The Sun.
London, England, 1848-11-15 00:00:00

S N,N OVEMBER 15, 1848.

the entire purchase-money, to be paid, on account of
whole groups of tributaries, out of the resources
of the parent lines. The capital authorised in
respect of each stands, however, separately against
them in the Share-list, and it is by reckoning
these amounts twice over that the enormous totah,
which have so terrified the public, have been
made out. Having thus ascertained the actual demand
to be made upon the market by five of the greatest com
panies, or, as we should more correctly say, in respect
to the three first at least, the greatest systems of rail-
ways in the kingdom, we believe ourselves enabled, not
accurately indeed, but at least proximately, to take the
measure of the aggregate liabilities which are still hang-
ing over our heads. The calculation must be to some
extent a rough one, but we believe we shall not greatly
err in assuming that the amount above set down forms
ittle less than a third of the whole, and that, by the
end of the next four or five years, the additional
capital that will have been absorbed in these
undertakings will not exceed thirty millions. The
question then remains—is this a sum which ought
to alarm us for ,its consequences upon the money
market, and for its influence on our commercial or
financial interests? Is it enough to justify a panic, or
to account for the mistrust and suspicion with which
shares, debentures, and all the speculations connected
with railway finance have been latterly tainted in the
eyes of a large portion of the public? We are not
seeking to enhance prices, or to recommend particular
investments, but are regarding the subject with refer-
ence to extrinsic and national considerations, affecting
the whole mercantile and labouring community. A
landowner, who has undertaken the drainage or other
permanent improvement of his estate, to an extent which
he has neither the means nor the credit to carry out, may
become insolvent, even while his property is gra-
dually doubling itself in valde. So a nation that
has bound itself beyond its strength to convert,
within a given time, an immense amount of floating
into fixed capital, may involve itself in a dilemma from
which it cannot escape without exhausting the sources
of its prosperity. Many a man has been ruined by his
improvements; and a nation may be as fatally crippled
by its improvident excess of enterprise. Is, then, the
amount of thirty millions, which we are still under re-
cognizances to sink in iron anti earthworks during the
next half dozen years, a burden too heavy for us to bear,
or a prospect which ought to paralyse our energies?
If so, it must be either because money is not to be had
at all, or because the credit of the railway companies is
so low that they will be unable to obtain what there is.
Now, with regard to the first point, we need only ad-
vert to the state of the public funds, and to the informa-
tion afforded by our City correspondent. Money
is at present cheap and plentiful, more so, indeed, than
in regard to its evidence of our commercial condition,
may be quite satisfactory. The Bank of England is re-
ducing its rate of discount. When people talk of the
state of the money-market as adverse to railway opera-
tions, they mean the share-market, which is a very dif-
ferent thing. There is an abundant facility in the one,
if there were but a corresponding confidence in the other.
And why is there any want of confidence in the credit
of public bodies which have shown, by the demonstration
of facts and figures as yet uncontroverted, that even upon
a moderate estimate of their resources, they are capable of
paying on their capital nearly as much again as is yielded
by the public funds? Why should parties live in dread of
calls upon which they are morally certain of a dividend
of six or seven per cent.? Or, if loans are required,
wherefore is it that persons who are always on the look
out for good mortgages are not willing, nay eager, to
entrust their money, as they may do to any amount, and
without difficulty or expense, to a_mortgagor of unques-
tionable title and an income of a million a year? Confi-
dence, it is true, is a plant of slow growth in commer-
cial bosoms, and capitalists are proverbially a distrust-
ful race. The reaction which must needs follow in the
train of a wild and reckless speculation must have its
course. The impressions of panic fear, and the effects
of industrious misrepresentation, are not suddenly
effaced. But it is impossible, we think, that the
light which has now been poured in upon the arcana of
railway finances, should fail to reassure the public
mind, and to attract the money :which is now seeking
for investments, to a safe and profitable field of employ-
menr. If so, it will prove, we may be sure, in many
respects, and to a wide extent beyond the sphere of rail-
way interests, a beneficial result, affording the means of
extrication to those who are bound by liabilities which
they can neither discharge without extreme pressure,
nor transfer without calamitous sacrifice—and setting
free for its legitimate occupation the capital which is re-
quired to restore the energies of trade, and to extend the
operations of industry.

