The Sun.
London, England, 1846-01-26 00:00:00

TH E SUN, LON DON

rbirb ambition

SUN OFFICE, Seven o'Clock.

WATERFORD AND KILKENNY
RAILWAY COMPANY.—(THIS DAY.)
A special general meeting of the Shareholders of this
Company was held this day, at the Hall of Commerce, for
the purpose of taking into consideration the subject of the
proposed extension of lines of railway in connexion with
this Company.
The CHAIRMAN (Pierce Butler, Esq., M.P.) said, that the
object of the meeting was sufficiently stated in the adver-
tisement of the meeting, so that nothing further remained
for him to refer to than the propositions that
would be submitted to them. Though it might
be travelling out of the way as far as techni-
calities was concerned, it would be interesting for him
to state that he had just arrived from the scene of action.
He had been in company with the contractor (Mr. Wright)
at that portion of the line which formed the first con-
tract, and had considerable satisfaction in stating to
them that that portion of the line was very promising.--
( Hear.) Some cottages had been levelled to the ground,
proper compensation having been made to the possessors; and
he was happy also to state that there was a sufficient quantity
of timber to complete that portion of the contract.—(Hear.)
There existed an ill feeling among the labouring por-
tion of the community through which the hue
passed, who were very desirous of being emploved
on'the work, so that there was nothing like combina-
tion among them to be apprehended. It would he a
matter of congratulation for them to consider that that
very speculation would give employment to the po-
pulation, as well as be -very remunerative. They
would feel a satisfaction in knowins that it would
go a long way towards mitigating the distress
that would be occasioned by the failure of the po-
tato crops in Ireland. To come to another point, he
would say that whenever calls were made on shareholders
they had a right to del-nand from the directors the reason of
the same, and the mode in which such were to be
applied.—(Hear, hear.) The calls for 51. per share
had caused some animadversion, but the Object of that de-
mand was, that they (the Directors) were anxious to pro-
ceed with the works as soon as possible.—(Hear.) Under
these circumstances, they had determined to call a meeting.
Sir R. Peel had selected to-day to lay down his plan
with respect to railways, but whatever that plan might be,
he conceived it would not affect the speculation to any ex-
tent. The engineer of the Company would lay down the
plans and sections.
The SECRETARY read the notice convening the meeting,
and then read the plan of the proposed extensions The
first was from Kilkenny to Carlow, the next from Kilkenny
to Clonmel, the sections and plans for which would be shortly
arranged, and it would rest with the Committee whether the
same should be proceeded with instanter or postponed till next
session. The next line was from Kilkenny to Galway, which
was an independent Company, and in which the Directors
advised the shareholders to take shares to the amount of
50,0001. Amicable arrangements existed between that Com-
pally and the Cork and Waterford Railway Company.
Mr. Hours proposed a resolution, that having the va-
rious plans and sections, they should empower the Directors
to carry the same into effect, and to oppose any railways
which might be in opposition to the interests of this Company.
Mr. RICHARDSON seconded the resolution.
Mr: TITHE said he wished to ask a question with respect
to that experiment en what was called the wood line. What
were the intentions of the Company towards the patentees of
that plan ?
The CHAIRMAN—There was no understanding with their
company on the subject. It was merely to be tested for
six miles.
Mr. EMERY said it was a contract between the patentees
and the Company.
Mr. Trrim said he wished to know if the experiment
failed whether or not the chief expense was to be borne by
the patentees ?
Mr. Emmy—Certainly.
Mr. TITHE " said that his reason for asking the
question was that they were aware of the difficulty
that existed in carrying out those changes. Some
companies in that country (England) had found a
great difficulty in making those changes. If their
line were an integeal one, it would be another thing,
and before giving the Directors such powers as they now
sought, he conceived it would be desirable that they should
give some further explanations.
The CHAIRMAN having read the clause in the Act of Par-
liament which enabled them to make such alterations as
they considered were required,
Captain Moasore said that the objections against the ex-
tension were quite a mistake. Not having been
called on till very lately by the Directors, he
was not conversant with the details of the Water.
ford and Kilkenny Railway. He understood that
Mr. Prosser was to bear a proper proportion of the expense
of the experiment, and the Company another. They
must consider the question involved in this agree-
ment. In the first instance, the expense of n
iron railway was 2,0001., but the whole expense of the
wooden part was about 5001.; there would, therefore, be an
expense of 2,5001. per mile, and the greater portion was
applicable to an iron railway. Their would be no change in
the gauges, and there would be only twelve tiers of wheels
required.
Mr.TrrwE said he was very much obligedfor the clear ex-
planation given by the engineer. He did not possess any
knowledge of the matter, and he was merely actuated in
asking these questions by a desire to obtain full information.
He was aware that on the line from Guildford to Working the
difficulty between the Companies respecting the wooden rail had
been surmounted, but would that be the case in the present
instance ? He would wish to ask the chairman a few questions
respecting the different lines he had named,
The CHAIRMAN, in reply to these questions, said that the
extent of the Kilkenny and Carlow line was 18 miles (Irish),
or 22 and a fraction miles (English), while the parent line
was 37 miles in length, of which the cost was 150,000/.
The length of the Kilkenny and Clonmel was about
26 miles, and of the Kilkenny and Galway 70 English miles.
There was considerable opposition with respect to the Care
low and Kilkenny line. Some years ago there was a Com-
pany, called the Great Leinster, which had obtained an Act
of Parliament. For some years they had given up the prospect,
but finding there was money to be made, they thought it
better to revive the speculation, and to take that portion
from Kilkenny to Carlow. He believed they intended to go
before Parliament and to offer opposition to their line, and he
believed that they (the Kilkenny and Waterford Company)
could oppose them with success.
Mr. Trrne said he was not acting in concert with any
other party, but merely from his own suggestions. He could
understand that the line (which was a smaller one) would
hex profitable speculation if it were carried out.
Mr. EMERY said there were five companies anxious to
obtain their line, Which showed its value. They established
a communication with the Kilkenny and Dublin, which was
the only line between Waterford and Dublin.
Mr. CAPPINGER said that he wished to know, in the event
of that independent Company failing to obtain their Act,
whether they should, also suffer ?
The CHAIRMAN having answered in the negative, a long
discussion ensued, which terminated in a resolution, to the
effect that they should take shares in the Kilkenny and Gal-
way Company to the extent of 50,0004 and interest them-
selves in that Company.
It was then unanimously agreed that the Company should
adjourn till next Saturday, at one o'clock.

