The Sun. — London, England, 1848-10-28 00:00:00

3,I[IDLAND RAILWAY Newby Park, Oct. 24, 1848. Sir,—On behalf of the Directors of the Midland Railway Com pany, I am requested to acknowledge the receipt of an Address from a number of Shareholders resident in Liverpool and the neighbour hood which you have transmitted to them. The Directors would ;have been content merely to acknowledge the receipt of the Address, had it noL contained an imputation upon them, which they cannot pass over in silence. The Shareholders commence their address by ascribing the depression of their pro perty to " the want of public confidence in the integrity of the ma nagement." The Directors, therefore, desire that you will immedi ately furnish them with a list of the specific charges involved in this statement, in order that they may convene a Special Meeting of the Company, and have the opportunity of refuting the accusation thus brought against the integrity of a body of gentlemen who feel that they stand as high in the estimatioa of the public at large as the in dividuals who have appended their names to this calumnious docu ment, which comes with a peculiarly bad grace from a body of Share holders who, prior to the appointment of the present Directors, were only receiving a two-and-a-half per cent. dividend. Since that time the dividends have been increased to six and seven per cent. In the meantime I may be allowed to offer to you, as one of the Shareholders who have signed the addres., a few remarks upon the several suggestions contained in it. 1. You call upon the Directors to close the capital account. No person is more fully aware than yourself that the shareholders have had the power of passing a vote to that effect at any half-yearly Meeting. But supposing the development of a new traffic, producing a revenue of 20,0001. or 30,0001. per annum, should require an out lay of 60,0001., how absurd it would be to say that such outlay ought to be taken oat of income. $. Yea call upon the Directors to examine and pay all outstanding Recounts ofthe solicitors. These accounts are now undergoing a strict examination, and as soon as the solicitors are satisfied to accept the amount the Directors think due to them, their bills will be paid. But surely this is a matter which must be loft to the discretion of the Directors ; had they given way to the pressure of the Pro prietors when they were urged to settle the demands of the contrac tors, they might have sacrificed a very large sum for the sake of an immediate settlement. They succeeded in malting great reductions, and so much was saved to the Company. The claims of the con tractors amounted to 89,577/., and were finally liquidated for 17,7231. 15s. 7d. Your objection to any further Parliamentary ex penses being incurred, without the sanction of the Shareholders, is futi'e ; it is clear that no Parliamentary expenses of any importance can be incurred without such sanction. 3. You c 411 for a reduction of the salaries of our engineers. We have only one engineer employed upon the lines, and, considering the abilities of that gentleman, the Directors do not think him over- Paid. _ _ 4. You require that stations shall not be enlarged. Should traffic increase, how is it to be conducted without increased accommoda tion? If the Shareholders think the Directors incompetent to decide upon matters of this kind, they hal much better remove them, and appoint others in whom they have greater confidence. 5. -The Directors are called upon to enter into no further contracts. It must have escaped your recollection that at the last half-yearly meeting I gave an assurance that the Directors did not intend to engage in any further contracts. 6. You allude to traffic which you do not consider remunerative to the Company. ' The Directors are entitled to ask you to be more explicit, and to state specifically what traffic is meant. T. You think the number of trains ought to be reduced. This is a triestion which must be left to the judgment of the Directors ; for nothing can be more difficult than to determine, from time to time, what *sins ought to be ran. I consider it would be an unwise and Impolitic measure to take off the express train, which you suggest should be done. 8. The alteration you propose in the mode of appointing Directors Would require a new Act of Parliament. 9. Yon ask the Directors to purchase all stores by public contract. I have no doubt you are aware that this is generally done, but it not infrequently happens that the Directors can purchase articles in the market much below the contract price, and when they can do so they often avail themselves of the opportunity. I have now answered or commented upon every point of the ad dress, except that which relates to the depreciation of the value of shares, with which the Directors feel that they have little or nothing to do. Their duty is to obtain all the traffic they can, and to pay the Shareholders good dividends. The address you have sent is signed by seventy Shareholders, this is a small proportion of the entire number, which exceeds 8,900. Youare a holder of capital stock in the company to the amount of 3901., and you describe yourself in the address as a broker. From your experience in that business, I have no doubt you are well #ble to inform the public how the old railway stock of this company has become so Much depreciated. In my position as Chairman of several railway companies, I have received numerous complaining letters, all, I am bound to say, crouched in a courteous and respectful manner; and I have answered them by assuring the parties of the soundness and stability of the concerns ever which I preside. The acknowledgments I have re ceived in reply have been generally satisfactory; many of the parties stating that they were holders of stock in a variety of foreign and other new lines, and that they were compelled to sell the stock of old lines to pay for the new. When the supply exceeds the demand, and when a regular combination exists to depress railway property, I believe any course which Directors may pursue will be of little avail. Yet, after all, the amount of stock transferred in the com panies over which I preside has been less than usual, which shows that many of the quotations of sales are merely nominal. I have no fear of not seeing railway property again placed in a better position in the market, though not at the extravagant price it has heretofore arrived at, and then its proper and true value Will be maintained in a manner that will be more satis factory to all parties. Consols have been at 47, they are sow at 84 and have been at 100. If you or your friends can, by any effort, advance them to 92 or 93, I have no doubt you will see a great advanee in railway property. The Bank Stock has paid 10 per cent., and is now only paying seven, and the price has fallen con siderably ; but no one ever doubted the integrity of the management of the Bank. The surprise to me is, that in the excitements and eemmotions which have prevailed, railway traffic has been so well supported. Even the present amount of traffic justifies the anticipa tion that the rate of dividends will not undergo any material dimi nution ; and this remark applies to all the lines over which I have the Jionour to preside. I wish I could call the serious and grave attention of the chairman of the London Stock Exchange to a pub lication which is issued weekly, professing to be under the sanction of that body. lam aware that the statements which appear in that paper are stated not to be published under the authority of the Stock Exchange ; hut I cannot close my eyes to the effect that they pro duce on the naiad of the public, who naturally consider that they have that sanction. If these statements were correct and true, no Person would have a right to complain —but when they are almost in every instance incorrect, and their general ten dency is to depreciate railway property, it would be well that the Stock Exchange should disavow a publication which is calculated to do so much mischief. I must, in con clusion, request that you will call the Requisitionists together, and that there may be no delay in sending a list of the charges im pugning the integrity of the Directors, who are anxious to meet and repel the calumnious imputations that have been made against I eem. Nothing but a sense of duty to the large body of Share holders who have hitherto given their confidence induces the Di rectors to retain their seat at the Board; and as soon as that con fidence is withdrawn they will most readily and gladly resign their trust into other hands by whom the affairs of the Company may be more ably conducted, I perhaps might observe, before' I conclude my letter, without pledging myself to the statement, but merely giving it as my own individual opinion, that I believe another 51. call upon the 501. Shares, with the arrears of calls now owing, will complete all the works in course of construction, and the remaining 251, per Share will remain applicable to the liquidation of the debt. The liabilities of the Company are under the consideration of the Directors, in order to enable them to lay a statement before the Proprietors, Which it is anticipated will be done within a very early period. • I am, Sir, your obedient servant, GEORGE HUDSON. To J. Houghton Braneker, Esq., Liverpool. fl RE AT WESTERN RAILWAY. OPENING of LINE to BASINGSTOKE, ALTERATION for 'INTER TRAINS, and DISCONTINUANCE of RETURN TICKETS.—Nov. 1, 1848. The Berks and Hants Railway, between Reading and Basingstoke, will be OPENED for the conveyance of Passengers, Goods, Parcels, Carriages, Horses, and Cattle, on and front Wx.DNEsosv next, the Ist of November. On the same day several alterations will be made in the times of Great Western Trains, and some Trains will be discontinued during the winter. For particulars of all these changes, and for the times of Trains • to. and from Basingstoke, reference must be had to new Train Rills, which will be ready for delivery on and after Monday the 30th inst. The Directors regret to notify, also, that they are compelled, in consequence-of the existing severe pressure on railway property, and the increased assessments for parochial rates, to relinquish the sys• tem of return, or day tickets, which will be entirely discontinued from and after the Ist of November, 1848 By order of the Directors, CHARLES A. SAUNDERS, Secretary. Paddington Station, October 26, ISM ROYAL SEA - BATHING INFIRMARY. The FIFTY-THIRD ANNIVERSARY DINNER will take Place at the London Coffee-house, Ludgate-hill, on TUESDAY, Oc toiler 31,1848, The Right Honourable the LORD MAYOR in the Chair; Supported by THOMAS QUESTED FINNIS, Esq., A1d.,1 Sheriffs of London JACOB EMANUEL GOODHART, Esq., and Middlesex. STEWARDS. The Very Rev. the Dean of Pc. Thomas Bless Pugh, Esq. terborough. " 'Robert Pugh, Esq. Sir Richard Plumtre Glyn, Bari.. Samuel Ridley, Esq. Edward Csnder, Esq. Samuel William Rowsell, Esq. Rey. Charles Day, LL.B. Charles John Rowsell, Esq. Thomas Henry Fenton, Esq. _ _ ,John Thomas Rowsell, Esq. Robert Hanbui y, Esq. Thomas Thornton, Esq. Samuel Jones Loyd, Esq. Richard Tress, Esq. John Labonchere, Esq. 