THE ROYAL ETCHINGS.
TO THE EDITOR OF THE SUN.

SlR,—Acting under the advice of my solicitor, I
have hitherto abstained from noticing the many
severe and painful remarks and observations which
have appeared in the columns of a large portion
of the public press, in connexion with the pro-
ceedings which have been commenced against
me and my son (in conjunction with Mr
Strange) -by her Majesty's Attorney-General and
his Royal Highness Prince Albert, in the Court of
Chancery ; but as some little delay is likely to take
place before I shall have the opportunity afforded me of
vindicating my character, and of proving that, in every
step which I have taken in connexion with the matter
in question, I was actuated by the sincerest and
most loyal desire to do nothing which could be, in the
most remote manner, either distasteful or unpleasant
to the feelings of her Majesty or the Prince Consort,
pray let me hope that you, Sir, and the public, will
wait till the time (which is not far distant) arrives,
when an opinion can be justly formed of my whole
conduct throughout the affair, and to which opinion
I shall most cheerfully bow.
I have no desire to shrink from the whole and sole
responsibility which is involved, and which I take
entirely upon myself; for I have no fear of the result,
as far as regards the preservation of my integrity and
my honour.
_ _

The insertion of this letter in The Sun at your ear-
liest convenience will be esteemed a great favour by,
Sir, your obedient and faithful servant,
Windsor, Nov. 13. J. T. JUDGE.

[PRICE op.

BRITISH COPPER SMELTING

ASSOCIATION.

A preliminary meeting of gentleman interested in
the formation of this very important public under-
taking was held yesterday, at two o'clock, at the
offices of the company, 2, Mooreate•street.
Several gentlemen connected with South Wales,
Cornwall, and other mining districts, were present.
James Wyld, Esq., M.P., was called to the chair.
The CHAIRMAN said, as that was a private or pre-
liminary meeting of gentlemen interested in the
formation of this new smelting association he should
npt hesitate to offer a few observations on the subject,
but had it been a meeting comprising all classes in-
terested in the occupation of raising and smelting
ores he did not know that he should have consented
to take the chair; when, however, the company was
more matured he should feel happy to occupy a less
prominent position. He felt peculiar pleasure in
assisting, to the best of his ability, in the formation of
such an association, since he felt himself to be the re-
presentative of the miners of Cornwall.— (Hear, hear.)
Of this, however, he could assure them, that
no one was more fully alive to the great inconve-
nience and hardship that resulted_ from the great
monopoly at present enjoyed by the smelters of Corn-
wall and the south of IVales. The smelting of ore
was, he believed, entirely in the hands of six or eight
companies. There were but six companies in active
operation, who possessed the power, from their ex.!-
tensive character and the large connexions they had
collected during the many years they had been en-
gaged in the business, of controlling the market.
They had regulated the price, which.they were to pay
the miner for his produce, and fixed the rate it‘whicb
the smelted copper should be sold to the public ; and
although on very !many occasions a considerable re-
duction had been made in its price, a much greater
corresponding reduction was made in the price paid
to the miner ; so much so, in fact, that during the
last few years, whilst a reduction of 101. per cent.,
had been made to the public in the price of copper,
the miner was paid 15 per cent. less for his
ores. (Hear, hear.) If he understood the
objects of the promoters of the company
rightly, they were these—first, and a most important
one it was, to afford protection to the miner and the
importer of ore, in the profits of which they (the com.
pany) should be participators, instead of submitting to
the unfair reduction to which he had referred ; and,
secondly, to show to the public that the operations of
the company were of a nature to realise a large per
centage, and thus present a very profitable investment
for their capital. By the tables which had been pre-
pared by competent parties for, the company,
.it ap-
peared that the quantity of fine copper sold at Corn-
wall and Swansea in 1846, 1847, and 1848, amounted
to 64,574 tons. To that should be added the extra
weight of one cwt. over the ton, which the smelters
by old custom obtained from the miner ; but
it was one of the objects of this protective company
to make a material alteration in the present mode of
purchasing ore, and by enabling the copper raiser to
become a member of the company, to participate in
the profits, instead of submitting to a re-
duction of" 15 per cent., at the caprice
of the smelting companies. At present he could not
help himself, for unless he acceded to the price fixed
by the company he was in the habit of dealing with,
he found himself precluded from the market; for
though these companies professed- to act indepen-
dently, it seemed that there was a positive under-
standing among them not to deal with those who
would not conform to their terms.—(Hear, hear.)
He found in the prospectus that the total value of the
copper produced in the three years, 1846, 1847, and
1848, was 6,230,0841., and that the disbursements for

