The Sun. — London, England, 1846-01-24 00:00:00

IMPERIAL PARLIAMENT. ROUSE OF COIWIVS, Friday, Jan. 23. RAILWAY DEPOSITS. Lord JOHN RUSStLL wished to know from the Right Hon. Gentleman the Chancellor of the Exche quer, whether the amount of the deposits on Railway Bills had yet been taken into consideration? Last year the amount paid in was 3,000,000/., but this year it was calculated that 9,000,000/. would be the sum ; and that amount might cause a very great depression in the money market. The CHANCELLOR of the EXCHEQUER said he felt exceedingly obliged to the Noble Lord for having given him an opportunity of removing from the public mind any doubt that might have existed as to the cour se the Government intended to pursue on this su l. jPet. The House was aware that by a resolution. of tb', s t an d_ orders of this House all parties enraged in railway speculations were bound to pay 8 de'gosit equal to three-fourths of tha whole exer2ens , _ of the undtr- taking. And by an Act of Parliament passed in a recent session, the parties, making the deposit had a right to have the money invested by the Accountant- General in any way they should think fit. About the middle of November lest, an application bad been made to him by very respectable parties in London, that a definite answer should be given as to the course the Government intended to pursue in reference to that order; and it was then suggested that the resolution should be so altered, that parties, instead of being com pelled to invest their deposits in Exchequer-bills or Government Stock or India Bonds, should be allowed to invest in bills of exchange. To the application so made he gave an answer, which he had resolved upon after due consideration, to the effect that he could not give an assurance of any alteration in the standing order in question. Under these circumstances, he did not feel Justified in holding out any hope that any proposal for an alteration of the standing order in question would be held out, or that he would not resist any such proposal if it should be made. He had every reason to believe Abet the difficulties apprehended from the order as it vow stood were not founded in fact, and that, therefore, he would not be justified in acceding to an alteration of the order. Lord JOHN RUSSELL said he had not put the question with a view to consider what might or might not be the benefits to individuals, but with a view to avoid inconvenience to those who might have misappre. hendea the order. Mr..MANGLES conceived that the Right Hole Gen tleman had ;mien a very one-sided view o f t h e question put by the N oble Lord. he Right Honourable Gentleman the Chancellor uf the Ex chequer seemed to think that this que,etion had nothing to do with any portion of the conelliunity, except those who have been engaged ir l railroad speculations. And I must beg to inform him that the evil has fallen much more heavily upon the general dealers than upon those who were most intimately connected with railways. It has happened within these few days that circumstances heve come to my knowledge which evince that great hardship has been endured by individuals engaged is business. who have, through the want occa sioned by this unsettled question of the railway deposits, been deprived of the accommodation which they have 'usually received from their bankers. Those who have been accustomed to grant that accommodation well know how heavily the pressure has weighed upon those with whom they have to deal. Nor does the evil rest here, for not only is there the deprivation of the means, but the money deposited in the hands of bankers has not only been locked up, but has commanded such prices that those most in need of accommodation are quite unable to obtain it ; and hence business has grievously suffered. He spoke in the presence of many gentlemen who were much better acquinted with matters in the City than himself, but he believed that he was perfectly right in saying that the mischief was far greater to the general commercial community than to the proprietors of railroad property. Mr. MASTERMAN said, that as he had enjoyed the honour of being the medium of commu nication between the parties referred to and the Chancellor of the Exchequer, he felt it necessary to state that when he went to the Govern ment to obtain some definite understanding respecting the railway deposits, he did so from an impression that the question of the mode in which they were to be received most deeply affected the commercial interests. He must acknowledge that his interview with the Chancellor of the Exchequer was anything but satisfactory. The answer he had received left the matter quite in as much doubt as it was before, and it was of more importance, as he knew that within the last 14 days this matter had oc casioned serious inconvenience to several gentlemen of high repute in commercial circles. Mr. S. CRAWFORD said that it wag necessary that the matter should be settled, as it materially affected the interests of the Irish tenantry. Sir R PEEL—As there are measures of equal impor tance with the railway deposits shortly to be brought under the consideration of OA House, I must beg leave to say that I must defer giving an answer to the Noble Lord's question till some days hence. CORN-LAWS. On the motion for bringing up the report on the Address, Mrt COLQUHOUN said that he should crave the indulgence of the House for a few moments, not upon his account, for he felt he had no claim upon them, but he felt that he should express the sentiments of many Hon. Members of that House. He begged to express his opinion upon one of the questions raised last night, and he referred to the question of agricultural protection. He voted last year with the Honourable Member for Wolverhampton, with the opinion that the preserva tion of a moderate protective duty . would be desirable for the country. He was most anxious that the adjust ment of the question should be effected with a view to the benefit of all classes of the country, It was not his intention to enter at length into tae questions which bad been introduced last night, either by the Honourable Member for South Lancashire, or the Right Honourable Baronet ; his fingers certainly itched last night to be allowed to say a word— (Laughter)—upon some of the subjects advanced by the Noble Lord. He heard also with surprise one statement of the Right Hon. Gentleman at the head of her Majesty's Government, which he considered to be of paramount importance—the subject of wages, and he had often heard much better and more able arguments upon the question. He only hoped that these distinguised leaders would indoctrinate their disciples with some better arguments. It may be right to repeal the corn-laws, but do not - repeal them upon false grounds. Do not repeal them on the maxim that wages have no connexion with the price of provi sions. It was a doctrine which he did not find in any of those standard political works which were so often quoted by Honourable Members in that House. He could not, he said, find them in any of those works, down from Adam Smith to Senior. And when the Hon. Member for South Lancashire stated that the produce of the soil should be placed upon an equal footing with other manufactures, and that it was entitled to the same protection, he would be able to show the Noble Lord that there was some diffe rence—a great difference, one of which any mind as candid as his would not fail to admit the force and truth. He had read that morning a speech of the Hon. Gentle man the Member for Stockport, who stated' at Man chester, that if the ports were to be opened now it would be the best possible time, inasmuch as this country could get scarcely any provisions from abroad, because the whole world was contending for the stock of corn at present for sale in America. — (Hear, hear.) If, therefore, the Right Hon. Baronet's anxiety, for the welfare of the population was to be re lieved by the opening cif the ports, he (Mr. Colquhoun) would say, that he hoped his anxiety would be relieved by some other mode, as he did not anticipate the discussion they were to have next week on the subject of the Corn-laws would have that effect. He rose on the previous evening to advert to some remarks which fell from the Right Honourable Baronet the First Minister, but had been anticipated by the Honourable Member for Shrewsbury.—(llear.) He did not wish, after' so able and so eloquent a speech, to occupy the attention of the House, but he felt it necessary to say something on the subject of the appeal Made by the Right Hon. Bart. and to acquaint him with the views he entertained con cerning the relation existing between a party and the Minister. Sir R. Peel had evidently reconsidered his views with respect to political economy during the last three f u T i t i l i (Hear.) theer) He (Mr. Colquhoun) would, however, go re-considerations , of the Right Hon. Baronet, but not very far. The Right Hon. Baronet had remarked that he did not wish to be bound by the views he ent erta i ned in the year year 1842, but he could not forget, and h e (Mr. Col on remembered, when he sat on the opposite bench es, °and acted with the Right Hon. Baronet, that he then regarded regarded him as a very emi nent leader of a p o li t i c .," i:artty.—(Hear.) And here he might be allowed to say, wh e n S ir R. Peel talked of the burdens and anxieties that at tached to office, no man could appreciate thOan services more th an te seals of he did. 'When he witnessed a Minister assumin g office, so far from grudging the Noble Lor d when in office , al l the p ower and h onour appertaining to to the high position he o c cu p ied, he cons idered the honour crushing was by no means a n ade q uate e q uivalent for t he anxiety, the toil, and the actual labour that official m an had to endure.—(Hear, hear.) And being on this side of key, he must say that he heartily rejoiced in an d admired the conduct of those who, on that (the Oppo sitlon aide of politica), acknowledged the industry and the ability which had characterised the Right Hon. Gentleman. On that point entirely agreed. But he remembered when he (Mr. Colquhoun) sat on the other side of the House, they followed the Right Hon. Baronotbecause he professed certain end intelligible principles. And what were those principles? The Right Hon. Baronet professed a strong attachment to the Church—(Loud cries of " Hear, hear ")—a strong regard_ for edpication in connexion with the Church. — =t ar ' 446'14 He professed a strong attachment for al a ris tocra c y on which he now seemed to place such - little v h ) attachment to theHe professed a very strong Crown, ear.