The Sun.
London, England, 1857-02-06 00:00:00

LOCAL SHARE MARKET,•),

LIVERPOOL, FEB. 5.
STOCK ExcHANGE--The market wag quiet but steady
to-day, at the full prices of yesterday.—Lancashire and
Yorkshire, 96 A—Lancashire and Prestcn, (1. shares, at
41.
14s. dis.), 204--Midland, 82t—Dutch Lhenish 3s. M. p.
Great Western of Canada (new shares) 2 p.

MANCHESTER, FEB. 5.
STOCK EXCHANGE.—Thorn was a steady market, but
not much business—Sheffields, 344 i—Dovers, 224—Great
Western, 664 sZ—Alidlands, 82,1, 4—Leeds, 064 a—Chester
Guaranteed Half-Shares, 10—Ditto (101, shares), 15—Bank
of Stockport, 43.

BIRMINGHAM, FEB. G.
STOCK EXCIIANGE.—Market quiet.—Birmingham and
Staffordshire Gas were done at 100, and Birmingham New
Union Mills at 3/. 3s. 9d. Closing prices :—London and
North Westerns, 106 i 1061—Buyers of Birmingham Canal
at 92—Birmingham Gas at 138—Birmingham and Stafford.
shire Gas at 100.

LEEDS—FEB. 5.
STOOK EXCHANGE.—Victoria Mine, le. 6d. die.—North
Eastern (Leeds), l 7 —Leeds,96i 824—North.
Eastern (Le.cdli No? 24 Di, 9J. p,--North•Weeterne, 711.

