The Sun.
London, England, 1854-02-17 00:00:00

LONDON, FRIDAY EVENING, FEBRUARY 17, 1854.

1,14
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11%
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Time.

all parts of London

'e arrival of the fol-
eet Station.

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121,4
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Passages marked are run direct_
Fore Cabin. Saloon.
10d. .. 18. 2d.
To or Prom Gravesend an l,ondon•• •• •• •• " Sd. .. Os. 10d.
Gravesend and Bladckwell or Woolvrieh
Between Gravesend and Intermediate Piers.. Six Months, 3/. Q 6,1. .. Os. Bd.
BOAT TICKETS.—TweIve Months, 5 .0 s.;
Three Months, 21. Os.; to be had of the CollectorS on board the
Packets; or of Mr. Monk, Terrace Pier, Gravesend.
Kov. 17, 16103.

RAILWAY INTELLIGENCE.

LONDON AND SOUTH-WESTERN.
The half-yearly meeting of this company was held yester-
day at 34, York-road, Lambeth. Mr. W. J. Chaplin, M.P.,
iu the chair.
The CHAIRMAN on taking his seat was very much applauded.
He remarked that the board formed a very limited number on
the present occasion, and that they were in a state of transi-
tion. lie thought it right to mention that he occupied the
chair on the present occasion by the unanimous vote of his
colleagues, Mr. Serjeaut Gaselee having proposed his election
to the chair, seconded by Mr. Mortimer. These gentlemen
had been two years at the board, and they had had opportu-
nities of observing how the affairs of the company were con-
ducted. He mentioned this, as he thought it would be as
satisfactory to the proprietors as it was gratifying to him-
self. (Hear.)
Mr. L. CROMBIE, the secretary, read the notice convening
the meeting and the minutes of previous meetings, which were
confirmed.
The report, an abstract of which has appeared in The Sun,
was taken as read.
The CHAIRMAN, in moving the adoption of the report, said
it was usual in doing so to make some observations on the
state of the company's affairs. He would have to submit in
the course of their proceedings resolutions declaring a dividend
and for the election of the new directors, and the appoint-
ment of auditors. He trusted on that occasion they would
proceed with the business of the day in a more harmonious
manner than usu Al. He believed that Sir W. Heathcote would
Preside over them in future, which would enable him (the chair-
man) to retire from the chair in a satisfactory manner. It was
generally understood that the chairman should say something
with regard to their progress. (Hear.) He hoped that the
state of their affairs was satisfactory to the proprietors. They
had had an increase in their traffic during the past half-year of
53,2951., of which 34,7331. was from passengers and 15,9361.
from. goods. This increase extended in a fair proportion over
the whole system of their lines, and in almost every item.
The only exception with regard to that increase was Salis-
bury, which was caused by the extension of other lines.
There was also au increase in their expenses amounting to
23,2141. as compared with the corresponding period of the
preceding year. A great deal of the increase in the expenses
was caused by the traffic to Chatham, having been obliged to
run a great number of light trains. This caused an increase
in the mileage of the trains as compared with 1852, and when
they calculatad that every mile run by the trains had cost
the company 2s. 70. pet mile, it would account for about
17,266/. of the sum involved in the increased expenditure.
The advance in the price of coke and other articles would
account for the remainder of the 23,2141. In the management
of the locomotive dep irtment they were singularly fortunate
in having a man of great ability devoted to their interests.
They would find from the accounts that the expense of that
department did not exceed 80. per mile per train, which
would bear comparison with all the railways south of London.
They had got a share of the emigrant traffic to Southampton,
for out of 10,040 emigrants who had left that port, 5,050
were conveyed over their railway from London. By the
opening of the North and South-Western Junction line
they had occurred some loss in respect to tho gua-
rantee, but they have no further loss on that head.
What with the inconvenience to the London and
North-Western Company at the junction, and to the
London and South-Western not having a siding pre-
pared for the traffic of the junction line, they could not
agree as to the working of it one way or other. There was
some difficulty in disturbing the course of trade when once
established. There would be no further difficulty with regard
to the working of that line, for in the mouth of January,
1854, 4,196 tons of coal were conveyed over that short line,
and the trade was increasing. They had at present 70 trucks
a day passing over it, so there was no doubt that the gua-
rantee of 2,5001. per annum by the South Western and Lon-
don and North-Western Company would be fully realised. Ho
had to call their attention to the want of working plant on
their line. They would require additional working stock for
the Alton branch, 9:1 miles in length, and for running over
the North and South-Western Junction line. The line from
Basingstoke to Andover, 18 miles in length, would be opened
in May, so that they would then have to work 31 miles of
additional railway. He found that in 1849 the gross traffic
receipts on their line amounted to 530,019/., and that in Feb.
1850, 570,160/. had been expended on working stock. Now,
their traffic amounted to 700,8811. for the past year, being
an increase of 164,7261., and they would have to work 31 miles
of additional railway, which could not be done without an
increase in the working stock. They had adopted the plan of
a reserve fund, towards which they paid 5,0001. each half-
year out of the revenue, but, as they required more than the
50,0 0/. for which that sum was set aside each half-year for a
period of five years, they must provide for it in some
other way, or they must extend that period. They would now
require a vote from the proprietors of 50,0001. to provide ad-
ditional stock for the purpose he had stated. They had lately
carried on a new trade in coal from the west of England over
their line from Basingstoke to Southampton, and they con-
veyed at present about 700 or 800 tons a-week to the latter
place. Moro waggons would be required to accommodate the
coal traffic. He then adverted to the importance of South-
ampton to their railway, and particularly the docks, from
which there were 52 departures and arrivals every month of
large steamers belonging to the West Ina Mail, the Penin-
sular and Oriental, the Screw, and other steam navigation
companies. During a portion of the past half-year the Screw
Steam-packet Company had brought over the railway 5,000
tons of goods. It had been observed, that if they could afford
these companies greater facilities in London for bonding their
goods, an additional amount of traffic would be sent over the
railway. They were assured that, by affording adequate ac-
commodation at their station at Nine Elms, near the water-
side, it would be remunerative to the company, and the pub-
