The Sun. — London, England, 1850-08-17 00:00:00

LONDON AND NORTH-WESTERN RAILWAY. The usual half-yearly general meeting of the pro prietors of the London and North-Western Railway was held yesterday at the Eustoa.square Station; Mr. G. C. Glyn, M.P., chairman of the:board of direc tors, in the chair. • The advertisement convening the meeting, and the minutes of previous meetings having been read, the common seal of the company was affixed to the register of shareholders. The CHAIRMAN then proceeded to address the meeting to the following effects—Gentlemen, in performing the duty which devolves upon me on the present occasion, I do not think it likely that I shall be obliged to claim your indulgence for any lengthened period.—(Hear, hear.) You have already in your hands the accounts of the last half-year, and I hope on looking at the face of them the same satisfaction will be experienced by you that is felt by your executive body at the favourable • results which they exhibit.—(Hear, hear.) At the same time, gentlemen, it appears to us that those accounts tend very much to prove the causes to which I have *frequently alluded in this room, and which account for :that depression of railway property which I have more ,than once pointed out to you.—(llear, hear.) We have always stated that the great depression which has existed in the railway interest has .arisen partly from the monetary crisis of 184'7 in con nexion with the railway mania, avid the effect which it produced on the means of individuals who had pre viously been in the habit of spenling a portion of their surplus money in travelling and such like amusements. —(Hear, hear.) Secondly, gentlemen, we have always stated that one cause for the depression of _railway property arose from the rapid application of capital in too great a degree to the purposes of railway undertakings.—(Hear, hear.) Now, with regard to the first of these causes, an examination of the accounts will not only prove its existence, but, as is always *the case in this country, that the lapse of time replaces the means of individuals, and allows them to recover in a great measure from the effects which may have been produced by such causes as those to which I have referred, and I trust, considering the prospect we have of enjoying a considerably good harvest this year, we may look forward to a still greater increase in that which has already been called a gradually increasing traffic.—(Hear, hear.) With re gard to the second cause, gentlemen, since we last met you we have opened several additional undertakings, but we cannot congratulate you that these undertakings in their present results have produced that addition to our receipts which our increased corresponding mileage warranted us in expecting, and that fact I think proves the existence of the second cause for the great depression we have been suffering, namely, the too rapid application of capital increasing in a much greater ratio than the development of the traffic of this country. —(llsar.) Gentleman, that I think is another reason why every person connected with the railway interest must concur in that policy so maturely considered and laid down by my Lord Dalkousie, while at the Board of Trade, and in regretting that it should have been set aside by Parliament.—(Hear, hear.) Instead of being allowed to distribute 'the various railway rauritica tions and the expenditure of our money over a course of years, and gradually over a course of country, we have been hurried on by legisla tive enactments to a premature expenditure of vast capital, without, in point of time, securing an equal de velopment of traffic, which, nevertheless, must come in the progress of time.—(Cheers.) These causes, which have so much effect on your own property and railway property, are proved by your own accounts. But still I have to congratulate you upon a considerable increase in your traffic ; while, further, an additional cause for gra tification will be found in the fact that this increase of traf fic has bean obtained without any additional working ex penses. In point of fact, gentleman, we have considerably increased our mileage distance without materially in creasing our expenses.—(Cheers.) Gentlemen, I have often from this chair had the pleasure ot assuring you that proper economy was the first intention and desire of your executive body, and I think now we may fairly refer to the accounts of the present half-year in 'corroboration of our desire to carry that intention out. — (Cries of " Hear, hear.") There are, however, one or two points in connexion with those accounts to which, for a moment or so, I desire to call your attention. In the first place it is stated in the report that there has .bees a diminution in the working expenses, the quota tion of per -cartage this half year, comparing it with the correspond ng half of last year, is es 34 to 36 per cent., but it is right that you should understand that, although we are fully entitled to make that comparison as between those two half-years, yet there is in that mode of eating the per-tentage of the working. expenses a considerable fallacy involved.— (Clear, hear.) For these accounts are made up in the same manner that the Admiralty accounts and those of the s'eagt packet service used formerly to be made cut, namely, including only the actual outlay. Thus our working expenses include nothing as a return for year expended capital, nothing for interest of capital expended in the wear and tear of works and machinery. —(Heer.) Nowl am induced to allude to this because it is nut only important in itself, but although, as be tween ourselves as co-partners, it makes no difference which way we make up our accounts, since it is a mere question of arithmetic on one side, and figures on the other, yet, when you look to these ac counts, you see a considerable item for sums receivable from other companies under tho head of returns for locomotive charges, and that circumstance is likely to lead to confusion and misapprehension out of doors.—(llear, hear.) That, however, which appears to those other companies a large item when compared with car own locomotive expenses is, of course, the result of an agreement with them, which takes into consideration, as an element of charge, the inte - est which arises on the capital, which capital has been laid out in the purchase of the working stock.—(Cheers.) You will see, gentlemen, that thra is a material matter to be borne in mind when We enter here ou a discussion with regard to the question of rating, and the low figure at which, in point of fact, our working expenses are put down. It should always be borne in mind that these figures rendered to you here in this room are figures merely between ourselves as partners, and not the figures which came into operation when we come •to work under a contract with separate and distinct companies.—(Hear, hear.) We charge you not as a mercantile man would, but the charge at rate is put down, because in point of fact the charge for interest is not included in it.—(Hear, hear.) Gentlemen, lam anxious to put this (early before you, because I know that in many parts of the country arguments have been raised against us, founded upon this very circumstance to which I have referred.—(Hear, hear.) It is true that in making up our accounts we endeavour to bring all the elements of chaege into consideration; but the accounts do not tartly state the facts except as between ourselves, when we say the difference of charge this half-year is as 34 per cent. to 36 per cent. of the cor respeudieg half of last year. We ought to add, to make the case appear fairly before the public, the interest on the cost of the original locomotive power, together with the cost of its repair.—(Flear.) Now, I pass to another subject. We have, I believe, been charged, by particular individuals, with entertaining a certain latent desire to keep open the capital account. —(Hear.) Now, I beg to assure you that if you could suggest any step which would relieve, your directors from the responsibility of keeping open the capital account we will gladly adopt it, but in saying that, and in expressing our desire that the capital ac count should be closed, I am bound to , tell you that it cannot be immediately sealed up.—(Hear, . hear.) At the last meeting, or the one before that, we closed your capital account so far as locomotive power was concerned ; we have nothing more to draw from that, and should there be any necessity to increase any portion of our locomotive power we must come to you for the funds to do it with, but at present I am happy to say there is no prospect of that necessity arising.—(Cheers.) At the last meeting we closed the capital account as regards the outlay upon branch lines, and I am happy to say you see in the report no charge mentioned under that head, which will be a source of satisfaction to you, as it is to your executive.—(Hear, hear.) Now, gentlemen, we propose on this occasion to pro ceed a step further, which I hope will convince the proprietors and the puplic that if the closing of the en tire capital account can be accomplished at any given time, we are desirous of doing it.—(Loud cheers.) We now propose to close the capital account of the company as regards the necessity for working stock.