The Sun.
London, England, 1847-10-01 00:00:00

THE SUN', LONDON, FRITVA

not the case. They must take into the account the
various influences that surrounded the various boards
of directors. They were surrounded by solicitors,
engineers, and surveyors—men who had been engaged
in carrying out these lines before Parliament, aed who
thought that as the Bills had been obtained the lines
must be carried out, whatever might be the consequence
to the proprietors or the public. Then there
were
local influences of parties,
who assisted the directors in
at a time when to obtain
carrying out these schemes, . _ _
bo
a Bill for making a railltay was considered a on.
Let them not look to the past, but sympathise with
those who felt the pressure at present, and learn a
lesson from the past for the future. Had the trade and
commerce of the country been in as flourishing a con-
dition as ever, many of the railways would be as
gross absurdities as ever, and the jealousy that existed
amongst railway boards had doubtless produced a
great amount of the mischief.—(Applause.) Let them
look for a moment at their own district and mark the
administration of its railways : they had two railways
from Manchester to Birmingham, the Manchester and
Birmingham, and Trent Valley ; they had two from
Manchester to Bury, two from Manchester to Black-
burn ; two—and they were threatened with a third—
from Manchester to Preston ; they had two from
Manchester to Ashton, running side by side, in juxta-
position, like Siamese twins. Were these the doings
of rational men ? Many of the gentlemen he saw
present who had been connected with railways during
the last eleven years, and whom he had met for rail-
way purposes, had heard him express his disapproba-
tion and reprobation of the parties who got up these
schemes, spending the public property without any
adequate advantage. They had even two railways
passing through the city— he must not call it of Man-
chester—connecting the railways on its east with
those upon its west ; and the cost of one of them,
which was enormous, might as well be thrown into
the sea ; nor did he believe that a single passenger
more, or a single ton of goods more, would pass through
Manchester by reason of those duplicate lines being
constructed through it. With regard to lines in their
immediate vicinity, there was one case which showed
what might be saved if railway directors became, after
so much experience, rational men.— (Laughter.) For
years they had had a line from Liverpool to Preston,
via Parkside, and it might be thought that, though a
little roundabout, it might suffice ; but no, a second
was nearly finished, connecting Liverpool with Pres-
ton, somewhat shorter than that by Parkside. Well,
two, it might be imagined, would be quite enough for
any one; but a railway company had literally com-
menced making a third, between Liverpool and Pres-
ton, a little shorter than the other two.—(Applause.) He
appealed to them, therefore, to stay their mischievous
proceedings. The company now making this third
line might save among themselves six millions of
money.—(Hear.) And this was only a specimen of
what might be done in other directions. With regard
to the question of calls, he did not, as a railway
director, wish to commit himself to any statement as
to whether calls would be made or not. He could
see a great difference between calls that came in at 9
per cent. and calls that would reduce the stock by
nearly the whole amount of the call itself. He knew
there was a difficulty in persuading men who had
such a stock to abstain from going on, but he was
satisfied that no directors, either of old or new lines,
could go on without injustice to some one.—(Hear.
hear.) They had heard of late—and it was a seeret
to him—that directors did not pay up their calls. He,
as a director, was in a worse position than a share-
holder, for he could not for shame but pay up his
calls—(Applause)—while many proprietors, to do
so, had to sell a fourteen years' stock for new works,
which, when constructed, were of a doubtful benefit
even to the shareholders themselves.—(" Hear, hear,"
and applause.) The case, he conceived, was clearly
made out, sufficiently so, at least, to induce men of
discretion to abstain awhile from these great national
works. The misfortune of it would be, that those
enterprizing men, who from 1836 to 1842, had not
received a single farthing of interest on the invest-
ments—those gentlemen, who were sellers now rather
than buyers, would have to transfer their stock to
capitalists, who knew less of the matter, and who
would be induced to invest in this kind of property
at extremely low prices. Would it not, therefore, be
better to wait till this kind of property was worth 24
years' purchase, than to go on pressing for calls un-
willingly responded to? If it were true that so
many calls remained unpaid, would not public opinion
develop itself if the directors went to law to compel
their payment ?—(Loud applause). If so they had
nothing, as shareholders, to do but go respectively to
their boards of directors and have a reason for every
mile of railway from that time put under contract.
There might be directors who would do what the
captain of the Rothesay Castle once did many years
ago, plying between Liverpool and Wales, the pas-
sengers of which, at a very early part of the journey,
i finding themselves in jeopardy, discussed the ques-
tion among themselves, whether they should arrest
the captain. The captaiw, on the other hand, con-
tended that his professional reputation was at stake,
and he had booked them through, and proceed he
would, in spite of wind and weather. It would, as
the result showed, have been a fortunate event for
them had they done so. He meant to convey a
moral by this, as regarded the state of things requir-
ing arrest that existed between directors and pro-
prietors.—(Applause).
Mr. J. B. SMITH, M.P. for Stirling, said they had
already seen the result of the Liverpool deputation.
They met with a civil reception, but the directors
felt that they were not answerable to anybody but
their constituents, and, consequently, it appeared to
him that it was from railway shareholders alone the
movement must emanate.—(Cheers.) It was quite
clear the public had entered into engagements it was
utterly impossible they could fulfil. He had, out of
more curiosity, looked into the condition of a railway
connected with Manchester, having observed that they
had advertised for contracts for a line from Man-
chester to Wigan, and on to Stourport. They al-
ready had two railways to Wigan, and it really did
seem superfluous that they should have a third. He
had taken the share list of the Ist of January, and
had estimated the market value of the whole rail-
ways, and he found that the total of its shares
on the Ist of January would have sold for
5,500,000/. Since the Ist of January the calls
have amounted to 1,000,0001., which, added to the
5,500,0001., make 6,500,0001. gross value ; and not-
withstanding the present market value of the stock
was only 4,2so,oool.—(Senzation, and cries of " Hear,
hear.") This railway was that great undertaking
called the Manchester and Leeds. Who, consulting
their own interests, would proceed in making new
lines, seeing the sacrifice they were obliged to make
to pay a call of 1.000,0001, and to pay further calls
in the present condition of the money market ? He
did not refer to the Manchester and Leeds invidiously,
but merely as an illustration of what was the case
with other companies. It further appeared, from
accurate statistical data, that although 30,000,0001.
of money hail been paid in calls upon the entire rail-
way stock of the country since the Ist of January
last, it was of far less value than it was then.—
(Hear, hear.) He did not believe many directors
would pay much attention to the resolutions of a
public meeting, but they must listen to the voice of
their constituents.—(Hear, and applause.) The pre-
sent meeting should he followed up by meetings of
shareholders, and shareholders should express to
directors their decided opinion, in the first place, that
no further contracts should be entered into; in the
second, to ascertain—as they have a right—from the
directors what were their engagements; and, in the
third, to alleviate the present pressure as much as
possible. The manufacturers of Manchester had
mooted this very question two years ago, and urged
Mr. Cobden to take up the matter ; and though alto-
gether engaged on another great national subject, he
did bring it before the notice of the Chamber of Com-
merce,efa.(arnAmed the memorial of that body was singularly
prophetic
poinNifpioelvroa,twuhinse,neo results of making railways all at
.tw)r
only
Providence
ohLl
vyeit
dhti
enatnthteehoemfi s
otwhnaecsye . once.—(Applause.)
last
hec
aoo
had
year.ntrt
blessedar contrast
Thene
but
u as l
lthereconditionNoy over
ite
with
Europe
abundance,
as well as every country in Europe.
This, bye and bye, must result in a great improve-
ment of the condition of all classes of the European
ination.
trade, Greataod i t
ooly recu improvementrequired
tmusthat the floatingnecessarily
of the country should flow in its natural channelcapital
toa
restore prosperity alike to our manufactures and our
rail ways.—(Loud applause.)
The resolutior. was then put and carried unani-
mously.
Mr. Alderman Kershaw was then moved into the
Chair ; and, on the motion of Mr. Bazley, seconded
by Mr. Lewis Will
,the best thanks of the
1 meeting was given toYtahmes Mayor.

