The Sun.
London, England, 1853-07-18 00:00:00

WEST.

Sidon ............ 22 Ajax 5B nineeßegent(fl.)9o
Odin .............. 16 London 9O Hogue GO
Leopard.... 12 ... ... Edinburgh 5B
Vesuvius .. ...... 6 ••• ••• ""• •••
Banshee .......... 2 'Amphion 34 Arrogant 46
••• ... ••• ••• Imperieuse
•• • ... Agamemnon .... 91 Highflyer 2l

EAST.

Yesterday, as the Royal yachts, with the Queen and
Court on board, approached the fleet, en route to Osborne,
the Prince Regent led off a general Royal salute. The
ships were each dressed in colours from the water's edge
to their mastheads, and although a very strong breeze
was blowing, their yards were manned in most seaman-
like style, a manceuvre we have not seen represented at
Spithead on so extensive a scale for many years. The
salute was grand and imposing in the extreme, and
might easily have been imagined a cannonade of a very
different character. Many thousands of spectators
ran to the walls and beach to witness the interest-
ing spectacle. The Agamemnon seemed the chief object
of curiosity in the fleet. This ship's return was very
opportune. Since she left Spithead on Friday night,
the Bth inst., she has been cruising 60 miles to the west-
ward of Scilly. Her trials have been chiefly under sail,
for the purpose of ascertaining whether by trimming the
ship by the head or by the stern, they could decide the
amount of weather helm she invariably carries, and
which renders her by no means safe when approaching
a close anchorage. In a fresh breeze on a wind she
invariably carried one turn and a-half weather helm
(when in her proper trim), and by bringing the 12 fore-
most guns in the ship (upwards of 40 tons) right aft
to the mizenmast it was found they made but a
very slight alteration in her favour—barely a quarter
of a turn ; and, on the contrary, transferring the guns
from aft forward only increased the amount of wea-

ther helm. With the wind abeam or on the quarter,
blowing fresh, and with no after sail, her weather
helm was considerably increased, and it was with
the greatest difficulty the ship could be kept free,
and the strain on the tiller ropes became very great,
taking six men at the wheel to steer the ship. The
conclusion, therefore arrived at is, that a false keel is ab-
solutely necessary—about one foot in depth abaft taper-
ing off to nothing forward. Under canvas the Agamem-
non is the astonishment of all aboard ; many say she is
the stiffest ship they were ever in, and very fast ; in-
deed, she behaves nobly ; her speed, with the wind abeam
under royals, being 114 knots per hour, or as fast as the
Royal yacht can steam ! She was off the Lizard on Fri-
day morning at 4 o'clock, and anchored at Spithead at
8, a run not done every day under sail alone. Her
steaming trials are not of sufficient consequence to men-
tion, as steaming was not the subject of her trial cruise.
She took the Comus, 18 gun sloop in tow, on leaving the
Knab, on the 18th inst., on her way down channel, as
far as the Start, and although the Agamemnon had Only
three boilers in use, she was obliged to slacken her
speed, as she was towing the sloop nearly bows under !
It is expected the Agamemnon will be docked to have
the improvement above mentioned made to her keel ;
the ship will then be matchless.

Rear-Admiral Corry struck his flag on board the
Agamemnon yesterday, and rehoisted it in his own ship
the Prince Regent.
The Princess Royal, 91, new screw ship, is receiving
her engines with all expedition in the steam factory
basin. The remainder of her boilers and machinery ar-
rived in the Cyclops steam sloop yesterday afternoon
from the Thames.

The Alfred, 50, was brought down from her mooring
yesterday, to be dismasted and docked for repair.
The Dasher steam-vessel, Commander Lefebvre, was
undocked yesterday, having her stern frame repaired,
&c. She will return to the Channel Island fisheries in
a day or two.

THE NAVAL COLLEGE EXAMINATIONS.
The following officers (mates and acting lieutenants)
passed examinations in navigation qualifying for the
rank of lieutenant on Thursday :—Messrs. H. L. C.
Robinson, W. H. Wright, E. F. Kerby, J. T. Pringle,
J. R. Laurence, W. V. Johnson, H. T. Burgoyne, H.
L. Templer, F. Stanley, E. Stubbs, T. G. Baillie, C.
E. Ste fens, D. Boyle, and S. M. Wilson.