lic would gladly pay for the accommodation. If they were
paid for that outlay per se it would be a very desirable mode
of increasing their business. It would require an outlay of about
60,000/. to provide warehouses and bond-stores on their Bel-
mont property adjoining their present wharf at Nine Elms. He
did not intend to ask them for the money then, as theywere about
to elect seven new directors, who would have that matter to
consider, and he hoped they would bring vigorous minds to
bear upon the subject. By extending their shipping accom-
modation fronting the river Thames and providing ware-
houses and machinery they would be enabled to bring corn
and flour by railway, instead of allowing that traffic, as at
present, to be conveyed by coasters round the coast to Lon-
don. (Hear.) The Southampton Dock had been very useful
in developing their traffic, and it had been suggested that the
railway company should lend them 50,0001. at a reasonable
rate of interest to carry on their works for the accommoda-
tion of the increasing traffic at the port of Southampton, and
that would be far better for the railway company than
dabbling in the construction of docks themselves. The
dividends of the dock company were not sufficient to en-
courage the dock proprietors to go forward in advancing
money, and therefore it was desirable the railway company
should help them. He wished to say one word with regard
to the old direction : he must remark that, although ho had
not agreed in the policy adopted, he must say in favour of
his colleagues, that when he (the chairman) had proposed
certain things to them they had met him by saying that
they must be directed by the proprietors, and that was one
reason why he had differed from his colleagues to some
extent. Now, they were all aware of his views with regard
to the extensions to the west of England, but ho did not
then mean to reiterate ono syllable on the subject. With
regard to the course some of his colleagues had taken, it must
be remembered they had acted in accordance with the wishes
of the proprietors, and under their control. He thought they
had not been fairly treated ; in fact, he thought that the pro-
prietors must feel that they had not treated them fairly, and
that they had not been justified in their conduct towards the
directors, who had acted faithfully according to the instruc-
tions given them by the shareholders. He deeply regretted
their retirement from the board, and he believed his col-
leagues did also. The South-Western had never been a first-
class railway, and at the time he (the Chairman) had joined it
they had to raise 400,0001., by issuing stock for 800,0001., to
complete the main line and Gosport branch. Passing on from
that, he found that they had paid dividends to the original
shareholders up to the present moment at the average rate of
5/. 9s. 6d. per cent. per annum. (Mr. Dickenson—" A great
deal of it was out of capital.") They had paid what he had
stated in addition to the proportion of 400,0001. which was
sacrificed and taken up by those shareholders who raised the
requisite sum to complete the line. But, exclusive of that
bonus, they had paid 5 per cent. from the beginning, and, if
they were not now a first-class company, they were approxi-
mating to it. The present dividend was at the rate of 5
per cent. per annum, and it was honestly and fairly earned,
and he thought, therefore, that the old directors were en-
titled to their thanks and confidence. He would ask them
not to pledge their new directors to any particular line of
conduct, and before they were elected he would ask the new
directors not to pledge themselves to the shareholders ; as
there were so many fresh circumstances to be taken into ac-
count, they would, if they did so, prejudice their position in
all future negotiations. They had heard a great deal of estab-
lishing amicable relations with all tho neighbouring companies,
but he wished to know with whom they were at war ? They
had traffic in connection with the London and North-Western,
they had an interchange of traffic with the Great Western at
Basingstoke, they had amicable arrangements with the Lon-
don, Brighton, and South Coast Railway at Portsmouth, and
also with the South-Eastern Company at Guildford. He asked
them with whom were they at war ? He advised them to
strengthen their position, and place confidence in their direc-
tors At present, from the effect of the late proceedings, hav-
ing neither chairman nor deputy-chairman to appeal to, the
heads of departments and officers of the company were placed
in a most disagreeable position, not knowing to whom they
were to look or who were to be their directors. The sooner
there was an end to that state of things the better. There
was not that confidence existing in the concern that ought to
be, and he was only surprised that things should have gone
on so well as they had. He concluded with moving the adop-
tion of the report and statement of accounts.
Mr. PENNY, of Leeds, fully concurred in all that had been
stated by the chairman. He considered that, under the cir-
- cumstances, the report was very satisfactory, and that, being
in a state of peace, was the right course to pursue. He hoped
; thev would not oppose the Salisbury and Yeovil project in
•"'„ Parliament which, if granted, would complete their western
o extension without calling upon the proprietors of the coni-
c; pany to spend any money.
Mr. HELPS was of opinion that the cost of working stock
required to carry new traffic should be charged to capital, but
twat required for the development of existing traffic should be
charged to revenue.
Mr. DICKENSON said he had considerable objections to va-
rious items in the accounts. He thought the directors who
had resigned had acted very hastily, and he regretted their
retirement. Their loss all at once from the board was a very
serious evil to the company. What they wanted was com-
mercial men capable of managing a great trade and a great
manufactory. For, as he had stated in a letter to the Times,
the company were great carriers, and they had a great deal to
do in the manufacture of engines and carriages, and they
wanted men in the direction capable of directing and managing
these branches of trade. He perceived from the summary
balance-sheet that 48,035/. was put down as assets under the
head of reserve account plant, and 25,6541 reserve account
stations and sidings, making together 73,7191., which was not
an asset, but au expenditure ; and ho found under the same
heads in the accounts for the corresponding period ending De-
cember, 1852, that the amount then expended was 23,000/ ,
making a difference of 50,000/., which ought to have been
paid out of revenue, and if deducted would have reduced the
present dividend at least half per cent. He thought there
was something seriously wrong in the statement of accounts.
tehyteowet
take
extensions snci oao nrt
care
theyoafv would have a dividend of
8 per cent., but if they had paid a fair dividend on the pre-
extensions, as they must end in the destructioneoefrabtchoeenuittr.
ewmhaotroutiheyanwtir:
Wsceilttioolenteeasndoitotlufloetimil‘ w ho
divi-
dend.
Mr. Ciro;, one of the auditors, explained some of the items