EXCITEQUER.—(THIS DAY.)
(Continued from our Afternoon Edition.)
IMPORTANT TO SHAREHOLDERS AND THE
STOCK EXCHANGE.
YOUNG V. SMITH.

This was an action of debt for work and labour done
by the plaintiff, as a stock broker, for the defendant, by
the sale and purchase of shares in a number of railway
companies, including the Churnet Valley, the Direct
Noathern, the Armagh, Coleraine, and Portrush, and the
Enniskillen and Neerry Companies, to which the de-
fendant had pleaded that the companies had not been
duly and completely registered, in accordance with the
provisions of the Joint-Stock Companies Act, upon
which the plaintiff had raised a demurrer, denying that
railway companies were liable to the provisions of tha
Joint-Stock Companies Act, alluded to in the plea.
Mr. Jeavis now appeared to support the plea in op-
position to the demurrer. He commenced his argument
by informing the Court that the case involved a point
of considerable importance to the railway world, upon
which the opinion of the whole profession was com-
pletely divided, and both the bar and the railway world
were looking for the decision of the Court upon it with
the utmost interest. The action was brought by the
plaintiff, who was a stock-broker, to recover a sum of
money for work and labour done in the buying and
selling of railway scrip, but the defendant alleged that
the Company had not been completely registered in
accordance with the Joint-Stock Companies Act, and
this made sales and purchases in their shares not only
null and void, but rendered the shareholders selling them
liable to a penalty. Their Lordships would find that
the first clause of the Joint Stock Companies Act re-
ferred to the powers of shareholders in joint-stock
companies, and that the shareholders of all companies,
formed or commenced after the Ist of November, 1844,
were prohibited from selling their shares until complete
registration should be effected ; but companies, such as
railway companies, who require an Act of Parliament to
enable them to carry on their objects, were exempt from '
the operations of this provision, except in certain cases
to be afterwards mentioned. Now, it would appear
from that part of the Act, that a railway company was
slot liable to this prohibition ; but if their Lordships
would just turn to the 26th section of the Act they would
see that the penaltiesimposed on parties for railway shares
In companies not completely registered were applicable
turilwal
as well as every other joint-stock company,
except a banking company, and this as well as other
provisions in the Act, was sufficient justification of the
plea which his client had placed upon the record. It was
difficult, from the contradictory terms of the Act, to
ascertain what was the real meaning of the Legislature,
and he confessed thatti-iehinterpretation clause threw
little or no light upon the subject.
Mr. Baron ALDERSON remat.
rked that the greatest
evil of modern legislatn,n was the • rpretation clause
of an Act of Parliament, which preventedlnte the Legislature
from explaining in precise words what its
ineannignlgishwasso.
It was like having an interpreter who spoke t
bad that it was more difficult to understand the inter-
preter than the other.
Mr. JERVIS admitted that his Lordship's objections
were well founded, but he thought the Act wai suffi-
ciently explicit to show that all companies, except bank-
ing Companies, must be compl,aely registered before
their shares could become marketable.
Mr. MARTIN, on the other side, contended that rail-
way companies were exempted from the prohibitory
provisions of the Act. The Act only required that a
railway company should be provisionally registered, and
did not require it to be completely registered before the
shareholders could be at liberty to dispose of their
shares.
The Loan CHIEF BARON, in giving the judgment of
the Court, said that Mr. Martin had put two proposi-
tions to the Court, both of which he had established.
It
the
apps clear to him (the Lord Chief Baron) that
26th section of the Joint-Stock Companies Act, did
not apply to a railway company. It was highly satis-
factory to be able to
say that they knew the intention
of the Legislature
in
.passing the Act, and that the mean-
ing of the 26th section was the meaning the Legislature in-
tended to put on the 2d
r thattion. It seemed to him (the Lerd
clear Chief Baron) quite
registration
he operation of this Act
as regards complete re
to
railtwn
ad penalties for sale
of shares did not extend
this
aceotitiopu.anies, and
therefore there was ne defence to

