The Express.
London, England, 1848-01-01 00:00:00

THE EXPRESS, SATURDAY EVENING, JANUARY 1, 1848.

mous verdict of the jury was, t',lf death was occasioned by
-&
company. rs wen ss r.cautract-";
• for whom they wens reaponsible. were freed from the impu-
tation of negligence or miermduct.—The learned Secon,fary
then directed the jury to retnra a verdict as above. —Verdict
accordingly.

INSOLYTIFT COURT,
Before ?dr. CommireionerWM.
F.DWARD MAPLRTON OXPOUD
TEAD&SNEN AND TILE Unit U.OUADVATEE—This inset'
tent, the San of a clergyman in Yorkshire, and whose debts
amounted to 2,000 f., was opposed by Mr. Dowse for waveral
creditors, all Oxford tradesmen, and was supported by Mr.
Cooke.—The opposition was on the round of contractin:
debts without any reasonable expectation of payment. The
debts were chiefly for articles of extravagance, such as
horses, gigs, jewellery, bows and arrows, whip cases, &c. ;
and the creditors complained that a young man in the insol-
vent's position should have got so thoughtlessly into debt.—
The insolvent stated that he went to Oxford in 1844, his
father making him an allowance of 2601. a year ; that no
sooner had he arrived and settled himself in his chambers,
than tradesmen flocked to him in alined duutless numbers,
importuning him to commence an account with them, and
stating that they were willing to give very, lengthened
credit. At least fifty, he assured the court, v:sited him in
One week, and if he declined to get into their debt,
he was sure of a second and a third visit, till
at length he was almost compelled to give orders. He ad-
mitted that his debts were all contracted since the commence-
ment of 1845. One item in the schedule was a charge of
1461 for the hire and laming of a horse. The hill of another
creditor showed that no km than ten hats had h .en supplied
to the insolvent in one year ; mid in a third hill, a lady's
brooch, purchased by the insolvent, was entered as a gentle-
man's ring, in order, as it watt admitted, to &milt° the
father. Mr. Itanale, one of the creditors, whose shop was
nicknamed by the students the " ruination shop," was
examined, and upon being asked by the learned commis-
sioner why he did not ascertain the address of the insolvent's
father, and write and ink him what were his son's means
instead of allowing the young man to get into his debt to the
extent of 701. in one year, be replied, that if it be-
came known among the students that such a thing
had been done, he might as will shut up his shop, fur they
would all conspire to ruin his business. The system of trade
in Oxford was to anew the stud, sits to have what they plow,
and present the bills every two years, after which time five
per cent. was charged upon the amount until it was dis.
charged.—Mr. Cooke strongly reprehended the system pur-
sued by the tradesmen in the university town., and expressed
his opinion that the modes they adopted to ensnare young
men into obtaining credit from them amounted to nothing
less than dishonesty, knewing that the fathers must either
pay the a xtravagent hill. of their sons, or tiros, sons would
never he able t..) take a degree. It was a speculation
urn the feelings of parents that, ho was sorry to
say, in ninety-nine cases out of every hundred was
but too suiccesfal.—The Commi,e:aner said this was a most
painful case. The hopes of a family, centred in the welfare
of the in.olvent, were utterly blighted—his own expecta-
tions ruin, d ; and all, no doubt, from much indiscretion °able
own p:.rt, hut principally from the too great williugne fit mi
the pelt of tradesmen to indulge and pander to that reckless
feeling inherent in youth. It was perfectly cl ar thut the
priecnt insolvent had been beset by • parcel of men who
were luite unworthy of commiseration. lie should there-
fore discharge the insolvent forthwith, and recommend him,
by a life of industry and carefulness, to make amends as far
as possible for his past folly.

WESTMINSTER COUNTY COURT.
&face D. C. Moyle's, gnu., Judge.
freer te.Owen.—WmattlEtt lurnisounrart Pagexengs
FOE THE TIME EXECUTION AGAINST GOODS.—Io this case
tic def. mlaut, on 'Tuesday last, was committed to prison for
40 clays for refusing to answer a question as to what had be-
come of his furniture ? The plaintiff's wactter yesterday
• stated Mint since the committal they had found out where
the goods were deposited, and now applied to the court for
execution to issue upon the goods. The hunted gentleman
ronteneleil that, under the 103rd r ction of the 9 & 10 Viet.,
the imprisonment did nut deprive the plaintiff of his right to
a fr, sh summons against the defendant, "end execution
against his goods or person, as if such imprisonment had not
taken place."—The learned judge said, that referred to the
conclusion of the imprisonment and not execution being
issued whilst the man was in prison.—The solicitor con-
tended that reading the 106th section with the 103rd, which
enacted that if a person satisfied the debt, he should be als-
o,. ... charged out of custody, it appeared that if they took the
• t • '•'• goods, that would be satis'ying the debt, and the man
could he at once discharged.—The learned Judge: Suppose
you obtain execution against the good., and not sufficient is
obtained to satisfy tht debt, how is the man to be discharged
out of custody ? I doubt your ri,ht at all to go against the
goods Instil the impriiontuent is it rminated.—The solicitor
said the defendant could immediately release himself by sell-
ing the farniture and satisfying the debt—The Judge : No
doubt; but if you proceed against him by 'eke faeiasyou de-
prive him of all swans of getting nut of prison. Teen, again,
what security is there if the plaintiff takes the goods that he
will nut leave the defendant in prison until the forty (lays
expire ? The 103rd section contirues, in my opinion, the un-
diminished power to the plaintiff to proceed again against
the defendant when the term of imprisonment expires, either
against his person or his goods, if he the u have any ; but it
• would be a great injustice to a defendant whilst in prison for
the debt, to have execution issued against his goods for the
saute cause of action, as it would deprive him of a:I power to
• release himself fr• m the inapr:s inment. The application
could not be allowed.