'Thomas Watkins, Esq. William Phelps, Esq. Robert Westwood, Esq. Samuel Poynder, Esq. Robert R. Wood, Esq. Dinner on Table at Half-pact Five o'clock precisely. Tickets, 16s. each, may be had of the Stewards; at the Bar of the Tavern ; and of John Paul, Secretary, 35, Cannon•street. DISPENSARY for CONSUMPTION and DISEASES of the CHEST. ✓ 26, Margaret-street, Reqent-street. The next Quarterly Court of Governors of ttos Dispensary be held on MONDAY, October 30. _ By order, W. T. HUDSON, Hon. Secretary, The Chair will be taken at One o'clock precisely. ON NERVOUS DEBILITY AND GENERATIVE DISEASES. Just published, the Thirty-sixth Thousand, au improved edition, re vised and corrected, 120 page; price 2s. in a scaled envelope, or forwarded by the Authors, post paid, to any address, secure from observation, for 2s. 6d., in postage stamps, illustrated with on rnerous Anatomical Coloured Engravings. MANHOOD: the CAUSES of its PREMA TURE DECLINE, with Plain Directions for its PERFECT RESTORATION. A Medical Essay on those Diseases of the Generative Organs, emanating from Solitary and Sedentary Habits, indiscriminate Ex cesses, the Effects of Climate and Infection, &c., addressed to the sufferer in Youth, Manhood, and Old Age; with Practical Remark. en Marriage, the Treatment and Cure of Nervous and Mental De bility, Impotency, Syphilis, and ether Urine-Genital Diseases, by which even the most shattered constitution may be restored, and reach the fall period of life allotted to Man. The whole illustrated with numerous Anatomical Engravings on Steel, in colour, explain ing the various functions, secretions, and structures of the repro ductive Organs in heaith and disease ; with instructions for private correspondence, cases, &c. By J. L. CURTIS and CO., Consulting Surgeons, 7 . Frith-street, Soho-square, London. Manhood.' A Medical Work.—To the gay and thought less we trust this little work will serve as a beacon to warn them of the danger attendant upon the too rash indulgence of their passions, Whilst to some it may serve as a monitor in the hour of tempta tion, and to the afflicted as a sure guide to health."—Chronicle. ' Manhood.' By J. L. Curtis, and Co.—Their long experience and reputation in the treatment of these painful diseases is the Patient's guarantee, and well deserves for the work its immense cir- Oolatlon."—Era• • • • Curtis on Manhood' should be in the hands of youth and old RgC It is a medical publication, ably written, and developer the the of a class of painful maladies which has too long been Prey of the illiterate and the designing."— LTaited Service Gazette. The Parent, who beholds his beloved child pining away, and fast a pproaching to a premature grave. in consequence of some disease, Which, for want of carefel investigation of its real cause, has been tet down to the score of consumption, will, on perusing this work, e astonished to find, that in nine-tenths of the cases of young per il; Of both sexes, who perish of what is called pulmonary con sumption, heart disease, tubes, &c., the sole and exclusive origin has 'cell the indulgence in certain destructive habits practised by youth much more frequently than it is at all suspected. llonrs of consultation from Eleven till Two, and Six to I, tht in the Evenino. A ft K I A (.1 it . Bi ll One half the wend are desolately single, and the otker ° ° ''''ig them married, questionably contented. Diffidence, or a ef right determine the former, and miscalculate 4 hopes em bitter the latter. The solitary one may shield him'elf under the plea °f caution and worldly prudence, and the indissoluble, regret un- I nProsing hurry ; but the truth lies deeper. Physical incapacity, broken health, are the great hindrances to domestic happiness d social content. The dowry should net be the only marriage set ih"erilent. Honour and justice demand that health should form au item th e compact; it alone dignifies the alliance. Blighted hopes er thegle°ct wound more sorely than poverty or m isfortune. Reader, if 1 1 , 1 Z surmises concern you, procure Dr. CULVERWELL'S little ea, l l , ll tS "On Single and Married Life, pub. in 2 vols., Is. reft, 03 7 Bost, in stamps, Is. 6d. each). Let .no imaginatively eu, or prudish feeling deter you, by their titles, nor be Mattered ty,i lli sinterpretatlen of their supposed contents, from obtaining Nr'• They are not intended certainly for mere idle curiosity, but t he the closet perusal of those mere deeply interested, to whom th e y a , r e Offered as antagonistic to the empyrical trash put forth on to, m t u ove subjects, by unqualified authors, which alone or POI h t 7,-6ue, are a disgrace ' to the age. Furthermore, two other by Publications claim your attention (same price Is. each, ~veid Is. 6d.) called " What to Eat, Drink, and and " How to be Happy." They are not merely mere but equal in quantity a library volume, nor are they the ePhemeral scribbllngs of the hour, but the study ef the author's acr,:,: 4 ° ewes his present existence, health, and position to this ob peewille of the maxims ho would inculcate—to do unto others as he I or( the ?,e'done unto,-to live after nature's laws—and to keep always 3 , gh er ,.. sunny side-otthe way." The above works may be had of 33 as, a"° o d, 23, Paternoster-row; Carvalho, 147, Fleet street • Mann, 43. sets- ,( 7 111 ; Nelson, 457, West Strand ; or direct (by post or other ritot,' ens. the author (who may be conferred with personally, Mob. B - It&td oivenings), 10, Argyll-place Recent street; and all .44)/lergi _ N0.17,501.] LONDON, SATURDAY EVENING; E T NIVERSITY OF EDINBURGH, Aug. 2 1, JJ 1848.—The SESSION will be publicly OPENED on TUES DAY, October 31, at Two o'clock, P.M., when an ADDRESS to the STUDENTS will be delivered by the 'Very Rev. Jour/ LEE, D.D., Principal. The Classes for the different branches of Study will be opened as follows : PUBLICATIONS. SPIRIT of the PUBLIC JOURNALS. FROM THE MORNING PAPERS OF THIS DAY. TIMES.—It will be seen by reference to an advertise ment elsewhere that the directors of the London and North-Western Railway Company have responded to an urgent and general call, by a detailed statement of their affairs. On the brief inspection which is all we have been able to give to this document, we beg to congratu late the public on possessing at last a full, distinct, and intelligible account of the greatest railway company in the world. We will add, that as far as we are able to judge, the directors are likely to effect their object, which, we presume, is to assu re th e use f u l generation of monied men that the North-Western Railway is a safe and improving investment. The cautious gentry who " have money in their pockets against a rainy day," and who, when the rainy day does come at last, are too apt to hold their pockets somewhat too tight, look at an undertaking in several points of view before they sink their capital in it. Is it free from mystification, and therefore secure from foul play, or considerable crrors of judgment in its conductors ? Is it sufficiently insured from a serious depreciation? Are its resources so elastic and so founded on the national prosperity as to grow with the growth of the State? But perhaps the question to which the money-market attaches the most practical value is the general competency of Vie undertakers to their work—a matter which in itself admits only of a conjectural estimate, but which depends much on the weight and frequency of the calls to be made on their purses. The most profitable scheme in the world may ruin its shareholders, if the majority of them are men of straw, unable to meet the demands of aven an economical expenditure. Unless we mistake, the first point to which all men of business will direct their attention in this statement is the amount of the calls still likely to be made, and of work likely to be dose. On this point they will receive unexpected satisfaction. The tabular statement begins with th e or i g i na l trun k, an d p roce ed s thence to the finished, unfinished, guaranteed, and con temp'ated lines. But when we pass to the explanations below, it will be seen that the directors hasten to allay the public impatience by inverting the order, and knock ing off in a lump all the lines, not yet commenced, in the fourth table. Fifteen branches, for which Acts have been passed authorising the directors to raise, in stock, in shares, and by loans, 3 ,876,963/., are shelved at once, and evidently will not be attempted without due warning, and without also much better times. Now, shareholders are occa sionally told not to fret themselves on account of a branch till it is really begun, as they will have an op portunity of voting against it at a general meeting. But notwithstanding this assurance, these branches have constituted an incubus on the mind of the public. Be sides that the mass of the shareholders are not the best inform, d and the cleverest people in the world, and do not always know whether a branch has been commenced or not, there has been a general impression that the directors could do just as they pleased, and that general meetings were very much matters of course. There was hardly a conjecture as to what branches would be made, and what postponed ; and as late as last July, the able and excellent secretary of this very company could give no more explicit information than that several, for which the company had powers, would not be made. Now, it is true there is no express under taking in the terms of the present statement, nor, indeed, can there be, as the directors cannot answer for their own continuance in office; but the world at large, led as they are by appearances, will be very glad to see these fifteen branches put under one category, as lines which it is not intended to proceed with at present. Proceed. ing, or rather going back through the tabular statement, the directors come to No. 3, which exhibits the subsi diary lines, in which the eampany are interested by sub• scription, contribution, or guarantee. This looks, at first sight, rather a heavy list, including lines amount ing to 641 miles. The total, however, remaining to be paid is not more than 1,846,798/. The value of the nine teen undertakings in this table, or rather of the com pany's interest in them, depends upon detailed consider ations, which constitute the principal matter of the remarks appended to the statement. The directors wish to show either that the risk is little, or that it is shared with another company, or that its payments will depend on its own profits. The expose certainly does seem likely to alleviate apprehension. Responsi bility is a formidable word, and never more so than when it assumes new and strange forms. In the column stating the nature of the guarantee will be found eight different arrangements made with the shareholders of the subsidiary lines. The mere sight of No. 3, which is a synopsis of nineteen important agreements, shows how large a field there was for the solicitude