The Sun.
London, England, 1850-07-26 00:00:00

GERMANY.

The Hanoverian Ambassador at the court of Ber-
lin has received the following dispatch, signed by
Count BENINOSEN :

" The dispatch of M. von Schleinitz, dated June 22,
which your Excellency forwarded on the 24th of that
month, was received here with great interest, as it ap-
peared to this Cabinet that the Government of the King
of Prussia acknowledged the conviction recently ex-
pressed on the part of Hanover in its circular letter to
the northern a:ates—namely, that Hanover was no
longer a member of the Union of May 26, 1849. Ac-
cording to the communication cf Herr von Schleinitz
the Prussian Government regarded the mutual con-
duct of the two states on the occasion of that
treaty as having less a legal than an actual
signification. We need not therefore go back to the
disputed question itself. But the remarks contained in
the note referred to, according to which the Prus-
sian Government is inclined to put forward the proceed-
ings of the union Governments towards Hanover as only
a policy of transition, necessitated by temporary circum-
stances, imposes upon this Government the duty of ex-
pressly protesting against any such intention of the
Prussian Cabinet, and to remind it that the policy ob-
set ved on this side is not only the policy of a court, but
is in unison with the repeatedly expressed views of the
national representatives, and is sympathised in by the
body of the people—circumstances which will have
great importance in the eyes of his Majesty the King of
Prussia. We therefore charge your Excellency to bring
this statement to the knowledge of the Minister for
Foreign Affairs, and to supply bim with a copy of the
same

" COUNT BENINOSEN.

" Hanover, July 11, 1850."
The King of HenovEa is, it is said, greatly affected
at the death of his brother the Duke of CAISIBRIDGE.

POLAND.
A Considerable portion of the city of Cracow has
been burned to the ground.

[ADVERTISEMENT.]—The new Tooth-pick Tooth-
brush, thoroughly cleansing between the teeth, when used
up and down, and polishing the surface when used crossways,
the hair warranted never to come out; in four strengths—
viz., No. 1, hard, No. '2, less hard, No. 3, medium, No. 4,
soft. The double anti-pressure nail-brush, which does not
divide the quick from the nails. The triple hair-brush, which
thoroughly searches and cleanses the hair in one-fourth part
of the time of any ) ther method, and acts as both comb and
brush combined. The medium shaving-brush, being a se-
lection of the strongest badgers' hair, so well secured in the
socket as never to come loose. And, though last not least,
the newly invented" Renovator" clothes brush, which makes
an old coat look like a new one, and a new coat to look new
double the usual time. Invented and made only by Ross and
Sons, 119 and 120, Bishopsgate-street, London.

[ADVERTISEMENT.]—BeII's Life in London, Sun-
day, July 28 :—Gill, of Coventry, and Griffiths, of Woolwich.
—A full report of this pugilistic contest, coroner's inquest, and
all particulars connected therewith. A sixpence enclosed to
Mr. Clement, jou., 170, Strand, will ensure a copy of Bell's
Life to any part of the United Kingdom by return of post.
The tale of Bella Life exceeds 28,000. -
Dispatches were received sresterday at the Colonial-
office from the Governor of Gibraltar,

