The Sun. — London, England, 1868-03-06 00:00:00

STIRIT OP THE PUBLIC :01:TENALO; Mr. Disraeli's triumph when he entered the House of Commons as Premier amid sympathetic cheers from all sides was, says the Times, complete. He may never attain a greater exaltation. The nation will not grudge him the glory of that hour. But the nation cannot suffer its interests to be sacrificed to a phase of passing senti ment, however justifiable. Mr. Disraeli took his place on the Treasury bench as the chief of a Ministry, and he had undoubtedly proved his right to the position. Mr. Bouverie, the self-constituted critic of the evening, ex pressed the general feeling when he declared that Mr. Disraeli had fairly won his position. The right to take a place must, however, be distinguished from the right to keep it. What had Mr. Disraeli to offer as the programme of Ins Cabinet ? He began his speech, as was natural, with an eulogy upon Lord Derby, and he selected as the charac teristic least appreciated by the world Lord Derby's vast ca pacity for labour. This introduction, under all circumstances graceful, was last night eminently appropriate, inasmuch as Mr. Disraeli proceeded to declare that the new Govern ment inherited the opinions and principles of Lord Derby's Ministry. Lord Malmesbury made a similar statement in the House of Lords. Unfortunately, such an explanation is an instance of the figure ignotuin per iynotins, and it is a disappointment to find it formally announced that the opening of the second seal is to reveal no more than that of the first. The foreign policy of the Cabinet will be the same as it has been, or, in other words, it will continue to be directed by Lord Stanley. The critical question is as to the domestic policy of the Ministry, and here Mr. Disraeli declared that the Administration would pursue " a Liberal policy." The Opposition cheered, and those on the Government benches, who were not too much astonished— " Stared with great eyes, and laughed with alien lips." /Is for Ireland, " there is a debate coming on next Tues day, when Lord Mayo will declare the policy of her Majesty's Government with reference to the sister island." Mr. Disraeli has done much. He has spent half a life in the House of Commons, and he knows its tone of feeling, its habits of thought, the extent of its aspirations. But there is a possibility that in studying the House of Com mons he has paid too little attention to the nation outside it which has to he governed. The House is in many respects —perhaps in most•—the counterpart of the nation, but not in all. There are diversities, and even delinquencies, on the part of the popular assembly, compared with its great original, which are scarcely capable of definition, but are still real and easily recognised. It is at all times dangerous for a Minister to confound the two together, and to pay attention exclusively to either. He may find that, though the favourite of the House, he has lost the confidence of the country, or that while an object of popular enthusiasm the House will no longer listen to him. But it is doubly dangerous to neglect the distinction between representatives and people on the eve of a Re formed Parliament. At such a time it is necessary to be more than a master of parliamentary management. Go vernment, according to the exigencies of the situation, does not stir an unenlighted mass. They require an enun ciation of principles, an unequivocal declaration of policy. It remains to be seen whether Mr. Disraeli will rise to the emergency. He is, undoubtedly, in a position of great difficulty, and he cannot be harshly judged if he prefer to shape his course as apparent necessities suggest. But if he would do something more than secure the support of a moribund Parliament, he must dare greater things than he announced last night. It may, perhaps, be hypercritical, the Post remarks, to complain that Mr. Disraeli has thought proper to indulge so largely in generalities and to grace his first speech which he has made in the House of Commons as Prime Minister with the platitudes one is accustomed to find in hustings orations. But, frankly, we think the House of Commons deserved to be treated with a little more can dour and a little more respect. We are quite willing to make large allowances for the peculiar position in which the Premier is placed. He acknowledges frankly that he is in a minority, and he does not affect to ignore the immense difficulties which beset the path of the Minister who attempts to conduct the Government of Great Britain under such conditions. So long as Mr. Disraeli maintains his present position he must be presumed, and conclusively presumed, to possess the confidence of Parliament. It is not his fault if he finds hims:lf obliged to have recourse to shifts in order to retain it. If his mode of reconciling a hostile majority to his system of party government be successful, its honesty or expediency cannot be justly questioned by those who tacitly endorse it. A few days hence it will be necessary for him to proclaim the course which his Government pro. poses to pursue in respect to that which is at the present moment the paramount question of the day. When that declaration of policy is made, it will be for the majority to say boldly whether they approve of it, or whether, in the contrary event, they are prepared to drive Mr. Disraeli and his colleagues from office. The issue is thrown on the Liberal party, and they must make up their minds how they will deal with it. The general meaning of Mr. Disraeli's declaration is, Ikrald observes, plain and practical enough. He inherits the principles and the work of Lord Derby's Government. He has to finish the work of Reform ; to carry the Scotch Reform Bill, and defeat the attempt of certain members of the Opposition to reopen the whole of the question of redistribution, settled last year by a wide and liberal measure of justice to new and growing com munities ; to pass the Boundary Bill—the rectification of abuses as convenient to one party as the close boroughs once were to the other, and as fatal to true representation; to avert, by carrying an effective Bribery Bill, the worst danger incidental to an extensive suffrage. Upon other matters open to more dispute, and likely to excite more angry and evenly-balanced conflict, the Ministerial chief has spoken out, in a tone which commands the confidence of his party. Firm fidelity to our principles ; firm faith to each other ; a bold front to the enemy— such, in sub- stance, is the mot d'ordre of the new regime. It promises well. A Government true to Tory principles will never find the faith of the Tory party fail ; and at the present time, at least, a Tory party that can present a united front to the divided and disorganised Liberals may, despite the thunders of Mr. Bouverie, confidently hope to repeat in 1868 the victories of 1866 and 1867. There is nothing, says the Standard, in the programme unfolded by Mr. Disraeli to excite much interest or pro voke any enthusiasm. It really tells us nothing that we did not know before ; but it was impossible for the Premier to have told Parliament any more. There was no revela tion to make— no news to communicate. Mr. Disraeli could only say to the House of Commons that he• would pursue, as head of an Administration, the policy he had pursued as one of its most influential members ; and the wonder is that, having so very little to say, he could have made a speech so eloquent, so felicitous, and so free from all surplusage and verbiage. Trades unionism, the Dail) News contends, is not con fined to the lower classes. In the medical profession the trades union spirit has been exhibited in the persistent at tempts to throw difficulties in the way of ladies seeking to qualify themselves by study and examination by the autho rised boards for a title to practise among their own sex. A little while ago the name was published of a gentleman of distinguished ability, who had undertaken to deliver a course of lectures at the Ladies' Medical