The Sun.
London, England, 1849-02-16 00:00:00

THE NAVY CLUB.

The members of this club dined together for the first
time this season, last evening, at the Thatched House
Tavern, Admiral Sir Deans Dundas, M.P., in the chair.
There was an unusually full attendance of officers on
this occasion, probably owing to the fact of the Gallant
Chairman of the day (who ex officio has always the pri.
vilege of introducing one friend) having invited the
newly-appointed representative of the French Republic,
Admiral Cecile, to become the guest of the Club. The
Gallant Admiral duly accepted the proffered hospitality,
and was received on his arrival at the tavern by Admi-
ral Deans Dundas and several other officers. The ban-
quet was of the most recherche character, and did ample
justice to the proverbial and excellent taste of the direc•
tors of this far-famed hotel. The chairman was sup-
ported on his right hand by the guest of the day, Ad-
miral Cecile, and upon his left sat Admiral Sir Byam
Martin. Captain John Forbes occupied the vice-
chair. The following Noblemen and Gentlemen were
also of the party :—Vice-Admiral the Marquis of
Thomond, Admiral Lord Radstock, Captain Lord Fre-
derick Hallyburton, Captain Lord Colchester, Captain
Lord Edward Russell, Captain Lord John Hay, Captain
Lord Clarence Paget, Admiral Sir E. Codrington,
Admiral Sir Augustus Clifford, Admiral Sir Charles
Ogle, Rear-Admiral Sir F. Mason, Captain Sir Thomas
Hastings, Captain Sir Watkin 0. Pell, Captain Sir
Richard Grant, Admiral Sir Graham Hamond, Admiral
Sir Samuel Pym, Captain the Hon. S. T. Carnegie,
Rear-Admiral Sharpe, Rear-Admiral Bouverie, Admiral
Crofton, Captain M. J. Currie, Captain G. Mansell,
Captain Eden, Captain Graham, Captain Stewart, Cap-
tain Clifford, Captain Pechell, Captain Sykes, Captai❑
Herringham, Captain Nias, Honourable Captain Rous,
Captain Frankland, Captain Walpole, Captain Williams,
Captain Hamilton, Captain Macdougal, Captain Towns-
head, Hon. Captain Cary, Captain Knox, Captain Free-
mantle, Captain A. Milne, Captain C. Talbot, Captain
Porter, Captain H. Forbes, Captain Mundy, Captain
Sparshott, and Captain Percy Grace.
The cloth having been drawn, and a magnificent des-
sert placed upon the table,
The usual loyal toasts were duly honoured, after

which,
The Gallant CHAIRMAN rose and said—Ten years
ago Admiral Fleming introduced a foreigner into this
room—that foreigner is now President of the Republic
of France—l beg to give as the next toast, " the health
of the President of the French Republic."
This call having been responded to with enthusiasm,
Sir BYAM MARTIN said the privilege of giving the
next toast had been conferred upon him, and he felt
great pleasure in proposing to the company " the health
of their gallant guest, his Excellency the French Am-
bassador."—(Cheers.) The club had met that day in
unusual numbers, he believed he might say, in honour
of the Gallant Admiral.—(Hear, hear.) It was not
only, however, with the desire to support him as their
guest that they had assembled, as they desired to mark
the high respect which they all entertained for his dis-
tinguished character, and, at the same time, make him
welcome to their mess.—(Cheers.) All who knew his
Excellency were aware of the high esteem in which he
was held in his own country, and he (Sir Byam Martin)
had frequently heard his praises sounded by British
officers.—(Hear.) He begged to give them " the health
of his Excellency the French Ambassador."
Admiral Sir E. CODRINGTON, in rising to second the
toast, said he did so with all his heart. Ha had often
had to fight against the French, and he had often en-
joyed their co-operation when under his command. In
every instance he had found them possessed of great
bravery and a high sense of honour.
The toast having been drunk with every mark of en-
thusiasm,

His EXCELLENCY rose and acknowledged the compli-
ment with great warmth of feeling, addressing the com-
pany in the French language to the following effect:—
He heartily apologised for his inability to express in the

English language the sentiments of his heart, but he
trusted many, and he hoped all present, would be able to
understand what he said, though he adopted his mother
tongue.—(Hear, hear.) In the first place, he begged to
thank them most sincerely for the honour they had done
him in inviting him to their banquet; and, se-
condly, for the good cordial reception he had met
with.—(Cheers.) It was a source of high grati-
fication to him to find himself in the midst of his

" brother officers."—(These words being pronounced in
English were greeted with loud cheers.) And he re-
joiced to add, that he saw many around him to whom
he was bound by the strongest feelings of his heart.—
(Cheers.) When the opportunity was offered to him

of coming to this country he had gladly embraced it,
for without any desire to speak boastfully, he had felt
that he should be made welcome during his residence
here.—(Hear, hear.) His Excellency, in conclusion,
repeated his thanks to the company and sat down amidst
loud cheers.

Sir RICHARD GRANT next gave "The Health of the
Chairman, with many thanks to him for the pleasure
he had afforded the company by securing the presence
of Admiral Cecile at their banquet."
The Gallant CHAIRMAN briefly returned thanks, and
the remainder of the evening was devoted to social en-
joyment.

