The Sun.
London, England, 1853-06-16 00:00:00

FRAMPTON'S PILL of HEALTH.
The following tcstimoniai is another proof of the great efficacy
of this medicine :

" Winch More 11111, Middlesex, April 16, 1851.
" Sir,—ln consideration of the great benefit I have derived from
taking Frampton's Pill of Health, I feel it a duty that I owe to you
and the public to send you the following statement. For upwards of
nine years I have experienced the efficacy of this excellent medicine.
I had long previously been afflicted with headache and indigestion,
but a friend having induced me to make a trial of Frampton's Pills,
I now inform you that a few doses gave me great relief; and during
this long period of time I have taken them in preference to any other
medicine ; and I have the happiness of saying that I never had a
better state of health, which I attribute to Frampton's Pills. I beg
further to add, that this medicine is in general use by my fatally, and
we know of nothing to equal it.
"I am, Slr, yours respectfully,
THOMAS PROVINCE.

" To Mr. T. Prout, 229, Strand, London.
This excellent Family Pill is a medicine of long-tried efficacy for
correcting all disorders of the stomach and bowels, and is a
pleasant, safe, easy aperient ; they unite the recommendation of a
mild operation with the most successful effect, and require no re-
straint of diet or conftnement daring their use.
ABU for FRAMPTON'S PILL OF HEALTH, and observe the
name and address of " Thomas Prout, 229, Strand, LOII(10n,"011 the
Government Stamp.
Price is. ly2d. and 2s. 9d. per box.

IMPORTANT MEDICAL AND SURGICAL WORKS,
Jag published, by U. Ballliere, 219, Regent-street, London
No I.
vo.. in cloth. price sa. by post free, ss. 6d.,
ON TRUE & FALSE SPERMA.TORRHCEA,
with the View to the Correction of wide-spread Errors
In relation to the Treatment and Cure of Sufferers from Debility of the
Generative System, or Sexual Ilypochondrinsis.
Translated ftom the German of Dr. PICKFORD
"Dr. Plckford ts known to English readers by his frequent practi-
ctl contributions to German medical literature. This is the first
t me, he informs as, that he has addressed himself to the nos-medi-
cal reader. We trust this may not be the last, if he shall
detect any other equally flagrant evil which it may be in his
tower to correct."—London Medical Gazette. May 30, 1851.
"We promised In a former number that we should recur to this
tv3r:c, in order to exhibit its aim more clearly. The author lashes
with great severity the Impostors who make a livelihood by preying
on the credulity of the public. The tribe of Quiet Symathisers,'
and ' Medical Friends, are mercilessly exposed t and if this book
could find its way into the hands of those who suffer from th com-
plaint of which it treats, we are satisfied that many h andreds would
be saved much needless suffering of body and mind, and what is of
less Importance, though it is that which the quacks most prize—
much money.— —This volume is well qualified to put an end to the
empirical system of treating Spermatorrhcea, and to place the treat-
Rout upon a more rational and physiological basis. It is, therefore,
likely to do much good."—Medical Circular, June 16, 1852.

- •
No. 11.
Svo.. in cloth, price 3s. 6d., by post free, 45.,
THE CURE OF STRICTURE OF THE URETHRA, on Princi.
pies at once Simple, Safe, and Efficient, in oven its most Inveterate
and apparently Intractable Forms.
BY F. B. COURTENAY,
_ -

- - - -- -
Member of the Royal College of Surgeons of England.
"In proot of his views he (Mr. Courtonay) has given
the history of a great many cases successfully treated, as bad
as any which Mr. Syme adduced, and on which he had operated.
such are cases ix., xi., zit.. and xviii. No. ix. had res'sted, for a
pulod of twelve years, the treatment by dilitation, and was finally
removed in as many weeks. But cases xviii. and xix. appear, both
In duration, severity, and complication of symptoms, of a more ag-
gravated character than any detailed by Mr. Syme, and yet the
treatment adopted by Mr. Courtenay proved emin
—Professor Llgars on the Treatment of Stricture. ently successful."

