The Express.
London, England, 1851-05-29 00:00:00

GREAT WESTERN RAILWAY.

A special general meeting of the proprietors was
held yesterday at noon, at the Paddington-station, Mr.
C. Itimmett, the chairman of the company, presiding. The
attendance was not very large.
The meeting was called to consider and approve of the
copy of " a bill fur enabling the company to construct new
lines of railway to connect the Birmingham and Oxford
Junction Railway with the London and North Western
Railway at Birmingham, and for ether purposes ;" and
secondly, to consider and approve or otherwise, of "an
agreement entered into conditionally between this company
and the Shrewsbury and Birmingham and Shrewsbury and
Chester Railway Companies, for an application to parlia-
ment to authorise the future lingliramation of the said throe
companies, to take effect on or after the Ist of January,
PM, upon certain terms and conditions recited therein,
with power to make an interim arrangement, under likeau-
thority from parliament, to apply, if necessary, the earnings
of the' Londonghrough traffic 'over certain lines of the three
companies, to secure to the proprietors of shares in the two
last mentioned companies a minimum dividend of three
per cent. per annum for three years, and of four per cent.
for one year, those railways being worked in connexion with
each other, in manner provided under the subsisting agree-
ment between the same three companies, dated January 10,
1851. It was proposed also to consider and determine as to
the propriety of making, in conjunction with the said two
companies, or either of them, any agreements with the
Birkenhead, Lancashire, and Cheshire Junction Railway
Company, in respect of the working over, or use, or lease of
the railways belonging to the said last mentioned company,
as well as for any future amalgamation, if thought advis-
able, of the four companies into one undertaking upon such
terms and conditions as may be mutually agreed upon be-
tween them."

The meeting having been opened in the usual manner, by
reading the advertisement, of which the above is the sub-
stance,_