POLICE.—: YorreßeAs.
OtILDHALL.--IN rstxormENT OF A REGI,TEREI,
DeatoB.—Mr. Chambers was summoned for having sold
an ironing-stove, called the P.,ragon rtov,,, the shape of
bhicb infringed upon the regietered design of Mr. V. Price.
—Mr. Price was the inventor of en appatatus for the heating
of irons, which be registered in February lest. He entered
into a contract with the defendant, that for all tl.e stoves he
sold he should receive 12s. 2d. per dozen. Defendant after-
wurds eroposed to Mr. Price that he should receive 11 per
• dozen. This proposition was not agreed to. and the contract
was broken, and Mr. Price, the plaintiff, declined allowing
his invention being used any longer; shortly after which
the defendant, Mr. Chamber", reeistered a new stove, which
was the subject of the present comp tint. The difference
between the two stoves was that tbe plaintiff's wss one for
heatieg ienns both at the fr eit, Pions, aed top, and thtt
having handle at each side it was applicable to all kinds of
fireplaces, and could be removed at the option of the person
using it. The defendant's was something of the same
shave, with this exception, that it could stand in the midst of
a room, and be used afterwards ate a fireplace by attaching a
pipe to the chimney. It was also different in form, inasmuch
as it could not be used in any fireplace, and was only
improvement on stnvia that had been in use the last 30
years.—Aldermen Wilson and Farehrother came to the con-
clusion that Mr. Chambers's invention was not a piracy on
Mr. Price's, inasmuch at Mr. Checabers'A stove could not be
used in the same manner cs the compleinant's.
BOW-STREET.—CITZIitner A FORGEU CHEQUE —G.
Walker was charged with kr owingly uttering a forged
cheque for 3001., purporting to te drawn by Merars. Msyhew
and Reynolds, of Carey-street, Lincoln's-inn-fields, upon
Mown. Dixon and Co., hanker, Chancery-lane.—Mr. Rey-
nolds stated, that the prisoner and moocher man, then in
court, called at his chambeis to inquire if anything was
known there respecting a Mr. Harrison, of 51, Lincoln's-
inn-fields, for whom he had cashed a cheque for the amount
in question, and not being since Able to meet with him he
was anxious to know where he could mee t with him Wit-
ness having taken him into an inner-room told him he
wished to put a few qusstions to him, whirl, be need not
answer unless he thought proper- Tee prisoner then mere
his name and address, and said he bad until lately been in
the service of Mews. Oldie, relieiterr, of Portland-place, hot
in consequence of the death of the principal in the firm
he had been discharged. Wit can inquired how he became
acquainted with Mr. Harrison, and be replied that, being nut
of place, he had advertised in a morning paper for a mes-
'eager or a light porter's place, and was answered by letter
from Mr. Harrison, who said he was acting as an agent for a
gentleman residing at Blackheeth, and occupying chambers
at 51, Uncoln'sdne-fields, by whom he Was instructed ti
look out for a light porter. After some further conversation
an ening, me at took place on the following flay, his salary
being 3-sa. a week. His employer gsve him the cheque
cashed at Mes rs. Dixon's. It purported to be drawn by
Messrs. Mayhew for a debt of costs in an action, and he was
ordered to get 2.501. is 50/. now., and the remainder in gold.
On returning to the chamte n I.is master met him at
the steps, and handed him 6s. for his trouble, telling him
that the Blackheath gentleman was ill, and could not come
to town until the following Monday, when lie would drop
him a note. On making inquiries at 51 iio such remit was
known there. Witness had no such name as Manson inane
action, nor did he know such a person.—Mr. W. Dixon ..aid
that he heard nothing of the matter until within the last two
hours, when he ascertained that tko money was paid uu Sa-
turday week, and credited to the firm of Memrs. Mayhew
and Co., but the regist, red mark of the bank was not the
same as appeared on the cheque.—'flue prisoner leing called
on for his defence, after entering into the particulars of the
interview with Mr. Reynolds, said that he had made inqui-
ries at the bulk previous to his wing to Carey-street, and
that he could have a good character from Mr. Oddie and Mr.
Solley, Manchester-square, where he lived three years.—
The prisoner was remanded.
WORSHIP-STREET.—A PaositetNo Sox.—!l. Tack.
reit, aged 12, was charged by hie father with robbery —The
prosecutor stated that the prisoner hod manifested the moat
vicious propensities from his earliest childhood, and that
every means had been adopted to effecs 10i reclamation, but
without success. His habits of pilfering were MI active and
inveterate, that witness was cumpelled, when he retired to
rest, to dispose of his clothes about the bed in which he lay,
to insure their safety. On the preceding morning he wi
aroused by the slamming of the street-door, and on searching
for his trowsers, which be had placed under his pillow over-
night, and the pockets of which contained a sovereign and
7"., he found that they were gone. He immediately opened
the window, and lOW the !intoner running down the street
with the garment under his arm. Witness raised an slarm,
and the prisoner wan given into custo4.—Police-constable
Morell proved that he was present at the Cl, stk. 'swell
sessions in the month of September, 1846, when the prisoner
was convicted upon a charge of felony, and sent. need to six
months' imprisonment ; he was subsequently tried with ano-
ther boy at the Croydon ssaizta for knocking down and
robbing a child, of which charge he was likewise found
guilty, and sentenced to three months' imprisonment, and to
be_privately whipped.—The prisoner was committed for trial.
BHVTAL ASSAULT.—J. Brown was charged with assault-
ing and wounding Mr. W. F. Wilkinson, a veterinary sur-
geon, residing at Dritfield, in Yorkshire. The complainant
stated that he arrived on the preceding evening at the Shore-
ditch terminus of the Eastern Couuties Railway, and pro-
ceeded to an adjoining public-house to seek accommodation
for the night. He was followed by the prisoner and two
other rain, who approached so closely to him that he sus.