in the accounts, and contended that the items adverted to by.
Mr. Dickenson ought to be charged to capital, instead of re-
maining as they did in the balance-sheet. It would be a great
injustice to the present proprietors to charge the amounts
expended for additional working stock and sidings to revenue
instead of to capital.,
Mr. HERAPATB wished to know what was the amount of
capital they were authorised to raise, and what prospect they
had of closing the capital account ?
Mr. HovEs, one of the auditors said, they had power to
raise on unissued shares 600,000/. The total amount of capi-
tal they were authorised to raise was 7,434,0001. on shares
and 2,478,0001. on loan.
After some further observations the report was adopted,
and a dividend at the rate of 5 per cent, per annum for the
half-year was declared, subject to a reduction of income tax.
Mr. CURRIE then brought forward his motion for the elec-
tion of the new directors. He entered into an explanation of
the circumstances under which Sir W. Heatheote had con-
sented to select six new directors from the two committees of
shareholders, in order to put an end to the strife then exist-
ing in the company. He then proposed that Sir W. Heath-
cote, Bart., M.P., the Hon. R..H. Dutton, Colonel Luard,
Colonel Henderson, Mr. Mortimer, Captain C. E. Mangles,
and Mr. E. J. Hutchins, be elected directors of the company.
Mr. W. P. SNELL seconded the motion.

