The Sun.
London, England, 1846-09-09 00:00:00

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WEST LONDON RAILWAY COM-
. PANY.-(THIS DAY.)

The half yearly general meeting of this company was
held to-day, at the London Tavern, for the purpose of
receiving the report of the directors, and also the award
of Messrs. Glynn, Hudson, and Stevenson, who had
been appointed arbitrators for the purpose of determin-
ing what course should be adopted with respect to the
first and second class shareholders, the shareholders in
the Thames Junction line, and also the original share-
holders ; and also as to what ought to be done with re-
spect to the. Knightsbridge Extension line.
11. H. Grounds, Esq., took the chair shortly after one
o'clock, and after some discussion, the report of the di-
rectors was adopted.
A resolution was then proposed by Mr. CAMPLIN and
seconded by Mr. WHITE, and curied unanimously—
" That the directors of the West London Railway Com-
pany be requested to apply to their lessees to work the
railway efficiently forthwith, in conformity with the
govetunts of their lease."

The awards of the arbitrators were then opened and
read to the meeting, by which the arbitrators ordered,
that with respect to the first class, or preferred shares, a
dividend of 10s. per share should be paid in preference
to any dividend to be paid on any other shares;
that wth respect to the second class shares, a
dividend of 1/. per share should be paid
after the dividend of ten shillings a share
had been satisfied on the first class, or preferred shares ;
that with respect to the Thames Extension line, the
shareholders were not entitled to any compensation, and
the original shareholders were to have the surplus, after
the first and second class shareholders had been paid
their dividends. The costs of the arbitration to be
borne by the West London Railway Company. With
respect to the Knightsbridge Extension line, the arbi-
trators awarded that it should be abandoned, and the
deposits paid to be returned, and repaid without interest
by the West London Railway Company.
These two awards were, after some discussion, adopted,
ordered to be entered on the minutes, the important
parts of them printed, and circulated among the pro-
prietors.
.Thanks were then voted to the arbitrators, the chair-
man, and the directors, and the meeting separated.

MARKET INTELLIGENCE.

From the London New Price Current of September 8.)

COFFEE.—This afternoon 647 casks, and 277 bags Cuba
Coffee were offered at public sale, but nearly all taken in
above the value. Jamaica met with more attention and 82
casks 22 barrels and 26 bags at auction all sold at full rates.
Mocha is little wanted, And 189 bls at auction only in part
sold at about the former value. For Ceylon the market has
a dull appearance, and 464 bags at public sale only in part
sold at about the former value.
TEA.—The market has a dull appearance for both green
and black; none has been offered at public sale since this
day week, and privately little business has been transacted,
although there are sellers upon rather lower terms.
SPICES.—To-day Pimento met with attention, and 222
bags at public sale sold at full rates. 71 barrels Jamaica
Ginger went at 41s to 48s for low and mid, and 51s for good
mid ; 26 packages cultivated Bengal at 22s 6d to 23s for com-
mon, and at 21s 6d to 24s 6d for sea damaged. 12 cases
Mace fetched the full worth ; 4 bags of Nutmegs brought
firm rates; 4 cases 1 bag Cloves fetched 2s to 2s 3d-for Ben-
coolen, and is 2d for broken; 54 bags Sierra Leone Pod Pep-
per taken in at 955.
Sr-Ems.—Jamaica 'Rum is offered upon rather lower
terms; still only a limited business has been transacted, and
the quantity taken has not exceded 100 puns since Tuesday last.
Leeward Islands is little wanted, but at present holders are
enabled to obtain 2s 5d to 2s 6d proof strength, owing to small
supply. Calcutta has been in moderate demand at is Ild
to 2s proof with certificate, but there is a larger quantity on
offer. The market for Demerara is quiet, at present how-
ever prices remain at 3s 2d to 3s 5d for strong qualities.
Brandy has been largely dealt in, chiefly by the home trade,
old sorts fully sustained the former value, whilst
young Brandies brought rather higher prices. Ge-
neva is wanted for export, common at 2s 3d to 2s 4d, and
fine by the home trade at 2s 8d to 3s. British Corn Spirits
have been in good demand; English at lOs 4d net cash,
and Scotch and Irish lOs 3d to lOs 4d per gallon. English
Gin, 22 per cent. under proof, 8s 10d, and 17 under, 9s. 4d.
Hors.—The duty for the kingdom is estimated as high as
200,0001. New Hops are arriving at market in large quan-
tities, in prime condition and of excellent quality ; the
factors are ready to make sales, and accept moderate prices
for all kinds.
RICE.—To-day Bengal Rice was in brisker demand pri-
vately, and 17s 6d to 19s 6d paid for low to fine white.
SALTPETRE.—To-day Rough was sought after, but stiffer
rates being insisted upon, checked business, and at public sale
1,698 bags Calcutta were all taken in rather above the value.
Orrs.—There has been a good desire evinced to operate in
Southern Oil of all descriptions, and the parcels disposed of
• privately were at rather higher rates. Cod has been only in
limited request, but owing to the small stock, merchants in-
sist upon 271 lOs to 28/, and refrain from bringing any to pub-
lic sale. Seal is held with firmness, and the operations are
upon a more extended scale. For Sperm the market has a
dull appearance, and prices are drooping, the quantity on
offer being larger than it was. Cocoa Nut Oil has been pur-
chased with increased freedom, and brought advanced rates,
although the market has been more freely supplied. Palm
has been in good demand, and prices continue firm, notwith-
standing the large stock. In Rape Seed Oil several purchases
have been made. but no further advance in the value has
taken place. For Linseed Oil the market has a firm appear-
ance; large parcels have been taken by the home trade : some
shipping orders were executed, and the crushers obtained 24s
Gd per cwt. In Olive Oil a good business has been done.
The stock is not so heavy as it was, and the consumption is
going on satisfactorily. American Lard Oil has been spar-
ingly dealt in at 331 to 40/ per tun.
TALLOW.—The market has a firm appearance for Russian,
and the trade are still inclined to increase their stocks ; on the
spot large sales have been made, and 42s Gd paid for New
Petersburgh Yellow Candle of the first quality, 42s per cwt
for old, and there are not free sellers thereat. For forward
delivery a good business has been transacted, and 42s to 42s
6d given for the last three months of the year for new.
Home made has been largely dealt in at 41s to 41s 6d net
cash, but there is still a plentiful supply. All other kinds of
Tallow are wanted, and brought stiffer rates.

