The Sun.
London, England, 1857-06-18 00:00:00

THE SUN, LONDON THURSDAY EVENING; JUNE 18, 1857,

which he (Gen. Peel) thought should be of a permanent
character, and not subject to the capricious alterations
of any successive Secretary of War, who might or might
not be competent for the discharge of the duties of the
office. These regulations should also embrace a defini-
tion of the powers and responsibilities of the Secretary
for War.
Mr. E. ELLICE, senior, confirmed the opinions
expressed by the gallant officer, and concurred in his
suggestions. At presentithere was great,hesitation on the
part of heads of departments to state whereresponsibility
rested, and he thought it would be more satisfactory to
this house and the country if some definite regulation
were laid down for the Government and the superin-
tendents of the different departments connected with
the army and navy. He doubted if the country would
consent to the continuance of the present amount
of estimates in time of peace—(hear, hear, and cheers)—
and he urged on the Government necessary caution in
reducing the estimates, so that an efficient staff might be
maintained, capable of being easily expanded in a time
of war. He expressed an adverse opinion as to the
keeping up great camps like Aldershot, relative to the
probable effect on tbe country generally. He then called
attention to the great amounts thatwere passed yearly
for barracks, and he doubted if the house was at all ac-
quainted with their state, what they were used for and
where they were, and expressed an opinion that it would
have been better for the discipline and morals of the army if
the men had been lodged in these barracks, instead of
being collected together in large camps. He and the
Government had the same object in view, that of main-
taining the efficiency of the army, but they appeared to
differ from the mode in which it could be attained.
He however thought the plan he suggested would have
been found to be the best. (Hear.) It was no doubt
painful to put aside old officers. They ought to be libe-
rally rewarded for their past services; but in considering
the state of the army and its future requirements he
thought these old officers should be plainly told that
they must make way for younger officers who should
not be found wanting in time of necessity.
Sir J. PAKINGTON thought the hon. and gallant
officer had done the country some service in calling the
attention of the house to this subject, and he ex-
pressed a hope that her Majesty's Government
would be prepared to state to the house that tae mili-
tary departments were really understood, and strictly
defined, so that should this country be again involved in
war the country should be effectually secured against a
repetition of the evils they all had so lately to de-
pierce He also considered that, first and foremost, the
power and duties of the Secretary of War should be
explicitly laid down.
Sir W. CODRINGTON said that as the duties of the
Secretary of War were more of a civil than military
character, he should say but little about them. He be-
lieved the object of its establishment was to carry out
unity of action in the various departments of the army.
Tee discipline of the army was left to the Commander-
in-Chief, but he (Sir W. Codrington) believed
there would be some difficulty under the
present system to bring home responsibility
to any person in authority in the army. He suggested
that the Secretary of War should be responsible for the
financial departments only of the army ; and that as the
Commander-in-Chief . had to deal with the discipline
of the army, he should be made responsible
for it, and to do that the rewards of the army should
be under his control. He considered the establishment
of camps of great benefit in instructing the soldier in his
duties.
Mr. HENLEY approved of the movement of the
Government officers, and hoped it would result in the
benefit of the army. Everything required by a soldier
should lie obtained easily and rapidly, and if any delay
took place, easy of being pointed out, and the party to
blame censured if necessary.
Sir J. TRELAWNEY referred to the formation of
officers, especially those on the staff in this and in fo-
reign countries. On the continent an officer had to pass
through various stages before he became a member of
the staff, which was not the case in this country.
He called attention to two or three technical mat-
ters On reference to officers pay, and to the lax
manner in which officers acted in reference to the sol,
dter's pocket-ledger, which was a book wherein he ought
to keep a proper account of the pay he had received, so
that in time of war, if anything happened to the regi-
mental bucks, the production of his pocket-ledger, if
properly kept, was taken as proof of the pay due to him.
L rd PAI.OIERSION, in reference to barrack ac-
commodation, said that it was scanty throughout the
country, and if it was necessary to build them, the beat
place to erect them was where there was ample space for
exercising the soldiers, such as at Aldershot, which,
from its central position, would be found beneficial in
time 4 of war. He admitted the importance of the
question before the house, and expressed an opinion
that the gallant-general (General Peel) was not accu-
rately acquainted with the facts connected with the sub
ject. _ _

[LEFT SITTING.]

NORTH OF EUROPE STEAM NAVI
GATION COMPANY.

(MEETING THIS DAY.)