.FORD, WORCESTER, AND WOLVER-
HAMPTON.
The half-yearly meeting of this company was held
yesterday at Worcester; Mr. W. Fenton in the chair.
The report and accounts, an abstract of which has ap-
peared in The Sun, were taken as read.
The CHAIRMAN said he believed he might now say
that they had laid the foundation of the future perma-
snoenlong
tprosperity of the company. The bills which they
bad carried through Parliament put off for a considerable
time the completion of the broad gauge, which had hung
114;
meeting as
thea
dead
dweightireetorrs had
oundthsepiernntecmkus.chSitni
time
andtheir
labour with a view to increase the traffic and diminish
the expenditure. They had also given considerable at-
tention to the question of finance, and had been enabled
to raise money on debentures at interest in no case ex-
ceeding 5 per cent. The capital account showed a total
shmto be raised of 4,150,8441., which appeared incon-
sistent with the hope held out in the report that the
railway
might be completed for 4,000,0001. With re-
gard to the liabilities of the company, these were at the
commencement of the half-year 231,632/., but they had
been reduced at the end of 1356 to 110,8561. Among
these liabilities, he was happy to say, were the solicitors'
bills, 'amounting to 16,0001. Messrs. Burchell and
Parson had displayed great forbearance, and they bad
been enabled to discharge their heavy account by the
issue of the 44 debenture stock. They had also discharg-
ed their long atisarling rtabt to, Mr. Fowler, the engi-
tieer, whose ckim was 2;o,00/., but through the inter-
vention of a friend Mr. Fowler had consented to accept
6,0001. in fill discharge. They had also paid off
Mr. Williams, the former contractor for working the
tine. Since the beginning of the present year
they bad been enabled to reduce their liabilities from
110,8561. to 63,7101. (Thar.) The cost of coals, &c.,
in the last six months had been 6,8221., while in the pre-
vious fire months the cost bad been 7,2141. In the last
half-year the traffic was much greater than in the one
preceding. If they extended the period of the previous
half-year to six months, at the same rate of expenditure
the saving would amount to 1,8001. (Cheers.) The cost
of running trains was 11,2921., as against 15,570/. in
the previous half-year, thus saving about 4,3001. The
balances due to the company by traders amounted at the
last meeting to 45,9321., but this year they were reduced
to 26,0001. and odd, arrears of 19,0001. having been re-
covered on the half-year. The salary of the superinten-
dent of the permanent way had hitherto been charged to
capital; now it was charged to revenue. The interview
with the directors of the Great Western Railway had
been unsatisfactory. The directors of this company had
gone to that interview desirous of making an amicable
arrangement if possible; but he was sorry to add that
they left the room with a strong feeling that there was no
desire whatever of cultivating the same amicable arrange-
ment on the part of the Great Western Company. Not.
withstanding this, however, the policy of the Oxford,
Worcester, and Wolvertampton directors would continue
to be a policy of peace, and they were ready as ever to
hold out to the Great Western Company the right hand
of fellowship, for of ths they were assured, that there
was more to be obtained by peace than by war. (Cheers.)
There was an item of 3,154/. which the Great Western
Company owed this compauy for money received by them
at their end of the line, and of which they could not ob-
tain payment, although repeated application had been
made for that purpose. There was a branch line pro-
posed to be made by a separate company from Hampton
to Stratford-on-Avon, which, if carried out, would mate-
rially interfere with this company's traffic on the Strats
ford Canal, and it would be necessary to oppose that bill
in Parliament. He congratulated the meeting on the pre-
sence among them of several directors of the Worcester
and Hereford Railway Dompany. That line, when com-
pleted, would be of the utmost value to the Oxford and
Worcester Company, and it a as a fact that coke ha .1 been
sent from South Walri to Worcester by a detour of 40
miles, via Shrewshors. This showed the value of a
direct line of commtnication, which he hoped would
soon be accomplished. The new arrangement of publish-
ing a fortnightly statement of the expenditure of the
company, he thought, was advantageous, as affording
information to the shareholders, as a spur to the officers,
and a check upon extravagant expenditure. The Severn
Valley Railway was anither undertaking which it would
be to the interests of tlis company to support, and the
directors proposed asking this meeting for power to
enter into working arrangements with that company.
That company wished tle Oxford company to work their
line, but be (the chairman) did not propose to commit
the company to any definite agreement, but would ask
for powers to make an arrangement, winch being
granted, they would report the result hereafter. In
oonutn.ion, he moved .-be adoption of the report
This having been seconded, a short discussion ensued.
Mr. BREWIN asked whether there was any probability
of the 241 miles of single line being converted into a
double line, and read an extract from a return in The Sun
showing that the receipts of the Midlaut company were
561. per mile, and of the Oxford company 391. Would
it not be likely that this company would be able to
attain to the Midland traffic! In ouch case, he calcu-
lated that, after paying the preference claims, there
would be 22,0001. left to the old shareholders.
The CHAIRMAN feared he could not hold out any hope
of this, though he trusted that before a very long period
elapsed they would be able to pay all the preference and
debenture interest, aid something to the original pro-
iddermin.
but
pro-
prietors. The Great IVectern at present were expending
sat
esuer great
an deald s t
0 uorf
bmr
iodngee,
y in
whichg e
could t t in
ldnot traffic
from li
pay
them,
line.
injured traffic this company's from the best end of their

The report was adopted, and, after further discussion,
the dividend and interest as recommended in the report
were ordered to be paid.
The CHAIRMAN next moved that the future allowance
to the directors should be reduced from 1,6001. to 1,2001.
per annum, and that the latter sum should be divided
among their own director+, and not among the Great
Western directorP, who sat at this beard. The chairman
thought the directors ought to be recompensed uy those
who elected them.

Sir M. REro seconded the resolution, which was car-
ried unanimously.
Resolutions were also passed,
altering the time for
holding the future meetings of the company, which
are to be held henceforth between the 15th of January
and the 15th of February, and between the 15th of
July and the 15th of August. The directors were em-
powered to enter into an arrangement with the Severn
Valley Railway as asked for, and the retiring direc-
tors, Sir Morton Pete, and Mr. S. PAkington, were
re-elected.
After some routine business the meeting adjourned.

