The Sun.
London, England, 1866-12-15 00:00:00

Naval and Military Intelligence.

ber forfeited was 2,973, leaving the number paid up
11,240. He concluded by moving formal resolutions
to the effect that the company be wound up volun-
tarily as from Dec. 13, 1866 ; and that the directors
be appointed liquidators for the purpose of winding
up the affairs of the company. and transferring its
property to a new company, to be called " The Eng-
lish and Foreign Credit Company (Limited)," with
a nominal capital of £300,000, in 20,000 shares of
£l5 each; that the proposal be approved for the
transfer of the business of the company, and that
the liquidators be authorised to enter into arrange-
ments for this purpose either on the basis of the
allotment of a share in the new company (with £7
10s. paid) for every share in this company, or upon
such other terms as the liquidators and the new
company might agree upon, with full powers to the
liquidators.

The steam yacht Rose Winans, better known as
the " Cigar Ship," arrived in Chatham harbour late
on Thursday afternoon, and took up moorings
nearly abreast of the dockyard. She is to undergo
repairs in her forward screw propeller, one of the
blades of which has been broken. She was in-
spected yesterday by the leading officials belonging
to the dockyard, and during the day a number of
visitors were admitted on board, all of whom were
allowed to inspect every portion of this unique
vessel. It was stated on board yesterday that she
will shortly leave for St. Petersburg, the Emperor of
Russia having expressed a great desire to see her.
The Himalaya, screw troopship, is coaling in the
steam basin of Portsmouth dockyard, and will
make a prelim:nary trial of her machinery in the
course of a few days, on the completion of the re-
pairs and alterations made in her .engtne-room,
before being reported ready for commission by her
future captain--lhornas B. Lethbridge.
The Wivern, 4, turret sloop, Captain Hugh S.
Burgoyne, V.C., will make a trial of her machinery
to-day in Stoke's-bay, near Portsmouth, before
being reported ready for sea. A slight defectin one
of her pump valves has detained her at Spithead.
The War Department steam storeship Earl de
Grey and Ripon, Commander Moore, having un-
shipped a heavy cargo of guns of different calibre at
the gun wharf at Woolwich, to be re-sightel, from
the Achilles, Ocean, the Excellent, and other ships
at Devonport and Portsmouth, has reshipped a full
cargo of various stores for Dublin and Cork. The
cargo consists of 10in. and 51in. iron and brass mor-
tars, howitzers, and brass field guns, with their ne-
cessary equipment, Palliser shot and shell, &c., hos-
pital stores, and necessaries, 650 boxes of the Boxer
ammunition for the breech-loading rifles, already
despatched in a former ship, and a large number of
empty arm-chests for packing the old pattern rifles
which have been recalled and replaced by the Snider
breechloaders. The Earl de Grey and Ripon yesterday
hauled alongside the powder buoy off theßoyalArsenal
at Woolwich, and will fill in her magazines this
morning, of ter which she will go down the river, pro-
ceeding towards her destination during the afternoon.
The following regiments are expected at Alder-
shot Camp early in the year 1867:—The 70th and
the 44th, from Dover; the 43d, the 40th, and the
68th from Portsmouth ; and the 80th from Devon-
port. Five regiments now on passage from India
and New Zealand will be stationed at the above
garrison on their arrival home.
The large plant of machinery erected a few months
ago in the Royal Laboratory department of Wool-
wich Arsenal for the manufacture of the new Boxer
ball cartridge has remained idle for some weeks past
to admit of the introduction of an important and
necessary alteration in the copper cartridge case,
suggested by Col. Boxer. During the cessation of
machinery work the.improved cartridges have been
made solely by hand, and the supply has been neces-
sarily small. The machinery has now been altered,
and several new pieces from Messrs. Greenwood and
Batley, and other firms, of Leeds and elsewhere,
have been added, and are in full work. A consider-
able number of additional hands has been taken on
in the department, and as the present demand is
more than ordinarily pressing, the number of boys
and girls employed specially in cartridge making has
been increased this week to upwards of 1,000. Re-
lays are kept up,so that the work is continued night
and day, the average earning of the children being
Bs, or 9s. per week each.
The mechanics and labourers throughout the de-
_
partments of Woolwich Arsenal yesterdaycommenced
working overtime, with the intention of making up
the 20 hours which are to be granted them at Christ-
mas time, in order that the holidays may include
the Monday and Wednesday before and after Christ-
mas day.
The following appointments have been made at
the Admiralty:-IV. G. N. Burney, paymaster, to
the Alert ; S. S. C. Hill, assist.-paymaster, to the
Cumberland; Dr. Jas. E. Saunderson, actin g-assist.-
surg,., to the Bristol, as supernumerary ; and A. 11.
Sherris, clerk, to the Urgent.

