The Sun.
London, England, 1864-08-24 00:00:00

THE BANQUET.

The banquet took place at fire o'clock, under the
presidency of Mr. W. N. Row, the Mayor, who had
upon his right Lard Palmtreton, Mr. J. Chichester
Nagle, and Mr. J. Worth, and on his left Mr. J.
Silatent, Mr. F. Hole, the Rev. J. F. Sydenham,
and Mr. Cartwright. About 150 sat down to din-
ner. The usual loyal and constitutional toasts were
given from the chair.
The Rev. J. F. SYDENHAM, in responding to the
toast of the "bishop of the Diocess and the Clergy of
all Denominations," thanked Lord Palmerston for
the excellent manner in which he had filled up the
unprecedented number of ecclesiesrical offices which
had recently fallen to his nomination. Against those
appointments a very few only of extreme views
had only ventured to feebly remonstrate.
Captain LANE returned thanks for the " Army,
Navy, Militia, and Volunteers."
The CHAIRMAN then proposed the toast of the
evening—" Lord Viscount Palmerston," and in
terse but forcible terms observed that as a member
he was an honour to the borough, but as a states-
man and a Minister, not only to the borough, but
also to the whole country.
Lord PALMEROTON, who was received with seve-
ral rounds of most tremendous cheering, said—Mr.
Mayor and Gentlemen—l beg to return to you my
most sincere thanks for the kind manner in which
this toast has been proposed and received, and I can
assure you that a testimonial of goodwill from the
people of Tiverton must always be most grateful
to me, (Cheers.) I feel under most peculiar
obligations to the people of this town. I came here
first a stranger—an entire stranger—to you, and if,
as you did, you accepted me as your member, it
could only be from your thinking that my conduct
in public life had been such as to deserve your ap-
probation. (Hear.) From time to time it has been
a source of great pride and gratification to me to
find on every occasion of my revisiting this town
that the cordiality of my reception may be accepted
as a proof that the good opinion which originally
led to your taking me as your member has not been
diminished, but increased. (Cheers.) I can assure
you that I feel a most hearty pride at being, and, I
trust, continuing to be, your member. (Cheers.) The
rev, gentleman who returned thanks for the clergy
did me the honour to allude to matters which are the
personal acts of the Minister who fills the office that
I do—l mean the choice of the persons who are to fill
the high dignities of the Church. Well, I am glad
that the selections which I have thought it to be my
duty to make have met with general approval. I
hold the task of making those selections to be
one of the moat important duties that can devolve
upon the person who holds the office which I have
the honour to fill, because there are many things
which depend upon a good choice—these are, in the
first place, the moral and religious training of the
country—of those who are members of the Church
of which these persons are chosen to be high digna-
taries ; but there is a further bearing oa a good selec-
tion in these cases, because in a free country like
this, where every man is entitled to hold his own
opinions, where men are accustomed to investigate
the grounds of the opinions which they entertain or
which they may intend to adopt, there must neces-
sarily be great differences on religious subjects. No
doubt we might all wish that the whole nation
could be of one creed. That is impossible in a free
country; but what can be done, and what ought to be
done, is that those who hold high office and those
who are at the head of the Established Church
should by their bearing towards those who differ
from them in religious opinions mitigate those
acerbities which are, perhaps, inherent in the diver-
sities of opinion on so important a matter, both here
and hereafter ; that they should, by their manner
and bearing towards those of different opinions,
render those differences as little perceptible as pos-
sible, and endeavour to inculcate that charity which
is the basis of onr common religion. 1 trust and
believe that the choice which it has been my lot to
make has been made in this direction, and that those
who have been elevated to fill high Positions in the
Established Church will by their bearing towards
different communions continue to prove that,
although each
may be sincere in holding opinions
at variance one with another, will, nevertheless,
feelall that there are common feelings, com-
mou interests, and common obligations which
pervade the
muss and that those feelings,
interests, and obligations ought not to be embit-
toad by any asperities between different sects.
(Cheers.) We have most unhappily seen very
recently proofs thE..t in the sister kingdom those
differences of religion have led to most disastrous
and
lamentable outbreaks; biat notsteotpuinsiori ; atshcreiyb
are
riet
entirely to differeoce. of ref]gou
rather connected with long-estehlietied feuds, and
should be looked upon rather as political demon-
strations than as uncharitablereeengs in regard to
the religions of the two parties who come in con-
tact. (Hear, hear,) Notice was also taken of the
circumstance that it has fallen to the lot of the Go-
vernment of which I ant a Lt..?lnber to preserve to
this country the blessings of peace. NOW, gentle-