---
MANCHESTER, BUXTON,
MATLOCK, AND
MIDLANDS JUNCTION.
The ordinary half-yearly tneeting of proprietors of the
abodnve railway was held at the Mid ted Hotel, Derby, on
Weesday ; Sir J. Paxton, M.P in the chair.
According to the report read and' received, the half-
year's rents from the lessees, amounting to 5,2661. 55.,
would give the same dividend as on former occasions,
viz., ls. 4d. per share for the half-year, which the direc-
tors proposed to make payable on the 14th inst.
The CHAIRMAN, in moving the adoption of the report,
regretted that he could not state something definite to
the meeting as to their future prospects. At the last
half-yearly meeting he stated to them that there would
be an endeavour made to induce the Midland Company,
the London and North-Western, and the Manchester,
Sheffield, and Lincolnshire companies to join in closing
the lick tha! was wanting between Rowsley and Whit-
leybridge, and thus accomplish a very desirable object,
but their hopes had not been lulfil,ed. The Midland
and London nod North-Western Companies refused to
do that which he (the chairman) th ,ught would
be for their best interests. It was very important that
the shareholders of the Manchester, Buxton, &c.,
line should lo,di forward to something that would pro-
mote the interests of their lice. They would soon have
a line from Whalsy to Buxton, and he trusted ere long
to see it carried forward to Rowsley. He concluded
by moving the adoption of the report.
A dividend of ls. 4d. per share was declared, pay.
able on the 14th inst. Sir Joseph Paxton and Mr. T.
G. Gisborne, the retiring directors, were re-elected, as
was also Mr. Richardson, one of the auditors. The
proceedings terminated with a vote of thanks to the
chairman.

RAILWAY AND OTHER BILLS IN PARLIA-
MENT.
Yesterday the examiners into standing orders de-
cl trod them complied with. in the following cases :
Mallow and Fermoy Railway ; Great Southern and
Western Railway (capital); Kinross-shire Railway; Fife
and Kinross Railway ; Great Western and Brentford
Railway
VestEmlyinsVtearliTermu Valley
yßianilwsa ; Dorset Central Rail-
way Railway Extension (Clap-
ham to Norwood abandoned) ; Portadown and Dungan-
non Railway ; North-Western Railway.
The following bills for miscellaneous public objects
were also passed :—Kidsgreve Market and Town-hall ;
Prestwich, Bury, and Redcliffe Roads; Selby and Mar-
ket Weighton Roads ; Haslingden and Todtnorden
Roads ; Meriton and Hagen's Sufferance Wharves ;
Wilmslow and Lawton Roads ; Eli Harbour ; Tweed
Fisheries ; Pulteney Town Harbour ; and Burslom and
Tunstall Gas.

ST. PAUL AND ST. BARNADAS.--WESTEBTON
LIDDELL.—ThiE, very impmrtant cause has now reached
its final stage, and will be heard by the Judicial Com-
mittee of the Privy Council at their Chambers in
Downing-street, on Monday next, at
public will be admitted. The Privy Council Chamber
is at the corner of Downing-street.ten o'clock. The

It is stated that the terms for the arrangement of the
debt of Venezuela have been fully agreed upon between
the Committee of Spanish American Bondholders and
the commissioners from that republic, and that a meeting
of the bondholders ill to be held on Uonday,

