The Sun.
London, England, 1867-02-28 00:00:00

THE SUN, LoNDON, THURSDAY EVENING, FEBRUAEY 28, 1167.

THE EYRE DEFENCE anal AID FUND.—
SIitist:RIPTIONS to 14, paid to the credit of "The
Eyrc D.,lenee and ni I Fund," wi b the Ut.ited Service C m-
only (Limited \ bankers, and army and navy agents, 9,
',Vaterl,p)-olaet, Pal mall, Lon nn ; or .31,ssrs. Smith,
Snotli, I L•mv.ard-s re t.
A It eO ninuni,'ions to be addrers,l to tn... ll.morary Seem-
• O. 9, Write 1 o-place, •
HAMM CON 11 Hon Sc:-ctary.

VICTUAL LOAN FUND ASSOCIATION
(Inc mi;orsted ny ket of earliavn
V. a_
CASK; L-srr R MT. CONT.: g l'-f ;Alt LONDON.
Prompt ADV A NCM -; on all deszription of security. F,,rms
ree on application by letter to •

EDWIRD IIARPNR, Secretary.

1O1-IN G()EN ELL and CO.'S CHERRY
TOO F!! PASTis; is greatly supe.ior to any tooth
)(nyder; gives the teeat a pearl whiteness, protects the
enamel from decay, and imparts a pleasant fragrance to
-he breath Price la. ad.—Red Bull Wharf, to 3, Upper
Chame,street, London.

jIANFIELD'S PATENT PICKLES are per-
lectly pure and uno.loured. To be had of 11.1 dealers
and wholesale of JOHN BUttfiESS and SON, 107. Strand
(corner of savoy-steps). Loudon

"-THE aunc.OF THE FEW IS THE GAIN OF THE MANY."
THE Panic of '66 and its consequent depression
of the Colonial M r.cets enables to • "E AST
TEA COMPANY" to curer TEAS 1.0 WF.R THAN EVER.
ix Pounds of Go Tea for Bs, (41, can t- be dear.
The Company's KAISOWS•by the Clipper Ships are really
dell. ions.
9, Great St. Helen's Churchyard. Bishopagate-
RI reet, Jan. I, 1867,

GEOLOG Y.—ELEMENTARY COLLEC-
TION', to illustrate the. New Edition of "Lyell's
Elements of Geology" and facilitat the important study of
Mineralo;:y and Cleol?.gy, can be had at 2,5, in, •zO, 50 to 500
guineas; also single Specimens of Nlinerals, Rolks, Fossils,
and ttezent Shells, G.Nalogieal %la,,s. Hammers. all the recent
rub.icalions, itc., of J. TENNANT. iliaeralogist to Her
3lajt sty, It 9. Strand, London.
Private Instru lion is given in Mineralceyand Geo'ogy by
nr. TENIIANT, F.G.S., 149, Strand, IV.e.

EAU-DE-VIE.--This Pure PALE BRANDY,
18s. per gallon, is re ry auperin • to recent importations
of Cognac, recommended by the medical profession, and ex-
tensively used in hospitals. In bottles, 335. per dozen, or in
a case 305., railway carriage pal i.—HENRY BRETT and
CO., Old Furnival's Distillery, lloltyorn,E.o , and 30, Regent-
street, S.W. Established 18V.

11/YERS'S WATERPROOF TRAVELLING
ITIL DRESS BASKET and PORTMANTEAU Manu-
factory.
CAVENDISH HOUSE,

Wb.m,re-street, Cavendish-square, corner of Marylebone-
lane, Loudon,

AL VALUABLE PACKAGE OF TEA.
A CHINESE CADDY, •
containing I Gibs. of really good Black Tea, sent carriage free
to any Railway Station or Market Town in England, Ireland,
cotland, or ales, on receipt of 405., bj

PHILLIPS and CO.,
Tea Merchants, 8, King William-street, City, E.C.

TEA IS CHEAPER THAN EVER.
is. 61., 25., 28 6J. per lb. are the prices at which
PHILLIPS and CO.,
Tea Merchants, 8, King William-street, City, London, E.C..
are selling good and tine
BLACK TEA.
A. price current post free. 40s worth carriage free to any
Railway Station or Market Town in the United Kingdom.
All goods carriage tree so all puts of London.
Observe— Fulmars and Co. have no Agents.
Sugars are supplied at market prices.
BOYS' ATTIRE.

BOYS' & IiYAM ani CO.

BOYS' at 66 and 67, OXFORD-ST.

B°"' NEW STYLE OVERCOATS.

BOYS' NEW STYLE REEFERS.

BOYS' KNICKERBOCKER SUITS.

BOYS' OSBORNE SUITS.

BOYS' HARROW SUITS.

