The Sun.
London, England, 1857-04-08 00:00:00

LLOYD'S SHIPPING.—('bis Day.)

LONDON, April B.—Wind this day at noon, S. ; light
breeze and fine.
PORTSMOUTH, April 7.—Wind W. to W. S.W.—Arrived
—H.M.S. the Minx, from Ascension. Sailed-,H.M.S.
Transit, for the Cape of Good Hope .and China;
Enryalns, for Devonport. • •
PLYMOUTH, April 7.—Wind S.W..—Arrived—H.M S.
Miranda, from Malta, and left for Sheerness ; Napoleon,
Cornnna. • •
FALMOUTH, April 7.—Wind •W.S.W.—Arrived—
A drette, from Pernambuco.
DARTMOUTH, April 7.—Wind W.—Sailed—James
Hartley, (eds.), for Calcutta and the Cape of Good Hope.
CARDIFF, • April 7.—Sailed—Wind N.W.—Sailed—
Vivid, for Bahia 2 • Vetue, Quebec; Buon Giuseppe, Alex-
andria ; Fildmeni, Corfu ; Padre, Corfu; James Bailie ,
Palma.
SCILLY, April G.—Wind S S. E. —A rri ved —Chapman s,
for Liverpool, for, Monte Video— leaky, and would pro-
bably have her topsidei at leait caulked.

(PER ELECTRIC TELEGRAPH.)
LIVERPOOL, Wednesday Morning.

Wind S.W.
Arrived, April s7.—Jane Manning,- from Demerara ; Vi-
kengen, Manilla ; Louisa, Bordeaux; Ayrshire Lass, Hon-
duras ; Aurora, New Orleans. .
Arrived,-April B.—Menzics, from Calcutta; Cannsmore,
Bombay; Anna, Santander ; Lucy Thompson, Mobile ;
Devon, Apalachicola. ; Perthshire, Savannah ; Regina,
Cadiz. •
Sailed—Commodore, for Pugwash • Young Dorchester,
Dorchester, N.B. ; Northern Chief, New York ; Graf
Dirk, Singapore.

QUEENSTOWN, April G.

. .
Wind S.E.
Arrived—Meg Lee, for Ibriila.

(BY SUBMARINE AND BEITI SU TELEGRAPH.)
GRAVESEND, Wednesday, 9.57 a•ra•

Wind W. ; tide quarter flood ; fine. -
Amived, April 4—Robert, from Grieswald ; St. Johan-
nes, Stralsund ; Jane Dhlrymple, Galata.
Arrived; April B—Eniunos, from Demerara • Schiedam,
steamer, Schiedam ; City of Dublin, Calends. ; Auguste
Ferdinand, Stralsund.

DEAL, Wednesday, 9.44 a.m.

Wind W., light.
Passed in tow—Loyal from Derhice for London.
Passed—Queen of the South, for Salcomhe ; Serpent,
Portsmouth ; Faith, Charlotte Town—all from London.
Anchored— Zetland and Margaret, for Quebec ; Acorn,
Algoa Bay ; Alice, Domerara—all from London,

