The Sun.
London, England, 1859-04-02 00:00:00

COURT OF COMMON COUNCIL.

The Court met again yesterday—Mr. Alderman
Salomons presiding—to proceed with the debate,
adjourned from Thursday, on the motion for agree-
ing on the report of the Improvement Committee,
recommending the Corporation to take a direct in-
terest in the Metropolitan Railway to the extent
of 20,000 shares, umounting, to £200,000, subject to
conditions and guarantees, and an amendment in
favour of the " previous question."
Mr. Deputy PEWTRESS, in resuming the debate,
contended that the execution of the project would
promote the convenience and comfort of the public,
and increase the value of the property of the Cor-
poration, and, consequently, that it would be for the
interest of the Corporation to invest a portion .of
their funds in the undertaking. The Corporation
held their property as trustees for the public, and
were bound to apply their funds to purposes legiti--
mately connected with the public benefit. The pre-
sent opportunity was one of that class, since it
would enable them to benefit the public and im-
prove the state of their own property at the same
time.

Mr. HARRIS, a member of the Improvement Com-
mittee, stated the grounds upon which he dissented
from the report, and said he thought the public
would not consider the Corporation justified in
embarking in the undertaking, and that it would
be a more dignified course if they were to make
present to the company of the ground belonging to
them which was required for the railway.
The debate was continued by. Mr. Ross, Mr.
Norris, M.P. (who supported the motion at great
length), Mr. H. L. Taylor, and other gentlemen.
A division was then taken, and the numbers
were—ror the amendment ........ 42
Against it . • .......... 105' Majority ; .... • • "-63
The original motion was.then carried, amid much
cheering.
The Court then adjourned.

THESCOTCH IRON T.R.A.DE.

`le quarterly report of Mr. Thomas Thorburn

says :
the increase of 135,000 tons in the stock of pig iron in
1858, combined with the apprehensions of a continental
war, caused, at the opening of the year, extensive operations
for a fall. There was, therefore, a downward drift of prices
until the beginning of this month, when the quotation
touched 50s. 6d. per ton. The feeling then was one almost
of panic, its impulse being guided not by considerations
drawn from the inherent stability of the iron market, but
by the fluctuations on the Pans Bourse. The range of
prices, however, did not exceed 2s. per ton, either above or
below the average rate of 525. 6d. per ton for the quarter.
The average price in January was 535. 6d. ; February, 51s.
11d. ; and March, 625. ; against 545. 7d., 565. 3d., and 57e.
Id., in these months respectively last year.
Though there has been a falling off in the exports to
France, Italy, and Germany, in consequence of the per-
turbed position of Europe, still the total deliveries of pig
iron amount to 208,000 tons, and show an increase not only
of 25,000 tons over 1858, but of 15,000 tons over the cor-
responding period of 1857, when the price was 755. per ton,
and when trade had attained an unprecedented extension.
Owing to the stoppage of several furnaces, the production
is only 232,000 tons, and shows a decrease of 19,000 tons,
when compared with the preceding three months. The
stocks have, nevertheless, from the retardment of ship,
ments, increased 24,000 tons, and are now 320,000 tnos
lying in makers' and warehouse-keepers' stores,
It is worthy of observation that,. although Scotch is equal,
if not superior, to Staffordshire pig iron for foundry purposes,
the prices here are about 15s. per ton below those prevail-
ing there. It is thus that our local consumption is rapidly
enlarging, and now averages fully 7,000 tons per week.
Several large contracts have recently been made on Russian
and Indian account, for cast iron pipes and railway chairs.
The stock of iron now decreasing at the rate of about
2,000 tons weekly, conjoined with the general belief that
the result of the Congress of the European Powers will b@ the maintenance of peace, has within the last row do%
caused a large demand for iron:, and the price has adYan6Al
nearly 2s. per ton. But altogether apart from any polities,'
events which may interpose to mar our prospects, theiron
trade more than confirm the anticipations formed of it be.
fore the close of 1858, and is showing signs of activity`
currently with the expanding commerce of the country.
Prices are to-day as follows :-No. 1 Gartsherrie, 565. 6d.;
No. 1 Coltness, 555. 6d. ; No. 1 Glengarnook, +3ss. ; No. 1
Calder, 545. 6d; No. 1 G.M.8., 535. 6d, ; No. 3, 535. to 535.
6d. East Coast Brands, 535. to 645, 6d. • Ayrshire Brands,
535. to 545. Bars, £7 ss. to £7 15s. Rails„,£6 15s. to £7 ss.
Railway Chairs, £4 2s. 6(1". to £4 ss. Iron Pipes, £5
to £5 10s.

the mining share market this week
there has been a very heavy settling for the fortnightly ac-
count, and it passed off well, Considering( the serious fall in
one stock, and the fluctuations in others. The settling
slightly interfered with business transactions, but, on the
whole, a large amount has been done, and fine or two mines
have taken a considerable start, The principal one--Hing-
ston Down Consols--has risen cent. per cent. since our last,
and the mine appears likely to take the important position we
have on several occasions referred to. The shares at our last
, were 31 to 3k, and advanced to 71, but left off at 6/ to 7i. On
Saturday afternoon, March 26, telegrams were received in
London by private parties, stating a great improvement had
taken place in the 100 WQsta which was then reported
worth 10 tons or tieh ore per fin. Shares becaitio in
demand, and the market was cleared. On Monday
morning news was anxiously looked for at the London
office or the companY, but none was received. On Tues-
day morning still no information, and manypersons doubted
the correctness of the private information, and sold their
shares at 4 to 5, On Wednesday morning a report was
received, valuing the 100 West at 1160 to p
170 r fin., an
ground so improved that it was (hiving for 410 per fiu., and
ground so Improved that it Was drlvmgf,,rio per fm. Od
n
morning
tursday another report was received at the office,
stating that the lode was worth £lOO per fm. about the
value put upon it by private information on the Satur-
day previous. NoW, some weeks ago we remarked upon
the meagre and unsatisfactory nature of the Ifincston
reports, and one •or • two friends thought we were
rather too hard upon the agent, a perfect stranger to us ;
but what will the shareholders now say ? Had an official
report been forwarded to London even on Monday, the
holders of a large number of shares would not have sold,
and would have been much the richer for the information;
and we think it is time for the committee of management
to adopt' some. means, as others do, to keep their share-
holders advised of all important changes at the very earliest
epportunity.--From the Mining Jounial of this clay.