Mr. Baron ALDERSON and Mr. Baron PLATT con-
curred with the Lord Chief Baron, and the pleas of the
defendant were declared demurrable.

IMPERIAL PARLIAMENT.

(THIS EVENING.)

HOUSE OF LORDS.

Their Lordships assembled at half-past four o'clock.

CORN-LAWS.

The Earl of RADNOR, presented several petitions
against the corn-laws.
The Earl of CLARENDON presented a petition from
the Chamber of Commerce of Manchester, praying that
all duties on articles of food may be abolished.
ANSWER TO Tilt ADDRESS.
The LORD CHANCELLOR then read from the
Woolsack her Majesty's answer to the Address pre-
sented from th.:llouv,e of Peers, which was as follows :
I receive wish satisfaction your loyal and dutiful Ad-
dress and rely with confidence on your constant desire
to co-operate with me in my endeavour to promote the
happiness of my people.
01: the motion of the Duke of WELLINGTON her
Majesly's most gracious answer was ordered to be in-
serted on the journals of the House.
LAND REGISTRATION.

Lord CAMPBELL then asked leave to lay on the
table of the House a 'Bill for the purpose of establishing
a general system of registration of land. He would
then merely move that it be read a first, and he would de-
ter the second reading until the exciting questions which
at present pressed on the attention of their Lordships
had been disposed of. But as soon as those questions
were settled, he should lose no time in proposing its
second reading.
The Bill seas then road a first time.
CORN-LA WS.
The Duke of RICHMOND rose to present to their
Lordships' House twenty-eight petitions from places in
Kent ; from Kelso, in Roxburgh ; from Alford, in
Aberdeenshire ; one of them signed by 977 tenants
and tenant labourers in the county of Sussex ;
also from Yorkshire ; from the Isle of
Thanet; from Derbyshire, from Somerset, and other.
places. In presenting these petitions, and in stating
his intentions to support their prayer, he begged to state
to their Lordships that the petitioners hoped and trusted
that their Lordships would consent tono alteration in
the present corn-laws, and, whatever might happen else-
where, that their Lordships would not consent to such
alteration until they first appealed to the constituency
to test whether they had changed their opiaions on this
subject. He still would wish to keep inviolate the com-
pact entered into with the agriculturist in 1842, and he
hoped that their Lordships would not permit themselves
to be intimidated by the Anti-Corn-Law League or their
emissaries.

