The Sun.
London, England, 1854-03-06 00:00:00

SUN, LOND-ON, MONDAY EVENING, MARCH 63 1854.

could by any possibility attend would do so, while
those unable to do so would hasten to confide
their proxies to men on whose steadiness-and con-
, sistency they could place implicit dependence.
Where, then, is the unnecessary expense ? Where
the cost that might so easily have been avoided ?
What signifies it whether the amount came from
the pockets of individual proprietors ur was de-
ducted from the dividends that might otherwise
be paid to these same proprietors? The objection
is, indeed, one of a very captious and untenable
character, for, as the Directors truly declare, the
right of voting by proxy would be a dead letter
if the means of voting by proxy papers were not,
when necessary, supplied. Every one at all
familiar with the proceedings at railway meetings,
when a poll has been called for, must be well
aware of the numerous objections taken to the
form and sufficiency of the proxies, and of the
many instances where parties have been thereby
practically disfranchised. The object, then, of all
persons desirous of eliciting the real opinions of
the shareholders, and of allowing the views of
every man to be represented at the meeting,
should be in favour of the step so judiciously
taken ; and from which it is clearly perceptible
that the Board do not fear the result of
appeal, while their opponents, who complain of
the measure, are desirous of being enabled to re-
sort to the tactics in use on such occasions, and
to obtain a result which does not coincide with the
views of the majority. It is scarcely necessary
to add, although we do so to prevent the possibi-
lity of misconception, that the proxies so issued
are not necessarily in favour of any person or any
line of policy, but that each person may fill in
the name of any proprietor to whom he may think
proper to entrust his vote.

MONEY MA RKE

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool on Saturday
were estimated at 4,000 bales, including 500 Ame-
rican on speculation. The market closed heavily
without alteration in prices. The sales comprised
3,400 American, 40 Pemam and Maranham at
68d. to 7d., 50 Bahia at 61d, 100 Egyptian at
6id. to 745 d., and 400 Surat at 3d. to 34d. per lb.
Railway shares were flat, at a decline of to 1 per
cent.

The corn trade is dull this morning.
The public sales of wool have concluded, 55,101
bales having been offered altogether, and of which
47,671 bales were colonial. The series opened at
the full average rates of October and November for
Port Philip and Sydney flocks, but Sydney after-
wards became a little cheaper. Cape of Good Hope,
of good clean quality, was scarce.

The gun trade at Birmingham are much disap-
pointed at the Government having in contempla-
tion the transfer of the manufacture of Ordnance
guns from that town to Woolwich. The manufac-
turers, it is urged, have expended large sums of
money in the erection of extensive works and ma-
chinery, the best mechanics have been secured, and
the highest amount o± perfection attained. A seri-
ous derangement in the event of such contempla-
tion being carried out, will therefore accrue
to this branch of local industry.
The railway meetings announced are the fol-
lowing :

Company.

Date. Piave, &c.
Aberdeen
Caledonian Mar. 22, Glasgow.
Charleroi and Erquelines Mar. 21, Charleroi.
Chester and Holyhead Mar. 18, Euston Station.
Edinburgh and Glasgow Mar. 7, Glasgow.
Glasgow and South-Western Mar. 8, Glasgow.
Graissessac and Beziers. Mar. 14, Paris.
Maria Antonia
Mid. Gt. Western of Ireland Mar. 14, Dublin.
Rouen and Havre Mar. 30, Paris.
Sambre and Meuse ' Mar. 23, 61, Moorgate-street
Do. Do.
South Eastern Mar. 16, Bridgehouse Hotel.
Tenn., Jurb., Laud. & Hash.. Mar. 27, Brussels.
Western of France.. Mar. 30, Paris.
At the special meeting of the shareholders of the
Waterford and Kilkenny Railway, to receive a
statement from the directors relative to the present
condition of the company—Mr. Haddo in the
chair—the cha'rman and Mr. Bates, another direc-
tor, addressed the meeting, and explained the
present financial difficulties, and stated that the
liabilities of the company amounted to about
17,0001., irrespective of a very large sum claimed
by the contractor. One of the most pressing of
these liabilities was a sum of about 3,0001. due to
the Government Loan Commissioners, and failing
the prompt payment of this it was probable the
railway might be taken poisession of by the Com-
missioners. The assets in debentures, arc., were
about 14,0001., but the directors were utterly un-
able to get these debentures taken up. There
was also 21. a share which could, with the
consent of the meeting, be called up on the pre-
ference shares, which would amount to 80,0001.
Mr. Taylor, of Dublin, said, that at the request of
the Irish shareholders he had coma over especially
to attend the meeting. They found that every one
of the promises of the directors had remained un-

