The Express.
London, England, 1861-01-01 00:00:00

THE EXPRESS, TUESDAY EVENING, JANUARY 1, 1861.

THE JOINT STOCK PROJECTS OF 1860.

The crop of joint-stack projects presented during
the year has been large ; but, .with few excep-
tions, much indifference has been displayed by the
public, and only the preferable ones have met
with substantial support. The firm position which
has been taken up by the new marine insurance
companies forms an interesting feature. The Ocean
Marine, with a capital of 1,000,0001., quickly
followed by the Universal Marine, with a capital
of like amount, was established towards the latter
part of 1859. On the 15th of February, 1860,
the Louden and Provinold Marine (capital
1,04,40000 was launched, and on the 14th of
May the Thames and Mersey Marine (capital
2,0iiii,0001.). All these undertakings are iu full
operation, and are well thought of. The
Thames and Mersey Marine was, perhaps, I
fens the speculators' point of view, the
lii eut successful joint-stock project of the year.
Anima* the other new oompeides which have been
established this year are the City of London
Brewery (capital 600,0001.), the London and
South African Bank (400,000/4, the Labuan Coal
(100,000/4, the South Emden' Railway of Portu-
gal (7341,000/4, the Rake Gas (100,0001.), the
East India Irrigation and Canal (first capital
2,1100,000/4, and the Central American Piers
(1 1 bell/41k ). The Algerian Railways shares
(2,900,000/4 were chiefly left t) be absorbed by
French capitalists, should they think tit ; but the
Atlantic and Great Western Railway Company of
New York have been successful in placing an issue
of 1,000,000 dollen of first mortgage Seven per
Cent. Fonds. la the list of undertakings which
have been foniied with more or less incomplete
subscription hate are the National Bank of
Turkey (nominal capital 1,000,00014 ; the Uni-
versal Lime !eight (300.00014 ; the Buenos
Ayres and Sae Fernando Railway (150,00014; the
Nerbodda Cost and Iron (190,000/4; the Queen's
Hotel (50,00014 ; the Isle of Wight Railways
( I ;:eOOO/.); the Pneumatic Despatch (250,000/4;
the United Kingdom Electric Telegraph(l3o,oool4;
and the I:ellirera Compauy of Sweden (830,00014
At limit ten companies foamed this year have
already beeu wound up, are now undergoing that
process, or were withdrawn for want of support-
vii., the Rio du Janeiro Drainage (630,000/4i
the Pusan Discount (230,00014; the Great
Northern Palace (400,000/4 ; the Anglo-Luso-
Brazilian Steam (400,000/4 ; the Hull West
Dock (41,0,0000) ; the Himalayan Tea(250,0001.);
the Imperial Theasalian Mining (100,0001.); the
Canliff and Caerphilly Iron (100,0001.); the
Royal Crenserne Gardens (100,000/4 ; the Dar-
rens East Mining (20,000/4 ; and the Millwall
Iron (50,0001) Others may be regarded as still
pending. such as the Great Kanawha (200,000/4 ;
the Brighton H0te1(75,000/4; the St. Helier Water
(40,00014 ; the Great Cappagh Mining (60,000/4;
the Respryn Copper (23,00014 ; the Cotton Com-
pany (100,0001); the'Truet and Agency Company
of Australasia (500,00014 ; the Croydon Sewage
(30,00014 ; and the East India and London Ship-
ping (300,0001.) Then there is a long list of new
projects of a miscellaneous character, whereof it
may be said that some preserve their vitality, that
others are defunct, that a third batch are neither
exactly alive nor yet dead, and that others again
are believed to be in operation, though appealing
very little to the public oye. In this somewhat
extensive category may be classed the King's-cross
Patent Wheel Company (50,00014 ; the Colonisa-
tion Assurance (100,00014 ; the Oriental and Co-
lonial Cotton, Flax, and Fibres (100,0000; the
Winter Palace and Yacht Hotel (40,00014 ; the
Gas, Engineering, and General Iron Works
(30,00014 ; the Fitarnaurice Light and Port-
able Gas (50,000/4 ; the Llandudno Royal
Hotel (47,00010 ; the Folkestone West Cliff
Hotel (60,000/4 ; the Great Moelwyn Slate
(50,0000 ; the Oakerthorpe Iron and Coal
(120,0001.); the Scottish Consols Mining (30,0001.);
the Muawell Hill Lend (140,000/) ; the Portugal
Land (75,00014 ; the Anglo-Spanish Tin Stream-
ing and Mining (30,0001.); the Manchester and
Milford Railway (556,0001); the Llantrissant
Hematite Iron Ore (150,0000 ; the Cheshire
Patent Salt (30,0001.); the Royal Hotel and
Hunt Club (40,0001) ; the Lower Taldrews Slate
(25,00014 ; the South Devon Marine Hotel
(60,00014 ; the Greenwich and Woolwich Railway
(200.000/.) ;. the National Freehold Cemetery
(125,00014 ; the Westminster Chambers
(130,0001); the Cwm Amman Anthracite Coal
and hen (50.0001); the Great Northern and
Midland Coal (50,00014 ; the Moseley
Green Coal and Coke (75,0001.) ; the
Burry Port Coal (40,00014; the Mirkside Pig
Iron (30,0001.); the Plough Hotel (33,0001.) ;
the Coventry Cotton (250,00014 ; the Anglo-
Spanish Smelting and Silver Mining (360,0001.);
the British Slate (75,000/4 ; the Worcester,Brom-
yard, and Leominster Railway (200,000/4 ; the
Wheal Ellen Mining Company of South Australia
(60,000/4 ; the Metropolitan Consumers' Coal
(50,000/4 ; the General Mining and Smelting of
Savoy (160,0001.) ; and the Portuguese Railways
(1,400,000!.)
A goodly list this, the reader will think. The
recapitulation is instructive, as illustrating the
ceaseless activity of joint-stock enterprise. There
is no want under the sun which the class known
av " promoters " of public companies will not
mid, &ale to supply, provided the public will en-
trust them with the requisite amount of capital.
Mining, railways, steam navigation, gas, hotels,
colonisation, cotton-manufacturing, cotton-growing,
agriculture, the interment of the dead-are all
embraced in the programme of that cosmopolitan
wide; the " promoter." He is occasionally very
useful in his way, from his faculty of combining
people for a useful object ; but lie too often leads
them into baseless ventures, and then lie becomes
very mischievous. Without the enumeratem above
given, the public would scarcely have imagined
that so vast a variety of new projects had been
submitted within a single year, but the fact is
that the list might have been greatly extended.
We may remark that if au; of the companies re-
ferred to are anxious to submit a statement of
their position, many of their shareholders and
subscribers would be very glad to receive it, pro-
vided it contain an abstract of the accounts.

