The Sun.
London, England, 1848-10-27 00:00:00

TO THE EDITOR OF THE SUN.

Siu,—Railway shareholders generally owe you a
debt of gratitude for the independent and honest
course you have exhibited in your remarks on the
present state and price, not value, of railways. What
a contrast to the cupidity and malevolence of the so-
called "leading journal of Europe," who, when the
public mind was most sensitive, printed the gross,
and.,no doubt designed misstatements of the " London
Weekly Railway Share List;" and this, not imme-
diately after they appeared in that publication, but
some weeks afterwards, making palpable to the most
obtuse the animus which induced their republication.
And now, Sir, if you will permit me a small space
in your valuable columns, I will proceed to notice
a few of the grievances under which the railway in-
terest labours.

In the first place, directors have too much and
irresponsible power, and I fear in too many instances
want that stern honesty of intention and purpose
which, as guardians and trustees of the vast property
under their control, the interests of the general body
of shareholders demand. One-third of that body
should retire half-yearly or yearly, and two-thirds of
that third should be ineligible until the next election,
which should be by the shareholders, without any
nomination by the directors ; or, perhaps what would
be better, have a small, well-paid, responsible com-
mittee of management, and, if preferred, let the re-
muneration be a certain per-centage on the nett
earnings of the line.
Then, again, as to the power of shareholders to
inspect the list of proprietors, every shareholder should
not only have power to inspect the list of proprietors,
but also the amount of stock held, which would check
the gross jobbing which existed on the part of parties
in power. The necessity of stamped proxies should
also cease, and non-shareholders should be
eligible to hold them ; for a shareholder unable
to attend a meeting held perhaps at one or
two hundred miles distance from his residence,
and not knowing a single fellow-shareholder, cannot
at present give his proxy even to a father or brother
who is a non-shareholder. There should be not too
great a disproportion in the three classes of fares, for
where there is too great a difference the effect is to
force first-class passengers into the second, and second
class into the third; whereas, where the difference of
rate is small, the increased comfort of the superior
class of carriages induces a great number of second
and third class passengers to travel in the class
above. Goods trains are run at too high a rate of
speed even on lines where the traffic is small, and no
necessity exists for a high rate of speed in these
trains; whether the high velocity at which they are
often run is caused by the self-will of the drivers, or
the want of contrary orders and regulations from the
directors, I cannot tell, bat certain it is that the
speed is not only unnecessarily but destructively,
great both to the line and carrying stock. The num-
ber of passengers trains on many lines might he ad-
vantageously reduced, without any injury or incon-
venience to the public. But the most important
point at th• present time is nearly, if not altogether,
to suspend calls for one or two years, and, above all,
perhaps to avoid the unjust and iniquitous issue of
preference shares, which in many instances amounts
to a virtual confiscation of the original capital.
The stamp on transfer should either be abolished
or the amount:very much reduced, and, what may
perhaps appear to many persons not ♦ery important,
the broker's commission on the purchase or sale of
shares is vastly higher than the little trouble can by
any means warrant.
I am, Sir, your obedient servant,
DELTA.
Newark, Oct. 2t, 1848.

SIR CHARLES NAPIER AND
MR. BAILLIE.
TO THE EDITOR OF THE TIMES.

Six,—Mr. Baillie's letter of the 21st instant is so
weak, that a few remarks are enough.
Ist. The facts in my letter are accurately stated
and have been admitted by Sir James Hogg and Mr.
Baillie themselves, although

2d. Mr. B. says, "I never stated to Sir C. N., as
he says in his letter, that Sir James Hogg had
directed me to make the statement to the House."
Begging Mr. Baillie's pardon, this is a mere evasion.
In the first place, my memory I believe to be as good
as Mr. Baillie's memory, and I maintain that he said
to me what I stated. However, I will concede to Mr.
B._ that his memory is the best of the two. What
then ? Whether Sir James Hogg said to Mr. Baillie,
while the latter was speaking, "tell them he has re-
ceived 70,0001.," or said to Mr. 8., " Si, Charles
Napier has received 70,0001.," makes not an iota of
difference. The words uttered, were for Mr. Baillie's
use and to injure me; Mr. Baillie did use them and
did injure me in many ways. I do not mean as to re-
wards for services, for I have always been perfectly
satisfied with the approbation of those under whom I
served, and of the country. I have received both.
3d. Mr. Baillie goes on to say that my letter
would lead the public to infer that I was an "O-
wed man, whom the Court of Directors (who had
nothing to do with the matter) had attempted to defraud
of his just rights." Exactly so, Mr. Baillie I except
your parenthesis ! only let me set your parenthesis
right—by recommending an English dictionary to
you, and there you will find that " Trustees " for
the distribution of other men's property have some-
Using " to do with the matter."
Having thus, I hope, added to Mr. Baillie's stock
of knowledge, I will conclude with the observation
made by a very clever person when hearing that the
interested Court of Directors were made trustees fur
the Sinde prize money. "It is like making the wicked
uncle the trustee for the babes in the wood." Just so !
But I preferred an appeal to the Lords of the Trea-
sury to eating blackberries, and so I take my leave,
for the present, of Sir James Weir Hogg and Mr.
Baillie.—l remain, sir, &c.,
'IIBEIBI., Lieutenant-General.
CheltenhamC,
Oct.c t tA4 1,
4