BOMBAY, iTIARODA, AND CENTRAL INDIA
The•crlupnlting engineer of this comp 1
Kennedy, has issued a ;.Pc-Tad edition' of his report to 0(
abareholdere, giving an analysis of railway tateirucqon,
and explaining the measures adopted by him to secure
for them a good and remunerative railway at a moderate
cost. The information is of a practical character and
very interesting to the shareholders. He enters at some
length into railway management, the duties of direc-
tors, engineers, and shareholders, and gives various
details connected with the construction of the railway,
and, when'completed, the mode of working the traffic,
so that the shareholders can readily comprehend the
particulars and bearings of the whole undertaking. He
has also embodied a vast amount of information re-
specting the cost of • construction of various railways in
the United Kingdmii, varying from 292,8971. per mile on
the Blackwalle to 4,5901. per mile on the Leven Branch
Railway. From the table given it appears the average
cost per mile of 145 railways exceeded an average of
33,000/, par mile. Of these 37 railways had cost less
than 11;000/. per mile, and 26:lines less than 8,0001. per
mile. Had there been a proper systeM of railway legis-
lation and management the 297,000,0001. expended on
British railways ought to havenot only completed the
8,200 miles in the United Kingdom, but 16,000 miles of
colonial railway, and, instead of producing on the ave-
rage about 3i, the whole ought to have paid the share-
holders 10 per cent, per annum. He adverts to the
industrial capabilities of the Hindoos, and the great ad-
vantages that must arise to Great Britain 'from the ex-
tension of the rail Way system in India. The expenditure
of capital in India on the construction of the Baroda
Railway would amount to only one-fourth of the total
outlay,' the other three-fourths being expended in Eng-
land for rails, sleepers; engines, .materials, working
stock, and other matters. He shows that supervision of
Indian railways by the Government would require im-
provement, with a view to afford greater facilities for
carrying out, the works,-as speedily as possible, on the
most approved principles. 'A table is given showing
that it would require 18i years to complete the Baroda
Railway of 335 miles in length at the rate of progress up
to May, 1856, of the East Indian Railway ; 25 years at
the same rate of progress as the Great Indian Peninsula
Railway; and 16 1-3 years at the rate of Progress made
by the Madras Railway. The dividends to be advanced
during construction, if the time as proposed for that pur-
pose be two years, would amount to 125,6251., but if the
time of construction were extended to 25 years the inte-
rest would amount to 1,281,375/., the total estimated coat
of the railway being at'6,oool. a mile, 2 010,0001. ; but
if they were permitted to construct the 335 miles of line
from Bombay to Ahmedabad in 2 years the debt to the
Government for.. interest would be repaid in 3 years
after the opening of the line.for traffic, and if four years
the debt would . be liquidated in six years. He shows
clearly that it is the interest. of all parties that the works
should proceed as rapidly as possible, and the lines be
opened fel- traffic :at the earliest period. Tables show-
ing the advantages of running from one to four trains
each way, the ruling gradient being one in 500 ; the
effect of gradients on loads of trains, and the effects of
velocity from 70 miles to 7 miles per hour, are shown by,
diagrams. He states that the shareholders of this com-
pany have a guarantee of 5 per cent, per annum, pro-
vided the revenue is sufficient to pay the working costs
of thtt railway. .It is Only their power of receiving divi-
dends beyond 5 • per cent. and extending them to the
maximum rate of 10 per cent. that will be limited to the
surplus of revenue over working costs. If the revenue
should not be sufficient to pay the 'working costs and 5
per cent. dividends during the term of the lease of 99
years, as well as the debt for advances, the Government
must lose any balance: they may pay of the 5 per cent.
dividends, and the interest thereon. He states that if
the revenue be insufficient to pay working costs and 10
per cent. dividends, ,the shareholders mu,t lose to the
extent of such deficiency not.covered by.their guarantee
of 5 per cent. Hence both the Government and
the shareholders of , the • company have a common
interest in the- investigation and adoption of the
soundest possible principles that shall insure the lowest
rate of working 'costs in reference to the highest amount
of traffic. Col.'Kennedy shows by means of diagrams
that steep gradients are the most formidable enemies to
low working costs and high dividends, and that high ve-
locity is the second enemy to profit:ll.le working. The
ruling gradient on the Baroda line is 1 to 500. He states
that travellers in India who have been accustomed to
make long journeys, of which the rate has been limited
to 10 or 12 miles a nay on•their own horses, or 20 or 30
Miles a day in palanquins, will be delighted to find those'
rates accelerated to 20 miles an hour in railway trains.
The calculaticd in the working-coat tables, given In the
report, is based upon a rate of 20 miles per hour for
passenger trainee and 10
.miles for goods trains. Pru-
dence suggests that these ratesAould not be accelerated
until experience shall have proved that the speed of
passenger trains can be increased without bringing the
dividend of the shareholders below 10 per cent., or
the fares and freights of lowest-class goods and lowest-
class passengers aboye what would be suitable to the
present limited means of the Indian population. Should
the results be arrived at by thecareful mode of proce-
dure laid down in the report, he considers that the chief
barrier to the , improvement of the Indian empire will
have been removed, confidence will have been established,
and he has no. doubt that. British capital will be freely
invested- in constructing. Indian railways, without the
necessity for any guerantee. From the results derived
from the working cost table in the report it appears that
the entire ordinary working cost on the Bombay and,
Baroda line, when running one train daily each way,