petted their intentiono, and desired them to keep their own
..:mpany. lie bad no fawner uttered the ward, than the pri-
snner
'auk a blow at him with some instrument, WnICIII in.
fleeted a frightful cut under his left e)ti, and covered his face
with blood. Withen 13:4111ttti WO the street, but was pur-
sued t.,e the prise.:7„,, who there renawed the attack, and
struck-hien several times in the face, when a policeman mane
ul
up, and he was given into custody.—The complainant's
evidence was corroborated by the officer and Ih. tiennan
the house ; the latter, however, said that before the vault
took place the complainant addressed an observation to the
prisoner, imporiing :hat he knew him and his companions,
and suspected that they were dangerous characters —The
prisoner denied having used any Instrument, but admitted
having struck the complainant with his fist, in retaliation for
his insulting behaviour.—Mr. Broughton sentenced the pri-
soner to pay a penalty of 40s , or in default to stand com-
mitted for sex weeks to the House of Correction.
hIARYLEBONE.—AMIULT.—Mr. A. F. Campbell was
charged with an asssailtupon Mr..l. H. Trye.—Complainant
stated that on the previous day, at five o'clock, he was in
conversation with • lady at the end of Connaught-terrace
when he was suddenly attacked by defendant, whom he had
men only once before, and who jumped out of a cab and
struck him violently with a suck. Complainant had an
umbrella up at the time, and endeavoured to ward off the
blows with it, but he received several, and wail severely cut
and bruised upon the back. He at last contrived to seize
hold of the lower end of the stick, when the upper part of
it, containing a sharp sword about twelve inches long, was
drawn out by defendant, who, with it, struck at complainant
through the umbrella, but fortunately he was not stabbed.
He got into a cab with the leely, but had no emitter done so
than defendant opened the door, struck at hint with his fist,
and tried to drag him out. lie then re-entered his own cab
and was driven off, followed by complainant, who gave him
into custody. Complainant believed that the lady t, whom
he was talking at the period had been living with defendant.
—Mr. Long committed the accused for trial, bail being taken.
THAMES.—AMAULT ON A. POLIOENtAII.—H. Sullivan
was charged with assaulting palice-conatable Kelly, 119
Kelly, who is an officer of the detective force, had within a
fsw months past almost succeeded in dispersing a notorious
gang of thieves known so the " Whitechapel gang," and had
consequently rendered himself a marked man amongst them.
On the previous evening, as he was on duty in plain clothes
in Rosemary-lane, Wieiteclutpel, a woman recognised him,
1, and comracticed abusing him, till a mob of Irishmen collected
on the sput, and Kelly told the women if she did not desist,
he should take her before a magistrate, when the prisoner
Sullivan stepped up, and flourishing a thick knotted
cudgel in Kelly's face, swore "be would knock him
down, and do for him," others of the mob es-
t couraging him. Sulliv in made a blow at the con-
stable with the stick, which the latter ward, el off, and he
told Sullivan that he was a policeman, to which he replied,
with an oath, that lee did not care, and again struck the
officer three heavy blows. Kelly succeeded in str ming the
stick from him, and seized Lima by the collar, when he put
his hand in his pocket and drew out something. A Mrs.
Riley, opposite whom house the affray took place, culled to
the constable, " Oh. Kelly, you arc a dead man ; he has a
knife in hi. hand i" and at the came time Kelly felt some-
thing trickling down lois face, and found he had incised a
wound under the left eye. Mr. Bike ren to Kelly's emin-
ence, and got the knife away from Sullivan, and the two
succeede d in holding him till another policeman came up,
when he was secured. The blade of the knife was about six ram
itches in length, and had spots of blond on it.—Mr. Balton-
tine sentenced him to pay a lire of 51., or be imprisoned for 10'
six weeks with hard labour. Ile wan locked uin default. tot Bir•ll'oL, S•
oVultn,
THE LATE CHALIOII CONtiPIItACY.—MT. 11. T. Gray, ais
rope manufacturer and ship chandler, attended to support an
information againat Mr. R. Duke, canvas metohant, tar un- .29. Thirds
lawfully detaining 58 cwt. of cordage, the prove sty of Mr. Da .
Gray. The case arose out or et prosecution against Gardiner, •
Loup, and Sager, for conapiting with others to Sot.Claater
deflaudatr Gray, and other tr edeetnen and merchants; the 1).,• Pr.
rope which was purchased by Mr. Duke being part of the 7,5,„,` ch;;;Teii ;;•i,see:
proceeds of the conspiracy—Mr. Gray deposed that on the 10 Da.agra. apmea.
conclusion of the trial at the Central Criminal Coon, Mr. '?.l tedi1.11.11,141.-Lme.::
Duke agreed, oil the production of an attorney's order, to re- it ViZaticlar,)
store to him • portion of the rope which be had purchased of is iv. tIN. A. aY nj.
Loup, and not amid for.—Mr. Duke, in his evide nee on the 2 D 0.131. We. E. all,
trial, stated that he had bought three lots of rope of Loup r."..i c"mi" •• •
' 21 he. de. li.
and it was the same which the conspirators obtained of him dt vu.
(Mr. Gray) by false pretences. He had twice presented the as De. Se.
required order to Mr. Duke, who refused to part with the 2 lit Act erne...'
rope. Witness understood that only a third of the rope had Ilf re„. I antra
actually been paid for. Mr. Duke, in reply, sahl i.e was lit 2
EDo. .......••
quite willing to restore to Mr. Gray the r, pe he had it.z -
itir ••• •
nut paid for, on that gentleman giving him a guarantee irls.Dl„„c„aa‘,....
or indemnity against any claim that might be set up 13 IDo. New •••
by Lamp, and the parks who were convict. it, or he would „1!
pure it up, if the magistrate would make an order to that 1,1,
elect. Mr. Gray said he had been advised not to give any to ' D
ki?o• Ith.tres .
guarantee shatever.—Mr. Duke, with much warmth, said all .
TO. Eateb. I"NortAesel
e would 'la give up the rope unless Mr. Gray gave him a it De. New. .
written guarantee , or the magistrate made an order.—Mr. lizottr,lic.o2,DOWd.
Ballantinej
said, as a respectadle and honest tradesman, Mr. 1 Gout Norther:it
Duke would surely deliver the rope to Mr. Gray, who op-
st(lrel
peered to have made very great sacrifices to bring a nest of to ap,
swindlers to justice. lie ought to deliver up the rope he bad • laa Now, 401
not paid for.—Mr. Duke, rather angrily, said he would n rfo: ter,:
restore the rope without an order cr a guarantee.—Mr. ga Oms wow.
Ballantine said he could not make the order or he would gladly m
Ito. re
Jo so. Mr. Gray had better make an application so Mr. 111 Ow" •• • •
Do. ifl/vs
Duke in a few days, when he would most probably he in a y Do. Now,
better temper.—Mr. Duke left the court hastily without $4 ,lladderalleM.Mente.
promising to comply with the magistrate's recommendation.
Mr. Gray said be heel exposed and dispersed • gang of I Do. sang
rs•swindle who had committed extensive frauds on the melt, 121' De. Anew •
candle community, but in doing so he had incurred law ex-
penvea to the amount of 4001., in addition to the lam of the no:iistriettatecasi
rope of which he was defrauded, amounting to 3001. inure. ao • Lane. k tirritsk 1
In Dm Thirds
13 Lortrarhirr t l'orlahl

