The Sun.
London, England, 1867-07-26 00:00:00

THE RAILWAY COMPANIES RILL.

A meeting of railway directors, shareholders, and
creditors, convened by the committee who a few
weeks ago organised an opposition to the passage of
the Railway Companies Bill, 1867, through the
'louse of Lords, grounded on certain objectionable
enactments, including ono which proposed the com-
pulsory sale of railways, was held yesterday after-
noon at the London Tavern, under the presidency
of Mr. J. D. Delahunty, the chairman of committee.
The CHAIRMAN congratulated those present upon
the fact that the clauses objected to in the bill
had been withdrawn. The bill as amended by the
House of Lords and published on the previous
day, had nothing whatever objectionable in it; in
fact, he thought, as it stood, it was a bill
that would be very useful to railways, and it
was very gratifying that the Lords' committee had
responded to the general expression of opinion that
had been given in reference to the compulsory
clauses. At their last meeting a deputation was
appointed to wait upon the Duke of Richmond, the
President of the Board of Trade, and during the in-
terview, at which Mr. Cave, the Vice-President,
was present, they submitted a statement embodying
the resolutions carried at the meeting, and also the
following :--" That the deputation now submit that
the passing of the compulsory sale clauses of the
Railway Companies Bill, 1867, would effect the
confiscation of millions worth of property now be-
longing to shareholders and creditors in railways.
That this would be done by a complete and total
subversion and alteration of the laws upon the faith
of which the public invested their capital and sav-
ings in such property. That this alteration and
change in the laws is being carried out without
giving the parties vitally interested any sufficient
time and opportunity to consider the measure so
injurious and detrimental! to their interests. That
capital has been embarked in railways by share-
holders and creditors, upon the faith of legislation
well considered and defined, whereby each class
were secured the income of the property in such
priorities as were understood and agreed to by all
parties concerned. That any legislation to secure
effectually and undoubtedly the rights and priorities
contemplated by existing laws the shareholders are
most anxious and desirous should take place. That
a compulsory sale of a railway must end in the sacri-
fice of the property, inasmuch as its intrinsic value
is too great for ordinary and legitimate competition,
and that consequently, there being no purchasers,
the line must be sold to some party at a price much
below its real value, and in many cases not realising
an amount even sufficient to pay the creditors of
the company. That this was the result of the only
compulsory railway sale that has ever taken place,
viz., that of the Bagnalstown, New Ross, and Wex-
ford line, which costing over £220,000, or £lO,OOO a
mile, was sold for £25,000, or £l,lOO a mile--less
than the price of the rails and sleepers—and the net
amount, after expenses, being only £B,OOO, not more
than four per cent. of the capital invested, or 15
per cent. of the mortgage debts of the company.
That parties have invested their capital in railways
on their faith and security of the present laws, and
any alteration therein whereby that capital is sacri-
ficed and destroyed is a cruel and grievous wrong to
thousands, and is calculated to prevent all future
enterprises for developing the resources of the coun-
try from being assisted and supported by the sur-
plus earnings and wealth of the people." The Chair-
man said that the result of their efforts, and those
of the public press, had eventuated in the success of
their movement, and in the withdrawal from the bill
of every objectionable clause. That being so it
would not be necessary for them to take any further
action. At the same time it showed that if railway
shareholders wished to combine to save their pro-
perty and make it profitable and advantageous they
could get proper legislation to do so. Ile asserted
that the Government and Parliament victimised
shareholders by limiting the charges on one hand
and the dividends on the other, and said that the
Government ought to give them some compensation,
which they could do by sustaining the borrowing
powers of the railways.
Mr. llEttErATit thought the bill was now not only
unobjectionable, but beneficial. It had passed through
the Commons in a most mysterious manner, and
they had reason to say, in this instance, " Thank
God, we have a House of Lords !"
The following resolution was than unanimously
agreed to :—" That the withdrawal of the compul-
sory sale clauses from the Railway Companies Bill
by the select committee of the House of Lords is
most satisfactory, and we now declare that the bill
as it stands is unobjectionable."
Mr. J. ASIIBURY, a holder of £150,000 of rail-
way stock, and a railway director, expressed his
opinion that the bill, if unamended, would have
been most disastrous, and that it would have ren-
dered his 'holding comparatively valueless. A friend

of his, a member of Parliament, was amazed at the
mysterious manner in which the bill had passed
through the house, and he (Hr. Ashbury) did not
know who was more to blame, the House of Com-
mons, for having passed the bill, or the shareholders
for having shown such extraordinary apathy as they
have appeared to have done.

A cordial vote of thanks was then passed to the
chairman, and the proceedings terminated.