erFOFICIRATION >R ROPMILII DA LE We (Bo ry
rim./ an told that sib 16.1404.11 Manufacturing
racy are endeavouring to treat with Richard Ashworth,
Li., for the purchase of his extensive works at Fall Bent,
ine,koln.g th. mdl, machinery. cottastes, kc. Appointed
vainer. Lev. made an esaudaation of the property. awl the
eriunated value ie mow We understand that the con.
cern luta Leers &rabbeted very presperously.
Si*" lISITM I MITT or ODD F KLLOW M. —The
annul meatier of the North Loudon District was held yer
ter.lay. at Atralirton's Hotol, Flest-itreet, fifty five delegates
berm prieest. It w..tatol that 77 members tad 66 wives
.1.1 durum the year; Mr Harris, Marc Antony Lodges
w:•. elected Gmod M 11$!, aster forand iar.
be-putt' Grand seer. wen
elerted to the nest A. )f. : t Holton ; the district
calker+ were empowered to collect voluntary oustributious
for approywalliag a burial ground. and also to obtain a re-
turn of members belouveg to the sodu,,,,er corp.. an
Easter festiyal was ale, non. It was resolved to
meeker:he two ;vinare annually ty, 31,,t,,,,,iitnn Benefit
Societies' Asylum. Leave was given to Open hr.) new
kiagee. Four distr.w gifts of V. each were yotsd to two
members and two mi,tows. The meeting adj..,,,ed
to-
day, to dirpcoe of routine %Moms.

•'IIUY OAS CONSUMBRS" COMPANY.

