The Sun.
London, England, 1849-01-09 00:00:00

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SUN OFFICE, Seven o' Clock.

COLONIAL BANK.—(THIS DAY.)
A special general Court of the Proprietors of this
company was held to-day, at one o'clock, at the London
Tavern, Bishopsgate-street, for the election of a director
in the room of Mr. Cripps, M.P., deceased; Mr. Colville
is the chair. Mr. George Hankey was unanimously
elected. The ordinary half-yearly meeting was after-
wards held.
Mr. CALVERT read the report and statement of ac-
counts. The report alluded to the depression in West
India affairs, and to their inability to get in more
than they had of West India debts. Colonial
prices having exhibited some improvement, the
4irectors calculated, if peace was preserved, that
they would continue to improve. They thought
it would be well not to press persons to pay
immediately, when it might lead to their ruin, and when
waiting a little while would tend to the benefit of the
bank. Their liabilities had been greatly reduced, and
their transactions limited and concentrated without
being accompanied by reduction in the profits. They
recommended that a moderate portion of profits should
be appropriated to a dividend, and further that a divi-
dend of two per cent. per annum on the paid-up capital,
or one per cent. for the half-year ending in June, 1848,
should be declared, which would require 5,000/., leaving
16,000/. to be carried to the bad debt fund.
The following statement of accounts was submitted to
the proprietors:—

DEBTS.

Circulation ...
Deposits and other liabilities
Paid-up capital
Fund to meet bad debts ,
Profit ... .. ... •

£159,055 7 4
533,501 4 7
500,000 0 0
14,671 18 4
21,959 16 7

£1,229,188 6 10

ASSNTS.

Specie •..• •••
Due to the Bank in the Colonies, on
bills discounted and purchased, in-
cluding those past due
Due to the Bank in the Colonies, on

£189,387 17 3

cash credits and current accounts ...
Due to the Bank in London, on bills
remitted, cash at bankers ... ...
Bank premises and furniture in Lon-
don and the Colonies ... ...

540,292 10 1

181,873 18 0

301,072 3 5

16,561 18 1

£1,229,188 6 10

The CHAIRMAN, in reply to several questions, stated
that the expenses had been reduced 4,000/., and that
the losses upon the year would be more than last year.
A PROPRIETOR demanded their amount, and a more
detailed account of the exact affairs of the bank.

The CHAIRMAN said the directors had nothing to
conceal; but submitted that it would not be policy to
expose too minutely the affairs of the bank, as, though
they were in a healthy condition, such an exposition
might prove inimical to its interests.
Mr. CATE followed, and defended the course recom-
mended by the chairman. When they bore in mind the
destructive and ruinous policy which had been adopted
towards the West Indian colonies, and the consequent
fall of many great houses, two contemporary banks
among the number, he thought they should be thankful
that they were in as good a position as they were.—
(Cheers.) liotwithstanding their losses, they had
300,000!. of capital immediately available, which was
amply sufficient for them to carry on their business with,
and for the realization of a fair profit. lie assured them
that neither himself nor the other directors would re-
main at their posts if the proceedings of the bank were
not of the most upright and straightforward character.
The report was then received and adopted.
The dividend referred to above having been proposed,

A Pnornlvror. submitted that it was most unwise,
when their liabilities were so great, to pay any dividend.
—(Cries of " No, no.") He proposed this on ordinary
business grounds.
The CHAIRMAN said, it was also a common principle
in business that the persons carrying it on must live in
the meantime.—(Hear, hear.)
The motion was then adopted.
Charles Cave, Esq., Charles Marryatt, E;q., and James
Cavan, Esq., were re-elected ; and William Ellice,
Esq., elected auditor.
On the motion of Mr. GURNEY, a cordial vote of
thanks was passed to the chairman and directors for the
able and discreet way in which they had conducted the
affairs of the bank.
The meeting then' eparated.

