The Sun. — London, England, 1867-04-24 00:00:00

Inauguration of the Cobden Memorial in Manchester. On Monday, the statue erected in St. Ann's square in memory of the late Mr. Richard Cobden was publicly inaugurated with a befitting cere mony. The weather was fine, and not fewer than 15,000 persons would be present to witness the proceedings. The Mayor (R. Neill, Esq.) presided, and on the platform surrounding him were Mr. C. Cobden (the brother of the great free-trader), Sir E. Armitage, Mr. Bazley, N.P., Mr. B. Whit- worth, M.P., &c. Mr. GEORGE WILSON, who was warmly received, said that in taking the part assigned to him by the committee he could not but regret the absence of that distinguished legislator, Mr. W. E. Gladstone. (Applause.) If he had thought that the merits of his deceased friend required to be p'aced in an elo- quent setting he should have declined the honour, which would more probably have been left in the hands of Mr. Bright—(applause)—but, having been the official representative of that large organisation with which Mr. Cobden for years linked his political fortunes and existence, he felt that he was not step- ping out of his province when he accepted the in vitation made to him by the committee. (Hear, hear.) It would be beyond the duty imposed upon him if he attempted to give a sketch of the life or labours of Richard Cobden. It was not to be ex- pected that he who for seven years was in almost daily contact with Mr. Cobden should be able in a few short sentences to give a sketch of the labours that were imposed upon his friend during that period. He might, however, state that having en joyed for years before the origin of the League the personal friendship of Mr. Cobden, and having laboured with him for other objects besides free trade, he might state for the encouragement of the young men of Manchester that Mr. Cobden was no favourite of fortune ; he had no advantages of birth or education above the average of young men who occupied a similar position to his at the present time. If they had passed down Mosley-street 30 odd years ago they would have seen him seated at his desk, attending to his correspondence, or striving to build up a large and prosperous business; they would also have found that he possessed leisure to give atten tion to public objects, or to applications made for charitable purposes. No one who called upon him could but have been convinced that he de sired from the bottom of his heart to under take the discharge of those public duties which would confer a benefit on his fellow-towns- men. From the first he desired to succeed in busi ness, and he paid close attention to it ; but he also emancipated himself from the desire to ama-s wealth merely for the purpose of enjoying it, and he con quered and overcame that desire of amassing it for the purpose of self-gratification. He sought the benefit IA his fellow-countrymen from the first. He would not say that in early life Mr. Cobden might not have wished to have the approbation of his fel- low-countrymen, and that such a feeling might not gave been a great stimulus to him in his public work ; but after the commencement of his public labours no man desired less to serve the people for the purposes of applause, and to no man did that applause become so disagreeable as to him during the latter days of his life. (Hear, hear.) He sepa rated his duty as a citizen from the applause which usually followed good works, and he wished, from the very desire of doing good, to benefit those around him. (Applause.) If they looked at his political life they would find that he was not exempt, like other public men, from the vicissitudes which affected an honest course of public action. He stood for Stockport in 1837, but lost the election. He was called from the Council of the League in 1841 to Stockport, and was returned by a large ma jority. In 1847, during his absence, and free of ex pense, he was elected for Stockport and the West Riding of York-hire ; but ten years later he was unsuccessful in his endeavour to obtain a seat for a moderately sized borough in the West Riding, and yet, when he closed his career, he closed it not in appropriately as the member for that borough which was the birthplace of his great friend, his compa nion in arms, and political brother, John Bright. (Applause.) But if there were were vicissitudes in his political career outside Parliament, there was none from the first in the House of Commons. He en tered the 1 - louse at a time when protection was at its climax, when the Whigs, advocating a fixed duty, were displaced by Sir R. Peel, and when, to all appearances, the sliding scale was to remain throughout all time. He took his place in the House, and an attack was made on him by Sir R. Peel in 1813, which called forth expressions of his fellow- countrymen on his behalf ; in 1846 the same Sir R. Peel passed one of the most graceful eulogiums on Mr. Cobden that was ever heard in the walls of Parliament. He was offered a seat in the Cabinet of Lord J. Russell in 1846, which he declined ; he afterwards declined to sit in the Cabinet of Lord Palmerston, and the present House of Commons re cognised his great and eminent services by passing at his death a tribute to his memory which would be read by his fellow countrymen for all time. (Applause.) Such were the opinions of the HOLM of Commons ; scarcely less influential was Mr. Cobden abroad. In 1847 he left England and held free-trade meetings in Russia ; he was the guest of Louis Philippe in France ; and he was a correspon- dent of the most eminent men in Prussia. At a later period he went to America, and so greatly was he respected there that he was passed over all the rail ways free of expense, and when he returned home he found a seat waiting for him in the Cabinet, but he declined it. He subsequently went to France, and passed the French treaty—(applause)---he came back to England and declined the honours of his Sovereign. Where was the man who had not been benefited by the labours of Richard Cobden, where was the nation which might not adopt his views with advantage, and where was the limit at which his principles were destined to be suspended? Wherever ignorance disappeared before education, wherever monopoly receded before the advancing armies of free trade, wherever the red splendour of the battle-field paled before the light of peace, there were Cobden's prin ciples extending and advancing. (Applause.) They that day inaugurated a monument as a graceful re cognition. by his fellow-townsmen of Mr. Cobden's great and lasting services. They might pass down Peter-street and see the theatre of his world-re nowned labour s; they might pass along Bond street and recognise one of the results of his desire to benefitthe young men of Manchester, and in other parts of the city they might pass public schools in which he was deeply interested. Thus they might seek to localise and perpetuate his memory in Man chester ; but the great monument of his labours was to be seen three times a day in the homes and on the tables of the working men of this country, when they received not the limited allowance of food granted by protection, but freely enjoyed the harvest of the civilised world. (Applause) The statue was then uncovered, amidst the cheers of the audience ; and, in the name of the Committee, Mr. Wilson formally handed over its custody to the Mayor, as represent ing the corporation. The MAYoR said that the voluntary and entirely spontaneous demonstrations made that day by so many of the people of Manchester were both grati fying and significant. There was