College, and instantly a medical newspaper came down upon him in a paragraph intended to induce his brethren not to meet him in consultation. It appears that the Court of Assistants to the Apothecaries' Com pany, having taken legal advice, find that by Act of Parliament they are not permitted to exclude women from some of their examinations ; but the Medical Times informs us, with exultation, that the Court of Examiners in Medicine have contrived to do by a side-wind what could he done by a direct prohibition. They will make the female dissect with the male student. We commend these facts to the good people who think that coercion, restriction, and the tyranny of combination are peculiar to any one class of society. It will be a great day in Eng land when the right of every individual to make the most of the ability which God has given him, free from interested interference, is recognised, and to that goal wa are surely advancing ; but our progress is slow, and it is very clear that it is not only in the lower ranks of the community that the obstructive trades union spirit is energetically operating. The Telegraph wishes to have the doctrine of treasure trove more clearly defined. A story is given in support of the want. One John Collins, a labourer who for fourteen years has been in the employ of Mr. Alderman Lawrence, has been charged at Guildhall with the unlaw ful possession of twenty-nine old guineas and twenty old shillings of the reigns of the Stuarts and the first three Georges. Collins, it seems, had been at work at the erec tion of a strong room at the Scottish Insurance Office in Cannon-street. The house itself was built by Mr. Alder man Lawrence's firm about sixteen years since. John Collins had also been employed at an old house in Throg. morton-street, and the prosecution assumed that he must have - found the treasure in question either in Throgmorton-street or ann6n-street. It was staled that the men employed Wore bound to bring they found to their employers ; hut they gene. rill:- considered that if they f,,und anything, it belon,ged to Oicni. It WAS (1 that Collins hod always b known as a straly:liff , ,l - v . ar.l and upl.ight man, and that up to the present time character hail been without a flaw. While we have not the slightest wish to prejudge this case, we may point to the gross anomaly which becomes apparent when a woman who finds a ring sum mons before a magistrate the pawnbroker by whom it is detained ; and when, on the other hand, a man who is supposed to have found some gold coins is subjected to a criminal prosecution. The law as to treasure trove should be definitively established, not by the dictum of a judge, which is frequently open to discussion and misconstrue• tion, but by a spurt and explicit Aci; of I'arliamcnt. IHE MIDNIGHT MZETING MOVEMENT. The eighth annual Meeting of the friends -connected with this movement has been held at the Freemasons' Hall, Great Queen-street, Lincoln's-inn-fields ; Mr. Robert Baxter in the chair. There was a large attendance of ladies and gehtlemen. The report which was presented stated that during the year ending March 5, 1868, sixteen meetings had been held, and 173 poor girls rescued. Last year the number of meetings held was 28, and the reason why there had been a diminution in the number this year was in consequence of the debt which the committee awed at the commencement of the year to the various homes for the board and lodging of the girls, and the determination of the committee to hold meetings only in proportion to the amount of funds at their disposal. One of the most difficult questions with which the committee had had to deal was how to employ those who once occupied a higher position in the social scale than domestic servants, who constitute the greater portion of the unfor tunatc:3. This question, they were happy to say, had to some extent been answered by the establishment of the Hope Printing-office and Home, mentioned in the last report as in course of formation. The printing-office was now open and working well, though on a limited scale, for want of funds to purchase a larger stock of type. Though the office had only been open six months in January last, orders for printing amounting to £223 3s. 11d. had been received ; the wages earned on those orders being £156 11s. 6d. The specimens of printing which had been executed by the inmates were both gratifying and en couraging, showing as they did how suitable this branch of labour was for well-educated women. At the request of several friends and subscribers, a new branch printing office (in a distinct and separate building) was being formed, to receive, instruct, and permanently em ploy more of this class of gentlewomen. The committee stated that their funds had been well sustained during the past year, so that, though fewer meetings had been held, the committee had been able to discharge the debt of £2OO under the pressure of which they commenced the year. £1,320 10s. 6d. had been raised, besides £lOO for the home in Paris. The following statement may be interesting as indicating the social condition of those who have been rescued through the efforts of the society between January 1867 and February 1868 :—ln service, 206 ; at needlework, 10 ; factory girls, 20 ; married, 4; char woman, 1 ; union case, 1 ; of no previous occupation, 13 ; no account given, 29—total, 284. The committee, while grateful for the aid which they have received, feel that were their object and the means they employ more clearly understood by the Christian and benevolent public, yet more abundant support would be cheerfully rendered, and the means supplied for extended effort. Upon the motion of the Rev. G. H. Stanton, the report was adopted. Several addresses were then delivered, amongst the speakers being the Rev. S. H. Hilliard (of New York), Mr. W. Morley, and Mr. Baxter (the chairman), and the claims of the society and the objects it has in view were urged in appropriate terms upon those present. DEA THS TRO.II STARVATION. A very important inquiry nas been held by Dr. Lan kester, the coroner for the central division of Middlesex, at the Lord Nelson Tavern, Holloway-road, on the bodies of two boys, named respectively Charles Arthur Tullet, aged 7, and Frederick John Tullet, aged 5. The jury viewed the bodies in the deadhouse of the Chapel of EaF, to which they were removed, and were much struck with their attenuated and emaciated appearance. Eliza Tullet, the mother of the deceased boys, said she lived at 15, Clayton-street, Caledonian-road. With respect to the elder boy, he had never been well from birth. For the last three months he had been subject to fits, and he gra dually got worse. On Saturday he complained of being unwell, when she laid him on the bed. Shortly after he had a fit, and in a few hours he died. The second child complained of a pain in his head, and was ill on the Thursday, when she gave him some castor oil. On Saturday he got worse, and compinined of heat of the body, and she laid him down on the bed by the side of his brother, who was then in another fit and insensible. All her children in early age had fits, but some had grown out of them. They were very poor, as her husband a year ago had suf fered from a severe illness. Since Christmas he had been out of work, and at present he was very ill, with little or no hope of recovery. Two of the eldest boys were out at work, and brought in a little money, leaving 3s. after the rent for their home was paid. She and her husband also got little odd jobs, but the whole receipts afforded them little beyond starvation. On the Friday the children had a little rice for dinner, and afterwards some bread and oatmeal, and bread in the evening before going to bed, at half-past seven. Dr. J. T. Slater, parish surgeon, was next examined, and deposed to being called to the deceased, at 15, Clayton-street, Caledonian road, at four o'clock on the afternoon of Saturday last. He found the elder boy insensible and convulsed. The younger boy was simply insensible ; and both