The Sun.
London, England, 1847-04-03 00:00:00

opportunity of testing her qualities, and in our opinion of
silencing her detractors.

RAILWAY IN TELLIGENCE.

GOVERNMENT AID TO IRISH RAILWAYS.
On Wednesday a deputation from the Dundalk and
Enniskillen Railway Company waited upon Lord John
Russell, at his private residence, Chesham-place, for the
purpose of asking the head of her Majesty's Govern-
ment to sanction a loan, in order that the works on this
line might be completed with all possible expedition.
The deputationists were the Earl of Roden, Lord Cre-
morne, Viscount Jocelyn, John Young, Esq., M.P.;
George Alexander Hamilton, Esq., M.P.; William R.
Collett, Esq., M.P.; Richard Montesquieu Bellew, Esq.,
M.P.; Evelyn Shirley, Esq., M.P.; and Richard D.
Kane, Esq., the Company's solicitor.
The deputation was most courteously received by the
Noble Premier, who listened with marked attention to
the various statements put forward by the noblemen and
gentlemen in support of the proposition which they
submitted.
The Earl of RODEN briefly explained the object of the
deputationists' interview. They waited upon the Noble
Lord for the purpose of soliciting his countenance and
sanction for a loan of 100,0001. out of the Exchequer
fund, to enable the directors of the Dundalk and Ennis-
killen Railway Company to complete the construction of
the works on the section of the line between Castle-
blayney and Dundalk. Their expenditure had already
amounted to close on 63,0001., and they had a balance to
their credit of near 35,0001., but that sum was quite in-
sufficient to carry on the works, and in the present de-
plorably depressed circumstances of Ireland, the great
majority of the shareholders were utterly unable to pay
up additional calls, though most solicitous for the com-
pletion of the undertaking and convinced of its thoroughly
bond fide character. If the Government consented to
advance the required 100.000/., for which the payment
of interest at the rate of 4 or even of 5 per cent. would
be cheerfully guaranteed, the directors undertook to
give immediate employment to no less than 6,900 men at
remunerative wages, in the comparatively distressed dis-
trict through which the railway was to be constructed.
They had about 1,500 men engaged ort,the works at pre-
sent, but if the Government came to the aid of the com-
pany, and relieve it from the pressure of the money
market, the number would be quadrupled, and facilitii s
would be thus afforded for opening the line as far as
Castleblayney, in the course of the summer or early ❑ext
autumn. It an additional loan were granted next year,
the directors, with the assistance which they expected
the shareholders would be in a position to render them,
contemplated that the line to Clones would be ready for
traffic in the ensuing autumn.

Lord J. RussELi asked if the company represented
by the deputation had half the amount of their capital
subscribed, in accordance with the provision contained
in the Act of Incorporation, which distinctly required
such a contribution on the part of the shareholders before
they were entitled to borrow from the Exchequer Loan
Commissioners?

The Earl of RODEN stated that the position of the
company was simply this. The present Act only con-
tained powers to construct a line to Clones, and in order
to lighten the calls on the shareholders the directors
were promoting a Bill in Parliament to reduce the shares
of the, company from 501. to 301.; by which means, even
according to the standing provision, they would be entitled
to borrow money with 151. instead of 251. paid. The
calls made up to the present time amounted to 101.
Money was so scarce, trade was so fearfully depressed,
and there was just then such a pressure on the money
market, that he feared there would exist great difficulty
if not an impossibility, in getting in from the share-
holders the additional
.51, so that, without the Govern-
ment came to their relief, they could not hope to pro-
gress with the works, or to give that extensive employ-
ment to the labouring classes which was so much to be
desired in the present season of affliction. The Noble
Lord then handed Lord John Russell an elaborate state-
ment, detailing the precise position of the company, the
advantages which the directors considered would accrue
from a loan of 100,0001., and an abstract of their assets
and expenditure, and he concluded by reading from
numerously-signed petitions from the inhabitants of
Dundalk, Castleblayney, Monaghan, and Fermanagh,
praying the Government to encourage the construction
of the Dundalk and Enniskillen lino by granting the re-
quired loan, and thereby stimulate the profitable employ-
ment of the people.
Viscount Jocelyn, Mr. Hamilton, and Mr. W. R.
Collett severally puinted out the immense importance of
employing the peopleon reproductive works, and with
the view of removing the barrier which stood in the
way of railway companies obtaining loans from the Ex-
chequer Commissioner, until half the amount of the
capital was subscribed, they urged upon the Noble
Premier the expediency and sound policy of introducing,
immediately after Easter, a short Bill to enable Govern-
ment, under the pretent circumstances of the country,
and in consequence of the unwillingness of private capi-
talists to invest in railway securities, to make loans to
railway companies without a moiety of their capitals
being subscribed.
Lord J. RUSSELL smiled rather approvingly, as if
the suggestion had not been then presented to his mind
for the first time, and assured the deputation that their
proposition for surmounting a legislative difficulty was
one which would receive the consideration to which it

