The Express.
London, England, 1851-10-10 00:00:00

equal force at present, as the shareholders will readily com-
prehend the necessity that exists for rt storing the reserve
and insurance funds, as a prudent provision against casual-
ties, and to afford mew of encountering competition.
With this conviction, therefore, the directors recommend a
dividend for the first half of the currtwt year at the rate of
2!. per share (free of income tax), payable on and from the
14th instant."

The CHAIRMAN moved the adoption of the above re-
port, intimating that he would reserve any remarks he
Wien have to make until he had heard the olmervations
which any gentlemen iu the meeting might have to offer.
111 r M'CiAItELL seconded the resolution.
• _ _

Mr. RIDGWAY, as an amendment, moved that the divi-
dend be 21. 10s. per share.
The CHAIRMAN, after some discussion, said, in
reply :—Mr. Ridgway seemed to think that their pros-
pects were good. So did the board, and they stated
so in their report. Mr. Ridgway approved of the route
by the Isthmus of Panama, but he objected to afford-
mg aid to the Paha= Company. But one of the
earliest acts of the company had been to grant a loan to the
government of New Grenada for the formation of a new
road for the transit of passengers &ad specie ; and he might
state that at the present moment the company were actually
owing money to that government. (Hear, hear.) The
company might be in error, but their only object was to
enlarge their business and make it more acceptable to the
English government and to the public at large. Besides,
it should not be forgetter that the contract was a limited
one, and the speedier and safer route which they desired
to have was wanted immediately. (Cheers.) He
mast, as at present advised, decidedly object to
Mr. Itidgway's request that the report should be circulated
before the meeting, first, on the ground that it was notdone
by any company—(expressions of diment)—and secondly,
because matters of t sm ea might occur up to the
last moment, to wh &liftable to allude in the
report. Then, as to the complaints from Demerara, none
had been made for the last six months—[Mr. Ridgway :
Every packet bring, them]—but, at all events, the object of
the additional outlay was to improve the communications
and to remove such complaints. (Cheers.) The Esk had
regularly made her voyages, but had been removed because
her speed had not been satisfactory; and at Rio Janeiro
every facility existed for the repairs of iron vessels. (Hear,
Mar.) As for the proposed change to Milford Haven, he
considered that such alterations were much to be regretted,
and besides he thought Southampton a very suitable station
for the purposes of the company. It was near France, and
there was a very large French trade to Brasil. (Hear,
hear.) But Mr. Ridgway wished to know what the supple-
mental charter was to do ? Why, the object of the report
was to tell him. Ile complained that they had been con-
tinually changing, but the charter had been unchanged.
There had been alterations in their contracts, and it was
there that Mr. Ridgway had fallen into the mistake. The
supplemental charter del not compel them to do anything;
it merely gave them powers which they might exercise if
they thought fit. (Hear, hear.) lie (Mr. Baring) would
be happy to see a larger dividend, but it' the bierease were
an injudicious one the directors alone would have to incur
the responsibility, and therefore he must resist the amend-
meat. It was true they were to receive 30,0001. extra, but
then they bad 150,000 miles of additional steam service to
perform, and that would reduce the government allowance
from 124. 21d. to Os. 10d. per mile. They might say that
' the government had made a hard bargain with them, but
the company wanted a better, and he thought they would
have been wrong not to have accepted it. (Hear, hear.)
No great ocean commuuication by steam had been found to
meeced unless it had the support of the government; but
at the same time those who talked about abolishing the
contract system ought to remember that to be of advantage
to the public, to contract must also be of advantage to the
contractor. (Cheers.) If they had been sure of the
renewal of their contract. they would have put,
chased the new steamers before. Their estimated
oat had been 490,0001., of which 300,0001. had
been paid, and there remained funds available for the
✓emainder without making a call. (Cheers.) But, of
'curse, that could not be done without absorbing the re-
serve and insurance fund, and he put it to the meeting
whether it would not be better to wait till the next year,
to see how the new arrangements would answer, ere they
increased their dividend. (Hear, hear.) It would surely
not answer their purpose to make a call and increase the
dividend. That would tend rather to depress their stock
than to increase its value. Besides, he considered that
there had been a tolerable rise in the price of their shares.
[A Proprietor—They are quoted at 84.] That was surely
a satisfactory rise, considering that they had been pur-
chased, as Mr. Ridgway had himself said, at 12. (Cheers)
He (Mr. Baring) believed their position to be a very sound
one; and as for their accounts not being explicit, he did
not know any company that gave such a full statement of
its affairs. In conclusion, he begged to assure them that it
was because the directors wished to stand well with the
company and the public that they did not wish to increase
the dividend. (Loud cheer.)
The question was then put, and there appeared only five
hands for the amendment, the test voting for the adoption
of the report, and the dividend as originally proposes'.
A PROPRIETOR had no objection to the appropriation
of their earnings to the purchase of new ships, but he
thought that they ought to add their cost to the capital, so
that they should be considered to have paid up 701. instead
of GOI. [Mr. Ridgway—. That is just what I want."]
Would it not be advisable to take stock, and divide the in-
creased value of their property amongst them ? (Cheers.)
The CHAIRMAN said that question had been before the
directors ; at the commencement of the new contract it
would be right to take stock, but he doubted whether the
capital would be increased, because the depreciation ought
to have been gradually written off, which would have been
the same thing as the reserve fund.
The PROPRIE fOR replied that they ought to consider
what would be the value of the old ships to them, not what
would be their value if sold. (Cheers.)