died shortly after his attendance, the younger subsequent to the elder. Dr. Edward Ballard, medical officer of health to the parish of Islington, said he had made a post-mortem examination of the bodies of the two boys. The elder was very puny for a child of seven years of age, and was rickety and very much emaciated. The intestines were completely empty. Death had been caused by convulsions brought on by starvation. The child had been starved for some time past. The second child was also rickety, very small for its age, and emaciated. The small intestines were entirely empty, but in the larger there was some thing fluid or semi-fluid. This case also was a death from starvation. John Toilet, the father of the deceased, said he was a whitesmith. When in health he earned from 30s. to 365. a week, but he had been out of work for 12 months. Sometimes he got a job and might earn 10s. a week. He did not see the children until after they were found dead. In reply to the coroner the witness said he applied to the parish for relief, but they would not assist him unless the whole of his family, including himself, went into the workhouse. He lived in hope and felt he could not break up his home. He therefore tried to struggle on. Mr. Stanwell, the coroner's officer, said the father of th, deceased was a most respectable man, and was very sober. In answer to the foreman, the father of the deceased said that work in the stoneyard had been offered to him by the parish at 9d. a day, but he was unable to do it. Mr. Stan well said, from his knowledge of the father, that if he were put to break stones he would not earn 6d. a day. The mother of the deceased said she had applied for an order from the relieving officer of St. Pancras Workhouse, and was told that as her husband was a whitesmith she should not ask for relief, and that was after he had been out of work for six months and ill. Dr. Slater said the room in which the family lived was very clean. It was poorly fur nished, but, literally speaking, "you might have taken your food from the boards ;" the flooring and everything was very clean. The landlady of the house volunteered evidence. She said it was almost heartrending to know the condition of the family who resided in her house. Under starvation their honour was extreme, and they only owed one week's rent. She knew they wanted " bread," and she had exerted herself to obtain relief from religious visitors. The coroner said it was a very melancholy case. It was one that might have been relieved by the parish. The jury agreed with the remarks of the coroner, and a combined verdict of " Death from convulsions by starva tion" and " Starvation" in the second case was returned. A collection was made, and upwards of £1 was given into the hands of the father, who was stated by the coroner to be entirely unfit for work. THE CLERKENWELL OUTRAGE.—TiIe little boy Arthur Abbott, who has lain so long in the Royal Free Hospital, and who was reported to be blind from the in juries he received at the recent explosion in Clerkenwell, has suddenly recovered the use of his eyes. EXEMPTION OF COTTON FROM TAXATION IN THE UNITED STATES.—The following Act was approved of by both Houses of Congress on the 3rd of February last, to provide for the exemption of cotton from in ternal tax :—" Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, that all cotton grown in the United States after the year 1867 shall be exempt from in ternal tax ; and cotton imported from foreign countries on and after lst of November 1868 shall be exempt from duty." HOSPITAL NURSING. —The Bishop of London lately paid a visit to King's College Hospital to inspect the nursing arrangements, which are under the charge of the Sisterhood of St. John's House Training Institution for Hospitals, Families, and the Poor, of which his lordship is president and visitor. After going through the spacious wards, fully occupied by patients, male and female, and the Pantia Ralli children's ward, all in excellent order, the bishop visited the hospital chapel and the apartments assigned to the sisters and nurses, and expressed himself highly satisfied with all he saw. At present, ten ladies con nected with St. John's House are engaged in this hospital, together with a large staff of nurses for day and night duty, and others under training. DANGEROUS QUARRELLING.-A new danger to be areaded in railway travelling has been brought to light at the Yeovil borough sessions. Francis Sweet, a stoker on an engine, in the employ of the London and South- Western, was summoned at the instigation of the corn piny, by William Jackson, a driver on the same engine, for a breach of the peace. The nicn had quarrelled, Jackson threatened to screw Sweet's head off, and Sweet in return said if he did, he'd put a pick into his. Mr. Watts defended Sweet, and Mr. Bent appeared for the company, who considered it necessary to prosecute, because if the quarrel had occurred on a journey serious conse quences might have ensued. The bench ordered them both to be bound over to keep the peace for three months. The men do not now work on the same engine, Sweet having resigned because Jackson had threatened to throw nina off the engine I?cfcre. THE SUN, LONDON, FRIDAY EVENING, MARCH 6, 1868, RAILIVAY INTELLIGENCE. Mr. ADAMS was in favour of supporting the board. He was glad to see a great improvement in the ma nagement, and suggested that they should now en deavour to issue a debenture stock for £13,500,000, to pay off the debentures and borrowed money. They bad ample security, and could raise it by in stalments. The CHAIRMAN, in reply to various observations, said the company charged its maximum rates in most cases. He thought he might meet Mr. Parkes's view by confining the operation of the dividend bill to the past and the present year only. It would not do to be placed entirely in the hands of the money lenders. No one knew the difficulties the Board had had to contend with in the past two and a half years. £1,000,000 would meet the. present emergency and carry them through. If the money was raised at once they could pay cash dividends. They would know at the end of the month whether it would be necessary to issue deferred dividend warrants. If they could reduce the debentures to £6,000,000 or £7,000,000, there would be no difficulty in renewing borrowed money. If a receiver were appointed, he would go on paying off the interest and the debentures as they be came due until they were extinguished, but he thought their affairs were much better in the hands of the present Board. He very much re gretted to see Lord Redesdale expressing an opinion on a question that would have to come before him in the House of Lords. They had quite enough to contend with without having their case decided before it was heard. They kept a large balance at the Bank of England to meet claims of debenture holders, and he was glad to say the Bank had treated them very handsomely, by not charging them any commission. The Bristol and South \Vales agreement would not come before them at present. The reports were unanimously adopted, with the amended clause No. 7. The retiring directors, Mr. Bassett, Mr. Dillwyn, Mr. King, and Mr. Wanklyn were re-elected, and Mr. C. Whetham, a candidate for a seat at the Board, withdrew his claim for another occasion. The bill for conferring further powers on the company for the construction of works, and in rola- ngs and Crewe, which would form a new route to Man - ti ion i to tl heir own undertaki ng an d th e un d er t a ki cheater. They were also bound to double the line of other companies, was agreed to. The outlay of between Worcester and Hereford, over which the certain a. mounts referred to in the report was Midland was to work and bring traffic. The do t ib- sanctionea , and the meeting at its rising was ad ling of the line would cost £60,000, and he hopedjourned to .the 2d, of Ap r il nex t. the Midland would bring the promised traffic over The proeeelir Jgs conc l u d e d w i t h a vote of thanks it when completed. There was