The Sun.
London, England, 1869-01-26 00:00:00

TRADE AND FINANCE.

The most important feature of the week in the stock
markets has been the announcement of a dividend of I,k
per cent. on the ordinary stock of the London, Brighton,
and South Coast Railway Company, an event not alto-
gether unexpected, but one scarcely anticipated. This
magnificent property, which at one time was returning
a fair dividend to the proprietors, was brought to the
verge of ruin by the operations of lawyers, engineers, and
others interested in the starting of competing lines.
Eighteen months ago bankruptcy appeared imminent.
The actual liabilities of the company on capital account
at that time amounted to £3,200,047, and their credit and
resources were so completely exhausted that the
directors found it impossible to renew the deben-
tures falling out at 5 per cent., or, indeed,
at any price. This failure put a total stop to the financial
operations of the company, and a complete exposure of
the state of affairs was the result. It soon appeared that
the company had been ruined by extravagant expenditure
on lines that afforded but little chance of success. The
endeavour on the part of particular companies to
monopolise certain districts, with the view of pre-
venting competition, seems to have been particularly
grateful to the vanity of the directors, but proved in the
end extremely disastrous to the pockets of the shareholders.
In the case of the Brighton line, however, these proceed-
ings came to an end, although not before very extensive
damage bad been done. The directors speedily re-
traced their steps. The " capital account " was
closed, or rather kept open only for legitimate
purposes, and many of the proposed lines were abandoned.
By judicious management and careful expenditure, the
directors have succeeded in redeeming the honour of the
company, now so long in pawn, and it is stated that the
whole of the Four-and-a-Half per Cent. Debenture Stock,
authorised by the meeting of the 30th of July last, has been
taken up, and no difficulty is now experienced in renewing
terminable debentures at a still lower rate of interest, so
that all liabilities in respect of capital are amply provided
for. It must be noted that the results have been attained
without any fresh creations of capital.
The present accounts are the first published in the forms
prescribed by the recent Regulation of Railways, Act
and will tend to dispel much of the confusion which for-
merly existed in the minds of the shareholders with regard
to the condition and prospects of their property. It is
now compulsory to stay the actual condition of the
revenue and capital accounts, and the various items insisted
upon will go far to prevent any tampering with the
accounts, except by the most experienced and practised
hands. Another important feature is the fact that the
directors are obliged to state the estimated cost of lines in
course of construction.
The official liquidators in Overend, Gurney, and Com-
pany (Limited) have issued a circular, from which it
appears that they have been enabled to obtain advances
on the securities in their possession, and they will there-
fore be enable to meet the promissory notes falling due in
March next. This will necessitate another call of £5 per
share, leaving a further liability of £10; and the liquidators
openly hint at the fact that a further call of some amount
will be required in August to meet the promissory notes
falling due in September. The fact of the refusal on the
part of the banks to advance money upon them speaks
volumes as to the class of the securities in the hands of
the liquidators, and it requires no spirit of prophecy to
foresee that " 0 verend's—in liquidation " will long con-
tinue to exist, and that the greater part of the " securi-
ties" will take years to realise, if, indeed, they are ever
recovered. The present call is estimated to produce half
a million sterling, and it is hoped that part may at some
future time be returned to the shareholders, a matter
about which we have the gravest doubts.
Trade generally has been quiet, and notwithstanding
the abundance of money, there is very little evidence of
any great speculative movement Wheat has declined
from 3s. to 4s. per quarter, but the fall is more apparent
than real, as the condition of the produce is much affected
by the recent unfavourable weather experienced, and the
deterioration in quality is, in many instances, very con-
siderable. Metals have ruled very active ; and English
tin, which advanced £l4 last year, shews a further improve•
meat of £4 to £5 since the Ist of January.

With regard to the wine trade, Messrs. Stallard and Smith
observe : " From Oporto we learn that the wines of last
year are progressing favourably, and although limited as to
quantity are likely to prove of good average quality. Great
care will be necessary in selecting the wines for shipment,
as many were spoilt by the rains falling at the time of
gathering ; we are by no means disposed to take the
gloomy view that many do of this branch of our trade, as
although it is true that the public taste is altered, so far
as high-priced old bottle wines is concerned, still there is
an evidently growing demand for wines well matured in
wood. The total quantity exported from Oporto last year
was 37,725 pipes, of which quantity 27,020 pipes were
shipped to the United Kingdom."

