The Sun.
London, England, 1849-08-18 00:00:00

...(Light Blue) 1

(Purple) 0

A. capital start was succeeded by a very good race
hroughout. Won by two lengths.

Final Heat.

Mr. Watson
Mr. Walford

Mr. Harpour ..; °
Mr. Watson went off with the lead, which he held
slightly down to the Eel-pie-house, where Harpour and
Wa!ford fouled, and the winner went well away from
them. Harpour got clear away from air. Watford. but
the latter overhauled him off the Duke of Bumleach's.

Four-oared Race for Silver Presentation Cups_
The Eclipse Club ... (Crimson) 1
Messrs. J. G. Chiliingwortb, B. Green, T. Bone, G. C.
Ravenshaw, stroke. J. H. Ravenshaw, steerer.

Isleworth Syon Club (Light Blue) 0
Messrs. T. G. H. Smith, Thornbury, Hyde, M. E. S.an-
brough, stroke. W. H. Wilkins, steerer.
The Eclipse took the lead, did as they liked, and won
easily.

A'four-oared " scratch" followed.
A grand entertainment and ball at the Castle Rotel
wound up the regatta. Mr. G. C. Ravenshaw officiated
as honorary secretary.

BRANDY CoLounING.--An importation having
taken place into the port of Douglas, Isle of Man, trom
France, of a quantity of an article designated colouring
matter, it was subjected to examination by the autho-
rities of the revenue, in order to ascertain whether the
strength of it was such as to make it liable to the duty
leviable on brandy, from which it resulted that by the
hydrometer it showed in its disguised state 50 per cent.
of spirit, and would probably, on being analysed, be
found to contain at the least 75 per cent. of proof spirit,
which rendered it lieble to the duty chargeable on brandy
on importation into this country.
THE MAILS.—SOUTHAMPTON, FRIDAY, AUG. 17.—
The Royal Mail Steam-packet Company's ship Tay,
Captain G. A. Chapman, took her departure this after-
noon with the usual British and foreign West India mails
and the mails for the Pacific ports, in charge of Lieu-
tenantvia Madeira, Baradoes, &c. She has forty-one pas-
sengers; amongst whom were Captain Crawford, 66th
Wilkinson, R N., Admiralty agent.acm.laffiiecorel;oeni
Lieu-
tenant pletaithnwaMyteen,dlsLvj.
eOs , p altoor to, sailed
L isb
Lisbon,
this c afternoonad and
The cargo comprised manufactured goods and specie,
value 961., for Madeira; and 1,8681., for Chagres. The
Regiment,en t
F 4: n el3,aEr bn as
idgone s
T;
hCi
sat
Peninsular and Oriental Steam Navigation Company's
tons of cargo, and specie, value 11,800/.Passengers'
with,h
ETON
p TriohaNes hnia,a mails
COLLEGEp
ft
oairnE Vigo,
ELECTION
ec k
lON EXAMINATION.—At the
forty
Gibraltar. The Pasha took out twelve
indentures election
oboys, c
ewhose o namesiiin,,s werec to be put on the
vacancies may occur, 18
age,
seldecotelidegbey,
Ir3webnetiyngbol377s ethaer"ebxraidnglien'erass,
Successfully passed their examination to be
the. remaining five 18.
placed on the foundation of Eton when vacancies take
place; five of these boys were brought to Eton as candi-
dates for examination from schools in various parts of
the kingdom. The following regulation, which has just
been adopted, will be considered of no trifling import-
ance to those persons of confined means who desire their
sons should be educated at Eton:—Those boys, whose
names are placed on the foundation list to succeed upon
vacancies may now return to their respective schools
until they occur. They need not be entered at Eton
until vacancies on the foundation absolutely take place.
By this regulation their parents will save the heavy ex..
pense of boarding and tuition (as Oppidaus) until the
openings for their SODS are created by retirements or
superannuation&
A TOUGH Jon.—A fellow writing from somewhere
I would not undertake to spell or
pronounce the name; but if you would take Kickapoo
and Ojibbeway', mix them up with Passamaquoddy, and
vicinityout
west"pronounce the whole backwards, you will get within
of Holstein; says—" We started for some little town in the
about six miles of the name."

,NDON AND NORTH-WESTERN

RAILWAY.

The usual half-yearly general meeting of the pro-
prietors of the London and North-Western Railway
was held yesterday in the great hall of the Euston
Station ; Mr. G. C. Glyn, chairman of the board of
directors, in tho chair. The meeting being the first that
has been held in this magnificent building was very
numerously attended.

