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

THE SUN, LONDON, THURSDAY EVENING, FEBRITABY 28, F-'67.

TIIE EY-RE DEFENCE anti AID FUND.—
SUB ItIPTIONS to be vaid to the cre.' it of "The
Eyre Dch!nce and Md Fund," wi the United Service Cm-
.any (Limited', banker', and army and navy agents, 9,
Waterloo-id:ice, l'a Lon ton ; Messrs. Smith,
t'Avne, and Smith, I 1.-mi':ard.s re -t
All oommuni ions to be address •d toth.• Hon.)rary Sec(-e-
-ary, No. 9, Wate 1 o phire,
BAUM PON HUME, Hon Se3,•ttary.

tfuruAL LOAN FUND ASSOCIATION
( too Irpor I,ot of
1, KLISSP; • L,51.1,...1,1ET. CuNri,:-VC-t;AR,IEN: LONfIOY.
Prompt A 1) V.k NCE deription of ...ecurity. F,rms
roe on appLe4tion by letter to
HOWXRD.AIARr.Is:ft. t3ecretsry.

01 IN G OZ7N ELL and CO.'S CHERRY
ti TOO l'A STK is grea.tly sui.e..lor to auy tooth
powder; gives the tce,,h a 'Kari 'whiteness, protects the
'namel from decay, and imparts a nleatmit fragrance to
.he breath . Price Is. 6.1 —fled Ball Wharf, vl, Upper
rhamei-street, London.

vir ANF lELD'S PATENT PICKLES are per-
foctly pure aniuncAlourel ..ro be had of all dealers
and wholesale of ;OLIN EILIVIESS and ON, 107, Strand
(corne of !,,avoy-steps). London
• -

" THE RUIN OF THE PEW IS THE GAIN OF lIIE MANY."
THE Panic of '66 and,itt consequent depression
of the Colonial M •rA-ets enable, th..• "EAST INDIA
TEA CoMP.A•Y" to eller TEA:S 1.4 WER TITAN EVER.
:•bc P.ifinds of Go for.os cant bt, dear.
Tne Cowan; 'a HAISOW6 by the c;lioper Ships are really
delicious.
Great St. TTelen's Chnrchyard, ilishopsgate-
a!reo;, Jan. I. 1867.

GEOLOG Y.—ELEMENTARY COLLEC-
TioN,4, to illustra...e the New Edition of "Lyell's
Elements of neology" and facilitat • the important study of
Nlineralo,,,y and GeoiDgy, ran he had at 2,5, 10, 51 to 504
u:nineas • also sim,rle S;.ecimeni of Nfinerals, Hoc, s, Fossils,
kiiia;ml rtaT a. Ilammess. al' tire recs.nt
'ut, Ica: tc., of .T. TENNANT, Bli..eratogist to lier
119, Strand, London.
Private luatru.:tion is given in Mineralog:l and G-2o!007 by
31r. TENNANT, F.G.S., 149, Strand. W.C.

EIAU-DE-VlE.—This Pure PALE BRAND Y;
18s. per gmlion, is r 1 ry superio- to recent i nportations
of Cognac, reonnmended by the medical profession, and ex-
tensively used in hospitals. In bottles, 335. per dozen. or in
a case 305., railway carriage pal•l.—li EN ftY BRUT and
C+)., Old Furniyal's Distillery, Holborn, KC , and 30, Regent
street, S.W. established 1829.

nyDEßßt:s;ss
BIiTAJEETR.P.R.O_9.II._7,_ATVEAEuLLEri
I actory. "K 31AN
- CAVENDISH HOUSE, •

Wi,zinlre-street, Cavendish-square, corner of Marylebone-

lane, London; W.

A .
VALUABLE PACKAGE OF TEA.
A CHINESE CADDY,
XX.
containing I 6lbs. of really good Black Tea, sent carriage free
to any Railway Station or Market Town in England, Ireland,
ecotland, or Wales, on receipt of 405., tit

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

TEA IS CHEAPER THAN EVER.
ls. 61., 25., 2s 641. per lb. are the prices at which
PHILLIPS and CO.,
Tea Merchants, 8, King William-street, City, London, E.C..
are selling. good and fine
BLACK TEA. '
•A. price current post tree. 40s worth carriage free to any
Railway Station or Market Town in the United Kingdoin.
All goods carriage tree .o all puts of London.
Observe— Pumr,trB and Co. have no Agents.
Sugars are supplied at market prices.
BOYS' ATTIRE.

BOYS' & FIYAM an 3. CO.

BOYS' at 66 and 67, OXFORD-ST.

BOYS' NtIV STYLE OVERCOATS.,.. .