IREL AND,

.0^

DUBLIN, July 25.
Tha Lord. Chief Justice, in his address to the
King's County grand jury yesterday, noticing the
fact that he had met only two trivial cases of
Fenianism on the circuit, deprecated the making of
exaggerated statements with respect to the dis-
affection of the peasantry. It is a most unjust
aspersion to say that disaffection exists in a county,
though it has not been manifested. It is absurd
and illogical to say that the people would have
joined in an insurrection if they had an opportunity
of doing so. Capital is very sensitive, and is driven
away by such statements.

Two or three years ago a gentleman named
Harvey Wadge came to Dublin, and devoted him-
self with great energy to the development of the
industrial resources of Ireland, which he said were
magnificent, but unaccoautably neglected. All that
was needed to make the country prosperous was
capital, directed by intelligence. Happily, Mr.
Harvey IVadge was a gentleman who felt a deep
interest in our people, and he had an unlimited
command of capital, being a large proprietor of
English mines, and having, though a young man,
realised an immense fortune. What Ireland wanted,
therefore, said the press, was more Wadges. He
established a company and set a factory going in
the neighbourhood of Dublin.. He established an
industrial magazine to make known the wants of
Ireland on the one hand, and its latent wealth
on the other. After a few mouths the magazine
suddenly stopped, but this was because the object
for which it was started had been effectually ac-
complished during its brief and prosperous career,
and Mr. Harvey Wadge found that the time and
attention it required must be devoted to schemes
of a higher and nobler character. In the mean-
time his entertainments were in a style of splendour
almost unparalleled, as became a millionaire. His
house was furnished in the most costly manner, and
his taste was the theme of general admiration. He
had in his cellar a quantity of the choicest vintages,
which he declared to be 100 years old. Marbay, the
fine old family seat of the La Touches, was iu the
Landed Estates Court, and Mr. Harvey IVadge
was declared the purchaser, making a deposit of
£12,000 in part payment. In the meantime there
were mysterious whispers in commercial circles that
all was not right, and ultimately it was announced
in the fashionable intelligence of the Dublin papers
that Mr. Harvey Wadge had left town for a short
visit to Italy, where he was required to authenticate
a signature in a will case, in which a Prince was one
of the parties. It soon transpired that this enter-
prising gentleman was not likely to return to the
country which he promised to regenerate, and many
of those in whom he inspired confidence have come
to the conclusion that it would be better without
such industrial operators to develope its resources.
This opinion will be confirmed by the following pro-
ceedings before Judge Millar in the Bankruptcy
Court yesterday. The object of these proceedings
was simply to take evidence as to Mr. Harve y
Wadge's assets in this country for the English Court
of Bankruptcy Mr. John Littledale (Littledale
and Co., of Ormond-quay) was examined. He
stated that in December last, at the request of Mr.
William Lewis, solicitor, of Nassau-street, he
arranged and carried out a sale of Mr. Wadge's
furniture and effects at Stradbrook-hall, Blackrock.
The furniture was removed for sale to the rooms on
Ormond-quay, and before the auction witness ad-
vanced Mr. Lewis £7lO on account of the sale.
The auction lasted three days, and realised, after
deducting expenses, £B5O 2s. 2d. Mr. Lewis told
witness the sale took place to pay Mr. Wadge's
debts.

Mr. Thomas O'Sullivan, foreman to Mr. Rispin,
pawnbroker, Charlemont-street, was next examined.
He proved that between August, 186 G, and Decem-
ber following, Mr. Wadge personally pledged at
Mr. Rispin's offices various valuable articles of
jewellery, including diamond lockets, brooches,
rings, bracelets, &c., upon which was lent altogether
£399. The articles, if sold by auction, ought, in
witness's opinion, to realise £lOO more. There was
about £5O due for interest on the pledge. Mr. Lewis,
accompanied by a gentleman, came three times
to see the property. His latest visit was on Sa-
turday last.

Mr. E. B. Curragh proved that Mr. Wadge, Mr.
Solume, and Mr. Lewis were partners in the Dublin
Flax Spinning Company, having mills at Chape-
lizod. Witness was manager of the mills. The
shareholders dissolved in October last, after which
Mr. Wadge carried on the business alone till the
failure. Witness remained in charge under the
order of the English Court of Bankruptcy.
,Re-
ceived some letters from Mr. Wadge since he went
away. The last was three or four months ago.
Sent his letters to his brokers in Liverpool to read
them, and never got them back. The first letter
came from Paris, the last from New York. Heard
that Mr. Wadge was in London. There was a
great deal of tattle about Mr. Wadge since he went
away, and some persons said he was :n Now York,
others in London, and others again in Dublin.
Witness's wife told him that day that she heard
that Mr. Wadge was seen recently in Dublin.
Witness would make out a list of the machinery in
the mills. There was property of Wadge's in agents'
hands, but it was all known to the assignee.

cni7 SEWERS COMMISSION.