rilpHE MONTH OF MIDSUMMER.--
A This month every one thinks of enjoyment and relaxation,
and numerous inducements are presented to excursionists. On the
one hand, by the cheap and convenient modes of travelling, and, on
the other, by extraordinary attractions whirls may gratify every
taste, for a journey to Fiance or the Continent, orAlor a trip to
Chobhamto see the Encampment, or for an excursion to witness the
operations of Nature and Art at a greater distance, the first and
most essential preparation is a supply of SUMMER ATTIRE from
the ESTABLISHMENT of E. MOSES and SON. Amplification
may be dispensed with, since it is universally known that the
DRESS made isy E. MOSES and SON is far more suitable for the
SUMMER SEASON, or for any Season, than the Goods obtained
elsewhere. The materials are proof against Sunbeams, Dust, and
Showers. The styles are the most celebrated which have been pro-
duced, and are not only the first links in the chain of fashion, but the
most comfortable designs ever introduced, either for juveniles or
adults, tor sportsmen or for every business, profession, and occupa-
tion. Elegance, Novelty, Durability, Fashion, and Comfort is com-
bined with every novel description of ATTIRE, to Measure or Beady
made, at the Establishment of E. MOSES and SON.
The greatest distinction in Quality and Style, and the same rates
of Prices are observed in the HAT and CAP department, in the
GENERAL HOSIERY section, and in the Dress Department for
Ladies and Children.
The most extensive Stock of BOOTS and SHOES, of peerless
quality, and every article charged considerably lower prices than at
any other Establishment in the world.
EMIGRATION TO THE COLONIES.
Emigrants will not leave England before they have selected their
Outfits, and purciased the Clothing necessary for their voyage and
their pursuits in a different climate. The facilities possessed by E.
MOSES and SON In Outfitting are, like those of their other branches
of business, perfectly unrivalled, both in the quality, sultabiliti, and
price of the Goods.
It is now well known throughout thin country and the Colonies
that E. MOSES and :ON'S Clothing and Outfits for Emigrants are
the cheapest and best investments The gigantic Wholesale De-
partment offers the greatest advantages to Merchants, Shippers, and
Emigrants to all parts of the world. Ship sailing information and
lull Lists of Outfits for Ladies and Gentlemen, may be had on appli-
cation, or post free to any part of the kingdom.
C AUTION.—E. MOSES and SON regret having to guard the
public against imposition, having learned that the untradesman-likes
falsehood of " Being connected with their Eatablishment," or "
the same concern," has been resorted to in many instances, and for
obvious reasons, they beg to state that they have
N o CONNEXION WITH ANY °THEE HOME IN OS OUT OF LONDON,
NALCOOTTlfoUrdll.lsetrateient,H.l,
2,
except their own Establishments, as follows :
and
8471 i
Sheffield
dCBB6i
West-endt
Branch,
Tailors,
;Eildcoshr
sat
e38116.rs oppositeahr
Clothiers,
nm 155,ehrng,att0e1H6:5,h45.,07.
508,
Church,ls 6,
,mßaakretr-ss,traenedt,
areallnceormalmouunicating.
Bradford (Yorkshire) Branch, 19 and 20, Bridge-street.
ttaetrsterfso,riLioadsielerss,anFdurroelne
Merchant
IMPORTANT —Should
Shoea
It will be
any article not give satisfaction, _
exchanged if desired, or, if
"The Herald of Saturdays, when business fa without hesitation. All preferred, the money will be returned
price, from which no abatement goods are marked in plain figures, the lowest
can be made.
till 12 o'clock.
iclosed from sunset Friday to sunset on
The Establishments ar
A new Book,Bootrnen and
of prices, our system of of the Seasons," containing full lists
advice to emigrants, &c., may self-measurement, facts relative to Australia,
any part of the kingdom. be had on application, or post-ffee to
A handsome Almanac for the year
on application.--- ending 1853 can be had grath,
let Pon parle Francais.
Hier scricht man Deutsch

Qui si parla Italiano.
Aqua se habla Espanol

WANTED, YOUNG -NEN as ASSISTANTS. Apply auy Morn,
lug between 9 and 12 Vnlock.