—(Loud cheers.) Upon three ma terial items, then, namely, the locomotive power, the branches, and the building of waggons, carriages, &c., the capital ac counts w ill h enceforth be virtually closed, but as regards the latter account we shall have to bring before you proposals which will still amount to a practical closing of the capital acc ount. Far this purp ose , h owever, it will be necessary for us to ask you to give us a vote, on account of the addi tional ,working stock, since our stock of car riages and waggons ware both not sufficient fur our increasing traffic. In the year 1847 our stock of working waggons was 6,236, in the year 1850 our stock of working waggons is only 7,890, and if any Hon. Proprietor will take the trouble of considering on the one side the increase of traffic with the in of waggons, he will see at once the neces sity for the proposal to which I have alluded, and the difficulty of working our immense traffic with so short a stook.—(Hear, hear.) With regard to carriages, in 1847 they were 1,626, in 18i0 they are only 1,826; but still we do not ask anything like the same increase in the carriage; for the passenger traffic has not in creased like the goods traffic, and therefore we do not find that we require so great an increase in the one case as in the other.:--(Hear, hear.) The carriage of goods, which stood in 1847 at 1,000,610 tons, stands in the year 1850 at 2,000,300 tons. The amount of pas sengers conveyed in 1 , 847 was 5,495,000, it is now, in 1850, 6,000,700. Since December, 1847, in chiding the • Chester and Holyhead, we have had 223 new miles 01' railway. The new mileage finished since 1847 has been at the rate of 42 par cent., while the waggons. have increased only at the rate of 17 per cent., and the carriage stock only at the rate of 12 per cent., and we have still got further mileage to open, though not to that extent, but to the extent; of 75 miles, and we therefore ask you to give us credit for a certain sum to provide new stock.—(Hear, hear•..) We want at least 800 more waggons, and a certain number, but not that number, of carriages.—(Cheers.) We shall ask you to give us credit to the extent of 8. 5,0001. for the purchase of new stock, and you should add to that sufficient credit to al- : --lee us to build sheds for the accommodation of the stock; \iniiifti,ie a most unsound policy to allow them to remain out; fn 'the open air to r ot and wear away. If then you - give - Us Ofese votes, ver shall be prepared to say the capital account is ci osed, so far as regards the wottiegAtock. Should , anything be required after that we shall 'have to come to you and explain to you the • aatcse df the requireat9 at, to get you to opea the capital 611,* - ‘7"3,../ 'q 0 r THE SUN, account. It will be a satisfaction when we come to you, because the step will be taken only in consequence of an increase in the traffic. That will leave one portion of the capital account still open, but under existing circum stances we cannot venture to come to you with any spe cific vote, but by and by we shall be prepared to take some course of that sort. Of late years the develop ment of our goods traffic has been so extraordinary that at present it would be premature in us to offer an opinion as to what will be hereafter required. We do not know at present what we shall be compelled to do to furnish sufficient accommodation in London for the dispatch and delivery of that traffic over the metropolis, but this I can promise you, that whenever we do come before you our plans shall have been duly matured; and when these plans are ,settled we shall be prepared entirely to close the capital account.—(Cheers.) Now, gentlemen, I pass on to the next point calling for remark. Now, although the receipts of the last half-year do present a very favourable aspect, yet your directors are not prepared to advise you to increase your divi dend upon this occasion. They are very desirous of up holding the policy which the proprietors themselves at the last general meeting voluntarily adopted of continuing the dividend at five per cent. until your executive body are able to come forward and say you can permanetly rise to a larger dividend. It will be impossible fir us to risk going beyond five per cent. until we have dis pnsed of all the liabilities of the company. lam perfectly aware that the balance carried over must ap pear large, and from casual remarks which have appeared in some of the newspapers, I am desirous to state that, as regards the 145,0001, I receive no advantage f:om it in my capacity of banker in the city. I do not receive a single farthing benefit from it, and I beg at :ince to state that with regard to the financial affairs of this company, there is scarcely one of the directors who takes less part in their affairs than I do. Sometimes the finance committee refers to me for my opinion with regard to the state of the money-market, and I give it readily; but as re gards banking the deposits or resources, I have no more to do with it than any of you ; indeed, some of you may have more to do with it, for you may be con nected with the joint-stock banks who hold some of your money.—(Cries of " Hear, hear.") It is right that you should know the real proceedings of the finance committee, who, certainly, deserve great credit for the manner in which this 145,000/. is appropriated. I do not think you will complain of their employ ing the money in paying off your debentures. It is really a fact, many of the gentlemen on this committee are quite adepts in my business of banking. I will tell you of one operation which took place some time ago through the agency of your finance committee, who are quite equal to bankers. Why, they took upon themselves to go into the market and discount your debentures, an operation which a banker would have resorted to had he been in possession of your money.— (Cheers.) The Hon. Gentleman then proceeded t) advert to the audit question, which had been made too much importance of, and, after taking a rapid glance at the Bills which have been before Parliament this session on the subject, he recommended that the agitation which was at present' going on should be abandoned, as he believed the pre sent powers of the law under Mr. Gladstone's Act were amply sufficient to secure an efficient audit. He then proceeded as follows :—There is another point, gentlemen, which I now come to in due order, and which I think is of infinitely greater importance to your welfare than the Audit Bill. I have alluded to this topic before in this room. I refer to the particular posi tion in which this company will be placed under the Amalgamation Act, looking, as we must do, to the future working, and the constitution of the board of directors as it must be constituted under that Ac after the Ist of January, 1851.—(Hear, hear.) In reference to that question, my colleagues agree with me in the opinion that it is highly desirable that the pro prietors and directors should act in unison. I be lieve we can have but one common interest in it. Your directors are nothing but proprietors, and some- of them large proprietors. They have the odvantage of a great deal of practical experience in working the line; and I cannot conceive that anything will be more desirable than that the proprietors and directors together should devise such a plan as will ensure that unity of action, and at the same time that attain- ment of security for all local wants, and that, with a con centrated responsibility residing somewhere or other, as will continue the working of this great undertaking to even a more successful position than that on which I have the satisfaction to congratulate you to-day.---(Applause.) The SECRETkRY then read the report, estoilows:— _ _ . "After the depression which has affected the revenue of the company in the passenger department for several half-years, it is gratifying to the directors to be enabled on the present occasion to refer the proprietors to an in crease of receipts in this important branch of their busi ness. It has not yet regained its former activity, but has exhibited considerable improvement, and although a large porsion of the increase is due to the opening of the line between Leeds and Manchester, it is satisfactory to add that generally there is every appearance of revival. " The merchandise department, in all its branches, again seows a great increase over the corresponding period of 1849. • " The accounts which have been circulated give the "ollowing resulte:— 1850. 1849. Increase Passengers, Parcels, Mails, &e. &c..... 674,220 • • 647.917 .. 26,303 Merchandise, including Coals & Cattle 435,959 .. 335,021 .. 