he production of copper of that value was 5,454,7951.,
yielding a profit of 775,2891., but he believed that the
promoters (who had a vast mass of private information
on the subject which they would feel happy to fur-
nish to those who wished to embark in the under-
taking) estimated this as the minimum profit. The
working expenses had, in fact, been overrated, whilst
the profits had been rather underrated. Thus these
companies derived in one year a profit of no less than
258,4361. This calculation was based upon
the best data, and exhibited fairly the
results of the smelting of ores for the
last three years : it,had been made upon an average of
the high price in one year, and the low prices in the
other two. Now this company proposed to smelts at
least 500 tons per week, which would be about one-
eighth of the entire trade. It was true the proposed
capital of 500,0001. might be ultimately required,
but from private information he had received, and
from an examination of the whole matter for another
purpose, he was of opinion that no such large sum
would be immediately required. A capital of
150,0001. seemed to him sufficient to smelt 500 tons
per week, which would amount, as he had said, to
one eighth of the trade, or a net profit of 33,3041.
This would be a great inducement to the capitalist
to come into the undertaking. No doubt the gentle-
men around him were perfectly aware that great
facility had of late been given to the importation of
foreign ores, as the duty was but one shilling per ton.
Immense importations had taken place from Aus-
tralia, Cuba, Peru, and other parts of the
world; it would, therefore, seem that no time
was more proper than the present for the miners of
South Wales and Cornwall, and other parts, to come
forward and benefit by this state of things. In North
America, Hamburgh, and Prance, smelting establish-
ments had recently been established ; but any one
who took the trouble to investigate the subject would
find that there was no reason to fear the competition
of foreign establishments. To begin with the home
smelter. He possessed an advantage over the foreign
smelter from the cheapness of coal ; in consequence of
which great loss ensued to the foreign smelter, conse-
quently they had been compelled to abandon the
smelting of rough copper ore, and to confine them-
selves to the smelting of fine regulars. They found
that in Hamburgh the smelting works had been
almost abandoned, if not entirely, and that in America
it was found cheaper to purchase copper here than to
take the ores there and smelt them. From the
peculiar state of the navigation-laws a small
amount of trade must be transacted abroad,
but never to such an amounts as to interfere
to any extent with the home trade. It appeared to
him that if they took the amount of business trans-
acted during the last three years they might form a
very fair calculation of what they should realise. This,
however, was but an outline of the plan of the com-
pany. It would be seen bithe prospectus that it was
presumed a call of 1/. would be made on complete re-
gistration and a second in six months, which would
be sufficient to carry out the works of the company
to a considerable extent. He was not a very wealthy
man, and could not, therefore, take a very extensive
share in the concern ; he should, however, do so to
some extent, but he appealed to every man conversant
with mining matters whether those who might invest
their capital in this undertaking would not realise a
handsome profit from their investment.— (Hear,
hear.) Several letters had been received from gen-
tlemen deeply engaged in mining matters speaking
most favourably of the success of the undertaking.
Among them was one from Messrs. Bownsell, of
Liverpool, who were large importers of Chillian and
Peruvian ores. He should be happy to hear any re-
marks and to give the fullest information on the sub-
ject.—(Cheers.)
Mr. BURGESS said he felt, as a miner of the county
of Cornwall, delighted at the projection of this under-
taking, and had come there as a Cornishman to per-
sonally express the feelings he entertained with re•
spect to it. It was true that he bad no reason to
complain of his mining speculations, but be could not
forbear raising his voice against the system which
compelled the miner to sell his ores at whatever Price
the existing companies chose to give him. In speaking
thus, he was not there as the telegraph of any other
man. He spoke for himself, after a careful examina-
tion of the details put forth in the prospectus. He
should feel happy to take a share in the undertalaing.
It could not fail to have the effect of raising Corn-
wall from its present depressed state, if its operations
were properly carried out, as no doubt they would be,
since it would remedy the great anomaly that at
present prevailed in the prices paid to the miner.
21. 15s. 6d. a ton as return charges was au enormous
profit, and he was convinced that by the formation of
this company the system would be so improved, that
the miner would realise better prices for his ores. Be
might say that the miners in general prayed for the
success of the undertaking.—(Cheers.) He slit mid
tell all the smelters with whom he was brought into
contact that he was glad to see the beneficial rest alts
that could riot fail to flow from it to both promot ?rs
and shareholders.—(Hear.)
Mr. Muuculsolv, the secretary, said during Cie
last few months he had had interviews with many ii 1-
fluential parties connected with the copper trade, who
had, stated to him that when the company was a little
further advanced they would not merely take
shares in it, but support it with their interest and.
influence.—(Hear, hear.) It would not be well at;
present to mention their names ; this, however, he
mighqsay, that that day he had seen a gentleman)
largely connected with the copper trade who had.,
made use of such an expression. Then a gentlemail ,
at Liverpool had informed him that he had devoted a•
whole day to discussing the merits of the associa- I
tion with parties of influence who, he said, were all
favourably inclined towards it, and would no doubt
take a quantity of shares, when the company was in

