The Sun. — London, England, 1848-08-23 00:00:00

Ind ing t ct the Ftec the ion to ,ma o 3eg -00 slr• aid eat before the Committee of that House should lay facts before the House upon which they might arrive at .1 conclusion on this subject, and he certainly thought that when the proper time should conic for taking such decision, evidence of a valuable nature would be found to have been given. Ile had been glad, he must say, to hear sonic of the opinions which had been delivered by the Right Hon. Gentleman. He Was not quite prepared, at the same time, to accede to the accuracy of the Right Hon. Gentleman's account of all the evidence which he had brought under their notice that even. ing, and particularly of that which had been given before the Committee by the Governor of the Bank of Ireland, for that gentleman had said lie conceived that the Act of 1844 hail given greater stability to the Bank and greater confidence to the public.—(Hear, hear.) He should rather, then, have said that his evidence was favourable, and not unfavourable, to the Act of 1844. The Right lion. Gentleman also stated that which certainly was not stated at the earlier periods of these discussions, viz., that the commercial distress of 1847 was in no degree traceable to the Act of 1844. But that was not the language that was held in the autumn of 1847, when the commercial distress was attributed to that Act. With respect to the report of the Committee of the House of Lords, it was certainly not in favour of the views w hich he (the Chancellor of the Exchequer) entertained of the Act of 1844. It said, however, and particularly in the evidence from Glasgow, that speculation—railway speculation—was very rite in Scotland, where failure overtook the commercial houses there, and that those which did fail in that part of the country were more or less engaged in that speculation. Mr. Gurney, too, stated most distinctly that, in his opinion, the Act of 1844 had nothing to do with causing the com mercial distress in question—and that certainly it had nothing to do with scarcely any of those great failures which took place before the month of September. It was some satisfaction to him, he must say, to find this confirma tion of the views he had himself expressed on former occa sions, and that, further than this, there had been evidence given which bore out the observations ho remembered lie had himself made, as to the injurious tendency of the want of precautionary measures on the part of the Bank of England at an earlier period of the year, than that at which they were ultimately adopted. With respect t o the time at which the Government's letter to the Bank of England was issued, it could not be doubted that the result of the week in which it was issued showed that they were right in sending forth that letter. Mr. Gurney, too, spoke favourably of the principle of the Bank Charter Act, and anything lie had said against it was only in conse quence of the pressure that took place under it. As re garded the operation of the Act of 1844 in a drain of gold, all the witnesses before the Committee of the House of Lords Were agreed, and said that it was precisely that which, even if that Act were not law, ought to take place. As to the case of its checking an issue arising from a speculative demand, if an issue of paper tended to produce speculation, then a restriction of the issue must be beneficial. The Act 0 11344 was admitted to be useful in limiting the issues of country banks; and if an issue of paper by country bankers Would have the mischievous effect of aggravating prevalent evils, similar issues, not based on gold, by the Bank of E ngland, would have produced the same effect. The evidence given before the Lords' Committee showed the nature of the crisis which took place in October last did not arise from the want of circulation of bank notes, for there were in the hands of the public 4,000,0001. mdre than p t he 'wants of the country required. The evidence of Mr. ney was almost conclusive on that point. Mr. Horsley Palmer' stated in his evidence that from the best opinion he could firm there were nearly 3,000,0001. in notes issued Merely for the maintenance of credit, and not for the pur- Poses of circulation. He thought the Hon. Member for Mon trose had correctly represented that period, not as a currency bat as a commercial crisis.—(Hear, hear.) The question was not what was the amount of ? paper which Ought to be substituted for gold, but the question was, what Measures were necessary for supporting public credit, and ...Preventing the recurrence of an extreme state of panic and ' t arn). Mr. Tooke was of opinion that nothing could be more Mischievous than the issue of paper for the mere purpose of supporting credit, and that the Bank never could do any thing more injurious than to issue merely for the support of c ommercial credit. The fact was that no fixed or certain r ule could be laid down for dealing with such crises or emer gencies, which were exceptions to all rules and all laws, and must be dealt with accordingly.—(Hear, hear.) He could not see how any fixed principle could be laid down for dealing with such contingencies--extraordinary cases de manded extraordinary remedies. Let them consider what Would have been necessary to support credit in 1847. But, in the first place, let them reflect on the sort of credit which t hey would have been then called upon to support. He would just read to the House a portion of the evidence of Mr. James Andrews Anderson. Mr. Anderson was asked— n..“ What we re th e o ther causes to which you attribute the aullculty 2—The great cause was the investment of a large amount of capital in railways, and the speculation concomi taut with that investment. I mean the purchase and sale— the gambling, in fact, in shares of railways. Was that speculation very rife in your part of Scotland? a--It was, among all classes. " Were those houses which have suspended payment during 1847 and 1848 generally engaged in railway speculations?— Yes, almost in every case, more or less. " Their accounts have, I suppose. a good deal come under Your notice ?—Yes ; when I say railway speculations, I should perhaps say speculations in shares generally; be cause there were speculations in other shares as well as railway shares ; but the railways were the great source of speculation. " Did you find that parties drawing bills took unusual Deana of obtaining money for the purpose of carrying on t ailwarspeculation?—Yes ; a considerable part of the loss sustained by the bank with which I am connected arose 'torn that cause, from parties ostensibly drawing bills for their business transactions, which turned out upon their failure to hare been drawn aga inst railway speculations; . L they :were .represented to. be b u siness bills, but in reality they Were drawn in or der-to support speculations in railway shares. " Will you explain how that was done ?—A cotton manu facturer connected himself with a cotton twist dealer , and t he one drew bills upon the other, which we supposed were for the purchase of twist for his manufactory; and it turned out Ito be nothing of the kind, but merely connected with specu ,lations in shares." -Now this was the description of credit which was prevalent in 1846 and 1847—a fictitious credit. A drew upon B and B drew upon A. for no real transaction of any sort, kind, .or description.—(Hear, hear.) - A system of credit was thus built up_ of the most mischievous description, The moment the slightest check interposed in the facilities for obtain ing money, the whole fabric tumbled to the ground— the bubble burst, and this was one specimen of a system of credit not based upon gold. Neither the Right Hon. Gen tleman-the Member for Stamford nor the Hon. Gentleman the Member for North Warwickshire had stated what amount of paper issue they would have based upon credit. If they had done so he would know how to deal with them ; but when they were told that the Act of 1844 had obstructed a fair support to the commercial credit of the country, he liked to call the attention of the House to the sort • of credit which was prevalent at the period adverted to, and which was manifested by the evidence of Mr. Anderson. He objected to this proposal as vague and indefinite—he objected to it because it pointed to the relaxa tion of the Bill of 1844, as the only possible remedy for any commercial distress or discredit which might exist in this country. If commercial distress and discredit took place coincident with adverse foreign exchanges, he thought the remedy of both Honourable Gentlemen ( Mr. Herries and Mr. Newdegate) inapplicable, according to their own admis sions, for a contraction of paper issue would be the necessary consequence of adverse foreign exchanges. Again, adverting to the opini ons o f M r . T oo k e, h e m i ght state that Mr. Tooke was of opinion that a paper currency ought to be a mere sub stitute and representative of gold—not the representative of any national debt or tax. If the paper currency was to have any reference to bullion, and that it surely ought to have, be would like to know under what circumstances it would take place if gold was unattainable? If paper was to be 'the substitute of gold, why should paper be obtainable when gold was not to be had ? An Hort. MEMBER But there were fourteen millions locked up in the Bank. The CHANCELLOR of the EXCHEQUER was pre pared to defend the propriety of obliging the Bank of Eng and to limit its issue within a certain amount. But the question after all came to this. Both Honourable Gentlemen admitted that the paper issue ought to bear some relation to the amount of gold in the coffers of the Bank. Then what relation were they prepared to substitute for the present one?—(Hear, hear.) The Hen. Gentleman opposite had al luded to the case of Hamburgh, in which he said paper Was issued as a substitute for gold. In Hamburgh it was true they had a paper circulation, but all the paper that was out was represented by silver in the coffers of the bank. The bank gave a receipt for the silver, which was equivalent to holding so much money. Now suppose a state of commercial discredit to occur in Hamburgh, and that it was proposed that the bank should issue a receipt for silver which it had not received, would not that be consi dered a very rotten system? But it was nearly the same thing to issue Bank of England paper in this country which issue would not be based upoh gold. With respect to the recommendation of the Committee of the House of Lords, to"which the Right Honourable Gentleman had ad verted, it was true it recommended the removal of the re strictive clauses of the Act of 1844, and the restoring to the Bank the powers of issue, and which would not tie it down to the amount of gold actually in its coffers. Mr. Gurney had upon this point truly stated that the removal of such a restriction would be' a perfect abrogation of the Act of 1844, and if that question was to be discussed, it was better that the repeal of the Act of 1844 should be proposed to the House. But before that was done, they ought to bear in mind what had Occurred in 1840 and 1841. A Committee sat upon that subject in those years, and all parties were then agreed that the amount of issue ought not to be left to the unfettered discretion of the Bank of England. (Hear, hear.) Having had the honour of being the chairman of the Committee then appointed, he must now say that it would be most monstrous and inconsistent to do that now which all rational men who had considered the subject then objected to. The Honourable Mem ber for the West Riding (Mr. Cobden) had then stated the sound and just opinion upon the subject—that beyond the maximum amount issued' upon securities, the remaining issue ought alone t o t a k e pl ace upon gold. He could see no advantage in giving Government the power of relaxation, and Mr. Fullerton was of the same opinion. It was con trary to what had been recommended by the Committee of 1841 to leave the full discretion in the Bank of England—it Was totally adverse to the Act of 1844, which, however, left the recommendation of the Committee of 1841 untouched in its provisions --namely, that in extraordinary cases, as in 1825 and 1847, there should be some department possessed of Power to act according to the circumstances of the emer feucY- Such, 'too, was the opinio n e nte r t a i ne d by M r. Hus ,lBson- If those crises should again unfortunately occur ."Y must be dealt with according to their peculiar eir ,eTtistances; and he believed in the words of the Committee ?' the House of Commons, that it was far hett-r it should be left to the di,cretion of the Goverument to tateriere .when it might think tit than to attempt by law to for • a state of cireutu-tanee. ratio!, neither were liiiusc im nor anticipated. Mr. Gurney, when asked what were the circu mstances which would justify the Government in inter fering, replied that it was impossible to state them before hand, and in that he (the Chancellor of the Exchequer) quite agreed. Mr. Gurney was clearly of opinion that this Power exists where it might and must be of a discretionary character. The remedy which under one state of circutn stlinces might be useful and availing, might, under another position of affairs, be useless and unavailing. He had been le d away further th an h e oug ht t o h a ve been with thi s dis c,easion, but as th ose t op ic s ha d b een b roac h e d, an d as the *light Hon. Gentleman urged the Government to give some opinion upon them, he had thus far trespassed on the at tention of the House. He had only to say, in conclusion, view wheneve r thi s subject was brought forwar d w i th the zi of inquiring a n d com i ng to a prac ti ca l conc l us i on , h e d be ready and willing to exptain his views; but he uta thoulght the pr esent d i scussion would not lead to any prat:- conclusion acid therefore, as he remained unchanged in his forme r views,' he must move the previous questron. me ndm en t was ThreeTheamendment orfourHon. I,tilienlenbporust. ad dress the House. The S Mr. Spooner, left the House rose simultaneously to •oPl(runheirr.oenr,fohraavinfgewgivneinipporteesc,ednenntcemtro. having documents,been so absorbed adv with the arrangement of ins roar of laughter addressed d the table,and amidst a advanced vacant ant chair thus S peaker, I rise for the pu r p ose. " The laughter of the Holisre. called the attention of the lion. Gentleman to the absence, the Right Hon. Gentleman, and lie sat down. When thr Speaker resumed his seat, Mr. SPOON ER said he was of opinion, notwithstanding what the Chancellor of the Exchequer had stated, that the Right lion. Member for Stamford had laid a strong ground for the adoption of his motion. The Chancellor of the Exchequer said that the Government would interfere to suspend the operation of the Act of 1844 when a state of things similar to that which existed in 1847 should again arise; but why should the country be ex posed to an amount of suffering such as it then endured before a remedy could be applied? Was the Right Ho. nourable Gentleman aware that the depreciation of pro perty between 1846 and 1847 extended as far as '250,000,000/. ? The Hon. Gentleman then read several extracts from the evidence of Mr. J. Loyd. to show that that gentleman thought that in some circumstances a relaxation of the Bill which he himself had framed should take place. He objected to any system which the Government could deal with as they thought fit. This great commercial country ought to regulate its own monetary system, so that it should - regulate itself; and not produce such fluctuations as had taken place under the law of 1844. But he would refer to the history of the ques tion further back than the period at which the Right Hon. Gentleman commenced. I.le was an anxious auditor of the debates on this subject in 1810 and 1811 ; and he would sal that in all the great prineiples laid down by Mr. Horner lie concurred. The Hon. Gentleman then reviewed the history of this subject, and deprecated the resumption of cash pay ments on the ancient standard. Previously to 1816 they had a double standard of silver and gold, and the debtor might pay in the cheaper metal; but, by the alterations in the law, a more stringent system was adopted, the effect of which had been shown in the subsequent commercial distress of the country. After some observations on the effect of the Act of 1819, in necessarily causing fluctuation, the Hon. Member said, that his Hon. Friend the Member for Tamworth might ask him, as he had before, " What is a pound ?"—(" Hear," and a laugh.) He (Mr. Spooner) knew that a pound was a piece of gold of a certain value and fineness, stamped in a certain way ; but the question was, what ought to be a pound ? —(Hear, hear.) In 1819 the inquiry ought to have been, what was a pound in relation to the debt of the country, in relation to mortgages. and to the position of debtor and credi tor; and it would not do now, after the country had been ruined, to turn round and, in a cold phlegmatic manner, to ask " What is a pound?" It was in vain to attempt any al leviation of the distress so long as they relied upon any fluc tuating basis, any demand for foreign corn upon anything that should call upon the Bank of England to find gold for its notes that were in circulation. It was then they com menced their onward course towards bringing the Bill of 1819 into operation; and seeing the exchanges against them, they put out their paper merely to go the same round again of prosperity and adversity. If they were regulated by the exchanges, what were they to do next year? Did any man anticipate anything less than an immense import of corn? How was it to be paid for? Some said by our ma nufactures; but had not the bullion gone out before, and would it not go out again ? To be brought back, it was said ; but at what a sacrifice. He pointed out the effect that the drain of gold would have upon the labourers in England, and in preventing this country rendering assist ance to Ireland. Unless the currency was extended, a heavy responsibility would rest upon the Government. He was asked, would he have an unlimited issue of paper, and unlimited speculation? His idea of convertibility was that a note was convertible into what a man wanted. If it were a legal tender, if it would pay all taxes and all debts, and purchase what any man required, that was convertibility, not into gold, but into all the practical neces sities and purposes of life. He implored the Noble Lord not to be led away by the vaain philosophy of the day, but, like Mr. Pitt in 1797, to rise above the trammels, and adapt his proceedings to the circumstances of the times. Let the gold go abroad to bring in food, but, at the same time, let there be a circulating medium representing all the property of the country, and then our labourers would find that we were not only able to feed them, but to dispense a large and liberal measure of re lief to Ireland, and turn that discontented population into a peaceful and loyal people, and meanwhile a stock of manu factures would be accumulating, which would enable us to get back our gold again. He trusted that Parliament would not separate while Members had nothing to tell their con stituents but that when famine pressed, proposals for mea sures of relief were met with the previous question—that the Ministers were hesitating and doubting—that they had no opinions—and that at the approach of the storm they dared not pledge themselves to any course of conduct that might avert it. If that went forth among the people despondency would be the consequence, and there was RO knowing what might be the result. There was a remedy; let them apply it. Let them call forth the energy of the people and set the credit of the nation free.—( Hear, hear.) Sir R. PEEL—Sir, I was quite prepared to bear my Hon. Friend claim credit for entire consistency on the subject of the currency, and I, for one, am prepared to concede his claims. But I confess that I was not prepared to hear from him that he was a disciple of Mr. Horner. My Hon. Friend says that he disagreed with Mr. Homer in the practical con clusion he came to that cash payments should be resumed in the year 1819, but that in the reasons and arguments which he used he entirely concurred. Why, Sir, if there be any communication between those who are living and those who are departed, Mr. Horner must now be shuddering in his grave at being represented by the Hon. Gentleman — (Laughter)—by an Hon. Gentleman who proposes that the circulating medium shall be represented, not by gold, but by the debt of the country—(Laughter)—se that if you have now an annual expenditure of 50,000,000/.—and if you increase that expenditure to 60,000,000/., although you may think your resources do not justify that increase, yet you are to issue paper money, not convertible into-gold, on no other foundation than your own necessities ; and thus you are to have a constant interest in incurring debt, from which the ready means of relief is to be, an issue, in proportion, of paper, which is to be always received into the Exchequer in liquidation of debts due to the State.—(Hear, hear.) So that you are to have a direct interest in indefinitely increasing the debt, and your currency is to be in proportion to your debt.— (Hear, hear.) But when my Hon. Friend goes further and proposes to convert the whose property of the country into circulating medium, and yet says he is the representative of Mr. Horner, I own that he does excite my surprise. Mr. SPOONER explained that his proposition was limited to the amount of Government expenditure, for which the whole property of the country was liable. Sir R. PEEL—My Hon. Friend by no means mitigates my alarm by his explanation—(A laugh)—for I think I remem ber to hav n e o he d a i r m d i ,h n i i m sh say rf s ai o llti m er e s t m h s ing about property afford ithga t a d f o a e i s r and just f oun d at i on f or t h e currency, an d I own which the y tetn op w in o io u n ld a h s av to e u th p e on eff t e h c e t establishmentt currency in its relati on with sforeignsystem countries.—( Hear.) But when my Hon. Friend speak s of representing the opinions of Mr. Homer, I think he has forgotten what really passed in 1810. The seventh resolution, moved by Mr. Horner, pro vided that no contract undertaken for the paymentged in of acertain pounds specifiedb be legally of money s , except in gold coin weight; and that the promissory notes of the Bank of England I vs t e d re oe a s s n t o ip t u a la p t p io e n ar to th p a a t y th c e e r n e tarn sums in pounds sterling. r n at e estimates, te t uer r)ofe tshhee navyre anyesrtetfineraatnez or to thet h e army w or ae miscellaneous st amounts that might be voted for the ordinary x the country.—(A laugh.) On the contrary, all Sreferre r S to the pound sterling.—(Hear.) And the resolutions of Mr. Horner went on to state that, when Parliament suspended cash payments there was no intention to alter the value of those promissory notes of the Bank of England—that they borrowed money from the public creditor, telling him that on the return of peace he should be paid in gold. Indeed, nothing otherwise was ever intended, and all those who lent money at that time were entitled to be paid in gold on the faith of that promise. Now, does the Hon. Gen tleman, who says he agrees in the argument of Mr. H orner —does he agree to that?—(Cheers and laughter.) The re solutions of Mr. Horner went on to say that the state of the foreign exchanges must be taken into account in regulating the currency. Yet my Hon. Friend blamed the report o the Committee of the House of Lords because it referred to the state of the exchanges in connexion with the question of the currency. Now, why did not my Hon. Friend in 1810, warn the country of the dangers upon which he has spoken to-night ?—( Cheers.) He says that he concurred in the principles of Mr. Horner's resolution—then why was he silent on the dangers which he says were to be apprehended from them ? Mr. SPOONER—I was not in the House in 1810. Sir R. PEEL—My Hon. Friend says he was not in the House in 1810, but then he argues that it was possible in 1819 to have estimated the depression of the funds. I fully admit that that would have been possible--(Hear)—and we should then have paid some ss. or 7s. in the pound less. I am not saying that it would have been just, but that it was possible for Parliament to have done this. Parliament might have said, we have made a promise, it is true, but we cannot fulfil it. That, however, would have been very unjust.— (Hear, hear.) But I will tell my Hon. Friend, who adheres, he says, to the principles of Mr. Horner, that although a man who owes a pound and pays only 15s. will gain something, yet all that will not alter the currency as regarded all future transactions. Alter the paper as you will, practically the same state of things will arise—whether the note be worth 12s. or a pound, there will be the same obligation to keep your promise ; and the effect will be the same as to the pres sure upon commerce at particular times and the difficulty of obtaining money.