The Express.
London, England, 1867-06-22 00:00:00

REPLY OF THE DIRECTORS.

At a late hour wehave reserved a copy of a
printed statement of the directors of the above
railway relating to the report of the Committee of Inves-
tigation. The directors accuse the committee of having
exercised their talents and skill unfairly, and of having
omitted important facts; and they attempt to show
by entering into detail that this is the case.
They deny that it is fair to compare the period from 1848
to ls'4 with that from 18'4 to 1866, and they mention a
number of differences between the two periods which they
consider of importance. It would have been impossible, they
say. to maintain the policy of the first through the second
period. Though several of the lines which have been
of late opened are not at present remunerative in them-
selves, the directors look upon them as to a certain extent
useful to the company by protecting them from unneces-
sary competition. In reviewing the company's history
for the past seven years, account should be taken
of the action of parliament, the encouragement
thereby given to contractors and others to promote
and construct lines, and the course thus forced upon the
directors by circumstances which were beyond their controL
With regard to the three lines, namely, the Surrey and
Sussex, the Chichester and Midhurst, and the West Sus-
sex, which occupy so prominent a position in the report of
the committee, the directors refer the proprietors to the
statement which was issued by them on the 4th of May
last. " They do not propose again to go into the history and
origin of these lines, but with regard to all three of them,
they again state moat distinctly that they had not anything
to de either directly or indirectly with their original pro-
motion, and that they were not consulted upon th subject.
With regard to the first of these lines' it is apparent upon
the face of the report of the committee, and from the docu-
ments which accompany it, that the directors only became
connected with it just before the bill went into committee
in 1865, and with regard to the other two, they had no con-
nection or arrangement with either until long after the
acts sanctioning the lines were passed ; and it is not con.
'intent with fair dealing to say or insinuate otherwise in
the face of the positive denial of the directors because
some of the parties connected with the origin of them
lines had business or official relations with the company."
These lines are in the nature of contractors' lines. but the
directors were anxious to avoid paying for them by placing
shares in the names of the contractors or the nominees,
and therefore determined to let the contracts on the terms
of paying in cash for the works, and it then became neces-
sary that the shares should be placed in the names of the
directors and other nominees, to enable the companies
to proceed with the works. "The directors, however,
never intended that either themselves or the other partici;
in whose names these shares were placed should pay
anything for or derive any benefit from them, and
this being the case, the directors, when they
found that questions of liability were being raised, thought
it not only right but their duty to relieve themselves as
far as they possibly could, and they declined, under this
state of things, to allow so large an amount of shares in
which they had no personal interest to remain in their
names." The directors contend that the arrangements
have been adopted by the proprietors and are, therefore,
morally binding upon them. With regard to the lines pro-
=to be transferred by the bill of this session, the
tors, rightly or wrongly, conceived that the reports
made from time in time to the proprietors, and approved
by them at general meetings, amounted to an adoption of
them ; and therefore they were justified in stating that
the bill did not involve any new liability.
The transaction with Mr. Mackenzie is then referred to ;
and with regard to other matters, the directors my that
what is complained of appears on the face of the accounts
which have been half-yearly submitted to the proprietors
and received their sanction.

