The Sun.
London, England, 1854-01-20 00:00:00

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[ PRICE SD•

THE SOUTH SEA COMPANY.

There was a special meeting yesterday of the proprie•
tors of South Sea Stock, for the Consideration of the bill
now in Parliament, for continuing the company for trust
purposes, and giving powers to the directors to pay those
proprietors who might object to the trust company their
money for the stock held by them, and also their re-
spective portions of the assets of the company.
Mr. FRANKS, on taking the chair, stated that the di-
rectors had every wish to assist the proprietors in getting,
back the money now paid to, them by the Chancellor of
the Exchequer, and for tha't purpose they were quite
ready to lend to any proprietors who might dissent from
the Trust Company the money they required, ou the
security of their stock, and also to purchase the stock of
any of these proprietors, lie thought the facilities thus
afforded would remove many objections to the bill now
in Parliament, and save • the necessity of making two
separate bills. In conclusion, he moved that the direc-
tors be authorised to promote the bill now in Parliament
for continuing the society as a Trust Company, and for
giving power to return, to the proprietors who dissented,
their money, and respective portions of the assets of the
company.

Sir MOSES MONTEKORE, Bart., seconded the motion.
In consequence of Mr. PARNELL moving an amend-
ment, a long discussion took place, during which it was
maintained that the mixing up of the two subjects in
one bill had caused the House of Lords to throw
it out last session ; and that the object for which
the South Sea Company was established being no
longer in ease; the company ought to be wound
up altogether, and the whole of the assets divided
rateably amongst the proprietors. Mr. Ansell saw
throughout the bill only 94 lines which related to the
winding-up, whilst all the rest belonged to the proposed
Trust Company. He should like to know if any objec-
tion were again made in the House of Lords as to any
of the clauses of this Trust Company, whether the
clauses for giving them back their money and their por-
tion of the assets would be likely to share the same fate ;
he feared this result, from the two subjects being mixed
up in one bill, now before Parliament. The chairman
would state on his part and that of the board generally
that, if in the course of their proceedings they said any-
thing now that would prejudice or seriously delay the
passing of the winding-up part of the bill, the directors
would not hesitate to withdraw or modify any such ob-
stacles. He trusted this statement would obviate the
necessity of making two bills where one would be suffi-
cient.

Mr. PARNELL'S amendment for one separate bill was
put, and 19 hands were held up for it ; the original
motion was also put, for which,2B hands were held up.
The original motion was therefore carried.
Mr. ANSELL then submitted to a motion to the effect

--that if the directors saw anything arise, after the
second reading, likely to prejudice the winding up, they
should be requested to withdraw any portion having
that tendency, so that the proprietors might get their
money as speedily as possible.
Mr. D. MORGAN seconded the resolution.

The CHAIRMAN said that the directors would of their
own accord act in that manner, if found necessary, so
that they needed not.to be fettered by any resolution.
The SOLICITOR said the directors had power already
to act in the manner suggested by the hon. proprietor.
After the business of the day had ended,

Mr. SERA G asked if the present directors of the South
Sea Company would be continued as the Board of the
Trust Company, or whether the choice of directors
would be open to the proprietors
The Ch AIRMAN said the. bill contemplated the same
arrangements as regarded the directors, but as many of
these gentlemen might not wish, or could not serve the
new company, an opportunity would be given for in-
troducing those who would be more acquainted with the
objects of a Trust Company.
The Court then adjourned.

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ARDCALTVER LYTTON IN

EDINBUIiGH.

