The Sun.
London, England, 1847-02-25 00:00:00

ELECTION

CHANCELLOR

OF
THE UNIVERSITY.
OF

CAMBR IDGE.

(THIS DAY-BY EXPRESS.)

(Continued from our Afternoon Edition.)
STATE OF THE POLL, BY ELECTRIC TELEGRAPH.
CAMBRIDGE, HALV.PAST FIVE O'CLOCK.
THREE O'CLOCK
Prince Albert
Earl Powis
Majority
FOUR O'CLOCK.
Prince Albert
Earl Powis
Majority
FIVE O'CLOCK.
Prince Albert 582
Earl Fowls
Majority
Adjourned till Eight.

- 427
. 451
. -24

- 8

--- 10

THE GOVERNMENT LOAN OF

EIGHT MILLIONS.

PROCEEDINGS OF THE PRELIMINARY MEETING
RESPECTING THE LOAN OF 8,000,000/. PROPOSED
TO BE RAISED IN TIIE PRESENT YEAR.
The following gentlemen attended the meeting this
day, in consequence of the Chancellor of the Exchequer's
letter to the Governor and Deputy-Governor of the Bank
of England, of the 23d inst., to hear the terms proposed
for the said loan:—
Mr. Isaac L. Goldsmid, Mr. B. B. Williams, Mr.
Lawrence, Mr. J. Wreford, Mr. Bates, Mr. Thomas
Baring, Mr. George Webb, Mi. Thomson Alers Han-
key, Mr. James Ricardo, Mr. Humphrey John Mild-
may, Mr. Guilliam Scott, Mr. James Capel, Mr. John
Norbury, Mr. B. S.:Lloyd, Mr. Burnand, Messrs. Roths-
child, Mr. Elward Satterwarthe.
The measures proposed were-
1. That the loan to be csintracted was for 8,000,0001
of money.
2. That the tenders should state the amount in money
that the party will give for 1001 Stock in the Three per
Cent. Conses.
3. No discount to be allowed.
4. The instalments to be paid on the days following:—
Deposit 12 per cent. on Friday, the sth March.
Payment of 12 per cent. on Friday, the 9th April.
7th May.
11th June.
9th .July.
6th August.
3d Sept.
13th October.

12 „

5. The deposit to be retained as a security for mak-
ing the future payments on the days specified. and stock
will be given for the money paid in at each instalment
after the first, if required.
C. The interest to commence from the sth January,
1847, and for whole payments, made on or before the
2d July, 1847, the contributors will meive the half-
year's dividend at the sth July, 1847.
7. No reserve for public companies.
8. A sealed paper will be laid upon the table pre-
viously to opening the tenders, containing the lowest
amount of money that Lord John Russ, 11 and the Chan-
cellor of the Exchequer will feel themselves justified in
accepting for every 1001. stock ; and in the event of a
smal:er sum being tendered in the several proposals than
that in the sealed piper, it will, in such case, be opened,
and the amount in it declared.
9. The bidlings t) take place on Monday next, the
15th March, at the Treasury, at ten o'clock.

TATTERSALL'S-THIS EVENING.
SIX O'CLOCK.

LIVERPOOL STEEPLE CHASE.
6 to 1 agst Brunette
8 to 1 agst The Roarer
16 to 1 agst Pioneer
16 to 1 agst Culvertliorpa
25 to 1 agst St. Ruth
NEWMARKET lIANDICAP.
9 to 1 agst Footstool
15 to 1 agst Lynceus
20 to 1 agst Vanish

DERRY.
28 to 1 agrA Horn of Chase
33 to 1 agst Allertonian
1000 to 15 at st Blaek Dwarf
CIIESTIia CCP.

Nothing done.

QUEEN'S BENCH.-(THIS DAYS
(Sittings at Guilcih4l, before Mr. Justice ERLE and a
Brecial Jury.)
NEWTON AND ANOTHER V. BEICIIEN.—THE OXFORD
AND SALISBURY DIRECT RAILWAY.

