The Sun.
London, England, 1852-02-28 00:00:00

THE MINISTRY
(From the Gazette of last night.)
At the Court at Buckingham Palace, the 27th day of
February, 1852, present, the Qaeen's Most Excellent
Majesty in Council. Her Majesty in Council was this
day pleased to declare the Right Hon. William, Earl of
Lonsdale, Lord President of her Majesty's Most Honour-
able Privy Ceuta il, and iTiO Lordship took his place at
the Board accordingly.
This day thellost Noble Algernon, Duke of North-
umberland ; thp Right Honourable John William, Earl
of Sandwich; the Right Honourable Archibald William,
Earl of Eglinton; the Right Honourable Charles Philip,
Earl of Hardwicke; the Right Honourable James
Howard,.Earl of Malmesbury; the Right Honourable
John James Robert Manners (commonly called Levi
John Manners); the Right Honourable Claude Hamilton
(commonly called Lord Claude Hamilton); the Right Ho-
nourable William Lennox Le:scelles, Lord Do Pros ; th 3
Right Honourable Charles, Lord Colchester; the Right
Honourable George Cecil 'Weld Forester; the Right
Honourable Sir John Somerset Pakington, Bert.; the
Right Honourable Spencer Horatio Walpole; the Right
Honourable Benjamin Disraeli; the Right Honourable
Joseph Warner Henley; the Right Honourable Robert,
Adam Christopher; the Right Honourable William
Beresford; and the Right Honourable Georgaßankes;
were, by her Majesty's command, sworn of her Ma-
jesty's Most Honourable Privy Council, and took their
respective places at the Board accordingly.
Her Majesty • in Council"was this day pleased to
deliver the Great Seal to the Right Honourable Sir
Edward Burtenshaw Sugden, Knight ; whereupon
the oath of Lord Chancellor of Great Britain and Ire-
land was, by her Majesty's command, administered to
him; and he took his place at the board accordingly.
Her Majesty having been pleased to deliver the cats=
tody of the Privy Seal to the Most Honourable James
Brovvnlow William, Marquis of Salisbury, the oath of
Keeper of the Privy Seal was this day administered to
him, and his Lordship took his place at the board ac-
cordingly,
Her Majesty having been pleased to appoint the
Right Honourable James Howard, Earl of Malmesbury,
the Right Honourable Sir John Somerset Pakington,
Bart., and the Right Honourable Spencer Horatio
Walpole, to be three of her Majesty's Principal Secre-
taries of State, they were this day, by, her Majesty's
command, sworn three of her Majesty's Principal Secre-
taries of State accordingly.
Her Majesty having been pleased to appoint the Right
Honourable Benjamin Disraeli Chancellor and Under-
Treaeurer of her Majesty's Exchequer, the usual oath
was this day administered to him accordingly.
Her Majesty in Council was this day pleased to de-
clare the Right Honourable Archibald William Earl of
Eglinton Lieutenant-General and General Governor•of
that part of the United Kingdom called Ireland.
Her Majesty in Council was this day pleased to ap-
point the Right Hon. Joseph Warner Henley, and, in
his absence, the Right Hon. Charles, Lord Colchester,
President of the Committee of Council appointed for the
consideration of all
_matters relating
,to Trade and Fo-
reign Plantations.
(FROM TETE COURT NEWSMAN.)
The Queen held a Court and Privy Council at twelve
o'clock yesterday, at Buckingham Palace.
Sir George Grey had an audience of her Majesty, and
resigned his seals of office as Secretary of State for the
Home Department.
Earl Grey had an audience, and resigned his seals as
Secretary of State for the Colonies.
Earl Granville had an audience, and resigned his seals
as Secretary of State for Foreign Affairs.
Lord Truro had as audience, and delivered to her
Majesty the Great Seal.
Sir Charles Wood had an audience, and resigned his
seal of office as Chancellor of the Exchequer.
The Earl of Minto had an audience, and resigned the
Privy Seal.
The Marquis of Westminster bad an audience, and
delivered up his wand as Lord Steward.
The Marquis of Breadalbane had an audience, and de-
livered tee the Queen his gold key of office as Lord Cham-
berlain.
The. Duke of Norfolk had an audience on resigning
his oflice.as Master of the Horse.
Lord Marcus Hill, Lord Edward Howard, and the
Earl of Mulgrave, had audiences, and delivered their
wands of office as Treasurer, Vico-Chamberlain, and
Comptroller of the Household.
The Marquis of Donegal had an audience, and de-
livered to the Queen his gold stick of office as Captain
of tho' Yeomen Guard.
The Marquis of Anglesey had an audience on resign-
ing his office as Master General of the Ordnance.
The Earl of Derby had an audience of the Queen.
Her Majesty then held a Privy Council, for the pur-
pose of swearing in the members of the new Adminis-
tration. Seventeen gentlemen of the new Ministry
wore sworn of her Majesty's Most Honourable Privy
Council, and took their places at the board.
The Earl of Derby kissed hands on being appointed
First Lord of the Treasury.
The custody of the Great Seal was delivered by the
Queen to Sir Edward Sugden, who was sworn into office
as Lord Chancellor.
The Right Hon. William Earl of Lonadale was de-
clared by the Queen in Council President of her Ma-
jesty's Most Honourable Privy Council, and his Lordship
took his place at the board.