BOYS' NEW STYLE REEFERS.

BOYS' KNICKERBOCKER SUITS.

BOYS' OSBORNE stars.

BOYS' HARROW SUITS.

BOYS' JACKETS for ALL PURPOSES.

BUYS' fROUSE4S 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.
Boys' Eaton, Harrow, and Rugby Suits
Boys' Jackets for School and Home 9s. to 21s.

HYAM & Co.'s ATTIRE for GENTLEMEN,
66 and 67, Oxford-street, London.
Hymn & 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 Vs. to 70s.
Hymn & Co.'s Winter Jackets 2ls. to 425.
Hyam & Co.'s Winter Frock Coats
Hyam & Co.'s Winter Vests Gs. to 14s.
Hyam & Co.'s Winter Trousers l4s. to 255.

TTYAM & 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 Outfit Department.

T_TYA.AI & Co.'s ESTABLISH. VIENTS.
-I- LONDON-66 and 67, OXFORD-STREET.
BIRMINGHAM-21, 22. and 23, NEW-STREET.
LEEDS-42, BRIGGATE ; and
DEWSBURY—WESTGATE.

RUYTUR iYAL LETT h!fiS PATENT.

WHITE'S MOC-MAIN LEVER TRUSS
;PERFECTED AND EXHIBITED IN THE GREAT
EXHIBITIONS of 1651 and :862., is allowed by up >cards of
fwo Hundred Me deal Gentlemen to b 2 the moat effective
Invention in the curative treatment of ti E lA. The use
of a steel spring, so otter hartfal in its effects, is here
avoided—a sort bandage being worn round the body, while
the requibite resisting power 14 supplied by the Moo-Main
Pad and l'atent Lev, r, flttinc; with so touch ease and close-
ness that it cannot be detected, and may be viorn during
sleep. A •hacriptive circular inay be hal, and th, truss,
which Cannot fail to fit, forwarded by post, on the circum-
serene.e of the body, two inehea below the hips, being sent to
the manufacturer,
Mr. WHITE, 228, Piccadilly.

A Single Truss, Vs., 21s. , Zos 6.1., an 1 318. 6,1 Postage, Is.
A Double Truss, Its. 6d., 42s , ant 525. 6d. Postaze, Is. Bd.
An Umbilical Truss, 425. and 525. 6.1. P.staae, Is. 10d.
Post-office Orders to be made payable toJohn White, Post-
office, Piccadilly.

NEW PATENT
FL ASTI C STOCKINGS,
KNEE-CAPS, &c., for Varicose Veins And all cases a
Weakness and Swelling of the Legs, -praios, No. They are
porous, light in texture, and inexpen,ive, are.drawn on
like an ordinary stocking. Price 4s. 6d., 7s. 6d., 10a. and 16s.
each. Postage, id.
JOHN WHITE, Manufacturer, 228, Piccadilly.

XHIBITORS at the PARIS EXHIBITION,
1.11 who ADVERTISE in "TIRE 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 in 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.

PR IN TIN G.—TO PROPRIETORS OF
NEWSPAPERS, PERIODICALS, &c.—The Print-
ing and Machining of Newspapers, &c., done on exceed-
ingly favourable terms. Use of Editorial 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

-BRITISH ORPHAN ASYLUM, Mackenzie
Park, Slough, Bucksltormerly at Cladharn-rise`. In-
stituted 1t27.
PATRON-11er Most Granious MAJESTY the QUEEN.
AI t) this Institution. will be gladly readved by the
Secretary, at the Offi'es. No. 73, Cheapside, E.C.

ITHNRY SYKES,THORN lON, Treasurer.

• THOMAS VLSON, J.P. (7hairinan of the Board.
STE"Ii FIN ItEED CATTLEY, Hon. Sec.
ALFRED 3IACKENZIF, Secret try.

HELP for the DESTITUTE SICK.—
M RO POL I VAN FRE;,. OS VITAL. Devon-
shire-pquare, City. Instituted for the immediate gratuitous
Relii-f of the Sick Poor of every Nation and Creed. without
letters of recommenthtion. FUNDS are urgently needed to
maintain its of deLICy
BANKERS —Aletsr a Barnett, IToarea and Co.. G 2, Lombiird-
art et. ,INO. GURNEY FRY, Chairman.
GEO. CIi.OXTON, Secretary.