This afternoon an extraordinary general meeting of
the shareholders in this undertaking was held at the
London Tavern, Bishopgate-street, Sir S. M. Veto,
Bart , in the chair, for the purpoAe of receiving a d con
sidering the report of the Committee of Consultation, ap-
pointed at the annual general meeting, hell on 26th
March last, together with a rrport of the board of
directors, and the accounts of the company, and of de-
ciding on and adopting such measures as may be deemed
expedient in reference thereto, and to the general affairs
of the company. _ _ _

The committee's report, which is a ♦oluminous docu-
ment, is divided into three branches :-Ist, the present
position of the company ; 23, the past history and
management of the company ; and 33, the company's
future policy and prospects. The committee make the
following recommendations :

" The improvements in the management which the com-
mittee recommend, and which they consider indispensable
to the company's success, are—That to promote the dispatch
of business, and to concentrate the responsibility, the
number of directors should be reduced to the smallest
number allowed by the deed of settlement, seven; and
that, if possible there should always be two or three among
the number possessing a practical knowledge of commer-
ci shipping. That a manager should be appointed, who
should give his whole time and services to the company,
an 1 who, under the authority and supervision of the
beard, should conduct and be responsible for the company's
business. The manager's remuneration to consist of a
moderate fixed sum per annum, and a per centage upon
the real profits after allowing both for depreciation and in-
surance. That the secretary of the company should also
be the accountant; and should be responsible to-the board
for keeping the accounts in such a manner as will show the
true state of the company's affairs, and insure the directors
being made acquainted at short intervals with the net re-
sults of each branch of the company's business—the secre-
tary's department being thus independent of and a check
upon that of the manager. That., as the trade to the
northern ports is necessarily suspended for several months
of the year, every effort shoal i be made to obtain remu-
nerative employment for the ships engaged in it during
the season in which they would otherwise remain unpro-
ductive. The committee recommend that the practice of
the company being its own insurer, which has been acted
upon to a limited extent, and which hal resulted in an
accumulation of 4,5501. to the credit of the insurance fund
on the 31st December last, should be persevered in; and
that, if it should not he thought prudent in the cowpony's
present position to leave the ships entirely uninsured, a
risk should always be taken upon each, at least equal to
the amount of the insurance fund at the time. These re-
commendations are given as the result of consultation with
the board ; and the committee have the satisfaction of
kn ,wing that the directors agree generally with them both
as to the future prospects of the trade, and tho improve-
ments to be introduced into the management."

The CHAIRMAN, having asked for a favourable hearing
for all who wished to address the meeting, called upon
Mr. C. MORRISoN, the chairman of the committee,
veto stated that he supposed the report would be taken
e.s read, and proceeded to state the course the committee
had taken in the inquiry in connection with the direc-
tors ; also explaining the position of Capt. Andrews, the
managing director, respecting which the committee's
labours were incomplete. He called attention to the
following paragraph in the committee's report :
" The committee have gone through the list of debts dne
to the company, cash and bills, on the 31st December with
the secretaiy ; and from the information furnished by him,
consider that 4,3551. should be written off as an allowance
foe probable loss under this hea.l. If the accounts be ra-
a ljusted according to the data furnished in the report, the
twat deficiency will ba increased to 136,013/. 17s. 4d.,
viz. :
Not loss on the company's transactions from
the beginning, including dividend paid
I,st August £74,382 14 1
Proposed addition to depreciation fund 52,306 3 3
Allowance for bad or doubtful debts 4,355 0 0
Allo sance for repairs sine December 5,00) 0 0

£136,043 17 4
lie thought that sum coald not be taken as a real one,
and the question now was, in what position they really
were. After entering into details to show that it was
inyessible to get at anything like an accurate estimate
of the position of the shareholders, he referred to the
re eimmendations of the committee given above, and asked
the meeting to confirm them, because the committee
believed that there was a reasonab!e prospect of a fair
pre& if the company was economically conducted for
,he future. Ile considered that to effectually work a
shipping company the smaller the number of directors
the better, as it then fixed responsibility. He was op-
posed to a managing direct )r into whose hands the whole
Power might slip, but thought that the directors should
be divided into two bodies, as it were, one forming a
committee for the management of the boats, and the other
of general business. The first should be formed of men
practically
acquainted with the management of steam
boats, with a manager under them, and the duties of
the other committee should be to watch over t
accounts, &c.
The committee entered on these duties
as men who had lost a
great part of their rnone)., and
who wanted to know how they might save the re-
mainder ; they had therefore avoided all personalities,
and confined themselves to an enquiry into the dry
matters of fact connected With the company,
so as to prevent a repetition of past errors.
Much was said at a former meeting relative to the con-
duct of the directors, and he was bound to say that after
examining documents and papers inacoessible to share._

