The Sun.
London, England, 1852-03-04 00:00:00

THE SUN,

board—and he did not think there was much—he thought
they ought to keep it. The proposition of the board
with regard to the aproirtment of new directors was
nothing more than a job, but it was wrapped up well.—
(Laughter.) The best man, Captain Warren, had been
turned out of the board.—(Hear.) He was a British
sailor, who had done much for the company in France,
and he was the last director who ought to have bean
ousted.—(Hear.) He should be glad to know if he ceuld
not give his vote for Captain Warren's re-election.
The CHAIRMAN told Mr. Levy that, as an indepen-
dent proprietor, he was at liberty to propose his re-
election.—(Cheery.)
Mr. LETr said that he would move his re-election, for
no one knew more of their French traffic than Captain
Warren.—(Cheers.)
Mr. CRooK was glad to hear that the capital account
was about to be closed, for until the capital account of a
railway was closed there could be no dependence in the
genuineness of the dividend.—(Hear, hear.) He was
very much disappointed in the amount of the dividend to
be declared on this occasion, and he hoped in future
eeonomy would be studied even to a greater extent than
that pointed out by the chairman.—(Hear, hear.) He
announced his intention to propose a resolution to the
effect that the chairman's stipend be reduced from 2 0001.
to 1,000/., and the directors from 2001. to 1001.—(0h.)
Mr. LEVY called the Hon. Proprietor to order.
Before such a resolution could be proposed, notice of it
must be given in regular order.—(Hear, hear.
The CHAIRMAN overruled this objection. The Hon.
Proprietor was quite at liberty to propose such a reso-
lution, but it must be at a later period of the meeting.
Mr. CRooK—Then why did not you interrupt me
before, if I was going wrong ?
Mr. LEVY—Because I like to hear as much as I can
of your jaw.
Mr. GEORGE thought the only method to improve the
dividend was to' reduce the working expenses.—(Hear,
hear.) Why not take the printing into their own hands,
and allow the salaries of the heads of departments to in-
crease with any advance in the dividend, as was the case
on the Brighton line.—(Hear, hear.) It was a false
policy to reduce the pay of a servant, and he hoped it
would not be applied either to the directors or the work
ing staff.—(Hear, hear.) He recommended, in future,
that all the contracts should be open, but, above all, pay
their servants well, and also serve the public well.
Mr. W. REID should be glad to know when prelimi-
naries were_likely to be accomplished for closing the
elpital account? He thought the account ought to be
closed at once.—(Hear, hear.)
The CHAIRMAN said it was impossible to close the
capital account now, but, excepting with regard to the
work now actually in progress, and the goods ware-
houses on lines recently opened, the directors were pre-
pared to give a pledge that no works should be under-
taken without the sanction of a general meeting.—
(Cheers.) The working expenses of the railway were
greatly exaggerated by improperly importing into the
calculations the interest and commission attendant upon
their mortgage bonds.—(Hear, hear,)
Mr. LEVY asked what they were paying to the Bank
of England?

The CHAIRMAN said 4i per cent., but the money
Which the Bank lent them was worth that price when it
was wanted.—(Hear, hear.)
Mr. LEVY complained of the extravagance of the
interest.

The CHAIRMAN said one proprietor had found fault
with them for not putting lights into the third-clam
carriages; but why should they so long as they were
forced to run a Parliamentary train at a loss?—(Hear.)
he carriages which formerly induced passengers to
provide themselves with candles were now all run in
daylight.—(Hear, hear.)
Mr. LEVY asked how much they were going to spend
on the North Kent iine? Five thousand pounds were
spent, upon this line last year.
T,_o CHAIRMAN corrected the Hon. Proprietor. They
did not exp:lad 5,0004 upon the North Kent alone; but
the proprietors, if they wished to have their property
protected from unjust and ruinous competitLn, mustrepose confidence in the directors as to the expense
they went to on that account.—(Hear, hear.)
Mr. Lxvr repudiated the idea that it was a boon con-
ferred upon the shareholders to (thew them to elect their
directors. It was their right, and he objected to Mr.
Rich, M.P., being brought forward in this way.—(Hear.)
The CHarums.xsaid Mr. Rich was a highly respec-
tible man, and besides being a director of the Sun Life
Office, he had also been honoured with the confidence of
her Majesty'. late Government, and was a thorough bu-
siness man.—(Hear.)
Mr. LEVY repeated, that in losing Captain Warren
they were going to replace him by a vastly inferior
man.—(Hear, hear.)
Mr. BRowN said Mr. Levy had made some reference
to him, when ho spoke of the interest paid to the Bank
of England.—(Hear, hoar.) Now, he begged to inform
the meeting, that the statement he made to Mr. Levy
was given in confidence.
Mr. LEVY denied this. Mr. Brown came to him and
wanted him to join with him in_getting up an opposi-
tion to turn out the chairman.—(oh, oh! and cries of
" Turn Brown out:")