THE POOR-LAW AND WAGES.
TO THE EDITOR OF THE SUN.
SIR,—You have with great -liberality from time to
time allowed me a space in your journal when the spirit
has moved me to write upon important subjects. I am
induced to offer a few observations on the above, trusting
they may be deemed worthy of a like indulgence. I fear
that the sad disclosures on the Andover Committee may
lead the nation into trouble, by turning. the current of
sympathy into a demand for the old vicious system of
out- door relief, with all its concomitant evils.
The principle upon which the old poor law was
enacted was, to find, or rather to make work for the
able and willing who could not otherwise find employ-
ment. In the course of its workings out-door relief
became a most serious and alarming evil, so alarming as
to threaten the very source of relief, by swallowing it all
up. I need not for a moment dwell upon the frightful
miseries and crimes of the old law, how unprincipled
farmers, &c., took advantage of it, and made the rates
pay half their wages, while the pauper was trampled
upon in every way that human caprice and depravity
could devise. To correct the monster evils of the old
poor-law, and to better the condition of the poor, the
New Poor-law Amendment Bill was enacted. How it
has operated it needs no aid of mine to depict, but if
anything can sully a nation's honour, the manner in
which the poor of England have been treated does so in
a serious degree. Why is this? Is it from a deliberate
intention of the supporters of the new poor-law to
" grind the faces of the poor?" I question it much if
even the Times, in its sober moments, would assert that
Russell and Peel, that Hume and Brougham, with a host
of other good men and true, did deliberately combine in
order to crush the poor or save the rates. That there
was no such criminal intention I do really believe—in
bow far blame and censure lies, for experimentalising
in the dark, and causing so much misery, I am not able
to judge; I leave that to others, while I, as powerfully
as I can, endeavour to call public attention to the moral
of the case, to see if we cannot gain instruction from
the past, and so lessen, as far as possible, the amount of
future misery.
The promoters of the new poor-law imagined that it
would be an easy matter to keep the unemployed poor
out of the market by keeping them in the workhouse.
By doing this they thought to lessen competition, or,
rather, to remove morbid competition from the labour
market. By doing so' they trusted that wages would
advance, that happiness would increase, and that ulti-
mately they would meet with fame, and all manner of
grand things, from a once mistaken but now convinced
nation.
They have, however failed in this ; and now comes
the question as to how and why they have failed? Could
we discover this even the new poor-law had not been
passed in vain.
The new poor-law is, to a great extent, founded on the
science' of political economy. Now, one of the most
clear points admitted by the whole school of economists
is, that the average rate of wages is governed by the com-
parative amount of capital to population ; consequently
they imagine that if they can but increase the re-
lative quantity of capital to population, all further
care of the labourer may in a measure cease, as, undert
such circumstances, his wages will naturally rise in jtls
proportion, &c. &c.
With this theory full in my mind—with a great fear
of the deceptiveness of facts, so far as I have been able to
watch them—l have, after a seven years anxious study,
and as long a period being actively mixed up with wages
receivers and their trade societies, been more and more
convinced that the comparative amount of capital does
not regulate wages—that it influences wages, but does
not regulate them. I fear that I am not able to point
out the importance of this point, but I am sure it is vital.
Indeed, Ilelieve on the clearing up of the principle
which regulates wages rests_the only hope of ever having
a proper poor-law.
Wages apparently rise and fall in the market just in
proportion to demand and supply, but really they do not
so in the same ratio. A slight depression 'in trade
serves to reduce wages, which frequently become fixed
for long periods at low rates, although demand mean-
time may be much brisker than before their fall. This I
know to be practically the case. Theory, I know, treats
practice as an ignorant brother ; but when theory her-
self is-at fault it is not wise to despise practice.
Sir, I believe one leading error of the new poor-law to
be—that it tries to better the mental and physical condi-
tieo of the poor by depressing those who are in the
worldiOuse, in place of endeavouring to elevate the
condition Of those who are out of the workhouse. This
elevation cannot be accomplished without a full under-
standing of the principle which regulates wages.
- I fear that your space cannot concede greater length.
I have, however, mooted the subject, and should you
approve of my endeavour, I shall try and complete the
case in another letter.
am, Sir, most respectfully,
A TIN-PLATE WORKER.
30, Kilagsgateltreet, Holborn.