The Sun.
London, England, 1867-04-03 00:00:00

IMPERIAL PARLIAMENT

HOUSE OF COMMONS.—Tms DAY.

The SPEAKER took the chair at twelve o'clock.
JOINT STOCK COMPANIES (VOTING PAPERS)

BILL

The house went into committee on this bill.

Mr. D. GRIFFITH said the great object of the bill was
to enable persons to vote at meetings of joint stock com-
panies by a voting paper in preference to the system now
in practice, viz.--either in person or by proxy. At pre-
sent the proxies were sent in to the directors before the
meeting was held, and therefore the system was open
to great objection, because it nearly always hap-
pened that the proxies were used by the directors
to enable them to carry their own proposition
right or wrong. The voting paper was only to be used
at an adjourned meeting, and then the parties giving them
to their friends would be in a position to give expressicn
to their opinions after they had hoard the question to some
extent discussed.

Mr. LAWSON said the bill was altogether useless, as it
would not carry out the object of the hon. gentleman,
neither would it be of the slightest benefit to shareholders.
After a short discussion the Ist clause was struck out
without a division, and on the motion of Sir F. Goldsmid
Mr. Dodson left the chair, 'and the house resumed.
SPIRITUAL DESTITUTION BILL.

Mr. AYRTON moved the second reading of this bill.
He said when he first brought forward the subject he was
met with the objection that the bill dealt with a small por-
tion of the country in preference to the larger; and the
object of this bill was to call upon the Ecclesiastical Com-
missioners to give a portion of the Common Fund to relieve
cases of Epiritual destitution in England. As that was
objected to, ho had consented to extend his measure to the
whole of England and Wales, and that the Comthissioners
should at once bo.called upon to provide for the urgent
cases which presented themselves. The Common Fund was
made up mainly from the increased value of land and other
episcopal endowments, in comparison with what they
produced when first given to the church, and be thought
it was nothing but just that those places which had given
the wealth should have the first of the benefit. The Com-
missioners at the end of the year would come into an in-
creased income, by the falling in of the Finsbury estate, to
the amount of over £50,000 per annum; and therefore he
thought the overcrowded portions of the metropolis ought
to be well-cared for. The Commissioners, he believed,
proposed a plan of making an appropriation to all places
with 5,000 inhabitants, so as to make up the salary of the
ministers to £3OO, but he contended that the spiritual
destitution of the people ought to be cared for before the
personal destitution of the clergymen.
LEFT SITTING. I

