The Express.
London, England, 1867-12-05 00:00:00

TELEGRAPHIC INTELLIGENCE.

Sir,—With reference to my despatch separate of 31st
October, I have now the honour to report that in the town
of Boadtown, consisting of 101 houses, sixty have been ,
entirely destroyed, besides all the public buildings, with
the exception of the one hired for public offices twenty.;
four are severely, and thirty-nine partially damaged.
In the country parts of Tortola most of the, dwellinp et
the labouring population have been swept off tbe fast of ,
the land ; all the sugar works except two are destroyed ;
all the crops are blighted, the only country residence that ;
was left in Tortola, Jose Hill, is entirely carried away.
Thirty-seven persons have perished, viz., twenty-three in
Itoadtown, six in the country dirtricits, of Tortola, six in ,
Spanish Town, and two in Peter's Island, After the ,
cessation of the hurricane the face of nature es by • ,
miracle was transformed. It appeared ea if winter,
had visited the tropics, for the few trees
that stood and all vegetation were withered!
by the dendattog blast. Amerada has escaped
with little or ono damage, and loans an exception
to the tale of woe. I hoped to be able to visit the dif-
forest islands on Captain Vesey's return from St. Thomas ,
In her Majesty's ship Dens, hei an overwhelming pressers,
el Malone, has kept me in Tortola. The Colonial Seore-
tory, Mr. Porter, has bees of the greatest help to me, but all
the other officials an old and infirm, and there are few per-1
sass of intelligence onwharn I can cell for assistance in such ;
• orisis,and my presence has, therefore, been indispensable. ;
About 100 houses are reported sa being destroyed in
Virgin•Gorda, and ooramerabto deatatution prevails there.
I bad not • boat at me damsel Wood 'undies Mame-1
diately after the snivel of the schooner sent to our relief ,
by your excellency, and as Mr. H. It. Semper, the Scrip-
ture reader, and only resident magistrate of Virgin-Gorda,
reported to me in privy council, that there was no imme-
diate occasion for despatch of provisions, I prepared • supply
to be forwarded by him on his way back from St. Thomas.
Capt. Vesey, however, arrived before Mr. Semper's return,
and I arranged with him that he should proceed thither
at once and give temporary assistance. From Jost Van
Dyke Z 5 houses are said to have been destroyed, according ,
to a statement which was furnished to Captain Fogey by
some of the inhabitants. I very much regret that the
impossibility of procuring a boat caused some delay in ,
supplying them with provisions, but it was reported to
me that some of their boats had escaped and kept moving
to St. Thomas, instead of ooming here. It was evident
that relief was not urgently required there. I have lent a
supply since they received the none from her Majesty's
ship Doris, and yesterday I again sent off a fresh one, but ,
the boat returned, having been unable to communicate
with the shore on account of 1118 'wavy ground swell.'
The obstacles which I have to encounter in the transmis-
sion of supplies, lc., are innumerable, and the meet
exorbitant charges are demanded for their conveyance. ,
I feel most profoundly the misery of so many individuals and
families, but I am sure teas your ezeituency will recognise
the utter impossibility of immediately applying • remedy.
I have no desire to avert the exercise of just or 'generous
sympathy, but every one acquainted with the West
Indies must know what gross fabrication the negro will
make where he entertains the hope of gaining bread with-
out exertion. Many who are not losers by the hurricane.
and who were content to eke out existence in a hovel
rather than to labour for an honest livelihood, rush for-
ward now with a specious tale of woe, and succeed in
imposing on those who are unacquainted with their true
positions, and real extent of their loss. I have so far
endeavoured to acquaint your excellency as to the damage
sustained. I shall now report the measures taken to
alleviate it. I have in conjunction with the clergyman,
the Wesleyan ministers, the colonial mortuary, the Queen's
counsel, and the treasurer, issued weekly tickets of relief
for food, and also for clothing, to thd extent to which our
impoverished circumstances admit. The poor-house
was destroyed, and as a temporary measure the paupers
have been placed in the cells of the gaoL The prisoners
were too numerous to occupy the cells with any degree of
regard to their health, but as the paupers could be placed
in them with the doors open, the same objec-
tion as to ventilation did not exist. I have put the
prisoners in charge of the turnkey in a fire-proof store.
Two gangs have been employed to cleanse the streets
and burn the offal, also to clear away the remains of the
ruined houses and to replace others, which bad been re-
moved many yards from their original foundation, in their
former position. The church and Wesleyan chapel
have been cleared out, and sails erected over the remaining
walls, so that Divine service has not been interrupted.
In all cases I have endeavoured to show an example
in the removal of the paupers who were some little dis-
tance from the town, both Mr. Porter and myself helping
to transport those who required assistance ; equally with
regard to the corpses, we have not hesitated to help to
place them in their coffins. I entertain the hope that
what has been done under circumstances of great difficulty
will meet with your excellency's approval.
I have the honour to be, air, your Excellency's most
obedient, humble servant,