An extraorilinary general meeting of the share-
holders of this' company was held at the London Tavern
yesterday ; Twos. Poetics, Eel. chairman of the direr.
tors, in the chair ; to receive and consider the report of
the directors relative to the management of the works on
the expiration of the present contract with Mr. CrolL
The CHAIRMAN said the meeting was assembled in pur-
suance of a resolution passed at a meeting of the share-
henna in October, by which the directors were directed
to mature • plea for carrying on the works after the ex-
pidition of Mr. (toll's leans. He was sorry to lay that he
had no matured plan to lay before them, and that arose
out of some very unpleasant cirenmatencee which had
taken place at the board, at which there had been
disunion ever since the month of August. He had
maintainel a steady oppositioli to propositions which
had been brouOt before the beard relative to the renewal
of Mr.'Croll'v lease, and to two other propositions that
that gentleman should have the sole control of the company
end all its affairs. These propositions he bad felt it his
duty to oppose in the interests of the shareholders. In
taking this course he haul had to oppose gentlemen with
whom he had been on friendly terms for years, but be had
°mooed them because he thought the course they were bent
on would have led the common to ruin. He should hays
to ask the shareholders whet these matters had all been
brought before these, whether they approved of his coodact
or not, If they did not, he hoped they would tell him, and
he would retire ; but if they did approve of it, he waa will-
ing to continue to devote himself to their service. He was
sorry that Mr. Cmll should, nearly IR mouths before his
contract expired, have thrown the apple of discord
among the director*. He bail to charge some of
the do-rotor with having concocted, unknown to him
1111 their chairman, measures cut and dried to thrust down
thew throats, whether they would or not. The first pro-
position made was that the lame should be prolonged six
mouths. There seemed to be hardly any objection to that;
and when it was verbally made by Mr. Croll he did not
offer any objection to it, but be toed him they could not go
into it that day as their business was done, and he asked
him to put his proposition in writing. On the following
heard day Mr. Croll gave hen a letter which he said eon.
tuned all that he required, and that he could not depart one
jot or tittle from ht To his surprise that letter contained a
meposatioo to extend the lease four years and a half, Mr.
Croll to pay an additional sum of 2,000/. a year ; 10 UAL if
them rental increased 50,0001. orlio,ooo/. &yam they would get
nothing by it. Now he (the chairman) sever contemplated
leasing the works to anyone after the present lease was out.
The weeks of so other compesly were leased. The Impe-
rial Gas Company paid 10 per cent., and had reduced the
prise ef gas Id. pet thousand feet, and the phoenix paid
rt per cent. and carried over to a reserved fund some thou-
mods of pounds ; and he asked why should the shareholders
of Ws compauy part with their property to one man that
lee weight put into his pocket ..,,00(Y. or 6,0001. a year. He
believed that if their property, instead of being under the
metro! of • single hulividnal was properly managed by an
'diciest board of directors, they would receive 10 per cent., I
which wee the largest amount the act of parliament al-
lowed them to divide, and they would also be able to
reduce the price of ins. He (the chairman) had succeeded
in getting a resolution passed which gave him the power of
heingl,,tOre the shareholders the minutes of what had '
taken since last August, and when they had heard
them t ey would judge.'
Kr, HODDr, the secretary, then lead the minutes of the
venous meeting,' of the boanl from August 23, leeo, to the
present time, relative to Mr. (.lull's contract. At the brit
meeting the board considered a proposition to prolong the
contract for six months, and postponed the consideration of
it. At the second, the letter referred to by the chairman
was read, proposing that the contract should be prolonged
for four veers and a half, making it terminate in June, 1866,
Mr. Cain paying an increased rental of 2,0001. a
year. A resolution was moved, that the offer he accepted;
and an amendment, that the consideration of it
be postponed till the following meeting. Four voted for
the amendment and four agaivat it, whereupon the chairs
man gave hie casting vote in favour of the amendment. ()n
=6 20 it was moved and seconded that it be a recornmen-
from the board to the shareholders to accept Mr.
Cecil's offer, which was put and negatived. On Nov. fal a
committee of the directors was appointed to consider the
resolution pawed at the meeting of the shareholders in
October. On the 13th December the chairman presented •
letter signed by a number of eluireholders, requesting the
directory' to take the management of the works into their
own hands on the expiration of the lease, and he moved •
resolution to that effect. A letter was then read from Mr.
Croll, offering to become managing director on the expire-
tioo of his to ee' he not being bound to attend the meetings
of directors, and having the control of all the officera of the
company, nil deo having the power of deciding on the quan-
tity awl quality of the gee supplied, his salary to be 500 f. •
year,with an increase if the dividends were increased ; and he
appended the further condition that his lease should be
extended sit months. A resolution was put that the offer
be approved and recommended to the shareholders, but it
was negatived by six to four. Six. Croll being present put
in another proposition, which differed somewhat in
its details from the former one, and the amended proposi-
tion was referred to a committee. This committee reported
that in their opinion the act of parliament precluded their
accepting the offer, and they engirded that the matter
should he referred to an extraordinary general meeting. A
reaohninu was moved "That this board regrets that the act
of parliament prevents the directora accepting Mr. Croll's
offer," and this having been put from the chair, the
numbers appeared for the :notion five, against it five,where-
apes. the chairman gave hie cast* vote against the motion.
Mr. LIDDELL asked Mr. era whether he had any claims
agaialli the oompuey.
Mr. Caou. rephed that he had relinquished large claims
weinst the company from the commencement of the lease.
He was not to be taken by surprise in answering a question
of that kind without thought and oansideration. He wished
to be treated fairly, but the conduct of the chairman had
been anything but what it ought to have been.
Mr. LIDDELL said perhaps the claims would come by
and by. He regretted that the directors had not presented
say report. He quite agreed with the chairman, who, be
bed, had the Intereet of the shareholders at heart.
At the present time Mr. Croll appointed all the servants
of the company and paid them, and the company were re-
sponsible for their acts. He was glad to fled that the con-
tract was about to terminate. He believed that the facility
ef making gas on their premises was very great, and that
they could parttime cosh for considerably lees than the
Impend or the City of London Companies. He was pre-
pared at the time to offer Mr. Croll a considerable amount
of money if he would relinquish the works to them.
Mr. Ciotti—Allow me to save the time of the meeting.
I shall fulfil my contract to the letter. I shall not give up
the Imam till the expiration of my time.
Mr. MACON/a—There is ono matter which it is import-
ant we should understand. Does the knee °Detain • condi-
tion that Mr. Croll should keep up the gasometers and
retorts

The CHAULII/3—That he should leave them in proper
repair.
r.MAUGUAN—Sitppoee that the SLUM bad feelint exists
an the termination of the contract which exists now, there
not a danger that Mr. Croll would lease the peons:dere and
retorts empty!
The CHAIIIMAI Mid rarely no mnn who bad any degree of
honour or honesty about him would allow the supply of ps
to fall abet toa the plea that hie contract did nut compel
bin after 12 o'clock on a certain day to have anything to
do with the works. He trusted that Mr. Ora would come
into an arranierneet which would allow them to take the
works, so that there would be no cenintion in the supply.
Mr. entt. -- Allow me to answer that. I fulfil all the oon-
ditiona of the lease provided I band over the gashoklere
and other materials in a fair date of repair without one
singlefoot of pis in the paholdemand, if I am to be twitted
and to he talked to in the manner in which Mr. Pocock ha
talked to me lately, I shall certainly think it my duty to
fulfil the ereditions of the lease.