The business of the day was commenced with the
reading of the minutes of the previous meeting, which,
on the motion of the Chairman, were unanimously con-
firmed. The common seal of the company was then
affixed to the register of proprietors.
The CHAIRMAN then addressed the meeting as fol-
lows :—Before, gentlemen, we proceed to the reading of
the report I am anxious, according to the custom of this
company, previously to occupy your attention for a few
minutes with a few words upon some parts of that report
which will be afterwards read to you.—(Hear, hear.)
In the first place, gentlemen, I am a little anxious to
remove from the minds of the proprietors some little ap-
prehension which has been felt since the publication of
the accounts as to the large dip wo make on this occa-
sion into our reserved fund.—(Hear.) Now, I beg Hon.
Proprietors to recollect, and all who are acquainted with
railway practice know full well the fact that the two
half-years, the first and second divisions of the year, are
very dissimilar in their comparative results, and that
from time to time we have in this company found it
necessary, on one occasion to a much larger extent than
we do now, or at least to very nearly the
same extent, to make use of the reserved fund which had
been accumulated in the preceding half-year.—(Hear,
hear.) I am quite aware, gentlemen, that this is per-
haps an inconvenient custom; but as long as the present
system established by the Act of Parliament rendering it
necessary to make up the accounts-in a particular manner
exists, the consequence of that inconvenience is inevit-
able. I would much rather that we were in the situa-
tion, and could follow the example, of many
public companies in London, who, although they hold
two half -yearly meetings of their proprietors,
nevertheless regulate their dividend by one annual
making up the accounts; we should by that system avoid a
great deal of that inconvenience, and the occasional
fluctua.ions that now arise.—(Hear, hear.) But, gentle-
men, having said this with regard to the use of the re-
served fund, and explained that our taking a great
proportion of it on the present occasion,
icy no means an unusual practice, indeed it is the ne-
cessary result of the form of keeping the accounts—
still at the same time I do not hesitate to say that your
directors are on the whole disappointed with the result
of the operations and business of the year.—(Hear, hear.)
I allude particularly to the results which have followed
the accounts made up in connexion with the passenger
traffic.—(dear, hoar.) The receipts, gentlemen, of the
past half-year upon passenger traffic amounts to
647,9171., a total that is very considerably less than
that of the corresponding half year of 1848, and
very considerably less indeed than that of the corre-
sponding half years of 1846 and 1847.—(Hear. hear.)
And, gentlemen, it is to be remarked that this alteration
in our traffic receipts has fallen upon particular places.
—(Hear. bear.) London has done its duty; but at
Liverpool, and particularly at Birmingham, our re-
ceipts present a very considerable diminution.—(Loud
cries of " Hear, hear.") On the other hand, taking
the whole of the local traffic in the aggregate, we are
satisfied a ith the results which it presents.—(Hear,
hear.) Upon that important item there is on this
occasion no falling off whatever.—(Hear, hear.) Now,
gentlemen, in touching upon the question of the pas-
senger traffic, it is impossible to avoid alluding,
in passing, to the causes which probably have
produced that effect.—(,iear, hear.) From Ireland,
gentleman, which is of course a considerable source of
traffic to this lin., we have comparatively drawn little
or nothing.—(Hear, hear.) But I am inclined to consider
that we must attribute the falling off the receipts upon
passengers still to the evil effects of that disastrous year
1847. I think the effect generally throughout the coun-
try of the disastrous events of that year has not yet
passed away; and I think also, gentlemen, that a great
deal, perhaps mere even than the effect of the com-
mercial distress of that period, is to be attributed
to the legisl Ilion on railway matters in the years 1845
and 1846.—(Hear, hear.) I attribute to that legisla-
tion—that over legislation—that reckless granting of
new projects—a great deal of the mischief, both in com-
mercial matters and also in railway matters, which we
are now decidedly suffering under.—(Hear.) We cannot
expect, gentlemen, the revival of our passenger receipts
until the community at large have recovered from the
effects which were produced upon them by that constant
recurrence of calls—that constant recurrence of sub-
scriptions and losses upon new projects, from which
the great proportion of the community had more or less
suffered.—(Hear, hear.) It is from the surplus income
of individuals that any increase of our passenger traffic
must mainly be looked for.—(Hear, hear.) It is when
the pocket is full of money that a man with a family
turns round from business to see whether he can venture
forth to enjoy himself—to see where he may go for re-
creation, and, under these circumstances, we cannot
look for a revival of our passenger receipts until
all these disasters to which I have referred have been en-
tirely overcome.—(Hear, hear.) Now, if lam correct,
gentlemen, in attributing the depression of railway
traffic in general to this cause, there is at any rate
this satisfaction connected with it, that it is cause
of a passing character.—(Heir, hear.) I cannot
help feeling, when I look aroun in the manufacturing
districts of this great country, that there is decided evi-
dence at this period of a very great—though it has been
gradual—improvement ; and if the prospects of
the harvest should be blessed with plenty,
I see no good reason why we may not look
forward with a great degree of confidence to a
return to the position which we occupied in the years
1847 and 1848.—(Heir, hear.) Ido not wish you to go
back to 1845 or 1846, because those were years of
prodigious excitement, in which years the traffic was
exaggerated by those schemes and projects which at that
time were got up and thrust upon the public, and which
produced an expenditure in railway travelling of a most
extravagant, and, as it afterwards turned out, of a most
detrimental character. But, gentlemen, if the passenger
traffic of the present halt-year has not realised the anti-
cipations of your directors, it is at least a source of great
satisfaction to them and to me that I am able to tell
you that the same disaster has not fallen upon the
goods traffic, and our accounts present a very
different feature in that respect. (Hear, hear.)
Upon the goods traffic we are enabled to report that,
for the half-year ending 30th of June, 1849, it amounted
to 385,0001. ; whereas in the corresponding half-year of
1848 it amounted only to 339,0001—thus showing a
very considerable and large increase.—(Hear, hear.)
And, gentlemen, in alluding to that increase, we
should not do justice to the enemy, activity, and pro-
ceedings generally which have characterised our agents
under the new system of goods traffic upon which
that part of our business is now based, if we
passed them over without some remarks. They
have certainly conducted the goods traffic in
a way which leads us to look forward to a
sill further increase, not only in the activity which
they now exhibit generally, but also in the amount of
accommodation which is afforded to the public.—
(Cheers.) There is one other point in connexion with
the accounts before you upon which also, gentlemen,
I have a right to ask for your approbation—
I allude to the reduction in the working charges. Ido
not say that the reduction is very large, because it is
right that you should understand that the system
which we announced to you in a former report,
as to our working under contract and tender,
has not yet come into general operation—that is,
we are at present under the effects of a part of the old
system; but we look forward—and there is no reason
why we should not look forward with confidence—to an
additional saving on that head. At the same time, I wish
to add, and I am sure you will be rather gratified than
otherwise, that this subject still occupies the attention of
your directors, and that while I have no doubt we shall

be able to refer to retrenchments in particular parts of
the service of the company, I am happy to say
that the busines.i is conducted with more than usual

regularity, and with perfect efficiency in every branch.
Geatlenien, when you have the report read to you, you
will see that a deputation has been appointed by the
board to era, r into negotiations with the Mid-
land Company. I am happy to state to you that
since that paragraph was penned, the final meet-
ing of the deputation of the two companies
has taken place, and I am enabled to announce to you,
that the arrangement has been made with the Midland
Company, which I have no doubt, in working, will be
protective of the interest of both companies —(Loud
cheers) that it will secure to you a more
full development of your merchandise traffic in
particular than any other system of action with them
that could be devised, and at the same time it is
regulated in such a way, that if any difficulty should
arise under the system may from time to time be
re-arrappil, thus avoiding, in point of fact, any
detrimental cons.:quences to the interests of either
ecmpany.—(Cheers.) The arrangement I allude to
does not take the character of an amalgamation—(Hear,
hear)—but it is for the mutual working of a certain
branch of the traffic, and a large branch—to use a
mercantile expression, I will say we have entered into a
joint account which I think will prove most beneficial to
the interests of this company.—(Cheers.) There is also
another point, gentlemen, upon which I wish to occupy
Your attention for a moment. This is the first
occasion on which you have seen in the accounts any re-
ference to the peculiar mode of working the system,
which we have
_proposed for keeping in order our per-
manent way. I doubt not that nearly all of you have
seen in print the
yptoortthmade
officers or a:is came report by the executive
board on that subject.
Aiter certain alterations, that re port was adopted by the
It, and hope to
bard; and we are now carr
early it oat to your advanta
hear, and
tothe
cheera.) Tha principle of the systmC,
this—
we ire applying to the permanent Ira!
we is 7ar2ietlyis
duration of rail;, chairs, and sleepers
to teem exactly the same system which a life assurance
office applioi to the carrying on of its business• rijr—e
have evi:lenee which is open to the whole world,
nod which nu. be arrived at certain ccnclu-
si which authorise us to say that in a certain number
of fears the permanent tvay requires replacing.—
(II ear, hear.) We have found eat by practical
re-olts how much it will take per 'annum
to arrive a: a sum, at the expiration of a certain period,
which will replace the whole line. We propose that
every halt-year the necessary sum to be given to the an-
-11.141 account shall be taken from the revenue account—
that that shall be applied, with securities, at the
rate of four per cent., and shall form a separate and dis-
tinct fund from anything else connected with your busi-
nes; and xe know from the calculations of experienced ,
actuaries, that if that system is honestly and properly
followed out, exactly in the same way that a life assurance

