The Sun.
London, England, 1848-10-28 00:00:00

RAILWAY INTELLIGENCE.

CELEBRATION OF THE OPENING OF THE
GREAT NORTHERN RAILWAY.

BOSTON, FRIDAY.—The festival commemorative of the
opening of the Great Northern system of railway
throughout Lincolnshire, was celebrated here last e'en-
ing on a grand scale. For years the good old town of
Boston has not been the scene and centre of so much at-
traction as on this occasion. All the shops were closed,
and a general holiday was observed both here and at
Spalding. Excursion trains heavily laden ran through-
out the day to Peterborough, Lincoln, Louth, and Great
Grimsby. The mayor and corporation and gentry of
Boston visited the latterplace, now a chief point of at-
traction in. Lincolnshire, for its port until the railway
same there was comparatively obscure, but will now be
converted into a great deep water harbour for the East
Coast and Baltic. trade. After viewing the coffer-
dam and other structures they returned to dine at Boston
at four, when upwards of. 500 sat down to a sumptuous
banquet in the theatre, which was boarded over to a level
with the stage and decorated as on the occasion of the great
dinner in 1841. Besides the guests, there was a gallery
full of the fair sex. Mr. James Hodges, the Mayor of
Boston, occupied the chair ; supported by the Earl of
Yarborough, the Hon. Oct. Duncombe Sir James Duke
(the Lord Mayor Elect of London), Lieutenant-Colonel
Colquhoun, Mr. Denisen, M.P., chairman of the Great
Northern ; Mr. B. B. Csbbell. M.P. for Boston ; Mr.
Christopher, M.P. ; Captain Straubenzre, Mr. Peto,
M.P. ; Captain Laws, R.N. ; Mr. Cubitt, C.E. ; the
Mayors of South and. Great Grimsby, Mr. Fowler,
C.E., &c.
The cloth having been removed,
The MAYOR proposed, amid the most enthusiastic
cheers, "The Queen, Prince Albert, the Prince of Wales,
and thereat of the Royal Family," which was immediately
followed by a fire of artillery from the river-side, and
the National Anthem.
Mr. F. W. WHITE proposed " The Bishop and Clergy
of the Diocese." This was responded to by the Rev. J.
11. OLDRID.
" The Army and Navy," proposed by Mr. T. GARFIT,
banker, was responded to respectively by Captains
STRAUDENZEE and LAWS.
Mr. DENISON, M.P., in responding to the toast of the
evening, "Prosperity to the Great Northern and East
Lincolnshire Ralways," which was drunk with all the
honours, after alluding to the unparalleled prejudice and
opposition the Great Northern had encountered in its
progress through Parliament, its cheapness and national
importance, and the promises it held out of prosperity,
said that by means of its opening, a passenger from
London would now be enabled, either by means of the
London and North-Western or the Eastern Counties, to
get to Boston in five hours, to Lincoln in six, and Hull
in seven or eight. It was well known that the shares of
all companies at the present moment were in an unrea-
sonably depressed condition. lie said unreasonably, for
he would defy any man to show him any good and sufis
cient reason why London and North-Westerns should
be below par, why Midlands should be at 66, and why
Great Northerns should be at 13 or 14 discount. He
had tried to read the causes of this unreasonable de-
pression, and had come to the conclusion that it was
owing to a sudden panic, created, he believed, by de-
signing persons, whose object was to drive down the share
market as low as they could, in order to make fortunes
from the ruin of those who were unfortunately com-
pelled to make a sacrifice.—(Cheers.) Under these cir-
cumstances he need scarcely observe that the state of
the share market was no criterion, and he would advise
shareholders in the Great Northern and all other lines
not to despond, but do their utmost to stand by the in-
vestment they had made, in the confident hope that they
would be handsomely remunerated for the risk they had
run.—(Cheers.) As regarded the Great Northern he
might state that the Government inspector, who had ex-
amined it, had been heard to say that "he had never
passed over a line" in such good condition on a first
opening." It was smoother than any other ho had ever
inspected, and would take less to keep in order than any
other line he had ever seen. Whether it would be as profit-
able as the London and North-Western it was impossible
to say, but its local and national facilities could not be
overrated.—(Cheers.)
Mr. T. GEN, banker, in proposing " The Members of
the County of Lincoln," said it was to be regretted that,
owing to the interference of the Admiralty, the Boston
station was not more in the town; and observed, as a
practical illustration of the already developed advan-
tages of the Great Northern to the agriculturists of
Lincolnshire, that the other day a friend of his went to
Lincoln and sold SOO quarters of wheat, and returned
within an hour to Boston, ready to meet any further
demand.—(Applause).
Mr. Custurroseuen, M.P., in responding to the toast,
said that when at first so many railways were proposed
to run through Lincolnshire, he felt great difficulty in
deciding to which he should give his support. He ulti-
mately determined to give it to the Great Northern; and
the sanction of it by both Houses of Parliament, and the
celebration of its opening that day, was a gratifying proof