—(Hear, hear.) Sir, my Hon. Friend of 1844, the great says he is in a small minority in this House in his views o o n ut this question. But I very much doubt whether, of those I think of doors who are anxious for an alteration in the Act Act, and that their Friend. majority are not with my Honourable thinkrinethat those persons care very little about those minor setiirons involved in the opposition to that main hope is of an unlimited paper currency. I restricted currency they look upon those who wish for a for unlimited pap er a s s Public enemies, and those who are witness examined, Mr. ra"c benefactors. There was one and lt, a chosen champion of the opi dgentleman who expressed his nions of Birmingham, opinions with a bolness ana nfidence in their accuracy which commanded our attention— boldness even exceed ing that ascribed to him by the true that my er. l sO i l s ite length, and Gentle man the Chancellor of the-ExehequT Honourable Friend atd m ta n te ati w on h a e l th p e u r p l er co e r t r i e o c u t l l a y be understoodissued ad yi , i)p tt :t n s i of his witness among the rest I asked him:— tl Will thatthat s till the period when prices were remunerative, an d saying W industrious able-bodied man found full empi nymeat v ; r y , Certainly, " When that object had been achieved you would fix y our standard at that point ?—Yes. " Till you had achieved that object, till prices were remu nerative, and all able-bodied industrious men had employ. ment, we should have an unlimited issue of paper ?—Yes ; the only reason that I say that is, that, under the present system, we have so far departed fiim what is right in the basis; we have had such extraordinary fluctuations, that we cannot now tell where we are. It r. wee-wary, therefore, .te take but the real pi ineiple is, l h.d the I.o,ourei should have his wage--., the Inirmiai turem his p o slid dial the eredarir u,luould hats hi, due: that the I,ll,,ititri• ,buttla have his value for his labour, as well as the s,ealtii etas, t lir creditor, the value for his money. " Do I correctly state your views, when I state that you would propose that national paper should be issued without limit, or without any reference to any metallic standard of value, until that period should have arrived when the prices generally should give to every able-bodied industrious man full employment ? —You correctly understand me." I then afterwards asked the witness : " Is there not an association in Birmingham on the subject of the currency ?—Yes. "Are the views which you have expressed the views of that association ? —Yes. " Are you a member of it ?—Yes. " Though some individuals may differ from the views which you have expressed, are they not the general views of the association ?—They are. "Did you ever hear any one dissent from them ?—I think not ; at any rate, those who have dissented have ceased to dissent. " But did you ever find anybody successfully contend against those views ?—No ; I ne it." ver heard anybody attempt (Laughter.) I wonder much if my Zion.that Mr. thinks Mr. Salt is a disciple o f Mr. H orner. —( Laughter. ) M Hon. Friend says that he is in a small minority in this House; but among ail the great writers and talkers about the currency, depend upon it ithathe is sympathised with in ill which lie says about retuning to the old system. With I respect to the motion now before us, my Right Ilon. Friend (Mr. Ilerries) invites the House to enter into a pledge with respect to what its proceedings will be next Parliament ; but, although the promoters of disaffection and of disloyalty to the present system throughout the country derive little sati-faction from his former motion, they will not feel better satisfied with the present. He does not ask the House to alter the law ; he merely asks it to take the subject into its serious consideration next session, and serious, no doubt, it will be; but what advantage can be derived from adopting such a pledge. Now, I address myself to those who disap prove of my views upon the subject of the currency. 1 think the credit of the house does not stand high as regards the adoption of great practical reforms. We have shown rather a taste for discussion—(Laughter)—than for practical legislation. We are now arrived at the 22d of August, not having made much progress with practical measures, not, in fact, having fulfilled our indispensable engagements, and yet we are asked to draw a bill at six months on the next session. And under what circumstances was the House asked to give the pledge? 1 was one of those that my Right Honourable Friend referred to as having retired from active service. I attended, however, last Tuesday, in order to be present at the discussion. My Right Honourable Friend said that there was an intense anxiety throughout the country on the subject of that motion. Why last Tues day I found thirty-five Members present at the time my Right Hon. Friend should have brought on his motion. To night I returned, and there were only forty-two Members present, when an Hon. Member moved that the House be counted. Is it likely that any recommendation of a House that shows so little of that intense anxiety which my Right Hon. Friend referred to, will have much weight with the country? My Right Hon. Friend, indeed, indulges in figu rative language, and says, that the House, " like a wounded snake, drags its slow length along " At all events, let us not give ourselves the air of the boa constrictor, and end the pa. rallel by enacting the needless Alexandrine. The Right Hon. Baronet proceeded to say that he was unwilling to in cur the charge of whiffling discussion. When the proper time came he should maintain to the utmost of his power the policy of preserving the restrictive clauses of the Act of 1844. He believed that these clauses prevented the country from having in April last superadded to commercial distress the danger of political convulsion. Without these clauses he believed the Bank would have persevered from April to June, as they had done from January to April, in• extending their securities at the time the gold was leaving their coffers. At the proper moment he would take up the Lords' report and put aside the Commons' report, with which he agreed. He would be prepared to impeach the Lords' re port, and do all he could to show that the most impolitic arrangement that could possibly be made would be to invest the Bank of England with a discretionary power of relaxing the restrictive clause of the Bank Charter under the con ditions proposed. He would endeavour to show that it would be infinitely safer for the country to reserve the discretionary power in the hands of the Government, to be exercised upon their responsibility to Parliament. The Right Honourable Gentleman then proceeded to specify the conditions under which paper money could be circulated in the three kingdoms without any deposit being required of gold. 33,000,0001. in notes could be issued without the deposit of a single ounce of gold. To meet the monetary exigencies of the country more was required, and the ar rangement was that notes might still be issued, but in order to secure their convertibility it was required that an equal amount in gold should be deposited. A paper currency of 48,t 00,000 was available on a deposit of 15,000,000 of gold. It had been said that the 15,000,000 was a dead weight, and that it was lying idle. It was no such thing; it formed the guarantee for the • convertibility of the 48,000,000 of paper money. The necessity of this precaution was well shown by the facts which came out in connexion with the great failure of 1847. These facts showed the great risk which existed of credit being abused, and he thought it could be easily shown that it was owing to the restrictive clauses in the Bank Charter, which enabled the directors to mitigate the distress by acting with the liberality which they had done. It was impossible to overrate the importance of preserving the convertibilityof the bank note. The experience of all countries had shown that the nearer they approached the English practice, the less was the variation in the rate of interest, and of discount, and the less the amount of annual discredit. He thought the greatest calamity that could befal the country would be to entertain the notion that, in times of pressure, the true way to mitigate the calamity was to issue more paper money. Depend upon it that such course would prove a mere postponement of the evil. Then with respect to the Lords' report, continued the Right Hon. Gentleman, I rejoice that it has been adverted to, because it gives me the opportunity of warning the people against being misled by the doctrine which it promulgates. I do not deny the ability with which it was drawn up. I do not know who wrote it; but whoever is the writer, it is evident that he is anxious to bring prominently forward every defect in the Act of 1844. It is not friendly to that Act. I do not say it is unfairly hostile or adverse; but there are great omissions made. It is said that the Acts of 1844 and 1845 contained many provisions that were judiciously calcu-, fated to secure the convertibility of the bank-note. Objec tions are indicated, but they are not specified. An alteration indeed is suggested in the ratio that ought to exist between the issue and the deposit of silver ; but I think that very little would be gained by an alteration. The chief recom mendation is the one which goes to confer a discretionary power en the Bank to relax, under certain contingencies, the restrictive clauses. I assert that to grant such a power will be in the face of all experience. You only passed the Bill of 1844—passed as the Right Hon. Gentleman truly re marked, with such general concurrence, because you were im pressed with this conviction, that the directors had possessed a discretionary power, and had not wisely exercised it in time of pressure; and in 1825, 1837, and 1839 the Bank, hav ing a complete discretionary power, the result of three years' inquiry was that the discretionary power so possessed could not be safely left where it was, and you imposed the restraint embodied in the present law. The report proposes that the discretionary power should be conferred under the condition that it shall only be exercised when the exchanges are fa vourable to this country. If the discretionary power be right and proper to be given, the restriction as to the exchanges is a very unwise one. By agreeing to the recommendation you make it next to impossible for the Government to act again as it did in October last, because the answer to Parliament would be, that the Bank directors were the parties entrusted with the exercise of the discretion. In fact, the adoption of such a change would practically be to augment the restric tion which already exists. The exercise of the power which the Government put forth in October is no impedi ment whatever of the Act of 1844. That Act is governed by principles, and so long as they exist the rule is obeyed; but when a state of things arises which defies principles, ordinary rules cannot apply. Mr. Huskisson stated that it was impossible to frame laws to meet every case; and when I introduced the Bill of 1844 I made the same admission. The same thing happens in the operations of nature. You take precautions against all ordinary dan gers, but dangers will arise which could not have been foreseen, and against which prudence could take no precau tion. An officer on a railway, in charge of Smith O'Brien, found a train which he desired to proceed to Dublin. The man in charge of it told him he could not comply, as he was under orders to go to Limerick ; upon which the officer produced a pistol, and threatened to shoot him if he did not obey his orders. I approve of the act, and I am satisfied the House would indemnify the officer, if indemnity was ne cessary. But although I say this, I do mean to pass a law authorising any man to act as this officer did under similar circumstances. Circumstances must justify or condemn the act; laws cannot meet every contingency. In the case of machinery, it is impossible that explosions can be entirely prevented, and when they do occur, the strong