(mama's

DEPARTURE OF THE FRENCH TROOPS
FROM ROME.
ROME, Dm. 3, Evisisc.

The ceremony of the lowering of the French flag
took place to-day. All the French troops havenow
left Rome.

THE PROPOSED CONFERENCE.
PARIS, Mc. 4, EVEYING.

The Pattie of this evening, on the strength of
letters from Berlin, states that no fresh occurrence
has modified in any way the position of the preli-
minary negotiations in reference to the Conference.
Three of the great powers, it is said, have not yet
accepted the invitation, making their final accept-
‘ce dependent upon the nature of the explana-
tions which they have demanded. The Russian
government is said to have expressed a desire to
Await the course of events in the Italian parlia-
ment before giving in its adhesion to the proposed
Conference.

According to advices from Florence, it is believed
that General Menabrea will be able to count upon
a majority of twenty votes in the approaching
parliamentary session.

BERNE, Dec. 4.

The Federal Council, in its reply to the French
invitation to a Conference on the Roman question,
made its acceptance dependent upon three condi-
tions—viz., that the situation of affairs should not
be prejudged, that the deliberations should be com-
pletely unrestricted, and that the result of the Con-
ference should not be binding upon the parties
interested.

VIENNA, Dn. 4.

The Prase of to-day says :—" We learn that,
besides the endeavours of France and Italy to
bring about a Conference on the Roman question,
Baron Beast also intends to make proposals with
that object. The propositions of Baron Beust will
neither lay down a special programme, nor even
designate the leading points which the assembly
should consider as the basis of its deliberations."

BELGIUM.
)(ALINES, Disc. 4.
The Cardinal Archbislibp of Matinee died this
morning at seven o'clock.

AMERICA.
lsr ATLAMTIO rccsas►Pß.)
NEW YORK, Die. 4, 6 P.M.
The Transatlantic Company's steamship Prance
arrived out to-day.
Closing prices :—Gold, 137. Sterling exchange
on London, 1051 ; 5-20 United States Bonds, 1071 ;
Illinois, 135; Erie, 711. Cotton : Middling Up-
land, 16.
PHILADELPHIA, Die. 4.
Petroleum, standard white, 24.

Sorreamproli' Dec. B.—The Royal Mail Com-
pany's Meagan Shannon passed the Needles at 1.5 a.m.
to-day.
DESPATCH OP CALCUTTA AND CHINA Maus.—
likemerrox, Dec. 4.—The Peninsular and Oriental
Company's steamship Nyanza, Captain Loekie, sailed this
afternoon with mails for Gibraltar, the Mediterranean,

Egypt, Aden, Ceylon, India, and China. She took out
110 passengers and a general cargo, including sovereigns,
2,0001. ; plate, 3001. ; and watches, jewellery, &c., 2,8382.
Soirnumrrorr, Dec. 4.—The Hamburg Ameri-
cas Company's steamship Bavaria, which left New Orleans
on the 25th ult. for Hamburg, calling off Cowes, brings
2,046 bales of cotton for the former port, and 106,000 dol-
lars for London. The Bavaria is expected to arrive about
the 15th inst.