of those who had to pay calls, and knew little of partnerships, except that they often compre h en d a knave and a fool. In this case it was generally believed that the North-Western had too often suffered the Me zentian process of union with a dead and unprofitable undertaking. Even if it were true to some extent, there can be no doubt there was great exaggeration. At any rate the danger is now no longer obscure and indefinite. People can see for themselves how far they aro compro mised. On the branch lines and other works in course of formation it is estimated that there only remains to be paid 830,8964 The total expenditure to which the company is committed, under all heads, is little more than three millions, or a million a year, looking to the probable termination of the works—a very consider able drain under ordinary circumstances, and only likely to be severe in conjunction with many other similar de mands, and in times of pressure and distress. The di rectors certainly seem to make out their case. Their weekly revenue on the average of the year ending with last June was 42,1941. They estimate that when all their branches and subsidiary lines aro completed, and when also the prosperity of the country shall have somewhat revived, they will have a weekly average ;of 48,618/, which will pay 7 per cent. Au increase of 6,424/. does not seem too much to expect from several hundred lines of new railway profitable in themselves, and bringing traffic to the original lin e . Drawbacks and contingencies there un doubtedly are, b ut t h ey are taken into ge account by the directors, who seem to have made a safe estimate, and to be anxious to understate, rather than exa r egerate, their probable resources. There can be no mistake in as suming a certain regular increase of traffic from the in creasing rate of population and trade; and though in half-a-dozen years there will be some serious competi tion in the field, the peculiar t err i tory o f t h e N ort h- Western will do muc h to fill up th e gap. And now a word for our own part in this matter, for we have dy e been misrepre sen t e d . have been called enemies of the railway interest, and we know not what besides. How stands the fact? In 1845 and 1646, and again at the beginning of last our very best t o limit railway year, we did t speculation and railway Acts withi n practic-bounds.. We con tinually urged on the Legislature the duty of counting the cost, and providing a rocuuguhldbut sufficient estimate of how much the country that the Bills actually passepdurbear. We predicted os would be found to exceed the capital free for such famine, or other disaster shouldPinte purposes—especially ecWy if war, What is result ? The greatest and ervene s strongest railway company in the world is obliged to throw over, for the present, branches to the amount of 3 ,876,963/. How much money has been lost in obtaining the Acts and driving rivals from the field ? Looking to all the re sults, we have little doubt the North-Western would gladly give half a million that our ad vice had been taken in time —at the beginning of the session in 1846. But for the last twelvemonth or more we have scarcely said a word about railways. It was no longer of use. The Bills were passed, and the lines were in progress, or at least at the mercy of di rectors. During the long declin e o f ra il w ay prices we have let that simple fact tell its own tale, and have not said a word that could add to the ruin or the bitterness of the unfortunates who had invested their property in this slippery material. About a fortnight since, in this month of October, as proverbial f o r its comme rc i a l bleakness as November for its physical gloom, shares had been depreciated to a preposterous and absurd extent. We were well aware that the depre ciation was not justified by the state of the undertakings themselves. The sellers, however, had it against them. It was notorious at the same time that there were capitalists enough looking about fo r in vestments, a nd finding none to theirmind. Th ere was no want of money, nor is there at this moment. It was evident—and every well.informed person in London will bear us out in the belief—that the want of good railway ge trust their own judgments. dmany not information aggravated the crisis, hiu atphdey could capitalists from a field in nNhurthwh ed_ North-Western, i7etsotreso,f u had promised several com panies, particularly the but th e information. Nevertheless, noneappearedj; Weekly Share List, publish ed by the authority of the Stock Exchange, volunteered some statements, which showed at least industry, and some degree of care. As a matter of news they were inserted in our City intelligence. We took the opportunity of calling the attention of the railway companies to the mystery which had contributed so much to the depreciation of the shares, and their c at the same time invoked 'n sequent difficulties ; and the - good sense of capitalists to discover_ the . real w ort h of the property which they seemed so afraid of touching. So far from adopting the statements of_ the W ee kl y Share List, we expressed our distrust of them. We said," W e will not mention names, nor will we . c b o l mmit ourselv es to the statements of anxious and possi y suspicious scru tineers. But in declining this responsibility we only mark our sense of the unfairness practised or permitted against the public. That unfairness consists in the continuance of a mystery and entanglement where there need be none, and where there should be noonday pub licity." Further on we lamented the ruinous effects of a needless panic—" Any extensive d e p rec i ation of private property is su re to prove an universal disaster; and even an exaggerat ion of its value will lead to mischievous results. It is the former evil under which • we are now suffering." is * * * " But what can the public do in the matter, and how can they mitigate an evil by which the whole nation is more or less affected? We reply that the public may inter fere to demand the utmost possible information on the subject. If railway shares rose and fell in the market simply according to the prospects of railway traffic, the abundance of money, or other palpable considerations, there might be no call for public interference. But con fessedly there is an almost inscrutable mystery upon the financial state of our great railway companies. That mystery excites alternately the wildest hopes and the most frantic fears. At preacut it works in the latter direction. A very considerable class of capitalists —men who might be thought competent to examine any scheme of accounts—confess themselves out of their depth when they come to railways. If they could see their way clearly, they would be only too happy to buy shares, as they can do now apparently, to pay Bor 10 per cent. for their money. Let every com pany put out such a scheme as shall remove all suspicion and defy all cavil. Let all the liabilities, debentures, or preference shares be clearly stated, and let the whole speculation be exhibited in its complete and working form. The public will then see what chance there is of s good, bona fide dividend three or four years hence." Was this the language of hostility, or of friendship? The North •Western Company at least justifies our ad vice, for it admits that it has hastened the publication of its statement in consequence of the panic; and, if we mistake not, it will find its shares rise in consequence. POST.—The statement of their accounts, which has for some time been expected from the London and North-Western Railway Company, will be found in our columns of this day. It is opportune important, an d satisfactory, and will go f ar towards relieving the public mind from an anxiety injudiciously and to a great extent unjustly created with regard to the value of property in vested in those great undertakings which have so largely employed the capital and so materially promoted the commerce of the present age. We were the first to dis courage the daring and desperate speculations which, under all possible and impossible pretences, were, some eighteen months or two years ago, palmed on the unwary or the credulous. Our anticipations were ve rified, and men, if not richer for our earnest warnings, became wiser by their own bitter experience. But caution may be overstrained, as well as enterprise; and if the recklessness of 1346 was generally fatal, the fears of 1848 have been extensively injurious. Both were ex aggerations of truth, and in exact proportion to its error each has hurt the cause which it misrepresented. Whole some adventure in the one case, and judicious prudence in the other, were overstrained, and " frightened from their propriety." • Both these evils arose from the ab sence of sound information. The hopes of the public and its fears are easily excited by general statements of good or evil. The more vast and vague the promise or thureecd. at, trisdeeper therefore and withm more active sdvewitstohm, and, the sentiment doubt o p o ro c dt not, it will be with corresponding benefit to its affairs, that the London and North-Western Railway Company has addressed to its shareholders and the public a statement in detail of its engagements and liabilities. The depression of railway stock—a depression which has weighed most severely on the interests of that large and important body of the community whose FRASER'S MAGAZINE for NOVEMBER, Price 2s. 6d., or by post, 3s. contains : 1. Views of Edinb urg h . 8. The Present Condition of the 2. Keats and his School. British Navy. 3. The Inundation of Pest. 11. 9. General Cavalgnac and his 4. The Aristocracy of England. Father. 5. Thoughts in Rhyme. By the 10. The Fairfax Coh•espondence late John Sterling. No. H. 11. The Universities. 6. Yeast. No. V. 12. Current History. 7. Lines to London : John W. P 'arker, West Strand. UNITED SERVICE MAGAZINE, vv And NAVAL and MILITARY JOURNAL, for NOVEMBER, 1848, CONTAINS: The Sack of Rome. By Prince Louis Napoleon.—Milltary Ca reer of General Cavaignac. Concluded.—Requiem upon Duelling What's a Board ? wts Dioclides —A Visit to the United Service In stitution.—A Few Thoughts upon the Revolution of 1848 In Yucatan. By Major O'Connor.—The Smuggler's League.—Tho Naval Articles of War and the Marine Mutiny Act. By Tristram.—Jotrney into the Andes.—A Visit to Santona. —The Milliary System and Re sources of Sardinia.—On the East India Company's European Troops. By Major Bennett.—The Royal Horse Artillery.—Stations of the Army and Navy—Promotions and Appointments—With all the Pro fessional News of the Month. 11. Hurst, Publisher, King William-street, Strand. CHOLERA.-MORISON'S PILLS. The 89th Number of THE HrGETST, for November, is now ready, and contains most important communications as regards the Cholera. Also, an Answer to the Doctor Correspondent of the " Dispatch." Case of Cholera cured by a doctor with Arsensie I! ! Oh, oh Hear it people of England. Arsenic in Cholera ! ! Office, 368, Strand. Price Id., or 2d. rer post. THE ROYAL POLYTECHNIC INSTITUTION, REGENT-STREET. ♦ Lecture on Sanitary Measures connected with the Progress of Cholera and other Epidemics, by Dr. Ryan, daily, at Half-past Three, and on Monday, Wednesday, and Friday Evenings, at Nine o'clock.