The Sun. — London, England, 1867-04-03 00:00:00

MAY AND OTHER COMPANIES. ATLANTIC AND GREAT WESTERN. A meeting of divisional bondholders in this coun try was held yesterday at the London Tavern—Mr. Curtis in the chair. The CHAIRMAN said he had been requested by a committee of divisional bondholders to take the chair. He had seen in the Times a statement, ema nating from the committee of investigation, to the effect that the present meeting was not held with their sanction ; that it was suicidal and mischievous, and only calculated to thwart the efforts of that committee. Those who acted with him felt that something should be done at once to secure the in terests of the bondholders. There was $1,000,000 now due for interest to the divisional bondholders, and in the course of a few months another sum of $1,000,090 would become due on the coupons. If the Atlantic and Great Western Railw2y had been soid a year ago it would have realised 10 per cent. more than at present, as the outlay on capital ac count had increased by $6,000,000 in the interval. He urged that the sooner the line was sold the bet ter it would be for the divisional bondholders. (No, no.) He contended that the line had been mort gaged for four times its value.. In the ten months of last year the accounts showed a profit of $1,000,000, while the charge against capital for maintenance, gcc., was $1,700,000. He believed that the line had not paid its working expenses. He was there to answer questions and to arrive at the truth. The large amount of the bonds and the high rates of in terest would be felt by some of the money lenders. He did not see what chance they would have to in crease the revenue, as the trade between the west and the east of America had been unnaturally extended, and was uow seeking another route by water commu nication through Canada. lie contended that no com mittee of investigation could legally take the under taking in hand, and that Mr. Wllenry, as the largest holder of shares, could not delegate his powers to the committee. In reply to a queition, he stated that he and his friends held £lO,OOO of the bonds. Mr. HARTRIDGE said as it was only a meeting of divisional bondholders, he protested against any other class of bondholders taking part in the proceedings. Sir W. RUSSELL, the chairman of the Committee of investigation, said there should be some resolu tion before the meeting. The CHAIRMAN then moved a resolution to the effect that, in consequence of the coupons of the divisional bonds remaining unpaid, it was the opinion of the meeting that immediate steps should be taken for the foreclosure of the Atlantic and Great Western Railway, and that a committee be appointed for the purpose of carrying out the resolution. Mr. DUNN seconded the motion. Sir W. RUSSELL, M.P., said he had been appointed the other day, at a meeting of the bondholders and shareholders, chiefly to represent the interests of the divisional bondholders on the committee. He had held, in the first instance, that the divisional bonds were a first charge on the undertaking, and that being assented to by the meeting at which the com mittee was appointed he consented to take office, and he was glad to say that every member of that committee held the same view with himself. There was no occasion for any other movement in this matter, as it was uncalled for, and might be mis chievous. Ile came there to resist any attempt of that kind. It had neen stated by Mr. Curtis that he and his friends represented £lO,OOO of the divisional bonds, while the committee of investigation, of which he was chairman, represented above £2,000,000. Without asking for proxies they had a large number sent them voluntarily, the senders expresing the most perfect confidence in the committee, and at the same time authorising them to use the proxies for any purpose that might be deemed expedient. Ever since the appointment of the committee they had acted with perfect unanimity, and had already held 15 meetings during the past three weeks, each meeting being from half-past 9 a.m. to 1 p.m. They had had the valuable assistance of a gentleman from Hol land, who had gone through the accounts and re ports on the part of the divisional bondholders in Holland and Germany. The committee had been in communication with the divisional bondholders in America, and at once got their promise of united action so as to place the committee in the front posi tion. This united action immediately resulted in the appointment of a gentleman in a very high position, Gen. Potter, with the full concurrence of the com- mittee, to be receiver in the interests of all con- cerned. They thus secured the co-operation of the trustees of divisional bondholders and other classes of bondholders in America. In confirmation of this he yesterday received per telegram information from New York to the effect that Gen. Potter, a gentle man of high standing, had been appointed by the American Courts receiver of the Atlantic and Great Western Railway. By this step the protection of the property was as far as possible assured against any hostile action on the part of individual creditors, or sections of creditors, and the rigles of all parties would now be dealt with in their strict legal priority. Mr. M'Henry had plac.xl his shares in the hands of the committee, as trustees for him, giving them the full voting powers. The receiver would also act as managing director of the company. The committee had delayed making their report until they were in full legal possession of the line. As to the cost of repairs and renewals of the line, it was estimated that £150,000 would nor. be exceeded. Mr. Cyrus Field and other American authorities who had gone over the line had reported to the committee very favourably as to the value of the property. Every means would be adopted to pay the divisional bond holders as soon as possible; they did not intend to ask them to hold over their coupons any longer than was necessary to obtain the money to pay them. They would not have to wait long, as the wish of all parties was to pay them forthwith. fie hoped there woull be no divisions among them, as Mr. Ridsdale, a very large divisional bondholder, had given his support to the committee, and in a very short time they would have full powers to deal with everything. There was a great deal of surplus land and other property, which would be prepared for immediate sale in the hope that money would be forthcoming. The committee had engaged Mr. Tre vethick, an engineer OH the London and North- Western, who was recommended by Mr. Brassey to go to America. As they had done everything they could since their appointment, he would ask them to adopt an amendment he had to propose. Mr. HARTRIDGE recommended that both the mo tion and amendment should be withdrawn. The CHAIRMAN said he was very glad the meeting bad been held ; they had heard the various opinions of those concerned, and he was very much pleased with the statement of Sir W. Russell. He assured the meeting that the process of foreclosure and sale of railways in America was much easier and more rapid than they supposed. Ile then formally gave the committee 60 days' notice that he would require some satisfactory information as to the payment of the coupons by the end of that time. He had known of the sale of nine or ten railways in America in a very short lime. Mr. CAVE, M.P., said he told the meeting when he was elected that the committee wouldleal possession leakages attend to four cardinal points — first , to obtain of the railway, to stop the on g the line, to could, get all the money they and to distribute it in accordance with strict legal priorities. Letters of in struction had been sent out to the officials, and the He believed I 't would be traffic was now i ncreas i ng. a most va l ua b le railway, that the divisional bonds were - worth par, an d t h at t h e conso lid a t e d bonds would-be very valuable. The reaolution and amendment were withdrawn, and a resolution expressing the en ti re con fid en ce of the ineeting in tile committee of investigation was passed, and a vote-of than to Mr. Curtis for his conduct in the chair concluded the proceedings. GREAT WESTERN OF CANADA. The report of the directors states that the aggre gate expenditure on capital account to January 31 amountedto.