A copy is given of the agreement for amalgamation with
the South-Eastern Company, based upon what is called
the North-Eastern principle, namely, that the property
and lines of the two companies are amalgamated, and
managed and worked by one company, the capitals of the
two companies being for the purpose of the distribution of
profits kept separate. The agreement provides that Mr.
T. E. Harrison and Mr. J. H. Lloyd, who had great I
experience in carrying out the North Eastern amalgama-
tion, should inquire icto the details and make a recom-
mendation as to the terms of amalgamation which should
be subject to the approval of the proprietors. The
committee, however, have thought a different mode of
procedure preferable. tinder these circumstances, the
directors do not think it necessary to do more than
pointout to the proprietors how important it is that
before deciding this great question they should have full
information upon all the points likely to bear upon or in-
fluence the future of either company under an amalgama-
tion which, once carried out, will be irrevocable.
The directors say, in conclusion, " they have remained
in office from • conviction that inconvenience would have
resulted had they followed the dictates of their personal
feelings by resigning after the meeting of the 16th May last.
They desire to see • complete reconstruction of the
board without delay, and to this end they will be
ready to co-operate with such proprietors, duly qualified
and willing to act, as the general meeting may nominate.
If the measures commented upon by the committee have
not been attended with the beneficial results anticipated,
many of the directors, late and present, have been as heavy
sufferers as any of their fellow shareholders, and the board
believe that when time shall permit the proprietors to
form an impartial judgment of the past, they will do
justice to the motives by which the direction have been
actuated, no member of the board having been influenced
by any personal motive."
The statement is signed by Col. Barttelot, chairman of
the board.

CRICKET.-(THIS DAY.)

ISLINGTON. •
MIDDLESEX O. NOITINGIIM

In glorious cricket weather, pby in this great
match warn resumed this morning at the commendable time
of 20 minutes to 12. Last night when time was called
Middlesex had lost six wickets for 11l runs, Mr. R. D.
Walker (not out) 16 and Mr. Daniel 0. To-day they re-
sumed their places, to the same bowling as before. Mr. R.
D. Walker, after being missed by Grundy at slip the
first ball, was, as usual, soon at work, but lost.
Mr. Daniel 111111 bowled by Wootton for 4 (7 for 121).
George Hearne contributed a like number, and was
similarly disposed of (8 for 125), and Mr. V. B. Walker
was unfortunately run out, after making half a dozen (9
for 136). Mantle wee the best man, but his stay was
short, as J. C. Shaw clean bowled his middle stump before
he bad made any sign. Mr. R. D. Walker carried out
his bat for 25. The innings amounted to 137, 35 minutes
haying sufficed to get rid of the balance of wickets,
leaving 111 runs, the exact number at which the over night
wore stood.

After the usual lapse of time Nottinghamshire pru-
ceeded to rub off the runs, and for this purpose sent in, as
custodians of the wicket', Alfred Shaw and Summers. The
latter took the first over, who made one to leg off the
third ball. Mr. R. D. Walker trundled from the
opposite wicket. Both appeared well "on the spot,"
eight overt being bowled for one run, at which time our
despatch left the ground.

The meetings of scientific societies for the en'
ruing week are—Monday, Geographical, " Visit to
Russian Settlements, Manchuria," Rev. W. V. Lloyd ;
.' Communication between India and China by the Bur-
hampooter and Yang-tre-Kiang," General Sir A. Cotton ;
" Journey to N.W. of Pekin," Dr. Lamprey. Tuesday,
Ethnological, "Tenure of Landed Property in Burmali„'.
Sir A. Pbayre ; " Ethnography and the Arts, Paris Exhibi-
tion," Mrs. Linton ; " Antiquity of Maa," Mr. Crawford.
Wednesday, Society of Arts, 4, Annual General Meeting.
Thursday, Mathematics], 8, " Ancient Modes of Calcula-
tion prescribed by the Mohammedan Law of Inheritance,"
Mr. Rumsey ; Zoological, " Lyre Bird," Mr. Bartlett ;
,• Deer of Into-Chinecießemon," Mr. Blyth ; " Anatomy
of Hippopotamus,
_ Part II.," Dr. Crisp.
THE VISIT or THE SULTAN TO PARIS. —The
Sultan, Abdul• Axis 1., Emperor of the Ottomans, was
born on the 9th February, 1830, and is consequently 37
years years of age. He brings with him his two nephews,
sons of his brother, Abdul-Mediid, and also his own son.
Mehemet-Murad-Effendi, the eldest of the nephews, born
OD the 21st September. 1840, is heir to the throne ; the
succession devolving, not upon the eldest son of the reign-
ing Sultan, but upon the eldest member of the imperial
family. Abdul-Hamid-Effendi, the second nephew, was
born on the 22nd September, 1842 ; and the eldest son of
the Sultan, Youssouf-Ineddin-Effendi on the 9th August,
1837. It is supposed that the Turkish Imperial party will
arrive in Paris about the 30th inst. _