Ik!!,!!!!_

Prnmews• NO. al ....;:17,6:4;051
Root .. • .... 3.418,679
Public Depoolto OActut
Eleheri., Ns.. Hoak;
Como) o. of II 'Mona
DOA, ana Do. Aocio.) 9,ZAf7S
Other Depoolto . . 1A243,103
tlevot As) yid other DIM 0t.1T,198

Doc. 30. 1847.

L 74.467,958

-- •
IINGLISTI
Dank Week, 18d 71
3 per Ct. Rol. Anna. U 3 4j
/I.w 33 per Cent. Ann.., NW 6
bong Annultkr, my. Jan. 1. 1503,
81 11.16
India Bonds, DOA 1 Inn-
1/GREIG
1 par et. Granada Honda, 11l
per Ct. )lexitan. 1846. 171
Ditto Acct., Jan. 17. 17]
per
4 Ct. Po
rt.tau Bond., 23
IHtto Acct.. gag
6 per Cl Ittoodnu Tlond., 7823. C
$l.. 141
5 per,et. Nianialz Hondo, dlr. from
IAI. ISt I
EXCIIANORS AND

, ld. or
161
i;hl. in.
124
1•r

ACI Idi
!;1511:1.

iSti 38p.
.1617µ
1.4%
7f-
gar
. ;fir
4dl 4601
154r4.