This was an action brought by Messrs. Newton and Co.,
the advertising agents, to recover upwards of 4,600/. for work
and labour done in advertising the prospectuses, &c., of the
Oxford and Salisbury Direct Railway Company, of which
the deftwiant was a provisional director, and a member of
the committee of management.
Mr. Crowder and Mr. Ball were for the plaintiffs; Sir F.
Theeiger and Mr. Brown for the defence.
Mr. Ceolvta:a opened the case at some length, detailing
the facts which h.e intended to prove in evidence. He said
the case was different from the ordinary cases of provisional
directors, inasmuch as he would prove that the defendant had
taken an active part in the management of the concern, and
had been a party to incurring the present debt.
Robert Lucas, an attorney, deposed that in 1845 he was
one of the promoters of a line from Oxford to Salisbury.
The first project was proposed from Bicester through Hutt-
gerford to Salisbury, which was registered on the 3d of Sep-
tember. About the 10! h of September he called on Mr.
Belcher, at .a.bingdon. The defendant was mayor of that town
at the time. Witness explaine.l the project, and the defend-
ant objected to it, on the ground that the line did not touch
Abingdon in its route. In consequence of the conversation that
took place witness had the project re-registered so as to
take in Abingdon. It then was to proceed from Oxford to
Abingdon, and thence to Hungerford and Salisbury. It was
brought out in this altered form. Afterwards witness called
on the defendant at Abingdon, and was received very pc,.
litely. The alteration was explained, and the defendant
promised to give the scheme all the support in
his power. Subsequently a meeting of the gentlemen
favourable to the line was held on the sth of October. It
was a meeting, as witness understood, of the provisional
directors. The means of carrying out the project were dis •
cussed, and witness believed the publication of the project
was mentioned. Mr.• Belcher took part in the dis-
cussion. A committee of management was also
talked off. Mr. Belcher was named as one of the com-
mittee of management, and he accepted the appointment.
Witness was present after this at several meetings of the
committee of management at the offices in Moorgate-street,
at which he' saw the defendant present. At the first meeting
he was present at a number of prospectuses were produced,
setting forth the advantages of the line. The prospectus wa.,
similar to the one produced iv court. Witness had often
seen newspapers at the company's offices containing the pros-
pectuses of the company.
Cross-exsmined—lie did not recollect the defendant say-
ing at the first meeting that he would only consent to act as
a promoter of the litre on condition of not being put to
any expense. 1, itnees had been concerned with several
other schemes as well as this. With respect to the ad-
vertising, perhaps 500/. would do it well now, but at
that time the papers, especially the country ones,
charged much more than now. The present scheme
was advertised in many papers that were now de-
funct—in the Railway Bell, the Railway Critic, the Share-
holder, the Railway Telegraph, the Railway King, the Railway
Standard, the Railway Mail, and the Stock Exchange Gazette.
All these had ceased to exist, and were papers, he believed,
which did not circulate much.

George Dean, from the Registration-office, produced the
register of the company, with the names of the promoters
attached.

f.iliter-g—e Preston deposed tat he wa one of the solicitors
of' the company. Ili had an h
interviews with the defendant on
Itohg6eBthttro.flt.Coubeekr,i and in a conversation which they had
as one of the Belcher agreed to do all he could to promote it
held at
On the 15th of the same month a
meeting
preseanttthelLondon Coffee-house, at which Lir.
Belcher was
g committee,
eti.n ahnedlahtetereognesentilietmeda.n was
on named
amone the actin
wasthe
afternoon a
resolved to
ctoommbiotrtereow,tooikf place, at which lit 't.
possible, 3,0001. from
held on Satuarde
the interests of theonecouolf the banks to forward
Another meeting
.
of the acting committee was Party.
18th. Mr. Belcher was
putfatlion . to the
present 1 " e owl"g,
the
bank reported that the money N;oul be
acting committee would give a guaradntbeee,mdvane"' if the
as one of the committee,i; i
i..i. not otieet to `ems,The defendant,
With the others present signed the guaran and
he along
The guarantee was here produced and put in
si,ned among others by the defendant. After this. time
Ras
~
Belcher attended several meetinpe of the managitr,' Zrn-
"l
Irj'e Mr.
mittee, and took an active part in the proceedings. iNT
bad seen him at meetings a. 3 late as March or April last.
Several orders given on behalf of the acting committee to
the 'plaintiff's to insert advertisements
and in the London a
wad
country newspapers were next put in proved; as
slao their reception by the plaintiff"' clerk.
Gentlemen from the Times, Chronicle, Herald, Sun, Post,
Adoertiser, Globe, Standard, and other newsparers proved the
insertion of the advertisements claimed for, in the news-
P3Pere thoY rePreeented, with the prices clargeti ig each case.

