The Sun.
London, England, 1848-10-26 00:00:00

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In the meantime I map be allowed to offer to you, as one of the
Shareholders who have signed the address, a few remarks upon the
several suggestions contained in it.
1. You call upon the Directors to close the capital account. No
person is more fully aware than yourself that the shareholders have
had the power of passing a vote to that effect at any half-yearly
Meeting. Bat supposing the development of a new traffic, producing
a revenue of 20,000/. or 30,000/. per annum, should require an out-
lay of 60,000/., how absurd it would be to say that such outlay ought
to be-taken out of income.
2. You call upon the Directors to examine and pay all outstanding
accounts orthe solicitorseThese accounts are now undergoing a strict
examination, and as soon as the solicitors are satisfied to accept the
amount the Directors think due to them, their bills will be paid.
But surely this is a matter which must be left to the discretion of
the Directors ; had they given way to the pressure of the Pro-
prietors when they were urged to settle the demands of the contrac-
tors, they might have sacrificed a very large sum for the sake of an
immediate settlement. They succeeded in making great reductions,
and so much was saved to the Company. The claims of the con-
tractors amounted to 89,5771., and were finally liquidated for
17,7231. 153. 7d. Your objection to any further Parliamentary ex-
penses being incurred, without the sanction of the Shareholders, is
fatl'e ; it is clear that no Parliamentary expenses of any importance
can be incurred without such sanction.
3. -You call for a reduction of the salaries of our engineers. We
have only one engineer employed upon the. lines, and, considering
the abilities of that gentleman, the Directors do not think him over-
paid.
4. Yon require that stations shall not be en'arged. Should traffic
increase, how- is it to be conducted without increased accommoda-
tion? If the Shareholders think the Directors incompetent to decide
neon matters of this kind, they had much better remove them, and
aPPoint others in whom they have greater confidence.
5. The Directors are called upon to enter into no further contracts.
Itinust have escaped your recollection that at the last half-yearly
meeting I gave an assurance that the Directors did not intend to
engage in any further contracts.
G. -You allude to traffic which you do not consider remunerative to
the Company. The Directors are entitled to ask you to be more
eaPileit, and to state specifically what trafile is meant.
7. You think the number of trains ought to be reduced. This is a
question which must be left to the judgment of the Directors ; for
nothing can be more difficult than to determine, from time to time,
what trains ought to be ran. I consider it would be an unwise and
impolitic measure to take off the express train, which you suggest
should be done.
8. The alteration you propose in the mode of appointing Directors
Would require a new Act of Parliament.
9. Toa ask the Directors to purchase all stores by public contract.
I have no doubt you are aware that this is generally done, bat it not
unfrequently happens that the Directors can purchase articles in the
Market much below the contract price, and when they can do so they.
often avail themselves of the opportunity.
lh
except that
answered or commented upon every point of the ad-
dress,pt that which relates to the depreciation of the value of
shares, with which the Directors feel that they have little or nothing
to do. Their duty is to obtain all the traffic they can, and to pay
the Shareholders good dividends.:
The address you have sent is signed by seventy Shareholders, this
is a small proportion of the entire number, which exceeds 8,000.
You are a holder of capital stock in the company to the amount of
3501 e and-you describe you-self in the address as a broker. From
Your experience in that business, I have ne doubt you are well able
to inform the public how the old railway stock of this company has
become so much depreciated.
In my position as Chairman of several railway companies, I have
received numerous complalning letters, all, I am bound to say,
crouched in a courteous and respectful manner; and I have answered
them by assuring the parties of the soundness and stability of the
concerns ever which I preside. The acknowledgments I have re-
ceived in reply have been generally satisfactory; many of the parties
stating that they were holders of stock in a variety of foreign and
other new lines, and that they were compelled to sell the stock of
old lines to pay for the hew: Wizen the supply exceeds the demand,
and when a' regular combination exists to depress railway property,
I believe any course which Directors may pursue will be of little
avail. Yet, after all, the amount of stock transferred in tile coin-
Pantos over whichl preside has been less than usual, which shows
that-many of the quotations of sales are merely nominal. I have
no fear of 'not seeing railway property again placed in a better
position In the market, thon4h not at the extravagant price it liar
heretofore arrived at, and then its proper and true value
will- be maintained in a manner that will be more satis-
factory to all parties. Consols have been at 47, they are now at
S4ei, and have been at 100. If you or your friends can, by any
effort, advance them to 92 or 93, I have no doubt you will see a
great advance in railway property. The Bank Stock has paid 10
per cent., and is now only paying seven, and the price has fallen con-
siderebly ; bat no one ever doubted the integrity of the management
of the Bank. be -surprise to me is, that in. the excitements and
commotion which have prevailed, railway traffic has been so well
supported. Even the present amount of traffic justifies the anticipa-
tion that the rate of dividends will not undergo any malarial dlini-
nada* ; and thih remark applies to all the lines over which I have
the honour to preside. I wish I could call the serious and grave
attention of the chairman of the London Stock Exchange to a pub-
lication which is issued weekly, professing to be under the sanction
of that b xly. I am.aevare that the statements which appear in that
paper aro stated not to be published under the authority of the Stock
Exchange ; tut I cannot close my eyes to the effect that they pro-
duce. 051 tile mind of Mu public, who naturally consider that they
have that sanction:- If these statements were correct and true, no
person would have - a-right to complain—but when they are
almost in every instance incorrect, and their general ten-
dency is to depregiate railway property, it would be well
that the Stock Exchange should disavow a publication
which is caleulated to do so much mischief. I must, in con-
clusion, request that you will call the Requisitionists together, and
that there may be no delay in sending a list of the charges im-
pugning the integrity of the Directors, who are anxious to meet and
repel the calumnious imputations that have been made against
tketu. Nothing but a sense of duty to the large body of Share-
holders who have hitherto given their confidence induces the Di-
rectors to retain their seat at the Board; and as soon as that con-
fidence is withdrawn they will most readily and gladly resign their
trust into ether hands by whom the affairs of the Company may be
More ably conducted, . •