-

The Commissioners of Sewers of the City of Lon-
don held a meeting at Guildhall on Tuesday last for
the despatch of public business. Mr. Deputy and
Under-Sheriff De Jersey presided, and the meeting
was very numerously attended.
Mr. J. E. SAUNDERS, ono of the representatives of
the City at the Metropolitan Board of Works,
attended in his place and explained that that board
had decided not to contribute towards the cost of
the improvement contemplated by the commission at
the bottom of Ludgate-hill. It may be remembered
that at a previous meeting Mr. Haywood, the engi-
neer to the commission, brought up a plan and sug-
gested the formation of a circus at the junction of
Ludgate-hill and Fleet-street, and the proposal was
very generally approved of by the members. It was,
however, decided before taking any steps in the
matter that the Board of Works should be communi-
cated with and asked to contribute to the improve-
ment, which it was first intended .to carry out on
the eastern or Ludgate-hill side. Mr. Saunders
stated that that board had decided at its last meeting
not to make any contribution to this or to similar
large improvements carried out by the Commissioners
of Sewers, but rather to limit their assistance to
smaller improvements. Looking to the large improve-
ments required, and to the limited resources of the
City, the question became one which the Court
ought to take into its serious consideration, as a
future course of action in all these matters would
have to be decided upon.

The matter then dropped.
TILE GAS QUESTION.

Mr. J. F. BONTE3IS, the chairman of the Special
Gas Committee appointed by the Court of Common
Council, informed the Court that the select com-
mittee of the House of Commons had decided not
to proceed further with the Metropolis Gas Bill.
The reason which had induced them to come to this
decision was that the gas companies had declined
to agree to the bill unless they were permitted by
its provisions to continue the making up of back
dividends to 10 per cent. Mr. Bontems observed
that he was glad to say the chairman of the select
committee (the Right lion. E. Cardwell) had stated
that the committee would make a special report to
Parliament in conformity with their own resolutions,
one of them being that if the companies did not
agree to the bill, they would recommend to Parlia-
ment to sanction the supply of gas to the public by
the local authorities. (Hear, hear.)

A report was brought up from the Streets Com-

mittee detailing at great length the steps they ha
taken in respect of the cleansing of the streets of
the City and the removal of dust, which matters the
commission has decided to take into its own hands.

A superintendent of the wharves at the City-road
Basin will be elected at the next meeting.
SANATORY CONDITION OF THE CITY.

The medical officer of health (Dr. Letheby) pre'
seated reports of the sanatory condition of the City
during the past fortnight. He submitted a list of
houses, amounting in number to 1,179, requiring
san atory improvements, and recommended that steps
should be taken to enforce them. He added that
the inspectors of markets, &c., had condemned dur-
ing the past fortnight 5,0651 b. of meat as unfit for
human food, of which 2,7101b5. were diseased,
1,7501b5. were putrid, and the rest was from animals
that had died either from accident or disease. The
report further set forth that during the past fort-
night 90 births and 73 deaths had been registered
in the city of London, and that the mortality wag
much below the average of the corresponding period
for the last ten years. The chief causes of death
were as follow :—From phthisis 9, mesenteric dis-
ease 5, pneumonia 5, bronchitis 6, continued fever
1, scarlet fever 3, whooping cough 2, diphtheria 1,
and from diarrhoea 6 ; making together 14 deaths
from tubercal diseases, 7 from inflammatory affec-
tions of the lung, and 6 from diseases of a zyinotie
character. These returns indicated a satisfactory
condition of the public health.
A report was presented from the Finance and
Improvement Committee, recommending that an
improved line should be adopted at the corner of
St. Paul's-churchyard, whereby an increased wi lth
should be laid into the public way, and that the re-
mainder of the land should be let on building lease.
Several of the commissioners suggested that nothing
should be done until some arrangement should be
made with the dean and chapter of St. Paul's to
move back the iron railings at the western end.

Mr. F. Cox said that, as there was no probability
of continuing the improvement westward on account
of the large outlay, it would be prudent to pass the
report of the committee, it being quite independent
of any alteration that might be carried out by the
dean and chapter. As the commission would have
to pay for every foot of ground they required front
the clerical authorities, there was the more reason
they should immediatel;' utilise this corner, which
was already so costly, and which would receive Ile
vote in aid from the Metropolitan Board of Works•
Ultimately the question was adjourned to await
the result Of the application to the dean and chapter.
The commissioners subsequently adjourned.

COUNTRY MARKETS.

BRIS T OL-THURSDAY.

Scarcely any English wheat offering to-day, which tact
with a fair sale, and commanded fully 2s over Into prices.;
The best descriptions of foreign met a good inquiry, a"
quotations advanced 2s ; inferior sorts, is higher. Dario,'
largely inquired for, and Gd dearer. Oats in small supPlY7
at fully previous currencies. Indian corn in moderato
supply, and rather lower.