The Sun.
London, England, 1849-08-20 00:00:00

Ittatht# 2111:

LONDON, MONDAY, AUGUST 20, 1849.

Sir JAMES DUKE must have felt proud of his posi-
tion the other day, when, on his visit to Scotland,
he was presented with the freedom of the' city of
Edinburgh. It might be supposed that on the LORD
MAYOR, and, moreover, the Parliamentary Repre-
sentative of the city of London, such an event could
confer little additional honour. But not so. Sir
JAMES DUKE is a Scotchman, and as a token of the
respect entertained by his countrymen for his pri-
vate worth, and their congratulatory sympathy in
his successful commercial and political career, the
presentation of the freedom of the capital of
Scotland was an act most complimentary in
itself, and, as such, very gratefully appreci-
ated by its recipient. In addition to its indi-
vidual interest, the account of the ceremony of the
presentation is rendered valuable and attractive by
the encouraging example which it holds forth. As
the LORD PROVOST very justly remarked on that
occasion, " we see that the path to honour and emi-
nence is open to individualsoffnerve:,ye
class—there
find
that
a is
no
royal road here to eminence,
hum-
ble Scotchman, leaving his native shores, and settling
in London, may have not only a seat in the British
Senate, but be placed at the head of the greatest cor-
poration of the country." " Your history," said the
LORD PROVOST, addressing Sir JAMES DUKE,
" offers a bright example, and should act as an
inducement to others to follow in your foot-
steps:' .And what were those footsteps ? Now,
example is better than precept, and the lesson con-
veyed by Sir' JAMES DUKE'S adhesion to his past
career is better than a hundred homilies on the tri-
umphant s
api
d e r
theitev •Lr aonacDe
m' A`
vlonamof never
L Lon-
don, n
ashamed to efficocnacfeyss
don, " that I sprang from the humblest ranks—thatl
received but a good name when I left my native
town," and be added, after alluding to the many
difficulties which had impeded his ultimately suc-
cessful career, " I mention this to show that in this

happy country (whatever differences of opinion
may sometimes irritate public men), the young
man who perseveres in a course of integrity,
sobriety, and, let me add, economy, can-
not fail to make himself respected and independent."
This is a testimony worth having, and, coming from
such a quarter, it will have double weight. Let the
struggling and the friendless think of this. This is no
delusive will•o'-wisp of glory, but a plain substantial
fact. The-advice given is, happily, as practical as it
is truthful. Perseverance, combined with integrity,
sobriety, and economy, will ensure independence and
respect. But the lesson must not be half
learned—the forces must not be divided. It is
the old fable of the bundle of sticks. What will
perseverance avail without integrity ? and can integ-
rity prosper without perseverance ? Even these two,
all. essential virtues though they be, are insufficient.
How often are not both the one and the other ren-
dered fruitless by the fatal want of sobriety ? How
many happy homes have been rendered desolate by
that sad vice ; and how many once cheerful hearts
have borne bitter testimony to the expressive lines of
ELIzA COOK, in her splendid " Ode on Temperance?"
" Who shall reckon all the anguish
Who shall dream of all the sin,
Who shall tell the souls that 14nguish
At the spectre•shrine of Gin?"

Integrity and perseverance, and sobriety and eco-
nomy—economy which has been beautifully and
truthfully styled "the nurse of independence ;" and
the truth of the epith2t will be evident to all who, like
the LORD MAroR, hare tested it by experience—
Integrity, Perseverance, Sobriety, and Economy are
by this showing the four corner-stories of the temple
of Fortune. Many a temple has been built on a
worse foundation ! We cordially hope the LORD
MAYOR'a address may encourage many humble
beginners to follow his honourable example. His
deserved success cannot fail to stimulate all who hare
embarked on that most arduous path by which the
fable of SISYPHUS and his rolling stone is daily
realised—the pursuit of fortune under difficulties.
All may not, like Sir JAMES DUKE, become Lord
Mayors and Members for London, but all who follow
his advice will inevitably obtain what he promises
them, and what he himself has obtained, and which he
values mere than the freedom of the city of Edin-
burgh, or the confidence of the electors of London, or
even the civic mace itself—respect and independence.

