The Sun.
London, England, 1867-02-20 00:00:00

THE SUN, LONDON, WEDNESt)A►Y EVENING, FEBRUARY 20, 1867

Railway and other Companies

NORTH-EASTERN.
Yesterday the half-yearly meeting of this company
was held in York ; Mr. 11. L. Thompson, the chair-

man, presided.
The report, an abstract of which has appeared in
The Sun, was taken as read.
The CHAIRMAN said, in moving the adoption of
the report, that they had had an increase in the
gross receipts of £48,462 ; but that, on the other
hand, the balances available for dividend were less
by £42,437. Taking the half-year's working of the
London and North-Western, the largest company in
the country, there had been an increase in the receipts
of £104,000, and they had paid per cent. less divi-
dend. On the Midland line there was an increase of
£72,000, and they had paid per cent. less dividend.
On the London and South-Western there was an
increase of £20,000, and they had paid 1 per cent.
less dividend ; on the London and Brighton there
was an increase of £40,900, and they had paid
per cent. less dividend. The Manchester and Shef-
field had an increase of £46,000, and they paid
per cent. less dividend. The Great Northern had
an increase of £46,000, and they paid per cent.
less dividend. The North-Eastern Company, with
an increase of £48,000, paid a less dividend, amount-
ing to per cent. on the Berwick, a per cent. on

the York section, and 12s. 6d. on the Leeds section
Their increase was 2i per cent., and there was only
one company which was an exception to the rule—
viz, the Lancashire and Yorkshire, which, with an
increase of £97,000, had paid an additional per
cent. The Lancashire and Yorkshire had an increase
of 8k per cent., and out of all proportion to that of
the North-Eastern Company, which amounted to 2i
per cent. He then discussed the question how it had
occurred that with larger receipts they were unable
to pay the same rate of dividend. One reason was
the increase in the working expenses of £54,614,
and the other was the increase of the interest of
£40,066. The Chairman then adverted to the
increase under the several heads of expenditure,
including coke, rates and taxes, increase in wages,
&c. They had had a large amount of money to raise
when money was dear, but which they were obliged
to raise at that time. He thought the proprietors
would agree with the directors that it was very sa-
tisfactory that they were not obliged to apply to
Parliament for any additional powers to make lines
this year. They considered the right policy now was
to go on steadily with those works on which a large
amount of capital had already been spent, so as to
bring them shortly into a productive state, but to
postpone as long as they could other lines they had
power to make, and which he hoped would be fairly
considered by the residents in these districts. With
regard to the claim on Mr. Hudson, if decided that
the Lord Chancellor's view was correct, Mr. Hudson
would have to pay the company £62,100; but ac-
cording to Chief Justice Turner Mr. Hudson would
have to pay £107,000.
Mr. G. LEEMAN, M.P., seconded the motion for
the adoption of the report, which, after a long dis-
cussion, was carried.
The CHAIRMAN moved the payment of the divi-
dends on the Bth inst.—viz., Berwick, at the rate of
6 per cent.; York, 5k per cent. ; Leeds, gl ; Thirsk
and Mahon, 2; Carlisle, 7i; and Darlington, 81.-
per cent.—all per annum, which was carried.
The retiring directors were re-elected, as were
also the auditors (Messrs. Bywater and Wylie), to
whom a vote of thanks was passed for their very
efficient services ; and a vote of thanks to the chair-
man and directors concluded the proceedings.

BRITISH AND IRISH MAGNETIC TELEGRAPH.
The annual meeting was held at Liverpool yes-
terday--Mr. W. Langton in the chair. It was re-
ported that the company's business had made satis-
factory progress. They were able to declare a
dividend of 6 per cent., and to increase the reserve
fund to .Z 17,653. It was also stated that the lay-
ing of the Atlantic Cable had had a beneficial
effect on the company's business.

RAILWAY BILLS.

Yesterday Mr. Frere only held a sitting at the

House of Commons to examine private bills. There
were only two before hint—nimely, the opppsecl
_ _

Hoylake Railway, which was adjourned until next
Monday, and the Seabrook Harbour and Docks,
which was found not to have complied with the
standing orders.