THE NEW ISLINGTON CATTLE
MARKET.—(THIS DAY.)
After the opening of the market (a brief account of ,
which appears in another column) a great number of ,
gentlemen, supporting the undertaking, sat down to an I
excellent cold collation, provided in the board-room.
The cloth having been withdrawn, several excellent
speeishes were made explanatory of the objects of those
who had been instrumental in forming the company, the
effect of which may be gleaned from the following state-
ment :—" The object is to provide a spacious and conve-
nient market for all cattle sent for sale to the metropolis,
spacious lairs for their repose after travelling, or remain-
ing unsold, extensive and well-organized slaughtering
establishments, and a carcase market, with a frontage of
2,000 feet, immediately adjoining the cattle market, which
will be furnished with extensive cooling stores for
keeping the butcher's surplus stock (under his own
control) in ali: seasons at an uniform temperature.
Two classes will support this undertaking: one, for
great public objects, as it must remove the growing
nuisances and danger in the crowded thoroughfares of
London, get rid of a fruitful source of malaria, producing
countless diseases, and put .down the greatest disgrace
of this metropolis—a berbelism unparalleled in the capi-
tal city of any country in the civilized world; the other
of its supporters, wilt be those who will join it
as the safest and most profitable investment existing,
or projected, on a joint-stock principle, seeing that it
has already obtained the sanction of the Legislature, and
that its business must extend with the annual increase
of the British and foreign cattle sold and slaughtered in
London. The evidence taken before a Select Committee
of the House of Commons last year will furnish data to
throw abtindant light upon the amount of business that
may fairly be expected at Islington ; and the esti-
mates, which have been carefully prepared, will
show that, without many sources of income un-
specified, there cannot be less than twenty per cent.
profit to the shareholders, without in any way trench-
ing upon the rights of the public. Nor will this appear
surprising, when the vast extent and nature of the
daily business is considered, and that the company
has purchased and is in possession of the valuable
Islington' estate, consisting of the market-house, seven
public-houses, thirty dwelling-houses, with all the sub-
stantial buildings in the market, &c., spacious lairs
enclosing fifteen acres, pens, stalls, stables, offices,
four banking-houses, wells, ample water tanks, &c.,
erected by the late Mr. Perkins, on 22 acres of freehold
land, besides several acres of leasehold (in all nearly 30
acres), together with the Act of Parliament conferring
the privilege of holding the market, taking tolls, slaugh-
tering, &c., &c., at nearly one -half the amount expended
by that gentleman. The market has been put into
complete order, and is capable of receiving the largest
number of cattle ever sent to Smithfield, or even
double the number ; and already—as a small instalment
of the future—more than a thousand head of cattle are
sent weekly for the advantage of the superior lairage,
water, &c., and many are there sold. Many circum-
stances are favourable to this company which were un-
favourable to Mr. Perkins. A prejudice existed, that
while fighting one monopoly he was seeking to establish
another. Some erroneous, and it is believed miscon-
strued proceedings on his part, were alleged as reasons
for this report; but in this company no monopoly or
selfish advantage to the public injury can arise, and
every error which past experience has pointed out will
be removed. Three instances may be cited in proof.
Ist. The establishment of a Dead Meat Market adjoining
the Cattle Market. 2d. Permission to slaughter in
this establishment by the company's servants, or by the
servants of the different caicAse butchers, as they may
prefer ; and 3d. Every accommodation will be offered
to all persons connected with Smithfield Market,
either 315 graziers, backers, salesmen, or drovers,
to transfer the whole or us much of their busi-
ness as they may think proper, to the new market.
In considericg the extraordinary increase of the London
supply, it appears that in the year 1746 only about
75,000 cattle, and 580,000 sheef3,4w6i,tha
233,402 headlewl)igs'were
of
sold in Smithfield market; is
cattle, and 1,527,200 sheep, besides calves and pigs,
were sold; making an increass in the last century alone
of 300 per cent. What that increase may be, with
the,._ growing population, and the continually advanc-
ing importation of foreign cattle, in a few years, it is
difficult to conjecture, but who will venture. to assert
that Smithfield both legal and illegal, is sufficient in space
properly to accommodate half of those that now arrive.
Assuming, therefore , that Smithfield is totally inade-
quate to the requirements of the day, and must become
every year still more so, we have a right to conclude
that Islington Market, having
Act the sanction of a special
of Parliament, and
every possible convenience to
recommend it, must ultimately become the cattle market
of the metropolis. The area of Smithfield Market for
all purposes does not exceed five acres, nor can the present
illegal and pitiful attempt to include a space of 32 yards
by 12, add in any way to its efficiency, The objections
to Smithfield Market, as proved before Parliament, are,
according to the evidencce printed last year by
order of the House of Commas :-1. Insufficient
space. 2. Cattle injured
by
afiv crueltya taangde
Ctleosebupyaecrks-.
ing. 3. Cattle not shown to
4. Want of water. 5- Want of hilrage- 6. Dan-
ger to passengers in crowded thoroughfares. In con-
sequence of these objections, and the continual in-
crease of stock by foreign importetion, we have a right
to conclude that the Government, which is determined
to enforce sanitary measures and general social reform,
Will insist on the removal of Smithfield Market, and we
are fortified in this assurance by the fact that Parlia-
ment has resisted nine different attempts made by the Cor-
poration of London to obtain acts to enlarge Smithfield,
and thereby add to its manifold evils of obstruction,
alarm, danger, and disease. In consequence of the re
monstrance of the graziers as to the inefficiency of space
so far back as 1809, the subject was, with the unanimous
approbation of every salesman in Smithfield, referred to
the consideration of the Board of Trade, who, atter fully
inquiring into the matter, reported, ' Meat in order pro-
perly to accommodate the whole stock sent for the supply
of the metropolis, the market would require an area of
stleast twelve acres.' The area of Islington Market is,
within its walls, fifteen acres, and about thirteen outside.
Many appeals on the score of humanity have also been
addressed to the Corporation; but no efficient measure
has or can be adopted by them to the interest of the
graziers, who, they know, are compelled to send their
stock to Smithfield; and by a Bill brought into Parlia-

