The Sun.
London, England, 1847-03-15 00:00:00

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actions, have no view of imput'ng any T
who have only followed a
peariojyu; instances been adopted by
r.-culler blame to
ethoeurSs
eo uwt hh
cEha shtaesr ni
nCnounm)
other companies, and which may, perhaps, be consfdered
as having received the tacit permission of Parliament.
They cannot, however, but regard the system itself as ob—
,l jectionable, and, though it may be tPelinically:considerect
a compliance with the standing orders, as involving a
violation of their real spirit and object. There can
be no doubt that the object of Parliament In requiring
the deposit of a subscription contract was to be satisfied
of the existence of bona fide subscriptions to three-
fourth of the amount of the estimate, which subscription
might and would be called for in the prosecution of tha
undertaking. But when the subscription contract is
signed only by the directors, who are themselves the
promoters of the Bill, and when their signatures are
given only on the distinct understanding amongst them-
selves that the subscriptions are never to be called for,
and that the works are not to proceed unless the re-
quisite funds can be obtained from other sources, it is
obvious that the intention of Parliament is frustrated,
and that by such a subscription c eitract no additional
security is obtained for the execution of the work, or
for the bond fide character of the undertaking.
"In such a case either the surplus revenue of the
company is considered a sufficient guarantee for the
undertaking, or no such guarantee is offered. If the
surplus revenue be such as is considered sufficient, this
ought to be shown either by the deposit of a declaration,
or in such other mauler as the House of Commons may
hereafter determine. If, on the other hand, the surplus
revenue be insufficient, it is submitted that no additional
security is obtained by the deposit of such subscription
contract as has been described. It may also be a
question how far railway companies are justified in
making the Parliamentary deposits for new Bills out of
funds which have been authorized to be raised for other
purposes.
" The Commissioners have considered it their duty
to take the earliest opportunity of submitting this sub.
ject for the consideration of the House of 'Commons;
and they would respectfully suggest that, whatever
course in regard to this question it may be thought
proper to adopt with reference to the Bills of the pre-
sent session, means should at all events be taken. before
another session of Parliament, of revising the system,
under which an evasion of this kind has been per-
mitted.

" One of the pecuniary transactions of the South-
Eastern Company requires particular notice and expla-
nation, namely, the issue on various occasions to their
proprietors of shares which were of n lower pecuniary
amount than their original shares, but which were,
nevertheless, entitled to equal dividends. It appears
that the company, having, in the year 1836, raised
their original capital by means of 28,000 shares
of 501. each, found themselves, in 1842, under
the necessity of raising further capital; and their ori-
ginal shares being at that time at a considerable dis-
count, it was impracticable to raise additional shares
on the same terms ; and the company accordingly ob-
tained an Act authorising them to issue new shares at
such a price and with such advantages over the other
shares as the company, with the consent of three-fifths
of the proprietors present at a general meeting, might
think fit. The result was that the company issued
28,000 new shares of 251. each, entitled to the same divi-
dends as the original shares of 50/„ one such 251. share
being allotted to each holder of a 501. share. There
appears to be no injustice in the arrangement, inasmuch
as any additional advantage conferred on the 251. share
was at the expense of the 501. share, which was the
property of the same person. A similar system was
pursued under subsequent Acts by the creation, at dif-
terent times, of new shares of 321., 331. 6s. Bd., and 304,
with similar privileges. The interests of the public
appear to have been not materially affected by these
transactions, provided that in any future calculation of
profits, with the view either to the revision of fares, or
to the sale of the railway under the provisions of 7 and
8 Victoria, c. 85, the different shares are reckoned at the
amounts at which they were respectively issued, and not
as 501. shares, as they have sometimes been erroneously
termed in share lists.

