The Sun.
London, England, 1852-06-10 00:00:00

The Holdernees Hunt Stakes of 5 sous. encb, and .25
added. Two miles. (9 Subs.)

Cogia
Little Queen
Six ran. Won by half a length.
The Boyerley Cap of 100 sors., tidclud to a ilandiCap
SweepstakEs of 10 save. each, 5 ft, and only 3 if de-
clared. Two miles. (24 Subs., 13 of whom de-
dared.)
Kathleen, 5 yrs, 6st 131 b
Gholab Singh, 4 yra, bit 131 b... ,„
Eight ran. One by half a neck.

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PARLIAMENTARY COMMITTEES.
THE ELECTRIC TELEGRAPH COMPANIES.
Yesterday, on the re-assembling of the Committee,
Right Hon. Lord Hotham, chairman, Earl Jermyn, Mr.
Ba!dock, Mr. Hanley, and Mr. West,
Mr. KEATING, Q.C., in the absereo of Mr. Sergeant
Wrsngham, Q.C., from indisposition, rsplied on behalf
of the British Electric Telegraph Company's Bill in
an able address of between two and three beurs' dura-
tation. The Learned Counsel called on the Com-
mittee to pass the preamble of the Bill, as involving'
a principle of deep importance not only to his clients,
the promoters of the Bill, but to the mercantile com-
munities (if the country, who now sought at the hands
of Parliament to be relieved from a combination
the most formflable, end a monopoly the most start-
ling, that had ever been permitted to exist in a free-
trading commercial country. The patient attention the
Committee had given to the fortnight's inquiry was a
sufficient guarantee that they would deal out even-
handed justice as between the public, the promoters and
opponents of the Bill, the opposition to which, though it
had been masked and subdivided smongst railway coin-
, panics, was redly and truly to be traced to its source RI
the opposition of the Electric Telegraph Company alone.
The Learned Counsel then proceeded to•contest the fal-
lacy that had, he affirmed, been sported so frequently,
but erroneously before Committees of the House of
Commons, and advocated in the present instance by Mr.
Stephenson, Mr. Locke, and others, viz., that
where competition was impossible, combination was
the British
always possible, or in other words that competition
always eventuated in combination. This absurdity had
been effectually exploded by Parliament, not only in the
graphs, ~,,
tt., TelegraphColß
hen it decided on granting the original Bill of
case of railways, but more particularly in that of tele-
graphs,
corn • •place in matters of tele-
graph,_
communication. Petition should take
of this decision,
that occasion the old
electric telegraph' Company in 1810, ordaining that
exclusive clauses- 1c
company proposed
which Parliament declined to insert.
In defiance, however,restrictive and
to do that, by meantionth
railways, which sof exclusive agreements with the
Parliament would not do for them,
and the result was the they proceeded
present application of the
British Telegraph
was now for the Comfliepttiaerpneuy9btleic
Co
that should overrule
carrying out effective being precluded from
public advantage, and to detePreti• foaerarmspetchi special
original power
competition. It
fiat of the Legislature that com
outlhdebereftlythede
will of Parliament should not bemfrme would
to contend that any new system ofutsetrlated. It was idle
by the common road, when they remallegraph should go
state of things bad arisen in connexion what great
lines of traffic, that new towns had sprung up, the
channels for the transmission of intelligencegaee and new
The evidence, moreover, that had been adduceden 13penede
before
the Committee es to the expediency of common-road or
underground telegraphs went to negative this
tion, it it were not sufficiently negatived by rhreopases
of the. old company having constructed some 4,000 t
miles of telegraph with scarcely any of it under-
ground. If the old Telegraph Company were of opi-
nion that a more effective competition would be
carried out by road, why did they sacrifice thou-
sands in exclusive agreement with the railway com-
panies for the express purpose of keeping the new com-
pany off their line? And there could not be any effectual
competition unless the Committee passed the Bill. The
Learned Counsel then, at considerable length, com-
mented in detail on the evidence that had been adduced,
and contended for the expediency and propriety of con-
ferring limited liability on the British Company, just as
limited liability was conferred on joint-stock com-
panies in general, on the fair principle of putting those
who supplied intelligence on a large scale oa the same
footing as those who supplied light and water. With
limited liability the shares would be taken up, and it had
been given in evidence that one party alone would take
26,000/. worth of stock. Without limited liability the
promoters could not proceed, and the evidence of Mr.
Macgregor and Mr. Cobbold, two Members of the House,
had been given in favour of conferring it. The new
company would then in some degree be able to encoun-
ter or compete with the old company, though the latter
were backed up by one of the most powerful commercial
interests in this country. Even if the new company
were invested with the powers sought for, the old com-
pany would still retain the enormous advantages of pri-
ority of establishment, weight, capital, and influence,
of which in the legitimate struggle for competition no
one wished to deprive them. He denied that in seeking
to go upon the railways it was anything in the nature
of an invasion of the rights of private property, railways
being public highways and being greeted for public
purposes, though to a great extent these powers
given under the original Acts had from circumstances
become inoperative. The contracts entered into between
the Telegraph Company and the railways were contrary,
to the spirit of the law, and which, while they had ef-
fectually tied the hands of the new company, had been
anomalously represented by the Learned Counsel on the
other side as containing the elements of free trade. It
had been end( avonred to be shown that the construction
of a secoud line of telegraph could not be carried out
consistently with the safety of the railways. This was
ludicrous in itself, and to prevent anything like jeopardy
to the various parties concerned, it was specially pro-
posed that this part of the subject should be placed
under the control of the Board of Trade, and this would
be an ample safeguard. After negotiating with the
new company for a couple of years, the London and
North-Western Railway suddenly lent themselves to
the delusion that danker would arise to the working
of the railway and the public traffic, but this was
merely claptrap. The assertions as to the probability
of messages being intercepted or stolen were alike un-
worthy of credit. In a state of honest competition these
things could not exist, arid English workmen were not
very susceptible of the charms of transportation for life.
Self-interest actuating the competing parties on both
sides would suffice to prevent danger. Tho Learned
Council then proceeded to show the remunerative re-
sults, as exhibited in the financial statement laid before
the Privy Council, of the operations of the old Tele-
graph Company, as justifying the proposition that there
was ample room for a second company. Mr. Ricardo
bad stated that the company he represented had given
general satisfaction; and yet counsel on the other side
had not called a single disinterested commercial man to
say that he was satisfied. Complaints had been made
of insinuations as to the use or abuse that was Diode by
the obi Telegraph Company of its extraprethery and
exclusive powers. Nothing, perhaps, httd teat) defi-
nitely proved on this point; but what was to prevent it,
when they remembered it had come out in cross.e.x.,,,;4L
nation that the shareholders of the old company con-
sisted to a great extent of railway representative
6 and
members of the Stock Exchange, and that in th
mission of messages the startling p!,,,,,,k,, , € trans-
that the messages of the principal epure,‘-':;', Pr!'"iled
the company should have precedence (Wei, tieitativea of
Go-
vernment and the public. The Learned Counsel'l" of
eluded by callieg on the Committee, in • con"
merous petitions presented to the of the nu-
all the large towns in favour of the eßouse from
Bill, to pass it by affirming the British Company's
preamble.
The Committee then cleared the
for about half an hour, and room, and deliberated
admitted, on the public being rea
The NOBLE CIIAIR •
/lAN said
and best attention to the a te —After giving our fullest
tracted inquiry, we have u ject-naatter of this very pro-
sufficient case for the come to the conclusion that a
Bill has been made passing of the preamble of this
this statement, I out-un At
the
same
tim"hat
I Ins"
the parties, with directed by the Committee to in-
form
that the opinion of tl a view to our further proceecdhingsa;
against the South-Lie Committee is, that inasmnotl
corn-,
plaint of any sort appears
',stern Railway ComPaadneY
and that
epears to have bern
they stand on a tot mto that of any
other company . totally different footing to
intention of
the copatuttee.brought before
insertion
of clauses for
is to require the
the peotc *' desired also to inform
s 'etl°n of that line. Ism
the parties, Committee will, when the
that
8, althea the
proper time arrives, sanction the clause giving limited
liability
to the promoters of the Bill, it is the intention
of the Committee to require the insertion of a clause
which shall revert any
operations being undertaken
p
under this Bill until a certain amount of capital shall be
Paid up- That amount, it is to bo understood, is to be
considered amongst us between this and teereoi row, and
then we shall be able to go on. Ofc eurse . that will not
prevent anybody making any suggestions of their own.