50,938 £1,110,179 £1,032,938 £77,241 "In estimating this improvement in the traffic it must not be forgotten, that during the half-year just concluded the company has been subjected at various points to severe competition, and that many of the lines calculated to dram oft a portion of the traffic long enjoyed by the Landon and North-Western have been in full operation. " It might not unreasonably have been expected that with so large an addition to the receipts, principally in merchandise, and with au addition of 43 miles to work, the expenses would have been proportionully increased, but the continued efforts which have been made to re duce the working expenses have produced the desired result. The gross increase of charge over, that of the corresponding period of 1849 is only 7,4571.; the net additional profit for the six months is therefore 69,7841. above that of the half-year ending 30th June, 1849. The per-tentage of disbursements to receipts is, exclusive of rates and taxes, 33.39 against 35.90 in 1849, and in clusive of these items, 38.31 against 40.90 in 1849. Every necesfary expenditure has been incurred to maintain the property in the fullest efficiency, and the directors keep this important point prominently in view; they hope, however, to be enabled, consistently with this primary duty, to reduce still further the charges for working, although it must be remembered that each suc cessive retrenchment leaves less margin for future saving, and it is now rather upon enlarged traffic, conducted without much increase of expense, than to further re duction in working charges, that the proprietors must depend for future augmentation of profits. " With the view of stimulating the passenger traffic, the directors have reduced the short fares on various parts of the line, and in order to test the capabilities of the branch railways recently opened, and to develop if possible the local traffic in the agricultural districts, they have by way of experiment made trial, in some cases, of extremely low fares, bat it is too soon to make any definite statement of the result. "The directors have to report with reference to the Parliamentary Bills of which drafts were laid before the last general meeting,— " That the Bill promoted by the East and West India Dock Railway Company has become law in terms sub stantially the same as then submitted. " The Bill promoted by the Shropshire Union Company was brought into Parliament, but, in consequence of the insertion of objectionable clauses, it has not been thought advisable to proceed further with the measure. " The Bill promoted by the Chester and Holyhead Company passed through the House of Commons, but a clause having been introduced in the Committee of the House of Lords (similar to one introduced by the opponents in Committtee but rejected by the House of Commons) at variance with the letter and spirit of the general Acts for the regulation of railways, and unjust in its application as respects this company, your directors felt reluctantly called upon to intimate to the board of the Chester and Holyhead Company that it would not be consistent with their duty to recommend the proprietors of the London and North-Western Company to enter into any engagement which might subject them to the operation of the clause in ques tion, and the Bill has consequently been withdrawn by the Chester and Holyhead board. The abandon ment of the measure will necessarily postpone ar rangements, desirable in a public point of view, for perfecting the most direct and speedy communication with Ireland. Your directors regret, but are in no way responsible for, this unfortunate result. " The South Staffordshire Company have obtained an. Act, empowering them to lease their line to certain pri vate individuals, and due care has been taken to protect the interests of this company. " The directors have the pleasure to report that their negotiations with the North Staffordshire Company have resulted in a traffic arrangement, by which the claims o that company are adjusted on terms mutually satisfac. tory. "The Great Northern Railway was opened for traffic between London and Peterborough on the 7th inst., and arrangements have been agreed to, consistent with the fair interests of all parties. " The hostile proceedings of the Shrewsbury and Bir mingham Company are still continued, and for the same object in which they originated, and in which they have been joined by the Shrewsbury and Chester Company. Experience and the most deliberate consideration of the question has confirmed your directors in their opinion, Emit they cannot, consistentlywith your interest, accede to terms more unfavourable than those originally pro posed to the Shresbury and Birmingham Company, viz. —equal rates between all points to which the respective companies have a line of railway. These terms, offered from the outset, have been rejected. The relation established with the Midland, Lanca shire and Yorkshire, Manchester, Sheffield, and Lin colnshire, and other companies, have proved beneficial to all interested, their object being a friendly interchange and division of traffic at all points where the lines meet, and such arrangements generally as, whilst affording the fullest accommodation to the districts, will conduce to a diminished expense in the working of the traffic. " The Lancaster and Carlisle Railway continues to realise the expectations entertained by your directors when they advised you to take an interest in that un dertaking, but thoy regret that the contrary is the fact as regards the lines farther north in which you are pro prietors. Negotiation, however, are in contemplation for obtaining the sanction of Parliament to arrange ments between the Caledonian shareholders and their lased and guaranteed lines, on the bask of mutual and necessary concessions ; should these be brought to a successful issue (an event which would be beneficial to all partici interested), some return upon your capital in v•!sted in that undet'taking may be anticipated; and in the meantime it will be observed, that interest upon the 4J:want ezzpended is borne by revenue. "The lines of theAtickingbamehire Railway , and of the LONDON, SATURDAY EVENING, AUGUST 17, 1850. Rugby and Stamford, were partially opened for traffic on the Ist of May. " The line from Coventry to Nuneaton will be opened for traffic on the Ist September ; and the East and West India Dock line, in which the Company are interested, will shortly be opened from Fenchurch-street to Is lington. " The auditors having appended to their report a state ment of the expenditure on capital account in the form ordered by the resolution of the proprietors, the directors have only to repeat their belief that the credit balance will, as stated in their previous report, suffice to cover all the works contemplated in the estimate submitted to the proprietors at their last meeting. They think it right, however, to name to the proprietors, that in reference to the construction of the lines in York shire, for which this company are now responsible, there are some matters the subject of arbitration or legal pro cess. The board aro advised, both by the local directors and by their solicitors, that the claims are altogether unfounded, but for obvious reasons it is inexpedient to enter into particulars. _ " Referring to the stock of carriages and waggons reported to the last meeting as necessary on the opening of 143 miles of additional railway, the board have rt,- cnived from the general manager a report and estimate in detail of the stock necessary for the new lines. The cost, including shed room, for covering the carriages, will be 95,0001. This sum will suffice to stock the new liens, and your directors are prepared to recommend that any additional stock that may be required by an increase of traffic shall be provided out of revenue, the cost being spread over a limited number of years; thus practically cloiinn; the capital account as respects this most important branch of the concern. " The diminished amount paid during the half-year on capital account has enabled the directors to reduce considerably the bond debt, and they have availed them selves of the state of the money market to renew or re place bonds, at the rate of 3i and 3 per cent. There has been psid off, or renewed, since the 31st December, 1849, 1,188,925/, originally borrowed at 5 per cent., leaving the debt at the present date 588,022/. less than on the Ist January last. From the statement of the half-year's accounts it will be seen that the not proceeds are ... To which must be added the balance carried forward from last account £615,479 18 1 Less, further allowance for renewal of rails 9,998 2 6 Showing a disposable balance of £605,481 15 "In pursue.nce of the policy adopted by the proprietors at the last general meeting, the directors recommend a dividend of 21. 10s. per cent. fur the six months, amount ing to 460,7601. 14s. 5d., leaving a balance of 144,7212 Is. 2d. to be carried to the next half•year's account." The following is the report of the Auditors : "Having regard to the full statement submitted to the proprietors at their last meeting, we do not propose on the present occasion to enter into much detail. " The annexed report from Mr. Coleman, the public accountant employed, will show that the principle of a continuous audit has been acted upon, and that the result of a minute personal examination of every entry enabl,s him confidently to affirm the correctness of the results as submitted to the proprietors. " The system upon which the accounts of the company are conducted is simple and efficient, and renders their examination comparatively easy. " In accordance with the resolution passed by the pro prietors at the last general meeting, we have caused to be prepared a statement of the disbursements on capital account to the 30th June, the particulars of which will be found embodied is the report of the accountant. "The debenture statement 30:11 June shows a diminu tion of 256,0001., as also a very favourable change in the average rate at which the money stands borrowed. "In the balance of the 'stores on hand' and • worsts in progress' there is a further reductton, the actual stock being tested on the principle of a continuous verification, and the measures adopted being calculated gradually to reduce the stock to the lowest amount consistent with the requirements of the service. " The system adopted for the repair and the renewal of the working stock, which we reported at the last halt yearly meeting as satisfactory, still continues in opera tion. Subsequent inquiry, and personal observation at our principal locomotive establishments, confirm ❑s in the opinion we then expressed as to its sufficiency." Tile following is the Accountant's report : " Gentlemen,—ln accordance with your instructions I have during the last six months made a continuous exa• mination and audit of the accounts of this company, in the course of which I have carefully checked every item of receipt and expenditure, and in addition to examining the general books and documents at Euston station, I have had an opportunity of testing the system in opera tion at Wolverton and Crewe, the principal stores' depots. The result of the whole has been to fully con firm the opinion that I gave in my last detailed report to you, that the system of account adopted by the board of directors, and carried out under the responsibility of the committees, is calculated to secure a correct and effi cient control throughout this vast establishment. "I have also, pu"rstisnt to your instruclions,7repared and now submit the following ststcxnent of the disburse ments on capital account : STATE IS ENT Of theDISBURSEMENTS on the CAPITAL ACCOUNT, prepared in reference to the Estimate submitted to the Proprietors on the 22d of February, 1850. >•• "E. 0 CC - •=72=r 4 t --I . g g .9 3 Ea n o* fp 0 g:=:T r:%E. 9 -.09 P c' F 4 .7-‘ tV -a - 22 6 " z , • S.:. co rD : FL4.2 (-)5 p P e .; l- 0 • • B P g. ;.; aq : : iT • • • CO D. E', l * : • •p„ `‹ • • • K m 1, . .... . . . BRANCHES AND EXTENSIONS. TrentValley—Outstanding claims for land £6,611 18 11 Aylesbury—Bond and shares paid off ... 