Several railway meetings were held during the last
week, at which the accounts of the past half-year have
been submitted to the shareholders, and dividends
declared on the stock of the several companies. First,
perhaps, in importance was that of the London and
North-Western, 'which took place on Friday, in
the magnificent new Hall at the Euston-square sta-
tion. The proceedings of the leviathan ccmpany
must ever be regarded with the deepest interest by
all parties possessed of property in railways, nut only
from the enormous amount of capital invested, and
the vast traffic of the line, but also because the direc-
tors have ever enjoyed the utmost confidence of their
constituents, and have exhibited a praiseworthy ala-
crity in adopting every method by which the expenses of
management ann of the various charges incidental to the
working of the railway might be economised, and ample
provision made for every probable contingency. On
the present occasion the result of the meeting was
looked for with more than ordinary anxiety. It was
known that the usual dividend at the rate of seven per
cent. per annum would be maintained, for the direc-
tors, in accordance with their laudable practice, had
placed an abstract of the accounts of the half-year in
the hands of every shareholder some days before the
meeting, in order that it might be fully investigated
and an opportunity afforded of making any inquiry
on the subject. But it was also known that the
amount had not been fully earned during the six
months, and that a considerable dip into the reserved
fund was necessary, in order to keep up the
dividend ; and although there was no infringe-
ment on the capital, some apprehensions were
awakened in the minds of shareholders, lest
they might for the future be compelled to submit to
a fulling off in the dividends which they had been
accustomed to consider as safe as those arising from
the public funds. We are happy to say that these
apprehensions were in a great degree mitigated, if
not entirelyremoved, by the straightforward and manly
explanation afforded by the respected chairman, and
‘,...... ~,..„. ..__ ---.- ~•-= ,----7--- , • r -.fe-rt bor.-
mony, and were terminated to the satisfaction of all
parties concerned.
The gross receipts for the half-year, from the Ist of
January to the 30th of June, amounted to 1,032,9391.
4s. 7,1., of which 647,917/. 14s. 31. was obtained from
the passenger tra..4Ec, including the carriage of parcels,
horses, carriages, and dogs, and of the mails; while
335,0211. 10s. 41. was received for merchandise, ex-
clusive of the agents' costs of collection and delivery ;
while the interest on cash balances and calls in arrear,
rents, and other small items increased the fund to
10,628,8461. 16s. On the other side of the balance-
sheet there appeared for working charges (including
maintenance of way, locomotive power, and coaching
expenses, police expenses, stores department, and
general charges), 366,5471. 15s. 4d. ; for parish rates
and taxes, and duty on passenger traffic, 51,368/. 14s.
10d. ; for interest on loans, 111,881/.lBs. 3d., which,
with expenses 'connected with other railways,
amounting to 15,8561. Os. 9d., left a balance of
517,1941. Os. 10d., from which was deducted 7,5251.
for renewal of rails and interest; so that the net ba-
lance available for dividend was 509,6691. 63. 10d.,
fairly earned within the half-year. There remained,
however, on hand from the preceding half-year an un-
appropriatedbalance of 71,4931. 12s. lid., from which
the deficiency necessary to pay .a dividend of 3i- per
cent. for-the half-year, was made up, by which the
reserved fund has been reduced to 15,5011. 19s. id.
This certainly at first sight appears by no means
favourable, The simple fact that nearly 56,0001.
sterelini n the reduced sterling shourledbuerd dividendequi of seven per cent. per
annum, pastearningsto keep
up v
reduced
en dnuueme wouldthoastedeewmtnh
aitcnohd j uc
thatso tui fl yd t
ht
ehb
ee d fiepvaai rdi sde
nofdf the r
osmh o
ualedt share-
holders,actual
profits. The Chairman, however, stated that the
division of the earnings of the spring and autumn half-
years were very dissimilar in their comparative results;
that much larger profits were realised during the last
than the first half of every year, and that the com-
pany had found it necessary from time to time
—on one occasion to a much larger extent
than at present —to make use nearly to the
same degree of the reserved fund that had
been accumulated during the preceding half-
year. In fact the seven per cent. was clearly and
fairly earned over and above every fair deduction on
the entire year, but it seenied more desirable to de-
clare dividends of equal amount, that is to say of
31. 10s. for each period of six months, rather than to
give 31.55. for the half-year ending the 30th of June,
and 3/. 15s. for that ending the 31st of December.
This fair and candid explanation was received with
perfect satisfaction by the assembled shareholders, and
the report was received and the dividend declared
without a dissentient voice.

We congratulate the shareholders and the public
generally on this result. Railway property has suf-
fered severely from the trying ordeal to which the
nation has been subjected during the disastrous years
of 1847 and 1848 ; but what description of property
has escaped unscathed ? All have participated
in the depression ; but there is every reason to hope
that with the revival of trade and commerce, and
with a renewal of activity, the railway interest will
be restored to its former position, and that fair and
remunerative dividends would again be paid to the
proprietors. One beneficial result will at least follow
from the temporary depression. A greater degree of
caution will be exhibited ; a large expenditure will
not be rashly undertaken, and economy and retrench-
ment will be the order of the day with every board of
management. Thus will good eventually spring from
evil ; and even in the prosperous years the bitter ex.
perience of 1847.8 will not be lost sight of or for-
gotten.

The Lord Mayor returned to town on Thursday
from Scotland.
The Queen has granted a pension of 1001. per
annum on the Civil List to Lady Hamilton, the wife of
Sir W. Hamilton, Professor of Logic and Metaphysics
in the University of Edinburgh, and a valuable contri-
butor to philosophical literature. Mr. Redington,
Under-Secretary for Ireland, is to have the rank of
C. 13., or second class of the Bath on the Civil Estab'Lh-
rnent. Mr. Henry Lawrence is app &lied Cumberbatch
Deputy Surveyor of the New Forest, Hants. Dr.
James Vickery Drysdale and James Macfarlane, Esq.,
to be temporary members of the Cuuncil of St. Lucia.