£s,3ll,2s3,lca.vingablanceof £98,869 The outlay on capital account during the half year had been £137,689, inclnd;ng outlay on the Petrolia branch railway, five miles in length ; extension o f siding accommodation, proportion of cost of re- Luilding in stone and iron the new bridge across the Twenty-mile Creek at Jordan, &c. The gross traffic receipts amountedto £331,513, and thework ing expenses, including renewals, to £166,6;32 leaving £164,881. From this was deducted £17,498 ' for interest on . Government loan ; £32,772 interest on bonds, &c., £48,229 loss on conversion of Ame rican funds, £4,109 on account of Detroit fire claims, £643 loss on working Erie and Niagara Railroad, and £1,596 costs in suit of Suspension Bridge Company, leaving, with a surplus of £2,649 from the preceding half year, £62,682, out of which the directors recommended a dividend at the rate of 34 per cent. per annum, free of income tax, and carrying £1,129 to the credit of the current half year. The loss on the conversion of American funds was £48,229, against £73,317 in the corres ponding half of 1866. The conversions were made at an average of 142. The gross receipts for the half year amounted to £331,513, against £387,039, show ing a decrease of £55,526, but as compared with previous corresponding half years they exhibited a steady increase. The narrow gauge track between Suspension-bridge and Windsor, and of the iron ferryboat for the transport of cars across the Detroit river came into successful operation on the Ist Jan. The short line of five miles from Wyoming to Pe trolia had been taken over by the company at a cost of £10,039, and came into full operation on the Ist of January. The gross earnings of the Detroit and Milwaukie railway for the year 1866 amounted to £340,935, and the working expenses to £210,443, leaving a net revenue of £130,492, of this £78,753 was absorbed in the payment of interest on all prior mortgage bonds of the company. The directors looked hopefully to the future. MELLIS AND EYE. This line, which connects Eye, Suffolk, with the Great Eastern at Mellis, was opened yester day. There are to be five trains daily each way. It is a single line, bas no intermediate stations, and is about four miles in length. The traffic will be worked by the Great Eastern at 50 per cent. of the gross receipts. . FORTH AND CLYDE JUNCTION. The half-yearly meeting of this company was held on Saturday at Stirling—Mr. H. R. Cooper in the chair. The CHAIRMAN said that the traffic continued to increase. The revenue amounted to £8,479 against £8,229 for the corresponding period in the preced ing year, showing that the financial shares of the company were in a healthy state, and, considering the state of trade in the past half-year, the increase was satisfactory. The directors regretted that the amalgamation bill had been thrown out, for had it passed it would have been the best thing that could happen. For some reason unknown to the directors, the committee had seen fit to decide against the bill; he hoped, however, that some arrangement might be come to with the Coledonian or some other rail way company. He concluded by moving the adop tion of the report. Mr. J. M. DOUGLAS seconded the motion, and it was agreed to unanimously. The dividend on the preference stock and shares was declared payable the 29th April, and a vote of thanks concluded the proceedings. THE SUN, LONDON, WEDNESDAY EVENING, APRIL 3, 1867 moos might be displeased if it were depreciated when he attempted to vindicate its character. They might depend upon it that, when a bett er under standing was arrived at between the House o f Com mons and assemblies like the present, such marks of disapprobation would cease. Now, he would again recur to what he had said, that no bill could be sup posed to pass the House of Commons without much criticism, without much alteration, and, he believed, much improvement. All the suggestions that had been made that day would be carefully considered, and he had now only to thank the members of the League for the honour they had done himself and his colleagues. lie trusted that this conversation would not prove unsatisfactory. There were loud cries for Lord Stanley. Lord STANLEY said that he could add nothing to what had been stated by the right hon. gentleman. He would only express his great regret that the Earl of Derby had not been able to attend to meet the deputation on account of his temporary indisposi tion. Mr. BEALES thanked the right hon. gentleman and the noble lord for their courtesy, and the deputation retired ; but it can scarcely be said that they showed any strong signs of satisfaction at the result of their interview. It was announced that the League will hold a meeting forthwith to present a report to the dele gates on the subject. International Coinage. W for our last number an arti c l e from the Pit° th e eßn m u i n s d ed Table on International Coinage, but in the crush with which a weekly paper gene rally concludes, it was squeezed out, though in print. The Round Table must not, therefore, ac cuse us of plagiarism, for taking up some of its ideas in our own leading columns. The two na tions most interested in commerce, are the United States and Great Britain. France has perhaps taken an equal place in virtue of the convention by which that country Belgium, Italy, and Switzerland have adjusted their coinage to a uniform standard. If, then, the coinage of Great Britain can be brought into some sort of harmony with that of France, and the United States consent to modify theirs to the same measure of value, the extension of the system would be secured at no very distant date to the whole commercial world. Gold, is the true standard ; to which silver readily adjusts itself ; gold, therefore, is the metal with which we are concerned. For France, the napoleon is the coin, for England the sovereign, and for the United States the eagle. The question is, can these three coins be struck off so as to assume an exact and easily calculated proportion to each other, so that each can freely pass in the other countries at a recognised national standard? It is essential that this should be accomplished without disturbing in any material way the existing standards. Can France, together with the countries in convention with her, retain her napoleon, England her sove reign, the United States her eagle, and so harmo nise these coins that th ey can each be e xchanged for the others, and pas s th roaghout these countries at an exact, well recognised, and easily