The Sun.
London, England, 1849-08-25 00:00:00

TrIE gVN, :LONDON;

RAILWAY INTELLIGENCE.
YORK, NEWCASTLE, AND BERWICK.

The half-yearly met-ting of this company was held
on Thursday at York; Mr. Robert Davis in the chair.
Mr. CLOSE (the secretary) having read the adver-
tisement convening the meeting, the following report
of the directors was taken as read _ _ _

"In consequence of the two gentlemen who held the
office of auditors having sent in their resignations im-
mediately after the extraordinary meeting of the com-
pany on the 4th of May last, the accounts have not
been audited in the manner required by the Act of Par-
liament; but it will be satisfactory to the shareholders
to know that the whole of the accounts for the half-
year have been placed under the supervision of an able and
experienced accountant, and the preceding abstract has
been carefully prepared and is authenticated by him.
The directors are unable to add any statement of receipts
and payments on account of capital, the books of that
department being in the possession of the committee of
investigation. From the balance of 137,6421. shown by
the account to be in favour of the company, must be de
ducted 64,2621. for half-a-year's rent of the Great
North of England Railway, due on the Ist of
July last ; leaving 73,3804 net revenue for the last
half-year, which is more than sufficient to pay a dividend
after the rate of 3i per cent. per annum (lees property-
tax) upon the sums of 4,262,5651., the amount of the
capital of the company now (lidded to dividend. Since
the extraordinary general meeting of the company on
the 4th of May last, when the present directors were
requested to retain their offices until the shareholders
should have an opportunity of reconstructing the board,
they have devoted their time and unremitting attention
to the management of the general business of the rail-
way, and they have endeavoured to afford all the assist-
ance in their power to the committee of investigation in
the performance of their arduous duties. The directors
trust, however. that they may be permitted to place be-
fore the shareholders the views they have formed, and
the proceedings they have adopted in a few instances in
which their opinions have unfortunately been at variance
with those entertained by the committee.
" Aa to the Great North of England Railway pur-
chase, on the 21st of June last the board of directors,
after mature consideration, passed the following resolu-
tion, a copy of which was presented to the committee of
committees of investigation on the same day, viz.:—

