The Sun.
London, England, 1850-01-25 00:00:00

TO the SHAREHOLDERS of the YORK,
) CleittliCelnleWn CASTLE and BERWICK RAILWAY COMPANY.,
,—So long as the questions existing between the Come;
tit:3a". myself were pending for decision by the legal tribunals
to tcountry, ~felt that( had no alternative but patient submission
acteee driPtitationse ast on me, and that I must wait till the trans:
tlitGe.e giving rise to these questions could be calmly and impair.
as, discussed, and a judicial decision pronounced upon them. T
ra—steetZeritzkich has now been coins to for the settlement of th.omse.
Pritoti ._ may such a
to,v and such a deci-ioa 1
e eaole it be permitted me to make a few remarks on the
.000..„, ,
Weeerungs Which have been instituted against me, and on those
The hate been threatened.
tet Pr°seedings actually taken against me had relation to shareds
ge 4 Brandling Junction Railway, and in the Newcastle an
elle7tel al
-Railway. The proceedings contemplated had reference to
tbythe n the Sunderland Docks (beyond the 3,000 shares sanctioned
Cole e CenlPallY), and to a quantity of iron rails purchased by the
e-Pane.
411 d, ft..,
meeting
or, as to the Brandling Junction shares. At a public
1845, it was
pro. the Company, held on the 4th of February,
me. No opposition
*erect that these shares should be given to • -
Pluisserned, e to the proposition: and a resolution was acc,ovridthinighlye
disuee, leaving the shares to the disposed of the Director
seeeieestenderstandlng on the part of every one present with
they
Itee ~ee Presented to me. They were accordingly 9'3 disposed of;
4115,a7.7.13' of them were subsequently given by e
eessii,,eitece had beet valuable to the Company. Imt i
areholders of
st,ooPfarcourse im-
the se e had
Me to recount the services which, in the opinion
tI 64 of tii , • were so important as to render such an applica-
Neve „ee e snares due to me ; but I may remerk.; that I cannot per- i
tit. eeedee discredit should attach to me for receiving shares plfacreed_
Ward, disposal `3PoSal of the Directors, with the expressed intention of
ecase,ge services previously rendered, and then thought to have
ereeel'lre. I cever imagined that four years anerwardstth any
is whie,el3,equeetions of a mere technical character as otteheeenmsiadpieinre,eri
Rut eee, their intentions had been carried out. I had
ths i'er shareholder would have felt himself called upon to sustain
)43, ,e'lon of the public meeting of the Company.
had I,:lat to the shares in the Newcastle and Berwick Railway I
Were (7,;ined to be equally free fron doubt or question. The •
Bev dhiglnal shares in the Company of which I was the orlhinatorb?
krlPti not exceed the number for which I had executed the erit '
illg orr contract—they were the shares for which, before the passi
had nie,lP Act t f Parliament for the formation of the Company,
heed ..es myself responsible, and which I could have been. c,omdi-.
keeseeeetake had a loss resulted. My getting them in no
Sheroi3O",g_,tbe number to which it had been publicly stated thew:,Oietlieert
thee recluers Were to be entitled, and which shares every
leg thoselyed• It occurred not, therefore, to me that by rece.iinv3-•
hiotte
0,1, shares it would be imputed to me that I violated,
i %Ice rgation : and I cannot but perceive that had the sharesvit
',lee
es received remained in the coffers of the Compan,t,wt_
',lee te're been far more easy for the Committee of In s I
tele of aYe recommended the adoption of measures for
ftvhenenpu'r.-
. •:Ils to ce°,MPelling me to take them up, than they hay.emor
respect
. 1 efiveiee eel uPOII me to account for the proceeds of shares
7epottiecue
direct the
incurred all the responsibility. I will not enelaiplrlgef
nen ne Powerful opposition which was encountered, nor w
manner in which, and the sacrifices by which, under
1 "'"lick et ',l.' and by my unceasing exertions, the
.Newcastleneasteldd
411adoa• aulvay Bill was carried through Parliament . when p
the labour I had under-one—the anxiety I bad su.ffered
~etltra'cietriefices I had made. I executed' tile Identical subscription
Ile I itee—jrleteie the names' of the other shareholders were affixed ;
therlete, e,°llsldered that my right eas defined by that contract.