A SCENE IN THE MANCHESTER ASSIZE COURT.—
Adelaide Macdonald, 19, was tried yesterday afternoon
at Manchester, for attempting to shoot Daniel Con-
ned, a policeman, with intent to commit murder, on
the 4th November. A letter was produced on the
trial in which she told Griffiths, a witness against
Allen, that he would be shot like a dog. The pistol,
it woe stated, did not go off, because the caps were inferior
and did not fit the nipple. A verdict of guilty was
returned, with a Wrong recommendation to mercy. The

primmer said the pbtol was not in a state to go off. She
did it only to frighten the policeman. Mr. Justice Shee
sentenced her to five years penal servitude. The prisoner
exclaimed, " Let me be hanged as the rest are !" and
rushed from the dock, shouting excitedly, " Allen !
Allen ! Allen!" in tones that reverberated through the
crowded court. The excitement all through the court was
intense.

THE MURDER AND ROBBERY IN SHROPERIRE.—
no inquiry into the circumstances attending the death
of Mr. Bernard Zuaman, late of Birmingham, which was
formally opened on Saturday last, was resumed yesterday
before the coroner at Bewley. It will be remembered
that the deceased was last Friday found dead in a ditch,
near Stuckley, under circumstances which have been
already reported, and which leave no doubt that he bad
been the victim of a shocking murder. The court sat the
whole day, but the following comprises the main points of
the evidence elicited beyond that with which the public
is familiar. A boy named Booth, son of the farmer upon
whose land the body was &Boomed, deposed to finding
the hat of the deceased near the ditch. This was on Sa-
turday, the 16th November, the day after the murder,
when of course nothing was known of the matter. The
witness placed the hat upon a post, and used it as a target.
At the time of finding the hat he notioed a large patch
of blood in the field close by. George Eason, a labourer,
said he was in company with others looking
over the scene of the murder on Sunday morn-
ing, when his attention was drawn to some object
hidden among the long grass in the ditch. On examining
it closer he found it to be the box in which the deceased
carried his watches. It was broken open and empty.
Several witnesses spoke to seeing deceased on the day of
his disappearance, the one who saw him last being the
station-master at Horsehay, who booked Dim for Gad-
brookdale by the 2.43 p.m. train. This witness was not
sure whether it was the 11.36 a.m. train a the 2.43 p
by which the deceased travelled, but the hour is fixed by
other evidence. Coalbrookdale is the nearest station to
Iroubridge, where the deceased was staying, and the
place where the body was discovered is about three miles
from Ironbridge, and entirely out of the route which the
deceased would have taken in walking to that town from
the station at Coalbrookdale. It may be stated as the
opinion of the police engaged in the investigation of the
affair that the deceased was designedly decoyed to the
place of his murder, it being in • lonely neighbourhood,
and leading to no place wherehe had business. Thu inquest
was adjourned.
FERNDALE COLLIERY EXYLOSIOFT. —A public
meeting was held at Newport cm Tuesday afternoon, in
aid of the Ferndale Relief Fund. The tapir (Kt. Llama'.
lin) and some of the leading inhabitants of the neighbour-
hood were present. Resolutions were passed approving of
the proposed fluid, and pledging the meeting to nee its
utmost endeavours to obtain subscriptions.
LONDON GENERAL OM elms COMPANY (Lnamti).
—Traffic receipts for the week ending I) c. 1, MOW.
15s. Bd.

(Signed)

ARTHUR RUJOIOLD.

P.S. Since closing this despatch, a but bee arrived
from Fort Van Dyke, and a man was called up before the
relief maninittee ; he skates that three boats were wed,
two were damaged, but one kept going to St. Thomas; he
cannot say why they did not come here for provisions.

Amnia ROMBOLD.
Hie Excellency Governor Hill, C. 8., tr.e., Antigua.

