The Northern Daily Times.
Liverpool, Merseyside, England, 1857-03-02 00:00:00

REPORT.

From the accounts now submitted to the shareholders, it
wilt be seen that the total amount of share and debenture
capital, chargeable on the revenue for the past half year, is as
follows :
Share capital ..
Debenture and mortgage debt 376,599 19 9

£2,318,105 9 9

The amount expended on the
capital account during the half

£34,611 13 11, viz:--

year is

For purchase of the foreshore
to property on the margin of
the river, land for additional
station accommodation, law
charges, &c
Stations on the line
Birkenhead Goods' Station.
Rolling stock ....... , .
Parliamentary expenses..:.

£4,678 0 10
2,078 5 6
8,713 7 7
18,958 10 8
183 9 4

£34,611 13 11

The sum of £129,325 4s ld of the debenture debt, became
payable in the course of the past half year, which your directors
were enabled to replace, on favourable terms, considering the
enhanced value of money.
Your Directors have to congratulate you on the continued
increase in the traffic, durieg the past half-year, as shown in
the following comparative statements, viz. :—Receipts for the
half year ending 31st December, 1856—passengers, £36,142.;
goods, £34,364; total, £70,506. Receipts for the half year
ending 31st December, 1855, after deducting toll and lighter-
age (paid to London and North; Western Railway and Duke
of Bridgewater trustees) to compare with the present half year,
from which they are excluded—passengers, £34,935 ; goods,
£24,271 ; •total, £59,206. Increase—passengers, £1,207 ;
goods, £10,093 ; total, £11,300.
Although, so far, the bulk of the traffic carried has been
in raw materials, at low class rates, yet several large vessels
have made use of your wharves to take in cargoes of fine
goods; these vessels have been loaded with cheapness, safety,
and despatch, highly satisfactory to the shippers, and your
directors look forward to a large accession of such traffic.
The increase in the passenger traffic not being satisfactory, and
the river service as performed by the Commissioners of
Birkenhead not meeting the wants of the passengers using
your railway, it has been considered expedient to apply to
Parliament for powers to hire or purchase steam boats for
this service. Great inconvenience is caused by a level
crossing at Canning street, in Birkenhead, and as this portion
of the street is of no public utility, your directors are also
applying for powers to close it, and the bill for these purposes
will be presented for your approval on the day of meeting.
In conformity wish the resolution, passed at the last half
yearly meeting, the share Capital of the company has been
converted into stock. Your directors deem it right to call the
special attention of your auditors to the capital and share books
of the company ' • and they have reported the accounts in this
department to be uniformly correct. The balance out of the
past half-year's working, available for dividend, after setting
aside £2,500 towards the renewal fund, is £32,956 16s sd,
put of which your directors recommend a dividend to be paid,
at the rate of 3,1 per cent. per annum, leaving a balance of
£1,407 6s 5d to be carried to the next half-year's account.
The Chairman then moved that the report and state-
ment of accounts be received, confirmed, and adop-
ted. Ia doing so, he said he should have very few
remarks to make. The report, he trusted, they would
consider sufficiently explicit. They would, perhaps,
require some explanation on the additions which were
made to capital during the half year, but to the mind
of any reflecting shareholder it would be evident
that if they wera to increase the dividend, as they
had done very considerably, and increase also the
traffic, they must have considerable outlay, and
great additions in new outlay for stock which
had never been provided for traffic before. Those
items might require some little explanation. At
a former meeting twelve months ago the proprietors gave
£40,000 for railway stock for the Cheshire Junction line,
which it was then explained had never been supplied
sufficiently with plant. They had gone on from year to
year spending as little money as they possibly could for
the supply of plant, engines, waggon stock, &c, knowing
that the company was in a sort of transitu state, in fact,
and that there were arrangements pending from time to
time, and many alterations under consideration, so that
it was thought better to limit the eapital account to as
small a suns as possible. The meeting then voted £40,000
Of that sum the directors. who kept their eyes upon the
expenditure, and watched very jealously any addition to
capital account, expended £22 797 18s 10d, leaving a
balance yet to be expended of £17,202 Is 2d, of which
he could give details if required of the amount expended
on rolling stock and other items. He trusted that the
proprietors met there now une..er brighter auspices than
they had done formerly. Tbey were beginning to feel
that the Birkenhead Company had an existence and a
being which it had not hitherto been acknowledged to
have; and he trusted th y would very shortly see it
ranked as a portion of the great trunk of the railway
system of the country. Birkenhead was attracting great
attention in all quarters, and it was the object, endeavour,
and aim of the directors to make the railway subserve
the purposes for which parliament gave them powers,
namely, to supply the wants of the district. To do so
the meeting must bear in mind that the directors should
have from time to time to call upon them to vote addi-
tional amounts of Money on account of capital expendi-
ture to the capital account. The great increase in their
tonnage from 70,000, as it was a few years ago, to 300,000
in the half year, which it now was, could not take
place without great additions in the way of loco-
motive and we ggon power. Perhaps it fell to his
lot unexpectedly to make the statement, but still
rather consistently so, for he was always one of those
who warned the meeting from time to time that if the
line remained as it now was, independent in every sense
of the word—(cheers)—the shareholders must be pre-

.. c~ •iN~= ~.

pared to add to their capital account a very considerable
sum. He himself always limited the amount to two
millions and a half. They had not yet reached that sum
by £120,000. He always urged that their addition to
capital account must be very considerable—not that he
regretted this, because, on the contrary, he believed it
would be for the benefit of the shareholders But he was
satisfied that the proprietors would not do well if they
were to tie the hands of the directors or to stint there.
They must place implicit confidence in their board. The
directors were themselves—he spoke on behalf of most
of them— very large shareholders. Their interests were
identical with those of the proprietors at large, and they
had only one object to accomplish : the welfare of the
concern, and from it to obtain for the shareholders
an amount sufficient to repay them for their
long delay, He did not want to hold out any promises
for the future. All he could say was that the future
looked promising so far as his judgment went, and if the
Board were only allowed to exercise their own fair and
independent judgment, and to exercise their own best
endeavours for the welfare of the company, be trusted
they should make the line as good a property as any
railway property in the kingdom. (Hear, hear.) With
these few remarks he should sit down, merely moving
the adoption of the report, and reserving any future
remarks he might have to make for any special oc-
casion called up by any question or remark from the
meeting.

Mr. Watkin seconded the motion.

Mr. King drew attention to the fact that the directors
had renewed within the last half year a loan of £16,000
at 5 per cent. He had no hesitation in saying as a
sharebroker, and knowing something of the money
market, that the directors ought not to have paid 5 per
cent, for one penny. He brought the matter
before the shareholders some two or three meetings
ago, and he did certainly think that the remarks he
then made, would have led to some arrangement being
entered into which would prevent his ever having to
make the same complaint. The Railway Times, in
making a comment upon his remarks at the meeting,
asked why he did not press the directors to know who
the fortunate gentleman was who cot the renewal of the
loan on those terms. (Laughter.) He did not wish to
be factious, and merely wished to lay the fact before the
directors, that they might do what would lead at a future
time to the advantage of the meeting. He could prove
to them at once that they ought not to have given 5 per
cent. The accounts shewed that they had been able to
renew a loan of £3,000 at 41, per cent. Now, how came
it then, that on renewing a loan of £16,000 they were
obliged to give 5 per cent. Had they advertised ? Had
they put themselves in a condition before the money
world to get their money as cheap as any of the first-
class companies could get theirs. He did not see why
they should not get their money as cheaply as the London
and North Western company. This was but a small
company—but their bonded debt was smaller in propor-
tion to their capital. Their bonded debt was £300,000,
and their paid up capital was nearly two millions. He
would ask if any gentleman on the opposite side of the
table was the fortunate possessor of the renewal. (Hear,
hear, and laughter.)
Mr. Hobson : I can give an answer at once to that
question in the negative.

