. Legislative regulation of railway finance in England . ogether with the reports of the directors should be read atthe meeting. In performing their duties, the auditors were empower-ed to employ at the companys expense such accountants and otherpersons as they might deem proper. After the financial disaster of 1847, general proposalsconcerning the auditing of railway accounts were made, but no resultwas obtained from these attemps. In 1848 a bill was sent down fromthe upper house of Parliament, in which it was proposed that on therequisition of a certain number of shareholders who were ready
. Legislative regulation of railway finance in England . ogether with the reports of the directors should be read atthe meeting. In performing their duties, the auditors were empower-ed to employ at the companys expense such accountants and otherpersons as they might deem proper. After the financial disaster of 1847, general proposalsconcerning the auditing of railway accounts were made, but no resultwas obtained from these attemps. In 1848 a bill was sent down fromthe upper house of Parliament, in which it was proposed that on therequisition of a certain number of shareholders who were ready todeposit £200 to meet the expense, the Government should appointimpartial persons as auditors. The object of the bill, it was re-ported, was to protect the minority. It was urged that as thedirectors were elected by majority, if the auditors were also electedby the same majority, the check would be imperfect. This measure wasopposed .however, on the ground that there was no demand for itby railway shoreholders, and that one might just as well have an. audit of the accounts of the Bank of England. But the financial difficulties of the railways were tooapparent to escape the attention of Parliament. A select commit-tee- was appointed by the House of Lords in 1849 to consider Whetherthe railway Acts do not require amendment, with a view of providingfor a more effectuc. audit, of accounts, to quard against the application of funds of such companies to purposes for which they 2 were not subscribed, under the authority of the committee recommended that the right of inspection by share-holders of the accounts should be unrestrained; that all accountwithout exception, touching or relating to the receipts or paymentsOf the company should be required to be produced; and that in caseof refusal the statutory penalty should be extended from the hook-keeper to the governing body. The committee further recommendedthat the restriction upon selecting auditors from among the s
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