The Most Hon. James Marquis of Salisbury was sworn
into office as Lord Privy Seal.
Her Majesty in Council was pleased to declare the
Right Hon. Archibald Earl of Eglinton Lord Lieutenant
of Ireland.
The Right Hon. Spencer Walpole was sworn in Coun-
cil ;one of the Queen's Principal Secretaries of State
(Home Department).
The Right Hon. James Earl of Malmesbury was
sworn in Council one of the Queen's Principal Secretaries
of State (Foreign Department).
The Right Hon. Sir John Parkington, Bart., was
sworn in Council one of her Majesty's Principal Secre-
taries of State (Colonial Department).
The Queen having been pleased to appoint the Right
Hon. B. Disraeli Chancellor and Under Treasurer of her
Majesty's Exchequer, the usual oath was administered
to the Right Hon. Gentleman.
The Duke of Northumberland kissed hands on being
appointed First Lord of the Admiralty.
'f he Right Hon. R. A. Christopher kissed hands on
being appointed Chancellor of the Duchy of Lancaster.
The Earl of Hardwicke kissed hands on being ap-
pointed Postmaster-General.
The Right Hon. John Charles Hurries kissed hands
on being appointed President of the Board of Control
for the Affairs of India.
The Queen in Council was pleased to appoint the
Right Hen. J. W. Henley, President, and the Right
Hon. Charles Lord Colchester Vice-President of the
Committee of Council for the consideration of all mat-
ters relating to Trade and Foreign Plantations.
The Right Hon. W. Beresford kissed hands on being
appointed Secretary at War.
The Right lion. Lord John Manners kissed hands on
being appointed Chief Commissioner of Royal Parks,
Palaces, and Public Buildings.
The Right Hon. George Minkel; kissed hands on
being appointed Judge Advocate General.
Viscount Hardinge kissed hands on being appointed
Master General of the Ordnance.
Lord de Ross kissed hands on being appointed Captain
of the .Yeoman Guard, and received from the Queen his
Gold Stick of Office.
The Earl of Sandwich kissed hands on being appointed
Captain of the lion. Corps of Gentlemen at Arms.
The H. William Bathurst was the Clerk of the
Council in Waiting.
The Duke of Montrose had an audience of the Queen
and received from her Majesty his wand o f office, as
Lord Steward of the household.
The Marquis of Exeter had an audience, andi re-
ceived from the Queen his gold key of office, as Lord
Chamberlain.
The Earl of Jersey had an audience of her Majesty,
and kissed hands on being appointed Master of the
Horse.
Lord Claude Hamilton, Treasurer of the Household,
and the Right Hon. Cecil' Forester, Comptroller of the
Household, received from the Queen their wands of office.
After the Privy Council the Earl of Derby had an au-
dience of the Queen. Her Majesty was attended by
Lord Elphinstone, Lord in Waiting, and Major-General
Berkeley Drummond, Groom in Waiting.

=----
COURT CIRCULAR. 1
His Royal Highness Prince Albert presided, at three
o'clock yesterday afternoon, at a meeting of the Com-
mission fur Promoting and Encouraging the Fine Arts
in the re-building of ?alum of Westminster. •
The Commissioners present were the Earl of Car-
lisle, Viscount Canning, 'Viscount Palmerston, Viscount
Mahon, Lord Colborne, the Right Hl3. on. Sir James
Graham, Sir Robert H. In Mr. Hawes, and •
Mr. Hallam.
Sir C. Eastlake, the secretary, attended.
The meeting broke up at half-past four o'clock, when
Prince Albert, attended by Colonel the Hon. A. Gor-
don, returned to Buekinghain .Palace.
Her Majesty and his Royal Highness Prince Albert,
Sir C
attended by the Countess of Mount Edgeeumbe, the Hon.
Amelia Murray, Lord Elphinstone, Colonel the lion.
Charles Grey, Lieutenant-Colonel the Hon. A .Gordon,
The Earl of
honouredeve the French Plays with their presence last
Lord of the Tr
the last aitting for a miniature of his Royal Bigness
enmg.
Si William
timTeheyensitgehrdtaffon.
si
Ross, R.A., had the honour of taking.
Prince Arthur, jestorda, b command of her Majesty
Mr. Secretary Walpole
yesterday
Colonial-office at th
ye
rat time.
eellesarteheuryrdya
in attended
powaot i
othe - office
st
ree , of
fo the
r th First
efi ra
attended for the first time
37.
The Right ion. J. WY the
fi
John Pakington attended at the
atr thejohßoaurlCiy
0 . o.ffiforclee.
and Lord Colohestor
attended yesterdayfor the first
time. of Trade

Dispatches were received' at the Colonial-office yes-
terday from the Governors of the West India Islands.
Dispatches wore sent to the Governors of the North
American Provinces from the Colonial-office yesterday.

-
Notice has been issued by the Pacific Steam Com-
pany at Liverpool Of the commencement of their semi-
monthly mail service between Panama and Valparaiso, and
that letters, &c., for this line will henceforward be dis-
patched by the West India ateamerS from Oomlumwton on
the 2d And 17th of cull mouth.