Mr. Bnowii made' some confused explanation, but he
did not deny the charge made by Mr. Levy.
Mr. WILSON attributed the low dividend to the ex-
travagance and mismanagement of the executive. He
had long ego warned them of this, and worse would fol-
low if they did not follow the advice which be had so
long ago dinned into their ears. The great evil was
the many tributaries which the directors had so per-
versely persisted in buying on all hands, which never
would be of the slightest use, whatever promises the
directors might continue to hold forth. As for
the dividend, he believed that it was the best they eves•
would have ; rext year it would be more likely to be
53. 6d. instead of 10s. 6d. The management was most
defective in every point of view.
The CHAIRMAN threw back the insinuations of Mr.
Wilson on himself. He would ask that gentleman with
regard to tributary lines, who was it that was so
anxious for the extension of a railway to
Blackwell ? Who was it that had subscribed
a sum twenty times larger than his interest in the South-
Eastern Railway to support a line to Gravesend to com-
pete with this line?
Mr. WILSON denied that he had ever done so.
The CHAIRMAN said that his source of information
was a Parliamentary document, and he might have been
mistaken.

The resolution confirming the report was then put and
carried unanimously.
The CHAIRMAN then moved a resolution declaring a
dividend of 3f per cent., which was seconded by the
DEPUTY-CHAIRMAN, and carried unanimously.
The CHAIRMAN next proposed, and the DEPUTY-
CHAIRNAN seconded, a resolution empowering the
directors to take such steps as they might think fit to
enforce the payment of outstanding calls in arrear, which
was also carried without discussion.
The CHAIRMAN next proposed, and the DEPUTY-
CHAIRMAN bOCORded, a resolution empowering the
directors to sell the shares purchased by the company,
and converted intu consolidated stock, by tender to the
highest bidder.

Mr. WILSON objected to the sale of the shares.
Mr. Alderman SALOIION3 was quite of opinion that
the shares ought to be sold, but in such a matter he
would not trust either broker, public meeting, or board
of directors; he would suggest that thy,shares should be
void by public anctoin.
A bIIAREHOLDER proposed that the pre-emption of:the
shares should be ce:red by letter to every one of the
shareholders in proportion to the interest they severally
ht. Id.

Mr. Alderman TucmPsoN asked the Chairman
whether the financial state of the company was such as
to render it absolutely necessary to bring these shares
into the market?

The CHAIRMAN said, in answer, that the sale of the
shares was abr•olutely tec,_.ssary before .the capital
account could bo carried. The nunioer of those shares
was 6,200.
Mr. SMITH said he should propose an amendment,
that a committee of five shareholders should bo ap-
pub ted to confer with the directors on this subject, end
report in a month.
Mr. LEVY sec,)noled the amendment.

