The Sun.
London, England, 1849-09-08 00:00:00

Mr. TINsDALE—I ask Sir J. Simpson to explain how
it is the expenses of working the line are now 46 per
cent., while in the rvert before them they were set
down at 23 per ceut.?—(Hisses, and cries of " Answer
that.")
Sir J. SIMPSON said ho was anxious to give every
explanation in his power. (" Oh, oh." " A nice fellow
you are," &c,) He could not exactly state how it was.—
(A voice, " But you ought, sir.") Possibly; but, then,
under the unfortunate circumstances of the bolrd, though
he might take some blame to himself for saying so, the
shareholders should recollect how matters had been car-
ried on. (Hisses.) Ha was only one of the directors.—
(Hisses. " A pretty set you were!" 6* Vagabonds," &c.)
The chairman already held his resignation.—(" That's
right.") Up to the last meeting the assets were kept by
Mr. Hudson and two directors.—(" More shame for you
to allow it." Cheers.)
A PROPRIETOR. rose to order. Sir J. Simpson should
be heard. It wag most unfair to interrupt him.
Sir J. SIMPsoN—I trust to English justice and to the
good feeling of my fellow-citizens.—(Oh, oh.) My
errors have been of omission, not of commission. Your
accounts were entirely in the hands of your late chair-
man.—(Fusses.) I put it to yon, if you had not every
confidence in Mr. Hudson.—(" Yes, yes;"" No; we had
not.") I shared in that confidence. Everything he pro-
posed met your approbation; and if any one stood up to
oppose him you know he wou!d not have been heard for
a moment.—(Hear, hear; No, no.) After 1845 I ceased
to be your auditor, and from that time Mr. Hudson had
the whole of your accouats.—(Cries of " Shame," and
contusion.) lam geite willing to resign.
D. O'BRIEN—Are you willing, Sir John, to resign
the money you get on the shares allotted to you ?
Mr. TINSD.ILE asked Sir J. Simpson why he had not
answered letters addressed to him on the business of the

company ?
Sir. J. SIMPSON—If I ever received any letters from
you on such a subject I handed them to the board, and I
appeal to the secretary whether he has uot received them
from me.
Mr. TINSDALE—I wish to know if the solicitor of the
company is to be continued. It is said he is a great
trafficer in shares.

Mr. RICHARDSO2II (with warmth)—l must say one
word. The gentleman says it is asserted we have been
trafficers in shares. I tell that gentleman it is utterly
untrue. I have been a large props ietor, but I never
speculated in shares at all; and I deny the statement on
the part of my colleagues also. In February last I held '
29,000/. stock, and my opinion remained unshaken in Mr.
Hudson up to that time.
Mr. WILSON—What did you do with your stock after
February?
Mr. RICHARDSON—I wish to answer every question
fairly. I yet hold 10,000/. of your stock.—(flear, hear.)
Nor did I part with a share till three weeks ago. I be-
lieve your line is a good one, and that I shall get fair
interest for my money; but I am a holder in other lines
also, and have calls to pay, and it is not convenient for a
man like me to hold stoek to such an extent.—(Hear.)
A PROPRIETOR—That's just the way; an official sells
stooks and our shares fall.
Mr. WILSON said, Mr. Richardson's statement was
perfectly satisfactory.—(Hear, hear.)
Mr. U UTCH observed, he had only sold stock to enable
him to pay calls in another line.
Dr. O'BRIEN—I wish to know again, is Sir J. Simp-
son willing to resign his unlawfully gotten funds?—
(Cheers.) It iz a robbery when a man takes what he
has no title to

Sir J. SIMPSON—WiII the Hon. Proprietor favour me
with his name?
Dr. O'BRIEN did so.

Sir J. SIMPSON—I Evil answer you at a proper time.
Dr. O'BRIEN—This is the proper time, Sir. I demand
an explanation of all the money you have got.—(Cbeers.)
Sir 1. SIMPSON—I understand the duty of an Eng-
lishman and an hone3t ram, and I throw back with
sc::rn and contempt the hard words Dr. O'Brien ha; used.
—(" Oh, oh," and cheers.) I am known to my fellow-
citizens.

Dr. O'BRIEN—I know nothing. of you, Sir, but as a
railway director.
Sir J. SIMPSON—I never was a trafficer in shares.
Never bought or soil one till within the last four months,
and I hold the slime number of shares I did in January
last.—(Hear, hear.) I will state the whole of my con-
duct before I leave the room.

Dr. O'BRIEN said he only wanted to know would Sir
J. Simpson return the money?—(a2ar, heir.) It was
arranged that Sir J. Simpson's resignation should not be
received till he had given the explanation at the next
meeting.
A PROPRIETOR —Were you aware, at the last meet-

ing. any fraud was going on?
The SECRETARY said he was aware there were sums
which should have been in the account that the directors
suppressed.
Dr. O'BRIEN complained that the secretary had not
answered certain written questions respecting the value
of shares, which had been addressed to him. _ _

The Secretary (Mr. GRAY) replied that he could not
answer any question of such a kind regarding the sale of
Hull and Selby shares without the permission of the
board, and the reply which had been sent was, that if Dr.
O'Brien came over he could see the whole account.
PROPItIETOR—Are not the directors answerable for
the loss of our property? I ask the solicitor.
Mr. RICHARDSON—Such an opinion would be of little
worth, given in such a way.
The SECRETARY again rose, at the request of the
Chairman, to state the way in which the accounts had
been passed by the board. The accounts were drawn
up on a rough balance-sheet and submitt,:d to Mr.
Hudson. There was no formal passing of them by the
board at Norwich.

