The Sun.
London, England, 1865-02-28 00:00:00

matter last session, but the subject was not at present
under the consideration of the Treasury, and it was not
intended byGovernment to introduce any bill on the subject.

discussions upon Irish affairs will be characterised by the
same temper and moderation which have marked the pre-
sent occasion. (Hear, hear.) Sir, the object of the amend-
ment is twofold—first, it asks the house to lament the
diminution of the population of Ireland; and then it
exhorts the government to take steps to remedy the pre-
sent distress. The foundation of the motion is the im-
pression that there is great distress prevailing in Ireland.
Undoubtedly there is great distress in many parts of that
country; but at the same time I would beg the
house to recollect that four years ago everybody
was congratulating himself upon the progressive improve-
ment of Ireland, and it is only for these three years of
bad and unfavourable seasons that Ireland had been thrown
back. Although that unfortunately happened, yet it must
be admitted that last year was a year of a different charac-
ter, during which Ireland in a great measure recovered
from the distresses she had experienced. I don't wish, in
any degree, to overstate that gleam of prosperity in Ireland.
We all will admit, if you please, that which cannot be de-
nied—that there is much to be deplored in Ireland, and
much to which we should wish to apply a remedy. With
regard to the lamentable decline in the numbers of the
population, unquestionably, in the abstract, it is a source
of regret to see numbers of people of any country flying from
their native shores, and endeavouring to seek elsewhere
those advantages which they are unable to find at home.
But some years ago the great evil of Ireland was represented
to be the redundant population, and the great remedy re-
commended by everybody for the then existing evil was
extensive emigration. Well, sir, it is painful, no doubt, to
contemplate the causes which lead to emigration. Emi-
gration in itself is no evil, if those who are flying to another
country, find in that country a better position than they
have in their own—if they become happier—if their welfare
is increased ; and no doubt the condition of those who are
left behind is improved, inasmuch as a smaller number of
persons remains to enjoy whatever advantages their native
country may possess. What we lament with regard to
emigration is this—that the unfortunate state of Ireland is
such that the people of Ireland are able to find elsewhere
a better condition of things than exists at home, for which
many honourable gentlemen have assigned different rea-
sons ; and I believe one paramount reason to be the pecu-
liarity of the climate of Ireland. Ireland is said to be a
fertile country. There are no doubt great tracts of very
fertile land in Ireland—more fertile than any parts of Eng-
land or Scotland. I have known land in which the seed
has been thrown and crops grown sixteen times running.
But at the same time there is a great quantity of moun-
tain and bog, and this must be taken into consideration
when we are estimating the Igverflcial area of Ireland,
and the population which it is capable of maintain-
ing. Do you expect that any artificial remedies which the
Legislature can invent can counteract the law of nature,
and keep in the country people who find it more for their
advantage to leave it than to remain in it ? It is impos-
sible. Things will find their level; and till there be in
Ireland the same remuneration for labour, the same induce-
ment to remain in it which is afforded by other countries,
you will not, by any laws you can devise, prevent the peo-
ple of Ireland from leaving their own homes and proceed-
ing to other countries. People say that tenant-right, and
a number of other things, will do it. But none of these
things will do it. As to tenant-right, it is equivalent to
landlord wrong. (Laughter.) As I understand it, tenant-
right is little short of confiscation. You may expel the
landlords, but you will not keep the tenants at home. The
real question is, How can you create that demand for
labour and that reward for labour which will keep the peo-
ple at home and prevent them from going to England,
Scotland, or to the North American States ? Nothing can
do that but the influx of capital. Ireland presents many
advantages for the employment of capital. Ireland has
coal—not in great abundance it is true, but enough to sup-
ply manufacturers to a certain extent ; and she possessed
water power to a very great extent. What is it, then, that
has hitherto prevented the influx of capital into Ireland ?
It is the double notion—first, that Ireland has not the same
available means for the employment of capital as England
and Scotland ; secondly, that Ireland does not give the
same security for its employment. The concluding exhor-
tation of the hon. and learned member for Sheffield is one
that ought to sink deeply into the mind of every Irishman.
The religious and political feuds of Ireland have led to an
exaggerated notion in this country of the insecurity of em-
ploying capital in that country. If the people of England
and Scotland were well persuaded not only that they would
find cheap labour and the means of working machinery,
but the same security for capital which existed in this
country, there was no reason why capital, which
sought the most distant regions of the earth for profitable
investment would not go to Ireland. (Hear.) There cannot
be a greater mistake, in my opinion, than the idea that com-
mercial capital cannot profitably and securely be employed
in Ireland. When that idea is removed one great source of
the poverty of Ireland will be also removed. With regard
to the prevention of emigration from freland, agriculture is
not capable of any very great improvement, because one
source of the poverty of Ireland arises from the minute sub-
