The Sun. — London, England, 1852-08-26 00:00:00

fourth DER $Y RACES. (THIS DA Y.) (BY ELECTRIC TELEGRAPH (Continued from oar Third Edition.) The Chesterfield Stakes. Pug Orrock ... Assault filly ... Two others started. TA T TERSALL'S.—T HIS EVENING Six o'cLocx. Nothing doing. FRANCE. General Magnan, in taking the chair of the Coun cil. General of the Bas Rhin, made a speech in which the following important passage occurs : " Yesterday, when taking lesve ef the Prince Presi dent, he told me that he was occupied ss ith the forma tion of a strong and solid army of reserve, which, with out compromising tee safety or dgnity of France, will permit him to effect his contemplated reductions in the taxation of the country." This address had a favourable effect on the Bourse. The following observations on the new House of Commons are from the Assemblee Nationale:— " The composition of the new House of Commons, in England, is at present the object of very natural atten tion. It is stated that, in the new House, there are no more than 154 representatives of the aristocracy, or of landed property. But there are 101 barristers, 18 attor neys, and 100 merchants, manufacturers and wholesale dealers; to these must be added 20 bankers, 11 directors or contractors of railways, three engineers, one builder, one architect, and two brewers; and lastly, the army reckoning in the new House 67 of its members, whilst the navy has only 13 represon' Wives. These, after twenty years, are the results of the Reform Bill voted in 1832. We may state from this statistic which we found in the Times the depth of tho changes effected in the Parlia mentary institutions of Great Britain. We can also see how far the prophetic apprehensions of those statesmen who were the determined opponents of reform have been justified. When Lord Eldon, on the day in which the .Reform Bill was voted in the House of Lords, rose from his seat and exclaimed, Well then, my Lords, old England is no more! on that day the old Chancellor of William Pitt, of Lord Castlereagh, and of Lord Liverpool, read well into the future. In fact, old Eng land is no more. Before the Reform Bill England pre sented the spectacle of a great aristocracy itself. That was her great an d her original superiority. Now, the great families still p reserve their high °facial positions, but that powerful breath which gives life and action to a Government, no longer emanates from the aristocratic classes. The effective and militant influence comes from the middle, tha commercial, and manufacturing classes. It was formerly also the admirable result of that old political organizstion, that the aristocracy was not less in the House of Commons than in the House of Lords. It again found itself there under other con ditions, and more connected with the middle classes, but it dominated there with all the authority of politi cal traditions, and with that moral elevation which makes great governments. It is thus .that through the complicate d and m y sterious machinery of its org - a- D i ee tion, half feudal and half constitutional, that great and illustrious nation presents to the world the spectacle o f a powerful and fruitful liberty, never subjected to the miseries, the infirmities, and the disorder s , which are the pro bably inevitable l o t of free institutions in demo cratic states. England will perhaps n ever aga i n see t hose great assembli e s, which have illustrated her his tory. Her Reform Bill, by enlarging; the circle of the electoral franchise, by suppressieg the rotten boroughs, which were so much cried down, to replace them by the great commercial and manufacturing centres, has lowered in an irremediable manner the level of the Housecife° tHhnhs. Thus, for s, for instance, the Parliament of 1852 has no resemblance to those Parliaments, which by turns were the scene of the glory of the two Pitts. The race even of the statesmen of that time appears to have disappeared never more to revive." PRUSSIA. From Posen the returns of the cholera are to the 20th ; on that date there were 68 new cases, of which 58 were fatal. On account of the prevalence of the cholera, it had been ordered that none but the wit nesses and parties in the causes to he tried should be admitted to the District Criminal Court. From the frontier district the last accounts are still unsatisfac tory, though an abatement of the number of cases in one or two localities is reported; the proportion of deaths to the number attacked continued alarmingly high, and would alone account for the panic de scribed as general. In Ostrowa, from the 16th to the 20th, 21 persons had been attacked by the disease, of whom 16 died ; in all, up to the latter date, there bad been 378 cases, of whom 178 were fatal. The reports still give hopes that the pest is really abating, 89 the cases for the last two days had diminished in number, though in those seized it appeared in a very malignant form. It is especially severe in the vil lages, where the proportion of deaths is still greater than in the towns. In Przygodz'.e. 70 persona, or full one. eighth of the inh a bi tan t s , had been carried off. The last return from Landsberg, in Silesia, is to the 19'h. The total number of cases to that date had been 267, of which 117 were fatal ; 84 were cured. THE CURRENCY. The possible effect of the gold discoveries on the comparative values of the precious metals is an interesting subject of inquiry ; and it is not sur prising that M. Leon Faucher should have de voted the principal part of the essay on which we commented yesterday to a question bearing so di rectly on the monetary changes which have been frequently recommended for tt2e adoption of the French Government. The great mechanical con venience of a gold currency, as compared with the bulky and troublesome silver coinage of the Conti nent, seems to excite little interest in the minds of financial theorists, who are busied with more compli• cated considerations of value and exchange. A slight relative depreciation of the more portable metal may lead to the adoption of a coinage for common use, which will be, in many r es p ects , more a d vantageous the c to ome , l i o. fr —ll i y e .han the old-f as hi one d p il es o f five axle piece s which encumber the traveller in France. The question, however, of maintaing a concurrent gold standard, will nat ura ll y b e decided on different g u r n o d U. e n r d t s h . A 0 Presidencysufficientat of 1.1. Fo u ld, repor t e d t h at no that time existed for any change in the standard. M. Faucher is anxious to prove that the same co i nclusion i s s til l va li d, not withstanding th e new d n r t i se ems certain th a t, at nr e : se v eries in Australia. It at least, the relative advance in the val ue " s too small to justify any legislative of silver interference With thertheeisstandard ; but, as we have already suggested, ; e f i e n r e t n hil e n oto.;t l tendencyspecial other r e l o - f son for the existing equilibrium an influx of gold to cheapen, i n place commodities, the silver which it slid, further alteration of v alum may probabi v alts. Some when the Australian importations shall'huee nued for three or four ye ars. In E ngland the re no question as to the m aterial of our curr v en c e ee The value of our debased silver coinage is only main y: tained by the lave which confines the use of it to small retail transactions. There is no difficulty in sellin g any number of sltillings at their nominal value, b ee cause the issue of silver is carefully adapted to the convenience of the community. Except in a few neighbouring ports of the continent, or in some of the colonies, Et,gliela silver is never seen abroad, while French, Spanish, and Neapolitan dollars circulate in all parts of the world. The only change in the value of gold which can much affect us would be an altera tion in its general value in comparison with other commodities. Nor is the prospect of such a change either alarming or greatly encouraging to 0)34 class, so far as it may operate on future contracts and trans actions. If the abundance of gold should raise the quarter of wheat f rom t2i. t o 41., th e purc h aser w ill not 1 instance aggrieved, nor w ill th e pro d ucer b e, i n th e ra o nstan ce , benefited. It i s on ly i n re l at i on t o ex debg Detracts—or,n in oth er wor d s , to cre di t an d tare e— Th stan at d any depreciati on i n th e va l ue o f the mone - If the xitt a i rd can materiaily affect the commun i ty . the natio u°Zal Debt were due to foreign creditors to the fall o r t l i t be enriched in exact proportion loans were „ n the . standard according to which the are bound t o p , y e t l' e d• The taxpayers of England sum of nearly two n hu fundholders either the capital annual intereedred millions of ounces of gold, or the same medium. I f g()I o a f the debt calculated in the value one-half, the liabilit were to b e di m i n i s h e d i n actly the same rati o . , Azould be r e d uce d i n ex such a result, but th ere Would Is ln ight be hardship in Parties intended to adopt " e no injustice. Both a st and minimum amount of variation ; bu t •ard) subject to a understood that any possible c h, l L, w e a s undoubtedly would be at the risk of the creditor or d i i l the price tively, as the value might fall or rise. debtor reapeo. bore the burden of the return to Cash p ame t a u xPaYer the war, and it is perfectly reasonabl e that hetss.afted r receive