FIRST 
 
 H E P O R T 
 
 SELECT COMMITTEE 
 
 NATIONAL LAND COMPANY; 
 
 TOGETHER WITH THE 
 
 MINUTES OF EVIDENCE, 
 
 AND APPENDIX. 
 
 Ordered, by The House of Commons, tv he Printed, 
 g June 1848. 
 
 398. 
 
[ ii 1 
 
 Martis, 23 ° die Maii, 1848 . 
 
 Ordered, That a Select Committee be appointed to inquire into the National Laki 
 Company. 
 
 Martis, 30 ° die Maii, 1848 . 
 
 Mr. Feargus O’Connor. 
 Viscount Ingestre. 
 Viscount Drumlanrig. 
 Mr. Henley. 
 
 Mr. Langston. 
 
 Mr. George Thompson. 
 Mr. Sharman Crawford. 
 
 Mr. Hayter. 
 
 Captain Pechell. 
 
 Mr. Sullivan. 
 
 The Judge Advocate. 
 Mr. Stuart Wortley. 
 Mr. Scholefield. 
 
 Sir George Strickland. ’ 
 Sir Benjamin Hall, 
 
 Martis, 6 ° die Junii, 1848 . 
 
 Ordered, That the Committee have power to Report from time to time. 
 
FIRST REPORT. 
 
 THE SELECT COMMITTEE appointed to incpiire into the National Lanu 
 Company, who were empowered to send for Persons, Papers, and Records, 
 and to Report their Minutes of Evidence, from time to time, to Tiie 
 House;- 
 
 TTAVE considered the matters to tliem referred, and taken Evidence 
 thereupon, and have agreed to Report the Minutes of Evidence 
 taken before tliem to The House. 
 
 9 June 1848 . 
 
 398. 
 
[ iv ] 
 
 LIST OF WITNESSES. 
 
 Martis, 6 “ die Jiinii, 1848 . 
 
 F. Whitmavsh, Esij. -.- - - jj. i 
 
 Mr. G. W. Chinery - - - -.{)• i;-, 
 
 Veneris, 9° die Junii, 1848 . 
 
 Mr. G. W. Chinery - - - - - - - - - p. 23 
 
 Mr. P. M'Grath.P-40 
 
[ 1 3 
 
 MIx\UTES OF EVIDENCE. 
 
 Martis, 6° die Junii, 1848. 
 
 MEJIBtllS PRESENT. 
 
 Mr. Sharman (Irawf'ord. 
 Viscount Druinlani'ig'. 
 Sir Benjamin Hall. 
 
 Mr. W. G. Hayter. 
 
 Mr. Henley. 
 
 Viscount Ingestre. 
 
 Tile Judge Advocate. 
 Mr. Langston. 
 
 Mr. Monsell. 
 
 Mr. Feargus O’Connor. 
 Captain Fecliell. 
 
 Mr. Scliolefield. 
 
 Sir G. Strickland. 
 
 Mr. Sullivan. 
 
 Mr. G. Thompson. 
 
 Mr. Stuart Wortley. 
 
 The Right Hon. WILLIAM G. HAYTER, in the Chair. 
 
 Francis Whitmarsh, Esq., called in ; and Examined. 
 
 1. Chairma?!.] YOU have for many years practised at the bar ?—I have. p jp/utmarsh, Esq. 
 
 2. And are the Registrar under the Joint Stock Companies Act ?—1 am. - 
 
 3. What are the Acts which affect joint stock companies?—The 7 & 8 of 6 June 1848. 
 Viet. c. 110, and a subsequent Act, the io & 11 of Viet. c. 78. 
 
 4. The first of those Acts came, I believe, into operation on the 5th of 
 September 1844, and the second on the 22d of July 1847 •'—They did. 
 
 5. Do those Acts apply to all partnerships formed subsequently to the month 
 of September 1844 ?—They do, with some exceptions. 
 
 6. What are the partnerships to which they apply?—They comprehend 
 “ every partnership whereof the capital is divided, or agreed to be divided into 
 shares, and so as to be transferable without the express consent of all the 
 copartners; and also every assurance company or association for the purpose 
 of assurance or insurance on lives, or against any contingency involving the 
 duration of human life, or against the risk of loss or damage by fire, or by 
 storm or other casualty, or against the risk of loss or damage to ships at sea 
 or on voyage, or to their cargoes, or for granting or purchasing annuities on 
 lives; and also every institution enrolled under any of the Acts of Parliament 
 relating to friendly societies, which institutions shall make assurances on lives, 
 or against any contingency involving the duration of human life, to an extent 
 upon one life, or for any one person, to an amount exceeding two hundred 
 pounds, whether such companies, societies, or institutions shall be joint-stock 
 companies, or mutual assurance societies, or both; and .also everj" partnership 
 which at its formation, or by subsequent admission (except any admission sub¬ 
 sequent on devolution or other act in law), shall consist of more than twentj'- 
 five members.” 
 
 7. As I understand, therefore, those Acts apply to all partnerships not 
 excepted in the Act, which consist of more than 25 members ?—It is so con¬ 
 sidered. 
 
 7*. What are the exceptions ?—Banking companies, schools, and scientific 
 and literary institutions, and also friendly societies, loan societies, and benefit 
 building societies respectively, duly certilied and enrolled under the statutes in 
 force respecting such societies other than such friendly societies as grant assu¬ 
 rances on lives. 
 
 8. There are some other exceptions, are there not, in some other clauses of 
 the Act, namely, as to parties engaged in working mines, and Irish anonymous 
 partnerships?—Yes, there are. 
 
 0.92. 
 
 B 
 
 g. With 
 
MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 F. fVhttmarsh, Esq. 9. With those exceptions, all other partnerships are included within the Act r 
 - —We consider them so. 
 
 6 June 1848. ] 0, What must be done in order to bring any partnership completely within 
 
 the operation of that Act '—Provisional registration in the first instance, upon 
 which certain acts may be done by the company, and then complete registration 
 follows, which incorporates them. 
 
 11. Will you have the goodness to state what are the returns to be made to 
 the registrar before there can be provisional registration r—First, a return of 
 the proposed name of the intended .company, and also the business or purpose 
 of the company, and the names of its promoters, together with their respective 
 occupations and places of business, if any, and places of residence. 
 
 12. Are those the only three requisites which are necessary?—^They are, 
 before they can obtain a certificate of provisional registration, but there are 
 certain other provisions required, either before or after such publication as 
 they maybe decided on, in which are to be stated the name of the street, 
 square, or other place, in which the place of meeting shall be situated, and the 
 number, if any, or other designation of the house or office, and also the names 
 of the members of the committee or other body acting in the formation of the 
 company; this is a very essential part to which we attend, “ their respective 
 occupations, places of business, if any, and places of residence, together with a 
 written consent on the part of every such member or promoter to become such, 
 and also a written agreement on the part of such member or promoter entered 
 into with some one or more persons as trustees for the said company to take 
 one or more shares in the proposed undertaking, which must be signed by the 
 member or promoter.” 
 
 13. When must such particulars be stated to the registrar ?—In all cases 
 within one month after the ])articulars required to be registered, or any of tbem, 
 shall have been ascertained or determined, the promoters are bound to make 
 such a return; if they do not they are subject to a penalty of 20 1. 
 
 14. When those particulars have been, to the extent to which they are abso¬ 
 lutely requisite, complied with, what do you do at the office; do you give a cer¬ 
 tificate of provisional registration?—Yes; when the first three particulars are 
 complied with I give a certificate of provisional registration. 
 
 J5. What is a company enabled to do which" has received a certificate of 
 provisional registration ?—The Act declares that it shall be lawful for the pro¬ 
 moters of the company to assume the name of the intended company, coupled 
 with the words “ registered provisionally,” and also to open subscription lists, 
 and also “ to allot shares and receive deposits by way of earnest thereon, at 
 a rate not exceeding 10 s. for every 100 1. on the amount of every share in the 
 capital of the intended company ; and also, in the case of companies for exe¬ 
 cuting any bridge, road, cut, canal, reservoir, aqueduct, waterwork, navigation, 
 tunnel, archway, railway, pier, port, harbour, ferry, or dock, which cannot be 
 carried into execution without the authority of Parliament, in addition to and 
 exclusive of such sum of 10 5. per 100?., such further sum per 1001. on the 
 amount of every such share as may be required by the Standing Orders of 
 either House of Parliament, to be deposited before the obtaining of an Act of 
 Parliament for enabling the company to execute such work.” 
 
 16. After this provisional registration they have, I believe, certain limited 
 powers conceded to them ?—Yes; they may assume the name of the company; 
 they may open subscriptions, they may allot shares, and they may receive 10 s. 
 for every 100 1. share upon the performance of such acts as are requisite for 
 obtaining charters for those who require them. 
 
 17. Are they prohibited from doing anything ?—Yes ; the Act goes on, 
 “hut not to make calls, nor to purchase, contract for, or hold lands, nor to 
 enter into contracts for any services, or for the execution of any works, or for 
 the supply of any stores, except such services and stores, or other things as 
 are necessarily required for the establishing of the company, and except any 
 purchase or other contract to be made conditional on the completion of the 
 company, and to take effect after the certificate of complete registration, x\ct 
 of Parliament or Charter, or Letters Patent, shall have been obtained.” Then 
 by the next clause, 24, which is connected with this, it is enacted, that if before 
 the.provisional registration they do certain things, they are liable to a penalty 
 of 25/. 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 3 
 
 18. If they do certain acts as a company before they are provisionally regis¬ 
 tered they are subject to a penalty of 25 /. ? —Yes. 
 
 19. And they are subject to penalties for doing certain other acts after pro¬ 
 visional registration?—Yes. 
 
 20. Will you state shortly what penalties are imposed by the Act ?—The 
 promoters of any company, if they fail to register the following particulars, are 
 subject to a penalty; those particulars I have stated; the name of the street, 
 square, or other place in which the provisional place of meeting shall be situate; 
 the names, occupations, places of residence, and places of business of the com¬ 
 mittee, together with their consent to act, and also a written agreement on the 
 part of such member or promoter entered into with the trustees for the said 
 company to take one or more shares in the proposed undertaking; also the 
 names, occupations, places of business, and places of residence of the officers of 
 the company; also the names, occupations, places of business, and places of 
 residence of the subscribers to the company, the proposed capital of the com¬ 
 pany, which we always consider a material thing, and the number and amount 
 of the shares into which it is to be divided, and every addition to or change made 
 in any of the above particulars. Those must be registered within one month after 
 such particulars have been ascertained or determined, under a penalty on each 
 promoter not exceeding 20 1. 
 
 21. Such as you have stated are the advantages of provisional registration, 
 and the penalties for not completing the registration ?—They are. 
 
 22. When you have given your certificate of provisional registration, for 
 what period does that certificate last?—For 12 months. 
 
 23. Is there any power of renewal of that certificate ?—There is. 
 
 24. Under what clause of the Act?—Section 23. 
 
 25. For what period is that renewed certificate in force?—For 12 months. 
 
 26. During the period of that renewed certificate, as w'ell as during the 
 period of the original certificate, the only acts w'hich the company can do are 
 the acts which you have specified ?—So we have ahvays understood and con - 
 strued the Act. 
 
 27. Are there any other parts of the Act to w^iiich you would wish to diwv 
 the attention of the Committee ?—No ; all the other parts of the Act refer to 
 complete registration. 
 
 28. Has the National Land Company been provisionally registered at your 
 office ?—It has. 
 
 29. When was it first registered ?—The first paper brouglit in contains the 
 names and businesses of the promoters of the Chartist Co-operative Land 
 Company. That was on the 24th of October 184G. 
 
 30. Will you read that document ?—It contains the names and business of 
 the promoters of the Chartist Co-operative Land Company. 'I'hc name of tiie 
 company is “ The Chartist Co-operative Land Company, for the purpose of 
 purchasing Land, and erecting Dwellings and Schools.” The promoters of the 
 company were Thomas Allsop, stockbroker. Royal Exchange-buildings, city of 
 London; — Cormongars, Nhittfield, in the county of Surrey; Feargus 
 O’Connor, esq., no place of business, No. 54, Great Marlborough street. Regent- 
 street, in the county of Middlesex ; John Shaw, undertaker. No..24, Gloucester- 
 street. Commercial-road East, in the county of Middlesex, and his place of 
 residence the same. Thomas Martin Wheeler, gentleman, no place of business ; 
 his residence. No. 83, Dean-street, Soho, in the county of Middlesex. William 
 J. 0. Wilkinson, wane-merchant, Northernhajr, Exeter, in the county of Devon ; 
 place of residence the same. David Morison, engineer, No. 12, Exeter-street, 
 Swindon New Town, in the county of Wilts; that is also his place of residence. 
 William Brook, grocer. No. 21, Kirkgate, Leeds, in the county of York; place 
 of residence the same. Martin Jude, innkeeper, Sun Inn, Side, Newcastle- 
 upon-Tyne ; his residence is the same. John Gathard, tailor, No. 5, Page’s-walk, 
 Grange-road, Bermondsey, in the county of Surrey. Thomas Clarke, gentle¬ 
 man, no place of business; resides 16, Chapel-street, Oxford-street, Middlesex. 
 Robert AVills, weaver. No. 4, Daniel-street, Orange-street, Bethnal Green-road, 
 in the county of Middlesex; that is both his plp.ce of business and residence. 
 Hugh Edwards, jeweller. No. 3, Great,Weston-street, Snow’s-fields, Southwark, 
 in the county of Surrey; his place of residence is the same. 
 
 31. Was that the only document that was brought in to you on the 24th of 
 October 1846?—It was. 
 
 0.92, B 2 32. Have. 
 
 F. IVhitmarsh, Esq. 
 6 June 1848. 
 
/•'. Whitmanli, Esq. 
 6 JuAe 1848. 
 
 4 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 32. Have you read the entire of that document ?—I have; it is signed Feargus 
 O’Connor and Thomas Wheeler; those are two of the promoters who are re¬ 
 quired to sign hy Act of Parliament; sometimes there is only one promoter, 
 and then only one promoter signs it. 
 
 33. What was the next document which was brought into your office ?—On 
 the 4th of November 1846, “ A return of the place of business of the Chartist 
 Co-operative Land Company.” That return states, “ in Middlesex, Dean-street, 
 in the i)arish of St. Ann’s, Soho, No. 83.” It is signed hy one of the promoters, 
 Thomas Martin Wheeler; that is the entire of that document. 
 
 34. What was the next document?—The next document was registered the 
 17th of December 1846, “A return of change in the name and business of 
 the Chartist Co-operative Land Company (provisionally registered).” 
 
 35. Will you read that document r—In the first column there is, “ Chartist 
 Co-operative Land Company;” opposite to that there is, “National Co-opera¬ 
 tive Land Company,” instead of “ Chartist Co-operative Land Company.” The 
 business as originffily registered “ for the purpose of purchasing land and erect¬ 
 ing dwellings and schools,” is altered to “ to purchase lands, to erect houses, to 
 allot same to shareholders in manner provided by deed of settlement, to make 
 advances of money to allottees, and to raise money for the purposes aforesaid.” 
 That is signed by Feargus O’Connor. 
 
 36. What is the next document?—On the same day, December the l/th, 
 1846, there was a return of the provisional officers of the National Co-operative 
 Land Company. 
 
 37. Will you read their names ?—Directors: Feargus O’Connor, Esq., giving 
 the residence; Thomas Clark, gentleman, not any place of business ; residing at 
 16, Little Chapel-street, O.xford-street, Middlesex. I happened to refer to the 
 Post Office Directory, and I found there was no No. 16 in the street. Christo¬ 
 pher Doyle, gentleman, not any place of business; place of residence. No. 9, 
 Little Windmill-street, Golden-square, in the county of Middlesex. Then we 
 come to the auditors: James Knight, journeyman tailor; place of business, not 
 any; place of residence, 21, Vine-street, W^aterloo-road, Lambeth, in the county 
 of Surrey. The second auditor, William Cuffay, journeyman tailor, not any 
 place of business, residing No. 12, Maiden-lane, Covent-garden, county of 
 Middlesex. The treasurer is William Prowting Roberts, solicitor. Princess- 
 street, Manchester, in the county of Lancaster, place of business; his place of 
 residence is Higher Broughton, Manchester, in the county of Lancaster. The 
 secretaries are Thomas Martin Wheeler, gentleman, no place of business; place 
 of residence, 83, Dean-street, Soho, in the county of Middlesex; and Philip 
 M'Grath, gentleman, no place of business; residence, 35, Brook-street, Holborn, 
 Middlesex. 'J he trustees are Thomas Slingsby Duncombe, Esq., no place of 
 business; residing at No. 4, Spring-gardens, in the county of Middlesex. John 
 Sewell, auctioneer, Rockingham-row, New Kent Road, in the county of SuiTey; 
 place of residence the same; and Ernest Jones, Esq., no place of business, 
 residing in Manchester street, Manchester-square, in the county of Middlesex. 
 I happened to be looking for that gentleman’s address, and could not find the 
 name in Manchester-street. 
 
 38. Mv.F. O'Connor.'] Did you ask if he lodged there?—I never went there to 
 inquire. I see his name is in the Law List, but he has no chambers mentioned. 
 He is described as a barrister of the Middle Temple. 
 
 39. Chairman^ What do you call that document ?—It is a return of the 
 provisional officers of the company. There is another document which is 
 necessary, which was brought on the l/th of December, the same day, a Return 
 of the Provisional Directors of the National Co-operative Land Company. They 
 are. the same three gentlemen as were named in the previous document, but it 
 is always brought in in a. separate document. They are Feargus O’Connor, 
 Thomas Clark, and Christopher Doyle. That is brought in for the purpose of 
 another document being brought in, by which they accept the office of direc¬ 
 tors. 
 
 40. They are obliged by the Act to declare whether they accept the office ? 
 —'yes, and they sign it. 
 
 41; Whose names are signed to that document ?—Feargus O’Connor, Thomas 
 Clark, and Christopher Doyle. 
 
 42. Are those the three provisional directors who by their signatures accept 
 the office of directors ?—By the next document of the same date they accept it 
 
 in 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 6' 
 
 in the terms whieh the Act requires, and they undertake to take one or more 
 share or shares in the proposed undertaking. 
 
 43. That was on the 17th of December 1846; what is the date of the next 
 document which you have r—The 25th of March 1847. 
 
 44. What is the nature of that document ?—A return of the change in the 
 name of the National Co-operative Land Company, provisionally registered. In 
 the original register the name was the “ National Co-operative Land Com¬ 
 pany as altered, the name is “ The National Land Company,” leaving out 
 the word “ co-operative.” It is signed Thomas Martin Wheeler. 
 
 45. Is that the whole of that document.?—It is. 
 
 46. Sir B. Hall.] In all, the company has had three titles?—Yes. 
 
 47. Mr. F. HConnor.] And by the Act of Parliament it may have twenty 
 titles if it gives notice of the alteration?—Yes, before complete registration; 
 on the 25th of March 1847, there is a return of additions to the list of pro¬ 
 visional directors of the National Land Company. Those gentlemen were 
 Thomas Martin Wheeler, gentleman, no place of business, but his residence 
 Dean-street, Soho, in the county of Middlesex, and Philip M'Grath, gentle¬ 
 man, No. 1, College-street, Brompton, in the county of Middlesex. It is signed 
 by Thomas Martin Wheeler. 
 
 48. Chainman.] Is that the whole of the document of the 25th of March 
 j 847 ?—It is; there was one filed at the same time and of the same date, 
 signifying their acceptance of the office of directors, and undertaking to take 
 shares; that is signed by them both. 
 
 49. How many directors are there now r—There are three by the first 
 document, and two by the second; by a subsequent document, I see that Mr. 
 
 p. Whitmarsh, Esq. 
 6 June 1848. 
 
 Wheeler has withdrawn. 
 
 50. Of what date is the next document which you have r—The next docu¬ 
 ment is the 1st of April 1847. 
 
 51. Will you have the goodness to read that document?—“List of Titles of 
 Documents returned by the National Land Company pursuant to Section 
 I'our of the Act.” It is stated to be a “ printed circular or prospectus,” and a 
 “ printed ditto or posting bill,” signed John Gathard. 
 
 52. Will you read the printed circular?—The first circular is “A Happy 
 Home for Honest Industry : National Land Company, provisionally registered; 
 shares, 1/. 6s. each, payable by instalments of Zd.. (id.. Is. and upwards per 
 week. The objects aimed at % this company are, the elevation of the cha¬ 
 racter and social improvement of the condition of its members. The means 
 by which the company propose to realize these objects, so laudable in them¬ 
 selves, and so desirable to all, are so moderate as to place them within the 
 reach of the poorest in the community. Benefits; The advantages which this 
 company guarantees to its members are as follow': the subscriber of tw 0 shares, 
 or 2/. 12^., entitles himself to a house, two acres of land, and an advance of 
 151.; the subscriber of three shares, or 3/. 184’., to a house, three acres of land, 
 and 221. 10.5.; the subscriber of four shares, or hi. As., to a house, four acres 
 of land, and SOI. The annual rent-charge which will be made by the company 
 on its allotted members for the aforesaid benefits is regulated by a principle 
 which will, in every case, prevent its becoming a burden to those who will 
 have to bear it. The company affords great facilities to its members to become 
 freeholders of their dwellings and allotments, as the interest charged on the 
 capital expended in the completion of an allotment is redeemable by a process 
 of which every industrious and provident member may avail himself. The 
 company presents to the public other admirable features in the circumstances, 
 that it invests the allottees with the elective franchise, and that it causes the 
 original amount subscribed by each member to revert to him, together with 
 a proportionate share of any profits that may accrue from the transactions of 
 the company when the whole of the members are located. The company have 
 likewise established a bank of deposit and redemption, W'hich presents peculiar 
 advantages to the working classes, either for the redemption of the rent-charge 
 of their buildings, or for the general purposes of a savings bank. Progress: 
 The prosperity which has marked the career of the National Land Company, 
 since the day of its formation, has been unexampled in the annals of similar 
 institutions. It dates its origin from the I9th of May 1845; and since that 
 time to the present, it has diffused itself over England, Scotland, and Wales. 
 
 0.92. B 3 It 
 
6 
 
 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 Whimrsh, Esq. It has likewise extended itself into Ireland, Belgium, and France; and judging 
 
 —-- from its daily augmentation, it bids fair ere long to be as powerful and as effec- 
 
 6 June 1848. tive a confedera.tion as ever existed in the British empire. The company now 
 extends to 360 branches, and numbers about 13,000 members, holding 40,000 
 shares, who have already subscribed upon their shares upwards of 22,000/. 
 Three excellent estates have been purchased by the company, and have been 
 assigned to its members, and the directors are now seeking other eligible invest¬ 
 ments. Branches of the company are now formed in every town of any note in 
 Great Britain, of which parties may become members. Office, 83,Dean-street,Soho, 
 London, where every information connected with the company may be obtained, 
 by personal application, or by letter addressed to the directors, as above. The 
 rules, price Ad., may be obtained of the district secretaries, which contain full 
 infonnation, with the objects of the company, and the principles of operation 
 by which they are proposed to be secured. Central Office, March 1847- John 
 Gathard.” That is the first document; the second is a printed circular or 
 posting biU, registered the same date, the 1st of April 1847: “National Land 
 Company, provisionally registered. Shares 1/. 6s. each. The object of this 
 company is to enable working men, for a trifling sum, to obtain possession of 
 land and dwellings upon such terms, that by honourable and independent 
 labour they may maintain themselves and families in comfort and respecta¬ 
 bility. Benefits assured. The following are the benefits which the Company 
 guarantees to its members: holders of two shares, a comfortable house, two 
 acres of good land, and 15/. Holders of three shares, a house, three acres, 
 and 22/. 10 s. Holders of four shares, a house, four acres, and 30/. Leases for 
 ever will be granted to the occupants, thus ensuring to them the value of 
 every improvement they may make upon their allotments. , The company 
 affords great facilities to those members who have the means of purchasing 
 their allotments. The rent will be moderate, as it will be regulated by a 
 charge of five per cent, upon the capital expended. The company having 
 been called into existence for the benefit of the workmc' classes, the rules 
 enable the poorest to avail themselves of its advantages; as to the shares they 
 may be paid by instalments as low as 3 d.. per week. The rules of the company, 
 price Ad., can be obtained of Mr. Wheeler, the secretary, at the office, 83, 
 Dean-street, Soho, London, where members may be enrolled, and every infor¬ 
 mation obtained, or of John Gathard.” That is the whole of the document. 
 
 53. Were all those documents which w'ere brought to the office of the regis¬ 
 trar previously to the provisional registration ?—No; they were provisionally 
 registered the moment they lodged the first document as given and certified 
 under my hand and seal. 
 
 54. What is the date of the provisional registration ?—The 24th of October 
 1846. 
 
 ,55. Are those all the documents which, either prior or subsequently to the 
 provisional registration, were brought to your office ; or have you any ether 
 documents r—This {producing the same) is one volume of four of the same 
 size, containing a list of subscribers; we have had them bound up separately 
 in consequence of the convenience of having them with the portfolio. 
 
 56. Do you know the number of subscribers contained in the four volumes ? 
 —I requested one of the clerks to make out the list; in the four volumes there 
 are 43,847 registered names. 
 
 57. When were those brought to the office ?—^They were registered the 1st 
 of May 1847. 
 
 58. When were the last brought to the office ?-—On the 3d of February last 
 some other names were brought in; those are included in the 43,847 ; the next 
 document which was brought in was a “ Return of the names of subscribers to 
 the National Land Companythen it gives them. On the 12th of October 
 1847 there was a “ Return of withdrawals from the list of provisional directors.” 
 that withdrawal is Thomas Martin Wheeler, gentleman, Dean-street, Soho; 
 signed Philip M'Grath. On the 12th of October 1847 there is an addition to 
 the list of provisional directors ; that is, “ William Dixon, gentleman, no place 
 of business; place of residence 144 High Holborn, in the county of Middle¬ 
 sex, signed Philip M'Grathand then there is the usual document filed of that 
 gentleman, Mr. Dixon accepting the office and undertaking to take a share or 
 shares. Then on the 23d of October 1847 there is an applicaiion made by Mr. 
 
 William 
 
SELECT COiMiMlTTEE on the NATIONAL LAND COMPANY. 7 
 
 William Dixon, as the promoter of the National Land Company ; he applies on 
 behalf of the company for a “ renewed certificate of provisional registration 
 in lieu of the certificate of the 24th of October 1846,” which was renewed. 
 These are the whole of the documents. 
 
 59. Subsequent to that was any deed of settlement or draft of a deed brought 
 to you for the purpose of complete registration, according to the terms of the 
 Act?—Yes. 
 
 60. Of what date was that ?—I cannot tell the date when it was brought in ; 
 I can tell the month when it went out of the office as approved of. 
 
 61. What was the month ?—It was in August 184/. 
 
 62. In August 1847 a draft of a. deed of settlement left the office?—^Yes, 
 approved by the assistant registrar. 
 
 63. Was there also an abstract with that draft deed of settlement ?—There 
 
 64. Will you state what is the course of proceeding in order to complete 
 registration ?—When the draft of the deed of settlement is approved of in the 
 manner I have stated, it is taken away by the solicitor to be engrossed and exe¬ 
 cuted by at least one-fourth of the parties, or representing one-fourth of the 
 property; we then have the deed examined with the copy, which has been 
 settled by the registrar; when that is done and the usual fee is paid, it is con¬ 
 sidered as registered by my certificate. I grant a certificate of complete 
 registration. 
 
 65. The Act requires that the deed must be signed by at least one-fourth of 
 the persons who at the date of the deed had become subscribers, and who shall 
 hold at least one-fourth of the maximum number of shares in the capital of the 
 company r—I believe those are the words of the Act. 
 
 66. What is the fee paid at your office for provisional registration ?—I have 
 a list of all the fees which have been paid in the office with respect to this com¬ 
 pany ; I requested the clerk to make it out. 
 
 67. Does that include the fees of persons who have come to see the docu¬ 
 ments paying their 1 s. r—No, it is quite a different thing. 
 
 68. Can you specify for what those fees have been paid ?—They are i)aid on 
 
 behalf of the promoters of the company. On the registration of the return of 
 name and business there is a fee of 1 5.; provisional certificate under the 
 Act of Parliament, 5 1 .; return of place of business, 1 s. ; change in name, 1 s. ; 
 of provisional officers, 1 s .; provisional directors, 1 s. ; consent to act, 1 s .; 
 change in name, 1 s. ; additions to list of provisional directors, 1 s .; consent to 
 act, 1 s. ; list of titles of documents, 1 s. ; circular and bill, 2; names of 
 subscribers, 41. 3 6 </.; continuation of names of subscribers, ] 1. bs.-, 
 
 withdrawal from provisional directors, 1 s.; addition to provisional directors, 
 1 s .; consent to act, 1 s .; renewed certificate, 2 L ; return of additions to list 
 of shareholders, 121. 12s.; perusal fee for abstract, 21. 5 s.; perusal fee for 
 deed,^ 3 1. 10 s.” The whole of the fees paid upon account for the registration 
 of this company to this office has been 31 1. 10 s. 
 
 69. Mr. S. Wortki/.] When you mentioned just now the approval of the 
 draft of the deed, in what sense is that word approval to be taken; does it 
 refer to sanctioning the company as a company ?—Itis an approval of the deed 
 in the same way that a conveyancer would look over a deed to see that it is a 
 properly drawn up deed. The Act of Parliament did not immediately contem¬ 
 plate the approval of the deed in the previous instance, but it contemplated 
 that before the deed was registered the registrar was to approve of it. It was 
 considered that it would be a great inconvenience and a loss to the parties to 
 have a deed engrossed which when the registrar came to look at he might find 
 to be an incomplete deed, and such as would require to be re-executed. It 
 was therefore adopted as a rule in the office that a draft deed and a draft 
 abstract should be left for the perusal of the registrar, who, if he saw any occa¬ 
 sion to make any alteration in it, did so, or wrote in the margin the other pro¬ 
 visions to be inserted, and it is signed in the usual way. “ I request that this 
 deed may be revised, and sent to me again for approval.” I am afterwards 
 attended by the parties, sometimes by counsel 
 
 70. Do you consider it a part of your duty to inquire into either the pro¬ 
 priety or legality of the company ?—To a certain extent I feel I am bound to 
 do it, because the Act of Parliament says that I am to 'approve of the deed. 
 
 B4 ' and 
 
 F. JFhilmarsh, Esq. 
 6 June 1848. 
 
MINUTES OF EVIDENCE TAKENiBEFOllE-THE 
 
 ' fWiiYfflawA, Esq* and it says that I , shall not grant a certificate of complete registration, unless 
 ' — I am satisfied of the propriety of the deed, accordingrtp, the terms of the Act 
 
 1848. pf.Parliament. The company are to be at liberty to insert in their deed such 
 
 clauses as may be applicable to the particular business lof the company intended 
 torbeicarried on,;which are not inconsistent withithe law.; that is the. expression 
 of,the Act,;and:it has been considered rather aiwide expression.., 
 
 71.! Ghairman,] What clauses of the Act are you referrin^to ?~The 7th and 
 8th'Victoria,'chapter 110, section 7- ' . .'1 . ir , 
 
 72] 'Ydii'do not apprehend that your certificate makes an'iUegid deed a legal 
 one?—Certainly not. ' 
 
 ' /'7^.' Mr.'IF.''O’CowBor.] Do you apprehend that your opinion, as you are bound 
 to examine'iiito the legality of the deed, would give a strong impression 6n 
 the subject to'those persons who are seeking to register either provisionally oi- 
 otherwise ?—To a certain extent I am bound to see to the legality of it. The 
 deed is to be approved of by me, and unless it meets with niy approval I am 
 strictly forbidden to register. At the same time, if, upon searching the records 
 of the olfice, I find a deed which contains an illegal provision, I consider I have 
 the power to call upon the parties under the Act of Parliament to file a supple¬ 
 mental deed to remedy that. 
 
 74. Chairman.] Has any document been brought to you for the purpose of 
 obtaining complete registration of this company ?—No. 
 
 75. Mr. S. Worthy.] Under which part of this clause is it that you consider 
 yourself bound to approve of the deed as distinguished from the abstract ?— 
 The word abstract has been considered sometimes as that which is to be ap¬ 
 proved of, but the received opinion is that it is the deed itself which has to be 
 approved of. 
 
 76. You have not interpreted that provision of the Act of Parliament as 
 applying to the approval of the abstract, as being a correct abstract of the deed? 
 —Certainly not, the practice has never been so. 
 
 77. Your duty, as you conceive, is to examine the deed, with a view to see 
 that it is in conformity with this Act of Parliament ?—Certainly. 
 
 78. And that is all which you certify by your approval?—^That is all I certify 
 by my approval. 
 
 79. Captain Pechell.] What would be the expense of a deed of complete 
 registration, as regards the fees to be paid upon it ?—^There is a scale of fees 
 settled by the Act. 
 
 80. Chairman.] Does not the Act require that a fee shall be paid of so much, 
 according to the capital ?—^Yes; 1a thousand pounds. 
 
 81. Captain Pechell.] What would be the stamp ?—The stamp depends upon 
 the length of the deed. 
 
 82. Chairman.] There would be a common deed stamp ?—Yes, and other 
 stamps, according to the length of the deed, 
 
 83. According to the Joint Stock Companies’ Act, there is to be paid 
 for every 1,000of the capital?—Yes; and there is a penalty under the Act, 
 rendering any person in the ofiice who receives any fee or emolument what¬ 
 ever, not sanctioned by the Act, guilty of a misdemeanor. This is the list of 
 fees settled by the Board of Trade; “ For every certificate of provisional regis¬ 
 tration, bl .; for a renewed certificate, bl ; for a certificate of complete registra¬ 
 tion, bl." and on every thousand pounds value of capital, in the case of 
 companies formed previously to 1844, the fee was 6 ( 1 ., but in the case of com¬ 
 panies formed subsequently to that date, 1 s. 
 
 84. Has anything further been done at your office, with respect to this 
 company, subsequently to the delivery of those documents which you have 
 referreji to, and the giving put fi’om your ofBce of that abstract and draft deed 
 of settlement ?—-Nothing that 1 have heard of. 
 
 85. Mr. F. O'Connor.],. Are yon acquainted with Mr. Tidd Pratt, and with 
 
 the duties of his .ojfice ?,-rrNo.. ... 
 
 86. Are you ayrare .that,many companies were certified before this Act 
 was passed ?—I believe .there might have been, but it is not within my recol¬ 
 lection. 
 
 87. Mr, Monsell.] Are you to be understood to say, that no cpmpanv 
 npt completely registered has a right to .purchase lands ?—-Certainly. They 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 
 
 can neither purchase lands nor enter into any contract, unless it is to take 
 effect after complete registration. 
 
 88. Was it not stated in one of the documents that you read, that this 
 company had purchased estates ?—Y^es; and a great many penalties have 
 been incurred ; and if I as registrar of joint-stock companies might take the 
 liberty of saying so, I should say that I think the Act might be extremely im¬ 
 proved if the registrar were required, as a matter of duty, to call upon people 
 to comply with the terras of the Act in many points ; or if I were required to 
 apply to the Attorney-general for his authority to compel the parties to re¬ 
 gister, or to pay the penalties if they did not. 
 