The motion having been seconded, a long discus-
sion ensued, in which Mr. Collier, Mr. F. Mowatt,
Mr. Whitrow, Mr. Harrison, and Mr: Davidson took
part, in the course of which it was contended by
Mr. Whitrow and other shareholders that the no-
minal amount of the share ought to be reduced to
£lo,and by Mr. Mowatt and other shareholders that,
under the circumstances, £l5 per share was the pro-
per amount.
The CHAIRMAN having replied to the various ob-
servations, and explained that the nominal amount
of £l5 could not be reduced, Mr. Whitrow with-
drew his amendment, and the resolutions proposed
by the chairman were unanimously adopted.
It was stated that the new company would be re-
gistered in a few days, that a copy of the articles of
association could be obtained at the office, and that
at the next general meeting of the company reolu-
tions would be submitted for confirmation.

The proceedings concluded with a vote of thanks
to the chairman.

State of Trade.

RAILWAY INTELLIGENCE.

BtiCKFASTLEIGH, TOTNES, AND SOUTH DEVON.

The directors met a large number of the inhabit-
ants of Ashburton at a public meeting on Tuesday,
for the purpose of explaining the position of the
company, and of stating their intention with respect
to the proposed branch line to Ashburton.
Mr. BOWDEN said the works had been commenced
between Buckfastleigh and Ashburton, to show that
the company had really taken the matter in hand,
and intended to fulfil their promise. More than
£3,000 had already been expended on the scheme,
and he trusted the full amount required would now
be raised without delay.

A resolution was passed to the effect that the
meeting was satisfied the intention of the directors
was to carry out the line, and a committee was
formed to canvass the district for support.

MANCHESTER, Dec 14.—The market for shipping
yarns has been rather easier, and the activity which
prevailed earlier in the week has disappeared. To
make sales, in most descriptions of yarns rather
lower prices would have to be taken. There is an
exception in 16's to 21's water-twist, which is in
pretty good demand and well under contract. This
branch of the market closes tamely. In home-trade
yarns we have had a steady market, but with rather
less business than on Tuesday. The advance which
was then asked has rather tended to check business,
and this check appears to have been more and more
felt as the week has gone on. Sellers are not mak-
ing much change in their quotations, but, practi-
cally, they are reduced as compared with the rates
obtained earlier in the week. Spinners are not
badly off for orders, and consequently there is not
much pressure to sell. Cloth was quieter yesterday,
but there is rather more inquiry this afternoon, with
a moderate business. Manufacturers are asking full
prices, and there is quite as much firmness as on
Tuesday.
BARNSLEY, 14th.—The iron trade in South York-
shire continues depressed, without any sign of im-
provement ; but as orders for immediate delivery
are being constantly received it is inferred that
stocks on hand are very low, so that orders will
shortly come to hand more freely as greater confi-
dence is infused into the minds of buyers. There is
a fair trade in hoop, bar, and sheet iron, but the
demand is not so great as heretofore, the require-
ments of the trade being limited. Makers of rail-
way material are tolerably busy, although the orders
on home account and from Indian houses are not so
large as usual. At Melton the men have got fairly
to work again, the strike against the employment
of the boys who help the puddlers to clean the grates
of the furnaces having been amicably arranged by
the men acceding to the demand of their employers.
The puddlers engaged at the large ironworks in
Sheffield are out on strike, although a dispute be-
tween them and their employers was only settled a
few weeks ago. The present dispute is with regard
to the payment for changing the heat on a certain
class of work, the men requiring an addi'ion of
about Id. per head, which the masters refuse to
give. For this trifling matter the men cause plant
and machinery of the value of £2,000,000 to lie
idle, and stop the receipt of wages amounting to
£2,000 weekly. Armour plates are languid, and with
the exception of a few orders on Government ac-
count there is very little doing. The machine and
casting establishments are busy, and full work with
them is the rule, the various collieries sending in
plenty of orders. The steel trade is still active, and
the large houses are well off for orders, while those
on American account are being completed as fast as
possible in anticipation of the new tariff bill. Manu-
facturers by the Bessemer process are doing a very
good trade, and at some of the works the men are
working night and day to meet the demand. The
coal trade is very active, and orders on home account
and for export for all descriptions are being con-
stantly received. There has been a lull in the trade
this week, and during the latter part of the week
nearly every colliery in the district has been stand-
ing, owing to the excitement that prevails consequent
on the explosion at the Oaks Colliery. It is now
certain that not less t han 320 lives have been lost,
as there cannot now be any living creature in the
mine. The Great Western and Great Eastern lines
are taking a heavy tonnage of the best house coal to
London and Peterborough, and the former company
are making extensive additions to their coal yard at
Doncaster. There is no alteration in the coal trade
worthy of note, and orders are very limited.

