The Sun.
London, England, 1848-11-22 00:00:00

birb X'bittion

LIVERPOOL
STEEPLE CHASE.
(THIS DAY.)
(BY ELECTRIC TELEGRAPH.)

The Hurdle Race. Handicap of 10 sovs. each.
Chatham
Midnight

Nine ran.

... 9

The Handicap Sweepstakes of 20 sovs. each. Four miles.

The Doctor
Victim ...

Venom

Ten started.
The Doctor took the lead and kept it.

... 3

WATERFORD AND KILKENNY
RAILWAY.—(THIS DAY.)
The half-yearly meeting of this company was held to-
day, at the London Tavern, at one o'clock; Mr. George
Anderson occupied the chair.
Mr. CURRIE, the Secretary, read the report and ac-
counts, of which the following are extracts:—
" At the half-yearly meeting in May last, the direc-
tors announced to the proprietary the opening of the
line between Kilkenny and Thomastown: this portion
has since then been in steady operation, and although
the receipts have been small, they have gradually in-
crewed from a weekly average of 251. in June to eV. in
October, a sum sufficient, with the rent payablelby the Irish
South-Eastern, to cover all the expenses incident to
working the line. There is every prospect of a still
meter increase in the traffic receipts, which on an insu-
lated section of only eleven miles, the directors look
upon as highly encouraging, and as a proof of
the soundness of the undertaking when it shall
be completed in all its integrity by ;its extension to
Waterford on the one hand, and its connexion with the
metropolis of Ireland on the other, by the completion of
thif line from Carlow; and here the directors have again
to express their regret at the unfortunate delay on the
pawn of the Irish South-Eastern Company, for whose con-
venience a heavy expense has been incurred, in passenger
and goods traffic accommodation at the Kilkenny termi-
nus, much beyond the wants of their own line at present,
but which they were compelled by agreement to have
ready by the Ist September in last year—two years
before there would now appear to be any prospect
of that company benefiting by it. On this subject
an extract from the report of the directors of the Irish
South-Eastern Company, to their proprietary on the
nth of September last, is subjoined:—` Agreements for
the remainder of the land are concluded; the sleepers
are in course of delivery, and there is nothing to prevent
the opening of the line to Kilkenny within Aix months
from the present time, if the directors shall be enabled
to press forward the works with vigour, and they feel
bound to add that,'quitil the whole line is opened they
cannot expect the traffic to be remunerative, or the real
value of the undertaking to be at all fairly developed.'
The directors have devoted their time, since the last meet-
ing, rather to the development of the traffic, than
to the extension of the works, but they are now engaged
in purchasing the land between Thomastown and
Knockvvilliam, with a view of extending the line in the
direction of Waterford. The directors have to report
that the Amendment Act received the,Royal Assent on
the 22d July last, and the proprietora will remember
that by this Act certain deviations ,have been authorised,
whereby improved gradients have been obtained, the
earthwork diminished, and a saving of 20,000/. effected
after paying all expenses attending the application to
Parliament; the Act also provides for the abandonment
of the Kells branch, and for an increase of capital. Being
aware of the necessity of practising economy in every
branch of expenditure, the directors have only drawn
half their salary for the last quarter, and have reduced
the general expenses of management to the lowest pos-
sible amount."
The Engineer's report stated that the goods trade is
increasing month by month, chiefly in coal, corn, flour,
and butter, and to take advantage of this more carriages
are required, for which it is desirable provision should be
made. The farmers and millers are also making appli-
cation for loading places, which appears to promise a
good agricultural trade, and which will require some ex-
penditure from time to time; bearing in mind these re-
quirements, the capital account, as respects the portion
betweeu Kilkenny and Thomastown, is open only to
such additional small works for meeting additional trade
as are shown to be likely to realise a good profit on the
outlay; and in applying the remaining capital of the com-
pany to the construction of works towards Waterford,
they may rely on the most rigid economy being exercised
on every point that is not absolutely necessary for the
accommodation of the landowners or for efficiency of the
iraffic.The receipts to Sept. 29 had been 26,6,546/. 65.9 d. and
the disbursements 219,2181. 4s. 3d.; leaving a balance of
16,1701. The revenue account from May 26 to Sept. 29,
1848,:was, receipts, including 1,3151. due from the South-
Eastern Railway Companj-. to August 31, 1848, 3,0011.
9s. 10d.; and- the expenditure was 1,6861. 9s. 10d., leav-
ing a isalanceeof .1,315/. I.
Mr. 13.vrEs said he was an original shareholder in
some or the first and oldest established lines in
the kingdom, but that he had never in the
course of his experience seen such a report
as the one the directors had presented to, them.—(Hear,
hear.) It wale a disgrace to theeboard from which it
had emanated, and proved the directors totally incapable
of conducting their affitirs.—(llear, hear.) They had
expended 250,376/.—he might say it had been squan-
