The Sun.
London, England, 1866-09-26 00:00:00

STATE OF TRADE.

MANCHESTER, Sept. 25.—The market for all kinds
of yarns has been rather more active, buyers both
for the home trade and Continental markets having
operated with rather more freedom of late. The
impulse has been given by the rising in the price of
cotton at Liverpool, the holders of orders for yarn
being to some extent compelled either to supply
their wants at the turn of the market now, or wait

some time before a better opportunity offers. The
cloth market has not improved to the same extent.
In shipping yarns the market has been strong, and
a considerable amount of business has been done at
strengthening prices. Home trade yarns have also
been very firm, but business is a good deal checked
by the advance required, which is one of about id.
per lb. on the quotations of last Tuesday. Manu-
facturers and holders of cloth are a good deal embar-
rassed by this movement in the market. Yarns are
dearer to them, yet theyfind no response from buyers.
India merchants, in particular, decline to give prices
for cloth which would cover this advance, and are
keeping out of the market. The slightest attempt
at an advance checks business generally. A manu-
facturer at Blackburn, with about 800 looms, has
suspended payment. Messrs. John Slagg and Co.
report of to-day's cloth market :—" The recent ad-
vance in the Liverpool market has imparted more
firmness to goods, and a moderate business has been
done during the week, but buyers still operate with
timidity, and only for small quantities. Though
there is little quotable advance to-day, we notice in-
creased firmness, and a fair business has been done
in Printing-cloths, while India makes still remain
neglected.,,

CARDIFF,
24th.—Steam coal proprietors are well
off for orders,
and the active demand which for so long
a Period has
characterised the foreign trade shows no
signs of abatement. Welsh steam is also in increased
request for maritime
Purposes. The several col-
lieries are in full operation
and numbers of Cornish
miners have been broughtcer, , and are turning their
hands to the more profitablev employment of coal
hewing. There is a stroll odemand for steam coal on
inland account, and the Londone
prospect of the iron and midland markets
s
are taking large quantities. The
trade are more favourable, and although buyers on
home account are at present purchasing rather spar-
ingly, they are expected to give out orders more freely
after the preliminary meeting of masters, to be held
next Thursday. One of the railway companies has
placed a contract for 6,000 tons of rails in the dig_
trict, and other companies are expected to follow as
circumstances will allow. The inquiries from the
principal foreign markets are encouraging, especially
from the States, Canada, and the Continent ; and a
few orders have been received within the past three
or four days. The pig iron trade is quiet, and for
tin plates there is a better demand. At several of
the works preparations are being made to increase
the- make.

LEEDS, 25th.-- There has been a moderate at-
tendance of buyers in the cloth-halls this morning,

but not much business was done, except in tweeds,
in the coloured hall, the bulk of the purchase com-
prising small selections of ordinary cloths and some
few heavy goods. The demand for me/tons has not
been active, but the stocks keep within a moderate
compass. About an average amount of business
was done in the coloured hall, chiefly in low witneys.
The country manufacturers report that they are
tolerably well employed, and that two or three good
Government orders are in hand. All things con-
sidered, there is a fair prospect of employment for
the manufacturing operatives for some months to
come. Some advance of wages having recently
taken place, and the price of wools having also in-
creased, the rates for all kinds of cloth remains very
firm. The flax trade is rather quiet, but the hands
are steadily employed, and prices of raw material,
as well as those of yarns and threads, are without
material change from last week.
NOTTINGHAM, 25th.—A moderate attendance at
our Exchange-hall. Business was done steadily in
lace yarns at prices without alteration from last
week. Hosiery yarns were in fair demand, and
higher rates were asked. There was again but little
doing in brown nets, and no change occurred in the
quotations. Silks sold steadily at last week's cur-
rencies.

ROCHDALE, 24th.—The manufacturers keep toler-
ably well employed, some shipping orders being in
hand, but the public market to-day was a quiet one.
The number of purchases was not large, and there
was an absence of any disposition to purchase largely
of any kind of goods. Upon the whole, fancy goods
sell readiest, but the prices of all are firm. The de-
mand for Yorkshire goods keeps somewhat dull, but
there is no giving way in prices. Wools are steady,
at late quotations, and there is an average business.

RAILWAY INTELLIGENCE.

NORTH LONDON.

A meeting of the residents of Bow, Hackney, and
other districts served by this railway was held on
Monday evening at the Town-hall, Hackney, for
the purpose of considering the serious inconveniences
caused by the changes of carriage and delay at the
Bow station since the opening of the company's city
branch to Broad-street. Mr. Churchwarden Gow-
land occupied the chair.
The CHAIRMAN having opened the proceedings, a
long discussion ensued, in the course of which it was
contended that the object of the delay was to divert
the traffic from Fenchurch-street station to Broad-
street station.