The CHAIRMAN said, as a matter of order he would propose
that Colonel Henderson and Mr. C. S. Mortimer, the retiring
directors, be re-elected.
The motion was seconded and carried.
Mr. Cuaars then proposed that Sir W. Heatheote, Bart.,
M.P., be elected a director in the room of Mr. H. Kerr Sey-
mer, M.P. ; Captain Manles, a director in the room of Mr.
J. Mills ; Mr. Hutchins, a director the room of the Hon.
F. Scott, M.P. ; Colonel Luard, a director in the room of Mr.
W. Reed; and the Hon. R. H. Dutton, in the room of Mr. J.
Hibbert, jun., resigned.
Mr. W. P. SNELL Reconded the motion.

A long discussion ensued, in which Mr. Ray, Mr. Hender-
son, and Mr. Tite took part, which ended in the resolution
being unanimously adopted.
Another long discussion ensued on the proposition for re-
electing Mr. Hoyes, the retiring auditor, and accepting the
resignation of Mr. Close, the other studitor. Mr. Austen and
Mr. W. P. Snell were proposed to be elected. auditors ; but
eventually it was agreed. to re-eleet►•Mr..Hoyes, and Mr. Close
was requested to retain office for a short time longer, Mr.
Snell and Mr. Austen having withdrawn their names.
Resolutions were passed requesting the directors to watch
the progress of certain bills in Parliament, and to take such
steps as may be desirable with respect to them, and ordering
68,0001., expended on working stock and sidings to be
charged to capital account.
On the motion of Mr. KAY, seconded by Mr. Rows, a cor-
dial vote of thanks was passed to the Hon. F. Scott, and the
directors with him, who had recently resigned their seats at
the board, for the zeal and energy with which they had
served the company.
The proceedings concluded with a vote of thanks to the
chairman.

PREPARATIONS FOR WAR.

The order for the embarkation of the Guards on Sa-
turday has been countermanded, and it is not expected
that they will set out till Wednesday next. To what
cause the delay is due we have not been able to ascer-
tain, but the steamers selected for the transport service
are stated to be in perfect readiness. The 2d batch of
troops forming the division will start from the ports of
Liverpool and Plymouth or Portsmouth somewhere be-
tween the 24th and 28th. It will consist of the 28th,
the 93d, and the 2d battalion of Rifles. On their
way to Malta, some of the transports will call at
Gibraltar, and take on board the 44th Regiment,
which has been ordered to form part of the expedi-
tion. Colonel Victor, it is said, will command the
body of Sappers and Miners to be sent out, consist-
ing of Captain Gibbs and Captain Hassard's companies,
and being about 200 strong. It is intended to increase
the corps of Engineers by 500 men. The artillery force,
comprising five field batteries and a troop of horse artil-
lery, will be under the command of Colonel Cater. It
is again confidently reported that six regiments of
cavalry have received orders to hold themselves in readi-
ness for foreign service, but we believe that thus far
nothing has been definitively settled with reference to
that branch of the service. At Chatham there exists a
" provisional battalion," made up from recruiting depots
of the regiments in India, each dep6t varying in num-
ber from 20 to 80 men. This heterogeneous body has
supplied a large proportion of the volunteers required to
make up the effective strength of the different corps
ordered to the Mediterranean. In some instances the
entire depot, with the exception of the staff-sergeant,
offered themselves for service.