550 0 0 Bedford—Cranes and sidings 237 1 11 Dunstable—Outstanding claim for land 467 1 7 Macclesfield Extension—Works ... 7,731 10 9 Liverpool—Exten sions , includi ng Water loo Dock Station—Payments for land and to contractors Huddersfield and Manchester— Land ••• Works, &c. Leeds and Dewsbury . — Land .. Works, ezo. ... 51,485 6 10 ... 38,790 7 3 ... 32,424 16 10 ... 4,500 811 ... 8,721 12 4 £191,949 17 2 The passenger receipts for the half-year have been 589,890 L; parcels, 46,7651.; and with horses, dogs. car riages, and mails, give a total sum of 674,2201. 14s. 3d. The merchandise gross receipt has been 456,828/. 35.; less 84,0711. Os. 6d. for agents' expenses of collection and delivery. This gives a nett receipt under this head of 372,757/. 2s. 6d. The coal traffic has produced 37,213/. 13s. Id., and the live stock 25,9881.; giving a total traffic of 1,110,1801. ss. 11d. To this is to be added interest on cash balances and calls in arrear, the gross receipts being 1,148,388/. 10s. 7d. The working expenses for the half-year hsve been 377,422/. 7s. 31. In addition to this are the following items:— To parish rates and taxes ... £22,908 18 10 To law expenses in connexion with ap peals To duty on panenger traffic 842 12 7 24,199 10 2 47,951 1 7 ... 176,154 7 8 Mr. WILLIAMS withdrew his motion as an amendment to the report, but intimated that he would propose it as a substantial motion. A SHAREHOLDER wished to know whether any, or what arrangement had been made with the Scottish Central Company with regard to the working of the line ? The CHAIRMAN replied, that no arrangement bad been made, and, in the present position of things between the two companies, he thought it would be premature to attempt to make any arrangement. They were, how ever, quite ready to receive any overtures which might come from that company. A SHAREHOLDER wished to know whether the com pany had discontinued manufacturing its own locomotive engines. He understood it would be much cheaper and moro economical to have them made by contract. The CHAIRMAN said the number of new engines which they would now require would be comparatively limited; but when the old engines became worn out, the company would make new ones to supply their place at tneir own shops, and as they had all the necessary materials for the purpose, it would be throwing away profit not to employ those materials. In reply to another Shareholder, The CHAIRMAN said the Great Western Company had sole control over the Oxford and Birmingham Railway, but negotiations were now going on with them with re gard to the arrangement of the traffic. Mr. BRIGHT suggested the propriety of dividing a further portion of toe profits, which amounted to 69,784/. Ile said it teas not competent for the directors under the Act of Parliament to do anything else with that amount than to divide it rateably among the proprietors. Taking into account the favourable position of the com pany, ho did not think it was unreasonable that the proprietors shouid expect a large dividend. Ho concluded by moving an amendment, to the effect that a dividend at the rate of 2/. 155., instead of 2/. 10s., for the six months, should be paid to the proprietors. Mr. OYES seconded the amendment. They had had very great success during the last half-year, and a most extraordinary increase, and looking at the prospects of the next year, and the possible increase of traffic arising from the Exhibition of 1831, ho thought if they agreed to the proposition of the lion. Shareholder they would have an ample balance in hand to meet all contingencies. He could net understand why so large a balance should be carried over to the next half-year.—(Hear.) Mr. BAKER thought the fact of the company being always able to pay a dividend at the rate of Si. per cent. increased the confidence of the public in the secu rity of their undertaking, and gave a more permanent value to their property than paying a higher dividend than was recommended by the directors would do. He saw no reason for departing from their recommendation, and it should be recollected ithat the Great Northern Railway had just been opened, and that the Great Western Company had now a direct opposition line to Birming• ham, and the power of resisting that opposition mainly depended on the directors having an ample available balance at their disposal.—(Cheers.) He hoped the sharellolders would follow the advice of the directors in the present case, because they had always acted for the general benefit of the company.—(Cheers.) After some desultory conversation, Mr. Bright offered to withdraw his amendment; but considerable ob jection being urged to such a course, a show of hands was taken, when the Chairman declared that the num bers were so nearly equal, that he would have to ask the proprietors to take the trouble, of dividing. Mr. MARK PHILLIPS hoped they would not proceed to a division. He did not appear there in any other capacity than as a trustee for a number of proprietors, but he did not think he should faithfully discharge his duty if ho urged the directors to divide more than they felt confident they ought to do consistently with refer ence to the general interests and welfare of the company. Mr. HARDMAN ERLE, one of the directors, supported the suggestion for an increase of dividend. The CHAIRMAN then replied to the various observa tions which had been made. As to the assertion of Mr. Bright, that it was not legal to retain and carry over so largo a surplus, ho said he had taken the best legal advice on the subject, and he was happy to state that it rested entirely with the shareholders to determine whether they should have six or one per cent., and to keep any surplus they might think fir, irrespective of the question of life interest.—(Hear.) If they carried the proposition for an increased dividend, they would have to relieve himself and his colleagues of all odium, in the event of his some day finding it neces sary to propose a dividend at 41 ; per cent.—(Cheers.) The directors had taken into account every circumstance connected with the question of dividend, and they thought the dividend which they now propoed consistent with the ultimate and present prospects of the company. The amendment was then put to the meeting and ne gativetl, the numbers being—for the amendment 58, against it 90. The announcement was received with loud cheers. Another amendment for increasing the dividend to 31 for the half-year was also pat to a show of hands and lost by 36 to 113. The original motion was then carried. A resolution declaring a dividend at the rate of 21. 10s, per cent. for the six months was then agreed to. Auditors wero then appointed to audit the accounts of the Nuneaton line. The CHAIRMAN moved that a committee of share holders should be appointed to take into consideration the future management of the affairs of the company, owing to the amalgamation of several other companies with this company. The resolution was passed and a committee appointed accordingly. 2.1 r. WILLIAms thou proposed his resolution that no account should be kept with a banker who made any de ductions on account a light gold. A SHAREHOLDER suggested that the best way to get rid of the light gold was to pay their taxes and lawyers' Ell with it. The motion, however, was not seconded, and it accord , ingly fell to the ground. A vote of thanks was then passed to the Chairman aLd the meeting separated. FROM THE LONDON GAZETTE OF FRIDAY. At the Court at Buckingham Palace, the 14th day of August, 1850, present, the Queen's Most Excellent Ma jesty in Council. This day the Right Honourable Sir John Jervis, Knight, Chief Justice of the Court of Common Pleas, was, by her Majesty's command, sworn of her Majesty's Most Honourable Privy Council, and took his place at the Board accordingly. At the Court at Buckingham Palace, the 14th day of August, 1850, present, the Queen's Most Excellent Ma jesty in Council. Her Majesty in Council was this day pleased, upon a representation of the Right Honourable the Lords of the Committee of Council on Education, to appoint the Reverend David James Stewart, M.A., Vicar of Hillinarton, in the county of Wilts, to be one of her Majesty's Inspectors of Schools. BUCKINGHAM PALACE, Atm. 14. This day had audience of the Queen, his Excel lency Jung Bahadoor, Prime Minist er and Commander in-Chief of the army of his Highness the Raja of. Nepaul, to; take leave of her Majesty, on his return home from a special mission from his Highness to her Majesty. To which audience his Excellency was n troduced by the Right Honourable Sir John