The CHAIRWAN—I all for as explanation of those
reenerke

Mr. Caon—Yon bare misreprmented me over and over
~Tbe
I...HAIRMAN—When !

Mr. Cants,-Yon have Mice you came into the room.
Mr. JANES said he was the solicitor of this compeny
originally, and upon his retirement from the profession in
1851 the shareholdera did him the honour of electing hunt°
be one of the directors. He continued a director for nearly
12 month., and he then resigned his seat, and he did not
Intend to oprear there again. He bad come, however, to
eller his advice am to what they ought to do in the present
state of their affairs. The scene they had witnessed at that
Meeting mug have given every man of proper feeling
wet pain. He could not any when he left the board
that he did not anticipate melt would he the result. He
whammed across at the board which would have prevented
any man of proper feeling remaining at it. It was a com-
plete bear-garden, and there wag nothirig like burinem. He
was worry to Sind that that had continued to the present
time. There ought now to be some alteration. He was
speaking of the board collectively. There were
gentlemen on it for whom he had great rasped
Me moved " That this meeting be adjourned tici.
the
next half.yearl' meeting, end that a committee of share-
holders be hereby appointed to consult with the director.,
into the position and management of the
company. and to prepare some plan for its proper manage.
meat on the termination of Mr. Cron's contract, with
power to null for all papers and &eminent., and to get snob
professional sod other assistance as thee may consider 0001/1h
wary, and that such committee cote.i.i of Megan. Rim,
Nicholson, Newman, Kerry, Liddell, Straban, Blake, Brick.
111111, James, and Major Beresford."

•
Mr. CLOT heartily approve of your suggettion, and of
the names yon have selected.
Mr. MAUf:MAN seconded the rnotioo.

ML MLARZ supported it and said a more plain and un-
varnished statement than that presented by the chairman
was never presented to a meeting, and it here the aspect of
simple truth. Ind Mr. Crell forget that within a period of
two veers he asked him categorioilly to answer the question
whether he had any claim upon the company except sash
as was periodically settled, mid that he replied, " I nabs&
Wieldy pledge myself that I have no claim against the
coon:any
Mr. (Amu,- .1 Wig perfectly sincere, and I repeated the
same dill= at a later date ; but because I hove relinquished
certain things I do not see why they should not be charged
for the future, though not for the pest
Mr. BLAir. Mid Mr. Croll could mot conceal his anxiety
to °Luiz, a renewal of the contract Ike believed that Mr.
eroll got a profit out of them of something like 5,0001. •
year, and he ihaaraged him to deal the statement.

Mr. caoLL—I ready to deny it ; Ido not my whit
profit I_ gst. '
Mr. KERRY exprwteed his regret that so much setionway
should be shown. He wm delighted to hear Mr. Crell sy
he approved of Mr. James's motion, and he would now sok
him if he would abide the derision of lite committee of
shareholders.

Mr. eitoix. —You cannot ask no midi a thing. I cannot
place myself in the bands of Mr. Blake after the way in
which he hae expressed himself.
Mr. Kama then asked Mr. James to Mate the position
the company would be in when the Few expired ou the
3lirt December, MI, and whether Mr. Cron could leave
them with empty gasometers. Such a proceeding would
create ea immense amount of inconvenience and might lead
to disaster.

said it was three years niece be saw the con.
tract, sod he bad hardly expected to be called tip* to Lo-
uver the question today. He wu sorry to hear Mr. ("roll
make a threat. There were Courts of Chancery, and if they
wore to tindentand what he said as a threat—

Mr. CeoLt.—l do not siiTtiatr; one moment. (Cries of
"You did.") What I stated was simply this, without
going into any point in the lease, that if I were treated in
the way in which there was an attempt to treat me, I should
take care and fulfil the conditions of the lease.
Mr. JAIO9I—At the terminatioe of your contract will you
hand over the geeholdere in a state in which we can cae
tinue the supply?
Mr. Cnott—l will take care to give no answer at the
present time.
Mr. Jamie—lt will be one of the duties of the committee
to look into this matter ; and, if Mr. Cad does not alter
his mind, to take care that the public are not incon-
venienced-
Mr. Caoi.t. said his anxious desire was to do everything
he could for the company, cud to leave it in the best
position.
Mr. NICHOLSON thought Mr. Croll would carry out his
emaract without throwing any unreasonable obstacle in the
way of the company at its conclusion. He naked if Mr.
Croll would meet the committee, in order that they might
reconcile all differences

Mr. Csou.—With the greaten pleasure, but I should
like it to be understood that meetiop of the committee are
not to be called without my knowing of it.
Mr. Ntrilotnotr—Certainly not.
Major BIUMPOIID asked Mr. CroLI whether he would
allow the committee to go on the works at reasonable times.
Mr. Osou.—Catainly not.
Major Buturoto—Ou no occasion
Mr. CaoLL—Why ask me I have mid I shall be pleased
to meet the eossunittes.
The CHAIIMAX said Mir. Oran had told him that he
should avail himself of blunt not to allow the dime.
to ten go on the works wi saving twenty.four hours'
octane, and he gave u a rumsoctane, some director had been
on the works and-said sons questions of the managing
man relative to the proms of making the gas, and the
awning on of the again of the company, and he told him
that all those questions must come from himself.
Mr. CIOLL complained that this statement was only
partly true, and that the Chairman had given a wrong
colour to the transaction.

