The Sun.
London, England, 1867-02-23 00:00:00

THE SUN, LONDON, SATUROA Y EVENING, FEBRUARY 23, 1867.

directors with regard to fires, and though they did
not appear to cost a large sum of money, yet if they
took the case of the Liverpool-road station it put
them to an immense inconvenience to carry on the
traffic at all. After providing for all fire losses,
they would have about £50,000 to the credit of the
fire insurance fund. Another thing against them in
the half year was the interest of money, which was
a rather serious matter, as the increased rate made
a difference of about £22,000 for money borrowed.
He was sure that, from the report sent out at the
request of the audit committee, they would be satis-
fied their accounts were thoroughly honest and true
They were very gratified to think their two auditors
—and especially Mr. Crossfield, who had been their
auditor for 17 years—had so got the accounts into
shape that they could sleep comfortably, and not
dream of mistakes. It was his belief that the audi-
torship of a company was the most important in
connection with it. Auditors should be not merely
strongminded men, not easily cajoled, but they ought
to be supported by the proprietors. When a man
put his money into a public company he looked on
it as a sort of vested interest, about which he need
take no further trouble, whereas he really became a
partner in a commercial enterprise, and ran the
risk of failure the same as in any private part-
nership. One of the auditors of a public com-
pany told him that on one occasion, when the
auditors differed from the directors as to whether a
certain sum should be divided or not, it was agreed
to refer it to the proprietors ; and when it came be-
fore them, instead of supporting their auditors, they
were so tempted with the immediate dividend, that
they supported the directors. (Laughter.) He be-
lieved that if the shareholders of this company were
to do that, the auditors would not stay with them.
He hoped the proprietors would be with the board,
and if they would not permit the accumulation of a
surplus fund, that they would try to make their
property permanently prosperous. In regard to
parliamentary proceedings, there were 317 private
bills, against 633 last year. Private bill legislation
was a gigantic evil, but no oue seemed to attempt to
alter it, and it was allowed to take its own course.
He then moved the adoption of the report and ac-

counts.
Mr. BROWN-WESTHEAD, the deputy-chairman,
seconded the motion,which, after a short discussion,
was carried unanimously.
A dividend at the rate of 61 per cent. per annum
was declared.
Upon the motion of the CHAIRMAN, seconded by
the DEPUTY-CHAIRMAN, it was resolved that the
proposal to execute the works stated in the report of
the directors be approved, and that the meeting
sanction the addition to the capital of the company
of the sum of £227,389 for such purpose, and that
the charge to capital account of £5,345, certified by
the auditors to have been expended in the half-year
ending Dec. 31, 1866, in the
improvement of the
permanent way, be also approved of.
The retiring directors having been re-elected,
Mr. J. Bickersteth and Mr. H. C. Tunnicliffe were
elected directors to fill up vacancies.
Mr. Crossfield was re-elected an auditor of the
company.
At a special meeting of the shareholders held un-
der the new regulations of Parliament, the directors
were empowered to exercise the borrowing powers
of the company to the extent authorised by the
company's acts.
The con: iteration of the agreement which was to
be brought before the meeting was postponed to the
16th of March next.
A vote of thanks to the chairman closed the pro-
ceedings.