TO THE RIGHT HON. LORD
JOHN RUSSELL, M.P.,. &c., &c.
My Lord,—l have this evening received certain in-
formation that your Lordship has, upon the part of
Government, laid before the Irish Poor-law Committee a
proposal " that the valuation of land should be perma-
nent for seven or ten years."
When this proposal was announced in last week's
Economist as one of the remedies for the existing evils
in Ireland, I took no notice of it, tor I could not have
believed that so palpable an absurdity could ever receive
the sanction of Government.

It is only another proof to those I have already ad-
duced that your Lordship does not receive correct in-
formation upon agricultural subjects, from what motive
it is useless to inquire ; but no reasonable doubt can
exist that such a limitation must have the effect of bene-
fiting the idle landlord at the expense of the industrious.
The proposal which I made last year was, that the
valuation should be permanent, and the rates fluctuate
according to the wants of the poor, and I have yet to
learn that such a proposal could inflict the slightest
injury upon man, woman, or child, whether landlord,
tenant, or labourer, and must benefit all by the en•
couragement it would give to the employment of the
people.
But the limitation of seven or ten years must have a
most prejudicial effect in preventing the employment of
the people, experience having proved in Scotland that
no tenant will embark his capital to the full extent un •
less he has a lease of nineteen years—and this on land
which is in a proper state of cultivation when he enters.
Upon land which is in a bad state of cultivation—or
on waste land to be reclaimed—nineteen-year leases are
too short. Mine are all for thirty years, and even that
term is short enough to repay a tenant.
But with the proposed limitation no tenant who pos-
sesses a grain of common sense would take a lease for
more than the seven or ten years, and therefore he could
not be expected to employ the people to the extent he
would upon a nineteen-year lease.
And then the improving landlord, will he spend his
capital in employing the people in the more expensive
operations of reclamation, drainage, &c., if there is a
probability of his rates being doubled at the end of the
next seven or ten years—and this for the benefit of his
idle neighbour who has done nothing?
I have the honour to be,
Your Lordship's most obedient servant,
RIGBY WASON.
Reform Club, Feb. 15, 1849.

EMIGRATION FROM DORSETSHIRE.—On Tuesday
last a very large meeting, over which the High Sheriff
presided, was held in the Town-hall at Shereborne, for
the purpose of considering the expediency of emigration,
a grant of two ships having been obtained from the Emmi-
i-
gration Commissioners far the exclusive passage of e
grants from the county of Dorset. The Rev. C. Bing-
ham proposed a resolution (after some observations on
the inadequacy of tho labourers' wages for their support)
in support of the plan of emigration about to be adopted,
which was seconded in a speech of co
in explanation nsiderable length
by the Hon. and Rev. S. G. rne of
the general principle of colonization, and the benefits
likely to accrue from it to many in the south of England,
who were in a most pitiable condition. The Hon. and
Rev. Gentleman having concluded amidst great applause,
the Hon. and Rev. Mr. Scott, the Rev. H. F.
Yeatruan
and other gentlemen addressed the meeting. The reso-
lution having been carried, the High Sheriff announced
himself a convert to the principle of emigration.
countylt washa had intimated that the Lord-Lieutenant of the
that day given his countenance to the local society. The
Government agent was busily engaged d
lug with applicants for free passages.
during the even-
HEAVY PENALTY UNDER TILE EXCISE LAWS.—In
the Court of Excise yesterday John Strahan, alias John
Scott, was fined 4001., with condemnation of the spirits,
for dealing extensively
_in -illicit goods, and defrauding
the revenue for a considerable time past to a very great
extent.

THE BALLINGARRY INSURRECTION.—The Clonniel
Chronicle says:—'• Martin Doherty, who has been an
outlaw since August last, being one of Smith O'Brien's
principal men at Boulagh Commons, and formerly tutor,
was taken at Ballingarry on the night of the Bth inst.,
and sent to Clontael gaol."

PROGRAMME OF THE ROYAL
ITALIAN- OPERA,- COVENT -GA-11DEN.
The director of the nova' Italian
,Opera, Coveat- garden
has publish/2d his proara.,aina. for the ptisci-lig season.
pae
nr
df o rt.
emr smni cne
as
t, ego mo
on-
subscription is fo:,,rtare orttlyi• r,!hitx,
mencing on Saturday,
Tuesday, August 21. Singe last: season, Mademoiselle
Alboni, Madame Persian-1, and Madame Castellan have
seceded from the establishment.. Grisi, hewever, sill
Continues. to give her support as prima donna to the
Royal Italian Opera, and Madame Pauline Viardot is to
appear. in Meyerbeer's opera, the Propbete, in the latter
portion of the season. The place of Alboni
is to be supplied by Signora ela n, a lady new to this
country, but who has achieved a.great reputation on the
continent, and whose voice iS of such compass that she
can sing with equal facility either as a contralto or as
a mezzo-soprano. She has !recite ntly, it is said, alter-
nated the parts of Lecrezia mid Orsini in the opera
of. Lucrezia Borgia. Another contralto a ill also
make her debut at the Royal Italian Opera this
season —Menlo. Merle, the daughter of I\E:dame
Meric, who was so porttfir some seasons since. Madame
Dorua Gras is to he ti, ;* substitute for Persiani, and a
young English girl, Miss Catherine Hayes, who was
recently pima donna at La Scala, and who has achieved
:In immense success at the principal lyrical theatres of
Italy and Germanyais also engaged. Madame Ronconi,
Mdlle. Steffanonia Mdlle. Corbari, and Madame Bellini
are re-engaged. Mario is the primo tenore. Salvi is also
engaged, and Luigi Mei and Lavia are the secondi
tenors:. The corps is rich in baritones; Tamburini,
Massol, and Ronconi are all engaged, the latter under-
taking, it is said, the line of caaracters heretofore sus-
Weed by Rovcre, who is not re-engaged. Marini,
Tagliafico, and Polonini are the bassi profundi. The
chorus and orchestra are under the direction of M.
Costa, and the performance of ballets will be confined to
short divertissements and to thoseincidental to the operas
which may be produced. The season opens on Satur-
day, March 10, with the opera of Massaniello,
which will be produced for the first time
in a perfect form in this country, with
Mario as Massaniello, Massol as Pietro' Madame
Dorus Gras as Elvira, and aldlle. Pauline Leroux as
Fonella. In addition to the existing repertoire four
new operas, at least, are to be produced during the
present season, viz., Massaniello, Roberto it Diavolo, II
Matrimonio Segretto, and Meyerbeer's new grand opera
Le Propelite. Meyerbeer himself is to superintend the
production of this, said to be his grandest and most
wonderful production, and will' conduct the first three
representations. The cast will embrace the names of
Madame Grisi, Madame Pauline Viardot, Signor Mario,
M. Massol, and Signor Marini. The performances are
to‘ commence at half-past eight on Tuesdays, and at
eight precisely on Saturdays.

