The Sun.
London, England, 1853-08-13 00:00:00

RAILWAY INTEL

within their grasp. (Hear, hear.). The directors of this
company had always expressed their sincere desire to
come to an arrangement with respect to the carrying of
traffic to any common point. They had made the Great
Western directors now a similar proposition to that which
they had made before. He hoped that they would accept
it, but he really was afraid that they would not. Their
answer had not yet been received ; but if they did lie
should be extremely glad, because the present competition
was ruinous to all parties, and he was perfectly satisfied
that they would experiecce immense benefit from it if they
could come to the understanding to carry at equal charges
to itn.
mingham he was much disinclined to say one word. He
did not think that they stood high in public estimation at
comamnodnctoheettehre
and the
the all
ShrewsburypointsrewWsbituhryreasnPedeSt to
this moment. The facts were before the proprietors, and
they were as able to judge as he. Those companies had
not made a very pleasing appearance before the public
lately ; but the matter was now under investigation, and
he should be sorry, therefore, to say a single word with
respect to them. The directors of this company had
always been of one opinion, and had always been anxious
to support the proprietors, because they believed that the
proprietors of those companies supported their true in-
terests. They knew that the Shrewsbury and Birming-
hamNorth-Western—that
Shrewsbury,
Valley—thatitwas anxious
was in alliance with this company when it started,
and that it had nothing whatever to do with the Great
Western—that it was, in fact, under the wing of the
expressn
• tia • partner
no rl
North-
Western in their stations at Wolverhampton and at
which it ought to form. (Hear, hear.) He had now gone
through the principal items in the report, but before re-
suming with run
adnttehesoeivraeel
alliance
oatnhedee
everything in his power to promote the interests of the
company. He had felt ever since he had been connected
with them the deepest interest in their
prosperity ; and in
fact nothing but that, and the flattering opinion which had
been formed of him by his brother directors, would have
induced him to take the position which he had occupied
durinc, the last year. That connexion was now about to be
severed. Still, he should look to all the intelligence which
might reach him from this country with the utmost eager-
ness to see how their affairs were progressing, and he hoped
that some day or other, when he returned to this country
he should have the opportunity of resuming his connexion
with the company. Nothing, he assured them, could give
him greater pleasure or satisfaction. (Hear, hear.) In
conclusion, the gallant chairman expressed the obligations
which he felt to his brother directors and the vice chair-
man, to the whole of the officers of the company, and to
the proprietors, for the unvarying courtesy and assistance
which, severally and collectively, he had experienced at
their hands.

charge had been made to capital for their carriages, wag-
gons, and locomotives. The increase per cent. during the
half-year, compared with the corresponding period of 1852,
in the number of passengers booked was 24. The increase
per cent. in the number of tons moved was 18: The in-
crease per cent. in the number of tons of coal moved was
19 ; and the increase per cent. in the charge to capital was
nil. (Hear, hear.) It was impossible to suppose that
that enormous increase of traffic could be carried on, and
that the cost of all the engines, waggons, and carriages
which were to produce that traffic, and the receipts conse-
quent upon it, was to be charged to revenue. He thought
it must be quite evident to every one, that it would not be
fair to the present proprietors that the whole of that sum
should be charged to revenue. (Hear, hear.) That was
the opinion which he had always entertained. He did not
believe that it would be possible for a gigantic undertaking
like theirs to close their capital account at present. He
did not mean to say that the day might not arrive when
the capital account might be closed ; but the railway
system was not yet sufficiently extended throughout the
whole of the country, nor had the resources of the country
been so completely developed, as to allow them to say that
the railway system was perfect. The day might come
when it would not be necessary either to improve the de-
scription of railways or to increase the number of lines
with which they should be connected, but that day had
not come yet, and until it did arrive he said that it was
impossible for them to close their capital account. (Hear,
hear.) For that reason, although there might appear to
be some inconsistency in their decision, the directors were
satisfied that they had come to a right conclusion, and that
it would be much better for the proprietors to make up
their minds to augment the capital, in order to provide the
means for carrying on the traffic, than to leave themselves
in a state of uncertainty every half-year with respect to
the amount of dividend which they were going to receive.
