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

RAILWAY AND OMER 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 bad 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 $1,000,000 would become due on the coupons. If the Atlantic and Great Western Railway had been sold 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.) lie 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, &c., 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 now seeking another routeby water commu nicationthrough Canada. He contended that no com mittee of investigation could legally take the under taking in hand, and that Mr. M'Henry, as the largest holder of shares, could not delegate his powers to the committee. In reply to a question, 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 anyother 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. D CINN 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, i❑ 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. He 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 expres,ing 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 4 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 _Rolland 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 iu 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. Iu 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 righs of all parties would now be dealt with in their strict legal priority. Mr. M‘lienry had placstd his shares in the hands of he 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 noi; 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. 14 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 on 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 had 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. He 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 t ime. Mr. CAVE, M.P., said he told the meeting when he was elected that the committee would attend to four cardinalpoints—first, to obtain legal possession of the railway, to stop the leakages on the line, to get all the money they could, and to distribute it in accordance with strict legalpriorities. Letters of in struction had been sent out to the officials, and the traffic was now increasing. He believed it would be a most valuable railway, that the divisional bonds were worth par, and that the consolidated bonds would be very valuable. The resoluti on and amendment were withdrawn, and a resolution expressing the entire confidence of the meeting in the committee of investigation was passed, and a vote of thanks to Mr. Curtis for his conduct in the chair concluded the procacdings. GREAT WESTERN OF- ND A The report of th e directors statesthca l t — the aggre gate expendit ure on capital account to Januar;3l amounted to £5, 311,253,1eavin rr a bal ae £ 9 8,869 The outlay on ca pit a l account daring tef hehalf year had been £137,689, including outlay on the Petrolia branch rail way, fi ve miles in length ; extension of siding accommodation, proportion of cost of re building in stone and iron the new bridge acrossthe Twenty -mile Creek at Jordan, &c. The gross traffic receipts amountedto £331,513, and thework illa 0 expenses, including renewals, to £166,632 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 3 z 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. THE SUN, LONUOLS, WEDNESDAY EVEMISG, APRIL 3, 1867 mons might be displeased if it were depreciated when he attempted to vindicate its character. They might depend upon it that, when a better under standing was arrived at between the House of 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. He trusted that this conversation would not prove unsatisfAtory. 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 deptftation 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 numb er an article from the pit° th e eß m ou is n ed d 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, ca n th ese t h ree 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 they can each be exchanged for the others, and pas s th roughout these countries at an exact, well recognised, and easily c a l cu l ate d 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 than 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 not so well placed for equalisi ng w i t h these nations the value of her gold cur rency , as the change whre quired would be greater. Sh e h as, however, an iatlhf less risk of e a advantage in another di rec ti on, which will here after be lost, unless th e change be m a d e soon. Gold in the United St ates is au article of barter, as her currency has cease d to be metallic; vac be s. made The and disturbing therefore ae existing t ang hg e can values. five-dollar gold piece, is worth about 16 cents more than the English sovereign. Suppose the sovereign to be reduced twopence, or 4 cents, to harmonise it 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 be thrown on the country, which in the present state of its currency i s 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. A s 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 best known in Europe, (the dollar bonds termed Five-Twenties) the Govern ment stipulates to pay in gold, though the dollar is a silver coin. The Spanish and Mexican dollars 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 tenpeuce, 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 fellah 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 avery 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 means of circulars, and who deal so generally in 