The Chairman -thought Mr. King had done the com-
pany very great honour and credit in introducing the
fact that they had had to pay merely five per cent fur a
renewal of £16,000 while the money market was in the
state it had been. (Hear, hear.) He thought they ought,
as railway proprietors, to congratulate themselves that
there was in that prosperous country money sufficient to
keep the bonded debt of great joint stock companies
floating at so small a per centage, when they
remembered the rate of interest paid by commer-
cial concerns last year. 62 per cent, 8 per cent, 9 per
cent was paid by established houses, and he believed
they had heard of one first rate concern in the commer-
cial world paying 10 per cent. Many of the houses which
paid these rates were as good as the Bank of England,
The directors advertised in all the leading papers when
they were about to become borrowers of money. He did
not think, however, it was good for a company to be
always before the world as borrowers. It was detracting
from the credit of the company. Bat still, wben they
wanted money, they always advertised. Their last rate
of interest was 46 per cent., and they only took that for
three years. They declined to take it for 'five years, and
they should always decline all future loans except at the
rate paid by the very first companies in the country,
(Hear, hear.)

Mr. Hobson said he had £3,000 during the last half
year, which he intended to bring to this company, but
another company offered him per cent, for renewal,
and 4- for fresh money, and he gave it. He believed this
company had done better than almost any other in bor-
rowing money. They scarcely paid way commission.
He bad indeed himself set his face against commission.
Mr. Beloe : I can confirm Mr. Hobson's statement that
no commission is paid. I speak feelingly, as he knows.
(Laughter.)
Mr. King said he was satisfied with the explanation,
but the London and North Western Company did not
pay a farthing above 41 per cent., and he was sure they
did not pay any commission.
Mr. Corney, of Runcorn, expressed his surprise at
seeing Mr. Titherington in the chair instead of Mr.
Atkinson. (Laughter.) He always wished to be very
candid, and, therefore, he should say, that he did not
entirely approve of allowing the board to choose their
own chairman, without reference to the feelings of the
proprietors at large. _He hoped Mr. Atkinson was a
thoroughly consenting party, and that the board was
united upon the question.
Mr. Atkinson : I was a consenting party to Mr. Tither-
ington's appointment.
Mr. Corney considered the report imperfect in another
way. It did not inform the shareholders what the
directors were going to do with themselves. (Laughter.)
He was very glad they were going to be independent,
but he contended that their future policy ought to
have been made a prominent feature in the report.—
(Hear, hear.) He had not that confidence in
the independence of the company which the chair-
man seemed to have. He regretted that for some
time the company appeared to have been what was
currently and publicly called coquetting with two great
companies, and not long ago there seemed to be a
determination on the part of the hoard to do more than
coquet—to ally themselves with the Great Western. The
Great Western had, by able policy, worked its way to
the north, and if it was intended to look in any degree to
the Great Western

The Chairman though it would be much better that
the speaker should rdtrain from making these remarks
until a more advanced period of the meeting, when the
question he introduced would come more fittingly under
discussion. (Hear. hear.)
Mr. Corney complied with the suggestion, and resumed
his seat.

Mr. Mills expressed a hope, that at every future
meeting there would ba a distinct vote upon the amount
of capital asked for. He suggested that the canital
account should he at once closed, and that any further
amount the directors might feel neccessary to lay out
upon the concern should he brought before the meeting,
and a specific vote taken upon the amount required. The
speaker congratulated the meeting upon the improved
prospects of the company.
The Chairman said the amount of two and a half mil-
lions of which he spoke was met•ely the expression of an
opinion which he had expressed before at several meet-
ings during the last four or five years. He did not mean
to say that they would require that money now—he dared
to say they should not get it for five years, All he could
say was, the sooner they got it the better for their pockets.
That day at the meeting of the board they had applica-
tions for .500 waggons to go into a particular train. The
directors met it by simply giving the secretary the power
to provide fifty more new waggons, and meet the require-
ments of the case as far as he could. He mentioned this
to show that they must be continually increasing their
accommodation to meet the requirements of traffic.
Mr. Mills remarked that he thought two months too
great a time to elapse between the close of the half year
and the half yearly meeting. He thought they ought to
meet at an earlier day, so that the dividends might be in
the shareholders' pockets before the middle of March.
The Chairman said a great portion of. their traffic had
to go through the clearing house, and they could not
r.ceive the accounts until the last week of January or the
first week of February. Other companies closed their
accounts in November. and estimated the account fur
December. The directors of that company gave the
actual state of accounts through the year, and could not
possibly do so at any considerably earlier date. If, how-
ever, the shareholders preferred the course adopted by
other
companies, that board would not be behind any
other.

After some further conversation,ade the report and state-
ment of accounts were
saidpted.
The Rev. Mr. Birleybe rose to propnse a distinctive
resolution. It was unquestionablys a subject of congra-
tulation to the proprietor enerally that they had
received on the present occasiong such a satisfactory
report as that just laid before th The resolution he
was about to submit for their acceptanceem. involved, in his
opinion, a question bearing directly and most closely
upon the prosperity of the concern theyWavlueirde involved in.
In bringing the subject before them it
He be necessary
to refer to the proceedings of past years.
temperate would do
so as shortly as he could, and
in
as
a lt
aslpirit as
he could, and with as little reference to person
the subject would allow him. It would be in therieeca as
lection of the meeting that two years ago a very important
change took place is the constitution of their board. He