cz;•,'
a mor War Messrs. Brunnell hiri
hi alo ist of influ ial parties to Whn,n
sh ppl7. He though they could conii t
Other decision than tha stated by Mr.
such a company as this should be started not,l*: to
protect the miner, but in order that the mine
.7
..rAglit
participate in the smelting trade. When a provi:
sional board had been constituted, he thought it
would be advisable for a great many of
the copper companies to call their share-
holders- together to consider the propriety of
investing a certain portion of their funds in this
undertaking. Had it not been for the meeting of the
Cobrane Company, no doubt several of the directors
of that undertaking would have been present, be-
cause he knew they entertained a strong interest in
its welfare.—(Hear, hear.) They had heard the
statistics .of the trade for the last three years ; but :he
considered, owing to the. duty being reduced to Is.
per ton, that there was every probability that the
trade would be greatly:increased.. It would be seen
by the prospectus that the average quantity of copper
that duty was paid upon in the course of one year
amounted to 52,000 tons. Then the monthly returns
of the Board of Trade, for the eight months ending
the sth September of the present, and the two pfe-
ceding years, showed that the quantity which paid
duty.
_ _

In the first eight months of 1846 was 34,701 Tons.
Ditto ditto 1847 .. 25,5:84 —6
Ditto ditto 1848 ... 35,861

