The Sun.
London, England, 1846-02-07 00:00:00

company and the new one have amalgamated, and I believe
that there is not a single line of railway fof which an Act
was passed last session as an independent scheme, that has
already been amalgamated with the eld Company. In the
hands of Parliament, however, we may cheerfully leave the
decision of the question. The scheme will be tried on its
merit. No opposition has been made by ore company to
another on questions of form. The result will depend on the
measure of advantage which one company can offer over the
other, and I may mention that in the South-Eastern schenie
for the constructing a line of railway from Waterloo-bridge
to Canterbury and Dover, twit fewer than seventeen miles
are already constructed, or are applicable in its projects to a
double purpose, so as to amount to an economy to that ex-
tent of railway constructed, or so applicable over the rival
company. Permit me to mention that, in adopting the
Gravesend and Rochester line as part of ourscheme, that that
railway will of course be remodelled and improved, so as to
be made equal in comfort and safety to any existing railway
in the kingdom. And here it may be interesting for you to
know that the line from Canterbury to Whitstable is being
now changed into a locomotive one, so that the traffic will
be carried over it in one-third of the time which the transit
had hitherto occupied, and with greater comfort to the pas-
sengers. A few weeks only will elapse before the Ramsgate
and Margate Extension will be completed, and so soon as
the Act has passed we shall bring down the branch
line to Chilham, in anticipation of the completion of
the Rochester-bridge, which will, of course, be a work of
very great magnitude, and occupy a long time in construc-
tion. From Hastings round to London, if the South-Eastern
Bills pass, as pass 1 belies e they will, every port will have
a terminus, and I cannot conceive that any district of
country can be better supplied with railway accommodation
than Kent will be. The reduction in the cost to sea borne
merchandise must be very great when such facilities are
afforded, and the convenience in the transmission of garden
and agricultural produce to the grdat markets, and in the
carriage of fish, which has already,been felt, will be largely
increased ; and if the prospect of free trade is alarming to any
existing interests, we offer protective and' conservative
clauses in increased facilities for carriage, so as to bring our
own produce to our own markets with the greatest readi-
ness, and in the most economical manner. This will be
much more apparent when communication is established be-
tween existing lines of railway, so that the produce put on the
railway truck in Kent can be transmitted to the manufactur-
ing and other populous districts of the north, to whose • cli-
mate that of Kent is a month or six weeks in advance, without
being shifted from the carriage, on which it is first
placed, till it arrives at its final destination. Whilst we are
carrying goods from Dover to London for 10s. per ton, we
are paying for the delivery in London, or for the transmis-
sion to the railways proceeding narthwards, ss. per ton, almost
all of which would be economised if the railways were in con-
nexion with each other, as no doubt they soon will be. The
shrine at which our homage is paid to-day, if not that of St.
Thomas a Becket, is yet one of the greatest value to all—the
facility of intercourse and friendly communication; facility
for commercial transactions; and last, not least, economy (-)f
time. In every place to which railway communication -has
extended the value of land and houses has increased no less
than 30 per cent., which is a substantial proof of the value
that the public places in facility of intercourse; and I have it
from the agents most extensively engaged in the sale of
estates that the question now invariably asked is, how far
distant the property they have to dispose of is from a railway
station ? The questioa of railway extension is now engaging
the special attention of Parliament, and I am sure great good
may be expected from the inquiries that are being made.
We bare not anything to fear from the fever of railway specu-
lation, which has now subsided. It is not clear that any lines
of railway will be constructed except those that will be of
permanent benefit to the eountry; and I may add, too, that
it is not clear that any lines of railway will be sanctioned
which would damage existing interests, without con-
ferring superior advantages on the public. Some forget,
when speaking on this question, that while other competing
undertakings may co-exist for a time, and then one give
way to another, a line of railway once constructed must re-
main permanently in existence; and consequently that an
outlay of capital in the construction of railways not perma-
nently required for the public advantage is a waste of the
national resources, and should therefore not be permitted by
the Legislature. The beauty of the situation of your city,
and its magnificent cathedral, the unrivalled walks which it
possesses, not to speak of the hospitality and kin4ness of its
inhabitants, must have great attractions to visitors; and I
am sure the opening of the railway will be the commence-
ment of a new era in the prosperity of Canterbury.
The next toast was that of " The Mayor of Canterbury,"
which was proposed by Mr. M'Gregor.
This was followed by that of " Sir R. Peel and her Ma-
j esty's Ministers."
The MAYOR, in a neat speech, proposed " Lord Torrington
and the House of Peers." _ _ _

Lord TORRINGTON returned thanks in an able speech.
" Mr. Fielden and the House of Commons" was the next

oast.

