The Sun. — London, England, 1851-03-27 00:00:00

THE SUN, , fourtt ietntion 5' 7 1.7 OFFICE, Severs o'clock. TATTERSALL'S — THIS EVENING. Six o'cLocs.. No betting. NORFOLK RAIL WAY (T HIS DAY). The usual half-yearly general Meeting of the pro prietors of the Norfolk Railway was held this afternoon, at the offices in Guildhall-chambers; Major Tyndale, chairman of the board cf directors, in the chair. The advertisement convening the meeting having been read, the common seal of the company was affixed to the register of proprietors, and the minutes of the previous meeting confirmed. The report of the directors was then submitted to the proprietors, as follows: " The statement of the company's receipts and ex penditure on capital account for the half-year ending 31st December last, together with the revenue account of the Eastern Counties and Norfolk Companies for the same period, have been for some time in the hands of the proprietors. " There is nothing in the former account which appears to call for remark from the directors; they do not consider themselves responsible for the last men tioned account, as they have not been consulted in its preparation, and they entirely dissent from that part of it which relates to the expenditure, in respect of the Norfolk lime. "While the question of the proposed amalgamation between this company and the Eastern Counties and Eastern Union Companies was in a state of abeyance, your directors felt that any further observations from them beyond what had already been made at the last special meeting would have been ill-timed, and that it was desirable to avoid discussion on the subject by the proprietors; for this:reason they proposed the adjourn ment of the meeting, which was agreed to by the pro prietors, and the event has fully justified the course which was adopted. " Although your directors for some time past have considered that they had good ground for complaint at the course which has been pursued by the Eastern Coun ties Company towards this company, they have hitherto retrained from remarking upon it, wishing to avoid all occasion for irritation, and believing that although there was a section of the proprietary of that com pany who had always opposed the union, yet, that the board of directors and the great majority of the shareholders, not only from motives of good faith and honour, but from a conviction of its advantage to their interests, were resolved to maintain it. Under these circumstances it was felt that some allowance must be made for excited feelings, and the natural disap pointment felt by the proprietors, at the depressed state of their undertaking, as it might be supposed by those who had not fully considered the subject, that the arrangement with the Norfolk Company had in some way contributed to that state of depression. The event has not satisfied your directors that they were right in exercising this forbearance, for the absence of contra diction seems to have given strength to the section be fore adverted to, and the proceedings at the late meet ing of the Eastern Counties Company evince that a most erroneous impression prevails, both as to the nature of the arrangement with this company, and of its value to their interests. " These remarks apply only to the existing agreement between this company and the Eastern Counties Com pany, and not to the more recent agreement for amal gamation, to which the Eastern Union Company were parties. It was of course quite competent for the Eastern Counties proprietors to reject that agreement if they thought proper; and although your directors still think that an arrangement upon some such basis as was proposed would have been the most advantageous thing for ail parties, they feel that there is DO cause of com plaint at its rt-j,ction, and' they have no desire to offer any further remade upon the übj c t ‘. It is quite evident, ho , Wever, that the time is now come when a distinct understanding rint be come to be tween this cumPany and the Eastern Counties Company as to the nature of their terations; acid the directors hope that they wilt be supported by their proprietors in bring ing this matter to a speedy issue. It will be proper, in the first instance, to bring before the meeting all the circumstances connected with this arrangement, in order to show its true character and object. " The following is a copy of the heads of agreement which were submitted to, and approved by, special meetings of both the companies, held on the 2d of May 1848: " ' That, as soon as practicable after this meeting, the lines of the Norfolk Railway shall be placed in the hands of the Eastern Counties Company, and worked by them in conjunction with their own line, under the direction of a joint committee, a lease being granted by this com pany under the powers of their present Act, of their rates and toll, to three or more of the directors of the Eastern Counties Company, as the legal means of carry ing out the arrangement, until the sanction of Parlia ment can be obtained to the permanent amalgamation of the companies. " ' That, from the period of their taking possession of the Norfolk lines, the Eastern Counties Company shall take upon themselves the payment of the interest on borrowed capital and guaranteed shares of the Nor folk and Lowestoft Companies, and shall pay to the shareholders a dividend after the same rate as shall from time to time be declared on the capital stock of the Eastern Counties Company. " ' That the debts and liabilities of the Norfolk and Lowestoft Companies shall be liquidated under the di rection of the joint committee, aided by the Eastern Counties Company, who are to have a lien charge upon all the property of the Norfolk Company for any sums which they may advance for this purpose. " That application shall be made to Parliament, at the earliest practicable period, for an Act to authorise the permanent amalgamation of the companies, in which provision shall be made for giving to the Norfolk share holders the same rights and privileges which are enjoyed by the Eastern Counties shareholders. " That in the mean time, until such Act can be ob tained, the Norfolk Company shall do all acts that may be necessary for giving legal effect to the arrangement, and permit the Eastern Counties Company to work the line in their name, the establishments of the two com panies being blended together as far as possible. " ' That all disputes and differences shall be left to arbitration.' "In pursuance of these resolutions, an agreement was prepared, and received the seals of both companies, to which it is not necessary to refer further, than to state that it carries out the principle of a complete and entire amalgamation between the companies as far as it was possible to do so, until an Act of Parliament could be ob tained. " Upon the faith of this agreement, the Eastern Coun ties Company were put in possession of the lines belong ing to this company, and of all their moveable property and effects, which, as the proprietors are aware, have ever since been worked by them as part of their own line. " The Act of Amalgamation was applied for in the session 0f:1.849. but while it was pending, events oc curred in the Eastern Counties Compaey which led to a committee of investigation being appointed at the general meeting held on the 28th February, 1849, at which meeting great hostility was evinced to the pro posed amalgamation, and the attention of the committee especially directed to it. " That committee, atter a careful inquiry, came to the conclusion that, ' as a commercial transaction, the agree ment was' fair and equitable ;' and that, • in their judg ment, if the cpposition to it should succeed, irreparable injury would be done to the Eastern Counties Com pany,' and they nnanimou•dy recommended that the amalgamation should be completed.' " This report was adopted at a subsequent general meeting of the Eastern Counties Company, and the Bill for the amalgamation approved by a very large majority. " The Bill, as is well known, was lost through the op position of hostile companies ; and as there was great repugnance, on the part of the Eastern Counties direc tors, to renew the application to Parliament in the next session, which they were bound to do according to the terms of the agreement, it was proposed, that a sup plemental agreement should be eete , ed into between the companies, wnich should practecelly offset the objects of the ame!gainatien, until a more favourable opportu nity should present itself for a renewed application to Parliament. " Toe heads of this second agreement, as presented to and approved by the general meetings of both com panies, held in August. 