(Front the Times.)
The effect of false principle in commercial legis-
lation has been seldom better illustrated than on
the subject of Newspaper Stamps. We have al-
re plained in detail what must before have
b .derstood. generally—that we ourselves have
~n heavy sufferers by the operation of the existing
w. On this point, however, the TiMes is nothing
the public. Whether any particular journal
loses or gains under any particular scheme of taxes
is no matter of public concern. The question turns
e elusively on the principles by which the system
is ' ulated, and on the influence which those
iiri iples can be shown to exert upon the fair pro-
em s of trade and the interests of the whole
D
community. If the reader will divest himself of
the idea that the subject is unpopular or intricate,
we undertake that in, five minutes he shall be in a
position to form as good an opinion upon it as any
financial economist: '
The law selected •by Mr. Gladstone for amend-
ment provides that a newspaper shall be taxed in
proportion to its excellence, not according to its
market price, in the sense in which ad valorem
duties are imposed, but according to its intrinsic
goodness, the price remaining the same. The value
of a newspaper consists in the accuracy and extent
of information on all current topics, in the fulness
and faithfulness of its reports, and, finally, in the
variety of its communications respecting the mutual
wants of its readers. ' But all these conditions of
value are inevitably conditions of bulk or space,
whereas superficial space is exactly the thing selected
for taxation. The Times costs sd.—neither more
nor less ; the tax upon it may be ld., or lid., or
2d. It is, of course, our interest to pay as little
duty as possible, but we could only do this byl
efforts directly opposed to the interests of the Go-
vernment,
the Exchequer, and the public. The
public wants the largest possible amount of in-1
structive matter, but the larger we make this
amount the more heavily -we are taxed. Yester-
day we reported the debate on the Ballot at a
length of 13 columns, besides 5 columns of debate
on other subjects. These reports absorbed no less
than three-eighths of the entire space allowed us by
law under a single duty, and obliged us to purchase
fresh space by paying the duty over again. Had
we mutilated or garbled or condensed the debates,
or had we omitted intelligence of interest from
other quarters, we might have kept the tax down
to lid. and saved our money ; but we preferred
to tell the public all it desired to know, and were
fined 2d. for our choice. For giving the country a
good newspaper instead of a bad one, we were
taxed a halfpenny on every copy of that day's im-
pression ; had we published a bad newspaper in-
stead of a good one, we should have saved exactly
that sum.
Again, inasmuch as Government—that is to
say, the national Exchequer—derives a contri-
bution from every copy of the Times struck off,
from every advertisement it contains, and from
every ream of paper consumed in the day's im-
pression, it is manifestly the interest of Government
that the impression should be as large and the
advertisements as numerous as possible. Adver-
tisers, or in other words the public generally, have
precisely the same interest, for the greater number
of copies we put in circulation the greater is the
notoriety given to their announcements. But the
law operates directly to the discouragement of our
enterprise in this respect, and compels us either to
contract our publication or ;o expand it at a loss.
The sum received for the advertisements of any
day's paper is at a fixed sum, and is not affected by
the number of copies published • but according to
the number of copies published tax upon the
day's impression rises or falls, and, as no addition
is made to the price of each paper for any addi-
tional duty incurred, it follows that the more we
go ou printing the more we have to pay, till at last
we publish at an actual loss. Nothing can be
clearer than that throughout all such arrangements
our own interests, as newspaper publishers, are
needlessly thrown into collision with those of the
public as newspaper purchasers, and that whereas,
if uninterfereci with, we should be giving our cus-
tomers the greatest possible consideration for their
money, we are now impeded by false legislation in
this province of trade.
Mr. Gladstone, in his general revision of fiscal
errors, could of course not overlook such palpable
abuses as these, and he accordingly proposed at
first to remove all duties from newspaper supple-
ments "containing advertisements wholly." This
was an imperfect conception for it retained the
false principle of a tax graduated by excellence,
and merely introduced an exceptional modification
