The Sun.
London, England, 1866-11-09 00:00:00

CARMARTHEN AND CARDIGAN.

The directors of the company having found it im-
possible to adjust the claims of the various creditors
of the concern, having determined to make applica-
tion in the next session for a bill to regulate the
capital account. The existing liabilities of the com-
pany are :—Amount due for land, about £5,000 ;
i amount of statutory debentures, £60,355 ; arrears
of interest on debentures, £6,000 ; Lloyd's bonds,
exclusive of interest, £735,243 ; preference shares,
£158,780 ; ordinary shares, £28,000 ; outstanding
accounts, about £B,OOO ; total, £1,001,878. The
line is only 20 miles long, and the authorised capi-
tal amounts to £393,000 ; so that excessive issues
were made of above £600,000. It is proposed to
arrange the various claims upon the basis of the ex-
isting Parliamentary capital of £393,400, so that the
liabilities of the compat may be liquidated by an
equitable pro
portion of such capital being distributed
among the various classes of holders,

GRAND TRUNK OF CANADA.
The traffic receipts of thhi company's lines for
the week ending the 20th of October amounted for
local passengers to £8,399 ; for foreign passen-
gers to £3,844 ; for emigrants to £382 ; for mails,
&c., to £l,OlB ; for local freight and live
stock to £14,051 ; for foreign freight and live stock
to £3,427 ; total £31,151, against £30,227 for the
corresponding week last year, showing an increase
of £924. The total receipts from the Ist of July to
the above date amounted to £447,534, and for the
same period last year to £444,955, showing an in-
crease of £2,579.

ACCIDENT ON THE RIVEI—EFIy on Wednesday the
alarm of a man overboard was given on board the Iphi-
genia, lying in the Lower Pool, and while a seaman named
Cope was handing a rope to the man in the water, two of
the crew jumped on a fender at the vessel's side, one of the
ropes of which, being rotten, gave way, and they fell into
the water, upon the object of their solicitude. Cope leaped
into a boat, and succeeded in saving the whole of the three

men.
TuE EX-CHAMPION OF ENGLAND IN
Tuesday, the
LE.
At the Nottingham County Court,n
.1.
per e nr
person
endate
named
ig
Tomlinsono , the wel 1
f-okrn ;won
aesx
damages- p uglini s t ,fworas sued by a
tOinngthhzetra,lotahndofaMovaeyrallaosti
hpilsaifneitlioffw, a_linzarkchm.e:4-fiwtter in Not-
e
tingham,
struck one of the plaintiff's party, named tan
Dog and Bear, Bridlesmith-gate. Directly they enteredenant
tassault.enetso.
odthne
and immediately afterwards seized plaintiff by the waistd
bit him through the cheek. At the same time he twisted
his leg round plaintiff's righ t leg, fracturing it. Plaintiff fell
upon the floor and the defendant on the top of him. When
told what he had done, defendant said he was sorry ; and
plaintiff told him it was fine talking of being sorry, what
was his wife and family to do ? Plaintiff was removed by
his companions to the General Hospital, where he remained
until June 9, and continued an out-patient until about a
month ago. Atter leaving the hospital he saw defendant,
but could make nothing out of him, as he was walking about
with a drawn sword over his shoulder. In answer to his
Honour, it was stated that defendant had been living with-
out work for years, but it was not known what property he
had, if any. Judgment was given for the amount claimed,
with costs of plaintiff's 'witnesses,

The New Medical Club.

A meeting was held at the Hanover-square Rooms
yesterday with the object of establishing a club in
London for the social intercourse of members of the
medical profession, British and foreign ; to promote
and maintain a mutual interest and fellowship be-
tween them, and to cultivate friendly relations with
men of arts, science, and letters—Sir W. Fergusson,
Bart., in the chair.