Mr. FIELDEN returned thanks.
The' Healths of Mr. W. Cubitt and Mr. Joseph Cubitt "
were proposed, and warmly responded to. Those gentlemen
returned thanks.
Mr. 314GREGoR, in proposing the next toast, said be had
just received, by the electric telegraph, information which he
.lad no doubt would be pleasing to Mr. Randall, the banker,
and other gentlemen connected with monetary matters. He
was enabled to state the closing price of Three per Cent.
Consols that day was 97A—(Cheers)—while the price of
Exchequer-bills was 39 to 40 premium.—(Cheers.) He had
also to inform them that up to three o'clock that day, at
which time the office of the Accountant-General of the
Court of Chancery closed, upwards of 11,000,000/. had been
received as deposits.—(Cheers.) After a few further ob-
servations he proposed his toast.

Several oth®r toasts were drunk, and the company broke
up a few minutes before nine o'clock.
The directors and their friends returned to London by
special train.

MONEY MARKET and CITY NE WS.

CITY, FRIDAY EVENING.

rAIES.—The Public Securities have again advanced, and
Consols, for the Account, were done in the earlier hours of
husii.ess at It is understood the jobbers " prepared
the market" (to use a technical phrase) for the appearance
the Chancery broker, who way expected as a purchaser.
He, however, did not come forward, and hence several of the
speculators effected sales to realise the profit of the late rise.
Considering the advance in the value of Consols during the
last few days to have been nearly two-and-a-half per cent.,
It is not surprising that we should find parties desirous of
closing their transactions to secure the profit they have so
readily obtained. The market, however, was very steady at
the close of business, and if purchases like those of Wednes-
day and Thursday were again made, prices must go higher.
There was a demand for bills upon Hamburgh to-day,
which rather depressed the rate of exchange upon that place.
Paris, Vienna, and Trieste IN ere, on the contrary, rather,
higher than last post; and for Holland and Belgium the
prices remained about the same. •
The following letter was sent to-day to the Treasury by
the East India and China Association :

" My Lords,--=The non-arrival d the Bombay mail up to
this time, and the little probability of its now reaching Lon-
don until after-the outward mail to India is dispatched to-
morrow, force upon us the necessity of drawing your parti-
cular attention to our letter of the sth ult. _