I perhaps, mighr observe, before- I conclude my letter, without
pledging myself to the statement, but merely giving it as my own
individual opinion, that I believe another 51. call upon the 50/
shaies, with the arrears of calls now owing, will complete all the
works in course of construction, and the remaining 251, per Share
will remain applicable to the liquidation of the debt. The liabilities
of the Company are under the consideration of the Directors, in
order to enable them to lay a statement before the Proprietors,
'which it is anticipated will be done within a very early period.
I am, Sir, your obedient servant,
GEORGE HUDSON.
To J. Houghton Braneker, Esq., Liverpool.

CHESTER and HOLYHEAD RAILWAY.
OPENED THROUGHOUT TO HOLY-MEAD.
London to Dublin in Thirteen Hours.
DOWN TRAINS.

Chester I Holyhead I Kingstown

M. M. M. M. H.M.
255 P.M. b 45 P.M. 10 30 P.M.
345 A.M. 645 A.M. 10 30 A.M.

Chester

Lo adon

r.xPresi
••••1 830 A.M. 2 0 p.m. 5 d P.M. 10 30 P.M.
-----11••• 11 30 A.M. 620 P.M. 925 P.M. 445 A.M.

The Curnpanz's steamers run in conjunction with the Express
int and the Admiralty's Vessels wit's the Mail Trains.
Ouly the Admiralty Packets and Mail Trains run oz Sundays.
By order,
ANDREW G. GIFFORD, Secretary.