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. SURREY CONSUMERS' GAS. The directors' report states that the net profit for the half-year was £9,7G2, 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 house 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 sentiwents, and confieling 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 bill 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. (Hear, 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 had from its very establishment proposed residence and registration, for manhood suffrage, which they claimed, and still inaisted 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 to the ratepaying clauses generally. I hey 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 working classes, 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. He 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 tar interefere in his transactions with his cat's meat man. (Laughter.) He 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. Ile did not wish, of course, that house holders should be deprived of their votes, but he held that lodgers should be placed on the same level with them with regard to the franchise. Mr. 110 WELL, bricklayer, spoke on the question of residence. He considered a six months' residence sufficient both in counties and boroughs. Mr. CREME'', urged the principle of manhood suf rage. Ile 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 EXCHEQUER 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 oue 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 representat ; on 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 based on 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 on 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 he 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 terms of depreciation, and the House 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, arc continually brought to light, upon which is based the conclusion that 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 and 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 record 3 allow, but 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 bri n e w as 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 Alia 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 $32.71 ; Maine, $27 ; Ver mont, $32.81; 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 ; New Hampshire, $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 HlGii 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 Consid ered a farming State. In 1860 the United States census returned 45,205 farmers and 17,430 farm labourers, w hil e th e total return of all oc cupations was 454,632. 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 Califoruia—viz., $38.94 per mouth for farm labour, without board. And while the necessaries 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 of 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 arc 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 secresy 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 heivily 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-American 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 CIIUSITTS : the undersined Respectfully represents to your honorabel Bodies that whereas in or about The Year 18 & 48 he bekuin owner of 6 Sheers in the Varmount central ralcroad, 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 lle wud git dividends on 'em every par annum,— but whareas, nevertheless, in or abowt The year 18 & 50 he see the sheers Was a fallin awey in markit valley, & akordingly went Down to bostou for the purpose Of sellin out his sartifikate of Stock, but was prevented from so doing by Hearin a humorous speech from the treasurer of The korpo rashun (wun mr Quincy), who sed the slicers 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 speck, 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 (mote 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 sitooation he was owin the kumpany 265 thousand Dollars of borrowed muney, wick 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 Treasurer aforesaid pretty Sune fetched ruin & kaos on tu the hole konsarn, & wen i tried tu markit orf my 12 Sheers, a few munths arterwards, i was Larfed at, & telled tu go back tu walipole 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, Sc, 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 & kownsel in the Management of ralerode lines ;—ax him If he raly believes he knows more than Eny uther man, or eny sett o' men, konsarnin wat's best For bostou & 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 ralc road. in the graffick wurds 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 tu mr Repre sentative Bird, my feller townsman, and bosom friend. wat he dont know of me, wudn't bee wurth listeuin To, if i may so express Myself. he kan re peat my hole history, word for word, may it please your houorabel Bodies. J. S. Jr. Sydney Howard Gay, formerly managing editor of. The Tribune, is said to be preparing a life of Horace Greeley. The people of Pitts county, North Carolina, re zently compelled the sheriff to burn up all his writs and executions. They are 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 twelve months in tho 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. Sin. to sft. 11in. ; in the medium, from sft. 7in. to 51t. gin. ; and in the light cavalry, from sft. Gin. to 51t. Sin. If under 51t. Bin., the chest measurement must be 33in. ; under 51t. 10in., 3 tin. ; and above that standard, 351 n. The age of the recruits is not to be under 18 or beyond 25 years. Gunners for the artillery may be enlisted from sft. 7in., between the same ages ; and, growing lads of 17 and upwards may be taken at sft. Gin. The standard for drivers is sft. 