The Sun.
London, England, 1860-10-11 00:00:00

LONDON-BRIDGE TERMINUS 110 TEL

CO3II"A2VE

A special meeting of the proprietors of this com-
pany was held yesterday at the London Tavern, for
the purpose c'f considering the propiiety of dispos-
ing of the present site of the proposed hotel, or at
once proceeding with the building; Dr. Challice,
the chairman, presided.
The notice convening the meetina, having been
read, and the seal of the company having been
affixed to the registry of shareholders,
The CHAIRMAN said this was the first oppor-
tunity the directors had had of explaininc,
shareholders the position of the company,to the
and
therefore he would give them a short history of
their progress. When they first started the com-
pany they were led to believe that the Brighton
Company would assist them, and give them permis-
sion to have access from the hotel to the platform,
but when they served their parliamentary notices on
the'various parties they found that they were to be op-
posed not only by the B righton ,but by the South- Eas-
tern Railway Company also. They got their bill into
the House of Lords but it was thrown outon a technical
objection. They subsequently applied to the magis-
trates at the Surrey sessions, and obtained permis-
sion to block up the Broadway, provided they
opened St. Thomas's-street to the public ; and that
having been arranged they were threatened with
still further legal proceedings by the railway com-
panies. Under these circumstances it would be for
the shareholders to decide whether it would be wise
to prosecute their plan and incur further legal ex-
penses. Since this project had been started other
circumstances had arisen which had made an im-
portant change in the state of their prospects. The
London, Chatham, and Dover Company had ob-
tained a bill to carry their terminus to Farringdon-
street ; the South-Eastern had obtained powers to
carry theirs to Charing-cross; and the London and
Brighton had opened theirs at Pimlico,where there
was a large hotel in course of erection. These, it
was thought, would so divert the traffic that it was
not advisable to proceed any further with the hotel.
Several shareholders had written to him to say that
if the Brighton Company would give a fair price
for the ground it would be better to let them have
it and abandon their project. The directors ac-
cordingly opened negotiations with that company,
and had received an offer of £30,000 for it, includ-
ing the £5,000 the hotel company had paid to the
St. Thomas's Hospital as caution money. Nego-
tiation were progressing satisfactorily until Mon-
day last, when the directors of the railway desired
to be released from the necessity of building the
hotel, as they would be bound to do by the agree-
ment under which the land was granted by the go-
vernors of the hospital. This difficulty could be over-
come provided the railway company would capi-
talise a sum that would yield a revenue of £750
a year, so as to secure the ground-rent to the hos-
pital. The directors of the railway company would
meet in a few days, and they would then decide
whether they would comply with that condition.
Until their decision was known nothing could be
done, and he should therefore have to move adjourn-
ment of the meeting till the 2d of November. If
the sale took place the shareholders would have the
option of receiving back their money intact, or still
prosecuting their scheme on another site. If they
chose the latter course there was a piece of ground
contiguous to the one they were giving up, which
could be had for a sum that would leave a consi•
derable balance to go towards building the hotel,
and it was part of the agreement with the railway
company that they should have access to the rail-
way platform for foot passengers—a privilege that
was worth 15,000. He then formally moved the
adjournment of the meeting till the 2d of Novem-
ber next.
Mr. ILawKiss seconded the motion.

Mr. KINTREA said, notwithstanding the discou-
raging circumstances just narrated, there was
nothing, in his opinion, that ought to induce them
to abandon the scheme, and he trusted it would
yet be carried out on the new site. He wished to
know what their expenses hild been up to the pre-
sent time.
The CHAIRMAN said their outlay and liabilities
to the present time amounted to £29,639, including
the £5,000 caution money.
The motion was carried unanimously.

A cordial vote of thanks to, and confidence in,
the chairman and directors having been carried, the
meeting separated.

THE _RAILWAY 111AREET.