THE ROIAL AS OF HE

ST. ANN'S SOCIE TY.

Yesterday the adjourned general meeting of the go-
vernors and subscribers was held at the London Tkvern,
Bishopsgate street. The chair was taken by the Hon.
William Ashley, and there was a crowded attendance.
The whole proceedings appeared to excite the most
intense interest.

Previous to the general meeting held on Friday last,
Mr. Carpmael, of Lincoln's Inn, had issued a pamphlet,
principally composed of the detail of a transaction be•
twee himself and the scretary of the society (Mr. E. F.
Leeks), in the year 1837. The matter was explained in
1840, and rested quietly until the end of last year, when
it was revived by Mr. Carpmael, and an angry corre-
spondence ensued between that gentleman and Mr.
Leeks. The whole of this correspondence was published
by Mr. Carpmael, and distributed not only to the sub-
scribers, but to the public generally. Yesterday scorn-
ing Mr. Leeks issued a small pamphlet entitled "Brief
Replies to Mr. Carpmael ;" and this was freely distributed
to every subscriber on his entering the room. The
whole matter in dispute may be stated in a few words.
Mr. Carpmael, in his printed statement and correspond-
once, says:—
" On the 4th of December, 1837, I paid a cheque for
104 10s. to the master of the St. Ann's Schools, and re-
ceived a stamped receipt for the same, thus becoming, as
I supposed, a life governor_of that institution. From that
date I continued to receive the voting papers for each
half-year's election, and such voting papers were ten-
dered and received at the election, but whether they were
allowed I have no means of knowing. In the year 1840,
the collector of the schools applied to me for my annual
subscription, when I informed him (by letter, but of
which I kept no copy) that I bad paid a life subscription."
To this Mr. Leeks, in his " Brief Replies," says:—
" As to the payment of the ten guineas' life subscrip-
tion, in December, 1837, Mr. Carpmael himself furnishes
the obvious explanation of the omission
_to enter that
sum. He made the payment to the master of the schools,
instead of to the secretary or collector, and states he ' re-
ceived a stamped receipt' for the same. No doubt this
mode of payment led to the omission of which Mr. Carp-
mael now complains. If the payment had been made to
the secretary or collector, a printed receipt would have
been furnished, and from the counterfoil of that receipt
the proper entry would have appeared in the society's
books."

The Hon. CHAIRMAN, in opening the proceedings, said
he had attended at great personal inconvenience to oc-
cupy the post of chairman; but when he found the con-
duct and character of one of its principal officers im-
pugned, he considered the interest of the institution at
stake, and thought it desirable above all things, that the
accusation made against that gentleman should either be
sustained or refuted.---(Hear.)
The lion. and Rev. F. Powys moved that the
statement of accounts submitted on Friday last be
adopted.
Mr. COLLINGS seconded the motion.

Mr. ANDERTON cinp.idered that, by the adoption of
the motion, thee subscribers would completely shut them-
selves out from further remedy. He would therefore
suggest that it would be better for all parties that he
should immediately put as an amendment upon the re-
port the resulution of which he had given notice.--
(Hear, hear.) He had no mason to doubt that the se-
cretary would have a sufficient reply to the charge.--
(Hear, hear.) After a few mere observation, he moved
as follows:

" That a special committee of governors be appointed,
with full power and authority to investigate and exa-
mine into the management and government of the school
of the society, and the receipts, disbursements, and appli-
cation of the funds and subscriptions belonging thereto;
with power to employ an accountant to assist therein, if
deemed necessary by such committee so to do; and that
they do report thereon at the earliest possible period, to
a special general meeting, or court of governors, to be
called for that especial purpose; with power also to re-
commend such alterations for the future management
and government of the society as such committee shall
see fit."

