The Sun.
London, England, 1849-03-17 00:00:00

MARKET INTELLIGENCE.

(From the London New Price Current, March 16.)
SUGAR.—West India Muscovado realised former terms,
but the demand has been limited for all purposes, and the
private purchases are only 85 hhds, &c. At public sale 45
barrels chrystalised St. Vincent's were sold at 39s 6d to 41s
per cwt. for yellow.
REFINED.—T(.-day no further advance was apparent iu
the value of refined goods. For bonded Crushed holders
insist upon 30s to 31s per cwt.
MA URITIUS. —This afternoon there wax no public sale of
Mauritius; by private treaty there was less demand; still
lower rates were not generally acceded to.
EAST INDIA.—This afternoon the public sales of Bengal
Sugar comprised 3,588 bags; they went off with less spirit,
still former rates are supported; low white Benares fetched
40s to 403 6d, middling to line 41s to 43s 6d, middling
and good yellow 36s 6d to 39s Gd, damp and washed
36s Gd, and strong white 47s Gd to 49s Gd. Of Madras 1,533
bags were sold at steady rates ; fine strong yellow went at
435, low and middling 35s to 37s 6d, and brown 31s 6d to
34s 6d per cwt. 8,984 bags 'Manilla were taken in at stiff
rates; middling grey at 39s Gd to 403, and ordinary brown
37s Gd per cwt.
FOREIGN.—This afternoon there was no public sale of
Foreign Sugar; but privately 3,000 chests of yellow Ilavan-
nah were sold at 44s for good quality.
MOLASSES.—West India from 16s 6d to 21s, at which the
market is firm. Bengal Treacle 15s to 16s. At public sale,
50 hhds of Java Molasses were taken in at 103 per cwt.
COFFEE.—This afternoon at auction 111 bags Ceylon sold
at full rates; good Plantation fetched 58s 6d to 60s, middling
555, ordinary and good ordinary 31s 6d to 36s 6d, and triage
27s 6d to 29s 6d. 27 bales Mocha, ordinary mixed with red
38s to 38s 9d, and black 15s per cwt. By private treaty se-
veral parcels of good ordinary Native Ceylon were sold at 33s
to 34s per cwt.
COCOA.—West India is held for higher rates, and at public
sale 649 bags were nearly all taken in at 42s 6d to 43s 6d for
grey, and at 43s to 46s for red. Foreign 27s to 28s Gd.
TEA.—Black is not to be obtained at lower rates. The
value of common and good ord sound Congou is 8d to 9d
per lb. The public sales of 6,200 packages have proceeded
with heaviness, and only 2,000 were disposed of; prices
declined 2d to 3d for Hyson, and 2d per lb for Orange Pekoe.
The rates obtained were as follows ; —Gunpowder, good ord
coarse is lid to Is 3d; Twankay but mid rather coarse
burnt bid to 7id ; Hyson mid and good mid strong burnt
Is sid to Is 9id, good is Did to Is Ilid, tine 26 7d to 2s 8d;
Scented Orange Pekoe, mid is 3id to Is 4d; Imperial, but
mid rather strong Is Odd ; Congou, but mid coarse burnt Bid
to Sid, fine Pekoe flavour is 9d; young Hyson of low
quality 6(1 per lb.
Ricn.—The public sale to-day of 5,812 bags of Arracan
Rice went off with heaviness, and a part only sold at lower
rates—middling and good pearl Barley went at 7s to is 6d,
and 6s Gd, very inferior ss, and damaged 4s 6d to 6s Gd.
1,250 bags Madras went at 8s to 8s 6d for middling and good
pinky white, and at Gs Gd to 7s 6d per cwt for damaged.
SPICEs.—To day at auction 61 pkgs of Jamica Ginger
sold at Si 13s to 9/ 12s for fine, and at 31 15s to 61 13s for
other sorts; 590 bgs Pimento were for the most part taken
in at 3id to aid per lb, being above the value. By private
treaty several sales were made in black pepper.
FRIAT.—The demand for Currants continues to improve.
Yesterday 98 butts 91 crtls old Patras were offered at public
sale and nearly all sold at 33s to 345. Valentia Raisins are
38s, and Denies 30s, but not much business doing in either.
Red Smyrna Raisins at 38s, and Elemes at 425, are in good
demand for shipping.
SPIRITC.—The demand for Leeward Island Rum has been
good this week, and former rates are well supported ; the
parcels disposed of were at is 4d to is 5d per gallon proof.
East India at is 3d to 1330 proof. Demerara at 2s 4d for 28
to 38 per cent over proof. For Jamaica former rates are asked,
Brandy Cognac best brands of the vintage of 1845 are 5s 4d
to 5s 6d, 1846 ditto 5s 2d to 5s 4d, 1847 ditto 4s ld to 4s 3d,
1848 ditto 3s 6d to 3s Bd, and inferior brands 2s 3d to 38 4d.
Geneva ls 9d' to is 10d for exportation sort, and 2s 6d to 3s
for fine fit for duty. In the value of British made Spirit no
variation has taken place.
INDIGO.—East Indigo is held with firmness upon the
terms of the last quarterly sales, at which purchases to a fair
extent have been made by exporters and home dealers. The
market for Spanish is firm.
COCIIINEAL.—To-day a good sale existed for Cochineal,
and 40 bags of Honduras at auction sold at stiff rates, silvers
at 3s 10d to 4s 5d per lb.
TALLOW.—To-day, of South American 876 pkgs sold at
24s to 39s 3d • 156 casks New South Wales 35s to 395; 57
casks Odessa 37s 6d to 40s; 68 casks North American 37s to
38s 6d; 100 casks of Russian Soap Tallow, damaged, 378 to
373 6d; first sort Y.C. 38s 6d to 39s 6d.
On.s.—To-day a public sale of 35 tuns of Sperm Oil went
at lower rates, that is to say, from 791 to SO/ 108; 10 tuns of
Southern, fine at 321 to 331 per tun.