men, no doubt the preservation of peace, with
honour, with consistency, with the interests and
dignity of the country, with its interest at hcme and
its dignity and reputation abroad, the preservation
of peace upon such conditions is the primary duty
of any administration that may be charged with the
conduct of national affairs. (Hear.) I do not think
it desirable that we should be of that section, which
I believe really does not now exist, although it is a
byeword sometimes used, I do not think it desirable
Peace-atsany-price party.
that we should be of the
I do not believe that those who are commonly de-
signated,by that name are at heart insensible to the
honour and interest of the country. (Cheers.)
There may be differences of opinion as to the meg.
nitude of the case, as to the validity of the reasons
which may induce the country to draw the sword ;
but I am persuaded that there is no Englishman
who would hot, if he thought the interests and
honour and dignity of the country were at stake,
join in its defence by whatever means, personal or
otherwise, which he might be able to command.
(Cheers.) There have been, indeed, of late years
during the five years which I have been in office
several cases which might have led this country
into war. We might have embarked in war, and
with great acquiescence in popular feeling, for the
rescue of the Poles. Well, we deplore their unhappy
fate ; we endeavoured to enlist in their cause the
moral and political action of all the different Powers
of Europe, and we did so; but they unfortunately
failed, and perhaps it was in the nature of things
that our efforts should not succeed. But however
the enthusiasm of a large portion of the community
might have urged us to take more active measures,
we did not think—and I believe the majority of
the country is of opinion that we thought right—
we did not think that was an occasion on
which it would be justifiable to call on the
people of England to make those exertions and
sacrifices which such a war would have called for.
Then there was the American civil war. There is
much diversity of opinion as to the merits of the
contending parties. Some are for the North on the
ground of their hatred of slavery ; some are for the
South on the ground of their love of freedom and
independence. We might have been involved one
way or the other if we had listened to many of those
who urged different courses of action, we might
have been involved in the quarrel ; but I believe the
country is glad we have abstained from taking that
course. (Cheers.) We could have had nothing to
gain, and we should only have added thousands of
our own sons to the hetacomb of victims which that
calamitous and bloody slaughtering war has sacri-
ficed. (Cheers.) We may hope that time and re-
flection and recent advices from America show some
favourable symptoms—we may hope that time and
reflection, and the fact of the immenses losses which
have been sustained, and the slight hopes of success
which appear on the part of the North—we may
hope that many months will not elapse before some
progress will be made towards healing that tremen-
dous breach which now exists. (Cheers.) But of
this I am convinced, that if we had yielded to those
who, from the purest motives and from a sincere
conviction, urged us to interfere to offer our media-
tion to endeavour to reconcile the quarrel between
the parties before matters were ripe for our adjust-
ment, we should not only have failed in accom-
plishing that object, but we should have embittered
the feelings between that country and this, and
have rendered the future establishment of good
relations between us and them less easy and more
difficult. (Hear.) Therefore I think our neutrality
was wis-, and I am sure that it is appreciated by
the country at large. (Cheers.) Well, then came
that unfortunate Danish question, and I am sure
every Englishman who has a heart in his breast and
a teeling of justice in his mind, sympathises with
those unfortunate Danes—(cheers)—and wishes that
this country could have been able to draw the sword
successfully in their defence—(continued cheers)—
but I am satisfied that those who reflect on the season
of the year when that war broke out, on the means
which thi country could have applied for deciding
in one sense that issue, I am satisfied that those who
make these reflections will think that we acted
wisely in not embarking in that dispute. (Cheers.)
To have sent a fleet in midwinter to the Baltic every
sailor would tell you was an impossibility, but if it
could have gone it would have been attended by no
effectual result: Ships sailing on the sea cannot
stop armies on land, and to have attempted to stop
the progress of an army by sending a fleet to the
Baltic would have been attempting to do that which
it was not possible to accomplish. (Hear, hear.) If
England could have sent an army, and although we
all know how admirable that army is on the peace
establishment, we must acknowledge that we have
no means of sending out a force at all equal to cope
with the 300,000 or 400,000 men whom the 30,000,000
or the 40,000,000 of Germany could have pitted
against us, and that such an attempt would only
have insured a disgraceful discomfiture—not to the
army, indeed, but to the Government which sent
out an inferior force and expected it to cope success-
fully with a force so vastly superior. (Cheers.) We
are, as a nation, I trust, sufficiently strong to defy
attack from any enemy. We have, in round num-
bers, 300,000 militia and volunteers, in addition to
the regular army, and, as they can be immediately
increased, we have force amply sufficient to defy
attack from whatever quarter it may proceed.
(Cheers.) We have a fleet growing every year,
adapting itself to the modern requirements of naval
warfare, and fully adequate for the defence of the
country. Our object is defence—not aggression.
(Cheers.) Bat this state of things does not allow
this country to undertake vast operations beyond its
confines; calling on the nation to make great exer-
tions, to make great sacrifices, both of men and
money, in order to send out an army fit to cope with
the vast establishments maintained byothercountries.
(Cheers.) Well, we did not think that the Danish
cause would be considered as sufficiently British,
and as sufficiently bearing on the interests and the
security and the honour of England, as to make it
justifiable to ask the country to make those exer-
tions which such a war would render necessary ; and
I am sure that the verdict of the country will be
that, in this respect, the Government judged
rightly. (Cheers.) But, while we have preserved
peace, the nation has been doing its work too. It
is the duty of the Government to keep the country
at peace as long as it can do so without sacrificing
its honour, its dignity, or its interests. It is the
duty of the people of the country to prosper its
trade, to extend its commerce, to increase its re-
sources, and to promote its welfare of every sort
and kind. This duty has been nobly performed
by the people of this kingdom ; and there never
'PI was a period of equal length during which this
country has made such enormous strides in wealth,
and in everything woicla constitutes the comfort,
the happiness, and the welfare of the nation.
(Cheers.) The Government can only contribute to
these results by removing obstacles and affording
facilities, but it remains for the people themselves
to make those exertions by which alone these results
can be obtained. (Cheers.) Government cannot
interfere with private enterprise. Every now and
then we are called upon to subsidise or assist this
or that enterprise; we are told that a little contri-
bution from the public revenue would set up this
manufacture, would assist another, would give scope
to industry, and would foster a rising commerce;
but these things are only done in countries where
the people are paralysed by despotic power, and
where they require the vivifying and electrical
touch of the Government to rouse them to an exer-
tion which is not their natural condition, nor their
habitual practice. (Cheers.) In this country every
man is alive, every man knows best how to employ
his capital, how to direct his genius, whatever it
may be; whatever line you may take, whether it
be active exertion iu distant parts, or the studious
labour of invention at home, or the direction of the
industry of thousands of our manufacturing work-
men, in this country every roan knows best how to
contribute to the public wealth and to his own
prosperity and advantene, and all that the Go-
vernment has to do is to leave things alone,
to throw down barriers and obstructions, where
barriers and obstructions aro pressed, and
to give that freedom to industry and
activity to commerce by which alone the general
welfare of ti..e conntry can be advanced. (Cheers.)
That has been oar task, and I think we have 1121'-
1 formed that task well and successfully, and if any..