CITY, T IVO O'CLOCK:
The sales of Cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 1,000 American were
taken for export, and 1,000 Surat and 500 American on
speculation. The market closed quietly—American
descriptions about id, per lb. in favour of buyers.
The sales comprised 4,000 American, 300 Pernam and
Maranhsm, at 84td. to W.; 200 Egyptian, at Bid. to
10d; 1,200 Surat, at sd. to 61.; and 50 Sea Island, at
11. 2d. to ls. 4id. per lb.—ln Railway Shares only a
limited business was done at steady prices.
The business done this week in the produce markets
has beets to a fair extent, and there having been a
disposiion to meet buyers by a concession in the price
of sugar, more has been done in that article. Coffee
has been moderately dealt in. Spices have be en sold to
some extent, and Tea has been taken largely. Cotton is
rather quieter.
The proceedings last night in Parliament, upon the
subject of steam navigation to Australia, have net
provel satisfactory to the parties interested ; and our
colonial merchants are still apprehensive that there
will be a great delay yet ere the important ad-
vantage is obtained. Had the matter rested with
the United States Government, we should have heard
long since of a line of steamers being organised, as
witness the energy displayed in communicating with
California, and in competing with us, not only by run-
ning steamers to Europe, but likewise by enticing pas-
iengers and correspondence from Jamaica via New
York. In these days of progression and excitement, a
delay of two years is intolerable, and will hardly be
brooked, we should think, where such a large trade is to
be benefited.
Much curiosity is expressed to learn the probable
result of the course which Baron Lionel Rothschild, act-
ing on the advice of his committee, will this day
pursue, by presenting himself at the House of Commons
and claiming to take his seat. Some are sanguine of a
favourable reception, while others have grave doubts ;
but it certainly would have been more satisfactory if
the Bill had been passed, and the elected Representative
of the city of London could have taken his seat by right
rather than by sufferance.
The Hamburgh mail of Tuesday noticed a fall of in
the rate of Exchange on London, viz., to 13 74. Money
was abundant.
The Antwerp letters notice a statement from Ham-
burgh, that the noise of cannonading had been heard
there, but it was thought this arose from the practising
of the Russian flset.
In the Amsterdam market, on the 24th inst., Dutch
Two and-a-Half per Cents. were 571 to 5-16. Spanish
Bonds were rather better, and Mexican were in more
request.
The English Stock market is exceedingly quiet this
morning, and scarcely any alteration can be said to
have occurred in the quotations. Consols have been
96! for Transfer, and 96i to 97 for Account. The
New Three-and-a-Quarter per Cents. have been 99 to
and the Three per Cents. 97j I. Bank Stock has been
firm at 212. Exchequer-bills have been at 675. to 705.,
and India Bonds at 90s. premium.
In Foreign Securities the transactions have been at
previous rates in both instances. Peruvian Active Bonds
have touched 821, and the Deferred 35i to 35k. Buenos
Ayres have been done at 56, and Brazilian at 92.
Portuguese Four per Cents. are 341 to i•' and Spanish
Three per Cents. nominally 37i to i; Dutch Two-and-
a-Half per Cents. are 571; French Three per Cent.
Rentes, ex. dividend, have been 58 75.
Railway Shares are looking better, and rather fuller
prices are obtained for all the principal lines. The
Foreign Shares are quieter.

QUARTER TO THREE,
Consols ... .. .. 961 i
Ditto Account ... ... 96 97
BRITISH FUNDS THIS DAY' AT ONE O'CLOCK
(From the Official List.)
Bank Stock 212
3 per Cent. Reduced Amenities 97%V
S per Cent. Consols Anna
New 34 per Cent. Anne. 99% 99
India Bonds under 40001........ .......
Consols for Account 97 9634
Exchequer Bills. I %d. 2d.
March. June.
1,069/. .. ......... — 70 p
5004 N. — 67 p
Small a — 67 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. 92
Buenos Ayres Bonds, 6 per Cent 56
Equador Bonds ... ni
Peruvian Bonds, 4th per Cent