was entitled. The Noble Lord proceeded to ask several
questions respecting the Irish northern lines, and having
received a vast fund of information on the subject, he in-
quired of the solicitor how the calls on the Dundalk and
Enniskillen shares, generally speaking, had been paid.
Mr. KLNE said that up to a recent period the share-
holders, with very few exceptions, had promptly paid
their calls; but within the last few weeks he had con-
versed with many of them, and they told him that owing
to the state of trade, and the prevailing scarcity of money,
they were utterly unable to contribute, at present, addi-
tional instalments towards the capital of the company.
In point of fact, they declar.d, that no matter what pres-
sure the directors applied, they could not provide their
proportions of the required capital.
Lord J. RUSSELL observed that the principal objec-
tion urged out of doors against Government advancing
loans to railway companies was that the great bulk of
the money so advanced would not be expended in labour,
but in the purchase of land and other matters, by no
means calculated to afford relict at the present season
of distress. Now, in the event of the Dundalk and
Enniskillen Company receiving Government pecuniary
assistance, he wished to know how it was intended to be
laid out?

The Earl of RODEN said that the directors were quite
prepared to give a guarantee that every farthing ad-
vanced by Government would be expended oil earth-
works and masonry, and that 6,900 men would be imme-
diately employed.
Lord J. RussELL informed the deputation that he
would carefully consider the statement they had pre-
sented to him, and communicate the nature of their ap-
plication to the Exchequer Loan Commissioners, whose
early attention, no doubt, would be directed to the sub-
ject. He could not undertake to give a definite answer
to the deputation's request, but he assured them that
they might rely upon the subject being entertained by
him with as much favour as the finances of the country
and other important considerations warranted.
The deputation thanked his Lordship and retired.

COLCHESTER, STOUR VALLEY, •SUDBURY,

AND HALSTEAD ItAILAY.

A special meeting of this company was hell on Wed-
nesday, at Colchester, Mr. T. L. Ewen in the chair.
Bills for the following projects were agreed to—viz., o
make an extension to Melford, Lavenham, and Clare—
capital, 200,0001.; an extension from Lavenham to Bury
St. Edmunds—capital, 165,0001.; to purchase the Stour
navigation, and to lease the above undertaking to the
Eastern Union Company at five per cent. on the cost
of construction, and half the surplus profits above that
amount.
The total capital, including the above projects, upon
which the rent agreed on is to be paid, amounts to
725,0001. If a double line of rails should be required
beyond Sudbury, or any other extension of the above
undertaking, the Eastern Union Company is to find the
requisite capital.

IRISH SOUTH-EASTERN RAILWAY.
The half-yearly meeting of this company was held on
Wednesday, at Dublin, Mr. J. E. Redmond in the chair.
The report stated that the directors expect that the line
from Carlow to Kilkenny will be opened for traffic before
the end of this year, and that no more than 2/. per share
will be required from the shareholders ; that most of
the landowners met them in a fair and liberal spirit, but
that the reverse was experienced from the lessees and
occupiers. The balance in hand at the close of 1846 was
stated to be 22,8921., and since that time 18,2171. had
been received on account of the call. Interest of 4 per
cent. is to be allowed on all calls not in arrear. The
engineers' report stated that the earthwork and fencing
on 44 miles of the line had been completed.
The report was adopted.