The Sun.
London, England, 1849-05-28 00:00:00

N°. 17,68t.ji LONDON, MONDAY , E N G S N 7 MAY 28, 1849.

PUBLICATIONS.

HELL GWYNNE TAVERN and CHOP-
ROUSE, Bull Inn-court, Strand, for Luncheons, Dinners,
and Suppers, Three Doors East of the Adelphi Theatre, and opposite
Adam street.
Messrs. ARCHER and HOLT most respectffilly invite their
friends and the public to patronise the Nell Gwynne Coffee room,
which has been fitted up in the style of the period in which she lived.
Visitors to the Theatres, Citizens, and Gentlemen connected with
Somerset House, and the Banking Houses in the vicinity, wilt find
the Table d'Hote, which takes place at rlalf-past Five p:ecisely, the
most comfortable and reaonable in the metropolis.--Fish and
Joints, 2s. per head. Hot Joints until Eight, and Suppers untL One
o'clock. Private Dining-rooms excellent Beds, superior Wines and
Spirits, fine Ales, and Barclay and Perkins's Stout.
N.Z. An Entrance also from Maiden lane.

RAILWAY INT_ELLIGENCE.

YORK, NEWCASTLE, AND BERWICK.
The following is the first report of the committee
of investigation, which will be presented to the share-
holders in the York, Newcastle, and Berwick Rail.
way Company, at the adjourned special general meet.
ing to be held at York, on Friday next, June 1 :
Your committee direct attention to the terms of their
appointment, and the powers vested in them, by the ge-
neral meeting of shareholders held on the 4th May,
which were as follow:

it, and that the public would be benefited by it. The
directors proposed that the company should subscribe
75,0001. for the construction of this dock, the remainder
would be found by the people of Sunderland; in fact, it
had been subscribed and the money paid. He had en-
tered into this project, subject to the sanction of this
meeting, and if they did not like the investment, he
should be happy to take it himself." The Honourable
Chairman submitted a series of resolutions, which were
all unanimously adopted, viz —(inter alia.) " That the
directors be authorised to subscribe the sum of 75,000/.
towards the formation of docks at Sunderland."

BLACKWOOD'S MAGAZINE,
No. CCCCIV., for JUNE. Price 2s. 6d.

CONTENTS.

The Caxtons. Part XIII.—The Romance of Russian 11Istory.—
Letters to the Rev. Charles Fustian, an Anglo-Catholic.—Austria
and II ungary.—Feudalism in the Nineteenth Century. —Civil Revolu-
tion in the Cau ,das.—Dies Boreales. No. I. Christopher under
Canvas.

William Blackwood and Sons, Edinburgh and London.'

I. " That a pommittee be now appointed to investigate
the aff sirs of this company, and to report thereon from
time
to time to the shareholders; that the investigation
embrace all such transactions, matters, and things, in
the past and present management, as the committee shall
think proper to inquire into; and that the committee
have power to call for and examine all persons, papers,
books, and documents in the custody or under the con-
trol of the company; to employ Such accountants, clerks,
engineers, professional, or other assistance, for the bet-
ter enabling them to conduct such investigation as they
may deem necessary; and that they be instructed to con-
fer from time to time with, and to make such suggestions
and. recommendations to the board of directors, on the
subject of any existing or proposedicontracts,for works,
Bills in Parliament, or other current operations, as they
may think desirable for the interests of the proprietary;
and, that the committee report their opinion to the share
holders as to the future management of the company"
affairs."