would slightly ixceed • one-half of the guaranteed interest
on the capital,pf 6,0001. per mile, and if the traffic should
yield only one-sixth of the full load for one train in each
direction daily, the working expenses and renewal fund
would be thereby covered and the shareholders exonerated
from the only possible contingency that can bring their
dividends below 5 per cent., fares being for the lowest
class passengers one halfpenny per passenger per mile, and
freight for lowest class goods one farthing per ton per
mile, or about half the usual rates charged in England.
If the traffic should yield only half a load for one train
daily in each direction the revenue would suffice to pay
working costs renewal fund, and 5 per cent. dividends
to the shareholders on their capital, thereby exonerating
the Government from further payment of the guaranteed
interest. If the traffic should yield two-thirds of a load,
revenue would suffice to pay all expenses and 71 per cent.,
and if the traffic should yield three-fourths a load for one
train daily in •each- direction, -the revenue would pay
working costs, renewal fund, sad 10 per cent. tote credit
of shareholders, of which 2l percent. would be paid to Go-
vernment until the liquidation 'of their'debt, leaving the
shareholders 7. per cent. during its liquidation, and 10
per cent. afterwards. The contract limits the amount of
net revenue to 10 per cent. on the outlay ; consequently
a full load carried daily each way would reduce the freights
and fares to three-fourths of those stated ; if a full load for
two trains a-day each way the fares for lowest class pas-
sengers would be reduced to one-eighth of a penny per
mile, and goods to one-eighth of a pinny per ton
per mile ; and if the traffic approached a load for four
trains each way daily, the lowest class passengers and
goods would be carried 'at one-sixteenth of a penny per
mile, and per ton per mile respectively. This reduction
would take place in order, to keep the net profits of the
railway within the limits of the 10 per cent. dividend.
The report states that the main trunk conceded to the
company lies between Bombay. and Baroda, and must, in
time, receive the tributary traffic of at least eight impor-
tant branches. In addition to the trunk portion, the
Government have conceded to' the company the impor-
tant main branch from Baroda. to Ahmedabad ; bat the
Home Government have stipulated that the remote
portion between Surat and Ahmedabad shalt be exe-
cuted before proceeding with the constitution of the most
important part between Bombay and Surat, notwith-
standing that the directors, sanctioned by the views of
the Governor-General in Council and the Governor of
Bombay in Council, were strongly in favour of execut-
ing the whole 335 miles 'simultaneously. The distance
from B nabay to Surat is 180 miles, and from Surat to
Ahmedabad 155 miles. It appears that the 335 miles
could be as easily constructed; and in as short time as
either of its parts taken separately,' and if, either should
be done before the other, it ought to be that contiguous
to the great commercial capital of Bombay. The direc-
tors were desirous that the 335 miles should be executed
in two years simultaneously. This principle would have
had the most beneficial effect . upon the traffic returns ;
the effect as regards economy of construction would be
still more striking. in the saving of engineering and other
expense, and; More than-all, of interest paid in dividends
during construction. • '
In examining the country for the railway and branches
it appears that 4,000 miles of line were surveyed in order
to ascertainthe best lines in a commercial, engineering,and
political point of .view, The borings of river beds for
bridges were very satisfactory, and the mode of passing the
Vindiah range to reach the tableland of Malwah and the
States of Central India was the mostfavourable that could
be desired ; the direction of the range being parallel to
the main line would enable the company to obtain a
gradual rise on a long line of ascent from either Barooch
or Baroda to the -summit of 'Tyrilla Ghat. From this
point a line bad been surveyed by Indore, Bhilsa, and
Jhansi to Agra, which line has been brought under the
consideration of the Governor-General of India for ap-
proval as an Extension line from Baroda, to form a junc-
tion with the East India Railway going from the north-
west to Calcutta.
The mode of constructing the earthworks and fencing
is explained; as well AS the formation of bridges, by
'means of iron piles and iron girders, consisting of certain
consulting
reqnired. The
parts which can be readily fitted together, so as to make
a bridge of,any height or length
the w he
best mode bf constructing the permanent way became a
engineer.
question of importance with
Several experiments on-the suspension girder rail of Mr.
Adams, which is laid down on a part of the Great
,Northern Railway, over which the whole of the coal and
goods of that company-daily pass were made with
a view traffict
otest its advantages. That plan of rail had
been approved by six enginers, and appeared to
be peculiarly adapted for railwaysiin India, from its great
strength and uniform surface for the wheels to pass over
it, consisting entirely of iron, it was calculated to last for
24 years without renewal, while the ordinary rail laid on
some of the Indian lines, being supported by timber
sleepers, requires renewal in this respect every three
years. The ravages of insects and the destructive effects
of the climate rendered the wooden sleepers very infe-
rior to the proposed plan of permanent way, an account
of which appeared in the newspapers several months ago.
A table is given in the report showing the advantage
of using the girder rail. over' the ordinary ono, but the
authorities decided against using any other than the old
plan of rail•with fish joints and timber sleepers. The
estimated cost of the latter for 24 years is stated at
7,955/. per mile, and of the iron girder rail and sleeper
at 3,195 V per The latter being a very much better
road for India than the former, especially as the wooden
sleepers have to be sent from England. The consult-
ing engineer ascertained that the engine best suited