The.CHAIRMAN said, in conformity with the standing
orders of the House of Lords, we have conceited you for
the purpose of obtaining your approbation ,of a bill which
it has been requisite to introduce into parliament during
the present imam. Its object is to make a very short
branch, not amounting, I believe, to a quarter of a mile,
from our Birmingham and Oxford Railway into the London
and North Western station at Birmingham, or to join their
lino at a short distance to the south of that station. I
think you will remember that our Birmingham and Oxford
line of railway was originally undertaken at the suggestion
and, iqdced, at the earnest solicitation of the Grand Junc-
tion Railway, and its object wee an interchange of traffic
with that company. Such being the GSM:, our that project
was to use the Grand Junction station for that purpose, but
the policy of the Grand Junction was afterward. changed.
They abandoned their alliance with us, and they formed an
amalgamation with the Londe,, and North Western Com-
pany. We arc not only wider an obligation to make
this branch, but a penalty has been imposed upon us
by parliament, in case we do not; and it is to fulfil
that obligation, and to avoid that penalty, that we hive
brought this bill into parliament, which wo now submit to
you for your approval. (Cheere.)
In answer to question, the CHAIRMAN stated that he
was perfectly aware the London and North Western now
represented this as a hostile act, but they had previously
insisted upon it. He then moved a formal resolution, to
the effect that the bill be approved of. Carried unani-
mously.
The CHAIRMAN—We now proceed to the considera-
tion of the other important subject mentioned in the cir-
cular calling this meeting. At our helf-yearly meeting in
February you will remember. I stated to you that our ne-
gotiations for an amicable arrangement with the Loudon
and North Western Railway having entirely failed, otter
the most earnest exertions on our part to accomplish it, no
alternative was left us, if we were to render our northern
lines of any use to us, than to enter into an arrangement
with the Shrewsbury companies for an interchange of traffic
between us. 1 think it was impossible that any arrangement
could be mote fair, or more legitimate; for the Shrewsbury
lines are a direct extension of our own lines. We made,
however, every effort in our power to come to terms with
the London and North Western Company; fur we should
have preferred such an arrangement, because it would have
brought peace end agreement between us. We waited pa-
tiently till all negotiation between us had completely ter-
minated; and we nut only did that, but we took great
pains to ascertain that the Shrewsbury companies were
nut themselves engaged in any negotiations with
the London anal North Wretern before wo en-
tered into any arrangement with them. (Hear, hear.)
That arrangement was completely within the mope of our
legal powers, and was entirely consistent with the policy
under which these lines were granted by the legislature ;
but the London and North Western thought tit to adopt
every means in their power to thwart us in this arrange-
ment. The course of proceedings which they took on this
occasion hears a striking resemblance with the measures
they adopted in the case of the Birmingham and Oxford
line. At the half-yearly meeting of the Shrewsbury and
Birmingham Company, in the month of February last, the
proprietors in the interest of the London and North
Western obtained proxies without making known to the
directors the purpose for which they were to be applied,
and they used them for the purpose of constituting a small
committee, whose duty it ehoulat be to supersede the autho-
rity of the directors, to subvert the agreement which 111,111
been entered int, by them with us, and to enter into a new
agreement with the London and Nurth Western Company.
When the chairman, advised by an eminent Queen's coun-
sel, who sat at his right hand, that the motion was illegal,
refused to put it, a shareholder jumped up
and put it for him. When the chairman like-
wise refused to put the question of adjournment,
because it was illegal, the same course was taken—a gentle-
man put it for him. When the chairman, acting under the
same advice, told them that he would not produce the com-
pany's seal to be used for an illegal purpose, anal affixed to
an illegal instrument, the chairman of that committee,
amidst the cheering of the shareholders, produced a new
seal, and applied it to the decd. It was by means such as
these that that committee sought to set aside the agreement
