The Sun.
London, England, 1852-09-10 00:00:00

i/
,~~

.-64.

N°.18,712.]

BRITANNIA LIFE ASSURANCE
COMPANY.
1, Princes-street, Bank, London.
Established August 1, 1837.
Empowered by Special Act of Parliament, 4 Viet., cap. 9.
Cuitamilq—Colonel ROBERT ALEXANDER, Blackheath Park.
ADVANTAGES OF THIS INSTITUTION.
INCREASING RATES OF PREMIUM.
A Table especially adapted to the securing of Loans or Debts, and
to all other cases where a Policy may be required for a temporary
purpose oily, but which may be kept up, if no essary, throughout
the whole term of life.
HALF•CREDIT RATES OF PREMIUM.
Credit given for half the amount of the first seven Annual Pre-
miums, the amount of the unpaid Half• Premiums being deducted
from the sum assured when the Policy becomes a claim.
SUM ASSURED PAYABLE DURING LIFE.
The amount payable at the death of the Assured, if he die before
attaining the age of sixty, but to the assured himself, if he attains
that ace, thus combining a provision for old age with an assurance
upon life.

NEW NOVEL BY MISS PENNEFATIIER.
Now ready, at all the Libraries, In 3 vols.,
E LEN TALBOT.
By Miss PENNEFATHER.
" alias Pennefather, the daughter of the late Lord Chief-Justice
Pennefather, has In this, we believe her first work, evinced much
literary ability. All will admit that ' llelen Talbot' is a beautiful
incarnation of womanly leeling, dignity, and grace. The fashionable
circle in which the principal personage of the novel moves is ani-
mated in a high degree, and is drawn with a bold and graphic pencil.
We have no doubt that many of the leading figures are painted from
originals, and that in Lord Montague, Sir Reginald Talbot, Lord
Ravensdale, and others, those conversant with fashionable life will
recognise living acquaintances."—Globe.
Colburn and Co., Publishers, 13, Great Marlborough-street.