ca l cu l ated measure of value? We believe all this can be ac complished. By a small change in the value of the English sovereign, scarcely noticeable in ordinary transactions, it can be brought into a simple rela tion with the napoleon. The sovereign exceeds in value a napoleon and a quarter by twopence, which is considerably less that 1 per cent., and it is freely taken in France as a piece of 25 francs. Thus, if the sovereign be reduced this infini tesimal amount, it could be exchanged freely and without loss in continental countries, where the napoleon is the standard, and the napoleon have currency in England as a piece of sixteen shillings. This would make the gold coins of these countries, fcr all practical purposes, equivalent, without disturbing the nomenclature, or the established worth, of any at present in use. America is be e not so well placed for equa li s i ng with these nations the value of her gold currency, as the change re quired would be greate r . Sh e has, however, an advantage in anoth er di rect i on, which will here after be lost, unl ess th e change soon. Gold in the Unit e d S tates is an article of barter, as her currency has ceased to be metallic • and therefore a change can b e made with less risk of disturbing existing val ues . The half -eagle, a five-dollar gold piece, is wo r th a b out 16 cents more thant el 3 e thered reduced English 1 i t s ‘ h v e s p o e v u e u r e e , i sovereign. 4 cents, t o h armonise it. Suppose the so vere i gn with the napoleon, then the half-eagle would exceed the sovereign by nearly 20 cents, or about 4 per cent. The most violent change would thus b e thrown on the country, which in the present state of its currency is best able to bear it, and a grand step be gained in the commercial pro gress of the world. The half -eagle would be the exact value of the sovereign ; the napoleon would be exactly worth four -fifths of either. The people of each nation could receive and pass the coins of the others by a recognised and well -estab lished calculation in their own currency. As the value of silver fluctuates with the demand, there would be no great difficulty in adjusting the dif ferences. For all large commercial and national transactions gold must be the measure of value, and though francs and dollars are the coins at present named both in France and in the United States, yet such transactions mean as well as resolve them selves into payments in gold. For instance, the debt of the United States be s t k nown in Europe, (the dollar bonds termed Five-T wen ti es) the Govern ment Spanish gold, tho ug h t h e dollar is asilver anish and M ex i can dollars einThe vary greatly in weight from each other, and can only be truly adjusted by a scale. They are merely an article of commerce, and in China, where they have the greatest circulation, are always estimated by weight. If on the Continent a sovereign or a half eagle, when altered as proposed, passed readily for 25 francs--if a napoleon was received in England as 16 shillings, and in Ame rica as four dollars ; if the sovereign passed in the United States as five dollars, and a half-eagle passed in Great Britain as 20 shillings—the silver currencies of each country would readily adjust themselves, and being required chiefly for personal or domestic pur poses, very slight discrepancies in value would not be felt. Although the adjustment of silver would be comparatively little required, it would readily follow. The franc certainly could not easily be harmonised with any silver English coin, as it too closely approximates to tenpence, while those who calculate it at tenpence would lose too much, even on the pro posed reduction of the sovereign; but calculating the five-franc piece at four shillings, the difficulty disappears. The five-franc piece, on the reduction of the half-eagle, would be the exact equivalent for a dollar ; the dollar for four shillings ; the half-dollar for an English florin or two-shilling piece ; the quarter dollar for one shil ling ; the napoleon for four dollars, or 165., and the franc for a double dime. For practical purposes this is all that is required, and the change would amount to little more than a reduction of less than one per cent. in the value of the sovereign, and the determination on the part of the United States when returning to a metallic currency, to harmonise its coins with those of England and France. The Round Table has not overlooked in dealing with this subject the gain of getting rid of the extraordinary calculation sanctioned by custom for regulating the exchange between England and the United States. This exchange is one of those things which, in Lord Dundreary's words, " no fcllah can under stand." It is based on the old valuation of the dollar at 4s. 6d., a fiction which upsets all calculation, which makes the Securities of the United States appear in England lower than they really are, which bothers every person attracted by this apparent discrepancy, between sterling worth and apparent depreciation, and which has, in reality, had a very material influence in checking investments in United States Securities. The real par of ex change is about 91 per cent. above the nominal par, and the calculation is therefore so intricate that unless a man be well up in subtle accounts he has to resign himself helplessly, into the hands of his broker, or banker. We recommend this subject to the attention of American bankers in Europe, who have wide facilities for disseminating their opinions by mewl of circulars, And who deal go generally in SURREY CONSUMERS' GAS. The directors' report states that the net profit for the half-year was £9,762, out of which it was pro posed to recommend the payment of a dividend at the rate of 9 per cent. per annum, free of income tax. The diminished profits were said to be caused by a reduction in price of 6d. per thousand cubic feet of gas ; by the increased price of coals ; ad vance in the rate of wages, and a diminution in the value of coke and other residual products. Re ference was made to the Metropolis Gas Bill, and it was added that a full investigation of the sub ject would be obtained if the bill should pass the second reading, and gas shareholders had their consolation in the fact that the measure of justice which was denied them by the local authorities would certainly be secured through the Legislature, if a thoroughly impartial committee were constituted. Deputation of iteformers to the Government. Yesterday a deputation waited on the Chancellor of the Exchequer and Lord Stanley, M.P., at the official residence of the First Lord of the Treasury, in Downing-street, on the subject of the Reform Bill which is now before the Ilouse of Commons. It had been arranged that the deputation should be received by the Earl of Derby and the Chancellor of the Exchequer, but his lordship was not well enough to attend. Between 200 and 300 persons, representing various trades, were present, headed by Mr. Beales, Capt. Dresser Rogers, Mr. J. Baxter Langley, Col. Dick son, and other gentlemen who took an active part in the movement. The CHANCELLOR of the EXCHEQUER said he was sorry that the temporary but severe illness of Lord Derby prevented him from being present. He had therefore asked his colleague, Lord Stanley, to at tend, and they would now listen with the utmost attention to any representation the members of the deputation had to make. Mr. BEALES