was himself an assenting party to it, but upon a distinct
and specific understanding that, as prejudices existed
among a large secii es of the proprietors in regard to a
snoposed bias upon the part of a section of the board
towards the London and North Western Railway Com-
pany, an independent line of policy should be the policy
to be adopted and pursued by an unanimously constituted
board. It was upon those terms, he believed, that the
late chairman succeeded the gentleman who preceded him
in the same office. He was willing to admit that
there was a kind of understanding that the change
of chairmanship would lead ipse facto and imme-
diately to a close, intimate, and favourable alli
ante with the Great Western Company ; and
therefore the widest latitude was given to the new
chairman to realise if he could, and as he thought, and
led them to suppose he could, the vision which seemed to
dazzle his views. The understanding' appeared to have
been that if he could realise the vision, well and good ;
but in the event of a failure in its realisation, then the
course should he followed which had been laid down, not
certainly in the form of a resolution, but still a distinct
expression of opinion on the part of the shareholders in
favour of an independent line of policy. The proof that
he was right in regard to that view would be found in
the fact just referred to by the chairman of a demand on
behalf of his predecessor to have the directors supplied
with £40,000 in order that a sufficiency of rolling stock
might be provided wherewith the policy agreed upon
could be carried out. The vision of which he spoke was
never realised. The £40,000 was placed at the disposal
of the directors, and the relations between the Great West-
ern and the Birkenhead Railway Companies went on in the
same unsatisfactory manner as they had previously been
conducted, until at last no resource was left hut to make
application under an act of radians-et, providing for
such an issue that arbitrators should be appointed to
settle the points in dispute between the two companies.
The question of arbitration was adopted, and the issue
was, after considerable labour, and by considerable
talent, energy, and perseverance on the part of one
member of the board, greatly in favour of that company,
amounting in value to considerably above what the board
w,s prepared to concede to the Great Western Company,
and giving the Birkenhead company in value, if not in
fact, some £25,000 per annum. It was in consequence
of the persevering conduct of the Great Western Company
that they were driven to that course of proceeding. He
begged to state, and let it be borne in mind, and contra-
dicted if he were wrong, that the arbitration not only
fixed for them the terms of union between the two com-
panies for the use of the line, but it went
further, it settled the principle upon which
the claims of that company as a terminal
line should be taken and considered, not only in con-
nexion with the Great Western, but with any other
company which should choose to make use of it. Now,
he was aware that he touched upon painful subjects to
some degree. First, there was the vision of an amalga•
mation with the Great Western Company and the
changed constitution of the board. That vision remained
a vision still, and was likely to remain so. It was one of
that kind of myths which the more they contemplated it
became still more mythical. (Laughter.) But in spite
of the arbitration, and the decision consequent upon it,
and the settlement of the terms of union, he was informed
that no later than December last, a private communie
cation was forwarded from the hoard by the late chair-
me, to certain influential shareholders, in order that
they might consult with the board and deliberate upon
propssitions to he submitted to them from the Great
Western Company, with a view to an amalgamation
of the companies at per. The result of that measure
was the refusal of the conference to entertain
such a proposition. But the fact was, that
the proposition had no real existence. It seemed to have
come through what was commonly called a kind of back-
stairs influence. It appeared to amount to a kind of
intimation that if the Birkenhead board would send a
msssage to the Great Western board to say that they were
ready to enter into an amalgamation at par, the Great
Western board would be ready to consider the offer. And
no doubt they would. (Hear, hear, and laughter). Then
came the terrible threat of a new line, which, he contended,
was an idea contrary to common sense, to all reason, and to
all parliamentary experience. That threat of a new line
he declared a mere bugbear. But, indeed, as soon as that
company should commit the act of folly of tying itself
to the Great Western Company, so soon, and certainly,
would they have a new line from Chester to Birkenhead
(Loud cries of "hear, hear.") He would tell them why
At present they were independent. They could receive all
the railways concentering in Chester. Ally themselves to
the Great Western and they would supply the other com-
panies with the very grounds which they did not
possess then to go to parliament, and ask for a new line.
(Cries of " Hear, hear.") The speaker then went on to
contend that the future policy of the company should be to
open their doors, without fear or favour, to all who, having
an interest in the port of Birkenhead, found that the best
way to develope that interest would be by a fair arrangement
with that line. He deprecated altogether the idea of an
amalgamation at par with the Great Western, arguing that
their own position was a more favourable one, and stating
that they were, in fact, in a position to divide £3 13s 6d.
The Chairman denied that this view of the amount they
were in,a position to divide was correct.
The Rev. Mr. Birley still maintained that the company
could divide the amount he had specified, and
argued at considerable length on the impolicy of
maintaining any but a thoroughly independent position.
In conclusion, he moved the following resolution :
" Adverting to the various negotiations between the direc-
tors and the London and North Western Company, and the
Great Western Company, and more especially to the recent
conference between the directors and a number of large
proprietors, at which a proposal was made by the late
chairman to , amalgamate this interest with the Great
Western at par ; adverting also to the encouraging position
of this company, as indicated in the written report of the
managers; and also adverting to the obvious fact that whilst
these repeated negotiations, of necessity distract the atten-
tion of the board, unsettle the minds and cripple the efforts
of the officers of the company on the one hand, as they on
the other preclude the possibility of making those mutual
arrangements with neighbouring companies, without which
the legitimate interests of this company cannot be developed
or secured, resolved that, on this and other grounds, it is
in the opinion of this meeting inexpedient to continue
those abortive negotiations; and that whilst affording to
the Great "Western Company every facility which they
can in reason ask, the directors of this company, and they
are hereby instructed to cultivate amicable relations and
enter into such arrangements with the neighbouring
c :mpaniea on such terms and for such period of time as
will best promote the permanent interests of this company
apart from any question of amalgamation, with a lease
to the Great Western, or any other railway company."
(Hear, hear.)
Mr. Beloe seconded the resolution. At the time that
Mr. Atkinson was elected chairman, he (Mr. Beloe) pro-
posed a resolution identical in spirit with that which was
now submitted to them, because he felt that the true
po!icy of the company was to be independent of all parties.
(Hear, hear.) He was told at the time that it would be
discourteous to the directors so to tie up their hands,
and it was on that account alone that he then withdrew
the resolution.

Mr. Atkinson said that he would not take up their time
by replying to the imaginative speech of Mr. Birley, but there
were one or two facts which he should state to the meeting,
in order to set this matter right. He denied that he
accepted the chair on any such condition as was imputed td
him. (Hear, hear.) He accepted the chair on the ground
that he would do his best for the welfare of the conapany,
and for its proper working he asked for £40,000. In
corroboration of this, Mr. Atkinson quoted from the
newspaper reports his own words on the occasion in
question.
Mr. Oliver supported the resolution, and, in doing so,
observed that, in narrating the interview between a section
of the shareholders and the board in December last, Mr.
Birley omitted one fact which it was important should be
known in the discussion of this qeestion. Oa the morning
of that meeting he (Mr. Oliver) saw, in the office of a
shareholder in Liverpool, a document, a copy of which he
(Ur. Oliver) held in his hand. - It was a calculation made
by the present traffic manager of the company, and was
most elaborate in its details. The manager calculated that,
in December last, be would he able to pay 3 per cent., a
rate lower than the earnings of the company, as the present
divid ald showed. (Hear, hear.) In June, 1857, he
calculated to be able to pay 3 per cent. ; in December, 31
per cent.; in Jane, 1858, 3ti per cent. ; in December, 41-
per cent. ; in June, 1859, 42 per cent. ; in December, 51-
per cent, ; in June, 1860, 51 per cent. ; and in December,
51- per cent. (Hear, hear.) He (Mr. Oliver) knew that
the late chairman would not endorse that statement.
Mr. Atkinson ; I say so now.
Mr. Oliver continued : The late Chairman he knew
would not endorse it, but the shareholders had a right to
know whether it was an official calculation or not. (Hear,
hear.) They might be sure of this, however, the Great
Western Company would come again to them, aye, and
come to them before long. (Hear, bear, and laughter.)
If Mr. Mason had called on his imagination for the figures
which he (Mr. Oliver) had quoted, ho was much to blame ;
but if ho had not, (and there was every reason to believe
he had not) then the figures would justify the shareholders
in their determination to keep possession of their line both
row and for ever more. (Hear, hear.) It was a fact too,
that at the present moment the amount of their traffic from
the London and North Western Company, was about one
half of all their traffic. (Hear, hear.) While on the other
hand they were under no obligation to the Great Western
Company, who managed their own traffic, and exchanged
nothing with them. (Hear, hear.) In conclusion Mr
Oliver expressed a hope that a gentleman who had come

with proxies in his pocket, would not use them on the
present occasion, the other shareholders having coma
unprepared for the discussion.
Mr. Taunton replied that he would not shirk the respon-
sibility in the slightest degree, which devolved ,on him as
the holder of those proxies. It had become known to him
—indeed it was notorious—that great disunion prevailed at
the board, and, knowing that, he felt justified in obtaining
proxies from friends who were interested in the company,
and in wing them if occasion required. He was prepared
for the discussion, but he did not anticipate that so sweep-
ing a resolution would have been proposed. (Hear, hear.)
He remembered well when Mr. Bancroft proposed a traffic
arrangement with the London and North Western Railway
Company, which be declared would give them 4 per cent,
and on that occasion Mr. Birley, who was present, moved
a vote of thanks to the chairman and the board. How
then could he reconcile his arguments about the independ-
ence of the line with the course which he then took.
(Hear, hear ) if the Birkenhead Company choose to sell
.heir line, acid they never would do so but on advantageous
terms (hear, hear), what would they care if the London and
North Western Company ran also to Birkenhead ?
(Hear, hear.) The sooner they came to a resolution on this
point the better, and he would therefore move as an
amendment "that this meeting, having full regard to the
improved position of the Company since Mr. Atkinson's
chairmanship, hereby declare their approval of the man-
agement so successfully adopted by that gentleman, and
hoped that Mr. Titherington and the board will pursue
the same course. (Hear, hear.)
Mr. Salisbury seconded the amendment. He felt that
the question, after all, was not whether they were to be
sold to the Great Western or to the London and North
Western, but the question was —Were the shareholders
prepared to support that section of their board who were
disposed. and who had proved their sincerity by their efforts
and by the result, to maintain their interests inviolate and
to obtain a fair dividend for the proprietors ? (Hear, hear),
At their last half yearly meeting he took the liberty, i❑ the
absence of Mr, Bancroft, to state that his policy had been
an unsettled policy, and had tended to bring the line to
the lowest ebb in the market, and he took upon himself to
move that Mr. Bancroft should not be re-elected a member
of the board ; and he believed that it was through the
kindness and good feeling of their late chairman, Mr.
Atkinson, that Mr. Bancroft was re-elected. It was
important that the meeting should commend the steps
which Mr. Atkinson, and his co-directors who agreed with
him, had taken in the management of the company for the
last six months. Before Mr. Atkinson's chairmanship, they
were told that at some future day they would have a
dividend ; now they had one for the first time. What had
brought that about ? It had been the inflexible honesty—
(hear, hear)—and the determined good management of their
late chairman and the directors who thought with him;
and when they had got a majority of men who, with a
single eye to the interests of the company,—(hear, hear)—
had developed its traffic, he hoped they would not pass a
vote of censure on them, which, in spirit, Mr. Birley's
resolution was. (Hear, hear, and cries of " not at all.")
The question, then, was : Would they support the
directors in maintaining not the independence of the
line, but support them in bringing about such a
state of traffic as would enable them to stand up at some
future period, and demand a fair price for their line from
the Great Western, on the London and North Western, he
did not care which. He did not care which of them had
the line, but he maintained that the independence of the
line was a bugbear. Its independence could not be main-
tained ; and if they refuse :l to amalgamate with the Great
Western Company, the Great Western Company would
go for a new line to Birkenhead.
A Shareholder : Oh, nonsense. (Hear. hear.)
Mr. Salisbury: Parliament would grant such a line.
(Loud cries of " never.") Well, that is a matter of
opinion.