Mr. Leeks stood high in the city; be held many other
situations of trust; and upon the result of the present
inquiry his character must stand or fill.—(Hear.)
The Rev. Dr. PRENDERGAST seconded the motion.
Mr. BREWSTER then moved—

" That this meeting has entire confidence in the inte-
grity and efficiency and management of the society, and
feel assured that the committee will attend to any sug-
gestion properly offered for ar.y desirable alteration in
the mode of keeping the accounts; but this meeting at
the same time disapproves of the course recently pursued
by Mr. William Carpmuel, and are of opinion that the
pamphlet published by him was perfectly uncalled for,
and has a tendency seriously to injure the society."
After a long discussion,
The CHAIRMAN decided that the amendment of Mr.
Anderton must be disposed of before that of Mr. Brew-
ster could be put.
Mr. CARPMAEL, at great length, and amid much in-
terruption, proceeded to recapitulate the whole of the
charges contained in his pamphlet, quoting and re-quot-
ing until the company exhibited unmistakeable signs of
impatience.
Sergeant MEREWETHER, in a well-timed address,
hoped that the excited and unfriendly feelings then
exhibited would not be long continued. He had no ob-
jection to the fullest inquiry, but he very much doubted
whether a work of charity, such as theirs, would be
much aided by angry discussions like the present.
Mr. SREARES differed with Sergeant Merewether, and
succeeded in inflicting several speeches on very' unwil-
ling hearers.

Mr. SHAW—The whole matter seems to be this—the
ten guineas seem to have gone through the left-bass
pocket of the secretary into the right-hand pocket.s ofrge
the society.—(Laughter.) The gravamen of the charge
is, that it did not go first into the right-hand pocket of
the society.
The CHAIRMAN then read a letter the Rev. Dr.
from
i be did not
the society,
Laing, formerly honorary chaploamingn_ttnte
stating that, as a member of thee
but that, as a
wish to shrink from any responsibility,
h said ha bad the greatest
cussmn. At the same time,
clergyman, he should
upon whose conduct he passed
confidence in Mr. Leeks, up
was far too serious for
chaeattending bad the
dia.
a high eulogium• ..„asozi, in regi to the remarks of
Mr. Alderman IN
d his intention of Toting for expresse the
ridicule, and
amendment.
Mr. Shaw, thought
r. and Mr. Deputy LOTT defended the eon-
Mr. BABNAR as committee-men
of themselves tho subject
, and of Mr. Leeks,
duct
secretary.
as
went.
A long and very personal di,cussion ensued, and on
the
te n amendment being put, it was rejected by a majority
of to one.
The regular business of the meeting then proceeded,
the re-appointments in every case bt•ing contested. The
result was that the late committee, with one or two ex-
ceptions, were re-elected, the auditors 'were chosen, and
Mr. Leeks was unanimously re-appointed as secretary,
amid great cheering.
The proceedings commenced at eleven, and did not
terminate until after four o'clock.

WEST KENT YEOMANRY.—We understand thiet her
Majesty's Government have consented to an augmenta-
tion of the Cobham troop of the West Kent Regimens
of Yeomanry Cavalry, to the strength of eighty men,
under the command of Captain the Earl of Darnley.
This regiment will now consist of strong troops, amount-
ing to 280 rank and file, the whole commanded by
Lieut.-Colonel the Viscount Sydney.—Kentish Observer.
SALMON FlsulNGs.—The salmon fishing in one
Scottish rivers opened on Thursday week. The Dave-.
ron, which bas escaped the late floods, was expected to
have yielded ac, nsiderable catch; but we understand
that the take on the first dawas under a score, and on
subsequent days had been by no means lam!. A. fair
proportion of foul fish have been obs.erved.—Scotch Re,
formers' Gazette.
P. Thorpe Porter, Esq., magistrate at the 'hen;
• uiries into thtan,i.
understand, at present
police-office, Dublin, is
London, engaged
in nia'kiwnge conducting the b• e of
managing the-police, and con usitteps 'l4 the
different police-offices of the metro ohs.