office follows out its system of meeting the liabilities, on a
policy on a life, we shall be in a situation to lay aside,
in this way, the entire sum necessary for replacing the
permanent way. Of course, gentlemen, the accu-
racy of carrying ont this will depend entirely
upon the honest performance of our duty. If there be
any doubt, any hesitation or delay as to the way in
which the sum is used, as to the investment of the money
every half-year, then, gentlemen, of course the calcula-
tion falls to the ground. With the view of
keeping our eye upon this system, we thought it neces-
sary, with the sanction of the auditors, to append to the
account the first result of the working of the system. I
am happy to say, in reference to this particular
subject, that there is another point upon which
doubts may have arisen in the minds of those who have
not occupied themselves with the subject, viz., at what
price the rails may be replaced. Now, to set the
matter at rest, I may say that the ten-
ders which have been received by the principal
railway companies enable me to tell you that the cal-
culations set forth in the report of the practical
officers of the company are rather higher than the price
at which we can at present get rails would
justify. Perhaps I have dwelt too long
upon this subject, but, as the principle involved is a new
one, and has never yet been introduced into any railway
company, because from want of experience it has never
been fairly looked into, I thought it advisable to
take advantage of the first opportunity which
presented itself to enter into some account of
the reasons which have induced us to adopt it.
When we last had the pleasure of meeting you, gentle-
men, it was upon a question of primary importance in
every view to all connected with railway interests. I
allude to the special meeting convened on the subject of
the Audit Bill then before Parliament. The almost una-
nimous vote which that meeting arrived at; expressive
as it was of its views so strongly upon the then
proposed measure of the Government—had, I am
c ertain, a great effect on what subsequently took
place. Acting in some measure under the advice
of an Honourable Proprietor whom I am
glad to see present on this occasion (Mr. Alston)—
acting on his advice we, making a portion of the depu-
tation of Railway Companies, waited upon Lord
John Russell, the head of the Government, who was
at tended by two of the Railway Commissioners, Mr.
L abouchere and Sir Edward Ryan, and after much par-
ti miler discussion on the merits f the measure itself,
and after explaining to Lord John Russell the views
of the railway bodies generally as regards the subject
of additional audit, Lord John Russell frankly and
explicitely declared to us, that if we, the Railway
C auditom pa ni
teos ,
owuetr e
hands inclined,
he
et owtaaak e
nota Ea etah sou r of additional
wia
Gw oa a
enxious to bring railways under the control of the -
vetrament for that purpose.—(Cheers.) In consequence the
Bill was in a few days after that declaration withdrawn
from the House of Commons.—(Hear, hear.) The de-
pu
tie s who represented the railway interest at the meet-
ing held subsequently to the withdrawal of the Bill,
adjm irned their meeting until a later period in the year;
their object, gentlemen, in that adjournment was to afford
time for the holding of the public meetings of the
differ Tot railway companies, that they might, when they
met again, either receive personally from the proprietors
their opinions, or receive suggestions from them in
weiti ng, if they so think fit,—that they might, in fact,
re reeve suggestions in some mode or other re-
ga rdtng the measure which it may be the
au ty of railway directors themselves, or railway
pt.( )perietors themselves, I would rather say,
to introduce into Parliament next session. And, gen-
tle men, I beg to state that if the proprietors think it
wo rib. while, and I hope they will not neglect the occa-
sion, to enter into the question and offer suggestions to
that meeting when next held, I trust they will come
for, v&rd and do so, because I can speak confidently of those
who, attend this meeting that they entered /as diligently
as the y could do into the subject which at the time I
mail/ on we had in view—namely, to defeat the measure
oft ht: Government, which would have taken from you
that power which at your special meeting you said
you would not surrender. That was the subject
whi .•,11,, in the first place, you had to consider;
in the second, to be the medium of introducing
such .a. measure before the attention of Parliament in the
next ae scion, which might emanate from the proprietors
them selves. 'I told you at the last meeting, and I now
repeat': again in the face of any observations that may
be me ,d. ) upon it, that I believe that the powers which
yoa )ao w possess under existing Acts, if you will
only is .ke the trouble yourselves to see properly
carried out, are effectual for the purpose of a full and
compl at e audit.—(Bear, hear.) And I do not think it
quite trii ;ht and fair that the absence of attention, on the
part or proprietors, should be thrown in the teeth of
execut'iy a bodies who opposed the measure to which I
have r eft Irred.—(llear, hear.) Recent experience, gen-
tlemen„ tells me also that the powers under existing
Acts p sessed by proprietors, when exercised, are ample
and sufficient ; but when I say that I will add my own
individ ut it opinion that, judging from the experience
which et have obtained during the past, I, as a proprietor,
should not be content with leaving Parliamentary
powers exactly as they now stand.—(Cheers.) Why,
gentlen sen, do I say this ? Because times may
arrive :again when proprietors may pass from
their p re sent state of activity into which they bad been
raised •on those questions, into that calm and dreamy
state in. -which, when they are getting large dividends,
they wera so apt to fall into. And, gentlemen, it is on
accounit: -of that—it is against the possibility of supine-
ness—it; .is against that I would ask you to consider,
that in any measure to be proposed additional
powers ought not to be given with respect to the ques-
tion of audit. I say now, as I said then, that I believe
that the addition of professional men, as expressed in
the Pee elution passed at the last meeting, would
be so sient and entirely sufficient for the ob-
ject sub ich I have in view. And, gentlemen,
when am met by that argument, in answer
to that -that the accountant or auditor, whatever he
may be' .called, so appointed, would be the mere tool of
the ra; lway bodies who would appoint him—
I say that that casts an imputation upon two
classes of men. I won't take up your time in de-
fending- railway directors, one of the classes alluded to,
because:, it is their duty to bear all those remarks
that art thrown out against us, whether deserved or
not; bat I do think it a hard imputation against a class
of men: whose livelihood depends upon their professional
exerti( 3—l mean that class who hold a considerable
stake rem ong commercial men, the class of public account-
ants. It is hard upon them, it is unfair that it should be
suppo see I possible that because they are appointed by men
like tl tot ie before me—it is unfair that they should be
subject; to an imputation of being dealt with as
mere -tools, which, if I properly interpret it,
means that they can be easily bribed by the men
sitting. 'behind the bar. Is it likely that men occupying
a high station, as from their position they occupy
in the . commercial world, whose very subsistence
doper eh; upon the good opinion of commercial
men— -is it possible to think that such men
will mad themselves to such proceedings as these? On
the c• trary, they would be the first to show up any pro-
ceedi np ;s of this kind, and hold up to shame and obloquy,
any a tt empt, if made, if it could be or dared, be made by
any e ecutive body. I think it is hard to suppose that
it is possible such men could be dealt with in this way
by tt to executive body of the company. It is hard
upon hem, but harder upon the class of gentlemen to
whom_ I have referred. But I can name another class
from -whom the accountant might be chosen. We
have in all towns a class of gentlemen of large respon-
sibility appointed as official assignees. Choose account-
ants from them if you think proper. They hold their
places,', during their good behaviour. Is it likely that a
man to r any trumpery offer that would be made to him
by a railway company would risk the loss of that which
gives him his place for life, that he would
cone, ?al' or alter any accounts placed before
him ?` Such a thing is altogether unlikely.
I am :anxious, and so I have no doubt are you, for the
readini ; of the report.—(l.lear, hear.) I have often ad-
verte d to the question of the capital account, and I hope
the tiar to has now arrived when the operation of the capi-
tal at cunt will be such as to render the operation upon
it of little importance.—(Hear, hear.) I hope in
future, that the capital account will by some plan be
brouso t more under the cognizance of the proprietors.—
(Hear, hear.) I conceive that some system may
be a'lo pted by which the directors may take from
the proprietors a vote on account, and that the directors
at se mt s future meeting might account for the amount of
that • rot :e.—(Cheers.) I believe that if such a plan was
ac'op ted it would obviate great difficulty. In railway trans-
actio, as. I am ready to admit it is often impossible,
with aft increased business, that the accounts should be
ready -at the particular time—(Hoar, hear)—but the
shay sh. alders might depend upon it that every exertion
woul (.1 be made to produce so desirable a result. The
Iran Jac tions of this company, I am happy to say, are in-
crea tin g; the mercantile transactions of this country are,
I am Nappy to say, also improving; and such being the
case, think it is a sound principle that all votes of money
shoal id be placed under the control of those who voted it.
—(C ht 'ors.) I have nothing more to add, except to state
that VP a stand before you under circumstances of great
anxi et y. It is our duty to give an account of our whole
trap: MI :lions, and that we have endeavoured to do.—
(Chi tee s.) In all that the directors have done, they have
cons id ered the interest of the proprietors. They have been
oblig :e4l, and they could not avoid entering into many
profit to is that. the legislation of 1845 and 1846 compelled
them . sto enter upon. The shareholders, therefore, could
not t ,brow upon them that as matter of! blame.—(Hear.)
The directors came before the proprietors to show to
them what they had done. It was true they had done
some • deeds at which the shareholders might be asto-
nish, ,d ; the directors might have done some deeds at
whic 1t the proprietors might be astonished—they
migh have done them mistakingly—(Hear, ham)
—by t this I will say, whatever acts they have done
wror igly they have done them innocently and with the
best it itentions.—(Hear, hear.) The directors have
acted : -throughout in an endeavour to be the faithful
stew art Is and trustees of the proprietors ; and,
wha tevi e. we have done, if our acts are to be
exit. nin ed into, we have no fear for any control or
any am lit that may take place.—(Cheers.) Mistakes
we •sa y have mode—(Hear, hear)—they have been
hone y made, and we look confidently to the approval
of the ,eshareholders both in London and elsewhere.
Tb e CILAIRBIAN then called upon the secretary to read
the fo lit ,wing report:—
"In: a übmitting to the proprietors the usual,half-yearly
p a s
e,evn thet tetdaeiieteetnotrsohia2v2e tloB9riepoTrth.a diminution of the
yraisoGuosinvocemarnpu,amserese_nd. with the same period of
1848 rh
reliefe.t t ri bn
t)ase
troops
toop
svcia'a decrease may be
Government
has reduced
suspensioneduced the of
receiptsthe
4,5004. - and the loss of one day (1848 being leap-year)
may be •e estimated at nearly 5,0001., in comparison of the
produt ;a . of the two corresponding half years.
ataou A further
decrer Ise uaay be found in the lessenedof travel-
ling f aro, atrhout the country, and in the establishment 11t
o f
new, t hou, gh distant channels of communication,
attract-
ing sot to of the traffic which has hitherto passed over
the Loll on and North-Western Railway.