—Also on the Manufacture of Gutta Perchs, by Dr. Bach honer, Mornings and alternate Evenings.—An entirely new Phan tasmagoria, by Childe, every Evening at Eight o'clock, with ap propriate Music—The Dissolving Views, with historical descriptions. —The Chromatrope, with New Effects.—The Microscope at One o'clock dally.—Diver and Diving-bell--Working Models explained. Open daily front Eleven to Five , and in the Evenings (including Saturday) from Seven till Half-past Tem. ♦dmission, Half-price.—The New Catalogue, Is. Illustrated by 26 Anatomical Coloured Engravings on Steel. ON PHYSICAL DISQUALICATIONS, GENERATIVE INCAPA CITY, &ND IMPEDIMENTS TO MARRIAGE. aew Edition, enlarged to 196 pages. Just published, price 2s. 6d., or by nest, direct from the Establishment, 3s. 6d. in postage stamps, pm SILENT FRIEND, a M e di ca l W or k on I the infirmities and decay of the generative system, from ex cessive indulgence, infection, sod the inordinate use of mercury, with remarks on Marriage, and the means of obviating certain dis 4ualifications. Illustrated by 26 Coloured Engravings, By R. and L. PERRY and CO., 19, Berners-stroet, Oxford-street, London. ?üblished by the Authors : sold by Strange, 21, Paternoster-row Hannay, 63, and Sanger, 150, Oxford -street ; Starie, 23, Titehborne street, Haymarket ; and Gordon, 146, Leadenhall-street. PART I. treats of the anatomy and physiology of the re-productive organs, and is illustrated by Six Coloured Engravings. PART 11. treats of the consequences resulting from excessiveindul gence, and their lamentable effects on the system, producing mental and bodily weakness, nervous excitement, and generative incapacity. It is illustrated by Three Explanatory Engravings. PART 111. treats of the diseases resulting from infection, either in the primary or secondary form, and contains explicit directions for their treatment. The consequences of early neglect and of the abuse of mercury, are also clearly pointed out. This section is illustrated Seventeen Coloured Engravings. PART IV. treats of the Prevention of Disease by a simple ap plication, by which the danger of infection is obviated. Its action is simple but sure. It acts with the virus chemically, and destroys its power on the system. This important part of the Work should be read by every Young Man entering into life. PART Y. is devoted to the consideration of marriage, and its luties. The causes of unproductive union are also considered, and the whole subject critically and philosophically inquired into. Tan CORDIAL BALM OF S7RIACIII( is exclusively employed in treat- Tag nervous and sexual debility, impotence, &.c., 11 s .and 331. per bottle. The Concentrated Detersive Essence, an anti-syphilitic remedy, for purifying the blood in cases of infection, secondary symp oms, eruptions, and the abuse of mercury, 118. and 335. per bottle. 'erry'v Purifying specific Pills, 2s. ad., 4s. 6d., and 1 is. per box, a certain .emedy in gonorrhea, gleet, strictures, and chronic inflamma tion of the bladder. Consultation fee, if by letter, IL al. Packets with advice to be had at the Retablishment only, by which the fee, H., is saved. Attendance daily at 19, Ben:ars-street, from Eleven til Two, and Five to Eight; on Sundays from Eleven to One. incomes are so limited as to bring certain and deep suf fering with any considerable reduction—has been created by the apprehension that the companies had en gaged themselves in the formation of auxiliary and branch lines to an extent beyond their means, and that consequently even the most remunerative of ? the esta- blishea trunk communications were in danger of being swamped by the ruinous expense of such ancillary spe culations. As far as the Loadon and North-Western line is concerned, the accounts now before the public completely prove that such apprehensions are ground less. The capital actually expended on the main line and on branches producing revenue, including the plant for all branches, is 18,598,5561 This represents 438 miles of road formed and bearing traffic. Of branch lines in the course of formation, but not yet producing revenue, there are 62 miles for the works, for which, with their stations, &c., 1,481,3291. had been expended up to the 30th of June last, and a sum of 836,8964 i s requ i re d f or their completion. For subsidiary lines, in which the company is interested by subscripti on , contr ib ution, and guarantee, extending to 641 miles of roa d , t h e amount paid is 3,098,4331., leaving yet to be advanced a sum of 1,846,7981., forming a total subscription of 4 ,945,231 L, and the lines "to make which powers have been ob tained, but which will not be acted upon without further and full consideration," would cost 3 ,876,963/. The whole amount, therefore, actually expended up to the 30th of June last is 22,835,1207., while the entire sum which may be required to complete these undertakings is no more than 3,136, 6261.—a state of things which, considering that the last dividend, declared at its mini mum, was seven per cent., is the very reverse of doubtf u l. Nor is the state of the accounts of capital and revenue less conclusive. The directors remark that— " From the summary it will be seen that the total ultimate expenditure is expected to be 25,862,0121. The account will therefore stand thus : Dividend upon total share capital of X 21,047,747 at 7 p. cent. £1,473,342 Loans, 4,814,2651. at 4} per cent Less at 3i per cent on 4,945,2311., as sumed return on capital of subsi diary lines, as per Schedule 3 216,642 173,083 43,559 1,516,901 Working expenses 40 per cent. on gross in come 1,011,266 Total Average per week, to pay 7 per cent... .f 18,618. " The gross revenue of the year ending 30th June, 1848, was 2,194,093 L, or on an average of 42,1941. per week. "It therefore remains for the shareholders to decide whether the preceding calculations are sound and moderate, and if so, whether there is a reasona bl e pro bability f the gross revenue of the company from the main line and branches to be opened increasing to an extent of 6,4241. per week by the year 1852, when all the capital will be called up, and the subsidiary lines be in operation. " To produce such an increase, there is the additional revenue to be derived from all the lines enumerated in Schedules 2 and 3; and that steady annual increase, which, with the exception of periods of severe depression, has taken place since the lines were opened —to which should be added, that economy of management which, increased experience will enable the directors to introduce. " On the other hand, the directors do not overlook the fact that a certain amount of traffic will be abstracted by competing lines. It will be much less than is usually supposed, and the general traffic is secure to the concern." We congratulate the company both on the resolution to publish its accounts and on the accounts which it has published. It is right that, in matters interesting society so deeply and so extensively, there should be neither secrecy nor mystification. And we feel assured that the safety of the public and the prosperity of enterprise will be promoted and secured by a course of proceeding cal culated better than the most eloquent arguments to dispel the clouds which have recently gathered over prospects so important to the whole community, and so vital to the numerous classes more immediately concerned. ADVERTISER.—We congratulate the public, as well as the shareholders, on the indications of improvement in the market value of railway property which have ap peared within the last few days. We pause not now to show in what way the public are interested in the pros perity of railways. That we did some days ago. We recur to the subject, for the purpose of calling attention to the confirmation which is thus early given of the soundness of the advice we tendered to the shareholders, when we told them that there was no real cause for the depreciation which had taken place, and counselled them not to sacrifice their property, if they were in circum stances to keep it. That advice we now repeat, There may be some slight occasional fluctuations in the market value of shares, but they will, ere long, not only ac quire th e i r p roper pos i t i on i n the prices f the day, but retain it when they have acquired it. The severe storm by which they have been assailed will, now that it is about to subside, be succeeded by a long-continued period of tranquillity, in which railway prices will be remarkable for their steadiness. :Mr. Hudson, in his letter to certain shareholders of the Midland Rail way, concurs in this opinion —one, wo may here re mark, which we do not now express for the first time. It is no small satisfaction to us to find that Mr. Hudson coincides with us in several important matters, which we were the first to bring before the public. Some weeks ago, when cautioning bona fide shareholders against disposing of their property, we adverted at great length to the fact that the quotations which had ap peared day after day in the Stock Exchange lists, of prices which were constantly declining, were not the quotations of actual sales, but of fictitious transactions, In which the " Bears " had been systematically engaged. We appealed, in proof of this, to the records of the trans fer offices of any of the leading companies. Mr. Hudson comes forward and proves the accuracy of our statement. He distinctly affirms that, during the recent panic, the number of transfers of shares which have taken place has been less than usual. And this, not as re gards one or two of his lines, but as respects all the rail ways with which he is connected. We are in a condi tion to affirm, that the same thing may be predicated of the stock of the London and North-Western, the Great Western, the London and South-Western, and, indeed, of all the leading companies. The depreciation in the value of railway property which has caused so much alarm, and led to such disastrous results to many of the most respectable families in the country, has been pro duced by those unprincipled practices which w e formerly exposed as being resorted to by the "Bears," and which Mr. Hudson characterises by the mild term of " a com bination to depress shares." And, here we beg to make one or two observations on the subject of these fictitious sales those nominal transactions which have for some months past figured on the Stock Exchange lists, and misled, to their ruin, thousands of simple people who are un acquainted with the mystery of iniquity which is in unceasing operation among the speculators in Capel court. It is much to be regretted, that the companies to which we have referred, did not, when they saw the pro perty of their shareholders daily diminishing in valu', and principally through the quotation of fictitious sales, give an official intimation in the public journals, that these transactiions