The Sun.
London, England, 1864-03-12 00:00:00

SCOTTISH NORTH-EASTERN.

The report of the directors states that the revenue
for the half-year ending the 31st of January last,
amounted to £133,821, and the expenditure to
£62,974, leaving a balance of £70,849, of which the
Aberdeen section takes £12,155, the Scottish Mid-
land .18,067, and the Dundee and Arbroath
£10,627. The available balance of the Aberdeen
section, after deducting interest on loans and other
charges, amounts to £21,588, including £473 from
the preceding half-year. The dividends on the 39,
6, and 7 per cent, preference stocks amount to
£15,943, and the dividend on the Aberdeen original
stock at 1 per cent, per annum to £4,150, leaving a
balance of £1,495 for the next half-year. The

available balance of the Scottish Midland section,
including £439 from the preceding account, amounts
to £15,986, from which a dividend at the rate of 44
per cent. per annum is recommended, leaving a
balance of £836. The available balance of the
Dundee and Arbroath section, after deducting pre-
ferable burdens, amounts to £10,933, including
£2,376 from the reserve fund. The dividend on
the 5 per cent. preference stock, and on the original
stock at the rat© of 71 per cent. per annum,
absorbs £9,167, leaving £1,766 to the credit of the
reserve fund. During the past half-year the re-
venue has shown a steady increase, notwithstanding
the diversion of the traffic to and from the Inver-
ness district, which no .v finds its way by the
Inverness and Perth line, which was opened
throughout in September last. The expenditure has
been increased in consequence of the additional train
mileage run on the line during the half-year. There
has also been a considerable increase in the rates and
taxes paid during the half-year. The working ex-
penses are 41.8 per cent., and the total expenses
47.05 per cent. of the revenue. The average rate of
interest on the company's debenture debt in January
was £4 Os 9d per cent. The capital account has been
charged with £12,465 for new works, &a. The total
consolidated stock of the company authorised amounts
to £2,613,192, and the amount to be raised on de-
bentures to £BBl,9oo—total, £3,495,092. The un-
issued stock amounts to £193,000, and unissued
debentures to £87,220—together, £280,220.