that he was right.—(Cheers.) It was a duty he owed
to his constituents, and a personal pleasure to himself,
to co-operate in great national works like the present,
believing them to beneficial to all classes in the kingdom,
whether engaged in manufactures, professions, agricul-
ture, or commerce.—(Loud cheers).
Mr. W. H. ADAMS, barrister, in an able speech, pro-
posed " The Eerl of Yarborough, and the Manchester,
Sheffield, and Lincolnshire Railway," and after enlarg-
ing on the advantages of the newly-opened communica-
tion to the great agricultural districts, said those advan-
tages were calculated to be increased tenfold by the
connexion of the Great Northern with its ally, the
Manchester, Sheffield, and Lincolnshire, of which the
Noble Earl was chairman, and which at once united the
agricultural with the commercial—the greateer producing
with the great consuming districts.—( Chs.)The de-
pression alluded to by Mr. Denison was merely tempo-
rary; they had only to take courage, and hold on, for
there was "a good time coming"' yet.—(Cheers.) To
maintain its high position
necessary
that the directory of
railways should have mene scale of commercial
affairs, it was absolutely
ne
ssa
of unimpeachable integrity,
and in this respect none were more fortunate than the
company that had the Earl of Yarborough fur pre-
sident.—(Cheers, with three times three.)
The Earl of YARDOROUGII, in responding to the toast,
said that it would always be his chief aim and object to
sustain that character in the country which his family
had earned before him. He had once held the high
position of Member for the whole county, and he hoped
he had not been an idle one.—(Cheers.) His long ac-
quaintance with the county had enabled him to form the
best opinion of what were its necessities, and more espe-
cially what were its railway wants. When he saw that
vessels were actually carrying cattle from Scotland to
London, and that almost every other part of England
had beers thought of by the promoters of railways, he
felt that it was high time that something should be done
for the richest agricultural county in the kingdom.—
(Cheers.) Great and gigantic as the scheme of the Great
Northern appeared to him at first, he felt that it was
his duty, as the representative of the county, to give
all his support to the measure.—(Cheers.) It was a
great national project. Year by year he could not fail
observing that the other great trunk lines were getting
so overloaded with traffic, that it was high time to do
something to relieve them.—(Cheers and laughter.)
While, at the same time, he was sure that sufficient
would remain to remunerate the shareholders in those
lines, he felt that the public would not he adequately ac-
commodated unless new lines were made.—(hear, hear.)
From a practical knowledge of the district that it tra-
versed, he knew of no line more calculated to benefit the
manufacturing and agricultural districts than the Man.
chester, Sheffield, and Lincolnshire. It was a project
of the greatest national importance, giving as it did a
direct communication from Liverpool to Grimsby and
Newark to the Baltic--(Cheers)—and thus enabling
Lincolnshire, the :producing county, to carry to
Lancashire, the manufacturing district, its corn, beef,
and mutton.—(Cheers.) A grand point not to be
overlooked, was, that all this could be done
so much cheaper than by' any other means. It had
been rumoured that the coffer-dam at Grimsby had been
falling in, but this was altogether without foundation.
It was true there had been, as in every great work, such
as railways, occasionally a slip; but he spoke advisedly
when he said that the works were going on to the full
satisfaction of those who were responsible for them._
(Cheers) As to the policy and propriety of construct-
, ing these docks, he would ask, was it not of the greatest
importance to such a railway as theirs to have, instead of
a land station, what might be termed a great water
station at the end of it?—(Lond cheers.) Such would
their docks be. Docks had hitherto been constructed
inland; now they were constructing them almost out at
sea; and the great advantage of all this would
be, that coasting steam-vessels would be enabled to
enter their docks at any time of the tide.
Tthheatlotheke
gates were so large, and the water so deep,
largest coasting steamers would be able to enter them at
half-tide; and as a convincing proof of their national im-
portance, he might state that the Admiralty hail insisted
on the dock-gates being so large as to accommodate the
largest war steamers.—(Cheers.) Why was this? Be-
cause they saw the importance of the station in case of
war. Though the railway world was depressed, he felt
perfect confidence in their undertakings. He trusted
that by that time next year the whole line would be
completed from end to end, and he wished that their
policy would be such as to ensure friendship from al
and enmity from none, and that the result would be the
most friendly terms of alliance with other lines.--
(Cheers.) They had begin told what Lincolnshire now
possessed—a network.'oftrailways. Ile would tell them
now what it did not possess, and which, in truth, it did
not require—for it Wits no less singular than true, that al-