 89. Mr. F. O’Connor^ There is nothing in that Act, is there, which precludes 
 individuals from purchasing property ?—1 apprehend if you or I were to pur¬ 
 chase property we should not come under that Act, w’hatever company we 
 might belong to, if we bought it on our private account. Supposing I had put 
 forward a company of this description and I were to purchase lands in my own 
 name, and declare in a public document like that advertisement that the com¬ 
 pany had bought so much land, I should question very much whether it might 
 not in a court of equity be considered as a sort of trust in the parties who had 
 made such a declaration as that. 
 
 90. Captain Pechell.'] To recover those penalties would it be necessary to 
 resort to the Attorney-general ?- No, any common informer may recover 
 them. 
 
 91. Ckaimaii] The difference is this, is notit; there are certain penalties 
 by this Act, which may be recovered before any magistrate ; those may be re¬ 
 covered by a common informer, but where an action is to be brought for 
 penalties it can only be brought by the Attorney-general ?—Yes, that is so. 
 
 92. Mr. S. Worlleijh\ The prohibition in this Act of Parliament is not against 
 the company purchasing land, but against the promoters of the company pur¬ 
 chasing land; is not that the case ?—-Y^es. 
 
 93. If an individual promoter purchases land for the benefit of the company 
 in the character of a promoter, is not it a great question whether he would 
 not be liable to a penalty ?—1 think so ; the Act says that it shall be lawful for 
 the promoters to do so and so, but not to make calls, or purchase or hold 
 lands. 
 
 94. Mr. Henley.] You have stated that 10 per cent, may be called up upon the 
 shai’es after the company is provisionally registered ?—Ten shillings for every 
 hundred pounds. The words are, “ To receive deposits by way of earnest, at 
 a rate not exceeding 10«. for every 1001 . ” 
 
 95- Have you stated that there is a penalty incurred by a person who receives 
 more than that ?—I do not think I have. 
 
 96. Do you know whether there is a penalty under the Act of that kind ? — 
 I am afraid not. 
 
 97. Mr.F. O'Connor.'] Why are you afraid not ?—Because I see so much mis¬ 
 chief arising out of these things; I see such speculations going on in some 
 companies, that it almost makes one’s hair stand on end at the tricks that are 
 played. 
 
 98. Mr. Henley.] In bringing the deed for complete registration under your 
 notice, should it appear upon the face of the transactions that the promoters 
 have been acting contrary to law, do you consider that a reason why you should 
 refuse the certificate ?—NM, I do not think I can do so. 
 
 99. You do not consider it within your duty to call the notice of the Attor¬ 
 ney-general to the fact, that he may put the law in force against the parties 
 who have broken it r—No, it never has been so. 
 
 100. Under an Act of Parliament restricting prosecutions of a certain cha¬ 
 racter to the Attorney-general, would not it be natural that you, being the 
 officer of the Government, should call the attention of the Attorney-general to 
 the facts ?—It has never been done. I believe a representation was made upon 
 the subject some time ago, before I was in office, and it was considered seri¬ 
 ously whether some examples should be made in certain cases, but it went off, 
 and that is all I have been able to learn. Finding some difficulties in the way 
 of its being done, I did not of course feel it necessary for me to take any 
 steps. 
 
 101. Of course your giffing this information to the Attorney-general would 
 not place your office in the situation of common informer r—Certainlv not. 
 
 ^•9-' C 102. Mr. 
 
10 . IVUNUTES OF EVIDENCE TAKEN BEFORE THE ' ( 
 
 ,F.W/iHinani,Esq. io2. Mr. S. Crawford.'] If the parties have done anything which is not con- 
 
 - sistent with the law, are you still hound to register ?—should take upon myself 
 
 6 June 1848. refuse to register. I refused a company some time ago permission to 
 
 change its name. Upon my refusal to do it they were very wroth indeed^ and 
 said they would apply for a mandamus. I said they must do as they pleased, 1 
 could only act according to the dictates of my conscience. They did, move for 
 a mandamus against me. and the Court of Queen’s Bench was of opinion that 
 1 was right. 
 
 ,103; iMr. S. Wortleij.l What case is that to which you allude ?^It was the 
 case of the Sheffield and Rotherham Fire and Life Insurance Company. They 
 wanted to-change their name to make it more general ; they thought it Would 
 he heheficial. The Act of Parliament, however, expressly requires that the 
 company shaU remain a company by the name by which it is registered in the 
 deed of settlement. 
 
 104. Have any obstructions been offered in your office to the complete regis¬ 
 tration of this company in any way ?—None in the least. All I know upon the 
 subject is, that having seen some discussion on the subject in the House of 
 Commons, I wrote to the solicitor, Mr. Roberts, to request to see him; a gen- 
 ileman from that office called upon me, and I said I hoped it was not considered 
 that anything that had been stated in the House by Mr. O’Connor, with respect 
 to the legality of what was going forward, was at all sanctioned by this office; 
 and his reply to me was. Certainly not. 
 
 105. Your office has thrown no obstructions in the way of this company 
 beyond what the law has thrown in the way of every company ?—Not the 
 least. 
 
 106^ Chairman.'] At that time did you make any observation, to that, gentle¬ 
 man, or he, to. you, with regard to buying land ?—I do not recollect that any¬ 
 thing of that kind passed, except that 1 spoke generally as to the fact that the 
 promoters had been incurring very considerable penalties. 
 
 I 10,7. What induce 4 ! yo,u to make that statement?—They have never made 
 any .return of the proppsed, capital, and the number and amount of the shares 
 into' which it is to be divided., . 
 
 108. Mr. F. O'Connor.'] After complete registration, when approved of by 
 you, the deed is to go before the President of the Board of Trade, is not it ?— 
 
 109. Mr. Monseli] Have not the company acted contrary to the law in 
 neglecting to do certain things which you speak of?—Yes. 
 
 no. Why then have not..you objected to their proceedings?—It was an 
 omission to make certain returns of which I speak; I am bound to receive the 
 returns. 
 
 in. Mr. S. Wortley.] Notwithstanding the omissions you have spoken of, 
 should you have felt compelled to certify for complete-registration if the other 
 terms of the Act had been complied with ?^Yfes, because there are penalties 
 provided by the Act, and the parties may be sued for them. 
 
 112. What were the omissions principally ?—There is no return made of the 
 proposed capital of the company, and the number and amount of shares into 
 which it is to be divided. 
 
 113. Chairman.] Those are returns requhed expressly by the. 10 & 11 Viet, 
 c. 78 ?—Yes, and they are to be returned within one month after such par¬ 
 ticulars have been ascertained and determined, under a penalty of 2Q 1 . 
 
 114. Captain Pechell.] The principal omission is the return of the amount of 
 capital and the shares ?—Yes. 
 
 115. Mr. Henley.] You have stated in answer to a previous question, that you 
 
 should have held yourself hound to complete the registration in spite of those 
 omissions ?—^Yes, there is no restriction; I am bound to receive the deed when 
 it is offered according to tile form required by the Act of Parliament. There¬ 
 fore, if there be any penalties incurred by the parties, my receiving the deed 
 does not remove'those'penalties. They may be recovered by any common 
 informer. ' 
 
 116. Do not you consider that the various steps required for provisional re¬ 
 gistration are coilditiofis ptecedeht to the act of complete registration ?—To 
 a certain extent they must be considered so; but the Act requires that the 
 
 parties 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 11 
 
 parties shall not act ns a company without first being provisionally registered, 
 and then it says, if they do act in such a way without being provisionally regis¬ 
 tered they shall be subject to certain penalties. 
 
 117. You have stated that it is requisite that a certain proportion of the 
 shareholders, both in number and value, shall be returned, in order to enable 
 the company to do certain things; how would Tt be possible to carry that out, 
 unless the number of shares were stated ?—There is the difficulty. The deed 
 was settled by me according to the usual mode in which we settle deeds. 
 
 118. You have stated that 43,000 persons have subscribed to this company; 
 how could yoU'ascertain, before complete registration, that any particular num¬ 
 ber was, the fourth part required by law, both in point of number and value, 
 unless you had that number and value prewously stated to you 'i —All the 
 names which are contained in the books I have produced are registered previ ¬ 
 ously to complete registration. They are bound under a penalty to return all 
 the names of the subscribers; then, when the deed comes to be registered, you 
 must have one-fourth of those subscribers. 
 
 119. Are you to have one-fourth of the number returned to you, or one- 
 fourth of those of whom the company consists t —One-fourth of the subscribers. 
 
 120. Those subscriliers being those returned upon your books?—Yes, we 
 know of no others. 
 
 12J. Do you consider that the provision of the Act of Parliament, which 
 requires the number of shares to be returned to you, consistent or identical 
 with the number of the subscribers ?—Not exactly; because one subscriber may 
 have one share, and another may have half a dozen. 
 
 122. I understand you to have said that the Act requires a certain propor¬ 
 tion to be returned in point of number and value ?—But we make the calcula¬ 
 tion when the deed is brought in ; when the deed is brought in there is a list 
 of subscribers to be registered, containing the number of shai’es which each of 
 them holds. 
 
 123. Does that proportion of number and value refer to the number of 
 subscribers, or to the capital of the company stated beforehand?—It is one- 
 fourth of the whole amount of the capital. 
 
 124. If it be one-fourth of the whole amount of the capital that cannot be 
 ascertained, unless it has been previously stated according to law ?—Certainly 
 not. 
 
 125. That would be a necessary condition precedent to complete registration ? 
 —Certainly. 
 
 126. Then would not it be impossible for you to grant complete registration 
 unless that condition, according to law, had been, complied with ?—Yes, that is 
 the case. 
 
 127. Mr. O’Comior.] Previously to complete registration, you require a re¬ 
 turn of the names annexed to the deed representing one-fourth of the capital 
 which the company professes to have ?—Yes. 
 
 128. Mr. Henley.'] You cannot know if it is one-fourth of the capital, unless 
 the whole amount of the capital had been previously stated ?—The capital 
 should be divided into shares; we will say it is 1,000,000 1 . capital divided into 
 100,000 shares; there are so many shares taken; we can easily ascertain the 
 amount of the capital, because the shares are 100 1 . shares. 
 
 129. Supposing the company give out that they are to have 1,000,000 1 . 
 capital, and that the shares are to be 100 /. each, you could only by that means 
 ascertain that a certain amount had been subscribed ?—They are bound to 
 declare what the capital is in the first instance. 
 
 130. In this instance they have not declared it ?—We have not the deed. 
 They are obliged to return in a schedule, annexed to the deed, the amount of 
 the capital of the company, and the number of shares into which it is divided, 
 or any other way in which the amount of capital is made up. 
 
 131. Do you mean that till you get the deed it is not necessary for the pro¬ 
 moters to make that return ?—They must make the return within one month 
 after they have ascertained the capital and the number of shares. 
 
 132. Chairman.] The number of shares and the amount of tlie capital are 
 required by the 10 & 11 of Victoria, to be given in to the office previously to 
 complete registration ?—They are. 
 
 0.92. 
 
 133. Mr, 
 
MOUTES OF EVIDENCE TAKEN BEFORE THE 
 
 F. IFliitiniirsh, 
 
 (i June 1848. 
 
 133. Mr. S. JVortley.] In this case has not the. deed passed )^our office ?— 
 No; the draft of it has passed the office. 
 
 134. Are you aware whether the draft of the deed contained that statement 
 of the number of shares and the amount of capital r—I think it did. The Act 
 of Parliament specifies certain particulars which shall be required to be annexed 
 to the deed, and then that is looked to when the deed is brought in for complete 
 registration to seq if it is annexed. . 
 
 1350‘Will you reconsider the answer which you gave me just now. By the 
 7th section of the 7th & 8th of Victoria, it is enacted, that “ No Joint Stock 
 Company:, entitled to receive a certificate of complete registration, 
 
 unless it be formed by some deed or writing under the hands and seals of the 
 shareholders, therein; and in or by such deed there must be appointed not less 
 than three directors, and also one or more auditors ; and such deed must set 
 forth in a schedule thereto, in a tabular manner, according to the order herein¬ 
 after mentioned, the following particulai’s.” Then it names a number of par¬ 
 ticulars. By the 15th section of the same Act it is provided, “ If such returns 
 or documents be conformable to the provisions of this Act, or of any regula¬ 
 tions in that behalf, then it shall be the duty of the registrar, and he is hereby 
 required forthwith to register the same, and, on demand, to grant to sucli 
 company a certificate of provisional or complete registration.” Then by the 
 loth & 11th of Victoria, chapter 78, section 5, it is provided, “ That in addi¬ 
 tion to the particulars which the promoters of every such company as afore¬ 
 said are by the said Act required to return to the said office for the registra¬ 
 tion of Joint Stock Companies, when and as from time to time they shall be 
 decided on, such promoters shall also return, and they are hereby required to 
 return, to the said office, the following additional particulars, so soon as the 
 same shall be decided on; (that is to say,) first, the amount of the proposed 
 capital of the company, second, the amount and number of the shares.” 
 Supposing the company did not comply with that, should you feel yourself 
 authorized to give a certificate of registration ?—Certainly not; when the deed 
 comes in, the information is always annexed to it in this tabular manner pro¬ 
 vided by section 7- 
 
 136. Unless the deed contains all which is required by the 7th section of 
 the 7th & 8th of Victoria, and also by the 15th section of the 10th & 11th of 
 Victoria, would you grant registration ?—Certainly not. 
 
 137. Mr. O’Comwr.] You stated that you thought there, were so many intri¬ 
 cacies in the law as it now stands, that the law requires correction?—I think 
 that the registrar should have further powers. 
 
 135. Chairman^ Is the Committee to understand you to say that the law re¬ 
 quires alteration, so as to enable the registrar of Joint Stock Companies to 
 enforce the injunctions and provisions of the Act?—Yes; I think he has not 
 power sufficient; he must either stand in the situation of a common informer, 
 or he must be sending memorials to tbe Attorney-general, calling upon him 
 to act, or asking him to give his sanction to act. 
 
 139. Mr. S. Worthy.'] Or he must shut his eyes to the infringement of the 
 law?—Yes. 
 
 140. Chairman.] In what condition do you apprehend the promoters of this 
 company to be at present; you say that they are provisionally registered, and 
 are not completely registered, and that they have done acts which have sub¬ 
 jected them to a vast variety of penalties ?—I think they have; it occurred to 
 me that there w^ere penalties incurred by want of proper returns, but I am not 
 able to state to the Committee what those penalties are. 
 
 141. If the promoters of the company have purchased lands, or if they 
 have done any of those things which they are prohibited from doing by the 
 7lh & 8th Victoria, c. 110, you consider they have incurred penalties?—Un- 
 ■tloubtedly; upon reading that prospectus registered by them, it conveys to my 
 mind that they have been acting when they ought not to have done so. 
 
 142. Now if they were to'come to your office with a deed for complete regis¬ 
 tration, with the names of the parties upon it representing an adequate quan¬ 
 tity, both of names and eapital, should you, under those circumstances, con¬ 
 sider yourself obliged. to iregistey that deed ?—I should; I am called upon to 
 do it, if the deed is according to law. 
 
 143. Captain Fechell.] Would it not be more convenient for them to go to 
 
 Parliament; 
 
SELECT CO.MMITTEE on the NATIONAL LAND COMPANY. 13 
 
 Parliament; would not it save a great deal of money ?—I do not know what 
 the cost of an Act of Parliament might be. 
 
 144. I understand you, that in the month of August 184/, you approved ol 
 the draft deed of settlement?—Yes. 
 
 145. It left your office as approved ?—Yes. 
 
 146. What is to prevent the registration of the company except the expense ? 
 —I do not know; it has never been tendered again. 
 
 147. Was there anything in it that you disapproved of?—I made several 
 alterations in it. 
 
 148. Mr. O'Connor?^ Are you aware of the difference between a society cer¬ 
 tified by the certifying barrister, under the Friendly Societies Act, and a com¬ 
 pany completely registered under this Act, as regards the future expenses to 
 be incurred?—No. 
 
 149. Are you aware that in the former case no stamps are required ^—I do 
 not know anything of the Friendl]' Societies Act. 
 
 Mr. George Whitmore Chinerg, called in ; and Examined. 
 
 150. Chairman.] WHERE is your residence ?—AtPeckhaiu; my office is at g ir^aiiiier 
 No. 2, Robert-street, Adelphi. I am Managing Clerk to Mr William Prowling 
 
 Roberts. 
 
 151. He is the solicitor to the National Land Company .?—He is, but not 
 the registered solicitor. 
 
 152. He is the solicitor to the company ?—He is. 
 
 153. Since the commencement of this company, have you been the mana¬ 
 ging clerk of Mr. Roberts?—Yes. 
 
 154. And Mr. Roberts has since that time been solicitor to the company ? — 
 
 Yes. 
 
 155. From what period do you date the commencement of the company ?—• 
 
 From the provisional registration, wdiich was in October 1846; up to that 
 period we had been doing our utmost to get it enrolled under the Friendly 
 Societies Aicts, for which it was calculated, in fact. I never considered it as 
 calculated for a company. 
 
 156. That tvas antecedent to the time of its proposed registration under the 
 Joint Stock Company Act?—Yes; we were many months making those 
 endeavours. 
 
 1.57. And during that time up to the proposed registration, the company 
 went on increasing in numbers ?—Yes; we were in hopes of getting it certified 
 as a friendly society for many months, consequently it w'ent on. 
 
 1.58. In October 1846 it was provisionally registered as a joint stock com¬ 
 pany ?—Yes. 
 
 159. You have heard the evidence given by Mr. Whitmarsh, with respect to 
 the proceedings which have been taken in furtherance of complete registration. 
 
 As far as you are concerned in them have they been correctly stated by him ? 
 
 —They have been. 
 
 160. Has any draft deed of settlement been prepared ?—Y^es. 
 
 161. YVhen was that prepared?—On the 20th January 184/, I carried the 
 deed and abstract into the registrar’s office, in pursuance of the Act of Parlia¬ 
 ment. I think it was there five or six weeks, and was then given out with 
 various queries and alterations which I submitted to my counsel, corrected it, 
 returned it to the registrar, and it w'as finally approved of I think in August 
 1847, and as approved 1 have it here. 
 
 1G2. Will you produce it?—(27/e same was produced.) 
 
 163, Have you an abstract of the deed ?—I have [producing the same). 
 
 164. You now produce the draft of the deed approved by the registrar, and 
 an .abstract of that deed, also approved, and the original deed which is prepared 
 from that?—Yes. 
 
 163. Wlmt date does that deed bear?—The 1st of June 1847- 
 
 i6(i. C.an you state the different periods at which any large number of 
 sh.areholders have executed it r—I can refer to the time at which they began 
 to execute it; to every signature there is the date attached. They commenced 
 to execute on the 13th of September, and they have gone on executing it 
 0.92. c 3 till 
 
 F . JVIiitmm sAjEsq. 
 
 6 June 11^48, 
 
Mr; 
 
 G. W. Chinery. 
 
 6 June 1848.. 
 
 14 ' MmUTES OF' EVIDENCE TAKEN BEFORE THE ' ' 
 
 till February of the 'present year. It has been all over England, and of course 
 it has taken many months. 
 
 167. Can you state how many napaes there are to the deed?~It is executed 
 by 7566, representing about 33,000 1 , of the capital of 130,000 
 
 168. Then you had at that time more than the Act required ?—We had. 
 
 169. The capital of 130,000/. is divided into shares of 1 1 . 6 s. each ?—^Yes. 
 
 17b; You'say that you had a sufficient number for complete registration ?— 
 
 YeSj and I had in Februaiy; but there was a great deal then to be done. 
 Under the'rules of the registrar’s office we had one thing to do which would 
 give’employment to two clerks for two months; that is, to give ah alphabetical 
 list'bf‘''fh6'rih'mes, and addresses, and occupations of all those who have exe¬ 
 cuted i'ibvfbuld be necessary to go through the names as they stand in the 
 deed'; first to copy them out, and then arrange them alphabetically, and to 
 refer to the schedule of the deed for the address and occupation of each indi¬ 
 vidual. I calculate that it would take two clerks at least two months to do it. 
 
 171. Is an alphabetical list required?—It could not be dispensed with. I 
 consulted the assistant registrar myself upon it; I consulted him upon several 
 occasions, to see if he could dispense with any of the matters required by the 
 rules of the office, but he could not. 
 
 172. What would be the first requisite?—The first requisite would be two 
 full copies of the deed, with all the schedules; a third copy is required, of the 
 names of all the parties who have executed it, arranged alphabetically, with 
 their names and addresses, and the number of shares. 
 
 173. Is there anything else?—^No; I think that is all. 
 
 174. Have you ever made any calculation of what the expense of that would 
 be?—Beyond the peiiodwheni stopped all further proceedings, which was 
 towards the end of January, or in the beginning of February, I calculated 
 that it would cost, perhaps 500 1 . more before I could complete the various 
 matters for registration. 
 
 175. That it would cost you 500/. more to obtain complete registration ?—^Yes, 
 beyond what we had already expended; of course I spoke in round numbers; 
 that deed only contains about 18,000 names. Supposing we completely regis¬ 
 tered the eompany upon that deed, we are bound to register every name ulti¬ 
 mately. Every 100 names which would have to be registered permanently would 
 involve stamps to the amount of 3/. 15^. Supposing 20,000 names to be 
 registered, there would be 23,000 more names to register out of the 43,000. 
 
 176. Is that under the Stamp Act ?—Yes, the deed bears a stamp of 1 /. 15^. 
 There is a stamp of 1 /. 15i. upon every 15 folios of 72 words each ; 100 names 
 involve 3,600 words, which I divide by 72, bringing it to folios, which gives 
 3/. 15«. for every 100 names; all figures are supposed to be written in full, 
 and calculated as single words. There are about 30 words in a line to every 
 name; then they sign, and we also pay stamps upon the signatures, the number 
 of words occupied by the signing and attesting. 
 
 ] 77. Do you count those in an ordinary deed in that way ?—Always. 
 
 178. Captain Peckell.] How much money should you have to carry to the 
 Stamp-office if you were to take the deed to be stamped ?—The number of 
 stamps I have paid for already amounts to 608/. upon that deed, and it will 
 require nearly 200 /. more before I can carry it in to the registrar. There must be 
 above 800/. paid for stamps before I can completely register that very deed. 
 
 179. Cfiaiman.] I understand from you that a sufficient number of signa¬ 
 tures have been obtained for the purpose of complete registoation ?—Yes. 
 
 180. Have you paid the stamps upon a sufficient number of names to obtain 
 cornplete registration r—No; I never could tell till I had got all the names what 
 would be the number of folios exactly. I know now that it requires nearly 
 200/. more stamps upon it. 
 
 181. The deed itself bears only a 1 /. 15 «. stamp, as a common deed stamp, 
 and the humhef of names is at the rate of 3/. 15 s. to every 100 names?— 
 
 Yes;''" ' •" ’ ’ ’ " ■' 
 
 182. Captain Pcc/;e//.] Then'it is a'penalty upon the number of names?— 
 
 It acts like it. ' yIhh m m r, 
 
 183. Sir D6"yph''eon8ider'that 1«. a name would cover all the 
 
 expenses ?^I do hot thihk'if’yrduldl ' 
 
 184. Mr. P. O'Connor.} Not including the legal expenses and stationery ?— 
 
 I think it would nof* " ’ 1 j 
 
 185. Chairman.l 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 15 
 
 185. Chairman.'] I understand you that the deed having been thus executed, 
 and so much money having been paid upon it, you abstain from taking it to the 
 Registrar’s office in consequence of the additional sum to be paid?—No, I have 
 not abstained in consequence of the additional expense; but Mr. O’Connor, 
 finding the expenses were very enormous informed me that he was going to 
 apply to Pai'liament to try to get the Friendly Societies Act altered, so that we 
 might get it certified under that Act, as originally intended. Nothing has been 
 done in the matter since. 
 
 186. It has remained since February to the present time with nothing 
 further done than provisional registration ?—Exactly so. I took care to renew 
 the certificate of provisional registration; I did all I possibly could do to pro¬ 
 tect the company and the promoters from penalties, but I knew I was unable to 
 do it completely, from the vast number of names I had to return. There never 
 were so many, I believe, in any of the companies which have been registered. 
 The number of names overcame us, and must eventually add to the expenses 
 enormously, unless we can get the stamp remitted, or get it registered as 
 a society. 
 
 187. You were perfectly aware, probably, before the deed was prepared, and 
 before the application to the Registrar’s office was made, that the stamp would 
 amount to such a sum ?—I could not tell; I did not know the number; 1 was 
 astonished, myself, to find so many parties joining. They have joined to a sur¬ 
 prising extent since the date of that deed; that deed contains 19,000 or 
 20,000; that was up to the 1st of June. From June, I believe, the company 
 has increased very considerably. 
 
 188. Does that deed state how much each of the parties subscribing has 
 paidP—No; it merely states whether the deposit is paid or not. 
 
 189. What is the amount of deposit?—It depends upon the rules ; I do not 
 exactly know. 
 
 190. Does the deed state what amount of deposit has been paid ?—No. 
 
 191. Mr.F’. O’Connor] It states that a deposit has been paid P—It does; we 
 are compelled to state that in the schedule. 
 
 192. Chairman.] Is it stated anywhere in a general way what amount of 
 deposit has been paidP—No, it is not. 
 
 193. Is there any other deed or document by which the company is consti¬ 
 tuted except this?—None. 
 
 194. This is the foundation of the company ?—It is. 
 
 195. And when the Committee look at this deed, they look at all the powers 
 of the proposed company?—Yes. 
 
 196. And the deed has been executed by those several parties ?—Yes. 
 
 197. Have you taken any opinion respecting the legality of the company'!—• 
 I have not; the deed was settled by a conveyancer; 1 am not aware that there 
 has been any doubt as to the legality of it. 
 
 198. Are you a shareholder ?—I am not. 
 
 199. Did you go to Mr. Tidd Pratt ?—I think two applications were made to 
 him with the rules, to have them certified, once by my own pleader, who set¬ 
 tled the rules for me, endeavouring to combat with his objections and get the 
 society registered, and I made an application subsequently to Mr. Duncombe’s 
 Act, amending the Friendly Societies Act, but we were worse off then than before. 
 
 200. Have you the opinion which Mr. Tidd Pratt gave upon that occasion ? 
 y-I have; this {producing the same) is the first opinion which we took, which 
 is dated July ] 846. 
 
 201. Are those rules and regulations the rules and regulations which are 
 now comprised in the deed ?—No, they have been very much altered; those 
 were the rules prepared for the society, when it was proposed to be a society. 
 
 202. What is the distinction between a society and a company ?—Since we 
 were advised to register it as a joint stock company, the Act requiring the deed 
 to be prepared in a particular way, and to contain certain clauses and covenants, 
 the rules have been very much modified, to be made to conform to that deed. 
 I hose rules were adapted to the society as a friendly society, which was to be 
 certified; I do not consider that they are the rules now. I have furnished to 
 the managers of the society an abstract of the deed-itself, as the rules for their 
 guidance. 
 
 203. The little book which is in the hands of the Members, called “ Rules 
 
 Mr. 
 
 Q. W. CUnrry. 
 
 6 June 1848. 
 
Mr. 
 
 G._ W. Chinery. 
 
 ,6 Jqne 1848. 
 
 .16 • MINUTES OF EVIDENCE TAKEN BEFORE-the 
 
 of the National Land Society,” provisionally registered, is,, in fact, an abstract 
 of the deed 1 —An epitome of the deed. 
 
 204. Was this the first opinion which was given by Mr. Tidd Pratt at the 
 time when this society was intended to be a friendly society ?—^Yes. 
 
 ' 205. That opinion is to this effect, '' I am of opinion, that the objects of this 
 society‘are not in conformity with the Friendly Societies’ Acts, or the Bnilding 
 Societies’Act's; and therefore I cannot certify the rules nnder either of those 
 statutes., The 21st and 23d rules are in my opinion illegaF pursuant to the 
 prpvisioils of the 39 of Geo. 3, chapter 79, section 2 ; and the 57 of Geo. 3, 
 ChapterA‘9, section 25;” which are the two rules which are refen’ed to? — 
 Those rules were first settled by counsel before I laid them before Mr. Tidd 
 Prhtt.' My counsel, Mr. Macnamara, was of opinion that they could not be 
 certified. 
 
 206. Mr. Macnamara, who is your counsel, by an opinion dated 5 January 
 1846, says, “ I am of opinion that the rules herewith, subject to the alterations 
 which I have introduced, are legal, and may be enrolled under the Friendly 
 Societies’ Act.” Mr. Tidd Pratt says he does not think they can be with regard 
 to the 17th Rule ; is that the one which was struck out by Mr. Macnamara? 
 —Yes. 
 
 207. That rule is that, “ Where the director’s shall have purchased an estate 
 they shall divide it into allotments of two, three, and four acres, in proportion 
 to the number of qualified shareholders in each class. They shall then fix a 
 day for the selection of occupants by public ballot, the balloting for each class to 
 be conducted separate and distinct from each otherthat Mr. Macnamara does 
 not certify to be legal?—No; I laid them again before Mr. Macnamara, and he 
 says, “ I have made such alterations as seem to obviate Mr. Tidd Pratt’s objec¬ 
 tions. It appears to me that the society did not, before these alterations in its 
 
 ' rules, come within the Acts he has referred to, which were passed against corre¬ 
 sponding and seditious societies, but it seems advisable to lay them again before 
 hiin; should he still refuse, the society can appeal to the quarter sessions.” 
 That is dated 12 January 1846. This I believe to be the copy laid before Mr. 
 Tidd Pratt the second time. He was then attended by my own pleader, Mr. 
 Macnamara. I have not his written refusal to certify on that occasion, but he 
 again refused. He considered the alterations made did not meet his objections 
 generally. 
 
 208. The result of it was, that Mr. Tidd Pratt again declined to certify ?— 
 Yes, this was written by Mr. Macnamara, after the conference with Mr. Tidd 
 Pratt. “ Mr. Pratt’s opinion is clearly against the enrolment, and I quite agree 
 with him that if Mr. Justice Wightman’s opinion, which he formerly gave, 
 to Mr. Pratt’s knowledge, is upheld; viz, that the Friendly Societies’ Act does 
 not apply to such a society, certainly the Building Act does not. The society’s 
 object cannot be altered so as to bring them within these Acts under 
 these circumstances. There are two courses to pursue: first, to register it 
 under the Joint Stock Companies’ Act. Second, which seems better, to get Mr. 
 Buncombe to amend by statute the 4 & 5 Will. 4, c. 40, s. 2 (Friendly Socie¬ 
 ties), by altering the words ‘ for any other pui-pose which is not illegal ’ to ‘ for 
 any legal purpose whatsoever.’ ” The same rules were laid before Mr. Tidd 
 Pratt after the passing of the 9 & 10 Viet. c. 27, and at the end there is 
 his opinion, 21st July 1846. It is in these words: “ I am of opinion that the 
 purposes for which this society is established are not within the four first pro¬ 
 visions of the 1st section of 9 & 10 Viet. c. 27, and therefore it will be neces¬ 
 sary to obtain the certificate of the Attorney or Solicitor-general as to the 
 legality of such society, and the allowance of one of Her Majesty’s principal 
 Secretaries of State that the purposes of the society are those to which the 
 powers and facilities of the Acts relating to Friendly Societies ougli); to be 
 extended.” Then there is the certificate of the Attorney-general, dated 
 31 July 1846, in which he says, “ I certify that the proposed society is not a 
 society for a purpose to which'the powers and facilities of the Acts 10. Geo. 4, 
 c.,56, and 4 & 5 Will. 4, c. 4'0, ought to be extended.” 
 
 209. those steps having been taken by you for the purpose of bringing this 
 within the Friendly Societies’ Act, ,and it not being Avithin the purview of the 
 Friendly Societies’ Act, yqu adopted ,the course advised by Mr. Macnamara, of 
 bringing it within the purview of ,thq.Joint Stock Companies’ Act?—I did. 
 
 210. You 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 17 
 
 210. You did not proceed in that course further than you have meutioned, and 
 there would have been great e.vpense incurred if you had done so ?—E.vactly. 
 
 211. Are those which you have produced the only deeds relating to the 
 society ?—They are. 
 
 212. Have you acted for Mr. Roberts in the proseeution of any of the objects 
 of the society since the provisional registration ?—Only in trying to complete 
 the registration; as I before stated, up to February of this year, all I have done 
 has been endeavouring to register the company. 
 
 213. Have you been engaged in the purchase of any land ?—Not for the 
 company. I myself have never recognized it as a company, because I knew it 
 was no company. 
 
 214. Have you been engaged in the purchase of any land for any of the pro¬ 
 moters of the eompany?—I have for Mr. O’Connor. 
 
 215. Is he one of the promoters.?—He is. 
 
 216. Will you state what was the first purchase in which you were eoncerned 
 for Mr. O’Connor as one of the promoters of this company ?—I was concerned 
 in the purchase of a property at Herringsgate, near Rickmansworth. 
 
 217. Have you any particulars of that purchase with jmu?—No, I have no 
 particulars of any of those transactions. I only considered that I was acting as 
 Mr. O’Connor’s private solicitor. 
 
 218. Do you mean to say that you thought you were not acting for a pro¬ 
 moter of the company as a promoter of the "company, hut for Mr. O’Connor 
 individually for himself?—Individually for himself; but I knew that he was 
 purchasing ultimately as a trustee of this company when it was made a 
 company. 
 
 21 g. He was purchasing as a promoter of the company then ?—1 presume 
 he was if it were so. 
 
 220. At what date was this purchase at Herringsgate—It must have been 
 in 1846. 
 
 221. Have you no bill of costs or diary which would refresh your memory? 
 —I have at the office. 
 
 222. Mr. Hcnlcy.'l Was that before the first application for provisional regis¬ 
 tration ?—It was. 
 
 223. Chairmun.] Did you make out a bill of costs ?—I did ; I have them all 
 at the office. 
 
 224. Will you at the next meeting of tlie Committee produce them r—I will. 
 
 225. Were you engaged in the purchase of other estates besides that at 
 Herringsgate ?—Y'es; several since. 
 
 226. Can you name where they were:- —The ne.xt to Herringsgate was 
 Lowbands, in Worcestershire; another at Witney, Oxfordshire; Sniggsend, 
 Gloucestershire ; the last was in Worcestershhe, near Broomsgrove. 
 
 227. Have you completed the purchases of all those several estates?— 
 I have. 
 
 228. And paid the purchase-money ?—And paid the purchase-money. I 
 myself did so, on the part of of Mr. O’Connor. 
 
 229. By whose cheques was the purchase-money paid?—Jlr. O’Connor’s 
 cheques. 
 
 230. Upon what bank ?—I think upon the London Joint Stock Bank. For 
 the last 1 completed I took the cash down; Mr. O’Connor handed me the 
 cash. 
 
