The Sun.
London, England, 1867-01-23 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, JANUARY 23, 1867.

pect(xl from it by the Treasury will arise from hav-
ing adopted a measure urgently demanded by the
principles upon which our institutions are founded.
I have not hitherto alluded to the debt of the State
to the National Bank. On this head I would
point out that when a State has a debt of 60 mil-
lions redeemable in twelve years, and further a
resource of 600 millions, it possesses two sources
of wealth which enables it to meet its obliga-
tions. The period of the restitution of the debt to
the Bank cannot be definitively established, and
greatly depends upon the mode in which
the operation upon the ecclesiastical property is
effected. The 600 millions may either be obtained
in six years, or it may be agreed to extend that
period, or shorten it by some subsidiary operation.
The measure of the forced circulation of the Bank
notes constantly occupies me, and I can only find
consolation for the regret which I feel on this ac-
count in the absolute necessity under which we
were placed at the beginning of the war. I must
add, however, that if I now had the necessary funds
to liquidate one debt with the Bank, and it only re-
mained for me to transfer them from the Treasury
to the Bank, I should not abolish the forced circu-
lation except in a gradual manner, in order to avoid
many inconveniences. Destiny, which is not
favourable to us in economic and financial matters,
does not smile upon us this year in another very im-
portant matter. I allude to the crops, the scarcity
of which this year is an evil which afflicts all Eu-
rope, and does not spare us, and will render it
necessary for us to go abroad for grain and all other
produce we require. But to make these purchases
gold is required, and should the forced circulation
of the notes be abolished, all would apply to the
Bank for specie; and the notes would suffer a rela-
tive depreciation from another cause." In continua-
tion the minister entered upon the question of the
relations between the railways and the State, a
modification in which he considered advisable. !The
subventions absorb the enormous sum of 60 mil-
lions. By means of a conversion this heavy charge
might be diminished, at the same time reducing the
tariffs, and thus developing circulation and public
wealth. In a few days the minister would present
a bill for this conversion to the Chamber. Signor
Scialoja concluded by appealing to the self-sacri-
ficing spirit of the Parliament and the nation, and
demonstrating the advantages that would result to

the credit of the State from the measures he had
proposed. "If our stock," he added, " could be
raised by the present measures to the price of 60,
the wealth of the country, taking into account
that more than two-thirds of the scrip of our
public debt is held in Italy, would be augmented
by about 515 millions. (Movement.) Yes,
were I not certain that our stock must
shortly rise in value, I should not have ventured to
state this. But I am convinced of my assertion,
and will say not if, but when the rente shall reach
75 the public wealth of Italy will be augmented by
more than a milliard, and Italians will rejoice at
having accepted those sacrifices which either by me
or others in my position must be proposed to them.
A few days ago I was asked by an illustrious per-

sonage how Italy would extricate herself from the
present crisis. I replied in brief terms, and am glad
to close my long discourse with the same words—
Italy, at whatever cost,will uphold her name—ltaly
will completely fulfil her engagements ; Italy will

always and fully meet her obligations." (Applause
from the tribunes and benches of the Chamber—
applause also on the right.)
Signor CRISPI demanded that the Chamber should
commence immediately the debate upon the financial
statement.

Signor SCIALOJA here laid upon the table five
bills, including the measure relative to the ecclesias-
tical property, and the bill imposing a tax of 2k per
1,000 upon the negotiation of securities, &c. lle
stated that he bad no objection to offer to the pro-
position of Signor Crispi, but on the contrary ap-
proved it, and begged the Chamber to take the
budget under consideration as soon as possible.
Signor Cutsri thanked the Minister for the pre-
sentation of the bills, and asked the Chamber to fix
a day for the urgent discussion of the Ecclesiastical
Property Bill.
Signor MANCINI opposed this request, and de-
manded that the Minister should separate the legis-
lative measures relative to the liberty of the Church
from the financial measures.

Signor Crispi's proposal of urgency for the dis-
cussion of the Ecclesiastical Properties Bill was
finally adopted almost unanimously, and the sitting
closed at 5.30 p.m.

Railway and other Companies.

LONDON, CHATHAM, AND DOVER.

In the account of the proceedings at the meet-
ing of common fund shareholders which appeared in
The Sun of yesterday it was stated that Mr. S. 11.
Burbury said that Mr. Bacon's opinion was that the
debentures issued previously to the creation of the
common fund would take precedence until paid off.
It should have been that Mr. Bacon considered the
question doubtful whether the common fund would
take priority over such debentures.