" Resolved—That,with reference to the Great North
of England Purchase Account, this board are unanimously
of opinion that it is highly expedient to address letters
(requiring an answer within 21 days) to a e holders of
shares to the amount of not less than 1,000/. in the
Great North of England Railway, offering to them the
bonds of the company at 4 per cent. interest for the
amount of their shares, payable six years after date, the
shares to be taken at 250 L, 1001, 75/., and 371. 10s. per
share, if paid up.'
" On the 11th of July last, having in the interval re-
ceived no communication from the committee of inves-
tigation on the subject of their reduction of the 21st of
June, the directors put upon the minutes of their pro-
ceedings a record of their opinion, that it was essen-
tial to the interests of the company to carry the
proposed measure into effect without further
delay. In their present position the directors did not
feel themselves at liberty to take any steps for carrying
into effect a financial operation of so much importance,
without the sanction and concurrei:ce of the committee
of investigation. But they are decidedly of opinion that
the future prosperity of the company materially depends
upon the early adoption of this or some other measure
of a similar character.
" As to the arrangement with the Sunderland Dock
Company, on this subject the directors feel themselves
placed in an embarrassing position. They have incurred
the censure of the committee of investiga-
tion for having taken steps towards making
an agreement with_ the directors of the dock company
respecting the shipment of coals, &c., in the docks.
And the sale to the 'dock company of the staiths and
drops belonging to the railway company in the river
Wear, the particulars of which are set forth in the report
of the cenonitte. The directors are able to state, in
their own justification, that iu entering upon this negotia-
tion with the directors of the dock company, they were
not actuated by any sudden or hasty impulse, for so long
since as the 19th of January last, the engineers of
the two companies were instructed to make a
joint report as to the best mode of erecting shipping pieces
for loading ships with coal in the ducks, with a view to
completing t 1 arrangements between the companies,
which had been in contemplation some months pre-
viously. The directors still ice' satisfied of the propriety
and expediency of entering into an agreement of this
nature with the dock company. No doubt can possibly
be entertained that the present staiths and drops are
fully occupied, and that the revenue of the railway is
materially suffering from the want of proper shipping
accommodation at Sunderland. During the last eight
years the increase in the shipment of coals from those
parts of the railway which have possessrd shipping ac-
commodation has been from 1,306,847 to 2,461,352 tons,
and in income from 89,2321. to 166,376/.; while on the
Durham and Sunderland line, where proper accommoda-
tion cannot be obtained except by means of the docks
now in formation, the quantity of coals shipped, and re•
venue received, has decreased from 378,494 tons in 1841,
to 265,708 tons in 1848, and from 26 789 in 1841, to
20,058 in 1848. The directors would observe, that while
there are large quantities of coals ready to be brought
on the railway, the want of accommodation at Sunder-
land for large coppered vessels taking coals foreign,
which can only be laden in docks, completely deprives
this company of the increased traffic and consequent re-
venue; and it only re quires a lrnowledge of all the circum-
tences to show that itis against the re al interests of this com-
pany to retain their present shipping drops, it terms such as
those proposed are adopted, which would relieve this
company of annual payments amounting to 1,463/. for
wayleaves, &e., besides a saving in the cost of shipment,
hie h experience has proved to be equal to one-half.
In concluding their remarks, the directors would observe
that a speedy decision, one way or the other, is now ab-
solutely necessary, as others ise the docks will be ready
for the shipment of pals before the deeps are erected,
and before this Pompany can avail itself of those facilities
for transacting buoness which the ducks are capable of
eff rilingt to any extent.
"The directors have to report that the Royal assent has
been given to an 'Act for enabling this Company to make
certain branches in the counties of Northumberland and
Newcastle-upon-Tyne, and for other purp _ales.' By the
provision of this Act the liability to heavy penalties which
this company might o•herwise have incurred has b.en
removed ; a further peri,id for constructing some of the
werka of tf.e c ,rnpany and other material advantages
have been obtained ; and the number of the directors
has been authorized to be increased from 8 to 13, if
thought necessary by the proprietary. In conclusion,
the directors di site to express their concurrence- in the
opinion of the committee of investigation, that the time
has arrived when it is necessary, for the interests of the
company, to reconstruct the board of directors."
The statement of accounts showed the total receipts
for the la-t half year to have been 335,t'831., and the ex-
penses, including debenture interest, 197,741/., leaving a
balance in hand of 137,6421.
The CHAIRMAN moved that the report be received and
entered on the minutes. It' any gentleman wished to
make any inquiry he would be happy to give any in-
formation in reply which was in his power.
Mr. PLEWS seconded the motion. In doing so he
wished it to be understood that in consequence of the
resignation of the auditors the accounts could not be
audited in the regular way, and therefore the directors
had employed an accountant (Mr. Ingram) from Lon-
don, totally unconnected with the company, to audit the
accounts. He believed that Mr. Love knew the gentle-
man who had been so employed, and could speak to his
respectability.
Mr. LOVE believed the gentleman alluded to to be per-
fectly competent to perform the duties which had been
entrusted to him; and he telt convinced that Mr. Ingram
would do so honestly, so far as the books laid before him
would enable him. _ _