Evidence was also given of the advertisements inserted in
the country newspapers.
This was the case for the plaintiffs.
Sir F. TIIESIGErt having replied at some length,
The jury returned a verdict that the defendant was liable
for the debts since the 15th October, the time at which he
consented to act as provisional committeeman.

PETITIONS ON PRIVATE BILLS.
HOUSE OF COMMONS.—(THIS DAY.)
(Room 22, before Mr. Examiner Satins.)
UNOPPOSED LIST.
Torbay and Brixham Deep Sea Harbour of Refuge and Docks.
—Complied with.
Agriculturist Cattle Life and Fire Insurance Company.—No
appearance.
Wexford and Valencia Railway (Killarney to Valencia).—
No appearance.
Belfast Improvement Acts Amendment.—Part heard, ad-
journed till to-morrow.
Lough Neagh Drainage.—Not complied with.
Harwich and Eastern Counties Junction Railway and Pier
(from Harwich to the Eastern Union Railway at Ardleigh).
—Not complied with.
London Sewage Chemical Manure Company.—Complied
with.
Rathmines Improvement.—Not complied with.
Tyne Docks.—Not complied with.
OPPOSED LIST.
Ipswich and Bury St. Edmund's Railway (No. 4—Branch
fr•)rn Stowmarket to Sudbury).—Opposition withdrawn.
Complied with.
Mold Railway (from Mold to join the Chester and Holy-
head Railway ).—Formal proofs taken.
KILMARNOCK AND AYR DISTRICT RAILWAY.
This adjourned opposed case occupied the rest of the day,
but no allegations were sustained. Further ejourned.
(Room 23, before Mr. Examiner MAY.)
UNOPPOSED LIST.
Charing-arosa Bridge.—This Bill is withdrawn.
In the following cases the customary formal proofs were
completed :
South Wales Railway (Deviations, Branches, and Amend-
ment).
Oxford, Worcester, and Wolverhampton Railway (No. 2
Extension and Amendment).
Staffordshire Potteries Waterworks.
Edinburgh arid Glasgow, Monkland and Kirkintilloch,
Ballochney and Slamannan Railways Amalgamation, or
Sale or Lease.
London and North-Western Railway (Lime-street, Liver-
pool, Station Extension and Branch Tunnel ; Crewe Station
Extension and Amendment of Acts).
Liverpool Guardian Gas Company.
Great Indian Peninsula Railway- Company (for making a
railway from Bombay to Alleh, with extensions to Mhure
and the Para River, and branches or extensions to Sholapoor,
Hyderabad, Kandeish, Indore, and Hoshurgabad, and else-
where).
Swansea and Amman Junction Railway (lines from
Yilisymond to Nantmelyn, and thence to Yuislomlyd and
Guaun Cae Gurwen Colliery and Cwmannan).
Wexford Free Bridge (building of new bridge and removal
of present bridge across the River Slaney at Wexford).
OPPOSED LIST.
SOUTH DEVON RAILWAY EXTENSION AND
AMENDMENT.
The several allegations in this opposed case were sustained.
Standing orders not complied with.
Adjourned till to-morrow.

CORK AND WATERFORD RAIL-
WAY.—(THIS DAY.)
The first annual meeting of the proprietors in the Cork
and Waterford Railway was held this day at the London
Tavern, for the transaction of general business. Thomas
Wyse, Esq., M.P., in the chair.
After the advertisement, calling the meeting had been
read, the Secretary proceeded to read the report, of which
the fbllowing is a condensation :
"This Act authorises the making of a railway from the
borough or city of Cork, in the county of the same city, to
the borough or city of Waterford, in the county of the same
city, with branches from and out of the said railway to
Fermoy, in the county of Cork, and to Tramore, in the
county of IVaterfurd.