said they had solicited the interview in consequence of a statement made last Tuesday by the Chancellor of the Exchequer—according to the printed report of his speech—that the members of her Majesty's Government were prepared in all sincerity to bring the question of Parliamentary Re form to an end; that they had a duty to fulfil, which was to pass a bill for the amendment of the repre sentation of the people. The right hon. gentleman was reported to have said that it was not for the weal of England that that settlement should be de layed, and that a deep responsibility rested not only on the Government, but upon the whole House of Commons with respect to this question. It had also been reported that the right hon. gentleman was still anxious to co-operate with the house in bring ing this question to a speedy and satisfactory settlement. Entirely participating in these sentiments, and confiding in the sincerity thus expressed, the members of the Reform League felt it to be their duty, as representing a very large portion, and as they considered the great majority, of the working classes and of the people both in the metropolitan districts and throughout the country, to wait upon the Chancellor of the Ex chequer and the noble earl at the head of the Govern ment, and it was with sincere regret they heard that he was unable to be present. They deemed it their duty to seek an interview in order that they might state frankly in what respect they considered the hill now before the House of Commons for the represen tion of the people was not calculated to secure the settlement so much desired, and which was so neces sary for the peace and welfare of the country. It was also reported that the right hon. gentleman stated on the same occasion that the ratepaying and residen tial conditions attached to the household suffrage proposed by the present bill had met with the entire approbation of the great majority of the people, and that he had received scores of communications from working men of all classes representing that those classes entertained but one opinion as to the question of residence, and that they gladly and cheerfully accepted the term of municipal residence, even more than the long two years' residence proposed by the present bill as the new qualification for the exercise of the franchise. The members of the League had read those statements with the greatest possible astonishment. They did not for a moment question the fact that the right hon. gentleman had received those communications ; they did not for a moment doubt the veracity of his statement, but they most positively denied that such communications repre sented the true feelings and opinions of the great majority of the people, or that they represented any thing more than the opinions of the individuals and the select coteries from whom they emanated. ([fear, hear.) More than that, they declared that they grossly misrepresented the true feelings and judgment of the great majority of the people, and they openly challenged all the authors of those communications, be they whom they may, to meet the members of the League at any public meeting in any part of the country and substantiate the allegations that the residential and ratepaying clauses were generally approved of. On the part of the League he asserted that they were largely and generally condemned. The members of the League h e ad from its very establishment proposed residence and re g i stration ler Dafiapod bufirage, which they claimed, and still insisted upon, as the only consti tutional suffrage, and as the only suffrage calculated to be acceptable. But they looked upon two years' residence as a means of disfranchisement, especially for working men in metropolitan districts. They were constantly obliged to change their residence from one metropolitandistrict to another, according to the amount of work and building going on, and were not unfrequently forced to removal by the de struction of whole streets. They also objected tothe ratepaying clauses generally. They objected that in addition to the ordinary and legal means of recover ing arrears of rates a man should be subject to the loss of his franchise by not paying those rates at a certain time; and especially they objected to what they considered the invidious distinction between the wealthier householders and compound householders. They looked upon all these proposals as fetters upon the full and free exercise of household suffrage, upon which the Government bill professed to be based ; and upon all the fancy franchises, including the 20s. direct taxation, in the light of so many invidious class distinctions, as injurious reflections upon the position and character of the workingclasses, and as the result of that altogether groundless fear and suspicion of the working classes which was too pre valent, of what was called swamping education and wealth by numbers, which would imply that the working classes were living in a state of constant conspiracy against those above them. They could not accept those fancy franchises as a substitute for that which would render them unnecessary, and which would alone satisfy the inhabitants of the metropolitan districts, namely, the larger franchise, to be unfettered by any rental limit, and to be protected only by residence and registration. With out such a franchise the Government bill could not be a settlement of the great question of reform ; on the contrary, it must prove a fruitful source of ill will between the different classes of the community. (Hear.) They desired a large, frank, and broad ex tension of the suffrage, so extensive as to evidence a manly and generous confidence in the great body of their fellow-men—an extension that would enlarge the representation correspondingly with the area of indirect taxation, and which should prove thereby to the working classes that whilst, through that direct taxation they were obliged to contribute very largely, if not mainly, to the support of the State ; whilst they were invited to fight the battles of their country, and whilst by their labour they contributed so largely to the enjoyments and luxuries of society, it should be shown to them that there was no wish to deprive them of their due share, by their own representation in the government of the country. He believed it would be neither politic nor safe to leave this important question any longer unsettled. (Cheers.) Mr. MANTLE said the deputation were anxious about two things—one, that they should not misun derstand her Majesty's Government, and one that her Majesty'y Government should not misunder stand them. All present were manhood suffrage men, and if they did not maintain that principle they would be repudiated by their constituents. As the Government bill now stood they could not support it. It was not satisfactory ; indeed, it was utterly obnoxious, for while it professed to give deserving citizens the franchise in principle, it rendered it almost impossible for them to avail themselves of it. Ile contended that it was con trary to public policy to deprive a man of his vote because his rates remained unpaid, and it was as undignified a thing for the Government to inter fere in a man's relations with his parish as it would be to iuterefere in his transactions with his cat's meat man. (Laughter.) Ile assured the right hon. gentleman that if the bill were passed as it now stood the working