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

RAILWAY SHARE MARKETS'

BRISTOL, JAN. 24. ne.FO,
STocx ExcHANGE.—The market maintains its fir° ions
and a go-,d business has been done, but the only altersati d
in prices were—Great Western, Quarters, 16541—Wilts
Somerset, 10 dis.

LIVERPOOL, JAN. 2t.
STOCK ExcmANGE.-The market was rather dull reaell..l.;
and prices are somewhat lower. The transactions
follow : - East Lancashire, Preference. Quarters, 71. 6E6
Liverpool Chester, and Stockport, 5 dis.-London and lad,
Western, 1174-Ditto, New Quarters, 3s. 9d. P.-Alid and
444 -Ditto, Halves, Is 3EI. c. dis. - South-. Eastern and
Dover, 20)4 - Ditto (No. 4), 61. 13s. M.-Dutch
Rhenish, 5% dis.-North Union (B.), 161.
A n
MANCEIESTER, JAN. 24.
rn
STOCK EXCIIANGE.-But little business was "°-...evaird
our Stock Exchange to-day, and prices had a donior
tendency. The transactions were as follow :-Esito
cashire, 11%-Lancaster and Carlisle, 50-Lan-n, 644
Yorkshire, Fifths, 7 dis.-Ditto, West Riding 1),13i2 p.•*"
dis.-London and North-Western, New Quarters, 1/,sh
Ditto, Manchester and Birmingham, Quarters (Ch ;
Manchester, Sheffield, and Lincolnshire, Quarters
9A-Ditto, Preference, 8%.
BIRMINGHAM, JAN. 24. tr
STOCK EXCHANGE.-The share market WAS ve,r9,".-vrers
day, but it was understood that the private cleanly.
considerable. The transactions wer London suu:,.--14;:irut131:
Western, New Quarters, 1% -Shrewsbury and 13—
ham (A), U. 13s 9d. P.
as
YORK, JAN. 23. Were
and
STOCK EXCHANGE.-The transactions to-dsy fle,
follow :- Great Northern, 71. Is. 3c1.-York, Newcse
Berwick, 16;i-Ditto (G. N. E. Purchase), 2Ya•
GLASGOW, JAN. 23. were
follow:
GElasxcgnovrAN, aiiix.l-The to-day "lOW'
( No. le)r,n, 13-Ditto
Preference,(N 50.
per cent.
esen:4r.-Dundeesa2n-dlDlAitrtAatob;e2sst
-Glasgow,lort Dumfries, and Carlisle, 4/. 13s. 6d •••"'
guaranteed, •

vi-
BIRTHS.
On the 22d inst., at Montreal, near Bevenosks, the
countess Holmesdale, of daughter.
On the 22d inst., at Ma ount's-park, Wilts, the lady °f B"
B. Bellers, Esq., Captain 50th Regiment,oi a son- • f DV'
•ce o
On the 21d inst., at Whetstone, Middlesex, the wife
,
T. Bartlett, of a son. Lesto°l‘
On the 23d inst., at Hyde-park-square, the lady 0'
R. Reed, Esq., of a son.
I lill'Pweed,
On the 2i st inst., at Hamilton-terrace, St. -° f
the wile of P. S. Coxe, Eq., of a daughter. 5(1., o
On the 22d inst , the wife f Edward Williamson,
Smith-street, Chelsea, of a daughter. d job°
On the 22d inst., in Devonshire-street, the wife "
Irving Glennie, Esq., of a son.
__.--------''

On the 20th inst., at St. PaAIARRIED
cras New Church, ,00*
Tristram, jun., surgeon, Liverpool, to Susannah
daughter of William Jacks m, St. Pancras. • 103011
On the 22d inst., at Aldenham, Hero, BArou Dlegarith
Webster, Esq., of Penns, Warwickshire, to Anna Notes
daughter of Samuel Ellis Bristowe, L.sq., of Beestl3-'