holders the committee had come to the resolution that ,
there was nothing affecting their integrity—presuming
that Capta'n Andrews' statements, which had yet to be
made in explanation of the charges made against him,
would be satisfactory. He concluded by moving the
reception and adoption of the report.
Colunel HARVEY seconded the motion. The committee
had fairly caught the spirit of the shareholders at the
former meeting, and had carried out their wishes in a
satisfactory manner.
Mr. ABLE dissented from the committee's report, on
the ground that it was not the duty of the committee
to introduce a paragraph into their report relative to
the personal honour and integrity of the directors. Mr.
Lawrence, who was one of the original projectors of
the undertaking, wished to introduce a paragraph
touching on the honour and character of the directors.
He (Mr. Able) objected to it, and it was altered by
Mr. C. Morrison in such a way as it was hoped he would
be able to subscribe to it ; but as he considered many
things in connection with the accounts had not been ex-
plained, as they ought to have been, he declinei to sign the
committee's report, believing it was the duty of the share-
holders only, to express their views on the conduct of
&rectors. What he particularly referred to relative to
the directors' conduct, was the declaration of a dividend
in August upon certain supposed representations of Cap-
tain Andrews, which were communicated by the chair-
man to Mr. Coleman. Yet, immediately after, a call
was made on the shareholders. In October Mr. Cole-
man addressed a letter to Mr. Harvey, the secretary,
stating that the accounts were all wrong. That letter
did not appear on the minute book. A deputation in
February waited on the chairman, when he stated that
the affairs of the company were all right, and the conse-
quence was, up went the shares in the market. Imme-
diately after that another call was made, and as soon as
that was made up went the curtain, and then it was they
were made acquainted with the fact that the dividends
had not been legitimately paid.
Mr. GODSON complained of his being kept off the com-
mittee in consequence of his having disposed'of moat of
his shares, and his having lost 4801. on them, owing to
their fall in the market, arising from the bad manage-
ment of the company. He proceeded to enter on extra-
neous matters, when he was called to order. He alluded
to the value of the company's ships, and said that
Messrs. Young and Yates had valued the Princess
Royal at 6,0001.
Mr. YATES and Mr. YOUNG both protested against the
statement of the boo. gentleman, and charged him with
stating what he knew to be untrue.
Mr. GODSON said that he did not consider that the
report represented the exact loss of the company.
After some further discussion,
The CHAIRMAN at some length addressed the meeting,
replying to the various charges that had been made
against the directors, contending that when the direc-
tors declared the dividends they believed they were
paying them out of the legitimate earnings of the
ships.
The meeting then separated.

50
20
20
10

SHARE MARKETS—(This Day.)

RAILWAYS.

Closing nice'
this day

20
Ili
St.
St.

St.
50
St.
St.

20
20
10
St.

BRITISH P,

51 - 51

8i - 9

68 - 70
8 - 9

90 - 92
75k -75 i
36 -. 37

..• -, ...
4 --- 5

• •• ..... so*

9 - 10
19 - 20
11 -
11
51 - 53
:341 - 351
••• •
8 - d
971

''''"
•••

2061
100 1
100

.. --- •••
62 - 64

iii = ii

99 -101
8 - 9
99} -'lOO
91A - '92:
122 - 124'
103 - 105
64 - 61:
63 - 65

Business done
this day.

70 74
6 - 8 p
6 -= 8 p
100 i - 101

6}
111 - 113
101 - 104

la fd
11001 1011

lAtlan. and St. Law.
Bombay, Baroda, and
Cen.lnd,gtmr. 5 p.c.

all
10
100
100

45;95,

83i - 84
55 - 56

••. - •••
15 - 16

el 63
43 - 43,1

... ..

k - - 92
2i- 24
2i -- 2
45 -- 46
70i -- 71,
96 -- 99

-
74 - 8
10 - 10

32 - 33
7 - 5

lli I

100 99A 100
91 i 2.
1031 4
64i 3i 41

106 108
242 —25 i
43 50
3 2d
18 19
74i 75.}

Buffalo & Lake Hui I
Buff. , Brat. & Godch I
6 p.c.bds., 1 Aug.,'72
Do. do., 1 July, '73'
Do. do., 1 June, '741
Calcutta and S. East.
Central Oude
Ceylon A slares
Do. B. do.
Demerara .
Eastern Bengal
East Indian
Do. C Shares
p.c.Bnds.' '57
Do. do. do. '59,d0.
Geelong & Melbourne
guar. 5 per cent.
Gd. Trunk, of Canada
Do. 6 p. c. Deben
Gt. In. Pen. g. 5 per c
Do. New, guar. 5 p.c
Gt. Westn. of Canada