- and he did not then say that it VISS a very di/Benit matt er to satisfy an ancient mo narchy,(Hear, hear.) It appe a ts 3 er:/ and tha a reforming public,— had now, however, abandonetdthel Right Hen. Baronet which he held in common with& a lmost every principle same side of the House with him. H e Gee who sat on the was himself most anxious for (Mn. Colquboun) a settlement of the ques tion of the corn-laws on moderate t erms . I t „o„ well had they left this question to thndeeisicra t wo4d thebe country, the proper tribunal—(Hear, hear.) Now it wit not for him (Mr. Colquhoun) to say,whet pled ges THE SUN LONDON, SATURDAY EVENING, JANUARY 24, 1846. the Right Hon. Gentleman had made on Ws question, for he, of course, must judge for himselc ; but those of the agricultural interest had also a rieelat of judging for themselves.—(Hear, hear.) And he re anid say that they were not inclined to abandon those ' t eeinciples which they possessed long ago.—(Hear, hew s .) Had the Right Hon. Baronet gone to the c his course would have beein'aientry on this question, perfectly intelligible. — (Hear.) Was it to be toleeee!,ed that because the Right Hen. Baronet had ser ce?.. l un d e r four Sovereigns— (Laughter)—because 'll°., was, in his opinion, a most ex perienced statesman. and debater, he should be allowed t o guide the 'nelm of 'public affairs " unshackled and uncon trolled '?"—(Hte-ar.) They might be thought bigotted —they might be thought fanatic. Hon. Gentlemen had t a T,erfect Ti g ht, if th e y pleased, to think so. He thoug h too bed, however, that the Right Hon. Bar onet should ebtain the support of the country on one set of princi ples and then reject all those principles which charac terised them as a body appealing to the country. The last month had been particularly fertile in epistles, and, among the rest, was one from the lion. Member for Montrose, which was characterised by the usual good gen9e and straightforwardness of that Gentleman.— (Hear.) That Hon. Gentleman, who never disguised his opinions, said that if it was a personal question they would get a great deal more from Peel than Russell.—(Hear, hear.) Now it yeas just possible that the Conservative party might think that they would be fully more safe in the hands of the Noble Lord than under the former Gen tleman. He was pretty sure that if the Noble Lard to k any course against them, he would be straightforward in his proceedings, and would not solicit the support of the country on one set of principles, and as soon as be ob tained, it turn his back upon them.—(Cheers.) He would not appeal to the constituencies of England for re ligious principles and agricultural protection, and then take all those principles one by one, and then, neck and heels, throw them overboard. He could not but think that the memory of immortal ser vices would keep him true to the performances of sacred principles. Now, supposing they were to have the Noble Lord the Member for London at the head of the Government, did they think that the mea sures of that Noble Lord would vary much from the budget that would be opened on Monday night.—(Hear, hear.) He would not say more on that subject; let them wait till then; but he would venture a strong surmise, that on that occasion the Right Hon. Baronet would only play one card, although there would be a world of mystitication.—(Hear, hear.) Although there were many -persons ticklish on this question, he was happy to see the way in which the English reemen stuck to their text.—(Hear, hear.) Much had been said about the farmers sticking to their text, and he was happy to say that they had done so. Now, what he ea;.d was, let the Right Hon. Baronet play his own game, and take the consequenees.—(Hear, hear.) The farmer on the one side, and the manufacturer on the other, looked with anxiety as to how the question to be discussed next week would affect theta. He would say, before he had heard the Right Hon. Baronet's speech, or the speech of the Noble Lord, that he had been convinced that the corn-laws must give way.—(Opposition cheers.) Why, it was the only card the Right Hon. Baronet had left. lie had been shuffling and playing spades for the last four years, and now he had but one card left to play, and that was the Knave of Clubs.—(Cheers and laughter.) As far as the corn-laws were concealed, he could not see that the country was in greater danger in the hands of the Noble Lard than in those of the Right Hon. Gentle man.—(Opposition cheers.) But then he heard it said that the Right Hon. Baronet was a safe man, while the Noble Lord was a rash politician. If he were asked his opinion with regard to the Right Honourable Baronet, judging from his speech of last night, ho should certainly say that with i egard to his financial policy and to the manner in which he had conducted foreign affairs, the Right Hon. Baronet was evidently deserving of public confidence. In these he had shown prudence and wisdom, and had succeeded ; but there were other points of policy which touched the heart of the people, on which the Right Hon. Baronet was by no means so safe. They were told that the Right Hon. Baronet was the only pilot who could weather the storm. He would ask them to look back to the past, and by it to judge of the future. The services of the Right Hon. Baronet under four sovereigns, to which he alluded last night, were matters of history, and he would challenge the Members on the Treasury Bench to tell him one single complex interest of the country, including its moral and social condition, of which the Right Hon. Baronet had not been at one time the eminent champion, and had not then abandoned it.— (" Hear, hear," from Colonel Sibthorpe.) He had been the eminent champion of the Protestant interest.— ("Hear, hear," from Colonel Sibthorpe, followed by loud laughter from the Opposition, occasioned by the very energetic cheer from the Gallant Officer.) What had become of that interest in the hands of the Right Hon. Baronet.—(Cheers.) In 1835, the Right Hon. Baronet was the champion of the Church of Scotland. He should like to know to what condition that Church had now been reduced, and how by the delays and the deferrings of measures that Church had been strangled by the hands of the Right Honourable Baronet. The Right Hon. Baronet had been considered the for ward and uncompromising champion of agriculture. He was not going then to ask why the Right Hon. Gentle man upheld that interest, but this he would say, that the Right Hon. Baronet had never, since his return to power in 1842, given that question the slightest chance.— (Hear, hear.) They had been told by the Honourable Member for Stockport that the Right Hon. Baronet was skilful in evasion, and they knew that he had passed a Bill the year before which he had changed the year after.—(Hear, hear.) But the Hon. Member for Stock port said that the Right Hon. Baronet had never met the question; that he had never discussed the question of protection on the ground of political economy, on which alone he could explain it.—(Cheering from the Opposition and the Ministerial benches.) The Right Hon. Baronet cheered. His opinion then was that the question could not be explained on the ground of political economy. He (Mr. Colquhoun) then would beg to ask that Right Hon. Gentleman, as a man of mature experience and of great ability, if he meant to say, that when he stood on this ground in the years 1839 and 1840 that all his declarations that the inferior kinds would be thrown out of cultivation, that the farmers would be ruined and the labourers turned adrift, were unfounded? when he terrified the minds of country gentlemen by bis assertions that this question (settle it as they might) would tend to disastrous results. did he mean to say, that in his heart he felt all these elaborate arguments wereutterly unsound ?—( Hear,bear.) Was that the defence which the Right Hon. Baronet in tended to make for his conduct? If he told him (Mr. Colquhoun) that he was really convinced, then he must say that, able Minister as he might be, and a gentleman of the highest ability, as he undoubtedly was, he would find few to echo the same conviction. If be abandoned this because it was a rotten question, then it was sup ported by the most rotten arguments.—(" Oh, oh," from the Opposition.) He repeated that the arguments he had heard last night were altogether of this character. he result had in his (Mr. Colquhoun) opinion been most unsatisfactory, but be that as it might, whatever causes had prompted him to this conclusion, the fact was evident that the agricultural interests in his hands were wrecked - .—(Hear, hear.) Every complex interest in the country, that he had interference with, had been stranded. He could not help suggesting that in an age in which public opinion is so strong, and sitting as they did in a reformed Parliament, lie did wonder at the course of theißight Hon. Gentleman, knowing that he co u ld no t maintain any cou rse without bringing forward the real principles on which it was founded. When he (Mr. Colquhoun) heard the Right Hon. Gentleman in 1843, and listened to his speech on the corn-laws, he felt that as far as the Right, Hon. Gentleman was concerned, the corn laws were doomed ; for, if he could not bring for ward arguments in support of them, he was satisfied that they could not staud. He could see, by looking to the past history, that he could place no confidence in the tact and skill of the Right Hon. Gentleman to maintain the institutions of this country; and he for one was pre pared for the contest for those institutions which was, as they knew, pending, and which was open then. He was prepared to fight the battle with his Honourable Friend by his side, and with an able and gallant oppo nent, rather than submit to be led by one, who might be of the greatest skill, talent, and experience, but was not consistent to his own principles. He could not consent to be led by the Right Hon. Baronet, as the course of his policy would be certainly dangerous to all our insti tutions.