WYS' JACKETS for ALL PURPOSES.

BOYS"fRO USERS and VESTS.

BOYS' HOSIERY and SHIRTS.

BOYS' HATS, CAPS, &c., &c.

H YAM & Co.'s BOYS' WINTER CLOTHING,
66 and 67, Oxford-street, London.
iThe first establishment in the kingdom for Juvenile
Clothing.
Boys' Sandringham Overcoats
Boys' Prince Alfred Reefer
Boys' Overcoats for Little Boys
Boys' Knickerbocker Suits... lss. to 355.
Boys' Westminster and Osborne Suits lss. to 355.
goys' Eaton, Harrow, and Rugby Suits
Boys' Jackets for School and Homo Os. to 21s.

HYAM & Co.'s ATTIRE for GENTLEMEN,
66 and 67, Oxford-street, London.
Hyam & Co.'s Winter Tweed Overcoats 21s. to 30s.
tiyam & Co.'s Winter Overcoats 3os. to 84s.
Hyam & Co.'s Winter Reefer 2ss. to 555.
Hyam & Co.'s Winter Suits 42s. to 70s.
Hyam & Co.'s Winter Jackets 2ls. to 425.
Hyam & Co.'s Winter Frock Coats
Hyam & Co.'s Winter Vests 6s. to 14s.
Hyam & Co.'s Winter Trousers l4s. to 255.

FJYAiII & Co.'s SELECT DEPARTMENTS.
1. Gentlemen's Clothing for immediate wear.
2. Bespoke or Order Department.
3. Boys' and Youths' Distinct Department.
4. Hats, Caps, Hosiery, and WWI Department.
TTYAM & Co.'s ESTABLTSIIENTS.
LONDON-66 and 67, OXFORD-STREET.
BIRMINGHAM-21, 22, and 23, NEW-STREET.
LEEDS-42, BRIGGATE ; and
DEWSBURY—WESTGATE.

IXHIBITORS at. the PARIS EXHIBITION,
who ADVERTISE in "THE SUN," can have the
SERVICES of A SPECIAL AGENT in PARIS, whose
address can be obtained at " The Sun" Office. He has a
perfect knowledge of French, is also acquainted with busi-
ness, and has good connections. On application to " The
Sun" Agent iu Paris, either personally or by letter, he will
obtain every possible facility for Exhibitors, or persons
who may have other business in Paris, or who' may go
there for pleasure only.

pRINTING.--:TO PROPRIETORS OF
A- NEWSPAPERS, PERIODICALS, &c.—The Print-
ing and Machining of Newspapers, &c., done on exceed-
ingly favourable terms. Use of Ed►torial and Publishing
Offices, if required. Estimates forwarded on receipt of
particulars, with stamped directed envelope for reply.
Address—The Manager "Sun" Printing Offices, 3, Church
row, Savoy, Strand, W.O

BORPIIAN ASYLUM; Mackenzie
Xi, park, Slough, Bucks (formerly at Clailarn-rise!.
btituted 1827.
PATRON—Her Most Gracious MAJESTY the QUEEN.
AID t) this Inqtltutlort will be. gladly readved by the
Secretary, at the Obit es. No. 73, Cheapside, E.C.

HENRY SYKES TII 0 RNTON.'Treagurer.
TI14) S TIL4ON, J.P • chairmen of the Board.
STE'ti ENT KEE! eATTL EY, %1.A., Hon. Sec.
ALFRED MACKENZ Secretary.

KELP for the DESTITUTE SICK,—
NtEntoPoLurAN FRE %.1 HOS VITAL. Devon-
shire-vinare, city. Instituted for the immediate arattrtour;
Itelief'of the reor of every Nation awl Creed, without
Mier% of recommendation. FUND are urgently needed to
maintain efficiency
BANKERS —AleisrB Barnett, Froares. and ro . 62, Lombard-
street. 3N!I. GURNEY FRY, ChArman.
GEO. U:t0XTO:1, Secretary.

OUR SHIPWRECKED SEAMEN and their
BEREAVED WIDOWS and ORPHANS. —Ut.w.ilds
of 4,n0, British vessels are annually wrcekcd, about 2,000 o:
which are on the British Isles!

Isno-part of the coast where the SHIPWRECKED
MARINERS' SOCIETY is not represented by an Bon.
Agent, who clothes (when naked and sends to their homes
shipwrecked persons of all nations, and is the channel of W.
charity to the bereaved widow., and orphans of the drowned.
The Committee earnestly APPEAL, tnr HELP. The dis-
tress is always instant. The kicicty relieved 11,221 persons
last year, viz , shipwrecked men, widows, and orphans.
Donations and subscriptions thankfully received by Messrs.
Williams, Deacon, and Co.; rind by the undersigned,
FRANCIS LEAN; §coretary,
LoAdon-bridge

The Earl of iiimberley on Irish Affairs.