On Wednesday,, evening last, Sir Edward Bulwer
Lytton was inaugurated into the office of President of
the Associated Societies of Edinburgh University, at a
meeting assembled for the purpose in Queen-street-hall,
ofithat city. The hon. baronet was the first elected to
the office, which is an extra-academical one, created by
the Associated Societies last summer. The large ball
was quite crowded on the occasion by ladies and gentle-
men, and among the gentlemen on the platform were—
the Lord Advocate, Lord Robertson, Lord Curriehill,
Sir Archibald Alison, Bart., Mr. Stirling, of Keir, M.P.,
the Professors of the University, and numerous well-
known clergymen and gentlemen.
The Loan ADVOCATE, in a few words, introduced the
hon. baronet to the meeting.
Sir E. B. LYTTON then delivered an address replete
with polished phrases and beautiful imagery. He com-
menced by alluding to the poets of Scotland, and said
that the first poets who charmed him from play in the
holydays of school were Campbell and Scott, and the
first historians who clothed, for him, with life the sha-
dows of the past, were Robertson and Hume. In a long
vacation from his studies at Cambridge he contracted
the habit of elf-reliance by solitary excursions on foot,
and it was towards Scotland that he instinctively bent
his way, as if to the nursery-ground from which bad been
wafted to his mind the first germs of those fertile and
fair ideas which, after they have come to flower upon
their native soil, return to seed, and are carried by the
winds they know not whither, calling up endless diver-
sions of the same plant, according to the climate and the
ground to which they are borne by chance. Sir Edward
then referred to the distinguished individuals of the
University of Edinburgh, glanced at the medical schools
of Scotland, and spoke of the learned fame of its capital.
He paid an eloquent tribute to Macaulay, and then spoke
of the points which were essential for excellence in study.
His leading proposition in this respect was, that, whether
in active life or in letters and research, a man would al-
ways be eminent according to the vigilance with which
he obseried. He was,
_be said, no believer in genius
without labour. Sir Edward then spoke of books, and
said it was well in youth to acquire the habit of reading
with conscientious toil for a special purpose. His next
topic was the importance of classical studies. Every
professor who encouraged the young, he said, would tell
them how the ancient masterpieces of classic writers have
served modern Europe with models to guide the taste
and excite emulation. After dwelling upon the beauties
of the ancient Greek writers, Sir Edward proceeded to
give his opinion, that from modern as well as from the
older Athens streamed the lights of philosophy and
learning. He then glanced at religion, observing that,
in his opinion, no man would ever go very far wrong,
who, by the mere habit of thanksgiving and prayer, was
forced to examine his conscience, even but once a day,
and remember that the eye of the Almighty was upon
him. The hon. baronet concluded in these terms :—"lt
would ill become me to enter into the special grounds of
debate now at issue ; but permit me to remind you that,
while pressing with your accustomed spirit for whatever
you may deem to be equal rights, you would be untrue
to your own fame if you did not feel that the true
majesty of Scotland needs neither the pomp of courts
nor the blazonry of heralds. What though Holyrood
be desolate—what though no king holds revel in its
halls ?—the empire of Scotland has but extended its
range ; and, blended with England, under the daughter
of your ancient kings, peoples the Australian wilds that
lay beyond the grasp of Columbus, and rule over the
Indian realm that eluded the grasp of Alexander.
(Loud applause.) That empire does not suffice for you.
It may decay—it may perish. More grand is the
domain you have won over human thought, and iden-
tified with the eternal progress of intellect and freedom.
(Renewed applause.) From the charter of that domain,
no ceremonial can displace the impression of your zeal.
In the van of that progress no blazon can flaunt before
that old lion of Scotland [pointing to the flag suspended
opposite]. (Great cheering.) This is the empire that
you will adorn in peace ; this is the empire that, if need
be, you will defend in war. It is not here4hat I would
provoke one difference in political opinion ; but surely
you, the sons of Scotland, who hold both fame and
power upon the same tenure as that which secures civi-
lisation from lawless force—surely you are not the men
who could contemplate with folded arms the return
of the dark ages, and quietly render up the haven that
commands Asia on the one side and threatens Europe
on the other, to the barbaric ambition of some Alarm of
the north. (Loud applause.) But, whether in reluc-
tant war or in happier peace, and in your various call-
ings, continue to maintain for Scotland her sublime
alliance with every, power of 'mind that can defend or
instruct, soothe or exalt humanity." (Sir Edward re-
sumed his seat amid load and continued applause.)
At the conclusion, Lord ROBERTSON moved " That
the societies tender their warmest thanks to the Presi-
dent for his visit, and for his unrivalled address ;"
which proposal was warmly responded to.
Sir E. B. LYTTON returned thanks.

THE MAILS TO THE MEDITERRANEAN, INDIA, &C.---
Notice was issued yesterday at the General Post-office,
that the mails for the Mediterranean, Gibraltar, Malta,
and Egypt, India, Hong Kong, and China, will be made
up this morning, the 20th inst., to be forwarded by the
Himalaya, screw-steamer, of 3,550 tons, and 700-horse
power (being her first trip), belonging to the Peninsular
and Oriental Mail Company, from Southampton ; and on
the evening of the 24th inst., by the Overland, closed
mails via Marseilles.