ti-G'cil: eAt t eN. )1) .
(From last night's BANK OF....EhtN,s
An Account, pursuant to the Act 7th and Bth of Victoria, cap 32
the Week ending on Saturday, the lOtk day of March, 1849, fOr
ISSUE DEPARTMENT.

Notes i55ued........ 213,:18,2411

Government debt • • 11,015,100
Other securities •• • • 2,934.900
Gold coin and bullion 14,224,676
silver bullion ...... 323,569

The CHAIRMAN, before entering upon the business of
the day, announced that Mr. W. R. Collett had resigned
the chairmanship of the company.
Mr. GIFFORD, the Secretary, read the following report of
the directors :—ln meeting the proprietors on the present
occasion, the directors have to report, as respects the progress
of the works, that the second tube over the Conway River
was safely raised to its site on the 12th October. The
operations for the construction of the larger bridge, on
the same principle, over the Menai Straits, are so far
advanced, that the opening of the entire line for
traffic may be looked for about the beginning of the autumn.
As anticipated in their last report, your directors have been
called upon by her Majesty's Government for the first instal-
ment, amounting to 31,500/., of the company's contribution
towards the Harbour of Refuge and Packet Pier at Holyhead,
the works of which are now in progress. At the last half-
yearly meeting the sanction of the proprietors was given to
the proposition of the directiors, that as soon as the Mold
Railway was completed it should be purchased
by this company. As that line will be ready for traffic before
the period of the next half yearly meeting, the directors now
request your authority for raising the necessary capital to
complete the purchase. Acting upon the sanction already
given, your directors have contributed 81,3501. towards the
construction of the line. Of the 10,744 preference shares
not taken up at the period of the last half-yearly meeting,
your directors have found it necessary, in order to meet the
liabilities of the company, to dispose of 9,375, leaving
1,369 unsold. Your directors are of opinion, that
as the time has now arrived when they are in possession
of data to enable them to estimate all their future wants for
the completion of the undertaking, with a near approach to
certainty, it behoves them to state to you all the demands
upon the finances of the company which remain to be pro-.
vided for. In addition to the purchase money of the Mold
Railway, above referred to, your directors find that, in
order to be prepared to meet the cost of the extension
of the line to the new harbour of Holyhead, and the
expenses attendant on the undertaking of the whole
packet service (both of which objects are essential to
the full development of the capabilities of this undertaking),
as well as the excess upon the estimates, and the estimated
liabilities (which you will find fully explained in your engi-
neer's report and statement), it is necessary that you should
be empowered to raise an additional capital of 335,0001.
The existing powers of the company, including those
under the Mold Act, extend only to the raising of fur-
ther capital of 400,0001., by shares. Your directors
have therefore felt it to be their duty, in order to obviate
the inconvenience that might have arisen from the loss of a
session, to introduce.into Parliament a Bill to authorise the
raising of the additional capital which may be required to
complete the entire works of the railway, and they now ask
the shareholders to sanction this proceeding, and to grant
them powers to create shares to the extent of 735,000/.,
to be issued, if found requisite, in preference shares,
to be allotted rateably to the holders of the original shares
of this company. If the circumstances of the company
should require the raising of the whole amount, it would
be equivalent to a creation of 42,000 shares of 171. 10s.
each. On the occasion of the former creation of
preference shares, the company capitalised 200,000/. of their
loan power; the directors are therefore seeking to obtain
permission in the new Act to restore their borrowing
powers,: and they hope to be able thereby to reduce the
amount of capital to be called up on the shares created. The
directors have further to state, that it is their intention to
postpone to the latest period the creation of any shares : and