DIED

e
at Vif

_GI i
,u.csOat
untnevi
itillhera.en2gerl2,Botel inst.,,temihtilii.,mii
latii4 at Peckham,
shi
aanftde Breriitltl:ir late 01
0 ptain
Hanslip, formerly of the 9th and 66th Regiment. ifea
On the 21st inst., at Holbecks, the widow of tr9.,s
aged 0"
W. Rowley, Bart, of Tendring- hall, Suffolk,
On the 210 inst. in London, the lion. Mrs. Rawd°ll OP
ti 110
On the 21st Surrey, aged 70, --$.-
~
inst., at Manor-villas, Upper -.-)
Samuel Davenport, sq., aged 57. Ssrsll
On the 21st inst., at the Old Steine, lirightorlrf gen"
Henley, relict of William ebert Phillimore, Es+, ° reseoS
dall-hall, Herta, sister of the late and aunt of tbe Pdsbire'
Right lion. Lord Ongley, of 0:d Warden, BOW
aged 79. ed
On the 21st inst., Mr. Joseph Ling, of HollowaY; firillis—
On the 22d inst., at North-bank, St. John's-wood'
Westall, Esq., A.R.A., aged 69. WO
Oa the 22d inst., at Langtons, Hornchurch, Essex'
ce,
widow of John Massu, Esq., aged 79. • r-Pl3 f
On the 21st inst., at Chapel-street, Grosveho i b, c
Anna Martha, widow of the late Colonel Thomas Wel' -
Pines-hill, Stanstead, Essex ged 79. 1, la
On the 21st inst , Charles' al)'Brier- E. son of '-''e
George O'Brien, Esq. , of Gueshunt, Brier,
Ma
respected.rl:n George-a t se
v a

- .
London: Printed and Published by MURDO yc li °' 'I
P /of
No. 112, Strand, Printer, at The Sue Oita' „wilt,'
Pitrand, in $.l, Precinct of the tiavoy, in tue -
Middle x, Friday, January 25, 1850.