but one feeling animating the whole community—a desire to do honour to the memory of a man who had, left behind him so much that was worthy of admira tion and recollection. (Applause.) Mr. Cobden, although not a native of Manchester, was a resi dent here during the whole time of the free-trade struggle, and first made himself known as a public man by his writings tinder the signature of a " 'Manchester Manufacturer." Ile was personally known to the great bulk of the citizens, and a very large number were privileged to call him their friend. lie was one of the earliest to perceive the necessity for a complete change in the administra tion of local affairs; and, together with the late Mr. Alderman Neild, and &Ir. George Wilson, who had so ably and fittingly performed his duty that day, was mainly instrumental in procuring a charter of incorporation for the borough ; and he (the Mayor) had often heard it raid in the Corporation, that so arduous and active were the services of those gen tlemen, and so fierce the opposition they had to en counter, that if any one of the three had relinquished the cause the charter would not have been obtained. (Applause.) Mr. Cobden was elected by the bur- gesses of St. Michael's Ward a member of the Coun cil at the first municipal election in 1838, and in a day or two after was elected by the Council one of the first aldermen of Manchester, and held that office for some time after ; and he took his seat in Parlia ment as member for Stockport when he was an alderman in the City Council. Though, from death and other causes, there was but one gentleman (Mr. Alderman Willert) left who was one of the first councillors, the Corporation entertained a great re spect for the memory of a man to whom they were so much indebted for services rendered to the town. (Applause.) To himself that ceremony had more than ordinary interest. Exactly 21 years ago he pre sented, ou behalf of the working men of Manchester, an address to Mr. Cobden encouraging him in his labours for corn-law repeal. That was the first public act of his life ; and now ,he was by virtue of his office appointed to receive, on behalf of his fellow-citizens, that monument to the memory of the same distinguished man. He thanked the sub scribers for that valued gift. It should be cherished as a sacred inheritance ; the whole community would be its guardians. ( kpplause.) The inte rest felt by the people of Manchester on the question of free trade was for some years of the most intense character. Thousands flocked to the Free-trade Hall whenever it was announced that the great leaders of the movement were to speak. How well many of them recollected those stirring tittles when they listened to the speeches of Mr. Cobden, cleat, logical, and convincing, saga cious and far-seeing in their application and ten dency. When the history of Manchester came to be written, no name would figure more honourably, and none so prominently during those years of municipal and commercial reform as the name of Richard Cobden. (Cheers.) But the name and fame of Cob den were not confined to Manchester. His great and memorable services in the cause of free trade had made for him a world-wide reputation, and there was not an individual in these islands who had not benefited by the labours of Cobden. Some of the men on that platform fought the battle against monopoly and prejudice, and to them the honour was due ; but Mr. Cobden was their acknowledged leader ; he was entitled to, and received the largest share of the credit attaching to success, but as he was earnest and unselfish in the cause, so was he modest and unaffected in the hour of triumph, and continued to be honoured and trusted by the people in whose service he had spent his life. (Cheers.) The site given by the corporation for the erection of the statue was in the very heart of the commerce of the city ; from the new Exchange it would be a promi nent object, and would be pointed to with pride as a tribute to the memory of a fellow citizen whose great abilities, untiring energy, and practical states manship enabled him to confer inestimable benefits on his country, benefits only equalled in their im portance and value by the disinterestedness with which they were accomplished. (Cheers.) The statue, which was the work of Mr. Marshall Wood, a native of Manchester, was a beautiful and faithful repre sentation of the great free trader. The likeness was good, and the attitude characteristic. None who knew him would fail to recognise it; its beauty and simplicity harmonised with the character of the man whose memory it was intended to perpetuate. (Cheers.) On behalf of the city and corporation he again thanked the committee and subscribers for their highly esteemed gift. The town would be gratified in possessing so pleasing a memento of a man whose name was so intimately associated with much that the people of Manchester had reason to be proud of. (Applause.) Mr. T. BAZLEY, M.P., proposed a vote of thanks to the committee. He said that Mr. Cobden was an advancing man ; he was in advance of the age in which he lived, and he (Mr. Bazley) trusted that his statue would be a continual mentor to teach what good had been done by perseverance and goDd com mon sense, and by those other attributes possessed by Mr. Cobden, and which were within the reach of every man. He looked on Mr. Cobden as the great benefactor of the age, and his reward was in the luxury of having learned to do good. Mr. it. GLADSTONE, of Liverpool, seconded the motion. He said that he saw before him a banner ou which was inscribed the names of " Cobden, Bright, and Gladstone." He considered it to be one of the greatest honours that could be conferred on the family of which he was a member to be asso ciated with two such distinguished men. (Applause.) Though Manchester scarcely held the political posi tion that it occupied years ago, he wished that some of the feeling that he still saw exhibited in this city could be transferred to Liverpool. He regretted the present divided condition of the Liberal party, and the insincerity of many of its professed members. He wished that Liverpool possessed a Mr. Bazley, but unfortunately the people there were not their own masters ; and till they had manhood suffrage and vote by ballot it would be vain of any commu nity such as theirs to attempt to boast of freedom. (Applause.) Brief addresses were also delivered by Mr. Jacob Bright, Mr. Hugh Mason, and Mr. J. B. Jeffery, of Liverpool. Mr. JEFFERY said he hoped that on the first oc cm:ion the electors of Manchester would show Mr. James that he was no more their representative. He should rejoice in Manchester again becoming worthy of the name of the " Manchester school." The political position of the city was once lcoked up to as a guide to other towns ; he was sorry that was not the case now to the extent that it had been. The motion was adopted, and on the proposal of Mr. Alderman HEYWOOD, seconded by Dr. J. WATTS, a vote of thanks was passed to the Mayor for presiding. 