with us, and to make a new agreement with the London
and North Western Company; and these means were pre-
cisely the same as were adopted in the case of our struggle
with them respecting the Birmingham and Oxford line.
The directors of the two boards felt that they were
perfectly justified in taking any steps within their
Power for the purpose of strengthening and maintaining
the alliance which we bad made with the Shrewsbury com-
panies, before the intervention of the Loudon and North
Western. Negotiations between the boards ensued, and
the arrangement which we to-day propose to you, was the
result. It has already been confirmed by the proprietors of
the Shrewsbury and Birmingham Company, and we shall
now submit it to you for your approbation and confirma-
tion. The principal conditions of the agreement are, that
front a fund to be specially set apart for the purpose
we shall give to them a guarantee of three per cent. fur the
first three years; and of four per cent. for the fourth year,
at the expiration of which an amalgamation shall take place
between the three companies. The special fund from which
that guarantee is to be given is, as has been stated to you
in our circular, the earnings of thel London through traffic
and these earnings we shall owe entirely to our alliance with
those companies. It cannot be expected that the Birmingham
and Shrewsbury company should be able to maintain a
(Tposition entirely independent; but it is compelled almost
the force of circumstances to form an alliance with one
its two powerful neighbours. If it places itself under
the influence of the London and North Western company,
of course it will transmit all its through traffic over the
London and North Western lines; and in the same man-
ner if an alliance be made with us the traffic will pass over
our line. It is to that alliance, therefore, that we shall
owe this specific traffic, and it is this traffic and not the
general revenues of the Great Western Railway by which
the guarantee is to be afforded to these companies. (Cheers.)
The amalgamation which is to take plaice at the expiration
of the fourth year, will be upon the fairest of all possible
terms—upon the actual ascertained value of the three lines.
(Cheers.) The traffic which passes over the other lima
will be treated as belonging to them, the traffic which
panes over our line as belon to us; and upon that
basis the amalgamation will be formed. (Hear.) Of course
we arc not, I need scarcely say, competent to enter into the
agreement now ; but what we ask you li the power to go
to parliament, to confirm such agreement. (Cheers.) It
will be quite clear that the Birkenhead, Lancashire, and
Cheshire Company, locally constitutes a portion of this
continuous system of railway that we are now about to
establish ; and that their interests are identical with the
two Shrewsbury Companies. This is the view that they
themselves take of it ; and this reduces the question en-
tirely to a question of terms—of the terms upon which they
shall be associated with the other companies. Several ne-
gotiations have passed between us on that subject, but at
present we have come to no result, and the resolution
merely asks for powers to make an arrangement with them
if a satisfactory one can be made. (Cheers.) When the
whole arrangement shall have been completed, and I firmly
believe we stall be able to complete it—(hear, hear)—we
shall have made good our position, and shall be able to
claim the rights that justly belong to us. (Cheers.)
The first question that will arise is a legal one. Is the
agreement with the London and North Western Rail-
way which was made by the committee of shareholders,
or me that which was made by the directors, and has since
been confirmed by the proprietors, with us, valid ? That is
the first question that must be settled. At the last meeting
of the Shrewsbury and Birmingham the deputy-chairman
stated, on behalf of his board, that the counsel upon each
side—Sir Fitzroy Kelly on behalf of the committee of
shareholder', and Mr. Butt on the part of the directors—
should meet and prepare a ease to be salemiNed to a compe-
tent legal authority, all parties to be bond by the decision
of suck legal authority ; but that pregesel, I am sorry to
my, has not been Needed to. One seine, however, is dear
before us. It is to ahem ly tithe engagements which
vas have made wI the wgwbsep Bats, and to stand
firmly and issarialely oir ova just rights. I do
amen you, as I have said ant we by lnfinitely
prefer that those rights shod= eahafilabod means of