The CHAIRMAN remarked that if no new service were
crested, two of the old ships would be for sale, sad that
would be a sort of test of their value. (Hear.)
A vote of thanks was then giveu to the Chairman—tho
mover, Mr. Henke'', remarking that the raising of stock
from 12 to 84, was a feat perhaps without a parallel.
Mr. Baring suitably acknowledged the compliment, and
the meeting broke up.

COURT OF COMMON COUNCIL.

Yesterday a Court was held for the despatch of
public busium.

ELACTION ACT

ACT.

Mr. BOWER, in the absence of Deputy Harrison, rose to
move, " That the stath proposition of the Freedom commit-
tee, as reported to this court, be now read and approved."
He said the proposition was to the effect that the qualifica-
tion ee candidates for the Common Council be the same as
time of the electors, and tb it a provision be made to pre-
vent any person being a candidate for the office of alder-
man, or common councilman, who may not have paid
his debts in lull, in case of his having previously been
bankrupt or insolvent, or having compounded with his
creditors.

Mr. Bk.NNOCII said he should move an amendment.
He considered that the latter part of the sentence after the
word electors should be entirely omitted. He saw no rea-
son why gentlemen who had been unfortunate, and who, in
the course of years, had recovered their position, should
have such a restriction imposed upon them by the corpora-
tion. It was solely a question fur the constituencies, in
his judgment, and not for the corporation, to consider.
(Hear, hear.) If the court thought proper to agree to
the amendment, he should then move " that in the event of
any alderman, or common councilman, who may not have
paid his debts in full, becoming bankrupt or insolvent, or
compounding with his creditors, he shall immediately resign
his gown." (Cheers.)
Mr. RICHARD TAYLOR seconded the amendment.
There were too many bankrupt peers and bankrupt mem-
bers of the House of Commons—(oh, oh)—and he thought
the constituents in the different wards quite as fit to return
respectable men to the Court of Common Council as the
electors throughout the kingdom were competent to send
representatives to parliament. (Hear, hear.)
Mr. ANDERTON wished to remind the court that one
of its bye laws was that no person should be eligible to serve
on a committee who had been bankrupt or insolvent, and
sot paid his debts. What was the use of sending a man to
the court who was not qualified to act?
Mr. BLAKE—I am very sorry to be opposed to the
mover and seconder of the amendment, but I do think it a
most extraordinary coincidence that on the very day that
we have evinced such extraordinary sensitivenevs as to im-
putations on our public virtue, it should be moved end se- '
evaded by two highly honourable and upright men, that we
open our doors to persons who have not fulfilled their peen-
ruary obligations. (Hear, hear.) Notwithstanding the
practice of either house of parliament, let us maintain that
character for purity and virtue which belongs to us, and
defy the imputations which are falsely made upon our ho-
nour and our respectability. (Cheers.)
Mr. Deputy CORNEY—You cannot compel an alder-
man to resign his gown when ho is elected for life.
(Rear, hear.)
Mr. BENNOCH—Yon can by act of parliament.
Mr. R. TAYLOR—And then he may cheat as much as
he pleases. (Loud cries of "Question. )
The motion was then put and carried, two hands only
beilk. ng bald tip for the amendment.
BOWkAt then mewed, " That the qualifications for
Waimea be those of the freemen and citizens aforesaid."
Mr. ANDERTON eseasded the motion.
Ma BEN NUCIII amaidered it essential to the purity of
the earporation that the constituencies should have the
=ty at arta' ' of getting rid of an obnoxious
• (Land ter.) Such an opportunity he con-
Maenad every teembor of the court felt to be particularly
emeatlal at the present moment. He therefore proposed to
add the words "that the aldermen be elected fur a period
not e: seven yam."
Mr. L. TA 'LOA sammead the motion.
Mr. ANDERTONtrastaitheameinswould not be agreed
to. It would be ver, aimenrous to sleet magistrates pe-