dered by the directors—for which they had but 11 miles
of single line of railway, which' had cost 23,0001. a mile.
—(Hear.) Let`them bear in mind that this had taken
place in Ireland, where labour and everythinfAlse was
so exceedingly cheap. Why the Lancaster and Carlisle
had cost but 20,0001. a mile. How had that money
been expended; were the 'estimates sub4lted to public
competition, and who were the parties thafhad received
such enormous sums of money tor land? It was origin-
ally intended to have wooden rails; they had been aban-
doned. Now, he understood two of the directors were
interested in Prosser's patent. If so, he wished to know
what bestame of the 15,0001. this suggestion had cost
them. It looked very like a job. He found that 4,515/.
had been paid to the executors of the late Mr. Deve-
reaux. What was the meaning of that?
The CMAIRMAN said, it consisted of law expenses in-
curred in 1845, when a great many people were mad;
and he did ;not know that directors were :better than
shareholders.—(Laughter.) They went :to ParThament
with the sanction of the shareholders for branches, to
keep supposed competing lines out of toe way.
Mr. BAT'ES said great expenses had been ;incurred
since the line had been opened,:eighteen weeks ago.
They had received 6481. from passengers (about 361. a
week), whilst the working expenses had cost them
1,6861 Bs.. or. 94/. a week.—(Hear.) This presented
little encouragement to them to go to Kilkenny, and he
therefore thought they could not do better than break
up the Company and divide the assets.—(Hear, hear.)
he directors said they had of late received but half their
allowance. When the directors of one of the largest
companies in the kingdom had given up their allowance,
he thought it would have been but fair to the share-
holders, who had been such great losers, if they had
declined to taks any money.
The CHAIRMAN said the directors had done their best
to promote the benefit of the company, he should not
answer the aspersions which had been cast upon the di-
rectors by Mr. Bates.
Considerable discussion here en sued with respect to
the accounts, and as to what course should be adopted,
in which Mr. Fagin, Mr. Wills, Mr. Franklin, Mr. Ca-
veils, Mr. Tadbton, and others took part, in the course
of which it was elicited that the Irish South-Eastern
owed the company 1,315/. for rent, and that they were
bound to pay that sum continuously by Act of Parlia-
ment. That' Mr. Valentine's estimates were:far below
the mark, and that they would have on his estimates
only have had sufficient capital to carry on the line to
Knockwilliam, leaving about fifteen miles. The direc-
tors had, in fact, been misled; they must therefore seek
powers to increase the capital if the line was to be com-
pleted.
air.
- AGIN suggested d
....(etherast.)they should sell the line to
the best customer.
The CHAIRMAN said, leo,oool. additional capital would
he required. When the line was complete he had no
doubt of the ultimate le. ttits • They had expected that
the Irish South-Pewter: wouldhave run over the line
long before this. That line would not be in a condition
to do so for six mouths.
aiese were contingencies
against,—(bear.)
which they could not provide a'g
Ceptain Mooasom (the engineer)
said
he represented
surprisedreh at the
40,000 i. in the company,. end
proceeds of
since
desponding statements of some of the sps.
alter carefully examining the likely
line, he had come to the opinion that it would
reaolfi the
fair profit. If the shareholders did not pay their calls, and
aa
a bitterness of feeling existed in the company
they
could not expect to realise so much. The London and
Birmingham for instance, and ocher great lines, did not
pay when but portions of them were opened.
'The Lancaster and Carlisle (the linesa alluded
to by Mr. Bates) was originally made as a
single line, and it was made very cheaply as
there was no lack of money. In this line the contracts
had been let very advantageously to small contractors, to
whom they had to pay ready money; but if they could
not do this they would have to place themselves in the
hands of the large contractors. They laboured under a
disadvantage in not having shareholders who could pay
their calls. The original estimated cost for stations,
pertnaaent way, land, and compensations was 16,500/.;
but what he had mentioned had served to increase the
amount. The contracts w ere all put up to competition.
The increase of the traffic was very encouraging.
After much discussion,
Mr. ettiees proposed the appointment of a committee
of aye shareholders to investigate the accounts, end
their affieirs and prospects generally, and to report
upon them.
This was accordingly done, and the meeting was ad-
ourned until the second Wednesday in January, on the
understanding that no calls should be made in the mean-
time.

Tam WEATHRR.—Since our last, we have had
some fine weather with mild temperature for the season.
There was a slight frost on Sunday morning ; sand that
day, Monday, and yesterday, were three tisfine days as
we remember to have experienced in November. Mn.
Monday evening, the wind rose, and about ,eig4,o'clock
heavy rain fell, and there were showers et intervals dur-
ing the night. The wind has been S.W. dAnOhe last
,
three
e: re: days, and the temperature has not fane older than
.grees Fahrenheit. There wereitneite ographic re-
ports of the weather yesterday,—MX Guardian.