Showing an increase this year, over _
'the quantity paying duty in 1846, of 1,160
And over that in 1847, of ... 10,227
Since this return was made out the importations bad
increased considerably, and there- was every proba-
bility that the remaining four months of the present
year would add to the amounts above given to an
extent that will make the year's importation not only
more than the average of the last five years, but *ill
carry it beyond the largest quantity imported in- any
single year since the first introduction of foreign
ores—a result to be naturally expected from the im-
petus given by the new law upon the subject. It
was obviously, therefore, the interest of the British
miner to join in such an undertaking as this, since
increased importations would confer upon the present
system of monopoly greater facilities for carrying out
their views.
Mr. SHARPS moved a resolution to the effect that
it was highly desirable to institute a company on the
plan of the " British Copper Smelting Company," and
that steps be taken for the formation of a provisional
board. Ile said the calculations in the prospectus
bad passed in some measure through his hands, and
that the profits were rather under than overrated,
whilst the very contrary was the case with respect to
the expenses, a very liberal margin having been taken.
With respect to locality, he need hardly observe that
all the great smelting works were confined to Swansea
and other parts of South Wales, for no other reason
except the cheapness of coals. It was thought if
the works of this company were there that it would
have too great a power to cope with. There
were three localities (which he would not now men-
tion, for obvious reasons,) that presented greater faci-
lities than those possessed by the town of Swansea
with regard to the cost of fuel, of smelting, and of
transit—free, he might add, from the overbearing in-
fluence of the old companies.—(Cheers.)
Mr. ENGLISH said he was there as, the representa-
tive of several influential parties interested in mining
operations in Cornwall and Devon, desirous of seeing
the monopoly of smelting broken up by an institution
like this. They had desired him to express their
approval of the company, and when it was more-ad-
vanced he should be prepared to give in the names
of several parties desirous to become members of the
provisional committee.
The motion having been seconded, was carried
unanimously.
Mr. ROUTH proposed that the provisional committee,
with power to add to their number, remain in office
until two-thirds of the shares were subscribed for,
when a general meeting should be called to elect the
future directors, which was seconded by Mr.
TRENBAY, and carried.
Thanks having been voted to the Chairman, -the
meeting•was adjourned until Thursday, the 23d.inst

DANISH CATTLE..---. The vessel Eider, arrived at
the Brunswick-wharf, Blackwall, from Tonningen, has
brought the large number of 198 oxen and cows, con-
signed to order, the produce of Denmark. There have
recently been one or two equally large arrivals of horned
cattle from this Danish port, and they are of peculiar
interest and importance, both on account of the particu-
lar country of supply, and that no arrivals of horned
stock to such an extent have taken place from any other
part of Europe, or of course elsewhere. The same ves-
sel brought, in addition to a quantity of grain of different
descriptions, 100 casks of butter, and some packages of
fresh meat. No arrival of a similar character to the
last mentioned has before taken place from this or any
other continental state, excepting the port of Hamburgh,
and the supply is, therefore, on account of its novelty,
also of some interest.

SHIPWRECK AND LOSS OF TEN lay-Ea.—The
barque Carmelite, of Bangor, Captain Cole, from Fayal,
Sept. 9, for Boston, with cargo of sperm oil, wines, &c.,
and thirteen passengers, was abandoned at sea on the
29th of September, in a sinking condition, having been
boarded by a sea while scudding in a gale on the 23d,
in lat. 36 40 N., lon. 53 30 W., which swept the decks
and broached the vessel to. She was got before the
wind again, leaking badly; soon became unmanageable,
and broached to a second time, and capsized. Captain
Cole, two mates, five seamen, and four passengers, suc-
ceeded in regaining the vessel; nine passengers, three of
them females, and one seaman, were drowned. About
one hour after the vessel righted, with mainmast, fore
and wizen topsails gone, and full of water. She came to
on the other tack, and lay on her beam-ends during the
night. At daylight next morning the vessel was a com-
plete wreck, the sea making a clear breach over her.
Both mates were totally disabled, the crew wholly ex-
hausted, and one passenger had a broken leg. The crew
succeeded in clearing the wreck of broken spars, and
saving a small quantity of beef and wine, on which they
subsisted until the 29th, when they were taken off by the
British barque Castries, Captain Hinds, from St. Lucia,
bound to Dublin.