The following second masters also passed at the same
time for masters :—Messrs. E. L. B. William, 11. C.
Sedmond, T. Mitchell, C. J. Renny, and F. W. Rea.
The Rev. J. Beal, chaplain, R.N., also passed for
naval instructor. Thefollowing young gentlemen passed
into the navy at the same time, after the qualifying ex-
aminations :

As Master's Assistants.—Messrs. de Carteret, Tracey,
Aldham, Evershed, Ashton, Jackson, and Gowlland.
As Naval Cadets.—Messrs. Rochfort, Bailey, Cam-
milleri, Tupman, M'Dougall, Powlett, Crompton, Yeat-
man, and Small-piece.
As Clerk's Assistants.—Messrs. Kellow, Bedwell,
Von Dadeizan, Cumming, and Mould.
The Victoria and Albert Royal yacht hoisted Lord
Adolphus Fitzclarence's broad pendant this morning.
Wind S.W., blowing strong ; weather cloudy, with
sunshine.

PLYMOUTH, JULY 16.
Her Majesty's steam-vessel Antelope, Lieutenant M.
Young, commanding, from Gibraltar, 9th inst., arrived
in the Sound this morning with 19 invalid and other
soldiers, five women and five children. The Cruiser,
12, screw steam-sloop, Capt. the Hon. George H.
Douglas, was in port when the Antelope left.
The Brisk screw steam-vessel, 14, Commander Sey-
mour, will go out of harbour on Monday to try her en-
gines. She is intended for service on the West India
station, and will convey to Port Royal the new Governor
of Jamaica, for whom extra cabins are being fitted.
The General Screw Steam Shipping Company's mail
packet Bosphorus, sailed yesterday at 4p.m., with mails
or the Cape of Good Hope, Mauritius, and Calcutta.

SHEERNESS, JULY 16.

An brdcr has been received to forward the equipment
of the Tribune, 30, screw steam frigate, Captain the
Hon. S. P. Carnegie, with all the available force of the
establishment here; the artificers are working extra
hours, and she is to be ready to leave here on the 27th
inst. to join the Channel fleet at Spithead.
Under the present Admiralty regulations, every line
of battle ship, not being fitted with the screw-propeller,
will have a steam ship of war attached to her, to assist
as circumstances may require.
The Barracouta, 6, paddle-wheel steam-sloop Com-
mander George Parker, has received orders to prepare
for her departure from here to join the Channel fleet at
Spithead ; she is completing her stores, ammunition,
&c., for that purpose, and will be ready to leave in a
few days.
The Dutch East Indiaman Jan Hendrik, Commander
H. de Jong, now in her Majesty's dry dock here, has
completed the discharge of her cargo, and an especial
survey (on request) has this day been commenced on her
hull by Mr. James Martin and Mr. Charles R. Coker,
from Lloyds', London.

TESTIMONIAL TO WM. DARGAN.—The meeting con-
vened for the purpose of paying a tribute of respect and
gratitude to Wm. Dargan, who originated and got up,
at his own sole expense, the Great Industrial Exhibi-
tion of 1853, was held on Thursday in the round room
of the Rotunda. The object of the meeting, unlike that
of a political assemblage, was not one for which popular
passions were enlisted, and the proceedings were intended THE CHOLERA.—A letter from Copenhagen, Bth, says :
to consist more in actual business than in speechifying, " The cholera, which has hitherto only raged among
so that the great hall in which the meeting was held was the working classes in this city, has begun to extend its
far from being so crowded as we have seen it on many other ravages among the higher classes of society. The Count
occasions ; but the attendance was very numerous. de Ledraborg, Dr. Boyne, and Mine. Hegermaun-Lun-
The Lord Mayor took the chair, and the resolutions denerona,, wife of the Major-Genoral, have been attacked
wereeirespectively proposed and seconded by the Duke ' to-day." A letter from Helsingsfors (Finland) of the
of L miter, the Right Hon. Francis Biaokhourn, the 3d says :—" The cholera has made its appearadce at the
Governor of the Bank of Ireland, Sir William Hamil- same time here and at Abo, but hitherto the number of
q
Ivtoinlr, Sir Edward McDonnell Sir Robert Kane, the deaths in both these places has not been considerable,
f Wliewstamsea proposed
th, Mr. John Ennis, D.L. Mr. I and only two-fifths of those attacked succumb. The
J.
M.P., uszisc o.
Perry, Mr. Lentargne, Dr. Gray, Mr. J. F. Maguire, I prospects of the crops in Finland being anything but
3,.
limited to one pound, but an that the subscriptions be favourable, the Imperial Government has interdicted the
amendment to the effect exportation of rye, barley, and oats ; and lean has been
that they should be " from one shilling upwards," thus given to import, free of all dues, the kinds of grain just
setting no bound to the liberality of individuals, was I mentioned, as well as peas, potatoes, and such like ar-
carried by a vast majority of the meeting. tides."