His great object, if he were about to remain in the posi-
tion he now had the honour to occupy, would be to en-
deavour to maintain for them a fixed dividend, believing
that that was of the utmost importance in any concern
like this. (Hear, hear.) He would not be induced to
change that decision by any actual variation that might
take place in the amount of the reserve or of the' receipts
from one six months to another ; and the result of the
present half-year had shown, he thought, that they were
quite right in the month of February last in not endeavour-
ing to increase their dividend at that time, although they
had a considerable reserve in hand. He was the more par-
ticularly induced to say this, because they were still in the
same position in which they had been hitherto with regard
to competition. He had looked to the possibility of Par-
liament interfering and assisting them to improve their
position. He had told them in February that he hoped
that the select committee of the House of Commons which
had been appointed to inquire into railway legislation
would have resulted in something good. He did not
think now, however, that they were likely to enjoy any
great advantage from any change that might be pro•
t -posed. The evidence that had been taken fore that
committee had proceeded from the nrs eminent men
that the gentlemen who had sat upon in this kingdom connected with railways, atnhdehe be-
lieved
he thought
ht
been a long time coming to a decision, and
If g
mittee were remarkably able and clever men, but theymai
i erence
fault with
of opinion among them. He did not find _ working expenses
it was pretty clear that there had been some d
their summing up of the evidence which had been taken Percentage of disburse-
ment to receipt
The increase in the expenses relatively to the receipts
37.25 39'82
receivedb ef o r before them,
thee m , butbea theevididdefinnced fwauhlitehwieotheitdhepmosetihhalty,
.be
be ob- ~ •
is principally under the head of locomotive charges, and
tained, and admitting that that evidence satisfied their
own minds, they yet had done literally nothing. The Pro- arises partly from an increased number of miles run, but
prietors would remember that the report presented to the
chiefly from the infusion into the stock of a larger number
last half-yearly meeting contained a paragraph in which of new engines, in substitution for those of less power, no
the directors stated their opinion that competition was longer suitable under the altered circumstances of the
traffic. The expenditure for repairs and renewals during
not maintainable. The select committee of the House of
Commons now gave a very strong opinion also, against the past half-year has been 76,0341., as against 53,2411. in
competition. That was the result at which the members
June 1852. The higher price of materials and the advance
of the select committee had arrived,--some of them he be- generally in the rate of wages throughout the country
lieved very unwillingly—because he had no doubt that they have also had their influence in increasing the rate of work-
would have been very glad to make out that competition big charge ; while, at the same time, the continuance of
was still practicable in this country. Persons not person- endeavours to abstract traffic from this company by a reek-
ally and pecuniarily interested in railways, often said
" What does it signify ? The more railways the better— less reduction of rates has prevented the directors from
profiting by that economy in the working arrangements
we shall get better carried, and cheaper carried." At the which they hoped for, and which they believe may be ulti-
same time they forgot that they would not be so safely =say
carried, or so well accommodated, as when the corn- effected without any detriment to the service of the
pany were in a position to keep up their staff in a state of public.
"The directors have availed themselves of the opportunity
the greatest efficiency. (Hear, hear.) One of the results afforded on the expiration, in November last, of the contracts
at which the committee had arrived was this. They for maintaining the permanent way, by taking the duty en-
said,— tirely into their own hands. Experience thus far justifies
"It follows from general reasoning, and appears to your them in calculating on a considerable saving under this
committee to have been established in evidence, that corn- head. They have been enabled, notwithstanding the extra-
petition fails to afford to the public the same security in ordinary expenditure consequent upon the long-continued
respect of railway accommodation which it gives in the floods of last winter, and the recent advance in wages, to
transactions of ordinary trade." " effect a considerable reduction in the expenditure, as well as
Then they said— to maintain and improve the condition of the road.