a small matter at to the chaimen and directors. Aylesbury to change the mixed gauge into a nar row gauge line, which would effect a saving of ex pense between Risborough and Aylesbury, and be a permanent improvement. Any future expendi ture on capital account would be previously submit ted to the proprietors for their sanction at each half yearly meeting. The estimate for the next six months included £20,000 for additional goods en gines of which they were deficient, £B,OOO for steam boats across the Mersey to be worked in conjunction with the London and North-Western Railway Com pany, who were to subscribe a similar amount. In stead of having carriage shops at Oxford at a cost of £90,000, they proposed to expend £25,000 for car riage sheds at Swindon, which would be close to the works for repair if necessary. The carriages would thus be protected from the weather during the winter, when fewer carriages were wanted for the traffic. There were other works for making new bridges at a cost of £2,000 and £4,000, which would save expense hereafter. They proposed to convert the Vale of Neath stock into a rentcharge stock, and they would be enabled to work that and other adjoining lines more advantageously. The Bristol and South Wales agreement would also be submitted for their approval when ready. (Cheers.) Mr. E. SMITH, chairman of the consultation com mittee, seconded the motion for the adoption of the report. He believed the Great Western had now a good board and that they would work heartily for the benefit of the undertaking. Ile alluded to the great injury that bad been inflicted on railway pro perty by bad legislation and a want of friendly rela tions with neighbouring lines. He trusted there would be an end to those evils in future. He did not hold to the principle of closing the capital ac counts of railway companies whose traffic was pro gressing. He did not like the plan of charging everything to revenue, which appeared to be so much approved ; but thought capital should bear the legitimate expenses relating to it, and revenue only what it should bear in justice to the shareholders. The committee of consultation had to bring about a reduction of the board from 26 directors to 16 directors, and that bad been accomplished not without some regret and difficulty on the part of those affected by the arrangement. The result, he hoped and believed, was that they had at last a good working and efficient board. They had an honest, able, and indefatigable chairman ; they had good business men on the board, who were conver sant with financial and commercial matters. He did not recommend any change in the present board. They had very able and efficient officers in their service, devoted to the interests of the com pany, and there was a strong disposition to keep up friendly relations with their neighbours, and at the same time to protect the interests of the company. (Hear, hear.) The company wanted rest, to get rid of lawsuits, and to keep out of Parliamentary contests. He had no doubt that by carrying out the policy now indicated the company would, in the course of a reasonable time, be brought into a satisfactory and prosperous condition. Mr. TAYLOR was gladlo see the great improve ment in the statement of accounts, which would enable the shareholders to compare the items with the corresponding half year. Mr. PARKES thought that the full and free dis cussion of their affairs would do good. He ob jected to the powers proposed in the bill for paying dividends by the issue of stock. He hoped they would pause before they sanctioned it. Lord Redes dale had called attention to it in a letter to The Times of that morning. If such a bill were allowed to pass it might be adopted by other companies, and prove injurious to shareholders. He thought the money might might be raised in the usual way ou the stock they had, and when raised paid to the shareholders. He had strenuously opposed the bill, but had no objection that it should sanction what had already been done by the directors. He bad taken the 6 per cent. in lieu of dividend, and in tended to keep it. He proposed an amendment that the report be adopted, with the exception of clause 7, relating to the bill. Mr. C. LEGG seconded the motion. He thought the passing of such a bill would be a dangerous pre cedent, and suggested the issue of a large amount of debenture stock, the first instalment on which should receive interest at 10 per cent. He also sug gested the sale of surplus lands. Mr. HUNTER thought it was not generally known that the company paid money into the Bauk of Eng land so as to amply cover the interest falling due on the debentures of the company. He felt grealy in debted to the committee of consultation for the good service they had rendered. Mr. PRICE thought there was no other way to get out of debt than the plan proposed by the directors, and he hoped the shareholders would take up the debenture stock and keep it. He believed that there was no greater fallacy than that of closing the capi talaccounts g a o formal f railway companies. He concluded by m resolution respecting the mode ov moving of keeping the accounts. Mr. GILES protested against the proposed agree ment with the Bristol and South Wales Union Company. Attempts had been made in 1849 to close the capital account of the company, but it was not carried out properly. He thought it quite pos sible to close the capital account of the company by charging everything to revenue not all in one half year, but by spreading the charges over a limited number of years, and thus paying them off. Mr. WHETHAm was decidedly in favour of issu ing deferred dividend warrants to the shareholders, by means of which they would be enabled to get cash for them. He saw no difficulty in the share holders £1,000,000 or £2,000,000 of 5 per cent. subscribing deben for ro stock. There were 17,000 proprietors, and £lOO each would raise £1,700,000. Taking half the number, 8,500 at £2OO each, or 2,500 at £4OO each, would raise £1,000,000 re quired, and thus grapple with the present diffi culty. CALEDONIAN. Au extraqr dinary general meeting of this corn panir was k eld yesterday in Glasgow for authoris ing the eret .tion of stock and exercise of borrowing powers zin der certain existing Acts. Lieutenant- Colonel Ss .Ikeld presided. There was a large attendanc;e. The CI IX.IRmAN moved a resolution to create 4 per cent. I reference stock to the amount of £570,000, to be issu ad at £BO per cent., and convertible into Caledonia n ordinary stock at par in the option of holder at . any time within five years. The mode of issue prof nosed had, he said, been unanimously adopted b: r - the board. Mr. M.A IT. LAND seconded the motion. Mr. HENJ tY BRUCE moved an amendment, that the canside. ration of the mode of raising money for the 2ourp ases mentioned be delayed till after the accounts fox the past half-year had been placed in the hat ids of the shareholde rs , an d un til t h e actual vg that a mo re econom i ca l mo d e o f raising the money required could be f oun d. ebeltained, exile belie m e iditure for th ose p urposes was ascer tained, Mr. GEO.. ;:iMITH, Glasgow, seconded the amend ment. Some discuosion ensued, in the course of - which Sir THOMAS G LADSTONE and others supported the directors. On a show of lands the resolution was carried by a considerable majority. The CHAIRMAZT then moved a resolution for ex ercising the borro wing powers of the company to the extent of £86,000, which was met by Mr. Bruce with the same amevdraent. On a show of hands there was a considerable ma jority for the chairman. A poll being demtuided by Mr. Bruce on both discussions, scrutineers were appointed, and the meeting was adjourned till Tuesday. 