THE S(J N,

PROPOSED MEXICAN TARIFF.
Whether the proposed Mexican tariff will ever be
carried out, and this is a point upon which parties writ-
ing by the last steamer from the United States somewhat
differ, must greatly interest our manufacturing commu-
nity. The balance of opinion is in favour of its probable
adoption, if the Mexican Government really feels dis-
posed to push it. To give the whole of the intended
law, as it appears in the Mexican official journals„would
take up too much of our space, and we therefore avail
ourselves of a very slight but important synopsis of the
Bill opportunely to hand. The ports of entry are in-
tended to be— _ _

ILI the Gulf of Mexico—The mouth of the Rio Grande,
Tampico, Vera Cruz, Tabasco, Campeachy, and Sisal.
In the Pacific—Huatuleo, Acapulco, Manzanillo, San
Blas, and Mazatlan.
In the Gulf of California—Guyamas.
Then follows a list of places which are only open to
coastwise trade.

For the due collection of the revenue a steam-boat is
to be built for every port of entry, the expense of which
is to be defrayed out of the revenues of the customs.
The following articles are admitted in the ports of
entry :—Cetton, ginned or in seed, brass wire, swords
and muskets, cast nails of every description, articles of
tortoiseshell and buckhorn made entirely of those ma-
terials, cotton twist of every kind and colour, cotton
thread for sewing of every kind and colour, thread plan-
chado, thread of linen and cotton mixed, fine soaps,
playthings of every description, wood of every kind,
common or fine; powder, flue and common; fixtures of
cotton of every kind, pure or mixed.
The articles of which the importation is permitted,
will pay the following duty :—Raw cotton per cwt. gross,
2 dunk. 50e.; wire, per 100 lb., 3 dolls.; swords and
common tire-arms, 4 dolls. per 100 lb. gross; cast nails,
2 dolls. per 100 lb. gross; tortoiseshell and buckhork
manufactures, 12 dolls. per 100 lb. gross; all articles of
false jewellery (tiraduria), 62ic. per lb. net; unbleached
cotton twist 12fic. per lb.; white cotton twist, 18c. per
lb.; coloured twist, 25c. per lb.; sewing cotton of all
colours, 75c. per lb.; thread planchado of all colours,
1 doll. per lb.; thread of linen and cotton mixed, 750.
per lb.; fine soap, 10 dolls. per 100 lb.; playthings (toys),
12 dolls. per 100 lbs. gross; wood of every description,
14 per cent. on the value of the invoice; lard iu the I
State of Tabasco, 20 per cent. on the invoice cost;
powder, coarse or fine, 3 dolls. per 100 lb.; textures of ;
cotton will be 6 cents. per square yard.
Art. 14. The duty on other articles will be reduced 50
per cent. with the following exceptions :—Goods of silk
and a mixture of silk will be entitled to only 48 per cent.
diminution; chrystal and glass will also enjoy the reduc-
tion of 60 per cent. dis.
The export duty on the precious metals will be as
follows:—Gold, coined or manufactured, 20 per cent.;
silver, coined, 3} per cent.; plate, stamped, 44 per cent.
" Copells."

The circulation duty of money is reduced to 2 per
cent. payable on entering the port.
The import duty will be payable in cash, allowing
thirty working days for the landing and examining of
the goode:.

Art. 19. The Government is prohibited from drawing
any orders on the custom-houses for duties already due,
or about to become due. The treasurer general or ad-
ministrador of the custom-houses, who transmit these
orders, or the administrador, comptroller, or other
officials who should obey them, will be deprived of their
employment, and brought before a court of justice.
Art. 22. The Government will publish this law within
thirty days from its date, making such alteration in the
management and accountability of the custom-houses as
way be necessary, without altering the spirit of this law.
This law will go into operation on the day of its pub-
lication at the capital, and vessels arriving will settle
accordingly.
. _

Art. 24. Neither the tariff nor those articles which
remain in force of the tariff of 1845, can be altered nor
modified, except by a special Act of the General Con-
gress:

While upon this subject, we may mention, for the in-
formation of merchants generally, that the Mexican
Treasury Department has issued a circular to the follow-
ing effect :—" That those interested in prohibited goods
introduced into Vera Cruz, Tampico, Matatnoras, and
other ports, before the 30th of August, (when the three
months designated by prior Treasury orders, allowing
such goods to be re-exported, terminated,) may still
leave their goods in the custom-house stores until Con-
gress acts finally upon the removal of some prohibitions,
as suggested by the Government. But the Government
is in no way to become responsible for any damage such
goods may sustain, the parties interested, and the cus-
tom-house officers being allowed to take such precau-
tions against damage as may be just and expedient.
The holders of Mexican bonds will be much interested
in the result of all these proposed changes.