IL WAY IN TELLIGENCE.vern:
tee, of this company
most
tiiiluomer
chairmanou l a
the
iBl
aAn yT wNsO,
IR. r '
held rHo Et Rt Ne
0.
r.,
, Yesterdaytin,a,Ag,iA.i
.117 e report and
Ea and s eleventhy i attended.icii'tf'h f:10
ItY.
El
board d -mdeui nlinoill'rTedl:eir.gelail litseoerrna:
Tho CIIA.TumAN
plesided.
on the day efter theP;
peered in The Su„ statement e cce''fillts' w"l°1
ofop-
Tuesday lest, having been teken
As read,
(31ca''setdhecialfa-yt eraorinysimdeerealtiinloglleinegrtlNerate.
address tho proprietors,lie commenced by stating that
jesty and ,Prince Albert travelled along the line, on their
way to Scotland, as far. as Doncaster, where the direc-
tors took leave of the Loyal oyal Family, and had the honour
of hearing the Queen and Prince express their entire
satisfaction with the
arrangements made for their teen-
sit
and
accommodation. The directors hoped that her
Majesty would again do them the honour of travelling
over their line whi n
Hnext she visited her northern sub-
jects. e was happy to any that public opinion still pro-
gressed in favour et.
the company. The general re-
ceipts for the lasti Jlee months had considerably ex-
eeeded those of preceding half-year, having
amounted to the lart
ge ram of 315,6501. The traffic
had increased
a., the rate of about 3,000/ per week.
Ho had every reason
to expect that this increase
would continue to
be observed,
if not increased,
and he was rather disposed
of a few months it would
to think that in the course
on any other line in the be found steadier on this than
of the goods and min kingdom, because of the nature
admitted that the eral traffic which they enjoyed. lie
large—somewhere, in workinground expenses were undoubtedly
but then it should be 9 numbers, about 50 per cent.;
miles of lines daily recollectedwhich did
that they ran over 150
purpose of obtaining additional not belong to them, for the
of their sphere ef, labour, ional traffic, and this extension
was beneficial to which both directly and indi-
rectlyfor the working expenses them,being accounted in some degree
cursion trains would seem, considerable. The ex-
gree. Upon the whole, account for it in a still further de-
tailing the receipts and owever, ho must say that
expenditure,together for the
whole six months the result
—(Hear, hear.) The directors
to him most satisfactory.
ors felt that the officer who
managed their locomotive d
his duty satisfactorily and eepartment bad dischargedffl cientiy, and they had re-
ceived many proofs of the great
odity at all times—which :I civility—a cheap com-
m a
_ho balance available for
been evinced 'by their
numerous servants.—(Hear,) T
dividend was 63,7471., and the directors recommended
that that sum be divided after
the rate of 23: per
on
cent. per annum, payableand after the 15th
of March, which would lean© a balance of 3,6441.
to be carried to the nevh
half year's account.
Under all the circumstances he considered this a. fair and
liberal dividend. There had k
e eetl°,lll no attempt made on
the part of the board to the accounts. Thero
were accounts outstanding, for instance,
un-
doubtedly come to the credit of th which would e
proprietors here-
after, but which were not included in the present state-
ment, because they were
as
yet
unsettled. Besides, the
board had charged the account
with 27,0001. for half the
interest on the money which hadhitherto remained mi-
productive. Had they wished to present a very flourish-
ing statement, these things would
upwards
have been done,
but, as the line had clearly earned lards of two and
half per cent. per annum, he hoped the dividend would,
with these explanations, be cheerfully accepted.—
(Hear.) He was happy to state that, ter many inter-
views wi f
n, a
th the Eastern Counties Co the directors
of the Great Northern had at last settled the
the basis of an
agreement for a term of fourteen years which he trusted
would prove mutually beneficial; and, if•
it were not mu-
tually beneficial, be should not have adopted it, because
he was quite sure that arrangements of a
contrary nature
seldom proved satisfactory to either of the parties.
Perhaps some of the shareholders mi •
ght be of
opinion
that tho payment of 20 per cent. by the Great Northern
Company from the earnings of the Eas
Eastern Counties
traffic sent from Peterborough to Newark; .Lincoln, and
Hull, and certain ether places north ofthese towns, was
it
too high; but if so—and he'admitted was high—let
it be borne in mind that by the transfer of the Royston
and Hitchin and Sheproth Extension L ire to the Eastern
Counties, to bo worked by that company
he
Cam-
bridge and Hitchin, in connexion with Great wennNorthern
trains, the guarantee rent to which the Great Northern
was liable, and interest, together 16,8001.
a year, would
have to be paid by the Eastern Counties Co
believed, as he had said before, that the Company,
He
arrangement
would be mutually beneficial, and that a harm
now been established between the two companies which
hnd
would be of the greatest value to both.—(Hear.)te-
regard to the East Anglian Company, the report With
stated
that the directors of the Great Northern agreedhadto
hand over to them any balance of receipts after
repaying
all outlay ; and so that matter was adjusted.—([leer,
hear.) With regard to the arbitration undertaken by
Mr. Gleditone, between this company and the London
and North-Western and Midland Companies, he (the
Chairman) wished to set himself right upon a point
re-
specting which it was said that ho had, made a very con-
siderable
mistake. Whenever he found himself wen
he was quite ready to acknowledge his error; butv ing
the present instance he fancied he would be acquitted
of having committed any great offence. What
a
he had said was, that he had made proposal to have
saying this,
the matters in dispute referred; and, in
was alleged that he had taken credit to hi m3eitf
erh i tay-
ing made a proposal which in reality had emanated from
others. Now, the facts wore these:—Two or three days
prior to the 2d of April last, ho had mot the directors
connected with the London and North-Western Com-
pany, but being unable to come to any arrangement,
they parted. Some gentlemen in the House of Com-
mons then spoke to him about a reference, and, amongst
others, '
Mr. Judson.—(A laugh.) On the 2d of April
h was forwarded a letter, enclosing Mr.