The railway market remains intrinsically sound,
and, as its steady recovery throughout the year has
been attributable solely to the extension of com-
mercial traffic, which seems destined to go on in an
increasing ratio, there is little reason to apprehend
any material reaction, whatever may be the state
of the money-market. Looking at the prices cur-
rent at this moment, in comparison with those
prevalent on the Ist of January last, it may be as-
sumed that there has been an average augmenta-
tion of nearly 5 per cent. in the value of the railway
property of the country, or a total of more than
£15,000,000 sterling ; and this result becomes more
striking when it is mention that Consols during
that interval have undergone a fall of nearly 2 per
cent., and that the weather throughout the entire
period has been the worst ever known. As a decline
of 2 per cent. in the British funds would represent
about £16,000,000, it may be calculated that the
nominal loss in that respect has been exactly coun-
teracted by the opposite movement in railways.
With regard to the changes in different invest-
ments, such as those of a miscellaneous character,
the fall in some descriptions has also been about
balanced by an extraordinary advance in others.
Thus while many kinds of foreign stocks are lower,
and also nearly all classes of shares in speculative
undertakings, there has been an unexampled re-
bound in the principal United States' railway secu-
rities, and especially in those most largely held on
this side. In the securities of the Erie and Illinois
Central lines our capitalists were embarked to the
amount of several millions. The shares of the first
have advanced from 11 to 41, and of the latter from
38 discount to 18 discount, while in the mortgage
bonds of both undertakings the recovery has ranged
from 10 to 15 per cent. On the other hand, our
commitments in our own American possessions
have gone from bad to worse, and Grand Trunk of
Canada shares, which stood at 421 at the beginning
of the year, are now down at 261, while in its pre-
ference and debenture stocks there has been a fall of
between 25 and 30 per cent. How much this fall
would have been increased but for the favourable
Canadian harvest and the visit of the Prince of
Wales must be matter of conjecture. Happily, the
shares of the other large Canadian line—the Great
Western of Canada—have not suffered any fresh
decline, but are now at a point slightly above that at
which they stood in January. With regard to the
English railway companies, it is to be remarked that
notwithstanding the great prosperity they have
shown on the average, there is abundant evidence of
the drawbacks they have had to encounter from the
weather. The instances in which a great rise has
taken place have almost all been in connection with
the commercial districts, while those which depend
a
upon casual pleasure arrangements mostly sdhafwrom
decline. While Midland Stock has advanced from
110 to 130, the Great Northern from 107 to
" 6 thethe
Manchester and Sheffield from 39 to 48,
Lancashire and Yorkshire from 100 too_lll2Bl,' and
of
and the
the Brighton has declined from 115nt 1
Counties also
Dover from 85 to 84. The Eaatstaers
that company
has fallen from 581 to 53i depreciating its stock
has a peculiar power ofno solution of a
under all circumstances,
com-
mercial or meteorological character need be sought
1r Indian lines of all kinds
with respect to it.
have likewise fallen, but in that case also there is an
exceptional explanation from the want of a definite
and vigorous system of Indian
froth the
finance.r Onehtahnegwehsooler
the conclusion to be drawn
prices of all sorts of securities during the present
year is that it is safe to place reliance on the com-
mercial
progress of the country, and that enter-
prises really based on national wants may steadily
value, while Consols,which have usually
i m
beenpr ot vhe i n
e
test by which the quotations of all invest-
ments have been regulated, may, during the same
period, from political and other causes, experience a
decline.—TinesCity Article.

THE NEW ACT ON NAVAL —l5--- -
ISCIPLINE.—The Act
to amend the laws relating to the government of the navy,
which was passed at the close of the late session, will not
come into operation until the Ist of April next. The pre-
amble states that it is expedient to amend the laws relating
to the government of the navy, whereon, under the good
providence of God, the wealth, safety, and strength of the
kingdom chiefly depends. The Act is divided into seven
parts. Public worship is to be properly conducted in all
ships of war, and the Lord's-day is to be observed accord-
ing to law. Penalties are to be imposed for misconduct in
the presence of the enemy, for neglect of duty, for mutiny,
and for insubordination, as well as for desertion. For ab-
sence without leave an offender may be imprisoned for ten
weeks, with or without hard labour, or such other punish-
ment as the circumstances of the case may require, and for •
flit a sum not exceeding two days' pay, exclusive of all
charges of apprehension, and in addition for every twenty-
five hours of absence a sum not exceeding six days' pay,
and any person may be deemed to be absent without leave,
notwithstanding his absence may not have been voluntary,
btit may have been caused by imprisonment under a com-
mitment for an offence against the law ; penalties are to be
enforced for profane swearing and other scandalous action s
in derogation of God's honour and corruption of good man-
ners with dismission from the service. Other offences are_e
described, and the punishment to be inflicted, as also.
the
constitution and proceedings of courts martial.
i,aZytuh;
persons are insane at the time of the offence 's)
are to be kept in strict custody, and the Lords a t
hnegAd-
her
miralty are to give orders for their safe custody
tli
Majesty's pleasure. Another portion of the Act has r.efer-
ence to penal servitude and ptison •
g to be stopped. This
ment of any person the p
Act repeals the whole a-nacl an
partsdlVroactaes several,..n statutes
dip g
liicom-
mencingh with the 22d George P. 6.57 auct
the 16th mad 17th of Victoria; cap, 69.