Immediately after the meeting at which this resolu-
tion was passed seven of the directors of this company,
viz., Mr. Hudson, Mr. Davies, Mr. James Richardson,
Sir John Simpson, Mr. Oxley, Mr. P.ews, and Mr. Tee,
executed the subscription contract for the Sunderland
Docks, for 400 shares each, and Mr. Nicholas Wood,
another director, for 200 shares, making in the whole
3,000 shares at 251. each, or 75,000/., and which then
formed one-fourth part of the entire capital of the Sun-
derland Dock Company.
The sum of 11. 7s. 6d. per share was then paid by this
company as a deposit on the 3,000 shares, amounting to
4,1251.
In the session of Parliament of 1846 the Sunderland
Dock Company procured an Act for the construction of
the dock. When that Bill first went into Parliament, it
contained clauses authorising this company to subscribe
75,0001. towards the dock. It is stated, however, to
your committee, that these clauses were struck out by
Lord Shaftesbury, on the ground then held by his lord-
ship, that a railway company ought not to bo permitted
to subscribe towards the formation of a dock, a view
which was afterwards overruled by the House of Lords,
but too late to secure the re-insertion of the erased
clauses.

2. " That this meeting at its close stand adjourned to
Friday, the Ist of June; and, until such meeting, the
directors be requested not to allow any Bill now before
Parliament, in which this company is interested, to pro-
ceed beyond the first reading in the House of Lords."
Immediately after the meeting at which these resolu-
tions were passed your committee met, and entered
upon the duties assigned to them. The time which has
since elapsed has been insufficient to enable your com-
mittee to present any report of the general affairs of the
company. They have,. however, taken all the prelimi-
nary steps, and required the necessary returns and
information for enabling them to present a detailed
report at the earliest possible period. In the meantime,
their attention has been directed to those matters which
appeared to be most urgent, and requiring early con-
sideration, consisting, first, of the Bills now before Par.
liament ; secondly, existing contracts for works; and
thirdly, the branch lines of railway already sanctioned
by Parliament, but the works of which have not been
commenced; and to these several matters this report is
confined. _

No call was made upon the shareholders in the Sun-
derland Dock Company during the year 1846, in which
the Act passed.
In 1847, the dock company made two calls, viz., on
the 7th May, 11. 12s. 6d.; on the 27th September, 34
These calls on the 3,000 shares were paid out of the funds
of this company.
In 1848, the Sunderland Dock Company made the
following calls, viz., April, 31.; August, Si. 10s.; Novem-
ber, 2/. 10s. per share; total, 9/. These calls were also
paid out of the funds of the company.
In 1849 the dock company has made one call, viz., on
the 15th March, of 21. 108., which has also been paid
out of the funds of this company; making, altogether,
171. 10s. per share, paid up on each Sunderland Dock
share of 251.; and, assuming the number of shares held
by, or for this company, to be 3,000, the amount of
deposit and calls so paid thereon, up to the 15th March
last, amounts to 52,5001. of the 75,0001. originally
agreed to be subscribed.
No application was made in the session of 1847 for
Parliamentary powers to subscribe the 75,0001., the di-
rectors appearing to have relied upon the resolution of
the general meeting of the 16th January, 1846, not
only as authority to subscribe, but to pay the calls as
they became due. In November of 1847, however,
having then paid two calls, which, with 11 7s. Gd. de-
posit, made 61. per share, or 18,0001. on the 3,000 shares,
the directors gave public notice of application to Parlia-
ment in the session of 1848, for, amongst other matters,
" Power to subscribe towards the construction of the
Sunderland Docks." The draft of a Bill for that object
was prepared, and has been produced to your committee;
but, in December, 1847, the directors resolved not then
to proceed with that Bill, the company having other
Bills in Parliament with which it was deemed more ex-
pedient to proceed.
In March of 1848 the solicitors state they had instruc-
tions to endeavour to carry a Bill through Parliament
for subscribing towards the Sunderland Docks, upon the
notice they had given in the preceding November; but
the Standing Orders Committee refused, at that late
period, to allow the Bill to proceed.
In the autumn of 1848 the solicitors were instructed
to introduce into Parliament, in the present session, the
Bar Moor Branch,s, &c., Bill, now under consideration,
and advertised the usual Parliamentary notice of such
Bill, in the month of November last, under the title of
"A Bill for enabling the York, Newcastle, and Berwick
Railway Company to make certain branches, in the
counties of Northumberland and Newcastle-upon-Tyne,
and for other purposes.
On the 14th November last the directors issued a
printed circular to the shareholders, with a statement
of this company's position, in which the Sunderland
Dock subscription is mentioned as one of the items,
making up the gross sum which will be required for
works in progress, and for works proposed to he exe-
cuted. In that printed circular, the directors state—
" This company has a collateral interest in the Sunder-
land Dock Company, to which the shareholders autho-
rised the directors to subscribe Parliamentary sanction
has not yet been obtained for this subscription, in
consequence of the requisite power having, from acci-
dental circumstances, been omitted to be sought for
last session; but, in the ensuing session, this will be
remedied."

