The Sun.
London, England, 1867-04-20 00:00:00

9 THE SUN, LONDON, SATURDAY EVENING, APRIL 20, 1867.

Naval and Military Intelligence.

The preliminary operations connected with the
contract works for the enlargement and extension of
Chatham dockyard have been completed by Mr.
Gabrielli, who has undertaken the first portion of
the contract—that for the construction of the re-
pairing basin and two docks. Several hundred hands
have been taken on during the past fortnight, and
in a short time as many as 2,000 workmen, exclu-
sive of about 1,000 convicts, will be employed on
the works. The recent visit of Mr. Corry, the First
Lord of the Admiralty, and his colleagues in Chat-
ham has given an impetus to the prosecution of that
portion of the undertaking which the previous Board
of Admiralty decided should be proceeded with in
the first instance, and the inspection of the works, so
far as they have been carried out, has convinced
their lordships of the advantage of constructing the
first of the three basins, together with two of the

docks, within the earliest possible period. The origi-
nal designs for the enlargement of Chatham dock-
yard, as prepared from the reports and recommen-
dations of Major Andrew Clark, Royal Engineers,
the Director of Admiralty Works, contemplated the
taking in of the whole-of the swamp at the eastern
extremity of the existing naval establishments at
Chatham, known as St. Mary's Island, covering an
area of little less than 400 acres, and it is on them
that the present undertaking proceeds. The dock-
yard at Chatham, with its docks, building slips,
factories, and other buildings covers at present an
area of barely 100 acres, but the addition decided
on will increase it to nearly. five times its present
extent, or, in other words, will enlarge its size to
about two-thirds of the area of the city of London.
Up to the present time work connected with the ex-
tension of the dockyard has been performed almost en-
tirely by convicts, some thousands of whom have been
daily employed on the island for the past three
years, during which an embankment along the har-
bour has been made for a distance of about two
miles. A solid breakwater and wall have been
formed, the dock and basin entrances have been
completed, and a solid brick wall, carried some dis-
tance below the river, has been constructed for
about 1,500 yards. In addition to this several mil-
lions of bricks have been manufactured and stacked
by the convicts, the whole of which have been used
in the work already completed. The slow pro-
gress of the works, however, which, in the opi-
nion of Major Clark, appears to be inseparable
from their execution by convi:t labour, and
the necessity for early providing an establish-
ment secure from hostile attacks, where our
ironclad ships can be built and repaired with
the greatest expedition, have led the Govern-
ment to decide on supplementing the convict work
by skilled labour to a larger extent than has hitherto
been the case, and hence the determination to have
the remaining portion of the undertaking carried
out by contract. The three large basins, forming
the principal feature in the extension works, will
occupy the site of St. Mary's Creek, formerly in-
tersecting the island, the creek being to this extent
utilized, and a considerable amount of excavation
thereby avoided. The largest of the three basins,
the site of which is already marked out, is placed at
the extreme east of the island, communicating with
the Medway by means of locks at Gillingham Reach.
This basin, which is intended to be used as a basin,
in which the largest vessels of war may be
fitted, equipped, provided with the whole of
their guns and stores, and despatched direct
to their destination, will cover an area of 33
acres, with a depth of water of 30ft. at neap tides.
The width will be 800 ft., and it will contain a wharf-
age frontage of 5,800 f. Communicating with the
fitting-out basin by means of a caisson will be the
second, or factory, basin, with an area of 20 acres,
a depth of water of 30ft., and a wharfage space of
3,750 ft. /Vona; the northern site of this basin,
forming a special feature: in the original project,
it is intended to construct a camber, with berths in
connexion, on which iron vessels of between 3,000
and 4,000 tons can Le placed, out of the water, for
examination and repairs, to avoid the delay and in-
convenience of docking. On the southern side of
the factory basin a large factory is now in course of
erection, covering an area of about 14 acres. Up to
the present time the building of the factory has been
performed solely by convicts, who have completed
the foundations and raised the walls of the structure
to a certain height. As, however, the further pro-
gress of this particular work has been suspended, it
is probable that its completion will form a portion of
the contract for the construction of the factory basin
and slips. The last of the three basins, the contract
for the execution of which, together with the adja-
cent docks, has just been taken by Mr. Gabrielli for
the sum of £750,000, will cover an area of 21 acres,
with 3,500 ft. of wharfage, and a depth of water of
30ft. Along the southern side of this basin, which
communicates direct with Chatham harbour, nearly
opposite Upnor Castle, the site has been marked out
for four large graving docks, each 420 ft. in length,
and 130 ft. in breadth, with a depth of water of
28ft. Gin. over the dock sill at high-water neaps.
Between the docks will be erected three workshops
or factories for the workmen employed on the ves-
sels under repair or fitting. Only two of the, four
docks are to be completed in the first instance, the
contract for the execution of the works connected
with which is included in that for the formation of
the repairing basin. With about 2,000 excavators
and other workmen employed on the works, in
conjunction with a numerous body of convicts,
tt
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the year 1869, the contract stipulating that three
years shall be the utmost time the works connected
with that portion of the undertaking shall be in hand.
A number of the convicts will in the mean time be
employed in the further embankment of the island,
and the completion of the sea wall, the construction
of the lock entrance and dam, the preliminary exca-
vations for the factory and fitting-out basins, and
in the manufacture of bricks used on the works.
The formation of the two remaining basins, as well
as the intended deepening of the channel in the
Medway from Folly Point through Gillingham Reach
to the entrance of the fitting-out basin, to a mean
depth of water of s7ft. at half-tides, will be included
in separate contracts. The original estimate for the
works connected with the enlargement of Chatham
dockyard was a million and a quarter sterling, but
the additional buildings and other undertakings de-
cided upon, as well as those in contemplation, will
increase that estimate by about another quarter of a
million. At the present rate of progress, however,
at least ten years must elapse before they are com-
pleted. A separate contract has been taken by an-
other firm for the construction, on the part of the
Admiralty, at an outlay of £40,000, of a public
wharf at Gillingham, adjoining the dockyard, in lieu
of the wharf to be removed to make way for the en-
largement of Chatham
dockyard. The works con-
nected with the formation of the new work have been
commenced, and will be completed in about two