men of England would look upon the signing of that bill as the signal for renewed agitation, and the members of the League would continue to impress upon the minds of the people that the Government of the country was the Go vernment of the few, while it disregarded the claims of the great body of the nation. (Cheers.) Mr. ODGERS, shoemaker, adduced many argu ments in support of the lodger franchise, contending that in many cases lodgers were more intelligent than persons who made their living out of letting lodgings. He did not wish, of course, that house holders should be deprived of their votes, but he held that lodgers should be placed on the s une level with them with regard to the franchise. Mr. HOWELL, bricklayer, spoke on the question of residence. lie considered a six months' residence sufficient both in counties and boroughs. Mr. CREMER urged the principle of manhood suf rage. He disputed the policy of the fancy fran chises, especially that of having £5O in the savings bank. A man might save up £5O by neglecting the education of his children. Such a man could not be so praiseworthy a character as one who spent his money in bringing up his family respectably. Mr. BEALES said there were two gentlemen who had come from long distances who were anxious to speak. The CHANCELLOR of the EXCHEQUER—We are neglecting our duties in the House of Commons, but we do so cheerfully, and we will therefore hear your friends. Alderman Baldwin, of Birmingham, and Alder man Carter, of Leeds then spoke; the former ad vocating a liberal measure ; while the latter assured the Ministers that the men of Yorkshire would combine with the men of London in continuing the agitation until the reform question was settled. The CHANCELLOR of the ExcnEguEn said that he and his colleagues•had much pleasure in listening to the remarks of the respective speakers. That their views had been put forward with much ability no one could question, and they had been listened to with the patience they deserved. Now, he might be allowed to say, withoutoffence, that he gathered from the observations the gentlemen present had made that they were professors of what might be called extreme opinions. He might, too, be permitted to observe that there were in this country extreme opinions of a different character from theirs. They were very powerful and perhaps very numerous. They were very numerous. They were very in fluential, and those who held them were of opinion that there was no necessity to improve the represen tation of the people in Parliament. Upon all the questions which had been advocated by the deputa tion, such persons came to conclusions entirely different from those just adopted. The moral he drew from this was, that if anything were to be done there was great necessity for mutual forbear ance, mutual concession, and mutual compromise. Lord Derby had introduced a bill into Parliament for the representation of the people, of which, al though some very hard words had been used in that room, he believed impartial persons, even if they did not approve of it altogether, must admit that it was based upon very popular principles. (Shouts of No, no.) Those who now said "No, no," were gentle men of extreme opinions, but he durst say that if he was receiving a deputation of gentlemen of extreme opinions of another school they would say " Yes, yes." If they wished to arrive at any solution of a political difficulty they would not settle it by saying "No, no." It was only by mutual concession, mutual conversation, and conference between diffe- rent parties that a settlement on this question could be arrived at—a settlement of which, though upon the whole they might not entirely and completely approve of it, yet might be advantageous for the country, and assist in the progressive development of its resources. He recurred, then, to the remark that, upon the whole, it was admitted by impartial persons that the Government bill was one which was base lon popular principles. No one who under took to introduce any great measure into Parliament supposed that he introduced a perfect measure, or that it would pass through the ordeal of Parliamen tary criticism without alteration or improvement. He might be allowed to say, because he knew there were some of those before him who had indulged in different observations ou that assembly, that he had been a member of the House of Commons 30 years, and now had the honour of being its leader ; the House of Commons had not always sup ported him, and be might therefore be considered an impartial witness, but he believed that there was no assembly in the world which was animated by purer or more patriotic sympathies. (" Oh.") He durst _ _ say they would be very much annoyed if in the House of Commons the Reform League were spoken of in taw of clepreciAtiort, and the Ibtln of Com these exchanges that they are best versed in such matters. A pamphlet on the United States Currency and Exchange, by a well-known American London firm, has just been put into our hands, and we pro pose to notice its contents fully in our next issue. Anglo- American 7 Imes. ANTIQUITY OF MAN. Rev. E. Burgess, on the 23d ult., completed his course of twelve lectures before the Lowell Institute, on the Antiquity of Man. This discussion at the present time is very opportune, especially as facts, or supposed facts, are continually brought to light, upon which is based the conclusion th:.st man has existed on earth for a period much longer than the com monly received chronology allows. A prominent feature in the lectures of Mr. Bur gess was the presentation of facts—facts from every source which have a bearing on the subject. There has been a vast amount of speculation and inference in reference to this subject which, as Mr. B. thinks, is not sound. His object was to present facts from history, from language, from ethnology and mytho logy, and likewise give an impartial examination of the facts of geological science. In the argument from history, language, ethno logy and mythology, the conclusion arrived at was, that there is nothing in the records of the nations of antiquity which conflicts with the chronology of the Mosaic records, but much, very much, that confirms it. Mr. Burgess does not assume that the chrono logy of the Bible is correct; but he attempts to show that if it is not correct, there is nothing in the re cords of any of the heathen nations, or in the facts of linguistic and ethnic science that can correct it, much less set it aside. One lecture was devoted to the Unity of the Race, to the theory of Agassiz in particular, that makes eight centres of creation for mankind. Agassiz was confronted by men of his own profession and stand ing, who pronounce his theory untenable on scien tific grounds. Although Professor Agassiz's theory makes eight distinct primeval pairs, yet he regards all mankind as belonging to one species. This mul tiple of protoplasts for a single species distinguished naturalists pronounce to be absurd. In the argument from geology, the leading facts from this science that have been relied upon to prove a high human antiquity were examined, and from other indisputable facts, and from the opinions 4nd admissions of geologists themselves, it was shown that the facts relied upon involve so many elements of doubt, that they do not prove what they are alleged to prove. In short, the conclusion was, that geological science not only