We repeat the circular for illustration :
"South=Eastern Railway, London-bridge
.Terminus, March 3, 1854.
" Gentlemen,—lf anything were wanting to show the ne-
cessity for union in the direction of your affairs it is to be
found in some of the papers lately put forth.
" The circular of February the 16th, signed by the chair-
man only, was submitted to the full board of nine directors
for consideration, and. was finally, in its published form,
sanctioned by a majority, of six, three dissentient directors
opposing it.
" Voting by proxy is secured to you by act of Parliament,
to enable each shareholder, when unable to attend, to express
his opinion and sentiments through his proxy, in whom he
places confidence and trust, It is of the highest moment,
therefore, in order tie obtain the decision and government of
your affairs by the majority, that papers stamped as required
by Parliament should be issued and place 1 in your hands, to
be used at your discretion and by your own free judgment,
for the control and administration of your affairs, It has over
been an attentive m %rk of our duty to court your opinion on
questions of moment, when the views of the proprietors at
large should be taken ; for, unless the board of directors sup-
plied to the shareholders the moans of voting by proxy, it will
be obvious that each shareholder, unapprised of the necessary
form and the stamp to be affixed, would be deprived of the
exercise of that right of representing his opinions at the meet-
ing which the Legislature intended.
" The circular of February 16, therefore, thus opens and
leaves the question and decision to all the shareholders,
carefully pointing out that the insertion of any other pro-
prietor's name, instead of the "chairman's, will make the en-
closed paper of proxy equally available in favour of the name
substituted as you may think proper.
" Unless the means of so representing yourselves at the
meeting were c +red for and provided, you will readily see
that the conduct of your affairs might drop into the hands of
a minority, whose object may be of a passing and transient
character, perhaps inimical to the permanent interest of the
company.
" In either case the expense, which has been greatly over-
stated, is the same, whether defrayed by yourselves person-
ally, or by the company out of your own assets. But in prac-
tice the right of voting by proxy would be a dead letter if the
means of voting by proxy papers were not, when necessary,
supplied to you for your use.
" The bill for making the Lewisham and Bromley line
was before Parliament before the resolution of the company
with regard to the outlay of further capital, passed on the
17th of March, 1853. It had previously received the careful
and anxious consideration of a full board, and no objection
to it had been offered by any proprietor. It was withdrawn
only on prudential motives, to avoid any hostility with the
Brighton Com eany, who, p.nding negotiations with us, and
without our knowledge, proposed to amalgamate with the
South-Western. In the judgment of the majority of the
board it will bo remunerative ; but it was important not un-
necessarily to disclose an opinion which might suggest an
opposition to deprive you of its advantages.
" It would have been a.mere waste of time and expense to
have convened a meeting to deliberate on the initiatory step
of re-proposing that which previously existed. Our duty
was to replace you in the former position, with everything
prepared, in order that at the right time you should decide.
" These are the plain facts, and we leave them to weigh
against the statements which have been made. You will be
enabled by tho proxy papers placed at your disposal to assert
your own opinions, and to enable the sense of the proprietors
at large to be fairly and fully obtained ; and a week still re•
mains within which you may forward them to the secretary.
" Our anxiety is natural, that no misrepresentation for a
moment shall be abroad of the good faith anti earnest atten-
tion with which we watch over your interests and regard your
confidence.—We have the houour,to be, gentlemen, your obe-
dient faithful servants,

