The Sun.
London, England, 1846-11-26 00:00:00

PHILO JUSTITI2E.

P.S. Since writing the foregoing letter, advices from
Lisbon announce the issuing of a decree, making the
❑otes of the Lisbon Bank a legal tender, and subjecting
to heavy fines all who refuse to receive them, or attempt
to make contracts payable in coin.
No doubt there will be losses inflicted on creditors and
on the holders of bills of exchange uho have given equi-
valents for a payment in metal, which they will now only
realise in a depreciated paper money.
The same result followed the Bank Restriction Act in
this country, and parties so situated suffered a loss in
amount equal to the advance in the market price of
gold, which occurred in the interval of their reimburse-
ment. Yet no one ever heard of indemnities being
given in any shape to persons whose interests were so
injured.

-But as to the fines imposed by the Lisbon decree they
are characterised alike by folly and violence, and from
their obnoxious character it may be expected that they
will be at once rescinded.

[The writer of the above is known to us as having
been long resident in Portugal. We insert his letter
upon the principle of audi alteram partem, although we
by no means coincide with him in the opinions which he
entertains. We have no faith in the honesty or patri-
otism of Costa Cabral or of Saldanha, or of any of the
Afrancesado or liberticide faction.—ED. Sun.]

GREAT INFLUX OF SHIPPING.—The easterly winds
which prevailed for several days detained a large num-
ber of vessels in the Channel, and business in the docks
and river was for some time at a stand-still, and up-
wards of 5,000 labourers were out of employ. The late
change in the weather, and the westerly winds for the
last five days have brought up the homeward-bound fleet,
and on Monday and Tuesday upwards of 300 vessels
were hauled into the West India, London, St. Katha-
rine's, Grand Surrey Canal, and Commercial Docks.
They consisted of East and West Indiamen, ships from
Australia, Van Diemen's Land, the United States, and
the Continent. The St. Katharine's Dock is now un-
usually crowded ; thirty-nine ships were docked there
on Saturday and Monday, and ten yesterday. The
London Dock is also very full of shipping. All is bustle
and activity in the various docks and wharves along
shore, and the services of several thousand labourers
have been put in requisition in delivering and warehous-
ing cargoes of merchandise, the product of every quarter
of the globe.
The late Major-General Sir Thomas Valiant,
K.C.8., late of Calcutta, a Colonel in her Majesty's army,
has left all his landed estates in India, and personal pro-
perty there, to beinvested in the names of trustees, the
interest and dividends to be paid to his wife, and to hold
the principal in trust for his sons and daughters, except .
the eldest son. The acting executor at Bombay M,
T. Kays, M.D. Dr. John M'Andrew and Captain John
Maeduff, both of her Majesty's 40th Regiment, of which
Sir Thomas was Lieutenant-Colonel, are his executors-
for his property in India lying on the south side of
Chumbal. He executed his codicil in 1843, in camp
Khoune and Aughenal. His freehold and personal
estate in Englaffd he also leaves to his wife for life, and
at her decease the freeholds to his eldest son, Captain
Thomas James Valiant, of the 40th Regiment, and to
his issue, and the personalty he leaves among his other
children ; also annuities to his brothers and sisters.
The acting executor in England is Dr. R. H. Kennedy,
late physician to the Government of Bombay.
On Thursday the Senatus Academicus of the
University of Edinburgh met in the Senate Hall, and
inducted Cosmo Innes, Esq., A. 8., advocate, Professor
of Universal History, in the room of Professor Ferrier.
translated to the chair of Moral Philosophy and Politi-
cal Economy in the University of St. Andrew's. The
Senatus Academicus of the University of St. Andrew's,
on the 15th inst., unanimously conferred the degree of
LL.D. on the Right Hon. Lord Campbell, formerly an
alumnus of that university.
CORN RIOTS IN TRANCE.—Some curious corn riots
have taken place in the department of the Indre-et-
Loire. On the 17th, a miller of Mettray, on going to
bring away a quantity of corn ho had purchased of the
mayor of Cerelles, was assaulted by a body of 200
people from Semblancay, who insisted with threats that
it should be given up to them at their own price ; and
although the miller complied, he was ill-treated, and
obliged to fly for safety. On the 19th, similar disorders
took place at Neuill6 Pont Pierre. This assemblage
amounted to GOO persona. Troops were sent to these
scenes of outrage, and it is said that they are entirely
suppressed.

WATERFORD AND KILKENNY
RAILWAY COMPANY.