hand must be taken to rectify and mitigate the evil. Panics may be deemed explosions in the monetary and commercial world. It is impossible to pre vent them ; and as they are not governed by principle, it is much better not to foresee them or to attempt to provide for ao t hei r parties , interference w h os e was dut y i them, but to leave the matter in • the hands of the re sponsiblerert The is necessary is toconvince Parliament th highly complimentary to the di rec t ors . repor t of the Bank of England. I think they deserve it. I think that the directors who were examined before the Committes of both Houses gave evidence which show ed that they might be entrusted with a wid e discre tio n , and that they had entitled themselves to th e utmost credit. It w competent for the Committee to ca ll any num b er of direc tors they pleased, but they only called five. We called but four, though we might have called any number we pleased. The Lords have declared that they place the greatest possible confidence in the discretion and prudence of those gentlemen ; but when I look at their evidence—when I r e f er t o t h e testimony_given by Mr. Morris, Mr. Palmer, Mr. Cotton, and Mr. Norman, I find them all declaring an d advising that the Bank Act of 1844 should not be relaxed. It is true that Mr. Horsley Palmer dissented, and that he expressed him self in favour of a relaxing power; but when asked whether that power should be entrusted to those for whom restrictions were intended, he said, that to give the power to the Bank of England would be a violation of the law, as it would be absurd to restrict with one hand and to relax with the other. The Bank says that it is a commercial community, and that, as it is subject to pressure, it is necessary for it to have the autho rity of the law to enable it to resist that pressure. I hope you will continue the restrictions they ask you for— that you will not confound the issue of paper money with the capital of the country, and that you will not believe that it is in the power of the Bank of England to diminish or raise the rate of interest to the extent that some people suppose. I hope you will bear in mind that trade is carried on with capital, and not with paper money, except so far as paper is the representative of gold, and that the carry ing on trade with credit means only that you trade, not with other persons' credit, but on their capital.—(Hear.) I trust you will recollect that the greatest advantages which a coun try can have is a fixity in the value of its money, and a secu rity for its convertibility ; and that, unless you have that fixity, you will not have a security for that convertibility. Remember, also, that if you have not those advantages, there is not any class in this great community which will not suffer. All concerned in commerce and manufactures must suffer, but those chiefly will suffer who depend for daily subsistence upon the wages Of labour.—(Hear, hear.) Depend upon it, if the currency is to be reduced in value, there will not be at first any corresponding reduction in the value of the articles to be purchased, but the two shillings and three shillings a day of the labourer will become gradually of less value than heretofore.-- ( Hear, hear.) Depend upon it, there is not one class in the whole community who has a more fixed and permanent interest in the arrangements which give to paper money as much as possible the character cf a metallic currency than the labouring portion of the population.—(Hear, hear.) I hope that when you approach tp li e n consideration of this important subject, you will bear in mind those great principles, and that you will not think e in time of panic is necessarily an evil. That Pressure, early and la w may he salutary—that pressure compelled by remedy against complained of ,by some, but it is the only increasedfor ;Pouring eo disasters, and ths only guarantee it. • uli.,.. ve h r e t .i ibility of sour paper NT% wa, hea r . ") • (email Who 1, „ t t a the Right lion. re.:cind declaration of . dowis world, belOre that e i ght, and 1 case of the corn-laws, that his form e r ' "7. " in t"r sound and ought not to be adhered to p rinciple s were not Right Hon. Gentleman had alluded to ilre(Laughter.) The Horner ; but surely the country wa s no t newteebound opinio ns of Mr. the very improper transactions of that d a y. It was never by con templated when the first Bank A c t was framed that restrictions were to last for ever; but since that period the circumstances of the country had undergone a great change, and the working and industrious classes, who had increased taxation and a doubled national debt to pay, were sacrificed to the money interests. Mr. Homer defore his death ap peared to have taken a very wise view of things, for he said, " In no case attempt to set questions of currency right without taking into account and fully appreciating the new circumstances which have arisen, and the vast and new obligations contracted since cash payments were abolished in 1817, will inflict great misery on the people." He did not quarrel with the Right Hon. - Baronet as to the measure of 1844, for he approved of it at the time as a necessary part of the Bill of 1819. And here he might be excused for reminding the House that he had proposed the principle of that Bill four years before the Right lion. Baronet proposed it. (Hear, hear.) In the year 1840 he was examined before a Select Committee of the House, and on being asked what descrip tion of measure lie would propose, he replied that there:was ne difficulty in the matter, as the easy remedy would be to compel the Bank of England to keep half its rir ciliation by it in bullion.—(Hear, hear.) What did the Bill of 1844 do but that? Upon that occasion he was asked by the Chancellor of the Exchequer whether such a measure would cause pressure in the London and country markets, and he replied in the affirmative, as he believed the effect of it would be to place the country in a position of restriction. With regard to the Bill of 1819, he remained of the same opinion, that it would inflict great injustice until prices were reduced to the continental level. The principle of the Bill of 1819 was not half carried out. The price of land was scarcely touched, but the time was coming when lie would have continued prices and continen tal importations, and when the landed interests would be placed in the same position as they were in fifty years ago. Let them stick to the Bills of 1819 and 1844, if they wished—let them be carried out to the letter of the law— but depend upon it they would blow themselves up, as everything of unsound principle did.—( Hear, hear.) If a just and proper alteration were made in the currency it would confer great benefit upon the industry of the country, as it would give an advantage in the foreign markets with respect to nominal prices. The fact was, that taxes would be taken off industry and placed on property. Converti bility was the great point by which a paper circulation was regulated, and convertibility was nothing more than the be lief that we could do a thing which we could not do. It was said that the Bill of 1844 had not aggravated the distress of the last few years, but if it had not aggravated the distress, how did it happen that its provisions were relaxed ? It must have surely had some connexion with the distress, for as soon as it was relaxed relief was afforded, and the distress was comparatively banished.—( Hear, hear.) His opinion was that the Bill of 1844 greatly exaggerated the distress, because it made the Bank withhold accommodation, and it induced persons who bad money to retain it in the hope of getting a higher price for it. The fact was the money had got into the wrong hands, and it would have remained there, to the great detriment of public trade and commerce, if the Act had not been relaxed and the money released.—(Hear.) It was distressing to have a law which required touching every now and then to make it act properly, and it was dis graceful to the country and the Government. The country, however, entertained the opinion that the Government had acted very indiscreetly in interfering with a law of which they evidently knew so very little. That interference had caused him considerable regret, as he was sure it would en tail much misery on the country.—(Hear, hear.) Mr. HUME confessed that the explanation of the Right Hon. Baronet was exceedingly unintelligible. The motion of the Right Hon. Gentleman the Member for Stamford did not require any allusion to the Act of 1819. The statement of his Right Hon. Friend was quite clear, and the question the House had to consider was, whether the Committee had arrived at a correct conclusion. Twenty witnesses had given evidence against the Acts of 1819 and 1844, and ten of the number were for modifying those Acts. He maintained that the Select Committee of the House of Com mons had arrived at a verdict altogether irreconcilable with the evidence.—(Hear, hear.) The report of the Lords' Committee, =the contrary, he believed tote a fair and honest one, and his only objection to it was, that its recommenda tions were not sufficiently intelligible. The principle of the Right Honourable Gentleman's Bill of 1844 bad not worked well, neither could it be expected to do so, when the whole commercial affairs of this kingdom were to be left to the discretion of a single man. Why, the Chancellor of the Exchequer might be a fool—(" Hear, hear," and laugh ter)—and the First Lord of the Treasury might be a fool—(" Hear, bear," and laughter)—and was it to be endured that the property of millions of persons was to be jeopardised by the ignorance or prejudice of one or two men.—(Hear, hear.) He was of opinion that great credit was due to the Right Honourable Gentleman the Member for Stamford, who had brought forward this measure, and he hoped the fact would go forth to the country. He considered this a question of the greatest importance. Let them look at its effects in Scotland. Never was there such a piece of unnecessary legislation as this with regard to their country. There had been no loss during the last fifty or sixty years ; the people were content ; there was not one pe tition for change. No man could read the evidence taken with respect to Scotland without seeing the evils produced by this law.—(Hear.) A great deal of the evil arose from the erroneous opinion held by the Right Hon. Baronet (Sir Robert Peel) and the Chancellor of the Exchequer (the lat ter of whom had been talking to-night of unlimited circula tion, limited currency, and all sorts of exploded ideas), that country bankers could issue as much as they liked, and deluge the country with paper. That notion was utterly untrue, He denied that there had been any material pressure in the agricultural districts, or in Scotland and Ireland ; but it was quite obvious that the Bill of 1844 prevented any assistance being given by them to the metropolis. He would not say that Bill caused the distress, but it infinitely augmented it, the people being afraid to part with their money lest they should not get more. He agreed with the motion of the Right Hon. Gentleman (Mr. Her ries) that it was right that the attention of the House should be called to it as early as possible next session. He did not however, wish to bind the House, as nobody could know what might take place in the course of six months, but the Bill of 1844 must be reconsidered, and he believed that the Right Hon. Baronet would eventually be of that opinion. Mr. HERRIES was willing to withdraw 'his motion, after what had been stated in this debate, and particularly by the Right Hon. Baronet (Sir R. Peel), from which it was clear the House could not allow this subject to remain long with out making an attempt to come to the merits of the subject. That he thought was the opinion of a majority of the House, and he was aware that the 22d of August was not the time to propose to go into the whole merits of the question. The Right Hon. Baronet had said that in the next session •he should be prepared to maintain the Act of 1844 in all its in tegrity; and he (Mr. Herries) also would pledge himself to attempt to obtain an alteration in an Act which has brought all the evils from which we have been suffering on the coun try, and fulfilled the worst expectations of unfortunate re sults which its opponents entertained.