In the last half-yearly statement of accounts, ending
31st December last, and sent to the shareholders on the
13th February, a week prior to the half-yearly meeting
the following entry appears:—" Dr.—Co Sunderland
Docks, 62,681. 10s.' No observation was made upon
this item, by any shareholder, at the half-yearly meet-
ing on the 20th February, at which meeting the present
bill, authorising the subscription of 150,0001. towards
the Sunderland Docks, was produced, and the following
resolution was passed with reference to such. Bill and the
leasing Bills, which were then also produced:—" That
each of the said Bills be approved, and that the directors
be authorised to make such alterations therein as they
may deem desirable, and as the Legislature may sanction
or desire."

Your committee having thus given in detail the cir-
cumstances under which 75,000/. was agreed to be sub-
scribed towards the Sunderland Docks, and also the
subsequent proceedings thereon, have now to direct
attention to the fact that the item of 62,8171 10s. appear-
ing in the last half-yearly account to have been paid to-
wards the Sunderland Docks, and which has been since
increased to 91,7991 18s. I Id., exceeds considerably the
calls made on the 3,000 shares to which reference has
been made.
On inquiry into the circumstances under which this
excess of payment has been made, your committee have
ascertained that 2,345 additional shares were purchased
by Mr. Hudson in the Sunderland Dock undertaking,
principally in the year 1847, and transferred into the
names of himself and two other directors, and that calls
have been paid out of the funds of this company, not
only on account of the 3,000 shares originally agreed to
he subscribed for, but also upon these additional 2,345
shares. The purchase of these additional shares, and
the reasons which led to it, have formed the subject of
extended inquiry and investigation on tho part of your
committee, who will be prepared to set forth in their
final report the whole of the facts attendant upon such
purchases, and the opinion of the committee thereon. In
the meantime, your committee have required the clause
of the I3ili authorising a subscription on the part of this
company to the extent of 150,000/. to be amended, be-
fore the same left the House of Commons, by the inser-
tion of the following clause:—" Provided always, that
the directors shall not exercise the authority hereby
granted, to any greater extent than the sum of 75,0001.,
being the amount of 3,000 shares at 251. each, in the said
Dock Company, without the assent of a majority of the
shareholders present at some meeting specially convened
for the purpose."
That proviso having been added to the clause, it will
be for the shareholders hereafter to determine upon the
course to be taken with regard to these additional shares.
To the extent of the 3,000 shares originally subscribed
for, your Committee do not hesitate to express their
unanimous opinion that the company is fairly and equi-
tably bound, taking into consideration that the same was
sanctioned by a general meeting of shareholders, before
the liability was incurred by the eight directors who
signed the subscription contract; and that the fact of
this company being such subscribers to the Sunderland
Dock has been from time to time brought under the
notice of the shareholders, and attempts, however inef-
fectual, made to secure Parliamentary powers for sech
.
subscription. With the modifications the Bill which
your committee have thus caused to be introduced, they
are of opinion that the same may advantageously pass.
2.—EXISTING CONTRACTS FOR WORKS, &C.
In considering the expediency of proceeding with
the different contemplated new works, your committee
have had regard not only to the supposed advantages
and disadvantages of each, but to the policy of increas•
ing the pecuniary engagements of the company at the
Present time, even for works of admitted utility to the
public, and advantage to the shareholders.