The Sun. — London, England, 1847-02-13 00:00:00

c.s .t on at if that had very ble Lord. 'ere quite le to that would, Hle would aces when vances on Leir argu entlenian ion would l on the the Bill and. Oue THE SUN, LONDON, SATURDAY EVENING, FEBRUARY 13, 1847. relief. To that he would answer that the lines which he had They had been taunted by the Hon. Member for Portsmouth. ~" r►id they s. fleet that toe •-• ,e; • city were to be secured on the property of the country ? Then it was asserted, that only 25 per cent. of the two and a half mil lions to be raised, in the first instance, would be expended in the payment of wages. But he would come to facts and figures—figures which could, if they were wrong, be controverted the next morning. The Noble Lord who had made this statement had said, that out of the first six millions, four millions would be consumed in the payment of wages. What was the case? Why, .n the Midland Counties Railway, which eest upward , . of .10,000/ a mile, 5,001.1. was paid for the plant, and 6,0001. per mile :or the perma nent way. What then became of the remaining 27,0001.? Why, it was spent in the payment of wages. What was the case with the York and North Midland, on which the works were small? They cost 23,000/. per mile. There was 1,8001. for the plant, and 5,500/. for the permanent way. What became of the remaining 17 : 5001. ? It was paid for la bour. In the Leeds and Bradford, which he had just con structed, the cost was 33,01)0/. per mile, of which 23,000'. were paid for labour ; and in the sleepers, the rails, chairs, and all the other weeks occasioned by the employment of no labour, the remainder was expended. But they might say that there was great consumption of bricks, for there was a great quantity of labour used in the construction of bricks. He could assert, however, the immense cost of bricks on a railway was not more than 6002. per mile. What, then, became of the allegation that only from 25 to 30 per cent. of the money expended on a rail way was used for the payment of labourers? If the Hon. Member for Lincoln had been in his seat he could have told them that on an average 1,300 men per mile were engaged in the construction of a railway. He did think it, then, any thing but right that the motives and the conduct of an indi vidual representing as large a constituency as any man in that House should he so grievously misrepresented. The Hon. Member for Oxford had stated that in 1539 he had voted un reservedly for the advance of five millions for the benefit of Ireland, with very little expectation of receiving it back again —but there was security, val:d security, for the proposed grant. Tne financial state of the country was very different now to what it was at the time alluded to by Right Hon. Gentleman the Chancellor of the Exchequer. At the time the Right Hon. Gentleman had referred to there was a deficiency in the revenue, and yet the Right Hon. Gentleman came down there to school them upon the extravagant nature if their demands. The state of the country now was very different to what it was then. At the present time there was no deficiency in the revenge, and he thought it was not too much for them to come down to the House to ask for the assistance of a few millions to promote the enterprise of the country. The Right lion. Gentleman had selected them because they had asked for a vote to facilitate the returns to this country ; and yet, in the face of all this argument to the contrary, the Right Pion. Gentleman came down to that House and asked them to vote money without the slightest chance of a return. The Government seemed to entertain some alarm upon this ques tion, but, for hie own part, he had not the slightest hesitation in saying that he was prepared to risk every 6d. of his property in Irish undertakings, provided always that there should be a strict and searching examination into the merits of the undertakings upon which it was proposed to in vest money at the risk of the Government. He considered that the speech of the Right Hon. Gentleman was exceedingly injurious, because, even supposing these Irish schemes might yield no returns, it was not right or just that the Right Hon. Gentleman should depreciate their value by expressing his concurrence in such an opinion. He should regret very much the rejection of this measure. He had supplied the Noble Lord with every information on the subject, and, having done so, he felt that he had per formed a duty to his country which he should never regret.— ( Cheers. ) Undertakings of the same description had succeeded in this country, and he could not see why they should not do the same in Ireland. At all events, they were of the utmost use to this country, and he did not see why they could not be rendered of the same utility to Iceland. It would have been presumptuous in hint had he brought the measure forward, but still, so convinced was he of its safety, that he repeated that he was prepared to risk every penny in Irish railways of a bond fide and useful character. He felt convinced, therefore, that this was the only measure that could redeem die condition of Ireland. He had long and deeply considered the question, and lie solemnly declared that that was the conviction he had sin cere!s come to. He thought it unfair to make a comparison be tween the measures of the Noble Lord and measures before the House. It had been s•iid that it was a measure in °position to that of the Government ; it was only broussht for ward as an auxiliary to the measures of the Government. The measure for the reclamation of the wa , ste lands in Ireland was in his opinion a good mea sure, but the Government should take care to begin at the right end—let them construct the roads before they attempted to improve the land —t Cheers)—they could then reclaim it at half the expence. He considered the measure of the Noble Lord as a fundamental measure.—( Cheers.) With reference to the difficulty of obtaining the money, he did not think there would be any difficulty in that. respect. Not two months since he, in connexion with one or two different companies, suc ceeded in creating, in one week, a capital of 10,1'00,000/. of money ; the calls were made, and within six d a y s there was not 25,0001. of arrears. (Hear, hear, and loud cheers.) He had not the smallest doubt but that the money would be readily obtained.—(Cheers.) It was well known that in this country there were always large sums which could not be invested in anything but Government securities, which could not he lent to railways or to any other works of that nature—there was always a large surplus ready to invest in Go vernment securities, and he believed that the funds would not vary one quarter per cent. even if the whole sum were required at once.—(Loud cheers.) They had been expending in this country, during the last four years, in railway undertakings, at the rate of 15,000,000/. a-year, and the same sum would, in all probability, be required for the ensuing year. Surely, then, the country could spare 4,000,0001. a year for Irelaud.—(Cheers.) That was a country calling loudly for something to be done for her. Government after Government had felt it to be their greatest difficulty.—(Cheers.) They had never yet attempted to open up the resources of the country— the Government had now an opportunity of doing so. if the present opportunity were embraced, Ireland then, instead of being the source of anxiety to the Government, would be one of its strong arms ; they would be able to reduce their military establisments— (Loud cheers)—and other great expenses.—(Cheers.) He thought very few Hon. Members knew anything about Ireland.—(Cheers from the Ministerial benches.) The House was legislating for a country of which they knew nothing. Let the Government give to her the means of ready access—(Cheers) —and a quick communication from point to point, and the House would soon find that there would be very few Members who would not be visiting Ireland once or twice, at least, in the year.—( Loud cheers.) He be lieved that if the House refused to sanction this measure, re commended as it was by gentlemen of the greatest practical experience, and confirmed in their opinion by that of the Hon. Member for Salisbury (Mr. Chaplin), and assured by them that the security offered was of the most unexceptionable kind, and t h a t the country would not lose a single sixpence of the money to be advanced, then, he thought, their conduct would be the means of greatly adding to the weight of the arguments used by the Hon. Member for Cork ( Mr. O'Connell) in favour of the repeal of the union. The Chancellor of the Exchequer had said that there would be no valid security for the money. Why, at least there would be rails, which would be worth 5,0001. per mile, which the Go vernment might take possession of. There was not, he be lieved, a single railway in Ireland which, if properly selected and conducted, but would prove remunerative to the proprietors and the shareholders.—( Loud cheers.) The Chancellor of the Exchequer dwelt upon the cir cumstance tha• they would be able to employ only able bodied men, but from the statements laid upon the table with respect to those who were now receiving pay on the public works, he would ask were not they also able-bodied labourers? They had at present 500,000 employed in that country, and did no benefit accrue to the rest of the population ?—( Bear, hear.) They could not employ a large body of men without assisting the vast mass of the people.—( Hear, hear. ) The House might look gravely at the outlay of sixteen millions, but it was not long ago when they voted twenty millions to a certain interest to compensate them for certain losses, and there was this difference in the two cases, that with the latter it was money never to be repaid, but by the proposed plan there would be abundant security for the repayment of all the advances. He was satisfied that the security was most satisfactory. He hoped the measure would be ciscussed without any personal imputation. He was glad that he had assisted the Noble Lord in preparing the mea sure, and he regretted that her Majesty's Government did not think it necessary to accede to the proposal. The Right Honourable Gentleman, the Member for Portsmouth had thrown ridicule upon the measure, but the promoters of it did not enunciate a new principle, but merely asked the Government to assist private enterprise in developing the resources of Ireland, and to adopt the same course as Belgium and France had done to effect the same object in those countries.—( Hear, hear.) He believed the same results would follow in Ireland as elsewhere, and that the permanent prosperity of that country would be secured, and contentment, civilisation, and every comfort would be introduced.—(Hear, hear.) He did not see why Ireland should not reach the same pitch of greatness and pros. perity as Rogland. Was there anything in the men or in the capabilities of the country to preclude such an expectation?— (Hear.) He believed not, and if they hid the means of bring ing her produce to market, and the capabilities of the country opened up by railway communication, the results which he anticivated would soon be realised. Besides, if Ire land was benefited, England would be benefited ; if the south of Ireland, the north of Ireland ; and the whole country in all di rections would partake of the advantage.—( Hear, hear.) The Right Hon. Member for Portsmouth talked of the Dublin and Kingstown Railway, but if it existed in a populous part of the country, it should not be forgotten that it was constructed at a very great cost. Now the promoters of the proposed scheme had estimated the construction of the railways at 16,0001. per mile, and it was his opinion they could be laid down for less. That was another argument why they ought to pass this Bill. _.