Mr. PLEWS wished to explain that the accounts laid
before them that day comprised the period which had
elapsed between the Ist of January last and the 30th of
June, without taking into the account anything relative
to the business of 1848. The whole of the tradesmen's
accounts and officers' salaries had been brought into the
account, and therefore the statement before them truly
showed the result of their business for the half-year.
With regard to the balance, existing on the 31st of De.
cember last, of 59,7771., he might observe that that was
subject to tradesmen's bills and other accounts, which
were let by contract, and did not generally come into
the account except in the course of the following half-
year. In the course of March and April tradesmen's
accounts had been pail, amounting to 44,9811.; the in-
come-tax, which had been previously entered as paid
upon a profit of 110,0001., had been so by error, and
that amount bad to be deducted from previous ac-
counts. In 1849, therefore, 5,801/. had been paid for
that tax, which ought to have been paid in 1848;
there had been paid on account to Mr. Harrison (the
engineer) 4,3911., and to Mr. Alport (the contractor)
5,249/.; there was also an amount of stores belonging
to 1849 carried to 1843 of 4,063/. In accord-
ance wi:h the recommendation of the committee of in-
vestigation relative to the doubtful debts, 10,0001. had
been written off, and there had been other payments
made upon various accounts, which left, after disposing
of the 59,7771., an absolute deficit, up to the 31st of De-
cember last, of 38,789 l How that amount should be
dealt with, the directors considered they ought to leave
to the committee of investigation to decide, and there.
fore it was that they had nut on that occasion recom-
mended the declaration of a dividend from the prefits of
the last half-year. Ile ought also to state that the re-
ceipts and expenditure on the Hartlepool line were not
included in the accounts of 1848, but were so in the ac-
counts for 1849, brought forward that day. In the traffic
of the last
ofns compared with the correspond-
ing halflB4B, there was a lese on the passenger traffic
of 4,4861. ;
theretraffic of 15,158 hod been an increase on the goods
The
latter.,and a decrease on the coal traffic of
14,7831.
ie reduction Danish was
in
a great measure to
be attributed to thishbloekade, but now that had
been taken off, ho shad no doubt that traffic would re-
vive.—(Hear.) Then therehatdbteen a considerable in-
crease in the expenditure, so that
s a
leir expendi-
ture generalilhnn riensuthlte,
he found that their revenue was 5,2i28/. 1
corresponding period cif last year, while
ture was 17,1861. more. There had been a defi-
ciency of 32.009 in the number of passeegces, arid
first and second class had become almost merged in the
third and fourtb.—(flear, hear.) The total amount of
capieil upon which they had now to declare a dividend
was 4,666.5661, Itativg only 470,000/. received upon the
call made for January last ou (xtensien stock, which did
not receive it.—(Hoar, hear) The Kelso branch had
only been opened in the course of June, and therefore the
intere-t upon the capital (triple. ed in the construction of
that line did not come out of ri-venue for the Fast halt'.
year. Willa regard to the 330,000/. borrowed from the
Great North of England purchase stock, there were
other works proceeding, the capital for which had not
been fully called up, out of which that money would
have to be repaid. He had no further observation to