body will take the trouble to look back, which few
men are disposed to do, because they are too busy
looking forward (" hear,'' and cheers); if any man
will look back and glance at the immense progress
which has taken place in this country during the
last thirty years, he will be astonished at the mag-
nitude of the improvements which have been made,
the magnitude of the obstructions which have been
thrown down, the magnitude of the new doors to
industry which have been opened, and the pro•
gress which the country has made in national
wealth and the comfort and happiness of the people.
(Cheers.) I need not, indeed, preach these doc-
trines in this town, because they have not only
been understood, but successfully practised. It
is not in Tiverton, where a most thriving and
durable manufacture has been so long established,
that I need debate on the advantage which genius,
industry, enterprise, capital properly applied and
adapted, with skill produce not only to the indivi-
dual who directs the machine, but to the whole
community who are in any way connected with
such a system. (Cheers.) The noble lord, after
passing a ;high eulogium on his lamented coileague,
Mr Heathcote, concluded by thanking the guests
around, him for the manner in which he had been re-
ceived among his kind friends in Tiverton, saying
that these periodical visits were always marked with
a red letter in his diary. The noble lord resumed
his seat amid loud and prolonged cheering, and
the party soon afterwards separated.

The Great English and French Railways.

THE GREAT WESTERN.

We come next to this great and powerful under.
taking, which, however, as regards a large portion
of its shareholders—that is, the holders of ordinary
stock—has long, however, produced only compara-
tively indifferent results. A definitive amalgamation
was effected last year between the Great Western,
the South Wales, and the West Midland; but for the
purposes of this article we must assume that they
were united under one administration in 1862 and
1861. The Great Western, which, like its old rival,
the London and North Western, was originally a
comparatively modest affair—merely aiming at
placing London and Bristol in communication with
each other—has thus acquired colossal dimensions
of late. Instead of confining itself to Bristol, it has
stretched far away to Milford Haven, Birkenhead,
and Weymouth ; and at the close of January, 1864,
the following concerns were comprised in its not
very prosperous, but still highly important enter-
prise :—The Abingdon, the Berks and Hants Ex-
tension, a moiety of the Birkenhead, the Bourton-
on•the-Water, the Bristol and South Wales Union,
the Coleford, Monmouth, Usk, and Pontypool, the
East Somerset, the Ely Valley, the Leominster and
Kington, the Milford (from Sept. 7, 1863, to Jan.
31, 1864), the Much Wenlock and Severn Junction,
the Severn Valley, the Shrewsbury and Birming-
ham, the Shrewsbury and Chester, a moiety of the
Shrewsbury and Hereford, the Stourbridge, the
Stratford-upon-Avon, a moiety of the Tenbury, the
Tewkesbury and Malvern, the Vale of Llangollen
(from Aug. 31, 1863, to Jan. 31, 1864), the Welling-
ton and Severn Junction, part of the West London
Extension (from April 1, 1863, to Jan. 31, 1864),
the Watley and Wycombe, the Calne (from Nov. 3,
1863), and the Nantwieh and Market Drayton (from
Oct. 20, 1863). The length of way worked—assum-
ing for the purposes of comparison that the West
Midland and south Wales were amalgamated with
the Great Western in 1861 and 1862—was conse-
quently as follows :--Miles ie operation, Dec. 31,
1861, 989 (724 k double and 265 single); Dec. 31,
1862, 1,148 (748 double and 400 single) ; and Jan.
31, 1864, 1,199 (783 double and 416 single). In 25
months the general undertaking thus expanded to
the extent of 2091 miles. The traffic acquired, the
working expenses iccurred, and the profits realised
upon this mileage in 1861, 1862, and 1863.4 (that is
1863, and Jan., 1864) were as follows

Year. Revenue. Expenses. Profits.
1861 .... £2,887,020 .. £1,422,249 .. £1,461,771

1562 3,097,241 .. 1,554,002 .. 1,543,239
1863-4 .. 3,465,658 .. 1,667,679 .. 1,791,661
Although the result here disclosed is satisfactory,
still some confusion is created by the last year's
figures being for 13 months, the company having
decided oe making up its accounts to July 31 and