an amicable arrangement rather then by a hostile struggle
with the London and North Western Company. (Loud
cheers.)
'lite heads of the agreement were then rend over.
Mr. WARDLE, the chairman of the Shrewsbury and
Chester Company, expressed his full concurrence in the
statement of the chairman ; and said that their prospects of
success were very large indeed. (Cheers.)
In answer to a question,
The CHAIRMAN assured the proprietors that he was ,
quite alive to the desirability of not making an improvident
bargain with the Birkenhead Company. In justice to that
company he should say that its directors hail always ex-
pressed themselves of opinion that their line properly be-
longed to that system of railways which the Great Western
was about to establish, but the board of the latter company
were quite sensible that there were other ways of getting to
Birkenhead if the former company should demand an exor-
bitant price. (Cheers.) On the subject of the extension of
the broad gauge he did nut think it prudent to make any
declaration. (Hear.)

The SECRETARY (Mr. Saunders), in answer to another
proprietor, stated that tho distances, as far aa he bad been
able to gather them at the spur of the moment from Brad-
shaw's tables, were as follows :
. _

By the By the
Great Western. North Western.
To Birmingham 127 .... 112
To Wolverhampton 139 1211
To Shrewsbury l6B • • • • 170
To Chester
To Birkenhead
The agreement was then unanimously agreed to and con-
firmed.
Mr. GRIFFITH drew the attention of the board to
the late dreadful accidents which had happened, and hoped
that measures would be taken to prevent the occurrence of
similar catastrophes to the special trains that might he ex-
pected to come up to town during the summer.-11r. G.
was assured that all due precautions should be t iken.
Thanks were then voted to the chairman, and the meeting
broke up.

BRISTOL AND EXETER RAILWAY COMPANY.-A
special general meeting of this company was held yesterday
at the Lion Hotel, Eristol. the meeting was con-
vened for the purpose of considering the provisions of a
bill promoted by the Taw Vale Railway and Dock Com-
pany, entitled "A Bill for authorising certain deviations in
the raw Vale Extension, and for other purposes." J. W.
Esq., chairman of the company, wits in the chair,
and briefly stated that the meeting had 'been called at the
request of nod fur the convenience of the Taw Vale Com-
pany. He did not imagine that there could be any objection
to their agreeing to the provisions of the bill, inasmuch as
they were the exact counterpart of the provisions of their
own bill which had just received the royal assent, the only
difference being that the eighty 201. shares which they were
to subscribe, were converted into one hundred DW. shares,
and that it was provided that these shares sliould he paid
up in full when one-half of the proposes' capital of the Taw
N ale Company was subscribed. The chairman then moved
the necessary resolution, which, having been duly seconded,
was, after a few observations from Mr. Boucher, put and
carried unanimously. Thanks were then voted to the chair-
man, and the meeting broke up.