(Hear, hear.) He regretted sincerely that the Govern ment intended to oppose the Bill, and considered that they were indebted to the courtesy of the Noble Lord in intro ducing it.—(Hear, hear.) He had no interest to gain by the measure. He was content with the throne on which he sat.— (Roars of laughter, hear, hear, and cries of " Divide.") Mr. GOUL BURN then rose to address the House, amidst cries of " Divide, divide." He said he was anxious to say a few words on the question before the House. He did not wish to share any patt of the Hon. Gentleman's throne—(Laughter)—neither was he inclined to impute any improper motives to him for the course he had taken in the preparation of the measure. He gave him the credit of having rbuta hs Gentlemanrmeasure deduced proposedi done s ) in the sincere belief that it would contribute to alle viate the greatest and deepest calamity that could be inflicted on a people. But he admitted also that the Right Honour ableconnected with railways, and he willingly bowed to him upon all questions of detail. —( Hear, hear.) uifrtoves that great authority upon questions m 1,) constant attention lemself the stronge st t reason for opposing h th e e a t r h il e:p n l H a . n e G h w e a h n d i t c l s e h t m a t t h a e n d e that • and producing results most eeenomy he had succeeded in establishing in England a complete system I V railway—a system of lines which were, he said, managed with which they traversed introduce.—m(pHleeaorf, . by private companies, districts them, and to the commerce of the the valuable to those who had invested their capital in that, in carrying out these ; projects,he haelsohadtoldhadtheomo by which this great object voluntaryhadbeeontributions, enormous sums, Therefore he had furnished to hisern:ienedhtiheevesdtr--ong difficulty of raising, by H es e t a p r v , o h o e f a th r. a ) t t P io a r r , li o e f m th en es t e h g a v d ea c t om sp m ee i o tt l e a d ijo a n n s etror individual n vi t d rusting the construe towhtlaatl exertions, rather induce other persons than interfering, by enormous loan in s d , i to embark their money in them. And w th between embarking capital in Irish andl . ' e difference n English railways ? Were they not all led to that Irish lines were constructed by Irish suppose alone, and that English railwayby s were constructed Eng lish capital ? W as that the g round on which this discussion teas to proceed ? If it war , he wouln tell the House that ' it was altogether ill founded. The House had had before it in detail in former sessions art account of the money embarked in different railways in England and Scotland. Returns had been called for showing the names, residence, and commerce of those who had contributed capital for perfecting these works in either part of the country ; and what was the result of an examination of that document ? It was this—that of the total amount of money contr.b ited towards the construction of Irish railways, three-foerths was contributed—not by Irish pro erietors—not by gentlemen who were supposed to be desirous to have such undertakings carried out for the turb,,, tricts of Ireland. Whether these rail ws) s passcd through the best or the worst parts of Ireland, they Would, he was sure, do great good to the people of that country gen era lly. With regard to the measures of the Go vernmen, the did not believe they would meet the distress, or secure the ends desirous of being secured. The 8111 that offered facilities to the cultivation of land was a measure founded on a generous and praiseworthy principle, but he did not think it would be largely taken advantage of. It would not take up to any great extent the surplu- population of Ire land, as a great portion of the landed preprietors were small holders, and they would not be in a position to take advan tage of the provisions of the Bill. What was wanted was a elan that would largely employ the surplus labouring popula tion, and that was the reason why he supported it.—(Hear, hear.) They must have great public works, and none were of such a beneficial character as railways.--( Hear, hear.) The objections which had been urged against the works done tinder the Labour Act of last session did not apply to those n ow proposed to be made, as railways, he was persuaded, Wuld ultimately become most profitable specu lations. oth regard to the Irish landlorde, he maintained that they had been much misrepresented.—( Hear, hear.) They had i n a grea t nu mber of instances done all that was in t netr power, and did not justify the attack , . which many Hon. Members had made upon them. He had supported the mea sures proposed some years ago by a former Government brought in by the late Chief Commissioner of Woods and Forests, and he was persuaded that had that plan been carried Into effect, the present evils which had overtaken Ireland w o uld have in a great measure been mitigated. The calamity was one that no human foresight could have avoided ; still had the i!neasure of 1839, for carrying out railways been effected, Ireland would not present such a sad spectacle as it did now.— (Rear, hear.) The Hon. Member for Montrose (Air. Hume) had expressed great alarm at the measure of the Noble Lord, t he Member for Lynn, and had expressed his intention to °Ppose it. It seemed that he had greatly changed since he ',Nike on the Railway Bill of Lord Morpeth, in 1 8 39 . Meal% ) He then was strong in favour of introducing railways in Ireland, as a means of employing the people and laying the foundation of the permanent prosperity of the itritry. How was it that the Hon. Member had changed his opinion ? Was it that he was then Member for the city of Kilkenny ?—( Loud cries of " Hear, hear.") Such had been t he opinion of that [lon. Member. Whatever view might exist as to some lines of railway in Ireland, there could be no doubt that a great line from Dublin to Cork would he a most suc cessful undertaking, and instead of taking five or six years upon Making it, if they constructed it in one or two years, the greatest national benefits would accrue. It would be the means of making Cork the great entrepot of the British empire. Ac cording to the authority of one of the best statistical works B eef published on Ireland, that by Sir Robert Kane, the west eoast of Ireland was eminently adapted for the accom modation of the commerce of Europe and America, and railways would be the grand means of giving the necessary facilities. Then he went on to say that the extension of railway and steam enterprise would soon remedy these evils, and extend to a great degree the Irish fisheries. But it was said, Oh, these things are to result from the hard-earned wages of the English people." He believed there existed no greater fallacy than this. The Noble Lord proceeded to quote from documents the amounts collected from the Irish revenue, and the sums ex pended in improvements, and he alleged_ that a surplus was transmitted to this country. The completion of good reads had, in a great measure, done away with illicit . distillation, and what might not then be expected from the construction of railways? The construction of these lines would be the opening of untold w alth, and then England would not merely be repaid by the prayers of the Irish labourer, to whom she had given the means , of providing food for his famishing children, but she would also be repaid by an increased revenue; and if that day came, as come it might, when the allurements of free trade might carry them too far, until they found the foreign markets shut against them, they would then find in Ireland a market superior to North or South America, and the Government seed which they might at this time sow, would spring up into a goodly harvest of prosperity, and, what was even of greater importance, happi ness and peace. Mr. CHAPLIN (the new Member for Salisbury) said that he would not have presumed to address the House so very soon after- having become one of its Members, were it not that the importance of the subject compelled him, and that he knew the indulgence of the House would be accorded to him.— (Hear, hear.) He was struck with the able and very lucid manner in which the Noble Lord who introduced this measure had stated it to the House, and he (.Mr. Chaplin) was in opinion that it beat the measures of the Government fairly out of comparison. He could not help noticing the remarkable accuracy of his details, and he should sac that they were in controvertilie. He fully believed that these statements were drawn within bounds ; he felt that, from the experience he had had, these railways were sure of success, both in their produce and in the security of the capital. That was more than he thought could be said in reference to the plans of the Government, because they were uncertain in produce, and much more so in the security of the eipital. They had heard much of commissions. In the commission with which Sir Henry Parnell was connected, for the improvement of the road between London and Holy head, a vast sum of money was lost, because a railway was at the same time being made in a parallel direction. They were actually improving the road between Fowcester, Daventry, and Birmingham, while the railway was making, and therefore all the money was lost. The railways which were referred to by the Noble Lord, under any circumstances, would be eventually made in Ireland, and the roads and works which Government were furthering would involve a greater loss. He had travelled thus far very pleasantly with the Noble Lord, but he re gretted that here he must leave him. He thought that this Was a Matter that required considerable care, and he was aware that he was approaching very tender ground, and he was very anxious that the Government should adopt S ome portion of the Noble Lord's plan, and carry it out themselves, and he was quite satisfied that it would be productive of the greatest benefit to the people of Ireland. If they did undertake these works, they would be providing ample work for the people of Ireland, and, still further, that these works would be productive of bene fit in a variety of ways, for they could do upon these works as was at present done in France, and could regulate the works at their pleasure, and could pay the people either in food or coin. At the time when tote labour of the workmen was required for agricultural purposes, they could remove them from the works and, again, when the season for agricultural employment was passed, they could again place them upon the works. And as to the financial part of the business, the Go vernment could regulate the outlays just as they pleased, with cut at all impairing the efficiency of the works, for the advantage of the people ; and this, he thought, was a sufficient reason for the Government making the works. He was still more satisfied that they would tend to develope the resources of Ire land, and they could do as they pleased in the regulation of the works. Then as to the interest which would be derived from the outlay of the money, he believed that a far better return would be made from these works than from any other source ; and if they would only do away with those ridiculous standing orders, they would reduce the legal expenses to such an extent, that they would save as much as would satisfy the claim for interest, without going to any ether fund. He trusted the Right Hon. Gentleman the Chancellor of the Exchequer, when he said that in America, at the present mo ment, railways were made altogether for less money than was paid for the legal expenses of passing a Bill in this country, was under a wrong impression. By the reduction of those expenses they would altogether ob viate one cause of difficulty which seemed to impede the pro gress of the measure of the Noble Lord, and he would now thank the Right Hen. Member for Derby for