Stewart, in which a reference
one from
to two gentlemen, named
therein, was proposed. He (the Chairman) refused to
refer the matter to the two gentlemen in question' but
he proposed at once to refer it to Mr. Gladstone, and
accordingly a letter to •
this effect was written to Mr.
Glyn. Fie hoped that ho had not committed any great
offence in making that proposition; at all events, the
proposition itself would show the shareholders and
the public that h
matters in dispute was
bona fide anxious to refer all
tribunal. uteto a coaapeteat and im-
partialsatisfied, and thus th Mr. Glyn said he was perfectly
eft matter was ultimately referred
to Mr. Gladstone,Gladstone had sin and
it
became sub judice. Mr.
as follows, " in ordeee signed his award, and ho decided
as he said, " to prevent the in-
juries arising from the
companies.. e Competition of two such power-
fulwould beln order to judge of the decision, it
necessary
Northern Company to state the conditions the Great
Company asked, what the London and North-
Western Gladstone had
awarded. The London and North-Wes-
tern Company proposed'
to give the Great Northern 70
per cent. with respect
the Great Nort, to th© passenger traffic from York;
them 80.—(Hear, Northern
wanted 80; Mr. Gladstone gave
traffic from Leeds, ear.) With respect to the passenger
to give 60 per' the
London and North-Western pro-
posed 66 2.3 d; Mr, cent.; the Great Northern wanted
With respect to the Gladstone
gave them, 65,—(Hear, hear.)
London and North-tl:7l.ssenger traffic from Wakefield the
Great Northern ael estern proposed 60 per cent.; the
asked
66 2-3 d; Mr. Gladstone gave
them 70.—(hear, hear.) With respect to the Doncaster
passenger traffic, t
70 per cent.; le London and North-Western pro-
posedthe Great Northern asked 85; Mr.
Gladstone gave them
to the Lincoln 90.—(11ear, hear.) With respect
Western proposed passenger 7 traffic, the London and North-
asked 85; Mr, 5 per cent.; the Great Northern
With re Gladstone
respect to the gave them 85.—(Hear, hear.)
North-Western made Sheffield traffic, the London and
66 per cent.; and Alt: no offer, the Great Northern titre 1
These awards served' Gladstone gave them 65.—(Hear.)
had not been tnshow that the Great Northern
e unreasonableThelia in their demands.—(" Hear,"
and applause.)
,t
-,ort. with regard to goods from York,
the London and North-Western
the Great Northern Western proposed 60 per cent.;
them 75.—(Bear, asked 66 2.3; Mr. Gladstone gave
North-Western
estern hear,) From Leeds, the London and
ern asked 50; ma. proposed 40 per cent.; the Great Norte-
telad,t
the London and North. ono gave 39. From Wakefield,
the Great Northern ask Western proposed 40 per cent.;
(Hear.) From ed 50; Mr. Gladstone gave 60.
ern proposed 60 per Doncasterci the London and North- West-
Mr. Gladstone gave 90. From
the Great Northern asked 85;
North-Western
asked 75; Mr, proposedGie.d 50 Per cent.; the Great North-
ern
London and stone ave 70. From Sheffield,
Great Northern North-Westernasked
made no offer ; the
stone gave 30, So that, 50 per cent.; Mr. Glad-
dens, they had got more, With only one or two excep-
then, anything unreaso than they asked. Was there,
(Hear, hear.) He caller:llbl° in their original demand?
ercise forbearance
ho
per the shareholders to ex-
if the directors, who were the board, and to believe that
other parties, did not heyll willing to make terms with
it was not because t weees enter into arrangements,
could not.—(Hear.) air. Gladstone'snld not, but because they
forwarded and it was to date back award had been
last. But, after that award had
from the sth of April
bee
of which, according to Mr. GI n made—the design
to prevent injurious competition own words, was
ion_
dozen men of business in the City would not :any half-
ties having agreed to refer their , say that the par •
son, in order to see how the money;
uisputes to a twot per-
was the duty of both to earn a neY Was to be divided, it
could?—(Hear.) It WAS 5 much of revenue as they
indubitably
ought to have been the ease, but tho
clear that such
on quite a different principle, anti-° other 'parties acted
do could prevent them from goinn, nothing that he could
petition, scandalous to any body b °II with a ruinous com-
Mr. Gladstone's award had nee of truutees. Although
August last, yet no sooner a delivered to them in
traffic arise than they commenced; feew description of
fore. Doncaster races came eff the same
game as be-
general manager of the Great Northernin September. The
prior to that event, informed _, a fortnight
London and North-Western coniueptain Huish, of the
intention of the former to take gaily. that it was the
caster and back for one faro, as i 0 passengers to Don-
London and North-Western Com n former years. The
limited by Mr. Gladstone's awardPtaony thereupon,though
Wean Doncaster and London, actuallfive per cent. as be-
between those places 50 per cent. below
reduced the fares
Great Northern, so that while the cw the fares of the
there and back for twenty shillingsone was carrying
charging only ten shillings. Anything the other was
or more discreditable than this, willirl more unworthy
a losing transaction, he had never heard.-c.. must have been
Besides, they adopted a system of re-booking—(Elear, hear.)
inanton, which, in his opinion, would at Nor)
the award; and, upon the have practically
whole, he could
come to no other conclusion than that they
under the influence of feelings which .