—(Hear, hear.) Mr. HU ME said that he was sure that any one who heard the speech of the Hon. Member and his reflections on the Right Hon. Baronet, would ask what all that had to do with the question then before the House. He for one approved or the conduct of the Right Hon. Gentle man alluded to. He had heard the speech of the Hon. Gentleman, a part of which was delivered last night, where be asked the House to reflect on the situation in which he stood, and said that with regard to the face of the country as it then was, it was his duty as a public man to alter his opini on when he was in error. The argument of his friend opposite, however, was that let him be conscious that he was in error and that his act would destroy the country, yet he should persevere in it. He would much rather have the simple declaration of the Right lion. Baronet, who owned that he had been under a mistake for years, and that he was convinced that the principles on which protection was based were untenable. Why, was it possible that men of common sense could follow such men as they had heard that night? M r. Canning changed his opinions respecting the Reform Act, and he (Mr. Hume) recollected when that Right [lon. Gentleman stated that he would take his stand on Old Sarum (one of the rotten boroughs) against any reform. Why, he would tell them that the qualifica tions of that House of Commons, abuse it as they times,anyof t n h d e other a thus might, w as , t h at i t always followed the spir i t of the it t ati w on a s s of that the wEngland,orid had benefited o b e e fi fo ted re by the advanced spirit of the age. And if the case were otherwise —if they were never to profit by the lessons of would it be to ca ll themselvese eri of what use Now, he would t e ll th e Right A t on e . lierative assembly? Gentleman, that no man had been more anx i ous than he had been to pro mote free trade, and put the Church in a proper and he challenged the Hon. Gentl eman to produce one o single motion of his (Mr. Hume's) which was otherwisene than to reform the abuses which existed in the Church. He had proposed upwards of twenty years ago the abo lition of the Church of Ireland. If they were to have a Church there, let it be the Church of the majority. From that time, down to the present, they had been trying expedients with regard to Ireland ; and he had stated, upwards of twenty years a go, that they never could have peace in that country until the Church was put down. That was their remedy now. It was tha t dominant Church that had ruined Ireland, and unt i l it was put down there would be no peace. Th e Ho n. Gentleman might say what he liked, but it was his (Mr. Hume's) beliefpeople , that nine-tenths of the were in favour of the Right Hon. Baronet. And he believed that the course the Right Hon. Baronet was about to pursue would beproductive of thegreatest benefit to the country. It was absurd to say that, because the Right Hon. c ßaronet sat d t o o c n u i t m h e u other side al l o t f u the u H p i o n u i s u e u , s h a e u d m u a s d t b p e t every measure (and no others) of which they might approve, He (Mr. Hume) was of opinion that if he had done so, he would have brought most incalculable injury upon the country. It appeared to bim that one of the most happy occurrences that could possibly take place (and he hoped that it might take place) would be the carrying out of the intentions of the Right Hon. Baronet with respect to the admission of foreign corn.— (Hear, hear.) He could not conceive that any man of any sense, or any one who paid any attention to the duty which he owed to his country, could say that because a man was a party man he was bound to can tinue so. The question of the propriety of the Right Honourable Baronet should be left to the decision of the country. He (Mr. Hume) was not afraid as to its judgment on that head. He felt perfectly satisfied that although the Right Hon. Baronet might in the House meet with the scorn and ridicule of a few of the Hon. Members, yet his conduct would meet with the en tire concurrence of the country. He (Mr. Hume) was anxious for a few moments to advert to one of the para graphs in the Speech from the Throne. He might truly say that with the Speech gene: ally he was satisfied ; his only objection was against one paragraph, and the grounds of his objection were the ruinous effect which would be produced to this country by the present system of abolishing slavery.—(Hear.) Ile felt satisfied that if the Right Honourable Baronet would seek for informa tion from any of the officers a hieh were employ , d on the coast of Africa, he would find that nineteen out of twenty would at once state that the present system of abolishing slavery there entailed immense t x pense of English money, and an extraordinary loss of English life without any really beneficial effects.— (Hear, bear.) He did, therefore, think that a con siderable change should be made with regard to the sup pression of slavery in Africa. He was happy to say that France heartily co-operated with the country in its attempt to abolish the system of slavery. It would be their duty to see that necessary measures were taken to insure the enforcement of the arrangement come to be tween the two countries; and that the fleets were pro perly mounted and placed along the coast of Africa. Every exertion ought to be employed and provision made, so that the object sought by the two countries might be realised. There was another point in the Ad dress—the latter part of it—which he highly approved ; the principle of which had been shadowed forth for some time past, and a great step towards a complete reformation in their commercial system. From this time they might date a new era in the commercial his tory of the country; and, judging from the experience of the last few years, he bad no doubt that the next three or four years, or any other number of years that might be named, would show in no ordinary degree the benefits of the change. So fur he supported the mea sures of the Government, and he hoped that other coun tries would follow their example.—(Hear, hear.) There was another point to which he would refer—that relat ing to the importance of maintaining a good understand ing between France and England. The value of such a union could not he over estimated, and thus united they were able to maintain the peace of the world. He would beg leave to refer to another paragr ph before sitting down—that relating to the state of affairs between the United States and this coun try. Under such circumstancea, it was necess try that the Government showed a firm position. When he saw the people of a country setting at nought all the rules of civilization in enforcing their alledged claims, he would be contradicting the whole tenour of his life if he did not support such measures as would enable the Government to maintain the honour and cha racter of the nation. It was necessary, therefore, that measures should be passed to effect this purpose, and therefore he hoped the propositions of her Majesty's Ministry for strengthening their hands at the present crisis would receive the unanimous vote of the House. — (Hear, hear.) He had been accused on former occasions of endeavouring to cripple the finances of the country, and he admitted that he had, and would still use every exertion to put an end to extravagance and waste ; stall under existing circumstances he held it to be his duty to give the Government his cordial support in these proposi tions for strenthening the defences of the country. — (Loud cheers.) He had thought it necessary that he should make this explanation on the present occasion. Sir ROBERT PEEL said he never entertained any apprehension that the language which had been used by her Majesty's Government, with reference to the settlement of those unfortunate disputes which still prevailed between this country and the United States, could be mistaken. He never thought that the language used by the Minister of America could be mistaken for that used by him. The Government had no hesitation in avowing their sincere interest in maintaining amicable relations between the United States and this country, and, in fact, with the whole civilised world, and of their desire to make any effort, consistent with the national honour, for the purpose of settling these disputes—(Hear, hear.) They had every desire, by temperate language, and by moral in stead of coercive measures, to peacefully and morally terminate all misunderstandings. He (Sir R. Pt el) never believed that either the language or the intentions of the Government would be misapprehended. The speech which the Hon. Gentleman—the uniform and consistent advocate of the strictest economy—had just made, had convinced him that his (Sir R. Peel's) anti cipations would be realised.--(Hear, hear.) He hoped, however, that the measures which the Government would feel it their duty to make would have the effect of promoting a better understanding between the United States and this country. It would be the greatest mis fortune if a contest should ensue between such coun tries. 'With respect to the speech of the Hon. Gen:le man, he wished to tell him and others that he (Sir R. Peel) did not intend to be betrayed into any loss of tem per on that occasion. —(Cheers.) Let him also tell him that the question had become far too important to be disposed of by mere personal recrimination.—(Hear.) He (Sir R. Peel) had thought, after the deliberation which the Hon. Gentleman might have been enabled to give to the speech which he (Sir R. Peel) delivered 1 tst night, that he would have offered some reply to the arguments which he had used—(Hear)—that after the lapse of twenty-four hours he would not have contented himself with passing by those arguments without a single reference to them, instead of a disquisition as to what had been - the policy of the Government with re spect to the Church of Scotland. The Church of Scot land could have no bearing on the question with respect to the United States, whic must be discussed at a very early period. The Hon. Gentleman charged him with having deserted his principles, and with having used arguments to maintain his present opinions which were totally unsound and inappropriate. If the Hon. Gentle man knew so well what arguments to employ, why had he not supplied him out of the plenitude of his resources with proper and sound reasons. He (Sir R. Peel) said last night that if the Hon. Gentleman the Member for Wolverhampton were again to bring forward his question of the repeal of the corn-laws he for one could not conscientiously oppose it on the grounds of protection. Under ordinary circumstances, he did did not wish to press any particular course, but the Go vernment felt that the country was threatened eith a great calamity, and that delay was no longer possible. A great responsibility was attached to those who were in the administration of affairs, and it was a question of policy whether it were prudent to commit the agri cultural interests to an interminable contest on the sub ject of all protection being abolished. The moment that he had despaired of bringing the question, of pro tection to a satisfactory issue, on the same instant ho bad tendered his resignation. What more, under the circumstances could he have done ? He had no desire to retain office on the ground of the necessity of this question being settled. When he gave up any hopes of being able to meet it with effect by a voluntary re solution, he advised her Majesty to call to her counsels those who might possess the ability and power to bring it to a satisfactory termination. He was willing to have done all in his power to have ad justed an equitable settlement of the question. The Hon. Gentleman said that he had deserted his prin ciples ; and, by a rather unhappy image, stated that his fingers were itching to destroy protection. Other Hon. Gentlemen bad charged him with having departed from the course which, under the circumstances, they would, and he ought to have pursued. He had expected to have heard an answer from the lion. Gentleman to the argu ments which he had brought forward cn the previous night. This question ought not to be treated in the strain of levity which the Hon. Gentleman had indulged n.