Hide Articles List

27 articles on this Page

NEWPORT POST TABLE.

TO CORRESPONDENTS.

TRADE AND REVENUE.

MORE RAILWAY MISMANAGEMENT…

News
Cite
Share

MORE RAILWAY MISMANAGEMENT EXPOSED. TIIE committee of investigation into the affairs of the York and North Midland Railway Company—that in which Mr. Hudson commenced his railway career—have just issued their report: and, though it is not quite so dark as some persons anticipated, it presents a sad speci- men of the manner in which the interests of shareholders have been sacrificed to jobbing, patronage, and individual gain. It appears that Mr. Hudson had taken upon him- self to purchase, without any authority from the Board, a large number of Hull and Selby shares, and then to sell them. of his own mere pleasure, to the company, at a profit of 1;:3,000. When charged with some similar proceed- ing in another company, the" hon. member for Sunder- land" defended the act as one of the justifiable privileges of his office 0 auri sacra fames." In the present case, the Ex-Kino- has assented to the requirement that he shall take back the shares, and pay interest, the Board taking his note of hand at twelve months, for £10,000, and holding the shares as security. Much has been said about the alleged falsification of traffic returns upon this line the frequently iciterated statement being, that those for last year were overstated, in order to hide the true position of the concern, and that this year they have been understated, in order to apph the difference to the liquidation of liabilities which ought never to have been entered into. The first of these sup- positions was natural enough, after what had been de- tected in other companies; the latter, improbable as it would have appeared in ordinary times,derived some show of reason from a similar source. The investigating com- mittee shew the real state of the matter, and, though they deal gently with it, the facts above involve a con- demnation of the directors. It appears that the gross returns oJU-traftic sent in by the various officers, for the year 1«48, amounted to £396,621; that the actual traffic was £401,893, and that the statements published by the directors gave a total of f 417,650; the shareholders and the public were therefore misled to the extent of ;£15,7C7 in the year, or, on an average, of £30;) per week above the real income from traffic. The committee remark that the actual traffic cannot be known weekly, on account of the settlings between the different companies. Then we say they ouf*ht not to be published at all, until a suffi- cient interval shall have elapsed to give them with accu. racy. It is of little consequence whether the share- holders and the public (which includes intending pur- chasers), know the traffic within any given week, within seven, or fourteen, or twenty-eight days but it is of great consequence that what is communicated to them as fact, should really be so. The conduct of the York and North Midland Board is condemnable in whatever light it may be viewed. If they must publish estimates, they should have given them as estimates. Tliey should also have followed the salutary course of their own officers, who, knowing that they could only approximate to the truth, kept on the safe side, and still were nearer to ac- curacy than the directors, by three to one; the Board having gone three pounds over the mark, for every pound their officers went under it. Had the Board been honest, there would not have been so large an excess; for, on discovering that they had given too favourable a view of one period, they would have made a deduction from the next, in order to balance it. They have not done this, for a whole year, and the inference is obvious. In the four first months of the present year, during which time fears of the future have been hanging over them, they appear to have adopted the plifn of going under the mark, as a sort of set off; viz., while the officers' returns amount to £106,451; and the actual traffic to jEH3,137, the directors' accounts give it at £111,261. It was too late, however, and we repeat that no returns ought to be published at all, until they can be accurately given. But there is another thing. The committee report that the books have been kept in a negligent and slo- venly manner. How is this ? those who are acquainted with the working of such things will readily answer. Doubtless there has been a numerous staff ofpaidomcials; but has office been conferred on the ground of merit, or on that of personal or some other kind of favouritism P TWtical men well know which principle is most preva- lent-—-whether in the bestowal of place, or m the super- tolSlar company must be loft to verted, are of general interest, utu fn„T1,i •„ to say, the counterpart shareholders in more companies than one..Let lanw^y general, then, learn some practical lessons from these things, and act accordingly.

TRUE BENEFACTORS TO IRELAND.

LOCAL ISTELLieUSCE.

ABERGAVENNY.

CHEPSTOW.

!CIR2C2L220WEE.X..

MONMOUTH.

MONMOT JTH AND NEWNHAM CRICKET…

p OTyTTrrooit.

RE-OPENING OF PANTEAGUE CHURCH.

SALE BY AUCTION AT Rirpf)RT.

VICTORIA.

USK.

RHYMNEY.

GLAMORGANSHIRE.

[No title]

FROM THE LONDON CORRESPONDENT…

FRANCE.

LATEST INTELLIGENCE. r *—

[No title]

NEWPORT.

GLAMORGANSHIRE CANAL.

BUTE DOCKS, CARDIFF.

Family Notices