The Sun.
London, England, 1847-02-13 00:00:00

THE SUN, LONDON, SATURDAY EVENING, FEBRUARY 13, 1847.

relief. To that he would answer that the lines which he had

They had been taunted by the Hon. Member for Portsmouth.
~" r►id they

s.
fleet that toe •-• ,e; • city
were to be secured on the property of the country ? Then it
was asserted, that only 25 per cent. of the two and a half mil-
lions to be raised, in the first instance, would be expended in
the payment of wages. But he would come to facts and
figures—figures which could, if they were wrong, be
controverted the next morning. The Noble Lord who had
made this statement had said, that out of the first six millions,
four millions would be consumed in the payment of wages.
What was the case? Why, .n the Midland Counties Railway,
which eest upward,. of .10,000/ a mile, 5,001.1. was paid
for the plant, and 6,0001. per mile :or the perma-
nent way. What then became of the remaining 27,0001.?
Why, it was spent in the payment of wages. What was
the case with the York and North Midland, on which the
works were small? They cost 23,000/. per mile. There was
1,8001. for the plant, and 5,500/. for the permanent way.
What became of the remaining 17:5001. ? It was paid for la-
bour. In the Leeds and Bradford, which he had just con-
structed, the cost was 33,01)0/. per mile, of which
23,000'. were paid for labour ; and in the sleepers,
the rails, chairs, and all the other weeks occasioned by the
employment of no labour, the remainder was expended.
But they might say that there was great consumption of bricks,
for there was a great quantity of labour used in
the construction of bricks. He could assert, however,
the immense cost of bricks on a railway was not more than
6002. per mile. What, then, became of the allegation that
only from 25 to 30 per cent. of the money expended on a rail-
way was used for the payment of labourers? If the Hon.
Member for Lincoln had been in his seat he could have told
them that on an average 1,300 men per mile were engaged in
the construction of a railway. He did think it, then, any-
thing but right that the motives and the conduct of an indi-
vidual representing as large a constituency as any man in that
House should he so grievously misrepresented. The Hon.
Member for Oxford had stated that in 1539 he had voted un-
reservedly for the advance of five millions for the benefit of
Ireland, with very little expectation of receiving it back again
—but there was security, val:d security, for the proposed grant.
Tne financial state of the country was very different now to
what it was at the time alluded to by Right Hon. Gentleman
the Chancellor of the Exchequer. At the time the Right Hon.
Gentleman had referred to there was a deficiency in the
revenue, and yet the Right Hon. Gentleman came down there
to school them upon the extravagant nature if their demands.
The state of the country now was very different to what it was
then. At the present time there was no deficiency in the
revenge, and he thought it was not too much for them to
come down to the House to ask for the assistance of a
few millions to promote the enterprise of the country. The
Right lion. Gentleman had selected them because they had
asked for a vote to facilitate the returns to this country ; and
yet, in the face of all this argument to the contrary, the Right
Pion. Gentleman came down to that House and asked them
to vote money without the slightest chance of a return. The
Government seemed to entertain some alarm upon this ques-
tion, but, for hie own part, he had not the slightest hesitation
in saying that he was prepared to risk every 6d. of his
property in Irish undertakings, provided always that
there should be a strict and searching examination into the
merits of the undertakings upon which it was proposed to in-
vest money at the risk of the Government. He considered
that the speech of the Right Hon. Gentleman was exceedingly
injurious, because, even supposing these Irish schemes might
yield no returns, it was not right or just that the Right Hon.
Gentleman should depreciate their value by expressing his
concurrence in such an opinion. He should regret
very much the rejection of this measure. He had
supplied the Noble Lord with every information
on the subject, and, having done so, he felt that he had per-
formed a duty to his country which he should never regret.—
( Cheers. ) Undertakings of the same description had succeeded
in this country, and he could not see why they should not do
the same in Ireland. At all events, they were of the utmost
use to this country, and he did not see why they could not be
rendered of the same utility to Iceland. It would have
been presumptuous in hint had he brought the
measure forward, but still, so convinced was he
of its safety, that he repeated that he was prepared to
risk every penny in Irish railways of a bond fide and useful
character. He felt convinced, therefore, that this was the
only measure that could redeem die condition of Ireland.
He had long and deeply considered the question, and lie
solemnly declared that that was the conviction he had sin-
cere!s come to. He thought it unfair to make a comparison be-
tween the measures of the Noble Lord and measures before the
House. It had been s•iid that it was a measure in °position to
that of the Government ; it was only broussht for-
ward as an auxiliary to the measures of
the Government. The measure for the reclamation
of the wa,ste lands in Ireland was in his opinion a good mea-
sure, but the Government should take care to begin at the
right end—let them construct the roads before they attempted
to improve the land —t Cheers)—they could then reclaim it
at half the expence. He considered the measure of the Noble
Lord as a fundamental measure.—( Cheers.) With reference
to the difficulty of obtaining the money, he did not think there
would be any difficulty in that. respect. Not two months since
he, in connexion with one or two different companies, suc-
ceeded in creating, in one week, a capital of 10,1'00,000/. of
money ; the calls were made, and within six days there was not
25,0001. of arrears. (Hear, hear, and loud cheers.)
He had not the smallest doubt but that the money
would be readily obtained.—(Cheers.) It was well known that
in this country there were always large sums which could not
be invested in anything but Government securities, which
could not he lent to railways or to any other works of that
nature—there was always a large surplus ready to invest in Go-
vernment securities, and he believed that the funds would not
vary one quarter per cent. even if the whole sum were required
at once.—(Loud cheers.) They had been expending in this
country, during the last four years, in railway undertakings, at
the rate of 15,000,000/. a-year, and the same sum would, in all
probability, be required for the ensuing year. Surely, then, the
country could spare 4,000,0001. a year for Irelaud.—(Cheers.)
That was a country calling loudly for something to be done for
her. Government after Government had felt it to be their
greatest difficulty.—(Cheers.) They had never yet attempted
to open up the resources of the country— the Government had
now an opportunity of doing so. if the present opportunity
were embraced, Ireland then, instead of being the source of
anxiety to the Government, would be one of its strong arms ;
they would be able to reduce their military establisments—
(Loud cheers)—and other great expenses.—(Cheers.) He
thought very few Hon. Members knew anything about
Ireland.—(Cheers from the Ministerial benches.) The
House was legislating for a country of which they
knew nothing. Let the Government give to her the
means of ready access—(Cheers)—and a quick communication
from point to point, and the House would soon find that there
would be very few Members who would not be visiting Ireland
once or twice, at least, in the year.—( Loud cheers.) He be-
lieved that if the House refused to sanction this measure, re-
commended as it was by gentlemen of the greatest practical
experience, and confirmed in their opinion by that of the Hon.
Member for Salisbury (Mr. Chaplin), and assured by them
that the security offered was of the most unexceptionable kind,
and that the country would not lose a single sixpence
of the money to be advanced, then, he thought,
their conduct would be the means of greatly adding to the
weight of the arguments used by the Hon. Member for Cork
( Mr. O'Connell) in favour of the repeal of the union. The
Chancellor of the Exchequer had said that there would be no
valid security for the money. Why, at least there would be
rails, which would be worth 5,0001. per mile, which the Go-
vernment might take possession of. There was not, he be-
lieved, a single railway in Ireland which, if properly selected
and conducted, but would prove remunerative to the
proprietors and the shareholders.—( Loud cheers.) The
Chancellor of the Exchequer dwelt upon the cir-
cumstance tha• they would be able to employ only able-
bodied men, but from the statements laid upon the table with
respect to those who were now receiving pay on the public
works, he would ask were not they also able-bodied labourers?
They had at present 500,000 employed in that country, and
did no benefit accrue to the rest of the population ?—( Bear,
hear.) They could not employ a large body of men without
assisting the vast mass of the people.—( Hear, hear. )
The House might look gravely at the outlay of sixteen
millions, but it was not long ago when they
voted twenty millions to a certain interest to compensate
them for certain losses, and there was this difference in the two
cases, that with the latter it was money never to be repaid,
but by the proposed plan there would be abundant security for
the repayment of all the advances. He was satisfied that the
security was most satisfactory. He hoped the measure would
be ciscussed without any personal imputation. He was glad
that he had assisted the Noble Lord in preparing the mea-
sure, and he regretted that her Majesty's Government
did not think it necessary to accede to the proposal.
The Right Honourable Gentleman, the Member
for Portsmouth had thrown ridicule upon the measure, but
the promoters of it did not enunciate a new principle, but
merely asked the Government to assist private enterprise in
developing the resources of Ireland, and to adopt the same
course as Belgium and France had done to effect the same
object in those countries.—( Hear, hear.) He believed the
same results would follow in Ireland as elsewhere, and
that the permanent prosperity of that country would be
secured, and contentment, civilisation, and every comfort
would be introduced.—(Hear, hear.) He did not see why
Ireland should not reach the same pitch of greatness and pros.
perity as Rogland. Was there anything in the men or in the
capabilities of the country to preclude such an expectation?—
(Hear.) He believed not, and if they hid the means of bring-
ing her produce to market, and the capabilities of the
country opened up by railway communication, the results
which he anticivated would soon be realised. Besides, if Ire-
land was benefited, England would be benefited ; if the south of
Ireland, the north of Ireland ; and the whole country in all di-
rections would partake of the advantage.—( Hear, hear.) The
Right Hon. Member for Portsmouth talked of the Dublin and
Kingstown Railway, but if it existed in a populous part of the
country, it should not be forgotten that it was constructed at a
very great cost. Now the promoters of the proposed scheme
had estimated the construction of the railways at 16,0001. per
mile, and it was his opinion they could be laid down for less.
That was another argument why they ought to pass this Bill.
_.(Hear, hear.) He regretted sincerely that the Govern-
ment intended to oppose the Bill, and considered that they
were indebted to the courtesy of the Noble Lord in intro-
ducing it.—(Hear, hear.) He had no interest to gain by the
measure. He was content with the throne on which he sat.—
(Roars of laughter, hear, hear, and cries of " Divide.")
Mr. GOUL BURN then rose to address the House, amidst
cries of " Divide, divide." He said he was anxious
to say a few words on the question before the House.
He did not wish to share any patt of the Hon. Gentleman's
throne—(Laughter)—neither was he inclined to impute any
improper motives to him for the course he had taken in the
preparation of the measure. He gave him the credit of having
rbuta
hs Gentlemanrmeasure
deduced
proposedi
done s ) in the sincere belief that it would contribute to alle-
viate the greatest and deepest calamity that could be inflicted
on a people. But he admitted also that the Right Honour-
ableconnected with railways, and he willingly bowed to
him upon all questions of detail. —( Hear, hear.)
uifrtoves
that
great authority upon questions
m
1,) constant attention lemself the strongest t
reason for opposing
htheeatrhile:pnlHa. neGhweahnditclsehtmatthaende
that •
and producing results mosteeenomy
he had succeeded in establishing in
England a complete system
IV railway—a system of lines which
were, he said, managed with
which they traversed
introduce.—m(pHleeaorf, .
by private companies,
districts them, and to the commerce of the
the valuable to those who had invested
their capital in
that, in carrying out these ;
projects,he haelsohadtoldhadtheomo
by which this great object voluntaryhadbeeontributions, enormous sums,
Therefore he had furnished to hisern:ienedhtiheevesdtr--ong
difficulty of raising, by
Hesetaprv,ohoefathr.a)t
tPioarr,lioefmthenestehgavdeactomspmeeiottleadijoanns etror
individual
nvitdrusting the construe-
towhtlaatl exertions, rather
induce other persons
than interfering, by enormous loaninsd,i
to embark their money in them. And
w th
between embarking capital in Irish andl .
'e difference
n
English
railways ? Were they not all led to
that Irish lines were constructed by Irish suppose
alone, and that English railwayby
s were constructed Eng-
lish capital ? Was that the ground on which this discussion
teas to proceed ? If it war, he wouln tell the House that' it
was altogether ill founded. The House had had before it in
detail in former sessions art account of the money embarked in
different railways in England and Scotland. Returns had been
called for showing the names, residence, and commerce of
those who had contributed capital for perfecting these works
in either part of the country ; and what was the result of an
examination of that document ? It was this—that of the total
amount of money contr.b ited towards the construction of Irish
railways, three-foerths was contributed—not by Irish pro-
erietors—not by gentlemen who were supposed to be desirous
to have such undertakings carried out for the