Mr. ALLAM moved a resolution appointing a de-
putation from the meeting to wait upon the direc-
tors of the North London Railway calling upon
them to adopt such measures as would tend to re-
move the inconveniences now existing from the de-
lays caused by the changing at the Bow station.
Mr. MAssEY having seconded the motion,
Another long discussion ensued, which resulted
in the unanimous adoption of the resolution and the
appointment of a committee.

TENDRING HUNDRED.
The report of the directors state that the large
and steady increase of through and local passenger
traffic between livenhoe, Colchester (St. Botolph's),
and the Great Eastern system already proved the
great utility of the lines and convenience of the new
terminus. The traffic receipts for the last six
months, notwithstanding the unfavourable effect of
certain arrangements, were 50 per cent. in excess of
those for the corresponding period of last year.
During the 13 weeks ended the 2d of September
42,649 passengers passed over the railway, against
13,640 during the corresponding period of last
year. The opening of the Brightlingsea, and
Tendring Hundred extension lines had largely in-
creased the tonnage of goods carried over the line
between Hythe and Wivenhoe. The work between
St. Botolph's andiffivenhoe, which had been car-
ried out to a greater extent than originally contem-
plated, would involve further payments on capital
account ; but the progress of traffic left no doubt
of a satisfactory return on the total expenditure at
no very distant date, and the present net income
considerably exceeded the interest payable on the
mortgages. The capital account to the 31st
of August showed that £53,276 had been expended.

TENDRING HUNDRED EXTENSIONS.

The selection of line from Wivenhoe to Kirby
Cross (within three miles of Walton) was opened
for passengers on the 28th of July last, but it was
then too late to secure the main traffic of the sea-
son. The revenue, however, was very satisfactory,
the gross number of passengers conveyed during
the 13 weeks ended September 2 being 20,762, of
which 4,414 were conveyed in June, 5,899 in July,
and 10,449 in August, the latter being due to
visitors to and from the sea-side. Notwithstanding
the three miles of road intervening between Kirby
Cross and Walton the influx of passengers had
been frequently beyond the means of conveyance.
The arrangements for passengers by ordinary
trains between the metropolis, Colchester, and
Kirby Cross and Walton had been liberal ; but
the impossibility of providing road conveyance for
very large numbers had prevented any special en-
couragement to visitors, but long before the next
season the line would be opened throughout with
improved service. The earnings, after deducting
50 per cent. for working expenses, were largely in
excess of the interest payable on the debenture and
mortgage capital. It would be advantageous both
to the Great Eastern and to this €ompany to offer
liberal arrangements to persons erecting houses at
Walton, for which there would be great demand. The
railway between Kirkby Cross and Walton and the
terminuswere considerably advanced, and the direc-
tors hoped to see the line opened throughout in the
course of next month. The capital account to Aug.
31 showed that £100,511 had been expended, leav-
ing a balance of £1,406.

BUENOS AYRES GREAT SOUTHERN (LIMITED).
The committee of investigation appointed at the
general meeting of shareholders held on the 29th ult.
have issued their report. It states that the directors
and officers of the company afforded the committee
every facility and the fullest explanations upon all
points of the company's business. After the most
careful inquiry the committee found the books to
have been kept with faithfulness and accuracy. The
£2,500 special shares of £2O each, subscribed for and
takertby the contractors for the railway, Sir S. M.
Pet°, 11.P.' and Mr. E. L. Betts, were issued by
the company to be entitled to dividend as follows :
—" The amount available for dividend in any year
the amount, if any, appropriated
foufnad be applied-1. In or to-
dividend of 7 per cent. per an-
) is to
(after setting apart
for thepraeysmerevnet
nwuamragon the ordinary shares of the compny. 2. In
or towards the repayment to the Government of any
their advances previously madebythem
o funderdividend
gua_
endupon
suchr a n t e
se
p. e
• per
neverthelessor di
c3iallnshoarretsowto hartdg payment e
extentof7pe o
rcfent further
annum. 4. As to any surplus, in payment
dividend pari passu uponalslshrean shall res,whether
nary or special. The special ha
b e entitledthe line to on
thereec invaem interest
manner
t the otherecons truetion
of shares,
and, except as above mentioned, shall be in all re-
spects on the same footing as the other shares."
As to the construction of the railway, the com-
mittee reported that from the statements of Mr. Pa-
rish and the engineers, it appears to them that (sub-
ject to question as to rolling stock) the contractors
had completed the construction of the railway and
works in a very solid and satisfactory manner, and
according to their contract. The line had been
accepted by the Government for the purpose of
the guarantee, subject to a requisition for two addi-
tional locomotives. Under the the terms of the con-
tract with Messrs. Peto and Betts, they werebound
to place upon the line sufficient rolling stock to earn
a net minimum dividend of 10 per cent. upon
£750,000, the total capital of the company. Whether
the rolling stock already placed there was sufficient
for
this purpose was to be decided by Air. George
Parker Bidder, C.E , who was appointed arbitrator
under the terms of the contract. Thefor se
iolcr tmr aocnt
tohr
ss were bound to maintain the works
from the date of acceptance. There was a question
yet remaining unadjusted with respect to the amount
to be paid to them for station accommodation pro-
vided beyond the terms of the contract: The com-
mittee had considered the question of station accom-