—(Hear.) He could assure the Hon. Gentleman that two months would not elapse ere lie would regret the levity he had shown. When the cold weather had set in he would see the - poor man shivering, starved and naked, in the midst of the cold and privations of winter. On a former occasion, the Hon. Gentleman, by a distinct declaration, had seen occasion to compliment him (Sir R. Peel) in a very high degree. Fi rst l y, h er M a j esty ' s Government deserved great credit for the course they had pursued with respect to the foreign policy of the country; and secondly, they were entitled to every re spect for their conduct in regard to the finances ; and that his (Sir Robert Peel's) mana gement of the financial department, was marked with great pru dence, great wisdom, and great skill. He would remind the Honourable Gentleman that the whole merit of that financial policy consisted in the reduction of duties to allow of an import of commodities which had formerly been forbidden by the strict maintenance of protection. It could not be the income-tax, which bad caused the Hon. Gentleman to consider his Government marked with great skill, great wisdom, and great pru• dente, for that tax bad brought in only a few millions of revenue. No the Hon. Gentleman, remembering his former commercial liberality, not forgetful of his earlier years, intended to compliment him (Sir R. Peel) because he had supplied t e. deficiency in the revenue by the abolition of restrictions which fettered trade.—(Hear.) In speaking of the aristocracy of the land, the Hon. Gen tleman had accused him of having made use of an offen sive expression in conjunction with their name. He (Sir R. Peel) wished that he had power to weigh every ex pression to which he might give utterance in the hurry of debate. It was true he had made use of the words principles, e 4 ox p ai e ln o tse u od d le a n ri s t o o it,. racy," but he could assure the Hon. Gen tleman, on his honour, he intended that epithet as applicable to them on account of their And, r n anhir o ru education,not the haughty taned slightesthigh bearing. and Frre of reference u o uh b el l . e e s isnatetisrPefiedetniuttlit:amollefuh the o t o b li j ts b r efo ß re eady u stated, that in pur • :le should eat I lL ee it l in ) g down than objections Gentleman's speech, he felt m r a ions s. had been intended 0. " ao thetinu make a r n es y pe te n ta c; te fki mwe r hn t a h tt e oh r futthude observationsi suing the public mind, on just and eecisut able h now agitates people with whose welfare his own stns terms with ttat altogether bound up, he should not allow any personal consideration s or private motives to make him swerve from the principles which he had laid down. OREGON QUESTION. Lord JOHN RUSSELL said he wished to ask a question touching the foreign relation, of the country with respect to the settlement of the Oregon tertitory with the United States. From the messnge of the Pre sident of the United States, it appeared that they had come to a definite resolution on the subject, but that there was still room for a compromise. The proposition might or might not be satisfactory, but it did seem to him (Lord John Russell) to require a statement of the terms on which this country would agree to settle the question of the Oregon. He would wish to ark whether any negotiation was pending between the two countries ? If so, be felt satisfied that as the affair was in the hands of her Majesty's Government, the issue, however it might result, would not be other wise than satisfactory. He would say one word with respect to what had fallen from the Hon. Member for Montrose with respect to an increased amount for more efficiently maintaining the naval and military forces.— He trusted that this grant was required only for an in creased regiment or so to be stationed at some of the co lonies, or places where treops were already stationed in different parts of the world. He hoped that it was upon these grounds, end not from any expectation of a colli sion with the United States, that her Muji sty's Minis ters requested this increase in the supplies for naval and military service. Another question occurred to him with respect to the sanguinary warfare in the South Amrican States, "by which," to quote her Majesty's speech, "the commerce of all nations had been in. terrupted, and acts of barbarity had been com mitted unknown to any nation." From what he bed heard had taken place in those encounter., ,there could not he the least doubt that acts of great barbarity had been committed in the place he had mentioned. Now the question he had to put was this, did the Right Hon. Baronet pro pose to lay upon the table all the papers he had re ceived relative to the grounds upon which the Govern ment of this country had interfered with the affairs of the River Plata. Sir R. PEEL would beg leave to ray, in answer to the question of the Noble Lord, that he did not think it probable he would, at this early period of the session, have been called on to give answers to those questions. However, he would say, with respect to the Oregon ques tion, that a proposal had been made to the President of the United States, in which it was suggested that a divi sion of that territory should be made : but the terms that had been proposed for this division were so little likely to be accepted, that Mr. Pakenham had intimated as much as that the proposal might as well be withdrawn. Now, with resptct to that gentleman, he would only say, that though he entertained for him the highest respect, it would have been much better bad he transmitted to the home Govern ment here the usual accounts of what had come to his knowledge on this question. Since, then, the offer of this country had been refused on the terms he had stated, a new course had been adopted, and it had been agreed upon to refer the question to arbitration, but no answer to that offer had yet been received. With respect to the navy estimates, be felt assured that it was impossible for the Noble Lord and the House not to see the neces sity for the proposed increase, particularly when they recollected the heavy demands that were being made upon the country from New Zealand and Hong-Kong. lie should say that this country was now in such a position as rendered it not only wise but requisite, that those estimates should be granted, and that no unneces sary anx'ety had existed upon the subject.—(Hear.) Sir H. INGLIS—No person respected more than he did the observations of Hon. Members upon this subject that he had heard, but he could not help saying that when the proposal for an increase of those estimates was made last night, it was received with Unanimous ap plause from both sides of the House. He would content himself with those observations for the present, reserv ing to himself the right to enter more at length into the subject upon a future occasion. The O'CONNOR DON said, with respect to the coun try with which he was connected, he had seen reference made, in her'Majesty's Speech, to the distress which pre vailed in Ireland ; and he, unfortunately, had had sad experience of the correctness of the accounts which the Right Hon. Baronet had received on that subject, and he was glad to perceive that her Majesty had ex pressed her sympathy with her Irish subjects. But he also perceived reference made to the extent of crime in Ireland. He felt grieved to be compelled to admit that. there were some parts of Ireland in which crime was prevalent, and he had no words in which to express his horror of the barbarous assassinations that had of late been committed in that country. But he would wish to know whether the Right Hon. Baronet, is proposing a remedy for this state of things, had taken into consider ation the proposal of any measure for the adjustment of the landlord and tenant question. He regretted to hear that the Right Hon. Baronet had stated that no such measure would be introduced this session. —(Here the Right Hon. Baronet was understood to intimate to the Hon. Member across the table that he had made no such statement.) He (the O'Connor Don) had been led to understand that the Right Hon. Baronet had made that statement, but he was gratified he had been mistaken. However, he begged to say that no measure affecting Ireland could be introduced which was deemed of greater importance in that country than the measure for the adjustment of the landlord and tenant question. Sir R. PEEL begged to assure the Hon. Member that that question had been occupying the serious attention of her Majesty's Government, and he hoped the Hon. Member would do him the favour to repeat the question a few days hence.—(Hear, hear.) Mr. BANKES said it now appeared that the Right Hon. Baronet had changed his opinions upon a subject of great moment to this country, but he (Mr. Bankes) was yet at a loss to understand the real cause of that change. He !certainly had not informed them of the precise period when that change came over his mind. He had not stated that this change had taken place in consequence of the apprehended famine. Another point which appeared to him to be unexplained and inexplicable, was what was the real necessity for this change, if it was not to prevent the mischief to be ap prehended from a scarcity of food? The Noble Lord opposite had published a letter, and it appeared to him (Mr. Bankes) that this document was really the cause of this change; but why it should be he was really at a loss to understand. He had listened to the Right Hon. Baronet's arguments, and though he did not possess the talent and ability of that Right Hon. Gentleman, yet he did riot admit that he would not be able to answer him at the proper time; on the contrary, he felt convinced that he would be able to give many of his facts and statements a positive denial. He (Mr. Bankes) was one of a deputation from twenty-two counties of England who waited upon the Right Hon. Baronet at a period of great distress in this country, when the question of the duty upon wool was introduced. [Here Sir R. Peel made an observation, which was inaudible in the gallery.] There is however one oversight in her Majesty's speech. It was stated that they will endeavour to make these great changes with as little injury as possible to the great interests of the country—but why great