The Sun.
London, England, 1849-02-17 00:00:00

A R. K,

and which e.xpounded at last to tho astonishment of
the philoaophi cal antiquary, meant nothing more than

Bill Stumps, his mark." And it is simply
because it is required that electors should not be such
ignoramuses as to be unable to scrawl an autograph,
that a virtuous clamour is raised about the projected
monopoly and privilege.
_ _

Of this we are satisfied, that the mode pointed out
by M. CHARTON is the most reasonable con-
promise that has hitherto been contrived between
those who demand universal suffrage and those who
are opposed; to the extension of the elective fran-
chise, from a sense of the ignorance prevalent among
the populace. It would constitute a by no means
stringent or onerous educational test; for that man
must be a dolt indeed who cannot read or write his
own name, now that the channels to knowledge are,
in one way or another, open to whosoever lists to pene-
trate. Even in the days of the Grecian Republic we
find, it is true, that the right of voting was not
restricted to those who had somewhat of the
pretensions of scholarship, for the historian of Attica
tells us that a citizen of the violet-crowned capital
asked ARISTIDIS to inscribe his name upon the shell
destined to aid in effecting his own Ostracism. Be-
cause the ancients, however, fell into error, that is
surely no reason why we should go on blundering
to the end of the chapter. As well place a blunder-
buss in the hands of a lunatic as the right of fran-
chise in those of an ignorant man surrounded by
knaves and sharpers. As well entrust the management
of some exquisitely delicate machine to a clown
whose fingers (as the saying goes) are all thumbs,
and who does not recognise any difference between
the cog of a toothed-wheel and the oscillations of a
pendulum. By some such arrangement as the one
proposed by M. CHARTON the working of Universal
Suffrage would be defended from the possibility of
any false movement, and, through the ballot-box, the
popular voice would sound, for ever, clearly and
audibly.