—(Hear, hear.) The relaxation of the Government was a condemnation of the Bill itself, as a means of relieving the pressure of panic. But what created the panic?—that was the question. Why, the apprehensions created by the Bill.—(Hear, hear.) The evidence was full of it. Mr. Gurney had stated that in his opinion if the Bill of 1844 had not passed—if there had been no division of the departments of the Bank, the alarm of 1847 would not have occurred, and the pressure would have passed over without difficulty. The Bill, then, not only aggravated the distress when it came, but it caused the panic. —(Cheers.) He condemned the report as an insiduous one, the concluding paragraph suggesting the idea that it was founded on the evidence. But he could show that it was not so founded—that it was contrary to the evidence—and that was his motive for bringing forward the question. The Go vernment had met it by moving the previous question—they did not venture to deny that the sub;ect must be recon sidered early nest session. That being the case his views in proposing the motion were fully answered ; and if no one more competent took up the subjE ct, he intended at an early period next session to draw the attention of the House to a matter of such vital importance.—(Cheers.) The motion was then negatived without a division. CHARITABLE LEGACIES. The Legacies to Charitable Institutions Bill, which stood for a second reading, was postponed until next session by Mr. Raphael, who h!id introduced the measure. CONTAGION AMONG SHEEP. The Sheep, &c., Contagious Disorders Prevention Bill was read a third time and passed. IRISH COURT OF CHANCERY. Sir W. SOMERVILLE moved the second reading of the Taxing Masters Court of Chancery (Ireland) Bill. There were at the present time 1,764 bills of costs to be taxed in arrears, and the object of the Bill was, to increase the effi ciency of that department. There was at present one Master with a salary of 1,0004 and one assistant with a salary of 400/. a year. It was proposed in the Bill to have three Masters, one at 1,0004 and two others at 800/., involving an increased expenditure of 1,2001. a year, which would be money well spent in increasing the efficiency of that Court. Mr. GOULBURN opposed the Bill and called attention to the disposition there was in Ireland to increase legal offices. If " arrears" were to constitute a sufficient reason for increased offices, reasons would be as plentiful as bladk berries. He denied, however, that there ought to be any arrears. There were formerly two Taxing Masters,: and it was found that they never woiked more than three hours a day, and one of the Masters, Mr. Clancy, had said more than that would kill any body with hard work. Upon that one officer had been abolished, and the work was not really too much. Mr. NAPIER supported the Bill. If there was no change in the present system it would be practically a denial of justice. An Hoyt. thENTLEMAN here moved that the House be counted, and Only thirty Members being present the House adjourned at Five Minutes to Two o'Clock. The half-yearly meeting of this company RAILWAY INTELLIGENCE. SOUTH-EASTERN. [The following reports have been omitted for want of room.] oni :l' Gb l i . e e gh C ei :rit occasionedft tf n exertionsx s i a n i d tbhye that,ssee severe veireee owing oillf Bridge House Hotel, London-bridg e, Thursday, Mr. T. was held at the ge, on brought M. Pritchard, the deputy chairman, presiding. the share holders would join with him in wishing that gentleman a speeedy recovery, that he might again fill the chair which he (Mr. Pritchard) then occupfed.—(Cheers.) The honourable gentleman then called upon illness, the :es,e company' principallyp a a b n s y e , n c e o f Mr. Mr. HICRBEAT (the Secretary) to read the notice con vening the meeting, and the following report: — making the expenditure on revenue I w 4 s s . an 100. Tim accounts of the South Eastern Railway, for the half during that period, amount to e ar e e n ere di p n a g ey the h 3 e l v s e t of em Ju e l e y n , t l e B d 4B , , shOw that the receipts of half year 219,3651. ss. tid.; and that the working expenses have been 67,1021. I Is. sd. ; the rent of the Greenwich Railway, an d of the Whitstable Railway, 21,5721. 108. ; the rates and Govern - ment duty, 17,9701. 6s. ; account, 106,645/. 7s. sd. ' ' The balance carried to account of profit and Loss is expended on construe hafosrbemenortgage bonds and loan t lL2, d 7 i l e 9 p / e . e l e B l s, of l t d h . e ; 'parnedpritehtearst aecfcloouBn,tB3s6hLo On reference to the statement of receipts and expendi ture on capital account duringlhe half-year, the proprietors of the North Kent line. will observe, that the sum of 713,146/. 13s. 4d., h as b een received on account of calls; and during the same period t th ie e n su e m ece o e f n 4 t s , 7 e , n 14 d 1 / 1 . 7 54 75 11 1 01 .. g the state of the company's notes paid off. It will be in the recollection of the proprietors, that the On SO large a sum of directors, in their last report, stated their unwillingness to to the urge forward the works of great speed, being only too sen sible of the severity of calls ; this will, in some measure, ac courrnhtefodrirtelicetedre,elayeninrtehveieolpveinngin 4 shares ' represent of the aisffpari unproductiver e s i , u d c i o c n i considering capital r t in h g e i tnl as interests et t sh o tes p N a y e . 3 and interest No. company, have resolved on fini--iling the works with as much rapidity : ,--..y as 18 consistent A it h reOIIOIIIV :Ind durability. proprietors that twli:e:;%,11'1:1:11.1:3,1 N i :e rt e eire t i t iis l eonu ampletit: 1 4 111 1 , 11 a. l e id e ., ,i ta t . n:s , i a t t 1 7 1 : . i:pl ; e t i mood,u ig ,p t thy, hole of tii e , teru Railway Cow o tit f e th N is or c t o h m li pa e n n uwot R a ilway Company, alluded to 1I 1 the last report, ha, o re ave in consequence been sealed by both companies, and and South Coast necessary • usually directors onfpre pareSoutht he intro duced into the accounts are now excluded.l ridge station. The Part to the carryin , given Railwayl n consequence ftlnroaftoi leraertghteeo adtc o ihcv f eei ss t si l ioi f ,o e non f i nod e fo a oft r nht, c rea o j_3Li n ti l reo . p i lig, d e ;to oeooit t ino o f rdp.. n aeabir: Railway, the directors have considered :l i The directors feel lwtailvleonshaolwl occasions ewo confident necessary lflodfe ee ntahtti staahlatareetrreaanuntoligo arrangement jet r en e ect q xt iueooiennree exceeding the o eigl n p4ba t oe h : London, Brighton, and South Coast Railwayy;obuurtd,iroenettohres contrary, expect from them the same co-operation as they spirit to carry out any measures of economy they may contemplate. a n sio t n h s e The directors have received an intimation from the' en gineer-in -chief of the Great Northern Railway of France, that the 26th inst. would probably be fixed for the opening erleeceetntthenmeg7etiatthioen e; aamned of that line, and, in consequence of this intimation, your directors lost no time in completing an arrangement with the South-Eastern and Continental Steam Packet Company, to place steam-ships on tke station between Dover and Calais From the opening of the Great Northern R a il way of France great advantages are expected; as from an understanding year directors came to at Paris with the directors of that line, AUGUST arrangements will be entered into to book through from Paris to London, and vice versa, and thus bring on the South-East ern Railway :.i traffic which has hitherto gone by water to London. The two years, 1846 and 1847, present a remarkable di minution upon nearly all kinds of commercial traffid of the year preceding. This diminution was probably caused by the commercial crisis which existed in England, and which sensibly affected all other countries. In conclusion, your directors have the pleasure of per ceiving that, notwithstanding the disastrous effects which the French revolution has brought about, the traffic of the South-Eastern Railway has maintained a comparison of mileage with the same period of last year that must be sa tisfactory to the proprietors. The engineer's report states of the Noirrn KENT LINE.—The construction of this portion of the company's lines has not progressed so much as it other wise would have have done, arising from the unavoidable delay in obtaining the land for the deviations already men tioned. The whole of the land between Plumsteadand Graves end is with little exception, in the hands of the contractors. and also the principal portion between London and Charlton. hi the district of fifteen miles between Woolwich and Gravesend the works are far advanced, the tunnel and the principal cuttings being so near completion that this portion of the line may be opened for traffic by Christmas with ordinary exertion, at a further expenditure not ex ceeding 50,000/. in works. In the upper portion, between London and Charlton, the two principal works are the Greenwich viaduct, or widening, and the Blackheath tunnel of 1,700 yards; the former of which is fast approaching to completion, seven-eighths of the brickwork being finished, and the latter having the arching turned on above one half of its entire length, and is pro ceeding very satisfactorily. The other intermediate works, which are comparatively light, are at the same time progressing rapidly, and the whole will be finished in six months, with fair exertion on the part of the contractor. The line may then be opened, with the exception of two miles through Woolwich, the traffic on which may be temporarily carried on by omnibuses, with so little loss of time that the greater portion of this traffic will be secured. BRICKLAYYRS' All3lBJuxe - non LlNE.—This branch forms a connecting link between the North Kent and Greenwich line and the Bricklayers' Arms station, not merely for the purpose of the goods traffic, but will yield also a considerable revenue from passengers. It commences at the crossing of the Surrey Canal under the Greenwich Railway, and descends by a gradient of one in 125 to pass under the Croy don Railway, and again ascends by a gradient of one in 140, forming a junction with the existing Bricklayer's Arms branch at Corbett's-lane. The principal work on this branch is the brick viaduct from the Surrey Canal to the Croydon Railway, which is complete; there only remains to be executed the bridge under the Croydon Railway, which is in hand, and the small embankment on the west side, the earthwork of which is obtained from the excavations of the North Kent line. ASHFORD AND HASTINGS LlNE.—This line, which com pletes the south coast railway communication, commences at Ashford on the main line, and terminates by a junction with the Tunbridge Wells and Hastings at Whatlington ; the last seven miles of which latter railway is common to the direct and coast communication. By this advantageous arrangement, the expensive portion of the original Ashford and Hastings line through the forest ridge is avoided, and the coast line will be rendered complete without a tunnel, aed practically with a diminution of distance from the supe riority of :gradients. The Ashford and Hasting line, as now under execution, is a very favourable line as to works, and the twenty-five miles between Ashford and Whatling , ton will be completed for 10,0001. for a double line, or 8,000/. for a single line and double works. On the :first 16 miles of the line between Ashford and Rye (where the only works deserving of notice occur), so much progress has been made, that the line may be opened in six weeks or two months to Rye, on the eastern side of the river Rother, where a swivel bridge is required to be constructed, which has caused some delay, but which is now approved of by the Admiralty, and is in the course of construction. TUNBRIDON WELLS AND HASTINGS LINE.—The works under contract extend from Tunbridge Wells to Roberts bridge, 15i miles, or two-thirds of the entire line, and include the heavy work of this branch, to which the efforts of the contractors have been principally directed, and in which the most satisfactory progress has been made. The grove tunnel is entirely complete ; and a waggon road heading has been formed through the summit tunnel at Wadhurst, which proves of the most favourable material ; and the brickwork is proceedingly rapidly, and at a cost net exceeding 351. per lineal yard. There is also executed 320,000 yards of earthwork, and 7,000 yards of brickwork, with a proportionate amount of other work. READING, GUILDFORD, AND REIGATE LINE.