division of land; and what improvement can you expect to
be made in holdings of four or five acres, which are culti-
vated by the labour of the family. No great improvement
can be expected in the agriculture of Ireland except by the
displacement of part of the population, so that agricultural
improVement would in point of fact only lead to increased
emigration. Yet no doubt there may be considerable addi-
tional employment in many parts of the country by the em-
ployment of additional capital. And if by means of private
enterprise, if by means of advances, to be repaid in a certain
number of years, landlords were enabled to make improve-
ments, which by their existing means they were unable to
accomplish, such application of capital might have a very
beneficial effect on the condition of Ireland. At the same
time I would humbly submit to landowners that the power
of borrowingis a very tempting one, that the time for re-
payment will come, and that they will do well to consider
carefully what prospect there is of a remunerative return, if
Government or private companies were disposed to lend.
With regard to the first part of the resolution, it is impos-
sible to adopt the naked assertion that we lament the decline
of population. That is a complicated question. We lament
that the population find it more to their advantage to emi-
grate than to remain at home, but if the result of their
leaving home is that they are in a better position, that is a
result which I think we cannot lament. With regard to
the second part of the resolution, I think the feeling of the
house is against any free grant of public money. (Hear.)
With regard to advances of money to be repaid, there are
companies established for the purpose of encouraging agri-
cultural improvements, and I apprehend that if good secu-
rity is offered to them, and if it is shown that there is a fair
prospect of a remunerative employment of capital, from
those private companies much assistance may be obtained.
(Hear.) It had been suggested that the committee of last
year might be reappointed for the purpose of considering
how far advances from the public fund might be extended
in Ireland for the purpose of local improvement. I can
give no decided opinion on that proposition till I see the
particular terms of the order of reference, till I understand
them exactly, and see their bearing. (Hear, hear.) But
that is a proposition which is fairly entitled to considera-
tion. (Hear, hear.) I can only say that her Majesty's
Government fully share in that feeling of deep sympathy
which has been expressed by all who have spoken in this
debate for the people of Ireland. (Hear, hear.) It is im-
possible to know anything of the Irish people without
wishing them every happiness. They are light-hearted and
warm-hearted, and most industrious, too, wheneVer they
see that by industry they can reap the rewards of industry.
It is a mistake to suppose that the Irishabw typa
steaaogneapxeyl
exertions
thtofficial
raiareotocnc
can
lazy,ags n de-
sire f
beoe
cosasironnmdefeefner;lrettegidtwhtuilimana
upon
legitimate
theythote mjel
shouldac
btb
y u
therenThereforeilandesvlmakelegislature
advantage
great
evr
ar-
rangements that it is in the power of Parliament or the Go-
vernment to make. Therefore it is unnecessary for me to
say that the Government are most anxious to find that
there is any reasonable prospect of an improvement in the
condition of Ireland. Though no doubt much that has
passed in the debate must inspire pain as far as relates to
.the present unfortunate condition of many parts of Ireland,
we cannot but look with kelings of hope to the general
prospect of the country, because it is demonstrable that if
we compare the present state of Ireland with what it was
thirty or forty years ago, there has been a great and
general improvement. That is calculated to inspire
a reasonable hope that in the course of time Ireland.
will move with accelerated speed in a course of
prosperity, and will become more happy. (Hear, hear.)
I should imagine that the hon. gentleman will not think it
necessary to divide the house upon his resolution, and that
the debate which has taken place will satisfy him of the
good feeling and intention of the house and of the Govern-
ment. He will, therefore, probably rest satisfied with
eliciting opinions which coincide with those temperate views
which he himself expressed. And if any hon. gentleman
moves for the reappointment of the committee of last year,
with a more extensive range of inquiry, her Majesty's Go-
vernment will be ready to consider the proposition, but
their acceptance of it will, of course, depend upon the
tratherJ.
o
MANNERS
some
assisting methodit isunhappily
Irelandsa
wording of the reference. I can only say that the Govern-
ment will have an earnest desire to find in any proposition
of he kind
hoidaf
phpeitheard
remedyingeetaxo rextricate
true
uhat
ethee
concluding
evilshe herselfis no of
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w'
fromlreland,the
or
position in which
of the noble lord with the greatest possible pleasure. He
Lord
understood the noble lord to assent to the proposition
thrown out in an earlier part of the evening by the right
hon. gentleman the member for Stamford, and with that
understanding he hoped his hon. friend would not divide
the house. (Hear.)
Mr. HENNESSY said that if he understood the noble
lord to accept the proposition of the right hon. gentleman
he should not divide.
Lord PALMERSTON said that he assented to the
proposition only so far as he considered the wording of the
order of reference to be worthy of acceptance.
Mr. HENNESSY said in that case he should divide the
house.
The house divided—
For Mr. Hennessy's motion
Against lO7-76
The house then went into committee pro forma, and
immediately resumed.
COURTS OF JUSTICE BUILDING BILL.
This bill was considered as amended, and ordered for
third reading.