" A statement on this subject, by the secretary of the
company, will be found in the appendix, No. 4.
" Amongst the different pecuniary transactions in
which the South-Eastern Railway Company have been,
engaged, cne of the most peculiar is, perhaps, the pur.
chase of the harbour of Folkestone. The Commissioners
think it right to state, that had this transaction been
now pending, or had it been proposed to take power to
authorise such an arrangement by any of the bills of the
present session, they would have considered it their duty
to report fully upon the subject. As, however, they
find the purchase to have been duly completed under the
authority of an Act of Parliament, they have thought it
necessary to extend their inquiries further, and they
only allude to the subject at present, as affording an
example of one of those transactions to which, in their
opinion, the attention of Parliament ought in future to
be specially directed.
By order of the Commissioners of Railways,
FREDERICK W. A. BRUCE, Secretary.
March 10.

LONDON DISTRICT LETTER
CARRIERS

A numerous meeting 07J,TL7;Cion district letter-carriers
took place on Friday at the Pied Horse, Chiswellsatreet, for
the purpose of hearing a communication from Mr. Rowland
Hill relative to their salaries, &c., and to consider the pro•
priety of laying their claims before the Lords of the Treasury.
In the London District Post-office the number of letter-
carriers (including 60 supernumeraries) is 003; the wages
of the supernumeraries are 193. per week; those of the
regular letter-carriers 20s. a week, which, after a servitude
of 15 or 16 years, is increased to 255., and there is no rise
above this sum. In the General Post-office they enter at
2:35. a week, and after a time rise to 255., which is again
increased to 30s. The object of the district letter-carriers is
to obtain the same rate of wages as the general post car-
riers for their duty of 22 deliveries arid 9 collections a
week. The general postmen have but six deliveries a week,
with the exception of the junior carriers, and no collections.
The district letter-carriers walk from t. ants to twenty-five
a day in the performance of their official duties alone. Mr.
Jobe Richmosd, a letter-carrier of fot.r ecn years' standing,
presided at the meeting last evening, and stated the object
ter which his brother officers had been called together. Mr.
F. W. Clifton, the secretary, a carrier of sixteen years' stsnd-
ing, explained how their grievances had been pointed out to
Mr. Rowland Hill, who had said that he considered the
district letter-carriers insufficiently paid. The deputations
appointed to confer with Mr. Hill had expressed to him
the willingness of the carritrs to work hard, at the same
time they wished for better pay. The condition and priva-
tions endured by the body generally were fully laid before
Mr. Hill, who thought their case was a very hard one, and
assured them it should be inquired into and remedied. The
chairman stated that he had been before Mr. Smith, the
superintending president of the London eistriet carriers, upon
the subject, whom he had told that the only object for their
calling meetings of their body was to obtain better wages
for their work, and he had also told hint that he did not
think the district carriers would be satisfied until they ob-
tained the same scale s the general post carriers. Mr.
Smith's advice was, that they should accept what was now
offered—that is, an increase of 2s. on the seniors' salary,
and Is. on that of the juniors, for the present, and wait
until the contemplated arrangements should be carried into
operation.—(Disapprobation.) Ultimately, a resolution to
the following effect was unanimously agreed to:—" That
the meeting was of opinion that the time had arrived for
the London district letter-carriers immediately to lay their
grievances before the Lords of the Treasury by memorial,
and that a deputation of twelve of their body, with the
attendance and assistance of two or more Members of the
House of Commons, should wait upon their Lordships, pray-
ing them to take their case into their serious consideration,
and grant them a scale of salary increasing according to
years of servic,, as recommended by the Commissioners of
Revenue Inquiry in their eighteenth report. Also com-
pensation for their loss of extra-duty money, the General Post
letter-carriers being now in the receipt of the same for their
official losses. They trusted that their Lordships would not
lose sight of the feats that, while the General Pest super-
numerary letter-carrier commenced his duties at a salary of
235., the London district letter-carrier began with 19s. a week
only, with the disadvantage of having trequently to try to
maintain two houses, in consequence of his liability to be
sent to numerous places within 12 or 13 miles of London,
to do duty at various times, which was not the case with the
former; and 140 seniors only were receiving 255. per week,
out of nearly 900 men, the remainder at 20s. per week only,
Great numbers of the seniors and juniors performing 22
deliveries per man, and nine collections for those respective
salaries, whilst many of the General Post letter-carriers
were now in the receipt of 235., 255., and 30s. per week,
for six deliveries per man ; and some of the latter, in re-
ceipt of 255. per week, were only about four years in the
service, gone of whom performed more than two deliveries
in the day, and the evening sorting duty, but no collection.
At the same time many of the senior London district letter-
carriers had been in the service 30 years, and some 40 years."
Several very able speeches followed this resolution, descrip-
teizrerisorsf tinhecohnasredgsuheipnscsanodf
their
ratsimotaisll endxurebdutbtyhetliperolectet:dr.-
innograwthasrouthgehrosutthwe esrleigchotnesdtucitmedprwo•pitehr.iolearbdue'irlitaniond regularity,ofeeling.
Thanksfo r
their
having been
services
in support
given
of
thechairman
claims
of
meeting broke up at a late hoer. atuhdeirebomodmy,i titre