FALMOUTH, JULY 17.
The ship Burlington, from Lcndon to Calcutta, with
troops on board, has put in here with the head of her
foremast sprung.

RAILWIY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH-COAST
RAILWAY.

The report of the directors and the half-yearly state-
ment of accounts have been issued. The capital account
shows that the amount raised on the 30th June, 1853,
was 7,365,2421., consistingof mortgage debt, 1,712,012/. ;
preference capital, 1,037,596/. ; consolidated stock,
4,615,6341; together, 7,365,2421. The total amount
expended during the past half-year has been 85,2071., of
which 58,1561. has been expended on the fourth line and
Crystal Palace branch, and on the enlargement of the
London-bridge terminus ; 16,037/. on additional stock to
meet the requirements of the goods traffic, and to pro-
vide for the Crystal Palace traffic ; and 9,7351. on sid-
ings, cottages, and other works rendered necessary for
the safety of the public, and for the accommodation of
the increasing traffic. The revenue account shows that
the gross receipts for the half-year have been 271,9451.,
exhibiting an increase of 23,1361. over the corresponding
half-year of 1852. Of this increase 7,8841. arises from
the goods traffic, and 8,2001. from the traffic on the
Croydon and Epsom line, which the directors state has
already received a rapid development from the construc-
tion of the Crystal Palace.
A tabular statement given in the report informs us
that the miles run by trains for the half-year ending 30th
June, 1852, were 723,015, and the total receipts (ex-
cluding cartage), 240,694/, ; fur the half-year ending
31st Dec., 1852, the train mileage was 837,178 miles,
and the receipts 323,7541. (excluding cartage) ; and for
the June six months of the present year the miles run
by trains were 826,458, and the receipts (excluding
cartage) 263,1431. The total expenses (including cart-
age) for the half-year ending June, 1852, amounted to
113,754/. ; to 137,400/. for thepecember half-year ; and
to 125,364/. for the last half-year.
The report proceeds to state :
" The principal items of additional expenditure are
occasioned by the necessity of maintaining the line and
the rolling stock in the highest state of efficiency, in order
to meet the continuous increase of traffic, The unfa-
vourable weather during the past winter was also a
source of additional expense, requiring extraordinary
exertions to restore the road to its accustomed state.
The general rise in the price of materials, and wages of
labour, is also an obvious cause of increased expenditure,
and, on the whole, the directors feel every reason to be
satisfied with the result, that after charging to revenue
every item which is in any way attributable to file cur-
rent expenses of the half-year, 11,525/. out of the 23,1361.
by which the gross revenue has increased, remains as
net profit applicable to the payment of interest and divi-
dend.
"The time has now arrived when the state of the
capital account, and the course to be adopted hereafter,
with regard to the reserve and sinking funds, require
serious consideration. For the reasons stated in the
last half-yearly report, the expenditure on the fourth
line, the Crystal Palace branch, and the London-bridge
terminus, will greatly exceed the original estimate. This
outlay, arising in a great measure from the scale of
grandeur and magnificence, so far exceeding the first an-
ticipations, on which the Crystal Palace and park are
being carried out, will, the directors confidently believe,
prove most beneficial for the permanent interests of this
company, and the arrangement with the Crystal Palace
Company has been so far modified that the sum upon
which this company is to receive 4 per cent, as a first
charge out of the fund arising from joint bookings, has
been extended from 50,0001. to 150,0001.
"Independently, however, of this special source of
expenditure, the experience of the last two years, both
upon the Brighton and all the principal railways of the
kingdom, has conclusively shown that with a constantly-
increasing traffic a constant necessity arises for an outlay
upon objects of a permanent character, and which, in the
ordinary course of similar commercial enterprises, would
be chargeable to capital. The merchant or manufacturer
whose business doubles cannot escape the necessity of
embarking in it an increased capital, and the same ne-
cessity is felt by railway companies even with more force,
from the pressure upon them of public opinion to extend
accommodation, and to provide the utmost possible secu-
rity for the public safety.
" Upon the Brighton and South Coast Railway the
goods traffic has in less than five years increasod from an