Titawric RzcztPrm.—The traffic returns of rail-
ways in the United Kingdom amounted, for the week
ending June 15, on 12,792 miles, to 816,1101., being the
largest amount ever received in any previous week, and
for the nding week of last year, on 12,516
miles, to 720, 01., showing an increase of 276 miles
and of 95,3401. The gross receipt, on the following 14
railway, amounted, in the aggregate, on 9,247 miles, to
687,4421., and for the corresponding week of 1866, on 9,054
miles, to 604,510/., showing an increase of 193 miles and
of 92,932/. The increase on the Caledonian amounted to
767/. ; on the Great Eastern to 4,997/. ; on the Great
Northern to 1,109/. ; on the Great Southern and Western
to 1,0821. ; on the Great Western to 4,424/. ; on the
Lancashire and Yorkshire to 20,653/. ; on the London
and North Western to 11,373/. • on the London and
Brighton to 5,219/. ; on the andon and South-West-
ern to 5,253/. ; on the Manchester, Sheffield, and Lin-
colnshire to 7,2091.; on the Midland to 10,7621.; on the
North British to 864/. ; on the North Eastern to 4,0641. ;
and on the South Eastern to 5,1891. ; total, 82,9321. The
goods and mineral traffic on those lines amounted to
921,852/., and for the corresponding week of 1866 to
324,5691., showing an decrease of 2,7171. The receipt, for
M9nen, parcels, &0., amounted to 365,5901. against
411., showing an increase of 85,6491., owing to Whit-
suntide. The traffic receipts on 52 other lines amounted,
ou 3,645 miles, to 128,6681., and for the corresponding
week of last year on 3,459 miles, to 116,2801., showing
an increase of 86 ;Mies and of 12,4081. The total receipts
of the past week show an increase of 32,579!. as sore-
pared with those of the preceding week, ending the Bth
instant.

MONEY MARKET.-(THI8 DAY.)

Ow. o'CLoci.

The fine weather, the diminished demand for
money, and the flatness of the corn market, have
induced additional purchases to-day in the Stock
Exchange, and the general tendency of most of the
markets is rather firmer than yesterday. Consols
are unaltered, but some of the English railway
securities are better. Foreign bonds exhibit no
change of importance, but Portuguese are offered,
upon the understanding that a new loan will soon
be brought forward here.

The discount maraet is quiet, with a good supply
of money, and few bills offering. The rate, how-
ever is maintained at 21 per cent. Loans for a few
days, on English government securities, are ob-
tainable in the Stock Exchange at 2 to 2$ per cent.
Consols are now quoted 944 to ?, ex div., for
money, and 94i to I, ex div., for the account
(July 10) ; and the Three per Cents. Reduced and
New Three per Cents., 931 to 11.
Spanish Certificates and Italian Bonds of 1861
have declined S per cent., but the other speculative
descriptions are unchanged. Turkish Bonds of
1862 are quoted 594 to 601 ; ditto Five per Cents.
of 1865, 331 to 34; Greek, 15E to ; Spanish
Passive, 24 to j ; ditto Certificates, 144 to 1 ;
Italian of 1861, 52 to ;and Mexican, 16 to E.

. „
American securities and Atlantic Cable shares are
inactive, at prices unaltered. The 5-20 Bonds are
quoted 72k to 73k ; Erie Railway shares 381 to 39;
Illinois Central, 783 to 791 ; Anglo-American
Telegraph, 18,i to ; and Atlantic Telegraph 8 per
cent. preference, 43 to R.
Financial shares are quoted the same as yester-
day, as follows :—lnternational, 11 to 13 dis. ;
London, 21 to 20 dia. ; General Credit, la to 13
dis. ; and Credit Fonder, 53 to 54 dia.

