The Sun.
London, England, 1857-06-05 00:00:00

VENTION BILL

On the motion of ii.BENTINCK this bill was read
a second time, and ordered to be referred to a select
committee.

JOINT-STOCK COMPANIES BILL.
This bill went through committee pro forma, fief the
purpose of amendment.

PRINCESS ROYAL'S ANNUITY BILL,
Tbis bill was read a third time and passed.
SUPPLY.

The. report of the Committee of Supply was brought in
and at/reed to.

Sir H. WI f4LOUGHBY inquired ,vbether there would
b any additional estimates brought in on acccuat of the
Chinese expedition ?
The CHANCELLOR of the EXCHEQUER said
that es iinates for the transport service would be laid be•
fore the house later in the session.

The NI ird.ters' Money (Ireland) B It was read a third
time and passed.
The Joint Stock Companies Amendment Dill was read
a second time.

The Turnpike Trusts Abolition Bill (Ireland) was read
a second time.
The house then adjourned at half-past 12.

I L TVA Y GRIEVANCES.

(Prom the Times.)
Three hundred trillions of money, at the very
least, have been invested in the railways of this
country. There are thousands of men still living
who can recollect when the whole national debt of
the kingdom, though then considered incredible,
was but 240 millions, and even now the figures
symbolising railway property represent an amount
equivalent to one-third of our prodigious State obli-
gatiens. Now, when it is asserted—no doubt
with substantial' aceuracy=that the average profit
upon these investments in this tranquil, prosper-
OUS and well-governed country is only 3/. 12s. 4d.
per cent.. and that of all the railways established
and at work three only have their shares evicted at
a premium, nobody will deny that the proprietors,
if not an illused, are certainly an unfortunate body ;
nor are we in the least degree , disposed to wonder
or complain at the agitation which they seem to be
preparing, and which they inaugurated at the metro-
politen meeting reported iu our columns of yester
day. There is no need of expatiating on the
" widow's annuity" or the " orphan's patrimony,"
or any other particular investment appealing
with special force to public, sympathy. All
this is comprised in the bare mention of the
aggregate at Wake. Hundreds of millions could
not possibly be subscribed without the desti-
nies of thousands of families being involved in the
success of the venture. It is equally manifest that
in the security and productiveness of such a mass of
property the interests of every individual in the
community must be more or less concerned. No-
body can doubt the reality or magnitude of the
evil ; the only question is as to its cause, and as to
the remedy which can be most hopefully applied.
• We can readily excuse the splenetic force of ex-
pression in which the sufferers depict what they
consider their grievances, and in some respects
their protests' are undoubtedly well founded. It
was certainly hard upon railway shareholders that
they should be visited at once butte with legislative
control and unrestricted compe,qtion. From one,
at least, of these conditions they might have ex-
pected to be spared. When the State grants a mo-
nopoly it should, of course, sea to some equity of
dealing between the monopolists and the public ;
but, when it leaves these dealings to find their level
by the natural operations of trade, direct interven-
tion assumes a gratuitous and oppressive aspect.
Railway Shareholders complain that legieletion,
which controls their proceedings, regulates their
prices, and limits their, profits, should also
expose them to the risk of being undersold by com-
peting lines, and their exposiulations aro so far
reasonable enough. It cannot be denied, in fact,
that our whole policy in these railway transactions
would have admitted of incalculable improvement
if we could have brought the experience of 18W to
the deliberations of 1845. Money might have been
saved in all quarters alike, proprietors might have
had heavier profits, passengers better accommoda-
tion at lower rates, and the country at large a
greater amount of benefit. In justice, how-
ever, to the statesmen and -legislators of
those days, it must be remembered that
the quesion was entirely new, while the fault
charged to their a count amounts, after all, to little
more than an omission of control over those very
bodies who now complain of the resul,s of freedom.
It is not fair to say that the extravagance of en-
terprise and competition was the immediate
work of our rulers ' • these elements of mischief
were supplied by the speculators themselves,
and all that the Government neglected was the
restriction of this exuberance within what, as is
now discovered, would have been more salutary
bounds. Yet it is by no means. improb rble thtt if
a policy of repression had been actually adopted it
would have been held accountable for all the in's-
haps and deficienCies afterwards experienCed, and
the late Sir Robert Peel might be denounced per-
liar :s at this very moment as the arch-obstru_tor of
railway development in England.
As regards the minor grievances alleged on le-
halt of railways there is not quite so much to be
said. If they are ht avily rated for the relief of
the poor, it mu-t at any rate be plain after recent
discussions that there is plenty of other property
in the same caee. If they are undersold by the
Post office in the parcel-carrying d-partmeut, the
fact is only an unavoidable incident in the progress
of public accommodation. The Post-office has a
machinery pervading every quarter of the kingdom
with its ramifications, and to expect that this ma-
chinery should be withheld from the service of the
public in order that rail ways might have more parcels
to deliver at such stations as they touch is utterly
preposterous. Still more injudicious was the com-
plaint that companies should be charged so heavily
for their dealings with the lives and limbs of
her Majesty's subjects, While, as regards the limi-
tation of profits so feelingly put forth, if the
course is clear up to 10 per cent., and the average
performance at present is under 31, there is surely
scope for about as much expansion as can be anti-
cipated just yet.
However, we are not concerned to gainsay the
assertion that Railways have here and there been
hardly treated, and certainly we should rejoice to
see this immense aggregate of property produc'ng
better returns and Leanne a more bwoming value
in the market. But, after saying this much, we
are bound to add, that a very considerable portion
of the hardships alleged is traceable to the con-
- duct of the companies themselves. In what
respects, indeed—to go at once to the very
marrow of the question,—have railways disap-
pointed their proprietors ? Certainty not in the
amount of receipts, for, as regards the returns per
mile from goods and passenger traffic, we doubt if
there is a single line iu the kingdom which has not
exceeded the most sanguine estimates of produce
originally formed. The public, then, have done all
and more than all their part in the way of en-
couragement ; they have been most life; ally forth-
coming with their patronage and their money,
avid the only reason why profits are small is, that
these returns are intercepted in their way to the
pockets of the shareholders by the enormous chiles
which must be satisfied before any dividend can be
declared. The ample truth is not that fares, as a
general rule, have been pushed too low by coin-
, petition—not. that traffic has b. en abstracted by a
carrying department of the Admini-tration
not that mailbags are conveyed at a loss—not, in
short, that anything keeps money out of the rail-
way tills—but that too many mouths have to be
filled from the produce before the actual pro-
prietors can come in for their turn. The receipts,
in short, of Railway Companies are;abuudant, and
would be remunerative enough in most cases, even
after working expenses had been defrayed ;—what
impairs the dividend is not the smallness of the
divisible total, but the number of the divisors.
And What created this hungry multitude? Why,
the greed, the ambition, the conflicts, and the liti-
gation of the companies themselves, which so
swelled the capital on 'which interest was to be paid
that even an unexpected fertility in returns has
proved iusufficient for the obj, cts desired.