interests? What is to become of the little interests—the farmer—of whom the Hon. Member for Finsbury spoke, wishing thereby - to insinuate that they were not the parties in question; they have, however, a very different opinion ; they consider that it is one in which they are most in terested. There are, however, little interests among the manufacturers of land, as we arc now to call them--and I have no objection that it should be so; call if you please the earth one greet manufactory on which the farmer toils; but let us have the same benefits which you have; these are terms which you cannot refuse. And there are little interests in your manufactures—the hand-loom weavers, the glove makers and others, among whom there is great distress, struggling against great opposition, and reduced to the lowest possible amount of wages. The Hon. Member then urged upon those in power not to take a step further till they could satisfy him, that not only to those whom they called the great interests of the nation, the " proud acristocracy," or what you will, but also that the lesser interests of the state shall be provided for; that they shall not be left to starve as they certainly will if they carry their pro jects further. He gave the Noble Lord the Member for London joy of his Reform Bill—that here are certain Members of her Majesty's Government frightened into changes of opinion, because they dread the effects of the conflict of the classes in consequence of their conflict of opinion. He viewed with regret the existence of clubs and associations, whose language was equal to anything that proceeded from the old Jacobin clubs, but he viewed with still greater feelings of regret a Neckar at the head of the Government. He did not intend any offence to the Right lion. Baronet; he begged of the Government, to appeal to the country, and said, that he was ready most cheerfn}ly to abide by the decision of the country, if they would give it the opportunity of expressing its legitimate opinion. Mr. SHARMAN CRAWFORD stated, in corrobora tion of the statement of 'her Majesty's Ministers, that at least half the potato crop of Ireland was destroyed, the price of potatoes was at least double, and the working man who had lost his crop of potatoes had not the means of buying them at the present high prices. The only substitute for potatoes in Ireland was oatmeal, and that was at least one-half higher in price than formerly, and if means should not be taken to provide for the necessities of the people, there will be a large amount of distress and discontent. He thanked her Majesty for the very kind manner in which she had ex pressed her sympathy for the suffering people of Ireland. The report was then brought up, and the address was agreed to. Sir ROBERT PEEL stated that a communication bad been made to him from her Majesty, stating that she would receive the Address at half-pest two o'clock to morrow. Mr. BROTHERTON said that he hoped Hon. Mem bers would attend in proper time, and not keep her Majesty waiting, as on former occasions they had done. EXTENSION AND PROMOTION OF PUBLIC WORKS IN IRELAND. Sir T. FREMANTLE moved for leave to bring in a Bill to amend the Acts for the extension and promotion of public works in Ireland, Mr. HUME approved of the facility proposed to be given for granting loans of money, to be expended on public works in Ireland. It would however) he , thought ) be satisfactory to k n o w h ow t h e pu bli c money hid been expended by the Board of Works in that country. Sir T. FREMANTLE observed that returns ivOuld soon be laid before the House, showing the sums of mo ney expended since the passing of the Act 1 and 2 Will. IV. Mr. FITZSTEPHEN public grB.-- ., 0 . Wasip-4 requisite lc; moth the ob' f MAU "eIIENCRI dulled that any _...., to be kttaineti by tile Bill for amending the Acts for the ext ens i on an d OW:notion of public works i n Ireland. A g•rant of 50,0001. had been made up on a former cccasion of national distress in Ireland , but the money had b een i m p roper ly applied. The grant was render e d i noperat i ve b ecause th e money hld been given to help pri va t, i n di v iduals to improve t h e ir estates, and n ot +o ii: Aid - ,t plAid;(' '" El " . R" Sir . h ' •u 1., ktGu ,'- sON said the lion. Member was mistaken,-'- the E qQneY was really expended on public works. Leave was granted to bring in the Bill, which was read a first time, and order, to fan xe*d a second time on Wedaesday. The House then adjourned at Half-past Eight o'clock until to-morrow. - #7l:' Dirt( Wil tttott ONE cr.osIRCI BRITISH FUNDS. O'CLOCK. PRICES. Bank Stock .. .. .. .. .. ~ ~ 205 205 Three per Cent. Annuities .. .. • • 94% 31 94% Three per Cent. Consols Annuities .. .. 941,4 '94 04 New Three-and-a-Quarter per Cent. Anns. 96 34 %IA 34 P6l-i Long Annuities, Expire -lan. 5, 1860 .. 10 % 10N Ditto, 30 years, Jan. 5, 1860 .. .. le 3-16 10 3-16 India Bonds, 1,0001. .. .. .. • • .- 25 Cons( is for Account .. .. , • 94% Exchequer Bills. I%d. 1,0001... .. 5001... .. Ditto, Small . 913001 22 19 21 pin. 19 2) 22 Pm. 19 20 22 pm. 19 ONE CLOSING O'CLOCK. PRICES. 82!4. EkVi •. 89 1 , 1 1 3% FOREIGN FUNDS. Brazilian Bonds, 5 per Cent .. Danish, 3 per Cent .. • • Equader Bonds .. Grenada, 1 per Cent .. Ditto, Deferred Mexican Bonds, 1837, 5 per Cent _ Ditto, Deferred. Portuguese Bonds, 5 per Cent .. Ditto, for the Account .. .. Spanish Bonds, 5 per Cent .. .. Ditto, Passive Bonds .. IA 34 Venezuela Bonds, 2 per Cent 42 1 ,A Ditto, Deferred .. 12%34 Dividends on the above payable in London. Dutch Two-and-a-Half per Cent .. Ditto, for the Account 16% 66 1 4 694 42,A that appeared from Messrs. Bates and Co. He waited on these gentlemen, and told them that he would write to the Directors, and he sent the following letter "TO THE DIRECTOIIS OF THE GREAT NORTH AND SOUTH WALES AND. WORCESTER RAILWAY COMPANY. " 289, Regent-street, Jan. 19th, 1846. Gentleinernae.After I had written and sent my letter of this morning's date my attention was called to an advertisement in this day's Times netespaper, signed J. Bates, and Co., Foundry -court. Its purport I need scarcely state as I have no doubt you are aware of it. However, in consequence of my seeing it, I thougtst it necessary to wait on these gentlemen who inforitted me that they had requested you to call a meeting of the Shareholders. That a gentleman frOM Leeds, representing a very large number of Shareholders resident in that town, had come up to Lonti9n with a similar object. litirin# the short time I was at Messrs. Bates' offices, three gentlemen, is fin stated themselves to be shareholders, called, attraeted, like mySalf, by the advertisements fri the Times, and one and all expressed their dissatisfaction at your conduct, and their determination not to pay the extra de posit unless a public meeting was called, end a full statement of accounts given. As I learnt that there is to be a• meeting of your Board to-morrew,ll thought it as well to Make you acquainted with these facts first, and then to ask yelii, In the event of your being resolved to set at defiance the wishes of (from all I have this day in the City heard), your shareholders, I sincerely believe the majority of your Share holders, ar e prepared and willing to give to the present shareholders upon their calling at the o ffice of the Company, and presenting their shares, information on the following points First. The ardent of deposits actually paid, " Secondly. The number out of the eighty odd whose names appear as promoters' in your prospectus that aps plied for Shares, the number of shares allotted to each ap plicant, mid the amount each have paid on such shares. "Thirdly. The names and addresses of the gentlemen who now form the Board of Provisional Managers,' the number of shares originally allotted to each, the amount of deposit paid by them, and the number of shares they now each of them hold. " Fourthly. Whether there Is, or not, sufficient funds in hand to enable the Company to make the necessary de/walla required by the House of Commons. " Such, gentlemen, is the information which I for one think you should be prepared to render to your shareholders before you insist upon another deposit being paid; and I sincerely trust for your own credit and interest,- as well as that of your shareholders ? that you will meet these inquiries in an explicit and candid manner, and thereby secure the confidence of those on whose behalf you are acting. For you may relay upon it, that in thepresentstate of the moneymar ket, and in the present temper of the public mind; also, that without you adopt some such course as I and others have indicated, you will fail in obtaining the payment of the extra deposit, and spread confusion and dissension where all should be confidence and harmony.—l remain, gentlemen, yours obediently, " F. B. COURTENAY." He had stated that he had written this letter late at night, intending to give his servant orders .to post it in the morning ; but before he did so he received the following let ter from these Directors : " GREAT NORTH AND SOUTH WALES AND WORCESTER RAILWAY, " 8, St. Mildred's-court, Poultry, " London, Jan. 19, 1846, "Sir —I am directed to acknowledge the receipt of your letter of this day's date, and to refer you"—(To what?)—" to the advertisements in the daily papers for the information you require as to the present position of this Company. " (Signed), C. HANBURY. "F. B. Courtenay, Esq." —(Cries of " Shame, shame.") Now, he thought he could not do better than send another letter to those gentlemen in reply to this one. "TO THE DIRECTORS OF THE GREAT NORTH AND SOUTH WALES AND WORCESTER RAILWAY COMPANY. "289, Regent-street, Jan. 20th, 1846. " Gentlemen,—l wrote the accompanying letter late last evening, intending to post it this morning, but before I could do so I received a note from your Secretary, acknowledging, on your behalf, the receipt of my former communication. Without, however, affording me the slightest information, or in any way answering my letter, or explaining why you have departed from the announcement in your prospectus tot which I called your attention with respect to the deposits, you refer me to the adyertisemenfi in the papers ! I ask you what advertisements ? Cer tainly, in those I have seen there is no explana tion that affords me information as to your authority. for calling for a further deposit after the clear and explicit pledge given in your prospectus, that no calls should be made beyond the first deposit till an Act of Parliament was ob tained. And, therefore, I cannot but regard the note ad dressed to me on your behalf by the Secretary of the Com pany as a dishonourable evasion of the question. "In addition to the question I have asked you in the ac companying letter, I now beg to inquire if Noll will permit me to read the deeds signed by the Shareholders, accom panied by a solicitor, should I think fit to bring one. " I have only to add, that should your answer to this be as evasive and unsatisfactory as the one I have already received, I shall feel bound to give publicity to this correspondence, in order that the great body of Shareholders may learn how use less it is to endeavour to gain information from their pro visional managers.