THE PEEL RIVER COMPANY.—The first annual report
of the Peel River Company has been issued, preparatory
to the meeting on the Ist of February. It is signed by
Count Strzelecki, as chairman, and commences with a
statement of the circumstances connected with the
leasing of 640 acres out of the company's 313,000
acres of land to the Australian Cordillera Company for
5,0001. per annum, and 20 per cent. of all minerals
raised beyond 25,0001. The selection of these 640
acres was duly made by the agent of the Cordillera
Company, and one year's rent was paid by them ;
but further proceedings on their part are in a state
of suspense owing to the wreck of the vessel sent
out with their stores and machinery. Proposals for
leases have been received from other parties, but not such
as were acceptable. With regard to the geological and
mineralogical survey of the company's property, it being
deemed essential to obtain a minute and scientific report
from some person of unquestionable reputation, choice
was made of Mr. Odernheimer, ministerial assessor and
inspector of mines in the duchy of Nassau, who had
lately been employed for two years by the Marquis of
Breadalbane in a geological survey of his property in Scot-
land. Mr. Odernheimer accordingly sailed for Sydney on
the sth of August, where he intended to select themost
eligible spots for mining operations pending the arrival
of 18 German miners sent out to him last mouth, to-
gether with crushing, concentrating, and gold-washing
machines of the simplest construction and greatest
durability. As respects the pastoral value of the Peel
River Lands, which were originally selected by Captain
Parry as surpassing in worth and beauty every location
of similar extent in New South Wales, the directors
intend to lose no opportunity of gaining advantage
from it, and have arranged is taiie the ' live stock at
present existing upon the spot at a fair valuation
from the Australian Agricultural Company. The
finivlce statement shows a balance of 1,3041. in excess
of the company's entire paid-up capital of 99,0501., not-
withstanding the discharge of preliminag,:oKpenses and
the costs of sending out the mining expedition and
machinery.
AUSTRALIAN AGRICULTURAL COMPANY.--.This com-
pany have issued their report, preparatory to their 30th
annual meeting to be held on the 27th inst. The statis-
tical returns embraced are those of 1852, and show the
live stock of the company to consist of 118,135 sheep,
9,095 cattle, 1,676 horses, and 69 asses, being a decrease
of 4,438 sheep, 101 cattle, and 23 asses, and an increase
of 107 horses since the preceding year. The sales of
live ssock amounted to 3,6771., being an increase of
9821. The number of Chinese in the employ of the
oompany is 87. They arrived in April, 1852, and have
been found particularly useful in heavy work, but
cannot be relied upon as shepherds. At first there
WAS a tendency to insubordination, but their con-
duct has since been orderly in the extreme, and they are
becoming in many ways very valuable servants. The
coals sold daring the year realized a net revenue of
7,9951., against 5,550/, 1851 (although the total in
tons—namely, 40,354, showed a diminution of 5,288)
—a result consequent upon a further advance of prices
from 9s. to 10s. 7d. The difficulties with regard to
labour reduced the get of coal in 1852 to 31,349 tons
frOm 67,637 in the preceding year, but prospects are
aow satisfactory, 31,164 tons having been raised in the
first eight months of 1853. Fifty colliers were sent by
h. company from England in July last. The receipts
of wool from the clip of 1852 have been 654 bales,
realising 18,3411. while of tallow the quantity has been
549 casks, realising 7,8941. As regardS the total revenue
of the company, the amount is 23,3141., against 15,3241.
in the preceding year, and a dividend is consequently
recommended of 11. is. per share, or 6 per cent. on the
paid-up capital, free of income tax. The report con-
cludes with an expression of satisfaction, at the energy
displayed by Captain Brownrigg, the company's new
superintendent in Australia, and of regret at the death
of Mr. J. S. Brownrigg, the late governor.
ENLARGEMENT OF THE WELLINGTON BARRACKS, ST.
JAMES'S-PAM—Yesterday a large number of men were
engaged in taking down several houses in the rear of
the Wellington Barracks, St. James's-park, for the pur-
pose of extending its site and of erecting additional
large and commodious barracks. A few days ago, 30
houses were sold, situated in York-terrace, Yerk-place,
King's Head-pl&e, York-street, for this object, and it
is intended to clear away many more houses, including
her Majesty's stationery-office, in lieu of which a spa-
cious building is being constructed near Storey's-gate
The necessity for a new barracks has arisen in conse-
quence of the Government being compelled to give up
the Portman Barracks, the property of Lord Portman,
as his lordship does not intend to renew the lease, which
has expired, so that the Guards which used to occupy it
will be stationed at the Wellington Barracks. It is also
intended that there shall be accommodation for a troop
of artillery from Woolwich, which will render it neces-
sary that a very considerable space should be added to
the ground to be attached to the barracks. A new wing
near the old stationery-office has been recently com-
pleted, and this will be shortly taken possession of by
the Guards at the Portman Barracks.
MAY HAPPEN IN MAY ?—Saith the veracious Raphael,
under the head of "May, 1854 :""Mrcury meets the
quartile of Jupiter on the Bth day. These configura-
tions are truly ominous and important, for Mars hastens
as it were to apply the torch to the train of evil he has
previously laid. The highest power in the land is
grievously afflicted. It is the earnest prayer of Raphael
that the direful influence of Saturn on the ascending de-
gree and radical place of the luminaries in our beloved
Sovereign's horoscope may be averted."—Prophetic
Almanac for 1854, by Raphael,