 231. \ ou do not know the total amount of the purchases, or what each of 
 them individually came to ?—I shall be better able to answer those questions at 
 the next meeting of the Committee. 
 
 232. Have you been engaged at all in any dealings with the estates sepa¬ 
 rately, as to the payment of the money or the making contracts ?—Not at all. 
 
 233. Building houses ?—Nothing whatever of the kind. 
 
 234. You have discharged merely the duty as a solicitor, for the purpose of 
 completing those purchases ?—Nothing beyond that. 
 
 235. Mr. F.O'Comiov.} The company, as it has been said, began to pay 
 a little about May: the first application to Mr. Tidd Pratt appeai-s to be in 
 January?—Yes. 
 
 230. From your own knowledge, can you say that there was no anticipation 
 or anything like the desire to join the company which ultimately followed ?— 
 1 have understood that you were quite surprised that so many had joined. 
 
 D 237. I believe 
 
 Mr. 
 
 G . W . Chincry . 
 
 C June 1848. 
 
i8 MINUTES GF EVIDENCE TAKEN BEEORE THE 
 
 , Mr. 237. I believe that the way in which the company’s affairs were represented 
 
 Gi JV. Chinery. lately, when the conference was held in August was, that in December 
 
 6 jim Ts company was established there was a conference of delegates elected 
 
 * 4 • shareholders, which sat in Manchester ?—I will not speak to it; I cannot 
 
 spbak t6 it positively. 
 
 238/ Are not you aware that a little before Christmas a conference of dele¬ 
 gates'ihef at Manchester to decide as to the course which should be then taken, 
 the company having arrived at that stage ?—^No; I do not recollect. 
 
 ' Ate hot you aware that it was then for the first time that the delegates 
 dfecimid that the society should be certified ?—I cannot say that I recollect it. 
 
 i240; Oh the 5th of January, as appears by the date of Mr. Macnamara’s 
 note, aI)pli(!ation was made to Mr. Tidd Pratt to certify the society ?—Yes. 
 
 241. Were my instructions to you to use all due diligence to have the society 
 certified at once ?—^Yes. 
 
 242. Could you have used more diligence than you did to have the society 
 certified ’—Certainly not. 
 
 243. You said that you took no opinion as to the legality of the company, 
 but you stated that your pleader drew the rules according to the Act of Par¬ 
 liament, and that your conveyancer settled the deed as required by the Act 
 of Parliament?—^Yes, you handed the rules to me and I laid them before the 
 pleader, because I should have them correctly stated according to the Friendly 
 Societies Act. 
 
 244. Do you recollect that when we were foiled in having the society certified, 
 I urged upon Mr. Duncombe, at the instance of the other parties, to apply for 
 such an alteration of the law as would bring us within its provisions ?—You did 
 so in consequence of the refusal to certify. 
 
 245. Are you aware of another representation of the company by delegates 
 assembled again, either at Birmingham or iManchester, which decided upon 
 registration ?—^That I do recollect, though not the time exactly. 
 
 246. Was there due diligence used froni the time that complete registration 
 was decided on, up to the time that I decided upon appealing to Parhament to 
 be protected by law ?—Most certainly. 
 
 247. Will you describe to the Committee the mode by which the signatures 
 have been procured and the expense of the machinery by which they have been 
 procured to that enormous deed ?—I first myself went to Manchester with it, 
 and attended to it personally for a week at Manchester, Stoclq)ort, .Maccles¬ 
 field. I got several hundi’eds there. Then Mr. Roberts’s principal clerk at 
 Manchester, was deputed to go with it to the different great towns and dis¬ 
 tricts throughout England, and I rather think it took him six or seven weeks 
 to procure the signatures which appear to the deed now. Previously to that 
 for several weeks at the Land Company’s Office it was lying for signatures. 
 I was there myself occasionally, and I always had a clerk or tw'o attending to 
 the execution of it; every name is attested, of course. 
 
 248. Are you aware of the conference that was held in August 1847, last 
 year, at Lowbands ?—Yes. 
 
 249. Did you attend that conference ?—I think that is the time that I went 
 down to see you upon business. 
 
 250. Are you aware that at that time it was decided that the company should 
 close and receive no more members at a certain period, namely, on the 1st of 
 January ?—I recollect that resolution. 
 
 251. Are )mu aware that at that time the company was provisionally regis¬ 
 tered, and that we were going on to complete registration ?—Yes. 
 
 252. Are you aware that nearly as soon as it was understood that the com¬ 
 pany was to close in January nearly as many members joined from the time 
 thht that information was given up to the closing of the company as had 
 joined in the two previous years? — From all I have heard it must have 
 been so. 
 
 253. Are you aware that that would have considerably enhanced the ex¬ 
 penses of complete registration, from the necessity of having a greater number 
 to sign that deed r—Yes, I am aware that it would have required all those par¬ 
 ties to have been returned, and if would have required a large amount of labour, 
 ahd great expense in stamp dutiesl 
 
 254. From the time that the company was in a situation to require the pro- 
 tectioh of any latv which Was, when application was made to Mr. Tidd Pratt, was 
 
 due 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY, ig 
 
 due diligence used to the time when he refused to have it certified ?—Every 
 possible diligence. 
 
 255. From that period when we anticipated the assent of the House of Com¬ 
 mons to Mr. Duncombe’s Act to bring us within the law, were we led to sup¬ 
 pose, and had we reason to heUeve that that would have rendered both the 
 certifying of the company and the registration of the company unnecessary ?— 
 1 suppose Mr. Duncombe’s Act would have enabled Mr. Tidd Pratt to have 
 certified. 
 
 256. From the time we were foiled in that and from the time we undertook 
 to have it completely registered, as well as provisionally registered, has all due- 
 diligence been used which you could use, and which the promoters and I could 
 use, till I thought that in order to save expenditure it would be better to try 
 to procure an Act of Parliament ?—Y'es. 
 
 257. Have I told you, that in case of my being foiled in procuring an Act) 
 which would save the company much expense in stamps and great litigation) 
 I should then proceed at once, no patter what the expense was, to complete 
 registration ?—You have stated to that effect. 
 
 258. From your knowledge of the company from its formation to the present 
 moment, have )mu seen in any one single act, upon the part of any of the pro¬ 
 moters, anything that would lead you to any other conclusion than that their 
 desire was to have it protected by the law ?—I have had nothing to lead me to 
 suppose that it was their desire to do otherwise than to give it legal protec¬ 
 tion, but the expense was the great obstacle. 
 
 259. 'I'he subsequent expense as well as the current expenses ?—Yes. 
 
 260. Can you form any estimate, apart from the stamps, of the sum that that 
 deed, before it could be completely registered, will cost the company in conse¬ 
 quence of the augmentation of the number of members from August to Janu¬ 
 ary ?—In order to proHsionally register the company, now including the wdiole 
 of the subscribers, exclusive of stamps, I do not think the expense would be 
 much under 3,000 f., the names are so numerous. It is very difficult to speak 
 to such a matter, and I would rather not hazard an opinion. I calculate what 
 that deed has cost, and looking to the fact that it contains under 20,000 names, 
 and has only been round England yet. 
 
 261. Have you ever been connected with any society, or have you ever 
 heard of any society so extensive in its ramifications as this ?—Never, except 
 friendly societies. I never heard of any company so extensive, nor any society, 
 except, I believe, the Odd Fellows. 
 
 262. I mean acting with a centralized power, and under one system of go¬ 
 vernment, have you ever known such a company at all equal to this ?—I never 
 have. 
 
 263. Has there been as much diligence used in the getting up of this deed, 
 as if the company w'ere established by the first merchants in the country ?•— 
 A great deal more. 
 
 264. As far as it has gone, and as far as your legal knowledge leads you to 
 any belief, has everything been done, where the law' did not throw great diffi¬ 
 culties in your way, which could be done ?—Decidedly; the difficulties which 
 the law' have thrown in the w'ay have been the impediment. Had the society 
 consisted of 2,000 or 3,000 individuals it could have been done with ease. 
 
 265. You are aware that I have expi essed to you, w'hen we talked of having 
 the society certified first, that it was my desire to try this as a mere experiment, 
 never supposing that it would have reached its present extent ?—I have under¬ 
 stood you generally that you never did believe it could have come to anything 
 approaching to it. 
 
 266. And that every day, in proportion as people became enamoured of this 
 plan, by the increasing numbers I found myself more and more hampered ?— 
 Yes, I have heard you state that. 
 
 267. And there has been no neglect on my part for a single day, nor any 
 disposition on my part to do otherwise than forward it in all its stages r—That 
 is my belief. 
 
 268. How long did it take to procure those signatures which are attached 
 to this deed for proHsional registration r —It must have been from September 
 to February of the present year. 
 
 269. It took from 4th October to l/th December perambulating the country 
 
 D 2 with 
 
 Mr. 
 
 G. tr. Chincry. 
 C June 1848. 
 
20 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 M,, with law clerics and yourself, in order to procure signatures:—^Yes; and it has 
 G. ty. Chinery. been lying in my office since. 
 
 ——— 270. Mr. G. Thompson.'] How mueh has it cost as far as it has gone ?—^The 
 
 6 June 1848. expense of preparing the deed has been over 2,000 1 .; the deed as it stands 
 has cost about 2,400 and it only contains under 20,000 names, and every 
 name must be returned in a similar deed. 
 
 271'; Mr. F. O'Connor^ This deed must have every name complete ?—Yes. 
 
 272. ' Are you aware that both in France and Belgium there are English 
 worlcmeh who have joined this company ?—Yes, I am. 
 
 273. Did you mean that besides what has been done, it would cost 3,000 1. 
 more to complete yet ?—That was looldng to the whole number of the sub- 
 .sefibers;' 
 
 274. What more would it cost to register such a deed as the law requires of 
 that company ?—I mentioned that sum of 3,000 1., but 1 said I was afraid to 
 name the sum ; I think it wopld be much more than that. 
 
 275. ^\Y G. Strickland.] Would the reciuirements of the law be complied 
 with, supposing you to go to obtain complete registration of the company at 
 an expense of 500/. ?—They would be sufficiently complied with for the 
 company to be permanently registered, but we must immediately register 
 every member of the company by subsequent deeds as we obtained their 
 signatures. 
 
 276. Supposing you go on under the existing law and obtain complete regis¬ 
 tration, and take the steps subsequently which the law requires, there will be 
 a further expense beyond that to which you have been already put ?—Yes. 
 
 277. And considering the amount of sliares respectively that would be ulti¬ 
 mately a very large proportion of the capital of the company ? It rvould. 
 
 278. And that you conceive to be a great impediment under the circum¬ 
 stances to the prosecution at this moment of the scheme of the company i— 
 Yes, to a company of capitalists it would be a mere bagatelle, but to us it is a 
 ruinous sum. 
 
 279. Captain Pec/ic//.] It is your success which has created the difficulty ? 
 —It is. 
 
 280. Chairman^ Are you aware of the Bill which is brought in by Mr. 
 O’Connor with reference to this matter ?—I have only recently had my atten¬ 
 tion called to it. 
 
 281. You are aware of the terms the Bill?—I am. 
 
 282. Are the terms of the Bill consistent with the terms of this deed; will you 
 read the clauses in the Bill which has been brought in by Mr. O’Connor?— 
 {Witness read.) “ For the purpose of purchasing laud in the United Kingdom 
 of Great Britain and Ireland, and of erecting on such land dwellings to be 
 allotted to members of the society, together with certain portions of such land 
 for agricultural purposes, and of raising a fund for the advancement of money 
 to or for the benefit of such allottees on taking possession of their allotments, 
 and of creating a fund for the objects aforesaid, and of selling, mortgaging, 
 or otherwise disposing of or charging for the benefit of the said society the said 
 land, dwellings, and tenements, and the rent reserved thereon. For the pur¬ 
 pose of raising and maintaining in distinct associations of and belonging to 
 the society by the subscription of the members, separate joint stock funds to 
 be applied in defraying the medical expenses of their own sickness or of the 
 sickness of members of any of the associations of and belonging to the said 
 society, and in affording temporary maintenance during such sickness to the 
 families of any of the said members of the said society, and in paying the 
 funeral expenses of deceased members of any of the associations of and be¬ 
 longing to the said society, and in contributing towards the maintenance of 
 their widows and orphans, and in contributing towards the expenses of the said 
 society.” 
 
 283. Looking at those clauses, I ask you whether they are in any respect 
 consistent vrith the terms of that deed.?—I do not think they are very incon¬ 
 sistent. I should like to read them carefully together. 
 
 284. In this deed there is five per cent, to be charged by way of rentcharge. 
 In the Bill there is this pro visor which you appear to have omitted: “ Provided 
 always, that every member of the said society shall be entitled to interest at 
 the rate of 11 . per centum per annum from the said society as soon as the 
 whole of his said subscription shall be paid up to the said society, until the 
 
 time 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY- 21 
 
 time of his receiving an allotment of land as aforesaid from the said society, 
 and the said interest shall acciimnlate at compound interest until the time of G. 
 
 the said allotment, and shall then be carried to the credit of the said member 
 so entitled to the said interest, and a reduction in proportion to the amount of 
 the said interest shall be made in the rent payable by the said member for and 
 in respect of the said allotment.” Looking at the terms of this Bill, if it 
 were passed into a law, do you think that law would be in any respect binding 
 under the terms of this deed?—It is something new in the Act of Parliament, 
 which appears to me rather an improvement; but I do not think the deed 
 would be inconsistent nevertheless with that Act. 
 
 285. What I ask you is, whether the pai-ties who have, bound themselves by 
 that deed, tliis being- a Bill to carry into effect that deed, would be bound by 
 the terras of that Bill when passed into an Act ?— If I understand it rightly, if 
 that Act were passed to-morrow, and we did not wish to become a company, 
 we should be able to be certified by Mr. Tidd Pratt under that Act of Parlia¬ 
 ment, the Friendly Societies Act, and we should only have to lay before Mr. 
 
 Tidd Pratt rules in conformity with this Act of Parliament. That clause in 
 our deed would then be consistent with the Act of Parliament. 
 
 286. You say the agreement into which you have now entered firils, though 
 it ought to be under the Friendy Society, because the certifying barrister lias 
 certified that it is not within the provisions of that Act. Now, von wa-nt to 
 bring it within the provisions of that Act; you therefore want to nrake tb.e 
 contract into which these parties have entered a contract binding under the 
 Friendly Societies Act. Arc the terms into which they have entered the same 
 terms as those included in the Bill before Pai-liamcnt?—No, not c.vactly: 
 we should have to modify them to a certain extent, which would be 'to their 
 benefit; we should have to modify our rules. 3Ir. O’Connor w-ould have rule.s 
 prepared to lay before Itir. Tidd Pratt, to enaltle him to certify; and those 
 rules must then be strictly in conformity with the law, and not inconsistent 
 with those particular clauses. 
 
 2 87. MMuld any one of the parties who had signed that deed be bound by 
 those rules? — Undoubtedly; they would become then members of a new 
 society, 1 take it. 
 
 288. Would not they be obliged to enter into a ne-v society, consistent with 
 the terms of the Act of Parliament, so far as those terms are'inconsistent with 
 the terms of the deed ?—We should not reepure the deed at all. 
 
 289. If the deed does not exist as a deed, would not you be obliged to esta¬ 
 blish a fresh company, under the terms of the Act, totally independent of the 
 deed?—No new company at all. Wc should require those men to sign a 
 document that they belonged to this society enr(;lled under the Act. 
 
 2go.^ Sir G. StricMand.~\ That deed was with rererence to the registration? 
 
 —Decidedly, as a company. 
 
 291. But now this Act of Parliament is with reference to its becoming a 
 friendly society ?—Yes. 
 
 292. Mr. B. Hall] I apprehend, that if this Bill were to pass into a law, 
 the whole of the proceedings of the company would be subject to the provi¬ 
 sions of that Act.-—As soon as we got enrolled; we should not he subject to 
 it till we were enrolled. 
 
 293. Will you be good enough to look at the Clause No. 2 in the Bill, and 
 state whether this would be the effect of that clause; I apprehend, that under 
 tliat clause no shareholder would be entitled to any interest upon any money 
 which he subscribes till the whole amount of his subscription shall have been 
 paid up .-—That is so. 
 
 294. After the whole of his subscription shall have been paid up, he will 
 have a charge upon the funds of the company for interest, which shall go on 
 accumulating to compound interest ?—Yes. 
 
 29,5. Am 1 right in the conclusion which I arrive at from reading that 
 clause, that he shall not, under any cfrcumstances, be entitled to receive any 
 mterest, or any compound interest upon the sum of money which he shall 
 have so paid up, till he shall have become entitled to an allotment under the 
 company '/—He will be entitled to compound interest upon the money he has 
 paid till he gets his allotment. After he has obtained the allotment, his 
 interest will cease. 
 
 296. .\!1 
 
Mi-. 
 
 G. W. Chmry. 
 (> Juiit i!i48. 
 
 22 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 296. Am I to understand that by that clause he will not be entitled to re¬ 
 ceive any interest or any compound interest upon the money which he shall 
 have so paid up till such time as he becomes an allottee upon the property, and 
 even then when he becomes an allottee upon tlie property, will he be entitled 
 to receive any money whatever which may have accrued either in the shape of 
 interest or compound interest, but will not the only advantage he wiU receive 
 in lieu of interest, be an abatement in the rent of the land which will be allotted 
 to him ?—From this Bill, I should say, he was not entitled to receive anything in 
 the |S%pe of . .money at all; he is intitled to interest till he gets his allotment; 
 then that which he has become intitled to in the shape of interest is given to 
 him ^ the. shape of reduction upon the rentcharge to which his allotment is 
 subjected. 
 
 297. He does not receive any money at all, either as interest or compound 
 interest, but the advantage he will derive from having paid up this capital in 
 addition to the allotment which he will get by the change, will be in the shape 
 of a reduction of the rent which he would otherwise have to pay ?—Yes. 
 
 298. Mr. F. O'Connor.'] Are you aware that by this deed and by the rules of 
 the society he gets no interest at all, even when he has paid up ?—None what¬ 
 ever. 
 
 2qg. You may not be aware that that clause has been introduced in order to 
 meet the objection as to lotteries ?—I was glad to see it, certainly. 
 
 300. There is no interest paid now at all ?—Decidedly not. When I saw 
 this I thought it a great improvement, the giving them something certain till 
 they got the allotment. 
 
 301. It is an alteration in favour of the allottee ?—So I interpret it. 
 
 302. Sir B. Hall^ Is not he to have his allotment by lottery r—By ballot. 
 
 303. Chairman.] Do I understand you, that after this Act has passed, the 
 provisions under that deed, which he has signed, will still be the provisions of 
 the friendly society ?—No, I cannot say that. 
 
 304. How far are the provisions of the deed affected by that proposed Act 
 of Parliament; does the balloting for the land take place in the same way ?— 
 I cannot say. 
 
 305. Are the allotments to be conveyed to the shareholders in fee simple ?— 
 
 I do not know what were the particular objections which Mr. Tidd Pratt made 
 to the rules, unless I were now to refer to them. We should have to refer our 
 rules again to Mr. Tidd Pratt, and he would see whether they came within this 
 amended Act. 
 
 306. Is it the basis of the society, that portions of land should be allotted 
 by lot?—It is. 
 
 307. That being so, is there anything mentioned about it in that proposed 
 Act of Parliament ?—No. 
 
 308. By which of the provisions of this deed will the parties be bound, and 
 from which will they be free after this Bill shall have passed ?—I am not aware 
 that it would be contrary to the present Friendly Societies’ Act, to allow them 
 to ballot in the way proposed for their allotment. There is certainly nothing in 
 this Act to make it legal, if it is now illegal. 
 
 309. Supposing it is now illegal ?—There is nothing in this Act to legalize it. 
 
 310. All those parties have paid their money, and have signed a deed con¬ 
 taining certain provisions; has there been any general meeting, or any general 
 assent by the parties who have so signed that deed to the enactment which is 
 here proposed?—I do not know that there has. 
 
 3n. That, therefore, is a mere speculative Bill?—I cannot say that. 
 
 312. Have you understood, as far as your knowledge of the transaction goes, 
 that there has been any meeting or any admission of the principles contained 
 in the Bill on the part of the individuals who have signed the deed?—I know 
 nothing of it. 
 
 313. Mr. F. O’Connor.] Is it the usual practice in your profession, for bar¬ 
 risters to take the opinion of solicitors upon Acts of Parliament, or for solici¬ 
 tors to take the opinion of barristers ?—We take the opinion of barristers 
 always. 
 
 314. Is it usual even in cases where the company would be more easily got 
 together than this would be, to consult every individual member of that com¬ 
 pany as to an Act of Parliameiit brought in for the purpose of protecting that 
 company ?—I presume not. 
 
 315- The 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. *-3 
 
 315. The way to look at this Act of Parliament is to lay both the necessi- llr. 
 
 ties of the case and the interest of the parties concerned before the House of G- Chhter^. 
 
 Commons, and then to rely on the legal gentlemen in The House to make the-;; 
 
 Act as complete as possible ?—Y'es, I believe so. ^ 
 
 316. And you are aware that there are such things as amendments proposed 
 in Acts of Parliament ?—Yes, certainly. 
 
 317. And that an Act of Parliament is a mere naked thing when it is brought 
 into The House, it being left to the legal gentlemen in The House to embody in 
 the Act what is necessary for the purpose of securing the protection of the 
 interests of the parties concerned ?—I have always considered it so. 
 
 318. Sir£. //fl/Z.] Y''ou stated that you were engaged as solicitor for the 
 purchase of several properties about which you will be prepared to give us 
 further information when we next meet; v.ill you state whether, beyond the 
 fact of your having been employed as solicitor to purchase those properties, 
 you have any knowledge of any allotments, or sales, or leases of any portions 
 of that property ?—I am not aware of anything of the kind: I am sure there 
 have been no leases; I have heard that many subscribers have got located and 
 had portions of land allotted to them, and are now in possession. 
 
 319. Y'’ou say that you believe that some allotments have been made, and 
 some parties are in possession of different allotments; are you aware whether 
 those parties possess any title to their own allotments either in the shape of 
 leases or grants ?—They do not. 
 
 3i2o. Mr. F. O'Connor.'] Are you aware that under this deed or under the 
 Act of Parliament trustees are to be appointed r—Yes. 
 
 321. Are you aware that it is when those trustees are appointed that those 
 trustees will make the conveyances to the parties ?—I am quite aware of that. 
 
 322. Viscount Ingestre.] The parties are getting no interest for their money 
 now?—No. 
 
 '\^ener'is, die Jnnii, 1848. 
 
 MEMBERS 
 
 Mr. Sliarman Crawford. 
 Viscount Diunilaiirig. 
 Sir Benjamin Hall. 
 
 Mr. Hayter. 
 
 Mr. Henley. 
 
 Mr. Langston. 
 
 Mr. B'lonsell. 
 
 Mr. Feargus O’Connor. 
 Captain Pecliell. 
 
 Mr. Scholefield. 
 
 Mr. Sullivan. 
 
 IMr. G. Tlioinpson. 
 
 -Mr. Stuart Wortley. 
 
 The Right Hox. AV. G. HAYTER, in the Chair. 
 
 Mr. George Whitmore C/nneri/, called in ; and further E.xamined. 
 
 323. Chairman.] AT your last examination you stated that an adequate num- Mr. 
 
 her of persons, both with respect to shares and capital, in order to effect com- G. IK. Chkery. 
 plete registration, had already signed the deed ?—1 did so. - 
 
 324. Can you state the number of shares which those persons who har e signed 9 
 
 the deed are the holders of 1 —By referring to the deed, I can state it exactly. 
 
 (The Witness referred to the deed.) The number is 25,393. 
 
 325. Is tliat the only deed r—It is the only deed that has been signed. 
 
 326. And the number there is 25,393 shares r—Yes. 
 
 327. How many persons does that represent ?—It represents 5,756 subscribers, 
 representing 33,000 Z. of the capital of the company. 
 
 328. Did you not also state that that deed was so signed and fit for complete 
 registration in the month of February last ?—Not fit for registration; it was 
 signed by a competent number, but I should have had a great deal more labour 
 upon it before I could have carried it into the Registrar’s Office. 
 
 329. >Vhat is the additional labour which you would have had to incur before 
 you could have taken it into the Registrar’s Office'?—It must have undergone a 
 general revision to have ascertained that it was perfectly correct; that is, the 
 
 *^■92- D 4 schedule 
 
MINUTES OF EVIDENCE TAKEiN BEFORE THE 
 
 Jlr. 
 
 Cf. jy. Chviery. 
 
 6 Junt! lf*4R. 
 
 schedule, which was the heavier portion of it, must have undergone a careful 
 revision, and I must have made an alphabetical list of the parties who had signed, 
 with their names and addresses, which was a work of great labour; it might 
 have taken probably two persons for two months, and I must have added 200 1 . 
 worth more of stamps to have covered the necessary number of folios. 
 
 330. Before you commenced, or at any period during the progress of regis¬ 
 tration, did you make any calculation of the expense to which the company 
 would be subjected previous to complete registration, with respect to registra¬ 
 tion?—No; for I never contemplated that there would have been so many 
 subscribers to the company. 
 
 331. Did not you know the amount of the capital and the amount of the 
 shares ?—I did. 
 
 332. Did not you know that, by the rules of the company, no person could 
 hokl i'cwer than two, or more than four shares ?—I did. 
 
 333. Could not you, therefore, without any difficulty, have calculated approx¬ 
 imately the number which would have been required to sign for complete regis¬ 
 tration ?—I could. 
 
 334. Did you do so ?—I had occasion to do that before I could ascertain how 
 many I should reejuire to sign. 
 
 335. How many signatures would you require to have for the purpose of 
 complete registration, supposing each holder had taken three shares'!—1 think 
 my calculation was somewhere about 6,000 ; tltat is about the rough calculation 
 I made. 
 
 33G. So that, looking to the capital and the number of shares of the com¬ 
 pany, you could at all times have ascertained that you would at least have 
 required the signatures of 6,000 persons, in order to obtain complete registra¬ 
 tion 1 —Yes. I knew they must have represented one-fourth of the capital, and 
 I should have averaged three shares to a subscriber. 
 
 337. And, in round numbers, you obtained 1,500 more than were requisite for 
 complete registration ?—It appears so by the deed. 
 
 338. Do you know at what jreiiod of time this body of persons represented 
 themsel-.es as a company ; how long was it before provisional registration?—I 
 do not know, but I do not think they represented themselves as a company before 
 provisional registration. 
 
 339. Did they represent themselves as a society ?—I believe they did; and 
 most of them, I believe, laboured under the impression that they were members 
 of a iriendly society. 
 
 340. Do you know, in point of fact, whether Mr. Feargus O’Connor, as pro¬ 
 moter of the company, ever made to you or in your presence any declaration 
 that he never intended to have it enrolled, either under the Friendly Societies 
 Act or under the Joint Stock Companies Act ?—He never made such a declara¬ 
 tion, but on the contrary he instructed me to lose no possible time in getting it 
 enrolled first of all as a benefit society; and when we failed in that, then to 
 register it permanently as a joint stock company. 
 
 341. You say he never made a declaration to you to the efiect that he had no 
 intention of registering the company ?—Never, but quite the contrary. 
 
 342. You state that you are a clerk of Mr. Roberts?—lam; and under 
 articles. 
 
 343. Is this Mr. Roberts the gentleman who in the printed rules is stated to 
 be the treasurer of the company ? —He is. 
 
 344. During the progress of this registration have you had from time to time 
 comnninieations with Mr. Roberts with respect to the proceedings which were 
 going on r—As in all ordinary business which I conduct for him, he has left tbe 
 detail of the management of the business in niy hand, as he does all our London 
 business. 
 
 345. Mr. Roberts does not ordinarily live in Loudon, does he ?—He does not 
 live in London; he resides at Manchester, and comes backwards and forwards. 
 
 34G. Have you from time to time made Mr. Roberts acquainted with the dif¬ 
 ficulties under which you laboured with respect to getting this society registered 
 as a joint stock company ?—1 have latterly ; certainly I did not tell him that 
 it was impossible to do so, but I made him acquainted with the difficulties I had 
 to contend with on account of the numbers. 
 
 347. Did you ever in January or February last make any communication to 
 Mr. Roberts to the efiect that it would be registered within two or three days ? 
 
 -I did 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 
 
 —I did not. My communications were generally to this effect, that I was pro- Mr. 
 gressing very rapidly, and I hoped almost daily to accomplish it. Chkery. 
 
 348. To get a sufficient quantity of signatures r—Decidedly. - 
 
 349. Do you recollect when you made that communication to Mr. O’Connor ? ^ 
 
 —I cannot recollect any particular time, but from time to time I made tliat 
 communication; and certainly as late as the latter end of 1847, or the begin¬ 
 ning of the present year. 
 
 350. Did you say to him at any time, that it would be registered within three 
 days from the date of your letter?—No, I cannot say that I ever said that. He 
 may have misunderstood my communication. 
 
 351. I understand from you generally, that Mr. Roberts was acquainted 
 from time to time, by you, with the progress which was making in the steps 
 which were being taken towards complete registration.'—Generally; not as to 
 details at all. 
 
 352. As Mr. Roberts was so much absent from town, and left so much of the 
 discharge of those duties to jmu, did he leave the duties of his treasurership to 
 you ?—No, nor did Mr. Roberts ever receive any cash, I believe; lie has signed 
 innumerable money orders, occupying him for hours in the day. 
 
 353. You speak that, of course, not from your own knowledge ?—From what 
 he has informed me. 
 
 354. Do you recollect how long Mr. Roberts has appeared in these printed 
 rules as treasurer of the company ?— From the time it was started, I believe, as 
 a friendly society. 
 
 3,55. From the time it was started as a friendly society, Mr.' Roberts has 
 appeared as treasurer?.—Yes. 
 
 356. Is not Mr. Roberts’s name inserted in the deed of settlement as the 
 treasurer of the company?.—It is. 
 
 3.57. Have you ever taken the trouble of referring to these rules, or to the 
 provisions of the deed, with respect to the duties of the treasurer?—I have 
 generally, in the course of preparing the deed, or superintending the pre¬ 
 paration of it. 
 
 358. Are you aware that by the 37th of the printed rules it is stated “that 
 the treasurer shall keep the deeds, securities, and monies of the company; 
 receive all payments, report to directors all calls or instalments due and unpaid 
 for the space of fourteen days, and make all |)ayments on the authority of an 
 order or a resolution of a general meeting signed by the chairman of such 
 meeting, or an order of three directors, and countersigned by the secretary ” ?— 
 
 I believe that is one of the clauses of the deed. 
 
 359. Are you aware that by another of the rules which relates to the funds 
 of the company it is directed “ that the treasurer shall deposit all monies, when 
 the same amount to 230?. or upwards, and not applicable to immediate purposes, 
 in the bank of the company, in the joint names of himself and the trustees for 
 the time being”?—That is one of the clauses of the deed. 
 
 360. Are you aware that there is another rule, “ that no money shall be drawn 
 out except upon the written authorjty of a majority of the directors, and by the 
 draft or order of the treasurer and one trustee, countersigned by the secretary;” 
 that is another of the rules ?—Yes; .1 think that is in a collection of rules com¬ 
 piled from the deed. 
 
 361. There is another rule, “ that all surplus monies exceeding 1,000/. shall, 
 from time to time, be invested upon Exchequer bills or other Government or 
 other securities, until required for the use of the company ”?—The deed contains 
 all proper and necessary regulations for the govermneut of the company, when 
 permanently registered as a company; but I believe those rules have not been 
 adhered to strictly, owing to the want of an expensive machinery in the way of 
 
 secretary and clerks; the directors, or the gentlemen calling themselves 
 directors, registered i)rovisionally as such, doing alt that business themselves, 
 and being, as I have always considered, not so competent to it as men whose 
 lives have ken devoted to that class of business. 
 
 3C2. Mill you look at those rules; does not every person who has a share in 
 the company sign his name, before he becomes a shareholder, to those rules ?— 
 
 I do not know. 
 
 363; y 'ill you look at the blank form in the first leaf of the book ; is not that 
 a blank form to be filled up by every shareholder ?—-It appears so ; but I do not 
 know how they manage their business in the office. 
 
 0-92. E 
 
 364. Those 
 
26 
 
 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 Mr.. 364. Those being the rules of the society, and circulated by them, and in 
 
 G. W. Chiwry. those rules Mi\ Roberts having been held out to the world as treasurer, you do 
 not believe that Mr. Roberts has received any money as treasurer ?—Not.actual 
 ■9 June 1848. cash. He has received a large amount in the shape of orders, because I have 
 heard him speak of the labour he has been at in signing them for Mr. O’Connor; 
 in fact, Mr. O’Connor has been the acting treasurer. 
 
 365. Mr. O’Connor has been the person who has received the money ?— 
 Ultimately it has been placed in the bank. 
 
 366. But Mr. Roberts is the man who has been held out to the world as the 
 treasurer ?—By these rules. I should say that latterly Mr. Roberts has given up 
 the labouf of that altogether. 
 
 367. You are aware that the rules, a copy of which I hold in my hand, are 
 produced to this Committee as the rules of the National Land Company ?— 
 Yes. 
 
 368. Having proceeded thus far, I understand you to say that you know 
 nothing of Mr. Roberts’s conduct as treasurer in the prosecution of this sclieme? 
 —No more than I have stated. 
 
 369. Mr. Roberts, you say, acted as solicitor to the company ?—Yes. 
 
 370. Will you have the goodness to' state, in your character as acting for the 
 solicitor, what was the first purchase you were engaged in for the company ?— 
 I cannot consider that I was engaged in completing the purchase for the company, 
 because I knew it could not be a company for the purpose of buying or holding 
 land till it was permanently registered ; wliicii I have more than once stated to 
 Mr. O’Connor, and to the directors generally. 
 
 371. What have you stated to them?—That the company as a company 
 could not purchase nor hold land; that it could only be bought by any one in¬ 
 dividual as a trustee, to reconvey to the company vvhen it was really in a legal 
 position to take a conveyance. 
 
 372. Will you allow me to call your attention to the rules again, and to ask 
 you who are there named as trustees for the company ?—The names appear to 
 be Thomas Slingsby Duncombe, Esq., ji. p., John Sewell, Esq., and Ernest 
 Jones, Esq. 
 
 373. Those are the three persons who are named as trustees?—They are; 
 and I presume that those are the gentlemen to v/hom Mr. O’Connor w'ill ulti¬ 
 mately reconvey. 
 
 374. Who are the gentlemen that are named as tlm trustees in the deed of 
 settlement, as signed by those parties?—Those same gentlemen. 
 
 375. Thomas Slings% Duncombe, Esq., John Sewell, Esq., and Ernest Jones, 
 Esq. ?—Yes. 
 
 376. Have any of the estates that have been purchased with the money 
 of tins company or society been conveyed to those persons who in that deed of 
 settlement are designated as trustees of the company?—No, they have not; 
 they could not be. 
 