110 84.
'6 40.
!?,,

MONEY MARKET.
FRIDAY

An imprtseion was abroad to-day, as amounting
for the singular fail in the funds, in the absence of
any special apparent cause, that certain capitalists 11
were getting out of stock quietly, and for which is
purpose sales were made through the intervention of
jobbers, instead of brokers through whose intro- 60.
mission the origin of the transactions might be g
traced. There is probably some truth in this sugges-
ties, which comes from parties high placed in the 31
Stock Exchange. Plainly to speak, the Roth-
schilds have sufficient on their hands, with
the late French loan, French railway shares, i!
the Great Northern especially, and a vast number of :4
small German loans with industrial share enterprises 'l,
besides, to say nothing of a Belgian loan in negotia-
tion, to induce them to realise a portion of their mass
of securities by selling on the public. Cons 14, which !
opened to-day at 851 to fell subsequently to 85
sellers, but at the close of business recovered so far as
to 851. to 1 for the opening, with a market by no
means firm. The Reduced hirers, 844 to 51. Three-
and-a-Quarter per Cents., 86 to 4. Long Annuities,
8. Exchequer Bills, 9s. to 12s. premium. India Bonds,
3s. discount to ls. premium. Bank Stock, 186 to 8.
Dutch stocks, coming lower from Amsterdam on
the 27th lost, continue in decline here. The Two-
and-a-Half per Cents. fell at the close of business to 55
to 3, a decline of 1 per cent. within the laet.three
days ; the Fours 841 to 51. The incipient specula-
tion in Spanish Bonds appears to have been stopped
through the adverse aspect of the funds, and the
prices remain therefore with little alteration, the
Fives, 181 to 1, the Throe 301 to j, Mtitieen 171
to 18, Portuguese 23 to 4, New Granada 181 to 19i.
Foreign exchange presented little variety to-day.
Amsterdam was rather higher, but the market in fact
was difficult to deal with. The negotiations on Am-
sterdam were 12.6 to 1; on Rotterdam, 12.61 ; on
Antwerp, 26.5 to 10 ; on Hamburg, 13.13 to a ; on
Frankfort, 1231 to ;on Paris, 25.921 to 26 ;on
Vienna, 10.19 to 20 ; on Leghorn, 21.35; on Naples,
394 to I; on Madrid, 461—a1l at three months.
On Lisbon, at 60 days, 519 to 2.
We are concerned to have to state the suspension
of payments of the highly respectable house of Cotes-
worth, Powell, and Prior, in the Brazilian and South
American trade, and latterly in the West India trade
also. The liabilities are variously reported from
320,0001. to 500,0001. In some quarters it instated that
the firm has acceptances to the extent of half a mil-
lion afloat. The stoppage of Durand, Mackenzie, and
Co., in the American trade, is also reported, but the
liabilities, it is coneidrred, carnet be heavy. Two
other stoppages also were mentioned, one of a West
India house, the other in the leather trade, but the
name'', without further authority, need not be ren-
dered public. These unfortunate and unexpected
failures, the first more especially, wind up the old
year most inauspiciously.
The money and commercial accounts from the
United States by the Britannia steamer do not come
improved materially. Money was still exceedingly
tight up to the 15th instant ; and exchange ruled for
good bills at 110 to 1101 at New York, but with few
takers. Should this state of affairs continue, it is
clear that money or capital must begin to return from
hence shortly, the more especially as the government
will have to raise means for prosecuting the unjust
usurpations upon Mexico. The Britannia brings
53,0001. in specie ; the Ashburton, yesterday, 21,900/.
The Bank of England averages for the week erffiing
the 24th instant give, as compared with the returns
of the week previous, the following results:
Circulation tissue £25,609,075
Circulation settee 17,822,895
Püblic doprlts
Mho. deposits
Oorernmentrecuritlca In
honking 11,065,267~01
Other securi ederartm
specie and bullion
seven-dal and other bills 807,198
The rest
The reserve of notes had increased to 7,786,1801. in
the banking department, or say. 235,040/. above the
previous returns. With the specie in the same
department of 627,431/., this constituted a total
reserve of 8,413,6301. It is a long time since the
Bank was so strong ,in disposable funds. It will be

observed, Voiulesser, hew, as the close of the year wu
' --nreaching,the private or other dennsits were drawn
•
upon. The large addition tinder the coin and bullion
head has been already anticipated. It is not likely
that much further increase in that respect will have
to be noted for some time to come.
DANK Of ENGLAND —Ai-Torre for the Week eating Dec. N.
MLSDI D AAAAAAA NT.
deter worn £l(. .0761 Government Debt..... £11,016.100
Other evieuritio. .. 2,984.900
Gold Coin nod liunion 10.233,731
ether 1.346,344
AWACCUT6
TARTMINT
lio‘eniment SeCUtillos
(Mein& !nail Weight
Annuity) . . ...C11,066.WT
Other Manilla
N olds
Gold and Silver Coln iN7,431

L 34,457568

MARATIALL. Chic( emitter.
1 FUND&
India ureler £lOO, 2 pm.
Comets for opeulog. g6l 6 i 5*
Etch. 11114., .**.Ul/0.2.1., 9 12 put.
11/IW. £Ol.lO. 0 12 mt.
Ditto Small. 11 14 100.
1 TUN DP.
5 meet. Acct.. Ppm Bon.Lc,
fnun Jan. 17, 181
Iht4u, Patiette 41
3 pe Cott. Bpeab.ll 111.1.1%, 301 i
41 per et. llaglett Ruud.% 25
franc. 84
24 pa. tk. Dutch Nachhaige, 12
1 per It. Certt Ocala. Si if
t.ITOCKI4 ABROAD.
Fm Armen.

PAIN. D se. 192. mr,nly.% • 0,,.
,-07.....„-.-i-v...... .
0.....„.
3 pre Cent&
175 45
3 Dn. Nowlont ld Od 70 00 7d 89 , 76 61 76 55
5 De.
w .. w ..
who,. a. vtio i 46 honey. ..1 Maple,. item..... 1101 75 31Uney.
Do. 6, 1641 lO3 . 1 Karma9tll
.49
Do. 3
_.... : 3200 w
Excliangt7ro Loudon ottDP. 18 63.
31 Amin, Ptc. 24.-Tbroo por Fenn,. 311 M 60 day 9, 77 1910 1 orb .
Eire per Cott.. 159. to Jan. 14, 111 cradb ; Fotetton, 61opor COUeran.llS,
10{,,0.h. P.M of Ft. Fonlitand. 175 toper ; Dank of St. 1
126 toper. E‘ebrunto on Loudon, 45 30.11.0.
llnt,rt. Per. 3,,-Lan of 1144 d. 976; DPW. Pitt 9111 Ditto 1644,
414 6: Ditto, 1636.101 ; Mile. 185 d, 976: city Lan. 1834 4)91 Ditto.
POI. 931: Itank of lieliflufn, ISUI. E X.,-hantM ~n Loudon, 2565.
ANT a. 1.141.. Disc. 51.-Erthanie on London. Pltisl; two mortfJo,
25.371.
V 11999. PM'. 23.-A totrlnn Fund.: Fire per Cent., In 4 116
Four per Cent 41 4 • Thou per V 01.)... 6.5 Twoortel ollalf per Cent.,
1534 157; Itank lihurru.l.6l7;ll.Mrbasy.

