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

Mr. CLOSE re-cx,smined.

Mr. Love—Where is the contract entered into between
the York, Newcastle, and Berwick Company for the
purchase of shares of the Great North of England Rail-
way Company of Mr. Hudson ? —The only contract I
find in my possession is the paper I produced yesterday.
Mr. Love—What paper is that?—The paper I now
produce is the paper to which I refer:—

" DR. YORK AND NEWCASTLE COMPANY.
To 151 G.N.E. Old Shares at 240 £36,240 0 0
342 „ 401. „ at 63e
91 „ 30 „ at 57 5,187 0 0
_2,874 15 „ at 231
Stamps
Commission

Mr. Love—ln whose handwriting is 4thli3sl:a6p7er?9—ln
my handwriting.
Mr. Love—When did you show it to Mr. Hudson?—
I am not aware that I ever showed it to Mr. Hudson;
to the best of my belief I never did.
Mr. Love—When did you lay it before the director;?
—I never laid it before the directors.
Mr. Love—Upon whose authority did you enter it
as a purchase on behalf of the company?—On Mr.
Hudson's authority, in accordance with the circum-
stances stated in my previous evidence.
Mr. Love—You call this paper a contract, having no
date to it, no name of seller; and you enter it the boas
of the company without the authority of the directors?
—I call it the calculation of the valuation of certain
shares based on the paper sent to me by Mr. Plews.
Mr. Love—Then you admit it is. no contra:..t?—l con-
sider it equally binding as a contract.
Mr. Love—Why do you think so?—Because, under
all circumstances, providing there had been no mistake,
it appears to me a fair transaction.
Mr. Love—Are you not aware that the prices of
the shares in the paper produced are higher than those
in the calculation made by Mr. Plews?—l am not aware
that they are, except with respect to the error in the
151. shares.
Mr. Love—Whose authority had you for the payment
to Mr. Hudson of 131,867/. 9i. 3d. for the shares sold
by him to the company?—The authority of the chair.
man and of the two directors who signed the cheques,
Robert Davies and James Richardson.

Mr. Love—What mode of calculation did 37,-)u ador
in charging the commission?—l think, to the bstof in
knowledge, I charged the scale of the Londp brokers,
Mr. Prance—Do fool ,sition in tW

VOl.l

as Com.

priny is such that you are at liberty to dispose of a sum
etnountiog to 1,(.20J., upon your own re.iponsibi-
?--I id,r that this is a very p•-,culiar case, and
that I t,in ony jus!,ifi,:d in cliargirg what I thiLlc is

:err. Prance—l-, wbrit clues its p:eulnarity ecnsi,t, and
echo gave you authority to c..ik,.titute soar..&t.
jueige o' its propriet:, ?-1 consider its peculiarity t.
consist is its being re, v,eittalion. I had co other autho-
rity than my ownjudgment.

Mr. Prance—Do you conceive yourself authorised,
being the servant of the company, to usurp the autho•
rity of the executive?—Certainly not.
Mr. Prance—Did you not practic7.lly do so in the
instance in question?—Certainly; yes.
Mr. Plance—ln ) our opinion had Mr. Hudson dis-
poed of his sinaes in the ordinary channel of business,
would he not have had to pay a brokerage, instead of, as
in this case, receiving one?—lf he had sold them through
a broker he would have had to pay one.
Mr. Prance—At what time did you communicate to
Mr. Hudson that you had allowed him n'arly 1,0001 in
the form of eommi,,sion ?—I am not aware that I ever
communicate d the fact to Mr. Iludscn until after the
meeting of the 20:h of February.