Last night the Worshipful Master and Wardens
of the Mercers' Company entertained the Earl of
Kimberley (the late Lord Lieutenant of Ireland)
an:l a number of gentlemen at dinner, on the occa-
sion of the completion of the audit of the Irish
estates of the company.
The Master (Mr. Watson) occupied the chair,
and was supported by the Right Hon. the Earl of
Kimberley, Alderman Rose, Alderman Gibbon,
Capt. Dawson, M.P., the Masters of the Borderers',
the Cooks', the Masons', and the Fruiterers' Com-
panies, Mr. Burkett, deputy governor of the Irish
Society, Sir F. Currie, Bart., Mr. Deputy White,
Mr. Gordon Clarke, the Rev. Canon Blakesly, the
Rev. Mr. Barnard, renters, and house-wardens, &c.
The dinner was served in excellent style by the
house-wardens, and the wines were of a very supe-
rior description.
On the removal of the cloth, the CHAIRMAN gave
the toasts of" The Qtieen," the "Prince and Princess
of Wales and the rest of the Royal Family," which
were enthusiastically responded to by the company.
The.next toast was the " Army, Navy, and Vo-
lunteers," which was responded to on behalf of the
army by Capt. PEEL VA TES, who observed that the
English nation had always manifested a good deal
of jealousy with respect to the maintenance of a
standing army, and from its establishment, in the
reign of William 111., to the present time, the House
of Commons had, by means of the Mutiny Act,
maintained its QontrcUr _the force,-...A4--the same
time the services rendered by the military force to
the country were very great, and were, he was glad
to say, cordially acknowledged in all assemblies of
Englishmen. He believed that, as a general rule, the
officers of the army were animated by feelings of
honour, and although their conduct was occasion-
ally open to criticism, as in the case of the Jamaica
affair, he thought that any errors they committed
were attributable rather to a desire to perform their'
duty promptly, faithfully, and energetically, than to
any feeling of deliberate malice, as had been in that
case charged against them. (Cheers.)
Captain ROBERTSON responded to the toast on
behalf of the navy, and Captain PALMER on that of
the volunteers, the latter gentleman mentioning the
fact that he was one of the old body of volunteers
organised in the reign of George 111. He paid a
high tribute to the discipline of the present force,
and expressed a confident hope that, in the event of
its being called upon for active service, it would be
found very efficient.

The CHAIRMAN next proposed " The House of
Lords," coupling with the toast the name of the
Earl of Kimberley, which was received with loud
cheers. He dwelt upon the services which that noble
earl had rendered to the country in the capacity of
Viceroy under the late Ministry, and also upon the
ability he had shown asthe representative of her Ma-
jesty at the Court of Russia. When Viceroy of Ire-
land he exerted himself vigorously to put down the
wretched delusion of Feniauism, which, although, in
no way dangerous to the stability of any Govern-
ment, Whig or Tory, was yet in its nature harass-
ing to the powers that be, and totally destructive of
all attempts to improve the condition of the people
of the country. The administration of Lord Wode-
house worked alike with ability and success, and that
nobleman had merited the honour conferre I on him
by the Crown, and would be mentioned in history as
one of the few men who had administered Irish
affairs with succ:,ss.