years.
The unannoured screw corvette Blanche, 6, 2,268
tons, 350-horse power, preparing for launching at
Chatham dockyard, is ordered to have additional
ports constructed for the increase of her armament
by two 64-pounder muzzle-loading guns. This al-
teration in her artwttnent will also necessitate an
increase in the size of her magazine for receiving her
additional shot, shell, and cases of powder.
The ship Norwood, chartered by the Government
to convey convicts from Chatham, Portsmouth, and
Portland, sailed from the latter port on Thursday
last, at 6 p.m. She had put back a week pre-
viously, after sailing from Portland on account of a
case of measles having broken out on board. When
the Norwood put back she was anchored at the
eastward end of the Breakwater in quarantine, and
when all danger frOm the epidemic spreading
throughout the vessel had subsided she was allowed
to proceed on her voyage to Western Australia. A
light south-east wind blew with fine weather, as the
Norwood left her anchorage.

The urgent demand fora supply of the new Palliser
shot to furnish the home and foreign stations has
necessitated the working of the shell foundry at
Woolwich night and day for some time past, and a
weekly supply of about 4,500 has been successively,
kept up. The manufacture is now somewhat re-
duced in order to admit of the chills and other por-
tions of the plant being put under a course of new

steel lining adapted to the lubrication of the moulds,
and to undergo some other repairs. The manufac-
ture, as before, is expected to recommence on the
opening of the establishment after Easter. A large
number are required for early despatch to serve
the heavy guns sent out last year for the defence of
Canada.

A notification was yesterday received at Chatham,
from the Horse Guards, that the 70th Regiment
will proceed from Dover to Aldershott, on Thurs-
day next, the 25th inst.
Major Wirztuan is to be transferred from the 6th
Inniskilling Dragoons to the 4th Hussars, on their
going to India in September.

GLORGE FRANCIS IRAIN IN THE GOLD
ROOM, NEW YORK.