the benefit of any fa ll in t he value of n e oV th culating medium. It happens tha t, so far se the E n :: bah Funds are concerned, the creditor and debtor a$ with few exceptions, members of the same con e . I nunitY• The nation wculd, therefore, be neither enriched nor impoverished by the change, except so far as productive capital might be relieved at the expens e of the consumer and the annuitant. The sam e remark will a ply to private liabilities of a permanent character.l'-Ydebts are dis charged at terms tooh Ordinary f an great in termediate chang e in the e ort to allow 0 any great In value of the currency.. cumbrancers, mortga gees te , and . holders of private an nuities would suffer, like fund oldere, though, gene rally speaking, not to the same n ' any fall in the value of gold. In all extent—from . . entitled to a certain number :eases they are simply sovereigns for princi pal or for interest. The currency at the time of payment is the measure of their chinas • • and their l oss , in the event of a gr dual depreciation, will be less than that of the public creditor only because private obligations are seldom or never perpetual. A mortgage can always be called in after a limited period, and the cre ditor can, if he thinks proper, terminate his relation to the borrower before the possible influx of gold can have had time to produce its full effect. Even jointures and life annuities may probably expire before the change of prices, consequent on the variation of the metallic standard, can have received its full development. It is scarcely probable that any attempt will be made to interfere, by legislative measures, with the natural results of the increased production of gold. Yet it is an undoubted evil that the standard of price should vary to the relative advantage or detriment of any class of the community; and it is highly inte resting to inquire, with M. Faucher and many other economists, how far the threatened consequences of the recent discoveries are likely to be actually realized. No question of equal importance has ever been de cided by high authorities in ways more various, and even contradictory. From absolute inoperativeness to total revolution, there is no conceivable result of the discoveries in Australia and California which cannot boast its prophets and its partisans. As to the future supply matter. G e o!' g i sts an d m i ners ca n only guess at of gold, it i s use l ess to speculate on the conclusions which, four or five years hence, will be familiar to e ll t h e wor ld . M r . Wyld's pamphlet on the gold r eg i ons, with its useful map , spotted with ' symbolic y e ll ow , conta i ns , perhaps, all the facts which at present a re positively known with respect to the gold-field s . Th e influence of a given importation of gold most complicated and on the market is, on the other band, a purely scientific problem—involving, however, i s comparatively easy considerations. 1 easy to calculate the per-tentage o ' f . the new supplies, as compared with the gold already in c i rculat i on; b u t economists have not yet determine d the nature of the mass which is to be aff ected b y inc reased product i on. Some writers confine the operation of the latter to the gold market alone; whilst others correctly in clude the precious metals in tho se countries where a silver currency will be superseded. M. Faucher and many other theorists take into consideration, not only the vast mass of paper money, public and pri vate, but the demands of art and luxury, and the wants of countries which at present scarcely use the gilfl beli liability pre cious metals at all. S o f ar as paper money is con cerned, there appea rs to be a fallacy in regarding fboyrmtihneg price pail o m f e t r h e e a c a u k r a r a e n w c l y lyme d b i e e n h t s o of gold. A bank b il l ffiteycted as note or a of exchange is sim ply a promise to pa y a certain amount i of gold. If sovereigns become • cheaper while the document is outstanding, the liability lightened: but, as we have already said, the onl3 real effect of the change in prices would be produced in the relation between permanent debtors and their creditors. It is wholly immaterial to the annuitant or to the mortgagee whether bank notes retain their former value in comparison with other commodities. It is clear that the increased demand for gold, either for circulation or for use in manufactures, cannot arise till the price has already fallen. Gold has al ways been an object of desire, which cheapness would transform into a demand. The extended use of the metal cannot prevent the change of price ; but it will undoubtedly break the fall. Ic is impossible to fare see what amount of reduction in value would bring gold into general circulation through the East of Eu rape. If such a revolution takes place, the increased demand which it will occasion may probably cause a halt in the progress of depreciation. At present, all that can be certainly known on the subject is that, in a few years, our knowledge of the laws which regu late currency will be greatly extended by experience. —Morning Chronicle. THE CLEOPATRA SCREW. STEAMER FOR AUSTRALIA. The sailing on Saturday last of the great "screw," the Great Britain, from Liverpool, with emigrants for Australia, has been regarded in that town as commercial event; and there is every evidence that a new epoch in the history of screw steamers has thus been commenced. The Great Britain will he fol lowed by rrany screws within a few months; and, first, by the Cleopatra, now lying in the East India Docks, and which sails for Port Philip and Sydnei on the Ist of September. This magnificent vessel (iron) is inferior in size and nominal horse power tt toe Great Britain, but being about the newest screw steamer afloat, she is, probably, in virtue of being the last, the best in the world in point of model, speed, and availability for the purposes of an emigrant ship. She is Clyde-built, by the Messrs. Denny (her engines by Tulloch and Denny, who are also of Dumbarton), and was intended for the Braziliar, trade, recent tempting circumstances explaining her sudden diversion to the line she has now beer, placed on. The "speculation" is entirely a Liver pool one, and is the result of individual enterprise, unconnected with any " company"—a single Mersey firm, Messrs. M'Kean and M‘Lerty, in conjunction with Mr. Lamont, an eminent name among the steam-ship owners of Liverpool, having bought the vessel, fitted her, and started her; and her captain (H. R. Cumming) is a very distinguished corn mender of ocean steamers sailing from the Mersey. She is of 1,500 tons, and 300 horse power, and wil carry out about 320 passengers, in three classes, first, second, and third, in these proportions ;—viz , 130 cabin, 120 second, and from fifty to seventy third class passengers. As a matter of news, the "fares" may be mentioned, these including bedding ' linen, and all sorts of stores and provisions, bit not wines or spirits. The fare for the after saloon. 80 guineas ; for the fore saloon, 55 guineas ; the second cabin, 40 guineas ; third cabin, 25 guineas (bedding to be provided by the third cabin passengers). The saloons are superbly fitted up ; and the other cabins, though destitute of all ornaments, are thoroughly comfortable, spa cious, and convenient. The Cleopatra presents, of course, all late improvements in steam-ship construe . tion, and is a model for an emigrant ship. Th e yip. tilation, in the first place, is perfect; and all the re quirements of a long voyage have been folly met There are six water-tight compartments, and crowd: of boats to provide against the chances of wreck; and there are "annihilators " to guard against the more terrible disaster of fire. There is a wonderful " Refri gerator," on a vast scale, in the fore peak, to preserve fresh meat, &c , most of the way ; and there is amid ships a more marvellous machine, a condensing appa ratus, which may be called a still, its purpose being to convert salt water into fresh. This holds 1,000 gallons ; and there is a novelty in the great extent of this application of the principle. Her engines are pronounced by the great marine engine builders as the most perfect yet produced ; and it is noticeable thet they differ from those of the Great Britain, which are on the o sc ill at i ng prin ciple, in being on the lever principl e , w i t h multiply ing powers. Without sails the Cleopatra made a wonderfully rapid passage into the Thames from the Clyde; but with sails (she is full frigate- ship-rigged) she will go at the average easy rate of thirteen knots an hour. She calls at the Cape for coals, and leaves passengers at Adelaide. She is fillibg fast with pas sengere, is fully engaged for goods, and, like the Great Britain, will probably go out to the " di g . Rings" heavy with specie. If these two screws are tailtlaz sufeeessful in their voyages and returns, losing none ?_atheir crews by the gold fever (the Cleopatra is manned with eighty seamen and engine-men), w e costlydoubt seethegreat Liverpool-like enterprises the sailin intervention generally by private merchants, without the such circ of companies; and in that view Le st : t uch a vessel as the Cleopatra, under unit einOsotnimthpeorltoanngt longe st of be regarded voyages, is to fa The --- heavy tunnel li tu ß n z n v e g l s i a i n " r . 