RAILWAY NEWS.
The share market yesterday became more de-
press, d. in consequence of the heavy and declininv
state of Consols. Prices nominally were unaltered,
but business was difficult to do.
_

all A ILK LIST.-LarlDule, DEC. 31.
11001.-11“ quolotlnno of Ihsto itol/11.1. characters .1,1a.A., rota.)
trotottetwaw Wu. of 1114. in Milk* owner. .„
PAID.
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14 Geom./ Fr.lor.d. Vest, 14 lip.
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Do. do
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hal Do. Prtferenc,,—•
iu9;11.1011 N.Wtoomull44 8
VIZANA, Doc. XL—Northern, 1621
841/ Postal, 862; btrnoo. 624 APIs

44d. 11-4
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(2. 2e I

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titnslsoro and Mk.. la Ti 5 5
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1•
50
North 652 IN 561 25 653 75 650 661 23

MEETINGS.
EDINDURON AND NOKIA SUN.—Special Meeting.—Edin-
burgh, Dec. 29.—Mr. John Balfour in the chair. The
meeting, which was numerously attended, was called for the
purp.es: of rfreleiti_t a report from the directors respect-
tug the amalgamation with the Oranton Company :—The
directors at the last ordinary general meeting mule the
stearel.olie fa iaare that it would be a, cessary, previous to
the amalgamation with the Edinburgh, Leith, and Grunion,
to call a special meeting, and. its postponement till now has
arisen from continued efforts having been made to arrive at
a satisfactory settlement. The expenditure of the Edinburgh,
Leith, and (Ironton has exceeded the capital of 310,0001.
fixed by their agreements with the Northern. The excess, so
far as the directors have had the means of judging, amounts
to about 70,0001. ; but as an audit of the Welts has not been
permitted, they cannot determine the amount accurately.
Of the manner of disposing of that excess, the financial posi-
tion in other respects, and the nature of the proposals made
to the Oranton, the directors submit a brief statement,
with their own views of them, it being premised
that the directors of the Oranton now maintain
that whatever the excess of expenditure may amount
to beyond the fixed capital of 310,00(11., that excess, whether
now incurred or yet to be incurred in completing their line,
ought to become a burden on the amalgamated company.
Adopting that ground. the Granton directors have required
the amalgamation to be fully carried ou• at once, without
the audit of the it accounts, or the inquiry into the com-
pleteness of their line and works, stipulated for by the
agreements. The original negotiations, when concluded,
we re embodied briefly in a letter addressed, on the 14th of
January, 1846, by the secretary of the Northern to Mr Sand-
ford, the chairman of the Oranton, and on the following day
acknowledged ofll,ially by their secretary. The result of the
negotiations mated in these documents distinctly proves
that to this company the (Ironton was to be handed over
completed, plant and proper station accommodation pro-
vided, at a cost not to exceed 310.0001. These terms were
afterwards embodied in heads of agreement, bearing date
the 11th and 13th March, 1846, and in the same shape
were submitted to the shareholders of the Northern on the
12th of February, 1840, and to those of the Granton on the
21st of the same month, approved by bath, and authorised
to be confirmed by the seals of the respective companies. A
new and more formal agruemeet was accordingly framed,
and signed and sealed on the 7th and Bth of October of the
same year. 'these agreements, besides limiting the
capital of the Oranton to the sum already men •
tiooed, make various provisions with regard to the means of
ass taining the expenditure and state of the works, which
will fall afterwards to be more particularly noticed. The
bill for the Amalgamation Act was framed by the solicitors
for each of the companies, and passed in the last session.
The act contains no special mention of the agreements, but
it limits the capital of the Graviton to the sum agreed upon,
and authorises shares to that amount to be issued to the
Oranton shareholders. Power is Riven to both companies to
barrow money to the amount of one-third of their capital,
inclusive of the loans previously obtained under the acts
relating to the several companies. The operation of the
acts, however, declared to be wholly suspended until it is
proved to the commissioners, and their certificates granted,
that one-half of the capital Mock of the two companies has
been paid up and expended. That certificate the directors
have declined to make application for until the affairs of the
Granton are made known and the agreement fulfilled, or
such modifications of its terms obtained as, under the circum-
stances, may appear to be equitable. Offers of an amicable
arrangement have been made by the directors, dealing
liberally with the Oranton, but at the same time protecting