 377. If they were conveyed to Mr. O’Connor, why could not they be con¬ 
 veyed to Mr. Duncombe, Mr. Sewell, and Mr. Jones?—If those parties had been 
 named, I suppose, by the general bod}’, the same as Mr. O’Connor or Mr. 
 Roberts, they might have been then the nominal parties holding the land. 
 Mr. Roberts was proposed, I believe, on one occasion, and I myself advised 
 Mr. Roberts^ as the solicitor, not to allow his name to bo put forward as hold¬ 
 ing the land. 
 
 378. Those parties having been named trustees in the deed of settlement, and 
 having been held out to the world as trustees of the company, am I to under¬ 
 stand from you that none of the property which has been purchased, so tar as 
 you have been concerned in it, with the money of the company, has been conveyed 
 to either of those trustees?—None of the property has been so conveyed, but it 
 is intended to be, as I have always been instructed. 
 
 379. You mentioned just now that it w'as proposed that some part of the pro¬ 
 perty should be conveyed to Mr. Roberts, and that you dissuaded him from 
 lending his name for the purpose ?—Yes, as a nominal party. 
 
 380. Was any of the property conveyed to Mr. Roberts?—No. 
 
 381. Was it conveyed tonnybody else e.vcept Mr. O’Connor ?—No. 
 
 382. No land purchased by the company, in the purchase of which you have 
 been concerned, has been conveyed to anybody except to Mr. Feargus O’Connor ? 
 —None at all ; it all stands in Mr. O’Connor’s name. 
 
 3S3. The 
 
SELECT COMMITTEE on ike NATIONAL LAND COMPANY. 27 
 
 383. The first gentleman wlio is stated in the return to the registrar, as a ])ro- 
 moter of the company, is a gentleman of the name of Thomas Allsop, described ^ 
 as a stockbroker, of Royal E.vchange-buildings, in the City of London; has 
 any estate, purchased with the money of the company, been conveyed to Mr. 
 Allsop ?—No. 
 
 384. Not as far as you know ?—Not as far as I know. I think I can speak 
 positively as to that; I must have heard of it. 
 
 385. Do you know of any investment of the money of the company on any 
 other securities except on land '1 —I do not know of any. 
 
 386. Will 3-ou have the kindness to state which was the first property pur¬ 
 chased with the money of the company anywhere?—A property called Herrings- 
 gate, near Rickmansworth, Hertfordsliire. 
 
 387. What was the acreage of that property ?—One hundred and three 
 
 388. Was there any timber?—Yes. 
 
 389. What was the amount of the purchase-money?—Including valuation 
 before completion, and including the timber, 2,344Z. 
 
 390. That was tlie price of Herringsgate, including the timber ?—Yes. 
 
 391. At what date was that purchase made?—The contract was about March 
 184G; the purchase was completed in May. {The deeds relating to the several 
 purchases were produced.) 
 
 392. Of what tenure is the property ?—It is all freehold. 
 
 393. Was there any declaration of trust e.x.ecutcd by Mr. O’Connor for this 
 property ?—No. 
 
 394. Who paid the money? - It was paid by Mr. O’Connor in my presence. 
 
 395. Do you recollect the mode in which it was paid; was it by a cheque 
 upon any banker?—I believe it was in cash, but I will not be positive ; we do 
 not usually pay for estates by drafts. 
 
 396. Where was the next purchase?—Tlie estate of Lo wbands in Worcestershire. 
 
 397. At what time was that purchase made ?—^The contract was in October 
 1846, and it was completed in the December following. 
 
 398. What was the acreage?—One hundred and seventy acres. 
 
 399. AVhat w'as the purchase-money, including the timber and valuation ?— 
 
 £. 8,560. 
 
 400. Was that freehold or copyhold ?—Freehold. 
 
 401. Was there any other estate purchased with it, or was Lowbands tlie only 
 estate ?—I think that was the general name of the whole estate. 
 
 402. Was it not called Lowbands and Ajiplehurst ?—It was ; one was on one 
 side of the road, and the other on the other. 
 
 403. They were both included in the purchase-money of 8,560 /. ?—Y’es. 
 
 404. Mr. Monsell.] The whole estate was 170 acres?—Yes; it was one pur¬ 
 chase. I have been in the habit of calling it one, under the name of Lowbands. 
 
 405. Chairman.] By whom was the money paid; by Mr. O’Connor?—Yes. 
 
 406. Do you recollect in what mode ?— I was present, and it was paid in hard 
 cash. 
 
 407. AYere you present at the time when the purchase was completed ?— 
 
 I W'as. 
 
 408. Did you take the money down yourself?—I w'ent with Mr. O’Connor. 
 
 409. Do you know where the. money w'as procured from ; was it drawn by a 
 cheque from a bank?—I believe that it was drawn from the London Joint Stock 
 Bank. 
 
 410. That, 1 believe, was the bank of the National Land Company ?—It was. 
 
 411. Which was the next purchase ?—The estate called Snig’s End and Moat 
 Farm, in Gloucestershire and AYorcestershire; I think part of it is in one 
 county and part in the other. 
 
 412. AVhen was that purchase made ?—The contract was in June 1847 ; it ivas 
 completed in November 1847. 
 
 413. AA'hat W'as the acreage of that estate?—Two hundred and sixty-eight 
 acres. 
 
 414. AA^uit W'as the purchase-money ?—£.12,200, including some outgoings 
 or rent, I believe, which w'as paid by Mr. O’Connor when the purchase w'as 
 completed. The contract price was 11,900?. 
 
 415- I see to that deed Mr. Roberts was a jKirtj'; in what character w'as he a 
 party ; was it merely as a trustee ?—That is all; as a nominal party. 
 
 0-92. E 2 416. The 
 
 Mr. 
 
 . U\ Chiller^. 
 
 June 1848. 
 
28 
 
 MINUTES. OF EVIDENCE TAKEN BEFORE THE 
 
 Mr. 
 
 G. W. Chinery. 
 
 .g-June 1848. 
 
 416. The.sum of 6,100/. only appears to have been paid for this property?— 
 £.5,800/. is left as a mortgage upon the estate. 
 
 417. Was there amortgage upon.this property when it was purchased?—Yes 
 .we.purchased.it subject to the incumbrance which remains upon it. 
 
 418. The incumbrance of 5,800 /. remains upon it still ?—Yes. 
 
 419. The purchase-money for the whole was 13,200 1 .; and there is a mort¬ 
 gage, upon,it of 5,800 /., which still remains ?—Yes, that is included. 
 
 420. £. 6,100 was paid in cash?—Yes. 
 
 ■ ,4gi>,iHas.that mortgage been subsequently paid off?—No. 
 
 422. Is it a mortgage in fee?—It is. 
 
 ,423..In,point of fact, what was purchased was the equity of redemption?— 
 Yes. 
 
 424., Will you state what was the next purchase ?—Minster Lorel, near Witney, 
 in Oxfordshire. In order of date it should, perhaps, have come before the pre¬ 
 vious one. 
 
 425. When was that purchased?—Tlie contract was in June 1847 ; it was 
 completed in August 1847\ 
 
 426. Was that a freehold estate?—Yes. 
 
 427. Unencumbered?—No; we have purchased it with an encumbrance of 
 5,000/., which is included in our purchase-money. 
 
 428. What is the acreage?—Two hundred and ninety-seven acres. 
 
 429. What was the amount of the purchase-money?—£.10,878, including 
 the encumbrance of 5,000 /. which remains upon the property. 
 
 430. The purchase-money for the 297 acres, including timber, was 10,878/., 
 subject to a mortgage of 5,000/.?—Yes. 
 
 431. Is that mortgage still remaining ?—Yes, it is. 
 
 432. Then you have, there also, bought the equity of redemption?—Yes. 
 
 433. Has there been any other property purchased?—Yes; an estate called 
 the Dodford and Oldfords Well Estate, near Bromsgrove, in Worcestershire. 
 
 434.. Is that a freehold estate?—^Yes. 
 
 435- What is the acreage ? —Two hundred and eighty acres. 
 
 436. What, including timber, was the amount of the purchase-money?— 
 £..10,350, including timber and everything. 
 
 437. Is that an unencumbered or an encumbered estate ?—It is unencum¬ 
 bered. 
 
 438. Is there any other estate ?—I have one in hand now', called the manor of 
 Mathon, near Great Malvern, Worcestershire. 
 
 439. What is the acreage of it ?—Five hundred acres. 
 
 440. What is the purchase-money?—The contract price is 15,050/., exclusive 
 of all the timber, which will be very considerable, I believe. 1 have been told 
 that it will probably come up to nearly 20,000/. 
 
 441. Is that freehold ?—A great portion of it is freehold ; part is copyhold. 
 
 442. Sir B. Hall.'] Then the amount actually invested in land, of which the 
 title is conveyed, amounts to the sum of 44,332 /., subject to two encumbrances of 
 5,800/. and 5,000/., leaving an amount paid of 33,532/. ?—Yes. 1 should state 
 that besides that amount of 33,532/., there is a deposit paid for the last purchase, 
 namely, Mathon Estate. 
 
 443. What is the amount of that deposit ?—£. 1,505. 
 
 444. Making a total of 35,037/. paid ?—Yes. 
 
 445. Chairman^ That, I understand, is the entirety of the property which, 
 as far as you know, has been purchased on the part of the society by Mr. Fearaus 
 O’Connor?—Yes. 
 
 446. Has any part of this been sold?—Not that I am aware of. 
 
 447. You have not been engaged in the sale of any portion of this property r 
 —No. 
 
 448. Were you engaged in the sale of any portion of it to a man of the name 
 of Dewhurst ?—No ; I was instructed to send an abstract of a portion of the 
 Snig’s End property. I heard Mr. O’Connor say that he was going to e.xchange 
 two or three acres. 
 
 449. You have not been concerned in any purchase or sale?—Not beyond 
 sending that abstract. ^ 
 
 450. Am I to understand that yoii were present at the completion of all those 
 purchases?—Yes; 
 
 451. And that tiie whole of the money was paid by Mr. O’Connor.?—Yes. 
 
 4")2. Do 
 
SELECT COMMITT'EE on the NATIONAL LAND COMPANY. 29 
 
 452. Do vou know whether Mr. O’Connor has e.xccuted any deed of trust r 
 —I do not. 
 
 453. Have you had any communication witli Mr. Roberts with respect to a 
 deed of trust to he executed by i\lr, O’Connor to the trustees mentioned in the 
 rules.'—No. 
 
 454. Nor to any otlier trustees r—No. 
 
 455. Has Mr. Roberts made any communication to you that such a convey¬ 
 ance had actually been made ?—No. 
 
 456. Then, as far as yon know, if Mr. Roberts lias made any such statement, 
 such a statement was wholly unfounded ?—As far as I know. 
 
 457. Have you drawn any leases of any part of this property to any person? 
 —No, not any. 
 
 45 f). Have you had any other dealings with any portions of these properties 
 in any respect, in your character of solicitor to the company, or for Mr. O’Connor ^ 
 —No. 
 
 459. Do you know anything about any allotments which have been made ; 
 have you been concerned in the making of any allotments to any parties, or in 
 the division of any portion of this land r—No; 1 only know from report that 
 allotments have been made to shareholders. 
 
 460. Will you refer to this paper, which is stated to be a copy of the circular 
 of the National Land Company, which was registered on the 1st of April 1S47. 
 In that circular there is the following statement; “ The companv have likewise 
 established a bank of deposit and redemption, which presents peculiar advantages 
 to the working classes, either for the redemption of the rentcharge of their 
 buildings, or for the general purposes of a savings bank.” That paragraph is 
 in that circular ?—It is. 
 
 461. Do you know anything of any such bank of deposit having been esta¬ 
 blished by the company?—I know of such a bank established by Mr. O’Connor, 
 called “ The Land and Labour Bank,” and I believe he intended it to be in 
 pursuance of the statement which is there made. 
 
 462. Do you mean to say that Mr. O’Connor is a trustee of that bank in the 
 same way that he is trustee of the property which has been purchased with the 
 subscribed funds ?—No, it is his own bank ; that is the only way in which he 
 could act. 
 
 463. As for as you know then, it is not true that the company have established 
 a bank of deposit and redemption r—As far as I know, it is not. 
 
 464. Have you never heard of any bank of dejjosit and redemption, such as 
 that which is stated in this circular so registered ?—I onlv know of the bank 
 called the Land and Labour Bank, established by .Air. O’Connor I believe in 
 pursuance of that prospectus or statement. 
 
 46.5. Have you had your attention at all directed to the statements which arc 
 made m the introduction to the rules of the National Land Company''-Not 
 particularly. 
 
 466. Will you look to the seventh page of those rules ; you will there see the 
 scheme which is proposed by the ])romoters of the National Land Company for 
 the purpose of carrying out their objects ?—Yes. 
 
 467. You will tbere see mention made of tlie mode in which that is done, by 
 making the sum of 24,250/. and such other sums as may be from time to time 
 I .Used, liable to the JVational Land and Labour Bank, for deposits to that 
 amount; the aepositors in the bank baving a legal claim upon the property of 
 
 he company for the amounts advanced by them.” You will see, if you look at 
 tlie seventh and eighth pages, statements made with respect to the National 
 Land bankas a part of the scheme for carrying out the National Land Com¬ 
 pany ; IS not that so ?—So I perceive. I have never directed ray attention to it, 
 and do not profess to understand it. 
 
 468. Having directed your attention to it now, let me ask you, referrino- to 
 that circular which states that the company had established a bank, and reler- 
 
 1 i‘? ‘ contained in the rules and regulations, whether this 
 
 rrfom tl'e National Land Company are the pro- 
 
 pnetois ot the National Land Bank ?-Certainly it appears so. 
 
 Nation'nl T**’ ^eargus O’Connor is the sole proprietor of that 
 
 carri ‘^onnc^cting them ; they 
 
 cannot be connected. ‘ o > j 
 
 Mr. 
 
 G. H\ Ck'-ncry^ 
 
 0 June 1848. 
 
 470. Yin 
 
Wr, 
 
 G. IV. Ckincry. 
 g June 1S48. 
 
 30 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 470. You know of no deed of settlement connected with the National Land 
 Bank ?—Certainly not. 
 
 471. Do you know of any directors, or trustees, or treasurer, or solicitor, or 
 any officer connected with any such establishment, so far as such establishment is 
 connected with the National Land Company ?—I do not. If I may be allov/ed 
 to observe, when I heard of this Land and Labour Bank, I was inlbrmcil and I 
 believe that Mr. O’Connor thought it might be made a useful adjunct to this 
 company, and that the property of the company might be in some way deposited 
 as a security to the depositors in the bank; which was found to be quite imprac¬ 
 ticable. 
 
 472. Mr. Monsdl^ In fact, have the depositors in that bank a legal claim 
 upon the property of the company ?—Certainly not; but the property of the 
 company might be mortgaged of course to this bank, as well as to any other. 
 
 473. Is it so mortgaged r —No, because the company do not hold the property' 
 at present; but all that might be done when the company is permanently regis¬ 
 tered. When the Land Company is permanently regi.stered, and in a situation 
 to hold property by trustees, those trustees might mortgage land to the Land 
 and Labour Bank. 
 
 474. Sir B. Hall.] Even then that must be mortgaged to the proprietor of 
 the bank ?—Yes. 
 
 475. And Mr. O’Connor is such proprietor?—He is. 
 
 476. Chairman.] Do you know where this Land and Labour Bank is carried 
 on?—In Holborn. 
 
 477. Where is the National Land Company carried on ?—Their offices are in 
 part of the same house. It is a double house, with two fronts, one to Holboru 
 and the other to New Oxford-street. The bank is in New Oxford-stJ-eet, and 
 the office in Holborn. 
 
 478. The offices both of the Land Company and the Land and Labour Bank 
 are under the same roof?—They are, but quite distinct. 
 
 47q. When you say they are quite distinct, is not there a door which opens 
 from the office of the Laud Company into the office of the Land and Labour 
 Bank ?—Yes, when I last saw' the premises it was so: there is a distinct manager 
 to the bank, and he has clerks under him. 
 
 480. Looking to the statements which are made in the registered circular, and 
 in the rules of the company, and to the fact that both those establishments are 
 carried on under the same roof, with a jrartition between them only, to w'hich 
 there is a door, is not that also holding out to the world the belief that those two 
 form one establishment?—It would be calculated, I think, decidedly to give that 
 impression. There can he no doubt that this prospectus gives it. 
 
 481. Have you ever seen that paper which I now' put into your hand (a Pnjicr 
 being handed to the Witness), called, “ A new Bank for Savings. 'Ihe National 
 Land and Labour Bank, 493, Oxford-street, London. Proprietor, Feargus 
 O’Connor, Esq. m.p. ; Manager, Thomas Price, Esq.”?—No, I have never 
 seen it. 
 
 • 482. Will you tell me, from looking at that paper, whether that is the bank, 
 by its description, to which I have referred r— There is no doubt about it. ' 
 
 483. Mr. MvnselL] Will you mention the amount of costs involved in the 
 purchase of each of those estates of which you have spoken ?—For Herringsgate, 
 the costs were lUl. 5 s. 
 
 484. Mr. O’Coimor.] That includes the stamp ui;on the transfer, does not it? 
 —It does. 
 
 485. Chairman.] Will all the statements you are now' about to make include 
 the stamps?—Yes. The duty in this case was 27 1. 15s. 
 
 486. What was the next estate?—Lowbands, 210 Z. 9s. 10 d,; the duty was 
 80 /. 15 s. Minster Lovel was 215 /. 10 s. Though a mortgage is left upon the 
 property, we pay the amount of stamps upon the whole purchase-money. The 
 stamp duty was 106 1. 15 s. In all these cases there w'ere very expensive jour¬ 
 neys, and counsels’ fees. The next is Snig’s End, 287 1. 11 s.; the duty was 
 120Z.; probably there was 30 Z. paid for counsel in those bills. Dodford and 
 Dldfords Well was the next purchase; the costs amounted to 228 Z., which in¬ 
 cludes the sum of 27 Z. paid to the other side in this case for a particular portion 
 of the business of it; the duty was 111 Z., which is included in the 228 Z. 
 
 487. That makes a total of 1,017 Z.. 15 s. 10 (Z.?—Yes. 
 
 , 488. Will you have the goodness to. state what was the amount of your bill 
 
 for 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 31 
 
 for the uliolo of tJiat deed, the c.xpeiise of obtaining' the signatures, and, in point Mr. 
 
 of fact, the whole of the expense connected with preparing the deed of settle- 
 
 inentr—£.2,1-29. ^ " '7' 
 
 489. That is the entire charge in respect of tinit deed ?—Yes; confined to 9 Jm.e i,,4S. 
 tliat deed, and the previous endeavours to enrol the society, commencing in Janu¬ 
 ary 1846. 
 
 490. Can you divide tlie sums, stating how nuich applies to the deed, and 
 how much applies to transactions before tiie ]n’eparation of the deed r—You may 
 deduct, for expenses previous to iny instructions Ibr the deed, 16/. 
 
 491. That includes the unsiicecssfid attempt to get a certificate under the 
 Friendly Societies Acts\ es. 
 
 492. Have you any other general bill clrargablo against the com])any, or 
 against Mr. Feargus O’Connor in re'=])cct of tlie company ?—For the purchase I 
 am now on at Matbon, I have ; none imlepeiulently of that. 
 
 493. Am I to understand tliat that 2,129/. is the entire bill of costs of Mr. 
 
 Roberts, as the solicitor of the company?—^’es, connected with the deed. 
 
 There arc a few small charges which I can name; tliey are all in a general 
 bill; the general bill includes charges connected witli the deed, and some other 
 small charges. The amount of the bill of costs connected with tlie deed, I have 
 said, was 2,129/.; there are some smaller costs which bring the amount up to 
 2,176/. I attended out of town on one occasion, to bid for an estate, and 
 attended at Garraway’s, and various little matters; the whole amounts to 
 2,170/. 
 
 494. Independently of that, is there any private bill I’or the transactions of 
 the company ?—None at all. 
 
 495. Mr. j)/oaw//.] The whole e.xjienscs, inelnding tlie costs involved in the 
 purchase of land, and tlie cost of tlic deetl, amount to 0,82.1/..^—I have not 
 reckoned it up. I have forgotten to state, that there are some e.Npenscs still due 
 upon tlie deed since December last. This general bill was delivered up to 
 Deceiiiliur last. 
 
 496. Mr. O'Conno?'.] You liave stated, that up to the beginning of tlie year 
 that deed was ready in its present state for complete registration, as the company 
 was then returned to you ?—Not till I had expended some more labour upon it, 
 and added some more stamps; it was complete as to the numbers wlio had signed. 
 
 497. Are you aware that from August to that period to which you have 
 adverted, the numhers of the company iiad nearly doubled, none of wliicli have 
 been included in the deed ?—That is tiie case. 
 
 498. From the time that the notice was given in August, or the beginning of 
 Sciitcmbcr 1847, that the company would close 011 the 1st of January 1848, did 
 not as large a number join as bad belonged to the company before?—I believe 
 
 499. 'When you speak of that deed being ready for complete registration in 
 the beginning of the year, you do not refer to the company, according to its 
 present number, bur, according to the number wlio liad signed that deed pre¬ 
 viously r— I spoke of it as complete for registration uji to the 1st of June ; up 
 to that time the deed must have contained a certain proportion of subscribers. 
 
 .500. It was complete as the company stood iiiimerically in June ?—Yes. 
 
 501. MTre not returns made to yon, or notice given to you, as soon as the 
 directors of the Land Company received iiiforniation of the increased numbers, 
 from which you understood that tliat deed, signed as it is now, would not be 
 sufficient for the complete registration of the company as it then stood r—Cer¬ 
 tainly, I knew I must return them in a supplementary deed. 
 
 502. Do you remember my asking you at your office, as soon as I had heard 
 from the directors tlie vast increase wliich had taken place, even in one week, 
 whether the deed would do to cover the whole company as it theu stood ?—I do, 
 
 I think. 
 
 503- If yoti or anybody stated in January, tliat that deed might be registered 
 in three days, or in two days, or in any time, such an idea would be wholly 
 dispelled by the return of further names' which was made to you !—Decidedly.' 
 
 504. You spoke of the deed up to June /—Yes, always. 
 
 505. I believe that one of the great reasons for not completing registration 
 was the additional expense which would be consequent upon the additional 
 number tliat joined, as well as the contingent expenses which would be always 
 
 K 4 guiiig 
 
Mr 
 
 G. U'. Chinery. 
 Q June 1848. 
 
 3-2 .. MINUTES,OF EVjpENCE TAKKN.BEEOllE.THE.. 
 
 going on in making convej’ances to those who.were located ?—So I liave under¬ 
 stood. . .- '• .. 
 
 506. What would be the difference of expense consequent upon the deed in 
 its present state and the deed as it stood with reference to llic company in June, 
 or in the begiiming of the year ?—I do not understand that question. That deed 
 is in the samd state now that it was on the 1st of June, and must be m the same 
 stateTf 'lf Were reg^ to-morrow. I do not want to alter the state of the 
 deed; jbut we should require a further deed, and still further deeds probably, to 
 in'cludd 'tii^^^^ole number of,subscribers which ultimately must be contained in 
 
 a deed retnraed to the. Registrar’s Office. . • ; . 
 
 Yofimdve'ijeeo examined as to Mr. Roberts being the treasurer up to a 
 certain period, and.as to the mode of paying money; Herringsgate was the first 
 estate wHvchT,paid for?—It was. 
 
 508. Dpiyou'remember how that money was paid ; how it came to my hands? 
 —I recollect now distinctly that it was a'cheque drawn by Mr. Roberts upon the 
 London Joint Stock Bank. 
 
 509. Up to that period Mr. Roberts was the treasurer ?—Decidedly; the 
 money was lodged in his name in that bank; it did not occur to me before, but 
 I recollect it now. 
 
 510. Are you aware that the money coming from different localities was paid 
 in Post-office orders in the first instance?—I have always understood so. 
 
 511. To whom were those Post-office orders made payable as long as Mr. 
 Roberts was treasurer?—To Mr. Roberts. I stated that the labour was so exces¬ 
 sive in signing those orders, that lie ultimately gave up the matter. 
 
 51-2. To whom were the Post-office orders sent in the first instance ?—I cannot 
 say positively, but I believe to the office of the Company. 
 
 513. Chairman^ Do you know anything about it?—No, I do not; I say I 
 believe so; I stated before, that all I knew with regard to that was, that Mr. 
 Roberts had told me, and I had heard from others, as to the difficulty and time 
 it took him to sign the orders. 
 
 514. Mr. F. O'Connor.'] What was the second estate that was paid for ?—That 
 was Lowbands. 
 
 515. Are you aware how the money came to my hands for paying for the 
 purchase of Lowbands ?—I think at tliat period it was a cheque drawn by Mr. 
 Roberts upon tlie London and Joint Stock Bank. 
 
 516. Do you recollect the circumstance of the cheque being crossed which 
 Mr. Roberts sent to pay the purchase-money for that estate r—I do not recollect 
 distinctly; I have some faint recollection of some difficulty being created in the 
 way of cashing that cheque, in consequence of Mr. Roberts having crossed it. 
 
 517. Are you aware that you made an appointment to pay the purchase- 
 money the following day, at Cirencester ?—That I do not recollect. 
 
 , 518. Do not you recollect an appointment for the payment of the purchase- 
 money at Cirencester, on a particular day ?—I recollect that distinctly. 
 
 519. Do you remember my coming to you in the evening, and complaining 
 that Mr. Roberts had sent me a crossed cheque ?—I do recollect it. 
 
 526. And that I could not get it cashed; and I was afraid I should have 
 to disappoint the parties ?—Yes. 
 
 .521. Do you recollect that I was obliged to borrow the money, rather than 
 disappoint the parties ?—I do not know that that was so. 
 
 522. You recollect the cheque being sent?—I do. 
 
 523. Do you recollect, after it was decided to have the company registered, 
 yourself, in my house, stating anything as to Mr. Roberts being continued as 
 the treasurer:and solicitor?—I have some recollection that it was stated, that in 
 consequenc.e.of the trouble and difficulty it occasioned, you were in future to act 
 
 a^Iie tiyasuter./ ' 
 
 . 524.: Do you recollect anything with regard to my appointment being stated 
 to.yoiqjn .the'presence'of the'-directqrs, the conclusion which they came to, and 
 the suggestion of y.dur hwb^Jair'to^Mr.;^ continuing to be treasurer and 
 solicitor ?-^I suggested Tliat’I'tlloupiT ip would be' better that Mr. Roberts 
 should not fill theeapaeity^hPtreas'uref 'as he w^ the solicitor. 
 
 52,5. Climnnan.] mve"you'’dh’y recbllhctionmf th^ of that conversation ?. 
 
 —1 have not ; ■ it was after the completion of the sehond purchase. 
 
 52b. '-Sif‘R.^faW.]-Befor¥Mid<!&mple{ioB of the third?-It might have been. 
 
 527. Mr.i'’'r'0’C'bn7ihJvjhiVithn’egard totbe batik and to the announcement made 
 
SELECT COMMITTEE on the Ni\TIONAL LAND COMPANY. 33 
 
 in those rules, that it was to be auxiliary to the Land Company, do you recollect Mr. 
 any conversation that took place when we were all present with counsel?—^Yes; Chinny. 
 
 it was in June 1847. 
 
 528. Are you aware of any arrangements that were made as to the directors 9 
 of the Land Company being also proprietors of this bank I believe such 
 arrangements were made, and it was found impracticable upon consulting 
 counsel. 
 
 529. Were those arrangements submitted to counsel ?—The projected ar¬ 
 rangement was. 
 
 530. By which the several directors were to be joint proprietors of the National 
 Land and Labour Bank?—Yes. 
 
 531. With regard to the bank being established as an auxiliary to the Land 
 Company, what was the opinion of counsel as to its being established in my 
 name ?—The opinion was that it could not be established in the name of the 
 company, but that it could only be established in the name of one individual. 
 
 532. Sir JB. Hall.] Was the opinion that it could only be established in the 
 name of one individual ?—The opinion was this; “ The proposed banking 
 business cannot be carried on by the National Land Company as now consti¬ 
 tuted, or with any variation of its constitution which would be compatible with 
 its principal design. The statute 7 & 8 Viet. c. 113, prohibits the carrying on 
 of banking business by any company of more than six persons, except by virtue 
 of letters patent granted according to the provision of the Act, and no such 
 letters patent are to be granted if the proposed capital does not amount to at 
 least 100,000/. in shares of not less than 100 /. each, of which capital one half 
 must be actually paid up before the company commences business. The banking 
 business must therefore be carried on independently of the Land Company, and 
 either by a company established under the statute 7 & 8 Viet. c. 113, or by one 
 or more private individuals, not exceeding six. It would not be practicable to 
 have such a business legally carried on by a fluctuating body of not more than 
 six partners, being the directors for the time being of the Land Company. Nor 
 could the property of the Land Company be made directly available as a security 
 to the depositors in any such bank. The bank might lend to the company on 
 the security of its property, but this would be no direct security to the depositors, 
 who must look to the personal responsibility of the banker or bankers. In 
 answer to the question proposed in conference, as to the safety of a bank con¬ 
 ducted by several individuals, I may observe, that in a trusteeship tliere is safety 
 in numbers, because the funds are invested in the joint names of all, and cannot 
 be touched by one without the concurrence of the rest; but there is no such 
 safety in a partnership, because each partner has power over all tiie funds, and if 
 inclined to be dishonest or imprudent, cannot be readily controlled by his co¬ 
 partners, so that the protection derivable from the trustworthiness of one indivi¬ 
 dual is liable to be neutralized by the unsteadiness of any one of tliose who are 
 associated with jiim. The security usually relied on in dealing with copartners, 
 of recourse against the private property of each, is in this case out of the ques¬ 
 tion, on account of the magnitude of the responsibility. Mr. O’Connor can, as 
 an individual, open such a bank as he proposes, and lend its funds to the Land 
 tmmpany on mortgages of their property, such loan and security being first duly 
 authorized by resolution of two extraordinary general meetings. But before the 
 Land Company can_ in any way carry on its operations (otherwise than for t!ie 
 purpose of constituting itself and allotting shares, and receiving deposits to the 
 extent of si.xpence in the pound), it is essential that it siiould be completely 
 registered; and before it can take conveyances of, or deal with land, it should 
 obtain a general licence for that purpose from the Board of Trade. Mr. 
 
 O Connor will not require any licence for carrying on his bank. I do not quite 
 understand the details of the plan proposed by Mr. O’Connor; but if it involves, 
 as 1 conceive in its present form it does, the appropriation of the profits (if any) 
 of the business to the benefits of the Land Company, it must be altered, as that 
 would be within the prohibition of the statute 7 & 8 Viet. c. 113. A division of 
 me profits among such of the depositors as are members of the Land Company, 
 in proportion to the amount of their deposits, would be legal.” It i.s signed by 
 
 George Sweet, 8th of July 1847. 6 B J 
 
 533- Mr. F. O'Co/imr.] I believe that the directors of the Land Company are 
 subject to re-election at any conference ?—So I have always understood. 
 
 534- In point of fact, the opinion goes to say that the fluctuating nature of a 
 
 F body 
 
'MINUTES OP EVIDENCE TAKEN BEFORE THE' 
 
 •Mr. 
 
 ■<?. Jf . Chinen/. 
 
 9 June 1848. 
 
 body of that kind, who being directors should establish a Bank during the period 
 of their of&ce, would tend considerably to embarrass the bank ?—It necessarily 
 must do so. 
 
 535. You have been asked as to the sale of some property, to Mr. Dewhurst 
 and others, are you aware that there is a department attached to the Land Com¬ 
 pany called the “ Purchase Department”?—Only from what I have heard, 
 ndthihg more. 
 
 536. You are not aware of it from your own knowledge?—No, I am not. 
 
 537. With regard to every step which has been taken since you were con¬ 
 nected with'this Land Company, which is from its first establishment, have you 
 been as particular and as critical, both as to looking into titles and in eveiy 
 other transaction, as you could have been if you had been employed by the 
 wealthiest company in England ?—Most decidedly, and probably even more 
 particular, knowing the character of the purchases, and that the property was 
 purchased out of the funds of a large number of persons. 
 
 538. From your knowledge of the practice of the law, do you think that the 
 expenditure of this company in all legal matters has been extravagant, or econo¬ 
 mical ?—According to your instructions, in every respect the expenses have been 
 as low as possible j nothing has been done unnecessarily or extravagantly. 
 
 539. Do you think if you had been managing the law department of this 
 company, receiving instructions for myself, if it had been a thing 1 was carrying 
 out upon my responsibility, I could possibly have done it more economically ? 
 —Certainly not. 
 
 540. You have been asked with respect to the connexion between the office of 
 the Land and Labour Bank and the Land Company’s Office; you state that they 
 are under the same roof; are you aware that the Houses of Lords and Commons 
 are under the same roof ?—They are. 
 
 541. And I believe there is very little connexion between them?—Very little. 
 
 542. I believe, independently of the purchase-money upon Herringsgate, there 
 were three annuitants who had claims to the amount of 60/. a year, or 20/. a 
 year each ?—^Yes, there were. 
 
 543. Are you aware that I was anxious to discharge the estate of those annu¬ 
 ities ?—Ves. 
 
 544. Are you aware of any person having made an offer to purchase them ?— 
 Mr. Roberts did. 
 
 545. Are you aware that, though the terms were good, I refused, lest there 
 might appear to be any collusion between the solicitor and myself?—I believe 
 you did. I know it was never completed. 
 
 546. Mr. Roberts offered to discharge the estate from those annuities, but 
 though the terms were very fair, I refused ?—It was never earned out. 
 
 ■ 547. Was not the principal reason for not proceeding with complete registra¬ 
 tion the subsequent expenses which the company would have been liable to, as 
 compared to the expenses it would be liable to if it were enrolled under the 
 Friendly Societies’ Act ?—Most undoubtedly. 
 
 548. There would be continual expenses of stamp duties, and so on ?—^There 
 must be under the Joint Stock Company’s Act, continual annual expenses. 
 
 549. Are you aware of counsel having given any opinion as to the mode in 
 which the estates should be purchased previously to complete registration, or to 
 an Act of Parliament being procured ?—Decidedly. I tliink Mr. Sweet himself 
 suggested that they should be purchased in the name of an individual who, at 
 any time afterwards, could re-convey those estates when the company was in a 
 situation to take a conveyance by its trustees; and further, I would say that I 
 know positively, inasmuch as Mr. Roberts’ name was mentioned, that your own 
 name was really put in more nominally than on any other ground. 
 
 550. Are you aware, or do you recollect a proposition of mine, as to whose 
 name the land should be purchased in ?—Yes; you yourself proposed that Mr. 
 Roberts should be the party. 
 
 55r. That, none should be purchased in my name?—^You proposed that, dis¬ 
 tinctly. ■ . i, 
 
 552. Chairman^ When w’as; this ?—It was before we completed the purchase 
 of any estate. , ; , , ^ ; 
 
 353. Mr. F. O’Connor.1 When we thought we were in a situation to proceed, 
 befpre we learned the enormous number of persons who had joined in the interval 
 from August to January, and the conseeffient expense it would add to complete 
 
 registration. 
 