THE REFORM LEAOVE.—The council of this body
met last night at the °Mom, Adelphi-terrace, Mr. Edmond
Beaks in the chair. The chairman drew attention to what
he termed a serious and unprovoked attack made upon the
league by Mr. Ton, a prominent member of the National
Reform Union in a speech delivered by that gentleman
before the elentors of Hereford. Referring to the action of
the league in connexion with Feniamatu, Mr. Torr, ea
reported, " denied that he was a member of the Reform
League, and therefore a dangerous man. He believed the ,
league had committed of late grievous errors—nay he waa
going to say crimes against the country." Mr. Beale,
then proceeded to make indignant comment upon
these statements, adding that the steps recently
taken by the league to repudiate the motives
attributed to them in respect of Fenianiam
served as a refutation of any calumnies east upon their
body. He opposed violence u a means of effecting a
redress of national grievances in this country, but at the
same time be maintained that great allowance should be
made for the people of Ireland, and white lamenting the
death of Brett, be lamented the death of Allen, O'Brien,
and Larkin, whose execution was an act of uwise judi-
cial vengeanoe. Mr. Ouedalla moved, " That in the opi-
nion of this council energetic steps should be immediately
taken by the various branches of the Reform League
throughout the country, acting in conjunction with the
trade, friendly, temperance, and other societies, to ware
the return at the next general election of a number
of working men proportionate to the other in-
tenets and classes at present represented in parlia-
ment, so as to render our legislature in future na-
tional in the broadest and truest seise." The resolution
was unanimously carried. Mr. Weston withdrew his mo-
tion in favour of holding a demonstration in Hyde-park in
condemnation of the execution of the Fenian. at Man-
chester. The proceedings then terminated.

SMITHFIELD CLUB CATTLE SHOW.—Yesterday
throughout the day, and until a late boar in the evening,
not only the interior but the immediate vicinity of the
Agricultural-ball was the scene of great activity, in the
constant arrivals of implements intended for exhibition at
the forthcoming Cattle Show. This day (Thursday) only
remains for this purpose, so far as the main building is
concerned, that they may not interfere with the reception
of the cattle, which commences to-morrow morning. The
exhibitors, however, in the arcade at the Islington-green
entrance, have their time extended till Friday night.
With regard to the Cattle Show, the Taos of her Majesty
the Queen having bad several speaimens from the Home
and Flemish Fermis at Windsor entered in her own name
is considered to be calculated to give a prestige for the
show which ham now been wanting for some years. The
Prince of Wales will also exhibit, not only from Windsor
but from Sandringham, the former in the name of this ,
year's president of the club, Major-General the Hon. A. N. ,
Hood, while those from the latter will be, it is understood,
in the name of General Enollys. Amongst other man-
buten are the Dukes of Rutland, Bedford, Beenfort,l
Sutherland, and Richmond ; the Marquis of Exeter, Earl
8 , Earl of Hardwick., the Earl of Leicester, Lord
*Bingham, Lord Tredeger, Lord Barnes,, the Earl of
Faversham, Throckmorton,o Bart., Earl Radnor Earl '
Dade, &a