111 E IRISH IN AMERICA. The following passage from the Nation has a terrible significance, and strongly corroborates the view of " Fenianism in America " we recently expressed : Schuylkill County, Pennsylvania, is the only place in the world in which the Fenians have thus far succeeded in establishing a territorial sovereignty, and it is in virtue of their possession of that dis trict, that they are, if at all, entitled to belligerent rights. It appears they have there inaugurated a reign of terror, having during the past month mur dered fifty respectable and inoffensive persons with impunity. The remnant of the decent people have petitioned Governor GEARY for protection, and he has laid their case before the Legislature." It is, above all things, advisable for Americans, in dealing with their large and constantly increasing Celtic population, to discountenance the formation of Irish parties. The natural tendency of that population is, to join in secret societies. Nearly all Irish who emigrate have been accustomed from their birth to regard Governments as hostile, to hold employers as enemies, and capital as a means of oppression. There is no people who have nursed and more tenaciously adhered to grievances. Where no grievances existed they have manufactured them, and where all wrongs have been swept away, they have called up those of the past, to neutralise good legislation by a stubborn adoption of the wrongs of their fathers. Every attempt to introduce capital into Ireland has been baulked by the attitude of the people. Every effort to utilise the natural ad vantages of the country has been frustrated by the opposition of the inhabitants. While the priests led, in this, the natural bent of the native mind, they commanded confidence and respect. But when they ceased to lead in discon tent, they ceased to direct and control. Where isolated from the influence which makes the atti tude of Irishmen one of hereditary hostility to con stituted authority, few are better adapted than they for getting on in the world. But they gather together only to plot and work mischief. It may be that the wrongs of ages have affected thus un favourably the Celtic mind ; but we do not deal with the cause, it is the fact we desire to notice. Ireland owes a deep debt of gratitude to the United States. In that wide land of freedom the Irish have found their most genial, their most hospitable, and their most profitable home. The liberty and political rights gained by the blood of American citizens, have been bestowed on them, in the same measure as on the native-born inhabitant. The resources of the coun try are as open to them as to him, and their pros pects and career as hopeful and as untrammelled. , The States have been the champion of their cause, Tim SUN, LONDON, WEDNESDAY EVENING, APRIL 24, 1867. their most liberal donor in times of distress. Let the city of New York tell, how they have used the votes bestowed, the abundance offered, and the liberty granted—by placing and maintaining in power, the most corrupt municipality known among great capitals ; by drunkenness and vice ; by dyeing the pavement with the blood of the police ; by filling the thoroughfares with the victims of their lawless riots. They have imported into the fields of Pennsylvanian industry the blunder busses, so fatal to Irish landlords and agents. To avenge themselves on the grandsons of those who inflicted wrongs on their forefathers, they have made war on the inhabitants of a peaceful colony ; they have used the political power which the liberal institutions of the Stabs so generously bestows to involve, if possible, the country which has sheltered them in a fratricidal struggle, which, without pro ducing a single good result, could only impede for decades the progress of the world. They invariably combine fur a hostile purpose, never for any phi lanthropic object. It is always against something they conceive to be an enemy ; it is never to elevate or to forward a grand or humane design. When an Irishman trails his coat along Donnybrook Fair he means " fighting," and if he cannot get an enemy, he will bring his shillelagh in contact with the head of his friend. When organised and armed, the patriot band means war ; and if their enemy is not to be got at, we would rather not be the friend in their neighbourhood. If the United States en courage, instead of suppressing such an organisation, they must be prepared for one of two events—per haps for both—either to supply an enemy, or to fight the organisation themselves. There are no people who respect law and order less than the Irish, and more, than the American. There are no people who require more government than the Irish, and there are none who require less government than the Americans. The indivi dual liberty of the one, leads to chaos of the other to the fullest development of his industrial powers. The same laws, therefore, cannot be ap plied to both, unless society exercises a strong con trol. The immigrants should be scattered over the Union, where they would be quickly absorbed by its industry. These societies and military displays should be sternly suppressed. There is, beyond doubt, a danger, in the gathering and drilling of armed men on American territory for objects not American. These men are either American citizens or Irish citizens. If American, they have nothing to do with the wrongs of Ireland ; if Irish, they have no right to carry on their filibustering proceedings in America, and the quicker they return to their native country the better. These constant parades have a tendency to blunt the sense of the American people to the unjustifiable shelter they give these unholy schemes. Reverse the position, and let the nation consider whether they are acting on the Christian precept of doing to others, as you wish they should do unto you. Suppose a Southern con spiracy openly organised in England, embracing hundreds of thousands of Southern citizens—sup pose great gatherings and drills in Hyde Park— meetings in Exeter Hall and Trafalgar-square— deputations to the Premier—addresses to the Queen —denunciations of Northern tyranny in the Cham ber of the Lords and of the Commons—a revolution stirred up by emissaries, and resolutions introduced into Parliament to grant belligerent rights. A Republican would say that the South had no justice in his cause. The Englishman might retort that Ireland was the most equitably go'rerned country in the world. The truth is, that the one case would be as unjustifiable as the other. The North means well by the South ; England means well by Ire land. English interference to create discontent could only lead to injurious results, nor can Ameri can interference in the affairs of Ireland lead to aught else. When people speak of the down-trod den Celtic population, they do not fairly consider the position of the people in that island. For instance, let them weigh this point alone. Suppose that position to be as represented by the Fenians, there is scarcely a man in Ireland who cannot make America his home, if he wills it. The United States is the finest and freest country on earth, therefore his home may be in the finest and freest country if he so pleases. Those, with such an alternative, are not the objects of pity they repre sent. When the Irishman does avail himself of the opportunity, he might at least leave his blunderbuss at home, instead of carrying that forcible argument nto the peiceful haunts of Pennsylvania.