
Mr. Hudson?—l did not.

Mr. Love—On what terms do you transact your busi-
ness with the York Union Banking Company, more
immediately in reference to the Groat North of Eng-
land account?—To the 30th June, 1847, the York Union
Banking Company charged us with no commission, and
allowed interest at 21 per cent. Since then, and up to
this time, they have charged commission, and allowed -5
per cent.
Mr. Love—You speak of commission. What com-
mission ? —Usual commission, which I find on refer-
ence to be per cent. on all sums paid by them on
account of the company, whether in York, London, or
elsewhere.
Mr. Love—lf payments are made to the railway com-
pany by them, of bills not having two months to run, do
they debit you as cash for them, or when they become
due?—As cash.
Mr. Love—lf bills be of a longer date, do they allow
discount on them if taken as cash?—They do.
THURSDAY, MARCH 22.
Mr. GEORGE EIUDSON'S Re-examination resumed.

Mr. Love—We have written again to Messrs. Lau-
rence, Cazenove, and Co., a copy of which I have just
read. Their answer by telegraph is, "We wrote last
night to Mr. Hudson." May we ask what excuse they
make for withholding the information of whom you had
bought 200 Great North of England 151. shares, and of
whom, at what price, and when the 342 401. shares
were bought 7—The answer I have received from
theta is, " We cannot very well give up the informa-
tion, as they are both done direct with principals of
our own."
Mr. Love—What are we to understand by both?-
342 40/. shares, and 200 15/. shares, the latter bought
10th October, 1846.
I,lr. Love—Are we to understand all tbe information
respecting the sale by you to the company of 342 4(4
shares is to be withheld?—The information I give is,
they were purchased by me at 551. premium. I have
no means of giving the name of the principal.
Lon
Mr. Shield—ls it not a rule of the city o
don
that a principal can demand the name of a principal?
—I am not aware of it.
Mr. Love—Can you supply us with the date of your
purchase of 342 401. shares?—I cannot; but I would
add that before I became the purchaser of these shares
I bad, neither directly nor indirectly, any interest in
those shares.
Mr. Lore—They appear to have been transferred at
various dates to Mr. Cazenove; we are still to understand
they were bought at one time 7—They were.
Mr. Love—Can you furnish us with any information
as to the parties of whom you bought the remaining
600 shares?--I believe I cannot ; they were l)ought of

848.

various brokers in the country, and they cost me
from 211. to 211. 12; 64. per share for the whole 600.

Mr. PLEws's R3-examination resumed.

Mr. Love—When did you forward to the directors of
the York, Newcastle, and Berwick Re.ilway Company
the calculation previously referred to?—To the scat of
my recollection on the 27th or 28th of October, 1846;
but I have no written record of the matter.
Mr. Shield—You have exhibited to this committee a
calculation in detail of the value of the 151, shares, did
you forward this detailed calculation to the board at

at -York ?—I did not.
Mr. Prance—Did the late Mr. Oxley, in compliance
with a wish expresEei by the board of the York, New-
castle, and Berwick Company furnish, as well as your-
self, a calculation of the value of the several descrip-
tions of Great North of England shares?—We com-
pared the two statements in the boardroom of the
Great North of England Railway; I sent mine to York,
and I have no doubt he sent his also. _ _

Mr. Shield—Your own paper does not contain a de-
tailed calculation of the value of the 351. shares; did Mr.
Oxley's paper contain such a detailel calculation?—l
really cannot say, we compared their) as to the amounts,
but I cannot state whether his contained the detailed
calculation or not.
Mr. CLOSES Re examination resumed.
Mr. Live—Did you write to Messrs. Lawr.lnce, Ceze-
nove, and Co. in the early part of the year 1848 re-
specting tie commission they had charged of ; shares
purchased by them, and suggesting that in lieu thereof
the full commission should be charged ?—I do no t re-
collect having done so.
Mr. Love—Did you at any other period ?—I am eot
aware that I did.