"As the practice of Parliamentary legislation stands at " The comparative statement for the years ending the 31st
present, it is in the power of one rival company materially December, 1849, and the 30th June, 1853, shows an increase
in. the number of miles open of 135 i or 27 per cent. ; of the
to affect the interest of the other : or a small number of
speculators, with or without the encouragement of a rival, number of passengers booked, 3,450,399, or .56 per cent. ;
can injure the position of an establishedcompanY by laying and of the receipts 116,0411., or 9 per cent. The increase in
)ut a line within their neighbourhood,and so compel them the number of tons of merchandise moved, 1,154,187 tons,
to bring forward, in self-defence, and as part of their own or 88 per cent. ; receipts, 231,5271. or 33 per cent. ; in the
system, schemes which, upon a wider review of the public number of tons of coals moved, 481,337 tons, or 63 per cent.;
advantage, it is probable that Parliament would have refused receipts, 58,9471., or 82 per cent.; the increase in the
to sanction."• parcels, mails, cattle, &c., 8,9921., or 4 per cent. The total
They were satisfied of that, and yet nothing had been done increase in the receipts during years amounted to
to prevent, during the next six months, any number of 415,5071., or 19 per cent. ; and in the charge to capital for
schemes being projected which would have the effect of working stock, 133,3221., or 7 per cent., including 41,8231.
forcing this company to incur those large Parliamentary for carriages, and 91,4991. for waggons.
expenses in which was to be found one of the principal "In tha comparative statement for the half-years ending
lemons for the depreciation of the value of their property. 30th June, 1852 and 1853, the increase in the length of rail-
(Hear, hear.) With respect to their parliamentary cam- way open was 13 miles, or 2 per cent. ; in the number of
paign, the report would be found to contain a detail of the passengers booked, 895,473, or 24 per cent. ; and amount,
bills which had been promoted by parties hostile to the 25,1241., or 4 per cent. ; the increase in the number of tons
London and North-Western Company. He believed he of merchandise was 190,433, or 18 per cent. ; amount,
might use thephrase " hostile " because they were more or 62,6331., or 15 per cent. ; increase in the coals, 107,611 tons,
less concerned with the broad gauge, and he could not con- or 19 per cent. ; amount, 10,2291., or 16 per cent. ; mails,
ceive that any proposition coming from parties connected parcels, and cattle, 1,0341., or 1 percent. The total increase.
with the broad gauge could be otherwise than hostile to
the North-Western. All those bills had been thrown out, in the receipts amounted to 99,0204 or 9 per cent. ; and in
the charge to cattle for working stock, 2,3111. for carriages.
and this company had had, if he could call it so, a very .c The increase shown by these returns has been so great,
successful campaign, for they had been very much inte- especially in the weight of goods and coals moved, as to
rested in opposing those bills, and their opposition had render necessary a considerable addition to the carrying and
been successful. (Hear, hear.) They had thrown out the locomotive stock, and to the stations, sidings, and accommoda-
Mid-Western, the Birmingham, Shrewsbury, and Chester, tion generally; and, accordingly, it has been provided, as
promoted by the Great Western ; the bill to lay down the shown in the accounts. This expenditure has been charged to a
broad gauge on the South Staffordshire; and the bill which, separate account, with a view to its gradual liquidation at the
above all, he rejoiced to have defeated, for a line upon the cost of future revenue ; the object of the proprietors
mixed gauge between Worcester and Hereford, which had in adopting the principle being, as stated in the auditors'
been promoted jointly by the Great Western and the Ox- report, 14th of February, 1850, that ' The capital account be
ford, Worcester, and Wolverhampton Companies. An- rigidly closed, and not again reopened unless to meet the
other paragraph in the report contained a list of the bills requirements of a positive increase of traffic. The objection
which had been promoted by this company, five of which to this principle, on the ground that it would be unjust to
had been lost, and five gained, and which were bills that persons immediately interested in the profits to tax the cur-
they had been compelled to bring forward in self-defence. rent earnings beyond the efficient maintenance and renewal of
The select committee now recognised the truth of what he the existing stock and works, appeared to the directors out-
had always told them, that they had been obliged to bring weighed by its probable advantages. During the last 3i
forward measures of self-defence, because, if they did not years there has been an increase in the weight of traffic moved
occupy the country others would, and would compel them of—Merchandise, 1,154,187 tons, equal to 88 per cent. • of
to buy lines at a much higher rate than they could have
coal, 481,327 tons, equal to 63 per cent. ; total, 1,635,5141.,
constructed them for themselves. It was deeply to be re- equal to 79 per cent. ; while the charge to capital for ad-
gretted that in cases of this sort they could place no re- ditional rolling stock has been 133,322 e—equal to only r per
cent. on 1,971,9991., the cost of the stock in 1849.