RAILWAY INTELLIGENCE.
SOUTH-EASTERN.
The half-yearly general meeting of the South-Eastern
Railway Company was held yestetday at the Bridge-
house Hotel, London-bridge, Mr, J. MacGregor, M.P.,
in the chair. The attendance of the eroprietors was
numerous.
The report of the directors and statement of account,
which appeared in The Sun on Monday last, having been
taken as rend,
The CEOLIRIVIIN rose, and, in moving the reception and
adoption of the same, said—Gentlemen, we trust that the
report and statement of accounts which have been laid
before you will have your approbetion. It a eompsrinm
be instituted between the half-year terminating on the
31st of July and the corresponding half of last year, it
will appear that there has been coneiderelle economy in
all departments of the company's service and an eco-
nomy which the directors hesitate not to say hag been
arrived at without any reduction of staff, and with
every liberal provision for the public e)rvice and se-
curity. The increased charge upon revenue during last
half-year over the comparative half of lasi year, amounts
to 10,298/, Os. Bd., and is to be attributed to an
increase of 5001. in the rent of too Greenwich
Railway, and to the additional capial expended
in the approaching completion of the com-
pany's lines and works, and the large stock of materials
necessarily purchased for their use. The ncrease in the
amount of capital expended between the
,wo periods is
422,6141. 3s. 5d., and there are 27 additenal miles of
railway open. The proprietors will obsere that during
the three months of the last half-year, prir to the com-
mencement of a comparison with the peiod when the
Exhibition traffic commenced, the traffic rceipts showed
an increase of 14,8331.,95. 11d., and that ;se subsequent
diminution in the traffic was entirely in though, or con-
tinental traffic. Judging from the fact ani also from the
receipts since the Ist of August, the directors are san-
guine that, after the 11th of October, whm last year the
Exhibition was closed, the earnings of this half-year will
be greater than they were in the half-year ending on the
31st of January last. The comparison of last half-year's
traffic with the comparative half-year of 1850, is de-
cidedly satisfactory, as it shows an increase of
53,111/, 7s. sd. The use of periodical tickets on the
line is steadily increasing. The in c ora o received
of July last was 16,7691, 4s. Bd. a ;
ga-rst 13,1871. from
from that source during the year endng on the 31st
the same source for the year ending on the 31st of
July, 1851, showing an increase of 3,;81/. 12s, sd. of
receipts under this head. I give the receipts for a year,
as those for halt a year would not afford a useful com-
parison, a large proportion of periodical tickets being
increase in the goods traffic, the receipts for the last
taken at the close of the year. There is a progressive
half-year being 5,7021. 9s. 101 greater than in 1851, and
13,6231. 10s. 6d. greater than in 1850—(Uear, hear.)
The increase during the last six months in the weight
of goods brought by the South-Eastern route from Bou-
logne to London is 33 per centetbut the increase of earn-
ings has not been more than 15 per cent. Until the com-
pany are able to establish a bonded warehouse at the
London terminus, competition for the carriage of wine
is impossible on our part—(Hear, hetr)—but the diffi-
culties which occurred in making this arrangement now
appear likely to be overcome, and then the daily com-
munications by the South-Eastern boats and trains from
in the receipts under this head. There is a
railway constructing round Paris to connect the
Boulogne to London will, no doubt, occasion an im-
provement
aaaindn regard to all ob-
jsouthern with the northern railways; Ws, when the rail-
ways to Marseilles are completed, will allow of
merchan-
dises t o Bo u -
.. ere, time is an ob-
ject, the South-Eastern route wil
ylt were all originally
l, no
i oe ge tns
o,b efionr h
withoutgwbroo
sueetha preservation
m Mrrse
iarge i,li need
doubt command
the traffic. Six of the steam-ships have been so altered
ferof oca
or deliv
as to fit them for carrying goods, and the other two will
to the proprietors to know that 14,646 through and re-
turn tickets were sold during the last ha.f-year between
pretpraaffireod—ontlhy. w.ll be interesting
e
London and Paris, Brussels, Aix-la-Chapelle), Cologne,
rg
Frankfort, Leipsic, Berlin, Hambu
destinedb e in li
kfeo r manner
passenger
„ h, and Chalons.—
(Hear, hear.) The system of setting through tickets
has been extended since the opening of the railway to
Strasburg and Basle. It will not be too great an occu-
pation
* of the time of the proprietors to be again re-
minded of the peculiar facilities which the South-Eastern
route now presents for continental traffic. These have
been extended since the last general meeting of the pro-
prie • tors by the establishment of a fixed daily service be-
tween London and Paris, Brussels, and Cologne, leaving
London for Paris, Brussels. and Cologne daily y at 8.10
A U., Cologne for London at 8 A.,
IYI., and Paris for
London at 7.40 A.m., and performing the journey
between London and Paris 1n 14e- hours,
London and Brussels in 14 hours, Cologne
and London in 2“. hours. This being in addi-
tion to the night mull- service, and the daily tidal service
to Paris, vitt Folkestone and Boulogne. `The locomotive
and carriage and waggon department of the company
are both in first-rate order, and the directors look for-
ward to obtaining advantage both from the superior con-
dition of the engines and workshops, and the experience
which has been gained in the adaptation of engines to
the work for which they are employed, and in iutprov-
ing their construction, and their consumption of fuel,
which must gradually tell in the half-yearly outlay. The
warrants for the dividend which the accounts present, si!,
earned during the half-year, namely, ee 6d. per 301
stock, will be completed and in your hands and payable
on Monday next, if it be your pleasure to pass a resolu
tion accordingly. Gentlemen, you will observe the posi-
tion in which we stand in regard to the agreement exist-
ing between this company and the Centereury. and
Whitstable Railway Company. The directors anticipate
that you will decide to become the pureeasers
,of the
property, and that you will order a six in°l3ths • noticeta
to be given to the Canterbury aid Whitstable
Clompany accordingly. The effect will be, at the
present value of money, a saving, at the expiration of
factory
six months, of 2,000/. per annum; and it is
satisfactory
to state that the net earnings of that rtil"- i in-
demnify you for the perpetual charge vhich this
com-
pany will
then be liable to. The average gross
have been
earn-
ings for the last three years on this line
8,500/., and the net receipts 3,8401. Since 31st ofe ---.
arrear
July calls have been received from propristors in m
due
to tho amount of 9,704/. 6s. Bd., leaving tot3l '4ud. of
to the company on this account of 70,4951.
18s.
ich has
this sum, 24,871/. ss. is due on No. 4 eriP, w
h lutely
not been registered, and which has become nes°. not
forfeited to the company, the holder() d the scrip e
of
having entitled themselves to the sharea. The issue of
having entitled themselves to the shares. T ,
would
stock to represent this scrip, at the present prices, _
_OBl.
leave a surplus beyond the amount of arrear of
5,.4
for
Is. Bd. Deducting the 24,871/. ss. thus accounted
from the total amount in arrear, there remains a sum
The
of 51,6241. 13s. 4d. due from the proprietors.
directors have, in obedience to your instructions given
shares,
and the last half-yearly meeting, forfeited those
r to
and will propose a resolution to the prop
1" This
confirm that forfeiture and order teeir
sate torsO
arrive
step is necessary to enable the eeeepan ri Y
their line
at the actual capital which will represene
11 observe
and works completed. Gentlemen, you w„
h been re-
that the mortgage debt of the company "5d
859,9151„
duced last half-year from 1,997,0601. to l,
~,
c., been
being a reduction of 137,0851.-
361'591.having
terms.
paid off, and 224,565/. renewed on favourablesti from the
The directors obtained estimates in March '5 d by the
engineer, surveyor, and other officers employe of the
company, which showed that the capital
r
consolidated
company would stand at 7,433,700/. 0-
with a mort-
capital, at 481,300/ guaranteed stock,
and
i a
valu-
gage debt of 1,784,3751. This estimate
includeduntg to
:Won of surplus land and buildings °lies of about
312,2004, and it left a margin for conti g
n "evaluation of
40000/. Of the property comprised in the
rental, but
312,2001., 70,000/, is not producing
°ling sum of
the property represented by the remaining
a rental of
242,2001. produced in the last 12
monthsdirectors 15,2641. It has not appeared to the
ad-
visable to hurry the sale of this prePe'..o 'v t 'as all
company is
pro-
party adjoining the lines and works of tu
of reali,
increasing in value. Pending the prO eessthe portionsation of
or the decision of the proprietors as tort. ill be needful
the property to be eventually retained, w powers
ortgage for the company to exercise
its I:Canterbury and
to an extent of 180,000/, If
thfurther mortgage
Whitstable Railway be purchased,
ors do not attempt
powers will bo necessary. The directors do et
must be al-
to conceal from themselves that a
latitudencompleted works;
lowed in regard to estimates
for 'i
month by month,
the facts, however, will be ascertainedee accounts settled.
as the works are completed and t f the company
The , noel.o
average charge on the present Of this debt
is at the rate of 4-1 per cent. p
5 per cent. falls due
nearly a million, at 4, 41, 41, andto the period is not
nearly a
end of 1854, and
thereduction may be made
far distant at which a material re
aith this question
in the charge on revenue, by dealingd eepected state of the
on such terms as the present an
ot venture to trespass
money market will allow. I shall
n oivn
butor of the board
upon you with any opinion of InY .
0 , with your per-
of directors, on this great questioue L
e an DOB. proprietor
mission, I will quote the optoi°n osition in the City of
in this company, eminent for hi 9 Pan
TMember
London and his judgment. e 132ThompsOB, who, in his
for Westmoreland, Mr. Alderrnadu r
e j ector of the Bank of
own extensive concerns, and to information on the sub-
England, has abundant access i rig
i of the Cumberland
jeet. I observe that at a meeting
1 Society, the other day,
and Westmoreland Agriculturathoe
terms:—l shill not
the Hon. Gentleman spoke in M.
~ m Thompson's remarks
trouble you, gentlemen, wtl'i have a strong impression
on fat stock, for come of us
eumbered us among the
that railway construction has
u rcin his remarks
le,,n kiss, nor will I occueYaiY.°_htalso apply
to the state
on " deep draining," which
..16
who , railway proprie tors • but
Of the pockets of some --'° --d ' of
e the AO. i made use
with regard to money, these 5r e p 1
sayS—People are amoz ,d
by the Hon. Gentleman. ll° '
at the description of the enormous amount Of ;old which
has come from California and Australia. I above that
to a great extent those accounts are true. I believe that
gold to the amount of 20 millions .
11 ons per annum is realised
not about to enter upon any
in Australia alone. Tam e e effect of these supplies upon
elaborate argument as to v
theie ce tells me that it has the currency, but my experience the rate of interest, thus
al-
ready had the effect ee lowering
he borrowers of money, and
affording greater facilities to t
of land to secure
enabling the cultivators of great tracts
operations.—(llear, hear.)
o
money to cart on their P
and tiuding that we our-
With this authority before us,