.L(, . - -

though Lincolnshire was one of the largest counties in
England; it had neither rural police, military, nor yeo-
manry, and yet there was not in. her Majesty's dominions
a more peaceable and Contented' poptilation.--(Loud
cheers.) Mr. George Stephenson had stated in his evi-
dence before the House of Commons, that he thought
the locomotive engine might be propelled at 12 miles an
hour; and when asked why he restricted it to that rate,
replied, " Why, if I had told them what I thought
might be done, they would have put me down as a mad-
man."—(Laughter.) What had they succeeded in doing
that day? They had succeeded in carrying the inhabi-
tants of Boston from place to place, at between 30 and
40 miles an hour, and enabled them to reciprocate feel-
ings of friendship between different parts of the country.
The Noble Earl resumed his seat amid vociferous ap-
plause.
Mr. W. GARFITT, jun., proposed " Sir James Duke,
M.P., and Mr. B. B. Cabbell, M.P., the Members for the
borough of Boston."
Sir JAMES DUKE, M.P., said that, although not con-
nected with the Great Northern Railway, he had given
it his support in the House.—(Hear.) The international,
let alone the internal effects of railways, was really won-
derful, when they looked at the intet course, unexampled
in the history of nations, that was now going on be•
tween England and France.—(Loud cheers.) It was
only yesterday that the French Ambassador had re-
quested the Lord Mayor of London to be pleased to re-
ceive a deputation of officers of the French National
Guards, now in London, to express their thanks fur the
cordial reception, kindness, and hospitality with which
they had been welcomed in London, and in the repeated
visits they had recently made to this country.—(Cheers.)
This would never, perhaps, have been accomplished
but for the freedom of railway intercourse.—(Cheers.)
Railways were emphatically national undertakings, and
as such were entitled to national support. He had that
day left London at half-past ten, and was at their dinner
table in Boston by four. If railways gave such facilities
to members to come and see their constituents, they
would give no less equal facilities for the constituents, if
they came not, to look after their members.—(Laughter
and cheers.)

Mr. B. B. CABBELL, M.P., was glad of every oppor-
tunity to meet his constituents on such occasions as the
present, when they met to celebrate an event divested
of all political feeling.--(Cheers.) Next to that of
printing, the invention of steam locomotion was one of
the grandest discoveries of the age. This and the press
were the right arm of our strength. It gave facilities
for disseminating the broad sheet everywhere, enabling,
through the medium of an independent press, public
opinion to he guided and controlled throughout the
kingdom.—(Cheers.)
The Earl of YARBOROUGH, in proposing " the Mayor
and Corporation of Boston," alluded to the subject of
Sunday travelling. There were, he could not help think-
ing, certain works of charity and necessity, which oc-
casionally required that there must be some traffic on
Sundays. He was one of those who thought that great
moral effect was to be traced to Sunday travelling—
(Cheers)—and he hoped to see that effect rdiected
in the conduct of the people by being a means, he meant
a restricted means, of giving to the poor, whether in
town or country, an opportunity of going to see their
friends at a distance.—(Cheers.) He knew that in the
north,of Lincolnshire, on Sundays, the labourers with their
wives and children came down to meet the trains for no
other purpose than this.—(Cheers.) He held it to be a
great advantage that the young on Sundays should have
the opportunity of seeing their parents, so that they
might not, as they otherwise would do, lose their
wholesome control and advice, or be prevented seeing
them in cases of emergency or sickness.—(Loud cheers.)
The advantages to be conferred by this means on the
poor, were, he thought, equal to any they had derived
from penny postage, in being able, at a cheap rate, to
keep up a cordial communication. He felt it his duty
to. make these remarks upon a great public question,
seeing that in some districts of the kingdom people did
not seem to have considered the reasons that justified
travelling in a limited manner on Sundays, but had
at once blindly decided either that there was no ne-
cessity for it, or that it was sinful to do so.
The MAYOR of BOSTON having returned thanks,
The next toast was, " Agriculture and Commerce,"
with which was coupled the name of Mr. C. Chaplin,
who returned thanks.