turb,,,
tricts of Ireland. Whether these rail ws) s passcd
through the best or the worst parts of Ireland, they
Would, he was sure, do great good to the people of that
country generally. With regard to the measures of the Go-
vernmen, the did not believe they would meet the distress, or
secure the ends desirous of being secured. The 8111 that
offered facilities to the cultivation of land was a measure
founded on a generous and praiseworthy principle, but he did
not think it would be largely taken advantage of. It would
not take up to any great extent the surplu- population of Ire-
land, as a great portion of the landed preprietors were small
holders, and they would not be in a position to take advan-
tage of the provisions of the Bill. What was wanted was a
elan that would largely employ the surplus labouring popula-
tion, and that was the reason why he supported it.—(Hear,
hear.) They must have great public works, and none were
of such a beneficial character as railways.--( Hear, hear.) The
objections which had been urged against the works done
tinder the Labour Act of last session did not apply to those
now proposed to be made, as railways, he was persuaded,
Wuld ultimately become most profitable speculations.
oth regard to the Irish landlorde, he maintained
that they had been much misrepresented.—( Hear, hear.)
They had in a great number of instances done all that was in
tnetr power, and did not justify the attack,. which many Hon.
Members had made upon them. He had supported the mea-
sures proposed some years ago by a former Government
brought in by the late Chief Commissioner of Woods and
Forests, and he was persuaded that had that plan been carried
Into effect, the present evils which had overtaken Ireland would
have
in a great measure been mitigated. The calamity was
one that no human foresight could have avoided ; still had the
i!neasure of 1839, for carrying out railways been effected,
Ireland would not present such a sad spectacle as it did now.—
(Rear, hear.) The Hon. Member for Montrose (Air. Hume)
had expressed great alarm at the measure of the Noble Lord,
the Member for Lynn, and had expressed his intention to
°Ppose it. It seemed that he had greatly changed since he
',Nike on the Railway Bill of Lord Morpeth, in 1839.
Meal% ) He then was strong in favour of introducing
railways in Ireland, as a means of employing the people
and laying the foundation of the permanent prosperity of the
itritry. How was it that the Hon. Member had changed
his opinion ? Was it that he was then Member for the city
of Kilkenny ?—( Loud cries of " Hear, hear.") Such had been
the opinion of that [lon. Member. Whatever view might exist
as to some lines of railway in Ireland, there could be no doubt
that a great line from Dublin to Cork would he a most suc-
cessful undertaking, and instead of taking five or six years upon
Making it, if they constructed it in one or two years, the
greatest national benefits would accrue. It would be the means
of making Cork the great entrepot of the British empire. Ac-
cording to the authority of one of the best statistical works
Beef published on Ireland, that by Sir Robert Kane, the west
eoast of Ireland was eminently adapted for the accom-
modation of the commerce of Europe and America, and railways
would be the grand means of giving the necessary facilities.
Then he went on to say that the extension of railway and steam
enterprise would soon remedy these evils, and extend to a great
degree the Irish fisheries. But it was said, Oh, these things
are to result from the hard-earned wages of the English
people." He believed there existed no greater fallacy than this.
The Noble Lord proceeded to quote from documents the
amounts collected from the Irish revenue, and the sums ex-
pended in improvements, and he alleged_ that a surplus was
transmitted to this country. The completion of good reads had,
in a great measure, done away with illicit. distillation, and what
might not then be expected from the construction of railways?
The construction of these lines would be the opening of untold
w alth, and then England would not merely be repaid by the
prayers of the Irish labourer, to whom she had given the means,
of providing food for his famishing children, but she would also
be repaid by an increased revenue; and if that day came, as
come it might, when the allurements of free trade might carry
them too far, until they found the foreign markets shut against
them, they would then find in Ireland a market superior to
North or South America, and the Government seed which they
might at this time sow, would spring up into a goodly harvest
of prosperity, and, what was even of greater importance, happi-
ness and peace.
Mr. CHAPLIN (the new Member for Salisbury) said that
he would not have presumed to address the House so very soon
after- having become one of its Members, were it not that the
importance of the subject compelled him, and that he knew
the indulgence of the House would be accorded to him.—
(Hear, hear.) He was struck with the able and very lucid
manner in which the Noble Lord who introduced this measure
had stated it to the House, and he (.Mr. Chaplin) was in
opinion that it beat the measures of the Government fairly out
of comparison. He could not help noticing the remarkable
accuracy of his details, and he should sac that they were in
controvertilie. He fully believed that these statements were
drawn within bounds ; he felt that, from the experience he
had had, these railways were sure of success, both in
their produce and in the security of the capital.
That was more than he thought could be said in
reference to the plans of the Government, because they
were uncertain in produce, and much more so in the security
of the eipital. They had heard much of commissions. In
the commission with which Sir Henry Parnell was connected,
for the improvement of the road between London and Holy-
head, a vast sum of money was lost, because a railway was at
the same time being made in a parallel direction. They were
actually improving the road between Fowcester, Daventry, and
Birmingham, while the railway was making, and therefore all
the money was lost. The railways which were referred to by
the Noble Lord, under any circumstances, would be eventually
made in Ireland, and the roads and works which Government were
furthering would involve a greater loss. He had travelled
thus far very pleasantly with the Noble Lord, but he re-
gretted that here he must leave him. He thought that this
Was a Matter that required considerable care, and he was
aware that he was approaching very tender ground, and he
was very anxious that the Government should adopt
Some portion of the Noble Lord's plan, and carry
it out themselves, and he was quite satisfied that
it would be productive of the greatest benefit
to the people of Ireland. If they did undertake these works,
they would be providing ample work for the people of Ireland,
and, still further, that these works would be productive of bene-
fit in a variety of ways, for they could do upon these works as
was at present done in France, and could regulate the works
at their pleasure, and could pay the people either in food or
coin. At the time when tote labour of the workmen was
required for agricultural purposes, they could remove them
from the works and, again, when the season for agricultural
employment was passed, they could again place them upon the
works. And as to the financial part of the business, the Go-
vernment could regulate the outlays just as they pleased, with-
cut at all impairing the efficiency of the works, for the advantage
of the people ; and this, he thought, was a sufficient reason
for the Government making the works. He was still more
satisfied that they would tend to develope the resources of Ire-
land, and they could do as they pleased in the regulation of the
works. Then as to the interest which would be derived from
the outlay of the money, he believed that a far better return
would be made from these works than from any other source ;
and if they would only do away with those ridiculous standing
orders, they would reduce the legal expenses to such an extent,
that they would save as much as would satisfy the claim for
interest, without going to any ether fund. He trusted the
Right Hon. Gentleman the Chancellor of the Exchequer,
when he said that in America, at the present mo-
ment, railways were made altogether for less money
than was paid for the legal expenses of passing
a Bill in this country, was under a wrong impression.
By the reduction of those expenses they would altogether ob-
viate one cause of difficulty which seemed to impede the pro-
gress of the measure of the Noble Lord, and he would now
thank the Right Hen. Member for Derby for the alterations
which he had already made, and he would at the same time say
that he was delighted with the good temper with which the
Irish Members had received the statements which had been
made on this subject. If Hon. Members, who had come to this
discussion with prejudice on their minds, veeuld only consider
that the formation of railways in this cauntry varied from
10,0001. or 11,000. per mile, to 50,000/. or 611,000!. per mile.
they would see that there was a sufficient margin for a large al-
lowance of contingent expenses, and he could himself, from
experience, allow for -he fairness and justice of the Noble
Lord's statement. —( Cheers anti counter-cheers )
Sir CHARLES NAPII-11 said that it appeared that the
House had got into a complete fix. It seemed that there was
a desire to improve the measure of the Noble Lord at the
head of the Government; and if it could be shown that the
measure of the Noble Lord opposite (Lord G. Bentinck ), and
the introduction of railways into Ireland, would tend to the
permanent improvement of that country. he wi.uld vote for
the measure of the Noble Lord, even though the effect of the
euecess of that measure would be to turn out the Government.
It was said that large sums of money had been advanced for
the Caledonian Canal, and that therefore money ought to be
advanced for any measure that would tend also to the advantage
of Ireland. Another Honourable Member had sug-
gested that Cork harbour might be so improved
that it might be made a great naval arsenal and depot,
and he perfectly agreed with him that such might
and that such would be the case. But the improvement of
Cork and the promotion of the navy was not the question at
present. The question was, whether the present distress in
Ireland was to be relieved at the present moment, and by the
Plan of the Noble Lord, which was to expend 16,000,000/.
on the formation of railways to relieve the distress of the people
in that country?—(Hear, hear, and cheers.) The Noble Lord
had said that he would take the responsibility of the measure
himself, and would at once assure the Government. But he
(Sir C. Napier) greatly doubted whether the Noble Lord
could bear the responsibility, and, if he did take that
responsibility, whether he could form a Government, and if he
did form a Government, he very greatly doubted also his
ability to carry it on. It had been stated to the House by
the Noble Lord—and the statement had remained uncontra.
dieted—that from 25 to 30 per cent. of these 16,000,000/.
would be spent in the employment of labour and the payment
of wages in Ireland. He would ask any Member of that
House whether, if these works were to be set afloat, bow much
of the money would go to the labourers in Ireland? AWd he
would further ask the Right Hon. Gentleman the Mayor of
York—(Cheers and laughter) whether, if these railways
were started, he would have nothing to do with the manage-
ment of these railways ; and, if he had, whether he would not
feel it his duty to employ the best persons he could find for
the performance of this labour? From what he had heard,
the people of Ireland were quite unfit,. from starvation, to do
the hard labour which woul.clibfetir,cequired of them in the exe-
cution of these works; and
were so, would not that
Hon. Member feel it his duty to thye shareholders to send for
labourers from England ?--(lronical cheers.) might say
what they pleased, but self-interest was the rule alb" stfootwed.
He had been reminded that people were taken over
because they were the best men. They were not the most soberance
men, for he had seen a great deal of them. If they could make
out that these works would be made with advantage to Ireland
he would give his best support to the proposition. In the pre-
sent state of Ireland, it was the bounden duty of the House
of Commons to provide for the dreadful distress that
existed there. If such a calamity as the fire of London was
to occur, and half of London was to be burnt down, would it not
be the duty of the House of Commons to come forward and to
relieve the distress that had been suffered by the
houseless inhabitants? Ireland was more di,tant than
England, but the duty wee, nevertheless, precisely the
same--( Hear, hear.) Great reflection had been made
upon the Irish landlords, but he believed that the Irish land
lord.; were in a very different itositien to the Scottish landlords;
their estates were unencumbered, and they could therefore
apply their resources to the cultivation of their estates, and to
the improvement of the country. For these reasons he should
Oppose the second reading of the biill.
Alr. HUDSON, who roe amid such confusion that. his
first words were quite inaudible, went on. to complain that
observations so unfair should hive been made against any
At,etmber of that House as those whirls had just fallen from
the Gallant Officer who had just sat down. It was title
that if his Noble Friend's measure were carried, and
his advice were asked he would give all the
assistance and advice which his experience enabled
him judiciously to afford but for his own sake be thought it
Was sufficiently obvious, from the position which he held and
the responsibility that lay ueon him, teat he would ever hold a
single share, or take the slightest interest in, any of these rail.
Ways. He was quite aware that it was commonly, and not
very ceremoniously, asserted that he and the gentlemen of the
highest respectability who acted with him, were prompted
solely by mercenary motives; but he could declare that in all
their proects of enterprise they had always public motives to
prompt them as well as private interest.—( Laughter.) It ap-
Peered that the Chancellor of the Exchequer had committed
gross mistake, but if he had been misled, he (Mr.
e "Ilan) wondered that the Right Hon. the Member
'or Pot-tomtit (Mr. Baring) did not correct him.