—l am, gentleman, yours obediently, " F. B. COURTENAY." The meeting might, perhaps, have observed that he might be classed among those persons Who were said to be of " an excitable temperament"—(Laughter)---that he got angry sometimes; and be did confess that he was rather excited while writing the letter he had just read them. Fortunately a friend came in (a great believer in mesmerism), and said, "My dear fellow, what is the matter with you ?" " Oh, this cursed railway."—(Laughter.) " Oh, don't agitate yourself, I will calm you in a minute." He (Mr. Courtenay) told him what he had done, and lie also read the proof of the letter he had sent the Directors. "Oh," his friend said again— " if that is all, I will throw you into a tranquil sleep, and I'll do even more for you, for I will not only soothe your irri tated feelings, but enable you to be present at the meeting of the Board, when you will see the reception they will give your letter. So sit down in your easy chair." Well, after one or two passes, he did certain experience a wonderful effect to be sure.— (Cries of "Question, question," "Go on," and some con fusion.) Well, then, he would tell them what the Board was, and he would pledge his word that if any gentleman chose to believe, and would endeavour to prove that the Committee of Management were aceng properly, he at leait would give him a patient hearing—(Cheers) ; but he asked the same indulgence for himself also. He begged them to ob serve that he had paid 155/. for his hundred shares, and that any discovery -that the Directors were going on in a satis factory manner would be more pleasing than otherwise. He had alluded to the meeting of the deputation with the Directors, one of whom he knew personally, and he (Mr. Courfeisay) only regretted that he allowed his judg meut to be influenced by the majority, for he believed that his own opinion was favourable to the shareholders. — (Hear. hear.) He (Mr. Courtenay) had come to that meet ing to investigate their affairs, and he hoped to hear that his opinion of the Company was altogether erroneous. He repeated that be would be most happy if Mr. Bustle (solicitor to the Company) would prove to him that he was altogether wrong.—(Hear.) He told the meeting that he had paid this motley for the shares he held, and le had held them throughout the panic, because he did think that this was a respectable Company—(Hear, hear)—so much would he dp that he bad offered to one of the Directors to pay . up the additional call of a pound a share, if ho received a distinct pledge, that, in the event of not receiving the sanction of Parliament, his hundred pounds would be returned to him.—(Cheers.) He would rather trust one individual of the Board than the Board itself as a body, until at least he had got some expla nation ; of their affiurs.—(Continued cheers.) He had in. tended to tell them what had occurred during his mesmeric sleep, but some gentlemen did not seem to care for the ac count. He was in the hands of the room, however, but he had only intended to tell Mr. Bushe, if lie bad time to listen, what answer he had expected to have received from the Board of Directors. Mr. I.3tisne—l will wait, if business is to be done ; but I think your mesmeric sleep has nothing to do with it. Mr. COURTENAY—WeII, he would pass that by. He would abandon mesmerism, and confine himself to the merits of the case.—(Loud cheering.) Gentlemen would observe, that in the prospectus issued by the pro moters of that undertaking—in the nineteenth paragraph— the following announcement ;—" Subscribers wilt be held liable only to the extent of the first deposit until the Act of Parliament,shall have been obtained, and afterwards only to the amount of their subscriptions." Now, that was the paragraph, and a most hnportant one it was to the share holders. But he would, in addition, call their attention to the let ter of application for shares. "To the Provisional Committee, &c.—Gentlemen, I requestyou will allot me—so many shares— and 1 hereby undertake to accept these shares, or so many , of them as you may allot to me on the terms of your pro spectus, to pay the deposit thereon, and to execute the Par lihmentary agreement when required." Was that not per fectly clear—in fact, could there be any mistake about it. He knew that it was said that the additional deposit was required to meet the Standing Orders of the Housc of Lords, But he would ask Mr. Bushe if that prospectus was issued before this regulation was determined on by the House of Lords ; and if it was, he would ask again why the Directors did not withdraw that prospectus, and say to the public that in consequence of this alteration they would be obliged to alter the principle on which shares were to be allotted. That would have been the straightforward and honest course. But Mr. Bushe said they did not do that. Mr. BOSHE—You did not ask me a single question cn the subject ; certainly I did not answer one. Some other gentle man did so, but not you. Mr. COURTENAY was sorry to find Mr. Bustle's memory so defective. He did ask! Mr. Bushe, if, when! the letters of allotment were issued, the Directors had put in a notification of the alteration they intended to make, and the terms on which shares were to be granted, and he understood that gentleman to reply, No. He (Mr. Cour tenay) had not the honour of being an original shareholder, but others could tell him if such a notification had been made.—(Cries of "No, certainly not.") But Mr. Bushe stated that he had teld thousands of shareholders of the in tended alteration. Mr. BUSIIE—I stated that I had informed gentlemen who held shares to the amount of some thousands. Mr. COURTENAY maintained that the Provisional Directors and the Solicitor to the Company were bound in honour to give notice of the alteration, and the terms on which they meant to allot the shares. They were bound to state the extent of the alteration, and leave it to the p plcants to take up their shares or not, a s th ey m i g h t think applicants Had they adopted this line of conduct, there would have been no necessity for that meeting.—(Cheers.) They did not, however, do so, but they made this other call, in order, as they stated, to comply w ith th e stan di ng or d ers o f t h e H ouse of Lords. He might be wrong in the impression he enter tained, but he Imagined that until they received the sanction of the Commons, there was no necessity for raising this money—(Hear, hear)—that was, if the deposits were fully paid. If they had received the affirmation of the House of Commons, he was sure that no Shareholder in that room would hesitate to pay up the beg garly additional pound that was required of him. He maintained that the respectable position of. the Company could only be maintained by the solicitor giving a full and explicit explanation of the affairs of the Company—(Cheers) —and he called upon him, therefore, to state the number of shares originally allotted, with the number allotted to the promoters of the ilne.—(Hear, bear.) There were 88 names on the Provisional Committee, and 71 of these were locally interested, who, if the line paid only 2 per cent., would perhaps advantage by the transit of natural or arti ficial produce for their own lands to a much greater extent.. The speaker then, at great length, contended that by their present proceedings the committee were ruining the scheme. That in the market, and ho had authority for say ing so, the shares would not bring 2s. 6d., and ls. 3d. - of that would be absorbed by the broker's charges. If these questions were answered in a satisfactory manner, if their affairs could bear investigation, no man of sense could doubt that instead of their line being at 7-Bths discount, it would be at least at par if not at a premium, and such meet lags as had lately taken place at Glasgfaw and Edinburgh would be avoided. The Directors could not deny that the table was groaning with letters of inquiry from the shareholders.—(Hear, hear.)' Mr. BUSHE—Their table is inundated with scrip. Mr. COURTENAY—You may hold the scrip, for you will not get the money.—(Hear. hair) When they waited en the •••••....• Directors there was a great looking for scrip in cupboSrds, but no sections, no traffic tables were produced. A SHAREHOLDER said, amidst the utmo st confusion, that he considered the speaker was occupying too much time in his address.—(Cries of " No, no ;" " Yes , yes ;" and " (I° on.") Mr. C end.—a 1 0 I l e aßrT,EhNeeavr.) Th e said he was e e d nt m it 3 l , e s d tifi t c o at b io e n h e o a f rd o t e o p t r : rectors, their steady refusal to give the informa tion sougbt! prset their experience of railway projects, justifie d theshareho lae in the course they were pursuing. Let them also lookd in the number of banks daily failing, a list of which a pp eare Times of this morning. With these feelings he was perfectly jultificd in proposing the following resolution : t . " That, under the circumstances now detailed, this Mee_ e is of opinion that it is not expedieet tiO pay the second ac posit, and that such payment be resisted? — ( Cheers.) Mr. Bum asked if he would be alloweet to ad dress the meeting before the resolution was passed or es.ter• — • - ( C r i es of " After," Before." he COURTENAY said when he and others saw °erect; tors whose naives obtain, es they could not they set. _the guarantee that those shareholders who did not .pay second depeteit would be entitled to be present at the meese or. the 31st. 111 Mr. Buell, in reply to a question, said he attended in of official capacity, by the express desire of the Board, and° resnect to the meeting.---(Hear, hear.) (.;apt. BACK having secoeded the nrotiort, Mr. Been proceeded to address the meeting. lie es. said Mr. the gentleman who lied addressed the Meet7e, was an original Shareholder or not he should meet lyit h ei e e v del attention from him as the solicitor cf the Company: -"` not now intend to follow him into detail, but would deal le:l ) the more prominrut features of this address. He (Mr. girth his fattier and grandfather, had been long connected big the City, which was a sufficient guarantee of s respectability. He certainly felt proud to be asel_cd ciated with the gentlemen who composed the nw i ee If they wished to know who they were, let them ask in l".e City, or at the Bank of England.