average of about 1,0001. to an average of nearly 3,0001.
per week. The total number of passengers conveyed
annually has increased from 2,485,778 to 3,525,273, and
the annual receipts from season tickets from 10,4271. to
24,1871. In each branch of the traffic the improvement
is steadily and rapidly progressive, and, according to all
ordinary calculation, a still further extension must be
anticipated.
"Under these circumstances it is impossible to avoid
a continually increasing demand for sidings, warehouses,
sheds, working stock, station accommodation, and ail
the appliances of an increased traffic. Moreover, every
accident, or even risk of accident, whether on this or
upon other lines of railway, suggests precautions and
improvements which involve additional outlay. At one
time additional signals, at another additional sidings,
improved carriages, cottages for watchmen on exposed
parts of the line, and, in short, a thousand different pre-
cautions, which experience only can suggest, force them-
selves imperatively on the directors in a manner which
cannot be resisted. The consequence of this has been
to derange all calculations based on the state of things
actually existing at the period at which such calcula-
tions were made, and to lead to the inevitable conclusion
that while the railway system is in a state of such rapid
development, it is impossible to assign beforehand any
precise limit to the expenditure of capital.
" The directors do not hesitate to say that such has
been the case as regards the Brighton Railway, and that
the limit of capital to which they looked forward, when
an income of 500,0001. a year appeared a sanguine esti-
mate, must be exceeded under the altered aspect of a
traffic which has already reached upwards of 600,0001. a
year, and which is daily expanding. Irrespective of the
150,0001., the interest on which is guaranteed from joint
bookings with the Crystal Palace Company, the directors
cannot estimate the total expenditure which has either
been already incurred, or which will shortly force itself
on their attention, for permanent enlargements and im-
provements required for the proper accommodation of
the existing and expected traffic, at less than 200,000/.,
in addition to the sum of 120,090/. included in the esti-
mate given to the proprietors in January, 1852 ; and, as
regards future years, they think it right to state their
opinion that, judging from past experience, if the traffic
should, as they confidently expect, continue to increase,
further expenditure will from time to time be required.
" Under these circumstances the question arises as to
the continuance of the present reserve and sinking funds.
The directors consider that the establishment of these
funds was most beneficial under the peculiar circum-
stances of the time. All railway property was then
passing through a period of crisis, public confidence was
altogether shaken, and it was absolutely necessary to
make an effort to restore it, if not by positively closing
the capital account, at any rate by showing the possi-
bility of doing so with a fixed amount of traffic, and by
exhibiting in clear and intelligible accounts the results
which would be attained under such a system. The
directors believe that the advantage of this course has
been fully proved by the comparatively high and steady
market-value of the company's stock throughout periods
of great depression and fluctuation. At the same time
it is evident that the temporary necessity for such mea-
sures has passed away, railway accounts being now so
generally understood that no difficulty exists in distin-
guishing between legitimate expenditure on capital and
revenue account ; and, therefore, if these funds are to
be continued, it must be on their own merits as parts of
a policy generally and permanently applicable.
"As regards the reserve fund little need be said, ex-
cept that its avowed object of laying by, during the early
years of a more limited expenditure, a sum towards the
renewal of the permanent way, is already attained, the
period having now arrived when the outlay from revenue
under this head has reached a full average, and when
extensive renewals are desirable, in order to introduce
recent improvements and to carry the line up to the
highest standard of efficiency. Accordingly, the di-
rectors have no hesitation in recommending that no fur-
ther addition to this fund should be made, and that it
should be applied from time to time in accordance with
the object of its original destination. A resolution to
this effect, and charging this fund with 5,0881. 17s. id.,
which has been expended on relaying portions of the
line during the past half-year, will be submitted to the
meeting.