imodation for goods, and thought that it might be-
come advisable before long to erect a wool shed
either at the Buenos Ayres terminus or Barracas.
31r. Rumball, previous to the appointment of the
committee, had already prepared plans, drawings,
and estimates for this purpose. It was stated at
th. e general meeting that the contractors had not
ha nded over the title-deeds for the lands purchased.
rhe committee found that this was only prevented
by some legal proceedings taken against them by
Mr. Green. The company were, it appeared to the
committee, sufficiently secured by the precautions
that had been taken, and the local board at Buenos
Ayres would, no doubt, take the necessary steps to
bring the matter to a satisfactory issue. The com-
mittee fully agreed with the feelings expressed at the
last two general meetings by the directors and share-
holders, that the line having been constructed, and the
duties of the London Board thereby much dimi-
nished, the time had come for reducing the expenses
of the London administration to the lowest level
consistent with proper management. They had
communicated with the directors on the subject,
who had shown their readiness to meet the question
fairly. The directors were prepared to propose the
reduction of their number to five or six, and their
remuneration to £l,OOO per annum. This appeared
to the committee satisfactory. The other expenses
of the London office did not seem to admit of reduc-
tion. After a very careful consideration the commit-
tee had come to the conclusion that it would not be
prudent at present to make any alteration in the
Local Board. They felt bound to express their high
opinion of the valuable services the company had
received from Mr. Parish. The committee thought
highly of the ability, energy, and fitness of Mr.
Banfield, the general manager. The Government
having accepted the line would, under their guaran-
tee, be bound to make good any deficiency in the
revenue to pay £7 per cent, dividend on £700,000
in December next. But, taking into consideration
that the payment of an interm dividend, as originally
proposed by the directors, could not be effected at
the present moment without borrowing, and that the
company already had outstanding loans to a con-
siderable amount, as stated in the balance-sheet, the
committee recommended that the payment of a divi-
dend should be deferred until the completion of the
fiscal year, when the Government guarantee would
become payable. It appeared to the committee that
the conduct of the Government towards the company
had been entirely honourable, and gave every reason
to believe that the company would receive at their
hands a punctual performance of all their obligations.
With regard to the issue of debentures and closing
of the capital account it was shown by the balance-
sheet that of the company's debentures there bad
been placed £22,750, and deposited as collateral se-
curity £96,2oo—total, £118,950. The amount owing
upon the collateral deposit was only £80,582 ; the
total amount, therefore, owing by the company
was only £103,332. The articles of association of the
company did not impose any limitation upon the di-
rectors' power of borrowing upon debentures, but it
was satisfactory to find that they had exercised
the power with moderation. The committee, how-
ever, thought that the construction havingbeen com-
pleted, the time had arrived when it was possible to
define and limit the amount to be issued, a measure
which would give the directors additional facilities
for getting the remainder of those already issued
taken by the public. The committee, therefore, re-
commended that the necessary alterations be made
in the articles of association to render the consent
of the shareholders necessary to any further issue o
debentures. The committee trusted that the im

proved condition of the money market will enable
the directors to place the remaining debentures. The
investigation they. had made satisfied them of the
soundness of the security. As to the probable re-
sults of the future working of the line, however
satisfactory it might be to have the Government
guarantee of 7 per cent., that was not a return
with which the shareholders should rest contented.
The returns up to the present time were of too ex-
perimental a nature to afford any sufficient basis for
calculation on this subject. But the opinion of Mr.
Parish and the engineers was in favour of a large
increase in traffic. Already villages were beginning
to spring up at various points in its course where
there were previously mere wastes. At Chascomus,
the southern terminus of the line, 72 miles from
Buenos Ayres, building had been stimulated, and
the population along the line were beginning to un-
derstand the facilities which the railway presented
to them. The duty of striving to make the dividend
to the shareholders larger than that to be derived
from the Government guarantee, imposed upon all
concerned the obligation of the greatest economy
consistent with efficient administration—an obliga-
tion which the committee trusted would be most
rigidly observed, both here and at Buenos Ayres.
The report was signed by H. Wheeler, chairman ;
H. P. Bowring, A. Buckley, S. Herapath, and T.
Moxon, members of the committee.