SEA FISHERIES (IRELAND).
Mr. MIIAHON asked the President of the Board of
Trade whether he expected the report of the special commis-
sion on sea fisheries to bo presented in time to enable him
to carry, in this session, a bill founded on their recommen-
dations ?
Mr. M. GIBSON said that the report would be ready
for presentation to the house early in May.
IRISH HISTORICAL RECORD.

Mr. M'MAHON asked the Chief Secretary for Ireland
when the Brehon Laws would be published, and whether
he was about to take any steps for transmitting to the
Dublin Record Office copies of those parts of the English
rolls relating to Ireland ?
Mr. F. PEEL, in the absence of Sir R. Peel, said that

the gentleman to whom these interesting records were en-
trusted, and the principle that was being proceeded upon,
was to compile those records which referred to epochs in
history most interesting and most important to the people
of Ireland.

NAVY ESTIMATES.
Sir J. PAKINGTON gave notice that, on going into
committee of supply, he would ask the noble lord (Lord C.
Paget) certain questions, but it was not his intention to
put him to any inconvenience, and would defer those ques-
tions if it would not be convenient for the noble lord to
answer them immediately.
Lord C. PAGET Walked the hon. baronet for his
courteous notice, and suggested that it would be more
desirable if he were allowed to make his statement
in regard to the Navy Estimates before he was called on to
enter into explanations such as those to which the right
hon. baronet referred. _

----____
THE CONDITION OF IRELAND.
On the motion for going into committee of supply,
The adjourned debate was resumed by Mr. ROE-
BUCK on the following amendment of Mr. Hennessy :
" That this house observes with regret the decline of the
population of Ireland, and will readily support her Ma-
jesty's Government in any well-devised measure to stimu-
late the profitable employment of the people of Ireland."
The hon. and learned member contended that the mendi-
cant tone which had been adopted by the inhabitants of
Ireland when they came to Parliament was most censurable.
He denied that Ireland had any substantive ground of
complaint as regarded the government of its affairs by this
country, and he defended the conduct of the Chief Secre-
tary for Ireland, who, he said, brought a good head and
a kind heart to the discharge of his duties in Ire-
land. He denounced in strong terms the sentiments of
the Fenian party in Ireland, whose object was to dissolve
the connection with this country, and which he was pre-
pared to resist, if necessary, by force of arms. (Hear, hear.)
He attacked the Roman Catholic clergy of Ireland, as being
deficient in those qualifications which were calculated to
elevate the condition of their flocks. _ _ _

