The Sun.
London, England, 1848-11-17 00:00:00

IIP
111
• a'

LONDON, FRIDAY, NOVEMBER 17, 1848.

Every additional railway statement that has been
published affords the strongest confirmation of the
general soundness and stability of these great under-
takings, and of the absurdity of the panic that so long
_ _

prevailed. That which has just been promulgated by
the directors of the York and North Midland
Company forms no exception to the general rule. It
is a clear and convincing document, and must prove
in the highest deg:ee satisfactory to the general body
of the shareholders. It is not by merely showing
the handsome amount of dividend that may reasonably
be looked for that it will serve to re-assure the parties
interested in the prosperity of the undertaking, but,
perhaps, in a still greater degree, by exhibiting, in a
clear end unequivocal manner, the real extent of the
demands that will be made upon them in order to
complete the several works, and bring the whole into
good working order. All the machinations of inte •
rested parties have never fully succeeded in shaking
the public confidence as to the probable income
that will be derived from well-selected lines
when the same are in full operation. Another
ingredient was required to enable them to work their
spells ; and they did not fail to avail themselves
thereof, by exaggerating to the utmost degree the
amount of outlay that would still be required, which
they attempted to show was far beyond the power of

this country to supply. Timid people were thus in

duced to withdraw from undertakings which they
had originally selected as permanent investments,
fearing that they might be unable to meet the de-
mands that might be made, and thus com-
pelled to dispose of their shares at an
unpropitious moment, when quotations might
be, if possible, more depreciated than they had
as yet appeared. The real facts have, however, re-
moved their fears in every respect. The amount of
the expenditure already incurred is set forth ; the
works which are still to be completed are specified,
and a liberal estimate made as to the amount that will
be required for the purpose, and the manner in which
that
amount will be provided—whether by
calls, the creation of new shares, or by the
issue of debentures under the borrowing
powers--1s fully explained ; so that each
shareholder may immediately calculate the sums for
which he will be
hecan
responsible in respect of his stock,
and see how farmeet the demand without in-
convenience or annoyance.
Anaccurate knowledge
of the real facts,
even though the same were of an
unfavourable character,
be far better than the
doubts and uncertainties that previously
which mischievous :persons availed existed, and
themselves of to
so great an extent. How great, then, must be
the
advantage when the circumstances disclosed ar
favourable than even the most sanguine more
ventured to
anticipate.

From the statement now under notice it appears,
that the share capital of the company on which divi-
dend is payable out of the revenue derived from the
lines, comprising the whole of the consolidated stock,
and the East and West Riding shares, on which the
full amount is now called up, is 3,147,5001.—0 f this
amount, however, 250,0001. will not be entitled to
dividend until the next half-year ; the amount of
loan at present is 1,023,9311. The amount expended on
the lines which have been constructed or purchased
up to the present time (including the sums advanced
to the Hull and Selby Company, to complete the
fifes under lease from them), is 4,290,415/. Bs. 4d.
The further sum that will be required for the work
iF is intended to complete, will (after deducting the
value of the surplus land) amount to 330,0001.,
making the gross expenditure of the company about
4,620,0001. For this sum the company will hare the
exclusive possession of 211 miles of railway (exclu-
sive of the Hull and Selby lines, under lease), at an
average cost of 20,000/. per mile.
There is no present intention to construct the other
lines for which powers have been obtained. The
arrears of calls, together with the amount which the
company is empowered to raise on debentures, will be
amply sufficient to meet the required expenditure.
This announcement must remove a load of anxiety
from
the minds of the shareholders. They can now
retain their shares without fearingde
mands
will fresh
will be made upon their purses. They will receive
their dividends without any drawback or diminution ,

for new works. This great fact will doubtless bring
York and North Midland shares into considerable

request.

The next important point adverted to in the state-
ment is the future revenue of the company. This is
estimated at a gross income of 10,0001. per week, or
520,000/. per annum, of which 137,0001. will be re-
quired for working expenses ; 67,2811. for interest
on debentures (including the amount yet to be pro-
vided), and 76,5721. for rent of the Hull and Selby,
and Bridlington lines, together with the interest on
debentures on these lines. After deducting
these amounts a net revenue of 240,0001. per annum
will remain applicable to dividends, being more than
7i per cent. on the amount of the share capital." It
cannot be denied that this is indeed a remunerating
dividend. How gladly should capitalists invest their
money at such a rate (more than double what can be
derived from the public funds at present prices).
Many other circumstances are adduced as grounds to
warrant the expectation of still more favourable re-
sults, we must, however, refer our readers to the
" statement" itself, which appears in another part of
our impression.