LORD DEVON presented similar petitions from the
county of Devon.
The DUKE of RICHMOND wished to ask the noble
Duke (the Duke of Wellington) if he had received her
Majesty's permission to state to the House the reasons
for her Majesty's ministers resignation, and for their
again accepting (Ace?
The Duke of WELLINGTON begged to inquire
whether the Noble Duke intended to ask any further
questions ?—(Laughter).
The Duk,; of RICHMOND replied that he theught it
would be more convenient to the House if, instead of
making a speech, he contented himself by asking a ques-
tion, as he was sure the House would be anxious
to know the grounds that led to the resignation
of the Ministry, and also to know the grounds upon
which a Government which declared itself one day un-
able to go on, undertook the Government of the country
in ten days afterwards.
The Duke of WELLINGTON—I beg to state, in
answer to my Noble Friend's question, that in making
the statement I am about to do I can only
answer positively for myself and for my own
motives. I shall, however, state to the
House what generally passed in her Majesty's Councils.
In doing so, I may have to detain your Lordships for a
few moments, but you may rely upon it I shall keep you
for the shortest possible time. ]Sly Lords, when accounts
were received from Ireland, and from different parts of
Great Britain, of the state of the potatoe crop, in the
course of the last autumn, and of the consequences
likely to rest.lt from this failure in different
parts of the country, my Right Honourable Friend
at the head of the Government considered it his duty to
call together his colleagues in order to take into consi-
deration the various reports that had been received. My
Right Hon. Friend called his colleagues together, and
having laid before them the reports I have alluded to,
made to them a certain proposition for the adoption of
measures which he considered necessary her Majesty's
Government should adopt, in order to avoid or medy the
evils likely to occur in his opinion in consequence of this
misfortune. One of the measures suggested to my
Right Hon. Friend was, that her Majesty's Ministers
should recommend, by an Order in Council, to suspend
the operation of the existing corn-laws, so as to open
the ports for the admission of corn duty
free. My Lords, it is not necessary that I
should discuss the motives stated, or the grounds
on which that recommendation was founded,
I was one of those who considered that it was unneces-
sary to adopt that measure. I considered that a mis-
fortune had undoubtedly occurred, which had the effect
of depriving millions, I may say, of a large portion of
provisions upon which they relied for food. But still
there was a fair supply of foed in the country. It was my
opinion arrangements should be made similar to those made
in former years for finding employment for the people
and for finding meant of rewarding them for that em-
ployment. And, my Lords, beside that, it appeared to
rue that the existing corn-laws made provision for
throwing open the ports, should that measure be deem-
ed necessary.—(Hear, hear.) That law enacted, that
when the price of wheat or grain should reach such an
amount as that there should appear to be a deficiency
or want, then the law provided that grain should be
admitted at a nominal duty.—(Hear, hear.) Under
these circumstances I judged it necessary to
suspend those laws, 4 and upon that ground
It was that I objected to that proposition. At the same
time I was most anxious that the Government shculd
adopt measures immediately to form a commission in
Ireland, and instruct that commission as to the measures
to be adopted for giving employment to the people,
and for procuring food for them, and for rewarding them
in payment of that employment, and all those:measures
which, on former occasions, have been found to be bene-
ficial and effectual. My Lords, I believe that all these
measures had been adopted on former occasions.
They are not new to the public servants in
this country, they have been effectually adopted.
My Lords, in the course of the discussion on this mea-
sure, it was intimated that a suspension of the corn-
laws might endanger a renewal of that measure, or that
it might be necessary to make a very essential altera-
tion of it. My Right Honourable Friend inti-
mated his opinion of the necessity of making
an essential alteration in the corn-laws. I be-
lieve every one thinks now that some alteration is
necessary—an alteration in certain points was necessary,
and was now admitted by all.—(Hear, hear.) It was
necessary to make an essential alteration in the existing
laws. Many Members expressed a strong difference of
opinion on the subject. As for my part, I was
eertainly of opinion that it was necessary to
make an alteration in the corn laws. Bet
My Lords, I confess that in my opposition, I considered
that a division in the Cabinet might endanger the safety
of the Government itself, and having served in England
for more than fifty years in high places, I considered it
my duty to endeavour to do all in my power to reconcile
the difference of opinion amongst my colleagues.
to preserve a Government which enjoyed the confidence
of the Sovereign, of the people, and, to a great extent,
the confidence f both Houses of Parliament. I consi-
dered it my duty to make every effort to recon-
cile the differences of opinion, as the best ser-
vice I could render to my Sovereign.—(Hear.)
In this attempt I did succeed. The result was that I
advised my colleague to tender to her Majesty his re-
signation, and to recommend her to form a new Cabinet.
My Lords, it was necessary after his again
taking office, to come down to this House
and advise Parliament to make some alteration in
the corn-laws. But previous to his informing her Ma-
jesty of the difference of opinion in the Cabinet, I
strongly advised my Hon. Colleague to tender his re-
signation, after first asking her whether he
would be allowed to make any alteration in
those laws. The great difference, however, among
+my colleagues made me of opinion that it would
be better for him to resign his office under the cir-
, cumstances. All the members of the Cabinet were of
the same opinion I know I was. My Hon. Friend
followed the advice of the members of the Government,
land he tendered-his resignation to her Majesty, and
advised her to form a new Cabinet. Her Majesty
asked a Noble Lord to form a new Administration, bnt
that Noble Lord did not succeed, and the consequence
was that her Majesty asked his Hon. Friend at the
head of the Cabinet to remain in office. My
colleague wrote to me informing me of her
majesty's wishes, and then it became neces-
sary for us to act nnder the circumstances.
and iney Hon. Colleague having been of opinion that au
alteration of the corn-laws was necessary, several mem-
bers of the Cabinet agreed with him in that opinion. I
do not say that all were of the same opinion, but this I
do know, that a great number of them were, and myself
among them. I came to the resolution that let what
would happen I should support him most cordially, and I
am of the same resolution still.