—Ánglo clnierican 7 imes. and approval of the board, and a certificate duly signed by them. Parliament ought to have known, we repeat, that the sole object sought by these plunderers of the public was the indemnity attendant on this semblance of security ; they knew they could gull the public ; make them believe what did not exist, like that English writer who has said somewhere—" Never believe what does not suit, for it must not be, cannot be ; there] fore why believe it." Such being, we regret to say, the every-day logic of the public press of England the public had nobody to open their eyes. The WESTMINSTER GAZETTE was not in exist ence ; so four long years elapsed before anybody understood the meaning of "Limited Liability"— Overend and Gurney have explained the real meaning' of those two words better than any dictionary, and more effectually than any public writer. Parliament, with that manly spirit which directs the destinies of this country, no doubt considered that any kind of restriction would be contrary to those principles of free trade which constitute the glory of our epoch. If liberty is abused, it carries always with it its own remedy in its punishment ; but when liberty is made use of by the entire public press of a country to gull the public, the remedy is as awful, since the power to use it has been longer without any control ; it produces fruit that germinates before that fruit itself has been destroyed. The seed in this case has pro duced a want of confidence and a distrust which causes every Stock Exchange security to be looked upon with suspicion, and in a Parliamentary sense it has produced Fenianism, combinations, strikes, insurbordination, and, the worst of all evils, a thirst for power expressed by the word " Reform." The word " Reform" is abused in the same manner as the word limited, and both have served to make many dupes. Let us hope that the eyes of the country are now open to the danger of the fal lacy, and fortunately before the evil has grown up and gained such strength that no remedy is left. Railway shares continue to be greatly agitated, prices are still falling, and capitalists cannot re commend them yet as an eligible speculation. The public have at last begun to feel that it is time to close capital accounts, to allow no further in crease of capital, and to pay every expense, whatsoever, from revenue. This was illustrated last week at the Wharncliffe meeting of the Great Northern Railway Company called for the purpose of considering and approving five bills now pend ing in Parliament. Little did the directors imagine that any opposition would be made in the room ; the old trick, of telling shareholders that the pur pose of the meeting was only a matter of order to confirm resolutions already passed and agreed at the annual meeting, was here practised upon them. Directors forget that at the annual meetings, when shareholders are tired out by some long discussion, they tell them:—" Well, gentlemen, you will have full time to discuss the merits of these bills when we call you together for the Wharncliffe meeting." This time, however, the shareholders were not in a humour to accept such flimsy replies. They boldly expressed their opinion, and the five bills were lost by a show of hands. A poll was de manded, and, of course, the new schemes were carried ; proxies had been sent in by unsuspecting shareholders, unaware in what way they would be used. With all respect to these amiable proxy-signers, do they know the damage they in flict? Do they know that every pound added to capital account requires a gross traffic receipt of two shillings to pay 5 per cent. upon that pound before they can receive one farthing dividend ? Do any of them know the merits of the branch line they are so anxious to secure, the nature of the arrangements proposed, the interests at stake, when they sign these innocent-looking proxy papers, sent out with such care by the directors, and with every kind.,of instruction how to fill them up ? A shareholder was simple enough to propose that a full account of the meeting should be sent to every shareholder before the proxies were used, so that everybody might know what he was going to vote about. "rillA was considered by one of llie directors as most unreasonable, and, as an im putation on the intellect of the easy-going proxy signers, unworthy of a man of business. So the case was decided in the dark, since in the broad day-light of the room shareholders were on that day so very unreasonable. It is, however, a move in the right direction—a lesson which will be very useful to many directors who have lost their liberty by promises—by getting their friends to subscribe to their branch lines, extensions, and fascinated at the tim e by pine skilful en gineer, n eer or deceived by some plausible lawyer. leases,Entangled in promises and recommendations, they have no other resource left open to them than to try to make of others as thorough dupes as them selves. However, the Great Northern Railway can, perhaps, afford this last mistak e , which may not lessen the dividend more than a trifling per tentage. They are, so far, better off than the Great Western or the' Great Eastern, which can not raise money at 6 or even at 51- per cent. on debentures, when as much as:£s,ooo is given for a plan, which, for the sake of the Great E as t ern s h are h o lders, it is hoped will not be paid for until that plan has proved successful. But let not the Great Northern shareholders be too much dazzled by their present s uccess. Let them not forget that the last dividen d was onl y earned by carrying i t 11 c , k 4 ) 5 6 to Bsn. e9tdr. (profit of the sale of n on -i ssue d orevenue account, which oug ht, b y s rights, to have been carried to capital account ; that this half year the net profits will have to be divided over an increased capital ; and after the Ist day of July the capital stock of the company will have to be increased by £979,936. So let every railway shareholder be more and more care ful not to allow directors to increase the capital stock, the preference shares, fixed charges, and guarantees, for fear they should find themselves in the same predicament as their unfortunate neigh- bours. The Rio Improvements Company is an example that, although railway shareholders have at last opened their eyes, there still exists a class of shareholders yet labouring under a fond delusion fatal to their dearest interests. The intellect of that company has been overpowered by the re gularity with which the 7 per cent. dividend warrants have been paid during the construction ) of the works. They have never examined from what source those . interest-warrants have been taken. They have never inquired whether the sum put down in the or i g i na l prospectus has been sufficient to pay for the 15,0 00 houses to be drained, and to p a y th e i n terest-warrants like wise. They have been misled by a report so confused that the only item in it they can read is—" That the directors cannot promise a higher dividend than 7i per cent. per annum." This shuts their eyes, so that they are unable to look into the accounts, or study the ground upon which the directors make out this 7i per cent. If they will read the accounts they will find that £44,653 is 5d have been paid out of capital over and above the sum put down in the original prospectus. If they would only reflect upon what the chairm an told them at the meeting : That the rental from 14,612 houses will be £87,000 from which, after deducting for keeping up the works £1,400, for office expenses £6,000, for the interest upon the debenture stock £4,500, for a sinking fund in ninety years £3OO, making together £24,800, there will remain, with £2,500 to be paid by the municipality of Rio, £65,300 for dividend, or over 7i per cent. upon the original capita] of £850,000. Have the shareholders examined into the correct ness of these items of expenditure '? Will they not probably all have to be increased in the same proportion that office expenses, put down in the original prospectus at £5,000, have been increased to £6,000 ? Are they aware that after the meet ing a gentleman in the room who had accepted some of the 6 per cent. debentures in payment of his claim, said that they were given to him with the understanding that they were to be paid