A Shareholder: The opinion is bad, sir. (Laughter.)

Mr. Sall:, wry : continued : Parliament would not grant
such a powu to the London and North Western Company,
because that would be to give to that company approaches
on both sides of the Mersey, and so create a monopoly:
(Hear.) He hoped then they would not be led away by
Mr. Birley's proposition about independence, but that
they would continue the policy of Mr. Atkinson and his
co-directors, who had brought th , line to so satisfactory
a position. (Hear, hear.) If the traffic of the line were
got up to 6 per cent. per annum, their shares would be
worth 50 per cent. premium, and when their traffic was now
31, per cent. per annum, they ought not to part with their
line on par terms to the Great Western Company ; but if
that company made a fair offer to the directors of a fair
premium on their stock, with a minimum dividend and half
profits, then it would be a question whether they should
not consider that offer. (Cries of " No, no," and counter
cries of " Hear.") If the London and North Western
Company made that offer, would you not be willing to take
it ? (No, no.) In conclusion. Mr. Salisbury again repeated
his condemnation of Mr. Bancroft's policy, and his approval
of that of Mr. Atkinson.

Mr. Bancroft observed that, in consequence of indisposi_
tion, he was unable to. be present at the last meeting,
otherwise he should have then answered Mr. Salisbury, but
he now begged to tell him that he owed neither to Mr.
Atkinson nor himself any consideration for the position he
held in the company or elsewhere. (Hear, hear.)
rangements had been made by his friends for his
re-election, and not by Mr. Atkinson ; for it was
their intention to raise this very vestion, whether
or not the policy which the company should pursue
should not now be defined and forced on the board. (Hear,
hear.) Reverting to what took place when he (Mr. Ban-
croft) vacated the chair, he might say that Mr. Atkinson
then wrote to him to say that the Great Western Company
were prepared to make an offer, hut that he (Mr. Bancroft)
stood in the way. He thoueht the communication a very
extraordinary and a very unkind one, because he thought
that if he had been guilty of anything be ought to be
brought before the shareholders, and in their presence
accused of it. (Hear, hear.) The allegation against him
was that he had been a party to a traffic engagement with
the great Western, and that after that arrangement he had
amongst the shareholders of Manchester and elsewhere,
induced the proprietors to reject the very agreement which
he himself had made. Ile challenged them to the proof.
(Hear, hear.) He challenged them now to it. He
declared it to be false altogether. (Hear, hear.) He was
incapable of doing anything of the kind. He would make
as good a bargain to the best of his ability as any man
could make, but when he had made it he would abide by it.
The amendment went to show that the subsequent manage-
ment had been successful. The results were before them,
and he rejoiced at them; but he begged to say, with all
respect to Mr. Salisbury, that he claimed some little credit
to himself for those results. (Hear, hear.) When
it was found that no offer would be made for
the property by the G.-eat Western Railway Company,
then the arrangement referred to by Mr. Taunton was
proposed; but he should remind Mr. Taunton that the
offer which he (Mr. Bancroft) then made, was not a traffic
arrangement with the London and North Western Com-
pany, but a lease to that company which would secure
shareholders four per cent. per annum. When that was
offered, then all manner of ridiculous proposals were made
to the board week after week, but they were so foolish that
they ought never to be entertained by any man, and if they
had been adopted their property would have been ruined,
and he said so still. He misted them, and he was glad he
did so. The propositions were rejected, and then he was
told they would be driven to arbitration, which would be
their destruction, Will, they went to arbitration, and
what was the result ? They had more work to do than ever
they had before, and they had a terminus, but had no
terminal duties to do. (Laughter.) Before that, and when
they were not in a position to cultivate a trade with the
London and North Western Company, and other companies,
they exchanged traffic with the Great Western Company,
but as soon as the award was made, the Great Western
Company performed their entire work themselves. Now,
they were cultivating a trade with the London and North
Western Company, and the result was that while under
the former circumstance the tonnage was 21,000, under the
present arrangement for the last half year alone it was
44 000, causing an increase in their traffic receipts of
£B,OOO, whilst, on the other hand, there was actually a
decrease of £554 in the income from the Great Western
Company. (Hear. hear.) They had double traffic now
as compared with whet they had before, and they had it
because they were enabled to cultivate a trade with the
London and North Western Company; and that was a
trade which would increase to an extent that he would not
like to estimate. In conclusion, Mr. Bancroft expressed
a hope that this question would be at once celled, as it was
the only one on which the Directors were divided, and
said that he was prepared to enter into an alliance with the
Great Western, if fair terms were offered. Seeing, however
that there was no prospect of sach an arrangement, at all
events for a considerable period, and also at the prosperous
position of their own affairs, he should support the
resolution. (Hear, hear.)

Mr. Atkinson said that he should tell the shareholders
plainly that there was a division in the board—they were
7 to 4 ; and the shareholders had to determine if the
minority would be allowed to rule the nujority. He
earnestly asked them to deal with that question now, as it
would he for their interests to do so. (Hear, hear.) When
he beoatne a Director he found the Company in a very
miserable state—their shares were depressed, their
property was in bad estimation, and their engines were
in such a bad state that as the Engineer
would tell them it was impossible for them then to have
gone on six months longer. They also knew the then state
of their servants. They had a great many dishonest
servants, and the state of things was so deplorable, that,4l
though he had been in some bad concerns, he had never
entered into one equal to this. The directors then met

Saturday by Saturday, and the business consisted in talking
about port wine. (Laughter.) It was the principal topic
discussed. (Renewed laughter.) They had then a most
curious committee—a committee for detecting robberies—
and in that committee he arid Mr. Cattrell were associated.
Every Saturday they had cases of robbery before them,
and when he observed " this will never do," Mr. Cattrell
replied. " I have been here six years, and I cannot manage
it." He (Mi. Atkinson), however, set to work, and in two
months they had not a case at all, and that was accom-
plished simply by substituting a preventive for a detective
sestem. Mr. Atkinson then eulogised the services of Mr.
Mason, the traffic manager, and adduced in favour of
his own management the progressive increase in their
dividend from 11 per cent., to 3 per cent, a result which
could not have been brought about without exertion and
attention. He thought it essential that the company should
be amalgamated with the Great Western Company, as
without that amalgamation he did not believe its traffic
could be developed. As to the increase of the traffic from
the London and North Western Company, he attributed
largely to the fear of the amalgamation with the Great
Western Company.
Mr. Bancroft denied that there had been any such indulgence
at the board in his chairmanship as that described by Mr.
Atkinson. Their present chairman had even that morning
observed that where he (Air. Bancroft) had allowed one
bottle, they allowed three. (Laughter.) Often had he
(Mr. Bancroft) got up and- left the room, and refused to
let them drink more of the company's wine, (Great
laughter.)
The Chairman observed that the station being in an out
of the way place, he thought that gentlemen who were
engaged there often from eleven to three o'oclock, were
entitled to some refreshment. (Hear, hear.) That
refreshment was provided them—(Cries of " quite right ;"
but it was only on the most limited scale. (Hear, hear.)
In conclusion, the chairman declared that he would be the
last man to amalgamate at par with the Great Western, or
any other company. (Hear, hear.)
Mr. Bennett expressed a hope that after the agitation which
had been caused, Mr. Birley's motion would be withdrawn.
He contended that no parties were more intriguing than thoso
who always avowed independence, and no parties were so con-
stantly running between Paddington and Euston square.
(Cheers anti laughter.) He expressed his opinion that under
a proper arrangement the Great Western was the natural ally
of the company, and that the present efforts of a party of the
proprietors could only have a tendency to prevent such an
amalgamation being formed at a time when it would be proper
to enter into it. If the resolution now proposed were carried,
he urged that it would be impossible he and other gentlemen
could continue on the board of directors, bound by the share-
holders to carry out a policy of which they did not approve.
Mr. Petitjeur protested against amalgamation with the Great
Western. He contended that their true policy was to get
traffic from every line they could.
Mr. Evans hoped no step would be taken which would
prevent them hereafter from entering into arrangements with
whatever company would offer them the best terms.
The Rev. Mr. Birley having replied, the meeting pro-
ceeded to divide upon Mr. Taunton's amendment.
A shareholder asked if proxies were to be allowed ?
The Chairman asked if Mr. Taunton intended to use his
proxies ?
Mr. Taunton replied that he decidedly did.
_ _