After some further discussion on this poiot, the motion
was pet and carried.
Major BialtWORD moved a vote of thanks to the Chair-
mea and those directors who had supported him, which
was also *greed to ; and the meeting, which had lasted two
hours and a quarter, then separated.

GRAND TRUNK RAILWAY COMPANY OP
CANADA.
The following is a report just issued by the
London directors of thin company. To it are appended
reports from Mr. Blackwell, the managing director ; Mr.
Manly, the general manager ; and Mr. Mackenzie, the
locomotive superintendent :
" The London directors of the Grand Trunk Railway I
Company of Cade, in referring annexed report of
lir. Blackwell, the „ of Mr. Shaoly, the
general manager, andmac?fafii7Mackenzie, the locomotive su-
perintendent, for the detail, of the operations of the com-
pany in Canada, avail themselves of this opportunity to
state shortly to the bondholders and shareholders the pre-
sent financial position of the company. All are already
aware of the inabilityof the directors to raise the 1,500,00 W.
money as authorised by the shareholders at their meetings
is London and Canada last spring, which sum was maired.,
together with the calculated proem& of then emoting as-
sees, to relieve the company fromrorging liabilities ; to
defray the expense of additiooal stock, sidings, and
station accommodation necessary to w the hue efilmently,
and to meet during the current year the claims for intermit
on the bonded debt. As ended in the report of the London
directors of 27th Oetober last, the requirements, including
the unpaid arrears of interest on hoed. up the present time,
and after allowsmoe for the depreciated value of assets uo.
sold to liquidate existing engagements, amount in London in
round numbers to 1,706,000 f., in Canada to 350,000 f., to which
must be added, in ceder to place the road and rolling stock
in efficient condition 600,000f.—malrim a total of 2,556,00 W.
When the London directors were convl of the impossi-
bility of elation; In England, on any terms, the necessary
funds for working the line with efficiency, economy, and I
snomes, they immediately called the attention of their
colleagues m Cane& to the necessity of applying any sur-
plus receipts of traffic beyond working expense, in the
mode specified by the erste of the Canadian parliament. The
Comedian direction took, as was its duty, legal advice as to
the proper application of such traffic receipts; and in
conformity with lapel authority in Quads, which,
however, is at variance with high legal opinions
in England, employed the surplus4==id what Is
considered in this country as strictly • ' in
meeting pressing claims for part expenditure in expenses, in
fuel and stores, the settlement of which claims was deemed
necessary to prevent the stoppage of the read. There has
not been a sufficient surplus of income over working ex-
=On which all legal authorities both in England and
unite to clam the rents of existing lessee) during
this current half-year, to meet the payment of the interest
due on the let of January, 1861, on the first preference
bonds ; and the absence of all remittances from Canada for
this or for any other object forces upon the directors the
painful necessity of leaving the intend due on the let of
January in !theism., pen the exiting &sada] otrug.
Ars of the company. All these facts combine to press
open all interested in the existence of the Grand Trunk
road, whether in Canada or England, the urgent neeessite of
providing promptly the means of preserving the undertaking
from the ruinous confusion which moat arise from the want of
money and of credit, and from the conflict of various claims
and protracted litigation ; and for that parpoee, as the
shareholders are aware, the Canadian board of directors me-
morialised, last mummer, the government to take the pressat•
condition of the company Into its early consideration, for
the purpose of devising some pito by( which the interests of
all MDMMId, whether in England oe anada, might be pro-
tected from &audios. The directors in London deem it
to be their duty on this occasion to refer to that memorial,
on account of the nsiemaception of a portion of the Omiadian
prom of the motives which dictated that address
to the govemmest. It would be am absurd as
false to pretend that the directors were sot guided
in that step by the wish to save the capital
invested in England in the undertaking from total ties; but
it is equaßy incorrect to suppose that they wished to im-
any additional burden upon the people of Camila. The
have as little the deaire, as the right, to dictate
or suggest any particular measure to the Canadian legisla-
ture ; but they believe that the relief prayed for, to restore
the credit of this company, might be afforded without any
Inman of the taxation of the Canadian people, or any
permanent addition to the debt of the province. The di-
rectors would most willingly have avoided, if possi-
ble, any further appeal r legislative interferenoe,
and for that purpose would have recommended
the shareholders to submit even to onerous con-
ditions, had there been means of raising the money required
from the mourns or credit of the company ; but all efforts
for that object having been exhausted in vain, they venture
to ask the Canadian people calmly to consider whether their
interests are not so far identified with them of the company
' as to desire the continued operation of the road and its
I further development ; to meet the growing wants of the
=sr or whether it is prefer.ible, by the refusal of all
Leistance to re-establish the credit of the company.
which may cost the province nothing, but which may add
Incalculably to its further wealth and prosperity, to leave
this undertaking in a state of doubtful existence,
I sad of most limited efficiency ; and by its sad
failure to check the infix of British capital into the
pprroovmoe for future public works, and for the farther
dmslopeesnt of its future resource*. It is unnecessary
to pause for a moment to explain that a direction, Intr.
whelmed by an enormous floating debt, and met at every
moment by discredit and litigation, cannot, economically or
efficiently, deal either with the local wants of the province,
sr secure tor it that transit trade with the Western States
which has always proved a source of iocraisiltazin. to the
mercantile, prodndmg, and labouringo the
countries through which it pusses. The irectors, there-
fore, concur in the opinion recently expressed in the report
of the London committee of bondholders, that the ob-
viously prudent course ie to await tho calm decision of the
Canadian people through their legislature, after the re-
cap of the provincial commission of inquiry, and after-
wards to appoint an English commission of investigation
Into the management in Canada and the future prospects
of the company. In the meantime, they venture to sug-
gest the propriety of united action onthe part of all classes
of bondholders sad sharehoklen, and the abstmence from
legal proceedings, which they fear may injure all, to the
permanent benefit of none ; and for that purpose recommend
the appointment of a select committee to confer with the
directors as to their choice of the commissioners to be here-
after nominated for the inquiry in Canada, and also to
obtain preliminary information from the officials who are at
preempt in England, and are able to tarnish such information
as to the details and mode of keeping the &eremite in '
Canada."