" Iri obtaining the above Act there were at first two op-
posing companies, viz. :—The Cork and Youghal, and the
Waterford and Tramore Railway.' increasing materially the
difficulties which were presented by the various alterations
and requirements during the session of the several standing
orders of both Houses of Parliament. „ After a lengthened
negotiation one of them, the Cork and Youghal Company,
the most influential and important, was amalgamated with
this company; and the amalgamation received the approval
of the shareholders, at a meeting held for that purpose at
the Hall of Commerce, on the Ist February, 1846.
" The other, the Wateriord and Tramore, after an un-
usually protracted opposition, was successfully resisted,
though at a considerable cost; and hence, together with
other causes, the serious and heavy outlay which it was
absolutely necessary to incur to secure the very existence of
the company,
"Memorials were forwarded, after the passing of the Act,
from the baronies of Imokilly and Barrymore, in the county
of Cork, to Government, urging upon it the important advan-
tages that this railway would afford to that portion of Ire-
land. The barony of Barrymore includes Alidleton, and
extends to Fermoy, which, in addition to its being a central
po3ition for:all inland produce, is one of the principal military
depots in Ireland; and the barony of Imokilly extends
from Midleton to Youghal : the importauce of which it is
unnecessary to dwell on.

" In consequence of the foregoing memorials your chair•
man had an interview with Lord John Russell, and your
secretary, with the consent of the Treasury, was sent over to
Ireland to communicate with the Board of Works, in accord-
ance with instructions forwarded by Government, and to en-
deavour to make such arrangements as might enable the
works to be proceeded with on terms equally advantageous
to the landowners and shareholders, at the same time afford-
ing sufficient security for the- repayment of any advances of
public money.
Your directors regret to state that, notwithstanding the
evidence which those memorials bore of the disposition of the
I landowners, to lend the most liberal co-operation, together
with the cuusent of the rate payers to prebuntwenta rill.n the
aforesaid baronies, as well as trom the baronies of Gaultier
and Middle-third, after mature consideration and having
consulted with your engineer, your directors were compelled
to abandon the project of rtrer,gthening their resources
through the medium of the baronial presentments, in conse-
quence of the terms under which advances would be Blade
not affording adequate facilities.
"Under these circumstances, and taking into considera-
tion the present state of Ireland, and of railway property in
general, your directors are of opinion, that one of two
courses should be recommended for adoption to the share-
holders, to make a call of 14 per share in this year, and
another call of 10s. per share, to be paid in 1848, and to
proceed to the construction of a small portion of your rail-
way, viz.:—from Waterford to Tramore, a distance of or
about seven miles ; which by ensuring a fair divided to
those shareholders who paid up their calls would enable
you. after it was finished, to commence a portion at the
Cork end, viz.:—from Cork to Midleton, and so to go on
constructing, by degrees, those portions of the line which are
likely to afford the most certain and speedy return.
" The other alternative is, that of everything remaining
in abeyance until your next half-yearly meeting in August,
no expences being incurred excepting such as may be ac-
tually necessary, and by which time the views of the Legis-
lature, relative to Irish railways, will be known; this latter
course is the one recummend,d by your directors, and the
directors of the Great Western and South Wales Railway
Companies coincide therein.

in
"'They
that interest be plid upon the deposits at the rate of 4 per
cent. per annum, from the passing of the Act of Parliament.'

FINANCIAL ACCOUNT.
To expenditure
Balance 19,675 0 11

£75,378 10 0

By receipts ... £75,378 10 0
The CHAIRMAN said that the company had now heard the
report read, and he begged to move that It be received and
circulated among the shareholders.
Mr. EMERY seconded the resolution.
Mr. FIELD wished to know whither the South Wales and
Great Western Railway Companies had registered for the
shares which they held in the Cork and Waterford Railway
Company.
The CHAIRMAN said that they had.
Mr. FIELD wished also to know whether the recommenda-
tion that interest at 4 per cent. be granted, should refer to
only to such deposits as were properly paid up.
The CHAIRMAN--Certainly.

The report was then agreed to.
Mr. FIELD moved, and Mr. GARRETT seconded, a resolu-
tion re-electing the fifteen directors who were, by the Act,
obliged to retire.
Mr. GARRET-r moved, and Mr. FnErr. seconded, a resolu-
tion granting the directors a sum of 8001. as a remuneration
for their services for the year after the passing of the Act.
These resolutions were carried unanimous!):
Mr. Edward Charles Buxton, of Abchurcn-lane, and Mr.
Thomas Bates, of Allsop-terrace, New-road, were elected
auditors,_ with a salary of ten guineas each. L
Mr. AYAItD was appointed secretary, with a salary of
6001. per annum.
Atter some discussion as to the propriety of granting NO/.
neooltodtiesoni:e t,hanoodee which
. sereich
to the directors for past services, which these gentlemen did
was
votednot,
t theo therefore,chairman,emlo:ltid etdhe raintoeeatiroeg-
broke up.