chargeprietor s
selves are able to raise money at the rate of 31. per cent.
per. annum, it is obviously a time at which, if the pro-
mseaedefita,gthey can arrange for the reduction in the
bear.) There a
debt to revolve, andmtoournecen
arTeinstthrrevenue for the bond debt.—(dear,
holdersut of
guaranteeding
ime
ibnrgoutgohttheabo odi
by
yst
from
wt
to
oh
tet
ihre
mortgage
debt crotangnathgb
eee
bestt
might
termsight
bthat
arranged the
by taking
holders" tee
market will allow, or by
bear-
ingoffer-
a perpetual
mortgages
preesxepnitrem,
oarntd.
the mortgage bonds a stock
rate of inter to c"
interest ommence
from the time when the prese •
gagoe now, and
once, the extra interest that would of
them
down,
at
beyond the rate proposed to be grentea'c,!rue upon them
as to settle the question immediately, an iu perpetuity, so
e.;leration if terms might be made fir. anl
it
is
for
c -
of this stuck at par, at the end of twenty the redemption
ly or twenty five
years; or lastly, the meesure may be effected b
the amount of the bond debt of the company toy Own°lL'iing
proprietors pro rata in proportion to their holdings
at a fixed guaranteed rate of interest, and t
an option of abandoning that guarantee within
a limited number of years, say three, five,
seven years, and mergine..their interest in that guaran-
teed teed stock in the general consolidated stock of the com:
puny, and thereafter looking to its earnings for a divi-
dend. This latter mode the directors are inclined to
think would be at ouco the most equitable and the most
advantageous to the proprietors, and it appears to the
directors that if the mortgage debt were so offered to
the proprietors as a consolidated stock, with a per-
petual guarantee of 3i or 3i per cent. per annum, but
with the option of within three, five, or seven years,
merging that stock into the general stock of the com-
pany, the operation could be carried out with advantage
to individual proprietors and to the general interests of
the company. At the same time it must be borne in
mind, that if the reduction in the value of money which
has been going on in consequence of the great imports
61" gold from Australia and from California should pto-
ceed, either 31- per cent. or 3i per cent. per annum may
become a very high rate of interest, and circumstances
may arise which would cause those who had accepted
and parted with their proportion of the bond debt to
be sufferers thereby. It seems to the directors that
a reduction in the rate of interest on the Govern-
ment Securities may be impending. And if the
Three per Cent. Consols were reduced to 2. per
cent. it is clear that the rate of interest at which railway
debentures will be renewable must become lower thau
it has ever yet been, and, therefore, delay in this mat-
ternot be disadvantageous. Gentlemen, we trust
may
in looking to the charges borne by the revenue account
that a most vexatious and toilsome system of litiga-
tion, annoyance, and expense, which is visited upon
railway companies in consequence of the state of the
law with regard to local assessments, may soon come
to an end. The Lord Chief Justice of the Queen's
Bench deferred giving judgment some time since in a
case which was before him for decision, expressing a
hope that Parliament might interpose, and relieve the
Court from the difficult position in which it was placed
when called upon to administer the law with respect
to the rating of railways. Gentlemen, I have now to
refer to another source of expenditure, which in my
humble opinion ought to terminate, and that is the Par-
liamentiry expenses incurred in opposing the projects
for rival, competing, and duplicate lines of railway. It
the Legislature in the last session of Parliament
pleased
to pass an Act to enable the Eastern Counties and
Blackwell Railway Companies to construct a
railway to Tilbury and Southend, and to provide
steam communication with Gravesend. Gentlemen, I
should be stating more than the truth if I said that
this railway per se could in our opinion be of ma-
terial injury to the South-Eastern Company, seeing that
of the traffic to Gravesend, which is principally a plea-
sure traffic, one-eighth part only pastes by the railway
and seven-eighths by the river—(Hear)—and if the ac-
tion of the Tilbury Railway be simply to compete for
Gravesend traffic, I think it within the verge of possi-
bility that the portion which they may acquire may be
pahyeinogeeythmeiews
extracted from the seven-eighths upon the river, and not
from the one-eighth now using the North Kent line to
Gravesend.—(Hear, hear.) But, gentlemen, the pre-
amble of the Bill goes on to say that they are to open
an additional, speedy, and cheap communication, not
only between London and Gravesend, bat other places in
the counties of Essex and Kent, and the evidence wont
on to show that they projected steam communication
supported by those railway companies between Southend
and Ramsgate, Margate and other places, which the
South-Eastern Railway serves. Gentlemen, if new, ad-
ditional, speedy, and cheap communication is to benefit
the public, is it not fair to ask if it is to be obtained to
the injury of the property embarked in the construction
of 7,000 miles of railway now open for traffic throughout
the kingdom, at a cost of 250,000,000/. of money?
for this question is not one which affects the South-
Eastern Company alone. In a neighbouring country
the progress of tho railway system has been
unattended with the destruction of property
which has been brought about here by use-
less competition, and the construction of duplicate lines
for one traffic, and which I think is certain to he brought
to a close at some early period by the consolidation of
the great interests so eeiharkecl.—(Lead cries of
"Hear.") It is certain, that if on the one hand the
public demand from railway companies every comfort,
convenience, and means of security which outlay of
capital can ensure, on the otherhand, the railway compa-
nies have a right to ask for • some indemnity for their
property—some guarantee that what is spent to-fay in a
permanently useful project shall not be swept away to-
morrow by legislative permission to construct another
duplicate road for the self-same traffic. Gentlemen, the
indication which is presented to you by the correspond-
ence which has passed between the two greatest railways
in the kingdoms in their mutual proposals for a cessa-
tion of competition and for the amalgamation of their
united interests, is one that is not to be lost sight of,
for it points to the necessity which really exists that that
great portion of the wealth of the country which is em-
barked in the construction of railways shall receive
permanent protection, and shall be dealt with upon
terms which reason can sanction, and which shall
not be violated by extravagant competition, com-
mencing in times of excitement and specula-
tion, but creating evils as enduring as the
ground on which the railway is constructed. If
that great statesman who turned the first sod of the
Trent Valley Railway did not live long enough to see
th route
was throughsuppes
supposed
at
that railway virtually closed for the traffic for which it
was constructed, and the full tide of communication be-
tween the metropolis and Lancashire, reverting again to
the Birmingham,
outseta so ndavloikideilnygttohebsehort cut
which
e
benefi-
cial, we have lived to see it done. Gentlemen, wo anti-
cipate that measures will be forced upon the Legislature,
by you and by others interested in the capital embarked
in railway construction, to put that property on a per-
manent and satisfactory basis, and to take it out of the
power of solicitors and engineers to unsettle such gigan-
tic undertakings; and to allow the natural traffic, for
which the good works were constructed, to be continued
over the routes provided for it. It is idle to say that
combination must withdraw from the public the advan-
tage which railway competition ought to give them, be-
cause the rates to be charged, and the facilities to be
given, can be as well enforced by Parliament from
united as from separate companies; and the proprietors
of railways have as good a right to expect that
the Government will guarantee a continuing rate
of dividend on existing railway property, and still
see it managed for the good of the country,
as the East India proprietors had when they
received a guarantee, and when their directors were
checked in the administration of the affairs of India by
a Board of Control. We now, gentlemen, are called
upon, as you will observe in the correspondence which
has been submitted to you between the South-Eastern
Company and Lord Sondes and Mr. Lushington, to say
whether you will guarantee a fixed rate of interest on
capital to be expended in the continuation of the North
Kent line from Strood to Chilham--(Cries of " No, no")
—and if the question had stopped as it was placed be-
fore you in the correspondence—namely, waiting for
your views, and until the plans and sections which Lord
Sondes and his party proposed to us had been consi-
dered, the whole subject might have been differently
treated; but I now hold in my hand a printed prospec-
tus, but bearing the lithographic signature of the Noble
Lord and the other gentlemen named in it, attached to a
plan, showing that if you will guarantee 3 per
upon an outlay of 600,0001. in constructing a contiihantn a-
tion of the North Kent line from Strood to Chi 0,133,
ce.
then the project is to stop there, but that if you will
not, then Lord Sondes and the gentlemen acting with
him will proceed to Parliament for powers to con-
struct a line, not only from Strood to Chilham, and from
Strood to Maidstone, but from Strood to Dover, and
from Rochester to Gravesend, under traffiic arrange-
ments with the London, Tilbury, and Southend Rail-
way. (A Proprietor—" I wish they may get it.") This
mode of dealing with tho question is so entirely at va-
riance with all communications which I have had for
years past, both personally and in writing with the
Noble Lord, that I can only hold up my hands with as-
tonishment, and wonder that he should have departed
from the amenity, and indeed kindness, which had up to
this period marked all his views. I still hope to find
that L9rd Sondes is not aware of the effect of the cir-
cular whfch has been issued under his name, for, until I
learn it from himself, I will not believe that he would
ask us to come before you to abide your judgment with
the threat that if it were not given, as he had sug-
gested, he would endeavour to du you a far greater
injury, and to coerce you in the exercise of an honest
and independent judgment in the administering your
own affairs. Gentlemen, if that be the tone which Lord
Sondes and his party adopt, we recommend you to
authorise us to take such measures as appear most l'ke
ly
to defend your property, and to resist eggressioeupocuis
it—it—(Cheers)—and which would bo at least iPitur. y
to the parties constructing the projected iwoual
obtained Parliamentary sanction for them,
_:-,ent the
be to you. The question is, whether rho of
d also whether
Kent line from Strood to Chilhana
if constructed? It
it would be remunerative or
"t' letors are willing to
this be the time, and if the Ps
"oPbrvious that they have
take the risk of the outlay,
it
i r the Purpose on better
the means of raising money fo
any other body of
proper time to complete the construction ot the North
t, or
terms than Lord Sondes' Partjt'he proposed method to
private gentlemen, and thato,.
placing
sham in
the
be adopted by Lord sondes,