()they were acting
never entertein.—(Hear, hear.) In n
October,
hoped he should
ctober, he wrote
a letter to Mr. Glyn, calling his earliest
these circumstances, and, saying that attention to
dered them nothing less than an invasionof the a •
It seemed that the word " invasion"
but it was an invasion, nevertheless -one given ehn.oohifetnnceey,
ought to be asbamed.—(llear, bear.) °Art 1 . g
After saving
. ,

taken the matter into consideration, they sent a letter
stating that they approved of what had been One —thet
was with respect to Doncaster races. The subj, et wag
discussed by the directors of the Groat Northi*e hoard,
who coademeed the practice and refused to follow ie ; and
a meeting seek place before Mr. Gladstone witli the view
of aecertaining his opinion of the matter. Clapthio Huish
and Mr. Swift attended it and defended this conduct
pursued. Mr. Gladstone said he was gle,l the Great
Nerthern NO given notice to the Lencloe aril North-
Western that they were going to reduce the fares during
the Doncaster races, that the reduction. on the part of
the former was a matter of policy, but apse with
only 5 per cent. interest, for the London cull North-
Western to make the reduction was meet improper.—
(Hear, hear.) He then said that small as the award
of five per cent, was, he regretted it, he had given it
the traffic was so clearly the Great Northerns,i but that
he did so in order to carry out .a calculation}he had
made, and to prevent injurious competition.-e-(Hear.)
Mr. Gladstone had since kindly consented to continue his
good aloes, so far as to be referred to from time to
time, to seo that the award was Lona fide adhered to.
The chairman then preceded to read extracts from the
speech of Mr. Glyn, delivered at the London and North-
Western meeting yesterday week, commenting upon
them as ho proreeded, and giving that gentleman credit
for being a highly honourable man. He did not believe
that Captain Huish and Mr. Swift could have told Mr.
Glyn of what Mr. Gladstone had said at the meeting
to which he had just alluded, because, if he did, as
apology was due from his company, and a case of re-
booking, which had occurred last week, would not have
taken place.
A PROPRIETOR here cited an instance of the operation
of the re-booking system, showing that by paying first to
Northampton, and then from Northampton to London,
the sum of 51. was saved.
The CHAIRMAN said his object was to prevent the
property of the Great Northern Company from being
frittered away. He was anxious to obtain sound, fair,
and honourable terms, and he would not be frightened
into the making of unreasonable concessions. If the
London and North-Western Company would give up
treaties hostile to the Great Northern, he should have no
difficulty in agreeing to a reference to respectable and
disinterested parties. If Mr. Glyn made an arrange-
ment only with the Midland, there would be no cause to
complain, but he had gone further, and made
,arrange-
ments with companies—with the Lancashire" and
Yorkshire, for instance—whose traffic, would naturally
come upon the Great Northern line. In conclusion, he
left the London and North-Western Company to take
the best care they could of themselves, and he promised
to do the same by the Great Northern.—(Hear.)
A long conversation ensued. It was complained that
the coal traffic was unprofitable, and that several of the
stations were useless. The agreement with the Eastern
Counties was approved by some and objected to by
others; and it was contended that the company was not
in a position to subscribe a sum not exceeding 1,000/,
per year to establish a provident society and benevolent
fund.
The CHAIRMAN said the average expense per mile of
running the Great Northern trains was 1/. Os. 7id., and
that they had travelled over 2,000,000 of miles during
the half-year. Some of the stations had been established
ex necessitate rei, and no doubt the direct 'receipts from
them were unremunerative. Her contended that 'the coal
traffic was very remunerative; that the agreement with
the Eastern Counties would save the company 16,000/.
a year, and be a beneficial one for both parties; and that
the establishment of a provident society was a judi-
cious arrangement for the men as well as for the share-
holders.
Mr, BAXTER, the law clerk, gave an explanation to
the meeting, which was considered satisfactory, of the
circumstances' under which the company had resisted the
payment of certain expenses to which an excursionist
had been subjected, who had arrived at Doncaster by a
late train, and had hired a carriage to convey himself
home to Barnsley.
Tho report of the directors was then adopted, and the
four retiring directors—namely, the Chairman, Mr.
Barff, Mr. Pine, and Mr. Austell, wore re-elected.
A dividend at the rate of 2} per cent. per annum was
declared.
1001. for the moral and religious instruction of the
workmen was voted, and the directors were authorised,
at their discretion, to subscribe a sum, not exceeding
1,0001., towards the formation of the provident society.
The meeting was then made special, at which the
directors were authorised to promote a Bill in Parliament
to enable the South Yorkshire Railway and River Dun
Company to transfer their undertaking to the Great
Northern Railway.
The proceedings terminated with the usual vote of
hanks to the chairman.

THE NORTH-WESTERN RAILWAY.