Mr. Alderman Titomrsox proposed, by way of rider,
that the directors snould have the power which they
sought when they were able to close the capital account.
The CHAIRMAN said he should have no objection to
add words to this effect.
..
A SHAREHOLDER proposed that this matter should
be deterred to a future meeting.
The CHAIRMAN said the only desire of the directors.
was to convert these shares into bond fide assets, and if'
the meeting would pass this tesolution, which would
h.r.. 'hat effect, he had no hesitation in saying that the
u rectors .would take no further steps until the next
proDru^tort pro rata,
meet tug.
liir•
• Alderman SALo
meet that . these shares should be disteibuted among the
a: l'tifi°eNrate h thou
nf
2mooLv moved
r assh share.
The amend-
The ciums
to accede to thliAiN intimated the readitiess of the directors
After a short discussion cussion the original motion and Mr.
Smith's amendment
went of Mr. Alder:ere withdrawn„ and the amend-
mouslY• an Salomons was carried unani-
, The CHAIRBIAN next pro
CHAIRMAN seconded, , rP°lsed, raid the DEPUTY-
directors; in case the sharc-rzseeti'in empowering the
the shareholders, to dispos, ot ould nat be taken up by
The CHAIRMAN then mid themthalas. they thought fit.
resolution which was to du e had. next to pro-
pose II
which was productive of
awss with an item of
expense but; little use. Four
i
resoluton had been
years ago aPassed ordering that a
h lders should
list of the share o be ppint d .
nu= of those, e with a star
affixed to the ,
qualified for
directors. Out •
the office of ot 5,000 of
those printed
• each year only thin-t..
J-seven copies
had The pri •
had been sold in three years. _ stinting of those
had cost 2504 He should, therefore, propose that the,
but that an3T gentleman. a lists be printed. no longer,
canditle should w -
'Otended to offer himself as a give a
for .night's notice.
The DEPUTY-CHAIRMAN seconded tie motion.
Mr. WiLsoN objected to the abandoi talent of a reso-
lution which had been come to at a, former meeting.
Ile sh uld propose an amendment that the lists be
printed as usual, and that a star should be affixed to
the name of every shareholder for every vcte which he
had.

am,ndaient, that 500-'
This amendment wa
Moran was then put and !lost, but a subi(quent
be printed, was e,,rriedeopies, the slime as before, EhOuld
arte-elected as an auditor.
Mr. Morg
, nesdblaf7,l:% dutyil re-electionx°hulders.
The CHAIRMAN then
office had expired, it was n'llocwwihe, cd that as his term of
position which he held
potion in the hands of the
Mr. M•Gregor then vacate'
d the
taken by Mr. Sinai°. chair, which was
Th,, CHAIRMAN then proposed the
M‘Gregor, Which was seconded by Mr, re-el© ction of Mr.
ported by several other shareholders,M , and sup-
; and carried
unanimously.
•

LONDON,

Mr. M'GREGOR then resumed his seat amid the cheers
of the shareholders, acter thanking them for the honour
which they had conferred on him, and pledging himself to
cevote his energies and zeal to their service.
On the motion of the CHAIRMAN, seconded by Mr.
Alderman THOMPSON, Mr. Renshaw was reelected
as a director.
The CHAIRMAN then proposed, and Mr. Alderman
SALOMONS seconded, the election of Mr. Rich, M.P., as
a director, in the room of Captain Warren, retiring by
rotation. . .

Mr. LEVY proposed the re-election of Capt. Warren.
Mr. WILSON seconded the amendment.
The CHAIRIAN denied that the candidature of Mr.
Rich had originated with him or with the directors.
Captain WARREN explained that the chairman, the
deputy chairman, and himself being the directors to re-
tire by rotation, he had, in deference to the position of
the two others, volunteered not to offer himself for re-
election. It was with feelings of great regret that he
left the board; and if, at any future time, they should
think fit to repose this trust in him again, he should be
most happy to undertake it. The Ron. and Gallant Gen-
tleman had not concluded his speech when our report
left, and the proceedings seemed likely to be protracted
to a late hour.

THE LATE AND THE NEW MINISTRY.

We have received a copy of the following address, by
Mr. Macgregor, the Member for Glasgow, to the con-
stituency of that important city. The opinions of such
a man as Mr. Macgregor, who it is well known assisted
Sir Robert Peel so materially in framing those free-trade
measures from which the country is deriving so much
benefit, will be read with peculiar interest at the present
time.—ED. Sun.]