liance whatever upon Parliamentary decisions. To show
how uncertain those decisions were he would instance a " The directors feel that they cannot, consistently with an
case or two in point. They had promoted a line from Ox- efficient performance of the service, and with equity to those
ford to Tring this year. The bill passed the House of
interested in the current profits of the undertaking, attempt
Commons unanimously. It arrived at the House of Lords. to provide, at the cost of revenue, the additional capital no-
The committee of the House of Commons had expressed cessary for so large and sudden au increase of traffic ; they
an opinion that the best line for making the communica- have therefore resolved, with the sanction of the proprietors,
lion between the South Wales district and the metropolis to cease charging to revenue the additions to stock and works
was upon the narrow gauge, which would have cost only required for increased traffic, and that, the balance of the
400,0001., whilethe Mid-Western would havecostl,ooo,ooo/. account shall be transferred to the debit of capital ; the sum
For no reason in the world, however, that bill had been of 97,7701. 17s. 6d. having been already liquidated at the
cost of revenue. It is probable that 150,0001. will suffice to
rejected by the caprice of a committee of the House of
Lords. (Hear, hear.) The same thing occurred last year meet the requirements of the present six months.
with respect to the Worcester and Hereford. It passed ~ Of the bills promoted by this company, the Amersham
branch, the Coalbrookdale branch, the Shrewsbury and New-
the House of Commons, but the House of Lords rejected
it without any reason, and without knowing why or town, the Stourbridge (withdrawn in the Lords), and the Tring
wherefore. It was impossible then, he said, to depend upon
and Oxford, have failed ; the St. Albans branch, the North-
the decisions of Parliament as to the merits of the bills ampton and Market Harborough, the Shrewsbury and Crewe,
brought before them. There was the case of the Shrews-
the Buckinghamshire Junction, and the Oldham Deviation,
bury and Newtown again, which had been projected by this
have passed committees of both houses. Of bills promoted by
company. That bill was rejected by the House of Com-
parties in connexion with this company, that for the Warwick
mons, but they gave a line from Newtown to Llanidloe, and Stratford line has failed, that for the Hampstead and City
which was a mere patch in the middle of the country about Junction is still before Parliament. The line from Worcester
12 miles in length, without head and without tail. That to Hereford has passed both houses, on the narrow gauge only
line must be continued to Shrewsbury next year or the The junction between the Buckinghamshire Railway and the
year after, and if the North Western abandoned that narrow gauge of the Oxford, Worcester, and Wolverhampton
country, it was evident that other parties would construct will immediately afford an unbroken communication between
that portion and would compel them probably to purchase the metropolis and the mineral districts of South Wales.
it. The fault of the Legislature was, that they did not The bills to authorise amalgamation between this company
lay down a system which should protect large companies and the Midland and North Staffordshire Companies were, in
like this, in which the interest of so many persons was common with all those for similar powers, suspended by the
concerned, and in which so much money was embarked, resolution of the special committee on railways ; this, how-
from being robbed year by year, by, to use the words of ever, has not affected the working arrangements with those
the report of the select committee, " adventurers who companies, who continue to co-operate with mutual advantage
embody schemes which they have no intention of carrying and to the convenience of the public. The relations with the
into effect, but purpose using as a means of extorting ad- various companies to the north and east continue on a friendl;
vantage from the bona fide undertakers of railway enter- footing.
prise in the district." (Hear, hear.) In the course of 12 ~ In order to avoid further litigation in regard to the
months he- hoped that they would have a much greater covenants under the lease of the West London Railway, in
protection for their property . than they had at present. which this company and the Great Western are jointly in.