that the officeVof accountant and cashier should b 3
gamated ; that the local boards and managers with salaries
should be abolished ; and that the local agents should
transact their business direct with the head office. The
effect of the alterations, suggested by the committee, which
had been carried into execution, would cause a saving of
little less than 10,0J0/. a-year. The committee further re-
commended that the board should be wholly or partially
reconstructed, and expressed a hope that every person
would cordially lend a hand in carrying out these recom-
mendations. They had great satisfaction in assuring the
shareholders that they had no reason to suspect or believe
that there had been the slightest improper trafficking in
shares, fraudulent use of the funds, or dishonesty of any
kind exercised in the company. (Cheers.) They believed
that the share registry had been most honestly kept, and
the moneys all fairly expended, thhugh with a profusion
that they felt called upon to condemn.
Mr. GRAY, the manager, next read the audited accounts
to the 31st Dec. last, which showed that, after meeting
every liability of the company, there yet remained avail-
able assets to the extent of 42,9911. 13s. 11d.; and the
auditors, in their report, whilst deploring the large amount
of the company's losses, congratulated the proprietors that
the honour and integrity of the company had been main-
tained untarnished, and that they bad laid the basis for a
litrge future business.
The report of the directors was next laikbefore the pro-
prietors, which, after alluding to the retirement of the late
manager, and the appointment of Mr. Gray, stated that
the very strictest economy would be exercised in the
working details of the company ; they themselves set the
first example by surrendering, as they now do, all claim
for fees or salaries of any kind; considerable reductions
have already been made in the enormous staff of officers
accumulated under the late manager, and these reductions
will continue wherever it can be done with safety to the
efficient working of the association. The directors are also
now convinced tlAt the future success of the association
will greatly depend upon the maintenance of an ample
paid-up capital ; and as the funds now in hand amount
only to 42,9971. 13s. 11d., they strongly recommend to
the shareholders that the capital should be made up to at
least 100,0001. To accomplish this a call upon the share-
holders will have to be made of ls. 3d. per share, which
the directors now recommend.
The CHAIRMAN said it now became his duty to propose
the adoption of the report just read; he and his brother
directors could look back on the past with a steady gaze,
feeling that they had discharged their duty honestly,
though, perhaps, they might have been sometimes mis-
taken on measures which they believed to be for the best
interests of the company. They had heard that since
December, 1855, the directors had' only taken half
fees, and he had now to inform them that henceforth
they would relinquish all claims to any fees whatever.
He trusted they would adopt the report and agree to the
call, feeling assured if they did so they need have no fear
as to their future prosperity. In conclusion, he begged to
move the adoption of the report, and the declaration of a
call of is. 3d. per share, or 50 per cent., on the 2s. 6d. already
. . .