January 31 in each year, in order to equalise to a
greater extent the dividends of the two half-years.
If we deduct one-thirteenth part from the total set
down as the revenue for 1863 4, we arrive at a sum
of £3,199,069 as the approximate receipts of 1863.
Applying the same test to the working charges, the
total would be reduced to £1,529,396, and the
profits for the year would be 11,659,673, The in-
crease in the revenue, comparing 1863 with 1861,
would thus be £312,049, acquired with an increase
of £117,147 in the working charges. While, then,
the proportion of working charges to rough re-
ceipts was 49.25 per cent. in 1861, it appears to
have been reduced to 48 11 per cent. in 1863.
There has thus been an improvement effected in
this regard of at least 1 per cent.—a very important
matter when we are dealing with a rough total of
£3,000,000 ; there still, however, seems to be some
room for the realisation of some further economy.
From circumstances, perhaps, beyond the control
of the directors, the finance of the Great Western
has been administered on principles differing radi-
cally from those cf the London and North-Western.
Thus, while the latter has a comparatively small
amount of preference stock, in the Great Western
the preferential charges have in some years,
although the company is now recovering
itself to some extent, almost entirely swamped
the unfortunate proprietors of ordinary stock,
Thus, of the 139,719,140 raised by the three com-
panies—Great Western, South Wales, and West
Midland—to December 31, 1861, only £13,164,575
was ordinary stoch—and 25 months later—that is
January 31, 1864—0 f the £40,666,111 raised, only
113,318,244 was ordinary stock. It is to be hoped
that as years roll on this stock will find itself in a
better position than it does at present, as for the
year ending January 31, 1864, the dividends paid
paid upon it were at the following meagre rates :
Upon £540,944, 0.75 per cent. ; £1,400,500, 1.08
per cent.; upon £23,899, 2.12 per cent ; upon
£8,175,199, 2.35 per cent. ; upon /2,426,416, 3 per
cent. ; upon £188,087, 3.28 per cent. ; and upon
£563,199, 4.68 per cent, The amount of preference
stock outstanding, January 31,1864, was something
tremendous, as the following recapitulation shows:
---£10,050 at 3 per cent ; £1,715,424 at 31 per
cent.; £3,460,384 at 4 per cent. ; £1,321,950 at 41
per cent. ; £4,269,963 at 41 per cent.; £36,000 at
4-1. per cent. ; £2,315,765 at 5 per cent. ; £219,055
at 51 per cent.; £1,846,482 at 6 per cent.; and
£175,000 at 8 per cent,—in all, £15,470,093. The
total capital raised by stock of all kinds at
the close of January, 1864, was £30,286,951, the
company having created or assumed £B,OOO of 4
per cent. and £1,480,034 of 41 per cent. debenture
stock. The debenture debt outstanding January
31, 1864, was £10,379,160 (rather more than the
London and North Western, which, in fact, so far
as its undertaking proper is concerned, finds itself
distanced by the Great Western iu matter of capital)
the bulk of which was floating at rather more than
4 per cent., 11,500 bearing interest at 31 per cent.,
£598,900 at 4 per cent., £5,337,703 at 41 per cent.
£3,891,645 at 41 per cent. £136,640 at 41 per cent.,
and £482,772 at 5 per cent. The company's credit
would appear, comparing this year with 1861, to
have somewhat improved, the amount of debentures
outstanding at 41 per cent. having increased, while
the extent of the 41 per cent. debt has been reduced.
Thus, the Position of the debenture debt at the close
of 1861 was as annexed :—.1:217,207 at 31 per cent.,
£3,800 at 3 per cent., 1,1,525,898 at 4 per cent.,
£2,366,257 at 4 per cent., £5,128,700 at 4A- per
cent., £352,107 at 4 per cent., and 11,644,964 at 5
per cent. These figures, it should be observed, re-
present the debenture debt of the three companies—
Great Western, West Midland, and South Wales
combined ; and they afford snottier proof that what
iney now in general terms be styled the Great
Western has for several years past been paying a
liberal rate of interest upon its debenture capital.
The company is struggling gallantly to overcome
the difficulties of its position, although its financial
history nay be said to have been for some years a
race between the growth of revenue and the growth
of fixed charges. 02 the whole, the position of the
ordinary shareholders may be said to be improving,