—The works of this railway, which forms a part of the South-Eastern Company's lines under lease, are proceeding very rapidly ; and I refer with satisfaction to my report on the details, as well as to the statement made by the chairman, Mr. Alder man Salomons, at the general meeting, as to the experience enabling him to state that the ultimate cost of this work proves less than had been previously estimated, and that 151. per share, or three-fourths of the share capital, will be sufficient for the completion of the work. Attached to the report is a statement of accounts, which shows on the Captal Account. —A receipt of 7,668,6491. 18s. 10d., and an expenditure of 7,389,322/. 9s. 3d., leaving a balance in hand of 279,3271. 9s. 7d, Revenue Account.—Receipts, 219,3651. ss. Gd. ; expen diture, 106,6451. 7s. sd. ; leaving a balance in hand of 112,7191. 18s. Id. The CHAIMIAN then said—Gentlemen,in the present state of distrust in railway property, I consider it my duty to lay before you the financial position of the company ; and would also desire to call your attention to the prospect we have of a return for the capital expenditure. I will, in the first place, call your attention to the statement of our capital ac counts, which you have in your hands; you will there find the following items : Balance on - hand Calls, &c., in course of payment Call due yesterday on No. 4, about Total £1,002,000 I hold in my hand a statement, carefully drawn up by Mr. Barlow, showing that the amount required to complete the whole of our works is 825,0001. You will observe the 825,0001. is deducted from the sums called up and sums due, and that it leaves a balance of 175,0001. in hand. Gentle men, the directors would rather have postponed the last call on No. 4 shares, but the fact is, that on the expiration of our Parliamentary powers for purchasing land on the Ashford and Hastings, we are obliged to complete all our engagements on that line, and, in order to push forward the North Kent, we have been obliged to pay large sums of money for the valuable property through which we pass Within the last fortnight no less a sum than 132,00u1 . has been paid, and within the next month we shall have completed the purchases of the greater part of land required for the whole of our scheme. The calls which are noted on the face of the accounts as being in course of payment at the first blush appear large ; but, gentlemen, they are coming in in the most satisfactory manner, and when we consider the pressure that has been of necessity put upon the proprie tors, you will agree with me that the calls have been rapidly and well paid up. Our capital, when the whole of our works are finished, and the bonds paid off, will amount to 8,191,0001., or thereabouts. I speak without book, but I believe lam correct.. Gentlemen, if from the sum of 8,191,0001. you de duct 4,546,0001., there will reman a sum of unproductive ca pital, amounting to 3,645,0001. ; and new, gentlemen, comes the most important question. Will the lines which repre sent this large amount of capital produce an adequate return to the proprietors? I have given a statement of our produc tive capital, or that which pays dividend, for the enemies of the South-Eastern Railway, by insinuation and inuendos, have through some portion of the press attempted to cast re flections on the directors, that we have paid and continue to pay dividend out of capital. Gentlemen, before you hear this read, I will make it perfectly plain and clear that we do no such thing. I recollect what was said some time ago by parties who were no great friends to this undertaking. They said, ‘. Wait until a loan comes, and then see where your re venue will be." We have had, we have, a French revolu tion equal to a war, vet our traffic has stood its ground, and can compare with that of the best railway in the kingdom. —(Cheers.) Here, gentlemen, is a statement of our present productive capital and capital stock, 140,0001. I will now give you a statement of what our present productive capital amounts to, viz.:— Ist capital 2d capital 700.000 8d capital (No. 2's) ...... 4th capital (No. 3's) Bonds, about Making a total of £4,546,000 Now you often hear people say we cannot make out from your accounts what amount you pay upon. It is as clear in the official accounts as it possibly can be, to any person who understands figures. We pay dividend on the original shares, that is tolerably clear to all who receive it ; we pay dividend on the N o . 1 s h ares , t h a t i s equa lly c l ea r ; a nd that we pay on No. 2 shares is also clear. We have to pay interest on 850,0000. borrowed money, applicable to the main line, showing 4,516,000/. productive capital, which, deducted from 8,191,000/, I find leaves us 3,615,000/., for Which we have to find traffic to meet the dividend. Now we come to the.most important question; will the lines re ferred to yield an adequate return for the outlay ? The first and most important of our lines is the North Kent Railway, and I will claim your attention for a short time while I go through the prospects of the traffic in-the district. You are aware, gentlemen, that it is a continuation of the Green wich Railway; the first place we come to-is Lewisham. From this wealthy and populous district we expect a large acces sion of traffic, and when opened to this point it will bring into use the Bricklayers' Arms junction for the west-end traffic, which is at present used as a goods station only. and which has cost the company upwards of 300,009/. This is a large sum for unproductive capital, but it is included, as•you will see, in our statement of productive capital, and forms a large addition to that capital. From' Blackheath the line pro ceeds to Woolwich, where we intend to have quarter-of-an hour trains, the same as on the Greenwich Railway, and' no one can deny that the traffic to Woolwich is not likely to be very productive. From Woolwich the line proceeds through Pluinstead, where we get the traffic from the populous dis tricts of Welling, Bexley, and Wickham, and from thence to Erith, Craford, and Bexley heath, Dartford, Green 'lithe, and Northfleet, and from thence proceed to • Gravesend. The present traffic from London to Gravesend is greater than the traffic was from Lon don to Greenwich before the opening of the Green wich Railway, the number of passengers that liaised within the last two years, over the two piers at Gravesend, amounting to four millions, two millions annually. This is a traffic disconnected with the local traffic of the popular places I have just named ; and now, gentlemen, 1 would ask whether it is unreasonable to calculate on a return equal to the mileage of the Greenwich branches, though, ffir tn v Own part, I think it will exceed it ; but we will tale it at the. present mileage of the i ireenwich !lady, ay. It must, how ever, be recollected that you go threis,gh wealth , districts along the whole line, containing a population of 189;000 prisons, and that when we are at Gravesend, we get the l:ir7e additional tratlii• I have named. Now as to the prospects of the Gravesend traffic. it may be said that 'v have water competition—to that I answer, we have the Greenwich boats against us, but the traffic by these boats is' greater than before a railway to Greenwich was made ; and yet the Greenwich Railway carries three millions of passengers annually.—( Hear, hear.) Therefore, I think this fact fairly yields this conclusion, that the North Kent line will realise the same mileage as the London and Greenwich line. For my own part I say unhesitatingly, that it will far exceed it.—(Cheers.) give my individual opinion on this point; you can form your own judgment ; you can look at all the facts, and draw conclusions for yourselves. For the exercise of your judg ment I have allowed a wide range. Take off from this as sumed traffic a large deduction, and you vet leave the South- Eastern Railway one of the first lines for traflic in . the kingdom. No doubt we have the water t o compete with ; so we have to Greenwich ; but if we put down the rnei‘deenaigmt: of that line at, say 15,0001. 'iel per mile, it will uk of 494,0001. for passengers, and for goods a bout d .so,ooo/. I only give you the facts. I state the p remi s es, and you stay draw your own conclusions. We have no wish to conceal 4,r , exaggerate anything; we only d esire to lay all the facts fairly before you, that you may form your own judgment on them. Well.-the aext in importance to the South- Eastern line is the Tunbridge-wells and Hastings branch I line. from this railway w e ex p ec t a considerable accession Ito our traffic. There is a railway already to Hastings, via Brighton, but we calculate on receiving the whole of the Kentish traffic down to Hastings, and also the traffic over the Reading, Guilford, and Reigate line, which will be an important feeder to this branch, as well as to the main line, for we shall get the Irish and Scotch traffic, the passenger traffic, or those who wish to go to the Continent without coming first to London. When we have opened to Hastings, and the traffic has been partially developed, we will meet our neighbours the Brighton, and agree with them as to a division of the traffic, and in the same spirit we shall continue to conduct the affairs of this company towards our neighbours, and render no injury to railway property.—(Cheers.) . Gentlemen, I put down the receipts front this railway, from our Parliamentary estimates, which will amount to 21,000/. per annum. The next railway i, the Ashford and Hastings, which will complete a coast communication, and unite the watering places on the south eastern coast from this branch. We expect a large traffic in cattle, fish, &c., to this railway. I should ob serve, that you Is ill see the Gravesend and Rochester line is not taken into our calculations, but I will give von our reason for not taking it into consideration. The Gravesend and Rochester litre is not open for the benefit of the company just now; it is open on public grounds. At present omnibuses compete successfully with us, for our rail way does not go far enough into the town, so we have no traffic worthy of comment, compared to what will be the case in a short time. But you will, no doubt, say that we shall have a powerful rival and competitor in the water. Why, we have the same sort of rivalry in the case of the Greenwich line, and if we have competed successfully in a case of 3i miles, how much greater is our chance of successful com petition when we have a line to Gravesend and Rochester, 32 miles in length. I think the facts I have stated carry a complete answer to this question. It will be seen we have introduced a paragraph announcing that , we have come to an understanding with the Great Northern of France Railway. We endeavoured to come to an arrangement with • the directors , of the Boulogne and Amiens Railway, but Ive failed to do so, and you will therefore not receive those advantages from the opening of that railway which we had been led to expect. The Boulogne and Amiens Company send all the traffic they can, goods espe cially, by water to London ; we have, therefore, been obliged to make friends with the Great Northern Company, who will do all in their power to bringtraffic on the south-Eastefn line.—(Hear, hear.) But, gentlemen, the Boulogne aid Amiens line cannot exist without us; it is naturally a co tinuation of our line, but if they will not meet us fairly, then in defence of your interest we must look elsewhere., (Cheers.) The next question is as to the amount !of dividend to go to the proprietors. There is a balance lot 108,000/. for this purpose. This will enable us to pay 21s. on the old shares, 15s. 9d. on the No. 1, and 11s. Bd. on the No. 2 shares.—(Loud applause.) If, h owever, you sbot4 think fit to receive only a dividend of 10s.—(No, no)—we are in your hands. But we have the fullest confidence in the line, and we 'recommend you to divide the guinea.— ( Applause.) We have no want of confidence in the resourees of the South-Eastern line. With some, we all know that the South-Eastern line has been an object of pity, on the ground of want of extension ; but we have pursued a different sys tem, and 1 believe we shall rise because we have avoided thnt system of amalgamation under which so many lines are des. tined to fall.