make, but he might state, for their inbrmation, that the I
debenture debt of the company on the 30th of June last I
amounted to 966;9901. If any gentleman wished to ask
any questions, he would be happy to give him all the
information in his power.—(Hear.)
Mr. CHATOR did not consider the accounts laid before
them to be sufficiently full and explanatory. It ap-
peared from the accounts, as laid before them, that
their revenue was 10,000/. per annum less, and their
expenditure 35,0001. more than it was at the same period
last year.
Mr. FLEWS was not aware whether the Hon. Proprie-
tor had understood his explanation—that the Hartlepool
accounts were now included in the statement, but were
not so last year.
Mr. CHATOR did not see that that made any difference
in the question. If the Hartlepool expenditure was
brought forward so were the receipts, and the compari-
son would therefore still stand good. Under these cir-
cumstances he thought they ought to be furnished with
a list of the officers of the company, and the amount of
their salaries; as, seeing that they had a diminished in-
come and an increased expenditure, it was desirable that
they should practise every possible economy. He could
not approve of the proposition contained in the report
with regard to the Great North of England purchase.
The CHAIRMAN explained that the proposition before
the meeting was only to receive the report, and have it
entered on the minutes of their proceecings.
Mr. LOVE said, that as reference bad been made to
the subject of the arrangement with the Hartlepool Rail-
way and Dock Company, he begged to say that the com-
mittee had not had time to inquire into it.—(Hear, hear.)
He might state, however, that though the lease had not
been entered into until the 14th of August, 1848, yet
on the sth of January in that year 4.6001. had been taken
out of the funds of the York, Newcastle, and Berwick
Company, and handed over to the Hartlepool Company.
He mentioned this circumstance now, that they might
know it was under the consideration of the committee,
and would be reported upon hereafter.—(Cheers.)
It having been explained, in answer to a question by
Mr. Wylie, that the entering the report on tne minutes
did not in any way bind the shareholders to an approval
of its contents, the resolution for its adoption was put
and carried, with one dissentient.
The CHAIRMAN next moved that interest, to the 30th
of June, be paid out of capital on the extension stock
called up on the 16th of January last. That resolu-
tion was only to carry out an arrangement under which
the call had been paid, and which had, he believed, wet
with the approbation of the committee of investigation.
Mr. LOVE having assented, the resolution was put
and carried unanimously.
Mr. SIDNEY begged to ask the Chairman whether the
board were prepared to resign their situation into the
hands of the proprietors, and continue to act only until
the shareholders could legally reconstruct the board?
Mr. Teroatesore, of Moat-hall, said, that the question
had been considered, and the committee were prepared
with resolutions on the subject.—(Hear.)
The CHAIRMAN begged to say, on behalf of himself
and colleagues, that they were ready to resign their trust
so soon as the shareholders had nominate d their suc-
cessors.—(Hear.)
Mr. SIDNEY would then move that the resignation of
the directors be at once accepted, and that they be re-
quested to hold office until their successors were ap-
pointed.—(Cheers.)
The CHAIRMAN begged to remind the proprietors that
that had been already done, and that the directors were
now only holding office in compliance with a resolution
of the proprietors, passed at the meeting of the 4th of
May.
Mr. THOMPSON thought it would be better, as proposed
by Mr. Sidney, at once to proceed with the reconstruc-
tion of the board, and he would therefore bring forward

a resolution on the subject. When he bad the -honour to
appear before them on the 4th of May last, he proposed
the appointment of a committee of investigation of which
they had approved.—(Loud cheers.) Ile wou'd now
ask them whether they were satisfied with the mode in
which that committee had discharged their duties?—
(Cries of " Yes," and loud applause.) If they were
satisfied with the proceedings of that committee, he
hoped they would now approve of the resolution he was
about to bring forward, and delegate pro tempore some
further power to the members of that committee—(Dear,
hear)—na order to increase their efficiency. He would
now therefore move that, as a temporary measure, in
order to add to the efficiency of the board of directors,
and enable them to pruceed with such legal proceedings
as it might be considered desirable to adopt, four mem-
bers of the board be requested to resign, and that the
Lord Mayor of York (Mr. Meek) and Messrs. M'Laren,
Love, Leechman, and Kipling. be elected, to act in con-
junction with the two remaining directors (Messrs.
Pl.ws and Wood) until the board should be permanently
reconstructed—(Hear, hear)—it being understood that a
new board would be elected on the committee present-
ing their final report.—(Cheers.)
Mr. PRANCE had great pleasure in seconding the mo-
tion of Mr. Thompson.
The LORD MAYOR of York said that it was with the
greatest reluctance that he had consented to be nomi-
nated for a director, even as a temporary measure, and
he should be very glad to be relieved of the office. How-
ever, looking at the position in which they all knew the
company was now placed, and feeling the importance of
an alteration being at once made in the management, he
had consented 1:o act until the 4th of October, when be
believed the committee would be enabled to make their
final report.— (Cheers.)
Mr. WYLIE supported the motion of Mr. Thompson .
The object of that motion, as be understood it, was to
enable the committee to act with greater efficiency in the
performance of those duties which they had hitherto so
efficiently and ably fulfilled.—(Loud cheers.) Ihe pro-
position now made was, in cfisct, carrying out a sugges-
tion which he brought forward at the last meeting that
an alteration should be made in the board to insure legal
proceedings being taken against Mr. Hudson, and thus