GREAT WESTERN RAILWAY•

The twenty-seventh half-yearly general meeting
of the proprietors of the Great Western Railway
Company was held yesterday, at the Board-room of
the company, at the Paddington Station. The
meeting was convened for the election of three di-
rectors in the place of the same number who retired
in rotation, and for other purposes of business, The
retiring directors were eligible for re-election under
the company's Act.
Mr. Charles Russell, the chairman of the company,
took the chair at one o'clock.
The three retiring directors were Lord Barrington,
the deputy-chairman ; Mr. James Gibbs, and Mr.
George Jones, of Bristol ; and they had severally de-
clared themselves to be candidates for re-election at
this meeting.
The SECUBTARY having read the notice convening
the meeting,
The CHAIRMAN addressedthe assembly as follows :
Gentleman—lt will not be necessary to detain you
with any lengthened remarks upon the de-
tails of our accounts for the last six
months. These accounts have already been in
your hands for several days, and I have no doubt that
you will have compared those accounts with those of
the preceding half-year, and that comparison, together
with the report which has been to-day circulated
among us, will have directed your attention to the
most important particulars of them. You will observe
that our receipts from our traffic during the last half-
year have not increased in any material degree over
the receipts in the corresponding half-year of 1847, al-
though in this latter period a considerable length of
new line has been opened; but you must bear in mind
that that new line has not been opened sufficiently
long to develope the traffic of the district through
which it passes, and that a considerable portion of it—
I believe more than one-half—has only been opened
during a few weeks of the winter months. I believe
that if it had not been for these new branches
and for our discontinuance of the system of return
tickets, that our traffic, even upon our main line,
would have fallen short during the past half-year.
In point of fact, up to the mouth of October, our
general receipts on the line were less than they were
during the corresponding months of the last year.
This can be ascribed to no other cause than to the
depressed state of the country, and when we
consider what is the character of the principal
towns with which our line is connected, I do
not think we can entertain any surprise. Those
towns are Cheltenham, Bath, Bristol, and Exeter, and
when we remember the heavy reverses that have fallen
upon the East and West India interests, the total
failure of rents in Ireland, the general stagnation of
commerce throughout the country, and that in point
of fact there is scarce a house at the door of which
is not to be found difficulty and distress, the wonder is,
not that our traffic should not have largely increased,
but that it should not have materially declined.
Lastly, we must recollect that in the interval to which
lam adverting, the South-Western line to Datchet
has been opened ; and though we may, perhaps, be
permitted to entertain a doubt whether the traffic
which the South-Western Company will derive from
the line will reimburse them for the capital which
they have expended in making it, there can
be no doubt that it has withdrawn a
considerable portion of our Windsor traffic,
particularly until the period shall arrive when our
own branch into Windsor shall have been
completed. We hare endeavoured to meet
those difficulties by every retrenchment which was
compatible with the efficiency and safety of our line.
We have reduced the trains to the extent of 800
miles a day, and we contemplate still further modifi-
cations in the arrangements of our trains.—(Hear.)
Mr. Gooch has been able to effect very considerable
reductions in the locomotive department, and although
during this la,t half-year our engines have run over a
considerably longer distance than they ran over in the
corresponding half-year, the expense has been reduced
from about 62,500/. to 53,0001., a very considerable
reduction. The maintenance of way is one of the
heaviest charges in our accounts. In the last half-
year it amounted to no less a sum than 40,0001. I
believe it is the practice of most railway companies
to add the maintenance of way for the first year to
the cost of construction, and to carry that charge
against the capital. Such has never been the practice
of the Great Western Company. We have always
charged the maintenance of way to our revenue
account from the day that any line has been opened.
The auditors have been so good as to look very mi-
nutely into this account, and I am sure they will bear
me out in my statement, that every charge which can
be properly included under the head of maintenance
of way is so included, and is carried to the debit of
our revenue account. We hsve lately been able to
enter into a new contract for the maintenance of
way, and by this contract we hope to effect a saving
of 5,0001. or 5,500/. a year. Gentlemen, the cost of
coke is an item in which we suffer by any com-
parison with the working expenses of the
northern lines. They are enabled to procure this
cake at about 24. a ton, while you will see, from
an accurate statement which is appended to our ac-
counts, that we have been obliged to pay from 21s. to
245. 4d. a ton for ours. We have lately entered
into a new contract fur the supply of coals,
which will be supplied at a lower rate than
they were formerly obtained at, by about
2s. a ton. The effect will be to enable us to obtain
that coke at about 205 a ton, and the saving accruing
to the company by this new contras` will be about
6 0001. a year. I have adverted to these two or three
particular charges, for they are the heaviest charges
in our accounts; but our attention has not been
limited to them. We have had a committee of re-
trenchment sitting for several months, who have
iestitu:ed a most careful examination of your estab-
lishment, and proposed every reduction which was
practicable. With the assistance of that committee
we hope to effect a saving throughout the general
departments of your establishment to the extent of
about 25,0001. a year.—(Cheers) Gentlemen, you
are aware that the lease of the Bristol and
Exeter will terminate on the Ist of May
next. Communications have passed between the
directors of the two companies, but have led to no
practical result. We, of course, know with perfect
accuracy, what is the value of that line, and we have
made the fullest and fairest communication to the
directors of the Bristol and Exeter Company; but
we have been unable to reconcile our experience of
the past with their expectations of the future; and
we heve not thought it would be right at the present
time to enter into any speculative bargain whatever,
and though we have not been able to continue the
lease of the Bristol and Exeter, we have entered into
an arrangement for the common use between the two
companies of the Bristol station. The expense of a
large station like that of Bristol is very consi-
derable, and the saving to the two companies
must be great, by their using it in common.
Of the equity of that arrangement there can be
no doubt, and very accurate accounts are :to be
kept, which wilt be open to the inspection of both par-
ties, and each is to bear the expense of that station in
the precise ratio of the work which may be done
upon it. lam happy to state that the Bristol and
Exeter and ourselves still continue, and I hope
N' ill always continue, on the most friendly terms
--
—(Rear, hear)and I am satisfied the cordial
co-
operation of the two companies on all occasions
must be conducive to their common interests. Gen•
tlemen, the parochial rates which we are obliged to
pay still constitute a heavy item in our charges, and
you are of course aware that active steps
modification
edalbOut to
be taken in order to obtain a
of, that charge. This question was ofiractation
in-
vestigated at any length before a Committee
of the House of Commons in 1844, and in
that same year a Bill was passed by which large
concessions were made from the railway companies
to the public. It was a distinct understanding at that
time that it was equivalent for such concession that
there should be a revision of the poor-rates with a
view to our relief. I feel confident that when
the Goirernthent shall have adverted to the circum-
stances they will be quite prepared to render us their
assistance. I hope, too, the Legislature will be dis-
posed to,extend some consideration to us when they
look not only to that fact, but at the very
th,eavY burdens which have been cast upon
rue railway companies in those days when
the public was under the delusion that they were to
prove mines of wealth to us. We have been com-
pelled to pay by the decisions' of the Legislature the
most exorbitant prices for the property which was
necessary to us to enable us to carry out those works
.of great national importance. I think the railway
companies would do well if they were to collect
some instances of those exorbitant prices, if It were
only for the purpose of preserving some statistical
account of the sudden rise which to,,k place in cer-
tain property about the middle of the last century
(Hear, and a Laugh.) The law obliges
us to give
notice of our intention to take any laud may
be required for the purposes of our railway ; and if
circumstances, over which we have no control, should
oblirge us to abandon or suspend our work, we have,
ney.fertheless, in numerous instances, been obliged not
cyily to remunerate the
owner of he land fbr the
injury he has sustained by the notice that has been
have
of
served upon him, but we
c been obliged to pay
most exorbitant prices for the the land which
will never be wanted, or for the severance of that
which would in all probability never be severed.—
(Hear, hear.) We have been obliged to make new
lines and new branches as the only protection to our
traffic Against the encroachments which have been
Threatened against it. It was broadly announced in
the House of Commons that, though the Legislature
shall have granted a line of railway, there were no
reasons of public faith which should pre-
vent their granting another line of rail-
way running close along side of it if
they
a'.°llld think fit ; and in pursuance of this
Principle, in 1845, Bills for railways were passed to
the extent of 60,000,0001.; in 1646, of 130,000,000/. ;