whenever they may be compelled to do so, it will be to
the smallest extent, and at the lowest rate of guaranteed
dividend (if it should be required at all), which the state of
the company's works and the circumstances of the times may
allow of. The arrears of calls due at the period of the last
half-yearly meeting amounted to 70,1501., since which a
final call has been made. The total arrears, including those
on the final call, amount now to 46,7861., the payment of
which the directors have taken steps to realise. The number
of passengers from May 1 to Dec. 31 has been—By railway,
189,067 ; steam-boats, 6,649 ; making a total of 195,716. The
gross receipts have been :—Passengers, 41,175/. Os. Bd. •, goods,
4,950/. 17s. 4d. ; parcels, 1,9591. 25. 6d. ; total, 48,085/. Os. fai.
The working charges have amounted to 20,5931. Is. 10d.,
leaving a profit of 27,4911.185. Bd. Neither the payment for the
conveyance of the mails since August last, nor the toll due from
the Shrewsbury and Chester Company, is included in the
receipts in the statement above given, nor on the other hand
does it exhibit the charges payable to the London and North
Western Company for locomotive power and stock, nor
for the temporary charges of conveying passengers across
the break at the Menai Straits. Your directors have
been fully satisfied, by the manner in which the
passages between Holyhead and Kingstown have been
effected during the severe weather this winter, that the
company's steam-vessels are admirably adapted in all essen-
tial points to the service for which they were built. As was,
however, anticipated, the packets are working at a cost
which, till passengers between England and Ireland are led
to use the Holyhead route to a much greater extent than
they have hitherto done, will leave a heavy loss to be made
up by the receipts on the railway; but your directors
retain their conviction that, failing to make satisfac-
tory arrangements with other steamboat companies,
the only course which they could take to secure the traffic
was to place upon the station, on behalf of the company,
packets equal in power and accommodation to those em-
ployed by her Majesty's Government. Your directors having
been invited by Government to submit a proposition
for undertaking the whole packet service at Holyhead,
have made an off r, \Odell is at present under con-
sideration at the Treasury. Your directors have placed
every part of the traffic establishment on the most
economical footing, and think it due to their colleague,
Captain Moorsom, the resident director, to inform you, that
that gentleman has voluntarily relinquished one-half cf the
remuneration voted to him by you for the discharge of his
laborious duties, and at the same time has undertaken, at
the request of ie board, to control the management of the
steam-boats, until permanent arrangements can be
made for that important purpose. The London and
North-Western Company having offered suitable ac-
commodation, upon advantageous terms, for conducting such
part of this company's business as now remains to be trans-
acted in London, your directors intend shortly to remove the
establishment of this ( ffice to Eustoa station. Your direc-
tors have to report the resignation by Mr. Laird of his
seat at their board, but they do not propose to fill up the
vacancy, in consequence of their seeking powers, in the
Act now before Parliament, to reduce the number
of directors from eighteen to twelve, preserving
the proportionate rights of the London and North-Western
Company, and the other proprietors respectively, in this re-
gard. Your directors, feeling in common with all other rail-
way companies, the injustice inflicted on you by the existing
system of assessing your property to local rates, have felt it
to be their duty to co-operate with the other bodies similarly
aggrieved, in order to obtain redress. It only remains thatyour
directors should advert to the present state and future prospects
of the undertaking entrusted to their charge. It is clear that
the actual traffic falls very far short of even the most mode-
rate expectations that were entertained at the time when
this company was formed; but during the period that has
elapsed since that date, events have occurred in Ireland
which have reduced that country to a state of prostration,