hive effect to the resolution of the proprietors, as the pre-
sent board might naturally be expected to feel a delicacy
in taking proceedings against a party with whom they
had so long acted —(Hear, hear.)
Mr. GLITCH (solicitor to the committee) stated that the
meeting itself had no power of carrying out the resolu-
tion, but the directors had. They could fina elect two
gentlemen to fill up the vacancies at present existing at
the board, and then some of the members of the board
could retire and other gentlemen be elected in their
places. Had notice of the intention to elect directors at
that meetinv been given, the power would have been in
the bands of the shareholders, but no such motion having
been given, the only course ten to them to pursue was
that which he had pointed out.—(Hear, hear.)
Mr. LEEMAN was aware that they had the power of
carrying out the resolution in the manner pointed out
by Air. Gutch, the directors having adopted a similar
course in the Liverpool, Manchester, and Newcastle
Junction Company.—(Hear, hear,) . _

Sir J. Essimoi-E wished to ascertain from the two
gentlemen proposed to be left on the board whether
they were willing to co-operate with the gentlemen pro-
posed to be added to it, in endeavouring to promote the
interest of the shareholders; and he also wished to know
from the members of the o mmittee of investigation
whether they considered they could act efficiently and
harmoniously with those gentlemen?
Mr. PLEWS said that he was not at all aware that he
had in any way acted counter to the committee since it
was first appointed. Since the 4th of May he had ab-
sented himself from his home in order to attend to the
interests of that company, and if they adjourned until
the 4th of October. he would continue to do so.—
(Cheers.) He would then, if necessary, retire from
their service, but in the meantime he would do every-
thing in his power to assist in carrying on the business
of the company to the best of his abilities.—(Cheers.)
Mr. NICHOLAS WOOD had never had any personal
quarrel: with the committee of investigation, but he had
endeavoured fairly to do his duty to the company ; and
when he had differed from the committee, he had openly
and frankly told them so.—(Cheers.) He would not
pledge himself to any particular line of conduct, but ho
felt it incumbent upon him to bow to the wishes of the
shareholders, which he would endeavour to carry out, so
far 23 he was able.—(Cheers.) He implored the share-
holders as soon as possible to bring about some system
of regular and stable management.—(Hear, hear.)
Mr. M`LABEN said, on th part of himself and his col-
leagues in the committee of investigation, he might ob•
serve that they had acted harmoniously together for the
last three mouths, and he therefore had no reason to
suppoie that they could not do so for six weeks longer.
—(Cheers.) With regard to acting with the two present
directors proposed to be left upon the board, he could
state that the committee had had frequent occasion to
consult Mr. Plews, who they found full of knowledge on
all questions connected with the company, and they
could not have well done without his assistance.—(hear,
hear.) Under all the circumstances, however, he be-
lieved that if the shareholders approved of the resolution,
the proposed board would work cordially and harmo-
niously for the promotion of the interests of the company.
Sir J. EASTHOPE and Mr. WYLIE having expressed
their gratification at the explanation afforded to the
meeting, the resolution was put and carried, with one
dissentient, amidst loud cheers.