711 E CO-OPERATIVE MOVEMENT. On Wednesday night a meeting of the London teadealers and grocers was held at the Hanover square Rooms, the large ball of which was filled, for the purpose of considering the present effect of the co-operative movement upon the trade, and to form a society to be called the Teadealers and Grocers' Association, to watch over and protect the general interests of the members. Mr. NEWSOM occupied the chair, and in opening the proceedings remarked that although he was not now in business he had, in the absence of Mr. Abbiss (ex-Alderman), who had met with au accident, readily come from his retirement to assist his old glooked as a public friends on a q uestion affecting the general int eres t s of the trade. He rather objected that the card o f one. invitationdhiaddnodtessco regard ribet it. the meeting upon it n as a meeting to devise means of protecting them selves under exceptional circumstances—a question in which the public had but an indirect interest. (Hear, hear.) Now, whatever might be said, truth and justice were on the side of those present. He was a grocer of 40 years' experience. Since this co operative movement bad become so prominently be fore the public he had looked through his books, and he found that during the last six years of his trading his average trade expenses amounted to 71 per cent.—say 8 per cent.—and his bad debts to less than 3 per cent. This 8/ per cent. included every thing —a thoroughly efficient staff, horses and carts, interest on capital employed, and all other necessary expenditure for conducting a large trade in a pro per manner. Now he found that the cost of ma naging the Haymarket Co-operative Association was set down at 10 per cent., and that of managin g another co-operative society was stated to be 15 per cent., while he had seen somewhere that the average would be 12i per cent. He was certain that under such a condition of things the trade might take courage. They should rather rejoice at the compe tition, for they would shortly see the enemy retire from the field. One great reason for the present state of the trade was the unwise practice of selling sugar under cost price. 'When he was in trade he never found any difficulty in getting a good profit —say, 2s. per cwt. —upon sugar, and if he were now in businees he certainly should not like to en gage in the combat waging with the heavy weight on his shoulders of a loss on the sale of sugar. De precating the system of long credits, the speaker said he had no doubt that every:west-end tradesman present would be highly pleased if their aristocratic patrons would come with their ready money and give them a chance similar to that they now ap peared so anxious to extend to what he must call illegitimate traders. I - Ie knew that customers would be as well, if not better, served by their old tradesmen under the ready-money prin ciple than by any co-operative society in existence. The more fortunate and refined classes appeared unwilling to admit that the retail tradesmen of the country were entitled to a profit enabling them to live, and the absurd letters that had appeared did very little credit to the education of the persons who had written them. People who took the money of the country had thrown themselves into the question, used argu ments that would have disgraced the pupils of a charity school, and displayed much bitterness and unfairness. Mr : PUCKRIDGE remarked that the competition resulting from the establishment of the so-called co operative stores deserved special attention on the part of the trade. Not that it was for one moment believed that the flag of individual enterprise would droop before this new opposition, but a just cause of complaint did certainly exist, inasmuch as the civil servants of the Crown, under a Government name, were using their influence with the professed object of substituting mere distribution, without profit, for fair trading. The fact that the legiti mate trader could, from his superior knowledge, successfully compete with any such movement did not detract from the animus of this attack, op posed, as it was, to all English notions of just trading. The proposed association would, no doubt, deal with many questions arising in the grocery trade; but the primary matter for their consideration at the present moment was the movement that had been set on foot to deprive them of their legitimate trade. They did not mean to be downhearted ; but were determined to show courage and firm ness. He contended that the trade had not been treated fairly by the Press, and the article in the Saturday Review of December 18 (in which it was stated that the profits on groceries, &c., were 50 per cent.) was simply infamous. As to the ready-money principle, the more it was adopted the better ; it was nonsense to suppose it could be car ried out without exception. He referred to keepers of schools, medical men, lawyers, as classes who could not as a rule conduct their business on the ready-money principle, and many clergymen who took their tithes at fixed periods could not be ex pected to pay for every article at the time of pur chase. The present movement was an attack upon the middle classes, who had hitherto been regarded as the backbone of the country, and had persis tently evinced great anxiety to assist in all laudable objects, charitable and otherwise. He knew very well that the managers of the various churches, schools, and benevolent institutions would not de spise the tradesmen of London, and he thought it a very dangerous thing, in the existing condition of parties, for the higher orders to set themselves against the middle classes. As to the civil servants of the Crowd, who were taking so prominent a part in the matter under consideration, many of them did not do two days' commercial work in the whole week, and it would be a question whether it should not be pointed out to the Go vernment how the civil service could be conducted in a much cheaper and more efficient manner than at the present moment. The country paid £8,000,000 for this service, the members of which were interfering unfairly with trade ; but they could not succeed. The stores contained the seeds of destruction in themselves, and at no distant day the trade would triumph and see their old customers returning. He moved, " That a society be formed, called the Teadealers' and Grocers' Association, to watch over and protect the interests of the trade." is one of the few records of the facade of the church as it stood in the 15th century-108 guineas (Halsey). 169. A cinque-cento frame, carved with arabesques and other ornaments, and with sacred subjects carved in alabaster-15 guineas (Nixon and Rhodes). 170. A magnificent timepiece, in the shape of the tomb of Giuliano de Medicis, with bronze figure of Giuliano, by Barbedienne, and old Ginori porcelain figures of Night and Morning —6O guineas (Pattison). 171. A magnificent white marble chitnneypiece, carved with cinque-cento ornaments, in the style of San Sovino, complete with fittings-105 guineas (Durlacher). 175. Two pairs of mirrors, in carved and gilt venetian frames, and a glass mirror -frame, of Murano, with twisted rods-45 guineas (Nixon & Rhodes). 