There was not one of those bills mentioned in the report terested, it has been mutually agreed between the directors
in which he could not show the caprice of Parliament, and those of the West London Company, subject to the
either of the House of Lords or of the House of Commons, sanction of Parliament, to refer the disputed points to arbi-
in the mode in which they had dealt with it. He now_
tration, with a view to a complete settlement of all matters
came to the next point —the question of amalgamation be- in difference, on equitable terms, and this arrangement will
tween the Midland and the North Staffordshire and this
now be submitted for the approval of the shareholders.
company. All the evidence which had been addlloodbefore With the Great Western Company the board regret to say
no settlement has been effected. They have uniformly re-
the committee was in favour of the amalgamation, and
showed the economy and convenience to the public which fused to conclude an agreement repeatedly offered to them,
would result from it. The only fear was that the bill and have persisted in demanding, as a preliminary con-
would place too large a power in the hands df the board of dition, the admission
by this board of their alleged exclusive
directors, and that that power would be abused. It was agreements with the directors of the Shrewsbury Companies ;
therefore, in common with all bills for similar powers, sue- agreements which, apart from the circumstances of their oris
pended by the resolution of the special committee upon gin, your directorsstaci feel it would be inconsistent both with
railways. That power, however, never would be abused your interests sn engagements to recognise. From the state-
sofor renewal of rails, 21,3181., showing a disposablesun of
long as the company chose a good board of directors. ment of the half-years accounts it will be seen that the net
The proprietors would not allow it,' and public opinion proceeds are 490,9901., to which add the balance carried from
would not allow it to be abused. (Hear, hear.) He coil- last account,' 92,7861. Total, 583,7761., less further
balanceallowarrce
owreerebeanmefialcgialamtaltyd 562,4581. The directors recommend a dividend
per cent. for the last six monthsteeenddedhrotuhsahttthientomoorneetheyeosetemra,iltwhaeyms
,
apapnleoaurendtinign to 533,1551.,
of 21. 10s.
would be to the 1 tions• •
An abstract of the accounts
house had, however, at once quashed those atna garna _ . leaving a balance of 29,3021. Bs. to be carried
proprietors and to the public at large. The
but he was happy to say that would not affect the working nowt half-yearly account." forward to the
arrangements, but they were not
arrangements between the companies.
allowed to make such '
They might make
Saturday last.
of
by the authority an
arrangements secure and binding The CU
the North Stafford- AIRMAN moved the ad •
act of Parliament. With respect to .
not ea
culation among the shareholdersoption printing, and cir-
shire, he hoped that there would be no objec to an of the report, and the
statement of seem t
amalgamation with that company. He could r expect
Mr. PIERREPOINTU 13.
that there would be, because the select committee
.ex-(a director) could not permit the fare-
that
from their general rule against amalgamations well speech of their gallant chairman
minor or special cases, where it clearly appeared that
. the (Hear, hear.) He was sure he s
to pass sub silentio.
brother directors d spoke the sentiments of his
true object sought to be obtained was increased economy an of the proprietors generally, when
of management and he x ressed
consequent advantage to the pub- e P the regret with which theshould lose his
services.
lie. He believed that it would be a great advantage lt was impossible for any man to have devoted
to the whole of the country to have the North himself with more zeal, ability, and activity to the into-
Staffordshire amalgamated with the North-Western, for rests of the company than he had done. His services, in
it was, in fact, a part and parcel of the same system. He fact, had been beyond all price; and he was sure that, go
had no doubt, therefore, that the amalgamation with the wherever he would, the General would carry with him the
North Staffordshire Company would be granted, and that kindest and best wishes of all those who had had the plea-
they should be able to form as perfect a union between the sure of acting with him. (Cheers.)