SATURDAY, MARCH 24.
Mr. PETER READ Examined.
Mr. Lore—Are you confidential clerk to Messrs.
Laurence and Co ?—I am.

Mr. Love—Have you Mr. Hudson's consent to answer
any questions respecting the purchase of Great North
of England shares, by Messrs. Laurence and Co., for
Mr. Hudson ?—I understand Mr. Hudson has directed
our house to give every information to the committee our
books may afford.

Mr. Lc-ve —Have you bought, for Mr. Hudson, any
Great North of England shares besides those stated in
the three papers I ❑ow exhibit ?—Yes, we have.
Mr. Love—Be so good as to exhibit them.—The first
purchases are for the 15th October, 1846.

Mr. Love—Be so good as to state what other purchases
were made by Messrs. Laurence and Co., which are not
contained in the papers exhibited.—On the 27th October,
1846, we purchased forty-one 151. shares of Tudor, at
19i premium; on the 29th October, twelve 1001. shares,
at 237, of Mr. Prance; on the 12th November, eight 100/.
shares, at 236, of Faulconer. The whole of these were
bought for the 16th November.

Air. Love—Did you buy any other Great North of
England shares in that year for Mr. Hudson?—Not in
that year.

Mi. Love—When did you next begin to buy Great
North of England shares for Mr. Hudson ?-24th Jan.,

Mr. Love—Does this account current exhibit those
purchases?—They do.
Mr. Lore—On whose account have you entered those
shares in your books?—G. Hudson, G.N.E. Railway

Company.
Mr. Love—When did you write G.N.E. Railway in
that book?—At the time the purchases were made.
Mr. Love—Did you enter it in that manner to sepa-
rate the account from Mr. Hudson's private purchases?

—Yes; tl at was the sole object of it:
Mr. Love—Have you bought any Great North of
England shares, by Mr. Hudson's order, since January,
1848, excepting those of which you have rendered this
company an account?—We have not.
Mr. shield—Did you buy for Mr. Hudson, on the 12th
November, 1846, 342 Great North of England 40/. shares?

—Yes; we did.
Mr. Shield—From whom did you purchase those
shares?—Of a principal.
Mr. Shield—Will you state the name of that principal?
—lt is not customary to reveal the names of principals.
Mr. Shield—When a principal employs you to pur-
chase shares, has he not the right to demand from you
the name of the principal from whom you purchased
thcm?—l do not know the law of the question, but it is
not usual to do so; I believe there has been a correspon-
dence about this.

Mr. Shield—ls it the practice of your house to refuse
to give the names of the principals from whom you pur
chase shares when you aro requested to do so by the
principals who employ you to purchase them?—The
business between a principal and his broker is considered
strictly confidential, and where transactions take place
between principal and principal, the names are never re-
vealed.

Mr. Shield—Even when a demand is made by one
principal for the name of tho other?—l never remember
such a demand.

Mr. ;Shield—lf such a demand was made to your
house for the information would they refuse it?—That
would be a matter for them to decide, not for me.
Mr. Shield-1)o you know the writing and signature
of this letter, in which your house admit they have re-

ceived from Mr. Hudson a particular request- that they
should furnish the committee with full particulars of
names, dates, and prices of the 342 Great North of
England 401. shares?—Yes, I do: it is the writing and
signature of Mr. Sidney Laurence.
Mr. Shield—After reading this letter, do you still
refuse to state to the committee the names of the prin-
cipals from whom you bought these 342 401. shares?--I
do not think that with this letter before me, in the last
paragraph of which Mr. Laurence states that a broker
has no authority to disclose the name of his principal, I
be justified in giving any fuller informatior.
Mr. Love—Are you not aware that Mr. Hudson has
been furnished with all the information he has desired
on the subject just referrtd to?—I think he has.
Mr. Love—Will you be good enough to refer to the
letter dated Novemoer 6, 1846, addressed to Mr. Close,
in relation to those shares, and state whether it does not
convey all the information Mr. Hudson desired as to the
principal?—\lr. Hudson did not request any other infor-
matio❑ than this letter contains. _ _ _

Mr. Clayton—Do you find in Messrs. Laurence's books
the notice of any purchase for Mr. Hud•on of Great
North of England shares previous to Oct., 1846?—N0.