'le lieneeees beer, denied to me, and formed the second branch of
witb7eefort in %tech I have been involved.
fort reePect to the Sunderlend Docks I may remark, that their
lei toe., 7 ael Projected before I had any connexion whatever with
portalse of Sunderland : that their cemeletion was of essential me-
tro Y
ipe, not Merely to the town of Sunderland, but to the railway
te-'s'e doe'ese.sessieZ as it does all the lines of communication with
ti - eeine It IS unnecessary for me to point out bow much
:lees
' anelll eae' are liely to be benefited by the formation of the
,Ileit p the extent to which their traffic will be extended and
thli deratiee„Y,,enne improved by their construction, as these con-
Cate e" e Must present themselves to the minds of every one.
tee
Trees - 'ecaole connected with Sunderland I subscribed 2,500/. thes . . .
sere docks on my individual account, that being
looe. which
••Dr ''''.. 're - rnY connexion with the town seemed to render
•sgres ee Railway Company subscribed for 3,000 shares. In the
silted eof the ,
•, Y and Yorks it appeared evident to me that te ensure their
"et eaho effectual completion a further interest must be taken by:
es'ithe (! 'Y esleleally and it seemed also that it was the true policy
••111l PernOellY t ' tee e eeerr, . o encourage the rapid completion of the works, tor
tieesrtitiritee,Company the increased traffic on their line afforded
„e tree. e or a return, independent of any dividend to be received
eettoe -,' snares in the d k In this I did not rely on my own
eis e e alone, but consultedoe two s'
of the Directors, present with me at
'lll4oei,4l:l24,34t,lle_s!eliiNve tooikhad thesirtehnetlrree concurrence. The pur-
bite_ aim the eeteit onal s 'arcs, evtaresult of these delibera-
herets r,
the
shares were reels ered in -the names of three
r Of di me Railway Company. To me there was no pres-
toe rec or inaect bench. ; my colleagues and myself had
es oltily t
en de . ° theynterests of the Company. lan this It Is net
t I rrally,ed, that we exceeded the legal authority reposed in us ;
hi, Proeine ee allowed to say that we had acted in this way
clayi
cede be", cases when we considered it important that
.y
1,44,1e14fid alMeLdeder—Parliamentarysanction ne doubt
.wasvrequmsditne),
te'e veetae'llm.„ eases was obtained—the result being,,,Tetn '
bee ultectereleo t, arrangements were carried through,. (had
e) . shrunk from assuming this description of responsi-
eeese ,e, yer would have been effected at ad. The purchase ef
to'iti4h7o4llienal shares would have been legalised had not the appli-
teklele, n'thanient for that eurpose been postponed, with a view
eh. feexPerise by embracing other objects in the same applic.a-
tli'leete,,es are the circumstances under which it is that the R
te:, theel'ithe have refused to recognise these additional shares, and
leeei they °ll me accouutable for them, and this too. at the very
iik4l-'Way siePahe have ratified the purchase of some West Durham
be „' oge,n4res taken by me in a similar manner, and. with the,
14,,' the e° of authority, the only difference being that it has now
mite. Le"' advantageous for the Company to retain these latter
etched beeffeellY speaking, the responsibility in respect of these Sun-
tege seereee Shares may perhaps be cast upon me, but, if this be so,
' act search hares
must feel that I have been guilty of no dishonour-
T• he f.011.,..at ana th
,rez - my position is a hard one.