The CHAIRMAN, having referred to the advan-
tages to be obtained by the formation of sucji a club,
called upon the hon. secretary, Dr. L. Marsh, to
read the report, of which the following is a copy :
" The establishment of a club in London for the social
intercourse of members of the medical profession of this and
other countries has at different times engaged a consider-
able amount of attention. Almost all agree that such a
club would be a great convenience, and as it is proposed to
include as members gentlemen connected with oher scien-
tific societies, a further advantage will accrue by the culti-
vation of friendly relations with men of arts, science, and
letters. At present the number of members enrolled is up-
wards of 300, and doubtless many are waiting to see the
local habitation of the club settled before joining. In this
as in other clubs the amount of entrance and subscription
will be increased so soon as the opening of the club is de-
cided upon. When opened, the club will be worked upon
the proprietary principle, so that members shall not incur
any personal pecuniary liability beyond the amount of their
entrance and subscription. All existing clubs are de-
signed more or less with a view to the special convenience
of some particular class of members ; none of them, how-
ever, would afford those conveniences which it is confi-
dently anticipated a club of the nature we now propose
to establish will possess. The club would require to
be moderately economical. Members should in all cases
be allowed to introduce their friends as visitors.
Many of the members would reside out of London, and
it is desirable they should, if possible, be provided with
sleeping accommodation, so that they might find at
the club a genial and comfortable home. As the mem-
bers would frequently require to meet for the purposes of
professional consultation, rooms would be set apart during
a portion of the day for that purpose, and separate lockers
would be provided for members using the consulting-rooms,
in which instruments and apparatus &c., might be safely
secured, so as to afford all the advantages an independent
house could supply at a comparatively trifling cost. Of
course the club would supply the ordinary conveniences of
such a place of resort. It would possess a reading-room,
refreshment-room, and library, &c. These are some of the
advantages the promoters propose to accomplish by the
establishment of the new club. The movement has been
carried on thus far without incurring any establishment
expenses beyond those necessary for printing, postage, and
advertising. A favourable opportunity now offers itself
for opening the club in the neighbourhood of Cavendish-
square ; and to enable the committee to carry out the ne-
cessary arrangements, it is important that gentlemen de-
sirous of joining should send an early intimation of their
intention of so doing either to a member of committee or
to the honorary secretary."

The following resolutions were afterwards put to
the meeting and adopted :
"1. That, in the opinion of this meeting, it is desirable
to establish a club in London for the social intercourse of
members of the medical profession, British and foreign—
to promote and maintain a mutual interest and fellowship
between them, and to cultivate friendly relations withmen
of arts, science, and letters.
"2. That the club be called ' The Medical Club,' but
that it be competent to elect as members gentlemen con-
nected with literature, science, and art, as well as members
of other scientific societies. The election in all cases to
be by ballot.
"3. That a committee be formed, consisting of the fol-
lowing gentlemen, with power to add to their number :
SirW. Fergusson, Bart., London ; Dr.:Farquharson, Cold-
stream Guards ; Mr. Clement, M.P., Shrewbury ; Mr.
Property London ; Dr. Bell Fletcher, Birmingham ; Mr.
Grigg, R.N., Greenwich Hospital; Sir Charles M'Grigor,
Bart., to settle the rules, to determine the amount of the
future entrance and subscription, and to take the necessary
steps for opening the club as soon as practicable, it being
distinctly understood that, previous to their adoption, the
rules shall be revised by counsel, so that members shallnot,
under any circumstances, be liable to pay more than the
amount of their entrance and subscription.
"4. That a copy of these resolutions be forwarded to the
members of the club, with a request that they will circu-
late them among their friends."

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

COTTON SPECULATION IN INDIA.