1849, are as !ollows: "' The terms of complete, amalgamation, to be sanc tioned by Parliament, shall remain the same as already *greed to. "` But to prevent litigation, and in order that the truneaetioas oi bath companies priding ells, saoction by Rarliament of the amalgamation may cc regular and legal, it is agreed between both companies as tollowe: That the Norfolk Company shall rt.pay the Eastern Counties Comp any •3 advances. That the Eastern Counties Company shall purchase the Norfolk, u( 'P'enl'a rolling stock now in their pos session, and pay for the same by instalments, as may be agreed beta e.eu the compaiii„. ,ad of a 155% e of the tolls to terminate in May. 1855, the Eis tra e°tinties Company shall, under the 208th sectio n of the ir Act of Incorporation, work and use the Norfolk lines un cle the s ame d ate, an d pay to such rates and t o ll s as s h a ll b e the Norfolk ConipanY sufficient to enable th em to P a y the expe nses o f main taining their lines and the iets rfat „u the guaranteed stocks and borrowed reoneye, and be like dividend half yearly to their proprietors hill be Pahl the Eastern Counties proprietors. ‘• That the N ,rfolk Company llll3ll complete the works at Lowestoft Harbour. That the Eastern Coueties Company shall keep „p the Norfolk rolling stuck to the same state of eifici en „ as when received, and that the Norfelle Company, cr i , 'May, 1855, if the amalgamation be not then sanctioned by Parliament, shall re purchase the said rolling stock at tae same price as shall be now paid by the Eastern Coen- Ces Company for the same. " • That it the amalgamation be sanctioned by Parlia ment the purchase of the rolling stock shall he wino lied, and the payments on account of such purchase by the :Eastern Counties, to become advances to the Norfolk C om p a ny, and charged against them as part of their ex penditure to be comprised within the agreed limit of ,300,0004 "` That the Eastern Counties and Norfolk Companies, shall unite in further application to Parliament, for sanc tion to the atuale'erntat,'o7 avid for the estaniishrnent of a fair and just tariff to r egu ate , the lines of both compsnirs, justice of Pbrli , iint•nt, not to nd shall appeal to the ose or to continue upon any portions of the lines, rates or erms for carrying, wn!ch f IcPeri'oce shall have proved, • re not adequately remunerative.' "The agreement embc,dYing these terms, whi c h sub sequently receivtd the seals the companies, expressly ationficriaii the agreement for amalgamation. "This simple narrative of facts, will sufficiently refute the statement which has been circulated among the Eastern Counties shareholders, that the existing ar rangement between the companies, is merely of a tem porary character. Your directors, although by no means impressed with the great advantages derived by this com pany from the working of the arrangement, have felt that they were committed to %complete and entire amal gamation with the Eastern Counties Company, and that they could not as men of honour be parties to any pro ceeding that would violate the spirit of the agreements. " Until this time they have had every reason to be lieve that the sentiments of the Eastern Counties Board upon this subject were the same as their own, but as one of their body at the late meeting publicly expressed a contrary opinion without any dissent from his col leagues, they are led to conclude that a change has come over their views respecting the agreement, and it behoves this company therefore to act accordingly. " The Norfolk shareholders must not suppose that the figures stated in the Eastern Counties reports, respect ing their line, give a correct idea of the value of their property—the directors cannot give any information as to the manner in which those accounts are made up; but they are satisfied that some great error must exist when the working expenses on a line like the Norfolk are charged at the rate of 8001. per mile, exclusive of taxes, when parties of known ability are ready to under take to work it for 500 L a mile, adding 6,0001. to meet expenses of management and taxation—a saving of up wards of 26,000/. is at once shown in the amount charged against this company. " It would be a great mistake to imagine that the ac tual additional cost to the Eastern Counties Company, beyond the expenses of working their own line, amounts to anything like that sum—the number of engines, car riages, and waggons required to work the Norfolk, in addition to those necessary for their own traffic is very small, and if this were truly stated, with the cost of coke consumed on, and the expense of the stations and main tenance of, the Norfolk line, there can be no doubt that a very different result would be presented. " The real value of the Norfolk line to the Eastern Counties Company consists in the amount of through traffic brought upon their line at Brandon—this was stated at the time of the agreement for amalgamation to be between 90,0001. and 100,0001. a year. It is clear, therefore, that it is not the interest of that company to put an end to the amalgamation, and so long as they are prepared to act honourably up to the the engagement they had entered into, the Norfolk Di rectors would have been the last persona to think of withdrawing from it. They feel, however, a ft er what has passed, that they should be wanting in their duty to their proprietors, if they did not at once put an end to the state of uncertainty which now exists, by calling upon the Eastern Counties Company specifically to de clare whether it is their desire that the amalgamation should be completed, and if so, to require that it shall at once be rendered as permanent as their powers will per mit until the sanction of Parliament can be obtained to it; but if it be their wish to treat the agreement as temporary only, then the same should be determined at as early a period as can be conveniently arranged be tween the companies. " If the proprietors should concur in the views here expressed, resolutions will be submitted to them em powering the directors to act accordingly. " A Bill has been introduced into Parliament by the Eastern Union Company, containing clauses for run ning powers over the Norfolk line to Lowestoft and Yarmouth. If this part of the measure should be pro ceeded with, the directors will consider it their duty to give it their most strenuous opposition. " Mr. Court, one of the auditors, has delivered in a special report, which will be read to the meeting; and as that gentleman desires to withdraw from the office of auditor, it will be necessary for the proprietors to pro ceed to the appointment of one in his stead. " Two of y our directors, namely, Major Tyndale, and Mr. Duff, retire by rotation, but are re-eligible as direc tors, and have signified their intention to serve if re elected. " Tne directors have received a communication from Messrs. Quitter and Co., on the subject of the accounts, which will be laid before the meeting." The CHAIRMAN, in moving the adoption of the report, said he had nothing to add to it, as the report went fully into the affairs of the company; but he wished the m, eting to depart from the ordinary course, and allow Mr. Peto, before they adopted the report, to disclose to them the terms upon which it was proposed to amalga mate with the Eastern Counties Company. Major COURT objected to this; they ought to dis pose of the report and accounts first. The CHAIRMAN said it would save time and trouble if his suggestions were agreed to. It was by far the most convenient course. A SHAREHOLDER moved that the discussion on the subject of the amalgamation scheme be at once pro ceeded with, and this motion having been seconded was put from the Chair and carried. The CHAIRMAN then called upon Mr. Peto to state the views of the directors on the matter. Mr. PEW said—lt will be hecessary, gentlemen, on the present occasion to ask your kind indulgence, be cause in offering to you the few remarks which I deem it my duty to make in compliance with the request of the chairman, I feel I do so while suffering under very severe indisposition. Therefore I trust you will kindly excuse any deficiency on my part, for 1 assure you that nothing but the extreme anxiety which I fecal in con nexion with this company would have induced me to come here to-day.—(Hear, hear.) In the first place I will read the resolution, which it is my intention to sub mit to your consideration. It is as follows: " Resolved—That this meeting is of opinion that the Eastern Counties Company should be called upon to complete the agreement made with this company on the 2d May, 1841, for the amalgamation of the two com panies, either by concurring with this company in an ap plication to Parliament in the next session, or ff that should be considered inexpedient) by extending the pre sent arrangement for such a period as shall leave no doubt of its permanent character. " That in the event of the Eastern Counties Company declining to adopt the necessary measures for completing the amalgamation, the directors of this company be, and they are hereby authorised, to take such steps as they shall think fit for determining and putting an end to the agreement at as early a period as shall be practicable." Now, gentlemen, I never addressed you on so im portant an occasion as the present, because, whether this resolution be adopted or rejected, a large amount of influence for good or for evil must necessarily result to the company—(Hear, hear)—and in moving the adoption of the resolution,.l am extremely anxious that not one word should escape me which can for a moment excite any feeling on your part, or indi cate any feeling on that of my own.—(Hear, hear.) e are considering a great commercial question, and as such we shall consider it calmly, thoughtfully, and without any feeling beyond what must neces sarily be brought to bear on the question itself. The policy of the Eastern Counties Company, as repre sented in their new board, I take to be fairly indicated in the address of Mr. Margrave at the late meeting; and in referring to his name, it will be distinctly understood, that I have no feeling with regard to that gentleman ex cept that of respect.—(Cheers.) I met him on your part as arbitrator for the Eastern Counties Company in deciding cn all the accounts open between the companies, and I feel it due to him to say that I was met fairly by him on all matters, and nothing occurred during our intercourse excepting that which was of a pleasurable nature, and to which I hope he will always look back with complete satistactiort.—(Liear, hear.) Having stated to you the regard in which I hold Mr. Margrave himself, I now proceed to point out to you the terms of his address on the occasion to which I have alluded, and which I under stand to convey the course of policy to be hereafter pursued by the new board of the Eastern Counties Company. Mr. Margrave He admitted that he was a party to the first Nor folk agreement, end he would not be a party to its abro gation, but having found out that he had made a mis take, he would use his experience to save them from confirming it in perpetuity." Now, gentlemen, that agreement, if it was an agree ment at all, was for the complete amalgamation of the two companies.