The Earl of KIMBERLEY, on rising to respond,
was received with cheers. He thanked them first
for drinking the health of the house of which
he was a member. The mention of the House
of Lords was always received with favour
in.every assembly of English gentlemen, because
they were well aware that it was an institution
which formed a most important eleMent in the con-
stitution of the State, and he believed that they had
always conducted themselves in such a manner as to
merit the approbation of the country. (Cheers.)
Whatever changes might be necessary in the House
of Commons, it was agreed that the functions of the
House of Lords were well performed, and that the
House of Lords might always form an important
part of the constitution of the country. (Cheers.)
When he held the office of lord lieutenant he tried
all he could to hold the scales of justice evenly,
and, though a member of the great Liberal party,
never forgot that, as viceroy, it was his duty, as the
head of the Executive Government, to mete out the
most even-banded justice. (Cheers.) During his
term of office he had to perform the painful duty
of arresting and imprisoning individuals charged
with participation in the Fenian conspiracy who
had not the ordinary resource conferred upon them
by the common law of the land of demanding to be
taken before a magistrate and openly accused. At
the same time he took credit for the utmost impar-
tiality in the administration of justice, and he be-
lieved in his conscience that the Irish Government,
at all events during the time he had the direction
of affairs, had not imprisoned a single individual
against whom the strongest grounds of suspicion
did not exist. He was rejoiced to see the same
policy which had been pursued by the late Govern-
ment was continued by the 'present, and consider-
ing the utter folly of the Fenian outbreak, and how
impossible it was that it could ever hope for suc-
cess, he thought they would hear no mure'of such
ridiculous outbreaks as that which had recently
taken place in Kerry. At the same time there was
no doubt that the continued existence of this Fenian
conspiracy greatly harassed the_ Irish Government
and almost put an end to those reforms from which
alone that country could expect to enjoy pros-
perity. The country has been slowly and gra-
dually advancing during the last few years,
and had it not bees for this blight of Fenianism
it would ere this have made . a most decided pro-
gress. (Cheers.) He could speak with certainty
of the extraordinary effect which the Fenian move-
ment had upon the fortunes of Ireland, because he
knew of his own knowledge that certain manufac-
turers who hadintended to expend -a large amount
of capital in Ireland and to employ many men, had
been completely driven away from the country in
conseauence of this conspiracy. (Hear, bear.) He
quite admitted that for many years emigration to a
considerable extent had been going on in Ireland,
but at the same time there were persons who did not
look upon that emigration, which to 'some extent
was the fruit of the famine of 1847, as an unmixed
evil, because it certainly afforded a larger scope of
employment in manufactures for those who remained,
and there certainly was no reason why the Irish
people should remain dependent for their support
entirely upon agricultural employments. He was
quite convinced that the return of confidence and
order in Ireland would be followed by the prosperity
of the country; but so long as it was affected by
these periodical outbreaks it was quite in vain to ex-
pect that people would employ either capital or
labour on a large scale in the improvement of the
country. He could hardly dignify these disturbances
by the name of conspiracies, because it was impos-
sible for the disturbers of the public peace to make
any headway against a Government so powerful as
the Government of this country, and he sincerely
trusted that these misguided men would be speedily
brought to see the uselessness, as well as the wicked-
ness, of their proceedings, and no longer retard their
country in the race of civilisation. (Cheers.)

The CHAIRMAN then proposed " The House of
Commons," which was responded to by Captain
DAWSON, M.P., who also spoke pretty much in the
same strain of Feuianism as the noble earl, and
stated that it gave him great satisfaction to find
from a conversation which he had had with the lord
lieutenant, that the county of Derry, which he re-
presented, and in which the estates of this company
were situated, was entirely free from this dis-
loyal taint., (Cheers.) So far from despairing
of the country, he believed that a new era was
approaching, in which Fenianisni would die

completely out, the various resources of the
country be economised, and happiness and content-
ment reign where there was now nothing but dis-
(=tent and misery.

The health of the Worshipful Master was pro-
posed by the Earl of Kimberley, and cordially drunk.
The Master resp ended, and the toasts of " The
Masters of the Cook.', Borderers', and Masons' Com-
panies" (all of which companies are interested in
Irish estates) having been given and responded to,
other toasts were given. and the proceedings did not
terminate till a late hour.

The musical arrangements, under the management
of Mr. Lawler—the vocalists being Mdme. Louise
Vining, Mdme. Patey-Whytock, Mr. Wilbye Cooper,
and Mr. Lawler—were very good. Mr. E. Roberts
performed upon the harp, and Mr. S. Naylor pre-
sided at the pianoforte.

Atlantic and Greit Western Railway.