the policy now announced by the directors being
one of peace:and tranquillity. Aa jthe growth of
fixed charges is thus likely to be checked for a few
years the dividends on the company's multitudinous
ordinary stocks may be expected to expand to some
extent. We have said that the company is strugg-
ling gallantly to overcome its difficulties, and we
may add that in the 13 months ending January 31,
1864, 240,609 passenger and 89,817 goods trains were
run, the former accomplishing a distance of 6,573,261
miles, and the latter of 5,467,527 miles, making an
aggregate of 12,040,788 miles (against 10,593,480
miles in 1863). The number of tickets issued was
17,291,221 (against 12,954,951 in 1862). The im-
mense circulation of passengers in the 13
months ending January, 1864, was made up thus :-;
First-class, 3,112,888 passengers, yielding 1429,567
second class, 6,058,575, yielding £662,222; and
third class, 8,119,758, yielding £475,557. It is per-
haps worthy of remark that the Great Western has
a larger first-class traffic than the London and
North-Western, lent that the amount derived by it
from this category of voyageurs is less. A sum of
£19,164 was also derived by the Great Western in
the period under notice from 1,975 season ticket
holders, making the total passenger receipts of the
13 months £1,586,510. The accessory receipts of
the quick trains from parcels, carriages, horses, dogs,
&c., amounted in the 13 months to £156,617, and
156,335 was derived from the conveyance of,mails,
making the total quick train receipts of the 13
months /1,799,462, against £1,677,945 in 1862.
The number of beasts conveyed over the system in
the 13 months was 166,190 ; sheep, 516,565; pigs
155,265. The quantity of coal and coke transported
was 3,009,223 tons; pf minerals, 1,851,065 tons; and
of general merchandise, 2,360,374 tons. This very
considerable movement on the part of the slow train
service produced a receipt of £1,666,196 against
11,419,296 in 1862, The goods traffic, as in the case
of the London and North-Western, thus appears to
have profited considerably last year from the revival
of trade. The ratio of the working charges to the
traffic receipts was, as we have before shown, about
48 per cent. ; and the total of 11,672,166 expended
under this head in the 13 months may be dis-
tributed as follows :-Maintenance and renewal
of way, 1350,277 ; locomotive power, 1421,067 ;
repairs and renewals of carriages and waggons'
£164,879; traffic charges, coaching and merchandise,
£537,639; rates and taxe5,150,376; Government duty
157,579; compensation for personal injury, £2,176;
compensation for damage and loss of goods,
111,138; legal and Parliamentary expenses,
£16,904 ; and miscellaneous outgoings, £60,131.
It is creditable to the management of the Great
Western that in the 13 months ending January,
1864, the amount paid to passengers for injuries
sustained should have been only £2,176, while in
1862, with less mileage at work, the corresponding
outlay was £4,832, The amount set down for legal
and Parliamentary expenses is also extremely mo-
derate when compared with the corresponding
heavy items in tie accounts of the London and
North-Western fo; 1863. The rolling stock upon
the system in January, 1864, comprised, we may
add, 650 locomotives, 1,249 carriages used for the
conveyance of passengers only, 719 other vehicles
attached to passenger trains, 12,873 waggons of all
kinds, used for the conveyance of live stock, mine-
rals, and general merchandise, and 1,164 other car-
riages or waggons, making an aggregate of 16,655.
The additions made to the roiling stock in 1863
comprised 31 locomotives, 67 carriages used for the
conveyance of passengers only, 33 other vehicles
attached to passenger trains, and 617 other trucks,
&c. The locoractive power of the Great Western
appears to be relatively smaller than that of the
London and North-Western. Thus the Great Wes•
tern, with 1,199 miles in operation, or under its
control, in January, 1864, had only 650 locomotives,
while the London and North Western, with 1,209
miles, had 1,093 locomotives. In each case each
locomotive woull seem to be earning for its owners
about £llO per week in spring,summer,and autumn,
and from 190 to 100 per week in the winter months.
A few words must be said as to the position of
the minor undertakings which have associ-
ated themselves with the Great Western either
through teases or ',corking arrangements. The Ab.