SPIRIT OF THE PUBLIC JOURNALS,

POST.—The news which reaches us twice a week
from America has long ceased to excite any parti-
cular interest. The rival Republics have sub-
sided into a chronic state of warfare, and
the incidents peculiar to such a condition of things
are necessarily monotonous. The intelligence of a
Federal reverse or of a Confederate disaster has
ceased to possess any importance in the eyes of
those who have been wearily watching the course
of events on the North American continent during
the past three years. The news brought by the
last mail may be taken as a fair sample of what has
been for several months the history of American
affairs. Military operations are carried on in half
a dozen distinct regions of the States, and the sup
cess which attends either of the belligerents in one
quarter is counterbalanced by some reverse sus-
tained elsewhere. General Grant, we are told, has
pushed his army forward some 20 miles across the
Georgian frontier, but, finding the enemy stationed
in force at the town of Dalton, has again with-
drawn it to the neighbourhood of his former posi-
tion. From the south-west we learn that General
Sherman had attacked and defeated a Confederate
force under the command of Bishop Polk, but was
himself in considerable danger of finding his com-
munications cut off by General Johnstone, whose
army had reinforced that of Polk. The siege of
Knoxville has been raised, and Longstreet has
once more retired into Western Virginia. In
Florida, report says that the Federals have sus-
tiined a serious defeat, the details of which the
Government have declined to publish. That the
great American civil war still proceeds is known
for certain ; but of the period of its duration we re-
main just as ignorant as we have hitherto been.
The time is now rapidly approaching when the
population of the Northern States will be once
more called upon to elect a chief magistrate. Mr.
Lincoln's term of office will expire this time
twelvemonth ; but, six months hence, the elections
will be held for the nomination of his successor.
The American Constitution does not interdict a
President from a second lime filling the highest
office in the State, although, in practice, the indi-
vidual who has occupied the White House at
Washington is, when his tenancy expires, gene-
rally consigned to obscurity. To this rule, how-
ever, there have been several exceptions. Between
the years 1801 and 1825 there were but three Pre-
sidents—Thomas Jefferson, James Madison, and
James Monroe, each of them having, by re-election,
held office for eight years. General Jackson, one of
the ablest of the American Presidents, was re elected
in 1833, when his first term had expired, and
George Washington, the first President of the
Republic, equally remained at the head of affairs
during twice the period allotted by the Constitution
to the enjoyment of the supreme power in the State.
With these exceptions no citizen has been a' second
time elected in America to the Presidential office.
The questicn which has already begun to be
anxiously mooted in the Ncrthern States, is whether
under existing circumstances the established role
should be disregarded, and Abraham Lincoln's name
be added to the list of those who have been twice
honoured with the suffrages of their fellow-citizens.
There are evidently two points of view from which
this question may be regarded, though each indi-
cates the same result. It may be said that Mr.
Lincoln should be re-elected because in the present
critical position of affairs the interests of the Re-
public might be jeopardised by permitting the
government to pass into other hands, or his title to
re-election may be made to rest upon his personal
qualifications. Judged by the standard of ability
by which we are accustomed at this side of the
Atlantic to gauge the merits of statesmen, it is
scarcely necessary to say that Abraham Lincoln
would be pronounced unfit to hold any office de-
manding the exercise either of sagacity or firm-
ness. It is not, however, by such a standard that
Americans measure their public men. The large
majority of American Presidents have been men
who, in respect to skill in statecraft, have been far
below mediocrity, and in this majority Mr. Lincoln
must be reckoned. Whether any one else occupy-
ing his position during the past three years would
have acted with greater prudence and foresight may.
be a matter on which some diversity of opinion may
prevail; but, looking at the present condition of
the American Republic, few will hesitate to admit
that, under different guidance, the fortunes of the
Republic could not be more heavily overcast than
they are at the present moment. Whether with a
different President the war might not ere this have
been brought to a close may be doubtful; but
whether another Government could have more scan-
dalously misled the American nation, more profli-
gately squandered its resources, and more recklessly
pledged its credit, is a matter on which no difference
of opinion can by any possibility exist. To those
who believe that the vigorous prosecution of the
war must inevitably lead to the re-establishment of
the American Union, the re-election of the present
President will certainly recommend itself, Mr.
Lincoln and his advisers have at all events never
relaxed their efforts to restoie peace by the vigorous
employment of the sword. Nor can the Republi-
can party complain thee the present chief magis-
trate has ever refused co-operation in any of its
schemes. Mr. Lincoln has never, like some few
members of the House of Commons, declared him-
self independent of his electors. The American
President may, to European eyes, have appeared to
be fulfilling conscientiously the obligations of his
office. For the jobbery and corruption which have
shocked even the cities of Washington and New
York we impute no blame to Mr. Lincoln, and cer-
tainly his own supporters will scarcely on that ac-
count withdraw their respected magistrate. If,
then, the Republican party is united, there is no
reason why Mr. Lincoln should not be declared Pre-
sident at the autumn elections. Whether he is or
not cannot, however, seriously affect the progress of
the war. Before that time circumstances will arise
which, we believe, will render it imrosaible for
either Mr. Lincoln or anyone else to impel the
Northern popalation any further in that mad career
on which, just three years ago, they so unhappily
entered.