THE ORPHAN, a new and interesting Novel,
by CHARLES WHITEHEAD, Author of " Richard Savage,"
&c. The first chapter will appear in THE AGE, of TO-MORROW,
September 11. On the same day the Subscribers to THE AGE will
be presented with a magnificent Medal of the Sydenham Crystal
Palace.
THE AGE, price Fourpence, can be obtained of all Newsmen in
Town or Country.
Office, 10, Beaufort-buildings, Strand, London.

ORPHAN'S ENDOWMENT BRANCH.
Established for the purpose of affording to parents and others the
means of having children educated and started in life, by securing
annuities, to commence at the parents' death, and to be paid until a
child, if a son, shall attain his 21st year, or, if a daughter, her 25th
year of age.
These annuities are at any time commutable for their full value, if
a ready money capital is required for a marriage portion, or on en-
tering into business or a profession.

T" ERA NEWSPAPER
of TO-MORROW will contain a Full Programme of the
DONCASTER RACE WEEK, with Anticipations of each Event, and
THE GREAT ST. LEGER PROPHECY,
By " TOUCHSTONE."
The Original JOE MUGGINS'S DOG will give his Canine Pro-
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Order of any News Agent, or send six postage stamps to Frederic
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BRITANNIA MUTUAL LIFE ASSOCIATION.
1, Princes-street, Bank, London.
Empowered by her Majesty's Royal Letters Patent.
Annual division of profits—applied in reduction of the current
year's premium.
Policy holders entitled to participate in the profits after payment
of five or seven annual premiums according to the table of rates Sc-

lecteel.
Premiums charged for every three months' difference of age—not,
as is usually the case, for every whole year only.
Half credit policies granted on terms unusually favourable to the
assured, the amount of half premiums for which credit is given,
being liquidated out of the profits.
At the Annual General Meeting on the 27th April last, a reduction
of 30 per cent. was made in the present year's premium on all policies
of five or seven years' standing.
A Board of Directors in attendance daily at Two o'clock.
Age of the assured in every case admitted in the policy.
Medical attendants remunerated in all cases for their reports.

PATRON—II. R. 11. PRINCE ALBERT.
ROYAL POLYTECHNIC INSTITUTION.
LECTURES.
By J. 11. Pepper, Esq., on Testing Gold, and on the Australian Gold

Districts.
By Dr. Bachhoffner on the Patent Polytechnic Gas Fire; and on
the Mode of Preserving Fresh Provisions, illustrated by Specimens
from Messrs. Ritchie and M'Call, and Samples of Fadeuilhe's So-
lidified Preserved Milk, and Moore's Patent Concentrated Milk.
By Mr. Crispe, on Morrall's Patent Needles.
By George Buckland, Esq., on Music, entitled Musical Varieties,
with Vocal Illustrations, assisted by Miss Blanche Younge, R.A. of
Music.
Sew Series of Dissolving Views, &c., &c.
Admission, Is. ; Schools and Children under Ten years of age,
Elalf-prico. For 'lours, see Programme.

(PROPRIETARY.) (MUTCAL.)
Extract from the Half Extract from Table with Participation
credit 'Rates of in Profits, after Seven Yearly
Premium. Payments
- - ---- ----
Half I Whole
I
premium (Annual) Half I Quar-
-6,_. during premium Age. Annual Yearly terly
First for lie- premium Pre- Pre-
Seven mainder mium. mium.
Years. of Life.
- --- --- --- -----
X s d. £ s. d. Years. Months £ s. d. £ s. d. £ s. d.
25 0 19 7 1 19 2 30 0 2 7 3 l 4 2 0 12 3
30 1 1 9 2 3 6 3 2 7 6 1 4 4 0 12 4
35 1 4 11 2 9 10 6 2 7 10 1 4 6 0 12 5
40 1 9 2 2 18 4 9 2 8 2 1 4 8 0 12 6
45 1 14 10 3 9 8 40 0 3 3 0 1 12 3 0 16 5
50 2 2 6 4 5 0 3 3 3 6 1 12 6 0 16 7
55 2 12 9 5 5 6 6 3 4 1 1 12 10 0 16 9
60 3 6 8 6 13 4 9 3 4 7 1 13 1 0 16 10

A.RGYLL ROOMS, Great Windmill-street,
GRAND CASINO,
St. James's,
Lessee, Charles Elude Laurent, Onslow Douse, Brompton-road,
Licensed pursuant to Act of Parliament, 25th of King George 11.,
Are Re-opened for the Winter Season.
During the recess the Rooms have been entirely 11c-decorated, by
G. S. Bryer, regardless of cost.
Laurent's Matchless Band every evening. Principal Cornet-a-
Piston, M. Boulcourt.
Admission—ONE SHILLING.
Doors open at Half-past Eight o'clock. Dancing to commence at
Nine. and terminate at Half-past Eleven.

CREMORNE GARDENS.
On the Banks of the Thames, King's-road, Chelsea.
Waterside Entrance close to Battersea-bridge Pier.
Fare by Steam-boat from London-bridge or any of the interme-
diate Bridges or Wharf Piers, 3d. Strangers should request to be
landed at Battersea-bridge for Cremorne. Fare by Omnibus from
Charing-cross, 3d.; from the City and remotest parts of the East-
end, 6d.