THE CALEDONIAN RAILWAY COMPANY AND ITS
GUAILANTSES.—The North British Mail says The va-
rious vexed questions between the Caledonian ltuilway
Company and its guarantees has been amicably arranged.
'the terms of the arrangement are, we believe, nearly as
follow:—The Garnkirk Company to receive their gua-
ranteed dividend of 8 per cent. as at present, in full. The
holders of preference stock, and the Clydesdale, Wishaw,
tireenock, and Barrhead Comp:ones to make an abatement
I from their guarantees of 30 per cent. for the nut three
years. and 2.5 per cent. in perpetuity thereafter. These last-
atoned companies and preference shareholders to have the
abatement of 2j per cent., which they yield up converted
into ordinary Caledonian stock at 20 years' purchase. The
rates ot dividend and amount of stuck guaranteed in the
different lines (exclusive of the Garnkirk) arc as follow :
Clydesdale, G per cent. on 150,000/. ; IPi.huw, 101 per cent.
on 240,0001; Greenock, 4 per cent. on 500,000/. ; Iturrhead,
51 per cent. on 300,000/.; Preference stuck, 6 per cent. on
745,1801.; total, 2,2311,1801. On these stocks the annual
guaranteed dividends amount to 133,410/., which will be
subject to a reduction of 30 per cent. fur the next three I
years, and 2.1 per cent. in perpetuity thereafter. This will
reduce the annual amount payable ley 40.023/. for the first
period, and by 33,3421. per annum thereafter. 'the arrears of
dividend due to these various guaranteed interests is to bo
commuted into a payment of 54,000/., which the Caledonian
Company are to liquidate as soon as they have borrowed I
the necessary funds. 200,0001. are to be borrowed to coin-
plete and improve the line ; and 100.000/. more to pay off,
the floating debt. The former loan to be preferable to all
other claims; the latter to rank after the modified
guarantees. Each guaninteed company to retain a lien
over its own line fur payment of its modified guarantee.

LONDON AND SOUTH WESTERN RAILWAY.—
Tr.itGe for the week ending Muy 25:
10,a191. 19s. 711.; goods, 2,1211. Tutol, 12,723/. 19s. 70.
Mlnt..txn ItAttwAY.—Tragic for the week coding
Mny 2.1, 1851:-21,0051. 2s. Id.; ditto May 26, 1850,
21,601/.2.. 44. Aggregate-1859, 127,532,.10. 93.; Mil,
126,361,. Is. 13.

LONDON AND NORTH WESTERN ItAILWAT.
Traffic for the week ending May 25 :—Passengers, parcel■,
enrrifures, bones, and mails, 32,4711. 15s. 641.; merchandise,
16,7931.158.1041. ; cattle, 9381.75. 241.: total. 50.2031. 18.. M.
Corresponding week, 1850, 47,6171. 9s. ltd.—Aggregate,
1850, 868,365/. 9s. 4d. ; ditto, 1851, 884,8671. 16s. 6d.

YORK AND BERWICK
PassEsomas.—retitions have been sent from the town
councils of Newcastle, Sunderland, Tynemouth, South
Shields, and other towns in the north to the !louse of Lords
against a clause in two bills that the York, Newcastle, and
Berwick Railway have before the house, by which tho
minimum spred of third-elass passenger trains may be re-
duced from 20 (the present parliamentary rote) to 12 miles
an hour. The discovery of those clauses in the bill has
roused great agitation sit the north, more especially in the
maritime towns, as such a reduction of speed would prove
very prejudicial to seamen and their wives, and other 111 CM.
ben of the humbler classes who arc obliged to travel
by rail.