(From the Times.)
If every tax in favour of which nothing can be
said were doomed to immediate abolition, the
Chancellor of the Exchequer would soon be in
straits for a revenue. The case against the Paper
Duties is so simple that it may be left to the tiros
of financial reform. As an undergraduate critic is
sure to select .Macaulay or Tennyson for the sub-
ject of his first magazine essay, so the impost on
the material vehicle of knowledge will always sug-
gest itself as a ready theme of declamation to the
political beginner. Everything that was urged by
Mr. Milner Gibson and his friends on Wednesday
in their interview with the Chancellor of the Ex-
chequer has been urged many times before, and
has taken its place among the uncontradicted truths
of economy. The Paper Duties press on literature
and chiefly on cheap literature. The primer and
copybook of the child, the newspaper and enter-
taining periodical of the working man, are taxed
in a far greater percentage on their value than the
library edition which the rich book-fancier places
on his shelves. A persevering publisher declares
that in a course of years he has paid in Paper
Duties five-eighths as much as he has paid for copy-
right and editorship ; and that his success and the
success of his literary friends have been correspon-
dingly diminished. Another publisher of popular
works has been obliged to discontinue the issue of a
periodical because, though it attained to a circula-
tion of 60,000 copies, it was unreal unerative, Owing
to the obnoxious impost. Continue the Paper
Duty And you check ed,tteationa abolish thisraper,
Duty,-and- you confer a benefif on theconl try'
not inferior to those which, proceeded from the esta-
blishment of cheap postage and rapid locomotion.
Such are the arguments of the reformers, and no
one can pretend to answer them. If Sir Cornewall
Lewis, or any other opponent, confines himself to
the question as proposed by the objectors, he must
speedily be defeated.
The one practical and conclusive answer, how-
ever, is that money must be bad. The Paper Duty
brings in a large annual sum ; can this sum be
spared ? Of course, this is a mere temporary argu-
ment and does not ouch the principle. But for a
year—or, perhaps, for longer—we must be content
to leave the principle alone, and argue the matter
as one of expediency. We do not doubt that even-
tually the Association for the Repeal of the Taxes
on Knowledge may attain its end. It is a.persever-
ing body, and has already been twice victorious.
When it commenced its labours a triple burden was
alleged to weigh on the intelligence of the country.
The advertisement duty was, to use the language of
the Association, "a tax on wants." Mr. Gladstone
yielded to the pertinacity of his assailants, and now
the wants of the community may be made known
free from the tributary eighteenpence. The second
achievement was the abolition of the newspaper
stamp. As the promoters of this measure declare
that it has not had time to work, we will forbear
from any criticism on its merits. The third part of
the programme has yet to be carried out, but we
do not doubt that the zeal of the reformers will one
day be rewarded. For our own part, we have every
lemon to wish them success.. The results of their
two former exploits have certainly been anything
but detrimental to the interests of this journal,
and we can naturally have little objection to a
change which would enable us to make a saving on
every copy we publish. Therefore, when we have
done with Persia and China, when the last bills
for the late war are paid off, when there is a
lull in the dockyards of Portsmouth and Chatham,
when our army has settled down to its permanent
numbers, and, consequently, when we , have a
large surplus, and half-a-dozen interests are de-
manding the first share of relief, let us lend a
willing ear to the anti-knowledge-tax agitators,
As mind is superior to matter, so we would sooner
have the paper duty repealed than the duties on
wine or tobacco. So let paper stand first in the
list for relief when we have anything to spare.
But so long as the income tax is maintained the
country must be content to bear the last and most
burdensome of the taxes on knowledge.
The fact is that the pressure of the income tax
is so deeply felt that all other considerations must
give way to the necessity of easing the public of
this hated burden. Contrary to the theory of eco-
nomists, and in spite of all who affect to prefer
direct taxation, the British people he.vc._ytikiely de-
termined ~... t..- ...4.1 ‘A- thio most grievous impost. To get rid of the war 9d. now, and the other 7d. 1 I
as soon as possible, is the ruling desire of all classes
from peers to the pettiest tradesmen. The ques-
tion of the day is how this can be managed. The
expenses of the late war have not yet been all met.
There is no doubt that, with all the efforts of the
Chancellor of the Exchequer, the expenditure of
the year will be very great. Consequently, the
most that can be expected is to be rid of the extra
income tax. Even for this we have been unwilling
to press too importunately, through a fear that it
might be necessary to adopt the disgraceful substi-
tute of a loan. But if it can be accomplished it is
certainly as much as the country wishes or expects.
Let the Chancellor of the Exchequer be allowed to
concentrate his energies on this oue achievement,
and then prepare for our complete relief in 1860.
The representatives of burdened interests must
have patience until then. We hope soon to enter
again into the calm and peaceful paths of reduced
estimates and repealed duties. Then they will
have their turn in order of desert. But, for the
present, let no Minister be able to urge as an ex-
cuse for keeping on a fraction of the income tax
the pretext that any section of the community is in
the least degree indifferent to its abolition.