177. A large chandelier of Venetian glass, a looking-glass, in frame, carved with flowers and fruit-- 25 guineas (Ditto). Mr. CHADDLE, in seconding the motion, said it was clear that if sugar wag sold at a loss certain articles were charged extra to make it up. He thought it impolitic to put so large a profit as was done upon some things sold by the trade, and in the present contest they had suffered by a comparision of their prices with those for the same articles at the co-operative stores. He thought that the trade should refuse the odds and ends of an account, and if a family dealt at a co-operative store retail trades men should decline to execute small orders, except for ready money. The resolution, having been supported by Mr. Cox and another speaker, was put and carried unanimously. Mr. STRUGNELL proposed a resolution to the effect that the society be governed by a committee representing every section of the trade, and that a legal firm of high standing be engaged, whose ser vices should be available by the members at the dis cretion of the committee. The speaker recommended combination to carry out what the meeting had in view, and thought the trade had reason to complain of the slanders of the press. Mr. BETTS seconded the motion. NAVAL AND MILITARY JN7ELLIGENCE. His Rcyal Highness the Duke of Cambridge, as Field-Marshal Commanding-in-Chief, held a le►ee yesterday afternoon at the Horse Guards, at which nearly 100 officers attended. Her Majesty's screw troopship Himalaya, Capt. S. B. Piers, arrived at Portsmouth at 1 p.m. yes terday from Malta, with the Ist battalion of the Bth Infantry and other troops on board. She sailed from Malta on the 25th of February at 6 a.m., and during the passage thence to Gibraltar experienced generally fine weather, with light westerly winds. She arrived in Gibraltar Bay at 1.45 p.m. on the 29th ult. The same day she sailed again for Eng land at 10.15 p.m. No English men-of-war wer in the roadstead at the time of the Himalaya's sail ing except the usual stationary guardships and steam-tenders. Two Italian men-of-war sailed from the roadstead just before the Himalaya's ar rival. From Gibraltar Bay and Cape St. Vincent a strong westerly breeze prevailed, and from St. Vincent to the Tagus strong head winds, at times strengthening to a gale. On the 2d inst. the ship passed inside the Burlings, and continued her course across the Bay of Biscay and to the Chan nel with accompanying fresh westerly winds. Ushant was passed at 7.30 p.m. on Wednesday, the weather being at the time very thick, and the "Bill" about three miles under the ship's lee. The ship finished her voyage by anchoring at Spithead at 1.30 p.m. yesterday, and soon afterwards steamed into Portsmouth harbour to disembark her troops. The average consumption of coal by the engines of the Himalaya between Malta and Portsmouth has not exceeded 50 tons per day, and therefore her per formance under steam over a voyage of upwards of 2,000 miles may altogether be considered more successsful than the new Indian troop relief steamships. The Australian steamship, Robert Hoare com mander, belonging to the West India and Pacific Steamship Company, under charter to her Majesty's India Council to convey troops to Calcutta, which sailed from Liverpool on the 2d of February, arrived off St. Vincent on the 12th, after a fine passage of ten days five hours. She proceeded, after coaling, on the 14th. All were well on board. Mr. RAYNER supported the resolution, and dwelt with some bitterness of expression on the fact that there had been no Court in London for seven seasons, when there were thousands of starv ing people in their midst. Trade would be gene rally benefited if her Majesty resumed her proper position. The resolution having been unanimously adopted, Mr. DEBAC moved another, deprecating the em ployment of the Government's name and influence by the civil servants of the Crown in their trading operations, as calculated to excite class jealousies. He mentioned that during the past ten years the Civil Service Estimates had increased by £1,600,000, more than one half of the whole amount obtained by the duty upon tea, which was in round figures £3,000,000, and that upon inquiry he found that the committee of management of the stores started by the civil servants received of public money from £BOO to £l,OOO per annum each. Surely, they were not the people to interfere with legitimate trading ; but if they saved as much as had been stated they could afford to do the work of the public at a cheaper rate. He had re2eived many letters from members of Parliament on the subject, but they were, with the exception of that from Mr. Glad stone's son, marked " private." (The letter was read, the writer stating that he had not fully made up his mind upon the question, but he was scep tical of the advantages that were to be obtained by co-operation.) In conclusion, Mr. Debac said their mottto must continue to be " Live and let live." That was all they asked or desired. The resolution was seconded and adopted unani mously, and a vote of thanks to the chairman closed the proceedings at a late hour. THE MARQUIS D' AZEGLIO'S COLLECTION OF OBJECTS OF ART AND VERTU. The objects of art and vertu formed by his Ex cellency ,the Marquis d'Azeglio, the Italian Ambas sador at this Court, now about retiring from the Embassy, were 3 esterday brought under the hammer of Messrs. Christie, Manson, and Woods, at the late residence of the ambassador, 49, Gros venor-street. Among the more prominent objects were the subjoined :—Lot 67. Dresden Porcelain. —A magnificent set of five vases, of very early Dresden, painted with Chinese figures and flowers. These vases formed part of the collection at the Japanese Palace at Dresden. They were sent to Italy, when the collection was re-arranged about 40 years ago--70 guineas (Marks.) Tapestry.- 109. Jeptha. A very remarkable specimen of Italian embroidery of the sixteenth century, from a design of A. de Mantegna-16 guineas (Oldfield). 110. The Crossing of the Red Sea. A very fine specimen of Venetian embroidery, from a design of Raffaelle, with border of satyrs, masks, and children-16 guineas (Ward). 114. Four pieces of Italian tapestry, originally belonging to the palace of Andrea Doria, at Genoa, whose arms are placed at the corner; on one of the pieces is a view of the Molo Vecchio, at Genoa, and the Galleys of Doria. Vasari, in his Life of Merino del Vaga, architect, of the Palazzo Doria, states that this artist, who assisted Raffaelle in painting the Loggie of the Va tican, designed the cartoons for the tapestry of the Prince's Palace ; the style of these tapestries is si milar to that of the arabesques of the Vatican-43 guineas (Mason). 115. St. Veronica, woven in silk and gold thread, from a cartoon of G. do Pontor mo, during the period when he imitated A. Durer, supposed to be the work of Maestro Rost, called by the Florentines Roso, a Flemish artist employed by the Medicis to instruct the Florentines in the art of weaving tapestry ; and three medallion heads of Apostles, after designs of Raffaelle, embroidered in silk and gold, formerly belonging to the cope of Leo X.-14 guineas (Durlacher). Ancient Pic tures.-118. Hughtenborg—the Battle of Malpla quet, engraved, and the companion, the Battle of Chiari —32 guineas (Pattison). 125. Dello Delli, the front of a cassone, with the marriage of one of the Altoviti family, and two archangels, by G. L. Da Vercelli-27 guineas (Calvetti). 133. Maerino D'Alba, St. Lucia and St. Lawrence ; purchased at Alba by SirJ. Hudson-20 guineas (Grindlay). 135„ Giovenone Da Vercelli—the marriage of St. Cathe rine. The costumes are those of the valleys of Monterosa ; on the ornaments of the dress of the Madonna is inscribed a verse by Dante :—" Humile ed alta phi the creatura."-29 guineas (Ditto). Engraved metal dishes and vases.-145. A fine en graved brass dish, with arabesque and arms of the Zena family, and a very fine early cinque-cento engraved brass ewer, with the figure of a warrior on the lid-16 guineas (Wilson). 147. A beauti ful repousse brass cup and cover, surmounted by a figure, the handles chased with arabesque figures, and a very fine engraved brass dish, with the arms of the Salamone family, the monogram of Orazio Fortezza, on the back-18 guineas (Drake). 149. A very fine brass dish, by Orazio Fortezze da Sebenico, with the Michieli and Trepoli Arms -15 guineas (Ditto). 150. A magnificent brass dish, with engravings of the Caesars and sub jects of Roman history; in the centre the arms of the Doge Cicogna ; near the tablet inscribed Brunno Duca di Galli is the signature L. DI LIGI, an artist from Liege. Au unique specimen --54 guineas (Pattison). Ornamental Objects.- 152. A magnificent Japanese screen, with animals and landscapes in relief, made of gold cloth. this is similar to the tapestries in the Palais du Bois, at the Hague, which were given to the Dutch Govern ment by the Tycoon during the last century-10 guineas (Wright). 154. A looking-glass, in gilt frame, carved with rams' heads, masks, and festoons and a pair of ebony tables, inlaid with figures and ornaments in ivory-30 guineas (B. Benjamin). 