The Chairman said when Mr. Taunton was informing
him that he had procured the proxies, he added that he did
so because he never again would trust Mr. Bancroft. (Oh,
oh.)
Mr. Bancroft demanded if insinuations of so unfair and

unjust a character were to be allowed? (Cheers.) He
declared that he had always acted for the i❑terests of the
company, and he threw b Ink the accusation with ail the
indignation it deserved. (Hear, hear, and cheers.)
Mr. Tyrer protested against the directors voting, and he
declared that he should lose confidence in the chairman if
the latter voted on the question.
The Chairman said he was bound to protect his own
property, and therefore he should avail of his right to vote
(Hear, hear.)
The votes being then taken, there appeared—for the
amendment. 21 ; against, 34.
Mr. Taunton demanded a poll.
The motion of Mr. Birley was then put, when there appeared
29 for, and 21 against.
Mr. Taunton demanded a scrutiny.
Mr. King : I should think Mr. Taunton will scarcely dare
to use his proxies.
Mr. Taunton : Will he not, Mr. King ?
Mr. King : Yes. I use the word dare, because I contend
that every shareholder not present is entitled to a proxy.
Mr. Taunton : I shall certainly make use of them.
Mr. Salisbury and Mr. King were then appointed scruti-
neers.
The Chairman moved that the dividend be declared at the
rate of £3 58 per cent.
Mr. Bagnall moved, as an amendment, that the dividend be
at the rate of £3 7s W.
Mr. Oliver seconded the amendment.
The question being put, there appeared 25 for and 25
against. The original motion was therefore carried by the
casting vote of the chairman.
The meeting was then about to resolve itself into a special
meeting, according to the terms of the notice, for the purpose
of submitting to the proprietors, for their consideration and
approval, the draft of a bill to be introduced into parliament
this session to authorise the company to purchase or hire steam-
boats, and to stop up part of Canning street, Birkenhead, and
for other purposes.
Mr. Beloe moved, in consequence of the lateness of the
hour, and the importance of the special business, that the
meeting adjourn to Wednesday, and that the result of the
scrutiny be then also declared.
The motion was agreed to, and the meeting adjourned to
Wednesday, at one o'clock.
It appears that the number of proxies held by Mr. Taunton
is more than sufficient to turn the scale against Mr. Birloy's
resolution. Before the meeting broke up, Mr. Beloe asked
whether any votes could be taken beyond those given that day,
to which the solicitor, Mr. J. B. Lloyd, returned a decided
n egativo, the division having actually taken place, and the
secretary having merely to decide •clefinitively as to the
numbers and the result.

NEWRY, WARRENPOINT, AND ROSTREVOR RAILWAY
COMPANY.—The ordinary general meeting. of the
shareholders of the above company was held on
Saturday, in the Clarendon rooms, South John
street, for the purpose of transacting the usual
business of the company. F. Shand, Esq., the
mayor of Liverpool, and the chairman of the board
of directors, took the chair on the occasion. The
Secretary having read the notice convening the
meeting, the report, which was published on
Thursday, was submitted to the shareholders for
their approval. The Chairman, in moving the
adoption of the report, and the statement of
accounts attached to the same, said, it would be in
the recollection of the • meeting, that at the last
meeting they had retired with the understanding
that some endeavours should be made to come to
some arrangement with the Newry and Enniskillen
company. Of course the directors had some
difficulties to contend with in carrying it out, but
he thought, on the whole, that it would be con-
sidered satisfactory. He then briefly explained,
that before carrying out the arrangements, they had
to obtain the sanction of the Board of Trade, and
that the surveyor from that board was then
inspecting the works. If he gave his approval to
it, all would go on right, but if not, then they
would have to contest it with the company, in order
to obtain the same powers that they formerly pos-
sessed. He concluded by moving the adoption of.
the report. Mr. Charles Holland seconded the
motion, which was unanimously adopted. On the
motion of Mr. Heath, Mr. C. Holland and Mr.
Lupton were appointed directors, and Mr. 13ird the
auditor of the company. The usual amount of
1201. was voted for the use of the directors; after
which, a vote of thanks was accorded to the chair.
man, when the meeting separated.
METROPOLITAN.—The half yearly meeting was
held in London, on Saturday afternoon. The
general statement of receipts and expenditure
showed that there had been received since the last
half-yearly meeting held in June, 1856, for
advance of calls, 6482/. ; loan account, 20,000/. ;
and interest on balanc3s 115/, Os , making the
total receipts to Dec. 1856, 149,7991. 19s. There
had been expended during the same period for
parliamentary and engineering charges, 7761.
purchase and deposit on land account 10,0001;
office disbursements 4071. l s. 10W. ; interest cn
cash in advance of calls 821; 6d. ; and on loans-
-4861. ls. 10d., making the total expenditure, with
27,6251. Os. balance in hand, of 149,7991 19s. The
Chairman, in addressing the meeting, said it pre•
sented an unfavourable contrast to that of the last
meeting held at the London Tavern, and he regretted
he had to occupy the chair that day. At the last
meeting he thought they had emerged from. their
languid and dependant state, but circumstances
had shown the contrary. After referring to Mr.
Ricardo, M P., guaranteer of a certain number of
shares, and to become the chairman of the corn
pany, he said that money, however, instead of
becoming cheap, as was anticipated, after the war,
had become scarce and dear; and Mr. Ricardo
made an offer to the guaranteed shareholders to
cancel his agreement with them, and to return the