ingdon had raised at the close of 1863 £19,500,
but after providing for fixed charges nothing ap-
pears to have been paid upon 114,500 of ordinary
stock; the Barks and Hants Extension had raised
1269,308, and after providing for fixed charges
1158,168 of ordinary stock received 11-, per cent. ;
the Birkenhead (vetted jointly in the Greet Western
and London and North-Western) had raised
12,672,919, and after providing for fixed charges
£2,075,821 of ordinary stock received 3 per cent.;
the Bourton-on-the- Water had raised £39,641, and
after providing for fixed charges 129,647 of ordi-
nary stock received 1/ per cent. ; the Bridport had
raised 1105,561, and after providing for fixed
charges nothing appears to have been paid on the
ordinary stock ; the Bristol and South Wales Union
had raised 1289,339, but after providing for fixed
charges there was nothing for the ordinary stock ;
the Calne had raised £32,420, but after providing
for fixed charges there was nothing for the ordinary
shareholders; the :loleford, Monmouth, Usk, and
Pontypool had raise' £192,479, and after providing
for fixed charges £192,479 of ordinary stock re-
ceived 2'4 per cent. ; the East Somerset had rased
£152,052, and after providing for fixed charges
167,933 of ordinary stock received nothing; the
Ely Valley had raised £108,796, and after providing
for fixed charges 182,996 of ordinary stock received
2a,- per cent.; the Leominster and Kington had
raised £101,430, and after providing for fixed
charges £59,010 of ordinary stock received 4 per
cent ; no information can be afforded as to the Mil-
ford or the Much We*.:lock and Severn Junction ;
the Nentwich and Market Drayton hid raised
£54,822, and after providing for fixed charges
144,222 of ordinary stock received nil; the Severn
Valley had raised £607,053, and after providing for
fixed charges £360,373 received 3 par cent. ; the
Shrewsbury and Hereford, on lease to the Great
Western, West Midland, and London and North-
Western jointly, had raised 1832,128, and after pro.'
viding for fixed charges 1533,195 of ordinary stock
received 6 per cent., and 16,753 41 per cent.; the
Tenbury had raised £38,570, and after providing
for fixed charges /24,370 of ordinary stock received
2 per cent. ; the Tewkesbury and Malvern had
raised £323,580, and after providing for fixed
charges there was nothing divisible on 1235,580 of
ordinary stock; the Vale of Llangollen had raised
£60,000, and, after providing for fixed charges
£45,000 of ordinary stock received 3 per cent. ; the
Welting ton and Severn Junction had raised £59,772
(fer a vender the whole of this amount was ordi-
nary stock, and it received 41 per cent.) ; the Wes-
Londoe Extenaioe (in which the Great Western has
en interest to some extent) had raised £622,500--
1487,E00 of ordinary stock appears to have received
nothing ; the Witney had raised 166,000, and after
providing for fixed charges £37,850 of ordinary
stock received 21 per cant. ; and the Wycombe had
raised £350,269, 160,875 of the ordinary stock re-
ceiving 31 per cent., and £56,392 receiving nil. In-
conepte as our recapitulation of the capital raised
by the Great Western's allies necessarily is, it
amounts to 14,937,310, and adding this amount to
the ;.:40,666,111 of Great Western capital properly
80 celled we arrive at a total of £45,603,421 as the
virttal capital of the general undertaking in Jan-
uary, 1864. Bat our figures are, as we have said,
not euite complete, and we prefer to state the amount
in mind figures, and place it between £46,000,000
and 1:47,000,000. If we continue our comparison
of tee Great Western with the London and North
Western, it will be seen that the Great Western,
With a capital of 146,1:00,000, realised a profit of
£1,159,673 last year; while the London end North
Western, with £56,000,000 engaged, realised
£2,166,849. The London and North Western could
that divide a clear 5 per cent. all round ; while the
Carat Western would only be able to squeeze out
souewhere between 3 end 3:1 per cent. We
hate pieced the two systems together, because in
tines gone by they have been old rivals. Commit-
tee-roams at Westminster have resounded with their
coltentions, and Parliamentary agents and bands-
tere have fattened upon their quarrels. Isolated
ant vanquished in the struggle of broad gauge
against narrow gauge, the Great Western now must
cede the pas to its more prosperous and fortunate
cotnemporery. Bar, for all that, it is a grand cons