Hobhouse, Bart., M.P., President of the Board of Commissioners for the Affairs of India, and conducted by Colonel the Honourable Sir Edward Cust, K.C.H., her Majesty's Master of the Ceremonies. FOREIGN-OFFICE, AUG. 15. The Queen has been pleased to approve of M. L. La coste as Consul at Port Louis, in the island or Mauri tius, for his Majesty the King of the Belgians. DOWNING-STREET, Aim. 16. The Queen has been graciously pleased to make and ordain a Special Statute of the Most Honourable Order of the Bath, for the purposo of autho rizing the admission into the Military Divisions of the second and third classes of the said Most Honourable Order, of such officers of the Commissariat and Medical Departments of the Army and Navy, and of the East India Company's Armies and Navy, as by their meritorious services have already or may hereafter be deemed by her Majesty to have de served such distinction. Her Majesty has accordingly been pleased to give orders for appointing Sir John Bissett, Knight, Commissary-General, Sir James M'Grigor, Baronet, Doctor of Medicine, Di rector-General of the Medical Department of the Army, Sir William Burnett, Knight, Doctor of Medicine, Di rector-General of the Medical Department of the Navy, and James Thomson, Esq., Inspector-General of Hospitals on the Bengal Establishment of the East India Com pany's Service, to be Ordinary Members of the Military Division of of the Second Class, or Knights Commanders of the said Order. And her Majesty ha 3 further been pleased to give orders for appointing the following officers to be Ordi nary Members of the Military Division of the Third Class or Companions of the said Most Honourable Order, viz,:— Duncan McArthur, Esq., Doctor of Medicine, retired Physician of the Fleet, Sir John Webb, Knight, Director-General of the Medi cal Department of the Ordnance, Thomas Dunmore, Esq , Commissary-General, Sir James Robert Grant, Knight, Doctor of Medicine, Inspector-General of Hospitals, John Gunning, Inspector-General of Hospitals, John Robert Hume, Esq., Doctor of Medicine, In• specter-General of Hospitals, Gregory Haines, Esq., Commissary-General, William Filder, Esq., Commissary-General, William Booth, Esq., Deputy-Commissary-General, Sir John Richardson, Knight, Doctor of Medicine, In spector of Hospitals and Fleets, Benjamin Fonseca Outram, Esq., Doctor of Medicine, Retired Inspector of Hospitals and Fleets, Robert Perkins Hillyar, Esq., Retired Inspector of Hos pitals and Fleets, Sir George Magrath, Knight, Doctor of Medicine, Re tired Inspector of Hospitals and Fleets, Sir John Liddell, Knight, Doctor of Medicine, Inspector of Hospitals and Fleets, Henry Franklin, Esq., Inspector-General of Hospitals, James French, Esq., Doctor of Medicine, Inspector. General of Hospitalz, Stephen Woolrioha, Esq., Inspector-General of Hos. pdele, Charles itenny, Esq., Superintending -Surgeon on the Bengal Establishment of the East India Company's service, B. W. Macleod, Esq , Doctor of Medicine, Superintend in;e, Surgeon on the Bengal Establishment of the East India Cemean:/s Service, John Wylie, Esq., Doc; er of Medicine, Inspector-Ge neral of Hospitals on the Madras Establishment of the East India Company's Service, and Charles Doyle Str a k er , Esq., Doctor ' of Medicine, Su perintending Surgeou on the Bombay Establishment of the East India Company's service. DOWNING-STREET, AUG. 16. Tne Queen has been graciously pleased to give or. ders for the appointment of the following officer in the service of the East India Company ; viz., Colonel Hugh Massey, Wheeler, of the Bengal Infantry, Companion of the Most Honourable Order of the Bath, to be an Or dinary Member of the Military Division of the Second Class, or Knights Commanders of the said Order. Her Majesty has also been graciously pleased to give orders fir the appointment of Lieutenant-Colonels Howell Paynter, of the 24th Regiment of Foot, Ed ward Lugard, of the 29th Regiment of Foot, Henry Tod Tucker, Adjutant-General of the Bengal Army, and John Hallett, of the 3rd Regment of Bombay Native Infantry, to be Ordinary Members of the Military Division of the Third Class, or Companions of the said Most Honourable Order. WHITEHALL, AUG. 14. The Queen has been pleased to appoint Thomas Southwood Smith, M.D., to be a member of the General Board of Health. WAR OFFICE, AUG. 16. 2d Regiment of Dragoon Guards-Lieutenant gohn Carstairs Jones to be Captain, by purchase, vice Ib betson, who retires; Cornet John Clements to bo Lieu tenant, by purchase, vice Jones; Cornet Ceoto Synge Hutchinson, from the 7th Dragoon Guards, to be Cornet, vice Clements, Aug. 16. 2d Dragoons-William Taylor Prentis, Gent., to be Cornet, by purchase, vice Freeman, promoted; Troop- Sergeant-Major Thomas Hamilton M'Bean, to be Quar termaster, vice Michael Nelson, who retires upon hail pay, Aug. 16. 3d Light Dragoons-Newton Charles Chichester, Gent., to be Cornet, by purchase, vice Bennett, who re tin s, Aug 16. 13th Light Dragoons-Surgeon Joshua Punter, from 48th Foot, to be Surgeon, vice Young, who exchanges, Aug. 16. Ist, or Grenadier, Regiment of Foot Guards-The Hon. Ashley John George Ponsonby to be Ensign and Lieutenant, by purchase, vice iliggineon, promoted, Aug. 15; John Montagu Burgoyne, Gent., to be En sign and Lieutenant, by purchase, vice Lane Fox. pro moted, Aug. 16. Coldstream Regiment of Foot Guards-General John Earl of Strafford, G.C.8., from 29th Foot, to be Colonel, vice Field-Marshal his Royal Highness Adolphus Fre derick, Duke of Cambridge, K.G. and G.C.B. and G.C.M.G., deceased, Aug. 15. 7th Fout -Eusign Hugh Robert Ilibbert, from 39th Foot, to be Lieutenant, by purchase, vice Wilson, pro moted, Aug. 16. 11th Foot-Owen Davies, Gent., to be Ensign, by pur chase, vice Hague, promoted, Aug. 16. 13th Foot-Lieutenant Edwin Morton, from 9th Foot, to be Paymaster, vice Harry Carew, who retires upon half-pay; John Augustus Faller. Gent., to be Ensign, by purchase, vice joneS, promoted, Aug. 16. 19th Foot-Ramsay Wardlaw, Gent., to be Ensign, by purchase, vice Massy, promoted, Aug. 16. 24th Foot-Assistant-Surgeon John Alexander Wil liam Thompson, M.D., from 85th Foot, to be Assistant- Surgeon, vice Grant, appointed to the 80th Foot, Aug. 16. 27th Foot-Heneage Charles Chester, Gent., to be Ensign, by purchase, vice Phelips, promoted, Aug. 10. 28th Foot-Edward Lumley Haworth, Gent., to be Ensign, by purchase, vice Phipps, appointed to the 82d Foot, Aug. 16. 29th Foot-Lieutenant-General Ulysses Lord Downes, K.C.8., from 54th Foot, to be Colonel, vice the Earl of Strafford, appointed to the Coldstream Regiment of Foot Guards, Aug. 15. 31st Foot-Charles Prevost, Gent., to be Ensign, by purchase, vice Cassidy, promoted, Aug. 16. 36th Foot-Ensign Charles Henry Lambert, from 52d Foot, to be Ensign, vice Harvey, promoted, Aug. 16. 38th Foot-Honourable Charles John Addington to be Ensign, by purchase, vice Watkins, promoted, Aug 16. 39th Foot-Henry Cracroft Maine, Gent., to be En sign, by purchase, vice Hibbort, promoted in 7th Foot, Aug. 16. 43d Foot-Gentleman Cadet Fiennes Middleton Col ville, from the Royal Military College, to be Ensign, by purchase, vice Ward, promoted, Aug. 14; the Hon. Barrington Reynolds Yellew to be Ensign, by purchase, rice Ponsonby, promoted, Aug. 15; Charles Reginald Mere, Gent., to be Ensign, by purchase, vice Booth promoted, Aug. 16. 48th Foot-The Honourable Robert John Handcock to be Ensign, by purchase, vice Knight, promoted; Sur geon James Young, M.D., from the 13th Light Dra goons, to be Surgeon, vice Paynter, who exchanges, Aug. 16. 51st Foot=-John William Swaby, Gent., to be Ensign by purchase, vice Nunn, promoted, Aug. 16. 52d Foot-Richard Edward Pell Edmonds, Gent., to be Ensign, by purchase, vice Lambert, appointed to the 36th Foot, Aug. 16. 54th Foot-Major-General William Alexander Gor don, C. 8., to be Colonel, vice Lord Downes, appointed to the 29th Fuot, Aug. 15. 60th Foot-Field- Marshal his Royal Highness Francis Albert Augustus Charles Emanuel, Duke of Saxony, Prince of Saxe-Coburg and Gotha, K.G., K.T., K.P., G.C.8., and G.C.M.G., to bo Colonel-in-Chief, vice Field-Marshal his Royal Highness the Duke of Cam bridge, K.G., G.C.8., and G.C.M.G., deceased, Aug. 15; Lieutenant Gibbes Rigaud to be Cap tain, by purchase, vice Grenfell, who retires; Second Lieutenant Francis Charteris Fletcher to be First Lieutenant, by purchase, vice Rigaud; Second Lieutenant Edward Bowles to be First Lieutenant, by purchase, vice O'Molony, who retires; Second Lieute nant Honourable George Barrington Legge, from the Rifle Brigade, to be Second Lieutenant, vice Fletcher, Second Lieutenant Charles Cholmeley Hale, from the Rifle Brigade, to be Second Lieutenant, vice Bowles. Aug. 16. 62d Foot-Lieutenant Richard Augustus Meier Frank lin, from half-pay .55th Foon to be Lieutenant, vice Kirwan, appointed Paymaster ; Ensign William Henry Hopkinson to be Lieutenant, by purchase, vice Franklin, who retiree, Aug. 16. 61th Foot-Captain Thomas Anderson, from the 56th Foot, to be Captain, vice Charles Pattisoa, who retires on half-pay of the 56th Foot, Aug. 16. 66th Foot-Acting Assistant-Surgeon Gavin Ainslie Turnbull to be Assistant-Surgeon, vice La Presle, ap pointed to the 84th Foot, Aug. 16. 68th Foot-Frank Garforth, Gent., to be Ensign, by purchase, vice Halyburton, appointed to the 37th Foot, Aug. 16. 71st Foot-Honourablo Ralph Harbord to be Ensign, by purchase, vice Fuller, promoted, Aug. 16. 72d Foot-John Campbell Stewart, Gent., to be Ensign, by purchase, vice Buchanan, promoted, A ug . 16. 74th Foot-Major-General Alexander Thomson, C.B. to be Colonel, vice Major-General Sir Alexander Cameron, K.C.8., deceased, Aug. 15. 