and in 1847, of 40,000,000/. Thus, no less than
230,000,0001. of railway Bills were sanctioned by the
Legislature in three successive sessions. On each
succeeding occasion that we have been obliged to
go to the Legislature for a new Bill, which was
indispensably necessary for our works, we have
been compelled to pay as the cost of that
Bill a considerable reduction in our maximum
charges. We have been obliged to carry third-class
passengers at scarcely a remunerative rate, and we
offered them such accommodation that not only the
poor but the affluent—(Hear, hear)—avail themselves
of those third-class carriages; and they travel almost
free of charge on our line. And besides that, we
have been obliged to carry officers, soldiers, and po-
licemen, at half the rate which would have been
scarcely remunerative. In addition to this, we
have been subject to the provisions of a Bill lately
passed, practically to insure the lives of those passen-
gers who travel with us ; and under the operation of
that Bill we have been amerced in penalties on consi-
derations unknown to the principles of the English
law, not in proportion to the poverty, but in propor-
tion to the wealth of the claimants.—(Hear, hear.)
And lastly, we have been
.assessed to the poor-rates
on principles not contemplated at the time when this
Bill was passed, and totally at variance with the
principles applied to every other commercial enter-
prise of the country ; and we add not one shilling to
the charge, though we are obliged to bear nine-
tenths of the burdens of every parish through which
we pass.—(Hear.) This is but a brief anu imper-
fect statement of the burdens that have been cast
upon us, and is it wonderful that the value of your
property should hare declined ? In other countries
every possible encouragement and assistance have
been offered to railway enterprise.—(Hear, hear.) In
America, France, Belgium, and even in Italy they
have had grants of land, the remission of taxation, and
loans of public money ; but here, in commercial
England alone, and in these days of free trade, we
have not been able to get one acre of land for which
we have not had to pay double and treble its value.
But, during the late pressure, it was pretty plainly
intimated to us that we must look to
no assistance ; and the public policy rather
seemed to be directed to correct the vicious legislation
to which I have alluded, and which was no fault of
ours, by increasing rather than modifying the difficul-
ties of the railway companies.—(Cheers) The re-
sults are now seen, and I hope we may look for a more
considerate policy towards the railway companies. I
feel satisfied, if we take care that the prayer of our
petition for relief in the matter of the
parish rates be moderate and just, if it be
firmly but temperately enforced, that we must
succeed in obtaining relief. lam not aware that I
have any thing more to say on the subject of those
rates. The question has been taken up in confor-
mity with your wishes expressed at previous meetings,
and I have no doubt you will give your consent to
the attaching the seal of the company to the petition
which we propose to present to Parliament. I cannot
quit the subject of our accounts without adverting to
a question which I know has occasioned considerable
dissatisfaction in the public mind—l mean the discon-
tinuance of our system of return tickets. We
have resorted to that expedient with the
greatest possible reluctance, but it was inevitable.
I do not believe the proprietors or the public are
aware of the extent of the remission of charge
involved in our system of return tickets. We
have had an account carefully made of the half-year
terminating on the 30th June, 1848 ; and we find
that during that period the number of pas-
sengers who have travelled by our express and
our ordinary trains was about 230,000. Of
this number as nearly as possible one-half availed
themselves of the use of return tickets. The number
of our second-class passengers, which constitutes of
course the great bulk of our traffic was about
one million and fifty thousand, and of this number
about two- thirds availed themselves of the use of re-