25,3(1
lOs

Do. New .........
Do. Bds., payable '571
Do. do., '76, p.'60...
Do. do., '73, do. ...I
Do. do., '73, without

option
Madras, guar. 4i p.c
Do. do., 5 per c.
Do. 44 p. C. Exton.
Do. 3d Ex., g. sp.c.
Do. 4th Ex., do.
Oude (Limited)
Scinde, guar. 5 per c

Do ... ; ..................

FOR:

83 - 89
5 -
5 - 413
9 - ii
40 - 42

lAntwrp & Rotterdam

Ardennes...
Belgian East. Junct
Beziers to Graissessac
Carmeau 6; Toulouse'
Coal Mines and Ry
Dutch Rhenish
Eastern of France

Do. New
Euphrates Valley
Gt, Central of France
Great Luxembourg
Italian Junction
Lake Coust. & Bale
Lierre and Turnhout
Lombardo-Venetian
Lucca & Pist.sp.c.p.
Lyons and Geneva
Lyons & Mediterran
Maria Antelila
Do. New

••• •

• • • .......' •

• • • -." .

20i - 21
4 -4;

...

7 - 9
3 - 3
- 6

. • • """ e

1001 1 1
53

101 3i 4i

2k
101 1001

41 5i 5 i i

558 1 i
1

9l 23 2

;IGN.

- 6

50
100
100

Namur & Liege
Do, do. 6 p. c. Pref,
Northern of France.,
Norwegian'Fmk. Prei
Paris and Lyons
Paris and Orleans ,
IReeife di San Fran ,

14 lil
par— 1p

7011 i i I

5 51
2 -7 lid,
29 291

Par iP
244 25
6 6i

--
-- iiP

i; io

8k -
20 -20 i
38i - 39
84 -
58 - 59
57 - 59

(Pernam.) g. 7 P. a
Rome and Frascati
Royal Danish
Royal Swedish
Sambre and Meuse
Do. 5i per cent. pref
Southern of France
West Flanders
Do. 5i per c. Pref
W. & N. W. of France

i d pal

33 2i

74g i 5 41 5,
88i

1031 9
161

201
60 1
90 i

1071
19}

16 - 18
- 8
- lh
Bi,
- 811
30 - 34

5-
9 9
30, —31 i
par 1 p

6 Western Of Austria
all West. of Switzerland
all Wiesbaden
all Do. Bp. cent. pref.
all Zealand

... -

all
18i
50
all
all

22
all
all
15

BANKS.

88 901
li lid
49 5I-

- •••
62 - 64

17i - 18.1
18 -18 i
17,1 - 18

ii : EO,
3n
i - i P

10 i

158 i 9

8i i

32i
49 50

154 UR

..• -- •••
55 - 57
6 - 7

... ...
••• "-- •••d
10 -- 841

56 51 i 6

50
50
50
25

12i
12
124
St.

St.
St.
20
25
25
12i

LINES LEASED AT FIXED RENTALS.

RAILWAYS.

Leasing
onwanles

Vricea
this day.

Buckghamsh.
ICtrieeale Jc.
ICol.Stour Vy. .
g. 6 p.e,
Un. H. Sh.
.Glas. Barr. &
Nes.Direct.
Do. Now

IA(
;GEn
E nat..
u.l ;d: Tod
rourEnnt7t:„
Caldonian.

Business
this dsy

'Glstr.&Dn.Fr.
IHull & Selby
Do. 1 Shares
Do. i Shares.
'Loa.&Greenw
IDo Preference •
Lou. &S.
Do. Bark. Sh.
Manch.Bxton.
and Matlock
Mdld. Bradfd.
Newmarket
BuryE.G.spc.
N.&Est.s p.c.
Do. 6 per ct
Do. Fixed sp. c
Prest. & Wyre
Do. Shrs. A
Roystn. di Hit.
Shrews.& Her
S. Statlordsh
WearVal.g6pc
Do
Wilts&Snmrst

Do
Gt.Westn
Y, & N.M

100 1
51

25
10
L 0.6

121 12

Do
Do
S. Eastern

Peto & Co I
Do
La. &N. W
& Midld
Midland

E. Count..

Do

Do ... .....