E. R. FTER, Residnt Director.
ANDREW FRANCIS,e Secretary.

LIFE ASSURANCE.
LAW PROPERTY ASSURANCE and TRUST
SOCIETY.
30, Essex-street, Strand, London: and 19, Princess-street,
Manchester.
Subscribed Capital, 950,000/.,
LONDON in
BOARD. 5,000 Shares of 501. each.
DIRECTORS.
James Macaulay, Esq.
Henry Paull, Esq.
Robert Young, Esq.

Proprietor, Mr. T.
th B. SChevalilMPSON'.Mortram.
The Pyrotechnic Displays by e er
Open for the Season.
By Desire.—Re-engagement of Louis Souliter's Cirque Oriental.
A new Grand Spanish Comic Ballet, entitled Le Barbier de Cadiz,
every Evening, at Half-past Seven o'clock.
THIS DAY, Signor Devani, the celebrated Ourang-Outang Con-
tortionist.
Saturday, Grand Globe and Wheel Ascents, by Herr Franz de Bach,
on a Narrow Platform, 160 feet long.
An uninterrupted succession of Entertainments from Three o'clock
until near Midnight, including
Every evening, at a Quarter to Nine o'clock, in the newly-decorated
Pavilich, in addition to the following attractions, Louis Sou Merl;
Cirque Oriental, and the best Equestrians of the age. For particu-
lars, see Special Bills.
Principal Artistes:—Messrs. M'Cullom, Albert do Bach, Franz de
Bach, Jean de Bach, Devani, Mackney, Victor Soullier, Kemp, Leoa
Soullier, Signor Vilderini ; Madiles. Clementine and Olga Soullier.
Admission to tho
hithe Ciros from the Gardens :—Promenade, Pit, and
Boxes, 19. ; Ampatre, O.
Open at Three o'clock.
Admission, Is.; Children, Half-price.
On Sundays, after Four o'clock, by Refreshment Card, price 6d.
Table d'Hote at Six o'clock, 2s. 61.
Private Room for Dinners and Coffee.
Shortly (of which due notice will be given) a Grand Bal Masque,
for the Benefit of Mr. T. B. Simpson.

Ralph T. Brockman, Esq.
Benj. Chandler, jun., Esq.
Edward W. Cox, Esq.

AUDITORS.
E. E. P. Kelsey, E.q., Salisbury.
James Hutton, Esq., Moorgate-street.
BANKERS.
London and County Bank, 21, Lombard-street.
STANDING COUNSEL.
Henry Stevens, Esq., 7, New-square, Lincoln's Inn.
CONSULTING ACTUARY.
Francis G. P. Nelson, Esq., 25, Pall-mall.
MEDICAL OFFICER.
Dr. M`Cann, Parliament-street.
SOLICITOR.
William Colley, Esq., 16, Bucklersbnry.
PROCTOR.
II Pitcher, Esq., Doctors'-commons.
ACTUARY AND SECRETARY.
William Nelson, Esq., F.S.S.

MANCHESTER BOARD.
DIRECTORS.

Thomas Taylor, Esq., Norfolk-
street.
G. B. Withitigton, Esq.
Thomas Whitlow, Esq.
11ANILERS.
Sir Benjamin Heywood, Bart, and CO.
COUNSEL.
J P. Lake, Esq., 4, Townhall-buildings, Cross-street.
PHYSICIAN.
V. L.l3ardsley, Esq., 31. D., 8, Chatham-street, Piccadilly.
SURGEON.
E. M'Keand, Esq., 5, Oxford-street, St. Peter's.
SURVEYORS.
IMr. Edward Nicholson.

Nicholas Earle, Esq.
Isaac Hall, Esq.
W. 11. Partington, Esq.
James Street, Esq.

IMPORTANT MEDICAL AINID SURGICAL WORKS,
Just published, by IL Dal Mere, 219, Regent-street, London.
No I.
810., in cloth, price 55., by post free, ss. Gd.,
ON TRUE & FALSE SPERMATORRHCEA. ;
with the View to the Correction of wide-spread Errors
n relation to the Treatment and Cure of Sufferers from Debility of the
Generative System, or Sexual llypochondriasis.
Translated from the German of Dr. PICKFORD.
"Dr. Pickford is known to English readers by his frequent practi-
cal contributions to German medical literature. This is the first
time, he informs us, that he has addressed himself to the non-medi-
cal reader. We trust this may not be the last, if he shall
detect any other equally flagrant evil which it may be in his
power to correct."—London Medical Gazette, May 30, 1851.
—" The editor has conferred a great boon on the sufferers from this
distressing malady by translating this little book, and by laying bare
the scandalous practices of unqualified adventurers, who profess to
cure a disease of which they know nothing, with no other object
than to till their own purses. The difference between true Sperma-
torrhma and the various forms of disease which resemble it are
accurately described, and thus a safe guide Is
offered for the
treatment of the malady "—Medical Circular, May 5, 1852.
—" We have delayed so long upon the contents of the preliminary
chapter, that we have scarcely left ourselves space for any notice of
the subject specially treatea or by Dr. Pickford ; but the moderate
price at which the brochure' is sold, places it within the reach of
every one interested in the matter. —Dublin Medical Press, April
t 8,1832.

Mr. Edward Corbett
Mr. William Radford

AGENTS.
Messrs. Dunn and Smith, 19, Princess-street.
SECRETARY.

W. H. Partington, Esq.
This Society is established to apply the principle of Assurance to
Property as well as to Life; and its business consists of
The Assurance of Defective and Unmarketable Titles, rendering
them absolute and perfect.
The Assurance of Copyholds, Web°lds, and Leaseholds, thereby
making them equal to, or even better than Freeholds, for all pur-
poses of sale or mortgage.
The redemption of Loans and Mortgages, and guaranteeing their
absolute repayment within a given period.
Increased and immediate Annuities granted up.a neanny
as Diseased Lives.
The Fidelity of Clerks, Servants, and others Guaranteed upon the
payment of a small annual premium, and a reduction of nearly one-
half is made when a Life Assurance is combined with the Fidelity
Guarantee Policy.
Life Assurances effected for the whole term of Life, or for a term
of years, and the premiums can be paid yearly, half-yearly, or quar-
terly.
Endowment and Education Assurances and Annuities granted; the
premiums can he paid upon the returnable or non-returnable system,
in case of death before attaining the age agreed upon.
Immediate Annuities, or increased incomes, granted in exchange
for Reversionary Interests.
Whole World Policies granted, and all Policies issued by this So-
ciety are Indisputable, except in cases of fraud.
Every information furnished, free of expense, by applying t 9
WILLIAM NEISON, Esq., Actuary and Secretary,
30, Essex-street, Strand, London.
AGENTS WANTED.