The Gold Room, with its active five hundred
members, is still the feature of New York monied
men. Sales amounting from twenty-five millions to
a hundred and twenty-five millions every day show
the magnitude of the operations there. A stranger
in the city may well look on mid wonder to see all
nations represented around that railing. Horace
White's description in the Chicago Tribune was racy
in the extreme, but the Gold Room has seldom had
more of a sensation among its members than Wed-
nesday afternoon.
It seems that Mr. Train went into the new Board
Room with Mr. Mellis of the World, to see the
Room and ascertain if his old membership of two
years ago held good. Mr. Train, who seems to be
always a hail fellow and very popular with the brokers,
found himself suddenly hemmed in by a crowd, while
the whole room joined in the cry of speech—speech
—Train--Train. He tried to get out in vain. There
was no retreat. He pushed for the door, when some
dozen of the brokers, now thoroughly demoralised,
lifted him up bodily to the President's platform,
while the board, packed fuller than usual, demanded
a speech.

The President hammered away with his gavel, but
could not restore order. " Decorum, gentlemen, we
must have decorum; surely you have no right to force
Mr. Train to speak against his wishes." "I will protect
you," said the President to Mr. Train. But it was of
no use. It was beyond his power. The gold brokers
had got Mr. Train fast, and suspended all opera-
tions, and insisted upon a speech. Mr. Train, seeing
that he was in for it, arose, when the cries of " Hats
off" were renewed and silence was restored. We can
only give a sketch of Mr. Train's remarks bearing
on the financial question.
The above extract from the Evening Express is
followed by Mr. Train's speech, which is rightly
described as an odd speech in an odl place by an
odd fellow. Mr. Train hit right and left, but
although his hearers must have felt the full force of
many of his blows, they were taken with the utmost
good humour.

When the old Banking Companies of England,
organised under the Limited Liability Act, they
were all or most of them insolvent—as instanced by
Overend, Gurney, and Co. Our old banks were in
the same position when Mr. Chase, the largest head,
the longest head, of his party created the national
banking system, to make himself President. (Ap-
plause.) You remember he put his handsome photo-
graph on the $1 notes to circulate among the people.
(Laughter.) Our National Banks, like the English
Limited Liability Act, were the salvation of most of
the rotten banks of the country. (Sensation.) Take
their loans this time last year, 1866--Five Hundred
Millions. Take them now, 1867—Six Hundred and
Twenty Millions. Of course I said as they have in-
creased their Inns they have added to their capital, li
only Twenty-Five Millions I found, leaving One
Hundred Millions more now than when expanded
last year. What is this loaned on ? On Erie at 90,
North-Western at 80, Cumberland Canal at 70,
Pacific Mail at 180—and Pork at 36. (Laughter.)
The last panic was peculiar—usually we outsiders
caught it. This time you insi lers got cleaned out.
(Applause and "That's so.") Men who had accumu-
lated their $200,000 to pooxo in small sums these
last few years, buried it all in the Greenwood
Cemetery of the Stock Exchange. (Mr. O'Brien—
or in E Pluribus Unum.) Mr. Train—Yes, you are
one of the ma.ny whose epitaph is among the tomb-
stones. (Loud laughter and applause, continuing for
, several minutes at the repartee.)