Yesterday the Duke of Cambridge formally received
his appointment as second in command in the expedition
to Turkey, the chief command having been confided to
Lord Raglan.
The force will consist of two divisions, and each divi-
sion of two brigadeg. The divisions are to be com-
manded by Major-Gen. the Duke of Cambridge, and
Lieut.-Gen. Sir George Brown. The two brigades of
thy Duke's division are to beithe brigade of Guards, under
Colonel Bentinck, and a brigade of regiments of the line,
under Colonel Sir Colin Campbell.
The commanding officers of the two brigades of Gene-
ral Brown's division are not fixed on, but it is likely they
will be Colonel Airey, the military secretary ; and Colo-
nel Eyre, of the 73rd.
The military secretary to Lord Raglan is to be Colonel
Steele ; and the Deputy-Adjutant-General, Colonel
Gordon.

Sir Colin Campbell is one of the most brilliant soldiers
in the army, and was the right hand of Sir Charles
Napier, in India. It used to be said of him in the army,
" that everybody slept well when Colin Campbell was
commanding the outposts." He quarrelled with Lord
Dalhousie, and he, as well as Sir Charles Napier, re-
signed their commands, rather than carry out the ex-
treme measures resolved on by the Council against the
Afredees and other mountain tribes, near Peshawur,—
such as burning their villages, destroying their crops,
&c., and so making them irreconcileable enemies of the
British Government.

The sailing of the Royal mail steamer Orinoco, taken
up for the conveyance of troops to Malta, which was
fixed for Saturday, has been postponed, on Government
order, to Wednesday next. The Admiralty have also
applied to the company to allow that vessel, from her
admirable construction as a troopship, to convey the
44th Regiment from Gibraltar to the same destination,
after performing the first voyage. The directors of the
Royal Mail Steam Company expect to be able to place
other steamers of as large a class as the Orinoco at the
disposal of the Government very shortly. It appears
also that the Government have engaged the large paddle-
ship Tonning, belonging to the North of Europe Steam
Company, and which was constructed expressly for cat-
tle, to convey horses to the Mediterranean at a fixed
rate per month.

MOVEMENTS OF THE GUARDS IN LONDON.
The officers of the Grenadier Guards, quartered at
St. George's Barracks, and under orders to prepare for
embarkation for the Mediterranean, were engaged dur-
ing the whole of yesterday and the previous day in
making up the required number (850) from that regi-
ment. The third battalion has been made very efficient,
the men having been picked from the second battalion
to render the former a powerful body of men. This
having been completed, the men were (to use the mili-
tary term) " sized," and placed in their respective com-
panies. The total number of troops (Foot Guards) taken
from the household brigade, will be 2,550, of which there
will be two battalions of the Grenadiers, the Scots Fusi-
liers, and the Coldstreams (the latter it will be remem-
bered, have already left the metropolis), each battalion
consisting of 350, making 700 from each regiment, the
additional 150 being composed of officers, drummers
and fifers, servants, &c.

FAREWELL BANQUET TO THE OFFICERS OF
THE FOOT GUARDS.
Yesterday, the officers of the 2d Battalion of Cold-
stream Guards and the officers of the Ist Battalion of
the Scots Fusilier Guards partook of a farewell banquet
together at the London Tavern, previous to their em-
barkation for the seat of war.
His Royal Highness the Duke of Cambridge, as Colo-
nel of the Scots Fusilier Guards, occupied the chair,
supported on the right and left by Lieut.-General Sir
Edward Bowater, K.C.H., and Lieut.-General Sir Wil-
loughby Cotton, G. C. 8., K. C. H.
The principal officers present were General Hope,
General Aitchinson, Col. Berkeley Drummond, Col. W.
T. Knollys, Col. A. Colville, Col. Lord Rokeby, Col.
G. M. Eden, Colonel G. Moncrieffe, Colonel Walker,
Colonel J. H. Blair, Colonel Sir G. Walker, Colonel
Tyrrett, Colonel De Bathe, Colonel Onslow, Colonel G.
Dixon, Colonel Phipps, Colonel Scott, Colonel Dal-
rymple, &c.
After the banquet, which was of the most rech,ercite
description, his Royal Highness the Duke of Cambridge,
in proposing a toast, alluded in cheering, though feeling,
terms to the arduous services which, in all probability,
the regiments were about to commence. The gallant
company separated at an early hour.
We believe his Royal Highness Prince Albert, as
Coloifel-in-Chief of the Grenadier Guards, will preside
at a similar banquet to be given to that gallant corps at
the London Tavern this evening.