The London correspondent of a provincial news-
paper states that the completion of the agreement between
in
the State and the Telegraphs Company, which was
jeoparday a few weeks ago, is now placed
s a lr cecebLyeornodfordooninbta,
and Mr. Scudamoro's magnificent schem
fair way to be realised, to the groat benefit of the general.
public.
to a a visit to
baanllqpureotbainbility
his Excellency will be entertained
the
oofhnmsoannehheasstearccepptyed the in-
vitationrrhe Ho
fotnh'e RC
oerpv eorrda oration o nj
s..t aln
the city in the last week in February.
Town-hall, by the Corporation, on Thursday, the 25th of
February, and that an address from the City Council will be
presented to Mr. Johnson on the morning of the same day.
Herr Carl llause, whose exquisite performance on
the pianoforte gave so much pleasure last season, an-
nounces that he will give a concert at the Queen's Concert
Rooms, Hanover-square, on Thursday evening, February
the 4th at eight o'clock.
[NDVERTISEMENT.)-11.eneeorth no one will doubt the valuable
properties of Du Barry's health-restoring Revalenta Arabica
Invalids' and Infants' Food, since to the thousands of blessings
it has already received from Invalids whose position had been
deemed hopeless, we may now add that of his Holiness the Pope,
whose health has been perfectly restored by it after thirty years of
unsuccessful medical treatment. We quote from the "Gazette du
Midi," July 25th :—" Rome, July 21,1666. - The health of the Holy
Father is excellent, especially since, abandoning all other reme-
dies, he has confined himself entirely to Du Barry's Revalenta
Arabica Food, of which ho consumes a plateful at every meal.
It has produced a surprisingly beneficial effect on his health, and
his Holiness cannot praise this excellent food too highly." We
extract a few out °fin )re than 68,001 cures:—Cure No. 58,216, c f
the Marchioness (1 Brehan, of seven years liver complaint
wasting away, debility, nervousness, with a nervous palpitation,
all over, bad digestion, constant sleeplessness, and the most in-
tolerable nervous agitation. Cure No 1.771: Lord Stuart do
Dccies, Lord-Lieutenant of Waterford, of many years dyspepsia.
No. 49,832: "Fifty years' indescribable agony from dyspepsia,
nervousness, asthma, cough, constipation, flatulency. spasms,
sickness, and vomiting —Maria July " Cure No. 46.270: Mr.
James Roberts. of Frimley, Surrey, of no years' diseased lungs,
spitting of blood, liver derangement, and pariial deafness. Im-
portant Caution—Beware of the many unsavoury and more than
sloppy imitations to which, without authority, Baron Liebig's
name is most audaciously attached.
In tins, at Is. 10.; 1 lb. 2s. Od. ; 2 lbs. 4s. 6d.; 5 lbs, lls.; 12 lbs.
225. ; 24 lbs., 40s.—Also Du BARRY'S REYALENI A ARADICA CHOCO-
LATE POWDER is packed in tin canisters; for 12 cups at 25., for 24'
cups at 3s. Cl., for 48 cups at es., for 288 cups at 308., for 575 cups
at 55s.—being about one penny per cup. The 308. and 55s tins
are sent free of carriage in England on receipt of Post Office
Orden—BAßßY DU BARRY and Co., No. 77, Regent-street, Lon-
don; and all Grocers and Chemists.

G ()BE THEATRE-ROYAL.
St,le Proprietor awl Manager, Mr. Sefton Parry.
. _

At 7, A HAPPY FAMILY. 7.30, CYRIL'S SUCCESS. 0. 0,
BROWN cND THE BRAH3II S: Messrs. Marshall. Warner,
David fisher. Andrews, Hurlston, and T. Clarke: Mesdames C.
Thome, L. Morgan, Brennan, Fountain. Amok], Henrade, Be-
rend, Hughes, and St? h p ens.

,GEORGE'S THEATRE (ST. GEORGE'S
hITALL).—Great Success of SARDANAPALuS.
The tieveDrama SAVED, and the original Ninevitish Burlesque
of SARDANAPALUS (received with roars of laughter and ap •
plAuse). Every Evening (except To Night,) at half-past 7.
The best Shilling Pit in London.
Morning Performances on Thursday, Jan. 23, and Saturday,
Jan 30, at Two o.m. Preceded by a Farce

(Z AVE]) AND SARDANAPA LUS.
S TITIMAY, January 3 th, will be p sitively the Last
Night:B per:,rmance of these immenEeiy successful pieces at
St. George's Theatre, prior to their repro,luction with entirely
new Scenery and increased e'sge conren:articulars of
1Y !Ilea will be Ft hortly aunouncecl, enc.e, p

ROIAL AMPHITHEATRE AND CIRCUS,
TIOLBORN.
Continued Changes. Yew Pri7ramme every Evening. Ad-
ditional artistes. New Acts anal Presh Novelf;es. Signor CAS-
TELLOTTI in his thrilling and wmaralleled Ladder Act, an I
signor LEMON I, the Elastic Won ler, every evening. Increased
attractions in the perform trice of the Ore.tt CARVE Troupe,
introducing Tarr C6car Cerre and his magnificent stud of Fifty
Pcrforrning Horses. 'I he laughter provoking Clowns, Burgess
um! Loyal, in a series of whiinsicalities, novel and new. In ad-
dition, a spectacular bit of Pantomimic Extravagance, entitled
TIIE M A RVEL. OF ELECTRICITY, in which the whole
strength of the establishment will Like part, besides 250 troops
ani beautiful ponies. Doors open at Seven, commence at half
past. Morning Perflrmancos Monday, Wednesday, and Satur-
day, commencing at lialf-past Two.

"SUN" NE WSPAPER.--G. R. GLENIE,
it Sporting Library, 4, Connaught-terrace Edgeware-road,
Jelivers the LATH:feDITION of "THE SUN" at the earliest
possible moment after leaving the press. He is able to deliver
Jopies in Town, the Suburbs, and in many parts of the country
at a comparatively early hour the same evening, say 40 miles by
9.45 o'clock

Orders by pos punctually attended to;