— (Hear.) I will refer you to the reso lutions contained in the third page of the report, in which you yourselves sanctioned that agt eement:— " Teat aiil:cation shall be made to Parliament at the earliest practicable period 'or an Act to authorise the permanent amalgamation of the companies, in which pro vision shall he made fur giving to the Nortolk share holders the same rights and privileges which are enjoyed by the Eastern Counties shareholders." Then again it was resolved that— " The terms of complete amalgamation as to be sanctioned by Parliament shall remain the same as aircany agreed to." Now, the object of these resolutions was to request at the hands of the Eastern Counties Company, that this should be carried out in a e following session of Parlia ment, or, if they preferred the other alternative, that the agreement should be rendered as perpetual as the power of the two companies permitted them for a period of ye ars, rendering, without doubt, your property identical with theirs. Mr. Margrave has stated, and it has also been stated by the committee to whom the Eastern Counties Company referred the question of amalgamation between the three companies, that their connexion with us is a source of loss to them, and that to the extent of nearly 20,0001. per annum. I am prepared to show that it has not been a loss to them, that it can be worked by yourselves so as to pay all the guarantees and interest on preference stock, and leave ycu a dividend quite equal to that which you would receive under the proposed amalgamation of the three companies. The amount stated in the committee's re. port with respect to the receipts of your line, they put in the first instance at 122,830/. per annum, and in the next place they state the working expenses to be 76,5201. per annum, or 8201. per mile per annum. Now, Mr. Stephenson, in giving his evidence before the original committee of investigation on the Eastern Counties line, stated that your line ought to be worked at au expense of 500/. per mile per annum, with an addition for taxes and some fixed expenses. Your directors, in t order to be prepared on this point, i have taken care un e d consult with parties who are prepared to undertake 50 contract, with large penalties, to work your line for per annum, adding a ot management and taxes, Now it will be nay duty to show you 6,000/. to meet expenses of mile entered into, but saving of upwards of 26,000/. a which would produc©a year upon the amount stated by the Eastern Counties CompanY• take u h not only that the (lOW raer, can 13,, ~,,, if you please-,' s(t) to e your iaile t' line can b a a ny w weaken contract y a 'o t ur a s i e l i ; ve an s, d l a d state ment, prepared with considerable care, of the working expenses of other companie s in proof of this assertion (In my part. Now I find that, taking their train ex penses per mile run, with the exek ptieu of the Eastern Counties, the highest price of any railway is that of the London and Brighton. I should say at the s ame time that their earnings per mile are larger than those of any other company, being about 9s. 6J. per mile run. Looking at the character of their trains, nearly all of them being fast and express trains, you will not be surprised to find an excess as far as that line is concerned, but you will find the London and Brighton to be 11d. per mile for the first half-year, and for the second half-year Bd. 3-5.9 decimals. Allow me to give you as near as I can the result in pence, which is Bid. The Great Western the first half-year is 9d., and the second 8 3 td. The London and South-Western Bd. for both half-years. The South-Eastern 6d. for both half-years. The Newcastle and Berwick 80. first half, 74d. the second. York and North Midland first 64d., and second lid. Lancashire and Yorkshire 7d. for both halves. The Great Northern 7d. first, and 6iel. second, but upon the Eastern Coun ties the first half is 17e1., and the second 16d. Now, in confirmation of this I may also state, that having the honour of presiding over the direction of the Chester and Holyhead Railway Company, which is in connexion with the London and North-Western, and is worked by that company, that the price which they charge is equivalent to a saving of 50 per cent. on the prices charged you by the Eastern Counties Company. The Chester and Holy head Railway is the same length of line as the Norfolk —namely, ninety-four miles and a half, and is an exten sion of another line, where the coke is equally expensive; and there is no circcumstance in connexion with their traffic, as compared with your own, so as to render your own traffic more expensive than theirs. I will now refer more particularly to the New castle and Berwick, and I do so on this account namely, that the Newcastle and Ber wick is a line the same length as the Eastern Counties, about 492 miles, and half its traffic mileage run is goods, and the other half is passenger trains, while on your line two-thirds is passenger trains, and the other third goods, and therefore I give the benefit to the Newcastle and Berwick, as there is a difference in the price of coke between the two companies I have added 2id. per mile. The Newcastle and Berwick line is peculiarly favoured with reference to the price of coke. And we have another reason for taking the Newcastle and Berwick, which is that Mr. Quilter is the accountant to that company, as well as the accountant to the Eastern Counties. And, therefore, I am sure when I mention his name, we have no reason at all to doubt the accuracy of the figures, and I think the Eastern Coun ties Company cannot but feel that the accountant, ho noured with their own confidence, can be for a moment questioned in point of figures. I find we have run dur ing the last year 493,000 train miles, and taking the difference in the price of coke on the Newcastle and Berwick line into consideration, there will be a saving of 14,000/ on the prices charged by the Eastern Coun ties Company. I find also that there is a charge on the Newcastle and Berwick line for miscellaneous ex penses, which, daring the year on two hundred and ninety-two miles, Mr. Quilter certifies at 30,0001., while you are charged by the Eastern Counties for 92 miles 12,5001. Now if I take the difference in the miscellaneous expenditure and the train miles run, it brings the amount charged you for working to the amount stated by your board, and as I have mentioned what parties of the highest possible respectability are prepared to work it for, I think I have shown you that upon all the various companies whose expenses I have alluded to, you are charged ls. sd. and Is. 4d. for that which on another line is worked for 84d., and therefore I think unquestionably you will agree with me that your property is unfairly depreciated by an excess of expenditure, the accuracy of which I do not question; but with respect to the property, of which I will say that it I were a member of the board I should feel I could not retain my seat with justice to myself as a commercial man, if I could not work as cheaply on the Eastern Counties as on any other line. Your board are placing you in a position of absolute security by showing that you have the alternative of that contract, and you can work your line at the price I have stated. Another point in the address of Ms. Margrave, to which it is my duty to refer, is this:—Mr. Margrave- says the "agreement was bad in 1849, and worse in 1851, tor the opening of the Eastern Union bad abstracted fully half of their traffic." lam most surprised at that statement, for the only point where the Easeern Union affects your traffic is at Norwich. They have no connexion with your line at any other point, and seeing that the same fares are charged by both companies, I cannot conceive it at all possible to be worth the while of any passenger to get out of our trains at one station, and walk a full mile and a half to another, to go to London at precisely the same charge. 1 have ob taMed from Norwich a tabular statement, which is very much at your service, showing the traffic of every amount for a year before the opening of the Eastern Union Line, and of a year afterwards, I have also by me a statement from all the stations on the line, and I find that the full amount abstracted from your line is 8,0001. a year. It has always been my opi nion that if your line were worked, as I hope it will be, on a friendly alliance with the Eastern Union and the Eastern Counties Companies, because I am no advocate for competition of any kind, that the exchange of traffic between the Eastern Union and your own line will be greater in amount than the loss which we sustain by their abstracting a portion of your through traffic from Norwich, and when I tell you that at least 80 per cent. of your traffic is peculiarly local, I think you will agree with me that there can be no doubt whatever as to that. Now, supposing, gentlemen,, that we were to lose one-half of the through traffic to London, I will assume that instead of 122,8001., the receipts may be reduced to between 110,0001 and 112,000/.; but then your report states that, and your directors have not been anxious to overstate the thing. You place on the Eastern Counties line a traffic to the amount of between 90,000/. and 100,0001. per annum, and hero I may observe that I have ascertained on data not to be questioned that the through traffic which you placed on the Eastern Counties last year amounted to 105,000/. Is it likely that, if the Eastern Counties, by making terms with the Great Northern, or the Midland and the London and North-Western Companies, to put on those lines at Peterborough traffic to be sent to wards Liverpool or Lancashire, they would hand over their traffic without any consideration or without any per-tentage being allowed them in return out of the amount of profit to be detived from that traffic? I know Mr. Waddington too well as a man of business, and as a man perfectly conversant with railways, not to feel that he would exact from them a fair amount of the profit from all traffic which he brought on any other line but his own—(Hear)—and I say your position is simply this—you are at liberty to go to the Great Northern to morrow and say to them, th at at Dereham we want to make an arrangement with you by which you will give us a cer tain per-centage on all traffic which we put on your line; and it is my duty to inform you that the Great Northern are prepared to enter into that arrangement.