79th Foot-Gentleman Cadet Philip Percival, from the Royal Military College, to be Ensign, by purchase, vice Grant, promoted, Aug. 16. 80th Foot-Assistant-Surgeon James Grant, from the 24th Foot, to be Assistant-Surgeon, vice Bain, appointed to the 85th Foot, Aug. 16. 82d Foot-Richard Thomas Glyn, Gent., to be Ensign, by purchase, vice Gordon, promoted Aug. 16. 84th Foot-Assistant-Sutgeon Joseph Thomas La Presle, from the 66th Foot, to be Assistant-Surgeon, vice English, deceased, Aug. 16. 85th Foot-Assistant-Surgeon David Stuart Erskine Bain, from the 80th Foot, to be Assistant-Surgeon, vice Thompson, appointed to the 24th Foot, Aug. 16. 89th Foot-George Cresewell, Gent., to be Ensign, by purchase, vice Brown, appointed to 70th Foot, Aug. 16. 91st Foot-Lieutenant Robert Henry Crampton, from the 3d West India Regiment, to bo Lieutenant, vice Pen nington, promoted; Ensign William Barron Stanton to be Lieutenant, by purchase, vice Honourable A. E. G. Sinclair. who retires, Aug. 16. 92d Foot-John Man McDonald, Gent., to be Ensign, by purchase, vice Mackinnon, appointed to 64th Foot, Aug. 16. 97th Foot-Lieutenant Thomas Biggs to be Adjutant, vice Burton, promoted, Aug, 16. 3d West India Regiment-Ensign Robert Henry Crampton, from the 91st Foot, to be Lieutenant, without purchase, vice Walsh, who resigns, Aug. 15. BREVET.-Major Henry Creswicke Rawlinson, C. 8., of the Honourable East India Company's Service, to have the local rank of Lieuten an t-C o l one l i n the Otto man dominions, Aug. 16. Erratum in the Gazette of 9th instant. 7th Foot-For Captain the Honourable" St. Vincent Hope Cochrane Troubridge to be Major, by purchase, vice Yes, read Captain " Thomas" St:Vincent Hope Cochrane Troubridge to be Major, by purchase, vice Yea. Commissions by the Lord-Lieutenant of Nottinghamshire. Southern Regiment of Nottiaghamobire Yeomanry Cavalry—Charles Ichabori Wright, Gent., to be Cornet; James Davidson, Gent., to be Cornet. BANKRUPTS. James Gillett Beach, licensed victualler, Woolwich, to surrender, Aug. 23 and Sept. 28, at two, at the Court of Bankruptcy. Whitmore, official assignee, Baainglaall street; Bristow and Tarrant, Bond-co urt, Walbroolc. James Groom Short, ironfounder, Bell-street, Edge ware-road, Aug. 23, at twelve, and ti>ept. 28, at one, at the Court of Bankruptcy. Cannan, official assignee, Birchiu-lane,Cornhill ; Rushbury, Hom •ard-street, Strand. John Napoleon Reynolds, grocer, I slington, Aug. 23, at half-past eleven, and Sept. 27, at half-past one, at the Court of Bankruptcy. Cannan, official assignee, Birchin lane ; Van Sandau and Cumming, King-street,Cheapside. Frederick Mountford, stationer, G reenwich, Aug. 24 and Oct. 4, at one, at the Court of Ba tikruptey. Groom, official assignee, Abchurch-lane; Goddard, King -street Cheapside. Robert Henry Wood, surgeon, Birmingham, Aug. 29, and Sept. 26, at twelve, at the Birmingham District Court. Valpy, offiefel assignee, Birmingham; Motteram, Knight, and E mmett , Birmingham. William Shrepshall, jai], miller, Co nglaton, Cheshire, Aug. 26 and Sept. 23, at eleven, at the Liverpool Dis trict Court. Morgan, official assignee!, Liverpool; Bed, Liverpool. William Goldfinch Williams, draper, Manchester, Aug. 27 and Sept. 18, at twelve, at the Manchester District Court. Fraser, official assimee, Manchester; Sale, Worthington and Shipman, Ilanchester. John Robinson and Edward Moore, spinners, Wake field, Aug. 29 and Sept 23, at eleven,. at the Leeds Dis trier, Court. Hope, official assignee,. Leeds; Westmor land and Taylor, Wakefield. DWIDENDS. At the Court, Basinghall-street. T. C. Jones, Blackfriarc—road, linendraper, Sept. 13, at half-pat eleven—J. Woo2nough, Chediston, ulfolk, . . . cattle-dealer, Sept. 9, at one. In the Con.qtrY keeper, Sept. 13, a t J. Fisher, Bristol, livery-stabl. , eleven, at the Court, Bristol—N. J. Heed, Marlborough, brewer, Sept. 16. at half-past two,lve, at the Court, Bristol—W. James, Beaufort, Brcekno,„ Itshire, provision dealer, Sept. 13, at- eloven, at the Cot..rt , Bristol —J. Bowyer, Boreham, Wiltshire, cnillnr, Sept. 20, at eleven, at On Court, Bristol— W. Orrell, Blanch w> ter, gum manufacturer, Sept. 4, at twelve, at the CoOrt, Man chester—G. Danson, Lancaster, merchant, Set.'t• 6, at twelve, at the Court, Alaneheeter—W. Linley, Copia brough, Yorkshire scythe manufacturer, Sept. Vitliteind: in the Council-hall Sheffield -J. Bridgeiord, e••,:_,ed.s,„ printer, Sept. 7, at ten, in the Council -hall, Shetnel 0 M. Cawood, Leeds, ironfounder, Sept. 6, at ele Tee ' a i the Court, Leeds-U. Parker, Sept.ore, J. rawl?, s tile J. Rodgers, Sheffield, bankers, Sp 7, at t en ' Pi o n. Connell-hall, Sheffield- W. L 13ickley, Sheffieelaje,,..... keeper, Sept .7, at ten, is the Conncil-hall, Sh 111 :: at J. Garrison, Helperby, Yorkshire, grocer, Sept' eleven, at the Court, Leeds. PAYMENT OF DIVIDENDS. tax, G. E. Inger, Nottingham, druggist, 45-, up Sa pea Aug. 17, and Saturday, Oct. 12, and on every subseq _a alternate Saturday, until Dec. 21, between e leven au three, at the office of Mr. Bittleston, Nottinghaw• gar, 11. Woolston, Stamford, Lincolnshire briclTl: 0, 4s. 10/d., on Saturday, Aug. 17, and Satu'rdaY, QC t, De e ' and on every subsequent alternate SatordaY, u,,11„,„.10- 21, between eleven and three, at the office or in tleston, Nottingham. o .4nner , C. N. Cartwright, Leicester, dresser and r y .t. 12 , se. 9d., on Saturday, Aug. 17, and Saturday, (Jr' til Pea end on every subsequent alternate Saturdaye,r Ivo 21, between eleven and three, at the office of xr. - ston, Nottingham. .. .. 6 .9d, C. Till, Salisbury and Andover, linendraper, 0r.,,d on Wednesday next, or any of the three, 00;0i t al ot r e . r o O ra et h . e l e3 2 ; eboeiteamTeanu.seilreeveetn. and two, at t he b Or J. Yates, Guernsey, and York-road, bath, t oe owner, ed., on Wednesday next, or anl ef IP :at fil e Thursdays after Oct. 12, between eleven Old t yre office of Mr. Graham, Coleman-street. . tsilc r ' C. H. Weigall, Conduit-street, Regent-street, 51011. 31 . , on Wednesday next, or any of tbe three f old P l ' days after the 12th of October, between eleven pier at the office of Mr. Graham, Coleman-street. eo c,,rony B. H. F. Williams and M. Wilson, Liverp chants, 3-Bths of a penny, on WednesdaY neat: en br of the three Thursdays after the 12th of &gr . ' anr tween eleven and two, at the office of lklr.Grsbwr man-street. fea t° J. Ward, Upper Ground-street, Surrey, iron ,‘„,,a. aid , ma Wedndsday next, or any of the threeti.n.id°t7lo, days after the 12th of October, between eleven at the office of Mr. Graham, Coleman-street. 2W., E. Reynolds jun Smithtown Suffolk. mi ll er , 5 Jut Wednesday ne , xt, or a " ny Te e dn f etshde'sythree Thtirschle '7llOO „ t t bee ,, the 12th October, between eleven and two, P threeviC t ti ari G e rr, Thursdays a i h s ni id , . C , of Mr . Coleman -street. C. W. Davies, Brownlow-stree t, Deelo golborn• o f I 0 ofor sol bet ne 0 "r 'Colet ee it' W l e ' d . Clark, nesday street. after the 12th of Octo r, id . ' ° eleven and two, at the office of Mr.' Grahato, Ilex' or aofthe an the 12th an d two, of October, between eleven jun., Colchester, Essex, pornbroke . o f f et office of Mr. Graham, Coleman-street NOTICES OF CERTIFICATES. (S t At the Court, 13asinghall-street. ,_. t. 9 , e l3 th iac A k p ificeP°l:al ' avendish-square, saddler, Sept. 9, at one t o ro pe eice,lael:vde. snC:. Jones, Elizat p fr p r t s o - n r e o a dr,,,i3i nkeoninder,ap...err! fiaiu.rs. , . King-street, Bloomsbury, dressiag e l l ; $OO ' Sept. 9, at half-past one-C. Pentold, Art te e ironmonger, Sept. 12, at twelve. ~ b t If' In the Country. Sept ,lg, $' f, se• T. W. Spencer, Devonport, drarr, D•rboteso St- ft ast one, at the Court, Exeter--E- 13 ' " haat' ' minstor, Herefordshire, wine and spirit mere 12, at twelve, at the Court. Birmingham. C. May he w, Pi m lic o,, hosier 14 / l i CERTIFICATES GRANOD.' o tall s ce : Ebury-street, „ Th i p iey, h i i i., men, t certificate of 'the third class --IL •'I the i ' . A Igham, lace manunicturer, certificate 0 iesie r, e class-C.„ Frani is, Liverpool, grocer and Wif e . 14. ;innate of the first class after 2 t days fro -°' ° J. Bnllpit, J. Builpitt, -OLSED•bf• °et° PARTNERSHIPS DISb in 1 •un , n al 9 cork s merchants-T. H. Crowther and Fj..._.„,!,. Tw os '' ....oFjcport, cotton spinners and doublers j• _ d ro ily 0 ,_ II Twiss) Birmingham, platers and carriage aufloris( I: and J. Ballpitt,Ja shoe I, lamp manufacturers-G. , ...,d J. ,„,,, 10 , ,_, 11. Cooplana "R T. Pc i ets tiv"T"'=l, flour dealers-J. Dewbur„st Sa d - o g ebe te p. Newton-heath . n-heath and Manchester, manutacturl kieB .-- __.. 0 1010 ,ri r -J. S. Ellis and K. Wilbelms, A Idg aLe ' lstoP"' de Inendal and S. Pitchford), Huddersfield, wo r e ribo jes Iv J. tea Darnbrough and B, Worth, nr licheet e e l iS r * sl el rl l l ' ton Exeter coffee merchants-R. Cuturo,lo..tloter 11,,, t rrai E r xeter, slaters and plasterers --J• L. soneitorg 0 . a T e - 1 1 et, Dowgate-hill, attorneys ° a e to e is lif J 6 ' Fisher and W. Dyson, Huddersfield, tt° lJ o e. O. d , ,J. ii masons-J. Unsworth, B. Davies, ova '-'s Herd,or 0 d 1 lackrod, Lancashire, bleaches (so C. ° gliePrv * Insworth)-W. Marsh, J. Marsh, J. ‘1).