were nominal not real. In confirma tion of this, they might have published weekly the num ber of transfers which had actually taken place ; and when it had been seen that the number of real transac tions bore no proportion to the number of fictitious sales, the minds of shareholders would have been disabused. All apprehensions would have died away ; confidence would soon have been restored, and the " Bears " would have been completely caught in the trap which they had set for the public. There is oho other point in Mr. Mid- [PR ICE SD. son's letter to which we may allude with a special gratification. We refer to what he says of the Weekly Stock Exchange List. Our journal, now five or six weeks ago, was the first to direct attention to the unspeakable mischief which this publ'eation, by iti gross misstatements, was weekly working.: We cha racterised the course it was pursuing in the strongest terms which it would have been prudent for us to employ. Nor did we spare the Stock Exchange Com mittee, under whose sanction it was issued, any more than we did its conductors. It was idle for them to cause an intimation to be put into it, that they were not to be held responsible for the opinions it expressed, cr the statements it contained. It came out avowedly under their auspices, and at the very moment they were disclaiming responsibility for what it contained, the conductors were neutralizing the value of the disclaimer by publishing in all the public journals that they had got the sanction of the Committee of the Stock-Exchange to the insertion of ad vertisement, in the List. This clearly showed that the publication was entirely under their control: So, at any rate, the public understood the matter. And so understanding it, it was no wonder if the price of railway shares tumbled down, day after day, when a publication, issued under the authority of the Stock Ex-' change Committee, boldly asserted that stock which was paying six and seven per cent. was not in a position td pay more than three or four per cent. Mr. Hudson comes forward and indorses all we have said respecting this! mischievous publication. " I wish," says that gentleman, "I could call the serious and grave attention of the Chairman of the ., London Stock Exchange to a publication, which is issued weekly, professing to be under the sanction of that! body. lam aware that the statements which appear in ' that paper are stated not to be* published under the authority of the Stock Exchange; but I cannot close my, eyes to the effect that they produce on the mind of the public, who naturally consider. that they have that sanc tion. If these statements were correct and true, no per son would havers-right to complain; but when they are almost in every instance incorrect, and their general tendency is to depreciate railway property, it would be well that the Stock Exchange should disavow a publica tion which is calculated to do so much mischief." Such pointed observations, coming from such a quarter, cannot be without their effect. The Stock Exchange Committee are now bound, in justice to their own character, as well as in justice to the holders of railway shares, to withdraw their sanction entirely from the publication. This they are bound to do at once, and in the most public manner, so that no one may hereafter be misled by its erroneous representations, If this be done, the publication will cease to do mischief by ceasing to exist.—[Since the above was put into the hands of the printer, we have received the gratifying intelligence that this mischievous publication has been brought under the special consideration of the Committee of the Stock Ex change, and that they have come to the resolution of prohibiting the insertion of any more " statements" re garding railway accounts. The resolution is thus worded— " That Mr. Slaughter be required in future to limit the contents of the Weekly Share List to the usual tabular railway statistics, prices, and official corre spondence."' So, then, our object is accomplished. The sting has been extracted from the wasp. Henceforth the Weekly Exchange List will be as harmless as a dove. This is one essential service which has been rendered to the railway world.] CHRONICLE.—We publish this day the . exposé, officially promulgated by the North-Western Railway Company, of their 'financial position and prospects. It presents a detailed and elaborate picture of the past ex penditure, and the existing liabilities of the company, arranged under four distinct heads, with a summary, forming a fifth schedule, of the total capital which re mains to be provided for each class of liabilities. The result of this statement, which is plain and distinct enough even for persons little practised in accounts to comprehend, must tend, we think, to dissipate the wild rumours which have been ignorantly or designedly circulated within the last few weeks respecting the situation of some of the leading companies, and to disabuse the minds of shareholders of those panic terrors which have led them at once to sacrifice their own interests and that of the commercial commu nity upon whom this new mania of apprehension has, in various ways, operated most injuriously. The classifica tion adopted in the tables before us appears to be an ac curate and a conveni en t one. The first head exhibits the expenditure and liabilities upon the main line and branches now producing revenue. The extent of rail way included under this division is 438 miles. The total amount authorised to be created in shares, was 1,047,7471. —the sum at present received upon shares is 14,044,5741.; upon debentures 9,186,672/. ; making together 23,231,2461. The expenditure incurred, down to Ist July last, was 18,145,6241., the aggregate estimated outlay being 18,598,5561. So that the sum remaining to be expended on account of the whole of the main line and branches, at present yielding revenue, is little more than 450,0001 The second schedule shows the branch lines in course of construction, and not yet productive. These are nine in number, but the extent is only sixty-two miles. Among the most considerable of these works are the enlarge ment of stations at Liverpool, Manchester, Crewe, Bir mingham, &r'. The total estimated outlay is 2,318,225/. Of this sum 1,481,329/. has been incurred ; 836,8961. is yet to be expended. Schedule 3 is that to which the public and the shareholders will probably look with most solicitude. It specifies the subsidiary lines in which the company are interested by subscription, con tribution, or guarantee. There are nineteen lines in cluded in this category. To fifteen out of this number the company had, up to the 30th of June last, subscribed to the amount of 3,098,433. They are still under engagement to subscribeZl,B46,79BL The sum is undoubtedly large, and, at present prices, the subscriptions to the Caledonian, the Chester and Holyhead, the Bucking hamshire, and some other concerns may not appear to have been very advantageous investments ; but then it should be recollected that these were not mere specula tive adventures. The concerns embarked in are all naturally connected with the company's main line ; they are calculated to further the development of its traffic ; and the influence which a participation in the property of them affords, is of essential importance to the North-Western directors. Adverting next to the gua rantees, we must acknowledge that, whatever may have been the sins of other companies, we find here little to support the imputation of improvident bargains against the London and North-Western. Some of the higher guarantees , such as the No rt h U n i on an d the Scottish Central, have been undertakes jointly with other companies, and, even if the arrangemen ts should not prove remunerative, the amount of these liabilities is compara tively inconsiderable. In other cases, the rate cannot be deemed immoderate; nor, according to the test of the Share Market, has it at any time been so viewed by the people. The engagement to the Buckinghamshire line is 4 per cent., to the Coventry and Nuneaton 5, to the Huddersfield, Manchester, Leeds, and Dewsdury 7-10ths of the North- Western dividend for the time being, to the Stour Valley 2-3ds of the same, to the Shropshire Union one half. The return which these lines will yield must, of course, be at present problematical; but upon what ever data they may be computed, there appears to be little ground for charging the directors with having sa crificed the interests of the proprietors by any very ex travagant bargains, or outrageous concessions. In the majority of cases, the amounts which the com pany has undertaken to, pay are not more than a reasonable indemnity to the under takers for their enterprise ; and, taking one line with another, we believe that the anticipation, that in a few years they may be expected to yield a margin of profit to the North-Western Company, is by no means over sanguine. Sdhedule 4 comprises a class of under takings which, if not actually abandoned for good and all, may, we trust, be considered as indefinitely postponed. The outlay which they would absorb is set down at 3,876,9631. The expenditure as yet incurred is stated to be nil. The Parliamentary expenses which must have been incurred in obtaining the Acts, we presume, are charged elsewhere. But the lines themselves not having been commenced, there can be little question, under the present circumstances of the company, and of the times, that there .will be no disposition, either on the part of, 'directors or proprietary, to add these four millions to their capital account. Sctveral years w ill probably elapse before the fifteen branches and extensions enumerated in this schedule will be called _for, to satisfy the demands of the public, or will excite the cupidity of the .shareholders. The sum mary of the several classes above specified (the last be ing excluded), shows that the total ultimate amount of capital to be expended upon the works and engagements of the Company will be 25 ,862,0121. If the entire amount of authorized stock and share capital should be fully called up, which is contemplated as likely to occur in 1852, it will reduce the sum raised upon debentures to 4,814,2651. The great question then arises, as to the amount of profits which it will be practicable to divide upon this capital. Upon this point, the estimates formed by the Directors id their present manifesto are a fair subject for scrutiny and criticism, to which they will no doubt be rigidly subjected. The public must judge whether or no it i s a reasonable anticipation to assume that, in four years from this time, the average receipts upon the main line, increased, as it will then be, by the branches specified in Schedule. 2, and by that development of traffic from the completion of the works of the Subsidiary Com panies, may b e expecte d to 1116 i-ease to 'the extent of 6,424/. per week over the average of the year just ex pired. They must judge, too, whether the estimate of a return of 3i per cent. upon the lines guaranteed and subscribed to, which are enumerated in schedele 3, be a modest or an over-sanguine estimate. That . 