TO THE ELECTORS AND NON-ELECTORS OF GLASGOW.
Gentlemen,—l consider it my duty, as your Repre-
sentative,
to submit to you my opinions on the present
uncertain state of public affairs, at a time when you may,
as a great manufacturing, mercantile, and maritime
community, naturally apprehend with consternation any
attempt to disturb the commercial legislation of the last
ten years.
When I recently addressed you on the subject of
our national defences, we had then a Ministry pledged
to Parliamentary reform, and to a free-trade po-
licy. That Ministry has abruptly fallen. It died
of the senility of an unprecedented official exclusive-
ness, of the obsolete folly of not renovating
with health, vigour, and efficiency the decrepitude of
its wasted body, by the admission of popular strength.
It was no more a national Government than St. Albans
is a great and pure borough, when compared in the
moral, political, and material scale with London or
Glasgow. It was an Administration which was only
endured by the good-natured sufferance of the House of
Commons; for, as a party, it had no majority either in
the country or in the Parliament. It will be judged of
by posterity even with less credit than it really deserves,
because it wanted both grace and dignity, as well as
the elements of conciliation, popularity, and confi-
dence ; and, more than all, because its manners
were contumelious, while it was also impotent in the
Legislature. During six years we were told by
the thorough adherents!in Parliament of the Russell
Ministry, that that compact Government must exclusively
continue to govern the British empire, on the presump-
tous ground that there were not other men in the whole
nation who could succeed them; and at the same time
possess the confidence of the country. This ungracious
assertion was allowed to pass over, partly as the pert-
ness of official levity, chiefly because there was no
desire to be obstructive, while in the present House
of Commons, -parties were subdivided into four or
five sections. But it was at the same time considered
by reflecting and reasonable men, to be an insult to
the Parliament end to the nation, for the immediate
underlings of any Government to say there were no
others but their masters, or. ministers, who could
administer the uffeirs cf this mighty country; and that,
iu fact, one or two Whig families were alone gifted with
the Divine right of breeding the Statesmen of the Bri-
tish empire, to the exclusion of all the other Lords and
Commoners of the United Kingdom. That assumption,
as well as the fact, was felt to be contumelious.
senti-
ment and arrogant in practice; not but that there were
highly gifted and able men in the late Mintetry, but that
the principle of its infatuated official exclusiveness, of its
selfishness and nepotism, disgusted the whole, nation. It
seas further remarkable, that taking the whole public press
of town and country, there was only one newspaper—
an evening journal—that did not denounce the selfish-
neee and nepotism of the late Government.
In addressing you as my constituents, I must not
shrink from boldly stating facts. I speak of the late
Cabinet as a Government, not as individuals. As such,
the country owes gratitude to Lord John Russell for
abolishing the Test and Corporation Acts, for carrying
the Reform Bill, and other measures; and no one can
speak personally against Lords Lansdowne, Clarendon,
Carlisle, and Granville; Mr. Labouchere, Sir Francis
Baring, and even the much-abused Chancellor of the
Exchequer—who, in reality, was too frank and honest
to be popular—were all gentlemen of the most upright
character, however much others may have differed from
them on public questions.
A year ago the Russell Ministry resigned, and on re-
turning to office, it survived through the session, on the
Bill far resisting Papal Aggression. But all discerning
men clearly saw its approaching downfall, and its utter
powerlessness. It did not, in fact, possess the confidence
of Parliament and the country to carry any real mea-
sure of financial, legal, or Parliamentary reform.
There was, however, in that Cabinet one eminent
statesman, who gave great strength to the Ministry
in the House of Commons, and who was at the same
time a favourite with the people. Yet he, the ablest
member of that Ministry—the most popular in Par-
liament and the country—the most truly British, libe-
ral, generous, and patriotic in the administrat.on of his
department in Parliament and in society—the most mag-
nanimous in mind, temper, and character, was abruptly
dismissed—in a manner, I believe, unprecedented. Not
for a conversation with the French Ambassador, not for
writing a private opinion to Lord Normanby, but evidently
because " he would not act,%in the former language,
in Parliament, of his recent accuser, " as the minister of
Austria, or as the minister of Russia, or of France, or
of any other country, but as the Minister of England,"
I believe that I quote Hansard, of the 20th June,
1849, correctly. He was dismissed, in fact, because
he would not fraternise with Schwartzenberg and the
despots, who now openly menace with extermination the
constitutional Governments of Switzerland, Sardinia, and
Belgium. Ho was dismissed for reasons which would
have placed him, at least, in a high position; before the
country, but which it would have been impossible for
him, a 3 an ex-Minister, to have revealed, when he, iu
reply to the late Premier, made his explanations in the
House of Commons. The moment the Foreign Secre-
tary ceased to be a member of the late Cabinet, its dis-
solution was not only evident, but inevitable. It has
died, and it has been entombed, unlamented, never, as a
party, or as a compact, to have a resurrection.
The late Ministry has, notwithstanding, considerable
merit dues to it tor some of its measures. I entertain,
and I believe many others do also, the highest esteem for
several, who, in their individual departments, have done
good service to the state. But that compact Ministry
has passed away, and when Lord Lansdowne bade fare-
well to public office, with that grace and dignity which
has always distinguished him during a long and merito-
'duns public life, the sole link in the chain which con-
nected the great Whig Statesmen of the age of Fox dis-
appeared with the present time, and the Whigs, as a
party, or rather as a compact, vanished for ever.
With respect to the new or Protectionist Ministry,
power was forced upon them. Office overtook them,
ill-prepared for its administration, and if they would
at once abandon the impracticable and impossible
policy of reviving any tax on the essential food of man,
I think that, for the present session at least, the House
of Commons ought to extend to them as much sufferance
as that which was displayed towards the Whigs.
But we will have no Parliamentary reform, no legal
rsiorms, no law on education, no financial reform during
the present session. The estimates brought in by the
late Government, and the renewal of the income-tax for
One year, will probably be carried; and the Parliament
will then be either prorogued or dissolved, that is to
say, if the Government be not defeated on tne motion of
which notice has been given by Mr. Villiers, in which
event thew can be no doubt of an immediate dissolution.