Mr. PET°, M.P., said he had great experience in as-
certaining the great advantages that railways in course
of construction had been to this country, and he believed
there did not exist a more devoted and industrious pea-
santry, or one more deserving of good feeling and treat-
ment, than the working men connected with railways.
He had recently oteasion to visit some of his works on
the Midland Counties, where 5,000 workmen were en.
gaged, and he was waited on by the superintendents of
the men, who said, " If you want us, and these Char-
tists are troublesome, there are 3,000 of us ready to
make ourselves useful to the country in any way you
may think proper."—(Cheers.) He had mentioned this
fact to Sir George Grey, to show what a source of gra-
tification it must be to know that there was this tendency
among such large masses of the labourinz population to
uphold the institutions of the country.—(Cheers.)
Other toasts then followed. The company separated
at an early hour, and many attended the ball which was
held in the assembly rooms.

Fe
.Post.
A correspondent (of rom
muchth in tel lige) nce, who addresses
us, in reply to remarks we have lately offered, on the
subject of railways, enters into some interestine- and
useful calculations, demonstrating the fact that, while this
class of investment has declined to an extent that creates
surprise, and, to the holders, dismay, the proprietors
of other kinds of negotiable securities have at least
equally felt this pressure of the times. He says, " The
railway cross lines, as intimated by you, have done
much mischief. Look at them still opening in all di-
rections, and let us ask, hare not the former, and almost
unerring, guides been wholly lost sight of ? The re-
ply mast be, that in too many cases they unquestionably
have." " Why, railways are," he proceeds to observe,
"now opening on roads which could not support one ill-
equipped stage, or a few half-starved common carriers.
For example, how many coaches ran between Brighton and Southampton, and, now is opened, this very week, be-
tween Reading and Basingstoke, a cross- country line.
Again, the Ilistings line never supported more than a
single coach, and that 'indifferently. The Lewes por-
tion, however, is an exception; but, independently of
the cross lines, if an- accurate account is ever laid before
the public, what enormous' sums will be found in some
cases to have been paid for property or privilege of way?
Take the Eastern Counties line, and, if report speaks
truly, one wealthy commoner•received for his share little
short of 30,0001. as some compensation for right of pas-
sage and the surrender of a little land. A rich noble-
man, if, indeed, the fact be as currently asserted and be-
lieved, received for his allowance 120,0001., and yet he
sacrificed to the objects of the company only a few acres.
These sums would have gone far towards making many
lines of rail complete; but this capital is of course en-
tirely absorbed—not merely expended, but literally sunk.
Many other oases of a similar kind might, no doubt, be
cited. To return to the subject of railway depreciation
in the market, let us take a cursory glance at the position
of the holders of some 9f the foreign stocks. The in-
terest-paying descriptions have, on the whole, kept up
pretty well. About a year ago (perhaps rather more)
Russian stock (Five per Cent.) was quoted 115: it is
sow less than 100. Brazilian (Five per Cent.) was 85:
it is now 72. The Dutch Four per Cents. were 95, and
the Two-and-a-flalf per Cents. 62 : they are
n(owbrreee-
spectively 68 and 44k. Danish stock
i
per Cent.) touched upon 90 : it is now 68
The Chilian Six per Cents, stood at 105,.
the Three per Cents, at 55 : they
are now
respectively at 84 and 46. But the
great and unaccount-
able fall—a fall out of all proportion to the facts influ-
encing the markets, for few of the number have at any
time been punctually paid upon, and some of them not
even a fraction—has been in some of the following
stocks:—.The Spanish Three per Cents. were at 43, the
Five per Cent. Indemnity bonds, guaranteed by the
British Government, at 70. They are now, respectively,
at 22 and 53. On these funds the dividends have, so
far, been paid up. The Five per Cent. Actives, which
were at 30, are now at 11; and the Passive bonds,
which were at 5, are now at 2to 3. Portuguese stock,
which only two years ago pushed up to the high price of
71, for the Four per Cents. is now at 23. The Three per
Cents., which were at 70, are at 21. Buenos Ayres
Six per Cents. have fallen from 47 to 22; Venezuelan
Two and-a-Quarter per Cents. from 46 to 14, the
Deterred Debt from 13 to 4; New Granada One per
Cents. from 22 to 12; the Deferred Debt from 8 to 2;
the French Five per Cents. from 126 (in 1844) and 118
(in 1847) to 68; Peruvian Stock from 40 to 32; English
Three per Cent. Consols from 100 to 8.5 i (the price this
day). Mexican Stock, just before the American war,
and the last conversion, which nearly doubled the active
debt (the dividend on the deferred being provided for, as
on active, by the law of the Republic) was at 37 to 40,
and is now 20i to 4. It should be remarked that arrears
of dividends enter largely into the prices quoted in many
instances: In 'the case of Buenos Ayres, the accumula-
tion is one of twenty-two years, in that of Peru ono of
twenty years, in that of the Spanish Active Debt one of
eight years, and in that of the Portuguese Four and.
Three per Cents. one of two years. Mexican and Vene-
zuelan are equally in arrear.

