The Sun.
London, England, 1849-08-22 00:00:00

(*11tall:

LONDON, WEDNESDAY, AUGUST 22, 1849.

The present is a busy and an anxious period for the
railway interest throughout the entire country. The
general half-yearly meetings of the several companies
have been or are about to be held, statements as to
the position and prospects of the different lines sub-
mitted to the shareholders, and, what is perhaps most
eagerly desired, dividends declared from the profits
that have been actually realised for the first six months '
of the present year. The various reductions of ex-
penditure are explained, and dwelt on with a pardon-
able complacency by boards of directors, as affording
some consolation for diminished profits and abridged
dividends. The nature of the traffic, and the reason-
able expectations of its speedy increase, afford ample
grounds on which to expatiate, and from which the hope
of a "good day coming " may be collected. Every matter
on which the shareholders may desire information is
expatiated on, and if the report, or the opening speech
of the chairman, should not be considered sufficiently
explicit, there are parties ready to answer any inter-
roptories and to submit to a searching cross-exami-
nation by any shareholder. Full advantage has been
taken of the opportunities thus afforded, and a vast
quantity of additional information is placed before
the public in consequence of the recent meetings.

The transactions of the Great Western and South-
Western Railways, the two great trunk lines pro-
ceeding to the westward, and having metropolitan
ternzini, may be considered of importance, second only
to those of the leviathan company—the London and
North-Western. The rivals of the broad and narrow
gauge had to render accounts of their proceedings,
and to offer reduced dividends to their pro-
prietors; the prospects, however, are not altogether
gloomy, and notwithstanding the falling off of divi-
dend so painfully perceptible to every shareholder,
some cheering anticipations for the future were ob-
tained. The prices of both Companies' stock have, in
fact, improved, notwithstanding the reduction ; and
stronger evidence could not be afforded of the conti-
nued confidence of the public in the integrity of the
management, and of their belief that the worst has
already been encountered, and that no further misfor-
tunes are to be dreaded. The directors are not likely
to enter into expensive Parliamentary contracts, or
rashly to assume new liabilities. A perpetual peace
has been proclaimed between the gauges ; and
although the former wars have entailed heavy bur-
dens upon the present proprietors, it is well to know
the evils that are to be encountered, and to be assured
that nothing of a similar class is henceforward to be
provided for.
The dividend of the Great Western Company for
the half-year, ending the 30th of June, is declared to
be after the rate of 4 per cent. per annum. This is,
indeed, a sad falling off, when it is considered that 8
per cent. was the usual dividend.until within the last
few years, and that nothing below 6 per cent. has
ever been announced. The reasons for the change
were, however, sufficiently cogent to command the
unanimous assent of the shareholders. It was, indeed,
a painful, although a judicious step, and one by which
the
permanent welfare and prosperity of the company
will be materially promoted. The unnecessary ex-
penditure that took place in more prosperous times on
branch lines, that have been either abandoned or are
has
no longer iu progress, been written off, and
the interest of the sums so lost, and also the subscrip-
tions to other companies not
at
have for the
dividend cr interest to their sharelhoelsdeeurts,Ying any
first time been charged to the revenue of the
half-year, in place of to capital, as was formerly currentthe
case. Were it not for this alteration, the net profits
would have justified a dividend at the rate of 5 per
cent. per annum, with a small balance over. The
adoption of a course, on the propriety and expediency
of which there can be no second opinion, only enabled
them to recommend a dividend at the rate of 4 per
cent. per annum ; after payment of which a surplus
of 18,0201. 9s. 10d. will remain unappropriated, ap-
plicable to future dividends or to such other purposes
as may be required. The directors deserve credit for
having regarded the real interest of their constituents
by stopping " any increasing burden-upon the future