157. A very fine dinner service of Venetian porce lain, painted with bouquets;of flowers, consisting of 118 pieces, and a dessert service, similar, with blue border, consisting of 22 pieces-- 35 guineas (Smith). 159. A very large jar, painted at Capo di Monte, with animals, birds, and wreaths of flowers, on white ground-15 guineas (B. Benjamin). 160. The companion jar, printed with Pompeian ornaments. These two jars formerly belonged to Carlton-house —25 guineas (Calvetti). 165. A magnificent Armoire h Glace, inlaid wish ivory and mother-o pearl, with the arms of Victor Amadeus on the lock. Purchased in Sicily when Victor Amadeus took possession of the Sicilian throne, 1707. It is attributed to the Venetian Pietro Vidari, who was the intarsiatore of the King, and worked at Turin in 1694, the first of the school which formed after wards Piffetti and Bouzanigo-45 guineas (Wood gate). 166. A beautiful mirror, in elaborate calved frame, by Bonzanigo, in the style of Gouthiere. Bonzanigo lived at Turin at the latter part of the 18th century, and was appointed scultore in legno to the King of Sardinia--30 guineas (Pattison).lll67. A very fine cassone, by P. Ucello, with warriors passing through a gate, inscribed Roma-15 guineas (Calvetti). 168. A magnificent Florentine cassone, by Dello Dolli, with a procession leaving the church of Santa 'Maria del Fiore, headed by Lorenzo de Medicis and his younger brother Giuliano. This The following appointments were made yester day at the Admiralty :—Navigating Lieut. John E. Knight to the Indus, for the Penelope; G. 1J• 1‘ hiller, paymaster, to the Malabar ; Dr. Fleet wood Buckle, assist.-surg., to the Victory ; Albert Martell, engineer, to the Asia for the Grinder ; and Henry W. Ross, first-class assistant-engineer, to the Revenge. NEW BROOMS SWEEP CLEAN. The following circular has been addressed to the parents of Eton boys, by the head master, Mr. liornby : " Eton, February, 1868. " Sir,—l write to inform you that from this time forward the practice of giving leaving books at Eton will be forbidden, so far as it falls under my autho rity, and that the following regulations will be ob served :-- " 1. No order for leaving books will be given by any tutor. " 2. Boys will not be allowed to receive or ex hibit leaving books in any of the houses, or in College. " I wish further to ask earnestly for your co operation and support in putting an end to a system which presses very heavily on many parents and boys, and which, independently of this, is felt to be very objectionable from the unreal and conventional character which it has assumed. "I am, Sir, your obedient servant, " J. J. HORNBY.” Foreign Mail Packet List. MAILSADIJE. ustrali& and New Zealand, via Bouthampton.....Harch 2 3 ' Ditto, via Alarseillea 22. Ditto, via Panama ........ ........ 3larch 3). drazii, Buenos Ayres, and Monte Video April 5. Ditto, by irrenob packet Cape Verde. by Brazil packet March 5. !Jape of Good Hope. Ascension, and St. Helena March --* China, Penang, and Singapore, via Southampton March 5. Ditto, via Marseilles •••••• ~..,.March 15 ' Falkland Islands March 5. Litibraltar, via Southampton .. March i ..... ....Marz --. India, via Southampto n Ditto, via Marseilles Italia, Egypt, &o. March ---. Ditto, Marseilles March 9 . Mauritius, Cape of Good Hope, and Natal, via Southampton )Sarah 2 1 . DIU ), Marseilles Mare' 15 " 1 ewfoandla rci ... - . . W W Portugal _.... March 6 ' Ditto, by pr ship to Oporto . Ditto c itto to Lisbon !hated States, l anada, California, &c., by British packet March 9' Ditto, by L kited States packet Ditto, ditto (New York) Ditto ditto Ntw York) Ditto dal( (Baltimore) Ditto, by Canadian packet .... • March 6. West Coast of Africa, M a d e i ra , an d T ener ifl a march .8. West Indies and razilio (except Mexico and Baha mas) Cuba and Mexico March re . 4' 2 1 Bahamas, via New 'V march .. March 11 ' Bermuda, via Halifax [AD VERTlSEmENT.]—Dyspepsia (Indigestion), Constipation , P.: bility, Consumption, and all nervous, bilious, stomach, and 11 d complaints in every stage, are only aggravated and acceleral.;;o by thugs of every description, -but perfectly curable bY,; ) , Barry's health-restoring Revalenta Arabica Food, as proVe".„o thousands of cases which had been considered hopeless, f"'„, al—cough, asthma, also diarrhoea, latemorrhoids, liver c o ts, plaints, flatulency, nervousness, biliousness, fevers, sore thr°',3 cuphtheria, catarrhs, colds, influenza, noises in the head ears, rheumatism, gout, impurities, eruptions, hysteria, neural 9 4 irritability, sleeplessness, acidity, palpitation, heartburn, hers, ache, debility, dropsy, cramps, spasms, nausea and siclaio, even in pregnancy or at sea, sinking fits, bronchitis, scr0 1 ; 0 1 tightness of the chest, pains at the pit of the stomach 1;11 be:ween the shoulders, &c. We quote a few :—The Pope's Il i a restored by Du Barry's Food. Cure No. 68,413.—" Rome , . 1 1 12, 1866.—The health of the Holy Father is excellent, espCc io lf since, abandoning all other remedies, he has confined 1 1151 entirely to Du Barry's Revalenta Arabica Food, of whic hse of , consumes a plateful at every meal. It has produced a of prisirgly beneficial effect on his health, and his Holiness cs'''4o p aise this excellent food too highly."—From the " Gazet e pes Midi, July '25 Cure No. 46,270 Mr James Roberts, t-in' 4 merchant, of Frimley, Surrey, of thirty year s ' diseased I° . g s .- : spitting of blood, liver derangem en t, and partial deaW of Cure No. 1,771. Lord Stuart de Decies, Lord Lie ll „ t ild Waterford, of many years' dyspepsia.—No. 49,832. ' 0 8, years' indescribable agony from dyspepsia, nerveusn4l asthma, cough, constipation, flatulency. spasms, sickness ':_ o f vomiting.—MariaJoly." Important Caution.—Beware of the I' unsavoury and more than sloppy imitations to which, Wi t d,." authority, Baron Liebig's name is most audaciously attach 18 ,, In tins at ls. lid.; 1 lb., 2s 9d. ; 2 lbs., 4s. 6d, ; 5 lbs.„.• 71, 12 lbs., 228.; 24 lbs., 40s.—BARRY Du BARRY and Co., ibly; Regent-street, London; also Fortnum and Mason, 182, Pica', go:3, and at 61, Oracechurch-street; 4, Cheapside; 63, 150, and Oxford-street 330 Strand; and all grocers and chemista._oll Births. GRAIN—On the 4th inst., at Medway Villas, New ) 30 „f o ton, Kent, the wife of Captain E. M. Grain, 11.B1" daughter. „ J. LUsK—On the 4th inst., at Woodside, Southsea, Lusk, of a son. A tl i° M.usonAvE—On tho sth inst , at 38, Chester-squa t " wife of R. C. Musgrave, of a son, stillborn. Marriages. pfertl BACHLOR —BUTLER—On the 3d inst., at Royston_, ; h ie. Rcbert William Bachlor, of Royston, to Agnes, the ' . . 0 0 daughter of the late William Field Butler, of the place. 31.DouALL—GoLE —On the 27th ult., at Saint Anr' o , 3 lY Holborn, W. L. M.Douall, Esq., to Priscilla, the daughter of the late Abraham Gule, Esq., Chelsea. Deaths. de- FLoYD—On the 4th inst., at 36, Gl ouces t er -place, f.;, 7 -, park, Major-General Sir Henry Floyd, Bart., ag e( ' r d tlif IlAwEs —Oa the 4th inst., at Southlields, Wandsiv" George W. Hawes, Esq., aged 58. ~-, P ord' LOVEGROVE —On the 3d inst., at 25, John-street, e row, James Samuel Lovegrove, Esq., aged 64. A &oh LEGGE—On the 3d inst., at Malone House, countli'll Wm. W. Legge, Esq., aged 83. . _ AND " London : Printed and Published by WILLIAM of No. 112, Strand, Printer, at Trull SnN °MCC, ° two , 0+ Strand, in the Precinct of the Savoy, in t ho 6, 1.668. • GREAT WESTERN. The half-yearly general meeting of this company was held yesterday at the Paddington Station ; Sir Daniel Gooch, M.P., the chairman, presided. Mr. F. G. SAUNDERS, the secretary, having read the notice convening the meeting, the reports of the directors and of the committee of consultation, abstracts of which appeared in The Sun, were taken as read. The CHAIRMAN, in moving the adoption of those reports, said that when he met the proprietors on the last occasion he entertained the hope that on this occasion he would have been enabled to pay the dividends in cash. The events that happened in October and November, which enabled them