has not proved a higher human antiquity than the Mosaic records allow, bat has not even rendered such an antiquity probable._ Watchman and Reflector. BEEF PACKING IN TEXAS. THE PROCESS OF CURING MEAT BY INFILTRATION. The editor of the Corpus Christi (Texas) Ad vertiser, in his paper of Jan. 26, gives a long and interesting account of the new process of curing beef by infiltration, as seen under his own eyes. If this new method succeeds, and the men who have taken hold of it never fail in anything they undertake, the result will be of immense benefit to the stock-rising interests of the Nueces region, and to the whole State of Texas for that matter. We Copy the account of the first day's work entire:— Per invitation of Mr. Turner, we were "in at the death" of the first beef at the Nueces beef- Packing establishment on Wednesday morning last. Quite a crowd of visitors, attracted by curiosity, were present to witness the novel operation of curing beef by infiltration. A fine fat bullock had been selected, and when we arrived the workmen had already performed the knock -down operation. The beef was upon his back, and a saw was cutting its way through the brisket, to enable the operator to get at the heart. This done, an incision was then made in the right ventricle of the heart, the carcass turned upon its side, and the blood allowed to escape. Then it was again rolled upon its back, a small in cision made in the left ventricle of the heart, and a small hose pipe inserted. It may be necessary to state that tc the pipe was attached a rubber hose, and by tracing the hose about ten feet in the direction of the building, it termi nated in the bottom of a barrel of brine, hoisted there by means of a windlass. The pipe was in serted full length, entering the jugular vein, and then secured by a stout cord. The brine was then turned on, and the process of infiltration com menced. The first incision in the right ventricle of the heart was closed by a clamp. We watched patiently to see the effect. Soon the carcass became stiff and rigid, and cooled rapidly. Mr. Turner, by a dexterous and skilful operation, amputated about an inch of the tail. Instead of blood, brine spirted out with force. All took a taste and " acknowledged the corn." In ten minutes the brine that had been through the veins was as cool as when it came from . the tank. Incisions were made in different parts of the carcass, and from each jets of brine would squirt to the distance of three and four feet. The carcass was again rolled upon its side, the clamp taken off the incision on the right ventricle, and out came the brinethat had gone in at the left ventricle and had travelled through every artery and vein where blood circulates. By continuing to force in the brine the blood was forced out, so that in fifteen or twenty minutes the escaping brine was but slightly coloured with blood. By this time the carcass was cold and stiff, ready to skin, cut up, pack, and ship to any part of the world. BALTIMORE COMMERCIAL. The monthly report of the Agricultural Depart ment for January contains a very interesting paper, showing the rate of wages of farm labourers in Ame rica. It appears that the price of farm labour has in creased generally about fifty per cent., which is thought to be less than the increased cost of living. The average wages paid for farm labour in Mas sachusetts is greater than is paid in any other State except California.. The reason is that a manufac turing State gives a variety of employment at high wages, so that farm labourers may command their own prices. Wages by the year, without board, are set down for New Hampshire at $32.74 ; Maine, $27 ; Ver mont, $32.84 ; Massachusetts, $38.94; Rhode Island, $34.40 ; Connecticut, $34.25 ; New York, $29.57. The difference allowed for board of farm labourers depends on the cost of food products, and is as follows :—Maine, $9.56 ; Ne w H amps hi re, $10.76 ; Vermont, $11.84 ; Massachusetts, $16.58 ; Rhode Island, $13.90; Connecticut, $12.71 ; New York, $10.25. The Commsssioner thus compliments Massa chusetts : CAUSES AND RESULTS OF HIGH RATES.—In those States in Which regular labour is most general among the inhabitants, and where it is prosecuted in greatest variety, there will wealth abound and prosperity be most generally enjoyed. And another fact relative to such States will also be noted—their labourers receive the highest rates of wages. Massachusetts has a poor soil, and cannot be considered a farming State. In 1860 the United States census returned 45,205 farmers and 17,430 farm labou rers, while the total return of all oc cupations was 451,632. The State census of 1865 makes the number engaged in agricul tural pursuits 68,636, and those employed in manufacturing 271,241. The employment of - all this labour in commerce, in fisheries, in manu factures, in the mechanic arts, and in trade, requires a consumption of farm products far greater than the home supply. This enables farmers to select those branches of their business most pro fitable under the circumstances, and least affected by foreign competition, as the milk trade, the fruit supply, and production of perishable vegetables. The facility of obtaining employment in their occu pations gives the farm labourer a material advan tage, and enforces his demand for higher rates of labour. The result is, at the present time, higher monthly pay than any other State in the Union, except California—viz., $38.94 per mouth for farm labour, without board. lind while the neeesories of life are also high there is no State in which the agricultural labourer enjoys the comforts of life to a greater extent, or is better fitted to act a credit able part in his sphere in society. Railway Distrust. This time last year commercial matters in certain quarters were approaching a panic, which then loomed ahead threateningly, creating a feeling cif painful uneasiness. The crisis came, and its effects were felt over the land. What that shock was can now be clearly seen, in shattered nerves and fright at phantoms. No property can be absolutely secure, but amongst the most secure are railways. Rail ways are real property ; they have a local, substan tial, and tangible existence. They rank in the first order of national necessities. Although directors may mismanage and finance them to death, yet shareholders ought no more to permit it than the lord of a manor to allow his agent to squander his estate. Railways are not financial institutions. People can see and understand what is being done, and secrecy can only be required to conceal crime. Yet the holders of this magnificent property, which ranks scarcely second to any in the world, are working themselves into a state of panic. Smitten with the epidemic which seized on Joint-Stock Company shareholders they seem to be combining to destroy their property—if they can. But, for tunately for them and for the nation, it is not a class of property that can easily be destroyed. The " bears" have got the absolute ascendancy, and having brought down in ruin almost everything else, they are now successfully engaged in frightening people out of railway property. It would appear as if a man had only to in struct his broker to sell the shares in any rail way without holding a cent in it, and he is safe in a few days to get a bona fide goose to give him those shares,at a cheaper rate than he sold them, thereby leaving a margin of profit for