MINING ENTERVRISE ON VIE OTHER SIDE OF Tun
ATL INTIC appears to be attracting quite as much attention
as in this country, and the prospects of mineral operations
throughout the United States are represented as having
never be. n more encouraging than at the present time.
The discoveries of recent years, which have engaged the
laborious researches of scientific men of high attainments,
and which all tend to show the vast extent and richness of
the mineral resources of North America, added to the suc-
cessful applications of labour-saving machinery, effecting an
increased economy of expenditure, both in time and money,
have given an unwonted impulse to the efforts of enterprising
capitalists and speculators, so that the future gives pro-
mise of a great increase of activity. After the whirl of
excitement that has attended the discovery of the gold
regions of California, public attention is now being directed
to the sources of wealth in the immediate vicinity of the
thickly peopled states. The copper mines of Lake Superior
have for some time supplied large quantities of ore, and
reeearch.es have been stimulated, resulting in new discoveries
of copper in Connecticut, which have already been worked
with considerable success. The gold mines of Virginia
are yielding larger profits than heretofore, and bid fair to I
become exceedingly important, as many new adventures
have been organised during the last twelve months. The
zinc mines of New Jersey are also yielding largely and pro-
fitably. Prom this state came the immense mass of zinc ore,
weighing about eight tons, which was imported by the
frigate Ft. Lawrence for the Exhibition. In Arkansas the
argentiferous galena has been worked with profit, and the'
ore is now shipped to Europe, as owing to the quantity of
silver contained, it pays a good per tentage, notwithstand-
ing the a :pease of transportation. Some of this ore yields
100 ounces to the ton. In Rhode Island and Pennsylvania
the working of the coal mines is being extensively pro-1
mended, and the revenues of those states are vastly in-
creased. American enterprise seems not to be content with
the fields of operation opened up in the various states of the
Union, extensive as these are, for companies have also been
formed in New York for the prosecution of mining opera-
tions in Cuba and New Orenada.—Daily News.

INCENDIARISM IN THE NEIGHBOVRHOOD OF WIN D-
soß.—On Tuesday night about eleven o'clock, • large oat-
rick on the Burnham estate, belonging to Mr. Aldridge, an
opulent farmer of Chippenham-court, near Salt-hill, was
discovered on fire, and before the progress of the devouring
element could be got under control, although the most
strenuous exertions were made, the following amount of
valuable property was consumed :—Two large oat-ricks ; a
large barn; an extensive granary, containing a quantity of
beans, ca shed, a new waggon, two tarts, eight store plea,
• valuable dog, a large quantity of straw, and some valu-
able machines and implements of husbandry. There is no
doubt entertained but that the disastrous occurrence was the
malicious act of an incentliarT. The property destroyed
is insured in the Norwich Union Fire Office, and it is sup-
posed that 1,000!. will scarcely cover the damage done.
THE WEATHER AND CROPB.—o The last fort-
night," says the Worcestershire Chreniele, " has pro-
duced seasonable weather, and vegetation now wean
a very luxuriant appearance. An ear of wheat was shown
at Pulborough market, annex, last week, which had been
gathered by Mr. Boxhall, at Stopham-farm, in that neigh-
bourhood.' The Hereford nines says: " The prospect of a
good crop of apples and pears was more promising at
this time of year than in the present. The pears are well
knit and look healthy. The apple trees are now in full
bloom; the blossom is kind, and the tress are free from
insects. The chesty trees bloomed beautifully, and the
and currant trees are laden with fruit. We
Msetltest,"Yht Mei caw, the late lever. &thee have destroyed
the Ira bah."

RAILWAYS.

Tlllt3 DAT.
Two o'CLoeu.
The share market presents a very different aspect
to-day, as compared with yesterday. With the pro-
gress of the settlement of the account the market has
not been thrown back, as many persons feared
would be the ease, by the occurrence of any
failure beyond the one alluded to yesterday, and the
rates charged for carrying over are not by any means
so heavy as they were yesterday, a circumstance
which affords encouragement to many operators
whose means would have been enppted had
the rates ruled high. Much more disposition
is evinced to operate for a rise, and the market has
advanced with great rapidity, especially for the
heavier descriptions of stocks, several of which have
attained a rise of 21. to 31. per share, whilst other
lines arc proportionately better.

MONEY MARKET.

THIS DAT.