131- lEnE FORD RAILWAY. sented such a torrnidabl e ms } , --hi ll , whit has hitherto pre line, is now rapidly adv °-stacle to through some few weeks, a a ucin f i • The 1 1 11 e? arging and end. The workmen are b n u d sil yards ght i s vi a a g l twaY has been securing the bore, which is ? l e gaged i e fr l om end to Wilmot has undertaken to a a ° 2 the arching of this tunnel and other. ra a ; °°° l ,O a tni n g rp r t o i h e s i: s s . '‘ f f o r r . young man was killed in this tunnel a fa -w4 Y immediate death falling of a large mass of stone and eart7h da n sr3. n Bin i ,', ° by the A was engaged in driving the waggons in the u a - n „7" ll ,iis he pears that he accidentally struck dovin one o f ' 1 7 1 : - it ni p_ which caused the mass of earth to fall, cr u bc nre au t ryorts, de- Operations have been commenced near Hereford, at i leath. ceased so muzli in the fall as to cause are, court, and all along the line the works are rapidly a d' vancing. It is said that there will be a close contest between- the Shrewsbury and Hereford and the Newport and Ab er. gavenny lines, as to which shall first open rail communica tion with the city of Hereford, the inhabitants being a z ; tremely desirous that the lines proceeding to it should be completed. They wish to secure a large joint station for all the termini to centre in. CusToms.—Messrs. W. J. Ready and W. Hamp ton, principal gaugers of Customs, have been appointed to the office of inspectors of the guaging department. GIGANTIC OATS —From a field of oats, belonging to Mr. James Wright, farmer, Kilnford, parish of Dundo- nald, two stalks were found to measure in height. the one sic r feet ten inches, the other seven feet. The grains of one a G/ were actually counted, an d f oun d t o a mount to 448 Glasgow Mail.! ECONOM Y • IN ROYAL SALUTES.- -" Scientific Pu nch,—Great obj ec ti on i s ma d e t o t h e waste o f gunpo wder and which is m a d e i n fi r i ng salutes. To save this expense, the at the same time preserve for illustrious personages h onour of bei ng stunned, let me recommend to the notice of the Lords of the Ad m i ra l ty the substance called Quad -1 roehloride of _Nitrogen, which is one o f th e most explos i ve compounds known. You make it by simply setting a jar of goes , of with chlorine to stand inverted in a solution of sal-ammoniac: materials cheap enough. A drop of it no bigger than a pea a loud bang, and a very small quantity of it w " make' a greater noise than a forty-pounder; besides which, 't has the advantage of being extremely dangerous, and much more likely than gunpowder to blow hands off; moreover, of smelling perhaps worse. Of the truth of these statements I smelling pu n ch take m _D - —The Laboratory, y .11, Y., August, 18512." IMPROVEMEN TS f e w days a large number of workmen have been busily en- IN IITI)E- pARK.—Dur in g the last ii by the Commissioners of Woods and Forests in gage- • g Y which runs by the side of the w id e ning the carria e-wa • Serpentine, and making other i -11,ProYeruenta and alterations. SUN, THE LON DON, RAILWAY INTELLIGENCE. EASTERN COUNTIES. Yesterday the half-yearly meeting of th e E as t ern C Company took plac e a t th e L on d on Counties Tavern. The report of the directors, an abstract of tsiteesrday Railway which has already appeared, having been read, The CHAIRMXZT (Mr. Waddington, M.P.) said he should trespass a short time on the indulgence of the meeting while he went into some details on several of the points alluded to in the report, and if any gentleman required further explanation he should be h a ppy to give it, for it was the anxious desire of himself and colleagues that every proprietor should be put fully in possession of the exact position of the undertaking. In the first place, it was his pleasing duty to call attention to the statement of the revenue, by which it appeared that the receipts had increased over those of the corresponding half-year to the ex tent. of 24,2531.45. sd. Of this increase only about 2001. had been occasioned by passenger receipts, the great increase having taken place in the merchandise traffic. He would state the details of the increase, in order to show that it arose, not from imposing higher rates, and thereby curtailing the accommodation of the public, but from a development of the local treffic of the line, and from increased interchange with other companies. The increase of tonnage was, for general merchandise, 61,180; coal, 36,436 ; oxen, 17,724 ; sheep, 64,839; and pigs, 20,616. This steady and sound increase arose, he repeated, from the arrangements tending to bring on the line traffic which it had not hitherto pos sessed, and it was satisfactory to the board of direc tors and to the company to have that proof of the wisdom of the policy they had pursued in recent times. With respect to the reduction of expenditure, no doubt the most important saving which had taken place was attributable to the efficient working of the locomotive staff, not only in the adoption of the most recent and modern improvements for economising fuel, but in a system of renewals in the carriage de partment, whereby the company had the most efficient plant in the kingdom.—(Hear, hear.) But he should not be doing justice to the stores committeee, and to a gentleman who had recently entered the service of the Eastern Counties Railway Company, Mr. Williams, if he did not call attention to the satisfactory state of the store account for this half-year as compared with the corresponding half-year, there being a saving in the general issue of stores, independent of the locomotive department, of 9,3231, or very nearly 50 per cent., and in stationery of 2,4401. He thought it would be satisfactory to the public to be informed that this saving was not effected by curtailing the salaries of the officers employed, or lowering the efficiency of the staff, but by a close regard to economy in the issue of those articles required for the working of the line. In the present accounts another point deserving notice had reference to the permanent way. It would be recol lected that this time la s t y ear th ere was a sum of 8,0001. for the depreciation fund. The directors had considerable doubts whether that should be continued, their superintendent of " way and works" having stated that if they adopted the system of " fisbn . W in e t ; ing" it would not b e r equ i re d, an d h e recommended that 901. per mile per an num s h ou ld be charged for the expenses of the per manen t way , by which in the present half-year 3,1781., being the amount in excess of expenditure for the maintenance of the road during the past six months, had b een a dd e d t o the " deprecia don fund." He believed th a t thi s was a very advan tageous course of proceeding, and one which other companies would shortly follow. With respect to the East Anglian line, he regretted that the Eastern Coun ties Railway was not in a position to hand over the accounts to the East Anglian Railway; but, as the guarantee of the Eastern Counties to the East Anglian was for 8,5001. for the half-year, and as the receipts had been 8,4001., it was quite evident that there could not be any very serious loss in working the East Anglian. It would be observed in the report that the directors recommended for the future an al teration in the dates of paying the half-yearly hate rest on the different guaranteed s tocks of the com .- - ploys as many proprietors of the original console fated stock were also holders of the guaranteed stocks. ft was proposed in this case to put them in the same warrant for payment ; and, as this would be a great simplification of business, it would tend also to a saving of expense. The Hon. Chairman next re ferred to the Newmarket Company and the Great Northern Railway. He observed that the directors of the Eastern Counties had recommended the New market line to be brought under the Eastern Coun ties system, and 5,0001. a year to be paid. This was the time when the Great Northern Company were wishing to form a communication with the New market Company by Cambridge, and, if that had been done, the Great Northern would eventually have got into the heart of Suffolk and Norfolk, and would not only have obtained possession of the New market line, but would have encouraged the Eastern Union to an aggressive system of policy against the Eastern Counties. The result would have been most disastrous if the Newmarket line had not been taken and made a stopgap. The Great Northern Company, finding themselves checkmated on tbat point, turned their attention to another, and that was to have the power of running over the Eastern Coun les line from Peterborough to Wisbeach. The Eastern Counties made arrangements with the East Inglian Company, by which the Great Northern Company discovered it to be its interest to cease seek ing to work over the Eastern Counties line, and to stop short at Peterborough, so far as regarded the right hand of their line. The Great Northern, find ing that the Eastern Counties had obtained possession if those two important links of communication at last turned attention to that peace a bl e policy which the directors of the Eastern Counties Railway had long ago recommended, and the latter then met the Great Northern Company in that spirit which ought ee actuate men of business who were desirous of pro moting the prosperity of any undertaking committed t o their charge.