Bank shares are flat. London and Westminster
and Alliance have receded 10s. to 1/., the present
quotations being 105 to 107 and 10 to 9 dis. respec-
tively. Consolidated are quoted I to 11 prem. ;
Union of London, 39 to 41 ; and Imperial Otto..
man, to dis.
A dividend at the rate of 6 per cent. per annum
has been declared on the stock of the Commercial
Bank of Canada for the half year ending the 30th
inst., payable on the Ist of July.
At the half-yearly meeting of the London and
Greenwich Railway Company, to be held on the
9th of July, a dividend on the Original Stock will
be recommended of 11. 7s. 6d. per cent. (or sa. 6d.
per share), clear of income-tax, for the half-year.
HALF-PART OITE O'CLOCK.

The stock markets aro generally flatter, upon
a renewal of speculative sales for a fall. Consols
are now quoted 94# to f , ex div., for money,
and 94# to j, ex div., for the account, being k per
cent. lower than at 1 o'clock. London and North
Western stock has declined to 1141 to #, and
Great Eastern to 30 to #.

Two o'CLoca.
Consols are still quoted SO to I, ex div., for
money, and 941 to p, ex div., for the amount.

The government broker bought yesterday 13,000/.
New Three per Cents., making the amount taken
this quarter on account of the Sinking Fund
220,0001. The total to be invested has been stated
at 337,7231.
The 189,0001. by the City of London, consisting
of American eagles, has been bought for the conti-
nent.

-The foreign exchanges yesterday afternoon were
dull. As regards bills on Belgium, Hamburg,
Vienna, and St. Petersburg, the rates were slightly
less favourable for this country. The Italian ex-
changes, however, were somewhat higher. The
list is annexed :
Amsterdam, 3 months. 11.196 to 11.191; ditto, short,
11.18 to 11.19 ; Rotterdam, 3 months, 11.191 to 11.191 ;
Antwerp, 3 months, 25.376 to 25.40; Brussels, 3 months,
25.371 to 25.40; Hamburg and Alton, 3 months, 13.91 to
13.91 • Berlin, Cologne, kc., 3 months, 6.26 to 6.266;
St. Petersburg, 3 months, 321 to 321 ; Paris, short, 25.12 i
to 25.20 ; ditto, 3 months, 25.321 to 25.371 ; Marseilles,
3 months, 25.321 to 25.371 ; Pranldort-on.the•Maine,
3 months, 120 to 1201 ; Vienna, 3 months, 12.62 to
12.724 ; Trieste, 3 months, 12.621 to 12.721: Madrid, 3
months, 496 to 49; Santander, 3 months, 491 .49;
3 months, 491 to 49• Seville, 3 months, 491 to 49; Malaga,
3 months, 49 to 481 ; Valencia, 3 months, 49 to 481 ; Bar.
Delon, 3 months, 491 to 49 ; Bilboa, 3 months, 49 to
481 ; Saragossa, 3 months, 49 to 481 ; Leghorn, 3
months, 27.5 to 27.15; Genoa, 3 months, 27.5 to
27.15 • Naples, 3 months, 27.5 to 27.15 ; Palermo, 3
months, 27.5 to 27.15 ; Messina, 3 months, 27.5 to
27.15 ; Lisbon, 90 days' date, 52} to 521; Oporto, 90 days'
date, 521 to 52a.
At Paris, Hamburg, andlrrankfort the rate of
discount in the open market is 2 per cent. ' • at
Vienna and Turin, 5 ; at Amsterdam and Berlin,
; at Brussels, 2t ; and at Et. Petersburg, 8 per
cent.
- - - - ---• •

The call of 10/. per share, or 1,000,000/. on the
shares in Orerend, Gurney, and Co. (Limited) falls
due on Tuesday next ; but it is probable that only
a limited amount will be paid, owing to the pend-
ing appeal by the Defence Association to the Lords
Justices. _ _ _

The Caledonian Railway traffic return shows this
week an increase of 7671. over last year.
The attendance of the shareholders of the Bank
of London is requested (by a notice signed by
Messrs. Chadwick, M'Kenna, and Co.) at a meeting
to be held on the 25th inst., to consider the report
issued by the committee on the 29th ult., and the
order made for a call by Vice-Chancellor Wood on
Saturday last.