in favour of the practice of advertising.. But a
newspaper, as we have before said, has no "adver-
tisement sheet," distinguishable from any other
sheets. Advertisements are simply part and par-
cel of newspaper contents, and, whether they enter
largely or slightly into the composition of the paper,
cannot affect its taxable qualities at all. To exempt
the 9th page of a newspaper when it contained ad-
vertisements, and tax it when it contained other
intelligence, was either a very arbitrary or a very
inconsistent proceeding. Mr. Gladstone has now
remodelled his resolutions, has omitted altogether',
the distinction drawn from the contents of a page,
and proposes, instead of taxing a single supple-
ment at a halfpenny, and a double one at a penny,
to tax the double one at a halfpenny, and let the
single one go free. This is nothine, more nor less
than a simple reduction of the old duties in pecu-
niary amount—the principle being still retained—
and is an error exactly analogous to that committed
in the Ministerial India Bill, by curtailing the
remedy when the evil stands convicted. At pre-
sent the law permits us to give our customers, when
they ask for the Times, a newspaper 1,530 inches
in extent, but no larger. Mr. Gladstone proposes
to expand this limit to 2,295 inches, so that a news-
paper may be half as big again as it formerly was ;
but at this point he commences a graduated tax,
as before. We used to be fined if we sold 12 pages
instead of 8 for sd. ; we shall now be fined if we
sell 16 instead of 12, and this is the whole scope of
the amendment.
Now, we take leave to say—and we appeal con-
fidently to the sense of the public in confirmation
of the assertion—that this species of differential
taxation is false in itself, and opposed to the inte-
rests of all parties alike. No restriction whatever
should be placed on the size, or, in other words, the
excellence, to which newspapers can attain. A
wide limit is, of course, better than a narrow one,
and to this extent Mr. Gladstone's proposal is good ;
but there ought to be no limit at all. In fact, there
is but one consideration which could supply even a
pretext for such interference with the transactions
of commerce, and that is, that, as newspapers tra-
vel post-free, an unlimited size might encumber the
mails. But to this there is the plain answer, that
the price must always be a sufficient regulator.
Really, we scarcely know how to receive the repre-
sentations on this score. We have been honoured
with a good many compliments, but never with
such as are applied iu this assumption. It is posi-
tively argued that there is no limit whatever to the
excellence of the commodity we could supply for
5d., if we were not tied down by Act of Parlia-
ment. With every single page of our copies, and
every single copy of our impressions, our expenses
for materials and machinery must of course in-
crease, while our charge for the Times is stand-
ing still. But all these obstacles, which would
be insurmountable in any other case, are nothing
at all, it seems, in our own. Unless we are con-
fined by statute, we should contrive, it is said, to
give the public such an infinite amount and variety
of intelligence, still for the price of 5d., that at
last the very mails would be unable to contain
aid the carriers to deliver us. To all this we can
only say, that, if such a highly American climax of
enterprise should ever bbl attained, it will be no
very bad thing for the pc ; but, in the mean-
time, we may wait without much danger till the
contingency has occurred. The truth is, that - rail-
ways have relieved the post to a far greater ex
tent than supplements can burden it.
Tho plain course of policy is to let the size of
newspapers
simple rules of trade. The
more a purchaser can get for his sd. the better,
btheregulated,
while it is out of the question that 'the revenue
should lose. A newspaper can never evade
t e bargain,
be
y like the goodness of any
other
a newspaper tax. Its publication must be
regular, and its liability will return with every
publication. All that can be said in favour
of taxing us at all is usually repeated every
session ; but, if we are to be taxed, at any
rate let us bo taxed by the rules of wisdom and
justice. To say that the Times of any particular
day, though sold and bought as a single newspaper,
can be equivalent, for the purposes of taxation, to
two newspapers, or one and a half, is preposterous ;
to restrict a circulation of which each copy pays a
duty is suicidal, and to define the amount of intel-
ligence which any newspaper may convey is pal-
pably absurd. As long as we are taxed we must
all pay our taxes, and if anything induces us to
issue a double number at a double price we can