Mr. THO3IPSON having called upon the directors to
take the necessary steps for carrying out the resolution,
The half.yearly meeting was then adjourned until after
the business of the extraordinary meeting had been dis-
posed of.
The directors then retired with their law advisers.
During the absence of the directors,
Mr. SHIELD took occasion to enter into a defence of
his conduct in refusing to act with the committee in in-
stituting legal proceedings against Mr. Hudson. He had
only once been casually introduced to that gentleman in
the House of Commons, and bad never been in any way
connected with bim either in public or private, beyond
being a shareholder in companies of which Mr. Hudson
was chairman.—(Cheers.)
Mr. GuTca here entered, and stated that Mr. J.
Meek, Lord Mayor of York, had been elected a director
in the mom of Mr. Oxley, deceased, and Mr. Horatio
Love, in the room of Mr. Hudson, resigned, and that the
presence of those gentlemen was requested at a board
meeting. This announcement was loudly cheered, and
the gentlemen named retired from the meeting.
Shortly afterwards the other members of the com-
mittee were also fetched from the meeting. On their
return the Lot d Mayor of York to.,k the chair, and
stated that he hal been elected chairman of the company
pro rem., but he could only consent to hold the office to
bring the huginesi of that day to a close. He would cell
uptu Mr. Close to read the minutes of a board meeting
which had taken place in another room.—(Cheers.)
Johnwhich
Simpson announced
and the
Messrs.re t i r En
Davis,e t f
Mr. CLOSE accordingly read the minutes referred to,
and the election ofriahtabred s
ot.
no a radn
and Tee,
Siree
the members f the committee of '
adjourned special
in-
vestigation thereto.
meeting was then further ad-
jouTrnheed until. the 4th of October.
EXTRAORDINARY MEETINO
An extraordinary general meeting was
then held for
(as stated in the requisition) the following
" Of receiving any report or reports which mirrg:,eose :
to sob meeting by the committee of . 37 made
laVestigetiou ap.

pointed at the extraordinary general meeting of t time e;•
holders held on the 4th day of May, 1849, or by the
committee appointed at au adjournment of such last,-
mentioned meeting, held on the 19th day of Judy, 1849."
The SECRETARY having read the advertisement calling
this weeting.
The CIIAIRMAN said that it now became his duty to
bring before them the third report of the committee of
investigation. He extremely regretted it wes not the
last, and in saying that, he was sure he represeeted the
feelings of every member of the committee. The reason
why it was not so was that they had not been enabled to
get the account, so as to determine what they thought
ought to be the course of the company with regard to
them. Had it been possible to get the accounts from
the accountants ten days since, they probably would have
been enabled to close their labours, but not having done
so, he was sorry to say, that in order fully to complete
their investigation, they required a further period of six
weeks.—(Hear, bear.) Ile was glad they had adopted
the course they bad that day, believing that it would
conduce to the well being and interests of the company.
—(Cheers.) The committee had now to investigate the
relations existing between this company and the Lan-
caster and Carlisle Company, the Hartlepool Deck and
Railway lease, and Weft Durham share transactions.
They had also to consider the best course to br adopted
for the future management of the company. lie hoped,
after the 4th of October, when the shareholders had
elected a permanent beard, they would honestly, assi-
duously, and faithfully apply themselves to se curing
and developing the resources of the line.—(Cries of
" Hear, hear.") He cad not exi ect that any opinion of
his as to their future di%idends would he considered of
much value, but from his knowledge of the line, he be•
lieved they might fairly expect to receive a minimum
dividend of 4 per cent.—(Hear, hear.)—and he hoped,
by good management, that it might be increased to 5
per cent., as he was convinced their line possessed ell
the elements of prosperity.—(Cheers.) He concluded
by moving that the report of the committee be re-
ceived.—(Cheers.) '
Mr. KIPLING having seconded the motion for the
reception of the report, it was put and carried unani-
mously
Mr. M'LABEN then rose to move the adoption of the
report. It contained 15 different topics, and if separate
r clutions were to be moved relative to each of them, it
weuiel occupy the whole day. It was therefore proposed
to take one general motion on the subject, and briefly to
rier to the different heads, to give the proprietors an
opportunity of asking for informati,n, or moving amend •
ments it they thought fit. The first question of import.
ance in the report 11% as the Great North of England pur-
chase; and all that the committee asked with regard to
that was for-the shareholders to consider the proposed
arrangement. The general scope of the plan proposed
was to endeavour to bring about such a fair and
equitnble arrangement between the two companies as
si
proceedings,u p r e v e ndt 1
supiteeoh
arertrein,
ogenachre,
regard
ri
b.tt))ehti
the report,
gt
I.
th.
hatavhdi
en gt
toshrheetachroce,,uohrmi
ons
lemtdeetirotretsselteigs.
aopoal
rf.
pall
ro
vpeadr t
oi parties.—(Bear, st.,---li
s(
the directors would put themselves- in commu-
nication with the Great North of England Company
f on the subject, and report the result at their next
ed the motion, reserving any obser-
vations for the purpose of replying to objections which
might be made to the report.
, . Mr. SIDNEY called upon Mr. Plows, the chairman of