receipts of the company," and also for providing for a
reserved fund, gradually to meet engagements or to
extinguish unproductive capital.
Two other circumstances must be briefly noticed.
The lease for working the Bristol and Exeter line
having expired on the 30th of April last, no complete
analysis of the traffic for the half year could be made
by way of comparison with that of former periods.
The gross revenue earned by Great Western lines
exclusively during the first six months of the present
year has increased by 13,0001. over the corresponding
period of 1848. In the expenditure there has been a
reduction of 29,4001. from the corresponding period
of 1848, and of 15,4001. from the last half-year.
In the South-Western Company the dividend
declared is after the rate of 3k per cent. per
annum. There has been an increase of net revenue
on the half-year of 37,251/., but there is an addi-
tional amount of capital entitled to dividend of no
less than 2,814,033/. This great increase is the real
cause of the reduction of the dividend that has just
been announced, and not any falling off of revenue or
increase of expenditure. Like the Great Western
Company, the revenue is now for the first time
chargeable with the interest of a large unproductive
expenditure. No further charge can, however, be
made. After the present month there will not be a
single new line or branch in progress ; and the
directors have given a solemen pledge that "no
further engagements in relation to the lines suspended
or not commenced will be entered into until the
matter shall have been again formally submitted to
the reconsideration of the proprietors specially con-
vened for that purpose, and until the whole of
the shareholders shall have an opportunity
of recording their votes, and a decided majority shall
have determined in favour of the prosecution of the
undertaking."
Under such circumstances there is every reason to
join in the favourable anticipations of the directors,
" that from this period the affairs of the company will
progressively mend," and "that at no future period
will they be in a state of such depression as at present."

The anniversary of Napoi.Eores birth has passed
by almost unnoticed, yet since the EMPEROR last
received congratulations at the Tuileries, no fifteenth
of August has witnessed the BONAPARTE family in
such fortunate circumstances as this last one. Even
a year ago, although Louis Pstuarrz had ceased to
reign, it was a matter of doubt whether the heir of
the once Imperial family might be admitted into
Republican France. Conscious, however, of the
strength of the Republican spirit which animated her,
France welcomed back the exile. She welcomed
with joyful enthusiasm the nephew of BoNA-
PARTE, not the heir of the EMPEROR. As such—as
the representative of that BONAPARTE who had con-
solidated the triumphs of the first revolution—Nero-
LEON-Lows received almost unparalleled proofs of
popular favour. He was chosen by acclamation the
first guardian of the popular rights. He was
chosen that the magic of his glorious name
might give strength and stability to the young Re-
public. The Citizen BONAPARTE responded to the
call ; he became the first PRESIDENT of the French
Republic. That election was a beautiful commemo-
ration of the nation's gratitude to her great be-
nefactor.

" Le people encore le revere,
Oui, le revere."
That election placed Louis NAPOLEON in a proud
position—the Chief of one of the chief nations of the
earth, chosen by the unanimous voice of a great
people. It is a position prouder than that to which
Prince Louis once aspired, when in his infancy he
was considered as NAPOLEON'S heir. It is a position
second only to that which will immortalize for ever
the name of NAPOLEON-Louis, when at the expira-
tion of his Presidentship he shall resign into the
hands of the people the power they so reliantly en-
trusted to him. Then, indeed, he will hold a position
which the best among us may be forgiven for envying.
No longer shall the " CINCINNATUS of the West"
have