money. The offer had been generally accepted'
and now the guaranteed was only covering -s
nominal amount of capital, while Mr. Ricardo
feeling disappointed at the result of his opera-
tion, had resigned the chairmanship of the
company. He hoped the shareholders would ba
satisfied at the explanation he had given of the,
proceedings of the last half year. The deposit
of 10,000/ mentioned in the account had been
paid in respect of the land contracted for with the
Corporation of London, and the 20,0001. on the,
other _side of the balance sheet had been placed 01;
the London and County Bank after the failure o', '
the Royal British Bank, who held at the time °`
the failure 5,0001. of the company's money. Aft%!
some further remarks he said that this corapan,J
was started on the reliance of support from toe
Great Western and Great Northern Railway C
panies, and added that it would be useless for tills
company to proceed with the works unles the
shareholders were determined and were ready' to
meet repeated calls. Ho thought it an under'
taking that, if carried out, would be successful.
The Great Northern, owing to the lossess from
Redpath's frauds, was now unable to render assist'
ance, but it was hoped that the Great Western s;
way was getting into a position to be shortly OA
to assist this company. He thought they nigh
rely on the cooperation of the Corporation et
London, who must be most anxious to see Oise
portion of the line complete, in connection wit"
the New Cattle Market. After some further r'r
marks the chairman said the business of to dale
was to adopt the accounts, and to proceed to Of
election of directors. He explained the absence °f
a report from the transition state of the company'
and asked the shareholders to place confidence i
the Board as to their future operations. Afteri
.
some discussion, the Chairman said that the
expenses for the ensuing year would be betwee,'
4,000/. and 5,000/ , and that by the next half yeare'l
meeting, if not before, the shareholders would 0
called together to decide whether they would 01
tinue with the line or not. The statement ,0e
accounts was then received and adopted, and
retiring directors re-elected.
EAST LANCASHIRE.—The half yearly ordinal./
meeting was held at at Bury, on Friday, Mr. 111°„9'
Dugdale, chairman, presiding. The elision%
moved the adoption of the report. The increase
during the past half year had produced in the go'`
receipts £18,658 more than was received duril
the half year ending December, 1855, and that
increase had been obtained at the small additiolia`
cost to the working expenses of £2,168 ; thereby
giving an increase of profit of £16,490. That au a
would enable them to raise their dividend front l"
3 per cent declared for the halt year ending D,ee.`
1855, to 5 per cent for the past half year, and in
was the more encouraging when it was considers.",
that they had to provide for an increase to theion
fixed charges, amounting to £1,034, the gust;
required to pay the dividend on preference ot°,4
sold since Christmas, 1855, and the increase of
interest on their loan, consequent on the big
price of money. Still, the high credit of 101.„"
company had enabled the directors te, horror
money so as to keep the average rate of ifslt.
terest to be paid on their mortgage debt Pe
£4 6s 7ed per cent, and in no installeh
during the pressure in the money market Wil,s'ea
had affected the whole of the past half year, Peer
the directors had a higher rate to pay than 41 pd
cent. The diminution in the working expete
alluded to in the report, had not been accomplish
by any imprudent or false economy, as the accone°,,,
showed that £4,642 more had been expended tnici;
in the half year ending December, 1855, in auto
substantial repairs as had been necessarf
keep the line and rolling stock in good wor!cle;
condition. The saving had been effected bYse
reduction in the consumption of coke, oil, tallotor
and other stores, equal to about Id per mile ',
every mile run. He might mention one very salra.
factory result of the half year's working, that 101
upwards of £lB,OOO had been received of increAse,
of
traffic, and 33,830 additional miles had been rust
as compared with the corresponding -period "f
1855, there had been an actual.
'reductionr,,
£1,215 on the entire locomotivs, charge. 'Lhe
is
directors were satisfied v;',/t.,ii the rese*ef
of the change made i a the • manner &be
upholding the permaner.'t way. Ultimatelleeo
report was adopted, and the meeting wase+Tae,
constituted an extraordinary general nsepeet
" For the purpose of authorising the issuing 'Tle
the provisions of the East Lancashire 13,alets1
Act of 1851,` of new shares representing a °Net!
not exceeding £65,700, in lieu of the for
shares now in the hands of the Company." ste
Chairman moved a resolution, read by the see,
tary, authorising the above sum to be raised by et
preference shares, which should bear intereedlej
the rate of 5 per cent. The motion was sea°l/te of
by Mr. Riley, and carried; and, with a vci`ier•
thanks to the chairman, the proceedings
minated.
es MID KENT.—The meeting was held on Sat eedes Ycl
W. Dent, Esq., in the chair The accounts sn°-eef
a balance in Court of Chancery and at banker the
£6,736. The agreement, as proposed with se,
South Eastern Company, for the working, uid
maintenance, and otherwise by them of the e.
Kent Railway, was submitted. As the former lie
pany had since authorised a competing line' tee
proprietors of the Mid Kent Company, 00,1
motion of Mr. T. Atkinson, seconded by gr. one
motion
Gregory, refused to confirm the agreement betty ea
the two companies. It was stated by the chair
that they were on the most friendly terms With to'
East Kent and Crystal Palace companies. s° !Ie
secure a direct terminus with these corneal- to
and that the engineer was now in a conditioary;
commence the works of the Mid Kent line asp to
posed, so that the disagreement with the Swill
Eastern Company would, he hoped, ha -se no
effect on their undertaking.
WIMBLEDON AND CROYDON.—,The
meeting was held on Saturday,, Mr, W. I.l,eee-080
the chair. It appeared tlea.t the line haue," oa,
leased to the Brighton te
-ompany for twenle-°„,01
years, which would realise 4 per cent., exchinlY"
the management, A dividend of 4s per share ilrt;
declared.
WEsT END TIAILWAY.—This railway" is e
to 10:00'
terminus twenty two acres in extent, at tile aof
suspension bridge over the Thames, at the e°e
Slimne street, which will be a most convenient "
013
for the neighbourhoods of Buckingham palace
„/
Beigrave square There will also be a most 00-sese
nient steam boat landing pier, from which Pally/ell
gers will have direct and immediate access see
the station. The works on the station betnseat
Clapham station and Battersea fields now erecteof
a very busy scene, and Messrs Bidder and r tieeedY
- the engineers, report that the line will be '" tee'
for traffic about the beginning of 1858,wileltieun'
public will have the facility of a west end terwstel
for Dover, Brighton, Portsmouth, and the ,9,7.1109'.
Palace. The portion of the line between "AO'
worth Common, the Crystal Palace, and I)°`"erlf
Bridge is already open, the trains running Tee;
every half hour. The traffic is already very --st
and when it is considered that the total 0° .v 1
the line per mile, including land and works'y tley
every expense, will not be more than the
per mile for land only on the North Lon&';fieelea
way, it is thought that the West-end Railway jets'
complete, will prove to be one of the enoet re
nerative undertakings in the country.. held at
M!DLAND.—The hale yearly meetisag sells,;r
Derby on Thursday, Mr. J, Ellis in the ciel°,,ea.re'i
resolution to the effect that a dividend be 'II- Oly
at the rate of 41 per cent. per annum on
stock was carried, as was the
powering the directors to borrow 225,00 a tie%
directors were re-elected, The
Leicester and Hitehin Stock. The re-- WO
also a resoluticl
afterwards made special, and a re
passed empowering the directors to raise a fueeet'
capital of 005,0002., in Cl. shares, by 43gder t?,
preference stock, with power to each "-a tide
merge the same into consolidated stock, atc the
fixed in 1860. The chairman announced theed Pe'
average rate of their loan interest was 41. OS
meeting
Sher
cent.
Accounts from Genoa speak of great gaiety Penni:o°
there of late. Amongst the g
of rand balls given in ""abet
the carnival were that of the Marquis DurazO, rook
the Duchess d'Orleans and the Count de Paris weresPoiaoSia•
and that of the Marquis Serra, to which all the fig
the city were invited.

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MONETARY AND COMMERCIAL.