Pr° tile SrIARETIOLDERS of the YORK,
,
ittlenien and BERWICK RAILWAY COMPANY.
Vol and Itya."° long as the questions existing tetween the Cern-
to esaff were penling for decision by tte legal tribunals. of
kttilloe an' "Nita. trait that[ had no alternative but patient submiseion
e.„ ?Ilse Ist on 'me, and that I must wait till the trans-
ly (14,117.116 e to these questions could be calmly and impare-
-11. eat *judicial decision pronounced upon them.
ire's Wlv"lt has now been come to for the settlement of those
iir,--catbie,p. I rendered such a discusion and such a decision im-
atiNllnt, may be permitted to me to make a few remarks on the
li, Which have
pro„ be_ been instituted against me, and on those
a,' `o tareatened.
84nis:Logs actually taken against me had relation to shares
at-lelcihiirullf Junction Railway, and in the Newcastle and
t tii,113% The proceedings' contemplated had reference to
Ccttilla eornLounderland Decks (beyond the 3,009 shares sanctioned
4447 V4nY), and to e quantity of 'rem rails purchased by the
'
tab first,
1,,_.n11 of the Company,
to the trandling Junction shares. At a public
l'ar that' s''''roPallY, held on the 4th of February, 1845, it was
k,....414,4
to these shares should be given to me. No opposition '
leioab_t!le proposition: and a resolution was accordingly
ittilet ewer; the shares to the disposal of the Directors. with the
bi be presetaddhlg on the part Of every one present that they
k, nted to me. They were accordingly se disposed of ;
1:41a141,722beat were Subsequently given by me to parties whose
hle for _ beea valaable to the Company. It is, of course, im-
all.areboidtoe to recount tho services which, in the opinion of
lietur the bares were o Important as to render such an applica-
valydile to me ;but bnt I may remark, that I cannot per-
cl,47ifedit should attach to me for receiving shares placed
'll ...il sere' of the Directors, with the expressed intention of re-
2es Previously rendered, and then thought to have been
111,,itralae- 'aver imagined that four years afterwards the Company
lat iherlittons of at mere techeleal character as to the manner
11. "cry „tntentions had been carried out. I had considered,
.igetisiougal.eholder would have felt himself called upon to sustam
rab, aa the public meeting of the Company.
-aei4a th, e shares in tile Newcastle and Berwick Railway I
0fige1.,"..,t0 be equally free from doubt or question. They
0 the 4,_lsllares in the Company of which I was the originator -
q 540, e"‘itteraceed the number foi which I had executed the sub-
k,lar /et ae,t.theY were the shares for which, before the pass-
)(kg rarliament for the formation of the Company, I
tete7,.". responsible, and which I could have been corn-
afra'N ta „'"al a loss resulted: My getting them. in no way
,4.01(14 uultiber to which it had been publicly stated 'the other
tifeeefee.‘Yere to be entitled, and which share's every one of
iseti ose
84 occurred not, therefore, to me that by reedy-
oltiligairee„ It would be imputed to me that I violated any
,7ata reecl, and I cannot but perceive that had the shares
411 ,4see remained in the coffers of the Company, it
Pee have",7ll far more easy for the Committee of Investlga-
"et, eab,,Tommended the adoption of measures tor the pur-
i`i° tea 1i`,,,,w0g me to take them up, than they have found it
kite him"' to account for the proceeds of shares in respect
IN iije Incurred all the responsibility. I will not enlarge
Opeatal!erftll opposition which was encountered,.
nor will
te;ratiQ,,'"" 'tanner in which, and the sacrifices by which under
ll ititi 504 by' my unceasing exertions, the Newt:nape and
h;lttazt ZiaY Bill was carried through Parliament : when passed
krltrakritle, labour I had undergone—the anxiety I bad suffered
tki eibiad made. texecuted the Identical subscriptio
ea „ae an the names of the other shareholders were affixed;
ic!,ght ered that right was
.deflned by that contract.
OVltitiNion in'emga denied tom e, and formed the second branch of
Z4,4tiorueswprit Ishutaivdeerttenend
iocklysetmay reMark, that their
„,_Projeceed before I had deny connexion whatever with
ke,pilles,beral.derland : that their completion wasi of essential. ire-
Se poaerelY to the town of Sunaerland, but to the railway
~:liela—"Plog as it does all tics lines of communication with
lbDatly It Ls unnecessary for me to point out how much
'kft 1,,,.ate likely to be benefited by the formation of the
aseenila axtent to which their traffic will be extended and
py their construction, as these con-
• I.)e„,,'S present themselves to the minds of every one.
• tbe,,,,—ue connected with Sunderland I subscribed 2,500/.
Nvai2i, docks on my individual account, that being
The r MY connexion with tile town seemed to render
Ztel;' of th:allway Company subscribed for 3,000 sares. In the
it'„,,kie te Works it appeared evident to me that to ensure their
'NI ova "tool completion a further interest must be taken by
(a, Y Come
the Neu anY, and it seemed also that it was the true policy