Midland Company and themselves as could be wished. Mr. H. EARLE, another director, amid the cheers of the
(Hear, hear.) There was one more subject mentioned in • meeting, bore similar testimony to the services and the
the report to which he must briefly refer. The directors character of the gallant chairman.
stated, " with the Great Western Company, the board Mr. LOCKE, M.P. having concurred in the sentiments
regret to say, no settlement has been effected." The ~ expressed by the two directors, wished to have some
prietors would not be surprised to hear that that P--- detailed information of the cost of the locomotive establish-
case. He believed that the proprietors of both was the
the ment at Wolverton and Crewe. It had been stated out o
would be extremely surprised to find that any sceotintlPa - s doors that there was a great difference between thetoco of
had taken place. He could not say, ~ vd; , settlement states
4.1 the two establishments. He could not venture s
because he believed that the proprietors • y' ' exactly, what that difference was, since the directors had refused.
wished it • , but lieved that since
there was some sinister influence behind which information upon the subject ; but he be
always
of the Grand Junction and the London
prevented it taking place when it appeared to be almost the amalgamation
cliff had minted to between
d N rth Western, the differenceam
an 0 -

Mr. H. BOOTH, one of the secretaries, then read the
report, of which the following is an abstract :
" The half-yearly statements of account placed in the hands
of the proprietors exhibit the following results, as compared
with the corresponding period of last year :
Passengers, parcels, and 1852. 1853. Increase.
mails £668,799 £689,746 £20,947
Merchandise, &c.,

£1,136,276 £1,232,137 £95,861
£423,304 £490,736 £67,432

All 14 1
A -, -. .'
200,0001. and 300,0001. He was informed that the engineore‹:% . \--- A. \IT,
from Crewe had been tested, and that they had been foned4,47 I.' • ' ... -).,' `•,,'"17,:, ~.,
competent to perform the most difficult duty with eqetlf i.7‘. ;-:'.:;i- ' =,---\ z:: 73
certainty and exactitude with the larger engines exp :.; .1 2.:0-.-- • -' ''' ,
constructed at Wolverton. If that were so, and if A, .?-`',o`- ' ----7„, '(''.-
Crewe engines could be worked at 30 per cent, less t i'C'. ..
' 4 • - -
.v.,........")"/
the others, he thought the directors should pause before., 1.-1. • -'- -..
'''rii- CO"N".
they persevered in the construction of large and expensive • tli, .
li4" .
engines. There might be objections to publishing the de- 44, i
tails of the establishments in question ; but he suggested
that the auditors should be instructed to inquire, and to
report at the next meeting of proprietors, whether there
was any difference whatever between the systems adopted
at the two establishments, and, if so, whether any advan-
tage might be obtained by introducing the best plan, which-
ever that might be, into the whole system.
Mr. TITE agreed with the last speaker in what he had
said with respect to the locomotives ; but suggested that
the best persons to make such a report would be, not
the auditors, but the directors themselves. (Hear, hear.)
With regard to the competition with the Great Western
Company, he was of opinion that the day had come when
an arrangement of a most beneficial character might be
come to between the North-Western, the Midland, and the
South-Western, for he had arrived at the conclusion at
which his friend Mr. Locke had arrived long ago, that the
broad gauge was a national curse. (Hear, a laugh.)
He was of opinion that the broad gauge sh'ould be put an
end to at once, and he was informed that the whole
of it
might be taken up at a cost of 1,000,000/. However,he
would do no injustice to the Great Western proprietors,
but would pay them off.
Mr. GLYN, M.P., said that the figures which Mr. Locke
had mentioned would not be found to be accurate. Know-
ing the weight, however, which attached to the opinion of
so practical a man as his hon. friend, who was so well
qualified to give an opinion upon such a subject, he en-
treated him to allow the question to stand over for the
present, upon his (Mr. Glyn's) assurance that the whole
subject was now receiving the most minute and careful in-
vestigation on the part of the joint committee who man-
aged the locomotive department, and who had called in
the assistance of two very able engineers, not immediately,
I connected with the company. There was a difference, un-
doubtedly, between the cost of the locomotive power on
the northern division and on the southern, but it was no-
thing like the extent which had been stated. (Rm.)