off in five years ? If that be true, it will be neces sary to deduct from the sum of net profit £65,300, the sum of £15,000 during five years to pay off the debentures, which will leave only £50,300 for dividend. This will not pay 6 per cent. The shareholders cannot be aware of this, otherwise _ they would have gupported the propositiog made, to the effect that all sums which have been paid out of capital, over and above the sum put down in the original prospectus to pay Mr. Brassy for the drainage of 15,000 houses, be restored to capital account before any future dividend be declared. Let that honest shareholder stand firm on the ground he has taken up. It is more than pro bable that after reading this article all the share holders who have any respect for their interests, and who ought to be now aware how often the best affairs are brought to ruin by paying dividends out of capital, will support him. Let them learn wisdom and take a lesson from what has been pub lished after the meeting of the independent Brighton shareholders. Let them be upon their guard against the specious calculations of their ' directors, and they will find a thousand good reasons why the best policy is not to pay divi dends out of capital. Let that honest share holder not be afraid to go to law to bring the di rectors to their right senses ; let him consult an honest lawyer ; he will, no doubt, advise him to file a bill in Chancery to restrain the directors from paying dividends out of capital ; let that lawyer consult the law. In table A to the Companies Act, 1862 (25 and 26 Viet., c. 89), the 73rd clause says :—" No dividend shall be paid except out of the profits arising from the business of the com pany," and in the case of Burnes v. Pennell, two House of Lords' cases, 521, it is said that :—" It is a fraud in the directors, punishable, perhaps, cri minally as well as civilly, to declare a dividend when no profits have been made without ex pressly bringing under the attention of the share holders the then state of affairs." The lawyer will, no doubt, be able to find other cases to the point. So let that same shareholder go on in confidence, as success in the end must crown his efforts ; and when the Rio Improvement shareholders find that in 1868, and ever after, they will have dividends to receive at the rate of 8 per cent. and more, instead of waiting five long years with their dividend reduced under 6 per cent., they will one and all vote him thanks and wonder why they did not all support his amendment at the annual meeting on the 27th March, 1867. • The Metropolitan gas companies are still labouring under the adversity naturally resulting from the bill in Parliament brought forward by the Metropolitan Board of Works, and the price of their shares is greatly depressed. The further consideration of the bill has been postponed ' till after the recess and hopes are entertained that members will, in the meantime, see the great injustice contemplated against the vested interests protected by Act of Parliament. The water companies, the railway companies, in a word, all companies registered under Act of Parlia ment have very naturally taken the alarm. The anti-Catholic prejudices taught in all our universi-: ties, colleges, and schools, must leave, to a certain extent, a stain on the intellect, and make itless open to truth, hopesty, and sincerity. But there is hope that Parliament may recover itself from that state of morbid prejudice and indifference against the interest of those who have invested their property on the faith of existing Acts of Parliament. Many members are, doubtless, prejudiced by the spe cious views taken by the Metropolitan Board of Works, and also by petitions drawn up by schem ers, who go round from door to door petitioning signatures, by promising those who sign that they will get their gas at half the price they are pay ing. Let Parliament consider the large amount of capital sunk in these great commercial undertak ings, the great increase in the price of labour, and of every raw material used in the manufacture of gas. Let them throw off those prejudices taught their first education, in and open their eyes to the grievous wrong contemplated ; hold in their hands the balance of justice and equity, and not allow themselves to be tampered with by such monstrous propositions, such unjust enactments, as those submitted to them for approval. Should they allow such a bill to pass, it will be another standing proof of the necessity of Reform to bring into Parliament less prejudiced and more enlightened men—men capable of understandint: that the prosperity of a country is not to be ob tained by the ruin: of every commercial and industrial enterprise. Is not the present great prosperity of France mainly to be attributed to a policy just the opposite of the one proposed to be carried out here ? By extending the conces sions of the railway companies from 50 to 90 years; by granting a monopoly to the gas companies in Paris, by which all have been united into one great company, paying to their fortunate share holders 15 to 20 per cent., money has been put into every pocket and purse, the workman and shopkeeper are better paid. Paris looks like a city of palaces, magnificent boulevards are every day opening out. What a contrast with the slow work going on on Holborn-hill, where money is spent with that parsimony which is to be traced to the improvidence of late Acts of Parliament. Is it not time for Parliament to see the folly of ruining every enterprize in this country ? Let them throw off those prejudices of education which weaken intelligence, adopt at once a policy of conservation, extend the privileges of public companies instead of restricting them ; in one word, allow that fair and honest remuneration to which every capitalist is so justly entitled when he risks his all for the great benefit of the com munity. Fears of war have but little subsided this week. A few days have, however, given time for reflection, so let us draw up the balance sheet. On one side we see that France has not an ally in Europe ; that the scheme to make friends by the union of nationalities, like all bad concocted schemes, ends in disappointment ; that the Great Exhibition upon which so much was built in the Emperor's speech in his answer to the foreign am bassadors on New Year's Day is a complete fail ure ; that the army is disorganized for the want of a general having the confidence of the men, the fruit of sending in 1852 such men as Lamoriciere, Bedeau, and others into exile. This left a blank in the military art which was shown before Sebas topol, and the same result can be expected as at the battle of Trafalgar, when all the old French admirals were in exile ; that a remnant of popu larity is only kept up by keeping the mouth of Parliament shut ; that the decay in the bones, if we are to believe the .Lancet, of the Emperor's son leaves little hope of a cure ; that the Chasse pot rifles are not yet out of the hands of the makers. There are many other items which might be put to this account, such as the public purse. But it is time to think of the other side of the account. Something must be done quickly to regain popularity, or else we may expect to see the special constable walking again the streets of London. The public must furnish the other items, and draw theirown conclusions. Consols left off on Wednesday at 904 for money, and at 904 for the May account. COMMERCIAL INTELLIGENCE. (From the Westminster Gazette.) The difficulty experienced by the public in liquidating their accounts is still as marked as ever. There is no