—(Cheers.) Well, I will not say more on that subject. You must feel, gentlemen, that in this matter the board has your con fidence, or you ought to be frank and tell them at once that they do not possess your confidence—(Hear)—and lam sure every one of the directors will feel it their duty immediately to retire without a murmur, and make way for any other persons whom you may think fit to appoint ; and I assure you we will give them every information we possess, and work cordially and heartily with them for the development of your traffic, and for the purpose of placing you in that position in which you ought to be commercially placed.—(Cheers.) But at the present moment I tell you, with all sincerity, that this is a crisis in your affairs, and that you are bound to take a bold, energetic, prudent, and peaceful line of policy—not an tagonistic to the Eastern Counties Company or any other company, but in order to put yourselves in a position to have a certain amount—and to say that you shall and must have the worth of your line before you part with it.---(Cheers.) Now, a word as to the policy of the Eastern Counties Company up to the present moment. You may feel that in taking the speech of Mr. Margrave lam taking that which is not the policy of the board— that it may be the speech on which he was returned as director, but does not indicate the policy which the board is prepared to carry out; but I will point to another fact. The Eastern Counties Company entered into an agreement last week with the Newmarket Com pany, by which they have agreed to give 2i per cent. to the old stock, besides paying the guarantees and debentures, whereas in their report a year since they refused to enter into any alliance with the company at all, alleging that they (the Newmarket Company) were not even able to pay their working expenses. I have no objection to this arrangement with he Newmarket Railway, though I believe it has been simply made in order to place us at a disadvantage; but as commercial men it behoves us now to take care of our own property.—(Ch, ers.) And if you ask me why I object to the Eastern Counties Company continuing far the next four and a half years working your line, my answer is simply this, that I will not trust in self in the hands of gentlemen who profess to be unfriendly towards us.—(Cheers.) I need not say four and a half years' obstruction instead of cultivation of your traffic would be your ruin —(Cheers)—and we are not prepared as commercial men to agree to this extension of time unless it is on the assumption that we go on equal terms with the Eastern Counties Company. We will work together as friends or allies, or not at all—(Loud eheers)—and we are not prepared to sacrifice our interests for any short-sighted policy ; and I am perfectly ready to say to them at once, " You assert that your alliance with us is a source of loss and ruin to you—now give up that alliance, and we will pay you your money to-morrow," and we (addressing tne shareholders) are ready to make that payment without distressing you by any additional calls.—(Loud cheers.) I felt it my duty—out of a regard fur my own character—be fore I said we could take this course of policy, to be satisfied I could get the money, in order that I might riot put you in a position in which the Eastern Counties Company might distress you ; and I made arrangements by which, if they will to morrow revalue the stuck over to us, and let us take care of our own property again, I should be prepared to pay every farthing wo owe to them —(Cheers.) I will say to theist, " Here is your money—you have played with us long enough—we will no longer be parties to your vacillating course of con duct, but we are sure of the intrinsic value of our property, and we will take care of it ourselves." Gen tlemen, to show you that the board have, during the last year, done all in their power with reference to the cultivation of your traffic, We represented to the Eastern Counties Company, that they were making the through traffic everything, and making the local traffic, from which we derived 80 per cent. of our income, nothing; and making all the local traffic dependent on the through trains, and that by doing so per sans from Fakenhani to Norwich were never sure of making the journey without delay, frequently extending to three-quarters of an hour.—(Hear, hear.) But they demurred to the making of any altera tion, and I told them that we must have some alteration, end the course of policy which I recommended them to pursue for the purpose of enhancing LONDON, THURSDAY EVENING, MARCH- 27, 1851 our position with regard to local traffic, was that they should adopt a different class of engines for the 1 , ,ee1 tr ffi- in-!ep-r3cet -r .he th-migh trafflo They hesitated to adopt my advice, and I said "I will let you have four engines with 12-inch cylinders; by the Ist of May next, and you shall have the use of them for six months, without one farthing of charge, so as to give me an opportunity of taking care of my own property by running local trains, and accommodating the inhabitants of the district. I will guarantee that they shall run at a consumption of Silba of coke per mile, instead of burning 261 be., which your heavy engines do at the pre sent moment. I will guarantee that you shall carry, if necessary, a certain amount of goods in addition to the passenger traffic." They agreed to my preposition; these engines were ordered, and will be delivered, as I have stated to you, by the Ist of May. Now, I ask you whether we have not been prepared to do all we could. But we were notprepared:to stultify ourselves by entering into a blind course of policy which would have the effect of handing over our property for four years and a half to those who propose the adoption of an act adverse to your interest, and I, as an independent proprietor and oue of the oldest shareholders, will at my own cost pursue any course of legal proceeding necessary to put an end to an agreement the mutuality of which has never been disturbed by your directors, but which has never been acted upon by the Eastern Counties Company. The course which I:propose in this matter has not been taken without deep refleotion. I profess to some know ledge of a practical character, which enables me to come to you and say you may take the steps I recommend without any fear of sustaining loss, and I believe you will thank the board ever afterwards for pursuing that inde pendent course of conduct which only as commercial men they can pursue.—(The Hon. Gentleman sat down amid loud and protracted cheers.) Mr. BARKER seconded the resolation. Major COURT described the position in which the company was now placed as that of the man who locked the door after his steed was stolen. He had al ways objected to this agreement, but there could be no doubt that, under its provisions, they were bound to stick to the Eastern Counties Company until 1855. He should therefore object to the company being put , to any expense either in taking law or other pro ceedings to set this agreement aside, which he contended the Eastern Counties had strictly fulfilled. The opinion expressed by Mr. Margrave ought to be taken as a matter of speech and not as conveying the real feeling of the Eastern Counties Board on the subject of the amalgamation, or the agreement in the policy which that company proposed in future to adopt. Still be had no objection to adopt the permissive resolution, provided that it was understood that no legal proceed ings should be taken. Mr. PETO hoped it would not be necessary to go to law. All that it was proposed to do was to call upon the Eastern Counties to complete the agreement, or abandon posses sion of a line which they held out to the public was a losing concern. It would be bad taste to indulge in . threats of retiring, but the directors had given the proprietors their best advice, and it was for them to decide whether that advice should be acted on or not. This was a most important crisis in their affairs, and he had no hesitation in declaring that unless something was immediately done to avert such a result, there was nothing for the com pany but ruin. A SHAREHOLDER asked what the cost of working was before the line passed into the hands of the Eastern Counties Company. Mr. PETO said they would obtain nothing from being pul;in possession of that information. The CHAIRMAN, however, declared that it was much less than what was now charged by the Eastern Counties Company. A SHAREHOLDER thought the interests of the com pany could be safely entrusted to the present board, which was composed of honourable and business - like men, and after the lucid end satisfactory statement of Mr. Peto he did hope the meet ing would unanimously adopt the resolutions which he had proposed to them. The CHAIRMAN hoped so, too. All he could say was, that he perfectly agreed with the spirit and tenor of these resolutions, and he felt that the board would ul timately succeed in restoring the prosperity of the un derieking. The Secretary would read the special report ofithe auditors. Mr. PETO thought it right to mention that the report of.. Messrs. Quitter upon the state of their capital account was ready, and that it would be shortly published; also, that all the account 3 were strictly accurate