ENGLISII AND FOREIGN CREDIT (LIMITED).
An extraordinary general meeting of this company I
was held on Thursday at the m
oce, Winchester-
buildings, Great Winchester-street; 11Ir. G.
She-
ward in the chair.
Mr. D. S. Derry, the secretary, having read the
notice convening the meeting,
The CHAIRMAN said the directors had promised
the shareholders that they would endeavour at the
earliest opportunity, either in Parliament or other-
wise, to reduce the liability of the shareholders. It
was in accordance with that pledge that they had
brought the matter forward before the next general
meeting of the company. By the new proposition
the existing liability of £42 10s. per share would
be reduced to one of £7 10s. per share, and the
nominal amount of each share would be reduced
from £5O to £l5 per share. The existing articles
of association would be very slightly changed for
the purpose of preserving the name of the company.
They had in the articles of association for the new
company adhered as nearly as possible to the
original articles of association. The object of the
directors was to carry out the expressed wish of the
shareholders in the matter of reducing their liability.
There would be an alteration in the first article
which would enalA the company to have a lien on
the shares of a customer, so that in case of defata
they might be able to sell his shares with a view to
protect the interests of the company, and in satis-
faction of any debt a shareholder might owe the
company, giving in such cases power to the direc-
tors to transfer such shares to the purchaser, and to
decline to authorise the transfer of shares belonging
to any shareholder who might be indebted to the
company. He explained that they had not in any
case accepted the shares of any shareholder as secu-
rity, nor would they ; but they thought it might be
expedient to have that power when dealing with
shareholders, to prevent loss as much as possible.
Clause 2.5 in the old articles gave the directors power
to increase the capital of the company without ask-
ing permission of the shareholders; but in the
articles of the new company it was provided that
the capital should not be increased without the con-
sent of a general meeting of shareholders. (Hear.)
In clause 5G of the old articles, it was provided that
the number -
of directors should not be more than
ten nor less than-five ; but in the same clause in the
articles of the new company
woultl be provided
that the number of directors
the .
should not exceed seven
nor be less than five ; that
qualification of a di-
rector should be £1,500,
being 100 shares of £l5
each, instead of £2,000 in the present company. In
the articles of the new company, the remuneration
of the directors would be limited t0£3,000 a year.
If those propositions the directors.
If they
would carry them out, and if not they would remain
as they were. Ile understood that Mr. Whitrow
intended to move an amendment to the effect that
the shares be reduced to £lO each, upon which
103. was pail, leaving £2 10s. to call up. The mat-
ter had had the careful consideration of the directors
and some of the largest shareholders ; £2O was pro-
posed for the nominal amount of the share by some,
while others proposed that it should be £lO, but at
length it was fixed as now proposed at £l:5 per share,
to which their customers had assented. In reply to
Mr. F. Ilowatt he stated that the number of shares
originally subscribed for was 14,213, and the num-

TliE SUN, LOisIDO.N, SATURDAY EVENING, DECEMBER 15, 1866.

