The Sun.
London, England, 1865-03-23 00:00:00

the names of those two noblemen came to be men-
tioned. Having occasion to meet Lord Elcho on
business, his lordship entered into conversation with
him on the subject of the strike and lock-out in the
iron trade and asked him Mr. Macdonald) whether
it could possibly be settled by arbitration. He told
his lordship he thought it might, and suggested that
his lordship might be one of the arbitrators. Lord
Elcho said he could not utder take the responsibility
alone, and asked who slould be the other arbi-
trator. The name of Lord Stanley was proposed,
and Lord Elcho immediwely went to the House of
Commons and saw Lori Stanley on the subject ;
and after some reflecticn their lordships stated
that if the men would submit the question to them,
they, on their part, would do their best to bring
about an amicable settlement.
Mr. CONOLLY then moved, and Mr. BENNETr
seconded, the following resolution :—That, in the
opinion of this meeting, the course adopted by the
ironmasters to compel the North Staffordshire
puddlers to accept a reduction in their wages, by
inflicting the miseries of a general lock-out on the
families of the men who are to participate in the
dispute is unjustifiable and cruel, and with a view
to remove any grounds which may exist for their
continuing to inflict such distress, this meeting re-
commends the North Staffordshire men to submit
the question of their wages to arbitration when the
masters open their works and allow the men now
locked out to resume work."
The resolution was agreed to.

Mr. WELLAND then moved and Mr. RICHARD
NETHERCOTT seconded the next resolution, viz. :

" It having been stated through the press, and by
many public men, that the ' lock-out' by the iron-
masters is at variance with the laws against illegal
combination, this meeting recommends that coun-
sel's opinion be taken thereon, and such proceedings
instituted as he may direct to test such illegality."
Mr. 11E3IMEN thought they would be treading on
dangerous ground by taking advice of counsel. The
workmen had set the masters the example of com-
bination, though it was true the masters had carried
their combinaiion out to a great extremity.
The resolution was adopted.
The CHAIRMAN then called the attention of the
meeting to the necessity of subscriptions being raised
by the different trades in London, and after some
discussion as to the persons to whom the money con-
tributed should be sent it was finally arranged that
the amounts should be transmitted either to the
Brierley or Gateshead Executives, or to the North
Staffordshire men, according to the wishes of the
contributors.
The meeting then separated.

Railway and other Companies.

MIDLAND GREAT WESTERN.

The report states that the traffic receipts for the
past half -year amounted to £99,263, against £97,647
for the corresponding half of 1863, showing an in-
crease of £1,616, which was gratifying to the direc-
tors, considering the stagnation and depression of
trade during the past half-year. The accounts of
the extension line from Athlone to Galway
showed a deficiency of £3,830 on the working
for the half-year. However advantageous to the
particular districts new branches running into their
line might prove, up to the present time such
branches had added but little to the prosperity of
the company. The liabilities entailed on the com-
pany and remaining unsettled by the construction of
the Sligo line and the Liffey branch had been par-
tially met from time to time by moneys derived
from revenue. The company's bill now before Par-
liament proposed toreduce the ordinary share capital
from £2,799,333 to
£2,750,000, thus cancelling
£49,333. Of the remaining unissued capital,
amounting to £592,825, it empowered the company
to issue £300,000 as preference stock, to bear inte-
rest not exceeding 5 per cent., leaving the present
debenture power of the company unaltered at
£702,200, of which £658,273 had been issued. The
directors calculated that with a considerable margin
to spare they would be enabled by this bill to dis-
charge all sums due to bankers, contractors for
rolling stock and other plant ; and thus, having
Placed the affairs of the company upon a solid basis,
to appropriate the income as earned to its proper and
legitimate objects. The available balance at the
disposal of the directors amounted to £25,986, out
of which they recommended a dividend at the rate
of 2 per cent. per annum, leaving a surplus of
£4,414. The amount proposed to be divided did
not represent the net earnings of the line, but bear-
ing in mind that even those earnings had been applied
to the discharge of engagements which were pressing,
that the sums payable in respect to the Ballinasloe
accident remained in a great measure still to be
provided, and other matters, the directors felt that
they could not safely go further. The revenue
account for the past hall-year showed that
£114,01& had been received and £67,316 expended
in working, £2,854 paid for interest on
canal mortgage, £14,779 interest on debentures,
and £5,149 for interest on deposit and general ac-
count, leaving, with a surplus of £1,478 from the
preceding half-year, a balance of £25,986.

LANCASHIRE AND .YORKSHIRE.
A special meeting of this company was held yes-
terday at Manchester, to empower the directors to
raise certain sums of money not exceeding in the
whole £607,760. Mr. Geo. Wilson, the chairman,
moved a formal resolution to that effect, seconded
by Mr. Hargreaves, and explained that the directors
intended to issue the £607,000 of additional capital
in preference shares. The directors were desirous
at the present time not to burden the ordinary stock
with any additional charges beyond what it should
bear for the construction of works which might not
prove very remunerative for some years to come.
The trifling addition to the share capital of the com-
pany would be £5 for every £lOO of ordinary stock,
and it was therefore proposed to allot to holders of
ordinary stock £5 perference shares for every £lOO
of ordinary stock. The last issue made was for
£1,200,000 of preference stock, bearing per cent.
interest. At the present time the directors were
disposed to add a little to ihe value of that stock,
and in five years from May next they proposed that
the per cent. stock should be a permanent 5 per
cent. stock.
The motion was agreed to.