TRADE CaTALOGCLn. " One carnet but be
struck with asteabltntent at the innumerable ways is widen an
enterprising tradesman appeals to the public with a view to in-
crease his trade. Printing la all ita branches, sasisted by the
skill of the wood engraver, seems In the present day to be one
of the media most generally employed Is spreading the know-
ledge of various manufactures. Them arts have ably been
bmught Into use by Mr. Benson. the eminent watchmaker al
Ludgate-hill, "-.s has weight, by amene of an ' Illustrated Pam,
phlee cominflop of nearly 00 pp.. and contalnlog upwards of tog
bautlful design* for watches, elockw. dm., with an elaborate de-
ecriptlou of every oonstructlos of watch now made-. to nudges
persona Ilvtm to any pert of the world to select the watch bees
adapied tor their ase, and hem It forwarded fres by pest.---Ign,
August St.—{Advertisement.]

THE DISTRESS IN COVENTRY.

COVENTRY, MONDAT.

The (Settees among-the riband wearers eontintea
without any "diminution In point of numbers, and since
Wednesday last has been isimensed in intensity in conse-
quence of the tunumal severity of the weather, even at this
season, the Jiliudoor avocations of the weaver rendering a
deficiency of fuel a privation scarcely lees endurable than
the want of food. • The efforts-of the committee were, on
Friday and Saturday, vigorously directed to affording relief
to sufferers Iran this cause ; and, in addition to blanhets
and other articles of clothing, several hundred* remivesl
tickets in those two days for a supply of coals. It was a
sad spectacle ib witness is mane of the streets hundreds of
men accuetbmed only to the delicate work of the loom,
many of them of respectable appearance, turn out with
barrows to convey from the cal yards the fuel which their
tickets entitled them to.
On Friday the autinommitteo, appointed by the general
relief committee to cousider the question of giving es.
ployinent to the recipients of relief, issued a notice that
' they were prepared to give three days' employment at la.
per day of six hours to AlO ableborlied men, 100 fur the
pariah of St. Michael and 100 for Trinity parish, the were
to be paid in addition to the present allowance for relief.
Now but those receiving relief from the fund were to be
employed. The work consists of clearing the gorse on
Hentsalheatli, in the immediate neighbourhood of the
town, the committee having made arrangements with the
" Freemen's Trustees:" to whor.i the "common" belongs, for
this purpose. There can be no doubt that the application
of a " labour list," as. the condition of relief on • more ex-
tended scale than that which is at present given from the
"Relief Fund," is judiciously devised with • vies/ of pre-
venting parties to wham a larger allowance is necessary
from imposing on the tend by not seeking employment in
riband weaving, as nut weaver whp can get work at his loom
at Is. a day is likely to leave it for heavy out-door employ.
meat at the same rate, eapecially et this season of the year.
There ia no 'doubt, 'Could the raw damp weather, with
abundance of half4hawed snow under foot, continue, that
the work um Beerodl-common will severely test the
endurance of a class of men who have throughout their
lives bees accustomed to dry Soon, the covering of • roof,
and the warmth of a fire, in pursuing their avocatioec
In the pariah of St. Michael the number of applicants for
employment for the current week was only 48, but in Tri-
nityperial,where the great body of outdoor weavers is found,
not only the full complement of 100 have been employed,
but additional appliagioes have been made, which cannot,
consistently with the regulations of the committee, be enter-
tained for the present week,

TEE FOREIGN CORN TRADE.
--•--
(From the Mark•7ane !Ivrea.)