such as no foresight could have contemplated. The conse-
quences have most injuriously affected your enterprise,
in common with all property directly or indirectly
dependent upon the prosperity of the sister king-
dom. Your directors cannot charge themselves with having
neglected any opening, or with having failed in any effort,
to obviate, as far as in them lay, the effects upon your under-
taking of causes of deterioration so powerful, and so entirely
beyond their control; they feel, therefore, that beyond the
points of duty above noticed, no human agency can be held
responsible for results, which are, in truth, only an in-
evitable consequence of the providential visitation
which has desolated Ireland. No doubt, however,
these results would have fallen upon you less heavily,
if the line had been fully completed, and if, thus, a larger
share of the whole traffic existing between England and
Ireland had been secured to it ; but neither in this respect
can your directors take blame to themselves. No exertions
have been spared to hasten, as much as prudence would
permit, the stupendous works at the Menai Straits. When
the line shall be completed when the local traffic,
especially as regards minerals, shall be better developed
when Ireland shall have recovered, in some mea-
sure, from its present unexampled depression
and when the whole of the service of the Post-office shall be
committed to the company, your directors trust, that the
pecuniary returns of your enterprise will be more nearly
commensurate with its magnitude, and with the greatness of
its national importance. You will have to declare a divi-
dend of Bs. 3d. per share on the preference shares, which
your directors recommend should, as well as the interest on
the original shares, be made payable on the 24th instant.
The CHAIRMAN, in moving the adoption of the re-
port, remarked that the report itself went so fully into
the existing circumstances of the undertaking, that it
was quite unnecessary for him to detain the meeting
with any observations.— (Hear, hear.)
Mr. JENNINGS wished to have some explanations as
to certain discrepancies in the financial statement. In
several instances the amounts of the items were left
blank, while by the accounts it appeared that
the arrears of call amounted to 55,0001. while
in the report they were set down at 46,000/.
Nothing, in his opinion, would save this company
from ruin but an amalgamation with the Lon-
don and North-Western Company, and he hoped the
directors would take that subject into their serious con-
sideration, and use their influence to bring about so de-
sirable a consummation.—(Cheers.) No sum was put
down in the accounts for the amount due to the London
and North-Western Company for locomotive power,
or for the receipts of traffic not yet brought
into account, nor even for the profits or preference
shares.—(llear, hear.) Ho most strongly protested
against the recommendation to raise so large a sum of
money as that mentioned in the report. Why take
powers to borrow 735,0001. when 400,000/. would be
amply sufficient to complete the line.—(Hear.)
The CHAIRMAN said the accounts stated the ar-
rears up to the 31st of December only, while the re-
port stated the amount at the present time.
With regard to the blanks in the account, he begged to
state that receipts from mails could not be put down, be-
cause that matter was now the subject of an arbitration.
The tolls due to the Shrewsbury and Chester Company
amounted to 1,0581., but that sum had not yet been
agreed to. The mileage claimed by the London and
North-Western Company up to the 31st December last
amounted to 13,600/., of which 10,000/. had since been
paid; so that the amount now due was 3,600/.—(Hear.)
The receipts arising from the sale of preference shares
since the 31st of December amounted to 120,0004
netting 131 per share.—(Hear, hear.)
Mr. Sergeant STOISKES said it was quite hopeless for
the present generation of proprietors to expect any re-
turn for their investment in this undertaking, but their
children might reap some advantage from it.—(Hear.)
The expenditure of the concern had been so extravagant
that he was almost induced to think that the
directors had acted as if they bad had California with-
out the trouble of digging for the gold.—(Hear and
wow.) As tco i W X'eril; 101 yi9Blcl pay pf it

