The Sun.
London, England, 1867-08-24 00:00:00

Naval and Military Intelligence.

According to present arrangements the Lords of
the Admiralty will complete their official inspection
at Portsmouth on Tuesday, when they will leave for
Portland. Their Lordships are expected at Plymouth
on 'Thursday, where the official dinner will be given
on Friday. In the evening they will patronise the
ball at St. George's Hall in favour of the Female
Orphan Asylum.
The United States frigate Minnesota left Ply-
mouth Sound onWednesday evening for Cherbourg.
Her chaplain expressed in the local papers the gra-
tification of all the officers and crew at their kind
reception in Plymouth from all classes.
Mr. John Hood, late chief engineer of the Phoebe,
having pleaded guilty to a charge of drinking to ex-
cess, was sentenced yesterday by court-martial at
Ddvonport to be dismissed from her Majesty's ser-
vice; but having regard to hii great age, the Court
rccomm ended him to the merciful consideration of
the Commissioners of Admiralty. Mr. C. Hanson,
additional boatswain, third-class, in the Lion, was
tried at the same time for desertion, and having
pleaded " Guilty," was sentenced to be imprisoned
six months, and to be dismissed the service.
Yesterday a detachment of the 69th Regt., con-
sisting of five officers and 214 men, arrived at Liver-
pool from Dublin en route for Preston. Captain
Charleton was in command.
- The following appointments were made yesterday
at the Admiralty :—J. Snell, chief engineer, to the
Cumberland, for charge of engines of the Blanche ;
C. L. J. Underwood, assist.-paymaster, to the
Bristol, additional, for disposal ; J. A. Bell, clerk,
to the Cambridge.

RAILWAY INTELLIGENCE.

LONDON, BRIGHTON, AND SOUTH COAST.
At an advanced hour last night the report of 018
London, Brighton, and South Coast Railway Com-
pany was issued. It is not very satisfactory, inns
much as it appears that the working expenses of the
line have reached the high point of 68 per cent,.
and that the further examination of the accounts'
proves the existence of great mismanagement on the
part of the late directors. The present directors,
however, hope to surmount the difficulties of their
position, and thus refer to the suspension of the
preference dividends:—" The general result of alit%
mode of dealing with the accounts will be that, in-
stead of straining charges to capital so as to declare,
a dividend on preference stocks, or paying a partial
dividend on certain of those' stocks by measures of
doubtful expediency, the whole net earnings of the
half year, beyond the debenture interest and
small balance of £6,805 carried forward,
have been applied in clearing off old arrears and
in inaugurating a sound system. The director°
believe that this course is much more fef
the permanent interest of all classes, including the
preference shareholders, than any attempt to bolster
up the concern by paying doubtful dividends witil
borrowed money. It will be observed that the Pre-'
ference dividends are payable on the net earnihfie
of the whole year, and as the second half-yenr ,Iglo'
always much more productive than the first, `The
gross receipts being at least £lOO,OOO more, "whit,
the disproportion of expenses is not equally gres 0
especially as a large mass of arrears will now I'3llo
been disposed of, a considerable surplus of incoe
over expenditure may reasonably be anticipated °
the 31st of December next. Under the cireti°l;
stances above described, the directors think it heti:,
to postpone to the end of the year all questions rex
specting the payment of preference dividends,
they hope that many of the points which would ee
arise as to the priorities of different classes el,
their claims to cumulative dividends may be 0011.0,
by the possession of adequate means fromolll, rt
peachable net revenue to provide for a great 1):110
of them. The company is now approaching of
point when it will start clear . without dehtti
ble
liabilities, and with its whole net earnings avail of
for paying interest and dividends. The ara01111,4•
these dividends will then depeLtd entirely °130,161
The amount of traffic ; 2. The amount of real.eo,
fide working expenditure. As to the first end loe/
tom feel great confidence, and as to the 06,000
can only say that their most earnest erkdease the
will be directed towards the attempt to zieso tae
capital account and, if possible, to bring
cl
61'1, er
working expenditure to a rate not mate: o I:10.7.40
cceding 50 per cent. of the receipts. They oda-
disguise from themselves that this will be n rtea
ous task ; nevertheless they hope that, if sule liSb
by the proprietors, they may be able to seer
nth
it, and that with the amalgamation with the
;ow
Eastern Company ratified by Parliament,
iupit
will be rapidly developed, and expeuditurelou_eov
reduced as not only to insure the punctual priospeco
of all preference dividends, but afford a fair 40,1 c.
to the ordinary shareholders of seeing their
once more a valuable property."

~,t. efo
ROYAL HORTICULTURAL SOCIETY.---The 6'-;(10. a
ofl the Royal Horticultural Society at South lens'l36t°tll
will I`e open froo to the public on Monday nex.t, thB,, Jo
of August, by command of her Majesty the tiee",,;oo
commemoration of the birthday of the late Prince -
the
sort. The cascades and fountains will play during
ivg
sad
day, and military bands will perform both morili
afternoon,