"As regards the sinking fund, the question is larger
and more difficult. If it were possible by any moderate
sacrifice of present dividend to keep the capital down to
a fixed amount, or to hold out any well-founded prospects
of the early extinguishment of any temporary excess, the
advantages of such a policy would undoubtedly be great.
It is evident, however, that to secure these advantages
the sinking fund must be of such an amount as to war-

rant a reasonable confidence that it will in a few years
overtake and surpass any probable expenditure of capital,
and that no ,useful purpose could be attained by main-
taining a sinking fund of such a small amount. Instead
of such an attempt it would be a far better policy to
spend each half-year that which the necessities of the
case require, whether for current -expenses or for per-
manent additions, and to charge the amount to revenue
or to capital in each case, according to its own legitimate
application.

Under existing circumstances the directors see no
alternative but to recommend the adoption of this latter
course. 'With the constant necessity for expenditure on
permanent objects, consequent on the large and rapid de-
velopment of the traffic, which has already been referred
to, they see no reasonable prospect of any sinking fund
overtaking and keeping down the permanent outlay of
capital, unless it were of such an amount as most seriously
to diminish the dividends actually earned, which are the
legitimate property of the present proprietors. They do
not feel that they could, with justice to existing holders,
call upon them to give up, for the benefit of posterity,
one or two per cent. of the moderate dividend honestly
earned, and they aro satisfied that any such proposal
would not be adopted.
"Accordingly, they see no alternative but to recom-
mend the discontinuance of all such reverses out of re-
venue, and the application to dividend of whatever
surplus remains, after defraying all claims of current ex-
penditure, and maintaining in a state of perfect efficiency,
at the charge of revenue, the whole of the line, buildings
Lr
rolling stock, and other property, which have been
con-
,
structed out of capital.

"Another question demands the consideration of the
proprietors—namely, the state of the Parliamentary
powers of the company with regard to capital. The total
amount authorised to be raised by the different acts of the
company is 7,440,930/. of which 5,653,230/. having
been raised by shares, the whole balance of 1,787,7001.
may be raised by way of loan. The proprietors have
already sanctioned the exercise of these powers to the
extent of 1,741,7001., and it is proposed now to take a
resolution authorising the borrowing of the balance of
45,9301. To meet the further requirements which have
been entailed on the company by the construction of the

fourth line and Crystal Palace branch, the enlargement
of the London-bride terminus, and otherwise, additional
powers of raising capital will be required, which will be
inserted in a bill to be submitted to Parliament neat
session, and which will be duly brought before the pro-
prietors at the proper time for their approval. In the
meantime, it may be necessary to anticipate the sanction
of Parliament, so as not to delay the progress of neces-
sary works, which can be done without difficulty under
the existing powers of the company. A resolution, ap-
proving of this course, will be submitted to the meeting.
"The company's bill, which was submitted to the
special meeting of the shareholders on the 15th of June
last, has received the Royal assent.
" Several railway bills affecting the interests of this
company have been before Parliament during the present
session. Those authorising the construction of the East
Grinstead. the Bognor and Chichester, and the Wimble-
don and Croydon Railways, with which this company has
friendly arrangements, have received the royal assent.
The clauses authorising the leaoes of these lines to this
company have been withdrawn. for the present, in conse-
quence of the resolutions of IV.Er. Cardwell's committee,
but will be renewed at the first opportunity.
" The West End of London and Crystal Palace Rail-
way Bill has also passed the House of Commons, and
the directors have given their assent to it, on the inser-
tion of clauses regulating the mode of junction with this
company's line, and in consideration of the directors of
the Crystal Palace Company assenting to a modification
of their agreement with this company, by which the
amount of capital on which interest is guaranteed to this
company out of the joint fund is extended to 250,0001.,
and it is provided that after the Crystal Palace Com-
pany's proportion of joint bookings, whether by this
company's railway or by the West End of London and
Crystal Palace Railway, amounts to 38,0001. per annum,
the division of such bookings in the proportion of three-
sevenths, which gives this company its full proportionate
share, isle commence.

" The negotiations with the London and South-
Western Company for an amalgamation have been en-
tirely suspended, in consequence of the protracted sit-
ting of Mr. Cardwell's committee ; but the most amicable
relations have been maintained with that company as
well as with the South-Eastern Comp-any ; and the di-
rectors continue strongly of opinion that a complete
union of the three companies on equitable terms would
be a measure most conducive to the safety and conveni-
ence of the public, as well as most beneficial to the pro-
prietors. They will accordingly be prepared to renew
the negotiations both with the London and South-
Western and the South-Eastern Company at the first
favourable opportunity.

The net amount at the credit of the revenue for
the half-year is £147,730
Whereof is appropriated for interest on
the mortgage debt, ttc £36,247
For dividend on preference capital 27,907

£64,164

Leaving a balance of.

£83,566

"Out of which the directors recommend a dividend
of 11. 16s. per cent. for the half-year, amounting to
18,0811., leaving a balance to the credit of the current
half-year of 4851."

"The only bill adverse to this company's interests,
which has received the sanction of Parliament, is that of
the Portsmouth Railway Company ; but as this com-
pany has a comparatively small interest in the Ports-
mouth traffic, the immediate effect of the construction of
a third railway to that place will not be great. It is
important, however, as a warning to the proprietors of
established railway companies, that, notwithstanding the
disastrous experience of past years, they must not rely too
confidently on the protection of th eLegislatu re as a security
against the extension of competing schemes, but trust to
their own resources, and neglect no reasonable means of
conciliating public opinion and strengthening their own
position.