We will probably have little Irish discussion this
session. Lord Clan nclon, if he has not left Ireland in
a thoroughly satisfactory condition, has administered
the government more ably: and jusly than any Viceroy
since the days of the celebrated Lord Chesterfield. If
this session endures, it is, however, more than probable
that the Maynouth Grant will be revoked, and the
money thrown_ into a General Educational Fund for
Irektid.

The question of untaxed or taxed food will, however,
be the main subject of debate, and, to the Ministry, of
danger. They are pledged to protection, and if Lord
Derby and his colleagues abandon the taxing of food, he
will he designated a greater traitor than Sir Robert Peal
and his Cabinet,- an organized perfidy,
But the principles of free and unrestricted trade will, it is
supposed, not be interfered with until after the next elec-
tion. Lord Derby does not, however,'abandon the doctrine
of protection. lie admires, but does not by any means com-
prehend the tariff system or the United States—lf he did,
and compared the old high protective tariff of America
with the present one of comparatively moderate duties,
and then judged impartially of the favourable effects of
the latter, both fiscally and commercially, his sagacity
and judgment would have led him to conclusions not fa-
vourable to protection, bat to free trade. I have no ap-
prehension whatever of any return to protection duties
on toad, or on any other article. Food duties never can
be revived in these kingdoms. If a five-shilling duty per
quarter had been passed in 1846, it might have been main-
tained fora few years. A toll-bar close to or within a
town may be kept up for a long time ; but I
witl:tatbhleith a toll-bar between
believe there is no instance of such a toll-bar having
ever been removed, and afterwards restored. So it will
rhec.feound with respect to food; and no power can now
tatilet,fopc,do
iwhich is essential to his health, strength and life.
nuties77 of
the mouth of wan and
per
with
thfoiriajpuuartpicoes
1 abutidanpt e have for six years experienced the blessingi of
Sir R. Peel, cheap food, and it, the memorable words of
-;--to tam lea' it is the sweeter, because it is not seasoned
conseque'erd
fatal °f
Pratt
tiprohi-
bitoryc t:o
year:, would free-trede policy of the last ten
injustice." To
of Tr
revenue ernettt return
ronr
e
and maritime inevitablyeng,, derange all industrial, trading,
would do far more,givt'entie• A policy so dangerous
eV and insubordinatiwonou.ki ungender a spirit of anat.-
to calculate the
bread-eaters and the landlords, OE a
it would be impossible
strife between the
re-imposition
those which would
all the dangers to
bliee
sdhreeacdo
ne ds
e,
cinuoennec
eof woulda rhea so
Parliomentary Reform was to have, been
the FOOD TAX.
public question of this session. been the great
The unsatisfactoryc
measures for England, Scotland ~k u Ireland, which -