.--- - - -
[ADVERTISEMENT.] —TEAS AT WHOLESALE PRICES,
No. 2, BUCKLERSBURY, CHEAFSIDE.—FamiIies whose
consumption is large, and study economy, will derive
considerable advantage at this establishment. One uni-
form price is affixed, by which the purchaser of a single
pound can obtain it on the same terms as the tra
4d. de.
ss.
Black Tea 2s. Bd., 33., 3s. 4d, 3s. Bcl., 45., 45.. ,
Green 3s. 4d., 3s. Bd., 45., 4s. 4d., 55., 65., 7s,
Coffee • 9d., 10d., Is., Is. 2d., Is. 4d., Is. 6d., Is. Sd.
One pound sent free to any part of town. Orders from
the country forwarded the same day; and when the
quantity is for 61b. weight (tea only), the carriage is
paid to .any part of England.— IIAirsELL and Co.,
wholesale tea dealers, 2, Bucklersbury, Cheapside.
A NEW WAY OF MAKING GROG.—A short time
since, two "navvies" called at the retailan dshionp
of aa
spirit-mer-
chant
Illiti cahitrgtiahtn-emomteherener
chant in Lynn, Norfolk, and inquired for agallon
gin, which quantity was forthwith deposited in of
genuine
stone bottle brought for the purpose,
said they had already emptied one ral tun bought
shop. The cash being the next requisite to settle the affair
between the buyer and seller, the
oattount was dem nided—
when these " gentlen- en ot the s il,,i,
declared they would
pay on the following Saturday, on receipt of their wages.
stated
that
when, with great sang fi ()id, the
This course was •
liquor," therefore,
()bieeed t„ -
moat t theyh, had
takenn oh
ametkmea3,g-,aiann.d that
The
worthy gentlemen
the "
" returning" process having betfin, clinpleted, and the gin-
bohut:lN.
halt;
arostfegriotns intoe'
i it
twheasbodti tslceo discovered
vdiout..‘ity t theyllti had
thus
put one gallon
chant the same quantity of liquor, Lilt .t.t,tedaevitinefenttheb mer-
one
proper strength, whilst the water had beeny
con-
verted into grog.
A man of the name of Richard Walter was found
frozen to death within half a mile of Shepherd's Shore on
Wednesday night. Deceased had been to the above place
with some oxen, and it was supposed had taken too much
beer, and becoming drowsy had laid down to sleep, and thus
perished.— iVitts Independent.
RAILWAYS.—By a Parliamentary return published
yesterday morning, of the proposed amount of capital and of
the sum authorised to be borrowed, in the Railway Bills de-
posited with the Commissicturs of Railways for the present-
session of Parliament, it Appears that the amount of capital
is, 82,553,150/. • amount to be borrowed, •11,314,219/.
, making a total Of capital and loan of 123,567,4Q9/.