riodically. It had been considered one of the brightest'
gems in the crown of George 111., that the judges were
made independent of the sovereign. (Hear, hear.) So
ought the magistrates to be independent of the people.
Mr. Alderman COPELAIiD said he should like to Ste
the broad principle introduced, that every man rated for the
maintenance of the poor, and residing in the City and
carrying on trade, should possess the elective franchise.
(Hear.) lint with the number of unfortunate cab-drivers
and persons who had been brought before him fur using
false weights and measures, he should like to know what
chance he should have of being re-elected alderman.
(Hear, hear.)
Mr. BARELY considered that if the corporation re-
mained as at present constituted, a publican, on being con-
victed by an alderman, might combine with others in pre-
venting his re-election ; but when it was borne in mind that
the number of electors was proposed to be increased front
5,000 to 25,000, he was sure the publicans and drivers
would have no influence in the election. He was sure that
aldermen would be invariably returned by their constitu-
encies when they performed their duty properly.
Mr. HALL could not imagine that the City magistrates
would wish to refrain from going before their constituencies
occasionally to see whether they had done their duty.
Mr. ELLIOTT supported Mr. Bennoch's motion,
After several other speakers for and against both motion
and amendment, the latter WAS carried amid general cheer-
ing by a large majority.

RSHIRE AGRICULTURAL
ASSOCIATION.

CHAHFIELD, THURSDAY, Ocr. 9.
Earl Duel° having invited the members of the
Cikosorstershire Agricartoral Society to visit him at his
seat, Tortworth court, neer this place, yesterday was the
day fixed for the visit. Unfortunately, however, hie lord-
ship was on Monday seized with an attack of the gout,
while on his way from Cumberland, and was unable to pro-
ceed on his journey into Gloucestershire. In his absence,
therefore, his lordship's guests were received by his son,
Lord Moreton. The day proved exceedingly fine, and the
majority of the visitors (about 150) having arrived at Tort-
worth in the forenoon, proceeded round the estate, for the
purpose of inspecting the growing crops of swede turnips,
mangold wurzcl, beet, &c., and his lordship's stock of
cattle, sheep, and pigs, for which he is so justly
celebrated. The short-horned cattle and Ssuthdown
sheep elicited the most unequivocal marks of ad-
miration from the critical visitors, among whom
were some of the most renowned cattle breeders and agri-
culturists of the county and district. After some hours
spent in this manner, the party dined together in an out-
bailding prepared for the occasion; there being no room
sufficiently capacious at the court to accommodate the
party. The chair was taken by Lord MORETON.
The usual introductory toasts having been disposed of,
Mr. E. 'JOWLY, a well known agriculturist from the
Cotswold Hills, was called upon to respond to the toast of
" Success to the Gloucestershire Agricultural Society,"
which Lord Moreton. Mr. atter