Now this is precisely what the Times newspaper
(and no other paper in all London) publishes every
day, or nearly every day. For this supplement it
has been in the habit of paying to the Exchequer
something more than 20,0001. per annum. It did
this, solely because it answered its purpose to do so.
The public brought to it advertisements enough,
day by day, to fill this supplement, and the public
paid the price asked for the publication of those
advertisements. No chttrabe was made to the buyer
of the newspaper for this half-sheet of advertise-
ments, simply because the purchasers, not wanting
it, would have objected to pay for it.
Well, the whole of this 20,0001. per annum is
remitted, by the Exchequer, to the proprietors of
the Times. It goes directly into their pockets, for
their own private use. No one supposes that this
halfpenny, remitted to them, will be given to the
public, or that the Times, hitherto sold at 5d., will
be sold at 44d. The loss to the Exchequer, there-
fore, is a mere gift to the Times.
So plain is all this, that the Times felt compelled
to devote, yesterday, a leading article to the vain
endeavour to show the existing law to be unfair
and unjust ; and the new scheme to be nothing else
than a concession to justice, though only an im-
perfect one !
It began by describing, very accurately, the pre-
sent law—in the following terms
" At the reduction, however, of the stamp to its pre-
sent amount of a penny, it was resolved to fix an arbi-
trary limit on the amount of intelligence which should
go to the composition of a newspaper. The act accord-
ingly provides that a newspaper may contain 1,530
square inches of printing, but no more ; if it exceeds
this measure, but does not exceed 2,295, it is to pay
duty as a newspaper and a-half ;if it should exceed
2,295, it is to pay as two newspapers—all other evidence
of unity to the contrary notwithstanding. This is the
law now regulating our terms of publication."
This law, under which, however, the Times has
lived and flourished for the last ten years, is now
stigmatised as " unreasonable," " impolitic," and
" unjust." And—no doubt in order to secure the
enormous boon which Mr. Gladstone offers—pre-
tences are now put forward to much more ! It is
coolly asserted that the Legislature has no right to
take cognisance of the size of a newspaper ; that a
stamp is a stamp, and a newspaper a newspaper I
and that if any journal chose to publish half an
acre of paper for each number, the Stamp Office
ought to take it for a penny stamp ; and the Post
Office ought to carry it to Galway or the Orkneys
post free, whether it weighed one ounce or five
pounds.
The gross absurdity of all this must refute itself.
Still, it is our duty, as journalists, not to take
things for granted, but, with brevity, to state the
case on the other side.
The principle observed in all parts of our fiscal
system, with this one exception is that of a taxation
proportioned to the business done. One member,
in the former debate, asked the Chancellor of the
Exchequer whether, if a tradesman found his shop
too small, and added the next house to it, he
would allow him to pay house tax for one house
only ? But this is only one illustration of the case.
In this present budget, Mr. Gladstone proposes to
lay a new licence tax upon all dealers iu tea or
coffee, or tobacco, and on all brewers and soap-
manufacturers. But does he propose one uniform
tax for each class—one charge of a guinea, or five
guineas, be the house and the business large or
small ? Nothing of the kind. He says that the
grocer or tobacconist shall pay a large tax upon a
large house, and a small tax upon a small house.
So that if a man begins in a house of 1001. per an-
num, he is to pay for his licence 24 per cent. on
that rental. But if his business increases, and he
adds the next house, or otherwise increases his
ac-
commodation, his licence duty is to rise, and to be
doubled or quadrupled with the growth of his trade
and of his premises.
And so it is with all other kinds of taxation.
The fairness of this is obvious. If the principle
advocated by the Times is the right one, that a
certain fixed tax (say one penny) should be im-
posed, and should apply equally to the smallest
and the largest newspaper, then is all the rest of
our present system one of gross injustice—injustice
so great that it is marvellous how the public can
have so long submitted to it.
In fact, Mr. Gladstone's own scheme admits this
doubt. It " halts between two opinions." It
neither fully adopts the proportional principle, nor
yet does it fall in with the uniform system. It
first lays a tax of one penny upon one large sheet.
It then proceeds to order that if the proprietors
choose to add a half-sheet supplement, such sup-
plement shall be free of duty. But at the next
step the principle changes, and if two large sheets
are given, then the stamp duty is to bo three half-
pence.
Now all this is very absurd. Perhaps we should
rather say that it partakes of that hesitating policy
which has so frequently been perceived in the same
quarter. Every plain man of business can see at a
glance that either the Times is right or it is wrong ;
but that, whether it is right or wrong, the Chan-
cellor's proposal cannot be right. For if the Times
is right in asserting that there ought to be one
stamp of a penny, for which every newspaper ought
to be at liberty to publish as many square yards of
paper as it chooses, then Mr. Gladstone is wrong
eet,
inasmuch as he says that you may publish a sh
and a half for a penny stamp ; but that if you give
two sheets you must pay three halfpence.
And, on the other hand, if Mr. Gladstone be
right in making a gradation of duty of the paper
exceeds a certain limit, then he has wretchedly
failed in applying his own principle. He has in-
vented a scale which gives an "enormous boon" to
onelf
therep pe paper, scale at all (and
injustice to all the rest.
common sense tells us that is the only justice), then
hanoudldwbheicha
that scale should have regard to the papers which
now exist, in something of the following manner :
dgroaesduinajt
1. For a paper not exceeding 765
2. For a paper not exceeding 1,..),30
&c.) .. ;.: .. One halfpenny.
.......... One penny.
inchesinches ((Gthleobeu,sSutalaiirdaaorrdn;ng
ar size) .............. ... .. c
5 inches c. C.,
3. Fora paper of 2,29 Three halfpence,
news-
one sheet and a half) ...............
4; For a paper of 3,060 inches (two
Twopence.
atisfied.....,. is the common-sense view
This, we feel s
of the case, and it is one which the House of Com-
mons ought to have intelligibly submitted to it.
Indeed, we are so confident of the goodness of our
....................
double sheets)
• •ly argued in that assembly.
it were but once fan
case, that we should hardly doubt of its success if