• o f A ctur e ff i nil J. Peace, Sheffield, edge tool and saw w a 0, 0 e I • W. Marsh, J. Marsh and J. Al• s be "rhilsdejP, da and Birmingham,. and New York S a d fa r airti err manufacturers and general wefebents 1 ir, 1/ 15C erl le' J. M. Sh epherd)-T. Lancaster, sea. , ar e s o , faris c , on t ( e Francis and 11. Baylis. High-stre jr., Long Preston, Yorkshire, grazi er ; ooreag b ' e , 1 ay tkoeebestess y I , ter-press rchants-J. Cooper and J. Hartle l, ori o 1. u, 1;. printers-T. If P. 1:1$/s' flan eee bin 4 Eccle t Ed e °n,Lancashire, stone del er Stan Oa ." Corn, J. lear• ft. o, and J. Lythgee, Fur s s r egar ds ri 105 10 : 1 ,' Yorkshire, l ß un u a rn tie earthenwaremanufacturers (so far o s te P`,! nix d• cock)-G. and Bucklersbury, City aansdylultat. uNeieepheors__onb, 13e rociv ig a e o lp i iir :::: E. Beveridge, and A. Finch, Garrat-10° c i, J.. o ' . o j e t ni . ' ridge)-B. Wooldridge and E. Guest, ( so far r oot' 10 000 auctioneers. nt o,s. Philip Bell, ell,INNSorOthLVEEImNhTater, EoTdIdTieVAI James Thomas Is om . Bristol, cabinet actakeYv'opter. Blackford Caine, Wiltshire, o,"iabottrer'er, Robert Bats,Jonathan liirkling ton, Cumberlann% onneep Forster, Athuret, Cumberlow ot , toi P. Robert‘Mason Nottingham,ill Y ee hir e ' Johnßicha m rd Griffi rn 0 11 3P" ,T ) „, p h s ... , deal'r . enees John Pe-cer, ju n ., Kinoultor, ... 0 ler . . beta' nSutton, Cheltenham, king e e " elli Pg Wi ll i am u. wor t for 6 n p . to e n h , cr. e C i t h e e n i h te a n ia l 7 ra br ' i gleerlY,. o ,o3er. Morgan, Kinnerley, Shropsbire,nr,, Robert 'it Lawson, Liverpool. leather del--o'ss‘ vo SCOTCH SEQUESTItASI pet. t, e ) , s i) P. M'Gowan, Glasgow,general Ine re Aug. ,' within the Pope's q - n ine • Sept. 11, at twelve. fill , , e , Pe e we , . 0 A. Miller Glasmanufacture,, to , Hotel, : gow, c„ P . 11, t of Globe J. Glasgow, Aug. '2l aim ''P t to Mee ass tr e .. Gorbet, Glasow commission age ) 9, pt . 16. ffi the Crow hotel, Glasgow,' 23 sl2cl Sept 90a 0 Aug. gooier goe J. I'irrie, Garlty, Aberdeenshire,. ___ s kin, '- dealer , to meet within the Gordon 17 at ogie. 0' Aberdeenshire, Aug. 21 and Sent. 1 ' cot ..elif/ I Sr The PRICE OF SUAR' o do Sesejtos. 4 average price of Brown or Puse° rid ing tbet ie , Puted from retmade ' the week „ at ibie , urns in , a id or P' .... str 1850, exclusive of Custom Duties p • ta gl a -egc on the importatienareat 13ri ‘a . p thereof into - . 255. ° 3 O ,t From the British merles „ . possessions in A pa. 0 B,d' o From th e .... i. Mauritius ... ••• '" 233. 4 lont the East Indies •• ". ". Ave7ge price of the three foregotag d tad. r s ptions of sugar, jointly, com Pated es 255. • , e above and , exclusive of duty ••• 1 arliamee7Cone / By authority 0 , F l2 - ( G r ocer s Grocers'-hall, BICKNELL, Glee>: Of t all, AiiK.l6.---- 01 1 S, I vift i ‘ RAILWAY SIIAIa - N P° the o ;Li 16. pi aeli ,lc a BRISTOL, Aro . „wed „Jig STOCK F as .ECHANT/E.-The market re t; co be ing Forth yesterday, the only variation in P i t r Midland, 16 1 / 2 . 1 6, , esg done iv ? Li VERPOOL, Au () ; *r 0 5 ' 11 ware A . ..• STOCK Ex „ 0. • v s , t , i; 6 , orraarGE.-There Was ,- ~,,cO.O ~, 9 site day, and tria - fitl.' yeals to prices were better The 5010 • 0 ... 110 low :-L Ditto, rlcashire and Yorkshire, Con s iA digi, o bite . it . Fifths (West Riding Iniioo)' l ord Cl'na 18 5 °' d o f Musk 6 AJ-Ri k h I h ir ent. w e st r. r en-ead, ...ancas--,.north ' / In' C. and B.), 221. Shares, teed e perk dis. -East guaran uti Qua „ he y 0 Lancashire, 8% -L0nd0n...400 to ullia" v Jr 112% Ditto, 11 , ..... -y . o, New Quarters, 1M IN„swestri, 13....-See,4, 61/-Ditto. "t4S -Shrewsbury-, v et ent•!,, i old,l'. Preference, guaranteed a P aTorth S i° , irl d i l Eastern • and Dover, 14 9-16-York as , 16. , n -tilu d e ' MANCHESTER, M l . i .i at icet , •„" 5 o',, - are' STOCK EXcIIANGE.-The share _„4ctine• doeine, active, andprices lire trae- , 0.0,,tit follow: _East were firm. .. en d al ella n ( 115. IV' 5A n.•-zast Lancashire, 83e.-Is.en'ea te rs, 7 Of 0. P' Fifths, - 9 Lancashire and Yorkshire, qi,a_itreiryf est„, 1 1 0 1.) , -Ditto 1-16 dis- London and -o,,uu"siners(tViaste Manchester_ Manc , hes, and Birmingham, !"'_ Qaartgestere, guaranteedt;r, Sheffield, and Lincollisqlr__e,soatti:,, A Dover, 141 Ve per cent. till 18) 3, "a_ k (ae. 41 A t -Ditto, Consolidated Stock ,„ 0. York and North Midland, 16M ifeiv prr • 13 YORK, AO. .• s to-tlai eft°. STOCK E s XCHANOE.-The transactio.ne v.• vi i! . . ery , follow-- teed 5. heffield,Rotherham, a nd Goe t ,,'„, sod • 1 41. N. E. Purchase cen t . ) , 181/-York, Neweat'asa, i/- 4 Purchase), .1-York g o eof y e { ----------- of " don [ADvE te Cep IP/ CiF RTISEMENT.]—A. desPela ,gr• i ,ll 0' cured by Holloway's 'Pills. •s e i Sydney h Ointment and f 001101 irl ill J eff in New' ; olesale agent for tbe sale 0 __. yeas , so, ploy of outh Wales, states that ThRol"000111,.,, beclfoto Mr. Charles Thomson, of Iser°,,, an d la" 0 '. g b e l o afflicted for years with scrofula in the neeteo,. w ine . 0 tri e l covered with 1 gel 10 a peculiar kind of Pira&' oat IleorP ee tb e e s t ° watery mucus. He had been at consider _ace. titit, various medicines t P e s t , but without any .gOO4 ef ory abort ._ 0 9 j Holloway's Ointment and Pills, which nal 7 ' ed j o tio. st sa effectually cured him that he has continun noggio,,, health to the present time.--Sold by osto-nd, IA u: ... 2,r , ". Pro Professor Holloway's Establishment, 244., On the 14th inst., at Exton-Virkt dg' 8110118 , .; s Ag ll OF A 80 14. • d 1,04.4 , of an heir. ." 1 ., co re, Of On the 9th inst., the wife of C. li. Patin° be 1 bri • dge-villas, Camden twn •t, t iDO ' At New- o • ~, 1 3th Wyndham-house Brighton, cn the KO of W. H. Smalipiece, '' Esq. O f the Olnadt3h,eo of the inst., J. Stratton OF AD A I.lolll'lo. __ grg. e On the 16th inst., at Devonshire-terracey ob i/ Dickens. hi Sowerse p on f 0° oh ° i th e MARRI O• PIO (1,0 1,• At St. Mary's Bathwick, Bath, 'George pu rnfo r eiis. o Ordnance Department, second son of C olonel h, 00 - • beth , of Royal Artillery, to Mary Georgians Eliza lite r o ter of Charles Beaven, Esq., and gEanddaug goo' ri ' Hamilton Earle, sth Regiment of f oot• ~,,, 00 ~ o f On the 15th inst., at St. James, riccatoo•youghtel ton Windsor, Esq., of the Treasur, to Allf,; ri cast er ' late Ellis Fletcher, Esq., of Clifton- house, • StSrhaettotn cillecastu.llllll r CA° - - ---- -- ~ O r ' , O' NED. "wept s'P s„ On the 12th inst., at South-bank, ea b 4. oloi ll a, George Folkard, of Lyon's inn, Strand, sg ~,—er 1 , tr ros 04the 13th inst.,_ at Bedford -terrace, u',.fibeCvseockf Elizabeth Mordan, relict of Nash, te S. 11forcli?ftuo'n, arrifie!ict u On the 13th inst., J. C. Escl,°f 1000' tfr, W O ill o ia t in he Ki l3 n t g h iangste.d, a7tG.Leolninster, ba ra ,-,..,. . :1. u" William Thomas, of the same place, agecl,p:',rovier.s" ' At Crown-hill, Norwood, and late or _, 0 ( ---- th , --,--,--011"; ils, - jgriti Itio._, ob London: Printed and Published by .- oe , „1 11' 112, Strand, Printer, at Vie Sos o Q t . s'ktrand. in the Product of tho P 1 ig , . Paiddl eN ex, Saturdity, ,iipswit 171 o'' ... W IT, -4 e.,, ..... it =- c.,,, co c-, -... t.. 2 czi ~. ez 4. -4 -4 10 00 , CO (,' ~, =:' P... - 0 :o 93 $.3 ~ 4 3 p o .p.: co co r : ..., 0 0 0 0. 0 - 3 0 ,--. cp In .Co lo 43 ......a to 8 Oro ~,, .0. an zn -4 -4 c - , 0N- cra lI.D ~ = CA oca .:.,, CD ~OCA cD rt. CD 4. I' D g• ii: 7 o 0- -, 0 o O ND CD CD CD b 0 00 t- , CD CD CD F C. i ,:, t i t F ft. 44 E'C' A 0 o o c.. 3 co 0 0 4 , 10 -41 o o to . ', •-• CD i ' if b../ cn ts, •-• o 4:3 E 2, ~ ..- ......p ND :4 CO c..; $.3 .--. cD - 4. 10 Pi A. 0 ::: 2 Z. 71 ' CD 0110 c..., bt'ao ..D . ::4 74 , it 0 -,:l .... c , . ~... c o .... et, -4 - -4 --, .-... , .4 C. ~ .0 CO CO b."., W.. Ca co z x. eti p a. = gz, ..... ~,, 0-‘ g•• b , d 1 , .• CO co ~.• • ~.0 CO OD g , cn ...4o c --I •-• c:3 Co r.. 00 .- c... co .c- c... pa c ... ,-- o r-r• ,p, 4. p cl . CD CDC: 0 " 4. CLI C 4 C 4 0+ +4 FL p 0 K. p- Nn c,O c, tO c , CC Co a :0 ,- c, tsn ,-, C, C7l CT tC, ~..7). .5 .2 w 93 13 -4 0.6 4 , .....Z090 co tt s 7 -3 o 00 O 0 c.. CO CO ND , I o c7c oo to ....... .- 0 -4 o-4 s) . 2 C. 4 CZ c. 0-4 N. .-- N.+ N. c, cn. •-• .... .1 (3 t•-• CZ/ r—• ... 0 4. Ico CA C. 3 Cr, co 4 ,, 00 CA .... 9 . P :Ft; z • 0 Cr p..• .• 0 CO CCO 0 Cg , MI Ca o— 0 .-. A. cL, .—. -4 p. , Cs " The above are exclusive of the following not provided I c • ~ .. . " The above are for in the estimates:— Calls on shares in the Lancaster and Carlisle Railway ... Calls on shares in the Manchester, Buxton, and Matlock Railway ... 2,375 0 Os Charge for locomotive engines, &c. ... 3,505 3Of " I may add that the above estimate is the aggregate of 175 minor estimates, which are again subdivided intro 415 distinct heads, to which the several payments are posted as made, the whole being balanced and submitted monthly to the committee specially appointed for the su pervision of this expenditure. "I am, Gentlemen, yours faithfully, &e., "J. E. COLEMAN, Public Accountant. "London, Aug. 8, 1850." £10,49 13 4* The" statement of the joint-stock capital" shows that the total joint-stock capital upon which dividend or inte rest is payable is 22,467,2811. Of this, 15,645,9761. is entitled to full dividend; 2,341,6801. entitled to full divi dend, less 5 per cent. on amount not called; 4,209,6281. entitled to 4 per cent, dividend upon amount called until July, 1852, after which time full dividend; and 270,000/. entitled to interest at 5 per cent. on the amount called, and half surplus profits beyond that rate. The calls in coarse of payment are 231,0101., and the calls which may be made 3,408,285!. The amount expended, and upon which dividend and interest are charged to revenue, is stated to be 25,457,8081., and the entire expenditure to 30th June last to 28,692,566/. The debenture debt is stated at 9,922,1811. Of this the sum of 4,174,478/. 103. 23. has been applied in pay ment of calls in, and raised specially for the US3 of; subsidiary lines connected with the company, and re presented by the capital of the respective undertakings; leaving a balance of 5,747,7021. 