CAUTION AGAINST
a decently dressed female went tothe VAGRANTS.—On
backT udeosodraoyf l
tahs
et
residence of Mr.
under eph Smith, of the House Lodge,
cGorme ap ta
hßi se rnd fiel d
waiting
for her at a distance. At the same
time the parlour bell ringing,
it, and on her return saw
,tvil
icthe servant left to answerh sheetvagrant running towards
the back gate, on reaching
pulled off her shoe:.
and stockings, and made off in the direction
It was then found that two table antwo dessert silver
or
spoons had been stolen from the kitchen ;in
was given to the police, and she was by them taken
Church End, Duntuow. On the Saturday followingheart
companion was apprehended on a charge of stealing a
hurdle from Mr. Smith, of the Poplar Farm, Stebbing.
The woman, who gives her name Martha Carr, of Ewell,
Surrey, was identified by Mr. Smith's servant, before J.
Walford, Esq., but has since been discharged for want
of evidence. The man, Horatio Hedley, who travels
with a van, has been committed by the Rev. H. L.
Majendie for trial, on the charge of stealing the hurdle.
—Essex Herald.
Such is the scarcity of magistrates in the neigh-
bourhood of Beaconsfield, Bucks, that prisoners are fre-
quently held in custody for two days before a magistrate
can he found to take the prisoners before. Constables
frequently travel many miles in search of a magistrate.