After a few words from Mr. EARLE,
Mr. LOCKE said that he was perfectly ready, after the
statement which had been made by Mr. Glyn, to leave the
matter in the hands of the directors. (Hear.)
The motion for the adoption of the report was then
agreed to.
A resolution, declaring a dividend of 24 per cent. for the
half-year ; another, approving the heads of an agreement,
dated 10th of July last, with the West London Company ;
and another sanctioning the purchase of eight shares re-
maining outstanding in the Coventry, Nuneaton, Birming.
ham, and Leicester Railway, were also agreed to.
The Audit Committee for the ensuing year was ap-
pointed, and the meeting was about to adjourn, when
Sir C. SMITH moved that a committee should be formed
to consider if any and what mark of respect should be paid
to the Chairman upon his retirement from that onerous
and responsible post.
Mr. LOCKE recommended that the subject should be left
to the consideration of the directors, feeling certain that
anything which they might propose would most readily
and cheerfully be assented to by the proprietors.
This recommendation appeared to be adopted, and, after
a few words of acknowledgment from the Chairman, the
meeting broke up.

EAST INDIA HOUSE.

Yesterday a special general Court of Directors and
Proprietors of the East India Company was held at the
company's house, Leadenhall-street, for the purpose of
further considering the bill recently introduced into Par-
liament for the future government of India. Russell
Ellice, Esq., Chairman of the Court of Directors, pre-
sided.

The CHAIRMAN informed the Court that they were
called together to consider the amendments that had
been introduced into the bill in the House of Lords. He
regretted that their petition had been attended with so
little success, but congratulated them that the clause in-
troduced by Sir John Pakington in the House of Com-
mons with regard to the salt duty, had been rejected by
the House of Lords. There was one amendment re-
cently introduced which he thought they ought to direct
particular attention to—namely, the alteration that had
been made with regard to the signatures to dispatches,
and which gave the power to the Board of Control, or
their secretary; to sign the dispatches and forward them.
To that the Court of Directors strongly protested, and
he thought it would be advisable to read to the Court
the correspondence that had taken place between the
President of the Board of Control and the directors on
the subject.
Mr. LEwiN, before the correspondence was read,
begged to call to the attention of the Court to the fact
that there were only seven proprietors present. The
notice calling the court had evidently been seen by very
few, and under the circumstances he did not think they
could properly discuss this question at present, and sug-
gested that the court should be adjourned till a future
day.

The CHAIRMAN observed that there would be no use
in calling together a court after the bill had been read a
third time and passed.
The SECRETARY read the correspondence between the
Court of Directors and Sir Charles Wood. The first
letter called attention to the 44th clause, which materi-
ally interfered with the due administration of the affairs

ilia, the tax which had been so tampered with being
,ne of the principal sources of their revenue in that em-
pire. They felt strongly and forcibly that this was an
interference effectually calculated to impair their respon-
sibility, and trusted the matter would be taken into con-
sideration by her Majesty's Ministers, so that it might
be withdrawn from the bill.
The CHAIRMAN—That clause, I have the satisfaction
of informing the court, has been expunged by the House

of Lords.
The next letter, dated the 10th instant, was then read
by the secretary, and referred to the note which pro-
hibited any dispatch being forwarded until it had re-
ceived the signature of the directors, and which had
been abrogated by a proviso in the bill empowering the
Commissioners of the Board of Control or their secretary
to sign and forward dispatches. He earnestly protested
against any enactment which would interfere with the
government of India by the East India Company, and
which would be the effect of the proviso alluded to, if re-
tained in the bill.
The CHAIRMAN said the bill would be read a third
time in the House of Lords that night, and the only
further proceeding to-morrow (this day), when the House
of Lords would be called in to take into consideration
the law amendments, and the bill would in all proba-
bility become the law of the land the following day.
