The Sun.
London, England, 1859-10-06 00:00:00

THE SUN, LONDON, THURSDAY EVENING, OCTOBER 6, 1859.

ROYAL BUCKS AGRICULTU.R.IL
SOCIETY.

The annual meeting of this association was held
yesterday at Aylesbury, the Marquis of Chandos in
the chair.

In the evening the public dinner took place at
the George Hotel. The Marquis of Chandos was
supported in the chair by the Right Hon. Benja-
min Disraeli, :NI.P., Mr. W. G. Cavendish, M.P.,
Mr. S. G. Smith, M.P., Sir A. Rothschild, Colonel
Hanmer, Mr. Downes, and many other of the lead-
ing agriculturists of the county.
The usual loyal toasts having been proposed,
The noble CHAIRMAN gave " The Army and
Navy," coupling the toast with the name of Colonel
Hanmer. (Loud applause.)
Colonel HANDIER acknowledged the toast.
The CHAIRMAN then gave "The health of the
County Members." They knew politics were
strictly excluded, yet that did not prevent them
from offering due praise to those gentlemen who
had honoured them by their presence, and whose
duty it was to watch over the interests of the State.
They had long been represented by a gentleman
who had shown himself most able and most ener-
getic in advocating and supporting the interests of
the country. (Cheers.) That remark applied not
only to county but to borough members, and he
thought it was a great advantage that they were to
be honoured by the presence of the gentlemen to
whom he had alluded. He had, therefore, great
pleasure in proposing their healths ; having no
doubt the toast would be received in the enthusi-
astic manner- it truly deserved. (Loud cheering.)
Mr. DISRAELI, on rising, was received with loud
and long-continued cheering. He said—Gentle-
men, the agreeable duty devolves upon me of rest
turning thanks on the part of myself and my col-
leagues, as the representatives of this county and
borough, for the kind manner in which you have
received. the toast from the chair. I speak without
any concert with my hon. friends, but I feel con-
vinced there is nothing more gratifying to them
than to find themselves among their neighbours
and constituencies on occasions like this. I may
congratulate you, without using any extravagant
terms, upon the proceedings of to-day. I think
that they are highly satisfactoryjor I think none
can deny that, on the whole, great progress has
been made. I remember the time (and I daresay
you remember it) when it was necessary to defend
societies of this character. Having myself been
one of the very earliest members of the original
society, which has been enlarged and expanded into
the present one, I can recall the time when it was
necessary on every occasion to vindicate assemblies
of this kind and institutions of this charater. The
best answer, however, to the attacks that were
made upon them is the fact that 25 years have now
elapsed since the foundation and introduction of
these societies, and that now they are sown broad-
cast over the land, and we find men of all parties
supporting such societies and endeavouring to
carry their objects into effect. 'We find also an
unanimous agreement among all who have a due ac-
quaintance with real life as to the beneficial effect
which attends the operations of such as are open to
criticism ; but I wish to know what in this world
is not open to criticism. But, gentlemen, if there
were only critics in the world, society would soon
be at a standstill. To animate skill, to encourage
enterprise, to reward merit, these have always
been considered means by which a community is
taught to flourish, by which mankind is rendered
happier. But if there were only critics in the
world, none of those means would ever be had re-
course to, for critics never encourage skill, critics
never animate enterprise, critics never reward
merit. (Laughter and'cheers.) It is particularly
encouraging to us to-day when we remember the
circumstances under which we meet. There were
in this county rival societies, and although I feel,
as all must feel, the great importance of concen-
trated effort, I must acknowledge that though there
have been rival societies, great advantage has arisen
from that circumstance, because a certain degree
of emulation must always be an element of suc-
cess. Although I have been an original mem-
ber of the Bucks Royal Agricultural Association,
and although I think its exertions were highly
beneficiel to the county yet it. WAS _subj eat to very .
unjust remarks, and its conduct and yroeeddings
were often misrepresented. I know very well that
it is quite impossible that any body of men can
conduct affairs without their being open to much
improvement, and I for one never looked with an 3
jealousy or hostility upon a society which is now an
equal partner and confederate with this association.
There are, no doubt, many deficiencies which it
may be necessary to supply in the original consti-
tution of the Royal Bucks Association. There