cern. The mere fact that it has 1,200 miles at work,
that it has raised and expended a capital of 46 mil,
lions, and that it has a revenue now exceeding three
millions pur annum, cannot fail to excite wonder
and admiration. It is to be hoped that the direc-
tors have now profited by experience ; that their
policy has become one of conciliation and peace, and
that in the prosperity of the future even ordinary
shareholders may find acme recompense for the bit-
ter disappointments of the past.—limes.

THE BELFAST MOTS.

DUBLIN, Aug. 22.

The adjourned inquest on the body of John M'Connell,
who was shot by the police in Sandy-row on Tuesday, was
held on Saturday at 10 o'clock, in the Corn Exchange. One
half the jury were Protestants and the other half Roman
Catholics, making them six to six. The result of the pro-
ceedings was sent yesterday, but the following is added as
a specimen of the manner in which the investigation was
conducted :

Sub-Inspector Caulfield and the party of police who fired
upon the people on the day in question were present during
the inquest.
Mr Alex. O'llorke, solicitor, and Mr John Seeds, solici-
tor, appeared for the police; and Mr John Coates, solicitor,
acting for Mr James M‘Lean, solicitor, represented the next
of kin of the deceased.

John Williamson was examined, and stated—l live in
No. 6, Sandy-row. My mother keeps a public-house there,
and I manage it for her. I remember this occurrence on
Tuesday. I was standing behind the bar when I heard a
noise, and I ran to the door. The police were coming down
the street, and appeared to be in pursuit of the mob, who
were rushing down to the bridge. There were women and
children in the mob. Previous to the firing no stones or
firearms were used by the mob against the police. When
the police commenced firing the first thing I saw was a man
falling. The crowd then separated, and left him by him-
self. The man was John M'Connell. I had known him
before. He was not taken up until after the police had
done firing the second time.
Several other witnesses deposed that the crowd did not
conduct themselves so as to justify the use of firearms
azainst them.
Inspector James Duff, a local Dogberry, then gave the
following evidence :—I was on duty on the morning when
John M'Connell was killed. I was stationed opposite
Durham-street. Three of the inspectors had 40 men in
charge. I was there a little before 9 o'clock. I proceeded
in company with two of the men to what is termed the
Boyne-bridge. What drew my attention to it at first was
about 12 .r 14 of the constabulary, who were stationed at
the Durham street aide of the bridge being clodded by a mob
off the street, and about half way down Glengall- street.
At the time the police were ordered to load was there any
provocation given to them, or were there any stones thrown ?
—Stones were thrown at them when they were ordered to
load. The mob went over the Boyne-bridge. There were
a number of people throwing stones at the officer and police.
There we s no magistrate present that lam aware of. I did
not hear the Riot Act read.

Were the police add their officers in any danger of losing
their lives ?—Not that I saw, except from stones,
Do you think it was necessary to have fired ?

Mr O'Rorke objected.
The Coroner said it did not much matter, as the jury
would form their own opinion from the evidence,
Mr Coates—From your experience, and being there at
that time, do you believe, on your solemn oath as a public
officer of the peace, that those men were in danger of their
lives at the time they fired on the people ?—\\roat their
opinion was I don't know; but had I been in charge of the
police I should not have fired.
Do you believe it was necessary for the preservation of
their lives that they should fire ?—Well, as far as I could
see I think that the number of police was able to drive
away the crowd with fixed bayonets.
Did the police caution them to go away ?—Not that I
heard.

Did you see guns, or pistols, or swords at the time with
the mob F—l saw nothing but sticks and stones,
Did you see the police struck ?—I do believe they were
struck, for the stones came amongst them. I did not go to
the top of the bridge, and cannot say how far the police
were from the people when they fired.
Do you say it was judicious to fire ?—I have seen more
stones thrown without firing.

Were they in danger ?—Well, a man's brains might be
knocked out with a stone.

Why didn't you bring your own force up when you saw
the crowd pelting the police with stones ?—I selected two
men—Moffett and Wiley.

And you left the whole body of men standing at Christ
Church ?—They were all there.
And you saw this outrage being perpetrated on the con-
stabulnry, and you left your whole force and did not bring
them to their relief ?—I did not.

You went yourself did. I considered it was not ne-
cessary to take the the force up.
Although you saw the constabulary pelted with stones ?
—Yes.