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There LIVERPOOL, Saturday Evening.
~o 'vas e 'vas no material change to notice in our
" Market to day, which remained steady, with
led 016,000 bales, including 1,000 on speculation
Les
The ‘looi
led a "verpool Share Market was firm to day,
tls,,,Moderate business was transacted, as was
e'ue case on Manchester Stock Exchange.
11.4 e the
gall'4.°l3eY Market keeps stringent. To day a
active demand was experienced both at the
tseci,!Lnd the various discount houses, and acco-
,igtzee could not be obtained by first class
retlter under 6 per cent.-in some instances
to higherbe rates being paid, No relief is likely
is gehetPelienced until after the 4th proximo. It
lheil'erLdlY anticipated that an improvement will
klter,
'se,Pnnnence, though, of course, any sudden
besit;°4 is not thought probable. Meanwhile
ere, ! generally is in a healthy state. The fail
the la the Greek trade will not be felt much by
ehiepereareile community, as the losses will be
The ;37 among the houses engaged in that trade.
4nreense field of trade upon which the Greeks
"e lat
1111),,„,,eY entered, apart from their speculations
late di and public securities, account for the
esAeci gagters ; and losses on foreign adventures,
tatecfti, in the Black Sea, have no doubt preeipi-
""lB unfavourable result. A small failure
to daa,noonneed on the London Stock Exchange
tegl3. The liabilities are trifling. The Bank of
Siertia;nd returns published in our paper of this
eftettng, although so favourable, have not had any
'ere
ellP°n the value of English Funds, which
by tZerY heavy to day. Speculators are deterred
that., , dearness of money, and the high rate
kete" for continuation induces many parties to
,karei.ne their operations for the present. The
11 a
111; i 8 therefore left almost exclusively to the
the e-nee of the arrangements connected with
geat-vroaching settlement, which takes place
wire week. Neither financial nor political
ittegti stimulate operations, and prices conse-
t,„tioeehY undergo no material alteration, al -
The
-° the tendency is rather downwards.
qtll,sPects of monetary affairs, the buoyancy
14Dae,':entes, the arrivals of gold, and the further
'1(1 el::: expected, exert no beneficial influence,
(4eae...° Probable that the market will remain in
Ithiye.'" uncertain condition during the next few
'N A Unless unforeseen contingencies arise,
native; an advance, rather than a decline, may
tiotk ClPated, for the tendency of affairs generally,
,'telise,r, lie and on the Continent, is encouraging.
e Confessed that the pending struggle in
NeCent produces some depression among the
'11;14 „"°rB-at all times sensitive-but the prin-
61:gunse of the existing flatness is the stringency
etheYinneY Market, and the paucity of business:
iortr for transfer were 93k, 93i, a. and 93-t, ,
ti,tereec.s,th Proximo, 931, 1, and at 931 they were
f
4PriC'lY " buyers and sellers." For the Bth o
Thr there
were transactions at 941, t. The Nell,
to 9e4e Per Cents were 94 to 04t, the Reduced 93e
Nell'. and India Bonds under 1,0001 5s discount.
toeitt2'clbner Bills were 2s discount to 2s premium,
'citlsueenavY ; the advertised were par, and the
LorWo, kollowing list shows the fluctuations in
18 during the past week-
)/ Lowest Highest Closing
opda prices. prices, prices.
Y .... Money ••• 936 931 931
Account .. 931 93g 93g
... • •
IdaY m 931 94 94
.
Account .. 93& 94 94
ttill°4l .
4Y ...... Money • • 93;44- 931 937-,
'44 •
rad 93g 937-, Account .. 9314
. M 934 93g 93g
....... Money • • 4
,4 Account .• • 94 Y . 94 94
..... Money
. • 93a 93g 931
1,4,4
Account • • 93/ 94 931
•.. Money .. 931 934 93,1
93.-1 931
f Account .. 93.2
Pe2:i ware but few transactions in the Market
p°r-;:rIn Securities to-day, and the fluctuation
Irittl,rj!ie-,--q: Was not of an important character.
''x Per Cents were 967-i I, but late in the
,7titila-un they improved to 961 97. The Four per.
Z,lly-were not officially dealt in, but were nom.l-
- Spanish Three per Cents. were 401,
ellee" Steady, Sardinian also brought previous
Zere-n"' viz. 91, Russian Four and a-Half per Cents.h
k/v(l` addgBto 981, and the Small Bonds 99. Dutch
a-Half per Cents. rose to 65 and 657e.h n
iittek- Per Cents. were flat at 987 I. Mexicaa,
half 1,!8.8 higher, viz , 224, Peruvian Four and
Cents.
er Cents. were 81k, Chilian Six per
'll4°l Brazilian Four and a-Half 'per Cents.
:tke Loudon
)714,h4-I,.ondon Railway Share Market was rather
"iiitar: to-day, and after official hours a large
01%4,1.1seras transacted: at. the following quota-
`knThergate, Nottingham, Boston, and
Junction, in- ex d ; Bristol and Exeter,
Z°l3,l:,:aeix d ; Caledonian, 684, 681 ; Chester and
~P.,l4Etße' 37, 38 ; Eastern Counties, 101, 11; East
i)lee ,i'ure, 99, 101 ; Edinburgh and Glasgow,
,516:
ib"rekt%.' Edinburgh, Perth, and Dundee, 364, 3ig
e",etite,orth,,r -95 96 ; Great Southern and
e-x‘a (,tel'aTlrld'), 111, 113 ; Great Western, 671,
ill!ll:Ftm.Qt, Lancaster and Carlisle, 74, 78 ;
iNllte 'le and Yorkshire, 101, 1001 ; London,
and South Coast, 1081, 1091 ; London
()rtil Western, 106, 1064 ex d ; London and
-)10 nr ester 1054, 1054 ; Manchester, Sheffield,
D° Blncolnsllire,
374, 38 ; Midland, 824, 83 ex d ;
B'Bo:llnghatu and Derby, 54, 55 ex d ; Norfolk,
,eerwir',...lNorth Brir;sh, 45, 46; North Eastern--;
•,ae 87, ee ex -eat Staffordshire, 54, 4g
30t1t,fGrd,-Worc-seSter,'-and IVolverhampton, 29,
41111,1_45h Central, 106, 108; Do. Midland,l,; 71,73;
loilqiel_°tern, 76, 77 ex d ; SouthWa , 84, 85 ex d;
q,loPateshire, 95, 97 ex d ; Hull
sant: Selby,
°. I) ex d ; Eastern Counties, Ex.per. i, ant
ttltik a pm ; East India, 112, 114 , Gran
Gti of 4
%,,a• 5 Canada, 50, 52 ; Great Indian Peninsula
P,'" A Per Cent 218, 214 ; Great Western of
i'llta,ll-9eShares, 24, 254 a ; Madras Gua. 41 per
ofl)141,; st';29,} ; Do. Third Ex., Gua 5 per Cent, -1.
ne 'nue Gua 5 per Cent, 2, 24 pm ; Eastern
ilfali,;4G-1.-eecilt32l. 334 ; Great Central France, 4, 41
140, Luxembourg, Constituted Shares, 64,
4enevc;',hoardo-Venetian, 64, 6i pm. ; Lyons_7 and
Ogle: 299, 301 ; Namur and Liege, 81,
1,(
ILefer4,4 of France, 39k, 391 ; Norwegian Trunk
'4 9, ; Paris and Lyons, 571,-. 574; Paris
-41 l'-'eaus, 55, 57 ; Royal Danish, 18, 20 ; Sambre
eauße 84 9 • West Flanders, 44, 11411 e ''
1?Ilt n-I:riv ala of specie during the week sum up
1)1g:1479,000/, in the following vessels :-the
r,f,a. '
from the Mediterranean, 11,5261; the
1,1,41,,,41ef from Melbourne, with 72,312 ozs gold,
bg (481 ; the Witch of the Seas from the Cape, 1
and silver ; the Albion from Boulogne,
(11et bassi, ; the Vesta from Oporto 7 boxes
41`I'rsee°111 ; the Barcelona from Spain, 40,000
A b, e 4,000/; the Baron Osy from Antwerp,
ictveks-,eB of bullion ; the Telegraph from
41 Y."o
4' 6 cases of bullion ; the Alps from
ts rk
kl),,d 4,000 dollars; and the Judah Touro
4eY, with 24,000/. The exports have been
qr,),,,
000 ;Moe.' viz., by the Hermann for America,
do the Petropolis for the brazils, 80,000
4 4,
Illeta)official return of the exports of the pre-
p
eltitOß Of
1S from the port of London for the week
at Bees February, show a total export of 22,030
, ,
-` gold and 76 000 ounces of silver, valued
111veli"„u0,000/,
pqweeit, ?ect to the movementsthinismdi
anye s
saysduring
%ha' to, 'le Mining Journal. of
:--
genres days early in the week business in
i4-141dull, and there was a preponderance of
111)1.' Market ; during the latter part, how-
ket4' $lll-",,68 improved, and a fair demand sprang
1)}111t4 and in several mines in which improve-
)7y
rijci discoveries were reported. Lead appearsliq al. _
th'nf?, tin keeps at a remunerative price, and
! Throes largest business of this week has been in
eat ostly in the west of Cornwall."
bpi:re -18ti.`e of trade in the manufacturing districts
o "ebaclY- At Leeds the attendance of
I°De tlife Piece Goods has been•limited, and very
qe,Nte first class have evinced a disposition to
fllgPs e")t the home market. The Shipping
Ihq.'ll:ll,e;°.ntinue rather actively employed, and
,Qll,4i'lles°_,ns rates are supported. At Bradford
vice'4ese""eo trade ruled very active, and a large
wae done, at prices slightly above pre-
tihrplotati
°"s• Yarns have also exhibited an
t,
tendency, and spinners do not now

