The Sun.
London, England, 1852-02-25 00:00:00

FEBRUARY 251 1852.

the company to December 31, 1851, was 981,9147. 19s.
9d., the constituent items being as follow :—Receipts
on share capital, 600,0001. lon new paid capital, 5,663/. ;
loans on debentures, 341,0001.; in amount with bankers,
20,09/.; sundries, 1,495/. The gross particulars of ex-
penditure were thus stated :—Expenses attending the
formation of the company. Act of Incorporation, and the
new Act, session 1850, 12,595/4 land and construction,
883,772/4 incidental charges, 42,3747.; carriage stock,
8,1011; interest on debts, call, &ea 35,0701.
The CHAIRMAN congratulated the proprietors on the
satisfactory condition of the company's affairs. There
had been a sensible increase of the receipts from passen-
ger traffic during the last six months, and it was reason-
able to expect that there would be a still greater augmen-
tation of their revenue when the Great Northern Company
would seek to exercise the power which they possessed
under their Act—that of adding a branch to the line of
the docks and Birmingham Junction Company. Every
day ameliorated their prospects, and it was only that
morning that ho had received a communication from the
proprietors of Finsbury Park, indicating what an im-
portant additional source of income would be opened to
the present company by the establishment of that place
of, public recreation. During the last half-year they had
conveyed no fewer than 2,000,000 of passengers, and he
was happy to say that in no one instance bad any acci-
dent occurred, either to life or limb.—(Hear, hoer.)
This was in itself a very gratifying evidence of the ju-
diCious and careful manner in which the line was worked.
This line, no doubt, bad been an expensive one, having
cost about 100,600/. mile; but when it was borne in
mind through what important and valuable property the
line-had cut, it would not be considered that that expense
was greater than ought rationally to have expected, The
Greenwich line had cost 270,9001. per mile, and the
Blackwell line 266,0001.
A PROPRIEtoIt inquired whether there was any foun-
dation for a rumour which had obtained circulation, to
the effect that it was intended to lease the line to the
London and North-Western Railway Company?
The CHAIRMAN replied that there was not the least
foundation for any such report.
Mr. WaLsze inquired whether the law suit in which
the company had been so long involved with the pro-
prietor of a well-known rope-walk was at an end?
The CHAIRMAN said that the suit in question was
completely at an end, and the company had been foiled.
In the course of their endeavours to construct the line
they had had to make one thousand and thirty settle-
ments, and as there was a manifest disposition on the
part of all with whom they bad had to deal to make a
hard bargain, the only wonder was that they had not
been involved in greater litigation. In the case referred
to they had unfortunately been unsuccessful, but the
money would not be all lost, nor would the evil be unac-
companied by some advantage. The premises which
were the subject. of the suit might, by judicious ma-
nagement. be made productive of revenue to the com-
pany, and would enable them to improve their gradient.
Mr. WALSH wished to know whether it was intended
to provide third•class carriages for the accommodation
of the poorer orders of the public?
The CHAIRMAN said that the question had been con-
sidered by the directors, but they were of opinion that
it would not not be desirable to have a third-class car-
rfage on a line so very short and so publicly circum-
stanced as the present.
After a brief conversation, it was ordered that the re-
port be received and adopted.
A resolution declaring a dividend of 1 per cent., free
of income-tax, on the company's original share capital
for the half-year, was then agreed to.
The CHAIRMAN proposed a resolution authorising the
directors to raise the sum of 16,6661. by loan, under the
Act of 1850, at 4 per cent.
The motion was agreed to.
Mr. J. Ron thought it was of considerable importance
that the proprietors should be informed as to the proba-
bility of such arrangements being completed as would
enable the goods traffic to be conveyed to the terminus
at the docks without the interveniion of luggage vans.
The CHAIRMAN said that such a continuous and un-
broken current of traffic as the one referred to was un-
doubtedly most desirable. It had already been ac-
complished to a great extent—(Hear, hear)—and he
was happy to say that there was every probability that
such arrangements would ultimately be effected as would '
give universal prevalence to the system.—(Hear, hear.)
Motions for there-election of Mr. R. Creed and Mr.
W. H. Thomas, the out-going directors, were then
agreed to, and Mr. Sweetland having been re-elected as
auditor, the usual complimentary vote was passed to the
chairman, and the meeting adjourned.

[PRICE SD.

RESULTS OF FREE-TRADE POLICY.