the alterations which he had already made, and he would at the same time say that he was delighted with the good temper with which the Irish Members had received the statements which had been made on this subject. If Hon. Members, who had come to this discussion with prejudice on their minds, veeuld only consider that the formation of railways in this cauntry varied from 10,0001. or 11,000. per mile, to 50,000/. or 611,000!. per mile. they would see that there was a sufficient margin for a large al lowance of contingent expenses, and he could himself, from experience, allow for - he fairness and justice of the Noble Lord's statement. —( Cheers anti counter-cheers ) Sir CHARLES NAPII-11 said that it appeared that the House had got into a complete fix. It seemed that there was a desire to improve the measure of the Noble Lord at the head of the Government; and if it could be shown that the measure of the Noble Lord opposite (Lord G. Bentinck ), and the introduction of railways into Ireland, would tend to the permanent improvement of that country. he wi.uld vote for the measure of the Noble Lord, even though the effect of the euecess of that measure would be to turn out the Government. It was said that large sums of money had been advanced for the Caledonian Canal, and that therefore money ought to be advanced for any measure that would tend also to the advantage of Ireland. Another Honourable Member had sug gested that Cork harbour might be so improved that it might be made a great naval arsenal and depot, and he perfectly agreed with him that such might and that such would be the case. But the improvement of Cork and the promotion of the navy was not the question at present. The question was, whether the present distress in Ireland was to be relieved at the present moment, and by the Plan of the Noble Lord, which was to expend 16,000,000/. on the formation of railways to relieve the distress of the people in that country?—(Hear, hear, and cheers.) The Noble Lord had said that he would take the responsibility of the measure himself, and would at once assure the Government. But he (Sir C. Napier) greatly doubted whether the Noble Lord could bear the responsibility, and, if he did take that responsibility, whether he could form a Government, and if he did form a Government, he very greatly doubted also his ability to carry it on. It had been stated to the House by the Noble Lord—and the statement had remained uncontra. dieted—that from 25 to 30 per cent. of these 16,000,000/. would be spent in the employment of labour and the payment of wages in Ireland. He would ask any Member of that House whether, if these works were to be set afloat, bow much of the money would go to the labourers in Ireland? AWd he would further ask the Right Hon. Gentleman the Mayor of York—(Cheers and laughter) whether, if these railways were started, he would have nothing to do with the manage ment of these railways ; and, if he had, whether he would not feel it his duty to employ the best persons he could find for the perform ance o f t hi s labour? From what he had heard, the people of Ireland were quite unfit,. from starvation, to do the hard labour which woul . cl i b f e ti r ,c equired of them in the exe cution of these works; and were so, would not that Hon. Member feel it his duty to th y e shareholders to send for labourers from England ?--(lronical cheers.) might say what they pleased, but self-interest was the rule al b" s t f o otwed. He had been reminded that people were taken over because they were the best men. They were not the most sober ance men, for he had seen a great deal of them. If they could make out that these works would be made with advantage to Ireland he would give his best support to the proposition. In the pre sent state of Ireland, it was the bounden duty of the House of Commons to provide for the dreadful distress that existed there. If such a calamity as the fire of London was to occur, and half of London was to be burnt down, would it not be the duty of the House of Commons to come forward and to relieve the distress that had been suffered by the houseless inhabitants? Ireland was more di,tant than England, but the duty wee, nevertheless, precisely the same--( Hear, hear.) Great reflection had been made upon the Irish landlords, but he believed that the Irish land lord.; were in a very different itositien to the Scottish landlords; their estates were unencumbered, and they could therefore apply their resources to the cultivation of their estates, and to the improvement of the country. For these reasons he should Oppose the second reading of the biill. Alr. HUDSON, who roe amid such confusion that. his first words were quite inaudible, went on . to complain that ob servat i ons so unfair should hive been made against any At,etmber of that House as those whirls had just fallen from the G a ll ant O ff i cer w h o ha d j ust sat d own . It was title that if his Noble Friend's measure were carried , and his advice were asked he would give all the as sistance and advice which his experience enab led him judiciously to afford but for his own sake be thought it Was sufficiently obvious, from the position which he held and the responsibility that lay ueon him, teat he would ever hold a s ingle share, or take the slightest interest in, any of these rail. W ays. He was quite aware that it was commonly, and not very ceremoniously, asserted that he and the gentlemen of the highest respectability who acted with him, were prompted solely by mercenary motives; but he could declare that in all their proects of enterprise they had always public motives to prompt them as well as private interest.—( Laughter.) It ap- Peered that the Chancellor of the Exchequer had committed gross mistake, but if he had been misled, he (Mr. e "Ilan) wondered that the Right Hon. the Member 'or Pot - tomtit (Mr. Baring) did not correct him. sole benefit of the people, but by gentlemen of the monied interests of England—(Loud cheers)—by per ;ir boil, Lo t ,- , land and Ireland, and who were prep ared, effectivel y to con- t duct railways in Ireland with the same advantage, the same economy, and with the same superintendence which the Hon. Gentlemen had shown to be perfectly effectual for the purpose of establishing and completing railways in England. If the Hon. Gentleman found that the necessary capital could be so easily obtained in England, on what ground was it that they were to suppose, that if these railways in Ireland were likely to be of great private and public benefit, the same individuals who had applied their money to railroads in England and Ireland could not get the means to be able, without the assistance of Parlia ment, to effect in Ireland what had been effected in England. He said this was first prima pole evidence against the Bill. It might not be a serious matter to those who proposed this novelit might plan, o t b u h t e i t of w m a s u o t h o e t o h n e s e C ti h u e a n n o c e e I t o o r t o h h f otsee who, Exchequer; without consideration, and by a measure which he could not help saying had not received due consideration—especially of its effect upon the money market. It was a measure of uncertain character. They must not singly look at the expenditure of the 16,000,000/., but whether the expenditure of that sum would relieve them from providing for those of which the Bill took no cognisance, who were a considerable distance from the works, or who were unable to work at them. They must, there fore, in addition, incur the expenditure which the Hon. Gentle man the Chancellor of the Exchequer had foreshadowed. The 4,000,000/. proposed to be expended during the first year, would, with grants already proposed, be increased by the end of the year to 11,000,000/. ; the Government proposition amounts to 7,000,0001. for the year, and this with the certainty of having to pay 4,000,000/. more for the three succeeding years. The Hon. Gentleman (Mr. Hudson) bad taunted the Hon. Gentleman (Mr. Baring) with having been willing, in 1839, to lend 5,000,0001. for a purpose totally different, whilst there was a deficiency in the revenue of 1,400,0001., and that it was quite inconsistent for him to oppose the measure of the Noble Lord. They had seen by the late returns that the sur plus of the year would be 3,000,000'. ; but if the grants to Ireland were to be defrayed, they must raise 6,CC0,000/. or 7,000,000'. to meet them, so that there was no superabundant revenue ; and the present period was likely to be one of more embarrassment than 1539.—(Hear, hear.) He did not think that they should depart from the principle upon which the country had ever acted, upon which public works had been executed, and not less successfully than they had been conducted in other countries. Although he did not deny that there were occasions when it might be necessary to interfere, he 'lid maintain: that, coming into the fiefd with individual enterprise was a measure which was inexpedient in itself, and not calculated to effect beneficial results. The Honourable Gentleman had stated that the suc cess of a line depended upon prudence and economy, it was a principle perfectly true that in dealing with borrowed money people went far more extravagantly than with any other—( Cries of " Oh, ok 1") —and that when a manager had a lien on a concern he was far more careful than otherwise.— (Oh, oh !) He was one of those who did not think that rail ways offered a fair security ; he would state why. They had a railway in Ireland called the Dublin and Drogheda, that passed through four-and-twenty miles of a most pro ductive country, and which opened a channel of communication with the northern parts of the country which were the most in dustrious and active. And it appeared, by a public document, that 75 /. that /. shares in that line, on which 70/. had been paid—were selling within the extremely la last tt en m odnaye anxiousys forwas 5 to impressoBl.n t The Honourable upon m the oney House, Gentleman of was borrowed the state. But did the Honourable Member recollect that taxes should be imposed to pay the interest on the capital. If they once began on the principle of lend yegsvuoaunlyd csopneotiinot.u,s eaylletdo p on rom to ot a e dv individual s ex f e o r r tio w n o , rh th s e continu ally m be on c and affording promises equally tempting of giving emplayment to the people, and they would thus be continually disposing of the surplus revenue of the country. He was bound to say that the Hon. Gentleman in his • opinion had completely failed to make out his case, or show that it would lead to any immediate beneficial effect. There might be some excuse for adopting an erroneous principle, if immediate beneficial effects were the result. But he considered there was no reasonable hope of such a result. The number of railways were limited, and before they could begin to embark in them, they should take care to enter into an examination as to what would make one railroad a more profitable undertaking than another; and that very delay itself suppressed the pos sibility of immediate relief. If the people of Ireland would exert themselves they had within their own country quite suf ficient capital to execute the proposed works. If they took, for instance, the case of a railway from Dublin to Galway, made at the expense of the nation, and another line, in a pa rallel direction, on private speculation, the effect would be not only to destroy that line, but also to discourage enterprises uniiertaken by private individuals. On the motion of Mr. M. J. O'CONNELL, The debate was then adjourned. LANDED PROPERTY (IRELAND). On the motion of Lord J. RUSSELL, the second reading of the Landed Property ( Ireland) Bill was postponed. DISTILLING FROM SUGAR. HER MAJESTY'S LEVEE. The Queen held a levee (the first this season) yesterday 1 ,itefuouil, at at. James's