LORDS SUM MARY
The Lords met to-day at Half-past Four o'Clock.
Prayers were read by the Bishop of ELY.

The LORD CHANCELLOR took his seat on the Wool-
sack at Five o'Cluelc.

Chamber of CommerceDofN presented a petition from the
The Earl of CLAaEN
duties in America with o Manchester, praying that the
The LORD foreignCllANCELLOßi,brought
Majesty
tes mightup
her b e
Majesty'sremoved.
answer to the Address.
orielielor onity their
thanked their
Lordships fur their assurances
attachment , to the Crown, ad and
continued desire to promoten the
and contentment of the people. happiness
Lord CAMPBELL laid on their Lordships table a Bill,
for the purpose of, promoting a general registration
on land. The measure was read a first time, the
Noble Lord observing that he would not move its second
reading until the existing measures now to be brought
forwlrd were ditipt.,,d ii:',
The Duke of Iticumosn, in presenting petitions in
favour of the corn-laws, expressed his hope that Parlia-
ment would not make any alteration with respect to
those laws without an appeal being made to the people

He was convinced their Lordsqips would not be intimi-
dated by the hired emissaries of the Corn Law League.
The Duke of RICHMOND then, in pursuance of the
notice he had given, asked the Duke of WELLINGTON
the causes that had led to the late resignations in the
Ministry, and their reasons for accepting office again,
pledged to carry out the same measures that had caused
their resignations ?
The Duke of WELLINGTON said that he had received
her MAJRSTY'S permission ,to state what had occurred.
He wished, however, to know whether the Noble Duke
had any further questions to ask ?
The Duke of RICHMOND was anxious to know the
grounds which had led to the late resignations.
The Duke of WELLINGTON then went into a state-
ment of the causes which had led to the resignation of
himself and Sir R. PEEL, and the rest of the Ministry;
the calling upon Lord J. RUSSELL to form a Ministry,
and the failure of that Noble Lord to accomplish the
task. The Noble Duke confessed that at first he was
strongly impressed with the conviction that the p ()-
position to open the ports was not necessary, and th At
alterations in the corn-laws were not necessary.
Upon the question being brought before the Members of
the Government, great alterations of opinion existed, and
the result was, the determination of Sir R. PEEL to
resign—a course which he strongly advocated. That
resigcation, as was vs ell known, took place. A Neb:e
Lord had been sent for by her Majesty, to form a
Gvernment, in which he failed; and upon Sir R. PEEL
being sent for again, ho (the Duke of WELLINGTON)
considered it his duty to his Sovereign and his
country, from whom he had received so many marks of
favour, whatever his opinions might be, not to leave
his SOVEREIGN in the predicament of meeting her Par_
liament without a Ministry.

The Duke of BUCKINGHAM thought their Lordships
ought to know why those who had been called upon to
form a free trade Government had failed in their task.

The Marquis of LANSDOWNE did not feel called upon
to enter into all the reasons that h2.d led to the failure
of his Noble Friend, the Member for the City of London,
to form a Ministry, after the explanation that had taken
placed elsewhere. He had, after great consideration,
been convinced that the retaining of the corn-laws in
their present shape was impossible.
The Duke of WELLINGTON said that upon being asked
whether he would form a Government upon the principle
of maintaining the corn•laws as they at present existed,
he declined doing so, believing it impossible. He trusted
the House would wait till they had heard what the
measures of his Right Hon. Friend were, and not at-
tempt to conjecture them.
After some further observations from several Noble
Peers, the subject then dropped, and the House then
adjourned.

HOUSE OF COMMONS.
The SPEAKER tcok the Chair at Four o'Clock.
ANSWER TO THE ADDRESS.
The SPEAKER—I have to inform this House that the
House waited upon her Majesty on Saturday last, a hen
she was pleased to return the following gracious
reply :

"I receive with satisfaction your loyal and dutiful
Address, and I rely with confidence on your support in
carrying out the measures about to be proposed to
promote the welfare of my people."
NEW WRIT FOR rHE BOROUGH OF RIPON.
Mr. YOUNG moved that a new writ be issued for
the borough of Riron, in room of Mr. T. B. C. Smith,
who had accepted the office of Master of the Rolls for
Ireland.