SELECTXOMMITTEE on the NATIONAL LAND COMPANY. 35 
 
 registration, did I say anything to you about preparing a deed of trust, and 
 makiug the property over to trustees ?—You generally expressed your anxiety to 
 do so as soon as it was possible to get rid of the lieavy responsibility. 1 do not 
 distinctly recollect any particular conversations. 
 
 534. Mr. S. IVortkyJ] When did Mr. Roberts cease to act as the treasurer ? 
 —1 think it was after the purchase of the second estate ; his acting as treasurer 
 was nothing more than receiving those money orders and depositing the cash in 
 the London Joint Stock Hank. 
 
 555. Was that about October IS-IG?—It would be after that. 
 
 55$. It was towards the close of 1846, was it r —Probably it was the beginniug 
 of 1847; he drew the cheque, I know, to ])ay for that purchase. 
 
 557. Up to that time what had he done as treasurer?—Only signing the 
 money orders, which were made payable to him ; they were sent to the office of 
 the company. Mr. Roberts, after signing them, returned them to the office; 
 that is all he ever did as treasurer. The money was lodged in his name in the 
 London Joint Stock Bank, consequently it could be only drawm out by his 
 cheque. 
 
 558. He drew it out by a cheque ?—Yes; I believe only on one or two occa¬ 
 sions, to pay for the Herringsgate purchase, and Lowbauds. 
 
 559. After the period when he ceased to act as treasurer, what did lie do ? — 
 
 I do not know that he has done anything as treasurer since. 
 
 ,360. In whose name has the account been kept since?—I believe in Mr. 
 O’Connor’s. 
 
 561. And the cheques drawn by Mr. O’Connor?—1 believe so. 
 
 562. Are you to be understood to say that at the time ho ceased to act you 
 suggested that Ins name should be left in these publications as the treasurer? 
 —No, 1 do not think I stated so. 
 
 563. How comes his name to be retained as the treasurer ?—Perhajrs from 
 mj own inattention. I, strictly speaking, ought to have made a return of his 
 withdrawal to the Registrar’s Office. All those prospectuses were then printed 
 and in circulation. 
 
 564. Are you aware that it is a provision in the deed t 
 be accountable for any money wdiich shall not actually c 
 
 treasurer shall 
 3 his hand ?— 
 
 565. So that from that time there has been no treasurer responsible for miy 
 part of the money received ?—I have considered Mr. O’Connor to be the l)o?m 
 Jide treasurer. Mr. Roberts, though named as treasurer, never could have been 
 made accountable for anything which did not come to his hands. 
 
 506. From what you have said it appears that there is no security to the deposi¬ 
 tors in the bank beyond the responsibility of Mr. Fcargus O’Connor himscdf?—Not 
 that 1 am aware of. I know nothing, however, of the way in which the business 
 IS earned on there. 
 
 567. The conveyances are all made to Mr. O’Connor himself ?—Yes. 
 
 ■ f*^*^**^®’ ‘^*\ei’efore,are liable to all Mr. O’Connor’s liabilities .-—That 
 
 IS too difficult a question for me to answer; I should say not in reality It is 
 wel known now that those estates are only held by him as a trustee, and I have 
 no doubt a Court of Equity would give relief to the parties beneficially entitled. 
 
 ®S'«'nst Mr. O’Connor, but not as against his creditors ?—That is 
 too difficult a legal question for me to answer offhand ; I doubt very much 
 whether any creditors of Mr. O’Connor could make that property available. 
 
 570. Has any undertaking ever been executed by Mr. O’Connor, or been 
 suggested by you, tliat he should reconvey the property at any time when the 
 company should be completely registered'?—It has been distfnctly understood 
 tliat as soon as the company were completely registered, Mr. O’Connor would 
 and was prepared to reconvey the property to the trustees. 
 
 pi. Why has not there been an undertaking?—l cannot say why there has 
 not. _ buch an undertaking must have been made with all the subscribers. I 
 imagine; not with one only, but with the whole of the subscribers. 
 
 572. Chairman ] Could not it have been made witli the trustees of the com¬ 
 
 pany named in the deed?-I p not think so; they are mere nobodies till the 
 deed is registei-ed. They are liable to be changed every day; they mio'lit be 
 withdrawn and fresh trustees be proposed at any time. ° 
 
 573. Mr. S. JForlley.} Why should not such an undertaking be given to any 
 
 ' 2 ■ practicable 
 
 Mr. 
 
 G. W. Chincry. 
 9 June 1848. 
 
Mr. 
 
 G. ir. Chineri/. 
 g June 1848. 
 
 36 MINUTES OF EVIDENCE TAKEN BEFORE' the: -: ‘: - 
 
 practicable number of the subscribers?—I am not aware that it could; or that 
 it could not, positively. I am not prepared to answer the question positively. 
 
 574. Mr. O’Connor.] Do you think, if counsel will propose a plan by Which 
 it can be done, I am prepared to execute it now?—-I’believe yoh would be too 
 happy to do it. 
 
 575.. Are you aware of my offering to the Chancellor of the Exchequer to 
 hand over all the monies paid for this company, and to allow him to name the 
 trustees and the auditors to go over the accounts?—l do not know it as a fact? 
 I haveReard so. , 
 
 576. Chairman.] Mr. O’Connor has stated frequently that , he wished to dis¬ 
 possess himself of this property for the benefit of the company, I understood you 
 to say ?—Decidedly. 
 
 577. Besides saying that he wished to do so, did he ever do anything; did 
 he have any deed executed, or did he take the opinion of any person in reference 
 to the possibility of having the property conveyed to the trustees of the com¬ 
 pany, or any other parties?—No more than instructing me to lose no time 
 whatever in getting the deed registered, in order that there might be legal trus¬ 
 tees appointed ; but 1 know of no proposition by him to execute any deed inde¬ 
 pendently of that. 
 
 578. Do you know that Mr. O’Connor has taken, or have you by Mr. O’Con¬ 
 nor’s direction ever taken, in point of fact, any step for the purpose of his divest¬ 
 ing himself of the property so held by him ?—Certainly not; because after the 
 beginning of the year he was expecting daily that my efforts would be success¬ 
 ful, and that the company would be registered. 
 
 579. Mr. O’Connor having all the landed property of the company in his 
 possession, and being the actual treasurer of the company, how came it that the 
 name of Mr. Roberts, who was the appointed treasurer, was not removed from 
 the deed brought into the office?—It was my own fault. 
 
 580. Or his fault?—Perhaps both. It was my duty, and I omitted to 
 do it. 
 
 581. Do not these rules hold out to the world that Mr. Roberts is the trea¬ 
 surer, and that Mr. Feargus O’Connor is not the treasurer ?—^They do so, evi¬ 
 dently. 
 
 58'2. You said that a cheque was signed by Mr. Roberts as treasurer, which 
 was the cheque that was signed for the purpose of purchasing the Herringsgate 
 estate. Have you any. distinct recollection as to whether that cheque was 
 signed only by Mr. Roberts, or by any other person ?—It was not signed by any 
 other person. 
 
 583. Are you aware of the rule of the company which says, “ that no money 
 shall be drawn out except upon a written authority of a majority of directors, 
 and by the draft or order of the treasurer and one of the trustees, countersigned 
 by the secretary”I am aware of that clause in the deed. 
 
 584. Notwitlistanding that clause in the deed, the funds of the company have 
 never been to your knowledge so invested, but, on the contrary, the funds of the 
 company have not been so invested, inasmuch as the funds have been drawn 
 out by cheque of one party, which is inconsistent with that clause?—That is so. 
 I know that the business has been done very irregularly; but I have always 
 believed it was so because they would not go to the expense of having a secre¬ 
 tary at 400/. or 500/. a year, and several competent clerks, to work so huge a 
 company. 
 
 585. Is not Mr. Philip M'Grath the financial secretary of the company ?— 
 Yes. 
 
 586. Has not he been the secretary of the company from the period of its 
 earliest commencement ?—He has been director and everything. 
 
 587. He is both director and financial secretary of the company?—Yes, 
 
 588. Do you see any difficulties in the way of having money so invested, and 
 so drawn out, as is enjoined by the rules of the company ?—I cannot say. 
 
 589. When Mr. O’Connor stated that he declined to make a good purchase 
 of the annuities which umre charged upon the Herringsgate estate, do you con¬ 
 sider that Mr. O’Connor as trustee was a person capable of purchasing those 
 annuities, even if he had been,ever so willing?—Mr. O’Connor was not going 
 to purchase them; Mr. Roberts was going to purchase them, in order to dis¬ 
 charge the estate. Mr. Roberts proposed to purchase those annuities, and Mr. 
 
 O’Connor 
 
SELECT COMMITTEE o« the NATIONAL LAND COMPANY. 37 
 
 O'Connor declined to carry out that proposition, though I believe Mr. Roberts Mr. 
 
 offered a very fair, price. G.W.Chinery. 
 
 590. When Mr. O’Connor has talked about the Houses of Lords and Com- - 
 
 mons being under the same roof, in the same manner as the National Bank and 9 J»ne 1848. 
 the National Company are under the same roof, do you seriously mean to say 
 
 that you think there is any similarity between the two cases?—I believe they 
 are as distinct in their business, because I think it is almost an accident that 
 the company was there. The fact is, 1 believe them to be totally distinct. 
 
 591. Is tfiere anything between the two offices but a wooden partition, with a 
 door in the middle of it ?—There is not. I was in treaty, for Mr. O'Connor, for 
 premises much larger, a few doors oftj for his bank. 
 
 592. Lord Ingestre^ Do you know out of what funds the estates have 
 been paid for?—I believe from the funds subscribed by the members of that 
 company or society. 
 
 593. Chairman.'] You have spoken of the difficulty of getting this deed regis¬ 
 tered ; I asked you before, and I now ask you again, whether before you com¬ 
 menced it you were not aware, appro.ximately, of the number of persons who 
 would be shareholders in a capital of 130,00ol, divided into 100,000 shares?— 
 
 I knew how many it would be necessary to get to sign that deed before 1 could 
 register it. 
 
 594. Had you a sufficient number of signatures for the purpose of complete 
 registration in the month of January last?—Yes. 
 
 595. And you had nothing more to do then, except to make out tliose alpha¬ 
 betical indexes which you have mentioned, in order to have obtained complete 
 registration ?—I migljt have possibly got it into the office about the present time, 
 with all the additional labour which was required. 
 
 596. We are now in the month of June, and that deed being prepared for 
 complete registration, excepting in the particulars you mentioned, in the month 
 of January, you stated in your former evidence that it would have taken two 
 months to have enabled you to complete those additional particulars ?—That was 
 a particular thing required by the office. 
 
 597. I do not refer to the expense or trouble of obtaining the additional sig¬ 
 natures which must ultimately be obtained to the deed; I refer only to the 
 number of persons who must sign the deed, and the expense whicli must be 
 incurred for that purpose, in order to obtain comjdete registration?—I quite 
 understood that. There were enough names upon the deed in January last to 
 have enabled me to have completely registered the company; but there would 
 have been probably two or three months’ labour before I could have done so, 
 besides a considerable amount of stamps to be added. 
 
 598' Mr. 0 Connar.] With respect to Mr. Roberts ceasing to be treasurer, are 
 you aware that every year there is held a conference of .delegates, who are elected 
 by all the members ?—I believe there is. 
 
 599. You were at one of them, were not you ?—I was at Lowbands when one 
 was held. 
 
 600. Are you aware that since Mr. Roberts ceased to be treasurer, the balance 
 sheet submitted by me to the annual conference has stood as “ Feargus O’Con¬ 
 nor, treasurer, in account with the National Land Company ” ?—1 have seen a 
 copy in your paper, 1 think, in which you are called treasurer. 
 
 601. And you think that that is pretty good notice to the members ?—I should 
 think it was; every member might have one. 
 
 602. Are you aware that when I established this company or society in the 
 first instance, I had no notion whatever of either enrolling it or of registeriuo- 
 it ? I believe so; you never thought of such a company. 
 
 603. I never thought of its reaching its present magnitude, and in fact I 
 intended to carry it on myself, to illustrate what might be done by the small- 
 farm system, upon my own responsibility; are you aware of that ?-That I can¬ 
 not speak to. 
 
 604. Till January 1846, it being established in May 1843, there was nothing 
 said about enrolling it?—Certainly not; rav attention' was not directed to it in 
 any way. 
 
 605. Chairman!] You do not mean to say that it was not established before 
 May 1845 ?—I knew nothing about it before that. ' ' 
 
 fob. Sir B. Hall] This opinion of counsel is dated on the 8th of July 1847 ? 
 
 F3 607. It 
 
MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 Mr. 
 
 G. Wl Chinery. 
 
 9 June 1848; 
 
 607. It states, “ Before the Land Company can in any way carry on its opera¬ 
 tions (otherwise than for the purpose of constituting itself, and allotting shares and 
 receiving deposits to the extent of 6 d. in the pound), it is essential that it should 
 be completely registered; and before it can take conveyances of, or deal with 
 land, it should obtain a general license for that purpose from the Board of 
 Tradehas any application been made to the Board of Trade for such a license ? 
 —Certainly not; it would be premature, unless we had the deed registered. 
 
 668.' Notwithstanding that opinion of counsel, dealings of such a, nature have 
 taken plhce ?—That I do not say. I never have recognized the company as so 
 deaiihgr 
 
 609. Mr. O'Connor.'] You are perfectly aware of the fact, that before either 
 enrolment or complete registration was decided on, we had, while I was manag¬ 
 ing it myself, violated, every rule; that is, that we had received more money 
 than the law allowed?—Yes, I have frequently spoken of it. 
 
 . 610. Are you aware of several things having been, done before either enrol¬ 
 ment or complete registration was decided on, which the law does not sanction ? 
 —I am quite aware of it. 
 
 611. Mr. S. Worthy.] When were you first aware of the difficulties which 
 stood in the way of complete registration ?—As .soon almost as I began to attempt 
 it. The difficulties were increased, as I have always stated to Mr. O’Connor 
 and the others, by their not having an efficient machinery for carrying on the 
 business. I did not have returns sent to me of the names so soon as 1 should 
 have had. 
 
 612. I understood you, on the former day when you were examined, to say 
 that your application to Mr. Duncombe to bring a Bill into Parlianient was in 
 consequence of the difficulties which presented themselves ?—That was in con¬ 
 sequence of the difficulty of getting the society enrolled as a friendly society. 
 
 613. When were you first fully aware of the difficulties of getting complete 
 registration r— So soon as they began to send me the returns to make up the 
 schedule to the deed. 
 
 614. When was that?—That must have been after Mr. Duncombe introduced 
 his Bill. It was towards the autumn of 1846,1 think. 
 
 615. I suppose from that time you had frequent opportunities of representing 
 to Mr. O’Connor and the managers of this concern the difficulties there were in 
 the way of making any legal constitution of the company ?—Frequently I have 
 stated tliat; nevertheless I did my utmost to effect it. 
 
 616. Did you say that you had seen, or that you had not seen, this prospectus 
 of the bank ?—I have not. 
 
 617. It is dated the 24th of December 1847; and in that prospectus I find 
 this statement, that the security is that of landed property, and Government 
 security for such portion as it may be necessary to reserve. You liave stated in 
 your former answer that there was no security for the depositions, and that 
 there is none, now except the personal responsibility of Mr. O’Connor ?—That 
 is all. 
 
 618. Then that statement put forward in December 1844 was unfounded, in 
 point of fact ?—It was wrong. 
 
 619. Viscount Ja^eslre.] Have you any doubt of the hondjide intention to give 
 the depositors that security?—I have no doul)t there w'as a ioM/rfe intention 
 to do so, but it was impracticable. When I appointed the conference with 
 counsel upon the matter, it was in order to satisfy Mr. O’Connor and the direc¬ 
 tors that it was impracticable to mix up the company with tlie bank so as to 
 give the subscribers a direct security in the laud. 
 
 620. Your opinion is that it has been only owing to the legal difficulties that 
 that security has not been given ?—Quite so. 
 
 621. Mr. S. JVortl^.] The managers were perfectly aware of those legal dif¬ 
 ficulties on the 27th of December 1847, were not they?—I presume they were; 
 I do not know' when that circular was printed. 
 
 622. Mr. G. Thompson.] Have you reason to believe that your connexion as 
 a solicitor with Mr. O’Connor, and in other ways with tlie Land Company, is 
 generally know'n to parties'conn'ected with that company?—I have every reason 
 to believe that it is; the gentleman that I represent, Mr. Roberts, is a man well 
 known to be the solicitor of the company, as it is termed. 
 
 623. Have there ever been conveyed to you any inquiries on the part of those 
 interested in this land association, requesting you to give them information to 
 
SELECT COMMITTEE on NATIONAL LiVND COMPANY. 30 
 
 satisfy doubts or allay suspicions on their part ?—I have never had any such com- Mr. 
 munication, or such inquiries made of me. 1 should have been very ready to Chimry. 
 
 have answered them if I had. - 
 
 ■ 624. Has there ever been, sipce your conne.xion with Mr. O’Connor or this 9 
 compan}', any circumstance which led you to believe that there was any suspi¬ 
 cion entertained on the part of individuals interested dn it, of the security for 
 the monies they had advanced, or the realization of the prospects held out to 
 them ?—I never had a communication with a single person who had any suspi¬ 
 cion upon it; I never came into contact with any one who e.xpressed such a 
 suspicion. 
 
 625. You have no reason to believe that the parties who at present belong to 
 this association are apprehensive of the failure of the prospects they were led to 
 indulge ?—I have no reason whatever to believe that that is so; 1 believe they 
 have undoubted confidence in the plan and in Mr. O'Connor. 
 
 626. Have you ever had an impression upon your own mind that there was 
 anything in the conduct of Mr. O’Connor that indicated a desire to evade the 
 fulfilment of the obligations which he was pledged to bring himself under to the 
 parties who had entrusted him with their money?—IMost certainly not; I have 
 every opinion of Mr. O’Connor’s intentions to carry everything out connected 
 with the company in tlic most bom'ifide manner. 
 
 627. You have had many transactions for some years witli Mr. O’Connor, 
 have you not?—Only since the commencement of this particular business in 
 January 1S4G. 
 
 628. Have those transactions and the general demeanour of Mr. O'Connor 
 left upon your mind the impression that he is a man of honour, and in these 
 particular affairs influenced by honourable motives and intentions towards the 
 parties concerned ?—Mosr assuredly. 
 
 629. Captain Pechdl'\ You have no doubt of getting the balance of ymur bill 
 paid?—I hope so. 
 
 630. Cliairman?^ Did you prepare those rules from the deed of the National 
 Land Company >—I did; the directors wished to put forth some kind of rules or 
 prospectus, and I was advised by Mr. Sweet that if they must have something of 
 the kind, 1 had better give them an epitome of the deed. 
 
 631. Do you think this is an epitome of tlie deed?—No, there are some 
 clauses not in it which 1 did not consider neces.mry for them to circulate as 
 rules. 
 
 032. Do you think any of the material clauses contained in the deed are 
 omitted from these rules?-—Not that I am aware of; not that are necessary to be 
 circulated. 
 
 633. Mr. JPonsdil When did you make this epitome of the deed ?—Towards 
 the latter end of 1847. 
 
 634. That was after the opinion of counsel, which you have read?—Yes; 
 
 I had always advised the directors that they had better circulate nothing of the 
 kind. 
 
 Chairman.] Mr. Roberts’s name was put in here as the treasurer, after 
 he had ceased to be so?—He had ceased in reality to be the treasurer, but I have 
 never been instructed positively to take his name out, and 1 did not consider it 
 material to’ do so. 
 
 636. Captain PedielL] In the course of your business have you ever visited 
 any of those allotments, and the cottages connected with them ?—Yes, I visited 
 Herriiigsgate, and I visited Lowbands. 
 
 037. Did the people all appear happy and contented?—I cannot answer that 
 question; I have not.visited Lowbands since they have been located; I have 
 visited Herringsgate since that time. 
 
 638- How many cottages are there there?—Thirty or forty. 
 
 639. MTre they happy and contentedIt was a grand gula dav, and on that 
 occasion fliey appeared happy. 
 
 640. Hoy long had they been there?—Not long enough certainly to o-et the 
 ground under cultivation. 
 
 641. It was a happy day when you were there?—Undoubtedly they were 
 happy on that occasion; it was a gala day. 
 
 0.92. 
 
 4 
 
40 
 
 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 Mr. Philip M‘Grath, called in; and Examined. 
 
 Ur. P, M'Graih. 642. Chairman.] YOU are the Financial Secretar}' of the National Land 
 •- Company ?—l am. 
 
 9 June 1848. 6^2. How long have you been in that situation?—Since the Hth of July 
 
 1847. '„J , . 
 
 , 644.' Tp'whom did you succeed?—^To Thomas Martin Wheeler. 
 
 645,.. Where is the place of business at which you conduct the financial affairs 
 of the company ?—144, High Holborn. 
 
 ■ 646. Who are the bankers of the company ?—The London Joint Stock Bank. 
 
 647. Have they always been the bankers of the company since you have been 
 financial secretary ?—They have, as far as I am aware. 
 
 648. Do you know who were the bankers before; were there ever any besides 
 the London Joint Stock Bank ?—No; they were the first. 
 
 649. Do you carry on, as financial secretary, the business of the company 
 according to the rules which are circulated by the National Land Company, by 
 delivering balance sheets to general meetings, and so on ?—^^Ve do. 
 
 650. When was your last ordinary meeting of the National Land Company?— 
 I cannot state accurately the date; it was about six weeks ago. 
 
 651. Did you upon that occasion produce a balance sheet?—No, I did not. 
 
 652. There was no balance sheet produced ?—The balance sheet for the 25lh 
 of March was published and circulated in the country. 
 
 653. Where was it published ; in any paper ?—No; I have a copy of it. 
 
 654. Do you mean that it was printed and circulated ?—It was printed in a 
 sheet form, and circulated among the branches of the company. 
 
 655. Have you that balance sheet with you ?—I have {prodming the same). 
 
 656. I believe you are a director of the company as well as financial secretary ? 
 —I am. 
 
 657. How long have you been director?—Since the formation of the com¬ 
 pany. 
 
 658. When was that ?—It was the last week of April 1845. I cannot state 
 more precisely the date. 
 
 659. Sir B. ffa//.] By this balance sheet it appears that the total amount of 
 reeeipts was 94,184 1. 6 «. 11 d., up to the date when this sheet was made up 
 Exactly so. 
 
 660. Chairman?^ The expenditure is 4,378 Z. 14 s. 9 «Z., leaving a balance of 
 89,805 1. 12 s. 2 d.?—That is so. 
 
 661. This is made up to the 24th March, at which time it appears the balance 
 in hand was 89,805 1. 12 s. 2 d. ?—Yes. 
 
 662. - Have you the hankers’ pass-book with you?—I have not. 
 
 663. Where is that 89,805 1. placed?—It is in the London Joint Stock Bank, 
 so far as I am aware. A great portion of that is invested in land and building; 
 the expenditure set forth there is merely the expense of management; the expen¬ 
 diture for land and buildings does not appear there; that appears in the annual 
 balance sheet which is produced by Mr. O’Connor to the conference. 
 
 664. It appears by this balance sheet that there is a balance of 89,805 Z. 12 s. 2 rf.; 
 can you state of what particulars that balance consists ?—It consists at present of 
 cash, houses, and land. 
 
 665. Do the whole of the estates which have been purchased form part of the 
 balance of 89,805 Z. 12 s. 2<Z. ?—^Yes. 
 
 666. Does the 94,184 Z. 6 s. 11 cZ. comprise all the monies which have been 
 received by the company?—Yes, with the exception of the money paid for the 
 land-purchase department; that is not set forth. 
 
 667. Then this does not represent the financial state of the company, does it? 
 —It represents it with the amount of money for the land-purchase department, 
 which is nearly 1,000 Z. 
 
 668. Does that balance of'89,805 Z. 12 s. 2 d. include in it all the land pur¬ 
 chases?—It is the whole of the money paid by those parties who call themselves 
 members'of the National Land Company. 
 
 669. What you have received is 94,184 Z. 6 s. 11 tZ.; you have expended 
 4,378 Z. 14s. 9£Z. by payments subsequent to the preceding statement, leaving 
 a balance of 89,805 Z. 12s. 2d.; that you say consists of money in hand, and 
 houses and land ?~Yes. 
 
 670. It 
 
SELECT, COMMITTEE on the NATIONAL LAND COMPANY. 41 
 
 670. It does include the money which is expended in the purchase of land ? Mr. />. hVGmih. 
 
 —It does. -- 
 
 671. Do you knW what that amount is?—I cannot undertake to state accu- g June 1848. 
 lately from mempry. 
 
 672. Have you iHth you the preceding balance sheets 1—1 have. 
 
 673. Will you let the Committee have them all?—(TViC Witness produced the 
 
 same.)' .. 
 
 674. Sir B. Hall.J.Whe balance you say amounts to 89,805?. 12s. Hd.; could 
 you-giye the Committee any particulars as to the mode in which that balance 
 has b'den invested ?—No, I am not prepared to give the Committee the particu¬ 
 lars as to the expenditure of that amount of money. 
 
 675. How much of that 89,805?. 12s. 26?. was in your hands on the 25th of 
 March last ?—None. 1 ma}', strictly speaking, say none, inasmuch as my duty 
 is to take the money at the end of every week to Mr. M‘Goivan, Mr. O’Connor’s 
 agent; my connexion with the money then ceases. 
 
 67C. Then every week you hand over the money to Mr. M'Gowan ?— 
 
 Yes.' 
 
 C77. Who is M'Gowan?—He is a printer and publisher, living at 10, Great 
 Windmill-street. 
 
 678. You do not know what becomes of it after it passes into the hands of 
 Mr. M'Gowan.^—1 have a moral certainty as to what becomes of it. 
 
 679. You do not officially know' ?—No. 
 
 680. Mr. Henkj/.] Your responsibility ceases when you have paid it to Mr. 
 
 M'Gowan ?—Y es. 
 
 681. What office do you consider Mr. M'Gowan to hold; is he treasurer of 
 the company?—He is an agent for Mr. O’Connor, so far as regards the land 
 fund. 
 
 682. In what capacity do you consider Mr. M'Gowan to receive the money r 
 —As the agent of Mr. O’Connor. 
 
 683. In what capacity is Mr. O’Connor; is he treasurer ?—He is. 
 
 684. You pay it to Mr. M'Gow-an as agent to the treasurer of the company r 
 —Just so. 
 
 68,5. Have you any authority from anybody so to pay the money?—The 
 unanimous vote of the directors. 
 
 686. Authorizing you to pay the money?—Yes. 
 
 687. Under what authority is money paid out by the treasurer ?—I do not 
 exactly see the bearing of the question. 
 
 688. You are the 6nancial secretary ?—Yes. 
 
 689. Does it come under your knowledge when any payments arc made by 
 the treasurer upon account of the society ?—Generally. 
 
 690. Is he bound to render to you as the financial secretary any account of 
 his payments ?—He is not bound to render any account. I cannot know the 
 amount expended for land and buildings; that account is kept by Mr. 
 
 O’Connoi-. 
 
 691. Does any one upon the part of the society keep any check against the 
 treasurer as regards money expended by him upon account of the society ?— 
 
 No. 
 
 692. How do you make up your accounts as financial secretary ?—I have my 
 books here. (The Wikiess produced the books kept by him.) 
 
 693. As regards the payments which you make as financial secretary, do you 
 make them out of monies before you give the balance to the treasurer, or do you 
 get the money from the treasurer to make the payments ?—I make them out of 
 the amount received. Suppose 109?. were received this week, and it were 
 necessary to pay at the office 4?. or 5?., 1 am authorized to pay that amount 
 out of the receipts of the week, and to take credit for having done so. 
 
 694. And you pay the balance into tire hands of tire treasurer ?—Yes. 
 
 695. You do not know' any longer officially what becomes of tire money, or 
 how it is dealt with ?—Officially, I do not. 
 
 “ 696. Mr. S. Worthy.] Mr. lil'Gowan is the publisher of the Northern Star, 
 
 is not he?—He is. 
 
 697. He publishes the Northern Star for the prop.rieJor,.Mr. Feargus O’Connor ? 
 
 —I believe he does. 
 
 698. Mr. Afonsell.] You say you do not know it officially; are not you one of 
 the directors of the company, as well as financial secretary ?—I am. 
 
 o.9'2- ■ G ' 
 
 699. In 
 
42 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 }lr. P. M‘Graih. 699. In that capacity I suppose you do know it?—I do. 
 
 -^- 700. Mr. Henky.'\ What order do the directors give for the payment of money 
 
 9 June 1848. by the treasurer?—A vote. 
 
 701. Is there any record kept of that vote?—There is. 
 
 702. Is there a minute book kept?—Yes. 
 
 703. Can that be produced ?—It can. 
 
 704. Will that show all the sums which have been authorized by the directors 
 to be paid by the treasurer?—No, it will not. 
 
 705. Is there any other record kept of orders given by the directors for pay¬ 
 ments made by the treasurer ?—No. 
 
 706. Is the treasurer authorized by any resolution of the society to pay money 
 without the orders of the directors?—He is. 
 
 707. Where does that minute or order appear r—He has the unanimous con¬ 
 sent of the directors to purchase land whenever he sees any eligible offer, and 
 he has the unanimous consent of the directors to employ labour in the cultivation 
 and, the clearing of estates, and the erection of houses; and annually Mr. 
 O’Connor has been in the habit of rendering to the conference an account of his 
 proceedings. His balance sheets have been regularly produced, and audited 
 by individuals appointed by the conference. 
 
 . 708. Is there any minute of the directors authorizing such a disposal of the 
 money by the treasurer?—No; there is no minute as to the disposal of any par¬ 
 ticular sum. 
 
 709. Is there any minute conferring a general authority upon the treasurer to 
 purchase and pay for estates in the way you have described ?—I do not know 
 that there is any written minute to the effect; but I am well aware of the vote 
 having been arrived at; whether a written record of the vote could be produced 
 now I cannot say. 
 
 710. Does the minute hook contain an account of all transactions which pass 
 in the Board ?—It does. 
 
 711. Then if such resolution were come to by the Board it will appear in the 
 minute book, will not it ?—At the time that resolution was come to I am not 
 aware that any particular record was kept of the proceedings of the directors. 
 
 712. When was that resolution come to ?—At the commencement of the com- 
 pany. 
 
 713. Do you recollect at all the specific period?—I could not undertake to 
 state the day. 
 
 714. Who was present ?—The five directors. 
 
 715. The whole of the five directors were present?—Yes. 
 
 7,16. And a verbal authority was given to Mr. O’Connor, as treasurer, so to 
 deal with the funds of the society ?—It was; I may say over and ovm- again. 
 
 717. An account, you say, has been rendered annually ?~Yes. 
 
 718. Can those accounts be produced?—They can. 
 
 719. Have they been lodged with the society, or are they shown by Mr. 
 O’Connor, and kept in his possession?—They are kept in Mr. O’Connor’s pos-i 
 session ; the society has a copy of them. 
 
 720. Then the society could produce that copy ?—Of course. 
 
 721. Chairman^ Do I understand that all the money you receive you pay 
 over to Mr. O’Connor’s agent?—Yes. 
 
 722. And that is all you know as financial secretary about that money ?—- 
 That is all. 
 
 723. Let me call your attention to this; you state that the business of the 
 finance is conducted according to the printed rules of the National Land Com¬ 
 pany?—Not in strict conformity with them. 
 
 724. Is it conducted in express violation of them No, I am not prepared to 
 say so. 
 
 725. Let me call your attention to the 42d clause, “ That the treasurer shall 
 deposit all monies, when same amount to 250 1. or upwards, and not applicable 
 to immediate purposes, in the bank of the company, in the joint names of him¬ 
 self and the trustees for the time being. That no money shall be drawn out, 
 except upon the written authority of a majority of directors, and by the draft or 
 order of the treasurer and one trustee, countersigned by secretary.” Is that rule 
 one that is abided by ?—No, that rule has not been abided by. 
 
 726. “ That all payments to the amount of 100 1. or upwards shall be made by 
 draft or order. That alt surplus monies exceeding 1,0001. shall from time to 
 
 time 
 
SELECT COMMITTEE on the xVATIONAL LAND C05IPANV. 43 
 
 time be invested upon Exchequer bills, or other Government or real securities Air, liiGiaih. 
 
 until required for the use of the company.” Are those rules abided by ?—I - 
 
 believe thev are ; I believe that the rule just read is strictly abided by. 'J J'ine 1840. 
 
 727. Will you refer to tiny rule, if there be such, which enables a majority of 
 the directors," not by written but by verbtil authority, to permit Mr. O’Connor 
 to deal with this money as he pleases—Those rules were nut in e.xistcnce wlieti 
 that power was given to JLr. O’Connor. 
 
 72S. The rules not being in e.xistence then, but having been subsequently 
 instituted, have the shareholders in this National Land Company any other 
 means of latowing, except by this book, what are the regulations of the company 1 
 —No. 
 
 729. Has any public notification been given to tliem that Mr. O’Connor is the 
 treasurer of the company ?—Yes. 
 
 730. When was that notice given ?—It has been given frequently througli the 
 organ of the company, the Northern Star, where the amounts received from the 
 ■\-arious branches are weekly set forth. 
 
 731. It has been noticed, you say, in the Northern .Star, that Mr. O’Connor 
 is the treasurer of the company ?—Y(?s. 
 
 732. And in the Northern Star, you sayq the receipts arc weekly inserted by 
 Mr. O’Connor?—They are inserted by me; I insert the amounts received from 
 each branch sending uj) money during the week. 
 
 733. Do you receive those amounts?—Yes. 
 
 734. How do you receive iliem ; by Post-office order?—By Post.-office order, 
 and sometimes by notes, and sometimes postage stamps, enclosed in returns, of 
 which this is a copy (prodaciiiff the same). 
 
 735. By this order Mr. O'Connor is stated to be sidj-treasurcr; who is the 
 head treasurer.^—Mr. Roberts lias been invariably regarded as the principal 
 treasurer. 
 
 73 b. Tbisdoeuinent is datcc the 20th of April 184S ; in this. I see, Mr. O’Con¬ 
 nor is not stated to he treasurer r—Sub-treasurer. 
 
 737. Who is tlie treasurer now ?—Mr. Robei'ts is considered so. 
 
 738. Air. O’Connor.] I believe those returns have been printed I'rom the 
 beginning of the company ?—They have. 
 
 739. Chairman.] Have you the miiiute-hook of the directors ?—I liavc not. 
 
 740. AVhere is that book"?—It is at the Laud Company’s Office. 
 
 741. Y'ou could jiroduce it, could not you?—I could. 
 
 742. In any of the books which arc kept are the original subscribeiY naine.s 
 entei'ed ?—They are. 
 
 743. Are they entered by you'—They are entered under my superin¬ 
 tendence. 
 
 744. Then you must liavo some other papers besides that which you Iiave 
 given in sent to you ?—'Wo have various receipts; for instance, we have one of 
 this kind {jiroducing a paper). 
 