ment by the Corporation of London so recently as 1833,
they actually attempted, in order to enable them to add
only three-quarters of an acre to Smithfield Market, to
tax the glaziers and farmers with the payment of
72,000!. towards the expense of so , insignificant an
enlargement ; which sum was to ho levied by additional
tolls on all stock sent to Smithfield. The Bill was sup-
ported by the City Members (of course); but was op-
pcsed by nearly every other Member of the House of
Commons, and thrown out by a large majority. It was,
however, deemed expedient, before absolutely concluding
any arrangement for the possession of Islington Market,
to ask for, and be governed by, the opinion of the
graziers who transmit their cattle for sale in London.
Accordingly a circular was sent to every member of
the Farmers' Club, Agricultural Societies, &c., in all the
grazing counties in England; and, to the thousands of
these circulars so nearly unanimous is the feeling that
there are only seven answers expressing doubt or dissent;
and of the remainder the vast majority of graziers pro-
mise to send their cattle to Islington, as the best proof
they can give of their opinion upon the subject, so
soon as the market is opened. This unanimity cannot be
wondered at, when it is known that the cattle market at
Islington, in its present state, can accommodate 8,000 cat tle
and 50,000 sheep, besides horses, pigs, &c., safely locked
within its walls; that a junction railway, now construct-
ing from Blackwell to the Northern and Eastern,
Eastern Counties, and the Great Northern and Western
Railways, will pass the market within 380 yards; from
which a tram-road will be laid into the market; and, as
seven-eighths of all the cattle brought into the market
enter by these north lines, very few need be driven into
London at all; that thtre is abundant lairage, and plenty
of excellent water; that the cattle can be shown to the best
advantage; that the owners can, if they think proper,
superintend the sale of their own stock; that when
slaughtered the meat will be in prime condition, and, con-
sequently, worth more money, and that the trouble and
expense of bringing the cattle to market will be consi-
derably diminished. In order at once to prove to the
public and the grazing interests the determination of
the promoters, to discountenance anything like mo-
nopoly, and to offer a fair and open field in the mo-
netary arrangement of the present undertaking, it has
been resolved to raise the required capital in one
pound shares, to be paid on allotment as above stated; a
course in which the promoters aro encouraged by the
cordial approval of a large majority of contemplated sup-
porters. The first issue will be to the amount of 50,000
shares only; after which, when required,- the second
series, of a like number, will be allotted, and will be
offered in the first instance to the holders of the let
series, and the residue, if any, will be issued to new sub-
scribers; and in the same manner the 3d and 4th series,
preference being given to the holders of the earliest al-
loted shares.' The advantage of the shares being so low,
and the whole paid up, will be obvious, from there being
no calla to anticipate, and persons in every grade of
life may take part in the undertaking. The deed of
settlement will contain such clauses as will limit the
responsibility of shareholders to the amount they may
respectively hold. To the public generally, as consumers
of animal food. the benefit will be manifestly great:
cattle goaded, bruised, excited into fever, deprived of
water and fodder, cannot be in that healthy condition
previous to slaughtering that they ought to be. At the
Islington Market, with its ample space, fine air, its
slaughter-houses, cooling stores, and accommodation
which private capital cannot command, no such cruelties
and consequent depreciation, need take place."
The neighbourhood of the market has been the scene
of the greatest bustle during the whole day, and the fol.
lowing notice has been most extensively circulated :