Palace. Her Majesty and Prince Albert arrived from Buckingham Palace at two o'clock, at tended by the Duchess of Sutherland, Mistress of the Robes; the Marchioness of Douro, Lady in Waiting; the Earl of Morton, Lord in Waiting; Lord George Lennox, Lord in Waiting to Prince Albert ; Sir Frederic Stovin, Groom in Waiting; Captain Francis Seymour, Groom in Waiting to I'rince Albert ; Colonel, the Hon. Charles Grey, Equerry in Waiting; Captain the Hon. A. H. Gordon, Equerry in Waiting to Prince Albert; and Mr. Forbes, Page of Honour in Waiting. Her .Majesty and his Royal Highness were received at St. James's Palace, by the Lord Steward and the Lord Chamberlain. His Royal Highness the Duke of Cambridge, attended by M;ior Stephens, and Count Alexander Mensdorff attended the levee. Before the Levee, the Queen gave audiences to the Mar quis of Anglesey and Lord John Russell. The Duke of St. Albans had an audience of her Majesty, and returned the badge of the Most Honourable Military Order of the Bath woru by his late uncle Admiral Lord Aurelius Beauclerk. Captain Sir George Graham Otway, Bart., RN., bad an audience of the Queen, and returned the riband and badge of a Knight Grand Cross of the Order of the Bath, worn by his late father Admiral Sir Robert Waller Otway, Bart. Captain Barlow, R.N., C. 8., had an audience of her Ma jesty, and delivered the riband and badge of a Civil Knight Grand Cross of the Order of the Bath worn by his late father Sir George Hilaro Barlow, Bart. The Field Officer in Waiting, and the Captain of the Guard, had audiences of her Majesty. In the foreign diplomatic circle, the following presentations to the Queen took place : Mr. de Schemioth, Consceller d'Etat actual de S. M. l'Empereur de Russia, and M. Korniloff, Capitaine de la Marine Imperiale, by Baron de Bruunow, the Russian Minister. Mr. John R. Brodhead, Secretary of the Legation of the United States of America, by Mr. Bancroft, the American Minister. Le Comte A. E. de Rosen, Lieutenant-Colonel du Corps du Genie de la Marine Suedoise, by Baron Rehausen, the Sweedish Charge d'Atlaire. The General Circle was attended by the Lord Chancellor, the Bishop of London, the Lord Privy Seal, the First Lord of the Treasury, the Secretaries of State for the Ho me, Foreign, and Colonial Departments, the Chancellor of the Exchequer, the First Lord of the Admiralty, the President of the Board of Control for the affairs of India, the Chan cellor of the Duchy of Lancaster, the Chief Commissioner of the Woods and Forests, the President of the Board of Trade, the Paymaster-General of the Forces, the Chief Secretary for Ireland, the Lord Steward, the Lord Chamberlain, the Cap tain of the Honourable Corps of Gentlemen-at-Arms, the Captain of the Yeomen Guard, the Vice-Chamberlain, Lord Langdale, Master of the Rolls; Right Hon. Sir Thomas Wilde, Lord Chief Justice of the Court of Common Pleas; the Secretary at War, the Chancellor of the Duchy of Corn wall, Mr. S. Mark Phillipps, Under secretary of State; the Adjutant-General of the Forces, the Quarter:Master General to the Forces, the Lord-Advocate, the Lord Mayor, the So licitor-General. Sir George Philip Lee, Lieutenant of the Yeomen Guard, Mr. M. Wyatt, Standard-bearer of the Hon. Corps of Gentleman at Arms; the Solicitor-General for Scotland, Mr. Sheriff Chalis ; Mr. Sheriff Kennard, Sir C. Young, Garter; Lord A. Paget, Clerk Marshal ; Sir Harris Nicolas, G.C. M.G., Chancellor of the Order of St. Michael and St. George; Sir A. Clifford, Bart., Gentleman Usher of the Black Rod ; the Queen's Proctor, Major Hon. R. Boyle, Groom in Waiting; Sir John Henry Pelly, Bart., Deputy- Master of the Trinity House; Sir Francis Palgrave, K.H., Deputy Keeper of her Majesty's Public Records; Mr. Law rence, Surgeon Extraordinary to her Majesty ; Major Ge neral Brown, Deputy Adjutant General; Sir George Hay ter, M.A.S.L , Painter of History and Portraits, and principal Painter in Ordinary to her Majesty; Col. Bouverie, Equerry to Prince Albert; Colonel Owen, A.D.C. to the Queen ; Lieut. Gen. Sir James Macdonell, K.C.8., K.C.H. , Honorary Equerry to the Queen Dowager ; Capt a i n E. Somerset, Equerry to her Majesty the Queen Dow ager ; Major Stephens, Equerry in Waiting on his Royal Highness the Duke of Cambridge ; Colonel Berkeley Drummond, Scots Fusilier Guards, Field Officer in Brigade waitiag ; Mr. Under-Sheriff Tilleard, Mr. Under-Sheriff Baylis, Mr. James Bunce Curling, Adjutant of the Honour able Corps of Gentlemen at Arms; Sir Samuel Hancock, Exon of the Yeomen Guard; Captain Sadler, Exon in Wait ing ; the Queen's Registrar, Sir Benjamin Smith, C. S. ; Rev. Halstead Cobden, Lord Mayor's Chaplain; Captain Green, Gentleman Usher in Waiting ; Major-General Godwin, Gen tleman Usher to his Royal Highness the Prince Albert in Waiting ; and the following Le Chevalier deTacon, Charge d'Affaires d'Espagne, Baron de Rehausen, Swedish Charge d'Affaires, and Le Comte Adrien de Revel, Charge d'Affaires de S. M. le Roi de Sar dahme. were severally presented to the Queen by Viscount Palmerston G.C.8., her Majesty's principal Secretary of State for Foreign Affairs. The Foreign diplomatic circle was attended by Count de St. Aulaire, the French Ambassador • le Comte de Jarnac, first Secretary, Mr. George de Rabaudy, Chancelier, and M. Felix Cottu, attactik to the Embassy; Count Dietricluatein, the Austrian Ambassador; M. Van de Weyer, the Belgian Minister; Baron de Cetto, the Bavarian Minister; M. Mo reno, :the Buenos Ayrean Minister; Baron de Brun now, the Russian Minister; Baron de Nicolay, Se cretary to the Legation, and Captain Schwabe, Imperial Russian Engineers; General Prince Castelci cala, Neapolitan Minister, and M. G. Canofari, Secretary of Legation ; Count de Kielinansegge, Hanoverian Minister; Chevalier Bunsen, Prussian Minister; and Prince Lowen stein, Secretary of Legation ; le Commandeur Marques Lisboa, Brazilian Minister; and J. T. de Amaral, Attaché to the Legation; Count de Reventlow, Danish Minister; and M. de Bielke, Secretary of Legation ; Colonel Iturregui, Peruvian Minister ; Prince Callimaki, Ottoman Porte Minister; Mr. George Bancroft, United States Minister; Count Schimmelpenninck, Netherlands Minister; Baron de Rehausen, Swedish Charge, d'Affaires ; le Chevalier de Tacon, Spanish Charge d'Affaires, and le Chevalier de Pedrorena, Secretary to the Mission ; le Comte Adrien de Revel, Sar dinian Charge d'Affaires, and Marquis Pallariciui, Secretary to the Mission. DUKES—St. Albans, Buceleuch. MARQUISE,. —Anglesey, Granby, Worcester, Westmeath. EARLS.—De La Warr, Listowel, Clarendon, Auckland, Lincoln, Denbigh, Clare, Fitzwilliam, Rosslyn, Radnor, Ripon, Wilton, Ellenborough, Somers, Sheffield. VISCOUNTS.—Anson, Folkstone, Cantilupe, Duncan, Syd ney, Newry, Gage, Goderich, Clements. Bx suors..—Hereford. Loans.—Stanley, Waleingham, Ernest Bruce, A. Fitz elarence, Rivers, Mahon, Camoys, Hatherton, Colchester, Hotham, Cremerne, Brooke. RIGHT HoNou lusty s.—Sir Robert Peel, Sir Thomas Wilde, Sir James Graham, Henry Goulburn, Sir Thomas F r emantle, Edward Strutt, M.P. ; Sir S. Canning, Sir T. Frankland Lewis, R. V. Smith, M.P.; E. J. Stanley, Sir A. Foster, Bart., H. Ellis, Colonel Darner, M.P. ; F. Shaw, M.P. ___.... The Distilling from Sugar Bill was read a third time and passed. J um; c—Vaughan Williams. HONOURAIKES.—Rev. Reginald S. West, Colonel Sir E. Cost, Spencer Lyttelton, Mr. Vereker, Jehn Fortescue, Thomas Edward Stonor, Spencer Ponsonby, F. L. Gower, W. Covrper, P. Fielding, P. P. Bouverie, E. P. Bouverie, H. Fitzroy, W. 0. Stanley, M.P. ; Captain Crofton Co l one l Finch, H. M. Sutton, Rev. F. J. Noel, Dean of Windsor. BARONETS.—J. Henry Pelly, James Weir Hogg, Moses Monteflore, W. Somerville, C. Hunter, J. Carmichael, A. B. Brooke, G. Clerk, R. H. Inglis, D. Norrey, M• P • ; F ' Hamilton. Snts.—Roderick J. Murchison, J. South, Fitzroy Kelly. Frederick Thesiger, Francis Palgrave, Peter Lawrie, rk land, H. Hillock, C. Napier, W. Pell, J. Atkinson,A. L. Hay, M.P., G. Walker. COUNT.—G. Metaxa Mirarque. Qintex's COUNSEL.—Kindersley, W. Page Wood, Spencer Walpole, John Rorailly, M.P., Rolt, Bacon, Richard Godson, M.P., H. W. Tancred, M.P., Joseph Napier. REv. DOCTORS.—JeIf, Hawtrey, Symons. Rev. Messieu as.—Willi am W e b s t er , Randall Ward, John Jackson, Henry Howarth, C. Cavendish, T. C. Glyn, An chitel Anson, W. H. Biedermann, H. Palmer, G. W, Carl son, R. Burgess. DOCTORS.—Ringland, Billing, R. Ferguson, Henry Lee, Laitham, F. Winslow, Bowring, M.P. L. Roberaton, W. Loney, Peterkin, W. Lloyd, Henderson. MESSIEURS—CharIes Ru sse ll, M.P., G. Backley Bolton, Thomas Richard Walker, Jame; Little, Willi am Tottie, Lawrence, E. Duke Moore, Rich, M.P., It Willi a m Grey, Sergeant Thompson, Ferrer, Greene, M.P., Atk inson, Daniel O'Connell, jun., M.P., John O'Connell, M.P. , F. Goulburn, G. Berkeley. Kenlock, Sergeant Talfourd , H . E. F. Young, Judd, R. M. Martin, E. Rice, M.P., Hodges , J. W. Allen, W. D. Bruce, R. Neville, M.P., A. Montgomery, H. U. Addington, H. G. Ward, W. Cooper, T. Boyrenson, J. Whiskin, Stanley, J. Parker, M.P., G. Close, Penrhyn, San ders, Bax G. Craig, Morris, M.P., Sergeant Manning, C. Lewis, W. H. Cooke, Gwynne, Cardwell, C. Bruce, Arch deacon Hale, C. D. Goldie, Sergeant Shee, J. Wood, Mantel!, H. Reeve, J. Homfray, Inghara C. J. Palme r, F. P. Bar low, Beardmore, F. W. Jerningh'arn, W. Partridge, Qublier, L. V. Watkins, W. C. Plowden, W. Mor ris, C. R. Gibson, 0. Higgins, P. 13 owerie, Beckett, M.P., R. Palmer, M.P., E. Rice, M.P., J. Gardner, J. O'Br ian, M.P., Bramston, M.P., Wyse, M.P., E. Denison , ALP., H• Fortescue,_ N. ' Vaughan M'Gildowney, NV. Cripps , F . Fortescue, .F a C.E. T C Ten dish, J. Blackburn, M.P., J. A. Kirwan, Oliveira Packe , ' M.P., T. Clifton, M.P., G. Rept on, Hutt, M.P., re. j H oh u n skisson, Sir George velyan, S. Flood, W. T. Egerton, Dodd, M.P., G. B. o ges, the Mar • Cardin e , r, si K r . Henry Childs. FIELD MARSHALS—The Duke of Wellington, Grosvenor. 0............- -sir ricury Wheatley, Sir John Dovetun, Sir i Robert Gardner,G ardiner, Sir Cavendish, Macßean, K. C. 8., John McDonald, gg son, Sir 1 rs, Latter Charles Dalbiac, Lord Charles 1V an K H0n.. 0 . B W . 'W. il, ne Hon. George Keppel, Marquis ke,_ omas Le Bret of Douro, Borth ' wick , Y°r J. Low, C.B , Codr M.P. , Breton, Earl of CoLoxims—Meyrick,m. Burgoyne, Everest, F.R. S. Sir J.. Cornsv i a , h Cardigan, A. Irvine, C. 8.• c B ington, J. K. Lenout, C. 8., Parker , Oldfield, MacLeod, Hutchinson, , Hall, M.P., Lumsden, C.B.A.D. . Lockyer, Forbes, Good , .. A c H Clitheroe, ll' *, Montgomerie, Henry Bentinck, W. Dunn, James Stopreru,. • Lord Frederick Pottinger, Owen, Hamilton, Rolleaton, M.P. Lewis,utt Morse MAJoas.—John Hon. Mortimer S. West, Polhill, J. L. ' El ' Cooper, Udnev Daniell, Sadleir, H. Forbes, rington, D. E wan. ~ , Sir Claude M. Wade, * . . CAPTAINS. -- Hamilton Duncan, W. F. Hall, Tyler, Charles White, • C Hon. ) lett Somerset, Henry Rudd, ar lyon, Bateman, I on David James Whyte Mel ville, J. D. Shakespear,, Ward, Wood, George Frederick Sympaon, Sissmor! Yonge, Gardiner, J M•D J. A. Keane. J. uff, Felix Ashpitel, Hon. „, ~, LIEUTENANTS.--AkeTS, E. H.Smith, E. J. Carthew, Ed ward Heneage Der in g , manners Wood, Henr y Bliss M‘Callum, C. H. Hinamae, L. E. Mackinnon, A . De ' Yr c , F. C. J. Goldsmid, Edmond Walker, Plunkett Burton, Pell '' Edmund Thornton , John Davenport Shakespeare, , Charles Winn 1 Julius Richard qilyn, Sidney Farrell, Hon. H. ed, F. Kean W oo d, R. L. Newman , E . A. Noel, Ho pper, Mo b - -e , w r a y „„i t b , ltl•Gowan, Cormack. ENsiu Ns.—George Augustus M'Nair, John Mor • ADMIRALS.—Sir Edw ard Codrin g t on, Sir risen Allan. Strode, K.C.B. H. Dundas, ; Sir c Edward C. K. C. B. ; Sir H. Dillon. Shirreff, T. Brown, r Charles Adam., Carranrs.