TIMES.—Amid the convulsions which have shaken
the world during the last few years the influence of
all that is most intelligent and worthy in England
has been constantly given to the cause of peace.
From the time that the French Emperor set out on
his Italian campaign to the present day the tempta-
tion to draw the sword has never ceased to be pre-
sent to this nation; and yet the temptation has been
steadfastly resisted. Our sympathies have been
appealed to, our pride has been wounded, our in-
terests have been threatened ; national influence,
national glory, extended territory, a closer and more
firmly cemented alliance with our near and powerful
neighbour, have all been offered to us in the hope
that we might be coaxed or taunted into war, and
the end is that we are still at peace. We bear, in-
deed, some of the burdens of hostilities, as is inevi-
table in so disturbed a time ; but, on the whole, we
are quiet and prosperous, adding yearly to the re-
sources of the country, and improving, we hope, the
condition of the people. The moderation and
strength of mind which were requisite to deal as we
have dealt with the pretensions of the American
Federals, the tyranny of the Russian Government
in Poland, and the aggression by Germany on a
weak State near our own shotes•may be cited as a
sufficient proof that, in spite of temporary anger or
misleading sympathies, the Government and all
classes of this country are firmly bent on abstaining
from foreign quarrels. What, then, is the mission
of the Peace society ? When all England 'is one
stanch and sincere peace society, and shows its de-
votion to the cause by ceaseless remonstrances with
the reckless nations which are soaking the earth
with blood and piling up mountains of debt in both
hemispheres, why should any set of men arrogate
to themselves the right to speak as the especial ene-
mies of war, and parade their names as if they
alone among the English nation were grieved at the
spectacle which the world presents? W e did not ex-
pect to hear again of the meddlesome fraternity which

sent deputies to the Emperor Nicholas just before
the Russian war ; but it appears that they cannot
allow the present critical time to pass away with.
out once more approaching a warlike Potentate.
We publish elsewhere a memorial, bearing the
well-known names of Pease and Gurney, which
has been presented to the Emperor of the French
from the Peace Society, thanking him for his pro-
posal for assembling an international Congress " to
adjust by mutual counsel the unsettled questions
which seem to jeopardize the peace of nations, and
to concert measures;forthe mutual and simultaneous
reduction of those great armaments which have
proved at once so burdensome to the resources, so
dangerous to the peace, and so detrimental to the
morals of Europe." If we had any historical super-
stition, we might fancy that the appearance of these
gentlemefl at such a time was ominous. It was,.
among the best ascertained facts in the politics of
our age that the resolu:ioll of the late Czar to listen
to no remonstrances from r.,..71and on the subject
of the Principalities was due to
conviction ishis mind that England would under 1.2
injuries
and no innignities venture into a war. ruler,
after 30 years' experience on the throne, with Ple.
best means of information through able and devotes
diplomatists, and with the recollections of his boy-
hood, all associating England with everything that
is resolute and pertinacious in war, came tp believe
to believe that we were at last truly a nation of
shopkeepers, who would see every right and every
principle perish as long as we were left to add one
shilling to another, By the very confession of the
Russian Court, it was the belief that the so-called
Manchester School were the virtual rulers of the
country, which led the mistaken Potentate to per-
severe in the course that produced the humiliation
of his Empire, and, perhaps, also his own untimely
end. How much misery and slaughter, and what
an addition to the burdens of Europe, were pre-
duced by that fatal resolution ! To the ignobio
theories of which the three Quakers of
that time were the representatives this nation
and mankind in general owe no small part of
the evils under which they have suffered Dino.
The British people can, indeed, agree to it'
great deal that the Peace Society puts in its
memorial ; they can hope that the European
Powers will tend more and more to adjust their
differences by mutual counsel and concession ; they
long for the simultaneous reduction of armaments,
and firmly believe that if the Emperor will lead the
Powers of Europe into the path of arbitration and
disarmament, he will confer on his reign a glory far
brighter and more enduring than any that can be
reaped from the most brilliant military achieve'
meats. We must protest, however, generally against
the practice of private individuals addressing the
Sovereigns of foreign countries on political matters,
more especially when they take upon themselves to
censure by implication the conduct of their ovill
country. These Quaker gentlemen are quite as con-
fident in their way as the four Liverpool merchants
of some years back. They inform the Emperor that
to him " belongs the signal honour of having take'
the initiative in proposing to the States of Europe
to substitute the arbitration of reason and justice
for that of the swore-4, to unite in relieving th.6o
people from the burden of warlike preparations,
and they speak of the "general and cordial re'
sponse with which the overture was greeted." To
any one who remembers the facts of the case the
bold inaccuracy of these assertions will be astonish;
ing. So far from these being a general and cordial
response, Lord Russell has stated in the House el
Lords that he sounded the Russian and Austrian
Governments on the matter, and was informed
by them that it was their fixed intention to re°
ject the pretensions of the Congress to discus°
the questions which concerned themselves. ke
to England, the view the Government took, wit',
the unanimous consent of all parties and classes of
the nation was, that a meeting of such a kind
would embitter the already existing disputes, while
it would raise questions which it could never hope
to settle without an appeal to arms. The view 0,
Prussia was, we believe, pretty much the same. ll'
then, the four Great Powers were unanimous ie
declining the invitation, what becomes of the " gene.
ral and cordial responee" spoken of in the memorial
The truth is that, with their usual infelicity, the
Peace Society have come forward to compliment °.
foreign Prince and direct their inuesdoes again"
their own people just at a time, and on a question,
the most unfitting of all. The main and, indeed'
the only ground on which England rejected the late
Congress was that it would in all probability be the
precursor of war. In that opinion our Governmeo.6,
was joined by those other Powers with which
consulted, and the intelligence of all classes has
affirmed the wisdom of their course. As to the Bey
peror relieving the people of Europe from warlike
preparations, no compliment could be less deserved'
In the opinion of most people, even in France itself,
and among those most attached to his person and
authority, the evil by which the Emperor has WO
far to counterbalance the great benefits he has con'
ferred on France and Europe has consisted in the
inordinate armaments he has established in his o'o°
country:and imposed, consequently, on neighbouring
nations. The future will show whether he has ea
disposition to reduce these, or even to leave theni
to burden their respective countries in peace.