fulfilled, and that their management of the line had
been so bad, and so little dependence was placed
on the company, that although 28 miles of the rail-
way were opened, passengers and goods were sent
by cars on the road, instead of by the railway.—
Mr. Dowling took the same view as to the manage-
ment, and said that the chairman of the Irish South
Eastern Railway had written to state that it was
impossible there could be a junction with the Wa-
terford and Kilkenny while it was so conducted.—
After such corroborative proofs, the meeting wisely
appointed a committee of investigation, which is to
report to a special meeting on the 14th April next.
Accounts of the Ist instant from Vienna, state
that the new loan was now considered to be decided
upon. The price at which it would be issued is
92, or according to other versions 90, and the
amount would be 40 to 50, instead of CO milhops of
florins in 4 per cent. lottery obligations. There
would be an annual drawing, however, and the
numbers drawn would bear interest afterwards at
5 per cent. This part of the scheme has caused
the lottery obligations of 1834 and 1839 to fal
during the last few days more in proportion than
the other national securities.

"JAMES MAC GREOOR, Chairman.
..T.lltss RENSHAW, Deputy Chairman.
Hama. Ricu.
CHARLES IRONSIDE.
HENRY LEWIS SMALL
ROBERT BROWNE."

The text of the treaty of commerce between Bel-
gium and France has been published, and is some-
what voluminous. The duties upon yarns and
piece goods are regulated according to a now scale.
France admits Belgian coal duty free; also stone
or building materials, and upon straw hats, itc.,
there is an abatement of 20 to 50 per cent.
The opinions of City men are rather divided as
to the course which the Chancellor of the Exchequer
will adopt in raising the means of carrying on the
war. If his present necessities can be met by an
issue of 2,000,0001. Exchequer bills, there will be
no need of a loan, as fresh taxation will come in
aid, but otherwise it would be advisable to borrow
while the money market is strong, since an issue of
five millions of floating securities would be too
large. Probably Mr. Gladstone will take power to
fund if requisite.

ARRIVAL .OF . HE GUARDS AT

GIBRALTAR.

The Peninsular and Oriental Steam Navigation
Company's ship Indus, which reached Southampton
yesterday afternoon, brings intelligence of the safe
arrival at Gibraltar of the Ripon, having on board
the battalion of Grenadier Guards—all well—after
an exceedingly fine passage of six days from South-
ampton.

There has been a dull market for public securi-
ties, the speculators not appearing disposed to ope-
rate until the budget is known, but, upon the
whole, rather a firm tone prevails, with an expecta-
tion of temporary improvement, if a loan be not
required. Consols have been quoted 90$- to 91 for
transfer, and 90 to 904. for account. Exchequer
Bills have declined to 13s. premium, iu anticipation
of a further issue. East India Bonds have been at
Bs. premium. Bank Stock has been steady at 220 ;
East India Stock has realised 235.
Foreign Securities have been passive, but not
weaker. Mexican Bondi have been done at 24f
and Peruvian 3 per Cents. at 451. Spanish 3 per
Cents. have been quoted 371 Russian 5 per
Cents. are supported at 85 to 86, and the 4 per
Cents. at 80. Dutch 4 per Cents. have been
marked 84i Sardinian Stock is 77 to 781.
Railway Shares are rather cheaper again, the
decline in most of the English lines being about
per cont. French shares have been merely no-
minal.

The Orinoco, with the battalion of Coldstream
Guards, had been in sight on the horizon through-
out the voyage, but would pass the Ripon at Gib-
raltar, as she would not stop to coal.

POST-OFFICE LONDON DIRECTORY.

SUPPLEMENT FOR 1854. Kelly and Co.