There are several facts of a very encouraging
character detailed in the report which the directors
of the Midland Railway Company, presented to the
shareholders at the half-yearly meeting, which was
held at Derby on Thursday last. It is true that the
dividend announced was only after the rate of five
per cent. per annum on the Midland Consolidated
Stock, but there is every reason to hope that the rate
will be speedily and permanently increased to six per
cent. at the very lowest, when the lines now in course
of construction are completed, and the traffic of every
description fully developed.
The gross receipts from the various sources of
revenue during the half-year ending the
31st December last, amounted in the whole to
698,4601. 2s. Bd., thus exceeding the receipts of the
corresponding half-year of 1847 by 99,577/. There
has been a decrease in the receipts from the passenger
traffic of 18,628/. This may easily be accounted for
by the gloom and stagnation that prevailed during
that period. There is, however, every reason to hope
for a speedy restoration of that activity which formerly
existed, and which proved so very beneficial to the
railway companies. This depreciation is, however,
more than counterbalanced by the improvement
in the merchandise and mineral traffics, which are
steadily progressing in the most satisfactory manner,
there being an increase on the receipts arising from
the carriage of merchandise of 24,6001., and of
minerals of 14,622/. These are matters that do not
depend so much on temporary circumstances as the
number of passengers that may be conveyed. The
improvement, therefore, is of a very cheering descrip-
tion, and augurs favourably for the future prosperity
of the company.
The working expenses of the several lines, in-
cluding the rents to the, London and North-
Western and the Great Western Companies,
amount in the whole to 211,1791. 103. Bd. The
debenture interest, and dividends on various guaran-
teed: stocks, local rates and taxes, 16,386/. 2s. 7d.,
and the Government duty on passengers, 12,4781. 105.
2d., amount in the whole to 204,92 Q/. 12s. 3J.
After these several deductions 212,3491. 19s. 9d. re-
mains at the disposal of the company, from which
the following dividends are to be paid for the half-
year, that is to say-21. 10s. on each 1001. Midland
consolidated stock ; 31. upon each 100/. consolidated
preference stock ; after the rate of 6/. per cent. per
annum on the Erewash Valley shares ; and
of 1/. 16s. 3d. upon each 100/. consoli-
dated Birmingham and Derby stock. After
these several payments 26,0001. will remain,
of which 10,0001. is to be set aside towards a fund
for the renewal of the permanent way—a prudent pre-
caution that will be duly appreciated by the share-
holders and the community in general, and 16,0001.
will remain as a reserve towards future dividends.
Another circumstance was mentioned in the en-
gineer's report that should not be lost sight of, viz.,
the expenditure under the head of maintenance is
greatly diminished since the North Branch has been
fully taken into the company's hands. At the time
of the amalgamation it averaged 2301. per mile per
annum; it is now reduced to 1401. per mile.
Under the capital account we find that the
sums expended to the 30th June, 1848, amounted in
the whole to 18,254,6351. 14s. 6d.; that the further
charges for works, stock, interest, &c., during the
half-year, amount to 755,6541. 19s. 5d., and the pay-
ments on account of shares held by the company to
36,6501., making in the whole 14,042,340/. 18s. 11d.
The report further states that it is believed " that
there is an adequate supply for the working of the main
line and branches (those in continuation as well as
those open for traffic), and that nofurther sums would be
placed to the capital account. The engines
carriages, waggons, &c., will be kept in repair, as
they have hitherto been, at the cost of revenue, and
replaced by new ones from the same source."
It might well be supposed that the shareholders
would be gratified, indeed, at these various announce-
ments—at finding their property, which had been
fearfully depreciated, before the connexion with the
North Midland, in so favourable a condition. It was
acknowledged that a deep debt of gratitude was due
to the directors, and more especially to the respected
chairman, for their unceasing devotion to the interests
of the company ; and yet, although confidence
in the integrity of the management was avowed
an attempt was made which, if successful, would
practically have amounted to a vote of want of con-
fidence. It was proposed that a committee of inquiry
should be appointed to investigate the accounts. Al-
though the parties by whom the motion was brought
forward protested that they did not impeach the ho-
nesty or integrity of the directors, the matter was
regarded by the chairman and directors in its true
light. The chairman boldly claimed that confidence
to which he felt his valuable services had so eminently
entitled him. He exposed the Bearish trap that was
laid for them. He said—
"He would have the shareholders carefully consider
the course they intended to adopt. The directors would
be unwilling to desert the vessel in her present critical
c eu rpart
,
state—at time, too, when he believed that brighter days
were dawning. His conviction was that the proposed
appointmentoatudthhee moveroftahocogmh andint
iitttweeou
seconder of thee
of
ibnelmu wasorryh onoau
resolutionrav b
to
honourable on
lihaeve
come down with a new list of directors than with
their present resolutions. He would once more caution
the shareholders against playing into the hands of men
who might have sold their sharer, and have found it incon-
venient to deliver them, and whose interest it consequently
was to depreciate the property."

This bold and manly conduct had its due effect.
The seconder of the amendment desired to withdraw.
therefrom. It was, however, put from the chair, and
lost by an overwhelming majority, and the reso-
lution for the adoption of the report was then sub-
mitted, and carried unanimously; and a cor-
dial vote of thanks was subsequently passed to the
chairman and directors.
'We congratulate the shareholders on the result—we
congratulate them heartily on the "good time coming,"
when they will receive the full benefit of the prospects
now opened to them. The motion was a part of the
system got up and fomented by the Bears. They
played their game boldly, and for a time had but too
much success. The mania has, however, passed
away, the unreasoning and unfounded panic has sub
sided. The speculators for a fall, however, still
make expiring efforts, although their occu-
pation is almost gone. But in Mr.: HUDSON
they have an opponent who detects and unhesitatingly
denounces their insidious devices. They do not for-
get that the admirable letter which that gentleman
addressed to the shareholders of the Midland
Railway on the 24th October last, and which
appeared in The Sun on the 2Gth of the same
month, was one of the first measures that
checked the game they had been so long playing