40 per cent, upon the gross i nco m e is likely to form, at" - the period in question, a sufficient deduction for working expenses, will not, perhaps, be much questioned. These. then, are the data upon , which the directors build their calculation of a minimum dividend of 7 per cent. upon the entire capital in 1852. This, of course, is not pro pounded as the measure of their hopes, or even of their expectations, but only as a safe and cautious estimate of 'their ultimate position. For ourselves, we must avow that the impression we have formed, upon the review of , their affairs now taken, is, that the share holders in, this great undertaking may repose a well founded confidence in the issue of their investment. The opinion which we have always expressed, as to the , ,. ultimatolouninerativenoiii "of "railway property, Is ratter L 0 V E is the leading feeling of the human breast. More exalted than mere passion, it soars high above every other impulse of nature, and is not only stronger than avarice, but more engrossing even than ambition. No man is exempt from its influence, or can avoid its sway ; and business, pleasure, philo sophy, and divinity itself become neglected under the enthralling power of LOVE, which, unlike most things, increases in intensity with time, until it receives the sacred consummation of marriage. When union does not take place, however, this passion, this fervour, this golden tide of the manliest feelings becomes a deadly poison in the heart, which now darkens, as it before bright ened, all things upon earth. How is it that men, of most un changeable habits, will change at the very - altar, and after a life time spent in the fulfilment of every engagement, snap the very con tract asunder which should be most binding to an honourable mind? It is theeffect of conscience. The Lover, by enervation of early habits, or the results of secret disease, knows himself to be disqualified, and dares not enter a state which has been instituted by Divine Law for the fulfilment of important ends. The wretched condition of such a being must subsequently be beyond measure deplorable ! Loving and beloved, he entails the most miserable disappointments on the object of his choice, and upon himself a desolation the most horrible, when the simple possession of natural attributes would change the scene, and yield to both a life of unalloyed happiness. The subject is interesting, and deserves the attention of all. Those desirous of investigating it will find the fullest and most satisfactory information in the little work entitled SELF-PRESERVATION. - - illustrated by forty coloured engravings on the anatomy, physiology, and diseases of the reproductive organs ; with practical observa tions ea the secret infirmities of youth and maturity, rc.olting from sOilLary 2iCblte, exceao.e, wa - infection. By SAMUEL LAWEftT, M.D., Doctor of Medicine, Matriculated Member of the University of Edinburgh, Licentiate of Apothecaries' Mall, London, llenorary Member of the London Hospital Medical Society, &c. This treatise is the result of a long course of study in a peculiar and meek neglected branch of medical practice, and the author having ob tained the highest medical honours, is a guarantee for his profes sional experience, which has reference almost solely to the treat ment of these diseases. REVIEW OF THE WORK. rth er sn d a istaschtrioiluins.froHmaptphy. gulfte h LaWert in the Infirmities of Youth and liaturity.—" There are scenes the drama of life which are acted with no spec t a t or b ut Conscience e ; m a e n e d t meets o w f i t t h h es a e t Lis e ely in result e n is Byer ev into which such scenes must plunge him I In the book be:bre us such a monitor is to be found, calculated to warn and instruct the erring, without impairing one idea that can vitiate a mind not al ready tutored by the vices of which it treats. It is written in a style of masterly precision and lucidity, blending the profoundest truths of philosophy and physics with the loftiest precepts of morality. It is a production calculated to confer a vital benefit, physically and morally, upon all who are tempted from the rigid path of abstemiousness and propriety. A father may trust it in the hands of his boy. By un taught innocence the book is not, of course, needed ; but wherever laxity has prevailed, the tender yet awful voice breathing In these pages is likely to prove as strikingly beneficial as the admonitiors of a homily blended with the practical advice of a writer on medicine." —United Kingdom Magazine. The work may be had price 2s. 6d., of Kent and Richards, 52, taterne:Aer-row ; Hannay, 63, Oxford-street; Stade, Tlchborne street, Haymarket ; Gordon, 146, Leadenhall-street ; Mansell, 115, Fleet-street ; or, free by post, for forty-two stamps, from the author's residence, who neay be consulted on those disorders personally, or by letter, daily, fr:T enom to Two, or from Five to Eight. 37. BEDFORD-SQUARE, LONDON. „_ I A girl, of 16 years of age, having app lied on account to case SINGULAR d last s w E e A e S k E loss of sight of her left eye, the cause was ascertained at o the r T Gll Blas g E o r: ' E .” ; e A s ilnfirmar yngulsingular ceysti cercus of scientific naturalists) in the eye , close cs ofe be the presence of a living worm or hydatid (thebf theoe pupil which it completely obstructed. T his s p ecies pea from f a r l o e m on w s b is i t e s b o o f b a orooeunsdidebasprgaibogoustittshesize of a small a f body, filament, consisting of numerous rings, and capable of being elongated and retracted at the creature's will. T which 1 s bodyo with four ends in laterala neck suckers.and head, A landl thisthe latter a i plain is u naked eye in this i ns t ance , b u t appeared still more so when viewed thro ug h a m i crosco p e . As the existence sptopli thesupplied of such a creature in the interior of the eye not only prevents vision, but ultimately destroys the whole tex ture of the organ, it was resolved to remove it by opera tion. This was successfully effected on Saturday last. The patient behaved with perfect steadiness, and found her vision immediately restored. The hydatid continued to live for more than half an hour after being extracted. As only four similar cases aro on record, the worm ex cited much curiosity, and was examined by numerous visitors, both lay and medical.—Glasgow Chronicle. [AD VERTISEMENT.] —The Cholera—How to Pre vent—by Holloway's Pills.—Thousands of lives may be spared by adopting the following precautionary means . To eschew the use of fruit, vegetables, pastry, eggs, the fat of meat, sauces, wine, beer, and spirits, and to avoid committing any kind of excess. To cleanse well the stomach, liver, and bowels, and purify the blood of all impurities, which will be effected by taking five or six pills night and morning for fifteen days, and afterwards to take two or three doses a week. Thus the highest state of health will be obtained, and Cholera iu every case prevented. The same precautions should be taken in cases of diarrhea and ordinary bowel complaints.— Soldbya 4 112drz Strand.ggists , and at Professor Holloway's esta blishment,Two MEN KILLED ON THE NORTH BRITISH RAlL WAY.—Yesterday forenoon a melancholy accident oc curred at the station of the North British Railway Com pany here. It appears that two men, named David Graham and John Brown, were in the act of crossing the line from the coal depot near the site of the Old Trinity College Church, when an engine with some trucks were in course of being removed from a siding near the spot; and the engine not being perceived by them, came down upon them so suddenly that they were both overtaken by it, and crsuhed beneath its ponder ous weight. Graham was so severely mangled that he survived the accident only a few minutes. One of Brown's legs was completely dissevered from his body, and he was otherwise so much injured that he died last night in the infirmary, to which he had been carried. The deceased individuals were employed to look after and repair the trucks about the station; and they were conversing, with their tools in their hands, in crossing from the north to the south side of the line, when the accident occurred.—Scotsman. THE FIRST CHERRY IN THE MAURITIUS. - The first cherry ever grown on the island appears to have given rise to some extraordinary proceedings. A tree had been introduced and tended with great care by a planter, who watched over it with trembling anxiety during the flowering season ; all the fruit, however, failed except one cherry, IN hich gradually ripened and came to perfecti on . A f est i val was g i ven i n celebration of the event by the delighted planter, and the Governor, Sir R. Farquhar, invited to gather the unique and in teresting specimen. He arrived punctual at the hour, and at the head of the assembled company approached the tree. The cherry was gone; a young negro, unable to resist the temptation of the red and juicy fruit, had swallowed it. The Governor appeased the planter's vexation with the good-humoured remark that the will would suffice for the deed, and the company consoled themselves for the disappointment by adjourning to the breakfast table.— Chambers's Edinlmr9h Journal. 1.-LITERATURE ANT) PHILOSOPHY. JUNIOR HUMANlTY—Wednesday, November 1, at Twelve and Two o'clock—Pre essor PILLANS. SENIOR HUMANITY —Wednesday, November 1, at Nino and Half-past Eigkt o'clock—Professor PILLANs. FIRST GREEK —Wednesday, November 1, at Ten and One o'clock— Professor DUNBAR. SECOND GREEK—Wednesday, November 1, at Eleven o'clock —Professor Duraika. THIRD GREEK—Monday, November 6, at Two o'clock—Pro fessor DUNBAR. FIRST MATHEMATICAL --Wednesday, November 1, at Twelve o'clock— Professor KELLAND. SECOND MATHEMATICAL—Wednesday, November 1, at Ten o'clock—Professor ICELLAND. THIRD MAT FIE NI &TIC A.L —Monday, November 13, at Nine o'clock Professor KELLAND. LOGIC and METAPHYSICS—Wednesday, November 1, at One o'clock—Sir WM. HAMILTON, Bart. MORAL PIIII,O AO PHY—Wedaesday, November I, at Twelve o'clock—Professor WILSON. POLITICAL ECONOMY—Professor WHAM NATURAL PIIII.OSOPPIT—Wednesday, November 1, at Eleven o'clock—Professor FORBES. RHETORIC and BELLES LETTRES—Wednesday, November 15, at Three o'clock—Professor AYTOUN. AGRICULTURE—Thursday, November 0, at Four o'clock—Pro fessor Low. UNIYERSAL TllSTORT—Wednesday, November 22, at Two o'clock—Professor NNE.. THEORY - OF MUSIC—Mont ay, November 2S, at Twelve, Two, and Three o'clock—Professor DONALDSON. IL—THEOLOGY, EIVINITY—Tuesday, November 7, at Eleven o'clock—Prlnclpe LEE. DIVINITY AND CHURCH HlSTORY—Tuesday, November 7 at Twelve o'clock—Rev. Dr. ROBERTSON. HEBREW—Junior Class— November ,at —Advanced Class, November at o'clock. BIBLICAL CRITICISM AND BIBLICAL ANTIQUITIES— Tuesday, November 7, at One o'clock—Rev. BT. Dm, D.D. o'clock. lII.—LAW. CIVIL LAW—Monday, NoYeanber 13, at Threo o'clock—Pro fessor Swi NTON LAW OF SCOTLAND—Monday, Noyetaber 13, al Three o'clock —Professor Mors. CO NVE YA NCI NG—Monday. NoTentber 13, at Four o'clock— Professor Marina. IT.