Mr.'CLoses se-examination resumed.

Mr. Love—Can you now tell the committee what
shares were delivered by Mr. Hudson to this company
for which he was paid 81,1001. on the 27th Oct., 1846?
—I am not able to specify the shares.
Mr. Love—Are you quite certain that shares amount
ing to 81,1001. were delivered to the company at that
time?—l cannot speak positively.
Mr. Love—Then you will not undertake to say if any
or what amount was then delivered?—l cannot state the
exact amount then delivered.
Mr. Clayton—Do you manage Mr. Hudson's cash
affairs, and act as his private clerk?—l partially manage
his cash affairs, but not all.
Mr. Love—Would you not, in the execution of your
duty as secretary to this company, consider it necessary
that no money should be paid by the company for Fr)
perty purchased unless delivered at the tinae?—For the
Purchase of shares, it becomes necessary sometimes to
pay for them before you get the shares of the brokers.
Mr. Love—But even in that case, if bought in those
markets where there are settling days, they would be
paid for on that day?—Yes.
Mr. Clayton—Did you manage the payment by Mr.
Hudson for the shares bought by him and afterwards
sold to the company?—l cannot say for the whole, but I
did for part.

,
Mr. Love—Can you show us Mr. Hudson's pass book
for the payment of the Great North of England shares,
bought by him in his private capacity and soli by him to
the company 2-1 cannot show his pass book, and I am
not aware that he has one; I never saw one.
Mr. Clayton—Have you any means of giving us the
dates of Mr. Hudson's payment for those shares?—No;
I have no means.

Mr. Clayton—You put in, on the second day of this
investigation, a paper which you called a contract, de-
tailing the particulars of all the Great North of England
shares sold by Mr. Hudson to the company; you do not
appear to have stated distinctly at what date you pre-
pared that paper; can you now tell the committee at
what date it was prepared?—l cannot state positively
the exact date, but I think it would be either on the
27th of Nov., or a few days previously.
Mr. Clayton—What reason have you for believing
that that was the date?—l think it would be about the
time when the cheque was given when the transaction
was closed.
Mr. Love—Then it appears you paid Mr. Hudson a
cheque for 81,1001., ontthe 27th October, without hav-
ing made any memorandum whatever of the shares sold
by Mr. Iludson?—l think I stated that I could find no
calculation on which that 81,100/. had been paid, it
being part payment.
Mr. GEORGE HUDSON'S Re-examination resumed.

Mr. Shield—On November 12, 1846, Messrs. Laurence
and Co. bought for you 342 Great North of England 401.
shares; can you furnish the committee with the corres-
pondence, or any extract therefrom, relative to this pur-
chase?—They have furnished me with an extract from
a letter dated 4th Nov., 1846, " Vie mentioned a few
days ago that there was a parcel of Great North of
England 401. shares in the market; they are now off-red
to us at 56 premium; are they not cheap in companion
with other shares?"
Mr. Shield—What reply did you give to that offer?—

I offered them 55 premiiun. -
Mr. Shield—Did they, ou the 12th of November, give
you a reply to this offer?—The reply is an extract from
a letter, " We have only now succeeded in securing the
parcel of Great North of England 40/. shares, at 55 pe
mium, payable on Monday next."
Mr Shield—Did they charge you brokerage on those
shares?—l have no doubt about it.
Mr. Shield—Did they gi you the name of the prin-
cipal of whom they purchased them?—l am not able to
recollect whether they did or did not, but they do not
give it in this correspondence.
Mr. Shield—Did they state to you that they them-
selves were the principals ?—I have an extract from a
letter dated the 6th of November, in reference to those
~prri
ea, parcel i n Ihme,rethinst onewe
shares, in which Messrs. Laurence staeiteue"s
for they belong to
canadvantage
save.
thoeff offer
ai n,
yith:astee:r e a
in
ofha
vours,
enanrtelg : r
tr a
transfer
sadvancedfer
ctpienthmecitptlhaielesryhold them for y 0 u , thmeomneayt aupnoon-
our name, so that we
initial consideration."