--- -.4.... -

In the slightly renewed firmness observable in the Liver-
pool market there is a crumb of comfort for creditors and
the holders of document bills ; but we trust there is no
danger of any European merchants being thereby deceived
in regard to any prospective business in cotton. As to the
native dealers they must be left to feel the smart from the
rod they are hying iu pickle for themselves. We notice,
in our weekly contemporary's report on the export trade
the remark : —"Our market here has continued very strong
during the past week. Prices have gradually hardened,
and to-day close abJut 40rs. per candy higher than last
Saturday." In accordance with this remark, Dhollera, is
quoted 290 rs. per candy (9f 1.) iu Bombay) awl sawginned
Dharwar 305 rs. (9i1.) Now, wo think it must be evident
to any one in a fair position for estimating the prospects of
the cotton market at home, that the prices in Bombay are
just about twice the figure which is safe for shipments
round the Cape. It is, of course, possible that cotton may
again go to 12d., but we take it that advance is in the last
degree unlikely. The chances in favour of 6d. (equal, say
to 175 rs. per candy here) as compared with 12d. are about
20 to 1. Gambling speculators may go in for such odds, but
no man worthy the name of merchant would dream of doing
so, or of sharing the risk with any one so blind or'reckless.
On noticing that the market had " hardened"—an indica-
tion that some business had been done—we were curious to
know what class of persons had been venturing their ru-
pees in such a leaky craft. Oa turning to the same report
we find it stated that " considerable parcels continue to go
forward on native account ;" and from other sources we
learn that European merchants arer as yet, steadily refus-
ing to meddle with cotton at the present dangerous prices.
The little trade there is ciinuot well go on without some
facilities being afforded by bankers; but we understand
that £6 to £8 per bale is the utmost rate that is now being
advanced on document bills—a rate which, so far as we can
judge, is a very liberal one to set against the chances of
the cotton market at the possible time of realisation four
months hence. The banks having ceased from their race to
see which of them could in the shortest period spread abroad
their capital and deposits, are now desirous of leaving them-
selves an ample margin on document cotton bills for the
coetingoncy of low prices. This being the attitude of the
commission houses and the banks, the native dealers in
Bombay must be left to ship on their own account, if they
have confidence in the absurd prices they are now asking.
No one can object to this ; and oven if some of the up-
country dealers were to betake themselves to exporton cot-
ton on their own account, it would probably be the com-
mencement of a more healthy state of things.. The extra-
vagant prices that have been current in Bombay have been
due in a great measure to the reckless competition between
commission houses themselves, and the high scale of ad-
vance on document bills by some of the exchange banks ;
though this policy has been backed up in many instances
by seriously mistaken advice from home. All European
houses and bankers are, however, now so thoroughly con-
vinced of the serious risk involved in committing them-
selves to engagements based on the high prices ruling in
Bombay, that they are not likely to be enticed from their
resolution by the few tempting telegrams that may coin;
so long as there is anyuncertaintyrespecting the American
crop. Bombay commerce can never right itself until the
merchants here determinedly refuse to bo influenced in any
way by the imaginative views in which up-country dealers
may choose to indulge respecting the prospects of the cot-
ton market. Nothing will bring the dealers to common
sense so soon or so effectually as for merchants to stand
aside—as just for the present they are doing—and let the
Bhattias and Bunnies themselves take the risks of the
Liverpool market. Hitherto the chief profits of the recent
magnificent cotton trade have gone to the dealers and the
ryots, and it would only be fair for these classes to have
their share of loss.

Although we think that the prices just now asked for
cotton on Bombay Green are purely speculative, and all
but certain to bring " grief" to those who buy, we should
not by any means be understood to support the notion
that the cotton trade of Western India is in itself unsound.
It is merely that the shares in its profit and loss have been
unequally distributed. If Bombay cotton fetches 6d per lb.
in Liverpool, that price will leave a good margin of profit
to the cultivator over a very large part of the presidency
and the central provinces ; but the ryot must be content to
take such a price as will leave the necessary margin for the
risks of exportation. No doubt the ryot himself Would be
content with a price equal to 120 rs. to 150 rs. in Bombay ;
but it is the intermediate dealers who me not content with
the reasonable profits of middlemen. These are the men
wit) strive to get a larger share than any one else through
whose hands the cotton passes. It is this class h • t
who, just
now when the season of business should open again, are
rendering sound trade impossible. European merchants
are very little nearer to the cultivator now than when the
American war began ; but, seeing that speculative profits
have gone, they must contrive to open up more direct com-
munication with the producer. The middlemen dealers have
all the shrewdness and cunning which consorts with keen
avarice, but none of the judgment by which good business
men forestall the worst losses incident to a falling market.
If
ih
will a
present
,l
probabilitycottonstock
b e for
for
curedtwoo r
three
they
months theye t
emt
w
a time; but the merchants here should in future take every
ky e
meansbe
to b holdh
to dispense with these dealers,
whose profession it is to squeeze the ryot and fleece the
lreel ycane leftn longer,at o
Bombay merchants. The circumstances of the cotton trade
in Western India are likely to be such as must call for the
exercise of much more economy and care than ever has been