—(Hear, hear.) The result was, that by depriving the Great Northern of the means of mischief; they were enabled to make a fair and equitable arrangement with that company. He made these remarks because he thought it desirable to amalgamate the whole of the interests to the right of the Great Northern Railway for the purpose of ieveloping the traffic of the whole of the Eastern Counties' district. Let them amalgamate were they could work in unison, and where the public interest would be promoted by a fair interchange of traffic, but let them not, to annoy a company, keep up in competition a line which, in periods of great excite ment, was intended to be a competing line, but which bad ceased since to have the power to be so. This had been the course pursued by their directors, and be believed it had been the means of putting into the coffers of the Eastern Counties Company the in creased sum of 24,000/.—(l - lear, hear.) This could lot have been effected if they were fighting and quar relling with their neighbours, who ought to be their allies; and the system cf holding out the olive branch - o those who ought to work in common was the best for all parties concerned.—(Hear, hear.) The Hon. Chairman next adverted to a paragraph in the report of the directors of the Eastern Union Railway, in which it was stated that the Eastern Counties Corn peny were not overscrupulous in diverting the traffic from that line, and, after defending the Eastern Counties Railway from that insinuation, ad verted to the proposed new line from Ilford to Til bury and Southend, a detailed statement of the pro. ceedings connected with which, already publicly known, he gave to the meeting. After the line should be constructed by the contractors, he said that both the Eastern Counties Railway and the Blackwell Rail way, or one of them, were to work the traffic at a it rate of charges, and he recommended the meeting .o give to the directors power to obtain the plant ne cessary to work the line. He was convinced, looking to the district and the number of people likely to pro ceed by the line, not only to Gravesend but to Mar- gate—for fast steamers to run there were to be placed on the station—that the mass of traffic whi c h wou ld _ _ be created would be astonishing. With respect to the line to Harwich, the Eastern Union Company had held out hopes that that line was about to be construction. constructed ; and he had received a communi ca ti o n within the last few days which left no doubt th a t within a f or t n i g ht the wor k s wou ld b e i n ac ti ve North When completed that line, which would convey passengers from Rotterdam, Ant werp,woucd 3 and the different principalities of Germany, one of the most important feeder s to the t astern Counties Railway.—(Hear, hear.) The Victoria Dock s we r e t o be construct e d o n th e line a t on the dock s N i ;Voolwich. Judging from the premium concerns of th e a dres' it seemed to be one of the best reposeconclusion,directors benefit in th e di rectory that con- them to w o rk e ff ect i ve l y ffi a o n dre d tnh t c h ee a cw t o t hm h i c e would mhy n said he did n o t b el i eve that the ' thheesrtecirulie would inter ferensti.ons e T ln he rep e ly uA t i o n D i z t . N ß respect-- traffic on the Ti lb ury and Southend lino D r w . i n th E t rs tr t a h ffi en c o p n u t t li s e om e oe i o , jog . some minor matters connected with the manage ment of the line, w hich led to a n angry altercation, no t necessary to be r e p orted, as it , . had little reference to the business of the day. Mr. HELPS thought it would be satisfactory if the vacancies which took place in the direction in the in terval between the half-yearly meetings were left to proprietors, and be filled up by the prop were not filled up by the directors. He epproved of one day being fixed for the payment of the half-yearly interest on the differe n t guar anteed stocks of the company, a n d " the original consolidated stock, and thought it Would be convenient if the dividends on all the me. tropolitan railways were paid on one day. lie trusted that everything Wou ld be done to complete the line to Harwich. EVENING, AUGUST 26, Mr. Box advocated a trial of the compressed air engine on the Eastern Counties line, as he thought that invention might prove economical. He was of opinion that all the officers of the company through whose hands money passed ought to provide efficient sureties ; and he repeated the question which had been previously asked as to whether the traffic on the Tilbury and Southend line would not interfere with the traffic on the Colchester line. The CHAIRMAN, in reply to these several observa tions, said he concurred in the propriety of giving the shareholders in the po wer o f appo i nt i ng to vacancies in the direction the interval between the half yearly meetings. With respect to the compressed air engine, a complete experiment of that upon the line wo uld cost, includin g t h e eng i ne and necessary appa ratus, about 3,000/.; and he was not aware that the proprietors were prepared to sanction that expense. In reference to the observation that sureties should be required from their officers through whose hands mone y passed, he stated that there was a resolution of the directors to that effect in existence ; and the security of the guarantee societies, and not that of pri vate 'Persons, was required. The Southend traffic would not interfere with the traffic on the old line, for the ScJithencl traffic would be entirely new, a); was evident from the circumstance that all persons now g oing to Southend went there by boat. Mr. Macl.AutiFiv, considering the amount required for the roiling stock on the Souther(' line (72,00 0 0, and the rate of fare to be taken under the Act of Parliament, was sceptical as to the benefit to be derived from that concern. The CHAIRMAN was informed that the company would be able to work the engines and carriages at an expenditure of 30 0001. He believed that the pas sengers who would go by the line would amount to It was then moved and seconded that the report of the directors, auditors, and officers, and the statement of accounts be adopted, which motion was carried unanimously. It was also unanimously carried that the cordial thanks of the meeting be given to the chairman and directors, auditors and officers, for their constant ex ertions for the best interests of the shareholders, after which the meeting broke up. The half ° l ll ea 4 IA" NORTH MIDLAND. y meeting of this company was held Tuesday. at York on Mr. H. S. Thompson occu pied the ch a i r . The report having been taken as read, The fra ...Ha m proceeded to offer some remarks in detailed explanation of the matters th e r e i n r e f e r re d t o . He firat referredto the capital account, notici ng several it ems of increasing expenditure. One of th ese items referred to an additional outlay on the. Tradeli nottingley branch, up on w hi c h the Board of in the widthee the of d a . divide t had requir e d a n a lt era ti on tubular bridge there co ns t ruc t e d. In thi s rectors had arranged w ith th e con tractors to the cost between them. The out lay on buildings was 6,5861., chiefly f or an engine shed, which had been rendered necessary in conse quence of the company requiring additi ona l room . H e pnaeexyt dhyirecAtisseedarte' c tention to the claim a g ai ns t th e com rawshaw, the contr ac t ors , w ith respect to whichhe congratulated the shareholders that they now knew the worst; he als o congratu l ate d them that in many respects the dire c t ors h a d b een out their able to carry plans to a succ e s s f u l i ssue , an d that they had succeeded, during the last h a lf- year , i n obtaini ng three Acts of Parliament, which were of considerable importance as regarded the i n t erests o f this compa n y. O n the whole, he considered their position as not b • very discouraging, inasmu c h as , though they were not d g ot in a position to pay a large divi dend, still they made some progress, as they b a d been abl e to meet larger payments. He alluded to the new line which was asproposed to be made from Hull int o whichfloldernesa, he considered would be of so mu c h importance to the company as to make it desirable that the directors should extend to the promoters of it every Possible facility in their power. He mentioned the tact that the York Railway hotel, which was bei ng built jointly by this and the York, N ewcas tl e , an d Bar wick Company,was in a forward state, and he had no d ou b t that, when opened, it would materially tend to increase traffic .of this co m p an y. Wi t h regard to the smallness of the dividend, he remarked that that was to be attributed to the fact that a less balance had been brought lsa forward from the previous they hats a half-year, an d had to pay a large amount to th e E ast and 'Vest Yorkshire Company, to which they were Theynet liable in the corresponding half-yea r o f m et. - had also been subj ec t e d to considerable competition, which bad obliged them to give additional accommodation to the public, and to run trains which were not in all cas es remunera ti ve . It would be satisfactory, however, fromw heverto the shareholders to know that th e receipts the passenger traffic were very good at present, the increase on the pre sent half-year being rather the traffic. more than 4,0001., which was derived principally from passenger trac. At the same ti me the goods traffic during the present half year they anticipated would be very good. He ob served, from the traffic returns