to renew debentures at 41 per cent. to the amount of £300,000, strengthened the hope of being enabled to pay them cash dividends. In order to meet the debentures falling due they had had to trench on the receipts of revenue. On the Ist of December a decision in the Court of Chancery tended to throw doubts on debenture securities, which was followed by an announcement that the Midland Railway Company would require an additional capital of £5,000,000 to carry out their works. The money market was so sensitive that it produced a depressing effect on the process of renewing debentures. They had renewed or paid off £2,591,000 during the year, and had paid off £685,500 of temporary loans. They had paid off £330,000 debentures out of re venue, and they bad renewed £200,000. The floating debt, which about two years ago was £1,400,000, had now been reduced to the comparatively small sum of £173,500, and he trusted it would soon be wiped out. In the report of the consultation corn mittee it was recommended that every effort should be made by the company to convert the terminable debentures into a debenture stock, and if £1,000,000 of the debenture stock could be taken up at once the directors would be enabled to pay the present dividends in cash, as the revenue had been used for capital purposes. They would thus get rid of the remainder of the floating debt, and place the com pany in an improved condition. He thought that a 5 per cent. debenture stock of the Great Western Company was a security that every one ought to be glad to get hold of, as it must be at a considerable premium before long. (Cheers.) It was as good a security as any in the world, and he hoped the shareholders would make an effort to subscribe for it among themselves, and not let strangers have it. He urged them to assist themselves, and enable the directors at the same time to pay off all claims against the company, and leave the net receipts in future available for paying dividends in cash. If the public saw that the shareholders were anxious to protect their property and place it on a sound basis, the public would soon come in and subscribe for as much of their valuable stock as they could get. The directors were most anxious to place the company in a sound position, as no shareholders held more largely in the concern than did the directors. It was for the benefit of every class of holder to get the company out of its difficulties, so as to resume cash divi dends. In the case of " thole v. the Great Western," it was clear that the whole matter rested with the shareholders. He thought when the Judge had to decide against the company, at the same time admitting that the directors had shown every desire to keep good faith with every one concerned, it showed they had not transgressed the law much, and that no better course . could have been adopted under the circumstances. However much they might regret those law proceedings, the directors felt compelled to lodge a bill in Parlia ment to legalise what they had done as to the issue of stock to pay dividends to those who chose to accept it, and to enable them to carry out their en gagements. The directors thought that a majo rity of three-fourths of the shareholders interested at a meeting convened for the purpose was a suffi cient check to an improper exercise of the pro posed powers to issue stock in payment of divi dends in case of emergency. The preference share holders would also have power to vote on the ques tion. Unfortunately the bill was not lodged be fore the 12th of December, and it therefore had been reported as not having complied with the standing orders. The standing orders had been suspended on Friday last, and they hoped to get the bill before the House to-morrow. He hoped they would be able to carry the bill through ; and they proposed to adjourn the meeting for a month, with a view in the meantime to send a special circular to the shareholders, offering them rateably £1,000,000 of 5 per cent. debenture stock, which he hoped they would take up at once. If they did not take it up—but he trusted they would—they _ . would have to consider the issue of deferred divi dend warrants for the various dividends mentioned in the report. The revenue account for the past half-year, he thought, was satisfactory; it showed an increase in the — receipts of £46,625, and a de crease in the expenses of £3,669, giving them £50,000 net increase. Against this, however, there was £2,884 charge on the canals, £1,453 for rents, and another item amounting to nearly £5,000 which deducted, left a balance of £45,241 to the good. The charge on the canals would not occur again, as some one found out that the canal was short by one mile, and claimed for back tolls about £3,000 ; the rent charges had increased by £12,000, the loss on the Cornwall line was £1,874, guaranteed for the payment of preference dividends on the Cornwall ; but at all events there remained, after these and all other deductions, a net balance of £11,540 of the increased traffic available. There was a decrease in the permanent way account of £lB2, as compared with the corresponding half-year. This brought him, with deep regret, to the loss the company had suffered by the death of Mr. Lane, their highly valued engineer, who had served them faithfully and zealously for about 30 years. He was always ready to adopt the most advantageous course to benefit the company. The next item was an increase of £4,140, under the head of enginemen and firemen, that was caused by the disturbance some time ago in their department. During the half-year they had built sixteen new engines in place of old ones, and in doing so they had constructed nar row gauge engines in place of the old broad gauge engines, with the view of gradually altering the stock to the narrow gauge. (Hear.) They had 38 of these narrow gauge engines now in place of the old broad gauge engines ; six other engines were nearly ready, and 12 more engines were in progress. They were thus gradually converting the broad gauge stock into narrow gauge stock. There was £2,614 increase in the waggon department, having built 75 waggons of eight tons each in place of as many old six ton waggons, and charged the whole to revenue. They had also converted 20 other waggons, and rebuilt 25 carriages out of revenue. They bad also put steel tires on the carriage and waggon wheels, instead of iron, which were more durable, and charged them to revenue. There was a decrease of £ 10 , 670 in the traffic charges, but there was an increase of . 12,500 in the rate and taxes over which they had no control ; and on the whole their working expenses were 48.62 per cent. of the receipts, against 49.97 per cent. in the cor responding period ending January, 1867, showing a decrease of 1.35 per cent. There were several other items of small amount, but it was unnecessary to go into them. The bill they had before Parliament was for the abandonment of certain lines and the extension of time for others. (Cheers.) They re quired power to make about a quarter of a mile of line, that would cost £3,800, at Swansea, to get into the docks ; there was a branch line at Stourbridge they propcsed to abandon, and utilize the old line by converting it at less cost into a useful line. The ar rangements with other companies were progressing, and the bill of last session was to be revived authoris ing the interchange of traffic between the Bristol and Exeter, the South Devon, the South-Western, and the Great Western Railway Companies, and he hoped the arrangement would be sanctioned and brought into operation for utilising each other's lines. There was also a similar arrangement going on between the Great Western and London and North-Western Boards by which he hoped a con siderable saving of expense would be effected by both companies in working their lines. They had just completed 30 miles of line between Wellington A' LUN, &c. I RENT ( On; .n. lii This Prize A Sold the Agi Obsei han's 1 Trnm Pleasin and th W. 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