were many omissions which required to be filled
up, and although the two societies were for some
time rivals, yet they are now combined, and, as I
think, with very great advantage both to those
societies and to the community in general. I think
that the show to-day was one which ought to be
looked on with very great satisfaction. It might
have been better ; but what is the use of societtes
of this kind, unless we are animated with a spirit
of progress and intend at every meeting to excel
!he efforts of the last ? On the whole, however,
it is the best exhibition in this county, and
when I say that allow me to remind you that the
county of Buckingham is one that has obtained
considerable reputation, which it is bound to sus-
tain. It is now generally admitted that England
is a country which takes the lead in the cultivation
of the soil, and there are many other points with
respect to which we have been in the habit of as-
suming superiority. 'Without now entering into
any controversy as to whether that assumption is
just or not, I think that superiority has been ques-
tioned upon many other points by continental na-
tions and critics, but with respect to agriculture
never, and for this simple reason,—the test of
the superiority of agriculture is the amount you
' produce from the soil of the country, and that
country which produces
the most from its soil
is held to be the most skilful in agriculture. That
being the case, the condition of agriculture in
this country is such that for a very long peried
of years we have been famed for the cultiva-
tion of the soil, and for the progress which Eng-
land has made in that respect. It has been the
boast of, the county of Buckingham that it has occu-
pied no mean position, and I am not at all aware,
speaking on that subject without extravagant feel-
ing, I am not aware that the county of Buckingham
is at all inferior to that role it has hitherto occupied
in this country. (Cheers.) If you go to the ex-
treme south, I can point out the fields of one who
is looked upon as one of the most skilful cultivators
of whom Buckinghamshire has reason to be proud,
and who cultivates his ground in the most masterly
manner. If you advance to that district in which
I hale tho happiness to live—the Chilterns—you
will find that, great as has been the progress made
in many parts of England as regards the cultiva-
tion of the soil, there is no part in which greater
progress has been made than in the stock-farms of
the Chiltern-hills. Whether you look at the broad
lands of the farmer, or the patches of the cottage
labourer, or the land which has been more recently
brought into cultivation, I say that there is no
part of England in which during the last quarter of
a century all that relates to farming can be said to
have shown greater progress—(cheers)—nor can you
find in any part of England better examples set than
in Buckinghamshire. When you come to this di▪
s-
trict I say that there is no pardon of it of which
you can be in the least degree ashamed, for it vi▪
es
in competition with any part of the United King-
dom. (Cheers.) 'We have here the far-famed
Creslow field, the pride of England, indeed, to say
nothing of Buckinghamshire, as being perhaps the
richest and largest piece of pasture in the world.
(Cheers.) llaving this in the extreme south, then,
in the Chilterns, we find that it is truly the Queen
of pasture land. Now, what has happened in the
north—that portion which some years ago used to
be spoken of in terms of comparative commisera-
tion ? You will find that you have done much by
extensive drainage—(hear, hear)—and that excel-
lent management is still going on at a considerable
pace. But you .rave done more. In that part of
Buckinghamshire you will find a farmer who has
applied steam power, both practically and exten-
sively, to the cultivation of the soil. (Hear.) While
some men have been writing, theoretical essays on
agricultural proceedings, and others have been in-
venting machines which have newr been brought
into use, a Buckinghamshire farmer (Kr. Smith, of
Woolstone) has cut, as it were, the Gordian knot,
and has. effected that which philosophers have only
dreamed of, and which but few believed would ever
be brought into practice. (Hear.) The county that
has done all this, looking from its extreme north
to its extreme south, need not, I say, be ashamed
to hold up its head by the side of any agricultural
county in the kingdom. (Cheers.) I say even that
it takes the lead in the cultivation of the soil and
produces the greatest amount of food from that soil,
Buckinghamshire, at any rate, has produced its due
share towards the aggregate amount of agricultural
skill and labour, and I. feel that we should consider
it a pride to belong to such a community. (Ap-
plause.) The meeting and the exhibition of to-day,
in connexion with this society, should he viewed as