Lord DUNKELLIN differed from the hon. and learned
member, and asserted that many of the evils which afflicted
Ireland were attributable to neglect and misgovernment on
the part of this country.
Sir H. CAIRNS concurred in the expression of regret
contained in the motion that circumstances should have
existed which had led to a decline in the population of Ire-
land ; but if, taking Ireland as she now was, he were
asked to regret that there were not three or four millions
more inhabitants in the country, he could not do so.
Turning then to the observations of Mr. Roebuck,
the hon. and learned gentleman disavowed the leadership of
the Protestants of Ireland exclusively. He represented a
town which comprised both Protestants and Roman Catho-
lics, and one as much as the other. He repudiated the idea
that the north of Ireland ever came to the house with a
mendicant whine for the grant of a single shilling of public
money; and denied that public men in that part of the
country ever advocated anything else than a free, just, and
impartial administration of the law, or failed to exhort all
classes to live together as friends and co-workers in the
great work of regenerating the country.
Mr. LOWE regarded the emigration from Ireland as a
great good, inasmuch as it lifted those who emigrated out
of a position of abject misery and despondency into one of
confidence and hope, whilst it relieved the labour market
for those who remained. He could not, therefore, give his
assent to the first proposition contained in the motion. He
admitted that free trade had inflicted a heavy blow; but
the evil originated with protection, which had fostered the
vicious system of relying upon the crops. The result was
that Ireland was ceasing to be a corn-growing country,
and becoming more and more of a pastoral country. This
was, no doubt, a melancholy change, because its effect was
to displace an immense amount of labour. So far as taxa-
tion was concerned, he did not believe that Ireland was
overburdened ; but the great evils which aggravated her
condition were the Irish Church establishment, the Church
of a minority, the manner in which government had been
administered in Ireland, and the identification of the Lord
Lieutenant with the political party that happened to be in
power at the time. At this moment the question of Ire-
land was the question of questions to the empire, and it
was the duty of all parties to combine to raise her to the
position of Scotland. Ireland was that single drop of bit-
terness in the cup of our otherwise overflowing prosperity,
and it was for Parliament and the Government to see ii
there were not means, not perhaps to arrest the present
miserable exodus, but, avoiding all topics that were calcu-
lated to cause irritation, to promise the welfare and heal
the wounds of centuries.
Mr. O'REILLY descanted on the Established Church of
Ireland as a national grievance, and complained that the
system of taxation acted oppressively on the people by
augmenting the cost of the necessaries of life.
The LORD ADVOCATE compared the relative posi-
tions of Ireland and Scotland, and pointed out that the
former country, with a considerably less population, con-
tributed a million and a quarter sterling more of taxation,
whilst its valuation on a less area was two millions more,
and it drew from the Imperial Treasury £400,000, as
against £1,500,000 received by Ireland. The moral he
drew from these facts was that Scotland, though the
pooror country, had been more self-reliant in endeavour-
ing to develop her resources, though he admitted that she
had not experienced the same measure of injustice and
misrule as Ireland.
Mr. MILtHoN supported, and Mr. DUNLOP opposed the
the motion.
Mr. LEFROY defended the Irish Church against the
attacks of its opponents, and said that the evils of absen-
teeism would be greatly aggravated if the Protestant epis-
copal clergy were deprived of their livings. As to the
distress that prevailed, he believed it was chiefly attribu-
table to the humidity of the climate ; and instead of re-
gretting he thought the house ought rather to rejoice that
so many persons who were unable to support themselves at
home had emigrated to America and other lands where
their circumstances were so greatly improved that they not
only maintained themselves and families in comfort, but
were in a position to assist their relatives whom they had
left behind them. He could not blame the landlords of
Ireland for the diminution in the population from this
cause, for the people were leaving the best, as well as the
worst, managed estates in the country.
The debate was continued by Mr. Pollard-Urquhart and
Sir H. Bruce.
Sir G. GREY pmsidered that the state of Ireland was
deserving of the deepest sympathy, because England her-
self could not be said to be prosperous or powerful so long
as the sister country was weak or discontented ; and it
behoved Parliament,therefore, to see whether some remedial
measures could not be adopted in her behalf. He did not
think that the land question was at the root of the evil,
and he knew of no law in England which enabled a tenant
to expend any money he pleased upon his farm, and after-
wards come down upon his landlord for compensation. But
if the Irish people, forgetting their religious and political
differences, would combine for the improvement of their
country, and then come to Parliament with any well-
digested and reasonable claim for assistance, he was per-
suaded that Parliament would not ignore the claim.
Sir S. NORTHCOTE urged that the state of Ireland
was such as to require serious consideration on the part of
the house and the Government ; and in noticing the ques-
tions
eaf ear ra
iedd,
thatto the
ths subject
taxationbj ect o f
of
Ireland
to which attention might most usefully be directed
Thanderegrweaatlsynioneredoatt,d
of late years, and that in a much larger
England. In considering the meansproofportionthanin
her,
however, he should be decidedly opposed to relieving
that might have the effect of establishing a ny measure
system dis-
criminating duties between the two countries.s
also of opinion that it. would be unwise and improper e
to
incur a national expenditure in any particular part of the
United Kingdom merely for the purpose of creating em-
ployment for labour unless such an expenditure were in-
curred for reproductive purposes. At the same time there
was no reason why the system of making advances to
proprietors and others for the improvement of their land
might not admit of extension. The right hon. gentleman
recommended Mr. Hennessy to be satisfied with the dis-
cussion and withdraw his motion.
Mr. CAIRD regarded the enormous emigration from Ire-
land more in the light of a national than an Irish loss, and
the present moment as affording a good opportunity for
He recommended the
doing something at all events.
d ctive loans not for
ex-
tension to Ireland of a system of repro u ,
cause there was plenty of
the cultivation of waste lands, be . .
susceptible of 'm-
other land already under culture. and , l
termse thought loans, proper y
provement, and upon that
as were accep e
t d in Eng-
applied and upon the same
land, would prove of great benefit to the country.
to be regenerated
Mr. PEACOCKE said if Ireland was
grants or loans, but by
it was not by means of Government
of her population.
the industry, energy, and sslf-reliance
After some observations from Mr. BLAKE,
Viscount P A LMERS TON said—Sir, whatever differences
of opinion may have been expressed with regard to the par-
ticular details adverted to in the course of this debate,
everybody must agree that the subject is one of the deepest
I Possible interest, and also I am happy to say I think that
the
debate has been conducted throughout in the most tem-
perateand creditable manner. The hon. member for the
Rig's County, who moved the amendment, set an example
which has been f
though it often 1r
ollowed by those who succeeded him; and
Irish matters are appens that debates in this house upon
thanconducted perhaps with more efferves-
cence might be
considered fitting,
an example to the contrary yet this is certainly
ary ; and I trust that henceforward