OUR SHIPWRECKED SEAMEN and their
WIDO 'NB and 0 itPIiANS. —UpwArds
of 4,00) British vesse!s are annually Ira( eked, about 2,000 of
r.hich are on the Briilsh Isles

There is no part of the coast where the SHIPWRECKED
MARIN MRS' SOCIETY is not represented by an Bon.
A4ent, who clo. hes (when naked, and a. nds to their homes
shipwrecked persons of all nations, and is the channel of its
charity to the bereaved widows and orphans of the drowned
The Cornm;ttee earnestly APPEAL t••r HELP. The dis-
tress is always instant. The `..'t.,ciety relieved 11,221 persons
last year, viz , shipwrecked men, widows, and orphans.
Donations and subscriptions thankfully received by Messrs.
Williams. Deacon, and Co.; and by the undersigned,

FRANCIS LEAN, Eccretary.
Hibernia-chamberv, London-bridge O.E.

The Earl of j. imberley 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)
and a number of gentlemen at dinner, on the occa-
sion of the complotion of the audit of the Irish
estates of the company.
The Master (Mr. Watson) occupied the chair,
and was suppertcd l y 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. Gurdon 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 Queen," the " Prince and Princess
of Wales and the reit of the Royal Family," which
were enthusiastically responded to by the company.

The next toast was-the " Army, Navy, and Vo-
lunteers," which was resipnded to on behalf of the
army by Capt.`REFL YATES, who observed that the
English nation- i&alWays manifested a good deal
of jealousy with -Wipe& to the maintenance of a
standing army, and hi* its establishment, in the
reign of Williarn Itr;i4V•The present time, the House
of Commons had, by means of the Mutiny Act,
maintained its control of the force. At 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
fotind-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 as the representative of her Ma-
jestyat- the Court of Russia. When Viceroy of Ire--
land he exerted himself vigorously to put'down the
wretched delusion of Fenianistn, which, although, in
no way; dangerous to the stability of any Govern-
mont,i Whig or Tory, was yet iu its nature harass-
ing to thO'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 hcinour-conferred on him
by the Crown, and would be mentioned in history as
one of - the few men who had -adminiStered Irish
affait:s. withstiecs.
The Earl of KIMRERLEY, on rising to respond,
was received With / Peers. Ile thanked them first

chi _
for drinking the health of the house of which
he was. a member. The mention of the House
of I,Ord,i was always received with favour
in every assembly_of EggliSh 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 sach 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 be 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-handed 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 is 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 suspiciat
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-
nees, he thought they would hear no more 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 been 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 had intended to expend a large amount
of capital in Ireland and to employ many men, bad
been completely driven away from the country in
conseauence of this conspiracy. (Hear, hear.) 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 longerretard 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 Fenianism as the noble earl, and
stated that it gave hina 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 Fenianiam would die

c3mpletely out, the various resources of the
country be economised, and happiness and content-
ment reign where there was tow nothing but dis-
ecutent, and misery.
The health of the Worshipful Master was pro-
posed by the Earl of Kimberley, and cordially drunk.
The Master respinded, and the toasts of ".The
Masters of the 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 Aldine. Louise
Vining, Mdme. Patey-Whytock, Mr. Wilbyc 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 Gre It Western Railway.

~--

An elaborate report, signed by Mr. M'Henry, the
financial agent of this company in England, was
issued yesterday to the bond, debenture, and share-
holclers of this company in anticipation of the ingot-
, 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 dose 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- *as remitted
from London for that purpose ; but the severity of
the panic, and the successful efforts at discrediting
the company, caused
.a suspension of these remit-
tances, leaving a I:rgeamount 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 commeneectin England early in 1866,
and has been coutinueclwitha malicious persistency
unparalleled in the history of industrial enter-
prises, btit 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 limns of money for that purpose, in an-
ticipation of remittances-from America. But I re-
ceived a resolution' of - the executive committee,
which deterniined 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 tliat those largely' interested in the
success of the railway- should investigate foT them-
selves its position, and justify- or condemn my ad-
ministration of its affairs in this country. I offered
to place all hooks and vouchers at the .disposal of
an independent committee —this committee has been
appointed, but up to this moment I liave .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 Notember, 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 exactatnotults. In order to meet this open debt,
iu July last it was resolved to. issue certificates of
indebtedness, having live years to run; and receive
in exchange for Item at par other obligations of
the company held-by the parties interested ; and, as
a basis, shares at par were deposited with trustees,
the id,a being that daring the five years which the
debenture.% hal:4lll4in the prestige of the Company
would be recoverel, and its development would era
on at such a rapid rate that the whole of the debts
would be paid 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 res-lisation of securities deposited for loans.
After alluding to the lines leased by the company,
Mr. Mlieury 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 77c. ;
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 capabilities of
the line is obtained, great additions to earnings can
be secured, and large deductions from expenditure
enforced. In 1863 our working expenses were only
48. 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 ; tatal, $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 trus-
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 2d 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 stated 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