and highly satisfactory. dine report of the auditors were then read. The CHAIRMAN next proposed the adoption of the report, and confirmation of the accounts. Major COURT moved an amendment negativing the latter part of the motion, but he found no seconder, and it consequently fell to the ground, and the original motion, was carried almost unanimously, the mover of the amend ment being the only dissentient. The retiring directors, Major Tyndale and Mr. Duff, were then re-elected. Major COURT moved that the number of auditors be reduced to one, and the salary to 301. per annum. The CHAIRMAN said the meeting could not entertain the first part of the motion, inasmuch as the Act of Par liament required two auditors. The motion was therefore not persevered in. Mr. Norbury was then appointed an auditor. .A cordial vote of thanks was then passed to Mr. Pato for the seal and attention which he had always devoted to the interests of the company. Mr. PETO briefly acknowledged the compliment, and communicated a piece of information to the meeting which, ho thought, was exceedingly gratifying. A num ber of gentlemen had recently associated themselves to gether under the style and title of the Northern Steam Packet Company, for the purpose of cultivating the trade north of the Texal. The first steam vessel of 500 tons and 200 horse-power would sail from Lowestoft on Saturday next, while a second steamer was being built in the Clyde, which would be capable of carrying 300 head of cattle, 500 sheep, and 500. pigs. These gentlemen had also arranged with the King of Denmark for carrying the mails and developing the. cattle traffic of that country, and the 400 or 500 head of sheep and pigs which this would bring upon their line :would more than compensate them for the de ficiency which might be occasioned by the abstraction of other companies. Thanks were then voted to the Chairman, and the meeting terminated. INPERIAL PARLIAMENT. , (THIS EVENING.) HOUSE OF LORDS. The LORD CHANCELLOR took his seat upon the Wool sack at Five o'clock. COUNTY COURTS. The Duke of NEWCASTLE presented several peti tions against Papal aggression from places in Notting bamshi. e ; also a petition praying for a further exten sion of the jurisdiction of county courts to Chancery cases. Pord BROUGHAM supported the prayer of the peti tion, inasmuch as the present constitution of the Court of Chancery amounted to an absolute denial of justice in cases in which the amount of litigation was less than 500 L He intended on Monday to introduce a Bill au thorising the county courts to interfere in cases which really could not go before the Court of Chancery. Lord LYNDHURST had, by the orders which be bad issued, saved the suitors in Chancery 50,0001. a year. Lord BROUGHAM could bear testimony to the suc cess of the exertions of his Noble and Learned Friend in the diminution of the court foes. FOREIGN REFUGEES. Lord LYNDHURST rose to draw the attention of their Lordships to what he called the reprehensible con duct of certain foreigners in this country. This country had always extended hospitality to foreign refugees, but it was the duty of those refugees to abstain from any hostile aggressions against foreign powers. There was in this city an association styling themselves the Central National Italian Committee, composed of persons elepelled from Rome after the insurrection. These persons had opened a loan in this country for the purpose of carrying into execution their pernicious designs of establishing a Republic in Italy, and they issued shares for this purpose, signed by Ala zaini and other persons. • It was suite obvious that this was a breach of the obligation they incurred when they came here to seek protection from our laws, He was not so weak as to imagine that much money would be raised for this loan in this coun try, but he believed money had been raised on this loan in Parts and in Italy. It was certain this loan was ad vertised in this country, and he called the attention of the Government to the subject ; and the tolerance of these proceedings could not but draw upon us the suspicions of foreign governments. In ad dition to this society there was another, styling itself the Central Democratic European Committee. It was formed for the avowed purpose of exciting insurrection in Europe, and had ad dressed a proclamation to its partisans exciting them to insurrection; in that insurrection they procured the zeal of the insurgents at Vienna and Milan,'and the parties to this proclamation were Mancini, Ledru Rollin, who as soon as he came to this country attacked the country which had afforded nim hospitality in the most malignant terms, and also other persons well known in the Polish and German insurrections. There was also another committee to which he wished to draw attention, it was the Central Committee of Hungarian refu gees, at the head of this committee was an ofii cer named Klapka, w h o , at the conclusion of the Hungarian war, commanded at Comoro. That committee had add resse d the Hungarian soldiers in Italy in the most shocking terms, endeavouring to induce those soldiers to rebel against Austria. Several of those persons had insulted the house of Austria in the most atrocious manner.—(Hear, hear.) He was sure the Government must be most anxious to put an end to these unwarrantable proceedings. What remonstrances may have been used en the part of the Austrian Goverment must be best known to the Members of the Government themselves; but he de sired to know what steps they intended to adopt to put a stop to this scandal. He should recommend the renewal of the act which was allowed to expire last year. If the Government were armed with the power they had under that Act the knowledge of that fact would be sullicient to put a stop to their proceedings. He made these ob servations with no unfriendly feeling to the Government; his only object was to point out the best mode of pre serving unimpaired the obligations which we had entered into with foreign countaier. Earl GREY regreted that he had not been aware of the intention of the Noble and Learned Lord to bring this subject before the House. Had he been so, he would have placed himself in communication with hise , Nobie Friend the Seeretary for the Foreign Dephriment, and his Right Honourable Friend the: Secretary for the Home Department, whose attention he knew had been directed to the subject, and who were anxiouAly watching their proceedings. He 1".7t b!i) -71 cl c 1 Ih. a 3 I; remedy except the renewal of the Act of 1848, but he would minind their Lordships that these powers were asked for and granted solely to ensure the safety of this country, and that for no other purpose should that power be exercised. As to whether those powers should be exercised for any other purpose he would not now express an opinion; but he would say that nothing but the most flagrant and urgent necessity would justify the Parliament in granting as the Go vernment in accepting such additional powers. Lord LYNDHURST was satisfied with the explana tion. The Earl of ABERDEEN thought the Noble Earl ought to have expressed his disapprobation of their proceedings, because out of doors great doubt was entertained on the subject, it would be satisfactory to the different powers of Europe to have a declaration of disapprobation from this Government. Earl GREY felt humiliated in being called on in that manner by the Noble Earl.—(Loud cheers.) It .was clear that strangers accepting refuge in:thie countryhad no right to abuse that hospitality for pnrposes such as that alluded to by the Noble and Learned Lord, and he thought that when he said the attention of his Noble and Right Hon. Friend had been directed to the subject that their Lordships would understand that the Government distinctly disapproved of the proceedings to which, the Noble and Learned Lord had alluded. vernment was concerned itwas an independent state, and this country had no claim upon it. THE ek:NbUti EOR: 1851. Mr. GOULBURN wished to ask the Right lion. Ba. roziet the lltme Secretary, whether he would give an assurance that, in the cases of clergymen who refused to answer the questions as to tithes and income contained in the papers issued for the taking of the census, Govern ment would not seek for the information from other quarters. Sir G. GREY declined to give any such assurance. DESIGNS EXTENSION BILL. Mr. RICARDO put a question to the President of the Board of Trade as to how many persons it was expected would take advantage of the Designs Extension Bill? Mr. LABOUCIIERE said that not having had notice of the question, he could not answer it with exactness, but he could say that a great number of persons both at home and abroad were looking forward to the passing of this measure with great anxiety. Mr. RICARDO said ho would r€peat the question to morrow. SAVINGS BANKS. Mr. HENRY HERBERT wished to inquire when it was the intention of the Government to bring in a Bill for the alteration of the law respecting savings banks. During the last session an allowance had been made by the First Lord of the Treasury that some such law was absolutely necessary, but no intimation had this session been given of the intention to lay such a Bill upon the table. The CHANCELLOR of the EXCHEQUER said that a Bill was in a very forward state, and if the business of the House proceeded a little faster than it had hitherto done he might be able to bring the matter before the House before the end of the session. Mr. H. HERBERT begged to give notice that unless a Bill was shortly laid on the table by the Government he should feel it to be his duty to introduce the subject to the House, with a view of improving the law with respect to savings banks, and especially with the object of relieving the depositors who had been reduced to des titution by the failure of savings banks in Ireland. FREEDOM OF DE BATE.