else seen eng are the circumstances under which the tree rails
toe
coete ee to the Railway Company, the only other sueject of
to he 40114214 f ed roceedings. In the month of October, 1. 844,
knee see 'as low in price, I thought a speculation in rails likely
4.74, ethessftil, and made a contract for a large quantity with
Clet4 Were g.t'lleon and Forman, of London. Shares in this specula-
lgieed. by me to several private friends, all of whom de-
ts'll rojeaeg fnsuilling to incur the chance of loss, and the
esrpecieuk-
NO.,,WeY co,Ted rilY own: at this period the Newcastle
Itee'e. ewePoi' did sot exist. The price of iron afterwards ad-
teerse teee le like any other man, was surely entitled to tile en-
toe•e:s Worertil of my own item. In the month of March, 1845,
Iteeeley- . Publicly invited for the supply of iron rails to your
canes ii: 'tend they were accordingly made by some of the first ,
ltiesetthe elite eteun trade, including Messrs. Thompson and I or-
elie.lte°eauled the contract at, the price of the day. They
help ofeLquantity comprehended in their contract, partly by the
kis 'el teeeeeeir own rails, and partly by the delivery of the rails
Ille. Of ifs "el 4 011 my account. This transaction is complained of
itteglok I Pro
. e and perfect legality I never entertained any
Slei-sprecis°ebitallicd no more than tiro market price for my own
llit4e4 to 3' the rate which Messrs. Thompson and t *man
lees ed by r he If not ono single toia had teen
he ; nle. what would have been the conse-
ooeel tee
~eselrs. Thompson and Forman would have de-
Nt ee,tle be hole quantity out of their own stock,. and the
leeeeueeeees Paid precisely the price fer the iron which it has
teleseltree tete Was ei no way benefited by the transaction with the
'leo It is I eoeld have procured from other parties the same
, leerrepee3, no doubt said that it was illegal in me to supply iron to
lete,!lsti ee,f Which I was a director ; but I do not believe that even
My have erellsaction could be held invalid, for all that the Legis-
i. ~ liii ',e
lieeet of tee' With the
m
With
to vacate the office of a director concerned in
e Cop any. My case, however, occurred before
• *055 " I heaerliallient was passed, and its previsions, therefore modi-
tie eceetee ,e'e shown them to be, have clearly no application what-
e,er te, 'latter,
teLelttoe fee detail it li accessary that I should explain why I have
Cob Were e
' Pay a sum of money to the Company. When these
Itaieseres rat agitated, I submitted the whole of the facts,ithl-
W, ietleisee°tre qualification, to most eminent
~counsel,by whomme I
eleteleseira,":ftt no legal claim could be established against
the„ lhoroe'lenelY opposed to any compromise whatever,fee.efltirtige
by tee that egh investigation of the facts must remove much
eh those i bad been excited against me. I was informed, however,
• :stizlilLeweria?-nl, I Placed confidence, that the questions raised by
eSkei"e tee n-'°lllPany would involve me In years of litigetion, and
se there. i -....."n5e of enormous expense and endless annoyance and
0o„• '"lrieee, "es advised mightgal and technical questions, foreign
eteletel -e'S of the case influence the decision to be pro-
%keel , and
se tie ee I could not but feel that, when even my title to the
les %list elleteee shares
w
questioned, though it rested upon
ht ,I° cli,g.recOrded vote oft he ehareholders, it would be idle in
fi Ildeilse from, myself Boat the proeeeclings throughout would
10t410115,-, Ina similar spirit.