Let us see how the country stands in its trade and
finances; let us ascertain the exact state in which
Lord John Russell bands its welfare over to Lord
Darby ;. let us know, in figures that cannot lie, what
it is that free-trade has done for us ; then we shall be
able the better to hold a Tory Government responsible
for any acts that may tamper with or jeopardise the
commercial liberty of import and export which we
now enjoy, and have to thank the late and present
Parliament for.
First of all, then, Lord Derby receives the National
Finances in a flourishing condition. Free trade has
not, at least, turned a surplus into a deficit. If of
late years our expenses have gone on increasing,
so also has our income; and, notwithstanding a re-
mission since January,lB46, of taxes to no smaller an
amount than 5,663,6381., there was at the beginning
of 1852 an excess of income over expenditure reaching
the enormous sum of 2,726,3961. Lord Derby will
not, therefore, have the excuse of want of means for
not reducing still further the weight of taxation ;' he
will find no apology in the absence of Treasury
balances for tampering with or manipulating the
national finances. Let this, then, above all, be im-
pressed on the public mind—Lord Derby takes office
with a surplus revenue of nearly three millions ster-
ling ! He will therefore be able, without reverting
to a bread duty, to reduce the income-tax and get rid
of its inequalities.

And how has this enormous—it may be correctly
said, this unprecedented—surplus been produced ?
By merely giving the industry of the community fair
play ; by simply relieving the natural energies of the
people fr6m the weight of oppressive burthens ; by
only removing pernicious restrictions on their trade ;
by allowing them to carry the products of their
labour to the dearest markets, and enabling them to
buy the means of their subsistence in the cheapest.
Within the last ten years we have, after an arduous
struggle against class interests, long confirmed mo-
nopolies, and a powerfnl combination of aristo-
cratic influence, obtained free trade in provisions ;
we have at least got cheap bread, cheap meat, cheese,
butter, sugar, coffee, and all the minor articles of
food; we have got cheap freights to reduce the
cost of their transport ; we have got cheap materials
(timber, bricks, glass, &c.) wherewith to build and
repair our houses. And mark the consequences.
Not only have we now a surplus revenue of three
millions sterling, but in nine years our exports
have (in value alone) increased full 50 per cent. ;
in 1842 they were 47,381,0231.; in 1850 they had
risen to 71,359,184/. ; and in consequence of
this demand for labour and of this cheap-
ness of living, our general pauperism is now de-
creasing at the rate of 3 per cent. per annum,
and our able-bodied adult pauperism at the still more
satisfactory rate of nearly 12 per cent. Let us never,
then, forget that Lord Derby has received the country
into his safe keeping with a rapidly increasing trade
and a decreasing rate of pauperism, and that this, as
well as prosperity in its finances, is the result of that
free-trade policy which he and his supporters mean
to reverse if they can.
But, descending from these all important general
results of free trade, let us examine a little the par-
ticular items which make up its noble and conclusive
aggregate ; and, first, of bread. In 1845 we im-
ported only 1,141,957 quarters of wheat, and but
2,423,145 quarters of all sorts of foreign grain. Since
1847 we have consumed on an average not less than
ten millions of quarters; and of that great increase
in 1851 no fewer than 5,355,687 quarters were of
wheat. Now, by this almost miraculous augmentation,
we have, as Mr. Lewis remarks, " gauged the capa-
city of the real effective demands of the country, and
proved, by the demonstration of facts, the extent of
the privation previously suffered by the community."
Let us remember, then, that Lord Derby, when he
assumed the government of the country, found it
yearly consuming ten millions of quarters of foreign
grain, all paid for in goods the produce of British
industry; as shown by the enormous increase in the
bullion in the cellars of the Bank of England.
Next in importance comes sugar. In 1842 foreign
sugar was excluded from use in this country ; and
the duty on British plantation sugar was 255. 2.0.
per cwt. Then we yearly consumed but 4,068,331
cwts. Now, the tax on colonial is only 10s. per cwt.,
and that on foreign 14s. (to be equalised in 1854) ;
and the result is the consumption, in 1851, of 6,884,189
cwts., or an increase in nine years of more than 69
per cent. Let this " great fact" be ever before our
eyes•when we think of the time when a Protectionist
Government succeeded to power.
As with bread an i sugar, so with timber. In
1843 we only used 1,317,643 loads of 50 cubic feet
each; but the duty being reduced to 7s. 6d., we last
year used 2,037,077 loads. In 1842 we took
28,519,646 lbs. of coffee ; in 1851, 32,564,164 lbs.
that time our consumption of foreign cheese has
more than doubled ; we are now using 14,000,000 lbs.
more of tea than we did then; 6,000,000 lbs. more
of tobacco ; and one million pounds' weight snore
of pepper. In raw materials the increased im-
portation is just as great; in nine years the
increase of raw cotton has been nearly 100,000
lbs. ; of flax, 71,0,000 cwts. ; of wool, upwards of
15,000,000 lbs. Under such circumstances, what
wonder that in 1861 our exports of cotton goods
were greater by seven millions sterling in value
than they were in 1842—that the value of our silks
sent abroad has doubled, and so also machinery ?
That our exports of hardware have increased in
money value one million sterling—iron and steel two
millions three hundred thousand pounds—and that
even our yarns are augmenting in exportable value ?
These, too, are facts to, be held in remembrance in the
presence of a Protectionist Cabinet.
Equally rapid under the influence of an enlarged
trade has been the increase in our shipping. In 1844
the tonnage of British shipping which entered and
cleared out from our ports, excluding that which
came in and went out in ballast, was 5,691,680 ; in
1851 it was ,8,535,252 ; and last year, in the single
port of Sunderland, no fewer than 146 vessels, of
the aggregate tonnage of 51,823 tons, were launched ;
and now other 73 ships are on the stocks in the same
port.
When, too, was money so cheap; when gold, so
abundant ; when, stocks so high ? All predictions as
to corn imports producing a drain of bullion have been
falsified ; and in the last five months of 1851 the
stock of bullion in the Bank has increased four mil-
lions sterling.
This, then, is the result of "taking stock," that
Lord Derby receives the country with a surplus le,"
venue of nearly three millions, consuming ten mil,
lion quarters or foreign grain annually, 69 per cent.
more sugar than it did nine years since, 25
pern.
cent.t
more coffee, quite as much more tea, and more
g more of all its produce; with
money
pauperism
cheap, scarce a labourer unemployed; with
decreasing, and generally in such a state of prosperity
as that nothing but political perversity_e receivescaninjure.
it,
Knowing, then, the state in which h
we are now able to appreciate how h
This is what free trade has done.e will deal with it.
Who will d, re
to interfere with it ?—Daily News.