No. 11.
Svo., in cloth, price 3s. 6d., by post free, 4s.
THE CURE OF STRICTURE OF THE URETHRA, on Princi-
ples at once Simple, Safe, and Efficient, in even its most Inveterate
and apparently Intractable Forms. To which is added, PRACTICAL
OBSERVATIONS ON THE TREATMENT OF SPERMATORR-
MEA BY CAUTERIZ Inefficienc and Danger.
BY F. B. ATION ; its
COU RTENAY,y
Member of the Royal College of Surgeons of England.
"Those who complain most loudly are those only who know not
how to use the common instruments ..... The practice of sur-
geons has been matted with all kinds of violence, an indifference
about the simple cure of diseases, and a passion for operations and
all the excesses and horrors of surgery
Surgical
Observations.—" In proof of his views he (Mr. Courtenay) has
given the history of a great many cases successfully treated, as bad
as any which Mr. Syme adduced, and on which he had operated.
asna d
."
Such are cases is., xi., xii., and xviii. No. ix. had resisted, for a
yet the
gravated chaor ateetderbythAr.
period of twelve years, the treatment by dilitation, and was finally
removed in as many weeks. But cases xviii. and xix. appear, both
in duration, severity, and complication of symM pf a more ag.
Courtenay et a
p dr
owed
erm gymsnently ccessful
treatment ad p
..—protesscr Lizars on the Treatment of Stricture.
ain

NATIONAL ASSURANCE
elitartiorms-opalaeeye,
wTirtallfathlgaisr-sAqussaorce;atlonn,down.hich
was
AND
INVESTMENT ASSOCIATION,
estTahbalishine7vd,eianttniM'ay, 1844, on a plan peculiar to itself, secures equal
advantages to the surplus capital of the affinent, and the provident
for lnvestment,
profits
L if Depart-
ment,
yielded
opportunity for realising the highest rate of interest yielded by first-
classan securities, in which alone the money is employed.
Moneys deposited with the Association,
exempt from liabilities on account of life contingencies, as well as
the expenses of management, which are borne by the
in consideration of the business brought to it by investment
transactions ; therefore, Depositors enjoy the entire
by their capital free from deduction of any kind—an advantage
which no other Institution, either public or private, holds forth, or
can afford, to its members.
Interest or Dividend, is payable hal
£loof-yeaooo.rly, in January andjaiy.
Capital St,
The Capital Stock is altogether distinct and separate from the
Depositors' Stock in the Investment Department. It constitutes,
with the Premium Fund, aarauee for the engagements of the
Association, and has been providedp in order to render the security of
the Assured complete.
LIFE DEPARTMENT.
This Department embraces a comprehensive and well-regulated
system of Life Assurance, with many valuable and important im-
provemente.
Full information and prospectuses may be obtained, on application
at the He d
a Officf the Assocition, or to the respective Agents,
throughout the U e onited Kingdom.a
PETER MORRISON, Managing Director.
. . _..

SELF-ACTING SIGNALS FOR RAILWAY
SAFETY.
We have had various suggestions as to self-acting
signals of late, but we have first, it appears, to deal
discriminately and entirely object. The following quo-
with the principle, to which the railway authorities in-
tation from a communication by Wilkins, who
had invented a self-acting time-signal about four years
since, after a rather severe collision on the London and
North-Western Railway, will sufficiently prove that such
is the fact:—" I obtained an interview with the manager
of the London and North-Western Railway Company,
and in less than a minute was dismissed without an
hwt objecting
we think
think that
ex-
amination of my scheme, and with an assurance from
him that a self-acting signal,w ould never do for railways
because they were self-acting. Now had our correspon-
themanag for
manager signal men
dent proposed to substitute self-acting signalling ma-
chineryypeermfepeltolyyerdig,
to the principle; but are signal-men so rife on a railway-
that self-acting signals could only be used as a substi-
tute for the more expensive article? It may be that
railway authorities can view the question in no other
have llebteueat ill
light; that when a proposal for increased safety to the
public is made to them they dream of nothing but in-
creased economy to themselves, and at once dismiss the
proposal, merely because they have already decided that
it would scarcely do to take off a signal-man and put on
a self-acting signal in his place. But this, let us tell
them, is not the light in which the public view this
question; neither is it that in which either inventors or
ourselves view it, although a consideration for this very
economy is assuredly also involved in it. To insure the
utmost possible safety to the public—and why should
not the public be conducted with the utmost possible
safety?—the signals (of whatever sort) ought at least to
be as numerous, if not as expensive as those that are
deemed essential to the utmost possible safety of dis-
tinguished individuals—such as emperors, kings, or
princes—when they travel by rail. In such cases we
know that even a continuous line of living signals in
sight of each other is not considered superfluous. Now,
although we would not wish to insist on so expensive
and impracticable a system of signals for the safety of
his Majesty the Public, what we do insist on is, at least,
a cheap and reliable substitute for it. The railway
authorities must be compelled to view this question in a
somewhat less self-interested light than that in which
alone they seem to be capable of viewing it as yet,—
Builder.

N.B. Applications for Agencies may be made to the Managing
Director.

SECURITY TO EMPLOYERS.
TO SECRETARIES OF PUBLIC INSTITUTIONS,
CLERKS, STATION-MASTERS, RAILWAY OFFICIALS,
BANKERS' CLERKS, TRAVELLERS, AND OTHERS.
TIMES LIFE ASSUWANCEand
GUARANTEE COMPANY.
32, Ludgate-hill, London.
GUARANTEE FOR FIDELITY OF TRUST.
PROFITS DIVIDED.
RATES—From 7s. 6d. per cent. upwards. No charge for Stamps
surance
An allowance m
araa ntee are combinedde in the Guarantee Premium where a Life As-
d Gu.
LIFE ASSURANCE.
Policies Indisputable save in cases of Fraud.
Arrangements can be made with this Office to prevent the loss of a
Policy where the Assured is unablo, from temporary embarrassment,
to keep up the payments,

H. B. SHERIDAN.
TIMES FIRE AND PROPERTY ASSURANCE COMPANY.
Every description of Fire Assurance. Profits Divided.
Agents Wanted.

11. B. SIIERIDAN.

PRAcTic AL
The season having been a wet one, Sportsmen have scarcely
commenced their campaign, though the Game is plentiful, but
speedy preparations are now being made for Sporting Excursions.
Let Sportsmen remember that the only Establishments where Dress
every way appropriate can be obtained with Dispatch and Economy
are those of E. MOSES and SON, their Style and Cut superseding
that of every house in the world; and their celebrated Boots, E.
ex-
pressly made for Sportsmen, being proof against wet and damp.
MOSES and SON'S Clothing for the present time is designed with
surprising ingenuity, being light and waterproof, elegant and com-
fortable, and in variety which affords inimitable opportunities for
selecting suitable attire for railway excursions, for youths' and
children's wear, for every class and for all occupations ; each article
being cheaper, better, and more fashionable at E. MOSES and
SON'S than any dress which can be obtained elsewhere.