" The cattle traffic, which shows a diminution of
1,7721. received a cheque, owing to low prices in the
London markets; it has recently shown a steady advance
over last year.
"It is satisfactory to report, in the merchandise de-
partment, an increase of business, amounting to 47,0001.,
which has been obtained at a very trifling augmentation
of the working expenses. This large addition of income,
in the face of much competition, is an indication of the
expanding commerce of the kingdom, and of the sound-
ness of the system on which the carrying business of the
company is now conducted.
" The working expenses of the line have been reduced,
and the directors are satisfied that a further gradual
reduction of these charges is consistent with the convey-
ance of a large additional traffic.
" The increase of the aggregate receipts from traffic,
as compared with the corresponding period of 1848, is
23,0321., the working expenses being 5,854/. less ; leaving
a ❑et increase of profit of 28,886/, with about the same
mileage. _ _

" The working charges on the present occasion are,
exclusive of rates and taxes, 35.9 per cent, and including
those items, 40.9 per cent. ; but a per centage of work.
ing charges on gross receipts affords no sound test of the
economy of railway management.
" The moving stock is. in excellent order, and the
usual renewals have been effected.

' " The proprietors are aware that the important ques-
tion of the deterioration of rails and permanent way,
and the necessity of providing for their renewal, has
engaged the serious attention of the board. With a
view of arriving at a sound conclusion on this subject,
they ordered their officers carefully to investigate all
the facts of the case. Their report having been
maturely considered by the board, it was una-
nimously adopted, with some modifications. The
result of the inquiry showed that an annual appropria-
tioa of 20,700/. with interest at 4i per cent, would pro-
vide for a perpetual! renovation of the rails, and other
perishable materials connected with the road. , The
board decided that the interest should be computed at
4 per cent., which increases the amount required to
22,0502 per annum ; one-third being charged in the
spring, and two-thirds in the autumn half•year ; and
the sum of 7,5251. is accordingly deducted from the re-
venue of the
present half-year.
" The complex arrangements, and conflicting interests,
arising from the opening of new lines of railway, either
directly or remotely affecting the position of this com-
pany, have engaged, and must for a length of time re-
quire the anxious attention of the directors. They have
been desirous to recognise the just claims of other com-
panies, at the same time that they protect your fair in-
terest; and thus to mitigate, as far as possible, the
injury that would result to every interest, by au
opposite line of policy. They have generally been
met in the same spirit of mutual concession;
and, encouraged by the feeling now pervading railway
boards, they hope to overcome the difficulties as they
arise without any serious sacrifice. They have concluded
a mutually beneficial arrangement with the Midland
Company, and with the Eastern Counties Railway; and
they have extended their friendly relations with the di-
rectors of the Lancashire and Yorkshire lines. They
have also agreed with the South Staffordshire Company,
for the perpetual use of the Lon ion and North-Western
line from Bescott to Birmingham, on terms satisfactory
to both parties. They have not yet succeeded in
making arrangements with the North Staffordshire Com-
pany, but negotiations are going on in a friendly spirit.
Sensible of the advantages to be derived from a tempe-
rate consideration of every reasonable demand, the
directors will lose no opportunity of extending alliances
which must conduce to the convenience of the public, as
well as to the prosperity of the railway companies.
" The railway from Leeds to Manchester was opened
for passenger traffic on the first of this month. The
South Junction connexion at Manchester, and the new
tunnel and station for goods at the north end of Liver-
pool. were also opened on the same day.
" The Altringcham Branch Railway, in which this
company is interested, jointly with the Manchester,
Sheffield, arid Lincolnshire Company, was opened a few
days previously.
Referring to the promise given by the directors at a
former meeting, that they would not proceed with new
works without previously consulting the proprietors,
they have now to call attention to the line authoiised
by Parliament to be made by this company from Bir-
mingham to Lichfield, at an estimated cost of 200,0001.
A. ter full consideration of the matter, the directors have
decided that, under existing circumstances, the proper
course for them to pursue is to refer the whole question
of this railway to the consideration of the proprietors at
the present meeting. _

"in regard to the Coventry, Nuneaton, Birmingham,
and Leicester Railway, agreed to be transferred to the
Midland Company (as explained in the general state-
ment of 28th October lost), the Midland board have sig-
nified their inability at the present moment to complete
that arrangement. The directors trust that the transfer
may not be much longer delayed, as it is obviously not
the interest of the Midland Company to render necessary
the completion of the line in question by any other party
than themselves.