The Ist battalion of Scots Fusilier Guards, completed
tor service to 850 strong, was privately inspected at ten
o'clock yesterday morning by his Royal Highness the
Duke of Cambridge, colonel-in-chief of the regiment, on
the parade ground of the Wellington Barracks. His
Royal Highness was accompanied by General Mildmay
Fane and Colonel the Hon. C. B. Phipps. Colonel Ben-
tinck, Colonel Hall (Ist Life Guards), and Colonel Brown-
low Knox, were among the officers present. The men
were under the command of Lord Rokeby, being the last
occasion upon which his lordship will appear as the
lieut.-colonel of the regiment, the retirement of Colonel
Colville this day, on half-pay, preparatory to his receiving
his brevet rank as general, allowing the command to de-
volve upon the noble lord. After the men had gone
through a variety of evolutions, the Duke of Cambridge
addressed the battalion in square, expressing his high
admiration of the efficiency of their movements. At the
close of the evolutions the battalion marched past, the
fine band of the regiment playing "Highland Laddie.
His Royal Highness Prince Albert will inspect the
brigade composed of the 3d battalion of Grenadier
Guards and of the Ist battalion of Scots Fusilier Guards,
at the Wellington Barracks, on Monday next, at 11 a.m.
The 93d Highlanders, which excited universal admi-
ration last summer at Chobham, will sail from Plymouth
on Saturday next for the East. The men of this corps
are the finest and largest in the whole army.
The 3d battalion of the Grenadier Guards and the Ist
battalion of the Scots Fusilier Guards will not sail for
a week.
The 4th Regiment, now stationed at Edinburgh, will
proceed by railway to Portsmouth early next week.
The 28th Regiment have been moved to Liverpool,
whence they will embark for Turkey. This was the fine
old corps that received the French cavalry at Quatre
Bras in line, the rear rank facing to the right about.
It has on its colours, Corunna, Albuera; Vittoria, and
Waterloo. No place in the United Kingdom has
equalled Dublin in military ardour, and in the supply
of numerous and excellent recruits.
Recruiting parties, says the Liverpool Times, are very
actively parading Manchester, but with moderate suc-
cess. Numerous candidates for military glory have
offered themselves, but the majority have been refused
in consequence of being below the standard height. The
7th Regiment of Fusiliers, stationed at the Regent-road
Barracks, Salford, expect to be sent to the East in the
_ course of next month.
.t

SOUTHAMPTON, FEB. 16.

The order for the embarkation of troops from this
port for the Mediterranean has been countermanded, a
telegraphic despatch from the Government having been
received to-day to the effect that the steamers Ripon,
Manilla, and Orinoco are not to depart till Wednesday
morning next, the 22d inst., on which day two regi-
ments will be sent down to the docks by railway for
despatch to the East by those vessels.
The great screw steamer Himalaya, which arrived
this afternoon, has been ordered to discharge her
cargo instanter. Captain Engledue, the superinten-
dent of the company, with his usual energy of manage-
ment, had made anticipatory arrangements for coal-
ing the ship, and this operation, commenced at once,
will be completed by to-morrow (Friday) /evening, 130
that the Himalaya will be at once placed at the dis-
posal of the Government, and might be despatched to
Constantinople on Wednesday next with 2,000 men, if
necessary. Judging from the result of the first voyage
of the Himalaya (noticed in another portion of our im-
pression), there is little doubt that, with fine weather,
this steamer could carry two regiments to Malta in from
six to seven days, and to Constantinople in 10 or 11
days, or possibly less.
The Lords of the Admiralty have ordered the Austra-
lasian Pacific Mail Company's screw-steamer Emu,
1,660 tons, 350-horse power, to be surveyed and re-
ported upon as to her capacity for carrying troops. It
is most likely she will be chartered at once.
The Peninsular and Oriental Company's new screw