Mr. BROWNE—Who made that rough sheet?—My
own clerks. Were the accounts so made correct?—Yes,
so far as they could be they certainly were.
Dr. O'BRIEN—Were they made out on an honest
principle ?—(Hear, hear.) It never was the practice of
the company to include the unpaid accounts of the half-
year, and so far I think they were wrong, but the accounts
made out by my clerks were made out honestly.
Mr. BROME inquired whether Sir John Simpson ever
passed any account which he knew to be incorrect?
Sir J. Symms—Certainly not. Up to 1845 every
account passed by myself and my colleague, Mr. Dods-
worth, was correct. I was thought too slo or in getting
through my duties as auditor, and in 1845 ceased to
become so.

Then the frauds took place after 1845?—1f frauds there
were—(" Oh, oh," and laughter) —they have taken
place since.
Mr. Mmutor inquired whether there were any other
sources of expense not yet provided for?
The CHAIRMAN' replied, that with the exception of
some very small items from the Nottingloy branch there
was no further expense.
What is our real capital—about 5,200,600/. ?—We
have not gone into that fully, but expect to do so. The
committee of investigation will also be prepared to
answer it.

Do you believe the company have power to raise ad-
ditional money pn debenture? Do we stand well in the
tnoney marketl—The company have full power to bo:-
row money and sell stores to the fullest extent to com-
plete all they have in view.—(Hear, hear.)
Do you look for an ultimate reserved fund ?—Cer-
tainly we do ; but our rolling stock is better now than it
was six mcnaths ago. _

Mr. Ni.u.Lnoy said be was quite satisfied with the ex-
planation. The charge for the maintenance of perma-
nent way was extremely low in comparison with that of
other lines. lie wished to know it there was a flaw in
the lease of the Hull and Selby Railway ?
The CHAIMAN said the subject had given rise to
considerable discussion and several letters, in which
different opinions had been expressed. A very-well
drawn•up case had been laid before counsel, and he
had boiled to have hal a legal opinion as to the liability
of the Lancashire and Yorkshire Company to take one-
half of the Hull and Selby share with their own line.
The Lancashire and Yorkshire Company denied that
liability, on the authority of a deed entered into by two
directors of the Midland Company (Jr. Hudson and
another), and by two of their own directors, and would
resist it by every means in their power. Ile considered
that deed illegal, as the Act required three directors,
and the solicitors were of the same opinion.
Mr. GUTCII observed that there was no positive lease,
but merely an agreement for a lease, which was quite
binding on them. The question was whether the Lan-
cashire and Yorkshire were to take the half of it, and
on that point he refused to state any Fsitive opinion at
present.

In reply to a proprietor,
The CuilumaN stated that the sum of 95,000/. in the
suspense account had not yet been fully investigated.
Dr. O'BRIEN wished to give the secretary an oppor-
tunity of clearing himself of a suspicion which might
otherwise attach to him. Had he not seen alterations in

the accounts when they were returned to him from the
chairman; and if so, why had ha not brought those alter-
ations before the board or the proprietors?

The SECRETARY-It is perfectly trus the accounts
were altered with my knowledge and in my presence,
and reasons stated by Mr. Hudson and the parties—no,
I shall say in fact, by Mr. Hudson—why he made the
alterations. Those reasons certainly were not always con-
clusive to my mind. but it is impossible for a public
servant in my position to demand that every statement
made by those who are superior to him should coincide
with his views. I could not insist on Mr. Hudson taking
my advice on a matter of opinion. He stated, for instance,
that accounts paid that half•yoar should not appear in
the half-yearly statement. I thought that wrong, but
could not resist it.
Dr. O'BRIEN—I wish to ask if you did not know there
were matters not of opinion but of dishonesty in fact,
which you did not communicate to the board?
The SECRETARY—I knew of those omissions, for
which reasons were given. All these facts are matters
• •

of opinion.
DThr.s°C'Hl3Aufm—ANß—ult wantlbegto submit to
—to the liberality of
tki t
of such an arbitrary and tyrannical nature as
the meeting whether a gentleman acting under dhiaredctbieoenns
ter
over your secretary should be so closely questioned in
this way.—(Cheers.) I stake my life on his aurae—
.
(Cheers.) Neither he nor the old board should be
questioned very minutely on those matters.—(Hear.)
Dr. O'BRIEN-I submit at once. I believe he holds a
high character at York—(Hear, bear)—and for the sake
of the company I wished to give him an opportunity to
explain these matters, in order that the public should feel
a confidence in the character of their officers.
The SECRETARY thanked the meeting for the feeling
exhibited towards him. The committee of investigation
would ilquire into the whole of the subject. He would
afford them every explanation of his conduct, and if they
thought ho was to be condemned they would do so at
once.—(Hear, hear.)
A PROPRIETOR inquired if there was any truth in the
report that Mr. Hudson had taken the company's painters
from the York station to Newby-park.—(A. le.ugh.)
Tho CHAIRMAN—I think wo had better leave that for
the committee of investigation.—(" Hear," and a laugh.)
The report was then adopted unanimously.