A long discussion ensued, in which, though some dissatis-
faction was occasionally expressed at part of the proceed-
ings, the utmost confidence appeared to pervade the pro-
prietors as to the future prospects of the institution, ant
the justice and fairness of making the call. Mr. Mechi
cautioned the shareholders not to consider the whole of
their money as lost, as their business would be readily
purchased, if it was desirable to sell it, by most respectable
companies, at a price which would give a large return to
the shareholders. Mr. Smith, Mr. Buchan, anti other pro-
prietors, also called attention to the fact that ls. per share,
if generally met, would raise sufficient to produce the
100,0001. capital ; and it was therefore, with the consent
of the directors, resolved to amend the report by reducing
the recommendation of a call of Is. 3d. per share to ls.
Ultimately the report was adopted, with only three or four
dissentients. The call was made, and a resolution carried
that in future no interest on capital should be paid except
out of earnings. . .

Auditors were appointed, the retiring directors re-
elected, and a cordial vote of thanks given to the commit-
tee of investigation for their valuable and gratuitous ser-
vices.

A vote of thanks to tho chairman closed the proceedings.

STATE OF TRADE.

MANCHESTER, APRrr. 7.

There is not quite so much business in shirtings, made-
pollanas, and jaconets suitable to the India markets as on
this day week. The advance made by the Bank on the
rate of discount has affected this trade more than others,
from it being mostly carried on by means of long-dated
paper, on which the effect of high discounts is felt more
severely. There is a fair business in T-cloths, longcloths,
and some descriptions of heavy narrow domestics, at very
full prices, and the demand may be regarded, on the whole,
as quite equal to the production, fir yarn there has also
been a moderately good demand from the home trade, but
more especially for 30's water twist and 40's mule for
Russia, and these are fully ;Id. per lb. higher then on this
day week. Moat numbers and qualities of yarn are more
or lass affected in price, and the market generally may be
regarded as firmer than it was last week.
Messrs. John Slagg and Co. report of the cloth-market :
" Since our last report there has been an active demand for
various qualities of T-cloths and longcloths, and a consider-
able business has been done in these goods at very full prices,
and in some instances at a slight advance on last Tuesday's
rates. The lower qualities of shirtings, jaconets, and mada.
pollarns, which were in request on this day week, are quieter
again, as are also the better qualities of printing cloths. In
other respects there is no change to notice, either in demand
or prices.''

NOTTINGHAM, APRIL 7.
The home demand for lace is manifesting a further im-
provement, but not to the extent anticipated. Plain goods
are still in request, at high prices. More is doing in silks
and fancy laces, and, although the high rates at which
both silk and cotton are sold requite the manufacturer to
proceed with caution, it is generally believed in the trade
that the season will be a busy one.
The hosiery trade continues good. For a long time past
this branch has been active, both with home and foreign
orders.

Yarns and silk continue very high.
LEICESTER, APRIL 7.
The hosiery trade, although slightly improved, is still
by no means active ; most branches are, however, in a
healthy state, and as the spring advances, and the political
world becomes less agitated, .manufacturers are of opinion
that there will be a good seasonable demand.

LEEDS, APRIL 7.
There has been only a small attendance of buyers in the
cloth-halls this morning, anti purchases have been confined
chiefly to small lots of summer goods. The trade, though
quiet, is in a healthy condition. Wool is still firm in
prico.

HUDDERSFIELD, APRIL 7.
There is a slight improvement on last week. The de-
mand to-day is chiefly confined to summer goods of choice
and new patterns. Shipping trade quiet. There are few
but Scotch buyers in the market. Wool presents no
variety in price ; it goes off' well, but stocks are light.

THE ALLEGED CASE OF POISONING AT GLASGOW.
So far as we, have been able to learn nothing further has
transpired with reference to this painful case. A rumour
was abroad on Saturday—strengthened by a statement
which appeared in a weekly contemporary—to the
effect that the accred had been liberated on bail, but
we understand this is without foundation. The utmost
coolness is state to have been manifested by the pri-
soner ever since she was placed in custody. Glasgow
Daily Mail.