SUPPOSED 13ICOVERTOP:i PLANET VERY CLOSE
TO THE SUN, within the orbit of Mercury. The
story is a curious one; and, says the Saturday Review, in
describing it as follows :—lf Vulcan eventually proves to
be a reality, it will form one of the most ex .
traordinary instances of astronomical discovery effected
by a humble individual and by the rudest instru-
ments. In the year 1859, Le Verrier laid before the scien-
tific world his opinion that an error in the assumed
motion of Mercury might be accounted for by an unknown
body within the orbit of that planet, disturbing him by its
attraction. On this being made public, a humble country
physician of Orgores, in the department of Eure-et-Loire,
in France, a certain M. Lese,arbault, came forward and etated
that on March 26 of that year he had observed a transit of an
object across the Sun's disc, which he thought might be a
planet. He gave as his excuse for not having previously
announced the fact, that he was waiting fora confirmatory
observation. This led to an interview between him and
Le Verrier at Orgeres, in which the great astronomer
alarmed to no small extent the poor doctor by throw-
ing doubts on his veracity, and on the adequacy of his
instruments. 'Tell me What you have seen." The tran-
sit was described in all its particulars. Tho astronomer
then inquired by what chronometer the times of first and
lastcontact had beennoted. To Le Verrier's horror audsur-
prise, the little doctor pulled out a huge old watch without
minute hands. He laughed ; the whole affair was either an
imposition or a delusion. " What, with that old
watch showing only' minutes dare you talk of estimating
seconds ?" Lescarbault produced a pendulum—an ivory
ball attached to a silken 'thread, which, when hung on a
nail in the wall, beat seconds. Rude instrument enough !
But how had the doctor counted the seconds? There was
no difficulty ; he was accustomed to feel pulses, and to
count their pulsations; and he did the same with his pen-
dulum.. The telescope is then produced, and declared
satisfactory. But now for the memoranda. The paper,
covered with grease and laudanum, is drawn from a recess.
qhe Orgeres' physician is at last caught in his own trap ;
the whole story is a fabrication; there is a diffe-
rence of • four minutes of time between the memo-
randa and Lescarbault's letter. How dare he play such
tricks on the scientific world? The physician explains .
that the difference is between the mean time of his watch
and Sidereal time. Le Verrier becomes more courteous,
and begins to believe ; the telescope is produced by which
the old watch was regulated to Sidereal time ; and the
doctor's sbry is now becoming more satisfactory and
consistent, even to the account he gives, how, being
short of paper, he made his calculations on a plank
and, in order to make way for fresh ones, planed off the
old. The savant is satisfied;• he believes, congratulates
the physician on his discovery, and departs, resolved to
give Lesearbault all the credit due to his achievement, and
to make his observations the bases of fresh calculations.
It is believed that this is a real discovery, though munch
doubt has been thrown on it. Thera are several records of
spots having been traversing the sunn with a motion much
that
11the question
confirmationcan-
t)i
d than
has t
thaakte ofn
place
sui ruye
0;
it 53,
no decided
more 1
esutnhethnsiot stthcae direful searches
soefarches
enioati
yb e
Nconsidereds deeoetti ds
iedde
rebydatniteagta‘t,itiveleoaftt—thief ktihnedr,eeb&pe ea-
o bthame
V
o
lu
after his person.
uml ci
unanr; i gmust closet end tt
Tii v: BUILDING TIZADF.—The joiners and quarry-
men in Barnsley and neighbourhood have struck
work for an advance of wages and a reduction in the hours
of labour. For a considerable time the question of
and hours of labour has been under discussion, and some
ansome
few months ago the committees of both trades laid before
the masters their grievances, and -ultimately 'notices
were delivered by the men to the effect that on and after
the Ist of April the joiners wculd require ls. per week
advance and a reduction of one hour per d f
rom
ten to nine' hours—while the quarrymen required an
advance of
2s. per week. The masters held several meet-
ings to consider the demands of their workmen, and with
regard to the joiners they agreed to give the extra ls. per
week, but declined to concede any reduction in the hours
of labour ; with regard to the quarrymen, it was agreed to
advance their wages ls. per week. The latter class of
workmen held a meeting on Monday evening at the Griffin
lun, when it was resolved not to commence work again
until their demands had been complied with. The wages
of the joiners at present vary from 225. to 27e. per week
and those of the cittarryniou from 21s. to 24.5.

MAY AND OTHER COMPANIES.

ATLANTIC AND GREAT WESTERN.

A meeting of divisional bondholders in this coun-
try was held yesterday at the London Tavern—Mr.

Curtis in the chair.

The CHAIRMAN said he had been requested by a
committee of divisional bondholders to take the
chair. He had seen in the Times a statement, ema-
nating from the committee of investigation, to the
effect that the present meeting was not held with
their sanction ; that it was suicidal and mischievous,
and only calculated to thwart the efforts of that

committee. Those who acted with him felt that
something should be done at once to secure the in-
terests of the bondholders. There was $1,000,000
now due for interest to the divisional bondholders,
and in the course of a few months another sum of
$1,000,090 would become due on the coupons. If
the Atlantic and Great Western Railw2y had been
soid a year ago it would have realised 10 per cent.
more than at present, as the outlay on capital ac-
count had increased by $6,000,000 in the interval.
He urged that the sooner the line was sold the bet-
ter it would be for the divisional bondholders. (No,
no.) He contended that the line had been mort-
gaged for four times its value.. In the ten months of
last year the accounts showed a profit of $1,000,000,
while the charge against capital for maintenance,
gcc., was $1,700,000. He believed that the line had
not paid its working expenses. He was there to
answer questions and to arrive at the truth. The