are in-
and ROYAL EXHIBITION.—A
valuable, newly-invented, very small
.powerful waistcoat
pocket glass, the size of a walnut, by which a person can be
seen and known li miles distant; they answer every purpose
on the Race-course, at the Opera-houses i country scener
and ships are clearly seen at 12 to 14 miles; they
valuable for shooting, deer stalking, yachting, to s
men, Gentlemen, Gamekeepers,
.and Tounsts,—To be had
at 39, Albemarle-street, Piccadilly, observe, opposite the
York-hotel. Telescopes—A new and most important. in-
vention in Telescopes, possessing such extraordinary powers,
that some, 3 inches, with an extra eye piece, will
show distinctly, Jupiter's Moons, Saturn's Ring, and the
Double Stars. With the same Telescope, weighing only three
ounces, can be seen a persons countenance 31- miles distant
and an object from 16 to 20 miles. They supersede every,
other kind for the waistcoat pocket,
.and are of larger and an
sizes, with increasing powers accordingly. Operp. and Race-
course glasses, with wonderful powers; an object can be
clearly seen from 14 to 16 miles distant. Messrs. S. and B.
i
Solomons, Opticians, have invented invaluable preserving
Spectacle Lenses, immediately they are placed ore itnper„
feet vision, every object appears clear and distinct, the
most
aged defective sight becomes bright and brilliant, is brought to
its youthful, natural, and original state. . The Invisible Or-
ganic Vibrator, and all kinds of Acoustic instruments for reli f
e
of extreme deafness.-39, Albernaarle-street, Piccadilly, ob-
serve, opposite the York Hotel
RAILWAY FARES. —The fares in England are much
too high, and the result is, empty trains where there might
be full ones. A train one-third tilled is very little less ex-
pensive than a full train, and with reduction to the public
would come increase to the shareholders. The rates on the
Great Western are particularly high. It is true that this line
affords the greatest perfection of travelling to which we have
attained, but the experience of other countries, as well as of
our own, proves the shortsightedness of extortionate charges.
—Builder.

RrierEebt,ll
FGrEa
Diggings may
4NneeT, Sh.
as arranged
ofthe Interior M.
L.
Faucher,ENCOURAGEMENT
Minister
facts and calculations proving that the present
go on for twenty-five years, and will, during that Gold
period,
benefit to all the States in Europe : nor can the standard value of
be a great
gold decrease before that tim©. Emigrants may therefore go to
Australia with the most flattering prospects of success;
they embark they should visit the great Outfitting Establishment but before
E. MOSES and SON, where a Department is expressly lishment of
Emigrants' Outfitting, where all the Goods, Utensils,devoted to
S, they will require are always ready. Being prepared 'l g'c"
experience ( f the most extensive outfitters in the world E viviitloi the
and SON'S Outfits are more suitable and cheaper than th. • SES
e inferior
goods offered elsewhere.
All requisite information relative to sailing of vessels, c
and full Lists of Outfits, may be had on application, or post free,
to any part of the kingdom.
CAUTION.—E. MOSES and SON" regret having to guard the
public against imposition, having learned that the untradesmanlike
falsehood of " Being connected with their Establishment," or " It's
the same concern," has been resorteted to ithey have n many instances, and for
obvious reasons. They beg to st a that
NO CONNEXION WITH ANY OTIIER HOUSE IN OR OUT OF LONDON,
except their own Establishments, as follos :
London City Establishment, 154, 155, 156, and to i, kithories, 83,
84, 85, and 86, Aldgate, opposite the Church, all communicating.
London West-end Branch, 606, 507, 500, Nov Oxford-street, 1,2,
end :3
, Hart-street, all communicating.
_ Bradford (Yorkshire) Branch, 19, Bridge-strest
hilh Meld Branch 36 Far te
Merchant ' ' ga
•
and Tailors, Clothiers, Batters, Boilers, Farriers, Boot
The Shoemakers, and General Outfitters for Ladies and Gentlemen.
Establishments sunset Friday to ransat on
Saturdays, when are closed from
A new Book,
business is resumed till Twelve o'clock.
full list of , entitled " rho Library of Elegance," containing a
prices, and be
gratis, on application,directions for self-measurement, can had,
elngdom. or forwarded, post-free, to any part of the
ratis
A handsome Almanac
On application. for the year ending 1852 can be had, g,

Ic Il'on parle Francais. Qui si parla Italian°.
Hier spricht 131141 Deutsch. I Aqua se 110 la gPoll°l*

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hands of contractors, and availing of their capital
is certain to be attended by an additional cost
in the works, as the contractor will of course
look for his return either in the annual remuneration
to be received for the capital which he embarks, or in
an additional profit on t'-,e works. The directors have
it in the evidence of Mr. Bidder, given in the year 1847.
that the cost of the line from Strood to Chilham would
he half as much more as the sum mentioned by Lord
Sondes. Uatil the nciv plans and sections are exhibited,
there are of course no means of judging to what works
the proposed capital applies, or what specii,s of road
would be constructed for it. One thing, however, i,i
certain, that the (raffle b&tween Strood and Canterbury
will never of itself pay for the requisite ontlay, and that
if it be constructed on terms hostile t the South-
E Isola Company, a perpetual competition will exist for
the Canterbury and all other traffic beyond, whilst art-
; mains also certain, that for rbe advantage of the district
the whale working :of the Kentish system of railways
will be best effected in the hands of the South-Eastern
j Company. It was upon his reports on the projects for
railway extension in the year 1845, that Lord Dalhousie
acquired the fame which signalised him as a states-
man possessing qualities to fit him fur his high trust in
India, and it was in his report on the Kentish and
South-Eastern Railways that ho put forward the prin-
ciples that should guide railway extension and railway,
management. It is no fault of the South-Eastern Com-
pany that the question of railway extension from Strood
toChilhara and Canterbury remains now unsettled in
spite of the able reports of Lord Dalhousie. Since 1845
the South-Eastern Company has been put to an expendi-
ture in Parliament in maintaining its position which
would have gone a long way to meet the required outlay
e.chonacsitru
for this purpose; and, in 1847, when, according to a
Veßdigliefothratthwe given
etion toot.
tthis
railway,Parliament, we
w e w brought
ere
metin
by every possible oppositionincluding that of the Duke
of Wellington, who waiLhim'sef
t sor
suspendingand
itteventing the passing of thee the view of
the directors it may be the best course for the company
to adopt. to have on their owe behalf plans and sections
of the line from Strood to Chilhans takn anew, in order
to ascertain now at what expense such a line could' really
be constructed, at the present of cost of materials and
labour. It will, however, be obvious to the proprietors
that if money throughout the world depreciate
value,
the wages of labour and materials may increase, and
that that economy which is predicted in railwayfuture
construction may not be realised. The Company has
hitherto on every occasion obtained protection from Par
for its position within the county of Kent, and
the directors are sanguine that a more enlightened' sys-
tem of railway legislation, and railway management, and
protection for railway property, will be adopted, and
that the South-Eastern Company may be placed in a
position to give every facility to the county of Kent that
can reasonably be required, whilst they will not be sub-
jected to certain loss by any outlay that may be asked
of them. The year before last Lord Sondes, and the
gentlemen acting with him, brought forward a scheme
which they called a landowners' line—for that scheme
assessments were to be made on the parishes which
were to contribute to ensure a return to parties advan-
cing their capital to make the lines; and surely if this
were right for their company and their protection in
constructing a line competing with the South-Eastern
Company, it would be right that we, if called upon to
make a further extension of duplicate lines and outlay of
capital, shall be similarly protected, and that we shall
not be left to chance as to the position in which we may
be placed. In Lord Dalhousie's report it was clearly
shown and acknowledged that no extension of the Strand
line could command the continental traffic, because the
nature of the gradients and of the working of the
North Kent line would make it impossible that the
greatest facility could be given by that route to the
continental traveller; and, indeed, a difference of ten