—Ellice, R. Eden, Berkely, it i i m, Sykes. G. A. Westphal, D. Curry, Newell, Sir J. G. Ham S t or es. Sir T. Hastings, Nevill, G. Macdonald, G. Broke, S. Sinclair., Sir Eden, lion. D. Pelham, C. Buckle, Lord . ii . G T . A ° twaY, shave, Sir E. Home, Sir F. Nicolson, E. Belcher, a- ' - 6 Fan- CAPTAINS.—(Trinity House) Edward F Barlow. herd, Henry Bonham Bax. oord, John. Shep- COMMANDERS.—PeIIy, G. Brown, Will. Peel, T E ., Katon, J. Sanderson, A. Ryder. V. Massin laln J. E. Inglefield, W. Griffiths, Robson, J. Finch,gberd, Crispin, E. G. Keane. nawstorne, Hon. Lie u'reltaxts. —Freestun, Darell. The following Noblemen and Gentle being presented to her Majesty :.-_ Gentlemen had the honour of i Sir James Weir Hogg, on being created Robert Peel a Baron e t, by Si r The Marquis of Anglesey, on promotion i Right Hon. Sir Thomas Wilde, on hi f Chief Justice of her Majesty's s appointment as Lord the Lord Chancellor Court of C ommon Pl eas , by , Hon. Colonel Sir Edward Cuat, upon 1 is ) her Majesty's Master of the Ceremonies' appointment to be Mr. Justice Vaughan Williams, by the Lord Chancellor Viscount Anson, by Viscount Palmerston The Hon. and Rev. Reginald SaLkvillc West, en his appoint ment as one of her Majesty's chaplains, by his father, the Earl De La Warr The Hon. Spencer Lyttelton, on his appointment as marshal, of the ceremonies, by the Lord Chamberlain Sir Moses Montefiore, on being created a baronet, by Sir R Peel, Bart. Right Hon, Sir Thomas Freemantle, on his appointment as Chairman of the Boaid of Customs, by the Chancellor of the Exchequer Hon. Mr, Vereker, by Viscount Gage Sir Charles Napier, by Lord Auckland Mr. Humphrey, on his appointment as one of her Majesty ° s Counsel, by the Lord Chancellor Mr. Bacon, on his appointment as one of her Majesty's Coun sel, by the Lord Chancellor Mr. Rolt, on his appointment as one of her Majesty's Counsel, by the Lord Chancellor Mr. Thomas Riehard Walker, on his appointment as one of her Majesty's Hen. Corps of Gentlemen at Arms, by Lord Foley Mr. Spencer Walpole, on his appointment as one of her Ma jesty's Counsel, by the Lord Chancellor. Mr. James Little, on his appointment to her 'Majesty's Hon. Corps of Gentlemen at Arms, by Lord Foley Mr. Kindersley, Q. C., on his being appointed Chancellor of the County Palatine of Durham, by the Lord Chancellor The Rev. Dr. Jelf, on his appointment as Sub-Almoner to the Queen, by the Bishop of London Mr. Joseph Napier, on his appointment as one of her Majesty's Counsel in Ireland, by the Lord Chancellor Doctor Reingland, by the Right Hon. Frederick Shaw, M.P. Rev. John Jackson, Rector of St. James's Westminster, by the Lord Chancellor Mr. William Tottie, Sweedish and Norwegian Vice- Consul in London, by Baron Rehausen, his Sweedish and Norwegian Majesty's Charge d'Affaires Mr. Ferrer, en his appointment as Captain in the Royal Bucks Yeomanry Cavalry, by his Grace the Duke of Buckingham and Chandos. K.G. Mr. Rich, M.P., an his appointment as a Lord of the Trea sury, by Lord John Russell The Lord Mayor, by Lord John Russell Major-General Sir henry Wheatley, on being created a Ba ronet, by the Duke of Norfolk Mr. Sergeant Talfourd, on being appointed one of her Ma jesty's Sergeants-at-Law, by the Lord Chancellor The Lord Advocate, on his appointment, by Sir George Grey The Solicitor- General, on his appointment, by the Lord Chancellor Mr. Sheriff Kennard, by Lord John Russell Mr. Sheriff Challis, by Lord John Russell Sir George Hay ter, M.A. S.L., &c. &c., Painter of History and Portraits, and Principal Painter in Ordinary to her Majesty, on his marriage and return from the Continent, by the Right Hon. the Lord Chamberlain The Solicitor General for Scotland, on his appointment, by Sir George Grey Mr. Undersheriff Baylis, by sir George Grey Mr. Undersheriff Tilliard, by Sir George Grey Mr. Henry Edward Fox Young ;on appointment as Lieutenant- Governor, Eastern Districts, Cape of Good Hope, by Earl Grey Surgeon-Major Judd, Scots Fusilier Guards, on his appoint ment as Surgeon in Ordinary to his Royal Highness Prince Albert, by Colonel B. Drummond Mr. R. Montgomery Nfartin, to present his report on the English opium traffic in China, by Viscount Sandon Mr. John O'Connell, M.P., en being appointed Deputy-Lieu tenant, Kerry county, by Mr. Labouchere Mr. Daniel O'Connell, jun., M.P., by the Right Hon. H. Labouchere Mr. Atkinson, by Mr. Greene, M.P. Mr. Frederick Wm. Jerningham, by Earl Grey Mr. Ingham, on his appointment as Attorney-General of the county palatine of Dublin, by the Right Hon. Sir G. Grey Mr. Sergeant Shee, on receiving a patent of precedence, by the Lord Chancellor Mr. Gibson Craig, on being appointed a Lord of the Treasury, by Lord John Russell Mr. Penrhyn, by Lord Stanley Mr. William Henry Cooke, on his being appointed a Deputy- Lieutenant for Herefordshire, by Earl Somers Mr. Lloyd Vaughan Watkins, Lord Lieutenant of Brecknock shire, by Lord John Russell Mr. James Whiskin, on being appointed Deputy-Lieutenant for the county of Middlesex, by the Marquis of Salisbury Mr. H. G. Ward, on his appointment as Secretary of the Ad miralty, by the Earl of Auckland Mr. Mantel', Member of Council, Gambia, by Earl Grey Mr. Alfred Montgomery, on his appointment as a Commissioner of Stamps and Taxes, by Sir Robert Peel Mr. Frederick Pratt Barlow, on his appointment to the Deputy- Lieutenancy of Middlesex, by the Marquis of Salisbury Mr. Beardmore, High Sheriff of Hampshire, by his Grace the Duke of Wellington Mr. Quiblier, by Earl Grey Mr. William Morris, by Mr, C. Reginald Gibson Mr. Charles James Palmer, by his father, the Rev. Henry Palmer Mr. Hodges, Recorder of Poole, by Sir G. Grey Mr. Francis Fortescue, Lieutenant, Scots Fusilier Guards, by levee. The Rev. Mr. Perry had an interview with Earl Grey yesterday, at the Colonial-office. Dispatches from the Governor of the Mauritius were re ceived yesterday at the Colonial-office. LONDON AND NORTH-WESTERN RAILWAY. Yesterday morning the February half-yearly meeting of the above company was held at the Euston-square Station, at twelve o'clock. On the arrival of the chairman and directors in the board-room, The SECRETARY proceeded to read the advertisement con vening the meeting, and the minutes of the last half-yearly assemblage. The CHAIRMAN then said—Gentlemen, it is now ten years since, through your kindness and that of my colleagues, 1 have had the honour to hold the situation which I now occupy, and in presenting the accounts to 3on on the present occasion I cannot help feeling the extraor dinary difference between the position which the company occupied in the year 1837 and the position in which it is at the present moment. It will be in the recollection of many proprietors that the year 1837 was a year of extraordinary commercial pressure, and its depressing effects were felt more especially in those districts of England through which the line passed, and in those classes of society which constituted the greater part of our proprietors. I confess that at that time, in common with maay others engaged in similar large undertakings, I felt a degree of anxiety and suspense upon what was generally regarded with considerable dismay. However, by the help of our shareholders and by perseve rance the difficulty is now overcome. Ido not say on the present occasion that I apprehend that there is the slightest idea of a state of things similar to the year 1837, quite the contrary, but 1 may say that our currency is established on a more secure footing, and upon a better regulated basis than it was then, and, 1 may add from expe rience, that the commercial organisation of the country is in a better state. I have not the slightest idea of drawing a comparison between that period and the present, but I think that from the public papers you must have perceived lately a great tendency to continued and untiring exertions on the part of those to whom, in the first in stance, devolved the responsibility of these great undertakings. I confess, gentlemen, that it does appear to me that upon those who first tried this great experiment upon se large a scale—and really it was nothing but an experiment—it is rather hard that on the successful result of their schemes, they should be called upon to give up any of the ad vantages they have justly earned. I believe, gentlemen, and on this subject, circumstances authorise the belief, that if the Kilsby tunnel had proved too much for Mr. Stephenson, the Box tunnel for Mr. Brunel, or the Primrose Hill tunnels for Mr. Locke, we should have had not the slightest as sistance from Parliament. And, gentlemen, I do net think that we should have found any talented leader of the Oppo sition to propose a vote of sixteen millions in our favour.— ( Hear, hear.) That would not be done for us.—(Hear, hear.) However all our difficulties are over, and they have been surmounted by the energies of those whom I see before me. I am happy to say that on the present occasion we are enabled to offer you, as we have invariably hitherto done, accounts of which the gross results are entirely satisfactory. At the same time the accounts deserve, and I hope that if you take them home you will give them, a careful analysis. You are aware that we have lately made very large reductions. Those reductions on the goods traffic have been repaid by an enormous increase, and on the pas senger traffic by an increase in a smaller degree, but not in an equal ratio. With regard to the passenger traffic, I must draw your attention to that, as it is very important that you should see, and that the proprietors of other companies should be made aware, by the medium of the public press, of one fact, for I think it will put a stop to the very danger ous competition which at present exists. The total number of passengers during the last six months who have travelled over every part of the London and North-Western Railway amounts to the extraordinary number of 3,277,596; and just let me observe, in passing, that out of the whole number of passengers transported, we have not had one single serious ac cident. The number transported in the same period in 1845 was 2,793,372, showing an increase in a period of two years of 484,224. Now mark the conclusion. From the diminution of fares, the gross receipts for passengers this year has been less than in 1845, while the expenditure has been, of course, much greater, in consequence of the increased accommoda tion. The deduction which I draw from that is, that the reduction in fares and the altered mode of travelling has been no benefit to the public and none to ourselves. Ido not wish to conceal from you that it is possible, in the course of time, by improvements and increased accommodation, we may reduce in some degree the working expenditure. That is a point which I hope the Legislature will deal with with the greatest care and caution, for nothing is so detrimental ai foolish or overstrained economy in large undertakings of this sort. We ought certainly to be economical, but not at the expense of the public. There are evils connected with competition which I have always viewed as most se rious. It is the call made by competition, which causes such a reduction in the rates ; and if proprietors do force upon us the overstrained economy consequent upon it, the result will be that the public must eventually suffer—and thenlyou will regret it when it is too late—by a loss of life. Another point in view, which will create fresh traffic, and to which I wish to call your attention, is the necessity forced upon us of providing in some way or other increased means of transit for the traffic which already offers itself. Before going into this question I must say that traffic has come upon us in an unexpected rate of increase, and therefore, during the two latter months of the past year, we have not done our duty towards the public in the way for which we were for merly celebrated. We have,failed in some degree in regu larity