Ditto Account . - B2l/2
Ditto Deferred ............ 35,Z8%
Portuguese Bonds, 5 per Cent —
Ditto 4 per Cent.
Russian. Bonds. 1822,5 per Cent llOl4
Ditto 4% per Cent. 9 14 4
Dividends on the above payable in London.
French Rentes, 3 per Cent
Exchange .....
Dutch 214 per Cent., 12 Guild
Ditto Account
BUSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK
RAlLwArts. PAID. Pas SLUES.
laledonien
Esstern Count.ee
Do. New Pref., 6 per Cent.. 10
F..ast Lincolnshire, guar. 6 per
Cent. ..... ... ......... ...... 25
Great Northern .
)o.' 5 per Cent. Pr0f...... 12%...... 1058... .. to
Great North of England 100
Ditto, New 15/...... .... ..... 13
Great Western 100 8634 57.. to 57%
Do. New 171
Hull and Selby 5O
Ditto, Half Shares .. ...... 25
Lancashire and Yorkshire... 100
Ditto Fifths 11%..... 2 ..... . to
Leeds and Bradford ..... — 5 O ..... 91,A ...... to
London & 81ackwa11......111 6s. &1...—. 41A ..... . to
Lond.,Bright.,& South Coastloo ..... 81 ...... to 81%
London and Greenwich... 12/. 15s. 4d... ...... to
Ditto Preference
London & North Western.....loo ION to
Do. New Quarters. ...... 17
Do. Fifths l2 ..... 12% t )
Do. 101.... M. and B. (C.) 1
Loidon and S. We5tern.......100 ..... 57%...... to 583/4
Midland ........- .... ........ ...100
Ditto, 50/. Shares ..... ...... 33
Midland, Consol. Uristol and

....
Birmingham, 6 per ceut. 100 _
North British .. ...... .. . 25 ...... 513%... to
North Staffordshire.....
Preston and Wyre
Do. Half Shares...... (A) 10
fteading,Guildfd.,& Reils, to 18
Royston and Hitchin ..... .. 0% 7%.... to
Shrewsbury and Chester
(Nor. W. Min.)
Ditto 8 per Cent. Pref
South Eastern
south Wales ....
York, Newcastle, and Berwick 25
Do. and Newcastle Eaten. 20
Do. G. N. E. Pur. or Pref.. 9
York and North Midland ... 50 :1514.... to
Ditto, Preference
FOREIGN RAILWAYS.
Anglo Italian (late Italian

and Aastriaul 5% to
East Indian ...
Paris and Strasbourg
aeuen and Havre 2O ...... 93/4 .. .. to

JOINT STOCK BANKS.
Llndon and Westminster... 20
Union of Australia ....... ..... 25 ...... ..
Ditto, New
Union of London ....... ....... 10 - .. •.. to -.-

LLOYD'S SHIPPING.—(THIS DAY.)
LONDON, JULY 26.—Wind at noon W., light breeze
and cloudy.
QUEENSTOWN, JULY 24.—Arrd. Susan, Owen, Que-
bec; Tottenham, Evan, ditto; Ara. Cooper, Norfolk,V.;
Pestomgee Bomangee, Pevey, Honduras. Off port,
Tomaton, Fraser, Havannah, from the Clyde; Ivanhoe,
Rattray, Matanzas, from Liverpool.
BELFAST, JULY 24.—Wind N. —Sid. Haney, Quebcc;
Catherine, ditto.

SHIELDS, JULY 25.—Wind E.S.E.—Arrd.Weatherly,
Walker, Quebec; Josephine, Larsen, Pambceuf.
CURISTIANSAND, JULY io.—The Ann, Shorehellinge
to Yarmouth, has put into Lillesand leaky, and must
discharge.
WEBBY, JULY 13.—The Catherine, Liverpool to Rigs,
was stranded near Rolme last night, and has probably
become a wreck, and her cargo (salt) lost; materials will
be saved.
RENDSBURG, JULY 22.—Several vessels seized by
the Danes have been releasel
KEEL, JULY 20.—Several vessels seized by the Danes
have been released.
DEAL, JULY 25.—Wind S.S.W.—Arrd. Alexandrina,
Mowbray, Calcutta; Unicorn, Brett, St. Vincent; Ed-
ward and Barnett, Otler, St. Lucia; Palm, D'gby, Do
minica; Kelpee, Quebec.