" Bequeathed the name of Washington
To make men blush there was but onei"
for the glory of WASHINGTON will be eclipsed by
Louis NAPOLEON, inasmuch as in his case the
temptation is greater and the opportunity more se-
ductive. But the temptation will be resisted! May
we not dare to prophecy as much ? although, we must
confess, our " wish is father to the thought." May
we not venture to prophecy that you, NAPOLEON-
Louis, the chosen guardian of the - liberties
of France, will, by one act of sublime self-
denial, cover yourself with a glory far ex-
ceeding that which shone around your cradle ?
Is it possible that you can be led away by the delusive
whispers of designing men ? Is it possible that some
phantasm of the brain, " some yet imperial hope," can
render you blind to the glorious path now open before
you ? Be not deceived ! The choice before you is
not between empire and obscurity, but between glory
and destruction. Younzay, if it so please you, refuse
the solid advantages proffered to your grasp, but you
will not clutch the glittering phantom of imperial
pomp—that is gone by for ever The future will
decide this all-important question, all•important to
the PRESIDENT individually, but to France a matter
of minor consideration. Her liberties, we hope and
believe, are now established on too firm, because on
too popular a foundation, to fear assault or un-
dermining from the most bold and crafty foe.
The skill of the " modern ULYSSES " was
unequal to that tank, and even the name
of NAPOLEON, if (which GOD forbid !) it become
antagonistic to those liberties, will be powerless.
Liberty has invariably a progressive course; tyranny,
frequently, as a natural consequence, follows anarchy
but only for a brief period. The spirit of the nation
cannot retrograde. Can a man put on the garment of
a child? Could our people now bend themselves to
the feudal laws ? These are questions which require
no answer. As firmly as we believe that our own
country enjoys (to a great extent) the blessings of
popular freedom, as firmly and unmovingly as, we
believe, that ere long all Europe, eveirthe dominions
Of NICHOLAS, will (in a mitigated degree, perhaps,
at first) participate in those blessings—so firmly do
we believe it impossible that Republican France will
again kneel at the footstool of an Emperor.
" What, they who burst the bondage their fathers bore
so long,
That oppression had seemed saered in its venerable
wrong,
What, they who have outspoken, and the whole world
obeyed,
With us princes and its monarchs on their high thrones
afraid—
What, shall they learn the courtier's_ lisp, and shall
they cringe and sue?"
The elevation of the ConsuIBONAPiRTE to the Imperial
dignity can only be accounted for, and perhaps excused,
by the unparalleled• circumstances of the times and
his unparalleled glory. Such •an -hour and such a
man will never arrive again. For France we have no
fear : only Louis individually will'be affected by the
close of his Presidentship. He may choose between
ridicule and renown. In the latter: case may al-
most be applied to him the panegyric on the abdicat-
ing Roman—

" His greatest glory was that hour
Of self-upheld, abandoned power."
This sentence would be the most glorious motto
Louts NAPOLEON could have inscribed upon his tomb.
If realised it will be his infallible passport to the
admiration and gratitude of posterity.

1 MANCHESTER ITRADE REPORT, TIIESDAY.-.-The
continued advance in the Cotton Market has had the
tendency of keeping up the firm feeling in the goods
market which has existed for some time. As many
large orders are now nearly approaching completion,
there was some tendency to relax as to demand, but the
late increased advance in the raw material has operated
as a check to any downward tendency, and prices are as
firm as ever. Business, however, has not manifested
that briskness which for a length of time bas charac-
terized the market, and as the export trade has consi-
derably fallen off, some re-action may be, for a time at
least, not unlikely. The business that is being done,
however, is not inconsiderable, and of a most healthy
kind. The transactions connected with the home trade
are satisfactory, and strong hopes are still cherished of
a brisk autumn trade.
TRADE OF PAISLEY.—Trade continues brisk, and
we are informed that for the last ten years there has not
been such a demand for weavers. Weavers for some
into
abundance
kinds of fabrics cannot, indeed, be. had. For the finer
descriptions of harness work, in particular, it is very
be difficulthad
weaving of tartan fabrics;idnaitends. The draw-boys, who used to
are nowai
al ask- gt
they
employedfin
find
it more in the
weavingpro-
fitable than drawing
their services. The .harness,
consequence
weavers cannot obtain
has been refused,
apnaydinigesdsesrcermiputino that work of a good
.remunerative character. preferred. Printed
in considerable
goods are still making , and that of a plainer
goes quantities;etvliti,t,rilikanads
the manufacture of tartan fabrics
ever.—Rei?frewAire Advertiser.