.41,-

An elaborate report, signed by Mr. NH-Tenry, the
financial agent of this company in England, was
issued yesterday to the bond, debenture, and share-
holders of this company in anticipation of the meet-
ing of Tuesday. It states that he has to present the
annual report of the president of the Atlantic and
Great Western Railway, ending Oct. 31, 1865, and
goes on to say, " at the eose of 1865 a large expen-
diture was undertaken with a: view to finishing the
works complete during 1866, and from the end of
October up to May over £600,000 was remitted
from-LOtidon for that rmrpOse ; but the seleXty of
the panic, and the successful efforts at discrediting
the company, caused a suspension of these remit-
tances, leaving a large amount of work partially
done, and many contracts only partially fulfilled.
This seriously inconvenienced the company in Ame-
rica. The scandalous warfare against the credit of
the company commenced in England early in 1866,
and has been continued with a malicious persistency
unparalleled in the history of industrial enter-
prises, but too late to be successful ; a railway
once fairly established commands a return of con-
fidence by an increasing revenue, and cannot be
hunted down like a credit institution." After allud-
ing at some length to the attacks made on the
company the writer proceeds :—At this time the
coupons on the consolidated bonds, due on Jan. 15,
were advertised to be paid, and I had arranged for
temporary loans of money for that purpose, in an-
ticipation of remittances from America. But I re-
ceived a resolution of the executive committee,
which determined me to suspend the payment of
coupons, and to issue a circular explaining the
cause. The coupons remaining unpaid will, of
course, receive the first attention of the company on
its regaining sufficient strength. It appeared to me
now high time that those largely interested in the
success of the railway should investigate for them-
selves its position, and justify or condemn my ad-
ministration of its affairs in this country. I offered
to place all books and vouchers at the disposal of
an independent committee—this committee has been
appointed, but up to this moment I have not heard
that they have advanced so far as to elect a chair-
man. The financial position of the company is as
follows :—Consolidated and divisional bonds,
$30,000,000, or £600,000; certificates of deben-
ture issued in November, 1864, £2,800,000 ; and an
open debt in Europe, estimated at £2,000,000, but
which will be reduced considerably on settlement of
the exact amounts. In order to meet this open debt,
in July last it was resolved to issue certificates of
indebtedness, having five years to run, and receive
in exchange for them at par other obligations of
the company held by the parties interested ; and, as
a basis, shares at par were deposited with trustees,
the idea being that daring the five years wiaich the
debentures have to run the prestige of the company
would be recovere 1, and its development would g)
on at such a rapid rate that the whole of the debts
would be pail without any great sacrifice on the
the shares. About £BOO,OOO of these certificates
were issued at par. The balance would have been
issued, but it was found impossible by most par-
ties to return the other obligations of the company.
It will be seen, therefore, that the mortgage debt
of the railway, combined with
.its share capital
at par, cover the whole of the cost of the rail-
way, including its unliquidated debts ; and
this amount will not be exceeded, notwithstand-
ing the enormous loss during the last year
in the realisation of securities deposited for loans.
After alluding to the lines leased by the company,
Mr. M'Henry proceeds :—" The following are the
annual earnings of this railway since its opening :-
1861, gross earnings, $70,000 ; 1862, $257,327 ;
1863, $1,012,585 56c. ; 1864, $3,235,491 77e. ;
1865, $5,811,233 ; 1866, $5,676,127 15c. ; total,
$16,062,764 48c. ; being at ordinary exchange
£3,300,000, a progress unequalled by any railway
company. As our executive become accustomed to
act in concert, and experience of the cap abilities of
the line is obtained, great additions to earnings can
be secured, and large deductions from expenditure
enforced. In 1663 our working expenses were only
48i per cent. ; and there appears no good reason
why this rate should be exceeded." The writer
then enters into a statement to show that by
pro-
per management the expenses may be reduced by no
less than $1,072,680 per annum, and then gives the
following "estimates of net income obtainable by
the Atlantic and Great Western Railway on the
basis of traffic for 1866, without allowing for future
increase :--Net earnings for 10 months after pay-
ment of rents and leases, $1,035,185 ; add for two
months, $207,037 ; reduction in pay-roll as per
statement, $1,072,680 ; 10 per cent. of $5,670,000
(gross traffic in 1866) now diverted by the express
companies, $567,000 ; total, $2,881,902. The total
annual requirements for interest on the entire bond
debts are, $2,100,000 ; the total interest on
$14,000,000 certificates of debenture is, at 8 per
cent., $1,120,000 ; deduct interest on bonds
lodged as security, $366,562—5753,438 ; balance,
$2,853,438. It will be seen by this statement that
the present earnings of the road (at $5 to £1 ster-
ling) should leave, if these economies be effected, a
net revenue sufficient to meet all liabilities for inte-
rest to bond and debenture holders, without looking
to the vast increase which follows the opening of
all leading American railways. The superinten-
dent estimates the amount required for 1867,
to put the permanent way into the best condition,
at £159,000, and for rolling stock, £50,000. In
other words, £200,000 expended on the permanent
way and rolling stock will bring everything into
first-class condition. Whatever amount of money
can be spares for additional rolling stock and ac-
commodation for coal, cattle, and corn traffic, will
add largely to the revenue, as those traffics are
capable of almost indefinite development. The
auditor points to a discrepancy of $973,400 between
the consolidated bonds and the divisional bonds.
This amount is covered by a letter from the law
officer of the company, delivered by me to the trim.:
tees so long ago as February of last year, empower-
ing me to receive consolidated bonds to represent
an amount of bonds authorised over the several divi-
sions, but which divisional bonds, though included
in the $16,142,000 total of Ist and 2;1 mortgages,
had never been issued ; and by a further amount of
divisional bonds now remaining in the hands of the
trustees waiting formal cancellation. Repeated
reference is made by the auditor to a sum of
$7,858,000 consolidated bonds remitted to me.
These bonds were received by me, and advertised
by prospectus, dated December 2, 1865, and formed
in the $6,000,000, also mentioned, part of the issue
of consolidated bonds. In the annual report of
1865 it is etated that these bonds have been issued,
and I am debited with the amount,. and credited
with the work done therefor. At no time were
special securities sent to me in payment for special
work; but the whole of the works were carried on
as a unit, with a view to the consolidation eventu-
ally arrived at. The enormous expenditure on the
Cleveland branch was made without any special