Two O'CLOCK.
The dealers in the Stock Exchange to-day show
much more confidence, and a marked rally has taken
place in all the departments to which attention is at
present directed, whilst the general tone has
acquired a considerable increase of firmness. Many
of the smaller operators have for some time past
watched with more or less anxiety the weekly
board meetings of the Bank of England,'
the uncertainty which has at various period;
prevailed as to the director's views having
done much to restrict speculative operations, which
otherwise would certainly have taken a very wide
range in some departments. With the breaking up of
the court to-day without the announcement of any
change,—though, as we have on former occasions
intimated, no alteration was expected in the best-
informed circles, some confidence has been shown,
and the !ionic funds have rallied full though un-
supported by any purchase by the government
broker, who appears, for the present, to have discon-
tinued his investment.

Consols, which left off yesterday 971 to 1 for
delivery, and 97 for account, have rallied to their
present quotation of 971 to I and 971 to 98, at which
they scent firm.
Tha 081eia/ btwiness report is: Three per Cent.
Commas. WM ft ditto it Ilisotust, Wit 111. Three
per Cent. Reduced, 97, j • Three-and-a-Qaaster per
Cents., 981, 98, 1. Long 'Annuities, 1860, 7?„ 5.16.
South Sea New Annuities, 977. Bank Stock is
firmer, having been dealt in at 2101 lid 21110
Exchequer Bills have experienced a considerable
rally, business being marked as follows: Exchequer
Bills, 1,0001. and 5001., 41s. prem. ; ditto Small, 11s.
ditto advertised, 395. and -12 s. prem. India Bonds,
under 1,0001., 525. prem.
Very little business is n•oiniforward in the foreign
bond market beyond the 2 few arrangements requisite
for the settlement of thelortnight's account, and not
the least inclination to operate is shown by the dealers.
The change in prices is limited to a rally in Mexican
bonds, which have reached 331, but the tone, gene-
rally, has participated in the improvement noticed in
the other departments of the " house," and prices
are much more firmly held. The list of the
day's bargains is limited to :—Bacnos Ayres Six
per Cents. for account 13th June. 584, A. Mexican
Bonds, 311 ; ditto for account, 34(, Ili. Peruvian
Five per Cents., 1849, 82 831; ditto Defers-et',
38. Portuguese Four per ‘i;ents., 32. Spanish
Active Five per Cents., 201, 1.
The traffic returns on nearly all the chief lines of
railway are now known. The London and North
Western return is 50,2031. against 47,617/. in the
corresponding week of last year; the Great West-
ern, 20,193/. against 17,621/. ; the Midland, 21,805/. ;
against Z 1,604/, ; the London and S. Western,l2,723l.
against 1E7751.; the Lancashire and Yorkshire,
15,247/. against 19,127/. ; the South I:ask-m.13,075/.
against 13,786/. • the York, Newcastle, and Berwick,
14,818/. against 15,0501.; the York and North
6,96431. against 7,516!. It will be borne in
mind that the corresponding week of last year was
Whitsuntide, so that where the reterns are lower a
satisfactory explanation is afforded; and where
higher, the increase of this year must be looked upon
as virtually higher.
City Navigation Bonds, bearing 3} per cent. inte-
rest, continue quoted 06. Upper Canada 6 per cent.
Bonds are also unaltered at 1071 to
in
Bank shares have been dealt rather more freely
this week, but prices have undergone little variation.
being quoted us follows :—Australasia (-lot, paid),
321, 1,1; Loudon and County (20/. paid), 22,', ; Lon-
don Joint Stock (101. paid), 171; London and West-
minster (201. paid), 28, 271, ; National Provincial
of England (35/. paid), 40, 401; Provincial of Ire-
land (25/. paid), -131, 44 ; South Australia (25/. paid),
241, 25; Union of Australia (25/. paid), 35, 34!„ 1;
Union of London (10!. paid), 121, 13.
In dock shares, St. Katharine err. higher, whilst
other descriptions maintain former prices. Commer-
cial, 84 ; East and West India, 145; London, 113,
1,4; St. Katharine, 76, 1, 771 ; Southampton, 15. •
The market fur NG:tun-boat shares has not resumed
its activity, but prices are well supported, and a
has taken place in Peninsular and Oriental shares.
The prices noted are :--General Steam Navigation,
271, 28; Peninsular and Oriental,llBi, 70, 691; ditto,
New (5/. paid), 101,1 ; Royal Mail Steam, 761.
Ininsurance shares the only alteration is a slight
decline in Rock Life, which have receded to 61. •
Church of England shares are quoted 'V to 3.
Shares of reversionary interest and investment
societies remain unchanged. General Reversionary
and Investment are quoted 91 to 92.
Among the miscellaneous securities —Assam Tea
Company's slums, which were quoted only 61 a week
ago, have risen considerably. South Australian are
firmly held. The prices quoted in the official list
are—Assam Tea Co., 7,8, 9; Australian Agricultural,
15; Australian Trust, 20; Anglo Mexican Mint,
25; British American Land, 144; Canada Co., 47 ;
ditto Five per Cent. Bonds, 951; Hudson's Bay
stock, 205; Price's Patent Candle Co., 231; South
Australian, 211; Van Diemen's Land, 1 to 2.,
The rettlement in the railway share market is pro-
ceeding, and has been attended with a failure of an-
other of the speculators in Scotch shares. Last ac-
count he brought forward a considerable sum to
make up his differences, and though his liabilities now •
are comparatively trifling, he has been obliged to
give in. Fears arc expressed with regard to others,
and a strong impression prevails that the Scotch
directors and bankers arc mixed up with these specu•
lotions, by which worthless lines have been run up
inordinately.
Another class of speculators who arc now suffering
is that of the Liverpool cotton-men. For some time
past many of the Liverpool men have been in the
habit of investing their floating funds in railway
shares, as others do in London in Exchequer Bills
and stock. These shares have been mortgaged with
the bankers at moderato rates fur the cotton and
other speculations, on the failure of which the rail-
way accounts have had to be closed. Hence heavy
salts of South-Eastern and other stock in which the ,
Liverpool men are interested. Very large quantities
of these stocks are now being delivered, and on 1
others continuations are being paid at high rates.
The continuation on South-Easterns was effected to-
day at A to 3-16, or from 13 to 20 per cent. prem.
The heavy losses of the Liverpool men in cotton
have necessarily forced them to contract their rail-
way operations in French and English shares, and it
will be seine time before the Manchester men who I
will benefit by the fall of the raw material will be
in‘a position to take the place of the Liverpool men
in the railway market. Other causes arc, however,
at work, which must greatly improve tho condition
of the share market.