last week, that th e r e was an increase o f over the the corresponding period of 1851, th e t ota l being, in 1851, 11,0041., and this year 11,65 e 1TA s regarded the competition to which t h e company was at present subjected, he thought it was not o a tonly possible but likewise probable that some arrangements might be made ere long by which it would be stopped alto gether. The directors had found that they b a d b e en f able to reduce the reserve for maintai n ing the permanent way to the extent aad of 4,0001. a year, and concluded by moving that the report be received and adopted. Mr. T. PRICE seconded the motion. Mr. Ross, of might Manche Selby Manchester, made some remarks in reference to the Hull and y purchase shares, con tending that money beborrowed for the pur pose of relieving the company .at a less rate of interest than that proposed by the chairman. He pointed to Midland the example which the Company had set with regard to the Leeds and Bradford shares, urging that the credit of this company Midland. was quite as good as that of the The M idland Company had had 1,800,0001. in five montb a " and he saw no r eason why this company snould not pursue the same p o li cy with regard to the shares in question. Th e CHAIRMAN, in r reply pointed out that th e Mid land Company stood ina ep position with rega r d t o th e Leeds and Bra dfor d shares altogether different from that which this company occupied in regard t o th e Hull and Selby shares. Mr. Bastsrow, of Nuuthorpe, inquired in w h a t po sition the claim of thecointpa un company against Mr. Geor ge O Hudson W at the present The CHAIR MAN re plied that e the Cbancery suit was now set down for hearing, and would come on in the November term. Mr. RAMESEY proceeded to as k ' a variety of ques tions affecting minor matters in connexion with the management, and the report was then adopted. The CHAIRMAN moved that a dividend after the rate of 11. per c ent. p er annum be declared, income! tax deducted. —Carried. A committee was appointed to select a gentleman to fill the office of auditor in the room of the late Mr. Cottam, of Manchester. The meeting was th en made special, for the pur pose of consideri n g the p ro priety of raising such sums of money as s hould be consid ere d necessary , issue of addition al shares or stock of the con;anby the exchange for the whole o r any part of thepulayneiya which is now or may be hereafter owing by th puny, at certain r ates of intere st. 8 "ro - The CHAIRMAN proposed a resolution authorizing the directors to create a new stock of the co rn ,4 Y o rk and North Midland pany, to he called,Debenture S:ock," the dividend to be payable half -yearly, on the Ist of J Ist of January y ear and the July in each from the respective dates of the issue thereof—that is of say, any sum not exceeding 250,0001., at the is to al per cent. per an num,, an y sum not exceeding uin 250,0001., at the rat e of 32 per cent. p e r nn suns not exceeding , 250,0001., at the rate of annum, any per sum not exceeding 250 , 0 cent. per annum, any OW., at the rate of 4 per cent. per annum, but the stock to be created in respect of such last-mentione d sum shall only be created and issu ed sub j ect to the ri ght t o call in, cancel, and redeem th e same at any time, no . in not less than six months' notice of the intentiorrg to do, and that the stock sa to be created be is sued so an disposed of from time to time as the dire ctors shalld hink proper. 1 After some discussion the motion was carriedl only :hree bands being held up n gainst it. y A vote of thanks to the chairman and directors concluded the proceedings• MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE. 317noPf37atb WagYarborough held ugh The half-yearly meeting of The yesterday at Manchester. T presided. The r,Tort of the directors was taken as read. The CHAIRMAN, in opening the proceedings, re ferred to some errors in the accounts, extending over a period of four or five years, which had been recently discovered. As soon as their amount had been ascer tained it was thought better to make the shareholders fully acquainted with the whole at once than to spread it over other half years. From the explanations given to the directors by the general manager it appeared that these errors had chiefly arisen out of mistakes made by a clerk, discovered on his removal to another department. In case further e xplanations were re quired by the shareholders, h e would call upon th e general manager to give them. He was afraid that some of those who had indulged in too sanguine ex. p e ctations with r es p ec t t o the effect of the opening of the Grimsby Docks on the traffic of this compa ny would be disappointed that the results had d not realised t h e i r expec t a tions. But if they consider e d to develop the length of time that was nec essary thus© works, to let people who use to go to Hull know that there were docks open for them at Grimsby, they would agree with him that the beneficial effects of those_ works could not be so ! I immediately experienced as he feared too many had calculated upon. He was, however, glad to be able to assure them that the traffic from Grimsby was in creasing week by week, as well as that by the steamers from Grimsby to the Continent. Lines of steamers were now sailing from Grimsby to Antwerp Rotterdam, and Hsmburgh. Some of the directors had thought it right to start these steamers, feeling that it would not be right to wait until other persons came to Grimsby to do so. He had exerted himself, in connexion with two of his colleagues, in forming a company, which, ho was glad to say, was likely to bring a very large trade to Grimsby—the "North of Europe Steam Navigation Company." The works on the Warri ng t on an d Altrincham line were pro gressing rapidly, and on their completion an increase of traffic might be expected on the Manchester South Junction and Altrincham line, in which this company was interested. The opening of the towns fine of the Great Northern Railway had abstracted about 5001. per week of trsffie which used to go over that part of this company's line between Retford and Sykes, but this had not been felt so much as it might have been, owing to the in crease in the receipts since the openieg cf . the Grimsby Docks. On taking the opinion of counsel, he had been confirmed in the opinion he had expressed at the special meeting in May last, with reference to the 6/. preference shares, that they had a priority of claim to dividend over the 101. preference shares, end their arrears. He thought the suggestion which bad been made with reference to those arrears—that it would be well to capitalize them —was well worthy of con sideration, but that was a subject which could not he originated by the dir ec t ors ; t h e pre f erence share holders might take up the proposal. It had become necessary to make extensive improvements and alter ations at Sheffield, Ard wick, Woodhead, and Guide bridge, in order to save them from having to refuse traffic for want of the required accommodation. The Barnsley Junction line had been let to contractors, and the work s t o ena bl e the company to get an addi tional supply o f coa l for the line were progressing actively. The gradients on the line between Man chester and Sheffield were such that the increase of traffic had necessitated the employment of more powerful engines, and this had forced upon them sooner than had been expected the strengthening of the permanent way, which was now in a most satis factory condition. He believed they were right in carrying to revenue the repairs of the permanent way, as they were required. He concluded by moving— " That the report of the directors, and the half-yearly statement of accounts now produced be received and adopted," The motion having been seconded, Mr. J. H. WooD repeated his opinion, expressed at a former meeting, that the directors had acted wrong in reference to the 10/. preference shares. The Act creating the 6/ I Ppreference shares gave them no retro spective preference over the others, and the arrears due to the 101. preference shareholders at the time they were created ought to have been paid before the 61. preference shareholders received anything. The CHAlRMAN—Unfortunately, we are at issue upon that point, and we have only done what is legal . In answer to a question from another SHARE HOLDER, it was stated that Mr. Lloyd was the counsel whose opinion had been taken on the subject. A SHAREHOLDER reminding the Chairman of the promised explanation with reference to the errors in the accounts, Mr. ALLPORT, the general manager, said the errors were in three distinct items. The first was an over estimate of the Great Northern mineral traffic which passed over this company's line between Retford and Sykes up to December, 1851. Previous to the open ing of the company's line, called the Sykes branch, the Great Northern traffic was worked between Retford and Gainsborougb, and then passed over the Great Northern's Lincoln branch, a distance of 10 miles by this company's line. He believed the Sykes branch was about 13 miles, but to be on the safe side, he gave instructions that the amount paid by the Great Northern Company over the 10 miles should be taken as the amount due for the 13 miles. At the opening of the Sykes branch the Great Northern Company refused to render to this company a return of traffic, and it was, of course, im portant to take the beat means