obstacle in borrowing money at 3 per cent. upon approved securities. It is in that way the liquidation is put off from month to month in the hope that at last a favourable turn will take place and prices go up. But month after month the public meet with the same dis appointment ; they find prices lower, and many are obliged to confess that, if they had sold and liquidated their accounts on the first day of the panic, they would have been gainers, and would not have wasted their money in paying inter est. The great quest 4 on is, therefore, how and on what day will this fall in the market cease ? That day will come when all outstanding accounts are settled ; when everybody has money at his bankers to meet engagements and calls still pen ding ; in one word, when the liquidation is con summated. But who can tell when that liquidation will be over? Has it not ; been shown that there exists 1,500 limited liability companies which are not quoted upon 'the official lists? Consequently it is difficult, not to say impossible, to ascertain what are the liabilities outstanding ; and nobody can tell the ability of those who hold these securi ties to meet them. Those are unknown figures to all, and consequently nobody can predict the day when this liquidation will be over. The extent and depth of the evil are no mystery ; but human foresight is incapable of fathoming the depth of the precipice opened during the mania of limited liability companies after the passing of the Act in 1862. The cause of this monstrous state of affairs is to be found in the reckless facility with which Parliament grants its Acts ; no provision was made in passing that Act to protect the public against the class of persons that sprung up calling themselves directors, patrons, or trustees, concoct ing schemes to tickle the fancy of the public, and pander to their prejudices, both political and re ligious. Garibaldi was carried in triumph through the streets of London to make the public swallow every kind of Italian (in) security ; Rome was attacked—that decrepit old man the vilest in sinuations were instilled to keep the public mind closed against truth, to enable these sharp practi tioners to feed upon the credulity of their dupes ; to arouse their prejudices—to send up worthless shares to such wonderful premiums that Robert Macaire in his best days would have been content with a fraction of such success. How many made their harvest out of the public credulity during this temporary sunshine? A greater number have, punished by the same means. h Pleasurew e v e r , for or been m easure has been doled out by an all wise and just Providence. During this mania the thirst was so great that the advertizing columns of newspapers required extra sheets. Every ingenuity was resorted to in getting out these limited lia bility companies, paying writers, calling meetings, where everything was stated except the true posi tion of affairs ; purchasing some names as decoys, and publishing others without permission. It is now no secret that Overend and Gurney's name was bought up for £500,000 sterling, and all the money subscribed by the shareholders spent in such like extravagance was entered in the balance sheets under the name of preliminary expenses, or purchase of good will. Parliament is, therefore, seriously to blame for having passed a Limited Liability Act without securing the public against dishonest schemers, whose plots, they ought to have known, must be the consequence of such a measure. At the same time that the Act was passed a board of control ought to have been named to consider and ex amine any new company about to be brought out, so that no company availing itself of the Act might be organized unless it obtained the sanction THE ATLANTIC CABLE. The manufacture of the cable which is to connect New York with the terminus of the Atlantic Cable at Heart's Content, has been commenced by the Telegraph Construction and Maintenance Company. It is intended to replace the line now in existence between Newfoundland and New York ; and will, it is to be hoped, put an end, to the interruptions which now occasionally occur. A good road unites Heart's Content with Placentia, along which the wire will run a distance of 63 statute miles. From Placentia the cable will take to the sea, rising at St. Pierre, a French fishing island, which, it is sup posed, will become the terminus of any French line laid across the Atlantic. From St. Pierre the cable will be laid to Cape Breton, from which point, being then on the Continent, it will radiate over the United States and British North America. The greatest depth is 252 fathoms, about one-tenth of the distance beneath the surface at which the Atlan tic Cable lies. The bottom is good. The cable is about one-third less in size than the Atlantic lines, but although smaller, it is heavier, weigh ing 421 cwt. per nautical mile, against 36 cwt. This is owing to the exterior wires being larger. The shore ends are covered with ten wires, each thicker than the ramrod of an Enfield rifle, which will make that portion weigh ten tons to the nautical mile. It is expected that the steamer will leave England to lay this cable about the end of June, and that it will be in work ing order by the end of July. It is thought that at some future time it may be advisable to pick up the end of one of the Atlantic cables, and connect it directly with the island of St. Pierre, running a cable straight from that island to Boston, thus avoiding both Newfoundland and Cape Breton. Experience has shown that the weak points of the wire, are the laud lines, when carried through unin habited wastes. Even where the roads are good the sea is in every way preferable, and time will, without doubt, prove, that there is no line so safe as that laid in the still depths of an ocean. When the connection between Ileart's Content and New York is perfect, an immense increase of business will be transacted through the Atlantic cables. At present, but a very few hours of the day are required to forward all the messages which the capacity of the line between Heart's Content and Cape Breton allows. A further reduction of the tariff, will, in all proba bility, lead to a large increase of business. indeed, the Cable ought to be employed continuously, work ing the entire 24 hours of each day in the year. Every prediction of the most sanguine projector has in this case, been more than fulfilled. Commerce, cannot at once adjust itself, to the wonderful facili ties the work bas bestowed. Still, though the change is violent, the mercantile community are be ginning to appreciate, the full benefits. A merchant in New York, at the close of his day's labour, when satisfied that the tone of the markets justifies his action, can, before shutting his office, flash his orders to London, for the purchase or sale, for the trans mission or reception, of the goods in which he deals. He retires to his home—to return the next morning at the usual business hours. On his desk, lies a let ter from his London correspondent, informing him of the terms on which his orders have been carried out. The difference of time, between London and New York, has, through means of the cable, been ascertained with the utmost nicety. It is 4 hours, 55 min., and 18.95 sec.; in round numbers, 5 hours. A message sent from London on the close of business in the City, ought to reach New York in the middle of business hours, on the same day. Therefore, the same house, through their London and New York branches, working in harmony with each other, can buy in London, and sell in New York, at the same hour, of