NVHITEHAVEN AND FURNESS

JUNCTION RAILWAY.—(TIIIS DAY.)
The ordinary half-ye-11.1y meeting of the proprietors of this
company was held this day, at the offices of the company,
No. 1, Guildhall-chambers, Ba,inghall-street, the Earl of
Lonsd:de in the chair.
it. The NiCRETAtcIr real theadvertisement calling the meeting,
and the report, from which we make the following extracts:
"It will be remembered that at the last half-yearly
meeting the progress of the works was reported to have been
impeded by the difficulties which were met with in obtaining
possession of the land • these are now entirely removed, as
the land required has been purchased from the whole of the
proprietors (with one exception), and upon terms which it is
believed are as advantageous to the company as could pos-
sibly be expected.
"The whole quantity of land purchased is 370 acres, at a
cost, including compensation for severance and tenant right,
of 36,000/. ; this is exclusive of about twenty-two acres of
sands, forming part of the Duddon Estuary, the various lute.
rests in which have been purchased at nominal amounts.
" This shows an average of about twelve acres and a quar-
ter to the mile, and an average cost per mile of about 1,100/.,
and from this will have to be deducted the proceeds of the
sale of surplus lands, which have been purchased on account
of their severance, and will be re-sold to the adjoining pro-
prietors, the company retaining such portions as are required
fur stations.

"The whole of the land which has been purchased has not
given rise to one case of litigation or dispute, or of the exer-
cise of the compulsory powers of the Act of Parliament.
"The contracts for the heaviest portions of the line, of
those which may be called the measure of the time required
for the openieg of the railway, are all let and in hand, and
extend over rather more than fifteen miles and a half of the
line.

" To these portions the directors have purposely confined
their present attention, inasmuch as the remaining sixteen
miles and a half of the line may be completed in from six to
eight months from their being commenced; and, forming as
they do an unconnected link in the communicatim, present
expenditure on this portion of the works would remain un-
necessarily unproductive for a period of several months.
,aa"Tou!tre aware that an Act of Parliament was obtained
Ihntetaton for connecting your line with the Whitehaven
are in a state't cb.
of
yfeonrw. a Therdue
ss
,c o n
andtrac i
thedrawings e
town ofaNsitilwllY, by means of a tunnel under a part of the
that the contract m
plated by the sprin ay
wore is 25 0(10/
. . ~ which is atoll • nailiefeorr this
anticipatestunn tunnel
be let almost immediately, and com.
g.of next year. The estimate for this
of new shares but rnay
ill
t 4 orised to be raised by an issue
means of bOdoiced cavital e fir" instance be exerted by
1

"Of the fifteen miles and a half leti'More than:six miles will
be completed by September in the present year; and, as
this portion will connect Whitehaven with St. Sees, the di-
rectors will have it in their power to consider the expediency
of opening this communication in the ensuing autumn, al-
though they are at present by no means decided as to the
policy of this step, looking to the very short further period
at which their anticipations of the opening of the whole line
are fixed.

" The remaining nine miles, which are let, are con-
tracted to be finished in April, 1848 ; assuming the com-
pletion of the Duddon Crossing at the same period, the
line may be opened throughout in the spring of the ensuing
year.
" The Whitehaven Junction Railway is at present open
throughout to Whitehaven, for goods traffic • and the
Government Inspector is expected on the let darch, when
the line will be opened for passengers. On the ether band,
the Furness Railway is in active working, both for passengers
and minerals, and its extensions to Ulverstone and Broughton
are expected to be completed at about the same time with
your own line.
The CHAIRMAN said that the report was so full and expla-
natory, that it was unnecessary for him to say anything fur-
ther. There was every prospect of their being able to open
the line about spring twelvemonths. as the report stated; but
it would be necessary to make a call of 41. per share between
this and September, and he anticipated that it would be a
long time ere an additional call should have to be made. lle
would conclude by proposing that the report should be re-
ceived, adopted, and circulated.
The motion was unanimously agreed to.