PRICY 4d.
STA.IIPED sd.

issue of securities. The Buffalo division bting in-
cluded in this•cousolidation, all its special issues are
now represented by consolidated securities, having
a mortgage over the entire line. I have never ac-
counted to the company for disposal of securities.
I received them at a fixed rate under my con-
tract, for work done or to be done. To Mr.
Kennard was properly left the applicltion of all
the money provided by me. 1111..!her he ap-
proptiated it to the works at Buffalo, Cleve-
land, Salamanca, or in the Oil Regions, depended
on his judgment, which seldom erred. To this
freedom of action, and to his indomitable energy
and fertility of resource, is due the early fruition
of the Atlantic and Great Western Railway. The
delay in completing the Buffalo extension has
led to negotiations with parties interested in the
prosperity of the city of Buffalo, and of the coal-
fields of Pennsylvania, which will secure great as-
sistance in finishing this work at much less than the
original estimate, and a shortening of the distance
by 25 miles. In the meantime a connection with
Buffalo will be arranged over another line, with the
disadvantage, however, of a change of gauge." Mr.
APllenry concludes as follown:--" When the posi-
tion and resources of the Atlantic and Great Western
Railway are fairly understood its credit will rapidly
recover, and enable satisfactory arrangements to be
made for the certificates of debentures due in No-
vember next. I believe there is a combination be-
tween parties inAmerica and England to depreciate
the securities of this railway, with a view to.,advawit.
tagrof rivals and enemies. The conspirators are
active, but not strong enough. The Atlantic and
Great Western Railway may be wounded, but it
cannot be killed. If those interested in its success
will take an active part in its affairs, denouncing
what is wrong and defending what is right, the pay-
ment of coupons can be resumed during the present
year, and all its open debt discharged without any
serious delay. The distrust created here naturally
reacts in America, and the net revenue, on which
all depends, suffers. Remove the distrust—make
sure of the position of your property—support it as
it deserves, and you will have a prosperous invest-
ment."

Attached to this report are upwards of 100 folio
pages of appendices, including the report of the
president, alluded to in the opening passage of Mr.
lenry's address, and which concludes as follows :
—" The amount expended on construction during
the year has been principally paid out of the earn-
ings, and the remainder of the uet has been used in
paying coupons here, and forwarded to London for
a like purpose. By reference to the report of your
superintendent it will be seen that the amount of
work required to be done to complete the line will
consume a large part of the net earnings of the road
for the ensuing year or two, unless the amount can
be derived from your capital account. Should you
not be able to realise from this source, then your
net earnings should be used to complete what is
essential to be clone in order to work the road to the
best advantage, and to develoee fully its traffic and
thereby give greater value to its securtties.,,

SP ORT IN Li INTELLIGENCE.

NOTTINGHAM SPRING MEETING.
WEDNESDAY.

The attendance in the "Forest" to-day was not equal to
that of yesterday, there being a perceptible diminution of
holiday people on the hill side, and an absence of several
of the opening day's ring visitors. The weather was again
delightfully fine, and the sport of an average interest—the
fields being in most cases respectable. Below is appended
a return of-the day's proceedings:—
Thu Forest Handicap of 5 sous each,with 50 added; winners
of any handicap after Feb. 11 (at ten a.m.) 71b extra;

six furlongs.
Mr. G.Angell's Landlord (late Penhill), by Hospitality—
Wensley, 4
yrs, Vet 71b (inc. 7lb extra)......(Huxtable) 1
Captain Hawksley's Sweet Anne, 4 yrs, ist, `lib
(Cameron) 2
Mr. J. S:ixon's General Sherman, 3 yrs, sst 8111 (Vinci') 3
The Little John Stakes of 5 sovs each, with 50 added, for
two year olds; colts Bst 101 b, fillies and geldings Bst 71b;
winners of any two year old race 51b extra; the second

to save his stake ; half a mile, straight; 31 subs.
Duke of Newcastle's Ninny, by St. Alban's—Nina, Bst
12Ib (ire. Mb ex.) (A. Edwards) 1
Captain Hawksley's Ent de Vie, Bst 101 b (Loates '2
Marquis of Hastings' Traviata, Bst 71b ... (Cannon) 3

The following also ran:—The Lamb, Vex, The Strain,
and Ultor.

Betting - 2 to 1 on Ninny, 7 to 2 agst Eau da Vie, 10 to
1 agst Traviata, and 20 to 1 bar tbreo.