There is another point, too, which cannot be.
pissed over without destruction to the soundness
of the whole argument. Why is it that property
w idol), if not so productive as it ought .to be, is at
any rate producing upon an average tetween 3 and
4 per cent , chould be quoted at such dispropor-
tionate prices in the share-market ? Very likely
3/. 12s. 4d. is too small a rate of interest, but it is
higher than Consols, and the security is only interior
in its character to terra•firma itself. Nothing
advanced at the meeting explained the ugly fact
that of all these numerous creations three only
were quoted at a premium. This fact can be in-
terpreted only by the indefinite distrust to which
uncertainty gives rise, and this uncertainty in the
public mind is due to the obscurity of railway ac-
counts. Let the worst be known, and men will s 'on
come forward to make it better, for this is proverbially
the point at which things mend. Provided there was
nothing behind the scenes—no mischief to come
out by and by when all was thought to be over—
the natural and unvarying elasticity of such pro-
perty in a country like this.would soon be reckoned
upon to bring things round. The road to a rise in
shares lies through a real and incontestible audit.
In the main, the improvement of railway pro-
perty must rest with the shareho!ders them-
selves. If there are any points on which legisla-
tion presses them unfairly, they will have the good
wishes of the public in agitating for redress, and,
independently of such points, if the authority of
Parliament can enable them in any way to act
more effectively for their own relief, we trust that
they may obtain the facilities desired. The aggro-
af e and taxable wealth of the nation, as was -
ob-
served at the meeting, is affected by the deprecia.- .
tiou of funds so enormou4, and the question
assumes an importance truly imperial. But even
Parliament itself cannot recall what is past, and
the counterpoise
only to be found in good
management solution. the companies
-tterpaenisle
r
first deal as liberally with the publW as the public

r'xwAlr
;lees with them ; not stint- their accommodation,
mit cut down the'r working staff, nut curtail
the very inclulgeircei to which they arc driven.
It they, 'are forced t,} cart y a passenger
six'y miles for 5g., tliey need not expose
_their
ill-will and their caprice by charging 7s. 6d'
for one-Irtif of the identical dis'ancs. Let
them abstain of their own accord from slashing at
each othet's throats, and not pray the Legislature
to make them well-behaved by compulsion. Above
all, let them look boldly into their own affairs, and
give the public the benefit of their discoveriei ; and
it they do this for themselves they will do more
than "a strong Governmetit and a willing Parlia-
ment," and even' "Lord Palmerston" himself can
ever do for them.

IYIARKET NEWS.--(This Day.)