BANK • CH' ENGLAND, March 8, 1864.
THE COURT of DIRECTORS of the
COMPANY of the HAIM of ENG-
be held at the Ban'
ZABIDGOGVIVEIERNNOORTTar A
,CE. That a GRNRRAL COURT will Twelve o'clock prr Lon THURSDAY the 17th instant, at
Also,
wisely, to consider Of a Dividend.
noTnuuns thatt
it yf,o
, ,her General Court will be helO at the ilank
t h April next, from ten o'clock in the fa e-
noe rrll of
5t
Ar in the afternoon, to .
nor and De-, the election of a G0vey-
,,,,,.,,,-, puy-Governor for the.year ensuing (which will
be d••• 4 J that evening) • aTid the same Court will be con-
tinued 1- Sfadjournment, and held at the same place and during
!Le.? .me hours, on Wednesday the 6th April next, for the
'''"" on of Twenty-fo D; • '
the I ur _rectors (which
the jnarterly General (1, will also be one of
—flirts appointed by the Charter), and
~ election of the /wev_e___
ty four Directors will be declared as
ek' Jei as the scrutinir '.5 over,
~ Printed lists of t
ItO the delivered at, e proprietor, having votes will be ready
the Bank on Monday, 21st March.
HAMMOND CHUBB, Assist.-Secretary.
N.B.—By art Act passed in the seventh year of the reign a
George 111.,. no Person will be entitled to Vote at the said
Xlectlon wno shall rot have been Six Calendar Months pos-
waged snot h*s o right of the litock for which he shall hen
give his
,e," unless the said Stock shall have been acquired
or shall b Aye come by bequest, or by marriage, or by succes-
sion to an lutes ate's estate, or by the custom of the city of
Londo- a, or by any deed cf settlement after the death of any
efPersr,n who shall have been en itled for life to the Dividenas
8' ach Stock.

PANAMA, NEW ZEALAND, and AUSTRA-
LIAN ROYAL MAIL COMPANY (Limited,.
(Intereolonial Royal Mail Steam Packet Company, Limited.)
Itegistered under the Limited Liability Act, by which the
liability of every shareholder is limited to the amount of
his shares.