was proposed by Bowly,
some introductory remarks, turned to the topic of the day,
and reminded his brother farmers that though himself not
a free trader, the honest free traders of the day foretold
that in consequence of the passing of recent enactments the
farmers would have a state of transition to pass through ;
but at the same time they foretold that when that
transition had been accomplished the sun of prosperity
would again shine brightly upon them. They were now in
that state of transition, and found their receipts diminished,
while many portions of their expenditure which were not
under their immediate control continued the same. Tha
taxes, and rates, and the rent were not under their control;
but, with reference to the latter, the time was conic when
the landlords must meet the tenants in a business-like
manner, and adjust them. If any feudal system existed
among them, the free trade winds would blow them to the
fear quarters of heaven. Although agriculture was just
wow under a cloud, he trusted it would soon pass away, and
Idea the sun of prosperity would soon again shine on them.
Mr. BEACII, a tenant firmer, proposed the health of
Earl Ducie, remarking that not only Gloucestershire but
the whole agricultural community was deeply indebted to
his lordship tor his improvements in the breeds of cattle
and sheep. His lordship's character was full of strict in-
tegrity and worth; and although he (Mr. Beach) might
sometimes have doubted his policy, he could not but admire
his integrity and sincerity.
Lord .MORETON briefly responded to the toast on behalf
of his bother, and expressed the regret which Karl Ducie
felt at being precluded from entertaining the members of
the Gloucestershire Agricultural Society personally.
Mr. CURTIS HAYWARD, a county magistrate, gave
the toast of " The tenant farmers." Ile expressed his sym-
pathy with them in their state of transition, but said he had
no doubt that in the end prices would find their level, and
Ithat the time was not far distant when the tenant farmers
would be again in a prosperous and happy condition.
(Sear, hear.) There were some circumstances of the pre-
sent times under which they could already feel that they
were in a better condition than they were twelve months
✓.
They had had a bountiful harvest, and not only was
lie grain crop large, but the article itself was of a superior
description, and better adapted for a successful competi-
tion with the foreigner's corn than was the case last
harvest. (Hear, hear.) He had no doubt they would
be able to maintain their ground by taking ad-
vantage of the improvements which offered them.elves;
and particularly be recommended the growth of Mx, as
being an article in the production of which they would not
be competing with each other, as would be the case if they
increased the production of grain to any great extent.
Mr. BEMAN, a grower of flax on the Cotswold Hills,
bore testimony to the remunerative properties of the crop.
Mr. W. P. PRICE, late high sheriff of Gloucestershire,
said he had been requested to propose the toast of "Agri-
culture, manufactures, and commerce," he being connected
with all three of those interests. lie confessed that agri-
culture was not now so .profitable an occupation as it had
been or as it ought to be. This, he thought, might bo
attributed to their having trusted too much to the state,
which had broken down under the burthens that had
been been imposed on it. Without trenching upon
ground which by common consent had been avoided
at the meetings of agricultural societies, he could
not help expressing his feeling that the difficulties
under which they now laboured arose from the agri-
culturists not having followed the commercial prin-
ciple in agriculture—s. e., in the renting, the cropping, the
stocking, and the cultivation of their farms. Mr. Price
went on to explain further how he considered the commer-
cial principle should be adopted in taking to and letting
farms. If the tenant wanted an outlay of capital, and that
outlay would tend to the improvement of the property, the
landlord ought to make it, charging the tenant interest on
the outlay, five or seven per cent., according to circum-
stances. In general commercial transactions this was the
ordinary course, and the tenant was always ready to pay
a fair interest on the capital ; but he was bound to say
that he had not found the same readiness on the part
of the agricultural tenant to pay the interest on
capital laid out as he had observed in commercial trans-
actions. Then, when a tenant took a farm, he ought to
hold it without any restriction. But when a farm was
advertised to be let, they found from 50 to 100 people ready
to take it on any conditions. (Cries of No, no.") Again,
he would not let a farm, unless the intended tenant was a
man of capital, and of competent skill and experience, to
give a chance of the property not being ill-used. In con-
clusion, he said he thought that if the same commercial
principles were adopted in agriculture as were observed in
sommerce and manufactures, the former interest would not
now be complaining of distress.
Colonel KINGSCOTE proposed the health of Mr.
Marling, of Stroud, a gentleman intimately connected with
the clothing trade of the Stroud Valley.
Mr. MARLING, after some introductory remarks, said,
he was happy to say that the staple manufactures of the
country, after having been, like agriculture now was, in a
depressed state, had revived, and was flourishing. As Mr.
Bowly had already told them, the owners of the soil must
meet the occupiers in a business-like way, and he had uo
doubt that this would be the result of their present posi-
tion. The cheapness of food had undoubtedly benefited
the country, but the manufacturing interest had not reaped
all the benefit, as some had alleged. It was the poor la-
bouring man who had reaped the most benefit—(cheers)—
and he could testify to this from personal observation.
Es. gr., the weavers in the Stroud Valley had, until lately,
been scarcely half employed, but now there was not a sober
or good workman who could not have full employment if
he liked. (Hear, hear.) And he might add, that in the
village of Whiteshill, near him, there were now seventy
pigs, where there were only seven last year. (Cheers.)
A few other toasts of a complimentary nature followed,
and the party broke up at a reasonable hour.

THE LATE SEIZURE UPON THE NORTH WESTERN
RAILWAY row POOK-watts.—At the vestry meeting of
the parish of St. Pancras on Wednesday, Mr. Church-
warden Baker in the chair, in answer to :a question from a
vestryman, Mr. G. W. F. Cooke, the clerk, stated that a
distraint had been put in, and that the company had re-
plevied. They had called upon the summoning officer to
enter an appearance at the Sheriff's Court. He the vestry
clerk, under these circumstances, applied for instructions to
proceed and defend the matter. Mr. Healey moved that
full instructions be given to the vestry-clerk to proceed in
the usual form against the company for the amount of rates
due. The motion having been seconded, was carried. The
vestry-clerk then recommended that Mr. Peacock be re-
tained to argue the case in the Court of Queen's Bench.
Mr. Glover hoped that in naming the counsel care had been
taken that he was not connected in any way with the
parish or railway company, as was the case on a former
occasion. The vestry-clerk stated that Mr. Cooper, one of
the directors of the poor, had elicited tho fact from Mr.
Webby, the arbitrator to whom the assessment was re-
ferred, that he was not in any way connected with the
railway company, and he expressed his surprise at the
liberty which had been taken with his name. It was agreed
that Mr. Peacock and Mr. Bagley should be mbpioyed as
counsel in this matter for the parish.