himself. Thus the " bears" lead, and the public follow, and follow so wildly that it really creates a feeling of alarm in the uncertainty to what length they can be induced to go. We would like to know how those who sell railway property at a heavy depre ciation intend to invest the proceeds. Foreign Securities can hardly be inviting with a war hang ing over Europe. The young colonies are heavily enough burdened. Uncle SAM'S estate certainly lies open, and is, in our opinion, beyond all compa rison, the best field. But the mass of the English people have not yet recovered the confidence formerly shaken by the repudiation of some States. It will be long before they again feel any appetite for Joint -Stock Company investments after their late surfeit. In the meantime money is, becoming a drug, and we presume this will end in banks charging their customers for taking care of their deposits. There is already over thirty-one millions in the Bank of France, nearly twenty millions in the Bank of England—double the amount usual in the Bank of Holland, an excess in proportion in other European Banks. The reign of distrust has followed immediately on the reign of confidence— and we seem drifting rapidly towards the reign of terror. — Anglo-Anzerican Times. Petition from Job Sass. The following petition, extracted from the Bos ton Courier, is from the clever pen of the late lamented Artemus Ward. No doubt many of our readers have had cause to sympathise with Job Sass : TO THE GRATE & GINERAL KORT OF MASSA-. CHUSITTS : the undersined Respectfully represents to your honorabel Bodies that whereas in or about The Year 18 & 48 he bekum owner of 6 Sheers in the Varmount central raleroad, havin pade Par vally for the same,— & whereas, Moreover, he (the sed undersined) wouldn't Never have bot sed 6 sheers hadn't It have bin sartin He wud git dividends on 'em every par annum,— but whareau, nevertheless, in or abowt The year 18 & 50 he see the sheers Was a fallin awey in markit valley, & akordingly went Down to boston for the purpose Of sellin out his sartifikate of Stock, but was prevented from so doing by Ilearin a humorous speech from the treasurer of The korpo rashun (wun mr Quincy), who sed the sheers was too low, & wud soon rally, as the road was on the high way to Prosperity & didn' never luke better, & so on, (& et cettery,)— & whereas, bein fond Of humor & like Talk, the underlined lent a Listening ear tu the kajolery of the sed quincy, & wus hoodwinked Thareby, and faled to git rid of his sheers, & Acktooally was in duced tu parchase 6 more on 'em (bein partially intoxikated, so To speek, with them " neat & humorous Speeches" of sed Quincy,)— & whareas, besides, the Undersined soon arter read in wun uv the Reports of the direckturs of the varmount central as How sed treasurer, at that very Time was a borrowin muney out Of the kum pany's chist, tu make gude his own Parsonal liabilities—for though a man of Most starlin integ rity and upriteness, it Seemed he wus owin large Sums o' muney, and he had an idee the Sheerholders of The konsarn mite as well pay orf His own indiwiuooal debts as well as them wat was due direckt Tu the Korperashun (more pertickilarly As he hey in his sarvices as Treasurer, and didn't charge no Salary,) & whareas, konsequently, wen he (the Sed trea surer) Resined his sitooatiou he was owin the kumpany 265 thousand Dollars of borrowed muney, wich was never pade back, & wich was so much Muney tuke rite out of my pockit, (that Is tu say tu the extent i was a Sheer-holder—for thare was uthers to Bare a porshun of the Loss, as your honorabel bodies may konjeckture,)— & whareas, By means of these & divers other Stratagems wich i wunt now narrate tu Ye, but awl of wich wud make Lively readin (& gude study for thort), the T reasurer aforesaid pretty Sune fetched ruin & kaos o n t u t h e hole konsarn, & wen i tried tu markit orf my 12 Sheers, a few months arterwards, i was L ar f e d at, & telled tu go back tu wallpole As fast as my legs could carry me — So now, Tharfore, i, Job Sass, of wallpole, kounty of norfolk, & State of massachusitts, do hereby Petition your honorabel bodies that when, here arter, the Sed Mr. Quncy kums afore ye tu hoax and wheedle ye inter purchasin the grate western and wooster ralerodes, some wun of Yer ax him a few questions konsarnin The varmount central, &, wile his Mind is well refreshed by them sort o' reminiscences, ax him further if he Raly thinks he is jist the parson Tu gin advice & kownscl in the Management of raler o d e lines ;—ax him If he raly believes he knows more than Eny uther man, or eny sett o' men, konsarnin wat's best For boston & the State o' massachusitts, ax him, in fina, " are you the rite man, in the Rite Place ?" (i reckon he'll acknowledge beat, and Step down from the witness Stand with konsiderabel alackrity.) gentlemen of the Gineral kort, the foregoin is submitted tu ye In the full belief I shall git a fair & Manly hearin. i haint no Parsonal motive of self interest tu bee Governed by ;—wat i ax of ye is for the public Gude. neither du I want tu see mr Quincy borne down with the konsciousness That he has bin the death of more than wun Grate rale road. in the graffick words o'Skripter—" Sufficient unto his Dey, has bin the Evil thareof." your humble & obedient Sarvent, JOB SASS. post Skript. if so bee eny on ye Don't skeercely know who i am, & want to ax About my antece dents, & status, & such like, i Refer ye to mr Repre sentative Bird, my feller townsman, and bosom friend. wat he dont know of me, wudn't bee wurth listenin To, if i may so express Myself. he kan re peat my hole history, word for word, may it please your honorabel Bodies. J. S. Mr. Sydney Howard Gay, formerly managing editor of The Tribune, is said to be preparing a life of Horace r Greeley. The people of Pitts county, North Carolina, re .ently compelled the sheriff to burn up all his writs and They aro wholly destitute, unable to pay, and unwilling to be ejected from their homes on legal process. The Legislature has passed a bill granting a stay of tiTelYe MOUthi bathe collection of debts. RECRUITING FOR THE ARMY. The revised regulations for conducting the recruit ing service to be substituted for pages 314 to 318 Of the Queen's Regulations and Orders for the Army have just been promulgated. They contain a sche dule showing the age and standard of recruits on enlistment for the different arms of the service. In the heavy cavalry the height of the recruit is to be from sft. Bin. to sft. llin. ; in the medium, from Mt. 7in. to oft. gin. ; and in the light cavalry, from sft. Gin. to sft. Bin. If under sft. Bin., the chest measurement must be 33in. ; under sft. 10ine 34in. ; and above that standard, 35in. The age of the recruits is not to be under 18 or beyond 26 years. Gunners for the artillery may be enlisted from sft. 7in., between the same aged ; and, growing lads of 17 and upwards may be taken at Oft. Gin. The standard for drivers is Oft. 4in. to sft. sin. Grooms, farm labourers, and others accustomed to the management of horses, even though not fulfil ling the requisite conditions of height or age, will he enlisted on special application being made to the adjutant gener,.l through the inspecting field officers of districts. Blacksmiths, wheelwrights, harness makers, and carpenters, may be taken from sft. Gin. The lowest height for sappers is fixed at sft. 6in., and the age is the same as