of estimating its value. The charge for the 10 miles was carried week by week into the company's accounts to the credit of revenue for 14 or 15 months; but when the accounts came to be settled it was found that the Great Nor thern Company bad carried their mineral traffic at so low a rate that this company's proportion for the 13 miles was less than it had been for the 10 miles, and that the value of the traffic bad, therefore, been over estimated. The error thus produced amounted to between 3,000/. and 4,000/. The second item was also connected with the Great Northern traffic. The clerk whose duty it was to copy the accounts against that company for passenger traffic entered them weekly to the credit of revenue, until a settlement was made with the Great Northern Company, and the clearing-house was advised of it. They, as a matter of course, divided the traffic from the commencement, in August, 1850, and sent down to each company their division of the traffic. By an oversight of the clerk the gross sum was entered in the company's books to the credit of revenue, so that the same amounts had been credited twice over. The amount remained in the books as outstanding to the debit of the clearing house until the error was discovered. This error extended over a period of about four months. The third error arose from an oversight of the same clerk. In the year 1850 he (Mr. Allport) arranged with some parties in Sheffield to cart goods to and from the station—being the Liverpool traffic of this com pany. They were to charge Is Bd. per ton, and he advised the clerk whose duty it was to keep these accounts to deduct them from the monthly account previous to carrying to the credit of revenue the Sheffield traffic. This he unfortunately neglected to do, and the accounts appeared as ou t s t an ding debts. When lie (Mr. Allport) pressed for a settlement the error was discovered, and the company had no alter native but to at once deduct the amount from revenue. He might explain that the current accounts had got in arrear, while an examination of past clearing house accounts for a period of nearly five years, which had been improperly settled, was proceeding. These ac counts were now all worked up, and he challenged any company in the kingdom to show that they had a better system of keeping accounts than was now pursued in the offices of this company. The clearing house accounts alluded to in the auditor's reports would be settled in the course of the week, the only balance now remaining being Si. or 6/., which was as likely to be in favour of the company as against it. In answer to a question from a Shareholder, The CHAIRMAN stated that the directors had not in contemplation to ask for any more money.• In reply to a question from Mr. WHITTAKER, of Staley bridge ' It was explained that the directors bad the power of calling up 660,0001. on the 30th of June, and with the consent of the shareholders they had the power of creating a new preferential stock, under old Acts of Parliament, to the extent of about 600,000/. If the whole were called up there would be about 1,200,000/. Mr. WYLDE said the accounts showed that there had been expended on the property of the comp any 7,550,000/. The working expenses were 68,696/. The interest ou loans and the loss on canal was 67,598/., leaving 1,098/. for tha shareholders, equal to a dividend of 30,000/. preference stock, leaving 5,455,0001. share capital to which there was not a penny for a dividend. When so large an amount of capital was left without a penny for dividend, was it just that 1,200/. a year should go to one individual to manage their affairs ? Would it not be as well to have three managers, at salaries not exceeding 3001. a year, on different sections of the line ' with addition of salaries on the i ncrease o f di v id en d s ? The CHAIRMAN said, one of the difficulties with regard to money was the arrears into which holders had fallen ; and he was ieformed that the gentleman who had just spoken had been four years in arrear, and was now in arrear.—(Laughter.) Mr. Wens Tea said he observed in the report a statement to the effect that arrangements with the Lancashire and Yorkshire Company, more friendly than had hitherto been existing, were likely to throw increased traffic on their line, and that a good under standing between this company and the great railway interests of this country was approximating. He would suggest, and if necessary would move an amendment, "That all agreements in writing with other companies be circulated among the shareholders." The CHAIRMAN was surprised at such a proposal coming from a legal gentleman. He doubted very much the policy of publishing these agreements, and should feel it his duty to resist such a motion. Mr. C. TURNER, M.P., was quite sure, if Mr. Webster had a retaining fee to advise the company on the subject, he would not recommend that these agreements should be published. Mr. PETO referred to some complaints made that the working expenses were heavy as compared with other lines, and explained that it arose from heavy gradients —a goods train out of Manchester re quiring three engines, which upon the London and North-Western would be drawn by one locomotive. He assured the shareholders that the board would exert themselves to the utmost to develop the value of the dock a t G r i ms b y, an d t o increase the receipts up on the li ce , b ut sugges t e d to the holders of the 7f per cent. sh ares th a t it might be wiser to imitate th e conduct of the same class of holders in the C a l e - i donia n , w h o i m p ro ved their own position and that o f the co mpany gene rally by reducing the inter es t to 41 • per cent. The proposition as to the 71- per cent, preference led to some angry discussion, but h ad emanated f rom - Mr. P E T O explained that it himself end not the board. It had be en suggested, however by a large proprietor _off that s t oc k not pre sent, and lie Still thought it was oue of those timely 1852. coLceisions which would benefit themselves while it benefitted the other :shareholders. The report and accounts were ultimately carried by a large in,jority. The CHAIRMAN next submitted motions ccnfirming the forfeiture of stock, and enabling the board to avail themselves of certain powers under the Humber Conservancy Act on paying 3001. a year ; both of which were carried. A motion to hold the meetings alternately at Sheffield and Manchester was negatived. A vote of thanks was given to the Chairman and directors, and the meeting separated. NEW MA Mil; T. The half -yearly meeting of this company was held yesterday at the London Tavern, Mr. C. Fane in the chair. The Secretary read the report, which stated that the opening o f t h e b ranc h line to Cambridge had the effect of improving the revenue considerably, for while the ordinary revenut., for the six months ending 4th July, 1851, was only 3,6331., that for the corres ponding period of the present year was 4,618/. The accounts showed a b a l ance to t h e credit of the re venue of 3,7551., out of which the directors recom mended that a dividend at the rate of 2/ per cent. per annual be declared, amounting to 3 5001., which would leave a balance in hand of 2551 The Bill promoted by the Eastern Counties Company for ob taining the sanction of Parliament to the sgreernent between them and this company received the Royal assent on the 28th of May laA. Notwithstanding considerable opposition from rival interests, the Bill authorising the company to make a railway from Newmarket to Bury St. Edmunds received the sanc tion of Parliament as a measure urgeetly called for by the wants of the district. The direc tors state that the value of the line must be appreciated when it is considered that it will make a continuous line of railway from Ipswich and the eastern parts of Suffolk to Cam bridge and the north and west of England, and will bring the important town of Bury St. Edmunds, and its population of 13,000 inhabitants, many miles nearer to London, besides giving them an easy commu nication with Cambridge, and will facilitate the:trans fer of lime and coals to districts greatly needing. them. The increase, of revenue which will arise to the New market shareholders from the making of this line will insure a dividend to them of 3 per cent. per annum at an early period after its completion. The Parlia mentary estimate for making the line was 121,5001. It was framed under special directions to err, if at all, on the side of excess. Subsequent events having satisfied the board that a much smaller sum would suffice to make the line, the shares were reduced from 121. 