the same day, in each city, and understand distinctly, what profits have been made. The ten dency of such operations is, to equalise values, and annihilate speculation. The cause, must be general over the world, when this medium of communica tion is universal, to admit of violent fluctuations. What the want of communication means, is shown in rud3 and barbarous countries. In one part of the British dominions in India, the inhabitants may be perishing of starvation, while the abundant pro duce of another is rotting for want of purchasers. The great object of commerce is to spread the pro ducts of every land over the earth, so that the abundance of one, may supply the deficiency of another, and that the wealth of soil of an alluvial belt, may feed the working masses of a mining district, and the spots gifted by nature with manu facturing facilities, may supply the implements, clothing, and other wants, of the husbandman. The first requisite for the full attainment of these re sults is—immediate communication. The Rev. E. MATTHEWS, in a series of letters lately published by us, gives some striking instances of the evils that might have been avoided in former days, by instan taneous information. Commerce, of course, bene fits most ; but in the avoidance of political compli cations, the boon to nations by this means, isscarcely less. " I will refer," says Mr. MATTHEWS," to three historical facts, to show the value of mutual know ledge between England and America. The battle of New Orleans was fought January 8, 1815, but peace between England and America was concluded on the 24th December, 1814. A telegram to that effect by an Atlantic cable—had one then been laid --would have saved the lives of a thousand Eng lishman slain in that battle. In 1311 there were two parties in the American Congress—one for peace with England, the other for war. The latter party declaitns against Vnghtna on account of the ' Orders in Council,' which, though framed against the policy and edicts of Bonaparte, in jured American commerce. The peace party, an ticipating that very soon intelligence might be received that the objectionable orders' had been repealed, askei for more time. A vote was taken, and it was decided by one majority, not to wait. War was declared ; soon after, the expected intelli gence reached America of the repeal of the orders,' but it was then too late. Could a tele gram have been sent to America announcing their repeal, the peace party would have carried its cause triumphantly and prevented the war. When 111AsoN and SLIDELL were taken from the Treat the Ameri can Government designed to surrender them, if re quested to do so. This was not known in England, and a million of pounds were expended in prepar ing for war. Could each Government have sent a telegram to the other, that amount of money would have been saved." These are but a few instances o f the value of such a link, which point to the benefits likely hereafter to be derived. But it is in the everyday transactions of both nations, that the main good will be felt. To what extent this medium may influence the two branches of the Anglo-Saxon race cannot be known till shown by experience. As the American Minister, Mr. ADAMS, stated, at the Liverpool banquet to the layers of the cable, one of the results may be, the abolition of diplomatic agents. It is possible, however, that it may have a directly opposite effect, and increase, in utility, the functions of the diplomatist.—Anglo-Americ an Times. THE PUBLIC HEALTH. (From the Registrar-General's Return.) In the week that ended on Saturday, April 20, the births registered in London and 12 other large towns of the United Kingdom were 4,154 ; the deaths registered, 2,725. The annual rate of mor tality was 23 per 1,000 persons living. In London the births of 1,026 boys and 1,008 girls, in all 2,031 children, were registered in the week. In theeorresponding weeks of lOyears 1857- 66, the average number, corrected for increase of population, 2,132. The deaths registered in London during the week were 1,223. It IV.ti the 16th week of the year, and the average number of deaths for the week is, with a correction for increase of population, 1,429. The deaths in the present return are less by 206 than the estimated number. The mortality in the metropolis was lower last week than in any week of the present or preceding year. The number of deaths rapidly decreased dur ing the last four weeks. It fell to 1,223 last week. Thirty-eight deaths from small-pox, seven from measles, 19 from scarlatina, 50 from whooping -cough, 46 from typhus, and 8 from diarrhoea were registered last week. One death from cholera was also recorded. The deaths from phthisis were 182 ; from bron chitis, 112 ; from pneumonia, 62 ; and from disease of the heart, 56. The annual rate of mortality last week was 21 per 1,000 in London, 30 in Edinburgh, 25 in Dublin, 21 in Bristol, 18 in Birmingham, 27 in Liver pool, 22 in Manchester, 21 in Salford, 22 in Shef field, 29 in Leeds, 28 in Hull, 27 in Newcastle-upon- Tyne, and 29 in Glasgow. The rate in Vienna was 33 per 1,000 during the week ending the 13th inst., when the mean temperature was 0.7 deg. Fahre n h e it lower than in the same week in London, where the rate was 23. At the Royal Observatory, Greenwich, the mean height of the barometer in the week was 29-443 in. The barometrical reading decreased from 29.7 gin. on Wednesday, April 17, to 28.90 in. by the end of the week. The mean temperature of the air iu the week was 50 . 9 deg., which is 5.1 deg. above the average of the same week in 50 years (as de termined by Mr. Glaisher). The highest day temperature was 64.8 deg. on Friday, April 19. The lowest night temperature was 42.5 deg. on Sa turday, April 20. The entire range of temperature in the week was, therefore, 22.3 deg. The mean degree of humidity of the air was 83, complete saturation being represented by 100. Rain fell to the amount of 0.68 in., of which 0.30 in: fell on Sunday, April 14, and 0.21 in. on Saturday, April 20. The general direction of the wind was S.W. WILKINSON'S CASE. In the City Article of the Times of Monday las t a defence of Mr. WILKINSON, the late manager of the Joint-Stock Discount Company, is attempted/ in aid of a memorial addressed to the QUEEN for free pardon for the convict. In commenting on the remarks there made, the Pall Mall Gazette does not hesitate to assert that these remarks represent with lamentable accuracy the tone of morality which unhappily prevails at present moss extensively le the commercial world, and, to set it in the clearest light, its deep and essential baseness." "The part of the article," the Pall Mall goes on to say, " appears to us disgraceful, is the estimate which it discloses on the part of the mercantile world, and on the part of so influential a person as the author of the Times' City Article of the character of this man." Now, the Times has a pleasant habit of ignoring damaging remarks. But such a slap in the face from such a journal as the Pall Mall mus t be uncommonly stinging and disagreeable to su b mit to. The influence of the Pall Mall is acc ord only to the Times itself, and such remarks canoe" be ignored. But strong as is the influence of th e journal in which this damaging article appeared, its real strength is derived from its crushing truth. 