and in: our ordinary punctuality, but during the last month the evil has been repaired, and we arc now going on as usual. The point which you must carry out is to give us better means of transit. The subject has occupied our atten tion for a long time. We are not disposed to increase the expenditure unnecessarily, but the question has bee n forced upon us lately, and in such a shape, and way, that slow as I was to be convinced on the subject, I have yielded to the necessities of the case. I must say, in justice•to several of my Hon. Colleagues, who have, from time to time, pressed the question, that they have long been con vinced of the necessity of adopting such a step. The mea sure which we shall propose is, to lay down, between Primrose Hill tunnel and Watford, two additional lines of rails. We hope to accomplish that without going to Parliament for in creased powers, but if there is the smallest necessity for such a step, we shall not hesitate a moment to apply to Parliament at once. We propose also to continue this increased accommo dation from Watford to Tring, in order to take advantage of the Buckinghamshire lines, and we shall go on until we meet the Birmingham and Oxford line, by which means we hope to render to the district and the traffic the most ample ac commodation that can be wanted. The estimated cost of laying down the second line is 350,0001. We have not yet got the estimates as between Watford and Tring, but they are in the course of preparation. I think gentlemen, if we are to judge from the state of the internal traffic in which we have engaged during the last six months, although I am prepared to admit that traffic is very unsafe to trust to, as a criterion of what the state of the country unay be, because it may have been diverted for a time from ,"ether channels; but, taking our own experience, and the ex perience of railway companies, we are inclined to think that the internal traffic of the country has, during the last year, taken a prodigious stride. The internal prospects of the country are increasing daily, and are recovering from the commercial pressure which has lately . acted as a drawback to it, and which, I believe, is passing away now, but which, at all events, will not be of any lengthy duration, if it does last. I .hope, even, that if we so on in the same ratio of increase, that not only the existing railways, but even the canals, may keep their own. Under the circumstances, gentlemen, I will not detain you any longer. You have in the report nearly every subject which it will be necessary for the directors to bring before you; and I am most anxious to save time as much as possible, by not going over ground unnecessarily at this meeting ; but there is a point upon which you must allow me to make a few observations as Igo on. I allude, gentlemen, to the state of your echools at Crewe and Wolverton, which are on a satisfactory footing; and I believe, I may say, that it is re garded by the parents of the childi en connected with the works there, as well as by the whole neighbourhood, as a real blessing to the country. The object of these esta blished schools is to make the education furnished there a practical and useful one, and one which shall serve as a model for other schools of the same nature. We have had children of all denominations educated in these schools, and although they are under the immediate superintendence of your clergyman, Dr. Waithe, the principles of the education administered are such that we have never bad a single parent who found the slightest fault. We have also had applications from other parts of the country for sub scriptions to their schools. We have not thought it right to accede to these applications, not having any autho rity from you to administer your funds for that purpose. We I should like to be enabled to allow subscriptions for a thing of that sort. We should like to carry the principle out fur ther. I can mention that I have received notice that some of the directors sitting at this table have, of their own accord, ? vo l un t eer ed from their own purses t he means hofi ng sp i r it ua l instruction to many of your men . I mention that fact,l am sure tha t it is not a way in vicli3i,otiliwvioduuladislikaet to leave it. Ido no t think it right, becaus e n , the tab!e have furnished funds for these schools, that no further measures should be adopted. I conceive that the principle to be acted upon is t the a c d i thatp v i a e t m propertyandmzlijna s its duties a s well as its rig a h ere have thought it a,du ty lts to fi n irnisli the means fro their own pockets. and they can hardly doubt that it is th e i r duty, as well as their advantage, to furnish spiritual instruction to their men. Oa this subject I speak without having any previous communication w h a t eve r with any of my colleagues, but I believe that they are all actuated by one sentiment—l think, unless they have your permission, I will not say votes, to apply certain funds to this purpose, many of them will not take the oppor tunity of receiving any funds, for they would sooner pay it out of the own pockets than have it sparingly and grudgingly bestowed for a purpose so essential to the general benefit of y vur men and the country. The folio wing is an abstract of the Report : In comps ring the traffic receipts for the six months ending 31st December last, with those of the corresponding halt year to the :11st December, 1845, it will appear that both in the number of passengers and quantity of goods conveyed, there has been a considerable excess, while the rates of charge hay , e been materially reduced. In merchandize the increased q inantity conveyed has more than compensated for the the reducti on in rates; the excess in the goods' receipts being 68,362/. I a the coach department, on the contrary, the re ceipts havvfallen off 6,7961. the Earl Fortescue Mr. Wyse, M.P., on taking office as Secretary of the India Board Lieutenant-General Sir John Doveton, K.C.8., on promotion, by General Lord Aylmer General Sir George Anson, G.C.8., on his appointment to the Lieutenant Governorship of the Royal Hospital, Chelsea Colonel Cornwall, on appointment to be her Majesty's Assistant Master of the Ceremonies, by the Lord Chamberlain, and on promotion, by his Royal Highness the Duke of Cambridge Lieut.-Colonel Everest, F.R. S., on his marriage, by the Earl of Denbigh Rev. William Webster, Chaplain to Mr. Sheriff Kennard, by Mr. Sheriff Kennard Mr. Sergeant Manning, on being appointed Queen's Sergeant, by the Lord Chancellor Colonel Sir John Montagu Burgoyne, Grenadier Guards, on promotion, by Colonel Home Colonel Hodges, her Majesty's Charge d'Affaires and Consul- General to the Hans Towns, on his return home on leave, by Viscount Palmerston Colonel Thomas Le Breton, Royal Jersey Militia, by Sir George Grey, Bart. Colonel Sir Henry MacLeod, late Governor of Trinidad, by Earl Grey Captain the Hon. Mortimer Sackville West, on his marriage, by his father, the Earl Delawarr Major General Cavendish, Ist Life Guards, on Promotion, by the Marquis of Anglesey Lieutenant Petty, Madras Cavalry, on his return to India, by his Father, Sir J. Pelly, Bart. Ensign John Harrison Allan, on his appointment to the Royal London Militia, by Colonel Sir Claudius S. Hunter, Bart. Lieutenant Edward Heneage Dering, on his appointment to the Coldstream Guards, by H. R. H. the Duke of Cambridge. Lieutenant Akers, on appointment to the Royal Engineers, by the Earl de le Warr. Captain Gardiner,: Royal Horse Artillery, on promotion and appointment to the Royal Horse Artilery, by the Marquis of Anglesey. Captain W. F. Hall, on his appointment to the Adjutancy of the Royal London Militia, by Colonel Sir Claudius S. Hunter, Bart. Captain Henry Bonham Bax, Elder Brother of the Tri n ity House, by the Duke of Wellington. Captain the Hon. Hamilton Duncan, Scots Fusiliers Guards, by Col. Berkeley Drummond. Captain Edward Hood, Elder Brother of the Trinity House, by the Duke of Wellington Colonel Hall, M.P., Ist Life Guards, on promotion; and Lieut.- Colonel Parker, Ist Life Guards, on promotion, by Viscount Combermere Captain John She'pheard, Elder Brother of the Trinity House by the Duke of Wellington Major-genere' Higginson„ on promotion, Major-general God win, on 'promotion, and Lieut.-colonel Goodman, by Lord FitzlNy Somerset Lieut.-colonel James Stopford, C. 8.; Captain J. Mac Duff; Lieut. Cormick; and Lieut. MiGowan, on return from foreign service, by Lieut.-general Sir Alexander Woodford, K. C. B. and G.C.M. G. Dr. Wm. Loney, surgeon, R.N., on promotion, by Sir Wil liam Burnett Dr. William Lloyd. by Colonel Sir Robert Nickle, K. H. Dr. Henderson, R.N., by Rear- Admiral Sir Samuel Pym Mr. John W. Allen, by Captain Sir Thomas Hastings Mr. Granville Clow, by Lord Northwick Mr. Charles Dashwood Goldie, on going abroad, by Lieutenant General Latter Assistant-Surgeon George Borlaxe Childs, on his appointment to the Royal London Militia, by Colonel Sir C. S. Hunter, Bart. Mr. John Andrew Kirwan, Deputy-Lieutenant of the county of Galway, by the Marquis of Clanricarde Mr. M'Gildowney, by the Marckuis of Donegall Hon. John Fortescue, by Earl Fortescue The Rev. Randall Ward, on return from India, by the Earl of Clare. . , Rev. Charles Cavendish, by Major-General Cavendish. ,* Rev. Henry Howa r th, R ec t ory , S t . G eorge ' s H anover-square by the Lord Bishop of London. Rev. Anchitel Anson, by General Sir George Anson. Dr. Forbes Winslow, by Sir James Clark, Bart. Dr. Lockhart Robertson, by Sir James M‘Grigor, Bart. Hon. Spencer Ponsonby, by Viscount Palmerston. Rear-Admirals.—Sheriff, on his promotion; Dundas, on his appointment as a Lord of the Admiralty; Captains.— A. Fanshawe, on being appointed one of her Majesty's Naval Aide-de-Camps ; Sir E. Belcher, on return from the China Seas • D. Curry, Macdonald, G. N. Brooke, on promotion, and retura from service ; Hon. Crofton Berkeley, Sir G. A. Westphal, Lord J. Hay, A. Fanshawe, on being appointed Aide-de-Camp ; Sir G. Otway, Sir T. Hastings, Ellice, I. Shakspeare ; Lieutenant :Colonel A. Irvine, C.B. ; Commanders Rawstone, on promotion and attendance on Royal and. Distinguished Personages at Portsmouth ; J. W. Finch, the Hon. G. D. Keane, Robson, J. Sanderson, A. Ryder, on their promo tion ; V. A. Messingberd, on appointment to H.M. steam vessel Alecto; G. Brown, E. A. Inglefield ; Lieutenant Darrell, on promotion, Hopper and Sir W. Pell, on appointment as Commissioners of Greenwich Hospital, by Lord Auckland Colonels Codrington and H. Bentinck ; Lieutenant-Colonels Forbes and F. Paulet ; Majors I. L. Ebrington and Daniels, Captain C. White, on their promotion; Lieutenant P. Bur ton and Hon. P. Fielding, on their appointments ; and Cap tains W. Melville and P. Somerset, by the Duke of Cam• bridge Right Hon. Sir Thomas Frankland Lewis, on being created a Baronet, by the Earl of Ripon Rear-Admiral Sir Edward Chetham Strode, K.C.B. and K.C. H., upon being appointed Knight Commander of the Bath, av d. on taking the additional - name of Strode, by the Earl of Haddington Captain Nevill, R.N., on his return from the East India and China stations, and on promotion, by his Grace the Duke of .Buckingham and Chandos Co= :lender Pelly, R.N., on his return from the West Indies, by his father, Sir Henry Pelly, Bart. ir Lieutenant- General Sir G. Scovell, on p romotion, b y the s T ! v H si ti o la n i ta . en: T b h sy o o m nsi iaersr GeorgevEi l d l e w aornd Grey Lieutenant- bn appointment n s t f a a s t her, ti n d L e o r - r Lord e C e a r e m t a o r y y s of Duke of Wellington a nd c r o e m tu p r a n n f i r o o n m of S t e h r e lath; Commanders W. Griffiths, on promotion, J. K. Katon, by Sir C. Adams being n promotion nominated C on appointment ; Lieutenant- Co :onel Montgornerie, A. D. ~ Cay i t a a , in s s ir S E ir . F u . o N m i e c , ol o so n n a Winfield and F. Goldsmi , and Mr. T. Tylee ; Lietenants India, by Sir J. Hobhouse Boyrenson, on return from Gardner,on being appointed Lieutenant-General Hon. Wra. Royal Artillery, Colonel-Commandantand of the 10th Battalion n his promotion; Colonel Oldfield, o Colonel Lumsden ; Major \V. Forbes ; Captains d 1). Ward, and on promotion; Shake spear, . R.N., by Sir Robert Peel `Commanchr William Peel, appointment to the Royal Engi neers,:Lieutenant Sidney Farrell, on the Earl of Denbigh by n, 71st Highland Light Infantry, on 'Lieutenant R. L. Newman, Indies, by the Earl Fortescue the West his return from LieutenhavritthseCilaSrmquitihs,oEf . A C n a g r ie th fe e:, A . . Dew, and_ J. ' the Sutlej, by the on. an , service on Augustus APNair, 67th Regiment, on appoint ment,lEasign George G eral Clitherow, K. G. by Lieutenant- en John M'Donald, on promotion from 92d High -3i Tejon General Sir W. MacK.C.G. loaders, by Lieutenant-General Bean, . , 'Lieutenant E. H. Noel, 41It R H egimen d t, R o e n v h F is j re N tu o rn el from s Colonel Yorke, Scots' Fusilier Guards, on promotion, by By the accounts of the half-year now sub- Colonel Drummond milted to the meeting, it appears that the Lieut. -Colonel J. K. Lenont, C. 8., Madras Army, cn being net profit (after deducting the interest on • r•-• • appointed Companion of the B a th, by Lieut.