BRITANNIA METAL AND ITS IMPROYEIIENT.—It is
now nearly half a century ago since the then Mr. Dixon
took up the Britannia metal trade at Sheffield—literally
" took it up," for it had fallen to so low an ebb, that
meddling with it at all was viewed as a speculation
fraught with danger and ruin—and its present state of
prosperity is solely owing to his spirit and enterprise,
aided by the important discoveries he made in the more
perfect composition of that metal. The Britannia Tea-
pot, now so familiar to the middle classes, owes its
origin to the same source, and its successive improve-
ments in material and shape to the well directed judg-
ment of the sons of that gentleman, who carry on a fac-
tory, of most extensive ramification, with a due regard
for the tasteful requirements of the period. The ap-
proximation to the appearance of silver by Britannia
metal has often been alluded to by the ;Solicitor of the
Mint, who attributes much of the success of the coiner
to the free use of Dixon's spoons—an unwilling com-
pliment it way be, but one which nevertheless testifies
to a close imitation of a valuable ore. These cursory
remarks have been induced by rumours current amongst
the trade, that some attempt is being made to injure the
deserved reputation of the firm of Dixon and Sons, by
the surreptitious fabrication of its name to Britannia
metal, and plated goods, of which they are also large
manufacturers; and against so serious a purpose it be-
comes the journalist to call into action the powerful
warning voice of the press.
CHESTER AND HOLYHEAD RAlLWAY.—Traffic for
the week ending Oct. 21, 1848:—Coaching traffic., 1,218/.
Is. IId.; parcels, 531. 2s. I Id; goods and cattle, 217/.
Bs. Bd.; steam-boats, 1541. 14s. 6d. Total 1,643'. Bs.
Dispatches were sent off yesterday evening from the
Colonial-office, for the Governors of the North American
Colonies.

RAILWAY SHAILE MARKETS.
BRISTOL, %Om 27.
STOCK EXCHANGE.—The_VIAIIMMiMIXCeedingIy quiet.
BristiiTandMiefei'N'eVBSares, dis.

LIVERPOOL, Oci. 27.
STOCK Excmorc.4l3.—The share market has been much im-
proved to-day; a fair business has been transacted, and
prices are higher. The sales are—Birkenhead, Lancashire,
and Cheshire Junction, 311. Shares, 91 dis.—East Lanca-
shire, 6!i Preference, Is. 3d. p.—Great Northern (A Shares;,
Deferred, 3 —Lancashire and Yorkshire (late Manchester
and Birmingham), Fifths, 51.65. 3d. dis.—Ditto, Sixteenths.
4—Ditto, 321. Shares (late Extension), 11 dis.—Ditto (late
West Riding -Union), Fifths, 61A dis.—London and North.
Western, 1071/2—Ditto, New Quarters, 134 c.—Ditto (Hud‘
dersfield and Manchester), 20—Ditto, Thirds, 7—Midland
Stock, 731,2—Ditto, New Halves, 12;,:i dis.—North Western,
834 dis.—South-Eastern and Dover, No. 4, Thirds, 6A dis.
—G. N. E. Purchase, 3' dis.

MANCHESTER, Om 27.
STOCK EXCHANGE.—The sales are—Caledonian, Prefer-
ence, 1% c. dis.—Great Northern, 1334 c. d.— London and
North-Western, 107—HudderAeld and Manchester, 2014_
Scottish Central, 21—South.Eastem and Dover, No. 4, 6
5-16—Shropshire Union, 3% dis.—Sheffield and Lincoln,
14% dis.—Great Northern (A), 3 1-16—Leeds, Fifths, 51,i
dis.—Manchester and Birmingham, Quarters (C), 1 15-16 p.
North Staffordshire, 7 North Union (A), 198.
BIRMINGHAM, OcT. 27.
Sroc.'t ExcHANOE.—The sales are—Birmingham. Wolver-
haton, nd Stour
. a Valley, B%—North Staffordshire, 7%,
dism.—p Shrc:pshire Union, 3% die.
YORK, Our. 26.
STOCK EXCHANGE.—The business transacted ti-day was
as follows : —"Corti, British, Quarters, 234—York, Newcastle,
and Berwick (G. N. E. Purchase), 4—York and North Mid-
land (East and West Riding Extension), 20.