way property in the country paying good divi-
dends, and it did not follow that because one or
two of the principal railways required more money
than was originally anticipated every new railway
was a bad property. They had not only to suffer
throuph the panic, but from the effect of malicious
rumours which had been circulated to the effect that
their securities represented spurious railways worth
nothing at all. They had very great difficulties to
contend against, and when contractor after contrac-
tor failed to meet his engagements in consequence of
the bad times, they had to look more closely into
their securities, and in some instances they had to
provide the money to place lines of railway in a
paying position; and in others, where their interests
were better protected, they had added directors to
the boards of railways in which they were interested.
In one case the manager had been placed upon one
of those boards, and in another one of the new direc-
tom had kindly consented to serve, so as to see that
their property was well cared for, for there were
no Lloyd's bonds or over issues of debentures. Their
examination had been very strict, but so far they
had not discovered that they held a single spurious
security. In order to be quite on the right side
they had provided for all possible losses by deduct-
ing from their assets £170,689—n0t that the money
was lost, but in order to provide for such matters as
might not be immediately met. He had no doubt
that the majority of the lines now constructed were
bona fide good lines, and if the shareholders co-ope-
rated with the board, he had little doubt that at no
distant period they would be able to realise their
securities advantageously, and that all the shares
which represented public works would pass into the
hands of bona fide investors, and that the company
would again be placed in a very satisfactory position.
If the shareholders assisted the board to keep their
engagements, and abstained from realising until
public confidence in that description of property was
restored, they would be able to dispose of those
securities to far greater advantage than they could
at present. Although they keld £1,447,000 worth of
securities, the nominal amount of them was
£2,400,000.
Mr. PAULL, M.P., seconded the motion for the
adoption of the report.
Mr. MORRISON moved, as an addition to the mo-
tion,—" That no further call be made, except with
the consent of a majority of shareholders in number
and amount in public meeting assembled."
Mr. GALSWORTIIY said he should like to know
upon what basis the securities had been valued, so
as to ascertain, if possible, their actual value ; also
how much of the capital of the company was yield-
ing interest, and how much was not unproductive.
He remarked that the aggregate depreciation in the
value of their shares amounted to £720,000, not-
withstanding the ample value of the securities held,
and the question was what course should be pursued
to enable them to recover that depreciation ? He
suggested that no more cab should be made, and
that the expenses of management should be reduced.
The CHAIRMAN, in replying to various questions,
explained that it was extremely painful to the board
to forfeit shares,
and, therefore, whenever there was
a just and reasonable cause alleged for the non-pay-
ment of the call in arrear, they had reinstated the
shares on payment of a small fine and the amount
of the call, and they would do so with respect to the
whole of the 475 shares on application. Of the
£6,000 due on calls in arrear mentioned in the re-
port £l,OOO had since been paid. The amount of
unpaid interest due in January last, for which they
had not taken credit, was Z 132,000. The balance
of interest received during the past six months was
£17,989, out of which theyhad to deduct the work-
ingru e criterion expenses.
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board were
were at present confining their operations to agency
business. It would be absurd to pass a resolution
that there should be no more calls, because the
creditors would be able to satisfy them by bringing
in their claims at once. I
le suggested that in or-
der to avoid all anticipations of a ccll the share-
holders themselves might
advance money on deben-
tures with unexceptionable security.
The report was unanimously adopted, and it was
agreed that the question as to the directors' remu-
neration should be considered at a special meeting.
The retiring directors and auditors were re-elected,
and a vote of thanks to the chairman concluded the
proceedings.

the very centre and heart of the City, was one where
the improvement was much needed, and it was the
duty of the commission to embrace the favourable
opportunity which presented itself of carrying it out.
If they did so, they might reasonably expect a libe-
ral contribution in aid both from the Metropolitan
Board of Works and the Corporation.
Alderman W. LAWEENCE,M.P., warmly supported
the amendment, observing that the present must
certainly be considered the most favourable oppor-
tunity for obtaining possession of the premises re-
quired for the improvement ; for whilst property
outside the City might deteriorate in value, that
situate around the Bank of England and in the
heart of the City was increasing in value. Ile also
contended that the commission would by taking the
property show Parliament the great necessity there
was for an improvement rate to be levied in the City,
so as to enable them to effect those public improve-
ments which the public interests so much demanded
and which the Commissioners of Sewers, notwith-
standing their Parliamentarypowers, were unable to
carry out.

The subject gave rise to considerable discussion,
in the course of which Mr. J. T. Bedford and other
members supported the report, urging that the pre-
sent was a most inopportune time for carrying out
the improvement.

Ultimately thequestion was put, and on a division
the motion for the adoption of the report was carried
by a majority of one only, there being for the mo-
tion 19, against it 18.

Two other amendments were proposed, but they
were very similarly received, and in the end the re-
port was agreed to.

THE SNOW IN THE STREETS.

The commissioners then proceeded to hear the ad-
journed summonses which bad been taken out by the
inspectors of pavements against the contractors for
street cleansing, for not duly cleansing and removing
the snow, ice, and frozen matter, according to the
terms of their several contracts, from streets of the
City during the recent frost. The whole of the con-
tractors, viz., Mr. E. Reddin, Mr. Easton, Mr.
Stephens, and Mr. W. Winn attended.

The inspectors were severally heard, and enume-
rated the thoroughfares from which the snow had
been removed on the 2d, 3d, 4th, and sth inst.,
being the days following the heavy fall of snow, but
most of them stated that the contractors had em-
ployed additional carts and men in the emergency.
The contractors, in reply, stated the additional
staff which they had employed on the days referred
to, and urged that they had done all in their power
to make the streets available for the traffic.