issue of securities. The Buffalo division being in-
cluded in this consolidation, all its special issues are
now represented by consolidated securities, having
a mortgage over the entire line. I have never ac-
counted to the eompary 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 application of all
the money provided by me. 11 Nether he ap-
propriated 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
the
in finishing this work at much less thanthe
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.
M'lienry concludes as follows :—" When the posi-
tion and resources of the Atlantic and Great Western
Railway are fairly understood its credit will rapidly
recover, and enable s4tisfactory arrangements to be
made for the certificates of debentures due in No-
vember next. I believe there is a combination be-
ween, parties in Am erica end England:lXL 44reciate
the securities of this railway, vial a view to advan-
tage of 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
ort it as
y
est -
is
tu rdee
soefrtvhe
se Pao:
di t 1
yo
onuo
wf
lofu
hrapvreoap eprrtoys—p
esruopups n v
ment."

Attached to this report are upwards of 1.00 folio
pages of appendices, including the relacirti of the
president, alluded to in the opening passage of Mr.
M'llenry's address, and which concludes as follows ;
—" The amount expended on constructi;)n duringthe year has been 7principally paid out of the earn-
ings, and the remAinder of the net 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 cf the road
for the ensuing-yegr or two, unless the amount can
Should .you
be derived from your capital account,
not be able to_rea lise from this source, then your
net earnings shyuld be used to complete what is
essential to be done in order to work the road to the
best advantage; and to develOpe fully its lzaffic and
thereby give 'greater value to its securities,,

SPORTING INTELLIGENcE.

NOTTINGHAM SPRING MEETING.

WEDNESDAY.

The attendance in the "Forest" to-day liras not equal to.
•that of yesterdy, 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 agaid
delightfully; fine, and Sport of an average interest—the
fields being iu.nrost cases respectable. Below is amended
a return of the day's proceedings
,• . •
T he Forest llancliCap of 5 SON'S each,with 50 added; winners
of any after Feb. 11 (at ten a.m)714 extra;
• six furlongs.
Mr. G.Angell's Landlord (late Penhill), ley Ho'spitality—
' Wensley,;l_,±4 74 71b (inc. 71b
ovtain Sweet Anne, 4 yrs, 7st:'2lb,
(Cameron) 2
Mr. J. Saxon's General Sherman, 3 yrs, sst 81b (Vinell) 3
The Little John Stakes of 5 sous each, with 50 added, for
two year olds; colts Bst 101 b, fillies arid geldings Bst 71b;
winners of any two year old race 51b extra; the second
to save his stake ; half a mile, straight ; 31 subs.
T
121 b (inc. slb ex.) (A. Edwards) 1
Captain Hawkslees E tu ds Vie Bst 101 b (Loates 2
Duke of Newcastle's
, )
Ninny by St. Alban's—Nina, Bst
,
Marquis of Hastings' Traviata, Bst 71b ......... (Cannon) 3
The following also ran: —4.
Vex, The Strain,
and Ultor. he Lamb,

Betting -2 to 1 on Ninny, 7 to 2 agst Eau dl Vio, 10 to
1 agst Traviat2, and 20 to 1 bar three.

A Selling Stakes of 5 soya 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 31b, the winner to

be sold for 100 sovs ; if entered for 80 sovs allowed 41b,

GO 91b, 40 111 b, 30 181 b ; half a mile.
Captain Macholrs Lady Diana, by Caterer (£3O), 2 yrs,
list (Kenyon) 1
Mr. Warrington's Flying Jib (£3O), 4 yrs, 9st
(Maidment) 2
Mr. Fiddiman's Oppressor (V 0), 5 yrs, 9st 71b
(Costance) 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 sous each, with 50
added : the second horse to save tits 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.
Er. J. Barber's Helen, by Commotion—Miss Harkaway,
6 vrs, 9st 71b
Lord Bateman's Dean Swift, 6 yrs, 9st 91b (Tomlinson) 2
Lord Poulett's Charlemagne, aged, 9st 101 b (Searle) 3

Nemo and F‘an 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 year olds list 31b, five
12st, six and aged 12st 71b; thorough breds 101 b, winners

before starting of 30 sows 41b, 50 71b, 80 10Ib, 100 and
above 141 b 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. Colernan'sTurner (11 b), 5 yrs, 12st 711 (Owner) 2
Mr. J. Greensmith's Merry Pat (h aged, I3st
(W. White) 3
The following also ran :—Disappointment, Nonpareil,
Kate, Cricket Ball, Goldylocks, Morris Dancer, Laral
Wilford.