-ASPERITY OF EXPRESSION DURING THE CATHOLIC DEBATE. Mr. GRANTLEY BERKELEY wished to ask whe ther it was competent to the House to reconsider the resolution with respect to the freedom of debate. His object was to ascertain whether there were no means of preventing that asperity of language, which had been indulged in during the late debate, and stopping that which was felt to be not only insulting to Members of that House collectively, but also individually.—(Cheers.) The SPEAKER said that the freedom of debate was established on the very law on which the basis of the House itself was established, and there fore, every Member was entitled to speak as freely as was consistent with the privileges which those laws conferred. It was, however, unquestionable that un necessary strength of language might be repressed either by one member or several members collec tively, moving that words likely to be insulting to one or more members should be taken down and expunged from the debate.—(Loud cries of " Hear, hear.") He had himself observed that terms of unneces sary asperity had been used in the late debate, but ho trusted and believed that they would not be renewed. The subject then dropped. IMPROVEMENT OF TOWNS (IRELAND) BILL. In reply to Mr. REYNOLDS, Sir W. SOMERVII ‘ LE said that he did intend to add more names to the Committee of this Bill. THE CENSUS. The Bishop of 01:1olil5Pr;s;ted a petition from some of the clergy, requesting that they might not be forced to answer certain questions pnt to them in rela tion to the census, inasmuch as the answers they should feel obliged to give would serve to propagate error rather than truth. (LEFT SPEARING.) HOUSE OF COMMONS. The SPEAKER took tho Chair at Four o'clock. NEW MEMBER. Mr. PONSONBT, the new Member for Dangarvon, took the oaths and hie seat. METROPOLITAN SEWERS COMPANY. Mr. Alexander Greig appeared at the bar of the House, and presented the accounts of the Metropolitan Sewers Company. THIRD READINGS. The following Bills were then read a third time:— Dewsbury Gas—Downham Market, &c., Drainage— Laird's Patent—Millthrop and Levens Turnpike Road — Newington St. Mary Parish—Reading Cemetery Com pany—Whitby Waterworks—Scarborough Gas. PETITIONS. Petitions were presented against thereturns for Ayles bury and St. Alban's, which were referred to the Com mittee on Elections. A great number of petitions were presented against Papal aggression. Colonel LLOYDIVATKINS presented a petition from the members of the congregation of Wesleyan Methodists, in the town of Hay, expressing their indig nation at the recent Papal aggression, and praying that the most stringent measures may be adopted for.repel ling it, and that the recovery of penalties to be attached to such offences may not be dependent on the sole dis cretion of the law officers of the Crown. Mr. COWAN presented a petition from Edinburgh, praying that the Bill now before the House, for extend ing the franchise in counties, be extended to Scotland. A number of petitions were also presented against the Ecclesiastical Titles' Bill. Mr. AGLIONBY presently petitions from diff4rent places in Middlesex praying for a compulsive enfran chisement of copyholds. Sir DE LACY EVANS presented several petitions from Westminster in favour of the Sunday Trading Sir B. HALL presented a petition from Marylebone against the same Bill. NEW WRIT. Mr. R. PALMER' moved fora new writ for the county of Somerset, in the place of Sir A. Hood, deceased. HOUSE OF ASSEMBLY FOR DEMERARA. Mr. HUME, in presenting a petition from 6,315 inha bitants of Demerara, agreed to on the 9th of November last, and praying tor an Elective Council and House of Assembly, with extension of the suffrage to give a full, free, and direct popular representation, read several 'ex tracts from the document in order to show that the peti tioners had been arbitrarily deprived of representative government, and the effect of that deprivation *as to largely increase the island's expenses. Having moved that the petition, which was guaranteed as to its validity by the residents in the several parishes, be printed, the , Hen.' Gentleman stated that when the printed copy was in the hands of Members he should found a motion upon it, which he would bring on on an early day. Mr. T. BARING presented a petition, numerously signed by the shipowners of Great Britain, complaining of the difference between the duties levied on British ships in Spanish ports, and Spanish ships in British ports, and stating that under present circumstances British vessels were unable to compete with Spanish ves sels for freight. SiDdr, Paeke, Mr. Thornely, Mr. Lockhart, and several other Members presented a number of petitions against the Papal aggression. Mr. W. FAGAN presented petitions from Cork and Kinsale, praying for the abolition of ministers' money. NOTICES OF MOTION. Mr. REYNOLDS gave notice that to-morrow he should ask the First Lord of the Treasury at what period of the present session he proposed to introduce a Bill for the abolition of ministers' money in Ireland. Lord NAAS gave notice, that, on the first possible day after Easter, he should renew his motion of last year with regard to the spirit duties. Mr. STUART gave notice that to-morrow he should move for leave to bring in a Bill to repeal the Act for abbreviating Acts of Parliament. Mr. GRANTLEY BERKELEY gave notice that on an early day after Easter be should move that the pre sent differential duties imposed on all foreign grown sugar imported for home consumption shall be conti nued for five years from the month of July, 1851. COPPER COINAGE OF IRELAND. Mr. FAGAN said the copper coinage of Ireland was very much worn and depreciated, so much so indeed, that in the south of Ireland the manufacturers had been com pelled to adopt a copper medium of their own, and ho wished therefore to know whether it was the intention of Government to order a new coinage 1 ) The CHANCELLOR of the EXCHEQUER said, as he had only received notice of the Hon. Gentlemanl question within the last half-hour he was not in a pod= Lion to give a direct answer to it. He had never heard before that the coinage of Ireland was in a depre ciated state, nor had he received any com plaints on the •subject. If it were tree, as the Honourable Gentleman stated, that parties were manufacturing money on their own account, be need only remind him that they rendered themselves amenable to the law. DISTURBANCE IN THE COUNTY OF DOWN. Mr. ROCHE wished to put a question to the Secre tary for Ireland with reference to an occurrence which had lately taken . place in the county of Down. It appeared that a gentleman residing at Banbridge hav ing occasion to take'proeeedings against some default. ing tenants, took with him a sheriff, together with one policeman and one bailiff, for the purpose of accom plishing his object. Ou reaching the spot the people rose en masses ; they were all armed, and several shots were deliberately fired. The one police man and the one bailiff, thinking discretion the better part of valour, speedily eloped, leaving the gen tlemen and sheriff at the mercy of the people.—(A laugh.) Now ho wished to know whether the report which had gone abroad on the subject was correct, and whether thr. N Right Hon. Gentleman had received any communication relative to it from Ireland. He thought that a process against. tenants should not be issued by the sheriff without taking with him a sufficient force to overawe the misguided populace? Sir W. SOMERVILLE said ho had received a report from the constabulary with reference to the transaction which he believed had happened at the place alluded 'to by the Hon. Gentleman; but these reports were gene rally of a confidential character. He had not yet had time to look into the report, but if he found any part', 'of it of a nature which he could lay before that House He would have no objection to lay them on the table. ' IMPOSITION BY THE AMERICAN LEGISL4- TURE OF PROTECTIVE DUTIES ON IRON:, Mr. BOOKER asked the President of the Board, f p Trade if the Government had received a n y informati4i, and if they would lay it before the House, of the natii e cl and extent of increase in the protective d u ti es propos d to be levied on the import into the Unit e d S tates o f a l kinds of iron, and on various other articles of Britiih produce and manufacture now exempt from duty'? He believed a resolution had been passed by the Legis lative Assembly, by a majority of 127 to 54, imposing duties on iron and other articles which had been pre viously exempted from duty, and as this was a subject of great importance to the commercial community, he hoped the Right Hon. Gentleman would have no objec tion to answer his question.