large amount of the bonds and the high rates of in-
terest would be felt by some of the money lenders.
He did not see what chance they would have to in-
crease the revenue, as the trade between the west and
the east of America had been unnaturally extended,
and was uow seeking another route by water commu-
nication through Canada. lie contended that no com-
mittee of investigation could legally take the under-
taking in hand, and that Mr. Wllenry, as the largest
holder of shares, could not delegate his powers to
the committee. In reply to a queition, he stated
that he and his friends held £lO,OOO of the bonds.
Mr. HARTRIDGE said as it was only a meeting of
divisional bondholders, he protested against any other
class of bondholders taking part in the proceedings.
Sir W. RUSSELL, the chairman of the Committee
of investigation, said there should be some resolu-
tion before the meeting.
The CHAIRMAN then moved a resolution to the effect
that, in consequence of the coupons of the divisional
bonds remaining unpaid, it was the opinion of the
meeting that immediate steps should be taken for
the foreclosure of the Atlantic and Great Western
Railway, and that a committee be appointed for the
purpose of carrying out the resolution.
Mr. DUNN seconded the motion.

Sir W. RUSSELL, M.P., said he had been appointed
the other day, at a meeting of the bondholders and
shareholders, chiefly to represent the interests of the
divisional bondholders on the committee. He had
held, in the first instance, that the divisional bonds
were a first charge on the undertaking, and that
being assented to by the meeting at which the com-
mittee was appointed he consented to take office,
and he was glad to say that every member of that
committee held the same view with himself. There
was no occasion for any other movement in this
matter, as it was uncalled for, and might be mis-
chievous. Ile came there to resist any attempt of
that kind. It had neen stated by Mr. Curtis that he
and his friends represented £lO,OOO of the divisional
bonds, while the committee of investigation, of which
he was chairman, represented above £2,000,000.
Without asking for proxies they had a large number
sent them voluntarily, the senders expresing the
most perfect confidence in the committee, and at the
same time authorising them to use the proxies for
any purpose that might be deemed expedient. Ever
since the appointment of the committee they had
acted with perfect unanimity, and had already held
15 meetings during the past three weeks, each meeting
being from half-past 9 a.m. to 1 p.m. They had had
the valuable assistance of a gentleman from Hol-
land, who had gone through the accounts and re-
ports on the part of the divisional bondholders in
Holland and Germany. The committee had been in
communication with the divisional bondholders in
America, and at once got their promise of united
action so as to place the committee in the front posi-
tion. This united action immediately resulted in the
appointment of a gentleman in a very high position,
Gen. Potter, with the full concurrence of the com-

mittee, to be receiver in the interests of all con-

cerned. They thus secured the co-operation of the
trustees of divisional bondholders and other classes
of bondholders in America. In confirmation of this
he yesterday received per telegram information from
New York to the effect that Gen. Potter, a gentle-
man of high standing, had been appointed by the
American Courts receiver of the Atlantic and Great
Western Railway. By this step the protection of the
property was as far as possible assured against any
hostile action on the part of individual creditors, or
sections of creditors, and the rigles of all parties
would now be dealt with in their strict legal priority.
Mr. M'Henry had plac.xl his shares in the hands of
the committee, as trustees for him, giving them the
full voting powers. The receiver would also act as
managing director of the company. The committee
had delayed making their report until they were in
full legal possession of the line. As to the cost of
repairs and renewals of the line, it was estimated
that £150,000 would nor. be exceeded. Mr. Cyrus
Field and other American authorities who had gone
over the line had reported to the committee very
favourably as to the value of the property. Every
means would be adopted to pay the divisional bond-
holders as soon as possible; they did not intend to
ask them to hold over their coupons any longer than
was necessary to obtain the money to pay them.
They would not have to wait long, as the wish of
all parties was to pay them forthwith. fie hoped
there woull be no divisions among them, as Mr.
Ridsdale, a very large divisional bondholder, had
given his support to the committee, and in a very
short time they would have full powers to deal
with everything. There was a great deal of surplus
land and other property, which would be prepared
for immediate sale in the hope that money would be
forthcoming. The committee had engaged Mr. Tre-
vethick, an engineer OH the London and North-
Western, who was recommended by Mr. Brassey to
go to America. As they had done everything they
could since their appointment, he would ask them
to adopt an amendment he had to propose.
Mr. HARTRIDGE recommended that both the mo-
tion and amendment should be withdrawn.