-MEDICINE. DIETETICS, MATERTA MEDICA, AND PHARMACY—Wed nesday, November 1, at Nine o'clock—Dr. GRILISTISON. CHEMISTRY —Wednesday, November 1, at Ten o'clock—Dr, GREGORY. SURGERY—Wednesday, November 1, at Ten o'clock—Professor MILLER. MEDICAL JURISPRUDENCE AND POLlCE—Wednesday, November 1, at Eleven o'clock—Dr. Team. INSTITUTES OF MEDICINE —Wednesday, November, 1, at Eleven o'clock—Dr. BENNETT. GENERAL PATHOLOGY —Wednesday, November 1, at Eleven o'clock—Dr. lIIINDRISON. CLINICAL SURGERY (Monday and Thursday) —Monday, No vember 6, at Twelve o'clock—Professor STYR. CLINICAL MEDICINE (Tuesday and Friday)—Tuesday, No vember 7, at Twelve o'clock—Drs. ALISON and CHRISTISON. ANATOMY —Wednesday, November 1, at One o'clock—Professor G (soma. MILITARY SURGERY —Wednesday, November 1, at Two o'clock —Sir GEORGE BALLINGALL. NATURAL HISTORY —Monday, November 6, at Two o'clock— Professor JAMssoN. MIDWIFERY and DISEASES of WOMEN and CIIILDREN— Wednesday, November I, at Two o'clock—Dr. SIMPSON. PRACTICE 'of PHYSIC —Wednesday, November 1, at Three o'clock—Dr. Aram/. ROTAL INFIRMART—It Noor, Daily. PRACTICAL ANATOMY (under the superintendence of Pro fessor Goonsta). PRACTICAL CHEMISTRY (under the superintendence of D r , GREGIMY) . Daring the Summer Sessionnches Lectur Educates will be given on the followi ng Bra of be : BOTANY—By Dr. BALFOtrit. MEDICAL JURISPRUDENCE —By Dr. TRAIL. CLINICAL MEDICINE — CLINICAL SURGERY —By Professor Sum PRACTICAL CHEMISTRY and PHARMACY. PRACTICAL ANATOMY— MATRICTILATION.—Every Student in the Faculties ef Arts, Law, and Medicine, before entering with . any Professor must produce a Matriculation Ticket for the ensuing Selsion. Tickets will be issued at the Matriculation Office, in the College, every lawful day, from Ten till Four .'clock. Enrolment in the General Album is the only legal Record of attendance in the University, except in the mole of Students of Divinity, who are required to enrol at the Theological Library before applying far Tickets from Professors is the Faculty of Theology. LIBEAST.—The Library will be open for the purpose of givinT out Books to Students, either on loan or for reference, in the Hall ap pointed for that purpose, every lawful day during the winter Session, from Ten o'clock A.x., till Four o'clock rat., except on Saturdays, NI hen it will be shut at One o'clock precisely. Every Student applying for Books mast present to the Librarian his Matriculation Ticket for the Session, with the Ticket of at least one Professor. Every book taken out must be returned seitlon a foti.right un. inj.ured. 'N.B.—lnformation relative to the Curricula. of Study for Degrees, Examinations, &c., may be obtained on application to the Secretary, at the College. A Tabl• of Fees may be seen is the Matriculation-oMce, and In the Reading-room of the Library. By authority of the Patrons of the University, BLALR WILSON, Secretary to the University. PROMOTER LIFE ASSURANCE AND ANNUITY COMPANY", 9, Chatham-place, Blackfriars, London.—Established in 1826. Subscribed Capital, 240,0001. DIRECTORS. The Right lion. W. G. Ilayter, Robert Palk, Esq. M.P. John Louis Prevost, lesq. Charles Johnston, Esq. Samuel Smith, Esq. John Towgood Kemble, Esq. Le Marchant Thomas, Esq. John G. Shaw LefeTre, F.R.S. TRrSTEES. Joins Deacon, Esq., John G. Shaw Lefevre, Esq., r.R.s., and Charles Joknstou, Esq. This Society effects Assurances in every 'variety of form, and on most advantageous terms, both on the bonus and non-bonus systems. The Premiums, without participation in the Profits, are lower than those of most other offices, whilst those on the participation scale hold out the prospect of a handsome addition being untie every Five Years, to the sum assured. The holders of Equitable Policies can secure their bonuses at the approaching division on the best terms with this office. Prospectuses, with tables of rates, and all farther particulars, may he obtained at the office. MICHAEL SIWA/tD, Secretary. TTNITED KINGDOM LIFE ASSURANCE COMPANT.-8, Waterloo-place, Pall-mall, London; 97 George-street, Edinburgh; 12, St. Vincent-place, Glasgow; 4, Col- I ege-reen, Dublin. DIRECTORS. JAMES STUART. Esq., Chairman. HANANEL DE CASTRO, Esq., Deputy Chairman. Samuel Anderson, Esq. 1). Q. Henriques, Esq. Hamilton Blair Ayarne, Esq. F. C. Maitland, Esq. E. Lennox Boyd, Esq., Resident. I William Raißon, Esq. Charles Downes, Esq. John Ritchie, Esq. Charles Graham, Esq. I F. H. Thomson, Esq. SECOND SEPTENNIAL DITISION OF PROFITS. This Company, established by Act of Parliament in 1234, affords the most perfect security in a large paid•up Capital, and in the great success which has attended It since its commencement—na Atitivar. INCOME BEING UPWARDS OF 04,000/. ❑i 1841 the Company added a bonus of 2/. per cent. per annum on the sum insured to all Policies of the participating class from the time they were effected, to the 31st of December, 18. 1 .0, and from that date to 81st December, 1847, IA7. per cent. per annum was added at the General Meeting en the 6th of July, 1848. The bonus thus added to policies from March, 1834, to the 21st of December, 1847, is as follows: Suns Sum added tel Sum added to 'Sam payable Time Assured. Assure.l. Policy inll4l Policy in 1843 at Death. £5OOl 13 years 10 mths £613 6 8 £787 II 0 £6470 16 5000 12 years 500 0 0 787 II 0 6287 10 0 5000 II years 100 0 0 737 10 0 6057 10 0 6000 8 years 100 0 0 787 10 0 5887 10 5000 ' 0 years .. 675 0 0 5675 0 0 6000 4 years 458 0 0 6450 0 I 6800 2 years .. 225 0 0 6225 0 0 The Premiums, nevertheless, are on the most moderate scale, and only one-half need be paid for the first five years where the In surance is for Life. No Entrance Money or charge except the Policy Stamp. Every information will be afforded on application to the Resident Director, .No. $, Waterloo-place, Pall-mall, London. PROVIDENT LIFE OFFICE. 50, REGENT-STREET, and t, ROYAL EXCHANGE. LITILDINGS, LONDON. Established 180 G. INVESTED CAPITAL, 1,230,0001. Annual Income 140,0001. Bonuses declared 743,000/. Claims paid since the Establishment of the Oflice, 1,6711,0001. PRESIDENT. The Right Honourable EARL GREY. DIRECTORS. The Hen. Arthur Kinnaird, Chairman. The Rev. James Sherman, Deputy Chairman. Henry B. Alexander, Esq. William Ostler, Esq. Henry Blencovre Churchill, En. George Round, Esq. George Dacre, Esq. James Sedgwick, Esq. Alexander Henderson, M.D. Frederick Squire, Esq. William Judd, Esq. William Henry Stone, Esq. Sir Richard D. King, Bart. Capt. W. John Williams. JOHN A. BEAUMONT, Esq. Managing Director. PiarslciAN—John Maclean, M.D., F.S.S., 29, Upper Montague. street, Montague-square. The Rates of Premium are those adopted by the principal Life Offices, the rate without bonus is lower that that of most ether offices. The Bonuses aro added to the Policies, •r applied to the reduction of the Premiums. Policies issued by this office are purchased at their full ♦alue ; or Loans may be obtained upon therm, after they have been in existence for five years. If a party neglect to pay for the renewal of his Policy, he may repair the emission any time within twelve months, upon proof of good health. The Profits (subject to a trifling deduction) are divided among the Insured. The plan upon which they are divided _rives to each party Insured a share proportionate to the amount of the Premiums he has contributed. In addition to the above advantages, the Directors have determined to adopt the principle of allotting a prospective Bonus to Policies lapsing between the Septennial periods of division, in order that all the Policyholders may participate equally in the Profits of the Society. The following Table shows the amount of Bonuses added to PCieles existing at the present time. 4 Total sum Bonuses , Date Increase on payable, to of 'ollcy gam Bonuses which future Ito. Insured. added. Policy Insurance. bonuses will be added. ------------ -- £ X s. d. £ 5.(. 21 180( 510 415 10 2 83.10 percent. 615 10 2 521 1817 900 982 12 1 109.17 ” 1882 12 1 1174 1816 1200 1160 6 6 96.68 ~ 2360 5 6 1395 1811 1600 1328 8 6 13.02 ~ 2928 8 6 3284 1820 2000 1906 13 i 95.33 ” 3906 13 5 3392 1820 5000 358 17 8 71.17 ~ 8558 17 8 4351 1822 2000 2541 2 8 84.7 ” 5541 2 6 Prospectuses and fill particulars may be obtained upon applica tion t• the agents •f the office in all the principal towns of the United EhVom and at the head office, Ne, 50, RegeritltrOVt, ~~~-~~a firmed tbaa shaken • to which Comm cn returns. Let t ) pre:._ of reckless an, tecked (and perhaps nothing less than the severe of the recent crisis could have ensured thie), 2rogreesion of railway traffic must attend, as it will"1so promote, the extension of wealth, population, and commerce. If these views are realised, the share holders •of the North-Western Company will, in all prObabilit y , not reap the least valuable. fruits of the sy s t em . E rrors in management there may have been, false steps which cannot be retraced, large outlays of capital which the wisdom of present ex perience must reprobate and regret; but the statement which is now exhibited to the pnblic, to the good faith of which we may consider the character of the di rectors to be pledged, appears to us to have established this point, at least, that nothing which has been under taken or engaged in has, in any degree, comproniiiied the stability of the concern—whatever temporary diffi culties may be encountered, the basis is sound. We may add, that if any course could, more than another, re establish its credit, it is the fulness and frankness of the present disclosures. The public now know the worst. We think they may be well justified in hoping for the best. We will only add our earnest recommendation to the other companies which have been similarly assailed, that they should go and do likewise. HERALD.