' It was then ananged that evidence should be given in
of some of the articles.
•IlarEflißess tae elumnined by 31r. Stephens, and deposed
Ito having attended at St. Al ban's on the 23rd of Decem-
ber last, and also on Christmas and the following day, at •
the eleven o'clock and quarter past eleven o'clock services.
Mr. Kaokonochie was the offig miaieter. Was pre-
sent at thie communien IlerVio4l, and saw defendant de-
-1 'Ming the paean, and offer oonsecestion proatisting him-
self by bowing his heed to the earth before the elements.
The witness was not cross-examined.
The Bev. Kr. Kalie, in reply to Kr. Coleridge, mid
that he mei an wthestedeed eleuan. He attended
j Bt. Alban% Church on the 13th of December last, Woo ea
j the 13th of January last. Mr. Kaokenoehie was not the
, officiating cl, but he was present and 'misted at
the altar. Af the eonsecratica there wee a penes, and
I•then the piton wee elevated above the head of the eon•
! seerating deg:Oran, and the other olocgynatm prcedrated
themselves.
Croserammined by Mr. Prides= —Witmer' always knelt •
when he aineemated the elements. What be to
lin the serdoes of which he spoke was the of
the upper of body.
IMr. Q.C., then proceeded to open the
y
melees ems. charges contained in the articles
taezriefeadent, hed which were brought under the
Discipline Adf, 3 and 4 Vie. cap. 86, were, in sub-
' stance, as fellows: That be bad offended, amines the woke
siastick laws ; By the elevation of Wspaten during
or after the prayer of oonsearstion. 2. By the use of
lighted candles on the oommunion table at times when they
were not wanted for giving light. 3. By acing incense in
the celebration of the holy communion ; and 4. By mixing
water in the wine used in the administration of the com-
munion, thirstily contravening the statutes, constitutions,
end CMOS/ eseletisstical of the realm, and against the
peace and unity of the church. In the formal articles it
• was charged that the defendant elevated the paten in a
greater degree than as prescribed by the Book of Common
Prayer, and that he kaelt Olt proserated himself before the
emineerated etimmete,and that such elevation and wader
, Ulm were esdawful additions to, sad variations from, the
form and order prescribed by the statute law and
' the Book of Common Prayer, and were contrary to
the statute law, and the prostitution@ and moons
of the church. Like statements were made in re-
ference to the other charges. The learned counsel
, having referred to the statute of Edward VI. and the
' Act of Uniformity, 13 and 14 Chan. 11., which pre-
' scribed that the ministers of the church of England should
be bound to read the morning and evening servioes, and
Ito administer the sacraments in the same manner and
form as was directed by the Book of Common Prayer, next
referred to the 2nd of Elizabeth, which ensmed that every-
; thing should be done ill conformity with thl directions in
i the Book of Common Prayer. The clergy were therefore
' I bound by the statutes of the Book of Comma Prayer.
1 What they prescribed as necessary to be done they should
d°rJa thatthwekch the did not o
Plrinb.hainveth.andrslo°ufiers-tnn
' legally have recourse to.o
That be laid 'down as a m
,• position which could not be controverted, and w
I was clearly established not only by the statutes to
which he had referred, but by the statutes of the
, I Book of Common Prayer. Alterations were expressly made
in the celebration of the holy communion, and the clergy
were referred to the Book of Common Prayer, and to
• I that alone, se showing them the forms that were retained.
His contention was that all that was not so retained
s were abolished. With respect to " external ceremonials,"
; reference wen expressly prohibited to any other book
but "to this book and the Bible." The first book of
Edward VI. said that " Forumuch se nothing can almost
be so plainly set forth but that doubt may arise," as
to use and practice—to appease all such diversity or
doubt, the piny so doubting shall " refer to the bishop of
r the dloome,who shall take order for the quieting and ap-
t, peeing thereof, so that such order shall not be contrary
•to anything contained in this book." The bishop was
not, therefore, placed above, but was himself subject to
the law. _ . _ . _ _

The Dean of Arobes—The legislature plainly contem•
plated that doubts might arise.
Mr. titephens—No doubt that was the case ; but what
he submitted was, that they were the doubts of those who
loved to introduce novelties—not doubts that could arise

in the minds of those who honestly and conscientiously in-
tended to be guided by the plain language of the act. It
contemplated the possibility of clergymen setting up their
opinions against the spirit of the act, and acting only in
accordance with those opinions. In one word, the object
of the sot was to put down priest rule and prieatcraft.
The Dean of Arches—You contend then that honestly
entertained doubts are not contemplated but the double
of those who dishonestly wish to evade the spirit of the
statute, and put forward thine doubts for that purpose.
Mr. Stephens said that such was his contention. The
learned gentleman then referred to an order of Bishop
Ridley, dated in the year 1550, in reference to the Lord's
Table. The order stated that some used the Lord's Board
as a table, some as an altar, reviving the old superstitious
notions of the Popish Maas. He therefore enjoined the
clew to farm an honest table, decently to set in the choir
or chancel, and to take down and abolish all other by-
altars or tables. He (Mr. Stephens) submitted that if the
statutes of the Book of Common Prayer were not now
carried out in their spirit in every instance in which
they were not the bishop had prcisely the same power
to order the observance of those statutes, and the aboli-
tion of ell that was not in accordance with that observance,
as Bishop Ridley bad to make the order which he bad
quoted. To that order was appended an Order of Council
riving, amongst other reasons for its being enforced, that
Christ bad instituted the sacrament of the body and blood
not at an altar but at a table, that St. Paul spoke of
coming not to an altar but to the Lord's table, and that
the primitive church used a table and not an altar; and
then the order quotes the direction in the statute in case
of doubts arising, to refer the ease to the bishop, who
should take order for the appeasing of such doubts accord-
ing to his discretion, with the limitation he had already
directed attention to.

iiiTE;;;;;iaATroises—Bishop Ridley must have thought
tbat where there was a stone altar he had power to order
that it should be taken away.
Mr. Stephens—Certainly, my lord.
The Dean of Arches—Although nothings said about
the material of the altar in the Prayer•bookof Edward 1/1.,
Mr. Stephens—lie had power to order that a table
shold be substituted for an altar.