sole benefit of the people, but by gentlemen
of the monied interests of England—(Loud cheers)—by per-
;ir boil, Lot,- ,
land and Ireland, and who were prepared, effectively to con- t
duct railways in Ireland with the same advantage, the same
economy, and with the same superintendence which the Hon.
Gentlemen had shown to be perfectly effectual for the purpose
of establishing and completing railways in England. If the
Hon. Gentleman found that the necessary capital could be so
easily obtained in England, on what ground was it
that they were to suppose, that if these railways
in Ireland were likely to be of great private
and public benefit, the same individuals who had
applied their money to railroads in England and Ireland could
not get the means to be able, without the assistance of Parlia-
ment, to effect in Ireland what had been effected in England.
He said this was first prima pole evidence against the Bill.
It might not be a serious matter to those who proposed this
novelit
might plan, o
tb uhtei t
of wma su
otho
etohnes
eCtihu
ea
nn
ocee Itoor
to h
hf
otsee
who,
Exchequer;
without
consideration, and by a measure which he could not help
saying had not received due consideration—especially of its
effect upon the money market. It was a measure of uncertain
character. They must not singly look at the expenditure of
the 16,000,000/., but whether the expenditure of that sum
would relieve them from providing for those of which the Bill
took no cognisance, who were a considerable distance from the
works, or who were unable to work at them. They must, there-
fore, in addition, incur the expenditure which the Hon. Gentle-
man the Chancellor of the Exchequer had foreshadowed. The
4,000,000/. proposed to be expended during the first year,
would, with grants already proposed, be increased by the end
of the year to 11,000,000/. ; the Government proposition
amounts to 7,000,0001. for the year, and this with the certainty
of having to pay 4,000,000/. more for the three succeeding
years. The Hon. Gentleman (Mr. Hudson) bad taunted the
Hon. Gentleman (Mr. Baring) with having been willing, in
1839, to lend 5,000,0001. for a purpose totally different, whilst
there was a deficiency in the revenue of 1,400,0001., and that
it was quite inconsistent for him to oppose the measure of the
Noble Lord. They had seen by the late returns that the sur-
plus of the year would be 3,000,000'. ; but if the grants to
Ireland were to be defrayed, they must raise 6,CC0,000/. or
7,000,000'. to meet them, so that there was no superabundant
revenue ; and the present period was likely to be
one of more embarrassment than 1539.—(Hear, hear.)
He did not think that they should depart from the principle
upon which the country had ever acted, upon which public
works had been executed, and not less successfully than they
had been conducted in other countries. Although he did not
deny that there were occasions when it might be necessary to
interfere, he 'lid maintain: that, coming into the fiefd with
individual enterprise was a measure which was inexpedient
in itself, and not calculated to effect beneficial results.
The Honourable Gentleman had stated that the suc-
cess of a line depended upon prudence and economy,
it was a principle perfectly true that in dealing with borrowed
money people went far more extravagantly than with any
other—( Cries of " Oh, ok 1")—and that when a manager had
a lien on a concern he was far more careful than otherwise.—
(Oh, oh !) He was one of those who did not think that rail-
ways offered a fair security ; he would state why. They
had a railway in Ireland called the Dublin and Drogheda,
that passed through four-and-twenty miles of a most pro-
ductive country, and which opened a channel of communication
with the northern parts of the country which were the most in-
dustrious and active. And it appeared, by a public document,
that 75/.
that /. shares in that line, on which 70/. had been paid—were
selling within the
extremely la last tt enm
odnaye anxiousys forwas 5
to
impressoBl.n t The Honourable
uponm the
oney
House,
Gentleman
of
was
borrowed
the state. But did the Honourable Member recollect
that taxes should be imposed to pay the interest
on the capital. If they once began on the principle of lend-
yegsvuoaunlyd csopneotiinot.u,s-
eaylletdo ponromtootaedvindividual
sexfeorrtiowno,rhthse
continu-
ally mbeonc
and affording promises equally tempting of giving emplayment
to the people, and they would thus be continually
disposing of the surplus revenue of the country.
He was bound to say that the Hon. Gentleman in his •
opinion had completely failed to make out his case, or show
that it would lead to any immediate beneficial effect. There
might be some excuse for adopting an erroneous principle, if
immediate beneficial effects were the result. But he considered
there was no reasonable hope of such a result. The number of
railways were limited, and before they could begin to embark
in them, they should take care to enter into an examination as
to what would make one railroad a more profitable undertaking
than another; and that very delay itself suppressed the pos-
sibility of immediate relief. If the people of Ireland would
exert themselves they had within their own country quite suf-
ficient capital to execute the proposed works. If they took,
for instance, the case of a railway from Dublin to Galway,
made at the expense of the nation, and another line, in a pa-
rallel direction, on private speculation, the effect would be not
only to destroy that line, but also to discourage enterprises
uniiertaken by private individuals.
On the motion of Mr. M. J. O'CONNELL,
The debate was then adjourned.
LANDED PROPERTY (IRELAND).
On the motion of Lord J. RUSSELL, the second reading of
the Landed Property ( Ireland) Bill was postponed.
DISTILLING FROM SUGAR.