LORD TRURO.
No class in the community is so delighted with the
changes that have taken place within the last 48 hours
vctuai-
as the members of that enlightened and intell- 1•
pro-
fession the Bar. The great majority of that profession,
consisting of 3,500 gentlemen—some psact- •
removed
from
thneuous—st r
practising as con-
. . practising as
veyancers and equity draughtsmen—some
elivsfeo.olsack by
spscial pleaders, and others practising in courts,
assizes and sessions—feel that a rut' i , at the
to privatebewhat
deadtb relegigalititenhaosf bean
ad
Truro tood
be-
lieve the Noble and Learned LWe
have been guided in his judicial
called a good-natured and v,ssii..intentioned man, and to
a men more and praiseworthy motive,. But acts by conscientious
incompe-
tent to be a Chancellor or Cabinet Minister never
appeared in our
or we verily believe in any other
day. What could have iud
p:sce a learned knight, who
was a most indifferent
Chief Justice in the CommuocnEd Lord
pieci John
s,
at
th sel
the
Ihteusadol to
of
.
learned profession which neither admired his character
knows, and may
nor respected his ats •
to have abundant l
ho publish an autobiography,c.seto future generations should
di, 1 attainments, the Noble Lord best
, the cloy
own party,
here remark, that, evenel for which he is now likely
elevation
But we may, otpaosr
hnits,
ionwith Lordth' membershires:9l.o
to the seals
and a peerage has alwa of
pp eared an unexplained
wonder. Without any xyesrieanceiu courts of equity—
without profound legal learningc of any kind—notoriously
deficient in scholarsl,ip and scientific and general attain-
ments--a , man more unfit to be Chancellor could not
have • • peen discovered. Albeit the judicial force con-
nected with the Chancery department has been in-
creased by four most able members within the last
twelve months, yet even with this aid. Lord Truro made
no sensible progress, and his successor will find the
court so ably presidsd over by Lord Cottenham iu a
most lamentable state of contusion and assets!. had
as Lord Truro was in Chancery, he was infinitely worse
iu the House of Lords. His total want of dignity and
the graces and advantages of a liberal learning, rendered
his interiority, notwithstanding a pompous and turgid
volubility, painfully conspicuous. It was the peculiar
infelicity of Lord Truro to be at issue with every man
of his own profession in the Upper House. There never
was anything in common between him and such men as
Lyndhurst, Brougham,
- D—raatl, and the late Lord
Issngdsle as was psintully apparent; but even such ex
coie/Aa Whip and thoroughly. party :men sj 14°1'4
Campbell and Cranwortli could not ho "cater cousins"
aarrovv
with a peer so obstinately s minded, and so
•

TROOPS IN SOUTH AFRICA.
The following are returns of the number of tier Ma-
jesty's Troops who have been employed in south Africa,
in each year, since 1843; and of the general abstract of
the expenditure by Great Britain on account of 'Sonth
Africa, for each year since 1843, similar to part of
Parliamentary Papers, Nos. 224 and 239. of session,
1849 :