A Selling Stakes of 5 Boys each, with 40 added ; two year
olds 7st 71b, three 9st 71b, four lOst 71b, five list, six
and aged list 31b; mares and geldings allowed 31b,
maidens having started twice allowed Mb, the winner to
be sold for 100 sovs; if entered for 80 sovs allowed 41b,
60 91b, 40 141 b, 30 181 b ; half a mile.

Captain Machell's Lady Diana, by Caterer (.£3O), 2 yrs,
6st _ (Kenyon) 1

Mr. Warrington's Flying Jib (X3O), 4 yrs, 9st
(Maidment) 2
Mr. Fiddiman's Oppressor (£3O), 5 yrs, 9st ilb

_ .
(Custance) 3
The following also ran : —St. Clair, Ingratitude, Ida, f
by Caterer—Sister to Homily, and Mrs. Acton.
The Great Annual Hurdle Race of 5 soya each, with 50
added : the second horse to save his stake ; a winner of
any handicap, steeplechase, or hurdle race after the de-
claration of the weights (February 14, at 10 a.m.) to
carry 71b, twice 121 b extra. Two miles and a half, over
eight flights of hurdles; 29 subs.
J. Barber's Helen,. by Commotion—Miss Harkaway,
6 vrs, 9st 71b
Lord Batetnan's Dean Swift, 6 yrs, 9st 91b (Tomlinson) 2
Lord Poulett's Charlemagne, aged, 9st 101 b (Searle) 3
Nemo and Fan also ran.

Betting Even on Helen, 7to 2 agst Dean Swift, and 4
to 1 agst Charlemagne. Won in a canter by two lengths.
The Hunt Cup of 50 sous ; four par olds list 31b, five
12st, six and aged 124 71b ; thorough bredslolb, winners
before starting of 30 soya 41b, 50 71b, 80 101 b, 100 and
above 14Ib extra; to be ridden by farmers, tradesmen,
or gentlemen, professionals and grooms 71b extra ; two
miles and a half, over eight hurdles.
Mr. C. Coleman's Luck's All (h b), aged, 13st...(Owner) 1
Mr. J. S. Coleman'eTurner (h b), 5 yrs, 12st 711.• (Owner) 2
Mr. J. Greonamith's Merry Pat (h b), a ed, 13st
(W. White) 3

The following nlEo ran :—Disappointraent, Nonpareil,
Kate, Cricket Ball, Goldylocks, Morris Dancer, and
Wilford.

Match : which takes both horses. Ono mile.

.....
Mr. Houghton's Diffident, lOst (Johnston) 1
Mr. Caldwell's Dairy Maid, 16st (Rhodes) 2
Betting-4 to lon Diffident, who made all the running
and won by a distance.
The Juvenile Selling Stakes of 5 soya each, with 40 added,
fer two year olds; colts Bst 71b, fillies Bst 41b; the win-
ner to be sold for 100 sous ; if entered for 80 soya al-
lowed 51b, GO 101 b, 40 141 b, 30 181 b; half a mile straight.
Did not fill.

THE OBJECTION AGAINST BONNIE FOLKTON. —The ob
jection lodged yesterday against Bonnie Folkton, the win-
ner of the Maccaroni Stakes. was considered this morning,
and a notice was posted in the ring, signed by Mr. Brad-
field, to the effect that the stewards had dismissed the ob-
jection and awarded the race to the winner.

WEST DRAYTON FLAT AND HURDLE RACES.

WEDNESDAY.

With dry, though dull weather, the second day of the
West Drayton meeting was patronised by a large company
of visitors. The fieldi of horses being considerably larger
than on the opening day, speculation also, as a matter of
course, received a greater impetus, and the favourites in
four instances out of five being bowled over, the fielders
had the best of it. Particulars of the running will be
found below:—
The Cowley Stakes of 3 soya each, with 20 added ; two
year olds 7st 711', three 9st 71b, four 10st 71b, five llst.,
six and aged list 31b: mares and geldings allowed 31b;

the winner to be sold for 80 says: if entered for GO BOYS

allowed 91b, 91b, 40 141 b ; about half a mile.
Mr. Rickarcis's Nursery Girl, by Lord Albemarle—
Giantess, 3 yrs, Sat 41b (.£10) (Laves) 1
Mr. Frank's ktimulus, 3 yrs, Bst 411)(.£10)...(11. Jackson) 2
Mr. Vallender's Lucy Long, 5 yrs, 9st 111 b (L 4.0)
( 1. Reeves)
The following also ran: —The Nun, Monmouthshire
Lass, Knight of the Grove, and Heliotrope.

Betting— 7 to 4 agst Mirnulus, 2 to 1 agst Lucy Long, 5
to 1 agst Nursery Girl, and Bto 1 agst The Nun. Mimulns
made play, closely attended by Heliotrope and Monmouth-
shire Lass for half the distance, when Nursery Girl was
let out, and a good race home resulted in her favour by a
neck; a length separating second and third. The winner
was sold to Mr. B. Land for 50 guineas.