The half yearly general meeting of the proprietors of
the Waterford and Kilkenny Railway was held yesterday
afternoon, at the London Tavern, Bishopsgate street;
the Hon. P. S. Butler, M.P., in the chair.
The report stated that the first contract, embracing a
distance cf 51- miles from Kilkenny to Bennett's-bridge,
was nearly complete, and it was proposed to lay the
rails on that portion within a few weeks. Another con-
tract, including a heavy viaduct, had been let, and it was
anticipated the works would be so much advanced in March
nest as to admit of the line being opened from Kilkenny to
Thomastown. The directors proposed to make the
meeting special, for the purpose of taking powers to
borrow money. Negotiations had been going on with
the Government for a loan, but owing to the intricacy
of the machinery with which the Board of Works had
been trammelled, they had as yet proved unsuccessful.
Hopes were entertained, however, that Government
would shortly see the expediency of advancing money to
expedite the progress of lines in the position of the
Waterford and Kilkenny Railway ; and if those
hopes were realised, the whole of the line could
be proceeded with without any call being made
upon the shareholders till June, 1847, when it was pro-
posed to call up 31. per share. It could only be done,
however, by the indulgence and assistance of the share-
holders ; and unless the arrears of calls were called up,
the line must stop at Thomastown, and even the open-
ing of the line to that extent would be much delayed.
Several shareholders complained of the complicated
manner in which the accounts were kept, and of the ex-
penditure being extravagant, and eventually, after a
lengthened discussion, the report was adopted, and a
committee appointed to inquire into the state of the ac-
counts, and to report upon the future prospects of the
company.
Power was then taken to borrow money from the Go-
vernment, and the meeting terminated.

MADRID AND VALENCIA. RAIL-
WAY COMPANY.
Yesterday, at twelve o'clock, an adjourned general
meeting of the proprietors of the Madrid and Valencia
Railway Company was held at the London Tavern,
Bishopsgate-street. Mr. Chadwick took the chair.
The SOLICITOR read the case which had been sub-
mitted to counsel since the last meeting. The case en-
tered into are the particulars connected with the attempt
to constitute the company, with which the public are
already familiar. The principal points submitted to
counsel were the following:—

" Ist. To suggest to the company what steps the
directors ought legitimately to adopt to effect a dissolu-
tion of the company.
" 2d. What majority of shareholders in London could
dissolve the company.
"3d. How the company should be dissolved, suppos-
ing the English shareholders had not the power."
Messrs. Robert and Whaley, the counsel to whom
the case was submitted, were of opinion that the English
directors had no power to alter the constitution of the
company, that it could not legally be dissolved in Eng-
land, and that it was affected by the Spanish law, no
English Act of Parliament, applying to railways, em-
bracing it.

The CHAIRMAN deeply regretted the unavoidable
absence of Dr. Bowring, who on the occasion of the
last meeting had suggested the course which the di-
rectors bad since pursued. He for one would do all he
could to carry out Dr. Bowring's views ; but, from the
opinion which had been submitted to them, they would
learn that very serious obstacles lay in the way of their
putting an end to the company as had been desired by a
large body of the shareholders. He was in a position to
state that negotiations were pending with some large
capitalists, by which, if carried into effect,
the discontented shareholders would be paid off. As
soon as the arrangement was duly perfected a public
announcement would be made, and a meeting of the
shareholders called. Beyond that nothing could be done
by the directors, who would for their own sake do all
they could to promote the affairs of the company.
Mr. DRURY understood from the speech of the Chair-
man that the directors were in treaty with some men of
capital: that agreement if carried out was tantamount to
a sale of the line, and he moved that the directors be
empowered to sell the line immediately.—(Uproar.)
Mr. BIGG thought the meeting would have a diffi-
culty in adopting any substantive resolution, and advised
a delay.
Mr. LINDow could not avoid attaching blame to the
directors for having promised to the proprie•
tors in February last, and so late as July, that the
Spanish money would be forthcoming. If the
Spanish shares had been forfeited, according to
the terms of the letter of allotment the Spanish people
would have had nothing to do with the line, and they
would then be in a condition to dispose of the company.
But he was of opinion that the proprietors in England
could dissolve the company, and felt surprised, knowing
Spain so well as he did, that the Spanish people were
such fools as to have anything to do with the line.
A long conversation ensued upon the propriety of
allowing the Spaniards extended time to pay up on the
shares allotted them, which was ended by
Mr. HARVEY rising to move the adjournment of the
meeting. In the course of some eloquent and humo-
rous remarks he made upon the affairs of the company,
he disclaimed impugning the integrity or the talent of
the directors ; he firmly believed they had done all they
possibly could to promote the interests of the propietm.s.
But ho thought they were entitled to, and could obtain,
better terms ; and as to there being any difficulty
about dissolving the company, he considered that
exaggeration had been indulged in to intimidate
them from proceeding vigorously. In the Cornwall
and Devon Central a similar difficulty had been started
to impede dissolution, but, although he had been
thwarted by the directors of that company, he had filed
his bill in Chancery, and, although beaten on a de-
murrer before the Vice-Chancellor, he had appealed to
the Lord Chancellor, and the effect of that movement
was, that he had, a few days since, been paid for the
shares, premium and all, together with the costs of the
suit, by the directors of that company. They
were not in a worse position; and he advised them to
wait, and by all means repudiate the negotiation
of the directors at Madrid. He would take 28s. per
share down, and a reversonvy hope of what might be
got out of Spanish honour ; or he would take 303. down
and sign a general acquittance and discharge.
The Hon. Proprietor's very characteristic address
was loudly cheered, and the adjournment carried by ac-
clamation, the time not to exceed six weeks, to be in
the discretion of the board of directors.