for cavalry and artillery. Recruits for this corps must be men of good charac ter, be able to read and write, and been brought up to, or served an apprenticeship as, carpenters or joiners, cabinet-makers, stone-cutters, builders, bricklayers, blacksmiths, millwrights, wheelers, coopers, painters, and glaziers, and plumbers. None but good artificers must be taken, and the qualifi cations must be ascertained by actual trial in the trades to which they profess to have been brought up. Men of other trades required only in limited numbers will be enlisted onspecialapplication being made to the adjutant general. Drivers for the En gineers will be taken from sft. 4in. to Mt. 6in., but there are only two troops in the Engineers in which drivers are employed, and vacancies seldom oc cur. The standard for the Military Train is Mt. 3in. to sft. 6in., and for the infantry of the line and de' partmental corps sft. sin. and upwards: At least 24- hours must elapse between enlistment and attes tation, and the period is not to exceed four days. Special directions are given to the superintending officers with respeeto the mode of measuring the chests of recruits. Great care is to be taken in select ing men for the recruiting service, only sergeants and corporals of artillery and cavalry, and sergeants Of infantry being eligible. No non-commissioned offi cers engaged in recruiting are to leave their stations for the purpose of attending fairs or on any other pre tence without the express authority in writing Of their superintending officers. Special application must be made to the adjutant general with re spect to the enlistment of foreigners and boys• Militiamen are not to be enlisted in the line without having procured from their commanding officers the usual " conditional discharge certifi cate." No one under the rank of a field officer 10 competent to approve of a recruit. The decision of an inspecting officer is not to be questioned except on very special grounds, but if a recruit be rejected for any cause showing culpable inattention on the part of the recruiting officer be is to be sent back to the place from which he came, and all expenses are to fall on the officer. In the case of recruits ob jected to from surgical or medical causes the matter is to be referred to a medical board for their report. The regulations for the re-engagement and re-en listment of soldiers require that before re-enlistment men must produce the parchment certificates of discharge and character. Recruiters are not to re' engage men at the expiration of their first period Of limited service, but are to direct them to the head quarters of the district. Weekly, monthly, and quarterly returns of recruits are to be furnished to the adjutant general. COUNTRY MARKETS. LEEDS—TUESDAY. The attendance of buyers at market to-day is only small' We have to report a very dull market in wheat at is per qr. under last Tuesday's rate. Foreign barley also lower' No change in other articles. Li VEIIPOOL—TUESDAY. At this day's market there was a fair attendance of tit town and cou n t ry tra d e, and a large business done iu whea t at the full p r i ces o f last Tuesday. Flour neglected bu t not lower. Oats and oatmeal at late rates. Barley, beau' , and peas without change. Indian corn 6d to 9d per ( 1 1. ' higher. LYNN—MONDAY. New wheat, —s to —s ; new red, —s to —s; old white, 62s to 70s ; old red, 58s to 62s per 36 stone. Barley for malting, 46s to 51s ; secondary, 37s to 38s. Oats, nevrl 24s to 28s per 24 stone. Beans, small, 418 to 48s. Peas' 368 to 40s per 28 stone. MARKET HARBOROUGH.—TUESDAY. Old white wheat, 60s to 73s ; now red, 50s to 68s per 3 6 stone. Barley, line, 52s ; other kinds, 23s to 36s per 30 St. Oats, new, 22s to 23s ; old, 30s to 34s per qr. Beans, old, 50s to 558 ; new, 46s to 48s per qr. MELTON MOWBRAY.—TUESDAY. White wheat, 66s to 'i4s ; red, 50s to 66s per 36 stone• Barley for malting, 40s to 52s per qr ; feed, 32s to 38s pot 30 stone. Oats, old, 30s to 35s ; new, 22s to 29s por 21st' Beans, old, 52s to 548 . ; new, 46s to 50s per qr. SHEFFIELD-WEDNESDAY. There was a fair supply of wheat and other grain 00 offer, and last week's prices for wheat were maintained• There was a better demand for seed oats, which realise,' from 28s to 3os per qr., choice lots even higher. Flout was lower. Red wheat, per load Of 3 imp. bushels 2:s Od to 25s 01 White do do 2:B Od 275 Od New red do do Os Od 21s 6 1 New white do do 23s 6d 25s 6d Beans do do l6B Od 22s Od Peas, per qr. 1s 61 19s 0 1 Grinding ba ley, per qr 333 Od 388 Od Malting barley, t o Oats, do 2 - 8 Od 328 91 F10ur....2s 2d to 26 bd per 141 b, Foreign Mail Packet List. MAILS DUE. Australia and New Zealand, via Southampton April 1 9 * Ditto, via Marseilles Brazil and Cape Verde, by British packet. April 7. Ditto, by French packet April 22. Cape of Good Hope, Ascension, and St. lielena April 27. China. Penang, and Singapore, via Southampton April 5. Ditto, via Marseilles . . April 13 Falkland Islands Gibraltar, via Southampton Apri' 5. India (Calcutta), and Ceylon, via Southampton April 5 Ditto, via Marseilles India (Bombay), via Southampton. April 5. Ditto, via Alarseilles April 7. Malta, Egypt, and Aden, via Southampton April 5. Ditto, via Marseilles April 7. Mauritius, via Southampton Ditto, via Marseilles April 1 3 Newfoundland Portugal Ditto, by private ship to Lisbo n . United States and British North America, by Bri tish packet Ditto, by Canadian packet, via Londonderry April--. Ditto, by United States packet, via Southamp ton . —....— ....... . Ditto, via Cork West Indies and Pacific (exoept Bahamas and . . Honduras) April 1. Baharre.w. via New York. April 4. Cuba and Mexioo - April 1- Bermuda. via Halifax ..... April 10 ►rest Coat.t ot Africa. Madeira, and Teneriffe ....April 3. Births. BAYLEY—On the Ist inst., at Newark House, Ripley, Stir" rey, the wife of Henry V. Bayley, of a daughter. LAMING —On the Ist inst., at Richmond, Surrey, the wife of Henry Laming, Esq., of a daughter. PAULL—On the Ist inst., at 33, Devonshire place, Wo the wife of Henry Paull, Esq., M.P., of a daughter. PEACOCKE On the Ist inst., at 24, Curzon-street, Mayfair , the wife of Charles 11. Peacocke, of a son. Marriages. COLGATE —EvvEART—On the 2d inst., at All Souls' Church Langham-place, Robert Colgate, Esq., F.R.C.S., Hempstead House, Eastbourne, to Amy Emma O'Neil' Evvcart, only daughter of the late William A. Evveartl Esq., 11.E.1.C.5. LACY — BRANDON-- On the 2d inst., at St. John's Parish Church, Margate, Ch ar l es J ames , eldest son of Chariel James L ac y, E sq . , o f Hereford House B r i x t on - r i se , to, Emily Kat e , thi r d d aug h ter o f Thomas Brandon, Esq., 0 ' CO, Inverness-terrace, Kensington-gardens. Deaths. BADDELEY—On the 31st ult., Win. Baddeley, Esq., CB., of 31, St. Peter's-street, Islington, aged 61. COCHRANE—On the 15th ult., at Gilling, near Richmond+ Yorks, the Hon. Mary Cochrane, relict of the Hon. JO' Cochrane, late vicar of Mansfield, Yorks. OTT—On the Ist inst., John Gott, Esq., of Armley Houser Leeds, aged 75. GoprnEy. :On the Ist inst., Mr. John Godfrey, of Bishops' gate-street, aged 80. RICHARDSON— On the Ist inst., at Angus Lodge, Hamilton+ N. 8., Lieut.-Gen. John Henry Richardson. London: Printed and Published by WILLIAM ANDREW of No. 112, Strand, Printer, at Tint SUN Oifice, No. 1 1 1 Strand, in the Precinct of the Savoy, in the County a 3.littllenX.—Wednellay. April 3 3.86 r