North, through Baltimore, as at present arranged,
is a very tedious operation, and is the cause of much
complaint. A project is on foot for the purchase of
the steamer by the Baltimore and Ohio Railroad
Company, to be used in transferring the trains from
Locust Point to Canton, thus avoiding the vexa-
tious delay attendant upon the passage through
Baltimore by horse-power. It is proposed by the
arrangement to disconnect the through cars at
the Locust Point junction—running them down
to the Baltimore and Ohio Railroad Company's ex-
tensive wharves at the Point, and transferring them
to the Canton side, which would take but a short
time ; thence striking the Philadelphia, Wilmington,
and Baltimore Railroad, which is within a few feet
of the wharf. Preparations for carrying out this
most excellent arrangement are already on foot, and
will, doubtless, in a short time, be completed. The
Baltimore and Ohio Railroad Company are also en-
gaged in erecting an immense wharf with ware-
houses at Locust Point to accommodate the trade of
the Baltimore and Liverpool line of steamers, which
improvements, together with the newly proposed
" transfer" arrangement, will render Locust Point
quite an important locality hereafter.
It has been decided in the courts in New York
that whether a man is "coloured" or white is a ques-
tion of fact, which must be submitted to a jury.
Juries, however, at common law have always been
in the habit of deciding by hearing testimony. A
verdict based on ocular inspection only would be a
new thing, though we do not well see what objec-
tion can be urged to it. The curious spectacle will
be witnessed in a few days in this city therefore of
twelve adult men—all, no doubt, with business to
attend to—examining the hair of an apparently
white man to see whether it is too curly to allow of
his sharing in the government of a Democratic Re-
public. We believe there is no charge for admission.
General Butler lectured on Saturday evening, at
Brooklyn, to a large audience, and without the
smallest interruption. The lecture was, as usual,
telling, and bristled with points. He was, we were
glad to see, very emphatic in his declaration that
education ought to accompany the ballot, and that
the franchise in the hands of ignorant men was like
a Club in the hands of a blind Samson. Th 3 dis-
course was, however, chiefly directed to the ques-
tion of impeachment. He simply fortified the
positions with which the public is already familiar,
showing by several precedents that improper
language would of itself form a goo:1 ground
for impeachment. But on the most import-
ant point of all, the expediency of impeaching
the President, he said little or nothing. The higher
the position of a functionary, the greater the deli-
cacy and difficulty of bringing him to trial. What
would 13;3 a good case against a judge might be a
very poor case against the President ; and the case
against Mr. Johnson is rendered all the harder to
deal with by the fact that two-fifths of the people of
the United States highly approve of his conduct. A
trial for the use of bad language would, under such
circumstances, be either a farce or a revolution ;
and unless the public and Congress are much less
sensible than we take them to be, General Butler's
and Wendell Phillips's elaborate indictments will
simply prove fine pieces of rhetoric. It would be
hard just now to turn Mr. Johnson to worse account
than to impeach him.

The following are from the summary of that able
journal, the Springfield Republican, of the Ist De-
cember :—" The proposed meeting at Washington
to welcome Congress has been purged of its offen-
sive features, and is likely to be a pleasant affair,
though the managers find it difficult to interest
prominent Congressmen in it. General Logan and
several others declined to preside, and the managers
now hope to secure ex-Vice-President Hamlin. Gen.
Butler, Colonel Hamilton of Texas, Frederick
Dougltss, and other speakers of note and notoriety,
have been invited, but no announcement is made
as yet of any who have accepted. The affair comes
off this evening, and will doubtless have a large
local attendance, if the ' boys in blae' from a dis-
tance do not think it worth while to be present."