10s. 2d. appertaining to expenditure on main line and branches. The expenditure in respect of capital account has for the half-year been 191,949/., under the head of " stock in hand and works, includiu,g stations, tunnels, bridges, permanent way, wharfs, warehouses, Parliamentary, legal, and all incidental charges." The following are the details of this item of expenditure:— MAIN LINE. ay roenta for additional land and ottutand- ing claims, St. Albans, Stowheath, &c. £7,248 17 1 Now sidings, junctions, and sundries . . 5,758 15 6 Euston and Camden stations ... ... 12,900 3 4 Sundry stations on the line, including waiting and refreshment rooms at Bletchley and Stafford... ... Crewo works and station London-road station, Manchester ... Lime-street station improvement, Liver pool ... E!eetric telegraph ~, ••• ••• Sundry outstanding accounts for Parlia mentary and law expenses, and eon veYmeing ... 4,252 18 4,644 10 7 •.. :3,115 16 1 3,453 12 6 ... 7,316 2 9 500 0 0 £50,429 9 •4 Less received for sale of surplus land and materials ... 8,761 7 'al -P49,100 16 5 " Represented by the augmented value of these shares. fi Additions to stock. (K) To interest on loans To North Union Railway for London and North-Western proportion of guaran teed dividend and working, expenses... 49,205 9 9 Less amount received for traffic— ... 42,239 16 1 £6,965 13 8 ----- To Preston and `Pyre Railway deficiency 4,500 0 0 To expenses of Peterborough joint sta tion, and on account of arrears To chief rents To Shropshire Union Rail way deficiency, Dec. 31 , 1849 ••• ... 4,624 8 6 Less dividend received ... 1,972 0 1 ... 2,500 0 0 ... 3,025 10 7 2,652 8 5 This shows a total expenditure of 621,1711. 9s. 2d., which leaves a balance of 527,2171. Is. 5d., less 8,947/. 45. 6d. ; renewal for rails, and 1,0501. 18s. inte rest at 4 per cent., on 52,542/. 10s. (set aside on rail account), from let January to 30th June, 1850, so that the net balance is 517,218/. IBs. I Id. To this must be added the balance of 88,2621. 16s. Bd. from the last Dec. account, making the balance 605,481/ 15s. 7d. Out of this sum the directors proposed the following divi dend :-14,496,877/. consolidated stock, at 5 per cent. per annum ... _ ... 362,421 18 6 s. d. 64,910 L, and 13. 201. shares, at 5 per cent. 10 0 Less int, at 5 per cent. on amount unpaid 4 2 -5 10 per sh. 18,932 1 8 8,587 G. J. 401. shares, at 5 per cent., 1/. 8,587 0 0 70,000 M. and B. 101. C. shares, at 5 per cent.... £5 0 Less int. at 5 per cent. on amount unpaid... ... 4 6 0 6 1,750 0 0 168,385 L & N. W. 251. shares, at 4 per cent., 4s. 9 / 4 1.... ... Capital of Huddersfield, and Manchester, and Leeds, and Dewsbury ... ...£1,641,570 Less 3-10ths... ... ... 492,171 . . 40,342 4 9 Z 1,149,099 At 5 per cent, per annum . . ... 28,727 9 6 460,760 14 5 The account will stand thus:— To disposable balance ... ... 605,481 15 7 Proposed dividend ... 460,760 14 5 Balance to be carried forward 144,721 1 2 The CHAIRMAN moved that the report as read, with the half-yearly statement of accounts, be received and adopted, and printed and circulated among the pro prietors. A SHAREHOLDER asked the Chairman whether ar rangements with regard to the Great Western Railway Company for the purpose of preventing the unneces sary waste of capital in the construction of branch rail ways, and also with respect to the facilitating the trans port of traffic, wero likely soon to be carried out, and secondly, whether he could state precisely the time when the capital account would be closed? The CHAIRMAN replied that the directors had made a proposition to the Great Western Railway Company which was still tefore them, having both the purposes to which the Hon. Proprietor referred; and they were awaiting the answer of the Great Western Company. With retard to the second question, he 'could not enter into any particulars but such as would be vague and unsatisfactory to the Hon. Proprietor. M r. SANDYS asked whether the 90,0001., the increased demand upon the revenue which was to take place, was to come out of the whole year, or the next half-year? The CHAIRMAN said, provided they opened out all the lines now in the course of construction, the amount that would be set against the halt-year would be 80,000/. It was not a matter of certainty that all those lines would be opened, but ho was anxious that the proprie tors should have before them the probable amount of liabilities. Mr. SANDYti asked what was the number of miles still to be opened, and when the lines would be opened ? The CHAIRMAN said, with regard to the date of open ing, he was not in a situation to give an exact answer to the question. Ho thought that the number of miles that had to be opened would he about 75. In reply to another Proprietor, The CHAIRMAN said the works at the Birmingham station were suspended. Bat the directors world be able to afford full accommodation to the town of Birming ham, without going to the full expense that was at one time contemplated.—(Applause.) In answer to a question by Mr. ROZERT MooN, who reviewed the expenditure on account of the Bucking hamshire Railway, and with respect to the Birmingham, Wolverhampton, and Stour Valley Railway Company, The CHAIRMAN said, although there were certain heavy charges on those accounts, yet there was credit to be taken for the receipts of the company on those lines, whatever they might be, and on some of the lines the amount would be very considerable. A PROPRIETOR asked when the Stour Valley line would be opened. The CHAIRMAN'S impression was that it would be opened somewhere about the end of the year. There were certain arrangements, connected more particularly with the town of Birmingham, which prevented him giving a more direct answer th an t h at. Another PROPRIETOR asked if the L on d on an d N or th- Western Company had gu aranteed the Caledonian Company, which was in great difficulties, in fact in a state of bankruptcy? An impression had gone forth some time since that this company had guaranteed that company. The CHAIRMAN said the best answer to the Hon. Pro prietor's question would bo that if this company had guaranteed the Caledonian Company they would not have been bankruptcy—!Hear, hear, and laugh ter.) of telling the Hon. Pro prietorin a a t state thishad othf companyeb an k r u satisfaction a no engagement with the Caledonian Railway Company. T hey were anxious to see them out of their difficulti es , b ut further than that the i h e London and NortheWestern had no concern with them. A SHAREHOLDER called the attention of the meeting to the loss arising to the company from the re ceipt of light gold. On the last occasion the loss amounted to 1,4001.; but, owing to his s ugg estion that scales to weigh the gold s h ou ld b e pro vided at each station, it had diminished to 400/. He complained of the largo amount of commission (1,5001.) paid for the collection of the debts of the com pany, arising on the merchant traffic, and suggested that it might be considerably reduced by a different ar rangement. To the item of 1,6001., which had been paid to th e Guarantee Society, he requested the chairman to give some explanation to the meeting. He then alluded to the propriety of establishing a central place on the line where patterns and models might be seen of the articles and materials in respect of which the company had ad vertised for contracts, observing that contractors were placed under great difficulties from not knowing the exact nature of what they agreed to supply. He had himself sent in a number of contracts, but for some rea son or other he had never had the good fortune to suc ceed.—(Hear:) Mr. WILLIAMS proposed that no banker should be allowed to have accounts with the company unless they received the gold just as it was received by the company.—(L a ughter.) He thought all would agree with him, when he said that the Bank of England, after it had reevi.ved light gold and made deductions for it, was in the constant habit of paying it back again. The CHA TARDIAN said the amount ofloss on light gold had been coneaderably reduced, for after the last meeting scales wero ordered, and they had been used as frequently as poss;:ole_, but he c ou ld not disguise the fact that this ewers° has given very great offence to the public • , for it Often happened that passengers wero detained getting their tickets. However, the directors would endeavour to do their best; but h o thought it would be unrea sonable to ask their bankers to take light coin as if they received it in full.—(Hear.) As regarded the recom mendation for the exhibition of models and patterns for the guidance of contractors, he thought the subj ec t was well worthy consideration, hut if the Honourabl e Pro prietor had been unsuccessful, he thought his con tracts must ah vo been not so good nor quite so low as others, for the directors h a d worked most indu str i ous ly to obtain the best contracts, and had shown no partiality to any individual.—(B ear ,) He did not think 1 ,500'for agents' commission on the co ll ect i on o f d e b ts wa s a very large sum to pay, con sidering the magnitude of the accounts th e y had to deal with, particularly as regard e d the good • traffic. %Vith regard to the Guara n t ee Society, he said the amount set down in the accounts would not occur again, but the directors thought it only right when they c a ll e d upon their clerks to obtain the security of the Guarantee Society, in the place of the private securities which they had previously furnished, that the expense of the new bonds should be paid by the company.—(Hear, hear.) The security of the Guarantee Society was undoubted, and it, besides accomplished a moral good, because previous to be coming security for any clerk an investigation was in stituted into his moral character.—(Hear.) After some further discussion,