. .
The Pori', market has continued to rise gradually,
there have been some fluctuations in the weather. The
roads have been bad, and as hikers have for some time been
only buying from hoed to mouth, they have had to paymore
for choice parcels ea the spot, say 66 and even 67k. per 157
kilos. (equal to 43e. per 2601 be. F. 404.4 The four marks
here become worth 64f. 50e. per 157 Ulm. on the spot
Wena. 6d. per 38016..). In wheat, also, the movement has
upward, sellers demanding le. 6(1. per qr. more ; but
the reel adman has exceeded Is. De Brie wheat,
weighing 5911 e. per bushel, has sold at 22f. 20c. per
heck. (51s. per qr.) ; old 60110. Bourgogne, Lit. 38c.
(Mc Id.) Rye has been firmly held at the former price-
-23f. per 115 Wm (35e. fici.) Barley had also immured to
21f. per 100 kilos., sad good oats were worth rather more-
Pkardy at 81. 21e. per hest. (18a per ); De Belli at
91. 88e. t23e.) Fine Rapeseed said at 431. per 100 kilos.
Tares 18f. per hem. (41s. lid. per qr.); and atomised, both
new sod old, remained firm or dearer, new to 148 L, old 128 f.
per hale. Almost all the country wheat markets had risen,
very many If. per Inch (2s. 3d.
_per qr.) At Bordeaux
prices bad risen to 25i. per heel. (5Te. 3d. per qr.) for intr.
chum on English account. At Nantes the avenge price
announced was 2 if. 11c. per beet. (535. per qr.) The Christ-
mas holidays bad quite stopped business at Moonlike, but
holders of wheat or all kinds were firm, and flour was rising.
There has been snow at Toulouse, with some appearance of
cold weather on the 22nd of Demenher.
From Liege they write that snow bad fallen a week pre.
,ions to the 26th December, with intone frost. But the
altered temperature, though forotinahle to thrashing, had
not lowered the sates of wheat. !Rooks were small. In
anticipation of a decline, some offers of wheat for delivery
at four months from January had been made at is. to 2s.
pee quarter lower rates. For wheat on the spot rata were
firm, and oats were rising. Flour, to Os. 6d. per 2801bs.
No variation is noted in prices at Antwerp. New Baltic
was worth file. 3d. per quarter, and fine American 64e. 6d.
Some Besairabian had been taken at Ms. per quarter on
spemlation. Swedish rye, 345. Bd. pero, new satire
320 to 6d. Swedish barley 335. 3d. ; 31s. 6d. The
markets in the interior, being obstructed 1100 W, were
dull.

At Cologne there had been a heavy fall of snow, with the
thermometer 4 degrees below zero. Prima were very firm,
in consequence of • Belgian demand. lembotte flour 435.
per 21301b5. Wheat on the spot, 55e. per qr. ; for Mehl or
May, 545. 6d.
Most of the markets in Switzerland had father given
way ; but Zurich was dearer for wheat. in Holland prices
were well sustained, the range for wheat being 345. to
72a. per qr. ; rye, at 295. 3d. to 40a. 6d. Other grain
was arm.
Lead-carrisge was impeded by mow at Maastricht.
Wheat, to 57e. 6d. per qr.
An ins inquiry for wheat obtained at Mayence.
The s bowing markets were making provision for the
winter. Cold had also set in • and this, together with
from England, Holland, and Belgium, and the
Ming off of supplies from Hungary, tended to rates prices,
the best wheat having risen to 375. Bd. per qr. Rpe was
also in great demand, at full pains.
The weather at Berlin was complete winter. The prices,
after some fluctuations, had reverted to their Jointer state.
The Royal College of Apiculture had published the result
of last year's harvest in Prussia, whigh was es follows :
Wheat 97 per cent. of an average yield, rye 99, oats 100,
peas 89, barley. 92, potatoes 66, beet ot 96, Oil seeds 98,
cabbages, turnips, ke., 91.
Notwithstanding the favourable advicea from England,
the Odessa market has been heavy ; this has been mostly in
coasequence of the bed state of the mods, which has raised
the intro of transit ; there has been, however, no change in
prices, excepting rather more favour for Ghlita and &ode-
mirks whaspA and an advance of sd. to 7d. per quarter on
oats. The week's bonbons was about 25,000 quarters of
pain; Chicks and Sandomirka wheat, to 46e. per qr.

. .
- New York advice, were mud) more cheerful, there belts
i=dmossid for the low gradm of flour, and many holders
to sell at former mtge. Superfine Mate 4€l. 30e. to
4d. 50e. (18s. 6c1.), extra to Id. Me. per bet Ild.),
chase. State (18a. and toned hoop Ohio to sd. (20e. 7d.), Ca-
nada 4d. 80e. to 7d. (19s. 9d. to 28s. 9(1.), saperfine Balti-
more 4d. The. to sd. 10e. (19e. 4d. to 215.). Wheat also was
with some opeeulative demand. Chimgo 1 dollar per
Medal (335. 4d.), Itilwaukis Club 14. sc. (335.), prime red
Western Id. 12c. (37a 4d.), fair white Canadian ld. 21e.
(414. 4d.)—all per 49611 w. Barley 70 to 85 mots per bush.,
oats 36 to 37 °ante, rye 62 to 63 cents. Indian corn firmer ;
mixed 59 mats per bushel, flat yellow 62 to 63 cents.