Y.to encourage the rapid completion of the works, tor
ikizTant,aY Company . the increased 'raffle on their line afforded
%eidleir 511.°1. A return, 'independent of any dividend to be received
.41t1,4aloneles in the docks. In this I did not rely on my own
Nit e,tfaa'mut consulted two of the Directors, present with me at
2,34i'"teP We took had their ent're concurrence. The par-
-4,„, tine additional shares was the result of these delibera-
kiL Z(.11 f"i7, shares were registered in the names of three
i.4l4,4'tlreet`'oer Railway Company. yo me there mss no prof-
, indirect boned ; my colleagues and myself had
Lai 'tined ".„ the interests of the Company. Is this it is net
^ 44Y tallow we exceeded the legal authority reposed in us
kilifittooer, allowed to say that we had acted in this way in
4e oa.,,"es when we considered it important that delay
Qy n;:ea —Parl lam t ary sanction no doubt was requisite,
71-set„"ner cases was obtained tithe result being that *many
4lair,Ctetir°os arrangemeats were carried through, which (had
aitt 11,,t. shrunk from slamming this destrlptl nof responsi-
ofN'l4la ."':0111d have been effected at all. The purchase of
to shares. would have been legalised had not the appli-
Jeapeanteut for that purpose been postponed, with a view
elf a 'lase ~;!" hy embracing other objects in the same applica-
ial a?:.alpabi' the circumstances under which it is that the Rail-
aqi!-y boo have refused to recognise these additional shares, and
(1041" me accountable for them, and this too, at the very
''ke ab4anY have ratified the purchase of some West Durham
,tat,,ia, es taken by me in a similar manner, and with the
Iket:begiii of authority, the only difference being that it has now
41.1k4, I,e,,,Zdvantageons for the Company to retain these latter
,heek sneaking, the responsibility in respect of these Sun-
'eta:psillloZ ares may perhaps be cast upon me, but, if this be so,
01114,1 Ter must feel that I have been guilty of no dishonour-
tilZt, 'how. "at nly positionhard one.
laaueding are the circumstances under which the iron rails
t,litaieee,,.t,trthe Railway Company. the only other ect
e.'"e's'ited proceedings. In the month of October, 1844,
tkZir-"eeeaf Low in price, I thought a speculation in rails likely
~..aho el, and made a contract for a largo quantity with
o?'„P!„ea and Forman of London. Shares in this specula-
ii4tktoe,!'elie,co by me to several private friends, all of whom de-
TIWill11:1 to incur the chance of loss, and the specu-
4NY Co nod MY own: at this period the Newcastle and Berwick
044' IN "4,,Y did not exist. The price of iron
.afterwards ad-
tW trettil oke any other man, was surely entitled to the en-
ltere °f mY own iron. In the month of March, 1845,
"Il•
yutroPtiblicly Invited for the supply of iron rails to your
,a. 14 al' they were accordingly made. by some of the first
„.'4l,Dlidle Izon trade, including Messrs. Thompson and For-
;,',llv;,_d the ~""ed the contract at the price of the day. They
04;1 oftbialitity comprehended in their contract, partly by the
41) ,111(.7 held
own rails, and partly by the delivery of the rails
in la eld On my account. This transaction is complained of
0., 4 40Priety and perfect legality I never entertained any
t,leelL talnecl no more than the market price for my own
rely the rate which Messrs. Thompson d Ferman
h°r theirs If not one single ton had been
me what would have been the conse-
„ate' ti e'''''ssrs.' Thompson and Forman would have de-
tlllaiaa.nole quantity out of their own stock, and the
illll4,,qtat Paid precisely the price for the iron which it has
rteNl9, in,`,was in no way benefited by the transaction with the
.(at'e could have procured from other parties the same
oo doubt said that it was illegal in me to supply iron to
14411'46.f Which I was a director ; but I do not believe that even
fallsaction could be held
ofdinvali, for all that the Legis..
kzrne is to vacate the office a director concerned in
-‘se p with the Company. My case, however, occurred before
41,,..arlitunent wow -.llts precisions, therefore modi-
Attt:ttb;!aYe shoWn them to be; have clearly no at:Ott...a.. nha'
titnattor.
r.kll4te4 ale aecessary that I should explain why I have
Zir,„'We to
re i?ay a aunt of money to the Company. When these
tae rst agitated, I submitted the whole of the facts, with-
,,nse Of, qualification, to most eminent counsel, by whom I
Ithstaaa4.l 'flat no legal claim could be established against me. I
14411,4 thor:,,tr°n, gIY opposed to any compromise whatever, feeling
te that had
investigation of the facts must remove much of the
154 i ste ead been excited against nte. I was informed, however,
whom I placed confidence, that the questions raised by
klai, be a n
tiin't 4cease of enl Compy
ormous would involveexpense anden me i
dl
n years of litigation, and
endless annoyance and
,ta,,74ea, Was advieted that legal and technical questions, foreige
ce `ta • of the •ht influence the decision to be pro-
4411ira and _l. - - -