Mr. Clay ton—Oria former day you gave the 27th of
October, 1846, as that of your sale to the company of
Great North of England sham, which sale appears to
have included the shares which have been just referred
to as bought in Novernt er. How do you account for
this ?—There were two cheques given for the money,
one on the '26th of October, and another on the 27th
of November; and certainly the impression on my mind
and conviction was as I stated that all the shares I pur-
chased for the comp Any were bought in the month of
October. I have no recollection about these shares at the
time, and I presume they were included in the October
purchases, in cons(;quence of my having been in treaty

for them in that month. Locking at-liii;registok.otA -
transfer I presume those shares were. in Ontektg-i0
and I was not. aware they wrre not received:Ow:4T
information from Messrs. Laurence ap4.Co. ..thte_Cofii.;!V
rnittee must recollect that Me,srs. rer Ci!-.Jr€,"7
quired immediate payment for theritit 'he, Comp
had no funds ; but still I regret they were inEltdet%
Mr. Live—From the correspondence you havilf.
hihit,d, were you fully acquainted by Messrs. Laurence
and Co., prior to their sale to you of the 342 401. shares,
that these sharer were standing in the name of P. Caza-
novf ?—I have no doubt about it.
Mr. Love—Can you acquaint the committee in what
way ycu paid for shares amounting to 131,8671. 9s. 7d.
which you bought in your private capacity?—l paid for
them through my bankers, but I cannot inform you of the
dates; I believe in the month of October.
Mr. Love—Did Messrs. Laurence, or any member of
their firm, communicate to you a remark which had been
made to Mr. Lawrence on the Stock Exchange of Lon-
don, during the interval between the publication of the
Great North of England cash account and the 19th Feb.,
that the price charged for 151. shares was a horrid rob-
bery," or was any other expression of opinion cumutui-
cated to you by any other broker?—To the 13:st of my
recollection, No. There might have been some expres-
sion that they were high, but certainly nothing approach-
ing to the words you have used.
Mr. Love—Can you recollect when you fixed the
prices for your shares sold by you to the company?—l
should think it would be in the latter part of October,
after Mr. Plews's statement had been received.
Mr. Clayton—When you speak of fixing the value,
do you mean the gross value of the shares sold by you,
or the price of each class ?—I mean the price of each
clam

AP PE N Dieli S.
APPENDIX No. 1.

shares bought for
(Neat North of England Railway
George Hudson, Esq., by Mr. E. H. Browne, and sub-
sequel: 0Y
sold by Mr. Hudson to the company.
Bought in October, 1846.
Octobe.t 5.-20 Great North of England 15/. shares, at
17 f
remiuln per share; 30 ditto, at 174 ditto; 30 ditto,
p
at 17i ditto; 20 ditto, at 18 ditto; 6 ditto, at 17i ditto.
October 8.- —3O Great North of England 3(il. shares, at
362 prem. per share ; 30 ditto 15/. shares, at 18 ditto ;
15 ditto, at 18 Otto.
October 9.-3 C;;.reat North of England 15/. shares, at
18 prem. per share; 15 ditto, at 18i ditto ; 10 ditto, at
18 ditto; 14 ditt at 181 ditto.
October 10.-11 Groat North of England 301. shares,
at 38 prem. per share.
October 12.-35 Grc at North of England 151. shares,
at 194 prem. per sharp ; 25 ditto, at 19} ditto.
October 13-100 Gres t North of England 151 shares,
at 19} prem. per share.
October 14-50 Great North of England 15/. shares
at 192 prem. per share; C 6 ditto, at 19i ditto; 10 30/.
ditto, at 39 ditto.
October 15-8 Great Non* of England 15/. shares, at
19i prem. per share; 50 ditt `u, at 198 ditto; 36 ditto, at
19/ ditto. _ _ _ _ _