. .
miles in the distance between London and Dover is al-
most immaterial in regard to the accomplishment of that
journey—for in the present management of the conti-
nental traffic, the passenger is not delayed at any part
of the journey for the purpose of giving local accommo-
dation. The directors expect to be able at a future time
to present to the proprietors a proposition for extending
the North Kent line from Strood to Maidstone on terms
not disadvantageous to this company, and satisfactory to
that town and the neighbouring district. Gentlemen,
various other projects for railway extension in Kent in
addition to those referred to have been mentioned. I can
only say that we shall be attentive to all questions that
affect your interests, and we trust in every movement
that may be needful, we shall be able to act in conjunc-
tion with our neighbours of the Brighton Company, as
we shall frankly communicate to them whatever seems
to affect the interests of either company. I feel it my
duty to mention that his Grace the Archbishop o! Can-
terbury and the clergy of the diocese sent a memorial
to the directors, urging the diminution of trains on the
South-Eastern lines oe Sundays, by restricting them to
start not later than half-past six o'clock in the morn-
ing, and after half-past five o'clock iu the aqer-
no.m. The directors gave every consideration to the
wishes expressed by his Grace the Archbishop, but they
were unanimously of •opinion that they were not justified
in putting this restriction in the way of travelling, which
may alike embrace objects of charity and mercy as well
a. amusement and necessity, and they have not seen the
propriety of discontinuing the accommorlation hitherto
given to the public. It is not necessary for the directors
to comment upon the importance to the company of the
service of the steam-boats, as it is impossible to regard
the analysis of the earnings of the South-Eastern Rail-
way Company without seeing that upon the continuance
and improvement of the means of communication with
the Continent a large and increasing traffic depends, and
the directors trust that some means may be arrived at
of entirely amalgamating the interest of the two com-
panies to their mutual advantege•—(Loud cheering.)
Mr. SMALE (a director) seconded the motion.
Mr. G. SM/TEI—It aeared to him that the stage at
which they had now arrived in the history of their affairs
was none other than this—that the shareholders were
expected to accept whatever the directors might think ,
proper to offer them in the
shape of dividend, be it
small or large.—
(Hear, hear, Oh, oh, and murmurs.)
Yes, according to the chairman, the etiquette of the
meeting was to open their eyes and shut their mouths,
and take what the hon. board of directors might choose
to give them.—(Laughter, and Oh, oh.) When ho re-
flected on what had been the prospects of this truly
noble undertaking, and saw how their property had been
interfered with for the purpose of supporting other pro-
jects, he must say he lamented exceedingly to find that
they had come there that day to receive so insignificant
an amount as dividend.—(Hear.) Their earnings were
very large, and in spite of every adverse circumstance
their receipts were increasing. It was moat unfortunate,
therefore, that their expenses and other matters should
be such as to prevent their realisinhg what
tithe l they were
strictly entitled to, and had always itherto ed to
expect.—(Hoar, hear.) For his own part he felt com-
pletely chop-fallen and disappointed, and was disposed to
regard trio position of the company as altogether hopeless.
—(Oh, oh.) Still, if they would fairly look into their own
affairs, and tell the gentlemen who condescended to pre-
side over them, and the board of directors, what their
wishes were, and that they were determined to have
them carried into effect for their own benefit alone, he
thought they would yet have a chance of standing as
well as any railway in the kingdom.—(Hear, hear.) He
agreed with Mr. Glyn, the chairman of the London and
North-Western Company, when he stated, at the meet-
ing of his company on the 13th of August last, that pro-
prietors should say, "We will not have our property
frittered away by you. You may marshal the trains,
and issue the dividend warrants, but the policy of the
company shall be dictated by us the shareholders;'_
(Loud cheers, and cries of " Hear.") Time after time
bad they been told by their chairman that the dividend
they then received would be the lowest; but what was
the fact? Why, that with every succeeding dividend
they went from low to lower; and he feared
that, un-
less they acted upon Mr. Glyn's advice, they would dis-
cover
by and leh
e a thatr.)from e
s littleho wtehd by
they had come to no-
thing.—(Hear,the report that
the directors took credit to themselves
of economy. But had not the shareholders for the exercise
con-
stantly urging upon them that
it been
though it had been left until ought to be practised,
to be carried out?—(Llea the present half-year
exercised the power they r, hoar.) If they had
done this much earlier, i Possessed they might have
time of day. The proprietaryand not have put it off until this
amount of confidence inh had reposed a verywala_r_g:
board in the kingdom wittheir directors. Theref 518.
spectabilitY, that had beena proprietaryl ofd
cgourEtlially
endowed with the confidenceomf tohreeswhaarrmehOrlders, than tsitame)
South-Eastern board; and he deeply lamenYbetc'se re- 1
how that confidence had been misplaced' ached
marks brought him to a matter which
sho°oleatfhpinrog like
with great pain, because it involved
touching _ „airman—
touching the character and conduct
ar:fige7yu"
alone. At
he meant, of tours©, in his -abbe.lll convened together
their last meeting they were specially or dissent .to the
for the purpose of giving their
the Beading, Guildford,
Bill for amalgamating v:', it a order of the House of
and Reigate Railway- '.'oYrit; of the shareholders was
Lords the assent of 5t1:133
sad he now stated publicly,
required to that Bill;Macor to deny it, that that
and he defied Mr. oh, and laughter.) On
was not given.—(()h'
assent amendment to adjourn the question
that occasion
niotros
was moved, for which, when put
for three
chair,
a "fareet of hands" was held up, and
the
the contrary was put a very small number in-
dec
when was rased. The chairman was then called upon
Tor his dect
*.ton—and what did he do? He paused at
first, it . wis true; but his object beirg to Ellis chat abo-
minable thing around their necks for ever, be declared
the amendment to be lost, though he (Mr. Smith) could
declare upon his honour that it wits carried by two to
one!—(Hear, hear, and interruption.) The original
motion was next put, the same circumstances occurred,
and again the same decision was given by the chairman.
A SHAREHOLDER—Why the amendment would have
had the effect of repudiating our agreement.—(Uear ,)
I
Mr. SMITH I' , would have had no effect of the kind,
and he contended that the course which the chairman
u. '
had adopted in that instance was not a fair end , ho-
nourable one. It was now for the shareholders them
selves to express their disapprobation of the leases and-
amalgamation which had been adopted, and those other
measures which had tended so greatly to
their property, and further to insist an
dose
upon having their
own views carried out. lie desired also that they