was that .it realised Talleyrand's opinion, that the use of
language was to conceal man's thoughts.—(Laughter.)
It held ott,t some prospect of a return for their money
when Irelan d was pacified.—(A laugh.) Why had the
chairman resigned ? Why had they changed their
secretary ? Why were not these things explained in
the report? Simply because the directors were anxious
to cast a veil over their past wasteful extravagance; and
he should decline voting for the motion approving the
report.—(Hear.)
The CHAIRMAN said the reason Mr. Collett had re-
signed was the pressing nature of his duties in Ireland,
which prevented his giving that attention to the business
of the company which its importance demanded.
Mr. LUTCHWORTH asked who had been elected to the
vacant chair?

The CHAIRMAN replied that the honour had bten con.
ferred on humaelt:

Mr. L UTCH WORTH recommended the directors to dis-
continue the steam-boats running between Holyhead and
Ireland; and called upon the meeting to negative the
proposal for purchasing the Mold Railway. Ile wished
to know how much the joint Chester station had cost?.
The CHAIRMAN replied 200,0001., of which this com-
pany contributed 51,000/. _

- A PROPRIETOR asked if any more money would be
required from this company for this station.
The CHAIRMAN said 10,000/. more would be required
for this and other stations. With regard to the steam •
boats the directors were endeavouring to bring about
an amalgamation between their own and the Govern-
ment boats.

Mr. GLYN, M.P., said that he had been pressed
to accept the office of chairman of this company,
but as his health had suffered during the last
few months from a close attention to the affairs
of the London and North-Western Railway, he did not
feel himself at liberty to accept the offer.—(Cheers.)
However, the shareholders had received an excellent
substitute, and he was sure the aim of the present chair-
man would be economy in the management of the com-
pany.— (dear.) While he admitted that hitherto their
expenditure had been large, he hoped the meeting would
not go away with feelings of despondence, for with a little
patience he was quite convinced the line would prove
profitable.—(Hear, bear.) The line was now only par-
tially opened. Wait till the whole was ready for traffic,
and the shareholders might rely upon an amalgamation
with the Admiralty boats, and profitable return for their
investment.--(Cheers.) With regard to the omission in
the account, a supplemental sheet should be sent out if
required.—(Hear, hear.)
The motion was then agreed to; after which resolu-
tions, in accordance with the recommendations i❑ the re-
ort, were proposed from the chair aad carried.
The shareholders then resolved themselves into a
special meeting, and discussed the question of purchas-
ing the Mold Railway.
Thanks were then voted to the Chairman, 'and the
meeting terminated, after a sitting of upwards of three
hours.

FROM THE LONDON GAZETTE

OF FRIDAY.
ST. JAMES'S PALACE, FEB. 28, 1849.

The Queen was this day pleased to confer the honour
of Knighthood upon Captain Thomas Seymour Sadler,
Senior Exon of her Majesty's Body Guard of Yeomen of
the Guard.

week the recruiting
this garrison, viz.,
their several corps
tsgow, Sec. They
arrived this morning, cons: - batch of recruits
,g of sixteen young men
from Liverpool. Some of them are recently-discharged
soldiers, and of course received a second bounty money.
They are a fine sample of young men,
THE HERO OF SINDE AT PoaTsmourTn.--Lieutenant-
General Sir Charles Napier, the new Commander-in-
Chief for the Indian army, left her Majesty's Marine
Palace, at Osborne, Isle of Wight, yesterday morning
at half•past nine, and embarked in the royal Yacht
Fairy, for Portsmouth, where he disembarked at half-
past ten, and where he was received with the most flat-
tering marks of respect and enthusiasm by the inhabi-
tants and authorities. The Lieutenant-Governor of
Portsmouth, Major-General the Right Honourable
Lord Frederick Fitzclarence, escorted the distinguished
visitor to his official residence, and entertained him most
hospitably. After breakfast, the mayor and corporation,
on behalf of the burgesses of Portsmouth, waited upon
the gallant hero to present their respects and an address
at the special request of the inhabitants, which the
General must urbanely consented to receive. Accord-
iagly the address was immediately pr. seated, the muni-
cipal functionaries being attired in their robes of office.
The address having bean read by the Torn Clerk—
Sir Charles replied as foll.twt,:—." Mr. Mayor and
gentlemen --I receive this address with very great aed
sincere pleasur..,; the more so as I have formes ly known
Portsmouth, once having had the pleasure of visiting
it with my father in 1835, and having it en-
deared to me by other associations since. I have,
therefore, a knowledge of Portsmouth, and the
pleasure of that was greatly enhanced on my arrival
here from India. I hope you will convey to your towns-
men the gratification I feel upon receiving their
address from your bands. I am very much afraid that
my countrymen have given me credit fur much inure
ability than I posies. lam going to India, and I hope
you will pray for my success.
The gallant General shook hands with the Mayor,
and then the corporation retired.
Sir Charles arrived in town at four o'clock yesterday
afternoon.