 74,5. A paper containing the names of the subscribers of the several sums 
 mentioned in the total is given to you, is it ?—Yes. 
 
 746. Have you the original accounts which arc made up and audited from 
 which the balance-sheet is inade?~I have not them here; I can produce 
 them. 
 
 747. Who are they signed 'ov ?—Tiie auditors. 
 
 748. AYho are the" auditors .-—Air. William Cuffy and Mr. James Knight. 
 
 749. When those sums are received by you in the mode you liave stated, those 
 sums are paid over to Air. O’Connor’s agent ?—They are. 
 
 7.50. And you know no more about them ?—Not officially. 
 
 7.51. You know nothing therefore of the o.xpeiiditure of the company, you only 
 speak to the receipts ?—1 speak to tlie receipts and to the expenditure for evorv- 
 thing e.\cept money laid out in land and building; that account is kept by Air. 
 
 O’Connor, of which, as financial secretary, I know nothing. 
 
 752. Mr. MonselL] Still, as a director of the company, von know it, do not 
 you ?—I do, as a director. " ^ 
 
 7.53- Mr. Henley.] You speak of the expenses of a company in carryiim- on its 
 machmery, apart from tlie expenditure of the capital for "the purposedof the 
 company?—I do. 
 
 7.54- Chairman.] Can you produce all the original balance-sheets from the 
 commencement ol tlie company ?—1 cannot produce all from the commencement. 
 
 ‘'■y-’ . I have 
 
44 
 
 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 Mr. P. M'Graih. I have only acted as financial secretary from the 11th July 1847: I do not know 
 
 -- whether my predecessor in the office could produce the originals. 
 
 9 June 1848. ^ jg predecessor still a member of the companyHe is. 
 
 756. In what character?—He is one of the allottees on the O’Connorville 
 estate. 
 
 757. Is he anything else?—No. 
 
 758. Of what extent is his allotment?—Two acres. 
 
 759. What is your remuneration as financial secretary ?—Two pounds a week. 
 
 760. Will you at the next meeting of the Committee have the goodness to 
 produce first of all the original balance-sheets audited by the several auditors, 
 and will you also produce a statement of the items of which the total balance 
 said to be in the hands of the company consists ?—I do not know that I can 
 engage to do that. 
 
 761. Have not you any books in your possession which will show you of what 
 the balance is composed ?—Not in my possession; Mr. O’Connor has an account 
 of the expenditure in land and buildings. 
 
 • 762. Could you show any portion of that balance ?—No. 
 
 763. You have not the banker’s book?—I have not. 
 
 764. Do you know whether any money is invested in Excherjuer bills r— 
 I do. 
 
 765. To what amount?—I cannot state positively tne amount. 
 
 766. Sir B. Hall] Can you give the Committee some explanation as to this. 
 In your account there are several loans ; in the week ending May 25th there is a 
 “loan to Taws, O’Connorville; ” “loan to Smith, O’Connorville, 12 Are 
 those paid out of the funds which are subscribed for the purpose of buying land ? 
 —No, it is paid out of a fund subscribed for the purpose of defraying tlie 
 expenses of managing the company; those loans are advanced to the allottees to 
 enable them to commence with some prospect of success. 
 
 767. Are the whole of the amounts whicli appear here paid oiit of the funds of 
 the company for some object connected with the company ?—Decidedly. 
 
 768. On the 27th of April, here is an entry, “Mr. O’Connor, for convention, 
 75?. 12.S. ad.;” will you explain that?—That was an amount of money which 
 we paid to the order of Mr. O’Connor, and which has since been settled by Mr; 
 O’Connor. That is my own memorandum book. 
 
 769. In this book appears an entry, “ This being the first week of the 
 National Convention, the pressure of business prevented the publication of the 
 usual monetary listand in the next week, which is the account of the two 
 weeks, I find that out of these funds which you say are subscribed solely for the 
 purposes of the association, there is an item, "paid on account of Mr. O'Connor, 
 for convention, 7 5 /. 12 s. 8 d.” Am I to understand from this that the convention 
 is one of the objects of the association ?—No. 
 
 770. Then why is this 75?. 125. 8d. paid for convention?—It was paid, as I 
 stated before, to the order of Mr. O’Connor. 
 
 771. Why do you put down “for convention” ?—Which sum has since been 
 of course refunded by Mr. O’Connor. 
 
 772. Will you show where it has been refunded ?—It is not set forth there. 
 
 773. It has never been paid back to you as financial secretary ?—That is an 
 account between Mr. O’Connor and Mr. M'Gowan. 
 
 774. Therefore as far as you are officially concerned, you know nothing of any 
 repayment of this 75?. 125. 8d, vvhich was advanced Mr. O’Connor for the con¬ 
 vention ?—No, that is an account between Mr. O’Connor and Mr. M'Gowan. 
 
 775. Did you advance it to Mr. O’Connor for the convention?—^No; Mr. 
 O’Connor was not in town. 
 
 776. Then why do you put down, “ Advanced to Mr. O’Connor for conven¬ 
 tion”?—I debited Mr. O’Connor with the amount, 
 
 777. Why do you put “ for convention” ?—It was paid to the convention on 
 account of Mr. O’Connor; Mr. O’Connor agreed to pay to this convention a 
 Certain amount of money. He intimated to us his wish that the money should 
 be paid, and it was paid out of the receipts of that week. I took credit there for 
 it, and it stands a matter between Mr. O’Connor and Mr. M'Gowan. 
 
 778. You say Mr. O’Connor agreed to advance a certain sum of money to the 
 convention; what was the amount of that sum of money rvhich you say Mr. 
 O’Connor was to advance to the convention ? — It is set forth there; I cannot 
 state it from recollection. 
 
 779- The 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 45 
 
 ■779. The amount which you say Mr. O’Connor was to advance to the con¬ 
 vention was Ibl. 12s. &d.: —Yes. 
 
 • ’■80. And you paid him the money for that purpose, as set forth here?—We 
 paid the convention the money on account of Mr. O’Connor; perhaps it is not 
 very clearly set forth there. 
 
 78]. It appears in this account, “ Mr. O’Connor, for convention;” did you 
 pay Mr. O’Connor 76/. 12s. S,d. for the convention, or did you pay the con¬ 
 vention 75/. 12s. Sd. in consequence of an undertaking that Mr. O’Connor 
 would advance some money to the convention r—Yes, in answer to the latter 
 part of that question. 
 
 782. You paid 75s. 12s. 8f/. to the convention in consequence of a promise 
 which you believed had been made by Mr. Feargiis O’Connor to advance a sum 
 of money to the convention ?—Just so. 
 
 783. Do you know for what purposes that money was so advanced r—Partially 
 I am acquainted with the purposes. 
 
 784. Y'ill you be good enough to state how far you know them?—There was 
 a convention assembled here a short time since, and it appears that after they 
 had sat several days, some of them were deficient in the means of returning to 
 their homes, and they applied by a deputation, I lielieve, to Mr. O’Connor, and 
 represented their circumstances to him, and i\Ir. O’Connor consented to give a 
 certain number of them money to take them to their homes, which sums 
 amounted to the sum set forth in that book. 
 
 785. And you were authorized to advance that money?—I was, with Mr. 
 Clark ; he had a distinct order from Mr. O’Connor. 
 
 786. Who authorized you to advance the money?—I paid it to Mr. O’Con¬ 
 nor’s order. 
 
 787. You advanced it in consequence of an order received from Mr. O’Connor ? 
 —An intimation. 
 
 788. The sums of money which are received during that fortnigiit are de¬ 
 scribed as “ The Old Land Company, 865/. 11 s. lOd.; and “The New Land 
 Company, 12/. lls. 10 d.;” “ Aid money returned by Mr. Wharton;” “Aid 
 money returned by Mr. Watson, of O’Connorvillemaking a sum of money of 
 948/. 3 s. 8</.?—Yes. 
 
 789. That money is the property of the National Land Company ?—It is. 
 
 790. And out of that money you paid 75 /. 12 s. Sd. to the members of the 
 convention?—I did. 
 
 791. C/wM-man.] There is another item in that account which is called the 
 “Directors’ Salaries;” the amount is 32/. I see that 32/. is periodically 
 carried to the account of the directors?—It is. 
 
 792. Will you look at these rules and show me the rule which enables the 
 directors to receive that 32/.I do not know that there is any rule, but the 
 authority under which that money is paid or appropriated is a vote of the con¬ 
 ference representing the whole company. 
 
 793. Is there a written resolution that they should receive it?—There is. 
 
 794. Can you produce that written resolution ?—I can. 
 
 795. Every subscriber to the National Land Company has one of these books, 
 has he not ?—I suppose so. 
 
 796. Therefore there is no person receiving this book, and understanding the 
 rules of the company from this book, who, e.xcept he were present at that con¬ 
 ference, could know of such resolution ?—He could not. 
 
 797. Will you now look to the deed, and there I think you will see a power 
 t<) advance 10/. a week. In the deed it is stated, by the'40th rule, that the 
 directors shall be enabled to receive 10 /. a week; that rule, although it is in the 
 deed of settlement, is not in the printed rules?—It is not. 
 
 798. It is omitted from them ?—It is so. 
 
 799' % amounts attributed to the directors in these receipts, how much 
 do they appear to have received ?-£.8 a week. Mr. O’Connor receives no 
 salary. 
 
 C;hristopher Doyle, Mr. Thomas Clark, Mr 
 1 hilip M Grath, and Mr. William Di.von, receive how much a year?—£ 10‘ 
 each, 2/. a week. •' 
 
 Soi. Is that the salary 
 received per week ?—It is, 
 0.9J. 
 
 to which you referred when I asked you what you 
 
 «3 
 
 802. Sir 
 
 Mr. P.M'Grath. 
 g June 1848. 
 
MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 46 
 
 tir. P. MKIrath. 802, Sir. B. HalV^ Does that include your salary as financial secretary?— 
 - It does. . 
 
 9 June 1848. 803. Chairman^ Is there an intellectual department belonging-to this esta¬ 
 
 blishment, in the shape of lecturers ?—There has been till the company closed. 
 
 804. When did it cease?—About the beginning of February last. 
 
 805. Then, between the beginning of February and the 25th of March, three 
 lecturers, at 2/. a week each, received 36/. out oi' these funds ?~It must be so if 
 it is set forth there. 
 
 806. Will you look at the items in the account?—I think my statement is 
 correct; it was for the first si;i weeks of the quarter. 
 
 807. In the rules of the company, as they are published, is there anything 
 about the application of money for the purposes of lectures r—No; the autliority 
 for the employment of lecturers was the same as fixes the salary of the directors, 
 a vote of the conference assembled at Lowbands, on the 16th of August last. 
 
 808. Can a conference assembled at Lowbands, under these provisions, dispose 
 of the money in any way they please, or must they dispose of the money con¬ 
 sistently with the rules of the company?—I believe that they can do so now; 
 that they have power to make whatever alterations they think proper in the 
 rules; but I am given to understand if the deed of settlement were registered 
 they would have no such power. 
 
 809. At present the deed of settlement is of no purpose if they choose to alter 
 it in any respect whatever, either for sending out lecturers or paying money for 
 the convention ?—I believe it is not. 
 
 810. Do you think that all the parties who have signed that deed understood 
 at the time they signed it that tlie rules and regulations could be rendered 
 totally inoperative in their absence ?—I believe they thought it might he done 
 by a majority of the company till the deed was registered. 
 
 811. When you receive the money and pay it over to Mr. O’Connor’s 
 agent, IMr. M'Gowan, you put it dovm as paid to Mr. M‘Gowaii so much ?— 
 I do. 
 
 812. Mr. O’Connor receives no salary?—No. 
 
 8x3. Will you tell us what tliis means, “ Received by Mr. O’Connor, 
 26/. is. 2d.” ?—That was an amount of money paid to Mr. O’Connor by the 
 Minster Lovel Branch, I believe; I am not prepared to say positively, but I 
 have a minute of it at liome; it was paid to Mr. O’Connor as treasurer, lie being- 
 on the spot; I had to acknowledge it in the Nortliern Star, and to take credit 
 for it in my account with Mr. M‘Gowan ; 27 /. 6 s. 2 d. was paid to Mr. O’Con¬ 
 nor, and one. of these letters was sent to me with that statement. Every branch 
 sending money to the office of the company look for a public acknoiviedgrnent 
 of the receipt in the Northern Star on tlie following Saturday. I set forth the 
 money as having been paid, and Mr. M'Gowan takes up the Northern Star, ami 
 calcuiates tlic amount set forth there, and looks to me for it; not h-aving received 
 the money myself, I have so set it forth in the book as received by Mr. O’Couuor; 
 but it forms part of the total amount received during that week. 
 
 814. Mr. Henley.'] That money was, in fact, never received by you, but was 
 received by Mr. O’Connor, and charged by you to him r—Yes. 
 
 815. Giving credit to the parlies by whom payment was made?—Precisely so. 
 
 816. Clunnnan.] You know nothing probably beyond quertions of finance, as 
 connected with the company; you were not employed by the company in any 
 way in locating people, were you, nor in the management of the e.states ?—No. 
 
 817. Mr. S. Worlley?^ Who is Mr. Kicld, who is frequently mentioned as re¬ 
 ceiving money?—He was one of the lecturers receiving money. 
 
 818. Was he also a member of the convention ?—Yes. 
 
 819. Mr. Dixon also?—He is one of the directors of the company. 
 
 820. In what respect did he receive money?—He receives payment in the 
 capacity of a director. 
 
 8-21. Besides that, you will see there are payments to him for travelling expenses, 
 and soon?—That is for attending meetings and explaining the purposes and 
 objects of the company. 
 
 • 822. You have spoken of the convention; what convention do you speak of?— 
 I did not mention any convention. You asked me if he was a member of the 
 convention. 
 
 823. You stated before that you paid 75/. over to the convention ; what were 
 you speaking of ?—The political convention that assembled in London in April last. 
 
 824. In 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 47 
 
 804. In that book I observe an entry to this effect: “ This being the first neek U r. P. M 'Graih. 
 
 Com|»l.y ..Bpei.ia! »J"» >S 4 «- 
 
 ^*''825!°Were all the ofKcers of tlie society ineiiibers of the convention r—Tliey 
 
 were, all the directors. 
 
 8e6. Mr. O’Co/wor] But not as directors?-No. ^ 
 
 827. Chnirman.] And the two auditors, were not they, Mr. Cnffy and Mr. 
 James Knight r—Mr. Cliffy was, Mr. Knight was not. 
 
 828. Sir B. Hall.] Are the Committee to understaiid from this entry 111 that 
 book that vour time was so taken up by the convention that it was impossib e 
 for you 10“ make out the weekly account?—It would not have been utterly 
 
 nnpusMble^ it imi.ossiblc .?-It would have considerably incommoded me to do it, 
 inasmuch as I was engaged during the whole day and a great portion ot the even¬ 
 
 ing at the convention. • t i 
 
 830. Do you remember the time of the general election last ycai: 1 do. 
 
 831. About the months of July and August:—le-s _ 
 
 83-> I see, in the first week of September, an entry, “ Election Fund; received 
 by Mr O’Connor, 6 1. 'is.;” will you e.vplain that?—There is a committee sitting 
 in London which is known under the designation of “ Central Registration and 
 ]■ lection Committee;” its purpose is to promote the election of liberal Members 
 thromdioiit the countrv, and a general fund was created to enable that committee 
 to can-y out its operations, and .Mr. O'Connor received that sum for tlie general 
 [lurposes of this committee. The money being wanted, and Mr. 0 Connor being 
 in tlie country, the money was paid to his order : the order was, that that 
 amount of money be paid over to the treusurer ot this gcneial cominitteej on liis 
 account. ^ ■ , i 
 
 833. Have you ever been repaid that amount of 61. 2s. which you paid to the 
 cdeclio'n fund by the order of Mr. O’Coimor'-That, like the matter spoken of 
 before, stands between Mr. M'Gowan and Air. 0 Connor. 
 
 834. You voiirself have not received it back ?—No. 
 
 835. I find' you received that week from the “Laud Fund,” “E.vpenses Fund,” 
 aiid’li-om “Rules,” and from no other fund, 357Z. i-2s. 4:/.; this 61. 2S. there¬ 
 fore was paid out of that money?—It was. This is merely a memorandum 
 hctweeii me and Air. O’Connor; the account which stands against Mr, O’Connoc 
 as the treasurer is what appears publicly in the Northern Star, and what appears 
 in that balance-sheet; that is the money he is held responsible for. 
 
 836. But the repayment of these sums of money which have been paid by the 
 order of .Mr. O’Connor for the cunvoiitioii fund and to the election fund do not 
 appear in the accounts which you have handed in to tlie Committee, comprised in 
 fiic balance-sheet ending the 25th of March last?—No. 
 
 837. Air. Henlt!/.'] This book is a mere cash account of yours?—A mere cash 
 .account. 
 
 S38. Of what money you liave received, and how you liave di.sposed of it?-^ 
 E.vactly. 
 
 839. M'hat becomes of tlie money afterwards; this hook does not show?— 
 No. 
 
 840. Sir B. Hall] \Nho is the person who will be able to give an account to 
 the Couimittee of all the sums of money which yon have paid over for those 
 •several purposes: —Air. O’Connor is the person wlio can give an account of all 
 the money e.xpe.adcd for land and hiiildings, and also an account of where the 
 re.st may be deposited, and in what form. 
 
 841. Chainnaii.] Did not you sav that you paid the money to Air. AI'Gowan?- 
 -Yes. 
 
 842. (?ouid not he give the account therefore 1 —I suppose he could not. 
 
 843. AVouid not Air. AI'Gowan be the proper person to state what he did with 
 tlie money?—He would state that, of course. 
 
 844. Air. O'Connor.] Has not the coiir.se been this, you, as financial secretary, 
 receive the money, nhicii i.s acknowledged in the Northern Star every week?— 
 I do. 
 
48 
 
 MINUTES OF EVIDENCE TAKEN BEFORE THE 
 
 ■Mr. P.M'Craih. 845. You take the list to Mr. M'Gowan, the publisher of the Northern Star? 
 - -Yes. 
 
 9 June 1848. 846. You hand over this money r—Yes. 
 
 847. He gives you a receipt for the money r—Yes. 
 
 848. Therefore the payments to Mr. M'Gowan, and Mr.M'Gowan's lodgment 
 of that money to my credit in a bank, or in the purchase of Exchequer bills, will 
 show exactly the order in which it was paid, and the time at which it was so 
 appropriated f—Precisely so. 
 
 840. Then my several bankers’ books, with your payments to Mr. M'Gowan, 
 and with Mr. M'Gowan’s payments upon my behalf to the several banks, or in 
 Exchequer bills, will show to a day how every penny was received ; and my 
 balance-sheets will show how it has been expended?—^They will. 
 
 850. Chairman.] Have you seen any of those documents ?—I know that those 
 documents are in existence. 
 
 851. Have you seen them ?—I have seen the balance-sheets. 
 
 852. The original balance-sheets?—I have seen Mr. O’Connor’s original 
 balance-sheets, and his vouchers for expenditure, as he produced them before the 
 conference. 
 
 853. Mr. O’Connor.] I believe besides those acccounts which you produce now 
 at every conference, I produce my accounts?—You do. 
 
 854. To whom do I produce them?—You produce them in the first instance 
 to the conference, and of course the conference immediately appoints auditors; 
 they appointed a finance committee the last time to investigate them. 
 
 855. Those persons are taken from all parts of the country ?—Yes. 
 
 856. Elected by the conference to examine the balance-sheet ?—Yes. 
 
 857. How do I show the expenditure of money ?—By producing vouchers for 
 every shilling expended. 
 
 858. Then the balance-sheet is printed, and sent by you to the districts, and 
 published in the Northern Star the following week ?—It is. 
 
 859. I think there is 4,000 1 . there for expenses since the society was established ? 
 —There is. 
 
 860. Besides incidental expenses, does that include several bills paid to trades¬ 
 men, which they could more conveniently receive at the Land Office than come 
 to me for at Lowbands?—Yes. 
 
 861. Does it include payment for some horses?—It does not. 
 
 862. For printing ?—For printing rules, it does. 
 
 863. Are you aware whether or not that has been drawn out of the capital of 
 the company, or whether I have realized profit beyond the expenses paid to the 
 directors out of the funds of the company ?—You have realized a very consider¬ 
 able profit over the expenditure. You have realized by the sale of one estate 
 1 , 350 ^. 
 
 864. And also by old materials sold, of which I give an account of every par¬ 
 ticle, down to the old iron and the old boards, before the finance committee ? 
 —Yes. 
 
 865. Chairman.] Do you know this from any accounts which you have in¬ 
 spected ?—I was present when Mr. O’Connor produced the balance-sheet he 
 speaks of. I was present at the examination of the balance-sheet by this finance 
 committee, appointed by the conference, so that I can speak from my own obser¬ 
 vation, though not officially connected in any way with the accounts. 
 
 866. Mr. O’Connor.] Are you aware that'Mr. M'Gowan must see the weekly 
 list that you bring to him every week ?—Yes. 
 
 867. He must see that the monies you bring correspond with the total amount 
 in the list?—Yes. 
 
 868. Therefore you pay it to him ?—^Yes. 
 
 869. With regard to payments to the order of the trustees, do you think it 
 would be practicable for me to carry on the labour operations, and all other 
 operations, by getting orders from any persons to pay those daily and weekly, as 
 1 do pay them ?—^No, I do not. 
 
 870. Would it have been possible forme to carry on the affairs of this company 
 if I had had to apply to the trustees with reference to these weekly payments for 
 building, and everything else ?—It would be very difficult for you to do so. 
 
 871. I believe, since this company has been established, I have never received 
 any salary ?—You have not. 
 
 ,. . 872. I believe 
 
SELECT COMMITTEE on the NATIONAL LAND COMPANY. 49 
 
 872. I believe, in the shape of premiums given to allottees out of my own Mr. P. M‘G 
 
 pocket, I have been at a considerable expense ?—You have. -j- 
 
 873. Chairma7i.] Do you know this t —I know it for a fact. 9 '’i'''"’ ‘ 
 
 874. Have you seen the payments?—Yes. 
 
 875. Mr. S. Wortlei/.] Here is an entry in this book of “ Cash for Con¬ 
 ference;” to what does that refer?—That was for the expenses of the land con¬ 
 ference, representing the whole company; their travelling expenses and wages 
 during the days of theii sitting are paid for out of the fund. 
 
 876. Who composed the conference ?—Parties elected by the members of the 
 companv ; the last conference consisted of 50 members. 
 
 877. Other than the directors ?—Y'es. 
 
 878. Mr. O’Connor.] The 75L Mr. Clark had my orders to pay, Itad he not ? 
 
 —Y es. 
 
 879. And I believe he has received other money than land money, for which 
 he is my debtor ?—Yes. 
 
 S8o.^Chairman.] Do you know that?—I do. 
 
 881. Mr. O’Connor.] All those monies paid to Mr. M'Gowan I am respon¬ 
 sible for ?—Yes. 
 
 882. Have you ever paid me one single farthing of money, from the time the 
 company was established, in cash ?—No, I have always made iny payments to 
 Mr. M'Gowan. 
 
 S83. Then your accounts with Mr. M'Gotvan, and Mr. M'Gowan’s transmis¬ 
 sion of the money to my broker, or to the banker’s, and my banker’s books, will 
 show whether or not the money has been immediately deposited, and what 
 interest even has been payable u|)On it from the day at which you paid it up to 
 the present moment ?—They ougl'.t to show that. 
 
 884. Deducting the price of land, and the expenditure upon the houses, and 
 getting the estates ready, I think then the difference between that and the 
 94,000L ought to constitute the balance?—It ought to do so. 
 
 0.92. 
 
 APPENDIX. 
 
59 
 
 APPENDIX TO FIRST REPORT FROM THE 
 
 APPENDIX. 
 
 Appendix, No. 1. 
 
 Appendix, No. 1. RULES OF THE NATIONAL LAND COMPANY. 
 
 Natioxal Land Company. 
 
 Bate of Entry _ 
 
 Number of Shares 
 
 National Land Go.mpany— (Provisionally Registered), 
 
 Capital £. 130,000,in 100,000 shares of £. 1. Gs. each, payable by instalments; no member 
 to hold more than four, or less than two shares. 
 
 Dimiors.—Feargus O’Connor, Esq. si.p., Chairman; Mr. Christopher Doyle, Mr. 
 Thomas Clark, Mr. Philip M'Grath, Mr. William Di.Kon. 
 
 Tn/stees.—Thomas Slingsby Duncombe, Esq., m.p.; John Sewell, Esq. and Ernest 
 Jones, Esq. 
 
 Auditors. —Mr. William Cuffay and Mr. James Knight. 
 
 Treasurer and Solicitor .—William Prowting Roberts, Esq. 
 
 Financial Secretary,—Mr. Phillip M'Grath, 
 
 Corresponding Secretary. —Mr. Thomas Clark. 
 
 Banlters .—London Joint-Stock Bank, Princes-street, London. 
 
 The grand aim and object of the wise and good, in every age of the world’s history, has 
 been the elevation and improvement of humanity. The amelioration of human nature is a 
 cause the most ennobling that can possibly engage the attention of her sons, lo do good 
 diould be the grand pursuit of our lives. To leave the world better than we found it 
 should be an object ever within the ken of our mental vision. Philanthropy and benevo¬ 
 lence seem congenial to man’s nature; exceptions, we are aware, may be brought lorward, 
 but they in our judi’inent, prove the rule which we have laid down. So natural are benefi¬ 
 cent actions to the mind of man, that not unfrequently have the depraved and corrupt 
 endeavoured to ma.sk their nefariousness in the holiness of good intentions. We have seen 
 laws enacted, institutions created, and projects almost innumerable put into operation, the 
 ostensible object, in nearly every case, being the advancement of the people, moral, intel¬ 
 lectual, and corporeal. , , • , „ 
 
 Happiness appears to be the ultimatum of all human exertion, the point to winch all 
 would career their way, the goal which all anxiously seek to attain. Man was not born to 
 be the slave of man., He was never destined to crawl at the feet, or cringe to the will, ot 
 his equal; he was never designed to be 
 
 “ By dire misfoitune led. 
 
 Subservient to the wealthy fool for bread.” 
 
 Heaven’s injunction is, that man shall eat bread in the sweat of his brow, or, in phrase 
 less figurative, that the felicities of life should be the reward ot labour. Heaven s justice 
 is mamfest in the fact, that with the command to labour was given the land from wliicli to 
 derive the bread. But the land has fallen a prey to ruthless monopoly, and man, in the 
 rampancy of irresponsible power, has driven his brother from those fields where the rewards 
 
 of his toil would be peace, abundance, and independence. , „ 
 
 The landless, helpless multitude now throng the filthy lanes, courts, and alleys ot our 
 cities and manufacturing towns, where their lives are embittered and shortened by excessive 
 and ill-requited toil, and its horrible concomitants, fever and want of food. Such a deplor¬ 
 able state of things as this demands imperatively the labour of every good man to put a 
 period to its e,\-isteiice. . • „ • 
 
 The National Land Company has been called into existence to pioneer the way in the 
 o'lorions work of social emancipation. Its particular object is the benefit of its members ; 
 fts o-eneral object, to point out the means of rendering permanently prosperous the condi¬ 
 tion of the industrious millions. The company aims at the realization of its purpose by the 
 
 location 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 51 
 
 location of its membei's upon the land, and by aiding them with funds for the cultivation Appendix, No. 1. 
 of their farms. 
 
 The Board of Directors, in presenting to the public the following prospectus ol the objects, 
 principles, means, rules and regulations of the National Land Company, trust that every 
 thing therein contained will be found clear and definite. Their ardent hope is that these 
 regidations will e.xhibit the land plan, comprehensive as its objects are, in such simplicity 
 oftetail as shall make it thoroughly understood by every capaciiy. 
 
 The Board of Directors feel itlhe'ir duty to the public to state, that the number of share¬ 
 holders in the National Land Company is limited, and, judging from the celerity with which 
 it now advances, much time will not elapse before the number is completed. Those, 
 therefore, who may be inclined to avail themselves of the blessings and benefits at the dis- 
 jiosal of the comjiaiiy, will do well to lose no time in joining the institution. Already the 
 company is niimericajly strong; already the company is possessed of large capital, which is 
 vested in estates and buildings ; already some of its members experience the blessings of 
 its existence; already is it teaching rulers and governments the great political truth, that 
 upon the restoration of the land to the people deimnds the peace, prosperity, and greatness 
 
 A very natural question suggests itself to the mind of every individual about to become a 
 shareholder in this company, namely, “ When will it be likely that I shall be in possession 
 of my land, &c.? ” To such inquiry the directors have to reply, that the term of location 
 will depend entirely upon the iacility with which the capital of the company can be re¬ 
 produced. For example; suppose the company make a purchase of 300 acres of land, at 
 40/. per acre (12,000/.), and build 100 cottages at 100/. each (10,000/.), besides advancing 
 aid money to 100 allottees at 22/. 10s. each (2,250/.); the aggregate cost of location, 
 including land, building and aid money, would amount to 24,250/. In order to locate a 
 second hundred of the members, the company purpose to reproduce the sum of 24,250/. by 
 making the land, building, &c. liable to the National Land and Labour Bank, for dejiosits 
 to that amount; the depositors in the bank having a legal claim upon the property of the 
 company ibr the amounts advanced by them. In this way the company intend to rejnoduce 
 the capital spent upon each estate, and if the industrious classes of the United Kingdom 
 give the company that su])port wdiich their noble and philanthropic objects deserve, in a 
 very few years a great and beneficial change will be effected in the condition of the toiling 
 millions of England, through the meritorious efibrts of the Comjrany. 
 
 It has been asserted, that the above classes have not the means of aiding the bank to the 
 extent I'equisite to locating the thousands who belong to the company, and who are vearning 
 to get possession of a “ little land,” which they rightly look to as their only hope of com¬ 
 fort or independence. Nothing can be more false, as the statistics of the “ Savings’ Bank ” 
 will amply testify. Do not these same classes deposit, annually, in such bank more than 
 twenty millions of pounds sterling ? and do not these classes spend equally as large a sum 
 annually in intoxicating drinks, which are in the highest degree injurious to the physical 
 and moral welfare of the jieople ? And yet persons can be found to say, thatthe 
 thousands who have joined the company cannot be located, because the nieans are not 
 available.” It may be asked, “ What reason the promoters of the company have to presume 
 that the necessary funds will accrue through the medium of the bank, to enable them to 
 consummate their objects?” The answer is"”, “The superiority of that establishment over 
 every similar institution in the country, as is fully exemplified in the fact, that, for every 20 /. 
 deposited, thirty pounds’ worth of land and building is offered as security. Added to which, 
 the most trifling sums deposited bear interest at the rate of 4 /. per cent, per annum.” Other 
 banks are based upon “confidence” and “ respectability;” but the “ National Land and 
 Labour Bank ” rests upon the more solid foundation of land and buildings, the former ol 
 which will receive daily improvement from the skill and labour of those whose good fortune 
 it will be to cultivate it; and, altogether, the security is such as to challenge the stiictesf 
 scrutiny, and to invite comparison with any other bank in the kingdom. 
 
 The Natiok-VL Laxd Co.mpaxy. —Its Objects, Principles, and Means. 
 
 Object. 
 
 The object of the company is, to purchase land in various parts of the United Kingdom, 
 and to elect on such land dwellings, to be allotted to members of the company, with two 
 three, or four acres of land for agricultural purposes, according as the allottee's hold two, 
 three, or four shares respectively ; also to raise a fund, out of which sums of monev, in pro¬ 
 portion to such shares, shall be advanced to, or applied for, the benefit of, allottees on 
 taking possession of their allotments, and to create a continually progressing fund for the 
 purposes aforesaid, by advantageous investment of monies of the company, and by sellina, 
 mortgaging, or otherwise disposing of the estates themselves at their increased value, froni 
 time to lime, for the benefit of the company. 
 
 Rules and Regulations. 
 
 Capital. 
 
 1. That the capital of the company be 130,000 /. divided into 100,000 shares of 1 /. (is. Amount and n 
 each, which capital may be increased by the issue of new shares of like value, to the amount ber of shares, 
 of 65,000/. 
 
 2. That the directors shall not allot to one person less than two, or more than four Limitation of 
 
 shares. shares. 
 
 H 2 
 
 3. Th.at 
 
52 
 
 APPENDIX TO FIRST REPORT FROM THE 
 
 Oriiinary general 
 
 Extraordinary 
 general meeting. 
 
 Adjournments. 
 
 Notice ofriieet- 
 
 Powers ol 
 meeting. 
 
 if general 
 
 I'owers of extra¬ 
 ordinary general 
 
 Limitation of pow- 
 
 I'.lections, and de- 
 e.sion of (juestions. 
 
 Eight of voting, 
 i.iiuitation thereof. 
 
 Casting vote. 
 
 eeedings. 
 
 3. That the direetors may, with consent of an ordinary general meeting of members, from 
 time to time, retain such sum or sums as they shall think fit, not exceeding 100 1. per 
 annum, for a reserve fund not exceeding 1,000 L, for the benefit of the company, either 
 generally for extraordinary expenses or otherwise, or for any specific purpose, and to invest 
 the same on Government or real securities. 
 
 Meetings. 
 
 4. That an ordinary general meeting of members shall be held on the first Monday, or 
 such other day as the directors shall fix, in the month of December in every year, at the 
 chief oSice, or place of business of the company in London, or such other place as the direc¬ 
 tors shall appoint. 
 
 0. That an extraordinary general meeting may be convened by a resolution of the direc¬ 
 tors, or upon the written request of two or more of them, or of any 150 or more .shareholders 
 holding in the aggi’egate 600 shares, and each of whom shall have paid up not less than 20 s. 
 on each share held by him, and the secretary shall call such meeting within 14 days alter 
 such resolution or request. 
 
 6. Any meeting of shareholders may be adjourned upon a show of hands, to any place 
 within a mile of the place where the meeting is held, and to any hour, vyithin a month next 
 after such meeting, by a majority in number of shareholders present. If at any such ordinary 
 or extraordinary general meeting, 50 shareholders be not present within an hour after the 
 time appointed, and when the question is put, the meeting shall be adjourned, except it be 
 a meeting convened on the requisition of shareholders, in' which case it shall be absolutely 
 dissolved. At such adjourned meeting no business shall be transacted except such as was 
 left unfinished at the original meeting, and a shareholder not present at the original meeting 
 may vote at the adjourned meeting. 
 
 7. That the secretary shall give at the least 14 days’ notice of every original general 
 meeting, whether ordinary or extraordinary; and in case of an adjourned meeting for more 
 than three days, at least three days’ notice; such notice to be by advertisement in certain 
 newspapers, as provided by the deed of settlement, and to state time and place: and, in case 
 of an extraordinary meeting, the business to be transacted at such meeting; and in default of 
 secretary, for the space of seven days, to fix such day, any person authorised to require 
 such meeting to be convened may insert such advertisements convening same. 
 