SHARE MARKETS.
RAILWA
Y
STOCK EICEIANO
to-day. The only sale reported was—
F—There was little or nothing done in
BRISTOL, JUNE 9.
21,51ARPOOL,
JUNE 9. •
the s
yhaarlee, mar
New,
Earaissex.—We have no improvement to notice
tory: The transactions have been very limited, and prices
little from those which have been quoted for the last
varied La; days. The transactions reported were—Birkenhead,
Lancashire, and Cheshire, 221. Shares, 574 dis.-Caledonian,
19 3.16—Eastern Counties, 9 3-16—East Lancashire, 173i—
Edinburgh, Perth, and Dundee, 534—Lancashire and York-
4,ire, 725/B—Ditto, Fifths, 6 dis.—London and North-
ivestern, 12234—Midland, 6734—South-Eastern and Dover,
.2044--York and North Midland, 23%.
MANCHESTER, Jurtx 9.
STOCK EXCHANGE.--There was an improved tk.eling ex-
hibited in the share market to-day, and a good business
has been done at firm prices. The sales reported were—Black-
burn, Prcference, 213,i—East Lancashire, 171/2—Ditto, Pre-
ference, Quarters, 9 3-16—Ditto, Piths, ys p.—Lancashire
and Yorkshire, 72%—Manchaiter.Sheffield, and Lincolnshire, t.
Preference, 1334,—Ditto, New Preference, 13-16 p.—
westry and Chester, 13—West Riding, 4—South-Entitern and,
Dover, 20%.

BIRMINGHAM, Jumi 9.

STOCK ESCRAIWE.—The business to-day was rather li-
mited, but prices were firm. The only transactions were--
Shrewsbury and Birmingham (B), 51. 13s, yd, - Shropshire
Union, 3!-i dis.

ELECTION RIOT.—A somewhat serious riot took
place on Thursday, at Epworth, on the occa,ion of Mr.
Christopher, Mr. Banks Stanhope, the Conserviuive candi-
dates, and Sir Montagu Cholmeley, who comes forward on
the Yarborough interest, addressing the electors. The riot
resulted in some broken heads, the demolition of the hurt
ings, and the windows of an inn.
The Cambridge University Commission had a meet-
in z yesterday at the official residence of the First Lord of
the Treasury, in Downing-street. Present—The Bishop of
Chester. the Dean of Ely, Sir John Herschel, Profeasor
Sigigwieks atid the Aey. W, H. 13/1400: 4ecretarl•