" The chairman at the last general meeting expressed
a hope that good might result from the discussions then
guing on with the directors of the Great Western Corn-
pary. Communications of a friendly nature have con-
tinued without interruption, and although, as yet, no
definite terms have been agreed upon, the directors have
the satisfaction to state, that there is no longer any
cause to apprehend a recurrence of those contests which
hive entailed so much expense upon this company.
" The board cannot omit this opportunity of bearing
testimony to the obligations under which, in their
opinion, the company lie to those individuals, both
directors and proprietors, who, at great inconvenience,
and at a time of extraordinary pressure and anxiety,
assisted in promoting the objects contemplated by the
resolution of the general meeting of February, 1847,
with respect to the threatened extension of the broad
gauge, beyond the limits of the Gauge Act, over the
Birmingham and Oxford line.
"From the statement of the half-year's accounts it
will be seen that the net proceeds are ....£517,194 6 10
To which must be added the balance

carried forward from the last account 71,493 12 1

£588,687 19 9
Less, further allowance for the renewal
of rails of ... ... ... 7,525 0 0

Showing a disposable balance of £581,162 19 9
Oat of this sum the directors recommended a dividend of
3/. 10s. per cent. for the six months, amounting to
565,6611. Os. 83.; leaving a balance of 15,5011. 19s. ld.
to be carried to the next half-year's account.
" The directors have considered it necessary, with a
view to greater security in the payment of the dividends,
to make an alteration in the form of warrant hitherto
used, and to request the proprietors either to pass their
warrants through a banker, or to make application in
person for the amount."
The CHAIRMAN said, with reference to that part of
the report which referred to the projected line from Bir•
migham to Lichfield, although it would be sanctioned
by the resolutions he was about to propose, it would be
reserved for subsequent consideration. He begged now
to move that the report be received and adopted, and
printed for circulation amongst the proprietors,
Mr. CHARLES LAWRANCE, the deputy-chairman, se-
conded the motion.
HADLEY,tionwaosf Birmingham,put
,whatthe outstanding wished to kn ow l
ia
bbi
leiftoi
er
se
thoUrre.solu
to other companies were, and what would be the pro-
blble cost of the lines now in the course of completion?
The CHAIRMAN said with reference to the inquiry of
the Honourable Proprietor, the more satisfactory way of
answering it would be to refer him at once to the state-
ment put forward in October last year, where every-
thing was given in detail, and nothing whatever had
been altered since -that time.—(Hear, hear.)
Mr. HADLEY said his reason for asking the question
WaSl this. He saw by the statement that the sum o
25,862,012/. was set down as the sum required to corn-
pieta all the lines now in progress. Now, he saw
by the present accounts that already 26,225,2881.
had been spent, being 363,000/. more than was required
in October, and he wanted to know what additional sum
would complete the whole lines? Again the Birming-
ham Extension Line was set down in the statement at
281,000/ ; but already that sum had been exceeded by
3,000/. er 4,0001 Now, what further money would be
re quire d for that? He understood that other companies
wore expected to contribute to that station.—(Hear.)
The CHAIRMAN said the question just put was more
easy to answer than the first. The Birminghamf
Extension, it was true, was put down at 281,0001.,
to which would have to be added 50,0001. more,
but although this company was finding the
money to make that extension and station, other
companies would have to refund a large portion of it.
Mr. HADLEY asked what companies the chairman
alluded to?
The CHAIRMAN said the Great Western was one of
them.
Mr. HADLEY—Had the Birmingham and Shrewsbury ?
The CHAIR3IAN—No, that company has nothing to do
with it.
Mr. HEADLEY—The Stour Valley ?
The CHAIRMAN—Yes, as a matter of course, but
particularly the Great Western.
Mr. DEANE saw with considerable surprise in the state-
ment of accounts a charge of 91,3631. Is. 9d. for the
Scottish Central Railway. Now, no Act of Parliament
or resolution of the proprietors had authorised this
company to contribute to that line; and he must,
therefore, most decidedly object to the item.
47,7001. had been expended, and, he submitted, illegally,
in buying Scotch Midland shares. This he thought was
of sufficient importance to demand a notice at the hands
of the Chairman. He had a right to complain of the
accounts, for all that had hitherto been submitted to the
shareholders had been mystified. They were going out of
their way in purchasing shares in a worthless line, which
he submitted it was, because a parallel line ran along-
side of it. The part of the report which referred to it
ought, he thought, to be left, out, and brought forward
as a substantial motion at a special meeting convened
fcr the purpose. There was also 20,860/. 16s. 7d. paid
out of capital for Parliamentary expenses in opposing
the extension of the broad gauge beyond the limits as-
signed by Parliament. He could not conceive how so
large a sum could be legitimately expended in such an
opposition.—(Hear, hear.) Reports were current that
the London and North-Western Company had purchased
shares in the Birmingham and Oxford line for the pur-
rose of defeating the views of the Great Western Com-
pany. Then there was an item of 100,0001. paid under
a working agreement with the Scottish Central Com-
pany. Now when a company applied to Parliament for
pow( rs to lease another line, and their application
was refused more than once, he thought it ought
to abandon its intention of leasing altogether.—(Hear.)
Thus it appeared for the glory of carrying the traffic of
the Scotch Central they were to give up all the advan-
toe-es which they hsd. The arrangement he characterised
as most unwise. Let the directors go to Parliament, if
they thought proper, for necessary powers, but do not
let them proceed in an.underhand manner. IC was (