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 be enlisted on special application being made to the adjutant genera 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. Gin., 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 bft. 6in., but there are only two troops in the Engineers in which drivers are employed, and 'vacancies seldom occur. 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 241 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 respect to 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 thepurpose 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 th 3 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 13 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 he 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—TITESDAY. The attendance of buyers at market to-day is only small. Wo have to report a very dull market in wheat at is por qr. under last Tuesday's rate. Foreign barley also lower. No change in other articles. LIVERPOOL-TUESDAY. At this day's market there was a fair attendance of the town and country trade, and a large business done in wheat, at the full prices of last Tuesday. Flour neglected but not lower. Oats and oatmeal at late rates. Barley, beans, and peas without change. Indian corn 6d to 9d per qr • 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. Barloy for malting, 46s to 51s ; secondary, 37s to 38s. Oats, new, 24s to 28s per 24 stone. Beaus, small, 44s to 48s. Peas, 36s to 40s per 28 stone. MARKET HARBOROUGH.-TUESDAY. Old white wheat, 60s to 73s ; now red, 50s to 68s per 3 6 stone. Batley, fine, 52s ; other kinds, 238 to 36s per 30 st. Oats, new, 22s to 23s ; old, 30s to 34s per qr. Beans, old, 50s to 555; new, 46s to 48s per qr. MELTON MOWBRAY.-TUESDAY. White wheat, GGs to 74s ; red, 50s to 66s per 36 stone. Barley for malting, 40s to 52s per qr; feed, 32s to 38s per 30 stone. Oats. old, 30s to 355; new, 22s to 29s per 24st , Beans, old, 52s to 548 . ; new, 46s to 50s per qr. SHEFFIELD-WEDNESDAY. There was a fair supply of wheat and other grain on offer, and last week's prices for wheat were maintained. There was a bettor demand for seed oats, which realised from 28s to 35s per qr., choice lots even higher. Flour was lower. Red wheat, per load 01 3 imp. bushels....2lB Od to 25s 01 White do do ....2=s Od 27s Od New red do do ......ios ed 21s 6d New white do do ....23s 6d 25s 6d Beans do do ....16s Od 228 01 Peas, per qr ls 6d 198 0 d Grinding ba ley, per qr 33s Od 38s 01 Malting - barley, co .6s Od 5Us 01 Oats, do 27s Od 32s oti F10ur....28 2d to 2s 811 per 141 b. Foreign Mail Packet List. -0.-- , MAILS DUE. Australia and New Zealand, via Southamptob April 19. Ditto, via Marseilles April 13. Brazil and Cape Verde, by British packet. ..... April 7. Ditto, by French packet . April 22. Cape of Good Hope, Ascension, and St. Helena.... April 27. China, Penang, and Singapore, via Southampton.. April 5. Ditto, via Marseilles. April 13 Faikland Islands Gibraltar, via Southampton Apri' 5. India (Calcutta), and Ceylon, via Southampton April 5 Ditto, via Marseilles India (Bombay), via Southampton. Ditto, via Marseilles .. April 7. Malta, Egypt, and Aden, via Southampton April 5. Ditto, via Marseilles April 7. Mauritius, via Southampton Ditto, via Marseille3. April 13 Newfoundland • •• . April 10. Portugal • . .....April 7. Ditto, by private ship to Lisbon. . United btates and British North America, by Bri tish packet . .. ...April 4. Ditto, by Canadian packet, via Londonderry ..April--• Ditto, by United States packet, via Southamp ton • • .. Ditto, via Cork West Indies and Pacific (except Bahamas and llondurat) April 1. Baham`..o. via New York. April 4 Cuba and Mexico Bermuda. via Halifax ... April 10 West Coast of Africa. Madeira, and Tenerife April 3. Births. BAYLEY—On the Ist inst., at Newark House, Ripley, Sur rey, the wife of Henry V. Bayley, of a daughter. LAMING —On the Ist inst., at Richmond, Surrey, the of Henry Laming, Esq., , of a daughter. PAULL —0 n the Ist inst., at 33, Devonshire- place; W.? the wife of Henry Paul], Esq., 31. P., of a daughter. PEACOCKE —On the Ist inst., at 24, Curzon-street, Mayfairt the wife of Charles H. Peacoeke, 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'Nei" Evveart, only daughter of the late William A. Evvearto Esq., 1.1.E.1.C.5. LACY—BRANDoN-- On the 2d inst., at St. John's Parish Church, Margate, Charles James, eldest son of Charles James Lacy, Esq., of Hereford House, B r i xton - r i se , to Emily Kate, third daughter of 'Thomas Brandon, Esq., 01 CO, Inverness-terrace, Kensington-gardens. Deaths. BADDELEY—On the 31st ult., Wm. Baddeley, Esq., C.- 5 •I of 31, St. Peter's-street, Islington, agod 61. CoCIIRANE—On tho 15th ult., at Gilling, near Richmond , Yorks, the lion. Mary Cochrane, relict of the Hon. J o,s * Cochrane, late vicar of Mansfield, Yorks. GoTT—On the Ist inst., John Gott, Esq., of Armley House, Leeds, aged 75. G ODFREY On the Ist inst., Mr. John Godfrey, of Bishops _ . gate-street, aged 80. • RICHARDSON-- On the Ist inst., at Angus Lodge, Hai:LIMO N. 8., Lieut.-Gen. John Henry Richardson. London: Printed and Published by WILLIAM ANDREW S of No. 112, Strand, Printer, at TILE SUN Office, No. 111 } Strand, in the Precinct of the Savoy, in tho County 42 Middlesex.--Wednesday. April 3 1367