There was therefore no time to be lost, and any adjourn-
ment would be worse than useless, and only make them
the laughing-stock of the public. The bill still upheld •
the principle of the double government, and although
the Court of Proprietors had lost something of its privi-
leges and power, he trusted they would be induced to
accept the bill ; and he should now, with the sanction of
the Court of Directors, move a resolution to that effect.
The hon. gentleman concluded by moving the resolu-
tion, which set forth that, whilst regretting that the pe-
tition that had been presented to the House of Lords
aad not been attended with the desired success, the
court concurred in the views and opinions of the court
as stated on the 29th ult., regarding the bill for the fu-
ture government of India.
Mr. Lirwrx rose to propose an adjournment. He
thought it was disrespectful to the Court of Proprietors
that no sufficient notice had been given to them of what
was about to take place that day. As to signifying their
compliance with the bill, that was all mere moonshine,
And he regretted the subject of responsibility had not
been referred to, as the present bill went to perpetuate
the non-responsibility of all concerned in the govern-
ment of India, and could not give his assent to a bill
which, while attaching a great moral responsibility to
them, operated with the greatest injustice towards the
natives of India. He had told the people of India to
Agitate, and to endeavour to obtain their right. He
thought the statements made to Parliament on the sub-
ject were most scandalous. The petitions were said to
be got up by influential parties, but they were, he had
the best authority for stating, the real sentiments of the
people. He could tell them that there was an agitation
going
on in India which would shake that empire to its
centre, and he hoped they would hold possession of
India no longer than they did justice to the natives.
He strongly objected to the transaction of any business
of so much importance in so small a court, and there-
fore moved that the court do now adjourn.
Capt. DOVETON seconded the motion for adjournment.
He highly approved of the clause introduced by Sir John
Pakington for doing away with the salt monopoly, which
would immortalise his name in India as much as that of
Sir Robt. Peel was immortalised in this country. He re-
gretted the East India Company themselves had not
proposed doing away with this most vexatious impost.
The people of India were becoming every day more en-
lightened and intelligent, and would not much longer
submit to be treated with so much injustice. He recom-
mended the court to pay more attention to the finances
of India, and to endeavour to govern it for the benefit
of the natives of that country. He considered the in-
fusion of new blood into the Court of DireCtors—he
meant the nominee members—as an intervening body
between the directors and the government, which would
correct the evils of both. The hon. proprietor then re-
ferred to various details in the management of the affairs
of India, but was repeatedly called to order by the
chairman and other proprietors.
Mr. WEEDING said the proprietors ought to have
looked out for meetings of this sort, and seen the adver-
tisement. It was rather hard that their negligence
should entail frequent meetings and adjournments upon
the court. He cordially supported the resolution of the
directors, and hoped it would be adopted.
Mr. TWINING regretted the small attendance of Pr°-
prietors but did not think that an adjonurn
all that had
place them in any better position. Sceiag. Goud.
wont would
been effected by the government of the East Inal.
tted to find
pany during the last twenty years,
that their exertions bad been so slightly
ienstirnabis fedori;
daornid,
had lead to no better result. .I\T
enrenemsot u oldf the
lace e
was of more importance tdhanittshaintdteheerdvehn
e
East India Company
arntant changesp had taken p ;
maintained ; very p
ine antici
'out he trusted thaitultline sangupations of some
with regard to the harmonious and effec-
tive working of t
hon. proprietors the new system would be realised.
Under the circumstances in which they were placed, he
did not think they could do otherwise than accept the
proposition of the Court of Directors.
The motion for adjournment was then put and nega-
tived, and on the original resolution being then put,
Mr. LxwiN rose to move another amendment to the
effect that the bill being adverse to India, and not doing
justice to the people of that country, they do refuse their
assent to it. The measure was not yet passed into law,
and they were justified in refusing their assent to it
until that had been done.
Captain DOVETOR seconded the amendment, which
was then put and negatived.
The original resolution proposed by the Court of ,
Di-
rectors was then put and agreed to, and Abe court ad.,
punted.