COTTISH WIDOWS' FUND and LIFE
ASSURANCE SOCIETY.
Founded A.D. 1815.
On the Principle of Mutual Contribution.
This Institution, notwithstanding its local name, has long been fa-
-I.o4rablY known to all classes in Great Britain and Ireland. It is the
eWith ldest and Most successful Life Assurance Office in Scotland; and,
the exception of the London Equitable, it is believed to be the
country extensive upon the mutual assurance principle of any in the
The affairs of the Society's are carefully Investigated at the end of
'B4ll Period of seven years, and it is ovided by the articles of
constitution that at least one-third oft he ascertained surplus or
Profit shall be reserved as a Guarantee Fund. This fend (as well as
all the other funds of the Society) belongs solely to the members—
,."leelires the stability of the Institution, and prevents the profits
,ro
ona being diverted, as mast be the case in all proprietary offices,
from the individual benefit of the assured to increase the dividends of
the stockholders.
At the last septennial period of investigation (viz., 31st December,
508f456)1,400.,
it was ascertained that the Surplus Fund amounted to upwards
from which the Directors were enabled, after setting
aside upwards of 204,0001. as a Guarantee Fund, to declare and
Provide for the following additions
An addition at the rate of Two per Cent. per Annum for the
Period from 31st December, 1838, on the accumulated amount of the
Original sums assured, and the previously declared additions ; being,
in the case of the early insurances, upwards of THREE PER CENT.
PER ANNUM. of BONUS on the original Sums Insured. And in
order to provide for the case of such parties as might die before
31st December, 1852, the period of the next investigation and decla-
ration of Surplus, there was provided farther,
If. An addition at the rate of Two per Cent. per Annum on the
accumulated amount cf the original Assurances, and previously de-
clared additions, for -each Premium paid after 31st December, 1845,
iq provided the, party had at his death been insured five years. Thus
the case of a party insured in the early years of the Society's ex-
istence, dying after payment of the premium for the year 1852,
...the addition for the seven years from 31st December, 1845, to 31st
December, 1852, would be upwards of 25 per cent., or at the rate of
cevrards of THREE AND A HALF PER CENT. PER ANNUM.
OP BONUS on the original Sum Insured.
The proportion of the profit allocated to each Member may be
applied in any of the following ways, viz. :
By additions to the original sum insured;
By an immediate payment of its value in money ; or,
By an equivalent deduction from the future Annual Contributions
payable under the Policy.
The effect of the additions made to the Policies may Do judged of
from the fact, that in the case of the Original Members of the Society,
there will be paid, under each 1,0001. insured, in the event of death,
after payment of the Premiutn, in the year
thus showing a on the
1848 .. 1917 19 10/Bonus equal to ?91 per cent. / original Sum
upwards of insured.

1/50"n .• 1990 7 51 11
52 *• 2062 14 11 106 ,
To the Representatives of the Original Member, who may die
9the Year 1852, after payment of the Premium applicable to that
ar, there will thus be paid MORE THAN DOUBLE THE AMOUNT OF
THE ORIGINAL halmArica.
The members who joined the Society at later periods will, in like
*anner, derive important benefits, and the Directors feel confident
a I_ll t the more the principles of the Society aro considered and un-
tood, the more satisfied will the members be, not only that they
Zle connected themselves wick a safe and flourishing institution,
13 that Whilst benefits so great are conferred upon those who have
en long connected with it, the interests of the later members are
"'lto Way overlooked.

' ' JOHN MACKENZIE, Manager.
Fla.'s"— WM. GEORGE, Chief Clerk.
--“, vrrICE, 5, ST. ANDREW-SQUARE, DDINBURGU,
I.OE October, 1848.
1,. Pall bolt ASlENcr.—Coalces, 4, Royal Exchange-buildings, and
.-ruall.

TITTGII 3PREAN. Azenf.