(Hisses.) They had acts like mien of honour and of business, and w th every desire promote the interests of the Company; and if they ha ee n e obtained the eespect of the Shareholders, they ought to hefee done so.—(Yes they had.) He was entitled to be he';',','; as patiently as the gentleman who had proposed y tr, resolution, who had in t.'e course of his address u sed flowers than facts.—(Cries cf " No, no"—" Go to the noll:e —" What have you done with our money?" and unril; If they would hear him, he would compress all he 110,`L„, say into one paragraph. He then referred to all the letilloia, which he bad addressed to Messrs. Bates and C°" is chore for the shareholders, stating that the Dire e - eoe would give their ahplication 'the fulllest cosesicreir;',„oo at their next meeting. The Directors had not De arly but their original shareholders, to pay the increee e This posits.—(Great uproar, and cries of " Shuffling," " fie time all the scripholders must pay the additional call.") e s had several times endeavoured to address them, but emei time he had been interrupted, Ho wished to state facts, f or if he was interrupted again he , would leave the meetinge. he was of opinicn that in business matters there should `1„"f no noise or uproar. With respect to the observation s fL Mr. Courtenay, he did not think that a respectace; member of the profession ought to reply to them.—(F li „., 6s o„ and cries of "What do you come here for ?") The Direto who were respectable men, had committed themselves wer a dvertisement that two-thirds of their deposits were ," touched, and deposited in a safe place. Then all the prell e s nary expenses up to 31st Dec. had been paid. The prospeerae was printed and issued before the order of the House of I" ye was sent forth. It, of course, placed them in an awkard tion, but if they had withdrawn their prespectus and pu i ; t. fished another, they would have had to pay 10/. per l ie s deposit to the House of Commons. The great question co how they were to go into that House. If they had notZ et s vided the 5/. per cent. they would not have had all *s et standi. We advised this as the proper course to his par e 4 and the clerks of the firm would state that parties bold l 'e thousands of shares had been informed of the course teo proposed to take with respect to the deposits. All the ele.rto, and others he had sent into the country were instreet e s c ` say that it was possible that an additional deposit of ~ might be necessary. He looked to the original subscrie 53 and not to the purchasers of shares, for the increased 'deP t e l e and the proper time fora public meeting to consider P/bat : el the Company should take should not be determined the opinion of the original shareholders, who were respoa' ble, cobld be obtained. [Several gentlemen here said that when Mr. Bush's elerl called upon them, they said nothing about the probabilitYli, an additional 51. per cent. being required. Great noise h at sued at this, during which Mr. Bush Bush put on hie h and seemed about to leave, but some one cried " Mr. DA' going, w and amidst great hissing he retired to his ph,,,e e 'icle A SHAREHOLDER wished to know what amount of l' posits had been put away? Mr. BUSH. --Two-thirds. A SHAREHOLDER.—Too much. • Mr. Kiereeest—Have they sufficient money to go to Fer° ment with.—(Hear, hear.) re the Mr. Busk—l will advise the Directors to PrePitidel, statements required, and to submit them to the filigree'', at a future day. That is my advice—it is sound, an d abide by k—(Hisses. e ° A SHAREHOLDER s ) aid he had bought several sh es g e 10s. or 12s. premium, believing that it was a good Co o P n torl' and he did not think he or others were wrong in this oP" e ot The acruing shares towards Mr. Bush would t he have been uttered if he had fulfilled 0 0 statement with which he set out—that he was thel' S JI behalf of the Directors, and that he wonld reply statements made. If a guarantee would be Fieto to him that the money was aground to g° 19 Parliament, He should not object to pay it- ee $ wished to know from Mr. Bush in what position %nib purchase of scrip, would be as a shareholder, a f ter the v" of January, if he did not pay the additions' deposit. IV Mr. 'Buell said that his position would be theirs. to shares would not. be forfeited, but it would be Rabies forfeiture. As I stated to the deputation which waited fp him, with Mr. Courtney at their head, who seemed t?, fl oc forgotten what he told him, that the Directors wow' e lie play " snap" with the Shareholders, and forfeit this at O f o'clock at ni g ght en on the 30th ofJanured iary. The samegentleman th en inquin what position r a scripholder be at the meeting, if he did no.t pay the A tional deposits ? s t i" Mr. Busts said he would be in the same Thosition a tiell original holder, according to the terms of tlicr deed. 19 the shares were liable to forfeiture if he did not Pay' had stated this to the shareholders scores of times- r ef' A SHAREHOLDER said they were bound to calf %be e r e ing for an earlier day than the 31st, or to postpone lb, r ment of the deposits to the 4th of February.—(Hears) ;se; Mr. BUsHE said he represented gentlemen who were.; bad pable of such conduct as that attributed to them. The } not the power to alter the time. Let them come quiette a ve meet the Directors. He would not advise them to po eti ;es; the meeting. He would compromise his character by g , :,aer, bad advice, because a few gentlemen, who were labouring "or' a mistake wished him to do so. The meeting well kne w they could not have a majority in that meetleit' but a small portion of the shareholders were Pr oet The Directors would have no packed meetinge e ee, ll would invite all to come, in order that the 1 ;09 particulars might be laid before them. They have ample financial and other statements. 3 1° A SHAREHOLDER—We shall be out of Court on the 0,1 31st of January, if we do not pay the,,,to o He did not mean to say that the MID°, would take an unfair advantage of the subscribers. d no t they the power, if I present myself at the meeting' a n , e bring a banking receipt for the said deposit, to eel .° adMr.mission? t off Busir said the advice he would give to the Pi rec lid would be this, that, scrip or no scrip, any man w il° signed the deed should be admitted.—(Hear, hear.) ,_„ t V The SHAREHOLDER said so f ar h e was sa ti s fied, " I'4 l Directors, it appeared, had the power t o exc l u de thole e s; sons who had not paid the second deposit. He, for pill:, l e" would go and pay up this call, but he should like CO L ' fo p i O f in possession of this—he would d o so with ou t an y hall)" 114 insinuation—was it incumbent on the shareholders ter i l o s second call, according to the s t an di ng or d ers o f the .0° Lords prior to the Bill passing the Commons ? 131 Mr. Buses said, with respect to the House of Lo!" - t1to advice would be this—not to go into Parliament uniee z ' e , could carry the Bill through all its stages in both 11005e,fafr After some remarks from Mr. Bushe, Mr. Finch, I‘ l ,, r * lips, and Mr. Peacock, the resolution was then carri ed mously. ree °l f Resolutions empowering the meeting to take lega du ct ° to stop the further expenditure, and censuring the coll et ed' the solicitors, Messrs. Bushe and Mullins, were.thell and the meeting broke up. BANK OF ENGLAND. fc‘ (From last Night's G aze tt e .) ‘ 'A to Aecount, pursuant to the Act 7th and Sth of Victoria, AO -,6. the Week ending on Saturday, th e 17th d a y o f J an uary, I ° . " gg ISSUE DEPARTMENT. X. ° 15 ;9 e •• • • 26,573,910 Government debt • • 1 ,, , 96 gob Other securities •• • • 00 9 0 Gold coin and bullion Silver bullion le• Notes Issued.. £26,573,910 X 26.51 e r' MARSHALL, Chief C 0 846. Dated the 22d day of January, BANKING D X. Proprietors' capital 14,553,000 Rest •• .• .. •••• • . 3,341,777 Public deposits (in eluding Exchequer, Commissioners; of National Debt, Sav ings-banks, and Di- •vldend accounts).. 4,710,957 Other deposits ...• .. 11,254,618 Seven day and other bills.. 1,009,030 X 34,869,382 IZUSINESS CLOSIIsiG PAID. DONE AT PRICES. ONE O'CLOCK. 5 .... PRICES OF RAILWAY SHARES. Aberdeen .. • • • • • - Amber., Notting., Boston and Eastern Junction . • .. 2% 3 • ... Bideford and Tavistock .... 0% •• • • Birmingham and Gloucester.. 100 ...130 .. Birmingham and Oxford Junction 2 .... 3M 3 Bristol and Exeter .. .. 70 .... 84 83 84%.... Buckinghamshire .. 425. .... %% p Caledonian .. .. 10 .... 14% ... . . . Ditto Extension 2%.... 3 1 / 4 1 4 3..... Chester and Holyhead .. .. 15 .... - Chester and Manchester .. 425. . Cornwall and Central Devon .. 2%.... Direct Manchester (Rastrick's) M 4 Direct Northern .. .. 2 2 . • Dublin and Belfast Junction .. 5 .... 6 %.......... Eastern Counties .. 141. ifs. .... 22% % 1 / 4 Do. Perpet., 5 per Cent. No. 1.61135. 4d. % p. Ditto, ditto, .. No. 2. 61. 13s. 40. f % p Edinburgh and Glasgow .. .. 50 , •.•.• • . • • • Ditto % Shares .. .. 5 .... 15 . .• . . Ditto New IA Shares.. .. 7% .. . . - ..... .. . . Edinburgh and Perth .. .. 3 .... Aberyst., & Cent. of Wales 1% .. 1 Goole, Doncast., and Sheffield, &c. 425. 1% p Grand Union (Nottingh. & Lynn) 1%.... 1% Great Southern & West. (Ireland) 15 .... 22 ...- Great North of England .. ..100 .. • Ditto, New .. 5 Ditto, New .. .. 5 Great Western .. .." 85 Ditto, Half :41.ares .. 50 .. Ditto, Quarter Shares .. 5 • • Guildford, Farcham, & Portsraoth 5 .. Hull and Selby .. .. 50 •• . Ditto, Halt . hares .. .• 7 ... Leicester and Bedford 225. .. Lei ester, Tamworth, &c. 428. Liverpool and Leeds Direct .. 2% • Liverp.. Manch., & Newc. Junct. 232 .... • •• • London sad Birmingham ..100 .... ••• • • • Ditto Fifths .. 2 .... 23% 23 London and Blackwall .. 161. 13s. 4d. 9 1 / 4 Ditto Extension .. • . .. 3 •• • • 3 % • • London and Brighton .. .. 50 .... 67% ..... •• • • Ditto ditto Fifths .. .. 10 .... 20% 20 .... - London and Croydon .. .. 131. 15s. 9d. 22M London, Hounslow, & Western .. 2 .... 1 1 / 4 IA ...... • London and South- Wes'ern .. 411. Gs. 10d. .... ••• • • . Ditto, New Consol. Eighths .. 28 42 . ..... London and York .. .. • • • • 2 •- • • 4 % •••• • • • • London and Windsor .. .• 1 .... London, Warwick, & Kiddermins. 2% .... 2M London, Salisbury, and Yeovil .. 2% Manchester and Leeds.. .. 82 .. Ditto, Fifths 1 .. 12% Manchester and Birmingham .. 40 .... 77 IA Ditto, Quarter Shares .. .. 4 .... Ditto, New Quarter Shares .. 2 .... 9% Manchester, Buxton, & 3latlock 425..... 2 1% Manchester and Southampton .. 2 .... 3 Midland .. .. • . ..100 ....152 153 Ditto, New .. • . .. 12 .... 28 29 ....... • Ditto, Birmingham and Derby 100 .... 122% 122 Newcastle and Harlington Junct. 25 • • • ...... dis ..... ... 50N ... 32% 33 32.... • • 90 • . 19 20 . 2 % Oh 130 P•••• • • • • 3% 84 1 , ?t P 14 IA Ir4i dis % P % P I% P 1 %, P N P 2 1 f, 31/2 Ditto, New, Brandling 20 •• .. 53 1 % 533; Newcastle and Berwick .. .. 10 .... 21% 21 ...... 