—At the conclusion of these observations we give the official statement of the London p a t n e d ua N r o a r ti t o n t; 1 Western Company's financial position, the and publication of which have been rendered necessary by the erroneous details recently issued in a sort of semi official shape in the Weekly Share List, and which, with some leading and mischievous remarks thereon, fouud-a prominent place in the columns of our contemporary the Times. The statement originally published in the Wee* Share List is one which bears, upon the face of it, an air of , great candour, and the ob servations of the 7 lines wear also the semblance of sincerity and condo lence, but a slight investigation of the one and but a little consideration of the other will show that the apparently semi-official statement is most injuriously incomplete, and the comments of the journalist hasty, crude, and groundlessly mischievous. What are the Lc ts ? , Tge Times, in some introductory remarks, by which it pre faces, in its City article, itt quotation of the financial statement from the Weekly Share List, "Qf the_engage ments of the London and North-Western Railway Com pany, together with an estimate of the traffic•receipts that would be required, supposing these engagements till carried out, to maintain - the present dividend of 7 •per cent.," informs its readers that " the statement appears to have been.mazie with' great care, and on the most favourable assumption," and it then says, " We add also a table of comparative results, which Rill tend to open the eyes of the public to the extent and pressure of the schemes to which Parliamentary sanction have been granted in individual cases; and also as to the a& ditional amount of railroad travelling that must take place throughout the country to realise the dividends that have been promised." The language is, in .fact, merely an echo of what the writer of the statement in the Weekly Share List himself observes. His estimate is to be depended upon " provided all the share capital of the London and North-Western should be called up, and the whole of the leased and amalgamated lines be brought into operation." Every person at all acquainted with the general character of the new lines which the old companies felt it necessary to go to Parliament for in 1845 and 1846, knows very well that they were mostly of a protective character, and that the applications for them were in most cases matters not of choice, but of compulsion. The chief point, therefore, on which the compiler of such an estimate as the one we are dealing with should be clear, is manifestly the extent to which such lines are likely to be carried out. Without a correct knowledge of this portion of the expenditure of a company, an estimate of the probable amount of share capital, and of the probable amount of receipts, is worse than useless—it is calculated to lead to - most erroneous, and perhaps—and indeed such has been the operation of it in this case—most mis chievous conclusions. It is true that the writer of the statement in the Weekly Share List quotes a passage from a letter written by Mr. Creed on the Ist of July last, in which that gentleman says the expenditure of capital for branch and subsidiary lines had been contracted to a great extent, and that several of such lines, for the construction of which the company have powers, would not be made. But we must remark that these as surances weigh very little against, and are forgotten by the London and North-Western shareholder, in the con templation of an array of figures, from which he learns that the liabilities of his company amount to about 36,000,000/., and that while 44,0001. per week is requi site to pay 7 percent. on the present capital, no less a sum than 70,0001. per week will be required to pay the same dividend, " provided all the share capital should be called up," &c. Having quoted from the Weekly Share List the statement in question, the 7 irnes, in a leading article on the same day, declares that—" The sooner all the railways of this country are referred to a Parlia mentary comaeissiou—we will not say of bankruptcy— the better for the country and for the shareholders. Such a process involves no stigma—let misfortune be the plea." And having indulged in some general remarks, our contemporary says—" Let every company put out such a scheme as shall remove all suspicion and defy all cavil. Let all the liabilities, debentures, or preference shares be clearly stated, and let the speculation be exhibited in its complete and working form. The public will then see what chance there is of a good bona fide dividend three or four years hence." Here we have an apparently semi-official journal, the Weekly Share List, proving to us, in a statement which the Times tells us " appears to have been made with great care and on the most favourable assumptions," that the London and' North-Western Company must, contingent on certain events, about which nothing of a guiding character is given to the reader, take an additional 24,0001. per week to pay 7 per cent. upon its capital, and then in another column we have the Times itself suggesting the reference • of railways to a Parliamentary Commission—'' it will not say of bankruptcy" —and throwing out something like an insinuation that railway shareholders stand but a poor chance of having " a good bona fide dividend three or four years hence." We repeat that the operation which such a statement and such observations were calculated to have upon the public was clear and manifest—via., to depreciate the value of London and 'North-Western property. To us the principle on which such a publica tion should be conducted seems obvious enough. None of its statements of the financial position of railway companies should be imperfect or open to the charge of a panic tendency. In the absence of official information, the better plan would be the omission altogether of any such statements. It will be seen from the official state ment, which appears to be a very candid one, that the total ultimate expenditure of the company is expected to be 25,862,0121., and that to pay the present 7 per cent. dividend, the working expenses being put down as 40 per cent. on the gross income, a weekly take of 48,6181. is required. The gross income for the year ending June, 1848, was 2,194,0931., giving an average weekly result of 42,194/., so that an additional 6,6241. per week will have to be realised to give the 7 per cent, upon the ex pected total ultimate outlay. The official statement, while it incidentally justifies the company in the course it pur sued in reference to the lines obtained by it in 1845 and 1846, goes briefly, but lucidly and, as it appears to us, very fairly, through all its guarantees, its subeeriptions to other lines, and its branches, stating the value and object of them, and specifying the present or probable value - of them respectively. We refer the reader to this very satisfactory portion of the statement. The esti• mate which the company have made of the results of their engagements under these three heads appears to be extremely moderate, and a careful attention, both to the figures and the remarks appended thereto, will show, that the monetary engagements of the London and North-Western Company have, considering the cir cumstances under which the majority of them were carried out, been entered into with a degree of prudence which their opponents have not given them the credit of possessing. The plea that the construction of lines and guarantees has been forced upon directors by way of protection, is, however, not very acceptable to the share holders in tiines like the present. But tho London and North-Western shareholder may pith considerably confidence feel somewhat indifferent upon this point. The official statement appears in itself a guarantee that the future dividend will not fall below 7 per cent., while there is good reason for believing that with the improvements which aro being made in the construction of permanent way, by a judi cious re-arrangement of trains and a revision of the lo comotive management, the working expenses of the line may be considerably reduced. The officialstatement in forms us-that " the directors do not overlook the fact that a certain amount of traffic will be abstracted by com peting lines. It will be much less than is usually sup posed, and the general traffic is secure to the concern." We have always considered that the amount of traffic likely to be abstracted from the London and North esterti system of railways by competing lines, has been considerably overrated. and that the annual increase of the traffic over the old main lines, in addition to the development of "the through traffic from Ireland via the Chester and Holyhead line, and of the traffic of the branch lines, would more than balance any such abstraction. Large as the goods traffic upon the London and North-Western line is, it is yet very far from its full development. Our - opinion is that the additional 6,424/. per week required to make up a receipt that will yield a 7 per cent, dividend upon the expected ultimate expenditure of the company will be produced from the goods traffic alone in the year 1852, " when," as the directors tell us, " all the capital will bo called up, and the subsidiary lines in operation?' We may here opportunely offer a few ob servations on the apparently uncomfortable increase which will have taken place in the capital of the com pany by the year 1852. The share capital paid up on the 30i.h June, 1848, was 13,845,6151. Supposing all - the capital to be called up by 31st December, 1852, the capital account would' exhibit a sum of 21,047,697/. ; that is, an increase of 7,202,6821. of capital in four years. But of this 7,202 6821., the sum of 4,366.525/. would go in diminution of loans, and of this 3,704,3601. will bear interest up to December, 1852, at 4 per cent. only—a rate more favourable than that at which deben tures could be renewed. As far as we can understand the financial statement of the London and North- Western Company, as given in the Weekly Share Li. t, the compiler has added this 4,366,525/, or some such sum, to the 21,047,697/. We cannot otherwise under stand . how he has made out his 36,000,000/. or 40,000,000/. of capital. Connected with the operation of Sots:neje] misstatements and panic-tendency leading articles ppon the value cf railway shares, we must rot forget the• fictitious sales of shares that take place in yip market. " - It will scarcely be credited by those who do nod, understtited the "dodges" of the share market, that the bona fide _transfers of London and North- Western shares have been numerically fewer during the . halt eix , mouths than they were during the correspond ing period uf,last a ear. Such, however, we are assured is ?the fact. T'or the last two months the trausfers were feWer by 300 than they were for the corresponding period of last year, anti for_the previou s per i ods of twv 1 F!) - obser a • *. . Idepressis. has old upon cla . • td c h o ee n gi i rr : 7 l: :: d r _ w - t . ti a c a , shaken s b u e fr c e he . ck tu ed o -army returns. Lett "pressure be mov•, and let Lb . 4 , 1*1 --- 4)-1. . r • ei. 414, less than the severe re f kk ahn l e ed s s i4oe s ecre e h e na t t i p l a t n i o o n t a b a i n n e MIDLAND RAILWAY ~„ . • • Newby Park, Oct. 24, 1848. \*- t . Ilif • •. • "4.f " Crisis could hav e i n c s:r m ed Blr —On behalf of the Directors of the Midland Railway Com- I 7'l „ _ e rogression of railway traffic must attend, as it pany, I am requested to acknowledge the receipt of an Address from „.„ 41 ' , a 4 1 " . • 14 " - I Ak H-4 . at, a number of Shareholders resident in Liverpool and the neighbour - 4 --, A hood which you have transmitted to them. r es , ,, The Directors would ;have been content merely to acknowledge ,•••••-, Ili" L t. -4111 Er '772ft* , • ri zra, L . .. •- • .... R. • t SW 1 * - II the receipt of the Address, had it no:: contained an imputation upon them; which they cannot pass over in silence. The Shareholders commence their address by ascribing the depression of their pro- _ _ _ Willa so promote_ thc. _ • - party to " the want of public confidence in the integrity of the ma ruttrement." The Directors. therefore. desire that von will immedi- 1 L -. I .1: I I~ 1