THE MIDLAND AGREEMENT.
The half-pearly meeting was held in Leeds, on Thurs-
day, the proposed agreement with the Midland Company
being one of the subjects to be brought under the con-
sideration of the shareholders; Henry Alcock, Esq., took
the chair.
The report of the directors, from which wo give some
extracts, was read.
" The further sum of 27,483/. 12s. sd. has been paid
on capital account, making the total sum expended up
to 31st December, 1851, 1,045,889/. 19s. Bd. The liabi-
lities of the company on the 31st December last, with
the estimated sum required for works in course of con-
struction, and for legal and Parliamentary expenses,
amounted to 113,1971., which sum might be raised by a
call of 11. a share, the arrears of calls on shares, and
loans on debenture. The gross receipts on revenue ac-
count for the half-year have been 18,6401. ss. 6d., against
14,1781. 2s. lid. for the corresponding period of the year
1850, being an increase of 4;4481. 15s. 4d., or a little over
30 per cent. The expenses during the half-year have
been:-working expenses, 12,4881. 105.; excise duty and
taxes, 592/. Os. 1 d. ; mileage of waggons, &c., 3371. 43. 10d.;
interest on preference shares 2,9561. 135.; interest on
debenture debt, 2,6961. 15s. 41; income-tax, 801.45. 2d.;
total, 19,1511. 7s. sd. From the balance in hand on the
Ist July, the deficiency (5111. la. lid.) has been taken,
leaving a balance of 83/. 16s. ld. to be carried forward
to the credit of the account on the Ist January, 1852."
The Cfaaffeafax, after a few explanatory observations
on the report, moved that it be received and adopted,
which was agreed to.
The other resolutions, comprising the forfeiture of a
number of shares, advancing Mr. %Vhelon's salary to
500/. per annum, reducing the directors allowance from
600/. to 4601. a year, and re-appointing Mr. R. Frost,
one of the auditors of the company, were adopted.
The meeting was then made special, for the purpose of
considering the proposed agreement with the Midland
Railway Company, for the working and maintenance of
the North-Western line.
The SECRETARY read the heads of the proposed agree-
ment, as follows:- .
1. The Midland Company to purchase the whole of
the rolling stock and plant of the North-Western Rail-
way Company.
2. The Midland to work and maintain the railway and
works for a period of 21 years.
3. If any general renewal of the permanent way should
become necessary during the term, the North-Western
to find new rails, chairs, sleepers, &c,, in exchange for
tho old ones, and the Midland to find labour and
carriage.
4. The North-Western to receive one-half of the
gross receipts up to 26,0001. per half-year, and two-
thirds of any excess beyond that amount.
5. The North-Western line to be worked in every
respect as a part of the Midland Railway.
6. The Midland to pay to the North-Western its
mileage proportion upon all traffic to which as the
nearest and legitimate route it is entitled, and which
may be diverted from it by any agreement which the
Midland Company have already made or may hereafter
enter into with any other parties.
7. All questions of difference arising out of the agree-
ment to be settled by arbitration.
'Considerable discussion having taken place, the fol-
lowing resolution was carried:-" That this meeting be
adjourned, to be held at this place on Wednesday, the
17th of March next, at twelve o'clock in the forenoon;
that the consideration of the proposed agreement with
the Midland Railway Company, submitted to this meet-
ing, be referred to the following committee, with power
to confer with the directors of this company thereon;
arid that the committee be requested to report to the ad-
journed meeting whether it is desirable'or not to adopt
the proposed agreement-the following gentlemen to
be the committee, viz., Messrs. A. M. Price, J. Wil-
kinson, Henry Newbold, Isaac Burkill, Joseph Gill,
Robert Barr, Henry Watson, John Sangster, and L. H.
Pegler."
A vote of thanks to the chairman concluded the busi-
ess.

MIDLAND RAILWAY.
The ordinary half-yearly general meeting of the Mid-
land Railway Company was held at the Derby station
on Wednesday, Mr. John Ellis, M.P. (chairman of the
board of directors), in 'the chair. There was a large
attendance of shareholders.
The CHAIRMAN, in moving the adoption• of the re-
port, entered into a lengthened and detailed exposition
of the company's affairs. With respect to the dividend
recommended, he said that some dissatisfaction had bee n
expressed because the directors did not propose to di-
vide at the rate of three per cent., seeing that the
hat y old
so, and carry over a considerable batae,
attention;
T point
had not failed to elicit the directors' ious
it was for the
but they had felt most strongly that
interests of the shareholders that the should pay
y
such an amount of dividend as they ld keep
were morally cer-
tain they could contittue. to pay, and as wou
their property, which had already. reached its lowe4
point, in a state of progression. Ile was satisfied' the
dividend would be the same next half-year, and that
after that it would rise still higher.'' He would advise
them not to be bitten by taking extra half-crown,
whose interest it also
thereby leaving
one next dividend in jeopardy. They
and he, therefore, felt
were at present on a friendly footing with the London
position as if
and North-Western Conip•
ey,
'was to work amicably with them;
fully as satisfied of the Midland Company's
uatongYetmher with
the London and North-Virestern had act, de an
agreement with them.
The report was unanimously adopted
a resolution for declaring the dividend in the terms it re.
commended.