 8. That at any general meeting any director, auditor, treasurer, or secretary may be 
 removed, and any occasional vacancy in such offices respectively he supplied. Also the 
 number of directors be varied; and all matters arising in, or with respect to the conduct of 
 officers of the company not provided for by the deed of settlement, may be determined, pro¬ 
 vided due notice of such several matters shall have been previously given. 
 
 9. That the resolutions of a general meeting shall have the same force and effect as if 
 specially provided for by the deed, subject as in the deed stated. 
 
 10 . That an ordinary general meeting may, without such previous notice as aforesaid, 
 elect and supply vacancies in offices of director, auditor, and treasurer; may receive accounts, 
 balance sheets, and reports of directors; decide upon directors’ recommendation of dividend; 
 demand inspection of books and documents, and generally discuss the affairs of the com¬ 
 pany. 
 
 11. That two extraordinary general meetings, convened for the purpose, and held within 
 the space of one month, may, by a majority at each meeting of at least 500 of the then 
 existing sliareholders, who shall have paid up the full amount of their shares, alter or repeal 
 the .provisions or rules; also increase or decrease amount of capital; also authorise the 
 borrowing of money on the credit of the company on mortgage, or on the bond or debenture 
 of the company to the extent on the total debt for the time being of 100,000 1. 
 
 12. That no meeting, whether ordinary or extraordinary, shall have power to affect the 
 proportion of liabilities and profits of shareholders, or increase amount payable in respect of 
 any share. 
 
 Ballot and Mode of Voting. 
 
 13. That all elections and all questions requiring more than a simple majority of votes 
 shall be decided by ballot; questions in first instance shall be decided by a majority in 
 number of shareholders present, but seven may demand a ballot. 
 
 14. That every shareholder shall have one vote. 
 
 15. That a shareholder shall not vote on any question in which he may have a personal 
 interest beyond that of a shareholder. 
 
 16. That a shareholder, residing beyond 10 miles from place of business, may appoint a 
 shareholder as his proxy to vote on any ballot; such appointment to be in writing, stamped, 
 and in the form prescribed by the deed of settlement, and left with the secretary seven days, 
 at the least, before meeting at which such proxy is available, and no shareholder shall be 
 such proxy for more than three different parties. 
 
 17. That the chairman of a meeting shall have a vote, and a casting vote on all questions, 
 w hether put to the ballot or not. 
 
 18. That the secretary shall record proceedings of general meetings in the minute books, 
 to he signed by the chairman, and to which the seal of company shall be affixed. 
 
 Directors. 
 
 19. That there shall he five directors, of whom each shall have held two shares for ut 
 least six months prior to election. 
 
 20. That 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 53 
 
 20. That at every ordinary general meeting all the directors shall retire, and the meeting Elect ioc of 
 shall'elect their successors; but the retiring directors shall be immediately re-eligible; and rcctoi-. 
 
 a list of retiring directors shall be inserted in every notice or advertisement of eacli ordinary 
 Q’eneral nieetinif. 
 
 21. That if any ordinary eenoral meeting fiiil to elect directors, the Board of Directors 
 shall’summon an extraordinary general meeting for that purpose within 2] days, and the 
 retirino- directors shall continue in office until such election. 
 
 22. %iat on any director ceasing to hold two shares, or becoming bankrnpt or insolvent, Disqiialiiicat 
 or a lunatic, he shall cease to be a director. 
 
 23. That anv director mav be removed by vote of the Board, jn which four concur, or by Uc.ov.'il or 
 an e.xtraordinary general mee'ting, and may resign by giving three weeks’ notice in wilting nation. 
 
 to the secretary. i 
 
 24. That occasional vacancies shall be filled up by the Board of Directors until the next Vacancies, 
 general meeting. 
 
 25. That ordinary meetings of directors shall be held on the first Jlonday in every montii. OuHiro- ra n' 
 
 2fi. That extraordinary ones may be convened by the chairman of the Board, or the secrc- Etnannlina 
 tiiry, or by any two directors, by giving two days’ notice in writing to each director, naming meetings, 
 tlie time and (where prudent) the''business of t'he meeiing. 
 
 27. That the quorum shall be three, and whenever a less number shall be present, the Qunruin. 
 meeting shall cease to exist, except for the purpci.se of recording past resolntion.s, 
 
 20. fi’hat a chairman of the Board shall be elected for the year by the director,?, at their I’ermanont 
 first meeting after the annual election. The Board shall supply any vacancy in hi.s office, or man. 
 elect a temporary chairman to supply his absence. 
 
 29. That the mode of procedure shall be determined by the directors present, or by stand- Sunuliiw o 
 iiig orders of the Board. 
 
 30. That all questions shall be decided by a majority of votes, and the chairman shall Voting, am 
 
 have an original and casting vole. v.itc ol cim 
 
 31. Tharminutes of proceedings and attendances of directors shall be entered by the secrc- Jiiniiics o: 
 lary, signed by the chairman of the. next meeting, sealed with the seal of the company, and ccediugs. 
 reported to the ordinary general meeting of shareholders. 
 
 32. That, subject to the provisions of the deed of settlement, and the power given to Duties nn.-l 
 general meetings of the shareholder.s, the directors shall manage all the business of the com- of iliiecio:.--, 
 pany generally. They shall appoint, remove, and fix duties and salaries of the secretary, 
 treasurer, agents, and all necessary clerks, ollicers, and servants, and the securities to tic 
 
 taken from them; also remove any trca.surer, and apimint any temporary one, commence and 
 prosecute all legal proceedings on behalf of the company, purchase or hire offices, purchase 
 lands, make contracts, convey and dispose of any real or personal property vested in the 
 company, borrow money and contract debts, but not on any bill of exchange or promissory 
 note, and, so that the liabilities of the company shall never, without the sanction of a general 
 meeting, exceed the aggregate amount of the balance in the hands of' the treasurer and the 
 reserved fund by the sum of 1,000/. 'I'he directors shall give discharges, compound debts, 
 and sign any certificate of bankruptcy, and invest in the name.? of the trustees or liustee of 
 company, some or one of them, the monies of the company in Exchequer bills, or on Govern¬ 
 ment, Parliamentary, or real sec nrity; also draw orders on the treasurer to make any pay¬ 
 ments on behalf of company; shall keep the accounts of the company, which accounts 
 shall be made up to the 19th day of October, inclusive, in each year, and audited in pur¬ 
 suance of the statute; and such accounts being duly repoiteil to and approved by the next 
 ordinary or siib.sequent general meeting, shall be conclusive on all parties, except as to eri or.s 
 therein to the amount in each case of 5/. at the least,discovered within three months. Dii cctors 
 shall make calls on sliareholders, and recommend at any ordinary or other general incetim>' 
 any allotment of land, or dividend of profits to bo made, and any sum to bo set aside for the 
 reserved fund, and keep register of shareholders and of translers of shares, determine the 
 form of certificates and transfers of shares, and regulate the use of the seal of the company, 
 
 ■subject as in the deed stated. 
 
 33. That the powers given by the deed of settlement to the directors srenerally shall be 
 exerciseable only by means of resolutions of the Board, at meetings duly convened. 
 
 ' Auililors. 
 
 34 . That t\yo shareholder.s, not being directors, having held shares six months next pre- Klectioii ol 
 
 ceding an ordinary general meetino:, shall be elected to be auditors. amlitors. 
 
 Secretary. 
 
 .!5. 'That the secretary shall keep the records, book, seal, fkc. of company, aiid allow Dmies of 5 
 inspection thereof respectively, pursuant to the statute, by any shareholder, or person autho- tary. 
 
 Vised m writing by one, between the hour.? often and lour, such person signing his name in 
 a book to be kept for that purpose, and shall allow extracts or copies to b-e'taken; shall affix 
 .seal of the company to any document under authority of and only in the presence of two 
 ■ directors; shall give all notices on behalf of the Board of Directors: shall enter minutes of 
 pi'oceedings of meetings of the company and of the Board of Directors; shall report 
 attendanco,s ot directors at all meetings to each ordinary general meeting; and shall coun¬ 
 tersign all drafts on the treasurer or banker of the company, and all instruments under their 
 .seal. Tliat a temporary substitute for a secretary may be appointed by any three directors. 
 
 3.92. 
 
 Treasurer. 
 
64 
 
 APPENDIX TO FIRST llERORT FROM THE 
 
 Appendix, No. 
 
 Treasurer. 
 
 Permanency of 
 appointment. 
 
 Duties of trea- 
 
 Accounts to be 
 open for inspection. 
 
 36. That the treasurer for tlie time being sliall retain office until death, bankruptcy, insol¬ 
 vency, resignation, or removal by the Board of Directors, or a general meeting; and' in case 
 of vacancy, a temporary treasurer may be supplied by the Board. 
 
 37. That the treasurer shall keep the deeds, securities, and monies of the companv, 
 receive all payments, report to directors all calls or instalments due and unpaid for the 
 space of 14 days, and make all payments on the authority of an order or a resolution of a 
 general meeting, signed by the chairman of such meeting, or an order of three directors, and 
 countersigned by the secretary. 
 
 38. That the receipt of treasurer shall fully discharge the person paying money to him 
 from all responsibility. 
 
 39. That the accounts of the treasurer shall be open to the inspection of any director oi- 
 
 auditor, and e.vhibited at every ordinary general meeting; and that he shall only be account¬ 
 able for monies actually received by him. * 
 
 Appointment: 
 number may be 
 
 Permanency of 
 appointment. 
 
 Deposit in Bank. 
 
 Withdrawal from 
 
 Payments of root. 
 
 Investment of sur¬ 
 plus money e.\- 
 ceeding i,ooof. 
 
 Appointment: 
 indemnity. 
 
 Qualification of 
 shareholders. 
 Transfer of shares. 
 
 Register of shares. 
 
 Register of changes 
 in name, &c. of 
 shareholders. 
 
 When shares not 
 transferable. 
 
 40. That the number of the trustees may, from time to time, be varied by any general 
 meeting. Vacancies may he filled up by a general meeting whenever number reduced by 
 any means to two or or other rainimura number as shall be declared at any general meeting, 
 and an extraordinary general meeting shall be convened by the secretary within three weelcs 
 after such reduction shall be known, for the purpose of filling up vacancies. 
 
 41. That the trustees of the company shall retain office until death, bankruptcy, resigmi- 
 tion, or removal by a general meeting. 
 
 Funds of the Company. 
 
 42. That the treasurer shall deposit all monies when same amount to 2501. or upwards, 
 and not applicable to immediate purposes, in the bank of the company, in the joint names of 
 liiffiself and the trustees for the time being. 
 
 43. That no money shall be drarvn out except upon the written authority of a majority of 
 directors, and by the draft or order of the treasurer and one trustee, countersigned by 
 secretaiy. 
 
 44. That all payments to the amount of 100 Z. or upwards shall be made by draft oi 
 order. 
 
 45. That all surplus monies exceeding 1,000 Z. shall from time to time be invested upon 
 Exchequer bills, or other government or veal securities, until required for the use of the 
 company. 
 
 Officers and Agents, Sfc. of the Company. 
 
 40. That all officers, agents, and servants of the company, except directors, auditors, trea¬ 
 surer, and trustees, shall be appointed and removed, and their salaries and duties determined 
 by the directors, and shall be indemnified (directors and trustees inclusive) out of the funds 
 of the company from all losses in discharge of their duties, except when happening from 
 their own wilful default. 
 
 Shareholders and Shares. 
 
 47. That no person or number of persons shall be recognized by the company as a share¬ 
 holder or joint shareholders holding fewer than two or more than ‘four shares. 
 
 48. That transfers shall only be effected in form provided by the directors, and in pur¬ 
 suance of the statute 7 & 8 Viet. c. 110. That a memorial of every transfer shall be entered 
 by the secretary in a book to be called “ Tlie Register of Transfers,” and a memorandum 
 indorsed on the instrument of transfer; and that the secretary shall not deliver any certificate 
 of proprietorship of a transferee until transfer duly made, entered, and the fee of ttd. pei 
 share paid thereon on behalf of the company, as required by the deed. 
 
 49. That the secretary shall keep a registry of the names and addresses of every share¬ 
 holder, and the number and distinctive numbers of shares held by him ; also, the amount of 
 the instalments paid on each share, and from time to time alter and correct such entriei, 
 and shall require a fee of 3cZ. per share on behalf of the company from each person re¬ 
 quiring such eutiy previously to making same. 
 
 50. That the register shall be conclusive evidence upon all questions as to right of auv 
 person to vote. 
 
 61. That a shareholder having changed his name or address, or, being a female, shall 
 have married, or a husband of any such shareholder, shall not be entitled to any dividend or 
 allotment of land until such change or marriage shall have been registered; and no person 
 shall he registered as a shareholder until he shall have executed the deed of settlement, or 
 a deed referring tiiereto. 
 
 52. That no share shall be transferable while any call or interest thereon which sliall have 
 accrued remains unpaid. 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 
 
 55 
 
 JDmsion and Allotment of Land. 
 
 .■Appendix, No. i 
 
 .53. That the diiectors shall from time to time divide all lands purchased into allotments Relative prop,.r- 
 of two three, and four acres respectively, or as near thereto as convenience and the lelutn e ion. ot ,i lu.,ii(.n s. 
 values of the different portions thereof will allow, in such manner that the number of allot- 
 ments of two acres each shall bear to the total number of allotmeiits then made, the same 
 J'onm’tron that the number of qualified shareholders for the time being- (eacli lioldmg only 
 two shares, paid up, and in respect of which no allotment shall have been made) shall bear to 
 the total number of qualified shareholders for the time being; and the number of allotments 
 of three acres each shall bear to the total number of allotments then made, the same propor¬ 
 tion that the irumber of qualified shareholders for the time being (each holding three shares, 
 paid up) shall bear to the total number of qualified shareholders; and the number of allot¬ 
 ments of four acres each shall bear to the total number of allotments then made, the same 
 proportion that the number of qualified shareholders (each holding four shares, paid up) 
 shall bear to the total number of qualified shareholders. , . . 
 
 •54. That before proceeding to allot lands, the directors shall give a month s notice ot an N„ticc of allot- 
 extraordinary general meeting for that purpose, the notice to state the locality ol land to be merit. 
 
 allotteth allotment, consisting of seven shareholders not qualified to receive Committee of 
 
 allotments, sliall be elected, wlio,’coiijoint!y°with the directors, shall immediately proceed to allotment, 
 determine by lot the qualified shareholders by whom the allotments shall be taken, and the 
 respective allotments which they shall respectively take. 
 
 56. The allotments of two acres each to be first allotted to qualified sbareliolders holding Jlode of ballot for 
 two shares paid up. The allotments to be numbered from one upwards, and written on cards allotnient. 
 
 of eoual size, and placed in a vessel before the chairman of the meeting; and the iiaines, &c. ot 
 such* qualified members shall be written on similar pieces of card, and placed in another 
 vessel before the chairman of the meeting; and two disinterested persons, chosen by the 
 committee of allotment, shall draw out from such vessels the cards containing the names ot 
 the qualified shareholders and the numbers of the allotments; and the members shall be 
 located on the respective allotments indicated by tlieir respective prize-tickets. On any 
 shareholder to whom an allotment' shall be made notifying to the secretary his intention not 
 to accept such allotment, but to wait until a future distribution, his allotment shall be offered 
 in succession to the qualified shareholders. 
 
 57 . The allotments of three or four acres to qualified shareholders to be made in tlic 
 
 ' 58. That before any shareholder receive possession of his allotment, the directors shall Erections on allot- 
 cause to be erected thereon a cottage or dwelling, and to be expended in the fencing and ments, and expen¬ 
 putting the land in order, and in the purchase of stock, implements, and furniture, to be tliture thereon, 
 delivered to such shareholder as his own property, or otherwise, for tiie benefit of such 
 shareholder, the sum of 15 /. in respect of two shares; and the sum of 22 1. 10 s. in respect 
 of three shares ; and the sum of 30/. in respect of four shares. 
 
 59 . That part of such sums may be given in money at the option of the directors. 
 
 00 . That each allotment shall be conveyed to the shareholder entitled to it in fee simple, Interest nf alliit- 
 or for other the estate and interest which shall have been purchased by tlic coinpanv, tees in the land, 
 charged with a reiitcharge of like duration for the benefit of tlie company, to be secured in 
 such manner as the directors shall think fit. The amount of rentcharge to be determined 
 by tlie amount of money expended by the company in the purchase of the land, and in the 
 improving thereof, and the building thereon, so that there shall be payable a perpetual yearly 
 rentcharge of, or after the rate of, 5 1. for every hundred which shall have been so ex¬ 
 pended. 
 
 01 . That the rentcharge secured upon the several allotments shall be retained for the of rent- 
 benefit of the company, or sold or mortgaged, or otherwise dealt with as the directors shall charge, 
 think fit. 
 
 Dividends and Calls. 
 
 02 . That dividends shall be declared by the ordinary general meeting from time to time. Dividends, w.'itn 
 when the funds and property of the company shall exceed the ainoimt necessary to provide declared, 
 allotments for all qualified shareholders. 
 
 03. That calls in respect of shares shall be made as the board of directors shall think fit; Calls when made, 
 but, except for the purpose of meeting the actual liabilities of the company, no call shall and limitation 
 exceed the sum of Is. for each share, nor be made at shorter intervals than one week thereof, 
 between each payment, and so tliat seven days ' notice of the time and place of such payment 
 be given to each shareholder, and unpaid instalments shall bear interest at the rate of 5/. 
 per cent, from time appointed for payment thereof. 
 
 64. That no shareholder shall exercise any privilege while any calls due from him ai-c 
 unpaid. 
 
 Payments in Advance. 
 
 05. That every shareholder shall be at liberty, from time to time, to make any payment Payments in aci- 
 ol not less than 6d. at each time on account of any share not paid up, in addition to calls, van’ce allowed i.i 
 
 addition to crii''>. 
 
56 
 
 APPENDIX TO FIRST REPORT FROM THE 
 
 
 Apjiointn-.Em of 66. That the board of directors shall appoint agents to collect subscriptions and rents, 
 agents: security, and othenvise to assist in the operations of the company, such agents to give proper security, 
 and to remit all monies in their hands to the treasurer as soon as the same shall amount to 
 10 /., together with an account of their proceedings. 
 
 Arhitrators. 
 
 Apyoiiitmcnt of 67. That five arbitrators shall be chosen at the first ordinary general meeting, as provided, 
 arbiiralois. to whom differences between the company and any shareholder shall be referred, and vacan¬ 
 
 cies of arbitrators shall be filled up at the next ordinary general meeting, or, if necessary, 
 at an extraordinary general meeting, to be convened for that purpose. 
 
 Mode of arbi- 68. That in case of dispute between the company or the board of directors and a 
 
 iraiion. shareholder, the secretary shall appoint a time and place for such shareholder, or a 
 
 person to be appointed by him, to attend and choose three arbitrators in manner provided 
 for, who shall finally determine the matter in difference, and determine as to the parties to 
 pay the costs, so that their award be made within 40 days after their appointment. 
 
 60. That arbitrators shall have power to examine persons on oath, and to call for 
 the discovery of all documents and matters relatiiiff.to the question referred to them^ 
 such reference to be made a rule of the Court of Queen’s Bench. 
 
 70. That the directors may refer to arbitration any difference between themselves as 
 representing the company, and any other person claiming any right in opposition to the 
 company, and may make any such reference, and the award thereon, a rule or order of 
 any court of law or equity, and that airy award duly made shall bind the company and 
 tlic directors. 
 
 Sub-Secretary- 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 
 
 Appendix, No. 2 . 
 
 DEED OF SETTLEMENT. 
 
 THIS INDENTURE, made on the 1st day of June 1847, between tiie several persons Parties, 
 whose names and seals are or shall be to these presents subscribed and tiffixed, of the one 
 part, and Thomas Slingsby Duncombe, of Spring Gardens, in the county of iUiddlese.v, 
 esquire, a trustee on behalf of the National Land Company, hereinafter mentioned, of the lleciials. 
 other part: Whereas it was lately determined to form a joint-stock company, to be called 
 the “ National Land Company,” for the purpose of purchasing land in various parts of the Intention to fonn 
 United Kingdom, and erecting on such land dwellings to be allotted to members of the company.' 
 company; and also of raising a fund, out of which sums of money shall be paid to or applied 
 lor the "benefit of members being allottees of land; the capital of the company to he Capita! 
 
 130,000/., to be divided into 100,000 shares, of 1/. G s. each, but with liberty to increase 
 the said capital: And whereas the said company has been registered provisionally, accord¬ 
 ing to law, and a considerable number of shares in the capital of the said company have Prnvisionallv 
 been subscribed for : And whereas it hath been agreed that the intention of the promoters registered, 
 of and subscribers to the said undertaking shall be effectuated by means of the covenants, 
 provisions, and stipulations contained in these presents (being a deed of settlement of the 
 said company), and that the said company shall be forthwith completely^ registered accord- Intention to ob- 
 ing to the provisions of the statute made and passed in the eighth year of Queen Victoria, tain roniplctc 
 intituled, “ An Act for the Registration, Incorporation, and Regulation of Joint-stock Com- rcgistiatiou. 
 paniesNow tins Indenture witnesseth, that in consideration of the premises, each of the Coveuaut bv share- 
 several persons, parties hereto, of the first part, doth hereby, for himself or herself, and his h.oldcr.s to pay 
 or her heirs, e.xecutors, administrators, and assigns, and for and against his or her, and their calls, iVc. and to 
 own acts and defaults only, covenant with the said Thornes Slingsby Duncombe, his exe- been rules, 
 cutors and administrators, that he or she (the said covenanting party), or his or her heirs, 
 executors, or administrators, will or shall from time to time hereafter duly pay all and sin¬ 
 gular calls, instalments, rents, and monies which shall or may be owing and due fi'oin liiiu 
 or her to the said National Land Company; and also will or shall, from time to time, and 
 at all times henceforth, duly observe, peribrm, and keep all and singular the stipulations, 
 provisions, clauses, matters, and things hereinafter expressed or contained, or refeired to, 
 so far as the same respectively shall affect or concern him, her, or them; (that is to SiTv) 
 
 That, 
 
 1. In the construction of these presents (unless the context shall be repusnant to such Intorprctatum 
 meaning), the words “ Deed of Settlement ” shall mean these presents, and any other deed clause. 
 
 or deeds of settlement hereafter to he prepared by virtue of the provisions for that purpose 
 hereinafter contained; and also any resolution of a meeting of shareholders, having by 
 virtue of these presents the same force as if the same were part of the provisions of these 
 presents; and all words used in the singular number, or in the plural number, and import¬ 
 ing a male or males only, shall include several persons as well as one person, and shall 
 mean a female or females as well as a male or males, and a body or bodies corporate, as 
 well as an individual or individuals; and the word “ month ” shall mean calendar month. 
 
 2. The several persons, parties hereto, of the first part, (all of whom are hereinafter called Name of com- 
 “ shareholders,”) and other the persons who for the time being shall he shareholders as pany. 
 hereinafter is piwided, shall forthwith become, and shall while Iwlding shares in the com¬ 
 pany hereby established, be and continue, until dissolved as hereinafter provided, a company 
 
 under the name or style of “ The National Land Company ;” but such company shall not 
 assume to act as a corporate body until after being completely registered as aforesaid, or 
 otherwise duly authorized, nor shall these presents authorize or require anythiiio- to be done 
 contrary to law. ” 
 
 3 The business of the said company shall be the purchasing of land in variou.s parts of Busire's or rur 
 the United Kingdom, and erecting on such land dwellings lo be allotted to members of pose ' ' ' 
 
 the company, in such manner, for such estates, and upon such terms and conditions as .shall 
 Jrom time to tune be determined under the provisions of the deed of settlement; and also the 
 raisiiig ot a fund out of which sums of money shall be paid to or applied for the benefit of 
 members being allottees of land j and also the raising of money, for the purposes aforesaid, 
 by selling, mortgaging, or disposing of such estates and interests in or charges upon the 
 lands to be purchased by the company as shall be reserved for that purpose under the 
 provisions of the deed of settlement, and such other business as is or shall be iiece^sarilv or 
 conveniently incident to the business and purposes aforesaid. 
 
 4. The principal office or place of business of the company shall be at No. 144, Hin li Office of con 
 Holboni, in the parish of St. George, Bloomsbury, in the county of Middlesex, or such other panv. 
 place or places as the directors of the said company shall from time to time appoint. 
 
 5. Fewpis O’Connor, of Lowbands, Red Marley, in the county of Worcester, esquire; rhit off err'. 
 
 Thomas Clark of 16 Lower Chapel-street, Oxford-street, in the said countv of Middlesex. ' " 
 
 gentleman; Christopher Doyle, of No. 9, Little Windmill-street, Golden-square, in the said 
 
 county, gentleman; Philip M'Grath, of No. 1, College-street, Brompton, in the said county, 
 i gentleman; 
 
58 
 
 APPENDIX TO FIRST REPORT FROM THE 
 
 Appendix, So. 
 
 Capital. 
 
 Further capital. 
 
 Reserve fund to 
 meet expenses. 
 
 Meetings: 
 Ordinary general 
 meetings. 
 
 Extraordinary 
 general meeting. 
 
 Notices. 
 
 Powers of general 
 meetings. 
 
 , gentleman; and Thomas Martin Wheeler, of 83, Dean-street, Soho, in the said county, 
 gentleman, are the present directors: James Knight, of 21, Vine-street, Lambeth, in the 
 county of Surrey, tailor, and William Cuffy, of No. l. Maiden-lane, Covent-garden, in the 
 county of Middlesex, tailor, are the present auditors: William Prowting Roberts, of Princes- 
 street, Manchester, in the county of Lancaster, gentleman, is the present treasurer; and the 
 said Thomas Martin Wheeler is the present secretary of the company; and Thomas Slingsby 
 Duncombe, of Spring-gardens, in the county of Middlesex, esquire, John Sewell, of Rock¬ 
 ingham-row, New Kent Road, in the county of Surrey, auctioneer and valuer, and Ernest 
 Jones, of Manchester-street, Manchester-square, barrister-at-law, are the present trustees of 
 the company, for the purposes hereinafter mentioned, and for such other purposes as occasion 
 shall require. 
 
 6. The capital of the company consists of 130,000 1. sterling, to be held in 100,000 shares 
 of ll. 6s. each; and the said several persons, parties hereto, of the first part, shall be holders 
 and proprietors of the shares mentioned and set opposite to their respective names in the 
 said schedule hereto, which shares are distinguished by being numbered in arithmetical 
 succession from 1 to 100,000 inclusive; and the directors may from time to time increase 
 such capital by the issue of new shares of ll. 6 s. each, to the amount of 65,000 L, in addi¬ 
 tion to the said capital of 130,000 L, with the consent of an extraordinary general meeting; 
 but the said partnership and business, and the provisions of these presents, shall be deemed 
 to have already commenced and taken effect although the said number of 100,000 shares 
 has not yet been subscribed for or taken. The allotment of all shares not already allotted 
 shall be made by the directors, who shall always give the preference to persons not being 
 already shareholders, and shall never allot fewer than two or more than four shares to one 
 person ; and the directors may, with the consent of a general.. -eting, close the subscrip¬ 
 tion for and allotment of shares before the full number of shares for the time being 
 authorized to be issued shall have been allotted. 
 
 7. Directors may, with the consent of the ordinary general meeting, from time to time, 
 retain such sum or sums of money as they shall think fit, not exceeding 100 L per annum, 
 to form a reserve fund not exceeding 1,000 1., for the benefit of the company, either 
 generally for meeting extraordinary expenses, or otherwise, for any specific purpose or pur¬ 
 poses ; and shall cause the same when of a competent amount to be laid out at interest upon 
 Government or real securities in the names or name of a trustee or trustees, and shall have 
 power to call in and apply the same for the benefit of the company, or vary the investment 
 thereof. 
 
 8. A meeting of the shareholders (to be called the Ordinary General Meeting) shall be 
 held on the first Monday, or such other day as the directors shall appoint, in the month of 
 December in every year, at the chief office or place of business of the company in London, 
 or at such other place as the directors shall appoint. 
 
 9. In obedience to any resolution of the directors, or upon the written request of two or 
 more directors, or of any 500 or more shareholders, holding in the aggregate 1,500 shares, 
 and each of whom shall have paid up not less than 20 s. on each share held by him, the 
 secretary shall fix a day for an extraordinary general meeting of shareholders within the 
 14 days next following the receipt of such request. 
 
 10. Any meeting of shareholders may be adjourned upon a show of hands to any place 
 within one mile from the place where such meeting shall be held, and to any hour within 
 one month then next ensuing, by a majority in number of shareholders then present; and if 
 at any original or adjourned meeting of shareholders, 50 shareholders be not present within 
 an hour after the time of meeting, and when the question is put, then if such meeting be 
 an ordinary general meeting, or an extraordinaty general meeting convened on the requisi¬ 
 tion of two or more directors, the same shall be so adjourned as aforesaid; but if such 
 meeting be a meeting convened on the requisition of shareholders, then the same shall irot 
 be adjourned, but sball absolutely be dissolved by such non-attendance; and after an 
 adjournment of a meeting shall have been carried, no other business shall be proceeded with 
 at such meeting; and at such adjourned meeting no other subject or business shall be pro¬ 
 posed or determined on than the subject or business left unfinished at such original meeting; 
 and a shareholder who was not present at an original meeting may vote at an adjournment 
 thereof. 
 
 11. The secretary shall give at least 14 days’ notice of every original general meeting, whether 
 ordinary or extraordinary, and when any adjournment is made for more than three days, at 
 least three days’ notice ot such adjourned meeting, every such notice to be by advertise¬ 
 ment in the “ Manchester Guardian,” or some other newspaper printed and published in or 
 within one mile of the town of Manchester, and also in the “ Northern Star’’ and “ Times,” 
 or some other newspapers printed and published in or within three miles of the city of Lon¬ 
 don, which advertisements shall respectively express the time and place of meeting, and (in 
 the case of an extraordinary general meeting) the business to be transacted; and on the 
 neglect of the secretary for the space of seven days to fix such day for or to insert such 
 advertisements as aforesaid of any extraordinary general meeting, or of any such adjourn¬ 
 ment of any such meeting, any such persons autliorized to require such meeting to be con¬ 
 vened may insert such advertisements. 
 
 12 . It shall be lawful for any general meeting to remove any director, auditor, trea¬ 
 surer, trustee, or secretary, and to supply any vacancy in the offices of director, auditor, 
 
 treasurer, 
 
SELECT COMMITTEE CM THE NATIONAL LAND COMPANY, 
 
 •59 
 
 treasurer, and trustee respectively, wliether occasioned by such removal, as aforesaid, or by A; 
 disqualification, resignation, deatii, or othenyise; also to vary the number of directors and 
 of trustees ; also to determine the amount of the reserve fund ; also to decide on all matters 
 and questions arising in or with respect to the conduct and affairs of the company, and not 
 provided for by tlie deed of settlement; and in all cases not provided for by the deed of 
 settlement, the resolutions of a general meeting shall have tiie same force and effect as if 
 the same were part of the provisions of, and wore contained in, these presents. But nothing 
 hereinbefore contained shall authorize any meeting to transact any business of which due 
 notice shall not have been given by advertisements, in manner hereinbefore mentioned, 
 except as hereinafter provided; subject, nevertheless, in all cases, to the provisions and 
 restrictions of the Act 7 & 8 Viet. c. 110, and these presents, or other special authority. 
 
 13. It shall be lawful for an ordinary general meeting, without any such notice as 
 aforesaid, to elect and supply vacancies in the offices of director, auditor, treasurer’, and 
 trustee, respectively; to I'cceive accounts, balance-sheets, and reports of director s; to decide 
 upon the director’s’ r’econrrnendation of arry dividend; to demand inspectiorr of all or any 
 books and documents relating to the affirirs of the company; and gerrer’rilly to discuss, 
 rcgrrlate, and control the affairs of the company, but subject to the deed of settlerrrerrt, to 
 the pr’ovisions and restrictions of the Act 7 & 8 Viet. c. 110, or other special authority. 
 
 14. It shall be lawful for two extraordinary gerreral meetings, called for the purpose, arrd Por 
 held withirr the space of one month, by a rnrrjority at each meeting, consisting of rrt lerrst ortl 
 500 of the then existirtg shareholders, arrd who shall have paid up tire full arnourrt of their '»« 
 shar’es, to alter or r’epeal any provisions or rules contairred in, or marie by virtrre of these 
 preserrts ; also to increrrse or decrease the amount of the capital of the company; also to 
 authorize the borrowing of money on account of the company, either simply on the credit ol 
 
 the company, cron mortgage of any property of the company, or on tlie bond or deben¬ 
 ture of the company, to the extent on the total debt, for the time being, of loo.ooi)/.; 
 subject, nevertheless, in all cases, to the provisions and restrictions of the .-Vet 7 rX 8 Viet, 
 c. 110, and these presents, or other special authority. It shall also be competent for tuo 
 extraordinary general meetings, convened as is hereinafter in that behalf provi.,leil, to 
 dissolve the company. But it shall not be lawful fur any meeting to affect the proportion 
 of liabilities and profits of shareholders, or to increase the amount payable by any sliare- 
 holder in respect of any share. 
 
 15. The chairman of the Board of Directors shall be chairman of general meetings; if he Cli, 
 be absent, or decline to take the chair, the majority in number of the shareholders |jresent ral 
 shall elect a director or (if no director be present or willing to act) a shareholder to take the 
 chair, except as herein otherwise provided. All questions shall be decided by a simple 
 majority of votes. 
 
 10. All elections and all questions requiring more tlian a simple majority of votes shall 
 be decided by ballot; all other questions shall be decided in the first instance by a majoritv '' 
 in number of shareholders present; but seven shareholders may demand a ballot on anv 
 question. 
 
 17. Every shareholder shall have one vote, and no sliareholder shall have more than one 
 vote. 
 
 18. No shareholder shall vote in person or by pro.xy on any question in which he shall 
 have a personal interest, other than or beyond his general interest us a sliareholdei’. 
 
 19. Any shareholder residing more than 10 raile.s from the present office of the companv 
 
 or other principal place of business for the time being of the said company, and also any 
 female shareholder, may appoint a shareholder to be his or her jiroxy to vote for him or hc'i 
 on any ballot at any specified meeting; such appointment to be by writing, duly stamped, 
 signed by the appointor, and left with the secretary seven days at least belore the meetmg 
 at which such proxy is to be available; and to be in tlie form and words or to the etlca 
 follou ing : “ I [name, residence, and description of shareholder'], a holdei’ of share.-, in 
 
 the National Land Company, hereby appoint [name,residence, and dcscriplion of proxy] to be 
 my proxy to vote for me on all questions at the next ordinaiy general meeting of the s.n 
 comjmny, (or at the extraordinary general meeting of the said company on lhc"ilay of 
 
 ), or at any adjournment thereof. As witness my hand this “ dav ol 
 
 . [Signature.]" 
 
 20. No person not being a shareholder shall hold any proxy, and no shareholder shall hi- 
 a proxy for more than three different parties. 
 