At a meeting of the shareholders of the Bank of
Turkey (Limited), held yesterday, at the offices of
Messrs. Price, Holyland, and Waterhouse, 13,
Gresham-street, Mr. J. S. Dugdale in the hair,
the report of the liquidators was read and adopted,
and resolutions were passed giving them power to
compromise and arrange all claims, actions, or
suits now pending by or against the bank.
The liquidator of the City and County Assurance
Company (Limited) has appointed the 9th and 12th
of July to settle the list of contributories.

Subjoined are the quotations of insurance, gas,
dock, and waterworks shares, as given in the
Stock Exchange list of last evening :
Insurance—Alliance British and Foreign, 13 ; Commer-
cial Union, 44, I ; Law Fire, 44 ; London and Provincial
Marine, 1 Ocean Marine, 194, 4 ; Universal Marine
(Limited), 34, 9.16 4, 34.
Gaslight and Coke—Great Central, 124 ; Imperials, 6R,
6; ditto Deben.nres, 170 ; Imperial Continental, 954, 64,
en div. ; Phienix, 261 ; ditto New, 254, 44.
Docka—Southampton,7l.
Waterworks—Berlin, 124, 4.
Amongst the prices realised at yesterday's sale at
the " Open Stock Exchange (Limited)" were the
following :—John King and Co. (Limited), 21. ;
Alhambra, 41. 15s. • Oriental Inland Steam, 58.34.
to 9s. • Royal Sardinian: Railway, 6d. ; Royal
Swedish Railway, 2s. 9d. ; Rossa Grande Gold,
111. ; Library Company, is. 6d. ; Central Argen-
tine Railway, 101.; Don Pedro N. del Rey, 3i
prem. ; Imperial And of Marseilles B bond, 71. ;
ditto ditto C bonds, Si. be. to 61. 7s. 6d.; Brighton
(Grand) Hotel, 1/. ; Varna Railway, 31. to
31. Os. 6d. ; Credit Foncier, 3+ ; China Steam, 95.;
1,000 dols. Confederate Seven per Cent. Loan,
Bs. 6d.; Frontino and Bolivia Gold, 9s. 3d.; Her-
cules Insurance, 16s.
—' • •

Mews. Fruhling and Goechen have given notice
that bonds of the United Danubian Principalities
Eight per Cent. Loan of this year will be issued
in exchange for fully paid up scrip on and after
Tuesday next, and that the coupon due on the Lt
July will be paid at their offices on that date.

FRIDAY EVENING.
Consols, which closed yesterday at so to ,
ex div., for the 10th of July, opened this morn-
ing at 94k, and closed at so, " buyers." For
money the last price was so to if. The Three
per Cents. Reduced and New Three per Cents.
were quoted at three o'clock 931 to I. The official
business report is as follows :—Three per Cent.

Consols, for money, 94, /, 4, f, ex div. ;
for account, 941, *„ ex div. • Three per Omits.
Reduced, 93*, 3, I ; New Three per Cents., 93,
21,4 e ; ditto Two-and-a-Half per Cents., NI, ea
div. ; India Stock, shut; ditto Five per Ct.i.t./
1082, ;, 9, ex dir. ; ditto Four per Cent., 94 p
ditto t our per Cent. " enfaced" rupee Japer, 1.7
ditto Five per Cent., 104 3, • ditto Five-and-
Half per Cent., 1081 t ; ditto Ronda, 60s. pn..0.1
Indian Government seanities were fairly stip?
ported. . . . . . .