10a a share to 6/..55. by the Act lately passed, and thus the liabilities of the extension shareholders are greatly reduced. The board hope to complete the line in little more than a year. Mr. Jackson has made a tender for the works, and as it is considered moderate the contract will probably be finally settled in a few days, and the whole work will then be pro secuted with vigour. The directors congratulate the proprietors on the improvement in the state of their affairs since the present board assumed office in August, 1850. The original line is now completed ; the extension line to Bury is in progress ; there is a balance to the credit of revenue sufficient to justify a dividend at the rate of 2 per cent. per annum, and there is a balance to the credit of capital of nearly 13,0001. They trust that the success which has at tended their past efforts will induce all persons to re pose confidence in them as to the future and give them their utmost support in carrying out the exten sion to Bury, which they are fully convinced will amply remunerate the parties who assist in making the line. The capital account to the 30th of June showed that 457,292/. had been received, and 441,6751. expended, leaving a balance of 15,6161. The revenue account for the half-year ending the 4th of July showed that 8,2381., including 9421. from last account and 2,5001. contribution from the Eastern Counties Company, had been received and 2,4381. expended, leaving a balance of 5,7991 . , out of which is deducted 2,0431. for interest on loans, leaving 3,7551. The CHAIRMAN, in moving the adoption of the re. port, congratulated the shareholders on the improved position of the undertaking. The balance in hand would enable the directors to declare a dividend at the rate of 2 per cent. per annum for the half-year. A great improvement had taken place in the traffic since the opening of the line from Newmarket to Cam bridge, and there could be no doubt that a further improvement would take place in the traffic when the extension line from Newmarket to Bury St. Ed munds was completed. The policy of the present board was exactly the opposite of tbat pursued by the former board. He hoped the proprietors would take the result of the past policy of the present board as an indication of what the future result would be from a continuation of that policy. One of the effects of opening the line from Newmarket to Cam bridge was shown by the increase in the number of passengers over those conveyed on the Newmarket and Chesterford for the half-year ending July, 185 L The number then conveyed was 11,000, while during the corresponding period of the present year 19,000 passengers wero conveyed. The effect cf the policy of the late board was that of leading the com pany on the road to ruin, while the effect of the policy of the present board was that of leading the company to prosperity, as shown by the result of their past manage ment ; and there was still greater prosperity in store for them. He had not the least doubt on his mind that when the extension line was open between New market and .Bury the present lines of the company would pay a dividend out of the net traffic on them of 3 per cent. There were a great number of per sons interested in the construction of the line to Bury, which would not only accommodate a very populous district, but enable the directors to pay a dividend of 3 per cent. on the Newmarket shares, and raise the price of them from 121. to 15/. each. The Bill for the Bury extension line, after considerable opposition in Parliament, received the Royal assent on the 17th of June, and before that period the directors felt so certain of the public utility of the line that they commenced the works at Barrow Bottom. They had been enabled to do this by the liberal conduct of Mr. Jackson, the contractor, who had commenced the works without any contract, leaving the matter en tirely in the hands of the board. The works had been in progress ever since, and Mr. Jackson had made a very moderate tender for the construction of the works, and there was every reason to suppose that his tender would'be accepted by the board. The Parliamentary estimate for the line was 121,5001., and the instructions to Mr. Samuels, the engineer, were that it should be over stated rath«.r, than understated, so that no one should hereafter feel disappointed and have more to pay than was calculated. Now, Mr. Jackson proposed to con tract for the works for 63,7001.; and, after estimat• ing every other expenses carefully, he (the chairman) believed that the line from Newmarket to Bury would be made for less than 100,0001., including land, works, rails, and everything. This line would fill up a gap of fourteen miles between Cambridge and Ipswich. He looked upon this as a most important line of rail way communication, and hoped that every one in terested in its construction would do everything in their power to_assist in making the line.— (Hear.) As to the revenue to be expected on the line he esti mated it - at 201. per mile per week, which was some thing less than half the average weekly receipts per mile of the railways in the United Kingdom. This would give them 14,5661. per annum, and making every allowance for the working expenses they could not exceed 4,5601., and that would leave them 10,000/. to pay dividend on the 100,0001. There could be no doubt they would be able to pay a better dividend on this extension line than had ever before been heard of in the Eastern Counties district. He concluded by moving the adoption of the report. In reply to a question, it was stated that the Eastern Counties Company would provide the work ing stock on reasonable terms, and the Eastern Counties Company were acting towards them in the most cordial and kind manner. Mr. BALL, a director, seconded the adoption of th e report, and in doing so said that the prosperity which the chairman had ascribed to the exertions of the new board was entirely owing to the indefati gable exertions of the chairman himself, and it was but right that the credit of the policy pursued should be awarded to him. When the chairman joined the board it was a broken down concern ; he set to work in every way to r e li eve t h e company from its former disastrous position, and had.succeeded in laying the foundation of its present and future prosperity. Mr. BAKER urged on his brother shareholders the necessity of assisting the directors in completing the Bury extension line as soon as possible. and Resolutions were passed adopting the declaring a dividend of ss. per 251. share, report, at the rate of 2 per cent. per annum for the On the motion of Mr. BAKER, seconded D t Y O the PACKER, a cordial vote of thanks was halbf.eyinegmar.r. passedgement of chairman for his able and successful the undertaking, .ind to the board ably seconding his exertions. of management for BRISTOL AND EXETER. The report of the directors to be submitted to the forthcoming meeting of the proprietors of this corn. pany, stites that the gross traffic receipts for the half year ended on the 30th of June, 1852 (including the sum of 1,9691. received on the Exeter and Creditors Railway), a mount to 111,2561 . , being 3,846/ received on the Bristol and Exeter Railway proper more than in the corresponding half of the year 1851. The working expanses durin g the same p eriod am ount to 49,1141, or 44 . 14 p er cent. upon the recei p ts, or 5331. per mile on 92 m iles of railway, includi ng the Exeter and Crediton line. The number of passengers is 293 614, conveyed 9,082,670 miles; andll4 ti o f goods and coals 100,379 tons, conveyed 3,220,6898 "7 9 miles —making 16,479 more p asse , thin gers, and 25,274 tons more goods ant! coalsla the corresponding THURSDAY ._ ~,,..... -.....*...._ ••....... half of 1851. The consumption of coke is as follows, , 1 . ,. 1 . 2 t e with passenger engines, 27 321 b. per mile; good s ,lit to, 53.541). ; pilot ditto, 87.711 b.; and the cost iii 20i. 9.1 j ''/' • per too. The disposable balance of the revenu t eccount, inch:ding the sum of 17,082/. _brought c. over tram the former half -year, is 54 : 9 7 /. The directors recommend the s'ente dividend- as for the previous six months, at the rate of 4- 2 1 per cent. per annum, or 21 per cent' for the half-year on the 2,000,0001. of cons i stock. This will require the sum of 45,00(}114 I,a t il leave a surplus of 9,0051., which may be deem ed sa tisfactory. The amount received for perpetual pre ference 4 per cent. shares and stock to t he p re.- time is 562,4421. A very large reduction had, 11 1 ) t° the 30:11 of June, been made in the amount of deben tures bearing interest at 5 and 41 per cent. At this time the reduction amounts to upwards of 300,0001, which has been effected by the issue either of pree of fer' ence etock or of new debentures at a lower rat interes:; and the directors are ready to pay off Woe' diately in cash, or lo exchange for preference stock, st a premium to be agreed upon, any 5 or 41 per cent. debentures cf this compenn the hollers the difference of interest fur allowing the remainder of the term. The works nn the No:th Devon Rill way are rapidly progre o ssing , and arcs likely to be completed from Creditoo t Fre: 6,000 i. reington Pill, in the conr , e of next year Kan' . have been advanced to the Exeter and Creditca 1 way Company on recount of their 5 per cent. prbal, ferenee stock. The Act for the Sumerset Ceutre Rail way was pissed without opposition, ocd„,t 1 agreement for the transfer of property in tbe ills' tonbury Canal will shortly he ready to receive the . seals of the two companies. The interest held in Lb . " undertaking by this company now a mounts t° 10,0001., with the right of appointing upon the board of management. The Or li t. per cent. 5,0001. has been subscribed for 5 preference shares in the Plymouth Great 'Western Ther e Docks ; the works are in satisfactory progress. of is now a confident expectation of the comp of t the Cornwall Railway, the financial affairs of thl o one directo r f company having been so arranged as to j u stify L.u, - resumption of the works. The `Pest Cornwall Nett way from Truro to Penzance is o p e ned through°u_ for public traffic. The new Act for the constructl of the Yeovil branch received the Royal assent on t° let t t h o o p f a l‘ r i ti ay, parties of of experience and acknosvledged.resP°b„ and the contract for the works has been sibility. The electric telegraph is in operational. tween Bristol and Exeter, Po that telegraphic 1, 1 rnunication is now established from Bristol to and mouth, London, the north of England , Scotland, the continent of Europe. o f the The engineer's report states that the work 9 t to Yeovil brancb, which commenced in June las ' s ien in progress progress at various points, and, as soon as posses will of the necessary lands can be obtained, the wild ° w b 11 , 1 3 om b p e aei p nn u e dl s i h ni e en d aAfnoudr August, so that the line to Yeo v i I wilithe branches are The way and work s , ° ttohraet condition. From the statement of agcceonuernatlslyiita a SlitiSfile .7 APP ear i s o the there is a disposable balance of 54,004/4 t•-: ,Janet total receipts on account of capital to the 30th of' _..... 