botcher 16—.20 Great North of England 15/. shares,
at 19/8 prem. per share; 15 ditto, •at 19,t ditto, 50 ditto
at 19i ditto.
October 19-35 Great North of England 10. shares,
at 20 prem. per share; 15 ditto, at 2 d
jiatntod.
1001. shares.
October 21-2 Great North of EL'S'
at 237 per share; 1 ditto, at 237 ditto; ,15 151. ditto, at
20 prem. per share; 100 ditto, at 20 ditty'.
October 22-5 Great North of Engla, Ad 1001. shares,
at 237 per share.
October 23-2 Great North of England 1001. shares,
at 236} per share.
October 28-20 Great North of England 1.61. shares,
at 19i prem. per share.
October 29-50 Great North of England 15i:. shares,
at 19i prem. per share.—Total, 964 shares.
APPENDIX No. 2.
Great North of England Railway shares bough't for
George Hudson, Esq., by Messrs. Laurence, Case' wve,
and Co., and subsequently sold by Mr. Hudson to the
company.
Dr. to George Hudson, Esq., Great North of England
Purchases.

1846. in account 15th October, 1846.
October 10.-200 Great North of England 151. shares,
at 19} premium per share.
October 12.-100 Great North of England 151. shares,
at 19} premium per share.
October 13.-71 Great North of England 15/. shares,
at 19} premium per share.
In account 30th October. 1846.
October 8.-100 Great North of England 151. shares,
at 18 premium per share.
October 10.-100 Great North of England 151. sharelit
at 19f premium per share.
October 13.-45 Great North of England 15/. shares,
at 19f premium per share.
October 14.-92 Great North of England 15L shares,
at 19f premium per share; 200 ditto, at 191- ditto.
October 15-192 Great North of England 151. shares,
at 19i prem. per share; .50 ditto, at 19 ditto.
October 16-50 Great North of England 15L shares,
at 20 prem. per share; 50 ditto, at 19i ditto; 14 1001.
shares, at 235 per share.
October 19-5 Great North of England 100/. sham's,
at 235 per share; 10 ditto, at 236 ditto; 20 ditto, at 237
ditto; 70 15/. shares, at 20 premium per share.
October 23-15 Great North of England 100/. shares,
at 237 per share.
October 26-18 Great North of England 1001. shires,
at 237 per share; 145 15/. ditto, at 19f prem. per shire.
October 27-10 Great North of England 100/. shar.9lr
at 237 per share.
October 28-72 Great North of England 15/. shares,
at 19} pren3, per share.
October 18-5 Great North of England 1001. shares,
at 235 per share. . _ _

In account 16th November, 1846.
November 12-342 Great North of England 401.
shares, at 55 premium per share.
October 27-41 Great North of England 15/. shares,
at 19. prem. per share.
October 29.-12 Great North of England 1001. shares,
at 237 per share.
November 16.—S Great North of England 100/. shares,
at 236 per share.—Total, 2,046 shares.
APPENDIX NO. 3.
Great North of Fngland Railway Shares, bought for
George Hudson, Esq., by Mr. Rhodes, of Leeds, and sub-
sequently sold by Mr. Hudson to the company.
October 6.-13 Great North of England 151. shares at
17i premium per shares.
October 30.-4 Great North of England 151. shares
at 191, premium per share; 12 ditto at 20 ditto; 259
ditto at 20* ditto.
October 31.-13 Great North of England 15/. shares
at 194 premium per share; 20 ditto at 20 ditto; 22
1001. shares at 2381. 2s. 6d. per share.
Note.—There are 3,353 shares comprised in those
accounts. The number sold by Mr. Hudson to the
company was 3,458; there is a deficiency therefore ol.e
105 shares, viz.:-53 151. shares; 50 301. ditto, and 2
1001. ditto. As the committee are not informed of the
cost to Mr. Hudson of these remaining shares, they
are unable to determine the precise amount Mr. Hud-
son should return to the company.
APPENDIX No. 4.