" But for the accidental circumstances of an Austrian
steamer being. at Alexandria, Government would have been
at this moment in ignorance of the military operations going
on in India; and the disappointment to the mercantile com-
munity by the want of promptitude in bringing on their
letters is widely and deeply expressed. We therefore again
beg to impress upon your Lordship? attention the necessity
of some arrangement by which such delay may in future be
eel:tee:boa fmo looked
rue
sfto
hr
the
avoided, and nothing occurs to us more advisable than
having a steamer to run direct between Alexandria and
Marseilles.—We have the honour to be, &c.,
" GEORGE LARPENT, Chairman.
" S. GREGSON, Deputy Chairman.
"To the Right Hon. the Lords of her Majesty's
Treasury."
Some speculators of the higher class are reaping an ex-
cellent harvest from the unfortunate clients of the Accountant-
General, the depositors for railways. Having bad the sa-
gacity to foresee that the sums committed to his custody
must shortly Come out again for investment, they took their
measures accordingly, and while the money-market was
under continued strain and pressure through the efforts of
the railway companies to obtain bank notes for their depo-
sits, these parties regularly bought Corsols for time, and find
themselves now in possession of a large amount of stock,
which they can dispose of at a great profit to the broker
of the Mist of Chancery, acting for the depositors.
These unfortunate persons are therefore a butt for all
to aim at, and as regularly victimised as it is possible
to be. Whether they have to buy or to sell, all their trans-
actions are known balm, they take place ; and their business
bein; eontided to a public officer, who has no discretion in
making ebritrattS, they are sure uniformly to pay the highest
and to receive the lowest price of the day.
We have heard it stated that when these railway deposits
first began, to accumulate in this department, and the atten-
tion or the rablie was drawn to the mode of doing business,
some increase of activity was manifested, and orders to re-
invest were actually obtained In three days after the certifi-
cate was tectifeci i but this could not long be kept up, and of
late—that is, for the hist three weeks, when the pressure
upon the money market waS Mod severe—this most essential
process for the relief of that pressure could seldom be got
threagh in less than eight or ten days. Such sluggishness
is manifostli' gin Incurable disease, and nothing remains but
to deprive tie ofildd of this part of its functions, arid commit
them to hands accustomed to the practice of banking and
acquainted with the wants of the monied interest.
Those who have most eaffered by the crisis are, poi:harp
the trierelitants and traders of the middle class, who in point
of general deal!, ate trustworthy, and their bills usually in
as ready acceptan:o fOf discount as the class above
them t btit its they commonly carry on their business by
draughts it fti.iii months or longer, to enable them to make
their returns, they have been often left altogether without
le,iraccommodation.oiparing
for T htehbeank callserst
oa and them agreat p
on discountthem brokers
ktehres
thesetto
their partieso w
n bankers, were in tohre
to habitthe
railway compitNe fet the deposits, and a bill having so long
a period to run, though ita soundness was unquestionable,
superior per
aboveiovsi
nmtgehrrpetcahßoyafamntn
kthesne,
ticsi andmofomi
rt
Committee
tri
ttlawehteeeaisoyi:
discount lioness, and kept no accounts with the Ber of Eng-
owfo
trustingu note
lead Which should give them access to its facilities, but they
foiiild there most unexpected and liberal aid, without which
ahavtellpyielded to the pressure. Bills of
t tid of long dates were as freely taken as the
lorTnhtirsanbesiancgtiothleee)ingeott
wdinahyaitcfehorsihaeas:acijreed;Ela.lee a
numbers orINI!'
though of course some %.
a been in active demand,
smalllOn g e raemnoguangenale;ts Cf
.the amount required
the more so in consequence of the Rep '°, ,
deposits, money for that purpose ;.'
pr,sb,,bly been made
fromi Househelo to ofs
peri fo Lords, t . ;
erWion. New
public in time to produce any material at.
but it has net
:able in the
arrangements to any great extent were not pract. ' ~
course of the few hours that remained. The who': amount
poised to the credit of the Accountant-General, for ets.'h de:
posits is now understood to be very near 11,000,000/4....a :lit,
ticiently large sum to deal with in the management of te,
circulation ; and unless some greater dispatch than for this
last fortnight is ad-pted at the Accountant. General's office,
deposits
joivase,rewacelihedavlel,l4l72i2oothha,tethtletheicctbuoalf
the pressure on the Money-market, which many persons were
may come on again
wthiitshmgcr)rLitnegr
severityinclii i ed
tthoatnh think
ever.a at an end,
companies, who may wits
theamSoio'illbrelleti gwoaftriitetllnnesgdoeftPl°'tet e chartered
bend under their common seal for the amount, which is pro-
- - , -.anion more, and exclusive of Scotland and Ire-
-1.,..% have at present heal given
"id Exchequer-

bably *l4O ...._.
hind, Cot thl; gross sun), ut.„„---,- ,
for the insostinent of `;,o4)o,uutn- in f'tuvi•
kills, of which about enc-half has been already invest....
4110)-ifCLE.—The deposit crisis tnay now be looked
upon :15 fairly* at tin end• The depression in the public se-
c:4ll:o;n' )(31cnciat6eicrs etdo the part of rail-
01e,neral, has been follovred by a re-action for the rise quite
the Accountant-
as great and much more rapid than the previous decline.
\ bpyrotcliiedesaltehse of
oSnteecyki.(7
The amount actually paid to the Court of Chance—
ry has been
"about 11,00,000/. Our oonteroporary, who would not
Jake ,it for some time at a farthing less; than 30,000,000/.,
*tow adrnits :that nine millions is about the mark, and
that -as 'recent descent to 5.000,0001. was quite as
Wide of the truth as his former estimate of
$0,09000/. :Ely) 60114111 g ordera kayo be43l of