THZ OLD AND NEW YZAIL—Last night it prim-
ties which has been adopted for many years past by the
Weisma Methodists, and by some other bodies of dimes
-
ten, but which has never prevailed to any great extent in
the establishment, was followed by several beneficed cler-
gymen of the Church of England in the metropolis. The
parish chinch of St. (lenient Daum. in the Strand, wee
opened for service shortly after nine o'clock. Prayers were
said, and afterwards an appropriate sermon was preached
by the Rev. Richard limp, Killick, M.A., of queens'
College, Cambridge, the newly-appointed rector, and at Its
elms the Holy Communiee was administered, the whole
meek* being brought to an end a few millets, after the new
year had set in. At St. Mark's church, St. Mervlebotte a
similar service was performed by the Rev. J. C. M.
S.C.L., the minister ' • at Berne:edam church, by the Rev.
W. Duncan Long, LA. the rector ; at St. Anne'., Soho,
by the Rev. Nugent Wilde, M.A., the rector ; at St. Mi-
chael's church, Burleigh-street. Strand, by the Rev. A. G.
Reimart, M.A. of St. John's College, Cambridee, the incum-
bent: at West-street Epi.copal Chapel, St. Gilm'a, by the
Rev. R. W. Mhos, M.A. the minister ; at St.
George the Martyr,Southwark, by the Rev. Hugh Allen, M.A.,
the rector, and in other places by their respective incum-
bents. In many more churches the new year will be in-
animated by an early communion this morning. The night
was observed with peat solemnity in Great Queemetmet,
Handel-street, Sloaue.square, and tlie other poi omoalWeeleyan
Methodist chapels of the metropolis. Amongst the mem.
ben of this religious denomination the last night of the
year is termed " Watch night," from the ciicumstanoe that
ever since the foundation of the society by John Wesley,
they have assembled in their chapels, and have watched in
the midst of their devotions the departure of the old year.
At about live minutes before 12 a deep silence prevails, and
as soon an the clock strikes 12 they all rise from the attitude
of prayer, and having mug a hymn, depart for their homes.
Amongst the other religious denominations no recognised
system of watching ^ prevails, but in manycongregational
or independent chapels special services were held last night.
At the National Scotch Church, Crown-court, the Rev. Dr.
Cumming bad a special service for young men, and an-
nounced that on this (Tuesday) evening he sboultideliver a
lecture, the subject being a retrospect of the year.

THZ EASTERN CIICRCHEA.—For some months past
Bishop Coataodioa, of Brume, has been in the capital under
ecclesiastical arrest" on very grave eth •W-
-charges,
brought against him by a large number of his people. With
these, however, untried, the patriarch has sent the bishop
back to his diocese. A numerous deputation of the Trost
respectable portion of the Greek community of Brous' im-
mediately left with a protest to the Porte ageinst thin act
of episcopal whitewasg. We further learn that in con-
sequence of all this scandal to religiin mid murals at
Broom, as also of the other clerical administrative abuses
which flourish there, more then MO of the most respectable
families of the local Greek community are on the eve of
publicly embracing protestantism. Prote.tant tenets,
indeed, are said to have made most singular progress both
amorist the Greeks and Armenians of Emilia, notwith-
standing the oounter-effortr of &number of zealous Lawirista
and other Roman catholic missionaries who hove done their
best to draw the waverer' into their fold, with besides
other promised advantages, the minnow of prompt sad
effective French " protection."—Lensur Herald.

tab) Inttlligenct.

INSOLVENT DEBTORS COURT. —DEC. 31.
(Before the Chief Commissioner.)
CI HE ARTHUR PLISWB.-PETITION 0110118,1Ei).

This insolvent, who applied under the Protection Aet, had
base an auctioneer, at King's Lynn, Norfolk. Ate was
opposed by Mr. Dowse for acreral creditocs. and Auppurted
by Mr. flargood.
The point ut the case was whether the debts exceeded
3001., as the insolvent had petitioned as a trader. It mr
that the insolvent had emitted a debt due to a Mr.
L''sylirile°,one of the partite opposing, and he alleged that the
creditor had executed adeed of assignment, which he made
last March for the benefit of his creditors. The sasigonlent
woe produced in court, and it turned out that Mr. Lyre
bad not executed the deed. It was admitted that the debts
were beyond the amount allowed to traders under the
Protection Act. '

The cou;idiuniseed the petition for the want of inrie-
diction. _ _

(Before Mr. Commissioner Nichols.)

TN RE J. PAGL -THE LAW OP DEBTOR AND CREDITOR.

This insolvent was discharged under the act 27 years ago,
sad the tawgnees who were appointed were both dead, as
abo some of the creditor. Piero was, however, property
in the can, and is a conntry paper the creditors had been
requested to attend by an advertisement at a place " where
they would hear of something to their advantage."
Mr. Macrae, who mentioned the case as Saturday, ap-
plied for the appointment of a new aaai in order that
the midden or their representatives m • t be paid. The
learned counsel raid the case showed the heaufit of the law
as administered in this court, where creditors who received
no dividend at the time frequently were paid in full out
of suniequently acquired property. Traders and non-traden
were by this court placed on the time footing with respect
to future property the law requiring the old creditor to be
satisfied, providedthe debtor at any time appeared to be
able to do so without inconvenience to himself or his new
creditors. He might also mention with regard to the ad-
mirable arrangement of the records of this court, that on
going into the country department the proceedings were
found in a few minutes, although the case bad been heard
27 veers ago.
Sly Commissioner Nichols directed the appointment of a
new assignee to issue upon the executors of the deceased
assignees filing an account of any assets they had received
from the ratan.