should succeed arid receive Parliamentary sanction.
The City was already suffering for want of proper
means of transit of merchandise by the rivalry of
Glasgow, Liverpool, and elsewhere, and hence his
proposition was directed to amend that state of things
by the action which would be given by the course he
suggested. lie would not enter upon details, be-
cause he would add to the terms of his original
motion that the question be referred to the General
Purposes Committee to consider the matter and have
a conference with the Court of Common Council on
the subject.
Mr. Alderman COPELAND said that with great
pleasure he seconded the motion, as with the addenda
to that which appeared on the notice paper of the day,
it pledged the Court to nothing beyond an inquiry.
It was quite true that something should be done
when the Metropolitan Board of Works were attempt-
ing to assert their right to the taxation of the City.
Mr. Alderman BESLEY said that he had given
notice, which appeared on the paper of the day, of
an amendment that it was not desirable at the pre-
sent moment to raise the question of a county rate ;
but after the addition which had been made to the
original motion, he should, with the permission of
the Court, withdraw his amendment.
Mr. Alderman STONE said he should take up the
amendment which Mr. Alderman Besley had retired
from, but he considered that the action in the mat-
ter ought to be taken by the Court of Common
Council, and not by this Court, which was a body
elected for life, whereas the Common Council were
elected annually, and were consequently the repre-
sentatives of the body of citizens upon whom this
proposed county rate was to be imposed, and on this
ground he moved the adoption of the amendment of
which his friend, Mr. Alderman Besley, had given
notice and withdrawn from.

Mr. Alderman Lusx, M.P., at some length,
seconded the amendment.
A long discussion ensued, in which Mr. Alder-
man ROSE contended that a conference with the
Court of Common Council was most desirable.
Mr. Alderman and Sheriff Waterlow invited the
Court to adopt the amended resolution, which was
supported by Mr. Alderman Sidney and Mr. Alder-
man Lawrence, M.P., who expressed a hope that
the motion would be withdrawn.
A division was called for, when there appeared,
for the amendment, 4 ; against it, 9.
The original motion was then put and carried, and
at an unusually late hour the court adjourned.

a sincere desire to promote the most friendly international
relations, and also as an evidence of the public regard for
Christian institutions as the true basis and support for
all enterprises of peace." On the motion of the Rev. Mr.
Gardiner, it was resolved, " That the chairman, the Right
Rev. Bishop of Illinois (United States), be requested to
transmit a copy of the foregoing resolution to Baron
Haussmann, signed by himself and by the secretary."
"' I am, &c.,
" ' W. 0. LAMSON, Rector of the American
Episcopal Church, Sec.' "
• _

On Thursday, at one o'clock, the Emperor deli-
vered his address to the members of the Corps
Legislaaf at the Pavilion Denou in the Palace of

Le Louvre.

It was a lovely day, and all Paris turned out to
see the procession.

Nis•cellaneous American News.

An American war vessel has been despatched
from Spanish waters to Candia, in order to assist
in removing the Christian families from the island.
Ice cutting has already commenced, and a large
crop will be gathered in New England. This win-
ter has been most favourable for this kind of bar-

vest. Maine is becoming one of the principal ice
States. ller supply is inexhaustible, and said to

be as excellent as it is abundant.
The snow storm on the 17th ult. was one of the
greatest known in America for many years. The
heavy fall of snow was accompanied with a harsh
gale, which continued long after the snow had
ceased. The effect was a terrible drift, which
made all travelling impossible for a time, and very
difficult for a much longer time. Railway travel-

ling, however, on the whole, was less interrupted
than on former occasions. The cold was intense.

The storm was general over a wide area of

country, and did much damage.
An interesting report has been made by the State
Auditor of Virginia on the finances and public debt
of the State. The debt amounted, at the end of
last year, -to $43,166,286, including $6,237,321

arrears of interest. The auditor considers that the

resources of the State will be ample to meet all
demands, and he proposes a simple and rational
plan. He would call in all the outitanding obliga-
tions, and issue, in lieu of them, consolidated bonds,
dollar for dollar, to date from the Ist of January,
1868, and to be redeemable in 30 or 34 years.
Upon the debt thus reconstituted he would pay a

graduated scale of interest as follows:
For the first four years
For the next four years
For the next four years
For the next six years
For the next four years
For the next four years
For the next four years ...
Making an average rate of 6 per cent. per annum
but throwing the main burden upon a period when
the regular increase in the taxable property of the
State may be expected to render the pressure unim-
portant. A disagreeable question has arisen from
the fo:mation during the Civil War of the State of

••• ... 3 per cent
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WcEt Virginia. his contended that the seceding
portion should assume one-third of the debt. The
action likely to b 3 taken in this matter by West
Virginia is a subject of great importance, being one
which cannot fail to have a material influence on
the credit of all the States of the Union. If West