rHE SUN, LONDON, TUESDAY EVENING, FEBRUARY 28, 186

PILOTAGE ORDER CONFIRMATION BILL.
The order for going into committee on this bill was dis-
charged, and the bill ordered to be referred to a select
committee.
INDUSTRIAL EXHIBITIONS BILL.

This bill was read a second time.
BANKRUPTCY AND INSOLVENCY (IRELAND)
ACT AMENDMENT BILL.
This bill was read a third time and passed.
BANK OF IRELAND BILL.
This bill was also read a third time and passed.
COMMON LAW COURTS (FEES) BILL.
This bill was read a second time.
ELECTION PETITIONS ACT (1848) AMENDMENT

BILL.
This bill was read a third time and passed.
INNS OF COURT.

Sir G. BOWYER moved for leave to bring in a bill to
enable the benchers of the Inns of Court to appoint judicial
committees in certain cases, and to give the necessary
powers to such committees. The bill was, with two excep-
tions, similar to the one he introduced last session. In the
first place he made the bill permissive, the effect of which
would be that the benchers would form a sort of grand
jury to decide whether a particulir case should go before
the judicial committee ; and the second difference was to
meet the objection to the last clause, that a person charged
with any offence would be enabled in the first instance to
go before the judges, which was considered an encroach-
ment upon the power of the Inns of Court.
Leave was given.
The house adjourned at 10 minutes past 12 o'clock.

PARLIAMENTARY DIVISION.

HOUSE OF COMMONS-Fm. 27.

GREAT YARMOUTH BOROUGH, HAVEN, AND
PORT BILL.

Order for second reading read. Motion made and ques-
tion proposed, " That the bill be now read a second time."
Amendment proposed, to leave out the word "now," and
at the end of the question to add the words " upon this day
six months." Question put, " That the word 'now' stand
part of the question." The house divided—Ayes, 129
Noes, 17.