Last Tuesday witnessed the first instalment of the
great annual migra• tion of the upper English classes
of society to London. The business of the nation
*rings-441 the first divisiop,
.fo...shion will in due
course bring up the rest, and round the nucleus'
of Parliament will grow up that great system of
pleasure, elegance, luxury, and social ambition
called the London season. Is this great world
before its annual gathering inclined to hear a lec-
ture ? If it is, it may hear it in the speeches of the
Bishop of London and Mr. Gladstone in the Step-
ney Schoolroom. The subject of those speeches is
almost too suitable for this great occasion,
and is open to the criticism of bringing
unwelcome news too early before the gathering
fashion of the country. The burden of the
lecture is to remind the West of London of the
East, the rich of the poor, " the great cities on the
North and the South of Hyde Park, with their
splendid streets, spacious squares, and richly-embel-
lished shops," of the poverty and struggling life o
these eastern districts, "removed out of sight, and
unhappily, out of mind," which that ,very western
luxury has called into life. " East" goes side by
side with " West," as Mr. Gladstone remarks, by a
natural law ; no great accumulation of luxury and
wealth can ever be formed without a corresponding
growth of a laborious and struggling class of poor
to sustain and minister to it.
It is rather hard that in proportien as a great
class is useful to us, we should be disposed to forget
its claims on our gratitude. But this has always
been the case with respect to the claims of the
poorer classes. Their very usefulness as instruments
and machines for the creation of luxury and wealth
has occasioned the tendthicy in all ages and in all
states of society to look upon these classes simply as
instruments and machines. The harder they have
worked the more they have seemed born for work,
and nothing else ; that has appeared their proper
lot,' and in fulfilling it they have seemed to do no-
thing more than what every tool does that answers
its proper use. Hence the almost total division of
the classes of rich and poor in classical times. The
existence of an oppressed and ground-down class,
deprived of the main comforts and pleasures of exist-
ence, was not the slightest difficulty to an ancient
philosopher ; it was no more an obstacle to him than
the existence of stone or iron, or any other neces-
sary material which we use for our purposes. This
class was the machinery which nature provided for
us to supply our physical and social wants, and,
when the classical division of mankind into slave
and free was over, human pride had still the me-
diaeval aristocratical system to repose upon—a sys-
tem which substantially regarded the lower classes
as different beings from the upper, incapable of
ever rising to their level, and separated by an
impassable barrier of nature from their communion.
This structure of pride, which was as really opposed
to Christianity as the lindoo division of castes or
any tether idolatrous creation, has happily long
passed away, at least in this country, and if a feeble,
sickly son or daughter of fashion here and there
retains a relic of it, they have to keep it to them-
selves ; the hothouse sentiment has to stay at home ;
it cannot come out into open day and be publicly
acknowledged ' • a sincere respect for the great work-
ing class of modern society in all its gradations is
the understanding on which every Eugl.sh states-
man holds his place.—Times.

THE DANUBIAN PRINCIPALITIES.

The Moniteur of yesterday publishes the follow-
ing article on the question of the union of the Prin-
cipalities, an extract from which appeared in The
Sun the same day

The Government of the Emperor has always been
inspired on the question of Eastern affairs with a
twofold desire. If it has aimed, as necessary to
the general political interests of France and Europe
in general, to insure the independence and main-
t3nance of the Ottoman empire, one of its not less
constant pre-occupations has been the amelioration
of the state of those Cbristian populations spring-
ing up under the sovereignty or suzerainty of the
Sultan. It regards as one of the most fortunate
results of its poicy and its arms to have contributed.
to relieve the condition of those numerous popula-
tions by obtaining for them equality of rights and
the advantages of religious liberty.
The Government of the Emperor was the more
strongly impelled to take this course from its con-
viction that it would thereby serve at the same
time the cause of humanity and civilisation, and
assist the enlightened and benevolent dispositions
of the Ottoman Government.