-General Sir J. borrowed capital) amounts to ... £653, ' C. Dalbiac, K. C. H. To this sum must be added the rest, or surplus :7-r" 1 • 11 - - Lieut.-Colonel Hutchinson, Madras Army, by Major-General fund, shown in the accounts for the six iO2, Sandwith months, to the 30th June last ••• „ A , Lieut.-Colonel Lockyer, 97th Regiment, on promotion, and going to Malta, by Lieut.-General Sir H. F. Bouverie, K.C. B. Major Hatt, on receiving the honour of Companion of the Bath, by Viscount Palmerston Major Sadlier, 4th Kings O wn R eg i men t, on hi s return from India, by Gen. Sir Thos. Bradford Captain the Hon. John Arbuthnot Keane, Rifle Brigade, on promotion, by Sir Andrew Barnard, G.C. 8., G. C. H. First Lieutenant Julius Richard Glyn, Rifle Brigade, by his father, the Rev. Thomas Clayton Glyn Lieut. Edmund Walker, Royal Engineers, on appointment and promotion, by General Lord Aylmer Lieutenant Manners Woad, A.D C. Bth Hussars to Gen. Thorne, by Mr. Lloyd Vaughan Watkins Captain Felix Ashpitel, sth Fusiliers, en appointment, by Lieutenant- Colonel Gaspard Le Merchant Captain Yonge, 60th, or King's Royal Rifles, on promotion, by Lieutenant-General Sir W. G. Davy, K.C. H. Captain Sissmore, Bengal Artillery, by Lieutenant-General Sir James Watson, K.C.B. Captain Carlyow, 10th Royal Hussars, on promotion, by Col. Middleton Vice-Admiral Sir Charles Adam, K.C.8., on appointment to the Admiralty After the levee the Queen gave audience to Viscount Falkland. Her Majesty and Prince Albert, attended by the Royal suite, returned to Buckingham Palace. Baron de Moncorvo, Portuguese Minister, was prevented by his long-protracted illness from attending her Majesty's Amounting together, to £756,5 J The directors recommend a dividend of 51. per share of 1001 on the London and North- Western stock, amounting to ... X 578,604 0 0 And 41. 10s. per share on the Manchester and Birmingham stock, in conformity with the terms of agreement, amounting to aV*I %MU t 74,229, .0 0 Being together ... £652,8t3 0 0 And leaving a balance of £103,722 0 0 to be carried,to the credit cf the next half-year's ra:count. The directors have to communicate to the proprietors the following new measures, for which application will tie made to Parliament in this present ssssion :- 1. A Line from Cheltenham to Oxford and Tringr, to be called the" London, Oxford, and Chelthenkun" Line. It is proposed that the London and North-We,tern Company shall guarantee a dividend of 4r,e, per cent, on 162,C00L, the whole capital to be provided being 1,500,000/. 2. A Line westward from Cheltenham, by Gloucester, to Hereford, in connexion with the Gloucester and Ilervford Canal, and in extension of the Line (No. 1) from 'lt ing to Cheltenham ; this company providing the capital of 600,0u0/. without guarantee as to dividend. 3. A Line from Bletehley to Wellingborough. 4. A Branch from the Tient Valley Line near Atherstone. The estimate is 170,000.: Coventry and Nuneaton Branch is already sanctioned by the proprietors ; estimated cost 25,0001. It is also kit endeil to make, in concert with the Great Western Company, a short extension of the existing West London Railway to the river Thames. The application t o P ar li ament for Y the fol lowing works, which were sanctioned by the proprietors in the last year, are also renewed :—The Watford, St. Alban's, and Dunstable Railway, with an extension to Leighton. Ex tension of the Buckinghamshire Railway from Tring to Win slow, and Brackley and Banbury, with a deviation to Oxford. A line from Northampton to Banbury. An extension of the Rugby and Leamington line to Warwick. Branche s f rom th e Stour Valley line to Stourbridge and Hales Owen, and a de viation of the present line at Smethwick. In the Northern Division, the Bills for which application will be made to Parliament in the present session, are for-Ist. a line from Portobello to Wolverhampton, I from Wolverhampton to Bescot ; estimated cost, 50,000/. 2d. Branch lines in connexion with the Liverr oil and Man chester Railway, for the accommodation of the St. Helen's district ; estimated cost, 380,000!. 3d. A Bill to improve and extend the stations at Liverpool, and at Crewe ; estimated cost, 70,0001. 4th. A Bill to vest in the London and North-West em Company, the Huddersfield and Manchester, and Leeds and Dewsbury lines ; the conditions being that the London and North-Western Company guarantee to these companies a dividend equal to 7-10ths of the dividend which shall be payable to the London and North-Western proprietors, with a condition that the shareholders in the guaranteed line par ticipate in any new creation of shares. The amount of capital of the Huiderstield Company, to which this guarantee attaches, is 1,007,0004 ; and of the main line of the Dewsbury Company, 600,0001. The di rectors have made a provisional arrangement with the Birmingham, 'Wolverhampton, and Stcur Valley Company for the tease of the Stour Valley line in perpetuity, at a rental which shall be equivalent to two-thirds of the dividend, for the time being, of the London and North- Western Railway Company. The proprietors of the Stour Valley Company being entitled to a pro portionate allotment of any new stock which may be henceforth created by the London and North- Western Company. The capital of the Stour Valley company being taken at 760,0004, one-fourth of which already belongs to this company. The directors request your sanction to their opposition, in conjunction with the land owners, to a proposed line from Southern to Coventry (called the Oxford, Banbury, and Coventry Railway), which ap pears to be uncalled for by any public necessity. The directors have to report the opening of the Lancaster and Carlisle Railway, which took place from Lancaster to Kendal on the 22d of September, and the whole distance to Carlisle on the 17th December. From the short experi ence which the directors of that line have had, both in the passengers and goods traffic, they have every reason to be satisfied with the result. The construction of the various works on the Holyhead Line, in which the proprietors are aware that this company holds a large interest, has proceeded satisfactorily during the last six months. Arrangements have been made for the construction of a commodious station at Chester, for the joint use of the Holyhead, the London and North-Wsstern, the Birkenhead and Cheshire Junction, and the Chester and Shrewsbury lines, in concert with the respective companies. The Trent Valley Railway will be completed and opened for traffic in the course of the ensuing summer. The directors are compelled - to offer a determined opposition to the Regent's Canal Railway, which interferes directly with the company's station and works at Camden-town. The new arrangements for the accommodation and extension of the goods traffic over the whole line have required from the directors a close and anxious attention. After the most careful consideration, they are of opinion that to this source the proprietors may look for a most important accession to their net revenue; an advantage to be at least as much an ticipated from an improved system of operations, and a more experienced management, as from an increased tonnage over the line, if the existing traffic were placed under the imme diate control of the company. The CHAIRMAN moved that the report be adopted, and re ceived, and circulated amongst the proprietors. Captain WATTS complimented the chairman on the line of conduct he had assumed, He considered that the alteration in the policy of the board was a credit to themselves and a boon to the railway world. As to the additional projects, they might safely be left to the discretion of the directors. He had great confidence in them. He begged to second the proposition, that the report be received and adopted. Mr. ENTWISLE, M.P., asked whether the sanction of the Bills for the amalgamation of the company with the Leeds and Dewsbury and Huddersfield and Manchester lines would be deemed an approval of them? The CHAIRMAN, after a pause replied that by implication the passing of the report would be construed to be an ap proval. Mr. ENTWISLE then would oppose such a policy. This company were involving themselves in a gigantic scheme of amalgamation which could not in the end be productive of anything but certain confusion and eventual doubt and dis trust in the railway world. It was a question whether this company was not paying more than it ought for the lines it was so greedily swallowing up.—(Heat, hear.) Lot the proprietors know the price; there was a lack of in formation on the subject. He himself was perfectly astounded at the magnitude of their engagements, and before those agreements were confirmed he wished the proprietors to be satisfied by facts and figures that the acquisitions would be beneficial.—(Hear.) The CHAIRMAN—If he understood the Honourable Pro prietor, he did not wish to discuss the propriety of entering into iose engagements now, but wanted to know whether the lines they had already taken bad proved so profitable as was expected. lie felt bound to admit that the calculation made previous to the amalgamation had not for the past year been borne out. There was a loss of 17,0001., but then they must remember that a reduction of rates and fares had taken place.—(Hear, hear.) Besides, and he laid great stress upon it, the acquisition of the Birmingham and Man chester line had been forced upon them as a matter of neces sity; if they had not taken it, the Great Western would. - A Pnorearron inquired whether the report that they were going to take the Gloucester and Birmingham line was correct? The CHAIRMAN was glad the question had been asked; the report was not true. He then moved a series of resolu tions, including one authorising a dividend of 5 per cent. on London and Birmingham and Grand Junction stock, and 4fr on the remainder The retiring auditor was re-elected. Captain War's, who had previously given notice of the proposition, moved that the proprietors be allowed to travel free on the line to and from special and general meetings. Gentlemen lived in remote parts, and were called upon to pay for the honour of attending a meeting like this.— (Hear, and a laugh.) The meanest functionary of the company could pass free, and yet a proprietor could not. A share might tie pur chased to enable a person to come to town.