The West Drayton Handicap of 7 sous each, 2 ft, with 50
added; winners after Feb. 14, at 10 a.m., 51b extra; about
one mile and a half. 19 subs.
Mr. H. Marsh's Star Cross, 4 yrs, Est 121 b (carried 7st)
.(l'Anson) 1
Mr. M`Queen's Royal Tartan, 4 yrs, Est 121 b 51b ex.)
Mordan) 2
Opposition, 4 yrs, 6st 121 b (Laves) 3

riEws PA PE R.
......e.,...
I....Tsir4ollowing also ran :—Claro ' ,.-_,"3k. :1,:,,,,..;
Leaf, Aggravator, and Feemy. CZ:744,c--"'" t•-'1"; ciF',e'
... ;pit ~_ :c V.:.‘r.,,
Betting--; to 4 aget Royal Tartan -r%-#, , 0-:.“,_.
5 to 1 agst Feemy, and 6 to 1 eac
Star Cross. Clatford made play, f
..,,.., _ _ l'ioikEl
Opposition, and Star Cross, in the or iiinitkik. , 4's'
for home, where the favourite and Star Crokarsingll aft-
selves out, and a slashing race home enstebt beten
pair, Star Cross winning by a neck; a length only between
second and third; Clatford was fourth, and Hopleaf fifth.
The Open Hunters' Plate of 30 sous, for horses that have
been bunted; list 71b each ; winners ou the flat in 1866
or 1837 rib extra; non-professionals allowed 51b; one
mill, and to half on the flat.
Mr. Ir:th-s's Balham, by Stockwell, dam by Jerry. nged,
114 q!1,
Lord U. 1:-rr's Ularia,t, 5 yrs, list 7it.) (ca . list 9,b)

(Owner) 2
M. R!tilm,n's Wedding Peal, 5 yrs, list. 2:b (Mr. T. Price) 3
Tl:e following also ran :—Red Rose, Cairngorm, a.tid
Jossle.

Betting - 6 to 4 on Balham, 3 to 1 agst Red RosP, 4 to 1.
agst Wedding Peal, 10 to 1 agst any other. At the fall of
the 11,g Ballium and Olarina jun:l3,l away and ran side by
side th-y passed the stand the first time, where Mr.
Yates took up the running, was never afterwards caught,
and won easily by three lengths. Wedding Peal was a,.
moderate third.
The Selling Hurdle Race Plate of 30 sovs (Handicap); the
winner to be sold for 40 sovs ; about one mile and a half,
over four hurdles. To close and name by eight o'clock
on Tuesday evening, and the weights to appear by nine
o'clock the same night.
Mr. Grey's Sisyphus, by Fandango—Grey Milton's dam,
9st 101 b (Kennedy) 1
Mr. Bentley's Triumph. lOst olb (Mr. Hobson) 2
Mr. Eagar's Maid of Erin, lOst 101 b (R. Vt heeler) 3
The following also ran :—Prescription, Freemason
Firefly, Over the Sea, and Fairplay.

Betting —2 to 1 agst Freemason, 3 to 1 agst Triumph, 5
to 1 each agst Maid of Erin and Prescription, and 7 to 1
agst Sisyphus. Prescription jumped off with the lead,
followed by Freemason, Maid of Erin, and Sisyphus. This
order was maintained for about a mile, when Triumph
showed in front, but rounding the bend for home Sisyphus
coming away won by four lengths. Maid of Erin was a
bad third, Prescription was fourth, Freemason fifth, and
Firefly sixth.
The Welter Cup, value 30gs, added to a Sweepstakes of 5
SOW. each, 1 ft; vrim.erts after Feb..,14 (at ten a.m.) 51b,
professionals Sib extra; about one mile; 28 subs.
Mr. Ditnias's Gaiety, 3 yrs, Oct 71b (Mr. Hobson) 1.
Mr. J. P. Craven's Grafton, 3 yrs, IGst 31b (inc. 51b ex.)
(S. Adams) 2
.Mr. M'Queen's Royal Tartan, 4 yrs, 104 121 b
(Mr. Crawshaw) 3
The following also ran :—Balham, Lord Douglas, Cutler;
Slender, Jack's Alive, Peignoir, and Libertine.

Betting —2 to 1 agst Royal Tartan, 4 to 1 agst Gaiety, 5
to 1 agst Balham, 7 to 1 agst Grafton, and 10 to 1 agst
Peignoir. Gaiety was the first to get off, followed by
Slender and Cutler, the others well up. They ran thus
until within a quarter of a mile from home, where Gaiety
came away and won easily by four lengths. Royal Tartan
was a bad third. Balham was fourth.

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