HER MAJESTY'S LEVEE.
The Queen held a levee (the first this season) yesterday 1
,itefuouil, at at. James's Palace. Her Majesty and Prince
Albert arrived from Buckingham Palace at two o'clock, at-
tended by the Duchess of Sutherland, Mistress of the Robes;
the Marchioness of Douro, Lady in Waiting; the Earl of
Morton, Lord in Waiting; Lord George Lennox, Lord in
Waiting to Prince Albert ; Sir Frederic Stovin, Groom in
Waiting; Captain Francis Seymour, Groom in Waiting to
I'rince Albert ; Colonel, the Hon. Charles Grey, Equerry in
Waiting; Captain the Hon. A. H. Gordon, Equerry in
Waiting to Prince Albert; and Mr. Forbes, Page of Honour
in Waiting.
Her .Majesty and his Royal Highness were received at
St. James's Palace, by the Lord Steward and the Lord
Chamberlain.
His Royal Highness the Duke of Cambridge, attended by
M;ior Stephens, and Count Alexander Mensdorff attended
the levee.
Before the Levee, the Queen gave audiences to the Mar-
quis of Anglesey and Lord John Russell.
The Duke of St. Albans had an audience of her Majesty,
and returned the badge of the Most Honourable Military
Order of the Bath woru by his late uncle Admiral Lord
Aurelius Beauclerk.
Captain Sir George Graham Otway, Bart., RN., bad an
audience of the Queen, and returned the riband and badge of
a Knight Grand Cross of the Order of the Bath, worn by his
late father Admiral Sir Robert Waller Otway, Bart.
Captain Barlow, R.N., C. 8., had an audience of her Ma-
jesty, and delivered the riband and badge of a Civil Knight
Grand Cross of the Order of the Bath worn by his late father
Sir George Hilaro Barlow, Bart.
The Field Officer in Waiting, and the Captain of the
Guard, had audiences of her Majesty.
In the foreign diplomatic circle, the following presentations
to the Queen took place :
Mr. de Schemioth, Consceller d'Etat actual de S. M.
l'Empereur de Russia, and M. Korniloff, Capitaine de la
Marine Imperiale, by Baron de Bruunow, the Russian
Minister.
Mr. John R. Brodhead, Secretary of the Legation of the
United States of America, by Mr. Bancroft, the American
Minister.
Le Comte A. E. de Rosen, Lieutenant-Colonel du Corps
du Genie de la Marine Suedoise, by Baron Rehausen, the
Sweedish Charge d'Atlaire.
The General Circle was attended by the Lord Chancellor,
the Bishop of London, the Lord Privy Seal, the First Lord
of the Treasury, the Secretaries of State for the Home,
Foreign, and Colonial Departments, the Chancellor of the
Exchequer, the First Lord of the Admiralty, the President
of the Board of Control for the affairs of India, the Chan-
cellor
of the Duchy of Lancaster, the Chief Commissioner of
the Woods and Forests, the President of the Board of Trade,
the Paymaster-General of the Forces, the Chief Secretary for
Ireland, the Lord Steward, the Lord Chamberlain, the Cap-
tain of the Honourable Corps of Gentlemen-at-Arms, the
Captain of the Yeomen Guard, the Vice-Chamberlain, Lord
Langdale, Master of the Rolls; Right Hon. Sir Thomas
Wilde, Lord Chief Justice of the Court of Common Pleas;
the Secretary at War, the Chancellor of the Duchy of Corn-
wall, Mr. S. Mark Phillipps, Under secretary of State; the
Adjutant-General of the Forces, the Quarter:Master General
to the Forces, the Lord-Advocate, the Lord Mayor, the So-
licitor-General. Sir George Philip Lee, Lieutenant of the
Yeomen Guard, Mr. M. Wyatt, Standard-bearer of the Hon.
Corps of Gentleman at Arms; the Solicitor-General for
Scotland, Mr. Sheriff Chalis ; Mr. Sheriff Kennard, Sir C.
Young, Garter; Lord A. Paget, Clerk Marshal ; Sir Harris
Nicolas, G.C. M.G., Chancellor of the Order of St. Michael
and St. George; Sir A. Clifford, Bart., Gentleman Usher of
the Black Rod ; the Queen's Proctor, Major Hon. R. Boyle,
Groom in Waiting; Sir John Henry Pelly, Bart., Deputy-
Master of the Trinity House; Sir Francis Palgrave, K.H.,
Deputy Keeper of her Majesty's Public Records; Mr. Law-
rence, Surgeon Extraordinary to her Majesty ; Major Ge-
neral Brown, Deputy Adjutant General; Sir George Hay
ter, M.A.S.L , Painter of History and Portraits, and
principal Painter in Ordinary to her Majesty; Col. Bouverie,
Equerry to Prince Albert; Colonel Owen, A.D.C. to the
Queen ; Lieut. Gen. Sir James Macdonell, K.C.8., K.C.H. ,
Honorary Equerry to the Queen Dowager ; Captain E.
Somerset, Equerry to her Majesty the Queen Dow-
ager ; Major Stephens, Equerry in Waiting on his
Royal Highness the Duke of Cambridge ; Colonel Berkeley
Drummond, Scots Fusilier Guards, Field Officer in Brigade
waitiag ; Mr. Under-Sheriff Tilleard, Mr. Under-Sheriff
Baylis, Mr. James Bunce Curling, Adjutant of the Honour-
able Corps of Gentlemen at Arms; Sir Samuel Hancock,
Exon of the Yeomen Guard; Captain Sadler, Exon in Wait-
ing ; the Queen's Registrar, Sir Benjamin Smith, C. S. ; Rev.
Halstead Cobden, Lord Mayor's Chaplain; Captain Green,
Gentleman Usher in Waiting ; Major-General Godwin, Gen-
tleman Usher to his Royal Highness the Prince Albert in
Waiting ; and the following
Le Chevalier deTacon, Charge d'Affaires d'Espagne, Baron
de Rehausen, Swedish Charge d'Affaires, and Le Comte
Adrien de Revel, Charge d'Affaires de S. M. le Roi de Sar-
dahme. were severally presented to the Queen by Viscount
Palmerston G.C.8., her Majesty's principal Secretary of State

for Foreign Affairs.
The Foreign diplomatic circle was attended by Count de
St. Aulaire, the French Ambassador • le Comte de Jarnac,
first Secretary, Mr. George de Rabaudy, Chancelier, and M.
Felix Cottu, attactik to the Embassy; Count Dietricluatein,
the Austrian Ambassador; M. Van de Weyer, the Belgian
Minister; Baron de Cetto, the Bavarian Minister; M. Mo-
reno, :the Buenos Ayrean Minister; Baron de Brun-
now, the Russian Minister; Baron de Nicolay, Se-
cretary to the Legation, and Captain Schwabe,
Imperial Russian Engineers; General Prince Castelci-
cala, Neapolitan Minister, and M. G. Canofari, Secretary
of Legation ; Count de Kielinansegge, Hanoverian Minister;
Chevalier Bunsen, Prussian Minister; and Prince Lowen-
stein, Secretary of Legation; le Commandeur Marques
Lisboa, Brazilian Minister; and J. T. de Amaral, Attaché to
the Legation; Count de Reventlow, Danish Minister; and
M. de Bielke, Secretary of Legation ; Colonel Iturregui,
Peruvian Minister ; Prince Callimaki, Ottoman Porte
Minister; Mr. George Bancroft, United States Minister;
Count Schimmelpenninck, Netherlands Minister; Baron de
Rehausen, Swedish Charge, d'Affaires ; le Chevalier de Tacon,
Spanish Charge d'Affaires, and le Chevalier de Pedrorena,
Secretary to the Mission ; le Comte Adrien de Revel, Sar-
dinian Charge d'Affaires, and Marquis Pallariciui, Secretary
to the Mission.
DUKES—St. Albans, Buceleuch.
MARQUISE,.—Anglesey, Granby, Worcester, Westmeath.
EARLS.—De La Warr, Listowel, Clarendon, Auckland,
Lincoln, Denbigh, Clare, Fitzwilliam, Rosslyn, Radnor, Ripon,
Wilton, Ellenborough, Somers, Sheffield.
VISCOUNTS.—Anson, Folkstone, Cantilupe, Duncan, Syd-
ney, Newry, Gage, Goderich, Clements.
Bx suors..—Hereford.
Loans.—Stanley, Waleingham, Ernest Bruce, A. Fitz-
elarence, Rivers, Mahon, Camoys, Hatherton, Colchester,
Hotham, Cremerne, Brooke.
RIGHT HoNou lusty s.—Sir Robert Peel, Sir Thomas
Wilde, Sir James Graham, Henry Goulburn, Sir Thomas
Fremantle, Edward Strutt, M.P. ; Sir S. Canning, Sir T.
Frankland Lewis, R. V. Smith, M.P.; E. J. Stanley, Sir A.
Foster, Bart., H. Ellis, Colonel Darner, M.P. ; F. Shaw,
M.P.
___....

The Distilling from Sugar Bill was read a third time and
passed.