311% WILKINSON, who had long been engaged as a bi n ' broker, founded on his business the Joint-Stock pis" count Company, receiving in hard cash for the good will £25,000, and the position of Managing Director with a salary of £3,000 a year. Backed by a strong company, which shortly after its formation paid 11P £BOO,OOO, and knowing the business to whi ch be was bred, trusted implicitly by both directors and shareholders, few positions could have been aPP 3 " rentiy more secure or more enviable. Yet, in less than two years, this man landed every one ivli n confided in him in a hideous ruin. Nor was th in the only injury he did. the revelations of th e Discount Company over which he presided we ll of so shocking a character that they struck the fir st great blow at commercial credit, and inaugurated the panic from which England will take years to recover. So damaging were the facts revealed b°, the Committee of shareholders that by the univ ersal voice of the Shareholding public the Directors, w ho had permitted his shameful mismanagement, w ere expelled from the boards of other concerns. i t 11311 stated that even during the few days spent by th e Shareholders' Committee in investigating the affa ir ! " , of the Company, enormous sums were made aW with, securities disappeared, and transactions were consummated which eventually forced the concer n , into its disastrous liquidation. In the midst °' these transactions Mr. WILKINSON had the audaeitY to write to the Times, declaring the Company to b e in a solvent state, speaking of the foolish terrei.. of the shareholders, maintaining the excellence of his own management, and decrying the Pre ceedings of the investigating committee. The state' ments made by that Committee have never been e 't plained. They were not sums of a few hundred that Mr. WILKINSON was supposed in that int ern l e to have made away with, but approximate n ler m closely to a quarter of a million. The cha r t brought against him were only those likely t° %- proved, and it was asserted that had the convic tion on these charges failed there were other charg e l behind them. If a man murders fifty peop le, l f will be sufficient to convict him of the murder of one for all the purposes of justice. The a dvice t h o NANA SAHIB gave to KHAN BAHADUII KIIAN 1 / 1,0 conveyed in this sentence, " You may as w ell drowned with a foot of water as with an inch 01 e your head." What he meant is expressed by t' he vulgar old proverb of " going the whole hog." T i f NANA knew that the KHAN would be hanged' a taken ; there was no use, then, in repenting, „ his true policy was to cut every Kaffir's throat . could lay hands on. In mercantile transactions Ire the city of London there is a much nicer and loe f discriminating morality. So long as there is .to there is hope. Mr. WILKINSON escaped t he gre3 of charges, and was drowned with a bare inc h r , water over his head. Now his friends come in ward to prove that he should not have 1 1 0 drowned at all in so paltry a puddle. Such a w h : 6 as this, they say, could never be found in e tle" th o pool. They ignore the great sea in which leviathan floundered and created so much C°l' motion. The shark may have swallowed e nc)r ; mous baits, and be hook e d at l a st biting 0 .- t a tiny piece of pork. But the argument is D o e good that he should be returned to his na ll element because the bait was altog e th er too O n o for so voracious a monster. We can well bel ieve the Editor of the City article of the 7 inzes whe n h ., states that the people who signed the memoria l in ho WILKINSoN'S favour are members of solid firms Wro have not been engaged in speculation. They 3 c h probably men who have rather profited by O ho, proceedings as those of Mr. WILKINSON, but sir 0 , at all events, knew enough to steer clear of all e° oo nection with such transactions. The insinuatl.°o implied by this allusion to speculative tra nsaeo oo is, that Mr. WILKINSON was engaged iu carryieg rs , the operations of a speculative body of s h a rehold c w , who, in anger at his failure, made him their vie° Now, the reverse of this is the case. The ge°roo body of shareholders were under the impres si os t that they were connected with a simple dife t/ er , business, and one of the revelations that so ° oc i whelmed them with consternation was the chnilig into which their funds had been directed b 1 trusted manager. " Whether Mr. WILKII ,IS° ` O I says the Times, "was deserving of five years ' P e ll t, servitude for his mad management of the Je,, h t Stock Discount Company is a question that 101700 have a serious bearing on the personal po ia of a very large number of other perse ° l o,4 London ; but it was not for this be t he tried and sentenced, and, looking at 4 excitement that prevailed at the time, whe n n ' 0 0 sufferer was anxious to see some one hanged ° de , example, it is to be feared that he encountere d n e d gree of prejudice for which the parties engl,l o ; in his defence were not sufficiently prepared." t o he was charged and convicted with stealing 0 ' sums, amounting together to £4,860. But t ile g ee d, tion now is whether this conviction is to be ig li o o ° and the convict returned to the bosom of the aeft,oo lie appears so well to represent. The solid P, may delight in their intercourse with Mr. W rlli f Do i$ sox, and no doubt many of them feel the loss No hospitable table and of the till from which i t ~ supplied, for he was a man, we believe, mo st 13 7 4 0 in his expenditure. In deciding this q uestie e t he MAJESTY'S advisers must consider the career 7, big convict, and take into account the honesty' of management of the concern over which he preS fed If there be a failure of justice, and it can be P r ; 10 that on the points on which he was convicte d tit of in reality innocent, let him go, with the we i g ue h e the ruin of hundreds on his shoulders. I f innocent of the actual crime, there is no ele nl sp ite in it, and he has a right to a free discharge 10 at of the legal fiction which terms it a pa rdon. 0 0 unless this can be clearly shown, he is the last a Do in his prison to whom Royal clemency s-°,oll g extended. We consider that the Pall Mall ti co or has done good service to the cause of Englis h 03 0' mercial morality by counteracting the unfair 01' ence attempted to be brought on her lW ha t D e advisers, and the Home Secretary will knot' isi bo o will be supported in weighing carefully th e merits of the case, and deciding in strict ac c° l4 r sosA with the further evidence which Mr. 11r IL 10 tbor 10' friends can now produce after being sifted bliog who brought this charge againstWAlL"' American Times. et, na , 01 - 0 HASTINGS —On the 22d inst., at 13, Queen Cavendish-square, the wife of Dr. Cecil Bus t t vß daughter. til HENLEY—On the 22d inst., at 11, The Cedars, i°l' Hon. Mrs. Robert Henley, of a daughter. Marriages. GREEN—ANDERSON-0 the 23d inst., at the peris- to Hendon, Charles Dymoke Green, Esq., Jeli n roline Mary, youngest daughter of the late " derson, Esq., Glasgow. Deaths. Births. if ateliiiiß°ll LITTLE—On the 22d inst., at Hastings, George - Little, Esq., aged 42 ICe 1( . ,rO.- 11 RENARD—On the 21st inst., at 292, Cambervre o f 00 in his 67th ear Samuel Renard, Esq ., countant-General's Office, Court of Ch ancery. late 81 1 15' London: Printed and Publiahod by WILLIAM of of No. 112, Strand, Printer, at THE SUN Oft Strand, in the Precinct of the Savoy, in t he Aliddleoex.--Wodrieliclay, April 24, 1867. ~~..~~~_ I ~~'- :-.,: ~.. .► ± a ~ AFT St After After After After After After After Atte; ondon : "(IN This Oul,lin I It so/no. Sold it by the wholosal 8, Oh sor ,. " Rinalt PURN Partici month a AL 5 , Aga nu„ AD V , r eellol l repa ya b, discount TEF, -LANNI P,ltzti e "ng4 n CON! SEvrr this j nr, NOT - 1 Acrobat 11 Them decorat D I 4 .... 11 (1 za. 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