We publish to-day, under the head of "Stamp
(Prom the 31orning Advertiser.)
Duties, the amended resolutions
Chance which
llor are
o f the to be
proposed to Parliament by the
Exchequer. These amended resolutions, if sanc-
tioned by the house, of which there can be no
doubt, will come into operation on the sth day of
July next, that being the commencement of the
financial quarter. ,
As rest
de. newspaper stamps, in which we
otlflaat
are most deeply interested, the only amendment
which we can perceive in the scheme of the right
llivohinc.hgpeenrraitleintsa,naB,
mat por:egisennalltlytheansnuopupulecedmentis

will give unmixed satisfaction to newspaper pro-
prietors,--since he had determined on meddling
with the stamp duties at all. Our opinions on
this point are well known. We have always
maintained that, as the right hon. gentleman
was subject to no pressure from without in con-
nection with this matter, it would have been
much better not to disturb existing arrangements.
We adopted this view, in a great measure, because,
owing to circumstances, we felt that a great levi-
athan establishment would almost alone profit by
the alteration. Now, however, that Mr. Gladstone
is not to prohibit the insertion of any amount of
intelligence we may think fit to give in our un-
stamped supplements, and seeing that on double
supplements a duty will still be imposed, we have
not the same objections to the measure which we
originally had.
The Jove of the press, as will be seen from his
impression of yesterday, is excessively wroth with
Mr. Gladstone, because the right hon. gentleman
will not allow the puddle-dock people to publish sup-
plements of anydimensions they please, without being
subject to stamp duty. This shows the grasping
cupidity, the insatiable avarice of our contemporary.
It will not satisfy him that he may, if he thinks
fit, publish a single supplement every day in the
year without paying one farthing in the shape of
stamp duty ; he is sulky and savage because he
will not be permitted to escape scot free with his
huge double supplements also. On that he confi-
dently calculated. He never seems to have ima-
gined the possibility of his being interfered with
by the authorities at Somerset° House, however
colossal might be the dimensions of his supplemen-
tary sheets. No wonder, then, that he should so
fiercely assail the Chancellor of the Exchequer as
he did in his impression of yesterday.
With regard to ourselves, we shall simply say,
that the readers of the Morning Advertiser may
rely on receiving the full benefit of the concession
which the right hon. gentleman has thought proper
to make. We shall' be in a position, ere long, to
give a practical proof to the public of our apprecia-
tion of that brilliant patronage which they have
accorded to us since the enlargement of our paper,
and which is increasing in so marked a manner
with every succeeding day.
There is only one drawback in connection with the
abolition of the stamp duty on newspaper supple-
ments. We allude to the intention of the right hon.
gentleman, as far as is yet known, to persist in
the retention of a sixpence duty on advertisements.
We do hope Mr. Gladstone will be induced to re-
linquish the advertisement duty altogether. All '
the revenue that he can derive from the exaction
of a sixpence duty, cannot be a matter of import-
ance to him. It is almost undignified on the part
of a great country, with a revenue exceeding
53,000,0001. per annum, to insist on the retention
of a sixpence duty on notifications which, in a very
large proportion, are made by servants out of
place, and other parties, who can ill afford even to
pay the amount which goes into the pockets of the
newspaper proprietors.
It will, besides, add very greatly to the boon of
the remission of the stamp duty on the supplement,
if Mr. Gladstone will repeal the duty on advertise-
ments entirely—because in that way he will give a
great stimulus to the practice of advertising, and
thereby assist in rendering the supplement commer-
cially advantageous to the proprietors. It would
be much to be regretted, for the right hon. gentle-
man's own sake, as well as for the sake of the com-
mercial interests affected, were he, by persisting in
the duty of sixpence on advertisements, to neutra-
lise to a great extent the boon which he intends
alike for them and the public, by the remission of
the tax on supplements.