J um; c—Vaughan Williams.
HONOURAIKES.—Rev. Reginald S. West, Colonel Sir E.
Cost, Spencer Lyttelton, Mr. Vereker, Jehn Fortescue, Thomas
Edward Stonor, Spencer Ponsonby, F. L. Gower, W. Covrper,
P. Fielding, P. P. Bouverie, E. P. Bouverie, H. Fitzroy,
W. 0. Stanley, M.P. ; Captain Crofton Colonel Finch, H.
M. Sutton, Rev. F. J. Noel, Dean of Windsor.
BARONETS.—J. Henry Pelly, James Weir Hogg, Moses
Monteflore, W. Somerville, C. Hunter, J. Carmichael, A. B.
Brooke, G. Clerk, R. H. Inglis, D. Norrey, M•P• ; F'
Hamilton.
Snts.—Roderick J. Murchison, J. South, Fitzroy Kelly.
Frederick Thesiger, Francis Palgrave, Peter Lawrie, rk-
land, H. Hillock, C. Napier, W. Pell, J. Atkinson,A. L.
Hay, M.P., G. Walker.
COUNT.—G. Metaxa Mirarque.
Qintex's COUNSEL.—Kindersley, W. Page Wood, Spencer
Walpole, John Rorailly, M.P., Rolt, Bacon, Richard Godson,
M.P., H. W. Tancred, M.P., Joseph Napier.
REv. DOCTORS.—JeIf, Hawtrey, Symons.
Rev. Messieu as.—William Webster, Randall Ward, John
Jackson, Henry Howarth, C. Cavendish, T. C. Glyn, An-
chitel Anson, W. H. Biedermann, H. Palmer, G. W, Carl-
son, R. Burgess.
DOCTORS.—Ringland, Billing, R. Ferguson, Henry Lee,
Laitham, F. Winslow, Bowring, M.P. L. Roberaton, W.
Loney, Peterkin, W. Lloyd, Henderson.
MESSIEURS—CharIes Russell, M.P., G. Backley Bolton,
Thomas Richard Walker, Jame; Little, William Tottie,
Lawrence, E. Duke Moore, Rich, M.P., It
William Grey,
Sergeant Thompson, Ferrer, Greene, M.P., Atkinson, Daniel
O'Connell, jun., M.P., John O'Connell, M.P., F. Goulburn,
G. Berkeley. Kenlock, Sergeant Talfourd, H. E. F. Young,
Judd, R. M. Martin, E. Rice, M.P., Hodges, J. W. Allen,
W. D. Bruce, R. Neville, M.P., A. Montgomery, H. U.
Addington, H. G. Ward, W. Cooper, T. Boyrenson, J.
Whiskin, Stanley, J. Parker, M.P., G. Close, Penrhyn, San-
ders, Bax G. Craig, Morris, M.P., Sergeant Manning, C.
Lewis, W. H. Cooke, Gwynne, Cardwell, C. Bruce, Arch-
deacon Hale, C. D. Goldie, Sergeant Shee, J. Wood, Mantel!,
H. Reeve, J. Homfray, Inghara C. J. Palmer, F. P. Bar-
low, Beardmore, F. W. Jerningh'arn, W. Partridge, Qublier,
L. V. Watkins, W. C. Plowden, W. Morris, C. R. Gibson,
0. Higgins, P. 13owerie, Beckett,
M.P., R. Palmer, M.P.,
E. Rice, M.P., J. Gardner, J. O'Brian, M.P., Bramston,
M.P., Wyse, M.P., E. Denison, ALP., H• Fortescue,_ N.
' Vaughan M'Gildowney, NV. Cripps, F. Fortescue,
.F a
C.E. TC Ten-
dish, J. Blackburn, M.P., J. A. Kirwan, Oliveira Packe
, '
M.P., T. Clifton, M.P., G. Repton, Hutt, M.P., re.
jHohunskisson, Sir George
velyan, S. Flood, W. T. Egerton, Dodd, M.P., G. B.
o ges, the Mar •
Cardin e, r,siKr .
Henry
Childs.
FIELD MARSHALS—The Duke of Wellington, Grosvenor.
0............- -sir ricury Wheatley, Sir John Dovetun,
Siri Robert
Gardner,G ardiner, Sir
Cavendish,
Macßean, K. C. 8., John McDonald, gg son, Sir
1 rs, Latter
Charles Dalbiac, Lord Charles 1V an
K H0n..0 . BW. 'W.
il,neHon. George Keppel,
Marquis
ke,_ omas Le Bret
of Douro, Borth'wick,
Y°rJ. Low, C.B , Codr
M.P. ,
Breton, Earl of
CoLoxims—Meyrick,m. Burgoyne,
Everest, F.R. S. Sir J.. Cornsvia,h
Cardigan, A. Irvine, C. 8.• c B ington, J. K.
Lenout, C. 8.,
Parker, Oldfield,
MacLeod, Hutchinson, , Hall, M.P.,
Lumsden, C.B.A.D. .
Lockyer, Forbes, Good
,
.. A c H Clitheroe, ll' *, Montgomerie,
Henry Bentinck, W.
Dunn, James
Stopreru,. • Lord Frederick
Pottinger, Owen, Hamilton,
Rolleaton, M.P. Lewis,utt Morse
MAJoas.—John
Hon. Mortimer S. West, Polhill,
J. L.'El ' Cooper, Udnev
Daniell, Sadleir, H. Forbes, rington, D. Ewan. ~ ,
Sir Claude M. Wade,* . .
CAPTAINS.--
Hamilton Duncan, W. F. Hall, Tyler, Charles White,• C Hon.
) lett Somerset, Henry Rudd, ar-
lyon, Bateman, I on
David James Whyte Mel-
ville, J. D. Shakespear,, Ward, Wood, George
Frederick Sympaon, Sissmor! Yonge, Gardiner, J M•D
J. A. Keane. J. uff,
Felix Ashpitel, Hon.
„,
~,
LIEUTENANTS.--AkeTS, E. H.Smith, E. J. Carthew, Ed-
ward Heneage Dering, manners Wood, Henry Bliss
M‘Callum, C. H. Hinamae, L. E. Mackinnon, A. De'Yrc
, F. C.
J.
Goldsmid, Edmond Walker, Plunkett Burton, Pell ''
Edmund Thornton, John Davenport Shakespeare, , Charles
Winn 1
Julius Richard qilyn, Sidney Farrell, Hon. H. ed,
F. Kean
Wood, R. L. Newman, E. A. Noel, Hopper, Mo b - -e,
w ray „„itb,
ltl•Gowan, Cormack.
ENsiu Ns.—George Augustus M'Nair, John Mor •
ADMIRALS.—Sir Edward Codrington, Sir risen Allan.
Strode, K.C.B. H.
Dundas, ; Sir c Edward C.
K. C. B. ; Sir H. Dillon. Shirreff, T. Brown, r Charles Adam.,
Carranrs.—Ellice, R. Eden, Berkely, it iim, Sykes.
G. A. Westphal, D. Curry, Newell, Sir J. G. Ham Stores.
Sir
T. Hastings, Nevill, G. Macdonald, G. Broke, S.Sinclair., Sir
Eden, lion. D. Pelham, C. Buckle, Lord . ii. GT .A°twaY,
shave, Sir E. Home, Sir F. Nicolson, E. Belcher,a- ' - 6 Fan-
CAPTAINS.—(Trinity House) Edward F Barlow.
herd, Henry Bonham Bax. oord, John. Shep-
COMMANDERS.—PeIIy, G. Brown, Will. Peel, T E.,
Katon, J. Sanderson, A. Ryder. V. Massin laln
J. E.
Inglefield, W. Griffiths, Robson, J. Finch,gberd, Crispin, E.
G. Keane. nawstorne, Hon.
Lie u'reltaxts. —Freestun, Darell.
The following Noblemen and Gentle
being presented to her Majesty :.-_ Gentlemen had the honour of
i Sir James Weir Hogg, on being created
Robert Peel a Baronet, by Sir
The Marquis of Anglesey, on promotion
i Right Hon. Sir Thomas Wilde, on hi
f Chief Justice of her Majesty's s appointment as Lord
the Lord Chancellor Court of Common Pleas, by
, Hon. Colonel Sir Edward Cuat, upon 1
is
) her Majesty's Master of the Ceremonies' appointment to be

Mr. Justice Vaughan Williams, by the Lord Chancellor
Viscount Anson, by Viscount Palmerston
The Hon. and Rev. Reginald SaLkvillc West, en his appoint-
ment as one of her Majesty's chaplains, by his father, the
Earl De La Warr
The Hon. Spencer Lyttelton, on his appointment as marshal,
of the ceremonies, by the Lord Chamberlain
Sir Moses Montefiore, on being created a baronet, by Sir R
Peel, Bart.
Right Hon, Sir Thomas Freemantle, on his appointment as
Chairman of the Boaid of Customs, by the Chancellor of

the Exchequer
Hon. Mr, Vereker, by Viscount Gage
Sir Charles Napier, by Lord Auckland
Mr. Humphrey, on his appointment as one of her Majesty °s
Counsel, by the Lord Chancellor
Mr. Bacon, on his appointment as one of her Majesty's Coun-
sel, by the Lord Chancellor
Mr. Rolt, on his appointment as one of her Majesty's Counsel,
by the Lord Chancellor
Mr. Thomas Riehard Walker, on his appointment as one of
her Majesty's Hen. Corps of Gentlemen at Arms, by Lord
Foley
Mr. Spencer Walpole, on his appointment as one of her Ma-
jesty's Counsel, by the Lord Chancellor.
Mr. James Little, on his appointment to her 'Majesty's Hon.
Corps of Gentlemen at Arms, by Lord Foley
Mr. Kindersley, Q. C., on his being appointed Chancellor of
the County Palatine of Durham, by the Lord Chancellor
The Rev. Dr. Jelf, on his appointment as Sub-Almoner to the
Queen, by the Bishop of London
Mr. Joseph Napier, on his appointment as one of her Majesty's
Counsel in Ireland, by the Lord Chancellor
Doctor Reingland, by the Right Hon. Frederick Shaw, M.P.
Rev. John Jackson, Rector of St. James's Westminster, by the
Lord Chancellor
Mr. William Tottie, Sweedish and Norwegian Vice- Consul in
London, by Baron Rehausen, his Sweedish and Norwegian
Majesty's Charge d'Affaires
Mr. Ferrer, en his appointment as Captain in the Royal Bucks
Yeomanry Cavalry, by his Grace the Duke of Buckingham
and Chandos. K.G.
Mr. Rich, M.P., an his appointment as a Lord of the Trea-
sury, by Lord John Russell
The Lord Mayor, by Lord John Russell
Major-General Sir henry Wheatley, on being created a Ba-
ronet, by the Duke of Norfolk
Mr. Sergeant Talfourd, on being appointed one of her Ma-
jesty's Sergeants-at-Law, by the Lord Chancellor
The Lord Advocate, on his appointment, by Sir George
Grey
The Solicitor- General, on his appointment, by the Lord
Chancellor
Mr. Sheriff Kennard, by Lord John Russell
Mr. Sheriff Challis, by Lord John Russell
Sir George Hay ter, M.A. S.L., &c. &c., Painter of History and
Portraits, and Principal Painter in Ordinary to her Majesty,
on his marriage and return from the Continent, by the Right
Hon. the Lord Chamberlain
The Solicitor General for Scotland, on his appointment, by
Sir George Grey
Mr. Undersheriff Baylis, by sir George Grey
Mr. Undersheriff Tilliard, by Sir George Grey
Mr. Henry Edward Fox Young ;on appointment as Lieutenant-
Governor, Eastern Districts, Cape of Good Hope, by Earl
Grey
Surgeon-Major Judd, Scots Fusilier Guards, on his appoint-
ment as Surgeon in Ordinary to his Royal Highness Prince
Albert, by Colonel B. Drummond
Mr. R. Montgomery Nfartin, to present his report on the
English opium traffic in China, by Viscount Sandon
Mr. John O'Connell, M.P., en being appointed Deputy-Lieu-
tenant, Kerry county, by Mr. Labouchere
Mr. Daniel O'Connell, jun., M.P., by the Right Hon. H.
Labouchere
Mr. Atkinson, by Mr. Greene, M.P.
Mr. Frederick Wm. Jerningham, by Earl Grey
Mr. Ingham, on his appointment as Attorney-General of the
county palatine of Dublin, by the Right Hon. Sir G. Grey
Mr. Sergeant Shee, on receiving a patent of precedence, by
the Lord Chancellor
Mr. Gibson Craig, on being appointed a Lord of the Treasury,
by Lord John Russell
Mr. Penrhyn, by Lord Stanley
Mr. William Henry Cooke, on his being appointed a Deputy-
Lieutenant for Herefordshire, by Earl Somers
Mr. Lloyd Vaughan Watkins, Lord Lieutenant of Brecknock-
shire, by Lord John Russell
Mr. James Whiskin, on being appointed Deputy-Lieutenant
for the county of Middlesex, by the Marquis of Salisbury
Mr. H. G. Ward, on his appointment as Secretary of the Ad-
miralty, by the Earl of Auckland
Mr. Mantel', Member of Council, Gambia, by Earl Grey
Mr. Alfred Montgomery, on his appointment as a Commissioner
of Stamps and Taxes, by Sir Robert Peel
Mr. Frederick Pratt Barlow, on his appointment to the Deputy-
Lieutenancy of Middlesex, by the Marquis of Salisbury
Mr. Beardmore, High Sheriff of Hampshire, by his Grace the
Duke of Wellington
Mr. Quiblier, by Earl Grey
Mr. William Morris, by Mr, C. Reginald Gibson
Mr. Charles James Palmer, by his father, the Rev. Henry
Palmer
Mr. Hodges, Recorder of Poole, by Sir G. Grey
Mr. Francis Fortescue, Lieutenant, Scots Fusilier Guards, by

levee.
The Rev. Mr. Perry had an interview with Earl Grey
yesterday, at the Colonial-office.
Dispatches from the Governor of the Mauritius were re-
ceived yesterday at the Colonial-office.