The Dean of Arches—And to alter the material?
Mr. Stephens said that thatwes his contention. The order
received the approval of the Privy Council, and was circu-
lated all over the country. It *erred to show how the
statute of the Prayer-book was interpreted, and that it was
regarded as the exclusive authority as to rites and "ex-
ternal ceremonies." In the liturgies of Edward VI. were
to be found a construction of the statute of the Prayer.
book of that reign, which statute was identical
with that of the present Prayer-book—the preface of the
one having been adopted for the other. Under the title of
" Ceremonies Why some were Abolished and some Re-
tained," it was stated that, with respect to ceremonies
which had their origin with men, some were vain and
' superstitious, some had been modified by those who were
zealous without possessing knowledge—that they grew
daily to more and more abuses, which blinded the people
and obscured the word of God—and that such ceremonies
should be cut away and clean rejected. There were other
ceremonies which, although devised by men, should be
retained, because they pertained to order and tended to
edification. It thus appeared that the framers of the
statute of Edward's first book of Common-prayer held
that there were but two ways of dealing with ceremonies
—one way to abolish all that they considered tended to
blind the people and obscured the word of God • the other
was to retain all that tended to order and edification.
Those ceremonies, therefore, which were not retained were
abolished. . .

The Dean of Arches—l understand you to lay that
down as a universal proposition ?
Mr. Stephens said that he did. The ceremonials that
were retained, and the only ceremonials that were legal,
were mentioned in the First Book of Edward VI, If the
ceremonies complained of in this suit could not he upheld
by a reference to that book, they must bo condemned. If
it were otherwiae—if the reserved ceremonies were not the
only ceremonies which were legal—whet would the clergy
have to refer to. What rule, what guide in matters of
ceremonial ? Would they not be at sea? Would there
not be room for the introduction of all aorta of abuses ?
The ceremonials that were not retained were " clean cut
off and rejected." Language could not be plainer ; the
letter as well as the spirit of the act pointed to that
conclusion, and to that only. How were the rejected core-
mochas rejected? By not being expressly retained. It is
added, " some were retained." Where were they retained
but in the Book of Common Prayer.
The Dean of Arches—Take a particular instance. Do
you say that lights were so abolished?
Mr. Stephens concluded that they were, inasmuch as
they were not expressly mentioned in the Book of Com-
mon Prayer. Neither candlesticks nor candles could now
be legally intzodnoed into our churches except for their
ordinary nee when required. To place a candlestick on the
Lord's table was an ornament, to light candles in the day-