RAILWAY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH COAST.
A special meeting of this company was held yesterday
at the Bridge-house Hotel, London-bridge, to consider
a bill now before Parliament to enable the company to
enlarge their station at London-bridge and their goods
station at Brighton ; and to make a branch railway to
the Crystal Palace ; and for converting the debenture
debt of the company into stock or shares ; Mr. S. Laing,
M.P., in the chair.
The solicitor read the heads of the bill, in the pream-
ble of which all the former acts relating to the company
were recited. Power is given in the bill to enable the
company to collect in one sum the fare by the railway
and the admission to the Crystal Palace. The works
authorised by the bill are to be completed in four years
from the passing of the act. Power is given to convert
the debenture debt of the company into a preference
stock, entitled to a dividend not exceeding 3 per cent.
per annum, or to grant perpetual annuities in lieu of the
mortgage debt.
The CHAIRMAN said he believed it was hardly neces-
sary to detain them one minute with any observations on
the bill, as the whole matter had been fully discussed at
former meetings. In compliance with the resolutions
of Mr. Cardwell's committee, all the clauses relating
to leases and other arrangements with branch lines
were withdrawn from the bill. In doing so the di-
rectors had no wish to prejudice the claims of persons
relying on those leases and agreements being carried
out. The clauses were postponed for the present,
in compliance with Mr. Cardwell's resolutions, but
not from any change in respect of them by the board.
The directors now held the same opinion respecting
the leases, &c., as they did when they first submitted
them to the proprieters. He had no doubt that those
claims would be brought forward again and submit-
ted to Parliament, and that the latter would then, pro-
bably, be prepared to entertain the question. The
principal matters in the bill he had to submit for their
approval were arrangements with the trustees of St.
Thomas's Hospital and the Commissioners of Streets,
by which certain pieces of land were taken from the
hospital for additions to the station, and other pieces of
land given by the company to the hospital in lieu
thereof, which could not be done without the permission
of Parliament. They had also power to construct cer-
tain works and to convert the debenture debt into 31
per cent. stock. But this could not be done at the
present moment, as the state of the money-market was
not favourable, but these powers would enable the com-
pany at a future period to avail itself of a favourable
state of the market for raising money at a low rate of
interest. He concluded by moving a resolution ap-
proving of the bill.
Mr. SCHUSTER seconded the motion.
A Proprietor suggested that it would be better to
convert the mortgage debt of the company into ordinary
stock than to create preference shares.
The CHAIRMAN said, the existing acts of the company
would enable them to do so if the proprietors thought
it advisable, but he thought they had better have the
alternative of creating a debenture stock at a low rate
of interest, should it be deemed more advantageous for
the company. At all events nothing could be done in
that way without consulting the shareholders.
Mr. HERAPATH thought it would not be objectionable
to do as suggested, if they could not borrow money
at less than 411 per cent., but, as it was probable that
they would be able to borrow money at some future time
at 3i per cent., or less, it was necessary they should
have the power to do so, should the opportunity occur
of reducing the amount paid in interest on the debenture
debt. It was by reducing the rate of interest on bor-
rowed money that the London and North-Western and
other companies were enabled to increase the dividend
on the ordinary shares. The lower the rate at which
the company could borrow money, the better it would
be for the original shareholders. (Hear, hear.) He
wished to know whether any alteration had been made
in the arrangement with the Crystal Palace Company
since it had been approved of by the proprietors.
The CHAIRMAN said, the only alteration in the original
agreement was, that in place ofguaranteeing a certain re-
turn on 75,0001., they had enlarged their operations,
and extended the amount to 150,000/. The plans
relating to the Crystal Palace had gradually become