LONDON AND NORTH-WESTERN
RAILWAY.
Yesterday morning the February half-yearly meeting of the
above company was held at the Euston-square Station, at
twelve o'clock. On the arrival of the chairman and directors
in the board-room,
The SECRETARY proceeded to read the advertisement con-
vening the meeting, and the minutes of the last half-yearly
assemblage.
The CHAIRMAN then said—Gentlemen, it is now ten years
since, through your kindness and that of my colleagues, 1
have had the honour to hold the situation which I
now occupy, and in presenting the accounts to 3on
on the present occasion I cannot help feeling the extraor-
dinary difference between the position which the company
occupied in the year 1837 and the position in which it is at
the present moment. It will be in the recollection of many
proprietors that the year 1837 was a year of extraordinary
commercial pressure, and its depressing effects were felt more
especially in those districts of England through which the
line passed, and in those classes of society which constituted
the greater part of our proprietors. I confess that at that
time, in common with maay others engaged in similar
large undertakings, I felt a degree of anxiety and suspense
upon what was generally regarded with considerable dismay.
However, by the help of our shareholders and by perseve-
rance the difficulty is now overcome. Ido not say on the
present occasion that I apprehend that there is the
slightest idea of a state of things similar to the year 1837,
quite the contrary, but 1 may say that our currency
is established on a more secure footing, and upon a better
regulated basis than it was then, and, 1 may add from expe-
rience, that the commercial organisation of the country is in
a better state. I have not the slightest idea of drawing a
comparison between that period and the present, but I think
that from the public papers you must have perceived
lately a great tendency to continued and untiring
exertions on the part of those to whom, in the first in-
stance, devolved the responsibility of these great undertakings.
I confess, gentlemen, that it does appear to me that upon
those who first tried this great experiment upon se large a
scale—and really it was nothing but an experiment—it is
rather hard that on the successful result of their schemes,
they should be called upon to give up any of the ad-
vantages they have justly earned. I believe, gentlemen, and
on this subject, circumstances authorise the belief, that if the
Kilsby tunnel had proved too much for Mr. Stephenson, the
Box tunnel for Mr. Brunel, or the Primrose Hill tunnels
for Mr. Locke, we should have had not the slightest as-
sistance from Parliament. And, gentlemen, I do net think
that we should have found any talented leader of the Oppo-
sition to propose a vote of sixteen millions in our favour.—
( Hear, hear.) That would not be done for us.—(Hear, hear.)
However all our difficulties are over, and they have been
surmounted by the energies of those whom I see before me.
I am happy to say that on the present occasion we
are enabled to offer you, as we have invariably
hitherto done, accounts of which the gross results are
entirely satisfactory. At the same time the accounts deserve,
and I hope that if you take them home you will give them, a
careful analysis. You are aware that we have lately made
very large reductions. Those reductions on the goods traffic
have been repaid by an enormous increase, and on the pas-
senger traffic by an increase in a smaller degree, but not in
an equal ratio. With regard to the passenger traffic, I must
draw your attention to that, as it is very important that
you should see, and that the proprietors of other companies
should be made aware, by the medium of the public press,
of one fact, for I think it will put a stop to the very danger-
ous competition which at present exists. The total number
of passengers during the last six months who have travelled
over every part of the London and North-Western Railway
amounts to the extraordinary number of 3,277,596; and just
let me observe, in passing, that out of the whole number of
passengers transported, we have not had one single serious ac-
cident. The number transported in the same period in 1845 was
2,793,372, showing an increase in a period of two years of
484,224. Now mark the conclusion. From the diminution
of fares, the gross receipts for passengers this year has been
less than in 1845, while the expenditure has been, of course,
much greater, in consequence of the increased accommoda-
tion. The deduction which I draw from that is, that the
reduction in fares and the altered mode of travelling has been
no benefit to the public and none to ourselves. Ido not wish
to conceal from you that it is possible, in the course of time,
by improvements and increased accommodation, we may reduce
in some degree the working expenditure. That is a point
which I hope the Legislature will deal with with the greatest
care and caution, for nothing is so detrimental ai foolish or
overstrained economy in large undertakings of this sort.
We ought certainly to be economical, but not at the
expense of the public. There are evils connected with
competition which I have always viewed as most se-
rious. It is the call made by competition, which causes
such a reduction in the rates ; and if proprietors do force upon
us the overstrained economy consequent upon it, the result
will be that the public must eventually suffer—and thenlyou
will regret it when it is too late—by a loss of life. Another
point in view, which will create fresh traffic, and to which I
wish to call your attention, is the necessity forced upon us of
providing in some way or other increased means of transit
for the traffic which already offers itself. Before going into
this question I must say that traffic has come upon
us in an unexpected rate of increase, and therefore, during
the two latter months of the past year, we have not done our
duty towards the public in the way for which we were for-
merly celebrated. We have,failed in some degree in regu-
larity and in: our ordinary punctuality, but during the last
month the evil has been repaired, and we arc now going on
as usual. The point which you must carry out is to give us
better means of transit. The subject has occupied our atten-
tion for a long time. We are not disposed to increase the
expenditure unnecessarily, but the question has been
forced upon us lately, and in such a shape,
and way, that slow as I was to be convinced on the subject,
I have yielded to the necessities of the case. I must say, in
justice•to several of my Hon. Colleagues, who have, from time
to time, pressed the question, that they have long been con-
vinced of the necessity of adopting such a step. The mea-
sure which we shall propose is, to lay down, between Primrose
Hill tunnel and Watford, two additional lines of rails. We
hope to accomplish that without going to Parliament for in-
creased powers, but if there is the smallest necessity for such a
step, we shall not hesitate a moment to apply to Parliament at
once. We propose also to continue this increased accommo-
dation from Watford to Tring, in order to take advantage of
the Buckinghamshire lines, and we shall go on until we meet
the Birmingham and Oxford line, by which means we hope
to render to the district and the traffic the most ample ac-
commodation that can be wanted. The estimated cost of
laying down the second line is 350,0001. We have
not yet got the estimates as between Watford and Tring,
but they are in the course of preparation. I think
gentlemen, if we are to judge from the state of the internal
traffic in which we have engaged during the last six months,
although I am prepared to admit that traffic is very unsafe
to trust to, as a criterion of what the state of the country
unay be, because it may have been diverted for a time from
,"ether channels; but, taking our own experience, and the ex-
perience of railway companies, we are inclined to think that
the internal traffic of the country has, during the last year,
taken a prodigious stride. The internal prospects of the country
are increasing daily, and are recovering from the commercial
pressure which has lately. acted as a drawback to it, and
which, I believe, is passing away now, but which, at all
events, will not be of any lengthy duration, if it does last.
I .hope, even, that if we so on in the same ratio of increase,
that not only the existing railways, but even the canals,
may keep their own. Under the circumstances, gentlemen,
I will not detain you any longer. You have in the report
nearly every subject which it will be necessary
for the directors to bring before you; and I am
most anxious to save time as much as possible, by
not going over ground unnecessarily at this meeting ;
but there is a point upon which you must allow me to make
a few observations as Igo on. I allude, gentlemen, to the
state of your echools at Crewe and Wolverton, which are on a
satisfactory footing; and I believe, I may say, that it is re-
garded by the parents of the childi en connected with the
works there, as well as by the whole neighbourhood, as a
real blessing to the country. The object of these esta-
blished schools is to make the education furnished there
a practical and useful one, and one which shall serve as a
model for other schools of the same nature. We have had
children of all denominations educated in these schools, and
although they are under the immediate superintendence of
your clergyman, Dr. Waithe, the principles of the education
administered are such that we have never bad a single
parent who found the slightest fault. We have also had
applications from other parts of the country for sub-
scriptions to their schools. We have not thought it
right to accede to these applications, not having any autho-
rity from you to administer your funds for that purpose. We I
should like to be enabled to allow subscriptions for a thing
of that sort. We should like to carry the principle out fur-
ther. I can mention that I have received notice that some
of the directors sitting at this table have, of their own accord,?
volunteered from their own purses the means
hofi
ng
spiritual instruction to many of your men.
I mention
that fact,l am sure that it is not a way in vicli3i,otiliwvioduuladislikaet
to leave it. Ido not think it right, because n ,
the tab!e have furnished funds for these schools, that no
further measures should be adopted. I conceive that the
principle to be acted upon ist the
acdi thatpviaet m
propertyandmzlijna
s
its duties as well as its rig a
here have thought it a,du ty ltsto finirnisli the means fro their
own pockets. and they can hardly doubt that it is
their duty,
as well as their advantage, to furnish
spiritual instruction to their men. Oa this subject
I speak without having any previous communication
whatever with any of my colleagues,
but I believe that they
are all actuated by one sentiment—l think, unless they have
your permission, I will not say votes, to apply certain funds
to this purpose, many of them will not take the oppor-
tunity of receiving any funds, for they would sooner pay it
out of the own pockets than have it sparingly and
grudgingly bestowed for a purpose so essential to the general
benefit of y vur men and the country.
The folio wing is an abstract of the Report :
In comps ring the traffic receipts for the six months ending
31st December last, with those of the corresponding halt-
year to the :11st December, 1845, it will appear that both in
the number of passengers and quantity of goods conveyed,
there has been a considerable excess, while the rates of
charge hay ,e been materially reduced. In merchandize the
increased q inantity conveyed has more than compensated for
the
the reducti on in rates; the excess in the goods' receipts being
68,362/. I a the coach department, on the contrary, the re-
ceipts havvfallen off 6,7961.