AYES —129.
Adderley, C. B. Gilpin, Colonel Moor, H.
Ayrton, A., S. Gilpin, C. Morgan, 0.
Baring, H. B. Glyn, G. C. Morrison, W.
Bathurst, A. A. Goschen, G. J. Mundy, W.
Baxter, W. E. Greenall, G. Murray, W.
Berkeley, C. P. F. Greene, J. Naas, Lord
Bernard, T. T. Gray, Capt. Northeote. Sir S. H
Black, A. Hadfield, G. Paxton, Sir J.
Blackburn, P. Hanbury, R. Peel, F.
Boyle, G. F. Hankey, T. Peel, J.
Bruce, Sir H. Hartington,Marquis Peto, Sir M.
Butler, C. S. Herve 3, Lord A. Potter, E.
Childers, H. C. E. Hassard, M. Powell, F. S.
Churchill, Lord A. Headlam, T. E. Pugh, D.
Clay, J. Henderson, J. Roebuck, J. A.
Clifford, Co!. Henley, J. Rose, W. A.
Clifton, Sir R. Henley, Lord Russell, A.
Copeland, Ald. Hennessy, J. P. Schneider, H. W.
Cox, W. Hodgson, R. Sonny, V.
Crawford, R. W. Holford, R. S. Sidney, T.
Davey, K. Holland, E. Smith. Sir F.
Deriug, Sir E. Jackson, W. Somes, J.
Disraeli, B. Kekewich, S. T. Stanhope, J. B.
Dodson, J. G. King, P. .T. L. Stanley, Lord
Douglas, Sir C. Knatchbulf-Hugess Steel, J.
Doulton, F. Knox, Major W. S. Surtees, H. E.
Duff, M. E. Lacon, Sir E. Sykes, Col. W. H.
Duke, Sir J. Laird, J. Tollemache, J.
Duncombe, A. Lawson, W. Tottenham,Lt.-Col.
Dunkellin, Lord Leader, N. P. Tracy, C. R. D.
Dunlop, A. M. Leatham, E. A. Treherne, Af.
Dunne, Col. Lewis, H. Trelawny, Sir J. S.
Enfield, Viscount Locke, J. Turner, J. A.
Ewart, J. C. Lowe, R. Turner, C.
Vane, Col. Lyall, G. Walcott, Admiral
Fenwick, H. 11.Cormick, W. Weldegrave-Leslie
Fergusson. Sir J. Macdonogh, F. White, J.
Fitzgerald, W. S. Mackinnon, W.(Ly.) Whitmore, H.
Forge, Col. Malcolm, J. W. Winnington, Sir T.
Forster, C. Manners, Lord J. Wrightson, W. B.
Gallwey, Sir W. P. Marjoribanks, D. C. Yorke, J. R.
Gard, R. S. Marsh, M. H. TELLERS.
Getty, S. G. Miller, T.. 1. Stracey, Sir H.
Gibson, T. M. Montagu, Lord R. Jervis, Captain

The directors, anxious to give effect to the spirit in which
that by-law was framed, have given one month's notice of
their intention to submit to the meeting the bill introduced
into Parliament for conferring further powers on the
Great Western Railway Company for the construction of
works and the acquisition of lands, and otherwise in
relation to their own undertaking, and the undertakings
of other companies and persons, and for other purposes,'
and a resolution will be proposed to the proprietors for
their sanction to that measure. The authority to con-
struct the new lines at Stroud, Bristol, Hereford, Acton,
and ,Ruabon will become obligations on the company
as soon as the bill is passed, and it will be in accord-
with the spirit of the by-law that the opinion of the
proprietors should be now expressed in reference to
these works. The new lines are in length collectively
7f miles. The estimated cost of their construction is
£140,000, and the board is of opinion that they ought be
proceeded with. The arrangement with the Vale of Neath
Company provides for an amalgamation of that company
with the Great Western Railway Company on terms similar
in principle to those which formed the basis of the amalga-
mation of the Great Western and South Wales Companies.
The Vale of Neath proprietors will receive 5.0625 per cent of
the united net receipts, but wit the condition that such pro-
portion shall not be less than £85,000 a year. The Vale of
Neath Railway having been recently relaid throughout its
system with the mixed gauge, the proposed amalgamation
will be the means of completing the Great Western narrow
gauge system between Birkenhead and Swansea, and it will
at the same time connect both the broad and narrow gauge
lines of the company with the important collieries and iron
works in the neighbourhood of Merthyr and Aberdare. The
directors are led to hope for a large traffic from these dis-
tricts which could not have been advantageously secured
to this company while the Vale of Neath remained indepen-
dent. The agreement with the Hammersmith and Cityßail-
way Company, which will be in substitution of the working
arrangement under which the traffic of that lino has hitherto
been conducted, makes provision for a transfer or lease in
perpetuity of the Hammersmith line upon terms which will
secure to the holders of ordinary stock of that company a
dividend commencing at 5 per cent. in 1865, and increasing
annually by per cent. per annum until 1869, when it will
amount to the maximum of 5i per cent. The ordinary capi-
tal of the company amounted on 31st Dec. last to £179,884,
and the preference and loan capital to £114,754. The
agreement with the Metropolitan Company provides for
the running of 24 great Western trains daily, in each direc-
tion, between Paddington and Firringdon-street or Fins-
bury, for which a minimum payment of £25,000 a year is
• to be made to the Metropolitan Company. The number of
trains may be increased to 30, in consideration of a propor-
tionate increased payment. The Metropolitan Company
are to join this company in the lease of the Hammersmith
and City Railway, and for the purposes of the joint working
of the traffic of that line, certain powers of using the Great
Western Railway between Bishop's-road station and the
Hanunersmith Junction are conceded to the Metropolitan
Company, reciprocal powers being granted to the Great
Western Railway Company in respect of their Hammer-
' smith traffic over the Metropolitan Railway."