• DIRECTORS.
Might Hon. Lord Claud Hamilton. M.P., Chairman.
^Captain George Blane, R N., 21. Prince's-gardens.
Eden Colville, Esq., Director of the Royal-Mail Steam Packet
Company.
George Edmett. Esq., The Elms, Maidstone.
Captain C. B. Hamilton, R.N., 65, St. Ghorge's-square.
Sir Richard G. A. Levinge, Bart.. M.P.
Edward P. W Miles, Esq. (Messrs. Miles Brothers and Co.),
London, Bristol, and New Zealand.
Vice-A.dmiral ht Hon. Lord George Paulet, C.B.
Edward D. Rayment, Esq., Oakfield-house, Norwood.
Charles Turner, Esq., M.P.. Chairman of the Pacific Steam
Navigation Company.
Robert Wilson, Esq., 45, Cambridge-terrace, Hyde-park

AUDITORS.
Proposed to be appointed at the Ordinary General Meeting
hi May.
Henry James Lubbock, Esq. (Messrs. Robarts, Lubbock, and
Co.), and a Professional Accountant.
COLONIAL. AUDITOR—B. T. Hall, Esq., Government Audit-
office, Sydney.

BANKERS.
Messrs. Robarts. Lubbock, and 30., London.
The Bank of Liverpool, L 17,0.13001.
Rao-ktns.
Messrs. Tinle. J. Htchinso-4 and Sons, Angel-court, London.
Y and Sons, Liverpool.
80Tuferron.s.
Messrs. Cunlifle and Beaumont, 43, Chancery-lane, London,
PEETETMI". MANAGER IN THE COLONIES.
Captain John Vine IlalL
SECRETARY.
James Worley, Esq.
Oflices—No. 41, Hoorgate-street, London, B.C.

• INCREASE OF CAPITAL
33y the issue of 37,500 ordinary shares of £lO each, repre-
senting the nominal sum of £376,000. £1 per share lobe paid
on application, 61 per share 14 days after allotment, £3 per
share on the Ist October, 1884, and £2 per share the lst April,
1865, making a payment of £7 per share.
The Directors give notice that they are prepared to receive
applications for the new shares, the issue of which was autho-
rised by the Special General Meeting held on the 3d March
instant, in order to enable the Company to perform the con-
tract recently entered into with the General Government of
New Zealand, for a monthly mail service between Sydney,
New Zealand. and Panama, in correspondence with the Royal
(West India) Mail Company's steamers between Southampton
and Aspinwall (Isthmus of Panama..
The Intereolonial Royal Mail Steam Packet Company was
formed in 1858, under a contract to perform the mail service
between the several provinces of New Zealand, and between
that colony and Sydney, for whin they are at present in the
receipt of subsidies amounting to upwards of £36,000 per
annum.
From the commencement of the Panama line, in May, 1865,
the minimum subsidies payable to the Company for the
oceanic and interprovincial services will amount to £96,0.0
per annum.
The Royal Mail Steam-packet Company, and the Pacific
Steam Navigation Company have agreed to enter into work-
ing arrangements for through traffic, and their fleets, with
those of the three other steam lines, converging on the new
route, will operate as "feeders" to this Company's ships.
IVhen, therefore, it is considered that New Zealand is 2,00
Miles nearer to England, via Panama, than by the present
overland route, and 4,000 miles nearer than by the Cape of Good
Eope, and that the intended line will possess the advantage
lat economy, both of time and money, there can be no doubt
a large portion of the existing passenger, light g
ht oods, and
specie traffic, will be secured by this Company.
The nominal capital of the Company will, in the aggregate,
be £562500, of which £412,500 will be paid up.
The tie w shares will be entitled to dividend from the re-
BPective times when the instalments fall due, and on pay-
ments in advance interest at the rate of spercent. per annum
Will be allowed.
The profits on existing lines are alone sufficient to pay a
"rge dividend on the new as well as on the old shares.
Detailed prospectuses, reports, and forms of application for
ahgrea can be obtained at the offices of the Company, and of
the brokers and solicitors.