 21. Tlie guardian by nature or aiipointment of any infant shareholder, the trustee or' any 
 person beneficially entitled to any shares, and the committee of any lunatic or idiot siiare- 
 liokier, shall respectively be entitled to represent, and either in person or by proxv to I’otc 
 lor such infant, cestui que trust, or lunatic at any meeting. 
 
 ’-1. I poll any ballot each vutei- shall deposit in a box, to be kept for that purnost’, and to 
 be placed on the table in front of the chairman of the meeting’, a paper, on which shall be 
 written the voter’s name, and his ’assent to or dissent fronrtlie question or motion then 
 before the meeting, or In.s vote for any candidate (as the case may be ); anti a shareholder 
 to lie chosen by the chairman, together with a shareholder, to be chosen on a shoiv of hands 
 by the shai’e mklers present, shall retire and investigate, and then repoi t to the chairman the 
 lesult of such ballot, which shall then be declared to the meeting by such chairman. 
 
APPENDIX TO FIRST REPORT FROM THE 
 
 Appendix, No. 2. chairman may give his vote upon any ballot, and shall also have a casting vote 
 
 ' _L " ' upon any question, whether put to the ballot or not. 
 
 24. The proceedings of every general meeting shall he recorded hy the secretary in the 
 Minute Book, and such entry shall be signed by the chairman, and sealed with the seal of 
 the company. 
 
 Directors. '-S- There shall be five directors, of whom (except as to the said directors herein named) 
 
 each shall have held two shares during at least six months prior to his election. 
 
 26. At every ordinary general meeting all the directors shall retire, and the meetino- shall 
 
 elect their successors. Retiring directors shall be immediately re-eligible. ° 
 
 27. A list of the retiring directors shall be inserted in every notice or advertisement of 
 each ordinary general meeting. 
 
 28. If any ordinary general meeting fail to elect a proper number of directors, the Board 
 of Directors shall summon an extraordinary general meeting within 21 days for that 
 purpose; and the retiring directors shall continue in office until the election of their suc¬ 
 cessors. 
 
 29. Any director ceasing to hold two shares, or becoming bankrupt or insolvent, or sus¬ 
 pending payment, or compounding with his creditors, or being found a lunatic, shall there¬ 
 upon cease to be a director. 
 
 30. Any director may be removed by a vote of the Board of Directors in which four 
 directors concur, or by an extraordinary general meeting, and may resign by givina three 
 weeks’ notice in writing to the secretary. 
 
 31. Occasional vacancies in the office of director shall be filled up by the Board of 
 Directors until the next general meeting. 
 
 32. An ordinary meeting of directors shall be held on the firet Monday in every month, 
 and an extraordinary meeting of directors may be convened by the chairman of the Board 
 of Directors, or hy the secretary or any two directors, hy two days’ notice in writing, sent 
 to each director, specifying the time, and (as far as may be prudent) the business of the 
 meeting. 
 
 33. No meeting of fewer than three directors shall act, and as soon as there shall be 
 fewer than three directors present at any meeting of directors, such meeting shall cease to 
 exist except for the purpose of recording past resolutions. 
 
 34 . The chairman of the Board of Directors shall be elected for the year, by the directors 
 at the first meeting of the directors after the annual election. The Board of Directors shall 
 supply any vacancy in the office of chairman of the Board; and in case of the absence of 
 the chairman, shall elect a temporary chairman to supply his place, subject to the pro¬ 
 visions and restrictions of the Act 7 & 8 Viet. c. 110, and these presents, or other special 
 authority. 
 
 35. The mode of procedure at meetings of directors shall be determined by the directors 
 present, or by standing orders of the Board of Directors. 
 
 30. All questions before any meeting of directors shall be decided by a majority of votes, 
 and the chairman of the Board shall have both an original and a casting vote. But no 
 director shall vote upon any matter in which he is interested, otherwise than his general 
 interest as a shareholder in the capital of the company. 
 
 37. Minutes of the proceedings and attendance of directors shall be entered by the secre- 
 taiy, signed by the chairman of such meeting, sealed with the seal of the company, and 
 reported to the next ordinary general meeting of shareholders. 
 
 38. Any meeting of directors may adjourn to any future day, but not so as to interfere 
 with any subsequent ordinary meeting of directors. 
 
 Powers Ilf directors. 39. Subject to the provisions of the deed of settlement, and to the powers hereby given 
 to the general meetings of shareholders, the directors are hereby charged and empowered to 
 undertake the entire management and control of the affairs and concerns of the company, 
 and to act in such manner as they may think advisable for the welfare of the company; also 
 to appoint, remove, and fix the duties and salaries of the secretary, agents, and alt necessary 
 clerks, officers, and servants of the company, and the securities to be taken from them; also 
 to remove any treasurer, and to appomt any temporary treasurer; also to constitute, pro¬ 
 secute, defend, manage, and conduct any legal proceedings on behalf of the company; also 
 to purchase or hire any office or offices for the business of the company; also, on behalf of 
 the company, to purchase lands, make contracts, sell, convey, and dispose of any real or 
 personal property vested in the company, borrow money, and contract debts, but noton any 
 bill of exchange or promissory note, and so that the liabilities of the company shall never, 
 without the sanction of a general meeting, exceed the aggregate amount of the balance 
 in the hands of the treasurer and the reserved fund hy the sum of 1,000/.; also to 
 sign or authorize any director, manager, secretary, agent, solicitor, or attorney, clerk, officer, or 
 servant of the company, to sign any receipt for money or effects of the company, which 
 receipt shall discharge the person paying or delivering such money or effects from all 
 responsibility in respect of the application thereof; also to compound for any debt owing to 
 
? 
 
 SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 6i 
 
 the company, and to sign the certificate of any bankrupt ; also to invest in the names or Appendix No. 
 
 name of tlie trustees or trustee of the company, or some or one of them, any money - 
 
 belono-ing to the company in Exchequer bills, or on Government, Parliamentary, or real 
 security; also to draw orders on the treasurer to make any payments on behalf of the 
 company; also to keep, or cause to be kept, full, complete, and accurate accounts of the 
 funds and property, receipts, disbursements, credits, debts, liabilities, dealings, transactions, 
 and concerns of the company, which accounts shall be made up and balanced to the lOtli 
 day of October inclusive, in each year, and audited, in pursuance of the statute herein¬ 
 before mentioned, and which accounts having been duly reported to, and approved by the 
 next ordinary general meeting, or by any subsequent general meeting, shall be conclusive on 
 all parties, except as to errors therein, to tlie amount in each case of o /. at the least, discovered 
 and stated at a general meeting, within three months after sucii approval; also to make 
 such calls on shareholders as are hereinafter authorized to be made; also to recommend 
 at any ordinary or other general meeting any allotment of land, or dividend of profits, to be 
 made, and any sum to be set aside for the reserve fond ; also to keep a register of share¬ 
 holders, and a register of transfers of shares; also to determine the form of share certifi¬ 
 cates and transfers of shares; also to authorize the use of the seal of the company, both 
 by general regulations and in special cases, subject nevertheless in all cases to the provisions 
 and restrictions of the Act 7 & 8 Viet. c. 110, and these presents, or other special 
 authority. 
 
 40. It shall be lawful for any general meeting to appoint a sum, not exceeding lol. per 
 week, to be divided among the directors, in proportion to their respective attendances at 
 meetings of the Board of Directors. 
 
 41. Every power by the deed of settlement given to the directors generally, and not 
 expressly to one director, or to a specified number of directors, shall (unless the context 
 require a different construction) be exercisable only by means of resolutions of the Board 
 of Directors at meetings duly convened. 
 
 42. At each ordinary general meeting two shareholders, each having been a shareholder .\uditors 
 during the next preceding six months, and not being a director, shall be elected to be 
 auditors of the company, at a salary not exceeding 2l. per annum each; and such auditors 
 
 shall audit the accounts of the company according to the provisions of the aforesaid 
 statute. 
 
 43. Any occasional vacancy in the ofirce of auditor shall be supplied by an extraordinary 
 general meeting called for the purpose. 
 
 44. The secretary shall keep the records, books, papers, and seal of the company, allow- Secretary, his 
 ing such inspection thereof respectively as is required by the provisions of the aforesaid duties, 
 statute, between the hours of ten and four, to every shareholder and person authorized in 
 
 rvriting by a shareholder, the person requiring such inspection signins; his name in a book 
 to be kept for that purpose, and allowing such shareholder or person authorized by a share¬ 
 holder to take copies of or extracts from the same, and also affix the seal of the company 
 tp any document or entry under the authority of the directors, and only in the presence of 
 two directors; also shall receive and give and report to the Board of Directors all notices 
 of meetings, calls, allotments, and dividends, and all resignations and vacancies of office, 
 and all requisitions for meetings, and all other notices, requisitions, and matters relatino- to 
 the business or affairs of the company; also shall enter into proper books minutes of such 
 proceedings of general meetings and meetings of directors; also shall report at each ordi- 
 dinary general meeting the attendances of directors at all meetings of directors since the 
 then last preceding ordinary general meeting; also shall countersign all drafts on the 
 treasurer or banker of the company, and all instruments bearing the seal of the company. 
 
 45. Any three directors may appoint a temporary substitute to act for and in the absence 
 
 40. The present treasurer of the company is William Prowting Roberts, of Princess-street, Treasurer 
 hlanohestei, in the county of Lancaster, gentleman. The treasurer for the time beino- shall 
 retain office until his death, bankruptcy, insolvency, resisrnation, or removal by the Brard of 
 Directors or by a general meeting. On every vacancy iiUhe office of treasurer, a temporary 
 
 treasurer shall be appointed by the Board of Directors to act until ---‘ - 
 
 shall have been appointed by a general meeting. 
 
 permanent treasurer 
 
 47. The treasurer shall keep the deeds, securities, and monies of the company ; also shall His duties 
 make and leceiye all payments by or to the company; also shall immediately certify to the 
 (liiectors all calls or instalments of calls which shall remain unpaid for the space of 14 davs 
 alter the day appointed for payment thereof; and also make no payment without the 
 authority, or an order, or a resolution of a general meeting, signed by the chairman of such 
 meeting, oi an older of three directors, countersigned by the secretary. The receipt of iho 
 treasurer for any money paid to him shall discliarge the person paying the same from all 
 lesponsibihty in respect oi the application thereof. 
 
 times be open to the inspection ofany director Bankeis. 
 
 1 n f general meeting. No treasure? shall be 
 
 accountable for any money which shall not actually come to his hands. 
 
 40. The 
 
APPENDIX TO FIRST REPORT FROM THE 
 
 Appendix, No. 2. 49. The London Joint-stock Banking Company shall be the present bankers of the com- 
 
 _ pany; but the directors, with the consent of an ordinary general meeting, may from time 
 
 to time remove the account of the company to any other bank. 
 
 Trustees. 50. Thomas Slingsby Buncombe, of Spring-gardens, in the county of Middlesex, esquire, 
 
 John Sewell, of Rockingham-row West, New Kent-road, in the county of Surrey, auctioneer 
 and valuer, and Ernest Jones, of Manchester-street, Manchester-square, in the said county 
 of Middlesex, barrister-at-law, are the present trustees of the company. Each trustee shall 
 retain office until his death, bankruptcy, insolvency, resignation, or removal by a general 
 meeting. The number of trustees may, from time to time, be varied by any general meeting. 
 Every vacancy in the office of trustees shall be filled up by a general meeting, and when¬ 
 ever the number of trustees is reduced by death, disqualification, or resignation, to two, or 
 such other minimum number as shall from time to time be determined by any general 
 meeting, an extiraordinary-general meeting shall be convened by the secretary within three 
 weeks after such reduction of the number of trustees shall have become known to him, for 
 the purpose of filling up the vacancies in the office. 
 
 Money in hands 50. Whenever the treasurer shall have in his hands money of the company amounting to 
 
 of treasurer, how ti,e sum of 250 1. or upwards, and not immediately applicable by him to any purpose, the 
 
 deposited. |jg deposited by him in the bank of the company in the joint names of himself 
 
 How drawn out of and the tnistees for the time beingand no money shall be drawn out of the bank except 
 the bank. under the written authority of a majority of the directors for the time being, and by the 
 
 draft or order of the treasurer and one trustee, countersigned by tbe secretary; and all pay¬ 
 ments to the amount of 100 1. or upwards, shall be made by such draft or order. 
 
 51. All surplus monies exceeding the sum of 1,000 1. shall from time to time be invested 
 upon Exchequer bills, or other Government or real securities, at interest, until the same 
 shall be required for the use of the company. 
 
 52. All officers, agents, and servants of the company, except the directors, auditors, 
 treasurer, and trustees, shall be appointed and removed, and their salaries and duties, and 
 the securities to be given by them, shall be determined by the directors. 
 
 Indemnification to 53. Every director, trustee, officer, agent, and servant of the company, shall be indem- 
 officers. nified out of the funds of the company, from all losses happening in the discharge of his 
 
 duty, except when the same shall happen through his orvn wilful neglect or default. 
 
 Shareholders, their ^4. The shareholders shall be interested in the property and joint stock of the company, 
 interest. " (hut not in their respective allotments of land), as personal estate, and the shares in the said 
 property and joint stock shall be held and transferred in all respects as personal estate 
 accordingly, and no notice shall be taken by the company of any joint or undivided interest 
 in any shares except as herein otherwise provided. 
 
 Number of shares person, or number of persons, shall be recognized by the company as a slnire- 
 
 to be held by each, holder, or joint shareholders, holding fewer than two, or more than four shares. 
 
 5G. The number of shares held by each shareholder shall, at the time of his e.xecuting the 
 deed of settlement, or any deed referring thereto, and executed by him, in lieu of executing 
 the deed of settlement, be written opposite to his name, as subscribed thereto. 
 
 Transfer of shares. 57. The form, preparation, and custody of the instrument of transfer of shares shall (so far 
 as the law allows) be determined by regulations to be made from time to time by the direc¬ 
 tors, and no sale or transfer of any share shall be made otherwise than in conformity to 
 these presents; and (subject to the regulations of the directors) every instrument of 
 transfer of a share or shares shall be in the form prescribed by the aforesaid statute, and 
 a memorial of each such instrument shall be entered by the secretary in a book to be kept 
 for that purpose, and called, “ The Register of Transfersand a memorandum of the entry 
 of such memorial shall be endorsed by the secretary on the instrument of transfer, and the 
 secretary shall not register any transfer, or deliver any certificate of the proprietorship of the 
 transfer of any share until such instrument of transfer, duly stamped and executed, shall 
 have been exhibited to him for registry, and the fee for the registry thereof shall have been 
 paid. 
 
 Representative ot 58. No person on whom any share shall devolve as executor, administrator, or legatee, or 
 shareholder. ag assignee of any bankrupt or insolvent, or as husband, or by survivorship, shall in any 
 
 manner act or be recognized as or entitled to the privilege of a shareholder, or transfer siicli 
 share until he shall have given to the secretary seven days’ notice in writing of hi.-, 
 intention to become a shareholder, or to transfer his share, as the case may be, and shall 
 at his expense, have deposited with the secretary for registry, the probate or an official 
 copy of or extract from the will or letters of administration; and in the case of a legatee, 
 the assent in writing of the executor or administrator of tbe testator, or an official certificate 
 of the administration, or a certificate of the appointment as assignee, or of the marriage 
 under which he shall derive title, or a certificate of the burial of the person whom he shall 
 have so survived, or such other proof of his title as the directors shall reasonably require. 
 But the assignee of a bankrupt or insolvent shall not in that character be recognized or 
 admitted as a shareholder, but after such notice and deposit as aforesaid, may transfer his 
 , share and may receive dividends thereon in the meantime, but not any allotment of laud ; 
 
 and tbe committee of a lunatic shareholder, or the guardian by nature, appointment, or 
 election of an infant shareholder, after giving such notice as aforesaid, and depositing with 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. G3 
 
 the secretary such evidence as the Board of Directors shall reasonably require of his title, Appendix, No. 2. 
 
 may become a shareholder, or without becoming a shareholder may transfer the share of - 
 
 such lunatic or infant, and in the meantime receive dividends thereon, or take an allotment 
 of land. But no adult legatee and no husband shall be entitled to transfer any share de¬ 
 volving on him in that character, without previously becoming a shareholder in respect 
 thereof. 
 
 59. The secretary shall keep a book, to be entitled “The Register of Shareholders,” and Register of share- 
 shall enter therein the names and place of abode of every shareholder, and the number of holders, 
 shares belonging to him, and the distinctive number of each share, and the amount of the 
 instalments paid on each share, and shall from time to time alter and correct such entries 
 as occasion shall require; and previously to making any entry in such register shall receive 
 the fee of 3 d. per share from the person requiring such entry to be made; and such register Fee on register- 
 shall be conclusive evidence upon any question as to the right of any person to vote. ing. 
 
 00. No shareholder who shall have changed his name or place of abode, or being a SharoliolUer 
 female shall have married, and no husband of any such shareholder, shall be entitled to changing name or 
 receive any dividend or allotment, or to vote until such change of name or abode or mar- address, 
 riage shall have been registered; no person shall be registered as a shareholder until he has 
 bound himself by a covenant to observe the rules of the company; and every person enti¬ 
 tled to be registered as a shareholder, and neglecting' for three months so to bind himself, 
 shall forfeit his share. 
 
 Gl. The company shall not recognize any equitable or reversionary interest in any share, 
 nor any right in respect of any share other than the right of a shareholder so registered as 
 aforesaid, and the right of the guardian, committee, husband, executor, administrator, 
 legatee or assignee in bankruptcy or insolvency, of an infant, lunatic, female, deceased 
 bankrupt or insolvent shareholder (as the case may be), to become a shareholder, or to 
 transfer the share (as the case may be) in manner herein provided : but the person or persons 
 in whose name or names, or the survivors or survivor of several persons in whose Jiames any 
 shares shall stand in the register of shareholders, shall to all intents and purposes within the 
 meaning of these presents be deemed at law and in equily the absolute, only, and bene- 
 fical owner of such shares, any express or other notice to the company of any other title, 
 interest, or trust notwithstanding. 
 
 G2. The shares of every shareholder shall, in preference to every other claim, be subject 
 to and charged with all debts, liabilities, and engagements directly or indirectly due or owing 
 from and subsisting between him, either solely or jointly, with any other person and the 
 company. 
 
 03. When a share, or the right to the benefit thereof, is vested in several persons, such 
 persons shall, as between themselves and the company, be regarded as joint tenants with 
 benefit of survivorship, and the person among them whose name shall for the time being 
 stand first on the register of shareholders, shall be entitled to vote and act at all meetings 
 of shareholders in person, or by proxy, as if he were the sole holder of the shares so held.^ 
 
 64. Nothing herein contained shall authorize any allotment, or transfer of any share or 
 any entry in the register of shareholders, or in the register of transfers to be made, by the 
 effect whereof any person or any persons jointly shall appear upon the register of share¬ 
 holders or otherwise to be a shareholder or joint shareholders in the company, holdino- fewer 
 than two or more than four shaves. ° 
 
 05. No share shall be transferable while any call, or any interest which shall have accrued 
 on any call in respect thereof, remains unpaid, whether the time for payment of such call 
 shall have arrived or not. 
 
 06. Every notice in pursuance of any clause in the deed of settlement shall be written, Notices of calls 
 lithographed, or printed, and signed by the person giving the same, and shall be either deli- &c. how to be 
 vered into the hands of the person to whom the same is to be iriven or left for him at his o-iven. 
 place of abode or place of business, or sent by the post to such place of abode or place of 
 business, as registered in the Register of Shareholders. And such notice, duly directed 
 and posted (the postage being pve-paid), shall be deemed to have been duly served on the 
 day on which it shall have been posted, although it may never meet the person to whom it 
 shall have been directed. And the signing of the secretary’s name, by his clerk or agent, 
 at the end of every notice, shall be a sufficient signing by him within this clause. ^ 
 
 67. The directors shall foni time to time, as opportunity shall occur, and the funds and Land nurchase 
 means of the company shall allow, but subject to the provisions and restrictions of the Act of. ’ 
 
 '■ I ^ f presents or other special authority, purchase such lands, 
 
 either ot freehold or of copyhold or customary tenure, and either held in fee simple in pos¬ 
 session, or for any certain term of years or life in possession, renewable for ever or for any 
 certain term of years in possession, whereof not less than 500 years shall be unexpired, 
 as they shall dem proper, for the purposes of the company, to be divided among share- 
 fiolders who shall have paid up the full amount of their shares, and shall not have pre¬ 
 viously received allotments in respect thereof, which shareholders so entitled to allotments, 
 and having at least 14 days before the day appointed for making any allotment sent 
 m to the secretary a notice requiring to be put upon the list of qualified shareholders for 
 such allotment are hereinafter called “Qualified Shareholders;” and the directors shall ntvisi'nn .'nm » 
 from time to time divide all such lands as shall have been so purchased into allotments of 4 acrTs? ” 
 
 0.92. 
 
 ' 4 
 
 
64 
 
 APPENDIX TO FIRST EEPORT FROM THE 
 
 Aj^endix, No. 2. two, three, and'four acres respectively, or as near thereto as convenience and the relativ^e 
 - values of the different portions thereof will allow, in such manner that the number of allot¬ 
 ments of two acres each shall bear to tbe total number of allotments then made, the same 
 proportion that the number of qualified shareholders for the time being, each holding only 
 two, shares paid up, and in respect of which.no allotment shall have been made, shall bear 
 to the total number of qualified shareholders for the time being, and, the number of allot¬ 
 ments of three acres each shall bear to the total number of allotments then made the same 
 proportion that the number of qualified shareholders for the time being,^ each holding three 
 shares paid uj), and in respect of which no allotment shall hpe been made, shall bear to 
 the'itbtalhjcSnber of qualified shareholders for the time being, and'thehumber'of allotments 
 of fdiiflacrei'e'acli'shall bear to the total number of allotments'then made, the same propor¬ 
 tion that the number of qualified shareholders each holding foiir shares paid up, and in 
 . ■ respectiof jv,hieh,nO; allotment shall have been made, shall bear to the total number of quali¬ 
 fied shareholdersifor the time being; before making any such division the directors shall 
 cause.to be,given at least one month’s notice of an extraordinary general meeting for tbe 
 Committee of purpose of allotting sucb lands, in which notice the locality or localities of the. lands to be 
 allotment. allotted shall be specified at such meeting, and committee of allotment consisfinsr of seven 
 
 shareholders not qualified to receive allotments, shall be elected, and the committee so 
 elected shall at such meeting immediately.after their appointment, conjointly, witli the 
 directors then present, proceed to determine by lot the qualified shareholders by whom the 
 allotments shall be taken, and the respective allotments which they shall respectively take. 
 Allotments how qqje allottnents of two acres each shall he first allotted to qualified shareholders, each 
 holding only two shares paid up, and in respect of which no allotment shall have been 
 made such allotments shall be numbered in arithmetical progression from one upwards, 
 and written on cards of equal size, and placed in a vessel before the chairman of the 
 meeting. The names and addresses of the qualified members, with the numbers of 
 their respective certificates, shall be written on cards of corresponding number and size, and 
 placed in another vessel before the chairman. The committee of allotment shall then appoint 
 two disinterested persons to draw the cards containing, the names of the qualified share¬ 
 holders and the numbers of the allotments from such vessels, and the numbers shall be 
 located on the respective allotments indicated by their, respective prize tickets; and on any 
 shareholder to whom an allotment shall be made notifying to the meeting his intention not 
 to accept such allotment, but to wait until some future distribution, his allotment shall be 
 offered in succession to tbe qualified shareholders holding only two such shares, as aforesaid, 
 who shall not have received any allotment at such meeting. In like manner the allotments 
 of three acres each shall then be allotted to qualified shareholders, each holding three such 
 shares as aforesaid; and the allotments of four acres each shall then be allotted to qtialified 
 shareholders, each holding four such shares as aforesaid ; provided always, that it shall be 
 lawful for the directors, instead of allotting any land or property which they may have pur¬ 
 chased as aforesaid, to sell or otherwise dispose of the same, or any part thereof, or interest 
 therein, for the benefit of the company. 
 
 Sums to be ex¬ 
 pended on allot- 
 
 Alottee may re¬ 
 ceive cash in part. 
 
 68 . Before any shareholder receives possession of his allotment, the directors shall cause 
 to be erected thereon a cottage or dwelling, and to be expended, in the fencing, cultivatins:, 
 and putting in order of the land, and in tbe purchase of stock, implements, and furniture, to 
 be delivered to such shareholder as his own property or otherwise, for the benefit of such 
 shareholder, the sum of 151. in respect of two shares, the sum of 22/. 10s. in respect of three 
 shares, and the sum of 30/. in respect of four shares; part of which amount, not exceeding 
 one-fourth part thereof may, at the option of the directors, be delivered to the shareholders 
 in money. In selecting workpeople for any of the above puiposes, the directors shall give 
 the preference to shareholders in the company, being competent. 
 
 69. Each allotment shall be conveyed to the shareholder entitled to it, in fee simple, or 
 for other the estate and interest which shall have been purchased charged with a rent- 
 charge of like duration, for the benefit of the company, to be secured in such manner as 
 the directors shall think fit. The amount of such rent shall be determined by the total 
 amount of money which shall have been expended by the company in and about the pur¬ 
 chase of the land, and the improvement and cultivation thereof, and building thereon, so 
 that there shall be payable a perpetual yearly rent-charge of or after the rate of 5 /. for 
 every 100/. which shall have been so expended, and in proportion for any greater or les-s 
 amount. 
 
 Divider,ds when 
 to he declared. 
 
 70. The rent-charges, which shall be secure upon the several allotments, shall be either 
 retained for the benefit of the company, or sold, or mortgaged, or otherwise dealt with as 
 the directors shall think fit. 
 
 71..The ordinary general,meeting may, from time to time, whenever the funds and pro¬ 
 perty of the company 4ial,l,e,xcped,the,amount, necessary to provide allotments for all the 
 shareholders for the time being who shall .have paid up the full amount of their shares, 
 declare an equal dividend on each share out of the clear profits of the company, such 
 dividend'not to exceed a sum‘to'be’recommended by the directors, and to be paid forth¬ 
 with by the treasurer to the'respective'shareholders whose shares shall have beenfully 
 paid up, and to be carried to’tlve account'df the respective shareholders whose shares shall 
 not'have been fully paid up, in' augmentation of the amount which they shall respectively 
 have paid up, subject nevertheless in all cases to such'claims as the company may have 
 against such respective shareholders. 
 
 72. The 
 
SELECT COMMITTEE ON THE NATIONAL LAND COMPANY. 65 
 
 72. The dividend on any share which shall not belong to any legal and registered owner wiicn m.iv hr 
 
 shall be retained by the company until claimed by some legal and registered owner thereof, retained ify t oin 
 or by some person entitled, under clause 08, to receive the same. pjmy, ^ 
 
 73. Any dividend on any share, which, being payable, shall not be claimed within ihiee 
 months after the same shall have been declared, shall be invested by the directors on Govern- 
 ment or real security ; and if not claimed within six months after the same shall have been 
 declared, shall be forfeited to the company. 
 
 74. No interest shall be demandable in respect of any dividend. 
 
 75. The directors may from time to time purchase for the benefit of the company, and at Directors nriv 
 
 such price as they shall think fit, any share or shares which shall liave been fully paid up, purchase sliar’e- 
 and in respect of which an allotment .shall have been made. ’ 
 
 76. The directors may call for the payment by the shareholders of the amount remaining cuPs iipu- 
 unpaid on their respective shares by such instalments and at such times as thedirectois sliall 
 
 think fit, but so that, except for the purpose of meeting actual liabilities of tlie company, no 
 such call shall require more than the sum of 1 s. for each share to be jiaid at one payment, 
 or require several payments to be made at shorter intervals than one week between each 
 payment, and so that notice of such call, expressing the time or times of pavment, bo given 
 to each shareholder seven days at the least before the time appointed for payment of the 
 same or of the first instalment thereof. 
 
 igly, and in case of wiihin 
 ill ii'om tile day ap- iiustalmc 
 
 77. Each shareholder shall pay every call so made on him acco 
 delay, with interest thereon, after tlie rate of 5 L per centum per ai 
 pointed for payment. 
 
 78. If the amount of any call in I'cspect of any sliare, or any instalment thereof, be not 
 paid within one month alter the time fi.\.ed for payment tliereof, the directors may cause to 
 he given to the defaulter a notice, requiring the same to be paid within one week from the 
 
 time of giving such notice; and if tlie same be not then paid, with interest, may sue the pp,,,,, , 
 
 defaulter for the amount, and also may declare the shares held bv such defuultef, and all I'uuit. ^ 
 benefit and advantage tbereoi; forfeited, and the same shall be thereupon forfeited to the 
 company, notwithstanding the recovery by action or otherwise of the amount of such call, 
 and notwithstanding that the registered proprietor of such share to whom such notice shall 
 be sent shall have died, or shall have no beneficial interest in the share or shares. 
 
 79. The directors may either declare any forfeited shares extinguished for the benefit of Directors may ex 
 the company, or may sell the same to any person not being a director or oflicer of the com- tini^uisli or soil ' 
 pany, or may within six months after such forfeiture shall have been incurred remit llie forfeited shares 
 same, on payment of a reasonable fine. 
 
 80. No shareholder from whom any money is due in respect of any or 
 exercise any of the privileges of a sliareliolder. 
 
 ir interest shall 
 
 81. Every shareholder shall be at liberty at aiiv time, or from time 
 payment, of not less than Gd. at eacli time, on account of aiiv share 
 addition to and beyond any call or calls which may have been made. 
 
 82. The Board of Directors shall appoint agents to collect subscriptions am 
 
 able to the company, and otherwise to as ■' ■■ ■ ' 
 
 time to make any instalnicnls m 
 It fully paid up, in be paid in ad- 
 
 operatioiis of the coiiqiaiiy; such 
 
 ,0 give proper security for the due. performance of their duty, m uunsiniD w me ■ 
 dated intervals detailed accounts of their receipts and proceedings, and to pay' 
 treasurer ail monies m their hands as soon 1,= tL ..I., ^ 
 
 the same shall 
 
 ; pay- .‘Ippoiiitineiit m 
 
 .11 y at suijserijition.-. 
 to tile 
 
 II ainoinit to 10/. 
 
 ind'iLftv/'‘li^''®li"''^r''^ gfl’eral meeting, five persons, not being- either ilirectlv or .\rbitr- 
 nt. n L ? ^ of tlie coinpanv, shall he ei;ct«l 
 
 company and any .shareholder with whom anv dispute or 
 difference may arise; and any vacancy in the office of-arbitrator shall be supplied at the 
 
 Directo^rs dispute or difference shall arise between the coinpanv or the Board of Rerorci 
 
 at vh rilT i) n'" ’” ^''‘"•choldei-s, the secretary sliall apooinf a time and place how , 
 iiolde - h diffc c “PPci«‘«l bv tlie sliareliolder or sli'ire- 
 
 Ma est3s rZ-r om ■ '•efereiice hereby authorized shall he 111 
 
 iWajest} s Court ol Queen’s Bench at Westminster. 
 
 as reprKmithii^the^con^rmw.'^ '*'‘^*'creiicc ivliicli shall arise botwee-n them DirerUn-s 1 
 
 in opposition To the coinpan^, mid may fJl-ec ‘'""'1"?.refei- to arb 
 
 rule or order of any court of law or eaiufv ■ ■ 
 ence shall bind the directors and the companp.’ ' 
 
 examine all persons, whether bj', 
 mailer.-; relating 
 dc a rule of llm 
 
 0 make, and may a: any such reference ; 
 !• equity; and the award duly made under such refei 
 
APPENDIXNATIONAL LAND COMPANY. 
 
 Construction o! 
 deed may be rc- 
 Icrred to counsel. 
 
 Dissolution. 
 
 Directors to wind 
 up affairs, and to 
 liave all necessary 
 powers for that 
 purpose. 
 
 Provisions of deed 
 in force for the 
 purposes afore¬ 
 said, after disso- 
 
 Discbarge of di¬ 
 rectors, &c. to be 
 made at an extra¬ 
 ordinary general 
 meeting. 
 
 86 . The directors may refer the construction of the deed of settlement, or any part thereof) 
 or the application thereof to any particular case, to Her Majesty’s Attorney or Solicitor- 
 general, or to any one of Her Majesty’s counsel in the law; and such referee may refer 
 such question to any other of such counsel, and the opinion of the counsel to whom either 
 of such references shall be made shall be binding on the company, and every shareholder 
 therein. 
 
 87. The company shall be dissolved by the resolutions of two successive extraordinary 
 general meetings, the first of them convened by one month’s notice, and the second of them 
 convened at an inteival of not more than two months after the first, and by not less than 
 14 days’ notice, so that each of such resolutions be passed by the votes of a majority at each 
 meeting, consisting of at least one-tenth in number and value of the shareholders for the time 
 being of the company. The company shall also be dissolved upon its appearing at the 
 annual audit, or by the certificate of the directors and auditor at any extraordinary general 
 meeting convened for the purpose, that the liabilities of the company exceed its property by 
 more than 5001. 
 
 88 . Upon the dissolution of the company the affairs of the company shall, with all con¬ 
 venient speed, be wound up by the directors, who are hereby empowered to do all necessary 
 or expedient acts for that purpose ; and all the real and personal property, effects, and 
 credits of the company shall be got in and converted into money; and alter payment of or 
 provision for the debts and liabilities of the company, any surplus shall be divided among 
 the persons who shall have been shareholders at the time of such dissolution, their execu¬ 
 tors or administrators, in proportion to the number of shares held by them respectively. 
 
 80. Any share in such surplus which shall remain unclaimed for the space of six years 
 shall be divided among the persons, or the representatives of the persons, to whom or to 
 whose representative payments in respect of such surplus shall have been originally made, 
 and in the same proportions as aforesaid. 
 
 90. Any director or shareholder may be a purchaser of any part of the estate and effects of 
 the company on such dissolution. 
 
 And lastly, that all the provisions of the deed of settlement respecting the powers and 
 meetings of directors and shareholders respectively, shall after such dissolution continue to 
 be in force, so far as may be necessary or convenient for winding up the affairs of the com¬ 
 pany, and the final balancing of accounts; and the discharge of the directors, officers, and 
 shareholders shall be made at an extraordinary general meeting. 
 
 In witness whereof, each of the parties hereto has to these presents set his or her hand 
 and seal, and also delivered the same as hiso r her act ah f deed, on the day and year 
 first above written, in the presence of the person whose name is set and subscribed 
 on the line, and immediately opposite to the signature and seal of such party as the 
 witness attesting the same. 
 
 (Approved for complete registration.) 
 
 25th March 1847. (signed) Fn Whitmarsh, 
 
 Registrar J. S. C. 
 
FIRST 
 
 report 
 
 SELECT COMMITTEE 
 
 NATIONAL LAND COMPAN’fl 
 
 MINUTES OF EVIDENCE, 
 AND APPENDIX. 
 
 OrilemI, iij The House of Commous, to be Prmteil, 
 g Jtine .1848. 
 
 [Pn'ce 9f/.] 
 
 39S. 
 
 Under 12 oz.