the Earl Fortescue
Mr. Wyse, M.P., on taking office as Secretary of the India
Board
Lieutenant-General Sir John Doveton, K.C.8., on promotion,
by General Lord Aylmer
General Sir George Anson, G.C.8., on his appointment to
the Lieutenant Governorship of the Royal Hospital, Chelsea
Colonel Cornwall, on appointment to be her Majesty's Assistant
Master of the Ceremonies, by the Lord Chamberlain, and on
promotion, by his Royal Highness the Duke of Cambridge
Lieut.-Colonel Everest, F.R. S., on his marriage, by the Earl
of Denbigh
Rev. William Webster, Chaplain to Mr. Sheriff Kennard, by
Mr. Sheriff Kennard
Mr. Sergeant Manning, on being appointed Queen's Sergeant,
by the Lord Chancellor
Colonel Sir John Montagu Burgoyne, Grenadier Guards, on
promotion, by Colonel Home
Colonel Hodges, her Majesty's Charge d'Affaires and Consul-
General to the Hans Towns, on his return home on leave,
by Viscount Palmerston
Colonel Thomas Le Breton, Royal Jersey Militia, by Sir
George Grey, Bart.
Colonel Sir Henry MacLeod, late Governor of Trinidad, by
Earl Grey
Captain the Hon. Mortimer Sackville West, on his marriage,
by his father, the Earl Delawarr
Major General Cavendish, Ist Life Guards, on Promotion, by
the Marquis of Anglesey
Lieutenant Petty, Madras Cavalry, on his return to India, by
his Father, Sir J. Pelly, Bart.
Ensign John Harrison Allan, on his appointment to the Royal
London Militia, by Colonel Sir Claudius S. Hunter, Bart.
Lieutenant Edward Heneage Dering, on his appointment to
the Coldstream Guards, by H. R. H. the Duke of Cambridge.
Lieutenant Akers, on appointment to the Royal Engineers, by
the Earl de le Warr.
Captain Gardiner,: Royal Horse Artillery, on promotion and
appointment to the Royal Horse Artilery, by the Marquis of
Anglesey.
Captain W. F. Hall, on his appointment to the Adjutancy of
the Royal London Militia, by Colonel Sir Claudius S.
Hunter, Bart.
Captain Henry Bonham Bax, Elder Brother of the Trinity
House, by the Duke of Wellington.
Captain the Hon. Hamilton Duncan, Scots Fusiliers Guards,
by Col. Berkeley Drummond.
Captain Edward Hood, Elder Brother of the Trinity House,
by the Duke of Wellington
Colonel Hall, M.P., Ist Life Guards, on promotion; and
Lieut.- Colonel Parker, Ist Life Guards, on promotion, by
Viscount Combermere
Captain John She'pheard, Elder Brother of the Trinity House
by the Duke of Wellington
Major-genere' Higginson„ on promotion, Major-general God-
win, on 'promotion, and Lieut.-colonel Goodman, by Lord
FitzlNy Somerset
Lieut.-colonel James Stopford, C. 8.; Captain J. Mac Duff;
Lieut. Cormick; and Lieut. MiGowan, on return from
foreign service, by Lieut.-general Sir Alexander Woodford,
K. C. B. and G.C.M. G.
Dr. Wm. Loney, surgeon, R.N., on promotion, by Sir Wil-
liam Burnett
Dr. William Lloyd. by Colonel Sir Robert Nickle, K. H.
Dr. Henderson, R.N., by Rear- Admiral Sir Samuel Pym
Mr. John W. Allen, by Captain Sir Thomas Hastings
Mr. Granville Clow, by Lord Northwick
Mr. Charles Dashwood Goldie, on going abroad, by Lieutenant
General Latter
Assistant-Surgeon George Borlaxe Childs, on his appointment
to the Royal London Militia, by Colonel Sir C. S. Hunter,
Bart.
Mr. John Andrew Kirwan, Deputy-Lieutenant of the county
of Galway, by the Marquis of Clanricarde
Mr. M'Gildowney, by the Marckuis of Donegall
Hon. John Fortescue, by Earl Fortescue
The Rev. Randall Ward, on return from India, by the Earl of
Clare. . ,
Rev. Charles Cavendish, by Major-General Cavendish. ,*
Rev. Henry Howarth, Rectory, St. George's Hanover-square
by the Lord Bishop of London.
Rev. Anchitel Anson, by General Sir George Anson.
Dr. Forbes Winslow, by Sir James Clark, Bart.
Dr. Lockhart Robertson, by Sir James M‘Grigor, Bart.
Hon. Spencer Ponsonby, by Viscount Palmerston.
Rear-Admirals.—Sheriff, on his promotion; Dundas, on
his appointment as a Lord of the Admiralty; Captains.—
A. Fanshawe, on being appointed one of her Majesty's
Naval Aide-de-Camps ; Sir E. Belcher, on return from the
China Seas • D. Curry, Macdonald, G. N. Brooke, on
promotion, and retura from service ; Hon. Crofton Berkeley,
Sir G. A. Westphal, Lord J. Hay, A. Fanshawe, on
being appointed Aide-de-Camp ; Sir G. Otway, Sir
T. Hastings, Ellice, I. Shakspeare ; Lieutenant-
:Colonel A. Irvine, C.B. ; Commanders Rawstone, on
promotion and attendance on Royal and. Distinguished
Personages at Portsmouth ; J. W. Finch, the Hon. G. D.
Keane, Robson, J. Sanderson, A. Ryder, on their promo-
tion ; V. A. Messingberd, on appointment to H.M. steam
vessel Alecto; G. Brown, E. A. Inglefield ; Lieutenant
Darrell, on promotion, Hopper and Sir W. Pell, on
appointment as Commissioners of Greenwich Hospital, by
Lord Auckland
Colonels Codrington and H. Bentinck ; Lieutenant-Colonels
Forbes and F. Paulet ; Majors I. L. Ebrington and Daniels,
Captain C. White, on their promotion; Lieutenant P. Bur-
ton and Hon. P. Fielding, on their appointments ; and Cap-
tains W. Melville and P. Somerset, by the Duke of Cam•
bridge
Right Hon. Sir Thomas Frankland Lewis, on being created a
Baronet, by the Earl of Ripon
Rear-Admiral Sir Edward Chetham Strode, K.C.B. and
K.C. H., upon being appointed Knight Commander of the
Bath, av d. on taking the additional -name of Strode, by the
Earl of Haddington
Captain Nevill, R.N., on his return from the East India and
China stations, and on promotion, by his Grace the Duke
of .Buckingham and Chandos
Co= :lender Pelly, R.N., on his return from the West Indies,
by his father, Sir Henry Pelly, Bart.
ir
Lieutenant- General Sir G. Scovell, on promotion, by the
sT!
vHsi
tiolani
ta.en:Tbhsyoomnsi
iaersr
GeorgevEi
ldl
ew aornd
Grey
Lieutenant- bn
appointment
ns
tf aa
st her,
ti n dLe or
-r Lord
eCe ar
emt
ao
ry
ys
of
Duke of Wellington
andcroemtuprannfiroonmofStehr e-
lath; Commanders W. Griffiths, on promotion, J. K. Katon,
by Sir C. Adams being n promotion
nominated
C on appointment ; Lieutenant-
Co :onel Montgornerie, A. D. ~
Cayitaa,inssirSEir. Fu.oNmiec,olosonn
a
Winfield and F. Goldsmi , and Mr. T.
Tylee ; Lietenants
India, by Sir J. Hobhouse
Boyrenson, on return from
Gardner,on being appointed
Lieutenant-General Hon. Wra.
Royal Artillery,
Colonel-Commandantand of the 10th Battalion
n his promotion;
Colonel Oldfield, o
Colonel Lumsden ; Major \V. Forbes ; Captainsd 1). Ward,
and on promotion;
Shake-
spear, . R.N., by Sir Robert Peel
`Commanchr William Peel,
appointment to the Royal Engi-
neers,:Lieutenant Sidney Farrell, on
the Earl of Denbigh
by
n, 71st Highland Light Infantry, on
'Lieutenant R. L. Newman,
Indies, by the Earl Fortescue
the West
his return from
LieutenhavritthseCilaSrmquitihs,oEf .ACnagriethfee:, A. . Dew, and_ J. '
the Sutlej, by the on. an ,
service on
Augustus APNair, 67th Regiment, on appoint-
ment,lEasign George G
eral Clitherow, K. G.
by Lieutenant- en
John M'Donald, on promotion from 92d High-
-3i Tejon General
Sir W. MacK.C.G.
loaders, by Lieutenant-General Bean, . ,
'Lieutenant E. H. Noel, 41It RHegimendt,Roenv hFis
jreNtuornel from

s
Colonel Yorke, Scots' Fusilier Guards, on promotion, by By the accounts of the half-year now sub-
Colonel Drummond milted to the meeting, it appears that the
Lieut. -Colonel J. K. Lenont, C. 8., Madras Army, cn being net profit (after deducting the interest on
• r•-• •
appointed Companion of the Bath, by Lieut.-General Sir J. borrowed capital) amounts to ... £653, '
C. Dalbiac, K. C. H. To this sum must be added the rest, or surplus :7-r"1•11--
Lieut.-Colonel Hutchinson, Madras Army, by Major-General fund, shown in the accounts for the six
iO2,
Sandwith months, to the 30th June last ••• „A,
Lieut.-Colonel Lockyer, 97th Regiment, on promotion, and
going to Malta, by Lieut.-General Sir H. F. Bouverie,
K.C. B.
Major Hatt, on receiving the honour of Companion of the
Bath, by Viscount Palmerston
Major Sadlier, 4th Kings Own Regiment, on his return from
India, by Gen. Sir Thos. Bradford
Captain the Hon. John Arbuthnot Keane, Rifle Brigade, on
promotion, by Sir Andrew Barnard, G.C. 8., G. C. H.
First Lieutenant Julius Richard Glyn, Rifle Brigade, by his
father, the Rev. Thomas Clayton Glyn
Lieut. Edmund Walker, Royal Engineers, on appointment
and promotion, by General Lord Aylmer
Lieutenant Manners Woad, A.D C. Bth Hussars to Gen.
Thorne, by Mr. Lloyd Vaughan Watkins
Captain Felix Ashpitel, sth Fusiliers, en appointment, by
Lieutenant- Colonel Gaspard Le Merchant
Captain Yonge, 60th, or King's Royal Rifles, on promotion,
by Lieutenant-General Sir W. G. Davy, K.C. H.
Captain Sissmore, Bengal Artillery, by Lieutenant-General
Sir James Watson, K.C.B.
Captain Carlyow, 10th Royal Hussars, on promotion, by Col.
Middleton
Vice-Admiral Sir Charles Adam, K.C.8., on appointment
to the Admiralty
After the levee the Queen gave audience to Viscount
Falkland.
Her Majesty and Prince Albert, attended by the Royal
suite, returned to Buckingham Palace.
Baron de Moncorvo, Portuguese Minister, was prevented
by his long-protracted illness from attending her Majesty's