th only
Wells,
tells
thel l s
The Comptroller is abroad—he is after the &lin-
quents-1,700 of these institutions are in a flurry—
already the big loans are called in, and the street
Newton, Hudson, Boston, and Nashville are
o
will feel the shock within a week. The recent Na-
tional Bank failures in Washington, Baltimore, Oil
nal
ptirnhePlees;perienced eye the painful disease
the slight eruption on the skin,
that is struggling within. (Applause.) These banks
were established on a 10 per cent, margin, $lOO,OOO
bonds gave smooo notes. This margin is lost, and
23 per cent. more, as shown by the loan account One
Hundred Million more than last year. (Sensation.)
When the country understands this, they will sell
Governments. Then look abroad. Five hundred
millions of our securities in Europe on call —nomi-
nally held at 74—or 9 per cent. in gold, while the rot-
tenestat
, 1
theold
.t shows how little
world,per cent. British
Consols,
they think of our Bonds. They are simply deposited
security
are
selling
in
there and drawn against—a simple kytering opera-
tion, which you understand. (Laughter.) When
you want to see what is going to happen abroad
look at the never-failing barometer down there in
the south-eastern part of Europe, the Eastern ques-
tion. All say peace, yet five millions of breech-loaders
—of needle guns are being made. When war breaks
out, as likely in London or Paris as in Greece or Tur-
key, back come the bonds. Send home not
$500,000,000, but $20,000,000, and the dozen inter-
national bankers will rush to the Government
slaughter-house to sell, and the amount will soon be
exaggerated to $200,000,000. Suppose they meet
there some of the liquidating National Bank Bonds,
and other frightened holders of the Bonds, all rush-
ing to sell, who is going to buy ? Shall Igoon ?"
(Cries of " Yes.") Remember that the loan was
taken up on margins. We subscribed $lO,OOO and
borrowed $9,500, and kept the mill going all day,
making the min with $lO,OOO capital talk and act
like the millionaire. The public is a bull on govern-
ments only when above par—when below par they are
bears. Let governments drop to par, and down they
go to 89. Then national bank notes are 1 per cent.
dis. Then comes the rush on national banks for
greenbacks, and the greenbacks are not there. (Sen-
sation.) What is the result? Does Congress help us?
No, the lawyers are in power; what do they care?
They add $100,000,000 bounty to the debt, and ad-
vance their own salaries to $5,000. Is the South to
be admitted under the Military Bill ? No ; Stevens
holds the reins; confiscation is the order. The estates
are to be cut up among the Germans, and the
negroes wiped out. Where, then, are we floating?
Congress sees MiCulloch has made a mistake ;
and as it is an Administration blunder, the
Radicals intend to pass no bill of relief.
They will pinch the country this year—
and bring on a financial crash in the fall—(remem-
ber this is the panic year of the never-failing screws)
—lay it on the Administration policy, and when
everybody is broken, Congress will meet in the
winter and pass Randall's bill, putting greenbacks
in the place of the $340,000,000 National Bank
Bonds. Pass another bill paying duties on imports
in greenbacks—and then another bill paying inte-
rest on the $1,400,000,000 5-20's in legal tenders.
In other words, give the country one currency. That
is twenty- five hundred millions of legal tenders, in-
stead of 16 currencies as at present. This makes all
happy for the Presidential election of 1868. Delirium
tremens requires national whisky to recuperate the
system. The whisky will make all votefor Radicalism.
They elect the President, and after that the deluge.
(Laughter.) Johnson in his talk with Halpine—the
Democratic party and the South thinks that a crash
will burst the Radicals. By no means. They will
turn it to their advantage. The next war is to be
financial—land and labour against banks and bond-
holders—and the former own the notes. The South
had no debt. The West little. The greenback age
wiped off their mortgages, and placed the lead on
the back of the bondholders. The debt rests uneasily
on the seashore and iu Europe, and the shadow is
on the wall.

Paying gold interest in greenbacks is repudiation,
y91:1 Say---why so ? Nearly all the States have done

it, New York taking the lead. The finality of all
the recent Congressional legislation may be stated in
two words, confiscation in the South and repudia-
tion in the North. (Sensation.) The Chicago papers
have already sounded the tocsin ; we are growing
poorer every day. The $2,500,000,000 debt only
cost $1,250,000,000. Hence bondholders ask specie
payments.
.The people who did the fighting hold
no bonds, and ask for legal tenders. The rich ar-
ranged to have their bonds free from taxation.
Hence the rich man, with his millions of untaxed
governments, sends his children to the same school
where the poor man, with no bonds, sends his.
Bence the poor man is obliged to pay for the edu-
cation of the rich man's children as well as for his
own. (Sensation.) But enough of this. You asked
me.for a speech, and you have got it. You ask
the remedy. Retrench. You have been dancing
five years and the fiddler demands his pay. (Laugh-
ter.) When the candle is lighted at both ends you
had better sell it short. (Laughter.) You must
stop your imports—develope your mineral resources
—finish the Pacific Railroad—cut down your ex-
penses—smoke one cigar less—drink one glass of
whisky less every hour in the day, and keep all
your pockets as full as you can of legal tenders, as
they will be the handiest thing you can have about
the house. (Loud applause and great congratula-
tions from the brokers.)

Sl-IRIT OF THE AMERICAN PRESS.