—(Hear.) Mr. LABOUCHERE replied that the Government bad not received any dispatch from Sir H. Bulwer since the 26th of February, the day on which the accounts published in the newspapers alleged the resolution in question to have bean passed, and therefore he was not in possession of official information to enable him to give an answer to the Hon. Gentleman's question. BORNEO, SARAWAK. AND LABUAN. Mr. HUME asked Lord Palmerston, whether Sir James Brooke still held the appointments of her Ma jesty's Commissioner and Consul General to the Sultan and independent chiefs of Borneo? Lord PALMERSTON said he still held that appoint ment. Mr, HUME also asked the Under-Secretary for the Colonies, whether Sir James Brooke still held the ap pointment of Governor of Labuan) Mr. HAWES replied in the affirmative. Mr. HUME also asked Lord Palmerston whether he had any official information that the President of the United States, through Mr. Balostier, a special envoy, had recognised Ruja Brooke as the independent Sove reign of Sarawak, and whether the territory of Sarawak had ever been acknowledged as an independent State by her Majesty's Government, or in what view the territory of Sarawak was to be considered by British or foreign subjects? Lord PALMERSTONE said, it appeared from the information he had received from Sir J. Brooke that a proposal was made to him on the part of the President of the United States for a treaty of commerce between th e United States a nd Sarawak, but that treatybawdounlodt yet been concluded, Sir J. Bro oke waitin g , us he be lieved, until his arrival in England, wit , n he consult her Majesty's Government on thesubject. itish With regard to the Gove rnment of Sarawak, the Government had no knowledge of the relations existir, between Sir James B rooke and the Sult an of Borrd,: — but this he could stat e, that as far as the British, G g . ° I THE BUDGET. In reply to Sir DE LACY EVANS, Lord J. RUSSELL intimated that he would state to morrow when he would bring on the Budget. STEAM TO INDIA. Viscount JOCELYN then rose pursuant to notice to move for a Committee, to inquire into the question of the existing steam communications between England and ,India; and to report whether any improvements may be made in the conduct of those communications, previous to the grant of a further contract to any company proposing to carry on that line. .Likewise to consider the subject of steam communica tions, having for its object a line or lines connecting England, India, and Australia; and to report to the House the most fitting mode in which such communica tion may be effected, with due care to economy, and with advantage to the public interests. The Noble Lord stated that he introduced a similar motion last ses sion, but since then the subject had become more interesting in many points of view. The ques tion was one of some importance to the coun try, and he much regretted that it had not been taken up by the Government. There were many consi derations which induced him to bring this motion forward, but the principal one was this. The contracts with the Peninsular and Oriental company would expire in 1853 which would give the Govennment an opportunity of changing or selecting a better means of communication with our Indian empire. He made this lotion entirely on public grounds he had no hostility to any existing companies ; on the contrary, he thought they were much indebted to them for the accommodation which their services had given to the public, and spirit and energy with which they conducted their trade. By the resolution of last session, it was agreed that a route of steam communication should be established between Singhapore and Australia and the Peninsular and Oriental Company, had stated their readiness to ex pend 5,0001. in the settling of the route, but they thought that they ought not to be tied down to any regulations whi.ch the Indian Government might choose to lay down; and conceived that theywere perfectly right, for, little opinion, nothing could be more injurious to the public interest than the vesting the mono poly of a great social or commercial advantage in the hands of a great and powerful party such as that constituted by the East India Company. It was; well known that the Peninsnlar and Oriental Steam Co' pauy had always been desirous of obtain ing the possession of the route between Suez and Bombay. That I route would have been of the groe.test benefit to them, but the grant of it had ala-ays been frustrated by the necessity for the services of the Indian navy. Far be it from him to depreciate that navy, for he was aware how beneficial its services had been both in India and China; , but it should nevertheless be recollected that vessels of that navy had not altogether superseded the necessity for - the employment of vessels in her Majesty's service. Tb 0 iipurpose then alleged for the exculsion of the • vesisels of the Peninsular and Oriental Steam Com patay was not served, while on the other hand it vas abundantly evident that if the Indian navy was ex( :laded from this line, the Peninsular and Oriental Ste aim Navigation Company would be enabled to em ploy larger and more powerful vessels, anti thus not only inc tease their speed, but also render the communieatoin wl ;.h India more regular and certain. His Lordship tb. en read extracts from despatches from the Earl of Ri pon, when at the head of the Board of Control, and from those of the authorities in India, in order to snow that this change would, if effected, accom plie,h the object he had in view. He was aware that some prepositions had been made by a cot o pany formed last year, but he could not say that they oou.;'d be entertained, and therefore he thought that the chief object to which the committee should direct its attention was in the first place to the establishment of the routes and the depks to be formed for steam cow mu n ication between this country and Australia. (LEFT SPEAKING.) SOUTH WALES AND GREAT WESTERN RAILWAY COMPANIES. A. large shareholder in the South Wales Companyii e upo n data submitted by him to Mr. J. A. Fran prof 'e ssional auditor and accountant, has obtained the follo'ffing computations:— a two corn' It is understood that the directors of the se pan;.(qa have made a preliminary contrac t, able by the for • ;loe existing guarantee of 5 per cent. payab le as Gre s.t Western Company, graduated paymentsn_et profits fol low s, receiving in exchange one-third o.fv upo rt the South Wales line, via.:- 1 - v per annum. 2. On con o ected with Gloucester, 30,000 1 . _ annum. a. On ext. e nsion to Carmarthen, 38,0001. I r e r annu m. Hence 45,000 . pe extension to Milford, 84c., the not Swansea is the computations given below. 3 &'stimates of profits and dividendsnotion, assutning the fol fro m Swansea to Gloucester J9 e. entures, 500,000/., at 5 lovrir,g date.:—Mileage, 105; d b and contingencies, 4004 upon the . railway per cent.; maintenance of way, nt and charges, 5,0001. a ueme per m ado per annum; Ina,' 2 7 509 ,00/. sa ved in any of the fore will., increase the dividend perE%licrllyUlDl,;2ssohla.re capiisnin,ute one :hiding per cent. ninth greater. 1 claiming dividend be 250,000/. goirig items of expenditure one If' the share captitia be ?tire . ' expens es Amount of Dividend per less, the dividend w Gross Traffic "rrcosfsecutiye two-thirdg cent. per N Veek. P i e m o. traffic. of Profit. of s l t o c koanned- X. :X, . 5 8 per cent.* 11,340 .. . 4536 1'.,000 .. **** .50 ~ 17,666 ..... ... 1.1602 ./,000 •-,••• '• 45 „ 19,066 :3,000 .. ..... .. 40 „ 20,800 ... . 2.7548 4,000 - .... bed balance sheet ' .v.• ' * Th e published eet gives . this item 58 per the sorties a p fi 1,000/. er woek; estimate as cen t. uo redotionrst to 50 per ce p nt. on the the second 1,000/., to 45 per cent. on the third 1,000/., an d so on. so ug h estimate of the comparative minima guaranteed by th e Great Western Company, say in June, 1853:- Ist EXISTING CONTRACT.—Upon each 501. ca pital (one share) from completion of the un dertaking, 5 per cent. in perpetuity, say par £5O Add claims fur arrears of interest during construc tion:— 4 per cent. from June, 1849, to June, 1851 ... Ditto ditto, 1851, ditto, 1853 ... Promfaed equivalent for increase of interest dus ing constructiont o 5 2 , 108 4• 1'602 £sB'ol SECOND PROPOSEDCONTRACT.-45,000/. per an num, instead of 200,0001. per annum in per pistuity, from completion, say 45,000 ----of 50/ £ 11.25 200,000 Say Ono year's proportion of 30,0001. rent, on th.ree-tourths o f 4,000,0001. Diu 3 ditto of 38,000/. ditto 13-16ths ditto.— 0.585 X 12.335 be proposed contract represents the liability of the Grfmt Western Company, offered in exchange for the exi.sting liability, leaving the difference contingent upon the success of the South Wales system when completed. MILFORD, MARCH 2 3.—Arrd. Salacia, I)unant, Liver pool for Cork, with part of bulwarks carried away, etc., and must be put o❑ the ground to repair. LIMERICK, MAME( 24.—Arrd. Garland, Simpson, Ciyita Vecchia. :. NORTHAMPTON RACES. ."HIS DA V.) (BY ELECTRIC TELEGRAPH.). (Continued from cur Third Edition.) Tho Selling Stakes. Ondin© ... Britannia Nutmeg LATEST BETTING ON THE CHESTER CUP. 14 to 1 agst Montague. DERBY. 16 to 1 agst Marlborough Buck ... 1 ... 2 ... 3 POLICE INTELLIGENCE. SOUTHWARK. Yesterday William Thigaen, a journeyman tanner in Bermondsey, was placed at the bar before Mr. A'Beekett, charged with inflicting such injuries on his wife that she is not expected to survive. A policeman stated that on the previous night he was called to a house where the prisoner and his family lived, at Bermondsey, and on entering a room on the ground floor he found his wife lying on the floor in a state of insensibility. There was a part of a broken bed rail at a short distance from her, which he (policeman) was informed her husband (the prisoner) had broken while in the act of beating her and inflicting the injuries which she had sustained. Finding that the woman was in such a bad state he (the policeman) procured a cab, and bad her placed in it, and drove her off to the hospi tal. On being examined by the house-surgeon the latter gave a certificate (produced), which descr ibed that the patient was utterly incapable of attending the body. court owing to the severe contusions inflicted on er The policeman added that the woman had never spoken since the alleged acts of violence had been committed, and that he accordingly took the prisoner into Fustody. Upon subsequent inquiries being instituted, it as w . a certained that the prisoner was a hard-working indue trious man, having a family of children, bat that lus wife was aiven to habits of drunkenness and neglecting her home; that upon a recent occasion, after Irving pledged and made away with most of h er husband is and children's clothes, she left home and stayed away forha week. On the previous night she returned, sad t prisoner being at home at the time, under exasperated feelings at her conduct in abandoning:he r children under such circumstances, he grasped the first thing that came to hand, and that was one of the bed rails, and beat life. her with such violence as almost to depr ive her of _ Mr. ATK ECETT, upon the production