1852; amounted to 3,431,7941.; and t he total Ye RY 3 L mets to 3,026 ; 361/ , leaving a balance of 405 P lanc e Therevenue account for tbe half-year gives 3b° in favour of the company of 63,528/. THE CO UN TR Y In-A.R. KET`'' .1 nee LIVERPOOL, AUG. 25.—Thcre was a good at iev " 4 - A lieu to-day of country millers and dealers, who ssi, l ib s themselves sparingly with old wheat at 21: 1 P er ' CI of under the rates of last Tuesday. Flour was Iv 10 0 sale,' at a reduction of is per barrel. Beans an d lowe r. peas nearly ßa quite as low. Oats and oatmeal rather 0 'L I : coastwise —Barley, is per quarter cheaper. Arrivals.-- is a e n_d is m a a r l i t e unchanged y , and Ire!sr oats, 3,167;_ ditto 40;Beons,1 13 ;ditdtiottomaolatt, m e l a l l 6 , ; 2 c 1 ,0 1 8 " 2 e ; ri.jetrto Hour, 734 sacks. Foreign wheat, 5;245; ditto IN!, ..I,' 160; ditto oats, 2,285; ditto beans, 653; ditto s''' 1,365 sacks and 18,213 barrels. , e ilt' at LEEDS AUG 24. There was a fair arrival m var this we e k, with tolerable weather for harvest. _ ~f millers exhibited the same indi ff ,renee to purchase ( I° ,b u 0 . late. The holders, however, were (quell) &Oh 9 - o n r i e y business done was without variation in prce. -tisusly same as before. Oats and shellings aspreTi° Other quoted, Beans were rather dearer a nd scarcer. articles as before. Althoug h , NEWCASTLE CORN MARKET, AUG. 24.--- on accouT. the trade ruled somewhat slow to-days still , that there was not • much wheat o ff ered, aturdlY! prices were fully maintained. Barley met only a limit!! demand at former rates. Flour w as fully as dear. . 11 ' other articles no alteration. The beast NEWCASTLE CATTLE MARKET , AUG. 24.--.... e There was a decided improvement in the demand 1 0 ° . sheep, and all sold. The sale of lambs was net so a '. 6 , 3sat,pe4r6O atone t s b e o e t p mated as last week, 'and prices were a net loWsr the meal MEAL MARKET Alio to G-k i per lb. l a 4 n lts la ; m m bs u , tto 6 n 4 , oo 4:sl tli:e6eif; 51a3036bd, ra .. )4 _There were is meal market to-day 4 sacks ' oatmeal,--'. each, w ei giFe 2801bs. imperial, .which sold thus:-3 at 1/ es. sn. lat .0 ,, cd ; average price of the whole 117 s 10d 6 1 9 ths. 4 po E t- D ba i r N l ß ey u , R w Gii hich HA so r ld R A t N 2 D 33 s 6 T d R . Aw ivttßxx-i.: AU . 2 4 °': 00, o , atstra . w . , from 8s Od to 10s 6cl per kemple of 16 steno to,. wheat ditto, Ps Od to Pa 6d; barley di tto . 7s Od to 86 Hay, from 9d to lld per stone • 9 new ditto, 7d to 8 d • re is D ALKEITH MEAL - MARKE T, AUG. 23.—There sere t he (new) market to-day 55 bags of oatm eal, and l of pot.s.he (new). Sales ready. Oatmeal the sam e as last week 00 bag top, e second quality lid per bag down; p ot-barle y .64 per dearer ; there was no barleymeal in market , Third. Oatmeal, per per per sack, of 280 lbs. First Second 23 . 6a 26s 6d 25s Od 9 0 ,1 dittO .. ::: —3 04 --5 0 4 --s Od Barleymeal, im Od --- Peasemeal ... Od : od ". ... •-• .. Flour ... ... —s --3 —s 04 —3 Od .... 5 .---- Od Pot barley ••• ... ..: 233 6 4 ~....3 0 d ____ T. —Dr.srthra l.• . rke t ,he close of the 111— 133 9 a Widtwell ...........• 14s 14s 96 j Cassop .................... 139 (1 Denison ................ 14; . South Hartlepool 0 3 6.1. South Kelloe ............ 4 „..34 Thorniey ................ 1 3 ; 0 j Whitworth . ......... Tsnnant's Hartlepool, 15 , 3d A.delaide Tees 13s O a d Backhouse .............. South Durham ......... 135 c! St. Helen's Tees ..... 1 5. 6 1 Tee 5........«.• od Wcodhouse Close. .•••• 3 a iDerwentwaterHartley. 13 ' 1 , Nixon's Merthyr m a " 2 1. O LI Cardiff ..............IL. 0s 0 Hetton s i ng le scr. ;, 99. ..... Sold, 65 COAL MAR E' Prices of Coal per ton at t Bate's West Hartley 14s Od nolywell North Percy Hartley l3s 9d New Tanfield _ _ New Pelton Main l2s Od Canfield Moor Butes l2s 6d West Wylam Trader l2i 6d Wylam Wall's End, &c. Gosforth Lawson l3s Od Tyne Main (screened) 12s Od Wellingtonifirtley l3s dd Eden Main Lambton Primrose Eletton Haswell lss 6d! Russell's Iletton Stewart's Ships at market - - .4 RAILWAY SHARE iviAItN ET• • BRISTO, Aug,. 25. STOCK EXCHANGE.— The sill o marlat has been The only transactions reported were-1 36 to - day, but there was not muchr business doing. 4 ex div.—Taff Vale, 166 ex div. LIVERPOOL AtiG. 25. STOCK ExcHANGE. —The share market was not quite so were—Bristol and Exeter, 2v, active to-day as yesterday, and quotations are not se goo d. The sales were—Aberdeen, 13%—Caledonian, 203/4-4',iftbs, Counties, 11—Lancashire and Yorkshire, 81 — Ditto, :., and' 3 15.16 dis.—London and North-Western, 76—South-Eastern and Dover, 21 1 / 4 . MANCHESTBK, AuG. 25. lmited , Swett Ex , - CHANGE.—The business done to-day was . cer e a uut, prices had an upward tendency. The transactioo;.i'6__ _s a t:llow :—Caledonian, 00 y s —Ditto, Preference, 1 0 , 0 4, -t!..tern Counties. 10 `';,.—Lancashire and Yorkshire.,o"efeid, London and North-Western, 12'2—Manches ter , Ja , -- and Lincolnshire, 29 l29.—Midlon , Ditto, New 61. Preference, 7.10 P. Midland, 76—South-Eastern and Dover, 21 5-1 BIRMINGHAM, AuG. 2 5 - is ngain STOCK EXCHAN G E.-Our share market( t b o u t i r ess doing. depressed, and only a limited amount 0 stock , 75;,i. The only transaction reported was—Midland D E Y e sterday aft( r pARTuRE OF THE AECTI'-' 0 • 1 steamship noon, at half-past three, the 'United States mai Arctic, Luce commander left the Duns rraNlew York_d_iti rect, with the semi-weeklY mails, a full cqg v o , ;'` ol 124 passengers. This was the only ship that left La er for any foreign port during the day. sure and [ADvEßTisEatENT.l—Holloway's Pills a excellent Remedy for Female Complaints.—The invigortahtig and purifying properties of these invaluable pills render . _ ,,,e , safe and infallible, and may be taken by females of all 3 6 who are sufferings from• any disorganization of the sytisetiel.traii thereby preventing those distressing diseases which freq occur (from inattention) at the turn of life. It has been 10 contestibly proved by experience that these pills are the verl best remedies ever known for the cure of those disorder! t° w hich females a rc liable, and when taken at certain per'°ds there need be no apprehension of dropsy. As a family medi" t ine they ra nk p re-eminent. —Sold by all Druggists, and 2t Professor Holloway's Establishment, 244, Strand, Londo_ BIRTHS. OF A SON. On the 23d inst., at Cork, the wife of Major Henry p a ge t, Assistant Quartermaster. General. At Frankfort-on-the-Main, on the 20th inst., the Baroness Nordeck de Rabenau, of an hei. On the 23d inst., at S av il e r row, Burlington-garden, t he wife of Joseph Toynbee, Esq , F.R.S. OF A LAUGHTER. On the 21st inst , at Chilton Rectory, the wife of the Bev F. V. Thornton. On the ` ) 3d inst in Albion -place, Hyde-park wife of John M organ, E sq. squar , the MARRIE On the 24th i nst . , a t Dartford C hurch, Henry Thomas, fourth son o f t h e l ate J o h n Hill, Es q., M.D., forine.rly„o! LeicemPr, to Citherine, third daughter of Augustus .Appiv garth, Eq., of Dartford, Kent. DIED. On the 21st inft.. at Berry - tield-house, Bradford, Wills' Ezdkiel Edmonds, Esq., aged 68. On the 19th inst., Cath erine, wile of James Smith, Esq Fitzroy-street, aged 66. On the 21st ihst., at Lichfield, Elizabeth Ptlountford. On the 23d inst., at Jewery-street, Aldgate, Mr. Georg' William Clifton, ag(ti 54. At Brighton, on the 23d inst., aged 19, Susan Margaret, youngest daughter of the late J. L. Turner, of Brooklyn, U• s ' On the 23d inst., at Walton, SuffOlk, W. Lynch, .esl• Loodon: Printed and P ub l ished by BILTHDO YoijlV " 1 2 i, No. 1 12, S trand, Printer, at The Sun Weep Strand, tt'e Precinct of the Savor , in tbe walla ° Middlesex, Munclay, Augat 26, 1842. 4 11 A li e,Priucia at e l 144 Great Brit der e h Person s t o ,. Mention e d oer, 13:52, ta StV PLi c EPIN 81 ; 6 14 W, a A s h, /r4p SITI bi ryix G )4. Obtain 114 d Far t he ho uur " a tit the a! af tetcz°Lnre a thit ed for To t be otIvII) Li -R o . 414/ 01 , C., l ,lref er4 !Akio, u IA tR ERII( or - and el, Dati on e about at p °t . wii w vr N u; aisc ciw ek, cor the toZ al Mat Y Of We ke L arat ilte d Pa Pion to rd rari tow Ai da] , a, ll 4 4'hil Mc tnis.?Pari to ti; nl aY b least/It GA' or fro ,. c n et , ro es , It o os n Gra 41 . 2114Peatca tot e. !.....,... 17 1 6 Iii, is' 113 !S ; 11 Z.Ft,T ri! ev,„7 4 base s Pgoßthe olic; ,Wic] Ne; s 4 ri 64 ro th, ~,q e ntlerr I,Vtrt a k i , %17 4 N a oll; tlii-I,Lettatl e ton ~ reon *t l fir, ~ v 4 a he) 1 Yo ttr hit 4%4 • ! I tri 4 t' " 0 • tthi