a proof of the success which has followed its efforts
in the agricultural advancement. Judging from
what I have seen to-day, I hold that the society
has well maintained its credit. Mind, I am not
here to pretend there is no room for improvement,
on the contrary, I find that improvement is the
necessary condition of pre-eminence, and that it is
only by your continued exertions that you can con-
tinue to hold the distinguished position which you
at present occupy.
The right hon. gentleman sat down amid loud
cheers.

12.1ILIVAY INTELLIGENCE.

GREAT WESTERN OF CANADA.

The half-yearly meeting of this company was
held yesterday, at the London Tavern—Mr. R. Gill
in the chair.

Mr. B. BAKER, the secretary, read the minutes
of the last meeting, which were confirmed. The
report, an abstract of which has appeared in The
Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the
report, said it was so full that it contained every-
thing he wished to state. He wished to remark

that—if the present state of things was brought
about by any alteration of policy on the part
of the board he would have regretted it, but
nothing of the kind had occurred. They had not
altered their policy in any respect, nor done any-
thing that could have had. an injurious effect upon
their revenue. They,had had two seasons, he
might say, without a harvest ; the earth had not
yielded the usual produce for the past two
seasons, and consequently they had been deprived
of a large amount of their usual traffic. It was
not pleasing to look back upon the last half-yearly
accounts, although the directors had placed honest
accounts before the proprietors. They were not
able to present them with a 6 per cent. dividend,
as they did at first, or with a 9 per cent. dividend,
as they did afterwards. If their traffic in the past
half-year had been as good as it was in those of
former half-years they would have had a good divi-
dend. It must have been evident from their weekly
traffic returns being so much less than at the corres-
ponding period of preceding years, that they could
not have had a dividend on that occasion. They now
carried forward a balance of £B,OOO, and if former
dividends were fairly paid from large traffic returns
the proprietors would have such dividends again when
their traffic receipts became as large as formerly.
If it was a fact, as reported, that the present har-
vest in Canada and the Western States was a very
plentiful. one, they might fairly expect an increase
of traffic and a return to dividends. They would
recollect that when their traffic was so large as to
yie'd them 9 per cent. dividends that it was stated
they must double their line, and greatly increase
their rolling stock; at the same time it was thought
that no one could calculate what the traffic would
be. He believed he stood alone on that occasion in
resisting the doubling of the line so long as they
were able to carry the traffic with the means at
their disposal. If that course had not been adopted,
they would have been saddled with scores of engines
and rolling stock, and have had an increased
amount of capital to pay upon for the double line,
for which they would have had no business. The
expenditure on capital account had been small
during the past half-year. Ho believed the
present board had carried out every economy
they could, but it had not enabled them to pay a
dividend. The company had now the means of
carrying an immense traffic on their line, so that if
the traffic increased in Canada they would have the
benefit of it. They had at present 38 engines in
steam and 50 engines idle, but of course, though
idle, they required attention. They had now
double the rolling stock required for their present •
traffic, and all that was wanted to insure them
their former traffic was that the earth should con-

tinue to yield its average produce. He was happy
to say they had come to a traffic arrangement with
the Grand Trunk Railway of Canada Company'on
the opening of the second line to Sarnia. No one
knew so well as those gentlemen connected with
the Grand Trunk the disastrous effects of competi-
tion. The suggestion came from their side, and he
believed no competition could take place between
the two companies._ Under the agreement, if one
carried more of that particular traffic than the other
it did not matter, as the traffic would be divided in
certain proportions between the two companies.
_ Captain .H._IIALL believed it was the first time

he balance-sheet had shown that the Milwaukie
Company owed them £22,000 for interest. He
wished to know whether they had taken any means
to recover the £26,000 in arrear of calls. It was
injurious to the interests of the old shareholders,
who had paid up their shares in full and were re-
ceiving no dividend, that the holders of the new
shares should remain in arrear. As they stated in
the report that the capital account might be closed
with regard to the main line and Galt branch, he
would suggest that the directors make no more
calls on the new shares, and that the amount paid
up on them be consolidated into stock, as soon as
possibTh. A great portion of the money raised on
those shares he believed had gone to the Detroit
and Milwaukie Company.
The CHAIRIIIAN said, with regard to the observa-
tions of Captain Hall, the interest due by the De-
troit and Milwaukie Company had appeared in for-
mer accounts, but it was coupled with other items.
One of the directors who had audited the accounts
thought it should appear separately and not with
other items, and it was therefore placed separately
in the accounts. With regard to the arrears of
calls, they had been considerably reduced since the
31st of July, the date to which the accounts had
been made up. The arrears now did not amount
to one half of £26,000. Interest at the rate of
11 per cent. had been charged on arrears at one
time when money was dear, and now the interest
charged was 5 per cent. on the amount in arrear.
tNlNlTeitheormegpaain•dy thoadthep
interposed to prevent the
'2
Go-
vernment debt, and if the shareholders had not
apidayomffents on capital account,
option2oo,oooof oconverting
bonds into shares the whole of the £700,000 would
have been raised, and the Government debt would
have been paid off. With regard to the calls on
the new shares, the suggestion of Captain Hall
could not be received otherwise than as a recom-
mendation to the board. Of course, they could not
pledge themselves to make any more calls, because
they could not tell what would be required.
Mr. A. BEATTIE thought they ought to hear Mr.
Brydges. He wished to know what further obli-
gations they were under in respect of the Detroit
and Milwaukie Railw
, and to hear the answer
of Mr. Brydges to the charges made in a certain
N.*
pamphlet, which he believed were untrue, and
whether Mr. Stewart had now any power over
the affairs of that company.
Mr. BRYDGES, in reply to the various questions,
stated that Mr. Head had fallen into an error with
respect to the locomotive expenses ; the cost of fuel
was not 4s. 6d. per mile, but 61c. In regard to coal
on the Detroit and Islilwaukie Railway, there was
no doubt of its existence, but in consequence of the
great depression.during the past two years no one
would use capital for the purpose of opening the
coal-field. He had been informed that some gentle-
men from Pennsylvania, acquainted with the work-
ing of coal had- examined the locality, and found
the coal there better and of greater extent than was
supposed. There was, therefore, every prospect of
the coal mines being worked, which would result in
great adiantage to the Detroit and Milwaukie
Railway Company. (Hear.) With regard to the
present position of the Great Western Railway
Company, the traffic had been reduced, from a
variety of circumstances. From 1852 to 1856
the amount of English capital expended in Canada
was £16,000,000 for railway purposes. The outlay
of so much capital had a great effect in stimulating
industry, raising the prices of everything, and
causing much speculation. The war between Great
Britain and Russia caused a great demand for pro-
duce. The importations to Canada and the United
States were increased largely. The outlay of capi-
tal diminished, the war ceased, prices fell, and the
panic of 18.57 pccurred. Since that time Canada,,
had been trying to emerge f
he
country would recovereodmto its a
difficulties.
great
this time had it not been for t wo bad harvests. The
t extent
proved how great
eSfit.eaettesofhaliolwsheroi‘nvgn
lc
ar
ro ap
es i in
deficiencies,CTa hn
ea d a -1.,d,
statistical
i ct.
h Western
prices.
been. The export olfBssv7ah,eat in 1856
talle fuatliltiendg
t0ad0ff4h,997,000 bushels, :is 1857 to 2,762,000
bushels, and in 1858 to 2,437,000 bushels, beli,nBlegii3ooaolyo
onee-ahtearinf thtia.atffioef
it would
alAapbpelyifnoguntdhatthtot thetl Greatid
6j6u01y,0, 00 bushels ; and
bushelseaiTi d f; o
or
ntdhien
rear July,e BnldilslgB,
for the year ending July, 1859, 403,000 bushels.
No other cause but the deficiency of the'crops could
be found to account for the great falling off in their
traffic. The reduction of 60 per cent. in the staple
produce of the country was a good reason for the
falling off of their traffic. (Hear, hear.) The same
remarks applied to the produce of the Western
States of America. He was glad to say the crops
in Canada and the Western States were this year
better than for many ye irs past. Wheat during
the last two years averaged 2,500,000 bushels, while