CORN EXCHANGE.

Coastwise, a moderate supply of English wheat bell
come to hand this week in fair condition ; but fresh 131)
to-day, by land carriage, the receipts were limited. The
show of samples was far from extensive, and the demand
for most kinds ruled inactive, at Monday's currency.
Upwards of 41,000 quarters of foreign wheat having
come in that grain moved off heavily. In the quotations,
however, no change took place.
Floating cargoes of grain were firm in price.
Although the it of foreign barley have been ex'
tensive the show of samples was limited, and the trade
ruled steady at late rates.
Malt sold slowly on former terms.
We had a very extensive show of oats. The oat trade
was consequently heavy, and prices were the turn lower.
Beans, peas, and flour were unaltered in value.
ARRIVALS THIS WEEK.
• Wheat. Barley. Malt.
E aglish k2,660 40 2,720
Irish,
Foreign 41,130 16,810 --

Oats. I Flour.
50 I 1,380

67,250 11,940

METROPOLITAN CATTLE MARKET.

To-day's market was moderately well supplied with
beasts, which moved off steadily, and Monday's prices
were well supported. Sheep, the show of which Wss
limited, were iu good request, and the quotations were
firm. Thera was an active inquiry for lambs, on hig
terms, viz., from fis 4d to 7s 4d per Sibs. The her
supply
calves was limited, and the veal trade ruled firm, at very
full prices. The pork trade was heavy, at barely late rates.
There was a moderate inquiry for mulch cows, at full cur-
rencies.

s. d. I 0
I PrimeSouthdown 410 5
Large crse. calvee 4 0 5 0
Prime small do_ 5 2 5 6
I Large hogs
Small porkers 4 4 5 0
I Suckling calves 23 0 30 0
I Quarter old pigs 21 0 i 8 0
Id to 7s 4d.
FOREIGN SUPPLY.
Beasts
Sheep and lambs 195
Calves 94
Pigs

Per Blbs to sink the offala
H. d. e. d.
Inferior Beasts.... 3 4to 3 6
Second quality.... 3 8 4 0,
Prime large oxen 4 2 4 6,
Prime Scots, exc. 4 8 5 0
Inferior Sheep ...3 0 3 4
Second quality ...3 6 4 0
Primo crse.-wlled.4 2 4 8
Lamb, 6s 4
TOTAL SUPPLY:

Beasts
Sheep and lambs
Calves 2lO
Pigs 250

NENVGATE AND LEADENHALL.
The trade generally ruled steady, at full pikes.

Per 81bs by the carcase.
s. d. s. d. I g. d. N. d.
Beef, interior 2 8 3 0 Mutton, Inferior 210 3
Do., middling 3 2 3 6 (Do., middling 3 6 4
Do. prime large.. 3 8 4 0 Do., prime 4 4. 4 „8
Do., do. small ....4 2 4 4{ Veal.... 3 9 410
Pork, large 3 8 4 2 1 Pork, small 4 4 6 0

Lamb, 5s 8(1 to N 61.

BOROUGH HOP.
As the plantation accounts are not considered favour•
able, the duty is called 130,00j1. to 135,0001. Most kinds
of hops are in fair request, and prices generally are well
supported.

Mid and East Kent pockets 31 104 to 5/ 12s ; Weald
of Kent, 3/. 5s to 3/ 158 ; Sussex, 3/ N to 31 12s; pear'
lints, 11 102 to 31. per cwt.

COLONIAL

TEA.--The market has been firmer, and there were
buyers of common congou at 120 per lb. Other descrip-
tions were steady. 32,000 packages, chiefly congou, are
advertised for public sale on the 12th inst.
SUGAR. —For home consumption a large business 128°
been done at an advance of about 6d per cwt on late rates
The quantity on offer, however, of all descriptions. wall
limited. The Refined Market rules firm, and full pried;
are realised for brown lumps.
COFFEE.—There has been a good demand for Planta-
tion Ceylon which has fully maintained previous values.
Native Ceylon and Foreign were in fair request at full
rates.

RlCE.—Very few dealings have been reported. Prices
however rule firm, holders refusing to give way.
Ruff.—A good inquiry exists for Jamaica at fall rate,
other qualities are quiet.
SPICES —A fair demand has been experienced for ranee.
nutmegs and pimento at late rates, and ginger WS
slightly improved.
COCHINEAL.—At the pubic sales of this articles prices
ruled about id per lb. lower for the inferior qualid69'
Other descriptions ruled steady.
SALTPETRE.—Rather more business has been done b 1
private contract, an-I prices are supported.
TALLow.—An active demand has sprung up for present
delivery, and prices have advanced. P.Y. C. on the slot
bring 59s 61 to 59s 9d, and for last three months' delivery
cw 57s 3d per t.