The amount of business in the foreign st,,ck
market was small. Some of the Egyptiati.husdi
were offered, and fell I to 2 per cent., owing to the
anticipated introduction here of a new loan. Thw
Viceroy of Egypt's loan was lower. Danntlaa
scrip declined I per cent. ; Milian, ; and Italia*
of 1861, I. On the other hand, Monte VideA
improved 3 per cent. ' • Venezuelan of 1862 lola
1864, 1 ; Spanish New Deferred, 4 ; and the Coup 7
mittee's Certificates, 1-16.

The dealings in bank shares showed s f'N
dcrance of sales. Chartered Mercantile of IL !is
and Union of London declined I/. ; and Allimice
and London and County, 10s. ; Albion, huwe‘er,
improved 2L ; and Union of Australia, IN.
The market for financial shares was inanimats,
and the closing prices were about the same as yes-
terday, being as follows :—lnternational Finan,iag,
lk to 1:1 die.; General Credit, 1 to 14 Ala.;
London Financial, 21 to 20 dis. ; and thedit
Foncier of England, 5 to 5i dis.
Atlantic cable shares were unaltered. Anglo-
American left off at ltR to ; Atlantic Telegnipit
Eight per Cent. Preference, at 4i to k ; and Tr*
graph Construction, at 11 to 1i dia.

MINES.-(THIS DAY.)

0,7 o'Cr.ons..
The mining market is moderately active W-day,
with a demand for shares in the following mines,
at the quotations given, viz. ; Great Vor, to
k, ex div. ; Prince of Wales, 3# to 1 ; Wheld
Ormville, 275, 6d. to 30s. • Chiverton M..or,
to 3 • Wheal Crebor, lOs. to 124. d ;
Wed Cluverton, 66 to 67 ; West Kitty, 17e. Gd. to
20e. ; North Crofty, 3j to 41 ; Wheal Basset, 68
to 70 ; Clifford, 71 to 8, call paid ; Bast Grenville,
21 to 21 ; and Great Retallack, 41 to 1.
There is a good amount of business Ss
foreign and colonial mining shares, and prices
show firmness. St. John del Rey are quoted
65 to 67 ; Don Pedro, n 41 pre m. ;
Anglo-Brazilian, 9-16 to 11-16 rm. ; Rows
, Grande# to # ; Pestarens, to prem. ; Chon-
tales, 'to 1 prem ; Frontino and Livia, #to 3 ;
Anglo-Italian, Ito prem. ; and Port Phillip,
1 toll.

The subjoined report on the metal markU is
from Messrs. von Dadelazen and North :

The metal market shows no signs of improvement, coes-
plaints are general, and it is with the greatest dithatkty
that priors are maintained. Iron.—The demand for Welsh
bars has slightly increased ; priors unchanged, from ' . 15a.
to 6/. 7.5. f.o.b. Wales. Rails are dull. Statfordabir ) *
k scriptions are quiet. Scotch ig iron remains at 5:,.. Bd.
cash. Copper—No material e in the position o: this
metal since our last report. •t h tough, 781. to 791.;
best selected, 801. ; Burrs, 86/. to $6l. 10s. ; Wallaroo,
821. 10a. to 8:11. ; Chili bars, 701. 10s., sellers. Tin—The
market le steady, with a fair business at 861. csugh tat
Straits, and 87/. for arrival. Banes is obtainable a'. 921.
English tin is steady at official quotations. The Dutch
market remains at 5:11. Tin plates continue dull ; char-
coal, 275. to 24.., according to quality ; cokes from 22e.
to 24a. Lead—The position has in so way changed.
Spelter—Very little business reported ; common brands in
London. 211., and specials in outporta, 21/. ; W. 11.,
211. 71. tkl.