The CHAIRMAN said he was very glad the meeting
bad been held ; they had heard the various opinions
of those concerned, and he was very much pleased
with the statement of Sir W. Russell. He assured
the meeting that the process of foreclosure and sale
of railways in America was much easier and more
rapid than they supposed. Ile then formally gave
the committee 60 days' notice that he would require
some satisfactory information as to the payment of
the coupons by the end of that time. He had known
of the sale of nine or ten railways in America in a
very short lime.

Mr. CAVE, M.P., said he told the meeting when
he was elected that the committee wouldleal possession
leakages
attend to
four cardinal points—first, to obtain
of the railway, to stop the
ong the line, to
could, get all the money they and to distribute it in
accordance with strict legal priorities. Letters of in-
struction had been sent out to the officials, and the
He believed
I 't would be
traffic was now increasing.
a most valuable railway, that the divisional bonds
were -worth par, and that the consolidated bonds
would-be very valuable.
The reaolution and amendment were withdrawn,
and a resolution expressing the entire confidence of
the ineeting in tile committee of investigation was
passed, and a vote-of than to Mr. Curtis for his
conduct in the chair concluded the proceedings.
GREAT WESTERN OF CANADA.
The report of the directors states that the aggre-
gate expenditure on capital account to January 31
amountedto.£s,3ll,2s3,lca.vingablanceof £98,869
The outlay on capital account during the half year
had been £137,689, inclnd;ng outlay on the Petrolia
branch railway, five miles in length ; extension of siding accommodation, proportion of cost of re-
Luilding in stone and iron the new bridge across the
Twenty-mile Creek at Jordan, &c. The gross traffic receipts amountedto £331,513, and thework-
ing expenses, including renewals, to £166,6;32

leaving £164,881. From this was deducted £17,498 '
for interest on. Government loan ; £32,772 interest
on bonds, &c., £48,229 loss on conversion of Ame-
rican funds, £4,109 on account of Detroit fire
claims, £643 loss on working Erie and Niagara
Railroad, and £1,596 costs in suit of Suspension
Bridge Company, leaving, with a surplus of £2,649
from the preceding half year, £62,682, out of which
the directors recommended a dividend at the rate of
34 per cent. per annum, free of income tax, and
carrying £1,129 to the credit of the current half
year. The loss on the conversion of American
funds was £48,229, against £73,317 in the corres-
ponding half of 1866. The conversions were made
at an average of 142. The gross receipts for the half
year amounted to £331,513, against £387,039, show-
ing a decrease of £55,526, but as compared with
previous corresponding half years they exhibited a
steady increase. The narrow gauge track between
Suspension-bridge and Windsor, and of the iron
ferryboat for the transport of cars across the Detroit
river came into successful operation on the Ist Jan.
The short line of five miles from Wyoming to Pe-
trolia had been taken over by the company at a cost
of £10,039, and came into full operation on the Ist
of January. The gross earnings of the Detroit and
Milwaukie railway for the year 1866 amounted to
£340,935, and the working expenses to £210,443,
leaving a net revenue of £130,492, of this £78,753
was absorbed in the payment of interest on all prior
mortgage bonds of the company. The directors
looked hopefully to the future.