The National Guards quitted England too soon.
They should have remained a little longer; they
should have remained to have beheld a spectacle
fraught with a deeper significance to them as mem-
bers of a young Republic than any of the many
sights which they witnessed during their sojourn in
the metropolis. True, they examined the various
public buildings with which London abounds; they
availed themselves of our numerous railways to
make excursions into the provinces; they were
loud in their admiration of the shipping in the
Thames, and they quitted London-bridge with a
newly-acquired veneration for England, and a con-
siderably increased conviction of the greatness of the
English people. Yet, notwithstanding all this, we
could wish they had tarried a little longer, in order
to have witnessed the great civic festival of Lord
Mayor's day. The pageantry of the procession, both
by land and water, and the gorgeous banquet-scene
in the Guildhall, could not have failed to produce a
very vivid impression on a people so keenly alive to
effect. But, however much their taste might have been
gratified by the beauty of the coup d'ceil, the morale
of the scene would have been calculated to pro-
duce a yet deeper and more beneficial impression.
It would have been singularly interesting, and
singularly appropriate, that the members of a
young Republic, proud of their newly-acquired
liberty, should witness a ceremony which, like that
of Lord Mayor's day, taking place under the aegis
of monarchical rule, is as true a commemoration of
popular freedom as the planting of a tree of liberty
in the Champs Elysees. It would have been well if
they, who are too often led away by shadows, should
have witnessed this celebration of the substantial
rights of Englishmen—for the Lord Mayor's festival,
be it remembered, is no empty pageant, it is a token
of the civic rights of the English citizen : it is to do
honour to a simple citizen that the gorgeous repast is
prepared and the great and the noble congregate to-
gether. Calling all this to mind, we cannot but regret
the premature departure of that multitude of French
visitors who recently honoured us with their presence.
They should have remained to witness Guildhall on
Lord Mayor's day, and, having done that, they should
have tarried yet a week longer, in order to have wit-
nessed that same Guildhall last night, when it
again re-echoed with "sounds of revelry," and
the lamps again shone bright "o'er fair women and
brave men." If in the civic festival the Republicans
might have imagined they heard re-echoed their
own favourite watchword equality, so in the festival
of last evening they might have recognised a glo-
rious illustration of its companion motto, fraternity—
that sublime fraternity which links together not the
children of one country only, but the members of
all nations of the family of humanity. Coupling
the two festivals together, they might have
felt the same love of liberty which prompting
the British citizen to rejoice in the annual com-
memoration of his hard-won rights, prompts him also
to extend the hand of fellowship to assist those
who are struggling to obtain a similar blessing.
The same spirit of independence which fills the
Englishman with exultation when he thinks upon the
freedom of his native country, overpowers his heart
with sorrow when he considers the mournful slavery
of Poland. Much as the English people ha►e sympa-
thised with the patriotic struggles which have this
year taken place in so many nations of Europe, the
Revolution of 1848 will to them appear incomplete,
and its glory somewhat dim, until Poland be again
restored to the family of nations. The day
will come ; of that we are as firmly convinced as
unhappily we are of its present degradation. In
the meantime, therefore, we content ourselves
with hope, as far as Poland is concerned,
but for the children of Poland something
more is required from ourselves. Some substantial
evidence of our sympathy is required of us, and
for this we
.are rejoiced—yea, heartily do
we rejoice that it is in our power to con-
tribute, however ineffectually, to the consolation of
those unhappy exiles to whom all the rights of citi-
zenship and the pleasures of patriotism are denied.
Shall we, who are so peculiarly blessed with liberal
institutions—we, to whom freedom is as essential as
the air we breathe—shall we not sympathise with the
hapless refugees from Poland ? The question requires
no answer. The hospitable shores of England re-
ceive alike " the stranger, slave, or savage"—all are
equal in our fraternal estimation. Yet, if any guests
are peculiarly dear to us, they are the martyrs
of liberty and the victims of patriotism. These are
the objects of our especial veneration—to these not
only our hospitality but our hearty assistance is
readily proffered. Our hands are ready to
.aid them,
our purses, if need be, are at their service. This
feeling it is which has given rise to the annual ball in
Guildhall for the benefit of the refugees from Poland
—this feeling it was which last evening as3embled,
under the auspices of the excellent Lord DUDLEY
STUART, a vast concourse of rank, and wealth, and
beauty, to contribute by their reunion to the assistance
of our most honourable guests—the patriots of
Poland. These being the sentiments to which the
festival of last evening owed its rise, we cannot but
wish that those Frenchmen who came over to this
country in order to obtain a clearer insight into our
character and customs, had remained to witness two
festivals which, occurring within a few days of each
other in the heart of the metropolis, singularly
illustrate our definition of Liberty, Equality, and
Fraternity.

The Condition-of-England question is settled; the
problem, the solution of which has puzzled all our
statesmen and philosophers, is solved, the remedy for
our social evils is discovered, and this question has
been settled, this problem solved, this remedy disco.
vered by a " Country Parson," who, while giving to
the world at large the benefit of his discovery, mo-
destly conceals his name. This remedy our clerical
Ealyx bath propounded in a pamphlet of twenty
Pages; it is a remedy easy to provide and simple in
its operation; it consists, not in diminishing taxation,
not in stimulating industry, by enacting free trade in
providing employment for the labourer,
o
not even in feeding the hungry, nor in clothing the
naked ;
of his attenot enr_ yht ours urre
m"
eCdoyu
cnot rny.
Parson" these are all
passed
as unworthy
sists in authorised street preaching 1
it in his own words as they appear
on the tiYel, we give
his pamphlet—" Authorised Street Preachintep-Page of
as a Remedy for our Social Evils." Yet leirtclnPolatsel:l
imagined that our " Country Parson" is a free-trader
in preaching. Not he, indeed. As the Birmingham
gentleman, who, when the ballot was proposed as a
remedy for the intimidation from which he suffered,
exclaimed " he was too good a Tory for that," so does
our "Country Parson" exclaim he is too good a Church-
man for that. No, he proposes to give the monopoly of
street preaching to twelve of his fellow parsons of
the Church of England, who should be " mon of warn
affections and real histrionic power," like Sir TOPAS,
the curate, a something between a parson and a play-
actor; this twelve-parson power machine, when
once set in motion, is to annihilate " Chartism and
infidelity," those beets noirs of every " country par-
son," for whoever differs upon any single point from
" a country parson " of the breed of our author is by
the said " parson " at once denounced as a disloyal
infidel,—

,‘ Qui meprise Cotin n'Estime point son Rol
Et n'a selon Cotin ni Dieu ni loi ni foi."
It is, moreover, to render sanitary measures,