said that eminent Scotch lawyers had given
a favourable opinion. Now, he should like to
see the cases submitted to teem. Indeed, an action
was now pending in the Scotch courts out of the trans-
actions in connexion with these matters. If the direc-
tors persevered in their intention with respect to the
Scotch Midland, he might feel disposed to move an
amendment, or even proceed in the Court of Chancery.
He complained that the Chairman had taunted him with
being a small proprietor and a professional man on a for-
mer occasion, and he contended that he had as much
right to speak as those of greater interest. He had not
spoken until he found his small interest growing small
by degrees and beautifully less.
The CHAIRMAN replied that he had no intention to re-
flect upon the character or position of the Hon. and Learned
Proprietor. What he said was, that he would rather take
the opinion of a mercantile man, who held a large stake,
than a professional man who held but a small one.—
(Hear.) He still retained that opinion. He had lived
long enough to know, and his experience had taught him
hoar to value professional men, among whom he had
lived, but when a question of investigating accounts
was to be decided upon, he preferred the experience
of commercial to professional men.—(Hear, hear.)
He regretted exceedingly that any personal allusion had
been made by him to what had been referred to by the
Hon. and Learned Proprietor; he never intended it, and
if he had done so he retracted it.—(Hear, hear.) He
did not stop him in consequence of his small stake in
the concern, but because he was going beyond the
bounds of necessary discussion.—(Hear, hear.)
He was happy to say that they had never had any per-
sonal discussion in that room, and he hoped they never
would.—(Cheers.) With respect to the question of
contract, on the Scottish Central Railway agreement,
it must be remembered that they had had that
agreement since 1847, it had received their sanction
from time to time, and that agreement had been
admitted to be the best agreement ever drawn
in the railway world.—(Cheers.) They were only to
pay, under that agreement, according to the property
they derived---(Hear, hear)—and if by any legal course
in the courts of the country the agreement should be
set aside, the money that had been paid under that
agreement would be refunded to the company. He could
assure the shareholders that the whole policy of their
directors was to promote the railway traffic of the west
coast, and the doing so was the consequence of making
the advance to the Caledonian Railway Company.—
(Hear, hear.) The reason why the accounts of the
Scottish Central Railway Company had been placed
under the 'Teed of the Caledonian Railway was
because they had always considered them as one.
With regard to the other question, the Honourable Pro-
prietor, through being absent from former meetings, was
not aware that in the year 1847 the proprietors came to a
vote which authorised, nay, bound and insisted
upon, the directors carrying on their opposition
to the broad gauge ; and considering that the
battle had been fought in nearly every court and com-
mittee, he was only surprised that the legal expenses
had been so moderate.—(Hear.)
Mr. HADLEY said the returns from the Lancaster and
Carlisle and Caledonian lines were estimated in the ac-
counts at 10,0001. Could the Chairman furnish
the meeting with the proportion of each ?
The CHAIRMAN said the exact returns had not been
received from the two companies, but the estimate was
made out in this way-8,5001. for the Lancaster and
Carlisle, and 1,5001. for the Caledonian.
Mr. HADLEY wished further to know why so large a
sum as a million and a half had been contributed to-
wards the Chester and Holyhead line.
The CHAIRMAN said that was an old transaction, and
he must go back to 1844 to enable him to answer the
question.
Mr. HADLEY, under those circumstances, would not
press the question.
The CHAIRMAN said, it was not quite fair to
estimate the value of the Chester and Holyhead
by what they saw of it now. The state of Ire-
land, and the course Government had pursued to-
wards the company, inflicting such severe hardships
upon it, made it not only injudicious but unjust to
estimate the line according to its present position. The
company had not yet received the Treasury contracts
for carrying the mails, while they had had to en-
counter a severe contest on the subject of the
steam-boats; but when all their difficulties were got
over, the Chester and Holyhead would be found to be
as excellent concern.--(Hear, hear.)
The CHAIRMAN did not entertain any of the appre-
hensions expressed by the Hon. Gentleman, and thought
that the line alluded to by him would, under proper ma-
nagement, be placed in a much better position.
Mr. ALSTON, who was very indistinctly heard, Bugs
Bested that the reserved fund should be augmented, and
that the dividend should be reduced to 6i per cent., in
order to accomplish this. He cited the practice of the
Bank of England in support of his argument.
The CHAIRMAN, in reply, referred to the report he
had already expressed, that the passenger traffic, during
the past six months, had slightly fallen off, but still it was
encouraging. If, however it declined, which was not
likely, for he could mention many encouraging symp.
toms, they must, of course, submit to a reduction of
dividend. The uniform operation of accounts was
this :—They were made in July for the dividend in
July, which rendered it necessary for them to act upon
the reserve fund. The second period of the year was
better4ty more than a month than its first portion.
For instance, the second period showed 100,0001
more than the first. Having made the arrangements
they had for the permanent way, they did not require
so large a reserve fund as must otherwise be required.
He agreed with him,. that in the position he held in the
company he felt more comfortable when he had a large
reserve fund.--(Hear, hear, and laughter.)
Mr. M. MARTIN said the Bank of England was not
,a
case in point. They had to discount bills, and conse-
quently a large reserve fund was necessary.
A PROPRIETOR drew attention to the fact that the loss
upon light gold had been 1,8331-50/. a week, or as
great as the remuneration which the directors received
for their valuable services. The chairman, an eminent
banker, would not lose anything by light gold. [Mr.
Glyn shook his head.]—(Laughter.)
The CHAIRMAN said bankers did not take light gold.
The subject had engaged the attention of the directors,
and weighing had been tried, but it had been found im-
practicable. He could mention an instance. They
took from one train 5501. Now if they
had stopped to weigh the gold the express
train might have run into it and caused
far greater loss. The loss perhaps was greater because
the light was not re-circulated but clipped. It was per-
fectly marvellous the amount of light gold that found its
way to the counters of railway companies.—(Laughter.)
He (the Chairman) thought that light gold must surely
come to them two or three times over in the course of
a year.
He
The subject should, however, engage their
attention.
whether
fetihetrhetyheypaid
them expected
gentlemen
them
c
audit would t
h askei r o
u
a
nt
such paltry sums as they did?—(Hear, hear.) He
was quite sure that the proprietors ought to see that
their auditors were properly paid.
e t o
The report was then agreed to.
The CHAIRMAN said, that according to the promise he
had made, he wished to refer to that part of the report
wouldby tuheutdirec-
twuhrsichathaad rfeufremreenrcemteoettihneg,ptrhoamt
istehegyiven
pro-
ceed with new works without previously consult.
ing the proprietors. They had now to call atten-
tion to the line authorised by Parliament to be made
by this company from Birmingham to Lichfield,
at an estimated cost of 200,000/. After full consideration
of the matter, the directors had decided that, under
existing circumstances, the proper course for them to
pursue, is to refer the whole question of this railway to
the consideration of the proprietors at the present meet-
ing. He thought that this question should be delayed
to some future meeting.
A PROPRIETOR moved that the further consideration
of the adoption of the line from Birmingham to Lich-
field be referred to the Birmingham Committee.
The motion having been seconded,
The CHAIRMAN observed that he thought the course
that had been proposed should be adopted.
Mr. HADLEY thought it would be injustice to this
company to make a lino from Birmingham to Lichfield.
—(Hear, hear.) He believed if the line was constructed
it would not pay a half per cent. for the expenditure.
There was no population there, and the fact was that it
would be making two lines to compete against each other.
The resolution was then agreed to.
The CHAIRMAN then proposed that a dividend of
3/. 10s. per 1001. stock, and so in proportion on
shares of a lower nominal amount, be now
declared out of the net profits of the
company up to the 30th of June last upon the stock and
shares of the proprietors entitled to the same, after mak-
ing or allowing such deductions as are directed by the
company's Act in respect of the amount not paid up, and
deducting the proportion of dividend payable in respec
of any part for which the proprietors of shares are no
entitled.