YORK, NEWCASTLE, AND BERWICK RAILWAY.
GREAT NOUTH OF ENGLAND SHARES OFFERED FOR SALE. BUT

NOT BOUGHT.

Date offered, Shares Price offered at Why declined. rty whom oiled
1847. X X. s.
Feb. 13 .... 5..100 234 0 1 Too high Baker, Mr.,
91 20.. 40 60 0 j price asked. Thirsk.
March 10 .. 81.. 40 No price given. Not then buy- Kipling, John,
ing Darlington.
July 15 .... 10.. 30 71 10 1 Too high Smith, Thus,.
20 .. 15 20 10 3 price. i hirsk.
Oct. '22 . 1.. lb .. Sot buying Walker, WS..
small lots. York.
180. Declined his
Nov. 6 •••• 35.. 40 1 Proposes to j proposal. Sidney. George,
28.. 15 j take bond Stafford.
1849. 700 high
Jan. 13 .... 10. •40 62 b j price. Thompson, IL,
1..100 239 0 and Co ,Dar`
'I lingtOn•

APPENDIX No. 5.
Darlington, March 17, 1849.
Dear Sir,—With reference and in reply to your in-
quiries of us on this subject, we beg to state that we
have no power to consent that the books of the Great
North of England Railway Company shall be laid be-
fore the committee, now sitting at York, and appointed
by a general meeting of the York, Newcastle, and Ber-
wick Railway Company, and that we are decidedly of
opinion that the directors of the former comptuar
would not be justified in producing them before such
committee without the order and direction of a genoral
meeting. As to the transfer book, we entertain co.'s-
siderable doubt whether even a general meeting woului
have power to order its production.
We are, dear sir, yours truly,
MEWBURN, HUTCHINSON, AND MEwacrazt.
A Plows, Esq., Darlington.

le!n _.....,T5.
BRISTOL, Aria l' li ' was firm, but without
ket to-daY
STOCK EXCHAt,GE.
RAILWAY
• —The share mar
. The s,dea are—Great Western,
material alteration in Vale(010, 12030—Midland Stock, 76.
any
dis —Taff
11,70"aSfIrii. business transacted to-
SHAith MARA'
InTgfr
STOCIr EXCHANos.
an upward tendency. The sales are—East Lan-
day, and prices a.
. had
(planers, 736—Lancashire and Yorkshire, Fiftll6.
Quarter Shares, 3
cashire,
Prefer niancader and Preston, 5 dis.—London and North-
-765. 3d.
c.
dis.—Ditto, New Quarters, 4 l/4: p.—Ditto, Fifths, 61 p.—
Western, 132—. 9 ,ds.—North Union (B), 149 —Sottish Central, 24
Midland, lraive ,
—Shrewsbury Chester (N. W and . M.),% p.—Ditto, New 131. 6s. 1341.
ijares. 4 p.-South-Eastern and Dover (No. 4), 71. 3s. 9d.—York,
Shares,
and Berwick (G. N. E. Purchase), 6 per cent. till 1650, 1%
dic —Waterford and Limerick, 36 dis.
MANCHESTER, Aram 11.
STOCK EXCIIINGE.—The sales are—Dover (N0..4), 7 3-16—West
Riding Union, ,4 11-16 dis.—North Staffordshire, 3% dis.—Leeds,
Fifths, 3 dis—Chester and Birkenhead, 15 e.—Caledonian, Pre-
ference, 11 5 16—Sheffield, Rotherham, and Goole, 2 dis.—Grimsby
Docks, 14 15-16 Ms.—Sheffield (No. 1), Quarters, 7 13-16—Manches-
ter and Birmingham (C), Quarters, 3% p.—Grimsby, 201. Shares:
11% dis.— Sheffield, Preference, 10 ii Old Sheffield, 36) —Dover
(No. 4), Registered, 7.