A formal resolution was next passed, author' •g
the
° the branch
line to proceed with the construction f"m
line from Gloucester to Stonehouse, and the executi
onianch
the works connected therewith, and to complete the
of
narrow gauge to Bristol.
The three retiring directors were unanimously re-
elected, and Mr. Cripps was re-appointed an auditor.

SOUTH WALES.
The fourteenth half-yearly ordinary meeting of this
company was held yesterday at the station, Padding-
ton; Mr. C. R. M. Talbot, M.P., in the chair.
The Secretary read the following report:— •in
• ‘‘ The revenue receipts for the last half:Tear.(qmo

of the amount creditod on account of the conveyance of
mils, for which no previous credit hat! Ken taken) iv-
dioate a steady progress in the traffic, as compared with
tho receipts of the immediately preceding six montlizO ox ,
with the correspondieg period of 1850.
" The balance of revenue up to tho 31st of December '
justifies the directors in recommending to the proprietors
the payment of a divickmd for the half-year after the
rats of II per cent. per annum, which will amount to
17,457/. Gs. 3d., and will !care a balance over of
13,8511 i. 15s. •
On the 19th of September last the portion: of the•
line between Chepstow East and Grange-court, a dis-•
tanee of 19i miles, was opened for traffic, hut the three •
tors have deeply to regret that the bridge over the river
Wye at Chepstow is still unfinished, and the consequent
break in the communication between Gloucester -and
Swansea not only retards the full development of the
paasengar traffic, but altogether precludes the through
conveyance of minerals and heavy goods, from which
they have reason to anticipate a very largo revenue.
Your directors are informed that the operation of moving
and raising the bridge into place is now only waiting for
a high spring tide.
" Since the last half-yearly meeting junction branches
have been completed with the Llynvi Valley Railway
near Pyle, with the Forest of Dean Railway at Bullo,
and the Severn and Wyc Railway at Lydney ; and a
coal trsffio has been commenced from those districts,
which cannot fail materially to assist revenue. :The
committee having the management of the working of
your railway have, in conjunction with the Great Wes-
tern Railway Company, made arrangements for the con-
veyance of this traffic upon such terms as will, they be-
hove, insure its full development.
"In -accordance with the arrangements entered into
with Sir Charles Morgan, as mentioned in the report
sabraitted to the proprietors in August last, the con-
struction of the branch to join the Western Valleys
Railway at Newport has already been commenced. In•.
structions have also been given for the immediate com-
mencement of the improvements in the Forest of Dean
Railway,: authorised by the South Wales Rail Way New
Works, Act, 1851.

" Acting upon the course recommended by your di
rectors and approved by the proprietors at the last half-
yearly meeting, the works upon the portion of the lino
between Swansea and Carmarthen hove been pressed
forward as rapidly as possible, and the directors attach-
ing very great importance to the early completion of the
line to the latter town, whereby the traffic of the whole
western district of South Wales will be secured, have
intrusted Mr. Brunel to use every possible exertion to
open this portion of the line so as to insure the summer
traffic. West of Carmarthen the works have been pro-
secuted with less rapidity.
" The report of the engineer will inform the proprie-
tors of the state of the works already opened, and of the
progress making in the construction of other portions of
the line.
" Acting upon the instructions alluded to in the last
half-yearly report, Mr. Brunel has visited and examined
Milford Haven for the purpose of selecting the
most eligible situation for the terminal station of
the railway. Ho reported that favourable positions
existed for a terminus both on the north and south sides
of the haven, and your directors, after maturely consi-
dering all the circumstances connected with the subject,
have selected Neyland as the terminal point, and have
introduced a Bill into Parliament for carrying the rail-
way to that place.
" With reference to the arrangements alluded to in
the same report, as having been made with respect to
the shares held by this company in the Dublin and
Wieklow Company, your directors have now to report
that they have availed themselves of 'an opportunity
which has been afforded them, end have relieved the
company from any further expenditure on account of
their subscription to that railway, by the absoluse dis-
posal of those shares.
" The directors can not refrain from again expressing
their opinion that when the line shall be finished to Car-
marthen, whereby 130 miles of uninterrupted railway will
be opened, developing the vast mineral resources of the
rich districts of Monmouth and Glamorgan through
which it passes, connecting them with the
metropolis and the great seats of manufacture,
and aided by those important tributaries the
Forest of Dean at Bullo, the Severn and the Wye, at
Lydney, the western valleys at Newport, the Tuff-vale
at Cardiff, .the Llynvi- valley, the Vale of Neath and
Llanelly Railways; and when the communication shall
be completed with the numerous ports on the Bristol
Channel, such au extensive and lucrative traffic will be
brought into existence as will insure to the shareholders
good interest for their capital.
" The directors have to regret that, since the last half-
yearly meeting, Sir John Guest has been compelled by
ill health to resign his seat at the hoard. They have
elected Mr. Mortimer to supply the vacancy thus caused,
believing that in so doing they were best consulting the
interests of the company and the general wishes of the
proprietors."
The following is the Engineer's report:— .
" During the last half-year the line from Gloucester to
Chepstow East has been completed, and was opened on
the 19th September. Since that time junctions have
been completed between the Bullo Pill and the Severn
and Wye tramways and the South Wales Railway, giving
facilities for a large and increasing traffic in coals from
the Forest of Dean to various parts of the Great Wes-
tern Railway ; the necessary arrangements have been
made for commencing the intended broad gauge line
from the South Wales Railway and Ballo Pill into the
Forest of Dean. The contract for the heaviest portion
of the work, namely, the enlargement of the existing
tunnel and the construction of another short tunnel
through Blakeney-hill will be let during this month.