Mr. HtrrenEssoN, before the. resolution was: put,
called the attention of the meeting to the unjust mode
in which railways were rated to the poor, arid suggested
that if the matter were argued at law a very consider-
able reduction might be obtained in the poor-rates of
this company.
The CHAIRMAN was much obliged to the Honourable
Gentleman for his information. Their views would be
much forwarded if it turned out that the Grand Junction
Canal was rated; he had thought that it was always
exempted from rating • During the whole of last session
the directors had had the subject more or less under their
consideration; they had obtained several interviews with
her Majesty's Government and the Poor-law Board, and
a Bill had been prepared, but it had resulted in no-
thing
i beyond giving them some trifling powers of ap-
peal n certain cases. They had to encounter the most
determined opposition of the landed gentry, and there-
fore he considered that certain good would result
from the combined operation of all railways
for the purpose of obtaining some relief from
the very
unjust burdens which were now thrown upon
them.—(Hear.)
The resolution was then carried.
A resolution was then passed, consolidating certain
shares with the capital stock, and after a vote of thanks
to the Chairman and the auditors, the meeting separated

BUCKINGHAMSHIRE RAIL W AY.
The half-yearly meeting of this company took place
yesterday, at two o'clock, at the Euston-square Station;
Sir Harry Verney in the chair.
The following report of the directors was unanimously
adopted, together with resolutions in accordance there-
with:—

" The directors, in meeting the proprietors on this oc-
casion, have to report that the works are proceeding in
a satisfactory manner on thd line from Bletchley to Ban-
bury, and that the Oxford line is in a forward state. The
station works, which have been:reduced to the smallest
scale consistent with efficient traffic accommodation, are
commenced, and the directors hope that the railways
will be ready for traffic by the spring of 1850.
" The directors, impressed with the necessity of eco.-

nomising the expenditure of capitd, and desirous of an-
c:krating the completion of the works, have decided to
lay down single lines of rails from Claydon Junction to
Oxford and Banbury, respectively ; providing, however,
a double line for an adequate distance at each important
station, and putting down the electric telegraph fur the
service of the railway.
" The terminus of the line already authorised to
Oxford, not being so eligible in point of :position or
cost, as the directors would desire, measures are now
being taken to endeavour by arrangements with the
Great Western Company, and otherwise, to provide a
better terminus, and to effect a junction (with the re-
quired accommodation for exchange of traffic) with the
Oxford and Rugby Line, north of Oxford.
" The directors have taken steps for closing and set-
tling all outstanding liabilities for those expensive and
unfortunate contests which followed the introduction of
the broad gauge into the Buckinghamshire district.
"By the company's special Act, auditors have to be
appointed at each half-yearly meeting. Richard Carter,
Esq., ofierd himself for re-election. Edward Cobb, Esq.,
has signified his wish to retire, and the directors recom-
mend that Major-General Mac James should be elected
to supply the vacancy."
A resolution was also agreed to, giving the cordial
thanks of the company to the Rev. W. R. Freemantle
for his gratuitous services as chaplain of the company.
Thanks were voted to the chairman of the company,
and the meeting broke up.

NORTHAMPTON AND BANBURY

RAILWAY.
The ordinary half-yearly meeting of the proprietors of
this company was advertised to take place yesterday at the
Euston lintel, Euston-square; the chair to be taken at
three o'clock. At four o'cock, there not being a
sufficient number of shareholders present to constitute
a meeting, the meeting was adjourned. But-at the sug-
gestion of a proprietor, for the information of the
shareholders present, the debtor and creditor account
was read, which showed that the receipts were 27,849/,
and that, after all expenses had been paid, their was a
balance in the hands of the company, including the
sum of 17,0001. lent to the London and North-Western
Company, of 26,9801. 12s. 6d.
Mr. JEFFREY deprecated the course that had been
pursued by the directors, and trusted that the London
and North-Western Company would not allow the
shareholders to be fleeced out of their money as they
had been. If the directors would allow him to call the
next meeting, he would undertake that a meeting should
be made.

'rho DEPUTY CHAIRMAN said that the directors were
must anxious to have a meeting, and it was not their
fault that one had not been made.

NAVAL INTELLIGENCE.

PORTSMOUTH, THURSDAY.—The Fire Queen steam-
yacht, Acting Master Allen commanding, conveyed
Admiral the Hon. Sir Bladen Capel, K.C.8., the Com-
mander-in-Chief, to Cowes this afternoon to dino with
the members of the Royal Yacht Squadron Club.
The Lizard iron steam-vessel, Lieutenant-Commander
Hollinworth, left Spithead this morning at 10 30 for
Woolwich, to be paid off.
The Ajax steam guardship, 60, was hauled alongside
the South• jetty this morning to have her additional bal-
last removed.
The Vesuvius steam-sloop passed through Spithead
early this morning for Plymouth.
The Castor, 36, Commodore Wyvill, arrived at
Madeira from England, on the 3d ult., en route for the
Cape of Good Hope.
The Constance, 50, Captain Courtney, was at San
Bliss at the latter end of June, with freight on board for
England to tho amount of 2,000,000 dollars.
Wind W., fresh breezes, and cloudy weather.
ROYAL MARINES.
PROMOTIONS AND APPOINTMENTS.

First Lieutenant and Quartermaster Edward Pellew
Hammett Ussher, of the Plymouth division, to be cap-
tain, and appointed to the Chatham division, vice Lee,
placed on half-pay, dated August 10.
First Lieutenant George Drury, of the Chatham divi
sion (acting pay and quarter-master at Pembroke dock),
to be lieutenant and quartermaster at Plymouth (dated
August 11), vice Ussher, promoted.
Second Lieutenant Osborne Frederick Charles Fraser,
of the Portsmouth division, to be first lieutenant, and
appointed to the Chatham division, vice Drury, dated
August 11.
First Lieutenant James Ainslie Stewart, of the Ports-
mouth division, to be acting pay and quarter-master at
Pembroke-dock, vice Drury.
Commissions dated the 14th of August, 1849, will be
laid before the Queen, appointing the following gentle-
men to be second lieutenants in the corps of Royal Ma-
rines:—
James Conway Travers, gent., to be second lieutenant,
and attached to the Portsmouth division.
Frederick Lewis David, gent., to be second lieutenant,
and attached to the Portsmouth division.
The effect of the mock night attack upon this fortress
last night will long dwell in the remembrance of the
many thousands of spectators of the spectacle. Soon
after 9 o'clock the Duchesses of Cambridge and Meck-
lenburg Strelitz, with their attendants, having arrived at
the King's Rooms, where the other guests of the
Lieutenant-Governor were assembled, the signal
was given for the commencement of the attack.
The advancing assailants then opened their fire of small-
arms and field-pieces, advancing steadily at the same
limo from the beach towards the ramparts, the gun-boat
brigade on the water, under Major Davies, and the boats
of the Excellent, under Lieutenant Burrows, R N., also
keeping steadily along the beach in line with the ad-
vancing troops on the common, and covering their ad-
vance with the fire from their great guns; a part was also
taken on the land side by the Royal Marine Artillery.
Gradually the fire came nearer the glacis, and as it did
so the illusion became more vivid as to the character of
the spectacle. The small-arm men scattered over the
Common blazing away at the imaginary enemy towards
the fortifications, lighted up at almost every step by
the greater flash from the artillery, was an introduction
to the grand coup d'oeil, which, to be done justice to,
should be pictured by one whose familiarity with such
scenes in real warfare would insure that no point of
the dazzling whole should be omitted. Eventually
the attacking party came within the limits prescribed
for the besieged within the fortress to open upon
them, when suddenly the ramparts were lighted up with
blue fire, and the besieged began their part of the night's
display. This was the grand moment of the " night
attack," and a more vivid picture of the horrors of a siege
could nowhere else have been represented; the troops
upon the glacis pouring in their fire in smart and rattling
volleys, the great guns and field-pieces lighting up their
positions, as every instant they were discharged at the
supposed invaders, the fire upon the heights, the cheers
of the troops as ever and anon they seemed to be re•
pulsed, and again returned to " th'imminent deadly
breach," combined with the effect produced by the lights
upon the myriads of spectators, lending with their won-
dering faces another feature to the scene, formed a mag-
nificent illusion. At length the besiegers and besieged
having expended their ammunition, the trumpet sounded
" Cease firing," when instantaneously the apparent
dreadful strife ceased, and a lull succeeded the " busy
din of war."
The firing of the boat brigade and the gunners of the
Excellent, as also the marine artillery, was kept up with
most admirable spirit. Au excellent display of fireworks
succeeded the military operations. A the dansant con-
cluded the entertainments of the day.
This morning their Royal Highnesses, attended as
yesterday, were present at the trooping of the Guard
and the Queen's colour on the Governor's parade field
within the garrison, at which nearly all of the distin-
guished guests of the preceding day were also present.
At ten minutes to one o'clock the Royal party left the
Government-house, escorted by Lord Fitzelarence and
staff, under royal salutes from the platform battery, the
Superb at Spithead, and the flag ships in harbour, for
the terminus of the South-Coast and South-Western
Railway at Landport, where a special train, in charge
of Mr. Superintendent Sutton, was in waiting to convey
them to London, starting at ten minutes past one. The
other noble guests of the Governor also departed after
the royal party had left.
PLYMOUTH, AUG. 15.—This morning the First Lord
of the Admiralty held a levee at Moorshead's Royal
Hotel, at which upwards of 100 officers of the Royal
Navy and Royal Marines had the honour of being pre-
sented. During the levee Lord John Hay and other
members of the Board visited the dockyard, and in-
spected several of the departments. At twelve o'clock
the people were mustered in the sale-room, and dismissed
from duty for the day at one o'clock. Their Lordships
then proceeded on board the Agincourt, 72, where they
mustered all the officers and crews belonging to the
ships in ordinary. They afterwards inspected the ships
composing the steam squadron recently established here.
This evening their Lordships give the official dinner,
which is to be on a large scale, in the ballroom of
Moorshead's Royal Hotel. Their Lordships on Monday
partook of the hospitalities of Port-Admiral Sir William
Hall Gage, and on Tuesday dined with Major-General
Murray, Commander of Forces of the Western District.
Captain Milne, RN., Secretary to the Admiralty, had
on Tuesday evening a slight spasmodic attack, which
confined him to his bedroom. The gallant Captain is
occasionally subject to suck attacks, after having under-
gone great exertion. We are happy to announce that
by the last accounts the complaint was subsiding.
The ball in aid of the funds of the destitute female
orphans of seamen and soldiers, announced for Thurs-
day, is postponed in consequence of the prevalence of
the cholera.