YORK, Arzw. 10.
S'rocx 'EXCHANGE —The business transacted to-day was as fol•
iows :—Great Northern, 11—Ditto, Half (B), guaranteed 6 per cent.,
6 —North British, Preference, 2s. p.—York, Newcastle, and Ber-
wick (Newcastle Extension), 16Th —Ditto (G. N. E. Purchase),
61. Is. 31

lIULL, Aran. 11.
STOCK EXCHANGE.—The transactions to-day Wive been as fol-
lows :—Eastern Counties, B%—Great Northern, 111. Is. 3.1.-110
and Selby, Halves,—Leeds and Thirsk, 23X :—Lonlon aud
Wigton, 37 —North British, Freferenee, 2s. 6d. p.—North Stafford-
shire, 14.

GLASGOW, Aram 10.
STOCK EXCHANGE.—The following are to-day'a transactions :-...,
Aberdeen, Preference, 495. 6d.—Caledonian, Edinburghito, Pre-
ference, 111. 3s.—Clydesdale Junction, 60)4 and Perth,
12s. 6d.—Glasgow, Kilmarnock, and Ayr, naives (No. 1), 61. 14.—
North British, Preference, 233.
`_

WILFUL PERJURY.—The county magistrates have
very properly caused the sentence pronouncedand sente nc e
seven years transportation at the late assizes at Leicester
for wilful perjury, to he circulated in the form of a hand-
bill, and to be hung up in the Petty Sessions Courts, 45
an example to false swearers—a crime, unhappily, be.
come too prevalent at the present ti.Lewester
Chronicle.

ASTLEY'S ROYAL AMPIIITHEATR.E.
Proprietor, Mr. W. Batty.
Vatter the Pat'Mag. of her Majesty the Queen, his Royal Hlghtietts
Prince ilbert, Sce.
Immense Novelty for the Holiiays—Re-engagement of Young Her-
nandez, who has gained the envied appellation of the " Wonder of
tho World." He will have the honour of appearing every Evening
in his astounding Feats of Equestrianism—Mr. Batty has also en-
gaged Mons Tournaire, Mons. Benedick, Herr Henri, Madame
To arnaire, and Mdlle. Adelaidini, together with their highly. trained
Horses.
THIS EVENING, _ _ .

The performance will commence with a Grand Equestrian Spec-
tacle, by Fltzhall, entitled THE WHITE MAIDEN OF CALIFOR-
NIA; or, the Horse of the Ocean.
Tu be followed by an Inimitable display of SCENES IN THE
CIRCLE, is which Young Hernandea will appear, supported by the
Arst Equestrian talent of the day.
To conclude with on Monday, Wednesday, and Friday, THE
DUMB DRIVER; and the Farce of THE SECRET on the al-
ternate Evenings.
taus-office open from Eleven till Five.
Metre M4.neger. Mr. W. West.

TO COIIRESPON DENTS.
communication can be attended to unless authenti
ed by the name and address of the writer.
!et,.l communications cannot be returned.

EP.--SUN OFF% CE, APRIL 12.
FO,ItiMETER, Lowast, 33. Hizhost, 46; ,'boon,
BAROMETER, 23.88.
WIND N.N.W.—dull, hazy weather.

~S'AI tAT LONDON lltt. Di lE.
S 3 DAY --Mort g, 3-i min. after 4 I Evening, 5l rain. after d
.7,loartow—Aorn.us, 8 min. alter 5 I Evenin„ 25 min. alter 5

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