The rates of continuation which ruled yesterday arc
not heavy in comparison with the crisis by which the
market has been affected, though still considerable.
On Great Northcrns and small shares the rate has
been from 1-16 to 3-32, on South Eastern, and
shares of the like class, 1 to 3-16, and on London
and North Westerns, Great Westerns, and Midlands
about j. On French shares money has been bor-
rowed at from 6 to 10 per cent. per annum.
The bullion market is now undergoing that great
change which we have indicated on several occa-
sions lately. Following on the fall in bar silver,
Mexican dollars have receded!, those by the Severn
having been sold at 4s. 111 d. perm. The bar silver is
not yet sold, and may perhaps be subjected to a reduc-
tion in price. At Pans yesterday material changes
took place in the quotations. Bar gold rose from 21
to .5 per milk premium ; Louis d'ora from par to d
per milloprem. ; while bar silvor receded from 10
per millreprem. to 9 prem: ; sovereigns are a shade
lower since the improvement in the exchange on
London. Spanish dollars are in demand, but
doubloons and Mexican dollars have receded. At
Hamburg gold shows signs dolt** •

The last quotations of mai.— aellosisi pimp
ea Loadon an os follows : _ •

Previous Late 4
ioitatt
Bremen, 2 months 6 Q
15 619ims. Quotations.
615 619
Chri‘tiana, 3 months 4.60 62 4.60 62
Copenhagen, short B.BB 8.88
Ditto 90 days 8.82 8.82
Genoa, 3 months
Gothenburg. 90 days
Hamburg, short l3m. 47 13m. .5
Ditto, 3 months l3m. 31
Madrid
.70
Odessa. 3 months
Oporto
San Franciaco, sight 4'Bl. 54! /
462,1.
Ditto, 66 days 4B d. /d. 47{d
St. Petersburg, 3 months 37 d. 37 11-18 d.
Stockholm, short
Ditto, 90 days
Trieste
ENGLISH !TN ItS.-Tlll+ for.
Hank Stork, 210 11 Lour 1 unulttee. 75.16
3 per Ct. Reduced. /7 1 I Irells Si...TU.2W Ul
3 it, Ct. C.m,...13. t. 71 i of Bowls. -
31 per Ct. C0n".13. 05 R Elleakequer Mb% 1.0:01.,404. to 414.
Couk,l4 fur the Acct., 974 P 3
VURRION /UN DS.
34 Ps* et. Behrlau.ll 3 5 per Ct. 31ext.rtn. 341 i
b per CI. Itrosilkus, 84 0) 4) per Ct. Port. tan. N. 21 34
Dn. Neer, Us Darn Dere re !. 3.1 0
6 per Ct. Hum, Arra% 57 1 3 per Ct. Pm tugue.e. 84 NI 6 per Ct. MON/1.103 6 u1...r Ct. Itu.,tn. 111 13
3 per Ct. Chaise, - 44 Par Ct. Ruultu. taut 14
3 1., Ct. DaroA. 74 6 r. arer CL .loulkli. AM..% *.:04 4
24 per Ct. Dutch. f.Oll J per 01. trp,nieh. YJI 4el
4 ;Kr Ct. Dutch, 6J4 90 Pc. P0.....c, 33 6
Equador. ad 1 24 Per Ct. Venerul
ela. 31 4
1 per Ct. Grenada. 164 121 , U.). Deferred, 1 13
LATEST FOREIGN EXCHANGES.

MAT 28.

Moee'. it

!or Mom&

i(V( n Inpt I

0e.............

M 20
NN

M t 3
1i.42-1

Of 23
Of IS

MI ii
NN

per Cmn.

34 IC
NO 40

I "
41 per Cents 1
Exchange on London at siirld, 23 2i; 90 d4e, 24 83.
Belgian, 3, 1810 lwo Money. Napl. Rents* - Mosey.
Do. 3, 134 — Roman Loan, 1330 .. 151
Do. 41
Do. ty
Ple,lololll 5 p. Cents. 30 30 ....
ank shares . .... 2030 ...
FAltl4, MAY 28.—Versailles (right bank), 268 7;5; ditto
(left troth), 269 73; Paris and Orle-01.. 'l2 3d: Paris and Roues,
613: Rouen and Havre. 24..; Marseille% and drignon, 217 50;
strushourn ath Bale. 143 73; Centre, 427 :0; Ortega and Bordeaux.
336 25; Northern, 472 30; Paris and Strashourg, 3i 373 Tours and
Nantes, 272 .3U: hionterean and Troyes, 120.
MADRID, MAY 23.—Three per Cents., 36 7-1 G; after Dolsa,
344 rash, 381 paper. Four per Cents., 141 cash. Five
per Cents., Id) ; after Hoke, 16: cob. Coupons, 81 ;
alter Hoist, 81 cask 81 paper. Passives, 6 11.16 ; after Balsa,
G 23-32 cash, and cl paper. Bank of St. Ferdinand, 103
cash cx die, 98 paper. Exchange on London, 50.75.
Enure, MAs N.—Voluntary Loan, 106. New Loan,
Four-and-a-Half per Cent., 102;. National Debt, 861.
Commercial Marine Society's rremium, 1284. Dank
Shares, 9.5)
VIIINNA, MAY 27.—Five per Cent. Metalliques, 9,3 j;
Four-and-a-11W per Cents., ditto, 144. Bank Shares,
1230. Exchange on London, 12.32.