4
, . and could aot.but feel that, when even my title to-the
ike Niel,,TictiOn shares was questioned, though it rested upon
tZsliiigi'lZ-Trdeil vote of the shareholder!, it would be' idle in
446",'Ntea'.Forn myself that tile proceedings throughout would
, ,Nlag t' in a similar spirit.
ikAkt-hiilikhot these considerations, I have assented to the arrange-
-11,73,14am!,)epn come to, and I.kave also thought it right to

Ike tile', self the entire iesponsibillty of the Sunderland-Dock
Lo relieve my colleagues from all liability iu respect of
qtrt

ktt'is
4,41114,1,10 t another charge which, although it does not involve
11114',4, resPonsiby should still be adverted to. I would not
S., the ths' scrutiny to which the accouuts have been subjected,
eqletanr with. which they have been examined, neither do I
;44 ring into 'details, for I should then have to discuss the
tty to bj and still unsettled question of what charges really
tlittlect „tarried to the capital and what to the revenue accounts,
which no two men think precisely alike. Every item
ft ,e ,:aVe been :improperly carried to capital would, in fact,
1111, rt7tParate exaMination.
Nv..4td a.; `td that in the aggregate, 107,3711. les. 10d. has been
lk.siaate, alma capital, which ought to have been charged against
itgt ;k:D to the close of the year_ 1848 ; and it is added that,
e period, the traffic has been over reported to the ex-
0,,,,t the' ~44i• 19s. 7d. Of the former sum, 17.9581. 155. bd. occurs
'o4t -'4,1 of Interest paid on Debentures and when I men-
stipqa.,,;ll)nting the whole period of the formation of the railroad,
104 , ranches, this is the only sum which, in the shape of de-
tJ her has been carried to the debit of the capital account.
Mt Inia,,Planation cannot be requisite for those who have regard to
lie,„-nde of the operations of the Company, and to the extent
lte,DlAk,r`oauctive works. Another portion of the sum which Is
,:ea of consists of 59,8111. 14s. Bd., arising from the late Di-
e •,ot
ire, hal having charged some interest which, although it might be
ah.'ette,, not been actually paid, and not having charged some
bills, afterwards collected by public advertisement, and
tAill(l2:t. having at that time been'seen by those Directors, Could
4 here ,e comprehended in their financial statements.
tt: Olt tstill a balance of 29.6011. Os. 9d. to be accounted for, spread
at:Re,ten, half-years much Or it depending upon the propriety of
Il;"4111i; eaPital th.m cost of repairing the engines and stock of the
ikirn ki-g Junction, and of other Railways, delivered to the Com-
l'eb,,ad state of lepair, and which it was necessary to improve
10. could be used on the lines of the Company. There may
eii? no doubt are—some errors in the published accounts
1441tf.titinaPress my hope that the report of the late Committee of
sfiLt than r may be examined with more indulgence in this re-
tott e- has been extended to the former Directors. In the report
bC2e, ;)flatnittee the Railway Company is charged with the sum of
kija. Jelds.„' 'id. as still due for the moveable stock of the Hartlepool
ksenir although it had been paid for some time before—
st no slight magnitude, and yet one which, I freely admit,
4I -light In mistake.
Sr%
er-estirrkated traffic, 3,797/. arose from an over-estimate
waUnt due for the conveyance of the mails, the accounts re-
o' kl',len had not then been settled with the Post-office. Thisb.
'B, rk 'tanee of 10,7551. 10s. 6d., in respect of which I would ort
Vreo,4t it has always been the custom of the Company to repo t
th'"'Y tram; up to and including Saturday ; and thus it is, tha
911„11'nd'41)._ning of the railway, every published account has
'lnn.. he fractional part of a week properly applicable to the
sou„., Year Whenever , Year the year closed on a Saturday the ac-
ettha e4not have corrected itself, and thus all cavil have ceased.
go
will dismiss this part of the guhject without adverting to he