the Great North of England Company, to say whether,
at the recent meeting of that company, he saw such a
friendly feeling towards this cc:ropany as should induce
them to make overtures to that company, with a Nie w of
coming to an arrangement without having recourse to
legal proceedings.
Mr. PLEws had done and would do everything in his
power to bring about a friendly arrangement; and as
long ago as May last he had offered to give 250,0001.
shares in the Great North of England Connally for
bonds in this company, which was refused. ll° believed
that the shareholders generally would be willing to come
to any arrangement, though without a special meeting on
the subject he could not bind the shareholders to any
particular course of action.
Mr. SIDNEY was satisfied with that answer so far as it

Mr. CHATOR oljeetrd to the payment for the line in
six )ears, and begged to move " that it be extended
to 10 yeare."
Mr. FLEWS was satisfied that the discussion of the
question at a public meeting would only lead to diffi-
culties in settling the question— (Cheers)—and therefore
he thought the matter ought to be left in the hands of
the directors.
Mr. LOVE concurred in the observations of Mr. Plews,
and stated that he considered they were only bound by
the report to endeavour to come to some arrangement
without binding themselves to the details.
Mr. CHATOR having withdrawn his amendment,
Mr. M`LAREN proceeded to remark on the other parts
of the report. With regard to that portion relative to
the Sunderland Docks, the committee had not come to
any arrangement, as in the report they expressed a hope
they would be able to do.
Mr SIDNEY urged that every possible step should be
taken to get the arrears paid up, as it was not fair to
those who had paid to allow so large a sum to remain in
arrear. _

The CHAIRMAN said, ho bad just been informed by
Mr. Gutch that within the last few days instructions bad
been given by the late board of directors that all parties
in arrear should be proceeded against.
The LORD MAYOR thought it would be better not to
press the question. There had been some cases in which
dividend had been allowed on the payment of their calls,
deducting the interest on the time they were in arrear.
Others had been paid dividends when the deposit only
had been paid, and there were two partif,s who had re-
ctived dividends
,without either paying their calls or
deposits.— (- Name, name.") He d:d not wish to be
persond; but if called upon he would do so.—(" Name.
name.") They were George Hudson—(hisses)—and
Richard Nicholson.—(hisses.)
After a short conversation relative to publishing the
names of all parties who had received dividends fur calls
not paid,
Mr. M`LAREN suggested that the question should be
postponed until the next meeting, and the matter left to
the committee for consideration in the meantime.

It having been understood that the matter should be
left to the committee, who would be prepared with the
list by the next meeting, the various points of the report
were gone through, and the resolutio❑ for its adoption
in its entirety carried, amidst luud cheers, which lasted
some minutes.