The remaining work extending into the coal districts is
of a very slight and easy character.
" The works between Grange-court and Chepstow
East have stood the late severe weather very well, ex-
cepting only a small slip in a cutting near Lydney,
which is now remedied, and which was of comparatively
small extent.
" At the Chepstow-bridge girders over the land open-
ings are being fixed and ballasted. The river bridge for
the down line has been fixed complete in the yard, and
tested satisfactorily, and the tube is now ready to be
moved and to be hoisted over the river. The supporting
cylinders or piers are completed, and the standards are
being erected upon them. I expect that the staging and
tackle for erecting the tube will be completed in about
a fortnight.
" Since the last half-yearly report an extensive en-
largement of the Nestle Station, for the joint use of the
Vale of Neath and South Wales Railways has been
finished,: and the Vale of Neath Railway has been
opened.
" A small station has also been opened at Mager,
and anether is in course of construction at St. Pagans.
" The junction at Newport with the Western Valleys
Railway is in progress.
"The works between Chepstow and Swansea aro all
in good order, and the permanent way throughout the
line is in every respect satisfactory. •
" At'Swansea the viaduct of the Swausea coal branch
is nearly finished, the permanent way is being laid, and
on the completion of the drop machinery, which is being
constructed at Newcastle, the whole will be ready for
the shipment of minerals.
" Between Swansea and Carmarthen considerable pro-
gress has been made. About seven-eighths of the Swan-
sea Tunnel and half of the piling of the Lougher Bridge
are completed. The sea work between Llanelly and
Pembrey and the sea wall at Ferry-Side are finished;
the earthwork generally is well advanced; eleven miles
of ballast at detached intervals are ready for the perma-
nent way; the construction of the stations for letting is
advertised, and there can be no doubt of this portion of
the line being ready to open for public traffic during the
present summer."
The CH/i_areverr moved that the reportbe adopted,
printed, and circulated among the shareholders. He
deeply regretted that the integral communication be-
tween London and Swansea had not yet been effected,
but he could assure the shareholders that everything
which energy and skill could do towards then
plishment of this object had been done by IS6I
and by all persons practically connected with the under-
taking. The construction of Chapstow.bridge was a
work requiring infinite and protracted labour, from the
circumstances of the locality, the rise
' her and more abrupt than
ob-
structed by massive rocks;Bruneltohfatth of e tide
any
other there
river in the country, and the being lug bed ofthesatdrea bmee bnein
g lately
but
he had
engineer
to see the works, and he could assure the meeting that
they presented every appearance of business. The di-
rectors were about to apply to Parliament for a Bill ex-
tending the line to Milford Haven, asnetdhquatethneicitre
had already marked out the site of a terminus at that
port. One of the leading advantages which 7hfearodSmbouetehthne
beneficiallyetion betw
tl ifnreorahacl competitors,hith ertoenajnody,edef was
of onerous alliances with other railways.. Wales
sspity
"ril. than The
andline
Herefordnowi n course
would ofo pceornastter u Newport
otherwise upon the South Wales
line;
but there was
before Parliament a Bill for extending
that railway from
Hereford to Worcester, an extension-
mate-
rially interfere with the interests which would
line. He had, however, every hopets of the South Wales
,
second reading that evening,
Bill, which stood for a
would be rejected by the House of Commons. The di-
rectors had (m
made an
way Company,
which, though
with the Wexford Rail-
though they were diffeFent.
from those announced
at the last half-yearly meeting,
would, he was satisfied
South Wales line. The ' work beneficially. for the
congra-
tulated the meeting uponchairman, in Ofrveoluarsatone,
bl change
which their affairs ad the veryta
the course of the
undergone in
last two years, a chap which 100 miles of their
line had been ge under had been able
opened, under which they
readily to borrow money at 4 per cent., instead of
•
being,
as heretofore, unable to raise it at 5 per cent.,
and which had elevated the prices of their shares from
18 to 30.
The report was unanimously adopted.
The CILLIRBILN moved that a dividend at the rate of
li per cent. be declared and apportioned among the
shareholders.
Mr. PRICE moved, by way of amendment, that no divi-
dend be declared. The amount was to small individually
to be worth receiving, and it appeared too him that it
would be far better to let it remain as a reserve. There
was a balance of only 21,0001., and of this 10,0001., one
half the amount, due from the Post-office, had not been
received.
The amendment, however, was not seconded, and the
original motion was then adopted.
Messrs. Talbot, M.P., C. S. Mortimer, J. H. Vivian'
M.P., and L. Lewis, were re-appointed directors, and Mr-
A. ii. Baker was re-appointed auditor.
Thanks having been cordially given to the directors,
the iii ezticts separated. _

According to a, report of the Submarine Telegraph
Company, submitted at a meeting held last week in Paris,
it appears that the receipts were 30. i 5171.
from the commencement °of perations, id,
e nfirst
the seconmonth
and 5191. in the third. The annual expenses of All kinds, it
•wati estimated, vill not weed Ao4:l°l' ' -