Deputy WHITE, Deputy FARRAR, and other
members, thought that under the exceptional cir-
cumstances of the case no fine should be imposed
upon the contractors, especially as they seemed to
have done all in their power to meet the emergency
hich had arisen. On the other hand, other mem-
bers thought that as the contractors were now paid
so much in excess of former contracts, they ought
to be prepared to meet any emergency of the kind
which might arise.
After a very careful consideration of all the cases
the contractors were fined in the following amounts,
viz.:—Mr. Reddin, £2BO 10s. ; Mr. Easton, £313
10s. ; Mr. Stephens, £166 10s. ; and Mr. W. Winn,
£199.

The medical officer to-day presented a report on
the sanatory condition of the city of London during
the past year, an abstract of which will be presented
to our readers in a day or two.

The remaining business having been disposed of
the Court adjourned.

Mr. Samuel Warren on Economy in Fuel,

Mr. Samuel Warren, the Recorder of Hull, and
the author of "Ten Thousand a Year," " The
Diary of a late Physician," &c., has addressed the
following letter to the Mayor of Hull on a subject
of importance to every householder :
" Vittoria Hotel, Hull, Jan., 18G7.

" My dear Mr. Mayor,—Wishing you and all the
town and corporation a happy and prosperous new
year and many of them, I cannot leave for town
without offering a practical suggQstiou to yourself
and every householder in Hull, which may at
least show my good-will. On that suggestion I

have profitably acted for seven years, and it relates
to coal. Do you wish to have the full benefit,
that is without waste, of every ounce of coal
you pay for ; to save nearly one-third of your
ordinary consumption ; to have a fire lit in the
morning, which with a little care will last nearly the
whole of the day, with possibly a single replenish-
ing, and so save trouble as well as coal, and have
warmth equally distributed through your apart-
ment, great or small ? —then attend to the follow-
ing practical suggestion, upen which I have acted
at home with complete success, for, as I have said,
seven years, and with a like result recommended to
very many friends. The suggestion is not my own.
I met with it seven years ago in the Builder, a
valuable London journal. Ordinary fire-grates
have open grates at the bottom, the result of
which of course is to place the coal between
two draughts, one from below and the other
from above, up the chimney, awl ensure two
things, rapid consumption and diminished heat
in the apartment. When I arrived at my hotel last
Wednesday afternoon—a bitter cold day—l found
a large fire, which was twice replenished before I
went to bed. The coal was excellent, but could
scarcely get warm. I prevailed on my worthy land-
lord to try my experiment on my fire-grate here.
lie has done so, and with what result? Ask him.
But I will tell you that to-day my fire was made up
at ten a.m. It is now five p.m. I have enjoyed
and am enjoying a most comfortable warmth,
without having to sit within a yard of the fire.
Not an ounce of additional coal had been placed
on it, nothing having been required but now and
then, at long intervals, a poke from beneath and
a pressing down from above. Now, how is this
brought about ? I will tell you. Send for an iron-
monger or blacksmith, and order him to take the
measure of the bottom of your grate and make you
a sheet-iron plate of about one-sixth of an inch in
thickness, or even less, which, if your grate be large,
will cost you two shillings. Simply lay this, and
light your fire as usual. It will soon }mum up, but
you must keep pretty open the lowest bar, so as to
secure a light draught. When the fire has begun
to burn poke it gently from beneath and the flame
will gradually get through the entire mass of coals,
the iron plate beneath gets red-hot, and so keeps up
a constaut combustion, at the same time dispersing
the heat through the room, instead of its being sent
up the chimney, thus entirely consuming the coal,
instead of filling the hearth with ashes. In my own
house I tried the experiment for a week in the
breakfast-room, then in the dining-room, then in
the kitchen, with uniform and complete suc-
cess ; and then I had the sheet-iron plate
put into every fireplace and there are
many throughout the house—with equal success.
So I do with the fireplace in my official residence.
When the fire is once made, say about ten a.m., for
the day, an occasional poke and possibly a single
replenishment suffices for the day. In my own case,
and also at my hotel here, where three scuttles were
required, one now suffices. You must not smile at
the simplicity of my suggestion, but attribute my
offering to a sincere desire to contribute what little
is in my power to promote the comfort of, and les-
sen expense to, every householder in the good old
town of Hull. Try the experiment fairly, I beg of
you, at our fine Town-hall, and begin with my
friends the town clerk and the clerk of the peace, and
if that experiment fails I will pay the cost of the two
little sheets of iron. Before beginning, come and
ask my worthy host, Mr. Minton, how the experi-
ment has answered here. As I write for the general
good of the town, for householders great and small,
I hope you will take the trouble of giving publicity
to this letter, for the winter is now, and may con-
tinue to be, severe the price of coal is high, and the
pressure of it heavy,
" Believe me, my dear mayor, sincerely yours,
SAMUEL WARREN, Recorder.
" P Tr
this plan do not answer, and there
oe chimneys of such peculiar construction as
to prevent it, all that you have to do is to withdraw
the ircn plate, which is not fixed, but simply laid on
the lowest bar. Mr. Ilainton is going to have all
his grates supplied with these plates.
Vittoria Hotel; Hull, Jan. p,

Ina v- 1-