Why to these Considerations, I have ascented to the arrange-
%Ls Skil 'Dias been come to, and I have also thought it right to
IV', eePY, self the entire responsibility he Sunderland Dock
14. to relieve my colleagues from pallid ability in respect of
lte IN is e
%ttl'lltgart another charge which, although it does not involve
me, °Pee erlesPonsibility, should still be adverted to. I would not
I'llre• tile rie`he Scrutiny to which the accounts have been subjected,
eie4l4% ee.:elir with which they have been examined, neither do I
elifie vet ring ring Into details, for I should then have to discuss the
Seet,te 1),:g Mil still unsettled question of what charges really
teeefeet 0. tarried to the capital and what to the revenue accounts,
ree'sied to Which nO two men think precisely. alike. Every item
It a separate
Iften improperly carried to capital would, in fact,
elk. is slat Parate examination.
lee IN ecl that in the ageregate, 107,3711. les. 10d. has been
tierrlite, goallist capital, which Lou
to have been charged against
touring
tee sti to the close of the year 1843 ; arid it is added that,
elSlece,t„l cla,M, Period, the traffic has been over reported to the ex-
ec% ettio"heZ,l9,s. 7d. Of the former sum, 17,9581. 15s. bd. occurs
See „elle 4,„., of Interest paid on Debentures and when leeee es eretelg the whole period of the formation of the railroad,
liqre leteaenelles, this is the only surf which, in the shape of de-
-1 er eeel•ret• has been carried to the debit of the capital account,
eitjaSteeetuenation cannot be requisite for those who have regard to
~eette4l Areeueee of the operations of the Company, and to the extent
'ecio Mee ee tive works. Another portion of the sum which is
ties) la net saving cof 59,8111. arising from the late Di-
-I,ees.lled e charged some interest which, although it might be
ele_ `lll,ete et been actually paid, and not having charged some
Nt,h, „ota bilis
h„_, , afterwards collected by public advertisement, and
The be eeev lug at that' time been seen by those Directors, could
liess sells sTilhPrehended in their financial statements.
rele'sen it 14 balance of 29,601/. Os. 9d. to be accounted for, spread.
ete'ele to elf-Yeers, much of it depending upon the propriety of
es4llllieusePital the cost of repairing the engines and stock of the
ire,.l Ne unction, and of other Railway-5, delivered to the Com-
lee titeead state of repair, and which it was necessary to improve
lelere'centd he used on' the lines of the Company. There may
let,e4 01117 ea doubt are—some errors in the published accounts ; and
lecet°,eglitieelles, rile hope that the report of the late Committee of
''fte "'en e - May be examined with more indulgence in this re-
,3t e,,, ee been extended to the former Directors. In the report
114' e2j, esel.l4nittee the Railway Company is charged with the sum of
ille °j atid /tack, as still due for the moveable stock of the Hartlepool
or of ,_ way, although it had been paid for some time before 7,
°tea °ear alight ma
guitede, and yet one which, I freely admit,
Otte the over in Mistake.
Iteeletees'etr-eattMated traffic 3,7971. arose from an over-estimate
leaeee'st ere4dtfe for the conveyance, of the malls, the accounts re-
lere - % bali,-11'11,11100,7t5h5einiboese.n6dse„ttled with the Post-office.. This
Itl e•
that itnee
h'ori%reeeklY hasfe in respect of which I would ob-
threes been the custom of the Company to report
tree Me ape .4, up to and including Saturday ; and thus it is, that
lelletlYita na;g of the railway, every published account has col-11-
%41;41g year "rreetional part of a week properly applicable to the
tcanned I.l* Whenever the year closed on a Saturday the ac-
.tha ree (Nine Corrected itself, and thus all cavil have eased.