Senator Sumner, Mr. Stevens, of Pennsylvania,
and some other Congressmen, have been at Wash-
ington for several days, but most of the members
have preferred to eat their Thanksgiving turkeys
with their families at home. There has been sonic
canvassing in a small way, but the policy of Con-
gress will probably be allowed to develope itself
naturally this time, and what it may do upon any
subject it is vain to attempt to predict. Threats of
impeaching the President have been for the most
part withdrawn by those who made them on the
stump, and Butler alone keeps it up, for bunkum,
as he privately confesses. There will be an
attempt made to pass the Tariff Bill that failed at
the last session, but it cannot go through
without extensive modification and a severe
Struggle over it. Measures will doubtless be
introduced to limit the President's power of ap-
pointment and removal, and to deprive him of the
power of pardon previous to the conviction of the
offender. There are occasional appointments of
new postmasters and revenue officers, but aspirants
are disappointed in the expectation of a general

sweep.
General Dix sailed from New York on Saturday
last to relieve Mr. Bigelow as Minister to Paris, and
Major Wickham Hoffman, of New York, will take
the place of Secretary of Legation, resigned by
John Hay. General Dix is likely to find important
and difficult negotiations as to Mexican matters
upon his hands immediately on his arrival out.
Secretary Seward finds it necessary to use the
Atlantic cable freely in his correspondence with Mr.
Bigelow, having sent one day a message of five
thousand words, at a cost of near $19,000 in cur-
rency, which indicates some important matter in
issue.

Spangler, the assassination conspirator, sentenced
to six years at the Dry Tortugas, hopes for a pardon.
His friends are working to that end.

The first passenger train passed over the bridge
across the Susquehanna River, Nov. 26. For many
years the traveller has had to submit to the tedium
of crossing the river by boat at Havre-de-Grace,
Maryland, on his way to Baltimore and Washing-
ton. At nine on this day a train, consisting of new
and improved passenger cars, left Broad and Prime-
streets, Philadelphia, for Havre-de-Grace, Mary-
land. Among those on the train from Philadelphia
were the following well-known citizens :—John
Rice, Esq. ; Albert W. Markley, Esq., of the Cam-
den and Amboy and West Jersey Railroad Com-
panies ; William Sellers, Esq., M. W. Baird, Esq.,
Walter Freeman, -Esq., Isaac Hinckley, Esq., Pre-
sident of the Philadelphia, Wilmington, and Balti-
more Railroad; George H. Huddell, Esq., of the
Philadelphia, Wilmington, and Baltimore Railroad ;
J. G. Parker, Chief Engineer ; Charles K. Ide,
Esq., Master of Transportation ; 11. A. Kenney,
Esq., Superintendent of the Road ; Samuel M.
Felton, Esq., ex-President of the Philadelphia,
Wilmington, and Baltimore Railroad, who joined
the party at Thurlow Station ; Colonel John Bing-
ham of Adams's Express Company ; Hon. Isaac
Hazlehurst, solicitor of the road ; Thomas F. Fer-
non, Esq., of the United States Mining Journal.
At Chester several prominent citizens, and directors
came into the train. While at Wilmington new
accessions were made, among them Professor Por-
ter, of Newark, Delaware, Messrs. Curtis and Wm.

T. Crossdale, Esq., of the Wilmington Daily Coin.
mercial. Accompanying the Philadelphians was
Hon. Nathaniel Taylor, of Boston, Mass., a gentle-
man noted for his wealth and public spirit. Th 6
run down to Havre-de-Grace was a most delightful
one, and on arriving there the Northerners met
their Southern friends from Baltimore and Wash-
ington in most fraternal fellowship. The reunion
was of a happy nature, and but one feeling seemed
to predominate, that of hearty union and goodwill
toward one another. Among the Baltimoreans
were the following prominent citizensl—William
Prescott Smith, Esq., formerly master of transpor-
tation on the Baltimore and Ohio RailKoad, and
now Collector of Internal Revenue at Baltimore ;
C. C. Fulton, Esq., of the Baltimore American ;
Captain M. M. Falls, President of the Chesapeake
Bay line of steamers ; Albert Shoemaker, Esq.; C.
O'Donnell, Esq. ; B. Deford, Esq. ; W. -Woodside,
Esq., of the Baltimore and Ohio Railroad; G. Small,
Esq., of the Northern Central Railroad; Enoch
Pratt, Esq., Vice-President of the Philadelphia,
Wilmington, and Baltimore Railroad; Thomas
Whitridge, Esq., And lhonio Keia.o, Esq., Di-