The Sun.
London, England, 1855-09-01 00:00:00

SOUTH YORK:511I RE.

__—
The half-yearly meeting of this company wal held yes-
terday at Sheffield ; Dr. Dymond in the chair.
The report stated that the passenger and goods traffic
for the past half-year showed a satisfactory increase of
about 3,0001. over the corresponding period of 1854.
New terms have been settled with the Great Northern
Company. The directors recommend a dividend of 11
pmr cent. per annnen, atter paying all fixed charges. The
revenue account for the half-year ending the gOth of
'Junea.tt r ay
paying debenture
that 21,735/. had been received on the rail-
way, and 13,4311. expended, leaving a balance of 3,3031.
debenture interest. On the navigation the
receipts amounted to 23,0071., and the expenses to
17,731/., leaving a balance of 5,226/. On both revenues
there was a balance available for dividend to the ordi-
nary shareholders of 11,3991, Bs.. 9d.
After some discueaion the motion for the adoption of
the report was carried unanimously.
A dividend at the rata of 4 per cent. per annum on
the gaarantnd shares, and one at the rate, of 1 pet ,

THE PRESENT STATE OF DENMARK.

The present situation of Denmark is the subject
of the article in the Paris Constitutionnel of yes-
terday. Our contemporary's observations are two-
fold—in the one case, relating to.the general posi-
tion of that country, in consequence of the conduct
of the Chambers in authorising the Government
to suppress the constitution ; and in the other,
more particularly discussing the probable conse-
quences of the notice given by the Government of
the Udited States of its intention not to renew the
treaty which has now for some years existed be-
tween them and Denmark, relative to the payment
of the Sound dues. The first part of the article is
of too general a character to require any particular
notice, but the observations of our contemporary
on the second subject aro of sufficient interest to
call for extract. Tho Constitutionnel, after nar-
rating the circumstances of tho denunciation of
the treaty by the United States, says :
"The American Cabinet, far from asking for a dimi-
nution of the dues like other States, bring the question
to a close by declaring that they will not pay anything
more. What will this pretentian lead to ? It appears
difficult to believe that the United States should succeed
in thus regulating, for their own account, a matter which
interests the mercantile navy of the whole world. Could
the United States be freed from the Sound dues while
the other maritime nations continued to pay them the
trade of the Baltic would soon be closed to all but the
vessels of the Union, which would have an immense ad-
vantage over their competitors, The question of the
Sound dues can evidently only be settled by common
agreement, and by a sort of general congress of all
nations."

The Constitutionnel then proceeds to examine what
will be the probable effects of the United States
persisting in their determination not to come to
some arrangement. It says
:
"If the United States persist in refusing the pay-
ment of the duties, and in declining all negotiation,
then either Denmark will let their vessels pass, in
which case no other vessel of any nation whatever will
consent to pay the toll, and Denmark will lose the
brightest jewel of her crown and the most considerable
part of her revenue, which would be equivalent to the
loss of half her territory, or, the Danish cruisers will
stop the vessels of the United States on their passage,
and, if not, the forts will sink them. In that case there
will be a war. We need not pause to explain all the
consequences of such an event, especially in the present
state of Europe. Were such a contingency to be
realised, it would be hardly possible for European diplo-
macy not to intervene, actively and with sufficient
influence, in a dispute in which all commercial na-
tions have a serious interest. In point of principle,
diplomatista would inevitably declare against the
pretension of the United States. The latter say
that the duties levied by Denmark on American
vessels in the Sound exclusively result from a treaty
by which the United States had consented to this tax,
but that now, this treaty having expired, Denmark has
no right to continue to levy it. Denmark, however,
maintains that her right is universal ; that the treaty
concluded with the -United States, like those concluded
with other powers, only regulated the exercise of this
right ; that the Danish Government has enjoyed it from
time immemorial, and that, even were the origin of the
right in question open to doubt, it now exists by pre-
of
more,a argument ennott haspe somenmar
fo weightrso; andon long
istciittnioldn. This
have
a time taken undue advantage of her position by exorbi-
tantly stillline
increasing the Sound duties, and arbitrarily modi-
fying them, ten
incon-
venience in commercial arrangements. It is thus that
this povier has prepared a storm, and rendered every one
hostile to a tax which, had it been established with more
moderation and subject to less change, would undoubt-
edly haw) oputinued to be paid without opposition."