Captain Wi3e, her Majesty's ship Queen, arrived per
train this morning from Bristol.
The copper has been taken off her Majesty's ship Royal
Adelaide, and she was lifted ou Tuesday to have her gar_
board caulked.

Her Majesty's frigate Alarm was yesterday warped
alongside the shear-hulk, where she is to be masted,
preparatory to her being put on commission.
Tho Linnet packet came in this morning from Fal-
mouth, andwentup harbour to refit.

The Lords of the Admiralty, on the application of the
parochial authorities at Devonport, have, in consequence
of the prevalence of the cholera, granted them the use
of a hulk, which is to be moored off Richmond-walk,
near Mutton-cove, with direct communication from Bul-
lock's wharf to the ship. This accommodation is in-
tended for the unattacked inhabitants of such filthy and
overcrowded places as Geake's-alley, at the back of
Marlborough-street, where the disorder is producing the
most direful effects.

THURSDAY MORNING.—Tier Majesty's steam-frigate
Dragon, from Cork, entered the Sound at half-past four
yesterday afternoon by the Western Passaga, under
studdingsails aloes and aloft, and about five o'clock
dropped anchor to tho eastward of her Majesty's ship
Queen._

11,,r Majesty's steam block-frigate La Hogue, 60, en-
tered the Sound at eight o'clock hat night, and this
morning saluted the flag of Port-Admiral Sir J. W.
IL.II Gage, which compliment was duly acknowledged
from Mount Wise.

On inquiry this morning we find that Captain Milne
has passed an easy ni,ht, and will probably leave his bed-
.room in the course of the day.
Sir Francis Thornhill Baring, the First Lord of the
Admiralty, resumes his
.levee this morning at ten o'clock,
at Moorshead's Royal note/.
Wind—S.W.; blowing hard, with rain.
WooLwrcu, AuG. 16.—The Desperate steam-vessel,
fitted with engines by Messrs. Maudslay, Sons, and Field,
was brought down the river to Woolwich today from the
East India Docks.

M. Drouyn de Lhuys, Ambassador from France,
with Madame Drouyn de Lhuys, visited the dockyard
to-day, and afterwards proceeded to visit the Royal
Arsenal.

PORTSMOUTH, Aua.' 17.—The Port Admiral returned
from Cowes in the Fire Queen steam-tender this morn-
ing, and went out to the eastward in her again this after-
❑oon, with his band and a party of distinguished ladies
on board.

A royal salute was fired to-day at Cowes as the Rus-
sian steam-frigate Kampchatka passed, with the Grand
Duke lieutchtenburg on board, for Madeira.
The Persian, 16, Commander Bullman, arrived at
Spithead from the river this morning, to embark super-
numeraries and dispatches for the West Indies.
The Stromboli steam sloop, Commander Lord Amelius
Beauclerk, returned to Spithead from the royal squadron
this afternoon.

We beg to call the attention of Mr. Cobden to the fact
of the Superb, 80, at Spithead, having been at that an-
chorage about seven months, doing nothing. She has
been fit for any station for months; her crew (although
300 short of its proper number) is in the most forward
state of discipline, and up to their work. On Tuesday,
at 11 o'clock P.m., when all were snug in their berths and
hammocks except the watches, Captain Purcell, without
any previous intimation to any one on board, had the
drum beat to quarters and clear for action. From the
time the officers and men jumped out of their berths,
got on deck, cleared for action, and went through all the
movements of loading and firing, only 5 minutes and 55
seconds had elapsed.— Times.
The Flying Fish, 12, Commander Patey, is proceed-
ing rapidly with her outfit.
Wind W.; fresh breezes and cloudy weather.
CHATHAM, AUG. 17.—The Melampus, 42 guns, Cap-
tain T. 11. Mason, has returned her stores to the dock-
yard, she is stripped for paying off. Her crew is now
assisting the Meanee, SO guns, in returning stores she
has brought from Bombay. Both these ships were to
have been paid off last week, but owing to the Meanee
having on board a vast number of packages, furniture,
&c., she has not been able to get clear of them. It is
now expected that both ships will be paid off on Wed-
nesday next.
_ _

The Juno, 26, preparing for commission, will be put
out of dock on Monday next.
The Hood, 80 guns, and the Severn, 50, ordered to be
built at this yard, have both been taken in hand this
week. These ships are to be built in the new slips, at
the east end of the yard.
The Ist company of Artillery and the Royal Dock-
yard battalion commenced ball practice, firing with
their field pieces, on Wednesday, the 15th instant,
down by Gillingham-bridge; and the 2d company of
the Artillery practised at the same place in the afternoon
of the 16th instant. Their firing on each occasion was
vary good.
WooLwicu, AUG. 17.—The Lizard steam-vessel,
Lieutenant-Commander Hollingworth, arrived at this
port at one o'clock P.M., from South America, to be
paid off.