21 1 Newark, Sheffield, and Boston .. 2% .... % % 2% North British .. 17% .... 2434 . Ditto, Half Shares .. 336 .... 7 1 4 % 7% Ditto, Carlisle Extension .. . 3 1 ,E 3. North Kent and Direct Dover . • 2 36 .. • . 3 3% • North Staffordshire .. 425. •• .. 33 p• • • .... 334 p Norwich and Brandon .. 18 .... 25 25 Northmpton,Banbuiy,&Chelthm. 2 .... Preston and Wyre .. 25 .... 35 .... • • .... 35 Richmond .. .. 10 .... 153 1634. .. • . 16% Shrewsbury and Birmingham .. 2 34 .... 4 .......... 374 Shropshire Union .. 425..... 34 p........ 1 / 4 p Somersetshire Midland .. 2%.... 3 South Midland .. 42s .... 32% p South Eastern and Dovor 88% .... 38% Ditto, New (iss. at 321.) No. 1. 15 .... 19%34 1934 Do., New (do. 331.65.8 d.) No. 2. 10 .. 13 ....... 133{ 1)0., New (do. 151.) .. No. 4. 2%.... % 3% South Wales .. 23 .... 3 1 ,6 ..... . . . . . 3 % Trent Valley and Holyhead June. 2%.... 13 Welsh Midland .. 236 .... 21% ...... 1 Wilts, Somerset, and Weymouth 2 34 .... Yarmouth and Norwich .. .. 20 .... 27 York and Carlisle .. .... 3 .......... 3 York and North Midland .. .. 50 .... .......... Ditto, Extension .. 15 .... 40 .......... 4 FOREIGN RAILWAYS. Bord., Toul., & Cette tMackenzie) 2 .... 2 Ditto, ditto (Espelete) .. 2 .... 2 .......... Demerara 2% .... . Dutch Rhenish 5 8 774...• East Indian .. 55. .... 1% ...... Grt. North. of France Constituted 5 .. .. 15 14%54.. Great Indian Peninsular .. ss. .... Great Western Bengal .. ss. .... 1 Jamaica South Midland Junction 1 .... 4 Luxembourg .. .. 4 .... 2% Namur and Liege .. .. 4 .... 3% Paris and Lyons (Laffitte's) .. 2 .... 2% West Flanders .. 4 .... b%•• •• Real del Monte, Unregistered 2% 3% 2% 5 MINES, - .... 4 ....... GREAT NORTH and SOUTH WALES AND WORCESTER RAILWAY COMPANY. MEETING OF SHAREHOLDERS—(THIS DAY). A meeting of the shareholders of this Company was held to-day, at the Guildhall Tavern, in conformity with a reso lution agreed to at a former meeting, in consequence of the Directors having refused to accede to the request of a depu tation appointed by the shareholders to inspect a balance sheet of the affairs of the Company up to the present time. At the meeting at which the deputation was formed, a reso lution was agreed to not to pay the additional deposit of IL per share, demanded by the Directors. Josiah Bates, Esq., was called to the chair. The CHAIRMAN said, that as many shareholders present were not aware of the preliminary meeting that had been held on Wednesday last, it might be as well for him to state the circumstances that had originated the present meeting. They were all aware that the Managing Committee of their Company had advertised that an additional deposit of U. per share would he required, with a condition that if it were not paid on or before the 30th instant, that the shares would be forfeited. That a nnouncement naturally produced dissatisfaction among a considerable number of shareholders, and they seemed to be in doubt as to what steps they should take under the exist ing circumstances, and at a meeting, a committee was nominated, and a deputation appointed to wait on the Board of Directors, to request those gentle men either to postpone the payment of further deposits, or to call a general meeting to be held at the London Tavern. The Directors refused to call a meeting, but stated that if the deputation would retire they would consider what course it would be best to pursue, and after a protracted discussion had taken place, of course they were informed that the Directors had agreed to call a meeting for the 4th of February. The deputation then requested them to extend the time for payment of the deposits beyond the 31st, or to announce that the shares would not be forfeited in the failure of meeting the demand at that period. The deputation then proceeded to ask the Directors a number of questions,—to be allowed to see the traffic tables, and to be informed what number of Directors had paid their first, not their second deposit. These questions the Directors having refused to answer the deputation withdrew. It now re mained with the meeting to agree as to what steps should be taken to protect the shareholders. The meeting was open to discussion and any gentleman would be afforded an oppor tunity of expressing his opinions.— (Hear, hear.) The SECRETARY then read the notice convening the meeting. The CHAIRMAN said, that there was one remark which he intended to have made before calling on Mr. Com tenay to make his statement. It had been stated that the gentlemen who had commenced that agitation were persons who had purchased their shares at discount, and that they expected to realise a large profit by breaking up the Company. That he denied, for every one of the gentlemen had purchased at 15s. premium.—(Hear.) Mr. COURTENAY said he had purchased shares at 10s. per share premium, and was informed that no further deposit would be required until the Act of Parliament sanctioning the Bill had been obtained. He saw in the prospectus that such were the terms. He need not tell them of the panic still existing in the share market. In full reliance that the Com pany was promoted by respectable persons, and that the terms of the prospectus would be adhered to, he became a shareholder. But what was his surprise to see in an advertisement in the Times, requiring 11. additional to be paid?—(Shame.) He thought it right to make inquiries, and accordingly cal'ed at the office of the Company. On applying there for some information, he was asked whether " he was an original shareholder?" and when he replied that he was not, he was told that he had " no right to any information."—(Shame, shame.) He was also told, that if - persons got shares and signed deeds they must abide the consequences. He then addressed the following letter to the Directors of the Com pany : i ‘ TO THE DIRECTORS OF THE GREAT NORTH AND SOUTH WALES AND WORCESTER RAILWAY COMPANY. " 289, Regent-street, Jan. 19, 1846. " Gentlemen,—Some short time before the panic I was induced by a friend to purchase 100 shares in the above railway, at a premium of ten shillings per share. Previous to doing so I inquired the amount of the deposit, and was informed that It was only one pound, and that no further call would be made till an Act of Parliament was obtained. The correctness of this statement is borne out by one of your prospectuses, which I now have before me. It states the capital at 2,000,0001., in 100,000 sharei of 201. each. Deposit, IL per share.' In the nineteenth para gtaph of the same prospectus, I And the following alitiotitic@metit, viz.:--' The subscribers will be held liable only to the extent of their first deposit until an Act of Par liament 1 . 5 obtained, and afterwards only to the amount of their subse'riptiali! " I am tally aware that yent annottnce as your reasons the tieceasity of cisintplyinOi.With the standing Orders of the House of Lords. But, with all due respect t 6 yothSeives, f protest against this being any justification of your flying in the face of the announcement made in the paragragph I have brought under your notice. You distinctly state that until an Act is obtained no further call shall be made. Even if you have this right—which I for one dispute—why, in the present state of the money market, exercise it? Why not act as other respectable companies are doing (the Grand Union for example), and wait till there is some solid prospect of passing your Bill through the House of Commons ? " If everything in your accounts is fair, and your deposits are paid, what need of any further capital at present; or, at any rate, why not call a public meeting of the shareholders, them a Intl Rcconnt c the pre:Lnt 719t0. of veur pros pects, the amount ut . expenses up to the present time, and of the cash in hand? In my opinion, unless you act in the fair and honourable way here pointed out, your call will be in vain. Waiting, your reply, " I remain, Gentlemen ' yours obediently, F. B. COURTENAY." After having cent that letter, he obeorrecl the adyertieement ozp.&RTMENT. Government securi ties (including Dead 3, 13 0 . , Weight Annuity) • • 0114 i, 0, Other securities • • • • $9'46P Notes 0 6 Gold and silver coin • • 0 0 M. MARSHALL, CliierC ; 0 . 846 - 00 .0 RAILWAY REVENUE OF 1845.—The rec•i• g belo4, the first half-year amount to upwards of 3,680,00 01, f increase of 600,0001., on the corresponding half-yea r °, O O l O, Putting out of consideration the London and Birtilots, ot the Grand Junction, and the Midland, whose rec., e f 4 c olto know, have largely increased, but which are al tr ibufr o g comparison owing to the amalgamations, we may a fo ilooo , large portion of the increase of 600,000/. to the OC ° ii, lines, and in the following proportions :—The Ea Bt , t e joV t lel ties, 40,0001.; the Great Western, 47,0001.; the 0 0/._;_,o 10,000'.• the Brighton, 20,000/. ; the Croydon, 27, 71 Ift ; South-Western, 13,0001. ; the Manchester 811 4 - 9,0u; e 0; 36,000/. ; the Newcastle and Darlington- 3 1009 the Preston And Wyre, 7,000/. ; the Sheffield and t he n ool. ter, 23,000/. ; the South-Eastern, 48,0 00 /. ; , Vale, 6,0001.; and the York and North Midlavc!i e d 1 0 : o g The total gross receipts of the railways for the 15 5 130" th e dom fur the year 1t45 have been almost 6,650, 0 t iv 0( 01; an increase of 1,100.0001., or 20 per cent. over th e o f 1, 1 0 year 1844; 1,800,0001., or 37 per cent. over thel Pter and 2,3000,0001., or 54 per cent. over those of 1 84 " es .t l o af are most encouraging prospects for future h° l3 i t aill ,t;a 6 prise. The working railway property of Great O to ptf l ot therefore be reckoned as worth from twenty t°,.,„ bto millions more at the present moment than at t" oo toPi t year; in other words, a clear increase of that a vg . been added to the productive capital of the cel ee "; or lo re true that some additional lines of railway hav e rid is re' during that period, but their amount is small , 1 1 , ep is than counterbalanced by the omission of certain L venue not included above. —Railway Chronicle. Dated the 22d day of January, 1 --- _ . __--- P 4 '' BIRTHS. 4.m— -sicheli, ot On the llth inst., at Florence, the lady of Joh n ilte ° Forcett Hall, Yorkshire, of a daughter. ~Acofii ie On the 16th inst., at Bishopsteignten, DeVOLl,the ."-_______ Lionel Place, R.N., of a daughter. Ol4 _ M I_ A ore ARRIED. On the 2d ult., at the Cathedral, Bombay , l '.. i rrate 6llle' Tanner, Esq., to Mary Catherine,'eldest daughe r of tii E. Hook, Esq. DIED. 0 f tbo 14(e .1 S. On the 3d inst., at Clifton, Anna Mo nro, wi f e - Hamilton, Minister of St. Mary's parish, Trinidad. - 02 ,„ o f .1 4 .. ° Lipet , ~ulsil, ~_ .4 London : Printed and Published by lIURDO l' - ' d, in ale ;oar, Strand, Printer, at 771 e Sun Odioe, No. 112, Stran,,, r dso, rr of the Savoy, in the geaaJg, of lifjallorai. 0140'.- ;3. 11402 c z a 'l* hi to th,