turn tickets. The system of return tickets practically,
therefore, amounted to this, that we remitted one-
third of our charge with half the first-class traffic
and upon two. thirds of our second-class traffic. Nor
was this all. You can have no notion of the extent
to which frauds were practised upon us by the
transfer and sale of return tickets—(Hear)--
and which we found it impossible to prevent.
I believe a more striking instance cannot be found
than is found in the practice adopted respecting return
tickets of that laxity of principle—(Hear)--by which
men justify themselves in doing that in their dealings
towards the public which they would shrink from
doing in private life.—(Cries of " Hear, hear_")
I am aware that great complaints have been
made of the discontinuance of the return tickets.
It has been charged, on us as a breach of faith, but I
know of no principle of justice or law which entitled
any man to travel at the expense of another. Great
sympathy is expressed for the retired tradesman, who
has not taken his dinner by the road side, and unex-
pectedly finds himself called upon to pay 2s. or 3s.
for it in the metropolis—(Laughter)—but no sym-
pathy is found for the retired tradesman, who is
perhaps his neighbour, who has invested
his hard-earned savings in railway property, at 51.
per cent., but finds the rate of interest, year by year,
declining, and not only that, but even his captital,
diminished more than half in value.—(Cheers.) This
class of proprietors is very much increasing among
us. The number of our proprietors was nearly
doubled in the course of last year. Now these
proprietors were entitled to the same justice
and consideration from the public, and from
the Legislature, that any other proprietors are
entitled to; at all events, from us, who are their
trustees, they are entitled to the most vigi-
lant watchfulness of their interests.—(Loud cheers.)
We have discontinued the system of return tickets
until we know the result, so that by keeping accu-
rate accounts we shall be guided by those results
in .the course we shall pursue.—(Hear, hear.)
It is our duty to afford every reasonable accommoda-
tian to the public, but it is our right to receive a
reasonable remuneration.—(Hear, hear.) For such
accommodation I am sure the public have no
right to complain if railway affairs are con-
ducted on those principles of reciprocal justice
which governs all other commercial enterprises in
our country. I am not aware there are any other
topics connected with our accounts to which it is
necessary that I should advert. The Chair-
man then went on to congratulate the meeting
on the improvement in the aspect of their
affairs which had recently taken place, and adverted
to the principles which he thought it necessary for
the company to be governed by in the present state
of circumstances, and by which he believed it would
be restored to its former sound, healthy, and pros-
perous condition.— (Cheers.)
Mr. LAWRENCE HETWORTH thanked the Chairman

for the business-like speech he had just delivered.
He had never heard a speech more to the purpose,
and it was to thank the Chairman that he presented
himself to the meeting at that moment.
The SECRETARY then read the report, which was
as follows :

" During last half-year two detached portions of
branch line were successively opened to the public, and
worked in connexion with the trains of the Great Wes-
tern Railway—the one on the sth September, being 134
miles of the Wilts, Somerset, and Weymouth Railway,
through Melksham and Trowbridge to Westbury ; the
other, on the Ist November, between Reading and
Basingstoke, constituting the 15 miles which remained
incomplete of the Berks and Hants Railway.
" The company, aided by their additional branches,
have maintained, and in some degree increased their re-
ceipts during the last six months, although the general
business of railways in the country has fallen off, and
this company has besides had to contend against some
special disadvantages—the S,,uth-Western Company, at
all events for the present, having withdrawn to their
Datchet Line some of the London and Windsor traffic,
while the Southampton and Dorchester Railway has
been the means of diverting a portion of the Somerset-
shire and Dorsetshire trade, which used previously to
pass through Taunton, Bridgewater, or Bath, over this
railway.
" Although the two Great Western Branches referred
to have not yet been opened long enough to develope
their proper traffic, either in respect of passengers or
goods, so as to become remunerative in themselves, there
is sufficient indication that they will, in due time, upon
the revival of trade, contribute to the general resources
of the company, by attracting a considerable increase
of trade to the main line—besides defraying out of the
receipts from the local traffic, when progressively im-
proved, at least a moderate rate of interest on the cost,
with all their working charges.

;. The directors reportedihat they have been enabled
to work the line, including those branches, at a reduc-
aim of 14,0001. upon the preceding half-year; while the
tutal increa-e over the corresponding period of 1847,
working 53 additional miles, and supporting establish-
ments at twelve new stations, amounts only to 4,6504--
a sum but slightly esTeeding the cost of the maintenance
of way of those branches, an item which has been charged
to revenue, even during the first year of their being
opened for traffic.
"The directors have devoted their attention during
many months to a careful revision of the general ex-
penditure, feeling, under the less prosperous condition of
railway property in these times, the increasing import-
ance, and even necessity of making every practicable
retrenchment, calculated to improve the financial condi-
tion of the company, without impairing
the safety and
( fficiency of the line, or the management of the under-
taking.
"The directors entertain a belief that the alterations
and reductions which have been determined upon will
effect an annual saving of about 25,000 L in working
charges, exclusive of the sum of 6,000/. per annum, which,
from the reduced price of coals under the present con-
tract, will be saved in the cost of coke. Some of these
reductions, it is proper to mention, have been
partially in operation during the latter months
of 1848, but the board is of opinion that by
ma further
emr
eo dmi
afiyc a
still
in
ioli
be in a the trains,
nannual
nn ual
saving nodother
0,
o arrange-o a scontrasted with the expenditure even of the past six
trafficthis,
he
sources of addition to
to 30004 per annum.

