The Sun.
London, England, 1848-11-10 00:00:00

THE SUN,

of reputation which have elevated those prede-
cessors to the dignity of Lord Mayor. After serving
successively under Sir PETER PARKER and Sir ED-
WARD PELLEW, in the civil department of the
Royal Navy, from 1809 to 1814 inclusively, the
present Lord Mayor, then simply Mr. DUKE,
adventured in the year 1819 upon those com-
mercial undertakings which ultimately brought him
conspicuously before his fellow-citizens and fellow-
merchants of London. In the rapid epitome of his
career, subsequent to this alteration in the direction
of his energies (as was recounted yesterday morning
by the Learned Recorder of the City, when address-
ing the Lord Chief Justice Sir FREDERICK POLLOCK),
the graduated rise to distinction is particularly de-
serving of observation. Nominated a Common
Councilman, and elected Sheriff in 1836, the now
Lord Mayor, at the same period, received the honour
of knighthood. In the following year—namely, in
1837—Sir JAMBS DUKE was elected to sit in the
House of Commons, as representative of the borough
of Boston, the constituency of which borough he
has continued, up to the present time, to serve in the
deliberations of Parliament. He was subsequently
in 1840, elected an Alderman of the city of London';•
and has at length been elevated, by the unanimous
voice of both branches of the Corporation to the
highest office to which they were capable of raising
him, in token of their appreciation of his merits, and
of their earnest respect for his character.

Last evening must, for a variety of reasons, have
afforded the deepest sense of gratification to the
newly inaugurated Lord Mayor ; but assuredly among
all the provocatives of this feeling of satisfaction, not
the least pleasurable must have been the cordiality
with which his elevation to civic authority was wel-
comed by so many distinguished officers of that pro-
fession in the civil department of which his youthful
energies bad been expended. On reference to our
report of the festivities at Guildhall, it will be per-
ceived that conspicuous among the guests of
Sir JAMES Dual; were the members of the
naval profession, including, among others, his Grace
the Duke of NORTHUMBERLAND, Admirals DUNDAS,
Sir J. A. GORDON, Sir HENRY HART, and the Hon.
Sir F. PsLusw ; Captains Sir J. G. SINCLAIR, Bart.'
J. W. MONTAGUE, and Sir W. BURNETT, who
expressed, by their participation in the festivi-
ties at Guildhall, their gratification at the emi-
nent and honourable position attained by one
whose extreme youth had been passed on shipboard in
various climes. It was the crowning point of a
life of progression—the consummation of a career
which had commenced among the sailors of England,
which had reached its highest altitude among the
merchants of London, and which, after introducing
Sir JAMES Duaa into the Legislature of his country,
had installed him in the civic and judicial chair as
Lord Mayor of this ancient capital. Long may he
enjoy kis honours I

Notwithstanding the agreement stated to have been
entered into by the directors of the three great rail-
way companies, and the notices signed by the respec-
tive secretaries of the contemplated application to
Parliament, many difficulties have still to be encoun-
tered and impediments removed before the proposed
arrangements can receive the Legislative sanction, or
come into actual operation. Nothing is as yet known
as to the terms on which the amalgamation is to take
place, whether the shares of all the companies are to
be received at par or whether there is to be any and
what difference made in favour of some of them,
whether the value will be estimated according to the
average dividend that has been paid for a certain
time, and if so, what period will be selected for
striking those averages, or whether the last dividend
paid will be taken as the basis of the proposed ar-
rangement, as indicating the present value of the
stock. Many serious arguments will take place be-
fore those points can be finally settled. Much can be
urged on behalf of any of the plans, and that, of
course, will be advocated by the shareholders
iu the different companies that will appear
most conducive to their own interests. For
instance, the North-Western for many years
paid a regular dividend of 10 per cent. on the amount
paid, and various advantages were from time to time
given to the shareholders that increased the value of
their property even beyond what the amount of
dividend would justify. The shareholders of the
Great Western Company during the same period, or
at least the greater portion thereof, were receiving
8 per cent. on their paid-up capital, and they also
obtained their share of the good things going in those
palmy days, and on which it would be extremely dif-
ficult, if not altogether impossible, to set a money value.
Are all these elements to be taken into calculation, or
any and which of them dismissed as unworthy of
consideration ? The Great Western shareholder may
contend that at present both companies are paying
equal dividends-7 per cent. was that which was last
announced by each—and that it would consequently
be very unfair to deprive him of a portion of his
rights by admitting the North•We3tern stock into
the proposed amalgamation at a nominal rate exceed-
ing the amount actually paid. This view will of
course be strongly urged by the admirers of the "broad
gauge." On the other hand, it may with equal jus •
tice be asserted that the profits of a single half. year,
which might have been considerably affected by local
circumstances, should not be looked upon as afford-
ing a fair or satisfactory test of the future prospects
of the companies ; but that the average of successive
seasons should be taken, and that the longer the
period selected the more accurate would be the result.
This view, of course, will be supported with equal
vehemence on the other side, and will prove a fertile
source of dissension and discord.
Again, it will be asserted that the estimate of the
relative values should not be founded merely on the
amount of dividend past or present; that the public
have themselves fixed the price, and that it an amal-
gamation took place it could only be accomplished by '
estimating the value of the shares according to the
average quotations during a certain period. For in-
stance, the London and North-Western shares at
present sell at from 17 to 19 premium on 1001. paid,
while the Great Westerns are at from 7 to 9 dis-
count, with 90/. paid, and the South-Western at
101. discount on 601. paid. Whether, then, shall
the rate of dividend actually paid, or the
prices that can now be obtained, be selected as the
guide to direct the parties to a true decision of the
present value, so as to fix the proportion of dividends
that shall be paid from the common earning ?
A variety of other questions may also be raised that
will give occasion for many arguments and much
contention before the end is attained. For instance,
the various engagements that may have been entered
into—the guarantees given, the money to be raised.
Is this money to be levied exclusively on the share-
holders of the company that is now responsible,
or is it to be levied on the general body ?
It will require no ordinary diplomacy to blend these
conflicting elements harmoniously together, to assuage
the angry feelings of those who, whatever may be the
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peace and concord among the assemblage known to
the frequenters of Trafalgar-square as the " Happy
Family," should decidedly be called in to
preserve
the peace, and he might find the task to be beyond
even his powers.

All this, however, is to be encountered, in order
" that expensive Parliamentary contests may be
avoided." This is the sole reason that can be adduced
for the proposed arrangement. But might not this
desideratum be attained by other and less objection-
able means ? Are shareholders and directors so pug-
nacious that they cannot remain in peace for even a
brief period ? Is money so abundant, and the share-
market in so flourishing a condition, that hostilities
must be maintained in order to obtain the right of
constructing new lines, that the same may be aban-
doned when the legislative sanction has been conceded?

We have thus stated a few of the many difficulties
that exist to the proposed amalgamation, which is
desired for a purpose utterly disproportioned to the
magnitude of the means adopted. The above points
will be for the consideration of the shareholders. On a
future occasion we shall consider how far the
Parliament would be justified in giving its consent if
all minor difficulties were got over, and that the Bill
was supported by the whole body of the shareholders
in the several companies.