of the certifi cate from the hospital where the injured woman is riovr it 710 lying, remanded the prisoner, who said nothing, until. was ascertained whether she is likely to su rvive the .. lence inflicted upon her. Thomas Wales, late a patient in St. Thomas's Hospi. tal, was charged with stealing a suit of clot hes belong. ing to an inmate of the same institution. The prosecutor stated that he was a pa tient in the above hospital, and the prisoner being in the same rrd, and convalescent, he asked him to brush his suit of clothes . and clean his boots, preparatory to leaving the institution. This the prisoner consented to do en th e promise of remuneration, and the clothes were accor ingly given to him for the above purpose. T h e pry. Boner, however, instead of erforming the ob, the 0 20 ' ment he had possession of p his fellow-patiejnt's clothes left the hospital with them, and converted them to WA own purposes, and was not heard of again until the pre ceding night, when he was apprehended in Shor e d itcla with the complainant's coat on his back. The remainder of the garments he had disposed of. The prisoner said he could say nothing in extenua tion of his offence. Mr. A'BECLETT said the offence was aggravated from the circumstance of the prisoner acting i n such a no n " ner towards an unfortunate fellow-patient in the .50" hospital. The magistrate, however, added that if t h e sent the prisoner for trial on the charge of st ealing clothes, there was a probability that he might escape, se the complainant had asked him to brush the clothes, sad entrusted them to him for that purpose. Instead, ther.e. fore, of dealing with the case in that way he (the Mao trate) should deal summarily with it, and should con vict the prisoner and sentence him to two mo nths' prisonment. The prisoner was committed accordingly. RAILWAY SHARE MARKE BRISTOL, MARCH 26. STOCK EXCHANGE. —The market has been rather be!ivi to-day, and prices generally are lower. The transactions were as follow : Great Western, Original Shares, 8 8 -' South-Eastern and Dover, s7%—South Devon, Preference, 14 LIVERPOOL, MAncsr 26. STOCK EMMA/COM—The business done to- day has not been extensive, owing to the settlement, which is to-morrow. Prices, however, were firm, and the market closed steadily. The transactions were as follow :- Caledonian, 15!4--as t Lancashire, 17%—Lancashire and Yorkshire, 624--Dittot Fifths, 6% die.—Liverpool, Crosby, and Southport, Si P-- - * London am' North- W estern, 129!4—Ditto, New Quarter* p. Ditto, Quarters (C), 2 15-16 p. Manchester. Sheffield, and Lincolnshire, 36. /9 — Ditto , Preference, 12%--• Ditto, New Preference, p.—Midland, 63%—Ditto, Halves, 13 dis.— North British, 10A - Shrewsbury and Birmingham (B), 6%—South -Eastern and Dover, 27%—York and North Midland, 27%—Dutch Rhenish, dis. MANCHESTER, MARCH 26. STocx EICHANGE.—The transactions to-day were as fol low:—Caledonian, 15%--Eastern Counties, 7%—Esat Lan cashire, 17%—Fleetwood, Preston, and West Riding Junc tion, 6% dis.—Great Northern, 18%—Lancashire and York shire 62- Ditto, Fifths, 6%—London and North-Western, 130—Ditto (Manchester and Birmingham, Quarters, C), 3 1-16 p.—Manchester, Sheffield, and Lincolnshire, 36 1 ,4--- Ditto, New 61. Preference, % p.—Shrewsbury and Birming ham (A), 3% dis.—South-Eastern_and Dover, 27%. BIRMINGHAM, MARCH 26. STOCK EXCHANGE.—The share market was dull to -day. Prices of stock were generally about the same as last quo ilitions. YORK, blAscir 25. STOCK EXCHANGE.—The transactions to-day were ga follow :—North British, 10 1 —York, Newcastle, and Ber..' wick (G. N. E. Purchase), 7A—York Land North Mid' land, 2VX. FRENCH RAILWAY TRAFFIC. The following are the last returns of the gross .1'0" ceipts of the principal French Railways : NORTHERN.—From Mar. 12 to Mar. 18: Passengergo 169,656 f.; goods, 226,758 f.; total, 396,4161 RoLEN.—From Mar. 9 to Mar. 15 : Passengers, 58,4641.; goods, 76,1301.; total, 134,594 f. HAvßE.—From Mar. 9 to Mar. 15 : Passengeris 21,634 f.; goods, 31,2341. ; total 52,8661. ORLEANs.—From Mar. 10 to Mar. 16 : Passenger/Is 65,0524 ; goods, 117,762 f.; total, 162,814 f. 13oRDEAUX.—From Mar. 10 to Mar. 16: Passengers, 33,243 t.; goods, 35,223 f.; total, 65,4661. VIERZoN.—From Mar. 10 to Mar. 16 : Passenger' 34,061 f.; goods, 42,714 f.; total, 76,775 f, BOIJLOGNE.—From Mar. 10 to Mar. 16 : Passeng wrg s 12,36611; goods , 17,088 f.; total, 29,474 f. DIEPPE. —From Mar. 9 to Mar. 15: Passengers* 3,1321.; goods, 9,2661.; total, 12,3981. NANTEs.--From Mar. 8 to Mar. 14 : PassengerS, 1 7 , 9131. ; goods, 16,8771 total, 34,790 f . STRAsOURO —From Mar. 12 to Mar. 15: Paasaiager4 63,9801.; goods, 61,3171.; total, 125,297 f. .13.ii.n.—From Mar. 3 to Mar. 9 : Passengers, 17,6471.; goods, 15,7871. 2 . total, 33,484 f. MoNTRREAu.—From Mar. 5 to Mar. 11: Passengers, 9,794 f.; goods, 14,570 f.; total, 24,3641. MAnsEnzEs.—From Mar. sto Mar. 11: Passengers, 32,372 f.; goods, 23,213 f.; total, 55,5851. LToNs. —From Mar. 2 to Mar. 8 : Passengers, 97,224 f.; goods, 34,001 f.; total, 131,2251. CHARTRES.—From Mar. 1 to Mar. 9: Passengers, 23,743 f.; goods, 12,907 f.; total, 36,6501. BOIAMORD, MARCH 26.—Sheep moved off steadily, it an improvement in the quotations of 2d per 81b. Mod other kinds of stock supported late prices. Beef, frog► 2s 8d to 3s 8d; Mutton, in the wool, 3s 6d to 43 8d; Lambs, 58 to 5s 10d; Veal, 3s 2d to 31 8,1; Pork 3. to 3s 6d per Blbs. Quarter-old Store Pigs, 161 to 20a each. CHICHESTER, MARCH 26.—The general demand Was far from active, on the following terms:—Beef, from 3s to 4s ; Mutton, 33 6d to 4s 8d; Lamb, 5 9 a to 5s 8d; Veal 3s 4d to 3s 8d ,per Slbs. Suck in g calves, 188 to 248; Quartervold Starks 'Pigs, 18s to 18e ; ,each. [ADVERTISEMENT. J —.....0-owav Kirkus, chemist of Prescot-st re et, Liverpool, efficacious in the cure o f a 'disorolored Liver.-Mr' 1 TT 8 wonderfu v i ll d Professor Holloway that a c us t o mer of his (a la d y to whoa he is at liberty to refer) has been cured by t he use of these in. valuable Pills of a liver complaint with w hich she has been troubled for several years ; and so virulen t was the last attack that even her life w a s despaired of. In thi s alarmin g state she lately inf orms tried Holloway's Pills, the first dose of 'which relieved her, and by continuing their use for a short period she has bee n restored to the enjoyment of perfect health.— Sold by and at Professor Holloway's Establishment , 244, Strands London. a ll Druggists. BIRTHS. OF A SOlf. On the 23d inst., in Upper Harley-street, the Lady Caro— line Gamier. On the 23d inst., at the Royal Military me . College, Sand— hurst, the wife of J. Hackett, Esq., 77 th Re g int. OF A DAUGHTICR. o f Cap- On the 23d inst., at Mill-hill, Woolwich, the wife tain E. M. Boxer, Royal Artillery. wife of On the 23d inst., at Lee-terrace, Black heath, the Ch o ar n l etshAe 24th h st i u n s s t k . :e i r n gi ß is e o d n f , o } rd ".s . q p . lace, Mrs. it. N . , of Dphne- Bloomsbury, onthe 1.9 t hi inst., Benjamins t. , att h l e 'li v do churchoßllße l y E , MARRIED. cottage, Orford, to Adelaide, youngest daughter of Richard Haines, Esq. Esq. K. Georg a e-the-Martyr, On the 20th inst., at Warton, Lancashire, Robert William Waithman, Esq., of Bentham-house, Yorkshire, eldest son of W. Waithman, Esq., of West-ville, Yealand Conyers, an L cashire, to Melicant, third daughter of W. Sharp, Esq., of Linden-hall, in the latter coul DIED On the 23d inst., at Dublin, peter Count D'Alton, of Grenanstown, Tipperary, eldest son of Lieutenant-Genera l Edward Count D'Alton. Oa the 23d Inst., at Haverstock-terrace, Hampstead, Vir. Watts, Esq., a ged 87. On the 94th inst., Susannah, the wife of R. W. Peal, Esq., of Sussex -place , and 80/eharn-wood, Elatree, Herts. On the '24th inst., a ged 70, Mr. John Young, of Tun bridge-wells. On the 24th inst., in Hollard-street, Clapham- ro ad, Ur. John Richardson, ag ed 65, late of Wo r thi n g, Sussex. ,Isabella, relict of the late On the 23d inst ., at Clapham Mr. S. Slater, forme rly of Bognor, Sussex, aged 78. biro-On the 22d inst., at Milton -street, Dorset-squar e, Mary Howkins, aged 83. London: Printed and Published by MURDO YOUNG' °I No. 112, Strand, Printer, at The Sun Office, No. 112! Strand, in the Precinct of the Savoy, in the want,' ° I bliddleshix, Thursday, March 27, 1851. II A 1 T 0/ AA R) The Gil 4th of Api tween Lm ideation c them, the charged at least af and Nord London lA M RA The Grp Coo - Tanis to carry a gets and 1 . the sth of will be L. London L'' The Di of tenderi flee on T morning, • be appoint titles, to b The Tei Zneton EA' The Dix for period! rate of Fo Bishops G to other The Pact Direct 1 Omani! fiery gnat PROM BF Time. a. x. le I 414 15% PUSagef UMW to • BOAT 1 Three Mot „Packetx ; Febrnar COM a I obtain a appreciate sings, and of childre teaching t ao afflictec Address Oxford-str T °Th and beetdi 411 others To be h, Observe And name G" TO and erlo ftst, a gr them. El sheet, and ''.\l TO , 1 the at Bankrupt, All that With the garden b( In the occ DreiniBCS. For furl Carlisle, 6 f the pre Moyle, So THE toi flour, we does not a that happ. rests of al 'Pet,sal sal have ➢:ith has been Otvoutty While thee dee] tuR intere: had but t , It use the their rani mechanic merest sh ihto detai Which the and unhet uraeing tl Paton] lin' Oreel tided 1 40SES kintm en teithsod, 1 A hat The ne of the lit' letter, pn E. At() Ut out of Londor 4 4, 85, ar Lon,lot kid 3, IL it rad fo BhpfTle Tailors 'Slaters, The El "gray. ,____ _ PR Chls e: torrectiu sYraptoir tite, sick Of the ey gestion, tivltv of the tram Verance, the afllic tts stren; rapidly t ( Reed ap 'Welt re b ompan3 AS a p 4 on of a io restr: keople tl `keno p Bold Pr bo x; agdotr - - - -, „ AA f .ktne an li ovarric ---- COSTA I•tistra 0 i Phi Now h 'Y Dos A ' 4 ' ll Con ~etcu t , 1°111 )14C w I dn an, . , bOtiter-i an, 14 rear PA::1 clll gen ' , tor I , PAR, he Dri 4 , 0 r t; 'neg. Time ....—. t•s% ts% 1' 3%