iit on sret.
,„ Inustrated by 26 Anatomical Coloured Engraving
'X PHYSICAL DISQUALICATIONS, GENERATIVEL.NCAPA-
CITY' AND IMPEDIMENTS TO MARRIAGE.
NSW Edith) 'nlarg t
by pestpages. Just
directe from the Establishment,l96 3s. 6d.
hinedp,opsrtagicee2ssta.
na6dp.s,,or
THR SILENT FRIEND, a Medical Work
exon
.
ee,,,, th° SILENT
and decay of the generative sstem,
--,e indulgence, infection, and the in,rdinate use of nafreormeury.,
With reniarks on Marriage, and the means of obviating certainl anf;
tleallficationa. Illustrated by 2G Coloured Eor;raviags. y
t PIIIIRY arid CO , 19, Berners-stroet, Oxford-street,B
elf, blished by the Au.thors : said by Strange, 21, Paternoster-row
London..
LiarniaY, 0, and Sanger, 150,0xford-street ; v,,tarle. 23, Titahborne-
'eet T.
, i-iarnake ; and Gordon, 145, Leadenhall-street.
...Pave I. treats of the anatomy and physiology of the re-productive
"` Vile, and is illustrated by Six Coloured Engravings.
~ afrr 11. treats of the consequences resulting from excessiveindal-
/t la ill
Zre, and their lamentable effects on the system, producing mental
iIY weakness, nervous excitement, and generative incapacity.
ustrated by Three Explanatory Engravings.
therii:r 111. treats of the diseases resulting from infection, either in
tbeVtnerY er secondary form, and centaiss explicit dir-ectionbuiser
tt
uterteatrneet. The censequenced of early neglect and of the a
by qe uteri are also clearly pointed out, This :action is illustrated
i.
tventesn Coloured Engravings.
pec,e V. treats of the Prevention of Disease by a simple aP-
is si'm e,n, bY which the danger of infection Is obviated. Its action
ite Pie bit sure It acts with the virus ekeinlcally, and destroys
1,01:!wer e the ;lystem. This important part of the Work should
1,41.. every' Young Man entering into life.
de%,.., ~• is elevote,l to the consideration of marriag.e, and its
the ~ The
causes of unproductive union are also considered, and
.e,22,,e subJect critically and philosophically inquired into.
leg il'ionftetz. Deem cm Svatacrit is exclusively employed in treat-
Lottious &net sexual debility impotence, &e., Ds .and 33e. per
rernel le Concentrated Detersive Essence, ma anti-syphilitic
loree 3;"or Purifying the blood in cases of infection, secondary symp-
Pee4,,tltPtions, and the abuse of mercury, lie. and 333. per battle.
eertit4 ' ttrifYing Specific Pills, es. dd.• 43. 6d., and I ls. per box, a
tip of ti:TnedY in gonrrhosa,gleet, strictures, and chronic inlamma-
Net% _ ebiadder. Consultation fee, if by letter, 11. al. Packets
Net
''4.,:rlea tube lim ,
a. Cie kletablishment only, by which the fee,
11l T --`7,d•
Five dell at 19, Eer loretre-et, from Edevell
VrOl fled rive to Elglit ouySandays from Eleven to One,

I.—LITERATURE AND PHILOSOPHY.
JUNIOR HUMANITY—Wednesday, November 1, at Twelve mid
Two o'clock—Professor Pu.x.eris.
• SENIOR HUMANITY—Wednesday, November 1, at Nina and
Half-past Elgkt o'clock— Professor PILLANC.
FIRST GREEK—Wednesday, November 1, at Ten and One
o'elock—Professor DUNBAR .
SECOND GREEK—Wednesday, November 1, at Eleven o'clock
—Professor DIINBAII.

THIRD GREEK ifouday, November 6, at Two o'clock—Pro-
fessor Du/411A8..

FIRST AIATHEKATICAL—Wednesday, November 1, at Twelve
o'clock—Professor KELLAND.

SECOND MATHEMATICAL—Wednesday, November 1, at Ten
o'clock—Professor KELIAND.

THIRD MA.THERATICAL—Monday, November 13, at Nine
o'clock—Trofesser KELLAND.

LOOM and METAPHYSICS —Wednesday, Nivember
.1, at One
o'clock—Slr Wm. HAMILTON, Bart.

HORA,L PIIILINOPHY—Wednesday, November 1, at Twelve
o'clock—Professor Wtmow.
POLITICAL ECONOMY—Professor WILSON.
NATURAL PIIILOSOPIIY—Wednesday, November 1, at Eleven
o'clock—Professor FORBES.

RIIETORId and BELLES LETTRES—Wediesday, November
15, at Three o'clock—Profes3or AYTOUN.

AGRICULTURE—Thursday, November 9, at Four o'clock—Pio -
fessor Low.

WNIVERSAL HlSTORY—Wednesday, November 22, at Tw•
o'clock—Professor INNES.
THEORY OF MUSlC—Monday, November 21, at Twelve, Two,
and Three o'clock—Professor DONALDSON.

IL—THEOLOGY.
DIVINITY—Tuesday, November 7, at Eleven o'clock—Principal
LEE.
DIVINITY AND CHURCH HlSTORY—Tuesday, NoveMber 7,
at Twelve o'clock—Rev. Dr. ItonaarsoN.
HEBREW—Junior Class— November ,at o'clock.
—Advanced Class, November , at o'clock.
BIBLICAL CRITICISM AND BIBLICAL ANTIQUITIES—
Tuesday, November 7, at One o'clock—Rev. RT. Las, D.D.

'I