their own shareholders against undue law or risk. Upon the
passing of the act, the directors applied, on the 17th of July,to
the C,..„um., „:.'-'.lhent of their es.;;_'-' exnenditurto.
carand liabilities, which wan not, bower, r, otdeined till the
of August. From that statement, and certain details after-
wards supplied, the directors entertained that the Wanton
affairs, as stated by their directors, stood somewhat as fol-
lows Capital declared by act of 1846, and additional capital
by that act, 258,0001. ; sum authorised to be borrowed,
88,0001.; total share capital and loans, 344,0001. Expendi-
ture, including estimated sum yet required to meet cost of
additional plant, station accommodation, and finish works,
399,7281. 13a. 4.L Arrears of calls, 10,2321; uncalled up,
89,4241. ; cash balances, 3,3791. 19s. 9el. ; excess of expen-
diture, 95,0821. Os. 10d. ; total, 198,1181. Oa. 7d. Sums
borrowed on debenture, bills, debts, obligations &c.,
178,118/. Os. 7d. ; estimated cost of further works 20,0001. ;
total, 198,1181.0'. 7d. Encase of expenditure above the sum
of 310,0001., fixed by the agreements, 95,0821. Os. 10d. -,_ but
the Wanton possess certain extra property, estimated by
them at 17,0001., and a claim against another company, also
estimated by them at 4,0001., making together 21,0001.;
leaving still a sum of 74,0821. Os. 10d. above the stipulated
coat of the undertaking. The item to meet additional out-
lay considered by the Northern to be yet requisite has been
stated at 20,0001. Assuming the general accuracy, of that
item, and before dealing with the question of liability for the
excess of cost end mode of disposing of it, it will be observed
that of the authorised capital fully 100,0001. remains to he
paid up ;—bills and debts also to the amount of upwards of
95,000/. steed against the company. The liability of the
Greaten for the excess of expenditure is undecided The di-
rectors of the Northern maintain that the railway and works
were to he completed and handed over for a specific sum—
that such is the only fair construction to be put upon the
egreement. No subsequent negotiation nor new bargain was
ever thought of, aid the Northern directors will not, until
they have the distinct assurance, SUMAC that it is intended
wholly to set aside the existing aereement. Under the 6th,
Bth, 9th, and 10th heads of this agreement, tit is pro-
vided that the affairs of the Gunton should continuo to
be managed and directed by the Wanton board alone,
hut that there should also be a joint committee consisting
of a limited number of directors of the two boards, whose
duty it would be to decide upon and give instructions in
matters of a general kind affecting th. it joint interests.
This committee frequently met, and the line being then
unopened and in a very imperfect state, it became incum-
bent upon the committee to advise and give directions fur
the execution of weeks, which seemed absolutely necessary,l
hut the direction of the affairs remained with the Wanton
&rectors alone as before. With regard to works, the exe-
cution of which was so directed, the Northern Directors
approve, and, so far as they gas, admit them as suitable, and
agree further, that if it can be shown that such works are
beyond the requirements of the line, as a separate and
distinct undertaking (which, however, they cannot see),
and that a corresponding excess of expenditure hat, in
consequence, been incurred, the Northern Directors will re-
commend that camas to be borne by the amalgamated com-
pany. On the other hand, the Wanton Directors, it is
understood, now maintain that they are liable for no part of
expenditure so incurred, and that, by the exercise of the
duties of the joint committee, the habil" y rests with the
amalgamated company. In this view the Noonlii rn Directors
could not acquiesce, but it appeared to the m that the plain
course was to apply the provisions in the Agreement, and
have it to the re feree to inspect the works and decide the
point of difference. This course, reasonable and proper,
however, as it appeared to them to be, slid not meet with
he concurrence of the Grantee directors. The works so
ordered appeared to those members of the Northern direction
who formed part of the joint-committee to be indiepcnsable, I
and some cat them were stared to be even to mastery previous
to a temporary opening of the line. The directors now coins
to the steps they have taken to adjust 'dr he differences with
regard to the excess of expoonditme, and the disposal,
in the meantime, of the debts ; and upon this] part
of the report they wilt bo brief. By the first proposal
tendered by the Northern directors they agreed to recom-
mend that the undertaking should be taken at the increased
sun, of 360,0001., in place of 310,0001., awl that any fur-
ther sum, toot exceeding '20,000/ , require.' to complete the
line and works should lie borne by the Ur moon, no debts,
however, being to he paid nut of the so sums which had not
been set down in the statement furnished by the Orsnton di-
rectors. Or, if preferred, that the whole questions and differ-
ences, both with regard to the disposal of the extra expendi-
ture, and state of the line, should he submitted to the
ar Iters named in the agreement. Theses alternative pro-
posals were declined by the Wanton directors, and counter
proposals mode, which could not be acceded to, and for I,
reasons which a cursory glance will make apparent. In the
first place, they left every question unsettled, and the
immediate amalgamation being insisted on, through the
operation of the act, all adjustment of the questions at'
issue might thereby have been entirely precluded, and the
Northern brought at least into protest liability for an
amount of debt whims they could not meet without incon-
venience—and, in the second place, the disposal of the excess
WAS made dependent upon what might hereafter be tower-
tained to be the expenditure of the Northern, which was no
part of the agreement. With regard to the latter point, it
is contended by the Greaten directors. that the Northern
are we much bound as the former to finish their own under-
taking for a specific RUM, end it is said that the Granton di-
rectors are fortified in that opinion by counsel whom they
have consulted. Without entering upon the discussion of
this question, or the inquiry whether or not the Northern
capital had been exceeded, the directors tnke the position
that they are not now called upon, as assumed en the