Mr. HucciNs rose amidst considerable confusion,
owing to a large number of the shareholders retiring
from the room, and stated that he was sure they must
all eel under the deepest obligations to their worthy
and Hon. Chairman and the other members of the com-
mittee of investigation, for the zeal and ability they
had displayed in the performance of their onerous and
arduous duties.—(Loud cheers.) It, therefore, be-
came the shareholders to support that committee by
every means in their power, and to render it as efficient
as possible. It was clear that from the first Mr.
Phillipson had been of no use on the committee, he being,
in fact, nothing more than a nominee of Mr. Hudson,
and having refused to sign the first report. That gen-
tleman had since resigr.ed—a course which had been fol-
lowed by Mr. Shield, for reasons which he had himself
explained to the meeting. He (Mr. Huggins), therefore,
begged to move that the resignation of Messrs, Phillipson
ar.d Shield be accepted, and that full powers be conferred
on the remaining five committeemen to continue their in-
Yestigation—three to form a quorum.
Mr. W. BEVERLY seconded the motion, which was car-
ried by acclamation.
Mr. PRANCE having alluded to the difficulties which
had prevented legal proceedings being taken against Mr.
Hudson, as directed by the meeting of the 19th of July,
moved a resolution—" That the directors be now in-
structed to take such steps, either in law or equity,
against that gentleman as counsel might advise."
Mr. LOVE seconded the motion.

The CHAIRMAN stated that, though the committee
had not been able to take efficient proceedings, a bill
was prepared, and it would be at once placed on tha file
of the Court of Chancery on the company giving them
the necessary authority on the subject. The committee
had prepat ed a report on the subject, which Mr. Leeman
would read. _ _ _

..--- ---
Mr. LEEMAN accordingly read the following:—
"The undersigned, being five of the six members of the
committee appointed at the last general meeting of the
shareholders for the purpose of instituting legal pro-
cet dings to recover funds improperly taken from the
company, have to report that in consequence of one
member (Mr. Shield) having immediately after the ad-
journment of the meeting notified to the other members,
as explained in the circular of the 20 of July last, his
resolution not to act on such committee, and no authority
having been given by the meeting for any portion of
their number to act in the event of one member declin-
ing to serve, the five members did not feel themselves at
liberty, after careful consideration, to institute the pro•
ceedings directed, but they have taken all the necessary
preliminary steps for the institution of such proceedings,
and a bill in equity is now ready to be filed.
(Signed) " JAMES MEEK.
" D. SPLAnEtt.
"JAMES LEECHMAN.
" JOHN KIPLING.
" lIORATIO LOVE."

The resolution having been carried with one dissen-
;lent (Mr. Glyn of Newcastle), the meeting was ad-
ourned until the 4th of October.

The half-yearly meeting wus then reconstituted, and
votes of thanks having been unanimously given to the
chairman and the committee, also adjourned until the
same day.
The proceedings of the meeting, which was very
crowded, lasted from half-past eleven to half-past three
o'clock.

BRITISH HO3I(F.OPATHIC ASSOCIATION.—A meeting
of this Association, of which the Duke of Beaufort and
the Marquis of Anglesey are president and vice-presi-
dent, was held on Wednesday evening, at Willis's Rooms.
The report stated the number of members to be 1,270,
and also that 1,300 volumes and 11,000 pamphlets on
hotece ;pathy had been distributed by the Association
during the current year. After an address from the
chairman, Mr. Sampson, followed by speeches from
Captain Warde, R.A., the Hon. Augustus Moreton,
Thomas Uwins, Drs. Quin, Chapman, C. Holland,
and others, a resolution was carried for the immediate
establi-firnent of a London Horreepathic Hospital.
BOTTLE rouND ON THE HOLV WELL SANDS.—A
bottle, containing the following written document, was
picked up on the Holywell Sands, about nine miles east
of ht. Agnes, Truro, Cornwall, by one of the coast-
guard, at str en o'clock A.M , of the 17th inst.:—" Brig
Mary Allan, of Irvine, Captain Boyd, Montreal to Liver-
pool, sailed from Quebec on the 18th of Nov., 1848. Put
overboard on the 30th of Nov., 1848, at one, P.M. Lat.,
by observation, 50 55 N.; long., by chronometer, 32 10
W." The writer requests the finder of it to give pub-
licity to the time when picked up, with the latitude and
longitude.