Amounting together, to £756,5

J

The directors recommend a dividend of 51.
per share of 1001 on the London and North-
Western stock, amounting to ... X 578,604 0 0
And 41. 10s. per share on the Manchester and
Birmingham stock, in conformity with the
terms of agreement, amounting to

aV*I %MU t

74,229, .0 0

Being together ... £652,8t3 0 0
And leaving a balance of £103,722 0 0
to be carried,to the credit cf the next half-year's ra:count.
The directors have to communicate to the proprietors the
following new measures, for which application will tie made
to Parliament in this present ssssion :-
1. A Line from Cheltenham to Oxford and Tringr, to be
called the" London, Oxford, and Chelthenkun" Line. It is

proposed that the London and North-We,tern Company shall
guarantee a dividend of 4r,e, per cent, on 162,C00L, the whole
capital to be provided being 1,500,000/.
2. A Line westward from Cheltenham, by Gloucester, to
Hereford, in connexion with the Gloucester and Ilervford
Canal, and in extension of the Line (No. 1) from 'lt ing to
Cheltenham ; this company providing the capital of 600,0u0/.
without guarantee as to dividend.
3. A Line from Bletehley to Wellingborough.
4. A Branch from the Tient Valley Line near Atherstone.
The estimate is 170,000.:
Coventry and Nuneaton Branch is already sanctioned by
the proprietors ; estimated cost 25,0001. It is also kit endeil
to make, in concert with the Great Western Company, a
short extension of the existing West London Railway to the
river Thames. The application to Parliament for Ythe fol-
lowing works, which were sanctioned by the proprietors in
the last year, are also renewed :—The Watford, St. Alban's,
and Dunstable Railway, with an extension to Leighton. Ex-
tension of the Buckinghamshire Railway from Tring to Win-
slow, and Brackley and Banbury, with a deviation to Oxford.
A line from Northampton to Banbury. An extension of the
Rugby and Leamington line to Warwick. Branches from the
Stour Valley line to Stourbridge and Hales Owen, and a de-
viation of the present line at Smethwick. In the Northern
Division, the Bills for which application will be made

to Parliament in the present session, are for-Ist.
a line from Portobello to Wolverhampton, I
from Wolverhampton to Bescot ; estimated cost, 50,000/.
2d. Branch lines in connexion with the Liverr oil and Man-
chester Railway, for the accommodation of the St. Helen's
district ; estimated cost, 380,000!. 3d. A Bill to improve and
extend the stations at Liverpool, and at Crewe ; estimated cost,
70,0001. 4th. A Bill to vest in the London and North-West-
em Company, the Huddersfield and Manchester, and Leeds and
Dewsbury lines ; the conditions being that the London and
North-Western Company guarantee to these companies a
dividend equal to 7-10ths of the dividend which shall be
payable to the London and North-Western proprietors, with
a condition that the shareholders in the guaranteed line par-
ticipate in any new creation of shares. The amount of
capital of the Huiderstield Company, to which this
guarantee attaches, is 1,007,0004 ; and of the main
line of the Dewsbury Company, 600,0001. The di-
rectors have made a provisional arrangement with
the Birmingham, 'Wolverhampton, and Stcur Valley
Company for the tease of the Stour Valley line in perpetuity,
at a rental which shall be equivalent to two-thirds of the
dividend, for the time being, of the London and North-
Western Railway Company. The proprietors of the
Stour Valley Company being entitled to a pro-
portionate allotment of any new stock which may
be henceforth created by the London and North-
Western Company. The capital of the Stour Valley
company being taken at 760,0004, one-fourth of which
already belongs to this company. The directors request your
sanction to their opposition, in conjunction with the land-
owners, to a proposed line from Southern to Coventry (called
the Oxford, Banbury, and Coventry Railway), which ap-
pears to be uncalled for by any public necessity.
The directors have to report the opening of the Lancaster
and Carlisle Railway, which took place from Lancaster to
Kendal on the 22d of September, and the whole distance to
Carlisle on the 17th December. From the short experi-
ence which the directors of that line have had, both in the
passengers and goods traffic, they have every reason to
be satisfied with the result. The construction of the
various works on the Holyhead Line, in which the
proprietors are aware that this company holds a large
interest, has proceeded satisfactorily during the last
six months. Arrangements have been made for the
construction of a commodious station at Chester, for the

joint use of the Holyhead, the London and North-Wsstern,
the Birkenhead and Cheshire Junction, and the Chester and
Shrewsbury lines, in concert with the respective companies.
The Trent Valley Railway will be completed and opened
for traffic in the course of the ensuing summer. The
directors are compelled - to offer a determined opposition
to the Regent's Canal Railway, which interferes directly
with the company's station and works at Camden-town.
The new arrangements for the accommodation and extension
of the goods traffic over the whole line have required from
the directors a close and anxious attention. After the most
careful consideration, they are of opinion that to this source
the proprietors may look for a most important accession to
their net revenue; an advantage to be at least as much an-
ticipated from an improved system of operations, and a more
experienced management, as from an increased tonnage over
the line, if the existing traffic were placed under the imme-
diate control of the company.
The CHAIRMAN moved that the report be adopted, and re-
ceived, and circulated amongst the proprietors.
Captain WATTS complimented the chairman on the line of
conduct he had assumed, He considered that the alteration
in the policy of the board was a credit to themselves and a
boon to the railway world. As to the additional projects, they
might safely be left to the discretion of the directors. He
had great confidence in them. He begged to second the
proposition, that the report be received and adopted.
Mr. ENTWISLE, M.P., asked whether the sanction of the
Bills for the amalgamation of the company with the Leeds
and Dewsbury and Huddersfield and Manchester lines would
be deemed an approval of them?
The CHAIRMAN, after a pause replied that by implication
the passing of the report would be construed to be an ap-
proval.
Mr. ENTWISLE then would oppose such a policy. This
company were involving themselves in a gigantic scheme of
amalgamation which could not in the end be productive of
anything but certain confusion and eventual doubt and dis-
trust in the railway world. It was a question whether
this company was not paying more than it ought for
the lines it was so greedily swallowing up.—(Heat, hear.)
Lot the proprietors know the price; there was a lack of in-
formation on the subject. He himself was perfectly astounded
at the magnitude of their engagements, and before those
agreements were confirmed he wished the proprietors to be
satisfied by facts and figures that the acquisitions would be
beneficial.—(Hear.)
The CHAIRMAN—If he understood the Honourable Pro-
prietor, he did not wish to discuss the propriety of entering
into iose engagements now, but wanted to know whether
the lines they had already taken bad proved so profitable
as was expected. lie felt bound to admit that the calculation
made previous to the amalgamation had not for the past
year been borne out. There was a loss of 17,0001., but then
they must remember that a reduction of rates and fares had
taken place.—(Hear, hear.) Besides, and he laid great
stress upon it, the acquisition of the Birmingham and Man-
chester line had been forced upon them as a matter of neces-
sity; if they had not taken it, the Great Western would.-
A Pnorearron inquired whether the report that they were
going to take the Gloucester and Birmingham line was
correct?
The CHAIRMAN was glad the question had been asked;
the report was not true. He then moved a series of resolu-
tions, including one authorising a dividend of 5 per cent. on
London and Birmingham and Grand Junction stock, and 4fr
on the remainder
The retiring auditor was re-elected.
Captain War's, who had previously given notice of the
proposition, moved that the proprietors be allowed to travel
free on the line to and from special and general meetings.
Gentlemen lived in remote parts, and were called upon to pay
for the honour of attending a meeting like this.— (Hear, and a
laugh.) The meanest functionary of the company could pass
free, and yet a proprietor could not. A share might tie pur-
chased to enable a person to come to town.—(A cry, and
pay 200/. for such a-journey.") He could travel on the Mid-
land free; he lived in the county of Durham, and gave the
company the benefit of 200 miles of railway. Those whO ob-
jected to his proposition lived within the sound of Bow bells.
--(Laughter.) They were:a great company, ultimately would
be a British one, and proprietors from all parts of the king-
dom would like to attend. Was the Midland affected by the
concession? No.—(Confusion, and loud expressions of dis-'
approbation.) He suggested the propriety of the meetings
being held at Birmingham, or alternatively at the great
towns on the line.
There being no seconder, the proposition fell to the ground.
Mr. ENTWISLE thought a general expression of confidence
in the directors should emanate from the meeting.
The motion was seconded and carried sub silentio.
A PROPRIETOR inquired when any calls would be made on
the quarter shares?
The CHAIRMAN replied in April and July, and the amount
would be 51. at each call. As to holding the meetings, at
Birmingham, it was impossible; the Act would not allow
them to do it, and their convenience prevented it.
Mr. Bassi re moved a vote of thanks to the &airman-end:
board of directors; the motion was carried by acclamation.
The CHAIR3IAN briefly acknowledged the complimenteand
remarked that he and his coadjutors concurred in all that had
fallen from the Hon. Member for Guildford in the House of
Commons last night.
The meeting then terminated.