—(A cry, and pay 200/. for such a - journey.") He could travel on the Mid land free; he lived in the county of Durham, and gave the company the benefit of 200 miles of railway. Those whO ob jected to his proposition lived within the sound of Bow bells. --(Laughter.) They were:a great company, ultimately would be a British one, and proprietors from all parts of the king dom would like to attend. Was the Midland affected by the concession? No.—(Confusion, and loud expressions of dis-' approbation.) He suggested the propriety of the meetings being held at Birmingham, or alternatively at the great towns on the line. There being no seconder, the proposition fell to the ground. Mr. ENTWISLE thought a general expression of confidence in the directors should emanate from the meeting. The motion was seconded and carried sub silentio. A PROPRIETOR inquired when any calls would be made on the quarter shares? The CHAIRMAN replied in April and July, and the amount would be 51. at each call. As to holding the meetings, at Birmingham, it was impossible; the Act would not allow them to do it, and their convenience prevented it. Mr. Bassi re moved a vote of thanks to the &airman-end : board of directors; the motion was carried by acclamation. The CHAIR3IAN briefly acknowledged the compliment e and remarked that he and his coadjutors concurred in all that had fallen from the Hon. Member for Guildford in the House of Commons last night. The meeting then terminated. NAVIGATION LAWS. On the motion of Mr. RICARDO that the following Mem bers constitute the Select Committee on the navigation laws : —Mr. Ricardo, Mr. Alderman Thompson, Mr. Hume, Sir Robert Peel, Mr. Milner Gibson, Mr. Hutt, Sir George Clerk, Mr. Brownrigg, Mr. Bright, Mr. M'Carthy, Viscount Sandon, Mr. Brown, Mr. Lyall, Mr. Mitchell, end Mr. Thomas Baring, Mr. WAWN begged to ask whether the Government ap proved of the composition of this Committee on the subject of the navigation laws? Lord J. RUSSELL, who was quite inaudible in the gal lery, was understood to say that, on seeing the names of the Committee, he was not aware that there was anything objec tionable in its composition. Major BERESFORD thought that on a !subject of such importance they should have appointed a fair, just, and honest Committee— a Committee whose report would gain the con fidence of the House of Commons. But he observed, that on that Committee, although there were several free-trade Members, there were only three protectionists to contend for the principles of the laws under consideration. Mr. HUTT thought the Hon. Member who had just sat down must be mistaken. It was not necessary that a free trader should be opposed to the Navigation Laws.—(Hear, hear.) He could point to the Hon. 'limber beside him.— (Laughter, and hear, hear.) That Hon. Gentleman had asked for free trade, but he was yet a staunch supporter of the Navi gaticn Laws.—( Renewed laughter. ) Lord GEO. BENTINCK could assure the Hon. Member that nothing was meant more than the Committee to give a fair consideration of the shipping interest. It appeared that out of fifteen members named in the Bill eleven voted the other night for an inquiry upon the navigation laws, and he would assure his Hon. Friend that the shipping interest, from one end of England to another, thought that the inquiry ought to be conducted on a principle conducive to their interests. Lord J. RUSSELL said that there was something in what his Hon. Friend had stated in the Committee. There were certainly four in favour of the navigation laws, whatever might be the opinion of the Committee.—(Loud laughter). There rey N st o e b m le of Lord,the were four who were of opinion that they ought t o b e en ti re l y repealed, and seven who would give their opini on i n ne i t h er' one way or the other, but retained a mediu m course . F E ofR At that House. objected According the to present system s p Committees Mr. there were a certain number prepared to vote against the navi gation laws and a certain number in favour of them. H e a l so objected to many Hon. Members who did not give their opinions fairly, according to their profession. He had heard much of his side of the House; he should like to know what that term meant ; for there were many Members on his side of the House which kept up a show of opposition across the table, but voted with the Government on every important ques tion. To say that they would give a Committee composed of a certain number of his own side was plainly to say that they would give them a Committee in which they should have fifty Members of their own opinions, although sitting on this side of the House. Mr. RICARDO thought that the opposition of the Hon. Member was not fair. He would be ready to give eight Members from his side of the House to seven of the other.— (Loud laughter.) He did not understand what Hon. Members laughed at. He was not aware that any set of gentlemen bad assumed the power to direct a Committee. The CHANCELLOR OF THE EXCHEQUER said, that as Hon. Members on the other side of the House were dis satisfied with the constitution of the proposed Committee, it would be better to postpone its appointment till Monday. By that time he hoped some arrangement would be come to. The motion was then withdrawn. Sir CHARLES NAPIER moved for a copy of the order given by the Admiralty to officers to submit to the com mander-in-chief at the ports, for his approval, crimes that re quire corporal punishment. Mr. WARD had no objection to the production of the circular order ; and the motion was accordingly agreed to. COMPENSATION TO IRISH TENANTS. Mr. SHARMAN CRAWFORD brought up his Bill for securing Compensation to Tenants in Ireland, which was read a first time. EJECTMENTS IN SLIGO. Lord CLEMENTS gave notice that, as the Right Hon. Gentleman the Chancellor of the Exchequer had left his place, he would, on Monday, ask him on what authority he had made the statement which he had done that night in his speech as to the ejectment of tenants by landed proprietors, at Sligo? The other orders of the day were then disposed of, and the House adjourned at Half -past Twelve o'clock. Viscount Melbourne entertained Viscount and Viscountess Palmerston and a select party to dinner on Wed nesday, at his Lordship's residence in South-street. NOVEL Hoax.—A curious hoax was played off on Mr. George Davies, of Oldbury, near Bridgnorth, last week, by some kind neighbours spreading a report that, in consequence of the severity of the weather, he had given leave to the poor people of the town to gather turnips from one of his fields near the church. The consequence of this was that a fine field of about eight acres of capital swede turnips o y n. in G fo r rm eat ed clearedto.np particularly i t e h u e l a c r r l o y p t s h o at as the m o a w n n y er pa w rt a i s es apprised w h o ha o d f what was densely thronged by parties availing themselves of the opportunity, and it was not till full two acres had been was him ihmis thatastonishment, ah. F and Fletcher, h e a r s , a gr b ea ak t leiri,sovfexthae gthoelnregben e t iwt was going New Town, had told them of the matter. Upon that person being applied to he said he had heard the report the same as others bad, and had only mentioned it again. Mr. Davies caused two women to be apprehended, and taken ken before the magistrates, at their meeting on Saturday, when the case was heard ; and as the proceeding bore no felonious intent s the parties, Sarah Adams and Jane Hurst, were tined in the sum of 6 d. each, and discharged, withwithas severally in future always to ask leave of th e owner previous to again °n going out on such a Quixotic expedition.— Worcestershire Chronicle. DEATH IN THU STREET.—Yesterday, Mr. G. I. Mills held an inquest at the Churchill Arms, Kensington, on th e body of Elizabeth Jeffreys, aged fifty-two years, who was found on Sunday night, opposite the residence of the Princess Sophia, apparently in a dying state. It ap peared that the deceased was a widow, carrying on the busi ness of a laundress, at No. 13, Camden-street, Kensington Gravel-pits. About nine months ago she broke a blood vessel,' from the effects of w hich she was believed to have recovered. On Sunday last she left home at eleven o'clock in the forenoon, to go and see her married daughter at Wool with. She left there late in the evening, and came from town in an omnibus to Kensington Church, and was seen about twenty minutes to twelve o' clock at night sitting in Church-lane, opposite the Princess Sophia's residence, on the kerb-ston •. She appeared very ill, and complained of • in her chest. She was promptly conveyed home by the pain r but deceased had police, and Mr. Cobb, surgeon, was sent fo , mein that death had expired. Mr. Cobb gave it as his opi been caused by the rupture of a vessel on the lungs, from natural causes. The jury returned a verdict to that effect. CITY or LONDON GENERAL PENSION SOCIETY.-- The Duke of Cambridge has honoured Mr. H. F. Richardson with his commands that the festival of this charity should take place on the 31st May, when his Royal Highness will preside. The illustrious Prince has before presided. Up wards of seventy merchants and others have already joined the stewardship, and by the period of the announcement of the list, it is anticipated it will be the largest of the season. Lord Ashburton is president this year, and 110 vice-presi dents adorn the publications issued by the society. DIRECT BOMBAY AND MADRA RAILWAY. A meeting of the shareholders in this company, called' by Captain Bouchette, formerly engineer to the railway, was held yesterday at the London Tavern, for the purpose e of har t ing sibmitted to them some "startling infor mation respe ing th affairs of the company." t he funds of the A cbunter-advertisement had beetnainisstbuedeby stating that they refused to enter ot t b h i e ta d n ire t directors, made by Captain Bouchette agazns company. craool S red ho i r vto t i l is timed lied a a p u p d o tte.dGiles Hullt he meeting having been the (Captain pro ceedingßoucteenttsee'syesroalilcoitfort)hewas Shortly after moderately er r t , "e f his client's case,.w gentle men The CHAIRMAN decided that Captain Bouchette could not riTtl:telovb:opsdenyngof the room having risen to order, be heard by his solicitor. That gentleman then proceeded to address the meeting, but as he was entering upon matters entirely personal, cer tain of the shareholders objected that the " startling corn awn against wasted d a t t o n oan s b ' s ' e 1 13 N tt - i e b r j e epc at \ rs v t i e h sl h .v e h l i d e , h aani I;onlyitnh a t evidenced te hea pm r i F i g ee , but the impatience of his auditors was too strongly expressed fur him to persevere, and he was at length obliged to sit down, after having put a series of questions to Mr. Chappel, the solicitor of the company, who was present. Mr. CIIAPPEI. replied. The first question asked had been, Who were the board of directors ?—The board of directors were Mr. Hutting, Mr. Fuller, Mr. Palmer, Mr. Smith, and Mr. Gerard, all most respectable individuals. Captain Bouchette also referred to the registered proprietory, and stated that the name of Mr. Wormall only ap peared in that instrument. True it was so, and he would mention how that bad happened. Mr. Fuller, Mr. Smith, and Mr. Wormall, were in the first instance registered as promoters, but Mr. Wormall, who was a needy man, having in vain endeavoured to extract money from the other gentlemen , went :to the registry-office and gave in another document, can celling the other names, and leaving his own only remaining. So much for the single register pro prietor. With respect to the capital of the company, he could only say that it was so well husbanded that the directors were enabled to pay four per cent. dividend, • and they hoped that even if the railway were not con structed they would be enabled to return to the share holders the amount of their deposits intact. After some further observations, - o'iring orted