Virginia declines to bear a portion of the public
debt of the old State, the Auditor considers that
the Legislature would be fully justified in scaling
the debt according to the proportions indicated, that
is—in repudiating one-third. We earnestly hope
that the old State will not adopt this proposition,
even if West Virginia should be so ill-advised as to
decline to hear a fair proportion of the debt of the
old State. Such a repudiation would be a terrible
blow to the rising credit of the States generally.
The United States cannot afford to permit such a
course of action to be adopted.
The American House of Representatives has
passed a resolution calling for information con-
cerning the removal of the Protestant Church
attended by Americans in Rome.
The bill brought before Congress by \lr. Thad-
deus Stevens, with its amendment by Mr. Ashley,
territorialising and dividing into military districts
under martial law has been defeated, much to the
chagrin and disappointment of the authors. The
Bepublican party split on the measure, and Mr. Bing-
ham, of Ohio, joined the Democrats with a large
section of his party. The consequence was a severe
check to the extreme Radicals. The debate, which
had continued for several days, gave rise to several
able speeches and some hot and angry discussion.
Mr. Ashley, of Ohio, stigmatised the Democrats as
traitors, whereupon Mr. Hunter, of New York,
rose and said--" So far as I am concerned, you
utter a base lie." The words were at once written
down, and the representative reproved at the bar of
the House. Dlr. Hunter was afterwards defended
by one of the leaders of his party, a defence ap-
plauded by the galleries, showing that the tide is
gradually turning from the hearty support lately
afforded the extreme Liberals.
Two bills, one conferring suffrage on negroes in
all the territories, and the other repealing the
amnesty and pardon power given to the President
in 1862, have become law under singular and ex-
ceptional circumstances. According to the Consti-
tution, the President is bound to take action on any
bill submitted to him by the Legislature within ten
days of the date in which it is placed in his hands.
If he fails in this the bills become law, and, in de-
fault of his action in these cases, these two bills have
become laws of the United States.

SPIRIT OF THE PUBLIC JOURNALS.

-0- -

TIMES. —Every day brings us fresh assurances of
the sincere desire of all sections of the House of
Commons to assist the Government i❑ attempting to
pass a genuine measure of Reform. The partisans
of the Government may hint at factious opposition,
their more violent opponents may denounce the Ad-
ministration as treacherous, double-minded, and in-
competent, but neither partisans nor passionate
opponents represent the true feeling of Parliament
and the nation. It is in vain for the Chancellor of
the Exchequer to express a fear that the manoeuvres
of 1859 may be repeated. Whatever might have
been possible some time since, it is certain that they
will not and cannot be repeated now. It is in vain
for the " wire-pullers" of local associations—and we
regret that the existence of such men compel us to
borrow a phrase from the worst characteristics of
American politics—to call upon the people to pro-
claim deadly warfare against the patty in power.
The people will not suffer themselves to be betrayed
into such injustice. The crisis is peculiar, if not
unexampled. A Conservative Administration is
asked to settle a long-standing difficulty ; and if
Conservatism be anything more than a policy of
obstruction—if the Conservative party ever aspire
to any greater function than that of criticism from
Opposition benches, this Administration must at-
tempt to settle it. The nation, however, will not
forget their difficulties; and in this respect the
House of Commons is in harmony with the
nation. As long as there is reason to believe that
the Ministry is in earnest in undertaking Reform,
the House of Commons will be longsuffering. The
measure of its forbearance isits belief that Lord Derby
and his colleagues ara willing to co-operate with
Parliament in a sincere effort to bring to a conclu-
sion the protracted agitation of the Reform ques-
tion. While this belief lasts the House of Commons
will be trustful and even generous; but, if it fails,
the reaction of disappointment will be proportion-
ally great, the punishment of resentment will be
swift and certain. If further evidence were required
of the determination of the Opposition to assist the
Government as far as possible, to withstand all
temptation to profit by their errors, and to take no
step which shall embarrass their free action, it
would be found in the postponement of the party
meeting which was called for to-morrow. We un-
derstand that the summons addressed to the mem-
bers of the Opposition, to meet at Carlton-house-
terrace has been deferred till Tuesday next, and we
see in this change of proceedings fresh proofs of the
moderation of the Liberal leaders. If the Chancel-
lor of the Exchequer surprised the House of Com-
mons on the day Parliament opened by his declara-
tion that on the following Monday he would un-
fold the plans of the Government, he irritated all
parties in it, his followers as much as his opponents,
by his needless affectation of mystery when Monday
came. We do not remember any step in our time
which has caused so much just discontent ; and it is
the more necessary to insist.on this fact because, if
we understand aright the language of the Chancel-
lor of the Exchequer two nights since, he cherishes
the impression that his treatment of the House
was eminently popular and successful. The Oppo-
sition have; however, very properly resolved, that,
having entered upon a course of conciliation and
co-operation, they will not abandon it at the first
discouragement. They have consented to waive