Do
L. &I. W
Do
Gt. Northn
T. Brasseyl
M. MCleanl
Stk. do Dar
Do
Gt. Westn

LL - 13
32 - 131
3/ - 41

166 : iiii

12} -- 121
22i -- 23
1103 -- 105
P
2a -- 2a
89 -- 91
56
par
--
- I p
54

148
11/3

1131 - 133
7; - 8i
9 - 9
1

313/4 - 32
87 - 89

SHARES.

92 == 94

5i : - 96

51 = &.i

16/15

108 - 112
108 - 112
- OP
121 -12

40
12561

91 5
106
88

i pm
12j

MINES.

1311

16A
6i - 7i
130 - 140
440 - 460
16 - 18

7 - 74
3- 44
15 - 17
16 - 17
4 - 5
2-11 -
4. - 511
1. -- 1i
315 - 325
5 - 6
290 -- 300
lA - 1g
3t - 41

ts

-
28 - 29
130 - 140
250 - 255
290 ;:' 310
6 - 6i
17 19
44 - 46
23 - 24

FOREIGN MINES.
20 7 Australian
35 27 Brazilianlmp.(issued
at X 5 pm)
30 all Do. Cocaes & Cuiada
20 15 Do. St. John Del Rey 13 15
1 A Clarendon Con. Min.
Co. of Jamaica — id
40 all Cobra Copper 5O 52 50} 14
. . 16 CoPiaPo
.2
all Fortuna
20 all General
3 all Linares
5 14 Lusitanian
1 all Mariquita
1 all New Granada —
1 all Noveau Mondo
20 all Pont.Sil.LdM.& Smlt 5 7
5 1 Port Philip — ••.
30 16, Santiago de Cuba 2 23
1 all South Australian
1 all Do. Scrip
1 all Do. 10 p. c. Pref
28i all United Mexican
MISCELLANEOUS.
25 19 Australian Agricult. 184 194, 194 184
10 all Australn. Royal Mail
10 all Berlin Water Works 4 5
50 40 Brit. American Land . .
100 323 Canada - 150
St. 'lOO Do.Go.6pc.Jan&July 114 115 1144 15
St. 100 Do. 6p. c.Fob.&Auw. •••
St. 100 D 0.6 p.c. Mar.&Sept t .
St. all Copper Min. of Eng. 30 35
25 all Do. Pref. 73 p. cent 25 27
5 all Crystal Palace 2 24 2
5 all Do. Preference 154 rr2 53
4 all Crystal Pal. of France! ... •••
1 a Daston Iron Ore •• •..
20 18 Eastern Steam ,
St. 100 Electric Telegraph 93 93
1 all Electric Tel. of 1re1.,1
5 all En.daust.Cop.SmCo' 14
10 10s. Eur. & Ind. Jan. Tel.;
•••
25 all Gen. Ir. Sc. Col.(lim.)
•••
15 14 Gen. Steam Navigat.
20 5 Loudon Discount
4 all Loud. Gen, Omnibus 3i • 4
20 110 Magdalena St. Navig)
10 all Mediteran. Elec. Tel. .
10 ah Mexican& S.Americn, 24 24
5 5 Nat. Discount C 0...) 11 id
5 5 Do. New
10 5 Netherlands Land 1 14
10 all Do. Do. i44 44
5 all Do.B p e•PLisaat 1.1 1 44 4#
5 1 Do. Do
100 80 New B. &N. S. Land 18 22
St. LOO N, S, W. Gov.s p, e. D. .
1 all N. B. Australasian... —• .$
10 all Nrth.ofEuropeSteam' 94 94
1 all Oriental Gas
12 ss. Do New Shares P iP
25 all Peellir. Ld. & Minrl 1 14 2 2
50 all Peninsular & Oriental 67 —6B
50 10 Do. New
21
50 all Rhymney Iron
15 all Do. New 6 8
60 60 Royal Mail Steam 5B CO
1 all Scot. Austral. Invest l4 14
all Do. New
100 all S. Aus. Gov. 6 p.c.bds lO3 -- 105
25 all South Austral. Land 34 36 35
1 all Submarine Tel. Scrip 1
1 all Do. Registered
20 5 Trus. Ln. Co. Up. Can.
11 I 28ii Van Diemen's Laud... 11 12