Tell the jury the reason you had for this. You have
thunderstruck me. Have you any explanation to give ?
I consider that two men going up to the same crowd was
better than taking a whole body.
Do you swear to the Court that you think two of the
constabulary force would have been sufficient to quell the
riot ?—I state on my oath that three of us did stop them.
Do you swear upon your oath that two or three of the
constabulary would have been capable of quelling that dis-
graceful riot ?--I do not think they could.

But "two of us" could do it P—Three of us did do it.
Three of the local police.
Well, when it occurred to you that two or three of you
could do it, would it not have been better to have brought
the whole body P—lt would not.
Ilave you brought any of the parties to justice that you
saw clodding stones P—lf I had made an arrest I don't be-
lieve I would Lave been able to bring the party out of the
mob.

How long was this disgraceful clodding going on ?—lt
was going on from the time I left Christ Church till I went
to the bridge.

How did the three put a stop-to it? Put me up to the
secret of it.—lt was done by us.

Did you say, " Brother, don't now ?"—lt was done.
Vies that expression used ?—lt. was done.
Coroner—l ant afraid we are wandering from the in-
quiry.

- Mr O'ltorke—Were three shots fired'?--Nose that I
heard.

You heard the police fire ?—I did.

And they were pelted at the time they were going up the
bridge ?—Yes.

And they were pelted by the other portion of :the mob
that got into the railway ?—Yes.

They were pelted from behind and before ?—Yes ; and
after the police returned, and were coming down Durham-
street, a shot came after them.

Several constables proved beyond any possibility of refu-
tation the ferocious character of the mob; that they were
pelted with stones; shots were fired at them, by which
some were slightly injured ; and that the men called upon
their officer not to let them be murdered, They were
unanimous in asserting that if the mob had been let to
surround them their lives would have been sacrificed.
The jury could not agree, and had to be discharged with.
out finding a verdict, as already stated.

NARROW ESCAPE.—On Friday evening, about
6 o'clock, the Rev. J. P. Langley, Mrs. Langley,
Mrs Allen, and Miss Iliffe, of Olney, Buckinghamshire,
were in a boat, rowing on the river Ouse. They had pro-
ceeded about a mile from Olney, where the river is narrow
and shallow, so that it is very difficult to get past without
lightening the load in the boat. The three ladies left the
boat and walked along the river bank until they could
again enter it. On getting into the 'Weston water, which
is both wide and deep, Mrs. Langley was the first
to get into the boat. She seated herself at the
rudder. Mrs. Allen also got in and held out her hand
to assist Miss Iliffe, when all three ladies wore thrown
over into the river. Their crinolines fortunately assisted to
buoy them up, bat Mr Langley was unable to aid them
beyond so placing the boat as to get them as near the bank
as he could, and two then held by the boat, and one by the
bank, their feet partly resting on the shelving bank, Mr
Thomas York, of Emberton, who was in his meadow, and
Mr William France, of the Emberton turnpike gate, who
was fiohing near, heard their cries for help, and hastened to
their assistance, and, not without much difficulty, succeeded
in rescuing them from their perilous position. They were
thus most prcvidentially saved from being drowned, as they
could not have remained much longer above water.
THE STRIKE OF THE DOCK LABOURERS.—Since
the strike of the Grand Surrey and Commercial
Docks has commenced between 20 and 30 of the A Reserve,
comprising a picked body of men, have been stationed upon
the ground. Their conduct on all occasions has been so
forbearing that we the more regret to record that on Satur-
day night Robert Stewart, 499 A, was so seriously injured
in the neighbourhood of Grove-street by a body of dock
labourers as to be entirely crippled for life, if he should sur-
vive the injuries he has received. It appears that a disturb-
ance took place and a fight was being concocted, when 499
A interfered for the purpose of preventing a breach of the
peace. He was knocked down and trampled upon, and one
man jumped violently upon him and rendered him in-
sensible. He was pronounced dead, nevertheless, one of
the attacking parties kicked him violently in the side.
Several of his brother constables came to the rescue, and he
was conveyed to Guy's Hospital, and afterwards to his own
house. Some of the delinquents mere taken into custody
and conveyed to the police-station at Greenwich, but we
learn, that the man chiefly to blame is still at large. In the
meantime, numbers of the men on strike are going into
work, and this morning between 200 and 300 will be en-
gaged at the Commercial Docks. In the Grand Surrey
Docks the contractors are acting as sorters, and ordinary
manual labour is employed to some extent. A perfect sur-
veillance is kept by the police over each dock entrance, and
an extra body of police have been placed upon the spot
since the outrage of Saturday night. Previous to this affair
(which may not have been directly connected with the
strike) the men have been very orderly.