--(Cheers.) Yes, gentlemen, we have always had a great aversion to amalgamations, on the principle that it was ruinous to railway property. We have steadily car ried out our views, and we have avoided ruinous amalgama tions. And, gentlemen, if the House of Commons h a d re stored an old order, and had called on railway companies a year or two ago to prove their traffic, not one-fourth of the Bills which have been sanctioned would have become the law of the land. When the Legislature were at a loss for means to stop the current of railway speculation, had thy put this law in f orce , th ey wou ld h ave b een ena b led to thrthv out seven-eighths of the Bills which they passed, and thirs have prevented a great portion of the disaster which Is fallen on rail wa y property. G entlemen, I now beg to co - elude by moving that the report be received, adopted, and circulated among the shareholders. Mr. Alderman SALoaroxs begged to second the motion, and to congratulate the shareholders and the directors on the satisfactory state in which their property then was. Hi, however, did not altogether agree with the chairman thai, had the standing orders of Parliament been put in force, any great number of Bills would have been prevented passing, there having been a strong desire to force capital into such speculations as should afford employment to the peopl . That desire was strengthened by theories in favour of t direct lines, to which Sir Robert Peel lent the sanction f his name and assistance, and which, if it had not been f the prudence of the engineers of the various companie amongst whom the much lamented George Stephenson stoo foremost, the country would have brought those lines to stand, as a monument of the folly of the Legislature end the shareholders. He was happy to see by the address of the chairman that a good understanding existed with the Brighton Company, though he could have wished that it had been sooner brought about, as a great deal of useless ex penditure would have been saved. He was happy to say that the directors were conducting the line with economy, though he was no advocate for cutting down the wages of their servants to the minimum point, as he held that every man was entitled to a fair day's wages for a fair day's labour. When they were in prosperity, they were told that, 'it was all very well during a time of peace, but let them wait till there was a war, and then they would see whet their traffic would be." Well, they had had a French revolution, which to them was worse than a war, and yet their traffic was going on prosperously, and, he had no doubt, with eco nomical management, would continue so.—(Cheers.) Mr. LEVY, having known the whole of the Norta Kent district for the last half century, could bear his testincouy to its value, and when the traffic was properly developed he had no hesitation in saying that,in his opinion, the South-Eastern would be the first line in the kingdom. i Some further conversation ensued, in the course of which the CHAIRMAN stated that every precaution would be take to prevent pressing upon shareholders by calls, but the must be made whenever the exigencies of the corn - luny re quired them. Their debentures would not all expire until 1852, se that they had to that time before the whole of the capital would be required to be called up; but the ClrectorS were doing everything they could towards closing the capital account, and he trusted theirs would be the first company tq do so.—(Cheers.) i The report was then adopted—the divided recomnendeci by :the directors declared—some by-laws relative tc Folk-1 stone Harbour confirmed—and a resolution carried, autho-{ rising the directors to give the shareholders the o9tion of paying up the (No. 2) stock created on the 10th of I , lovem- , ber, 1843, in anticipation of calls, and such shares so paid up, to participate in dividends with the other paid up dock of the company. Mr. JOSIAH WILSON said he felt deeply the debt off gratitude they were under to the directors for tie way in which they had managed the affairs of the company. It was exceedingly easy for the shareholders to do a they had hitherto done, give them a vote of thanks for. those l services; but he thought that the ti me h a d arrive! when! they should consider the propriety of giving then some, more substantial acknowledgement. The directors )n that line had for a considerable time past been acting' without remuneration, and when they considerel that instead of paying 1,0001. or 1,200/. a year, for a super intendent of the line, and only meeting once or twice a week themselves, the directors tock the whole of Oar duty upon themselves, they would see how much thee were entitled to the consideration of the proprietors. He knew that the chairman (and he was sure they had all heard it, with regret) was now laid up by illness brought on by his exertions in the service of the company ; and the ;.eputy chairman, Mr. Pritchard, was to be found at the iffico of the company morning, noon, and night ; and he had heard that during the time of the French revolution, wher it was necessary somebody should be in the way to superintend the telegraph and prevent the receipt of false information those gentlemen had their beds sent to the station, that the) might be called at any moment. He therefore begged to more that a Committee, consisting of seven of the largest proprietors, should be appointed to consider the amount of rernuntraition tobe given to the directors. Mr'''. Alderman SALOMONS seconded the reiolution, which was carried by acclamation. Messrs. Jones, Levy, Cooke, Wright, Wilson, Sabmons, and J. Dean were then appointed a committee. The CHAIRMAN returned thanks ; and it having bran re solved that a letter of condolence on his illness shouldbe for warded to Mr. M'Gregor, the meeting separated, aftergiving three cheers for that gentleman. LONDON, BRIGHTON, AND SOUTH COAT. The half-yearly meeting of this company was ield on' Friday, at the Bridge-house Hotel, London-bridge The chair was taken by Mr. J. M. Parsons, deputy-chaiman of the board. The SECRETARY (Mr. Buckton) read the report of 01 directors. .The , CHaramaar- then , rose and said—Gentlemen, it no . develves upon me to address a few.words t o yo u bef oe pro , ceeding to move the adoption of the report. Before sreakim of the general affairs of the company, I filust 'advert o cer taro resolutions which have appeared in the new spaprs, am which were passed by a section of the proprietors whoissem. Wed' at the Hall of Commerce. Those resolutions reflect upon , our late , chairman,- Mr. Grenfeli (who is now oroad) on account of the statements which he made in the louse of Commons. He was, in our view, justified in what le. then stated: The steam-boat question, to which the reslutionl have reference, had been repeatedly mentioned retorts res o the directors; and not only was allusion made to ,hem i rj f o ur different'repOrts, but on one occasion 100,0014 wer o granted towards the object. In justice, therefore; to Mr Grenfell, who is absent from this xaeetirtg, I may sy tha we think he was quite justified in everything hat hi stated. With regard to the statement in which lan impli sated, in .conne*m with my examination 'before tin Hous of Lords, I beg to say. that I was under examinaticl five o sikhours, arid thit,' althotigh - during that time foul counse endeavoured to perplex me, I think they did not steceed.— (Hear, hear.) No answer which I gage bears out tile state merit ;eferred to in the resolution, that I had repreantedt the proprietors that the steam-boat money had' beer state , in the accounts. I was asked—" Was it known to he bod; of the shareholders that there had been this advance intil tit Comniittee of investigation had been appointed?" Tin answe which :I gave was,, "I am sure it is impossible for ne to tel whether the proprietors at large knew it.' The fart of . th injunction hiving been obtained was very public end wet known; as all those cases were reported in the paters, an railway companies' affairs are never kept particularlysecrat. The only other questions put to me which bear nen thi Matter—that' is, so fir as' I can discover from reining th evidence hastily; not: having bad much leistre—iii those which I will read. " Did . you .enter tlose a counts" anything relating to 'Die advance of this 100,0001. ?" My answer is—" It 'was in the gener#l meets of the cumpany ; it ouJtitttted a debt; it was licit stated in matte w o rd, - Another ettestitm 5'5 11 c: Waitltere,anyhint giStert tfit• holders could disouvg it?". 1 replied, "t •ertairily 414.? F. the question," anything take place iu the pwcediijg balf-yeari" reply We have never atered it since the injunction, when, of course,, the thing becei e Perfectly well known . 11 appears a debt; it is a debt, pi point of feet, due to the proprietors of this conqauy, w hich we, proprietors of t he Steam-boit Compaiy, have been all along individually liable:" I need not tell the pro prietors o f this company that the debt is ver y well secured. —(llear, hear.) I shall now, Gentlemen, proceed' to take the business of the meeting in the order in which the sub jecta stand on the face of the report. The first point is that which relates to the South-Eastern agreement. I wish to explain why we state that delay was unavoidaide. We were not authorised by a general meeting of this com pany to enter into negotiation with the South-Eastern Company until the IBth of April. That was the tiiae when the report which embraced this subject was brought before the proprietors; the agreement being finally con cluded on the 12th of July. lam sure I need not t e ll th e meeting that, considering the complicated nature of the details involved, the time thus occupied was by to means thrown away. We had repeated interview s With-the directo r sts of the South-Eastern Company ; and, at vario us certainly were under the expectation th a t, after al hill" ' we come to nothing. That was the opinion notonly of mysel f ;woilki but also of my colleague who sits on my left (Mr. Crowley ). The negotiation terminated, however , eventually in the establishment of a , permanent bond of friendshipbetween the two companies; and it will always be , a .source of satiutfaction to me that I had a hand in bringing about the arrangement. The advantages arising from the a '7 fe e y are stated generally in the report; b u t there is on 4,4 , eel .; to which I desire more particularly to draw your at 'KIVU namely, the proposal to distribute among yo receivable from the South-Eastern Company. \<„ agreement agreement had not been made, we sh ou ld h ave recei d tfi _ '- former amount of toll, and hav e h a d i t to distribute egeongse • sV4 you; we should have had' no ri g ht t o exc l ude it, kitt;iii " proposal of an agreement had gone off: Now, we have at present participated in none of the benefits of that agreem en t. I have before me a statement, drawn up by the superinten dent of our goods department at New-cross, from which it appears that the saving in respect of the charges of the last half-year would have been 2,200/., besides a large increase in the goods' traffic consequent on the favilities afforded for carrying such traffic to the Bricklayers' Arms, instead of leaving it at such a distance as New-crosse Our superin tendent is of opinion that our goods traffic, in consequence of this arrangement, will be benefited to the extent of at least ten per cent. I have chosen to take a smaller figure. If the increase be ten per cent. so touch the better for all of us • if it be not, the proprieto r s w ill no t h ave b een l ed to indulge in too sanguine expectations. I have, therefore, taken seven-and-a-half per cent.; and at that rate the resul t would be to give us this halt-year an addition of 3,7501. Another reason which has induced the directors to recom mend, as they do most strongly, that this toll should be placed to the debit of the capital account is this, to present the first example of a railway company diminishing the out lay of capital by paying for capital out of revenue. We have commuted this toll by the sacrifice of the present proprietary for the sake of those who shall succeed them. If we had not made this agreement, irrespective of a large outlay at Lon don-bridge—irrespective of the carrying contrivance by means of a lift—we should have had to pay for the land at the Brick layers' Arms, or else we should have to go into an expensive Chancery suit to litigate the question, and, in all probability, we should have had to pay a large amount, as well as the costs of the suit. By the present commutation of tolls, the proprietors are saved from that evil. Undoubtedly, we might have recommended you to distribute the toll over a large number of years, instead of placing it all at once in the debit account of the present proprietary. But there were difficulties in the way ; and, under all circumstances, we thought it much better to cut the Gordian knot in the manner that we have. In future, the amount will be regularly deducted from the half-yearly receipts which are presented to you.