Among the Christian populations those of Ser-
via, Wallachia, and Moldavia were in a particular
pitioln possession of their own institutions,
they also
so enjoyed ancient franchises and privileges.
It only remained, therefore, to insure the mainte-
nance of these advantages by placing them under
the guarantee of European law, and thence to ob-
tain new elements of order and prosperity for the
country.
It was with this view that the Congress of
Paris decided that the Moldo-Wallachian Princi-
pa ities should be called upon to nominate two
assemblies, or divans ad hoc, for the special pur-
pose of giving expression to the wishes of those
provinces, and of pointing out the modifications
which were considered necessary to be introduced
into their organisation.
One of the most important of the eventual mo-
difications would, without doubt, be that of the
union, under one and the same administration, of
Moldavia and Wallachia. The Government of the
Emperor, therefore, embraced the opportunity
which the Congress of Paris offered to pronounce
formally in favour of that combination.
At the Conference of Vienna the plenipotentiary
of France had already expressed the opinion that
such a union was the best combination to assure to
Moldavia and Wallachia the strength and the con-
sistence necessary to become, on that side, a useful
bulwark to the independence of the Ottoman terri-
tory,

The Government of the Emperor had thus from
the commencement clearly expressed its views
upon this important question. It has not ceased
to express them, and the exchange of communica-
tions which had lately taken place between it and
the cabinets who think differently, on the occasion
of the measures to be taken at Constantinople for
the convocations of the divans, has only served to
confirm its convictions. It does not despair of
tainond
seeing them prevail in the councils of the powers
when the time for serious deliberation
for it is difficult to believe that the one of them'
most directly interested in thperiquicteipstailoitniew,,illvl
which
acknowledge,
arrives, that the union of the
Inothing which
will be a new guarantee for its own
external independence, and for the
with thethe rights of
ful element of fprpsperity, contains people a fruit_
suzeraintyis not
atcomplete
present a accordance e ordan c e
annbianp ' exercised
Porte over the D rmeipalities.
~......___

The Risorgimento of Turin of the 31st ult. states
that the Emperor of Austria, should he visit Flo-
rence, as has been stated, will assume the incognito
of Count of Istria, and that in consequence there will not be any official reception or rejoicings.
A letter from Algiers of the 30th of December states
that the present winter will be long remembered in
Algeria. Some of the Arab tribes have lost hundreds
.
of oxen and thousands of sheep by the incessant
rain,
followed by hail, wind, and a succession
of
ba
Nothing positive is yet known
respecting
reduc-
tion of the Austrian army, but the prevalent report in
military circles in Vienna, is, that 60,000 men will be
cent to their homes, and some 26,000 horses sold.dthwe e

- A number of recruits attached to the Royal Ar-
tillery corps at Woolwich who have passed through
the usual training, under the inspection of Colonel
Bloomfield, were yesterday morning subjected to
a final examination, and, having been supplied
with 10 rounds of cartridge each, they were
marched to the Common, where they underwent
a course of field gun drill, and fired the allotted
number of rounds. A company of the Royal
Marine Light Infantry, under the command of
Lieutenant and Adjutant Fraser, were at the same
time drawn up on Woolwich common and put
through a course of skirmishing drill, and fired
several volleys of musketry.
The following appointments were made yester-
day at the Admiralty:--_-
J. Caldwell, surgeon-superintendent to the
Clara convict ship ; Robert Clark, superintendent,
to the Zemindar convict ship, and Thomas H.
Tigard, master's assistant, to the Indus.

IQR WATER AT LONDON BRIDGE.

Ti4B OtT—Meru. 0 ,nln. 0 —Evening 4 mio- aft. 12
TWIORBO'i—Morn. 37 min. aft. 12—Evening 8 min aft 1