during the present year it amounted to 4,500,000
bushels. Besides this amount there were other
grains and a large quantity of flour. He thought
the fact of the crops being larger than for years past
and well secured, together with the natural re-
vival of traffic, would bring back to them their re-
venue as before. They had also suffered from com-
petition during the past half year, resulting in
a loss to them of not less than 60,000 dols. or
70,000 dols., which otherwise would have been clear
gain, The quantity carried was 3 per cont. less
and the receipts were 20 per cent. less. In live
stock carried the number was 10 per cent. less, and
the receipts were reduced by competition from
81,000 dols. to 39,000 dols., or more than 50 per
cent. They had lost during the half-year by com-
petition about £15,000; but he was glad to say that
the competition was now at au end. One of the
American companies had reduced their receipts by
competition 25 per cent., another had suspended its
dividends, while the New York and Erie was in
the hands of bondholders. When they looked
around them they found that. other railway com-
panies had suffered much more than they had. With
regard to new lines they had not abstracted any
material amount of traffic from them. The working
expenses had been reduced from ss. 2d. per train
mile to 4s. per train mile. The cost of labour was
still higher in Canada than itt many parts of Eng-
land. All the rails and other materials had to be
imported from England, and the cost, including the
duty charged in Canada, raised the price 60 per
cent. above that in England. The working ex-
penses for the half-year ending the 3/st of July,
1856, amounted to £164,000, and for the past half-
year to £120,000, although they had 50 miles more
to:work. He then adverted to the pamphlet en-
titled, " A few Facts Relative to the Present
Position and Management of the Great Western
of Canada Railway." He explained that the
writer, who was not a shareholder in the company,
was known from letters in the possession of the
chairman. He had been personally attacked in
it because he -7it ould not listen to schemes put
forth by the author which would prove injurious
to the company. He then showed to the satisfac-
tion of the meeting that the statements in the
pamphlet were not only incorrect, but some of them
were positively untrue. With regard to the mort-
gage on the Detroit and Mtlwaukie Railway, the
company held the third morgage, and not the
fourth, as represented in the pamphlet,the interest
on the first and second mortgages having been re-
gularly paid to the present time. The amount of
the first mortgage was 3,000,000 dols., and on the
second mortgage 1,000,000 dols. As to Mr. Stewart,
he had no power over the railway, nor had he any
contract with the company. He then explained th•
traffic agreement with the Grand Trunk Company
for avoiding competition, and stated ,that it was for
10 years. (Cheers.)
The report was then adopted, the retiring direc-
tors were re-elected, and a vote' of thanks to the
chairman and directors concluded the proceedings.

LONDON MECHANIC S' INSTITU2ION.