opinion above mentioned, to set aside entirely the agree-
ments, and take their stand under the Amalgamation Act ;
and that seems to them to be a sufficient reply, in the mean-
time, to the legal opinion. obtained on the ether aide. It is
proper to point eat a modification which the Northern direc-
tors made upoh their first proposal, namely, that in case there
should be disagreement as to the necessity of any work to be
paid out ef the 20,0001. to be borne by the Gratiton, the
opinion of Mr. J. Leslie, civil engineer, would be taken and
followed ; and further, that the Granton would be entitled to
draw and apply towards payments so mettle the proceeds es]
their claim against another company. The proposals previous's,
made fir a settlement have been explained, that the 'erms
now recommended may be fully. understood, and that
the shareholders may see their reel position, and
what arrangements they may expect. A sum of
30,0001. will be added to the sum in the agreement, and,
with regard to further expenditure, the directors may anti-
cipate a fair disposal of it, through the decision of the re-
feree; the outstanding debts snot obligati onto being also in
the mean time placed on such a footing at will it is hoped pre-
we'd inconvenience to the company. The directors, in con-
clusioe, would embrace the present opportunity of 'eying a
new words with regard to their own underteking. On the
20th of September last nearly thirty milts were opened for
passenger traffic, and en additionel mile and a half within
the last fortnight, embracing nearly the whole of that part
of the line authorised in 1845—the l'erth arm of it, then
sanctiene d, having been changed in the subsequent session,
when the acts for the e xtensions towards Dundee and to
Dunfermline were likewi'e obtained. Considering that the
portion of line °pooled has not reached any one of its
northern and western termini—namely, Dundee, Perth, and
Dunfermline, and that these are reached only by many
miles of coaching—that the season of the ye ar is nearly
the wont—and that neither goods nor mineral traffic
has been commenced, nor can bee fficiently until the entire
complo time of the line, the directors have great reason to
he satisti,d with the result of the trains- which, with the
Bursitisland Ferry, has averaged 6001. weealy, being
already nearly equal to the parliamentary estimate of that
branch of traffic on the portion of line now opened. But
the complo tion ef the line towards Dundee and Perth is of
the first consequence, and so essential to the fair develop-
ment of its resource s, that the directors must press upon the
share holders the necessity of their being supported by funds;
requisite to carry on the remaining works. Their expendi-
ture is now carefully confined to such works as teem &bee-
lute!y me...fiery. ho much cf the Dun'ereu'ine li le is now
being proceeded with as will give a single line to the coal-
fields, and that is now all but attained. The present state of
the works on the Perth and Dundee extensions enables the
directors to say that these may be opened throughout early
in spring, provided they are supplied with a sufficiency of
funds; and under such circumstances, discouraging a, the
times are, the directors feel that the interests of the share-
holders demand that the requisite (mode be raised in order
that the works eshential to the development of the traffic be
carried forward to completion.
The Chairman was glad to announce tteit the proposal of
arbitration hail been acceded to. lie alluded to the point of
difficulty between the wo companies—viz., the excess of yi-
p nditure of 70,0001. beyond the terms of the original agree-
ment, for which the Granton directors bad stood cut. The
Edinburgh and Northern directors hail consent(d to add
30,0001. to the sum originally agreed upon, and to submit
all further claim to arbitration. The draft minute of re-
ference would he forthwith drawn up in proper legal form.
41e moved that the report be adopted ; that the directors he
empowers' to enter into an agreement %Joh the Edin-
burgh and firemen, &c., euhject to the reference.—Mr.
H. Todd thought the draft reference very imperfect and
liable to great objections, and might give use to questions.
He moil the director' had not taken legal advice in
the matter. He would consent to the motion if there was
added to it a provision that, " before concluding the proposed
minutes of reference the directoes are advised by counsel, on
a statement of the facts prepared by one of themselves, that
the entry in the minute will not involve any further burdens
en the company than those proposed in the report."—Mr.
J. Aytoun, advocate, objected to the question being made
matter of arbitration on such a reference. The arbiter might
decide that the 40,0001. expended over and above the 330,0001.
should become a regular dept upon the Grantee), and that
the whole surplus of expenditure expected to arise on the
Northern, over their captml of 1,085,0001., she uld be a debt
exclusively on the Northern, instead of the amiel-
garnated company. Ile proposed, that as the draft minute
of reference was unsatisfactory, it was not expedient to
agree to it without first obtaining the highest legal opinion
thereon.—Mr. M. M. Crichton seconded Mr. Aytoun's mo-
tion.—Prof. Aytoun, at some length, supported the motion
to adjourn_, in order to obtain a II gal opinion.—Mr. E.
Ellice, M.P., one of the directors, Pal that when it became
known to the directors, while in London, that an excess of
expenditure above the stipulated sum had taken place in the
Granten line, and seeing the Grantee directors insisted oil their
claim according to their interpretation of the act, their posi-
tion was either to give up the amalgamation altogether, or to
give assurance to the Oranten board that they should recom-
mend to their shareholders to amalgamate at a larger cum,
to an extent which was, at the utmost, contemplated at from
20,0001. to 30,000/. additional, Ile considered the amalga-
mation with the Greaten as an object to the Northern, and
the directors hada right to presume the shareholders thought
so too, and while they se ere dealing in hundreds of thou-
sands of pounds, it would have been improper to have refused
in such circumstances twenty or thirty thousand. Beyond
this 30,0001. there was an excess of 40,0001. more.—Mr. J.
Kinnear, W.S., thought it would have been only prudent to
have taken the advice of the highest parties at the bar before
agreeing to such a reference. He would support the motion for