from the retural
1847, is 243. 1.4

made in, the week endi

per'

BANK OF ENGLAND
(From this night's Gazette.)
An Account, pursuant to the Act 7th and sth of Victoria, cap. 32, for
the Week ending ou Saturday, the 25th day of September, 1847.
ISSUE DUARTMENT,

Notes i55ued........ 22,190,875

Government debt .. 11,015,100
Other securities • ... 2,984,900
Gold coin and bullion 7,185,845
Silver bullion .. .... 1,005,030

£22,190,575

X 22,190,875
M. 'MARSHALL, Chief Cashier.
Dated the 30th day of September, 1847.

,ETAITXEN T.

Government securi-

ties (including Dead
Weight Annuity) .. 11,06,340
Other securities 20,007,232
Notes ...... 4,112,290
Gold and silver coin • • 591,828

I X 36,347,690
M. MARSHALL, Chief Cashier.
r, 1847.

LNGE.-(THIS DAY.)
Gibraltar.. ...... •
Leghorn 30 65
Genoa ~...... „ 25 90
Naples •40%
Palermo, per oz 121%
Lisbon
Rio Janeiro • •
Bahia
Buenos Ayres ...... • •
New York, 21 days' sight
Philadelphia ..........
OP BULLION, PIE OZ.
Foreign Gold in bars ...£3 17 9
New Dollars 0 0 0
Portugal Gold Coin .. 0 0 0
Spanish Doubloons 0 0 0
Silver in bars 0 0 0

F SHARES,
AND OTHER COM-

d List,

ND FRIDAY EVENISD.
OCTOBER 1.

CANALS.
.; ,Dividend' *1 Dividend
Names of e Names of .
Price. ,-• per Price.
Companies. Is per I Companies. d i -
Er: Annum.! 4 Annum.
rd)
--------'•-----
£ £
kshtn & Oldh 97 51.55. p c 70 Monmouthsh 100 101.
-
Ishby-d-la-Z 113 41. I - Mntgsmrysli 100 51. -
Barnsley.... 160 121. 180 sfacclesneld. 100 - 15
Basingstoke.. 100 - - Neath .. • ... 100 201. 340
ftrkiik&Abrgllso 51. 85 Nottingham. 150 12/. -
-2romford••••1100 14/. - Peak Forest. 78 32. 40
Duslley....• • 100 41. - Regent's •• • . 33 I/. 4s. 20
Derby .- - 100 6/. 63 Rochdale -• • 85 41. 54
Ellsmre&Chs 133 41. 54 Shropshire.- 125 81. -
E:ewash ••• 100' 321. - Somrset Coal 150 71. 10s. I 130
Forth & Clyd,loo 41. - Do.LkFdSt 12 61. p. c. I -
GrandJunctin 100 61. 80 Stffrd &Wore 140 281. 1275
Urand Union 100 I/. 10s. i 21 Shrewsbury.. 125 151. j -
Glamorgnsh. 172 13;5131. - Stourbrldge- 145 20/. 305
i4istr&Brkl3- 100 - - Strtfrd on Av 79 1/. 103. -
'Grantham .. 150 121. - Severn and 26 11. Bs. 30
Huddersfield. 57 - - Wye Rail.
Kennt & Avu 39 7s. 6d. 5 ITrnt &MI
50 301. -
Lancaster... 47 1/. 10s. - sey •• • •
Leeds&Livrp,loo 341. 505 Thams&Med 19 - -
Leicester ....1140 101. 75 Worcstr &
Leicstr &Nth 83 4/. 36 Birming.l 78 2/. 41X,
Loughborogh,l42, 701. 530 Wllts & Brks; 67 11. I 11