" The directors will not relax in their endeavours to
conduct the wholo system under the most strict and
vigilant economy, in order to increase the prosperity of
the company, and afford a proper remuneration to the
shareholders; and they trust the public will at length
perceive how essential it is, even to their own conveni-
ence, that railways efficiently managed should make an
adequate return for their capital, without which there
can be no means of enlarging or extending those ad-
vantages.
" The result of the audited accounts during the last
six months, places the net sum of 223.9871. 193. lid. at
the disposal of the general meeting; and the directors
recommend that a dividend at the rate of 6 per cent. per
annum, should be declared by the proprietors, payable
on the Ist March in the usual way. This will leave
6,2141. 19s. 11d. to be carried forward to the account of
the current half-year.
"Under the authority of a resolution of the general
meeting in August last, the directors have resolved to
create, for construction of the Windsor Railway, 6,500
new shares of 201. each, to be issued, in conformity with
the agreement, to the shareholders of the original
Windsor Railway Company, and to others ; the said
shares entitling the holders to a rateable dividend only,
from the time when the railway itself shall be finished.
"In the 'Berks and Hants Extension Act, 1848,'
there is an enactment to give effect to the subsist-
ing agreement with the shareholders of the London,
Newbury, and Bath Direct Railway Company' (a
subject also mentioned in the last report), in
virtue of which agreement they are to be ad-
mitted as shareholders of Barks and Hants Preference
shares, of 5 per cent. per annum, to the amount of their
subscription, which is about 460,0001. The clauses in
question are now brought to the attention of the pro-
prietors, in order that the formal steps may be taken to
authorise the creation of those preference shares to the
amount specified in the Act; fur which purpose a reso
lution has been prepared and will be submitted to this
meeting.
" Experience in some companies having shown that
the proprietors of shares, upon which the capital has
been called and paid up, have derived an advantage
from the conversion of several denominations of shares
into one consolidated stuck, and the authority et
Parliament having been obtained by this company
to do so, the directors recommend that such measure
should be adopted with respect to the 1001., 501., and
201. Great Western shares, as soon as the prescribed
conditions of the Act can be complied with. A reso-
lution to that effect in legal form can only be submitted
to a special meeting, and if the proprietors concur in its
expediency, notice shall be given to convene a general
meeting of the company specially in order to confer the
requisite powers fbr that conversion.
" In the month of October, 1838, an order was made
by the company requiring separate lists of proprietors to
be made for coca half-yearly meeting, which has been
acted upon ever since; but it is practically proved that
the preparation of such lists (since become very volu-
minous) is an unnecessary expense, inasmuch as the
sealed registers of shareholders, which are required by
the Act, furnish the same information; and the directors
recommend, under existing circumstances, that the order
for the separate lists should be rescinded.
" Reverting to the all-important subject of expen-
diture, the directors must again renew their complaint,
so frequently expressed, against the system upon which
railways continue to be assessed for parochial rates.
Relief was promised as an equivalent, when Mr. Glad-
stone's Bill was introduced for compelling compa-
nies to convey troops and the police at very reduced
charges; and to afford separate trains, with a superior
accommodation for third-class passengers, at a low price,
whether remunerative or not to the company—but no
relief whatever has yet been afforded.
" A resolution will be proposed for affixing the com-
mon seal of the company to a petition to the House of
Commons, praying for some legislative redress for that
grievance; and the matter is of sufficient importance to
urge upon all the proprietors, both collectively and in-
dividually, every active and proper exertion to obtain
this measure of justice.
" Subsequently to the last meeting of the company,
the directors were anxiously engaged for some time in
endeavouring to arrange amicable relations with those
companies whose ,railways approximate to or connect
with the Great Western lines, to enable them all to
dispense with the outlay of capital not absolutely
required fur new lines, as well as to economise,
by united establishments, for carrying on the
traffic of the country. Although circumstances
over which your directors could exercise no control,
prevented the completion of any general or final aeree-
ment for the identification of those companies, they have
the gratification of stating, that there is no contest
now pending in Parliament or other conflict of interest,
as far as they can perceive, which ought to preclude the
hope of friendly and satisfactory arrangements being
made between the companies separately for their com-
mon benefit, consistently with the accommodation and
just interests of the public.
" The general financial statement of the property,
affairs, and liabilities of this company, so very recently
published and circulated among the shareholders, renders
it unnecessary to dwell upon that subject in this report.
" There is no Bill before Parliament during this
session for any new railway in which this company is
interested, and the only measure in which they are at
all concerned, is a Bill for vesting the Stratford-upon-
Avon Canal in the Birmingham and Oxford Railway
Company, to whom it really belongs, under an agree-
ment with the Oxford, Worcester, and Wolverhumpton
Company.
" l'hu resignation of Mr. Pater Maze, of Bristol, one

of the original directors of the company, who, to the
great regret of his colleagues, had become unable by
infirmity of health to attend the board, rendered it ne•
cessary to appoint another director, being a proprietor
resident within a limited distance of Bristol (the Act
requiring four directors so resident), upon which occa-
siun Mr. James Gibbs, formerly chairman of the Bristol
and Exeter Railway Company, was unanimously selected
by the board to fill that vacancy.
" At Ihe present meeting, three directors, via. :—Lord
Barrington, the deputy-chairman, Mr. James Gibbs, and.
Mr. George Jones, ot Bristol, are to retire by rotation.
['hey have severally declared themselves to be candidates
for re-election at this meeting.
"The half-yearly uccounts, already circulated, are ap-
pended to this report. together with a letter from the
eaginear in relation to the works of the company, which
is printed for the information of the proprietors.
"C. RUSSELL, Chairman."