—(Hear.) The next matter to which I shall allude is one in reference to which, 1 trust, every proprietor will feel the greatest satisfac tion—l refer to the amount charged in our account for unpro ductive capital. You have here only 3,060/. charged under that head. I have no hesitation, therefore, in saying that you see your position in its most depressed light.—(Ap lause.) You have come to that point to which other rail way companies assuredly must come.— (Hear.) This com pany has been the first to set the example.—(Hear, hear.) This has told heavily on you; and I am sure I need not say hew much it has told on us. We have carried on to the debit side of the revenue account the charge for every line from the first moment that it has been opened ; and 1 need not tell you that when that is done, even in good times, a dead charge is often times brought to bear for a time against the returns of a railway. Who is there that, on carrying his mind back for the last ten years, is not reminded of illus trations of this? We all know how—at least my experience has taught me, not only here but in other companies in which 1 am concerned, being greatly interested in railway property—that this evil has been largely increased by the system of competition which originated, I will not say with existing railway companies, but by that system of concocting schemes in all directions which prevailed in 1845 ; and let me say this, if this had been met by the Government in the manner that it ought to have been, many of us would have been saved from our present responsible positions, and from a vast extent of anxiety to which the loss of mere money cannot be said to be equal. One line, however was projected after another; and, on looking back, I cannot but feel some satisfaction that, while it has always been said by the opponents of the Brighton line that it is one of the lines most open to competition, by means of a parallel line, we are free from that competition, although many of the main lines of the country have had it imposed on them. Therefore, I. say, that although the outlay of capital now placed to the debit of the revenue account presses at the present time, yet this renders the future position of the company secure and solid ; and we have not to anticipate the cost of two lines run ning parallel to each other. In this report lam sure all the proprietors now present must feel deeply interested. The con traction of the capital account on all lines is really and truly the thing on which must rest the chance of emancipation from present difficulties.—(Hear, hear.) This company has only eight miles and a quarter of new line in progress ; and short as that distance is, they were stopped is September last, because otherwise the difficulties of the directors and the proprietors would have been considerably augmented. It is the last feather that breaks the horse's back; and those who are conversant with the money trans actions of last autumn cannot but have a vivid re collection of what then occurred. We have brought to the debit of the revenue the whole of the capital, with the exception of 120,0001. It is impossible to avoid a certain outlay at London-bridge station. Having gone into the matter carefully after the Committee of Investigation had. sat, we see that our estimate for the station is a good deal lower than they state; but, knowing what contingencies are to be provided for, we think it best to give a range which is not likely to be exceeded. That is, we conceive, much better than leading you to indulge in expectations which may not be realised. If the outlay be less than the amount stated, you will have the benefit of the reduc tion. With regard to general expenditure, we see no reason to alter the figures which have been given ; although there may, in the result, be some trifling differences, we believe that the aggregate will be found correct. There may be some trifling variations under certain heads, but, as far as we can judge, the sums stated will be sufficient for the execution of the various works comprehended under the head of outlay.—(Hear, hear.) In our last report we said we believed we could make very large reductions under the head of expenditure. You have now before you the results of what we have done ; the figures ' will speak for themselves, and are much more important than any observations of mine. The improvement in our locomotive department has arisen mainly from the vast im provement in our engines, which has been such that oiae engine will now do the work formerly accomplished by two. Formerly, too, we were paying a much higher price for coke than we are at present. It is a necessary result that when the engines are in better order the consumption of coke should be less. In the cost of coke, in the consumption of coke, and in the general efficiency of the engines, there has been an alteration for the better. This is the reason why you perceive a great diminution in the locomotive ex - penses. Moreover there is charged to the debit of the revenue account a vast improvement in the loco motive department itself; and our general stock of engines is in such a state of efficiency, that our engineer has de clared his belief that he might shut up the workshops for two or three months without any injury to the interests of the company.—(Hear, hear.) In reference to our lines of railway, Gentlemen, now in progress-8i miles in length__ let me say that there is one portion in particular to which I wish to direct attention, otherwise it might be said that I had avoided dealing with it—l refer to the Thames Junction Railway. That came to us with the Croydon amalgamation —(Hear, hear)—and there is a gentleman in the room who will be able to speak better than I am respecting the details of it, if he shall consider it necessary for him to do so. With. the purchase of the dock, the directors of this company have every reason to feel exceedingly well satisfied. It is on the Thames; it has 400 feet of river frontage; there is a wharf of 500 feet in length; 15 or 16 vessels can be discharged there ; and the whole will bring a considerable augmentation of our coal traffic. The railway adjoins the Government arsenal at Deptford ; it runs side by aide with it to the length. of 500 or 600 feet ; and thus, by means of our railway, which they have a right to use, the Government will have direct communication between the arsenal of Deptford and Ports mouth. We shall also obtain a large coal traffic on the line; and, as appears from evidence given before the House of Lords. by parties who are in no way connected with our company-- Messrs. Coles, Child, and Co.—we effect a saving of 2s. on every ton of coke conveyed over the railway. The London and North-Western Company have gone to a great expense to obtain similar advantages, by means of the East and West India Dock Company. The estimate of the chairman of that company, in his recent speech, was 700,000/. I think that, when you consider all I have stated, you must come to the conclusion that we shall derive front this source a con siderable augmentation of our traffic. I have merely men tioned coal, but, of course, groceries and other things will also come upon the lino. We have now 161 miles open, all points of which will be supplied from the Thames; and es freight is much cheaper to the Thames than to the south coast, we shall :have upon oar line, as far ae Hayward's he Heath, the whole of the coal traffic to thed istrict. among the pro prietors—namely,been the subject of angry liscuSt i r_n . We state in our next subject which I shall enter upon is one which has the Steam-b oat __ We regret this very much, report that the Bill is lost. because the Newhaven vet mainly, with reference with communication if onwinthotFrsaonlecley; and wethe co at of now to debit the revenue co.t of that line, without reaping any of the benefits which branch to e 0 was nlm made, were expected front A.—Ulcer, hear.) I may here s t a te generally, with regard to myself, that as lo n g as I h ave known this company, ever since the year 1843, I have en deavoured in every way to bring about, as speedily as pos sible, communication with the opposite coast. I will not now dwell upon the matter. As the report tells you, the Bill is loste;--the beats will be sold. The Newhaven branch is a loss to the proprietary for which we do not consider ourselves in any way responsible. My colleague on my left reminds me that we have written a letter to the directors of the Steam Navigation Company, urging upon them the supe riority of Newhaven to Shoreham in reference to commu nication With the opposite coast. At present we have re ceived no answer front them, the letter having been sent a we have received degree militate least fortnight ago. The secretary and sonic of the directors are, I believe, abroad.' The opposition which from that company .will not in the. maybe militate against any ro arrangements ‘N.ith which the opposite made to promote the t affi company. We shall • • or any other Navigation Company always have done ever since I continue to promote it, as we The next question shore ley means of the boats of the General Steam report is the Portsmouth Bill. This Bill touched upon in the regard the loss of it as a serious dis hes been lost, and •ill any —(hear, hear.) The view dis couragement to this co became connected with this company. the notstate • our views with reference the Committee. We could There fully to the proprietors. are matters to that more taken of the matter by P board . of directors was stated to you must confide to some person—you confided this matter a li t e ter to the committee of Investigation. In the appoint went of that committee we had no voice; anti yet the com mittee cordially concurred in the policy which had been pursued in reference to that ..line.—( hear, hear.) 1 leave you, therefore, gentlemen, to consider how far it was the intention 'of this 'board to dee/tee a large' amount of capital to the Postemetith line. The:: , tmitutittek; ;AN you . are. that Ott., vApildi of th e le. hunted a)• t. o the, ;Nettld not has r Made th, reeemeleit',ltifise i tlie .11d, bail the. not felt tin AP that what the. reootnittemled %a. to the being . of this e..jiipany. It' any evil hall evetitti,lly arise trout what has bttii dont. it will not he ,our :fault. I , trough recommen the p ay roprietors not to w here.— ( H ear , h ear .) pre-. the matter, lievati,e, what suits here m I.ot , itit elss- We have opponent* in the rail% world; we have had conflicts in Parliament; and those gentlemen who are conversantiwith such subjects:will appre ciate what 1 say when I recommend the proprietors to ex ercise caution on a matter of this kind. I can assure the proprietors that no more money will be spent, and nothing further will be d one i n the matter in any way whatever, without the proprietors being first convened. With that assurance 1 hope the proprietors will be satisfied. There is one other subject to which I will refer; and I really do not bring it forward ad captandtan, but because of my real con victions in reference to it. There is one other subject, I say, to which 1 will advert before I sit down—l mean theogbee neral condition of our traffic. Exclusive of the t w oll to deducted, the proprietors may wish to . k t no irrespec tiveis the amount of increase, on the receipts been an inc the accounts extend, there has you consider that the ex clusive of the toll, of 4,1241.. of the toll. From June 30, the date .upsreatosew ,hichW m h a e s n sured on the authority present Brighton season is., as 1 't ech (and I doubt not that many years, and when you can N confirm the statement), the d remember,f those too, that this line has always been eollsi ere a worst :n t v t t h l h e o , n a i s k e n b n o w n o the room known line, and that without pleasure tra ffi c it cannot pleasure Brighto nfor TH E SUN, LONDON, WEDNESDAY EVENING*-. 23, 1848. S 1.7