light was to intradnas a eeremmiy. The learned. Efilt BALE OF RAILWAY AR D GAB PROPERTY.
thaansfenredtotheeenonsaaddectoesot thee°
Wed session, sth chapter, which enjoined the use of catlain The motion made in the House of Commons on
daces
helps, whereby the nd was upraised to the IRO- Tuesday night with regard to dealinp in railway and
=of divine miiae things, on whisk *comet Holy Mother
Church bad instituted that certain portions of the mum gag has attracted a good deal of attention—
should be said softly snd certain portions in a loud tone, Probably more than it deserve., if regard be had to
sad had ale testitnted certain cerenisnies, such as mystic the small chance such a measure can have of passing
beeedisticoslights, and fumigations of mouse, with a the House of Commons, notwithstandng the
view to the mind hunk rand to the oontomPladoo of the frequent accusations of crude and hasty legislation
divine thbega which lay hidden is theme/item. Such IMO !made of late against that body. Mr. Waidegrave-
some of the arammuss to wkieli reference was nada, and, '
with a view to their discontinuance, nothing was left to ; Leslie is reported to have " moved for leave to
rthidiamedon of individnild—that which was written , introduce a bill ' to amend the law in respect of
was to be thensed, that ,nee was not ithatiessed was i the sale and purclume of shares in railway and gas
clean away and rejected." • The matter wen not , companies,'" and to have said that " it resembled
left " that•laeatatet sela " they thlught I=tl I very nearly the bill affecting the sale and purchase
to the ' ceremonies which the
aux& had rej • They were set a elms distinct from lof bank sham, brought forward by the 'lou-
vers's ; they were not to set themplyea up as sub-medi- member for York (Mr. Leeman)." Leave was of
at between man and his God. The ceremonies which I course given to bring in the bill, which accordingly
were swept away were pronounced to be " dumb and I iced through the formality of a first .
' dark ceremonies," and sash ha regarded the elevation of '
tit can get much further in the house irsel7y
the peen, prostration', the lighting of candles in the day-
time, and the use of incense. The moment a to be expected, unless the numerous supporters of
dthsenthed to pursue a line of amber not in aevads the railway interest in that assembly misconceive or
with the spirit ,and kopeks of the deb of liniimnfty, neglect their duty. It may safely be said that
from that e°°•••°t if " wre° • °°••°lBBeimm m••• ne were each a measure peened it would do
seed te esese to hold the states et a minister of the , mischief, by preventing that free
lelrek et 4161011)1.414d Oil& farther to own to eel the • '""
negotiation of railway property upon which its
bread Sad recides pay of the chuieb. But not only was'
the constrnetlest ON staleds lair hi his favour, but he had market value depends. In proportion as trauma°-
, the nnistemnpestsseinor of sr stueles &Loin favour tithe tithe were rendered difficult, the price would be
view bli Vaa anbnlittintilaricrlntri genthoinn thin re- peejudieed, and we entertain • conviction that, were
fared to Articles of sad quoted a numb" of such a bill to become law, the railway property of
mem in supped of Ms newest—that we swat as weld
be shown is the petheth this moth,' all the free, of law, this country would be thrown down in market
The learned comae' bad not ooecluded his argument value to the extent of very many millions .
when the court row The legislation of last scrim with regard ittertill2-
" • . . „. ..

ings is shares has not worked altogether well,
because it has tended to render such shares in
many instances less readily convertible, and, when-
ever the convertibility of public securities is dimi-
nished, the price must suffer in some degree. It
was generally felt, however, that these incon-
veniences and drawbacks must be submitted to in
order to prevent a greater evil, and this because
the possession by the joint stock banks of
a vast amount of deposits rendered them
liable to sudden preserve, and even to stoppage,
in the event of damaging rumours being set afloat,
in combination with persistent sales of the shares.
But, though protection in this form against the
machinations of unscrupulous persons was asked
for by the banking interest itself, in the case of
railway companies no considerations of similar im-
port exist, and there is no necessity whatever for
similar legislation. The idea that "bears," or
speculators for a fall, can produce more than a
very temporary depreciation of railway or any
other kind of property by selling what they do not
possess, is absurd, for if a " bear" sells, there
must be a buyer, who holds him to his contract,
and the laws of the Stock Exchange enforce fre-
e nent periodical adjustments of all transactions.
To show how transient is the effect produced by
mere speculation fora fall, it is sufficient to recall
to recollection the course of the funds at
the beginning of the Crimean war. The "bears"
then sold Consols heavily, and, for a moment, as
it were, forced the price down about 10 per cent.,
especially as their operations were aided by appre-
hensions that there would be a large creation of
stock for war purposes. But though the " bears "
sold, the public did not, but rather bought, so that
the price quickly rebounded to the peace-point
from which it had fallen, the result being severe
losses to the " bears." But that level of prices
being quite unwarranted by the position of affairs
at the time, the public took advantage of the
rebound to ;ell, and the course of the market was
thenceforward determined by the balance of
bona Ache transactions. The same will be the case
on all occasions, provided business is left free.
Some months ago, when Brighton Railway stock
began to fall from its old high level, the same cry
against the "bears" was raised; but what is
heard of it nowt Had not the finances of the
Brighton Railway Company been proved to be
rotten, and its dividends a delusion, "bear" sell-
ing could have had no permanent effect, and,
instead of the price of the stock being now only a
little over 50, it would doubtless have stood higher
than ever, and the "bean" would have received a
severe castigation. If the railway property of this
country is sound, efforts to depreciate it cannot fail
to recoil on those who make them ; and, if it is un-
sound, it would obviously be quite out of place for
parliament to attempt to prop it up by factitious
expedients, calculated really to diminish its conver-
tibility, and so to depress its market value, and,
what is still more important, involving a lamentable
backsliding from the principles of free trade.