According to annual custom, the proprietors of
this mammoth directory of the metropolis, par
excellence "the" London Directory, have issued
before the spring arrives, and long before Easter
commences, an ample (pp. 124) and peculiarly ac-
ceptable supplement. It is a supplement giving us
in a new form—corrected up to the last moment—
an additional directory both Postal and Parliament-
ary. The latest changes aro therein introduced.
Changes caused, some of them by removal, some of
them by death, some of them by promotion. An
ample peerage is prefixed. It would be difficult to
speak in too high terms of praise of this remark-
able mass •f useful and valuable information.

The current prices for the Jamaica Mines not
officially quoted are as follows :—Metcalfe, dis-
count to par ; Sue River, discount to par ; Port
Royal, to premium.
In the Foreign and Colonial Mining Market there
is no business doing.

COLOURED MAPS OF THE "SEAT OF

WAR."

Australasia Bank Shares are about 10s. lower,
but most of the others, including British North
American, steady.
The shares of the Land Companies have been
slightly in favour of buyers.

BY,.JAMEs WYLD.

Several additional maps, illustrative of the "Seat
of War," have been recently issued from the esta-
blishment of this eminent geographer. Like their
predecessors, they are worthy of their publisher's
reputation. Their minuteness and their authen-
ticity are alike in the highest degree commendable.
Conspicuous among the maps last presented to the
community by Mr. Wyld are the following :—A
masterly sketch of the whole lino of the river
Danube, from Hirsova up to Orschova,, extending
on the left bank far northward into Wallachia,
and on the right bank far southward into Bulgaria.
An admirable chart of the Fast Sea, or Baltic, in-
cluding the Gulfs of Bothnia and Finland—tracing
out, moreover, in midsea, between Sweden and
Russia, a clear red lino of demarcation. An excel-
lent chart of the Black Sea has also to be particu-
larised—a chart embracing, besides the Euxine,
the lesser seas of Azof and Marmora. The appear-
ance of these singularly useful and meritorious
maps will be welcome, we doubt not, to all the
more intelligent masses of our population.

BRITISH FUNDS THIS DAY.—CLOSING PRICES,
( Prom the Official

ottlxinen. 4ono.
tank Stock . .......... ....... 220 18i
• per Cent. Reduced Annuities shut 91i
3 per Cent Consols Annuities 904 a 1 00 1
New 31 per Cent. Annuities 9214iil
India Stock
India Bonds, 1:1000 ...... ..............
Consols for Account 16th March
Exchequer Bills, ld.
£1000
£5OO l3 13 P
Small l3 18 P
PRICE OF FOREIGN FUNDS THIS DAY.
Danish Bonds, 1825, 3 per Cent 73
Hexican 3 per Cont.
Peruvian Bonds, 4. per Cent. 64 a d
Peruvian 3 per Cent.
Russian Bonds, 5 per Cont.
Ditto for the Account B5 6 7 5i
Ditto 4,i per Cent BO
Sardinian Bonds, 5 per Cent 77 fii 8
Spanish Bonds, 3 per Cent 37?., i 7

Dividends on the %hove payable in London.
Dutch Exchange, 24 per Cent. 12 Guil 55
Ditto 4 per Cent. CorLifieates .
THREE O'CLOCK.
Console

Ditto March Acoount 9Ol 1

LIEUT. O'REILLY'S PLAN 01` SEBASTOPOL HARBOUR.
—On the 6th ult. Lieut. Montagu O'Reilly, of the Retri-
bution, 24, steam-frigate, Capt. the Hon. H. R. Drum-
ruond,had the honour of a private audience of the Sultan
to present a plan of Sebastopol harbour and fortifications,
which were sketched by that officer when the Rotlibu-
tion so boldly entered that inviolable port with des-
patches. His Majesty graciously accepted the diagram
and view., and expressed himself gratified by this second
indication of the lieutenant to afford information in the
highest degree interesting. The Turkish chief officers
of state were all btrictly attentive to Lieutenant O'Reilly,
who partook with them of seasonable refreshments.
Soon after the cruel affair at Smope Lieutenant Mon-
tagu O'Reilly furnished the Sultan with a correct sketch
of the remains ef his frigates, their positions iii that
bay, &c. 1