complain of unreniunerative prices. For piece
goods there was an active demand for all qualities
suitable for shipment.
The Produce Markets during the week have not
been so active. For most staples, however, late
rates have been realised, and the diminution in the
enquiry can only be accounted for by the extent to
which the retailers previously increased their
stocks. Sugar has been quiet, but very firm. West
India descriptions have been very little offered ;
foreign has been taken in at high prices ; and
refined sorts have slightly advanced. Very little
Coffee has been brought forward, and the market '
continues firm. Tea has been rather cheaper.
Rice has been in active demand at full quotations,
but Rum has been dull, without change in prices.
In the market for Spices the operations have been
very limited, but Pimento has been dearer.
Holders of Saltpetre have been firm, and very little
business is recorded. Tallow has not been active;
but a slight advance has been obtained.
The following are the Gazette average prices of
Muscovado Sugar, for the week ending February
24th, 1856, exclusive of Custom's duties payable
thereon, on the importation thereof into Great
Britain :—From the West Indies 38s lid per cwt.
From the East Indies 36s 41d per cwt. Average
price of the foregoing descriptions 37s 51,1.
There has been a fair amount of business done
in the Liverpool Wool Market during the past
month, with a gradually hardening tendency for
long stapled, bright haired assortments, which con-
tinue scarce. In some branches of the trade there
are complaints that the high prices of the raw
material are interfering with consumption. The late
returns of the Thard of Trade however show a large
increase of exports of woollen manufactures
Messrs. Perkins and Robinson's circular just issued,
contains the following with respect to the move-
ments in the trade.

The businesi transacted in this market has been by
private treaty. For both white and black Egyptian
Fleece the demand has been good, and the prices obtained
in some instances id per lb above our last quotations.
There is but little Oporto Fleece offering ; but the quota-
tions are obtainable for well managed lots : Lambs and
Cotts are firm without change of moment. A parcel of 80
bags unwashed Oporto Fleece was closed for on landing,
at 7d per lb. Turkey Wools of first quality are scarce and
wanted ; scurfy parcels are not saleable. Bosnian and
Albanian Combing Fleece would sell freely at extreme
value, but the supplies are very short. There is a good
enquiry for Russian Lambs and Autumns of the best
qualities, with every prospect that it will continue. Some
large sales are reported of good Combing Donskoy Fleece,
to arrive, at lOad per lb; nothing doing on the spot for
want of stock. Iceland is very scarce. The better
qualities o!' washed Peruvian, nearly free from kemp, are
sought after, but the medium qualities do not move so
freely, though moderate sales have been made. Greasy
Peruvian and Chilian, of the finer breeds, are very sale-
able, inferior and medium are not in request. There has
been a good inquiry for Italian shorn Lambs and Fleece
at higher prices, and some fair to fine Shin Lambs have
changed hands. Of Alentijo Washed Fleece, 60 bags of
first class have been placed at satisfactory rates. The
transactions in Alpaca have reached several thousand
ballots (chiefly to arrive), at from 2s 10d to 3s per lb. ;
the latter price is obtainable for the best assortments,
Mohair is in good demand. There is little to
notice in Buenos Ayres or Entre Rios. Stocks
arei exhausted. In Australian, several parcels of late
arrivals have been disposed of at very high prices.
Scotch—The receipts have been very limited ; moderate
sales in Cheviots at full prices. Nothing has been done in
cross, owing to the high rat es demanded No business in
white Highland, all being cleared. English and Irish—
Owing to the small quantity to be met with, and the
extreme rates ruling, there has been scarcely anything
doing; holders are very firm. In combing skin there has
been a good business. Short pulls are not quite so ready
of sale.

Messrs. Du Fay an•i Co., of Manchester, in their
circular just issued, give a very elaborate statistical
account of the number of spindles at work in the
British empire, the consumption of cotton, Scl. &e.
They state that their estimate of 1856, of 28
millions of cotton spindles, or 27 millions actually
at work agrees with the official return
just published ; and goes on to say—

From 1845, up to the present time, we have added
annually about 800,000 to a million of cotton spindles to
the number previously existing. The largest proportion
Great Britain has consumed of cotton, compared with other
countries, was 56 per cent.; last year its share was only
511 per cent., but if we consider that it is much more
difficult to keep up the per tentage when a high point is
attained, than when a beginning is made, we see nothing
to cause apprehension in our present position compared with
those of other countries. What has been against the
manufacturing interest of late, is the high value money has
attained. Ia former years money was generally cheaper in
England than on the Continent; now the reverse is the
case. On the other hand, a rapid increase in the manu-
facturing power or industry of the country is not likely
to take place when capitalists can, as at present, make a
handsome interest for their capital, without fixing it in
the bricks and mortar of a cotton mill, If our industrial
establishments are receiving a check from various
causes, the agricultural interest, on the other hand,
is, or has been, gaining ground; and a nation that
cultivates, both agriculture and manufacturing, is subject to
less eventualities than by directing its wealth into one
channel only. We have recently heard and read a good
deal about Cotton, its insufficiency for our wants, and the
probable course prices would take. Let us merely remark
that this is not a question of a comparison of one year with
another, or a more or less enhanced value, but mainly,
whether the production of the staple has kept pace with the
consumption. The consumers have hitherto looked too
little to this point, until the result of the balance sheet of
trade—the reduced stock remaining at the end of the year
—has stared them in the face. In order that the incomings
may be proportionate to the outgoings, it is necessary that
due economy be used in working up Cotton. The present
high prices dictate that course; and we care not how long
they may last if they have the effect (most positively
expected) to lead to a larger production of Cotton, and
increase thus the stock in this country. This point once
attained, prices will soon find their natural level. Th,e larger
the crop in America, the better for this country.
The following, respecting the movements of the
Manchester Market during the month, will prove
interesting :
The transactions in Yarns have been rather consider-
The impulse the Liverpool Market received,
gave a short lived activity to our own, but, as it often
happens, reaction was greater than the advancing
tendency. p1-1,-..es have reached a height which renders all
speculations dangerOs ; aid while no downward move of
consequence is feared, ,an upward course is still more
doubted ; therefore we shat; !move quietly and cautiously on
until it is decided by some face of importance what the
future course of prices is likely to he. 40's mule, of good
quality have been in request, while the lower descriptions,
not being in request for India, and °they markets, were
neglected, and prices in favour of buyers. Double mule,
from 40a upwards, keep in good request bc,,th for
Yorkshire and foreign markets, and prices particularly in the
higher counts, are against buyers, and will remain so as long
as Wool is high and stocks remain small. The transactions
in Goods have been of a considerable extent. 5-4 Shirtings,
which were neglected and lower in proportion than most
other goods experienced a slight advance of lad to 3d per
piece in the middle of the month, partly caused by the rise
in the Liverpool Market. Since then less has been done in
this description of goods ; on the other hand 7-8 and 9-8
Printing Cloths, in the better qualities, continue to be much
inquired after, more particularly in the latter qualities,
which are again rather dearer. Our printers are bare of
stocks, but show much reluctance to operate at market
prices, because the finished article has not as yet risen in
proportion to the grey cloth. Foreign markets are not as
fully supplied, at present high rates, as they are when prices
are lower, but stocks abroad, once reduced, the advance, if
really warranted by eircumstances, will be paid more
willingly. Domestics have experienced a slight improve-
ment in price, owing to a reduced production, and if the
latter continues to extend, the manufacturers f this article
will then make an effort to raise prices proportionately to
the preset value of cotton.

From Messrs. Connal & Co.'s Glasgow monthly
circular, dated this evening, we learn that the Cotton
Market there has been pretty active during the
month, and prices of American are kd higher,
whilst, from their great scarcity, Sea Island have
advanced 24 per lb. in two months..- The Pig Iron
Market was very quiet, about 73s to 73s 6d, till
within the last ten days, 755. The stock in yards
amounts to 28,500 tons Tobacco is without
alteration in value, and the demand continues fair.
The sugar market has been quiet, but prices have
advanced is per cwt. From the very small stock
in importer's hands, affording buyers no selection
of qualities, large parcels have been drawn from
the Liverpool market, consisting principally of
East India of lower desgiptions. Rum has been
neglected, and prices are Id to 2d lower Nothing
has been done in Coffee. The Tea market is quite
bare of stock, and no transactions have occurred.
The Railway Alectings have been numerous
during the week, and we proceed to give a very
condensed epitome of their results :—Birkenhead,