e,- Which Zees this part of the subject without adverting to the
I Irietu'lt or th has
been advanced against me, of having swollen the
to
ni
gates!,e 'ernPalkeii receipts, with
vide view of avancing the
teitoWit of increesing the rate of dd, and of adding to
kosatkitLereeileerzi,
reastetlniarge of unquestlenable importance, but, fort:a-
-let ee La the Upon no solid foundation. During the period
, itei 5 earnino. e account, the receipts of the Company from
'rer:;6'3l. lis'te, as published by the Committee, have been
egeoe'sPortee 1e... a sum in comparison with which the alleged
ete' to say of 14,8121. 19s. 7d. sinks into utter insignia-
'4„ ette,td, proth?°thing of its eing far more than covered by the du-
'gi e ..98.70-, admitted, Oil the same authority, to amount to
for ieenlpate,e, In addition, I may observe, that the accounts of
tit, etere, J urre not been credited with 11; very large item due
lie' 'IN MI calls In
tie. ends e__,arrear, alhougwhi they had been debited with,
le_ Lo ite,,e declared on the same shares, a eircumstance not very
Fellits. 'e occurred if it had Lbeen intended to publish inflated
bleZetile not
tO tteeill Ole eeelless over unnoticed the depreciation which has taken
Nene seereelith,e of the shares of the Company, and which has been
shtee t Worth ',.1 deer, regret. On referring to the former value and
tk 41 Am to et shares in the other great lines of railway, it will be
teseeeteer t.e.eleclensien has in all cases but one been greater, and.
Teleibpereeetances much larger than has occurred in the shores of
ISYs ' deel •
e (If ehsion 1
ttit th °1 any sto be ascribed not to the conduct pursued by
fc e lee other individual, but to causes affecting not one only
Filv°4lDarie °f bile ex,
lei
Me
thg th,,
_.
ra.:stin.g railway. It is. owing to tlyortih e
e_
/lei Meter 0 diee llwae —the undue weight attache by. e L
is
4,te 6 esth blushed length, regardless of enhanced capital—the
telhe<ionee be leent of branch lines—and the insefileiency of the
eelteltiesstheen "
to
seriement whenever the competition of parties
Wile eo this sett mit•
v 11114,1 leseeeene era I exerted 'myself to the utmost. I pointed
ezttloeetdiess
carersieldhantwwayould result from It, but I was unheeded.
te specious outcry for competition,
mob 'he i ...flees a
1,1„_ e1f...(1,,_ , nd cheapfares ; and myself and others corn-
C,t, ranch WO 17.,ire to adopt to some extent the objectionable sys-
-11:11 ee',l7r these" no strength to !exist. It is something to reflect
(e,:s not ,Tletee, enntoward circumstances, the lines which have
ltenetett. en or e ei?rl the arrangements which have bees made,
„elicit ~le or i„ ‘:, erecter to receive the condemnation of the
seeeejas eetaTleestigation, and that the system of management
lelhe , laile4 Iles 110 t been found capable of substantial
cr._ eielee,
see ',alb e•T for this thtt or olg trade S state of things is, I hope, to be found in the
m
reere
Or :, leegCne
i ert
,ut l,d PoPulation cf the countr tho dimineshed
fr" 411 Use on railways—in th ey—in greater economy of
41 eolieteell ache_ Which experience May suggest, and in the ab-
-14 e
(,eottrrsieh 1 elle eer their extension.
le:et!le cee a,hret°, are
observe that I am aware that transactions
thc,Tee seseletioe toere to be regretted, but in respect to which it
1%110 trees Lamest eeeelle to reflect that the Company have in no
seee'll theeaetlees veveel‘nlarY loss. Allow me to ask you to review
tioeerleteeeeeceireee " some remembrance of the excited period in
le ' sed oiran,el dire—et" the inultlplieity of concerns which I had to
6 t,,,,tbli, 4kee im
sesef the brief opportunities I had for rettec-
z n• 4tieS and sthilitY of my giving sufficient attention to
3,41°,44104111Nte rti, 1 q private
.matters which then claimed nay
I,4ttltre :lt coot eave et this , .
Ptunild subject. Ido so with the
tile' aru atgagsa, 'T4°4 of the
1141ey , IMOLA C Which ,
_soundness of the undertaking in which
•AN ell towazuk for it; Tnttille to retain a large Interest, and.
eUhscrieeds thee, wenture prosperity. I disclaim all am-
Ilt% MYseir h° halve shown me the least considera-
i
-I)trki a titellie'
e ltlltie Nee., 4
ree • Very gladioli servant, -
GZOROZ 131TD501i.