laTsallit .t. has been advanced against me, of having swollen the
t
tece e Company's receipts, with the view of advancing the
11 o,arti c,'rels, of increasing the rate of dividend, and of adding to
for 28--a charge of unquestionable importance, but, forth-
4,l'Al•ek.' 'ale, resting upon no solid foundation. During the period
1,-L;al adults,
in the account the receipts of the Company from
4-41•51-.rurings, as published by the Committee, have been
erk,'s. 2d. a sum in comparison with which the alleged
Aorta traffic of 14,5521. 195. 7d. sinks into utter insignin-
Ssv,ilixt CraY nothing of its being far more than covered by the uu-
th'„,77l, 9„;fits, admitted, on the same authority, to amount to
10,zee,;:a 11- In addition, I ma observe, that the accounts of
ihartert's7Y have not been credited with the very large Item due
01.11 nn calls in arrear, although they bad been debited with
ely t.,lends declared on the same shares, a circumstance not very
Ih'vre occurred if it had .been intended to publish inflated
Ile N .
bl 4, Olfid r,„
t Pass over unnoticed the depreciation which has taken
° the
e a alue of the shares of the Company, and which has been
rek?!!tit worth
of deep regret. On referring to the former value and
le thtt La of shares in the other great lines of railway, it will be
ti , lth. the declension has in all cases but one been greater, and
room `r Instances much larger than has occurred in the shares of
,dey
444tIropension Is to be ascribed not to the conduct pursued by
tr the other individual, but tA causes affecting not ono only
t, ole
tie
of the existing railway. It is owing to the formation
nire a,,anes of railway— the undue weight attached by the Le-
teZatei.:" olininished length, regardless of enhanced capital—the
sanjiestablishment of branch lines—and the insufficiency of the
'neliecilned by Parliament whenever the competition of parties
ek7le,t`ttti to submit.
ec,„ is system I exerted 'myself tO the utmost. I pointed
sii„,%lanieXeratences that would result from it, but I was unheeded.
beil'ened di! as carried away by the specious outcry for competition,
tee,M in lei,Ptanees, and cheap fares ; and myself and others corn-
k-- smith aaiefence to adopt to some extent the objectionable sys-
h,Ln, end': we had no steen-th to resist. It is something to reflect
kZa eedir thesetr„,,e_ untoward' circumstances, the lines which have
k-r,",„'id, and the arrangements which have been made,
arqnatee-3a, of 'a
character to receive the condemnation of' the
eh eh o Investigation and that the system of management
ante as established has 'not been found capable of substantial
lee The re
t reasi, niedy for
Ist Of le trade this state of things is, I hope, to be found in the
their the art,_, and population of the country —in the diminished
articles in use on railways—in the greater economy of
or fr_gi,ntnent which experience may suggest, and in the ab-
h4acerkei; schemes for their extension.
ocenrrim.l svould observe that I am aware that transactions
een;lo Which are to be regretted, but •in respect to which it
16;`_nce en,,t;tftt_an tO me to reflect that the Company have in no
•ed'lT.n transa,,,,aaus pecuniary loss. Allow me to ask yon to review
lie4it they do'uoutinrrerth some remembrance of the excited period in
nteira an., di —of the multiplicity of concerns which I had to
and or
Impossibility
—f' he brief opportunities I had for reflec-
-44'1 Atibue ',,tn,f Impossibility of my giving sufficient attention 'to
'talon • "'ulna and private
,matters which then claimed my
I •
44t tlko my leave
of this painful subject. Ido so with the
Yea Perfect
nithare engaged, conviction of the soundness of the undertaking in which
rik'sit44 "0113 ho which I continue to retain a large interest, and
utt w pe for its future prosperity. I disclaim all 'mi-
, arid to ards those who have shown me the least considera-
'"erihe mYself;
vtuarytlem:nlB, 5
77r very obedient servant,
pzoßoz liIIDOQN,