The accounts received yesterday from New York by
the Niagara show, as was anticipated, a great improve-
ment in the money-market, the highest rate for the
best paper being now not more than from 8 to 9 per cent.
In the face of this, however, the hope that the fall trade
would be wound up in that city without failures has not
been realized, the stoppage of three firms being an-
nounced on the present occasion. The parties are Eu-
gene Bogart, a domestic commission merchant, whose
liabilities are rather considerable, and Emanuel and
Van Clief, and Dole and Company, wholesale grocers,
or produce dealers. Owing to an active demand for
bills connected with the importations of the season
now terminating a reaction had taken place in the
rate of exchange, and the market closed with much
firmness at Bi, the expectation being general that
the rate would touch 9 before the sailing of the next
packet. The French steamer which was to sail at the
date of these advices would take away specie to the
amount of 100,000 dolls. The receipts of bread-stuffs
at New York continued limited, and hence prices were welt
maintained, although the lest accounts from this side
were rather dull. It was questioned if more than 50,000
barrels of flour were now in first hands, and under these
circumstances, according to the usual computations,
about 750,000 barrels ought to be received down the
river during the present month. The stock-market
continued steady, and some large sales of the New Loan
had been made at 105. Ohio Sixes, 1850 to 1856, were
at 97 to 99; Pennsylvania Fives, 734; Illinois Fund-
able Bonds, 40; Indiana Bonds, 3 0
; and Alabama Fives,
62 to 64.—Timer.

MANCHESTER, Nov. 13.—Trus ET-MAYOR Or
MANCRESTER.—A new biographical :notice of this
highly-respected gentleman may not be unacceptable.
now that it is likely her Majesty is about to bestow upon
him the honour of knighthood. Mr. Alderman Elkanah
Armitage has for several years been a successful manu-
facturer and merchant in the city of Manchester, and
by successful industry has realised a handsome fortune.
His present position is the more honourable, as he has
risen from a comparatively humble rank in life, his pa-
rents having been tradespeople, but of sterling integrity,
and exemplary members of the Independent denomina-
tion of Dissenters. A brother of Mr. Alderman Armi-
tage became an eminent and useful missionary, at a
foreign station fixed by that body. The public spirit
of Mr. Armitage, and his liberal support of all institu-
tions designed for the good of society, gained for him
the approval and confidence of his fellow-townsmen, and
induced them to confer upon him the high honour of a
second appointment to the civic chair. During the pastc
year, whilst the city was the scene of much disturbance
and ne
and anxiety, his conduct was vigilant, firm,
ppro baod stion. Mr.
forbear-
ing, and obtained for him general a
Alderman Armitage will be the second chief magistrate
of Manchester on whom the Sovereign has
. bestowed the
ng
honour of knighthood, that honour having been hcon-
ferred on the late Sir Thomas Potter by William IV.

MONEY MARKET.—The premium On gold at Paris
is 19 per mule, which, at the English Mint price of
3Z 17s. 10id. per ounce for standard gold, gives an ex-
change of 25.63; and the exchange at Paris on London
at short being 25 52k. it follows that gold is 0.41 per
cent. dearer in Paris than in London. By advices from
llambnrgh the price of gold is 436 per mark, which, at
the English Mint price of 3/. 175.1 loid. per ounce for
standard gold, gives an exchange of 13.101; and the
exchange at Hamburgh on London at short being 13.101,
it follows that gold is 0.17 per cent. dearer in London
than in Hamburgb. The course of exchange at New
York on London is 1081 per cent., and the par of ex-
change between England and America being 109 23-40
per cent., it follows that the exchange is 1.08 per cent.
against England; but the quoted exchange at New York
being for bills at 60 days' sight, the interest must be
deducted from the above difference.

WOODEN GUNPOWDER.—From sundry recent expe-
riments the fact is established that fine sawdust orrasped
wood, steeped in a mixture of concentrated sulphuric
and nitric acids, and afterwards washed snd dried, will
explode similar to common gunpowder, and if rightly
managed, with much greater force. The greatest won-
der about it is that the fact had not been discovered ear-
i er.—American Paper.
MIDDLESEX HOSPITAL.—We understand that Mr.
Mitchell Henry, who has been elected assistant-surgeon
;to this valuable institution, is a son of Alexander Henry.
;Esq., ALP. for South Lancashire.