SHOREHAM, JULY 25.—Wind S.—Arrd. Victoria,
Ahrens, Quebec.
LIVERPOOL, JULY 25.—Wind S. to N. E.—Arrd. Roe,
Evans, Benin; Black Prince, Kendall, Por to R'co; Bil,t-
libran, Farr, Cuba; Gipsey, Ellis., St. John's, N. B.;
Norval, Kirk, Paraiba; Keying, Charleston; Greenock,
Quebec. Sailed, Cornelius, Hobart Town; Austria,
Charleston; Albert Gullaton, New York; Samna,
Africa; Isabella, Buenos Ayres; Queen of the Tyr.e,
Rio Janiero ; Enrequita, Havannah. Off port, Ivanhoe.
WICK, JULY 23.—The Elizabeth of Aberdeen on
shore behind the South Quay, should the weather keep
tine she may be got off with damage.,
FALMOUTH, JULY 25.—Wind N.N.W., fresh.—Arrd.
Euterpe, Jordan, Bahia, leaky, having experienced a
severe g de.
LEnwicK, JULY 22.—Wind S.—Arrd. Thetis, Al-
drave, Iceland, with 21,000 cod; Rufus, Jackson, Green-
land, with 300 seals.

FOREIGN GOODS.—A party having a parcel of
foreign goods lying in bond, which were imported in 1848,
and warehoused for exportation only, being inadmissible for
home use, as they were imported from Europe, application
was made to the authorities for them to be now admitted
for that purpose, as they were free of duty, but it appearing
that they were imported contrary to the navigation-laws
then in force, it has been ruled that no such goods shall be
entitled to the privileges conferred by the repeal of the nav-
gatim-layo.

3falt. I Flour.

2,001

STAITHPZEB.II.
The supply of Boasts on sale in to-day 'smarket,lamongst
which were 10 oxen from Spain, was very moderate, the
time of year considered, and of but middling quality.
Notwithstanding that the alendance of buyers gee
limited, the Bet f trade ruled steady, and a good clearance
was effected, at prices fully equal to those obtained on
Monday—the primeSt Scots selling at 3s 8d per 8113 s.
The numbers of Sheep were considerably less than those
exhibited on Friday last. All breeds commanded a firm
inquiry, and the late improvement in value was well
supported. Prime Down Lambs moved off freely, at
very full prices. All other breeds were quite as deter.
Calves sold to a fair extent, at late figures. In Pigs,
scarcely any business was transacted. Milek Cows 301 d
at from 141 to 181 each, including their small calf.
Per Blbs. to sink the offal.
a. d. to s. d, I. d. t• s. d:
Inferior Beasts..... 2 4 2 6 Inferior Sheep .. .• 210 3 0
Second quality •• .• 2 8 3' 0 Second qual. Sheep 3 2 3 4
1
I
Prime large Oxen.. 3 2 3 4 Coarse-woolledditte3 S a 8
Prime Scots •• •• .• 3 6 3 8 Southdown Wether 310 4 0
~arge coarse Calves 2 6 210 Ditto out of the wool° 0 0 0
Prime small ditto .. 3 0 3 8 Large Hoge •••• • • 3 2 3
II
;tickling Calves .• 18 0 21 0 Small Porkers .. •• 3 8 4 0 Lambs •• •• •••• •• 3 8 4 8 Quarter old Pigs ..16 0 20 0
TOTAL SUPPLY AT MARKET.Beasts.
Sheep. Calves.
I IPigs.
630 10,940 801 300
SCOTCH.
Beasts. I ShBleep. I Calves. I Pia.
140
FOREIGN SUPPLY.
Be as I ta. Sheep. Calves. I Pi! s.
I
120 1,400 202
NEUTGATZI AND LEADENNALL.
These markets were tolerably steady, and late rates
were well supported.
At per stone by the Carcase.
a. d. to s. d.
2 2 2 4 Mutton, inferior ..
2 6 2 8 middling..
210 3 0 prime •• ••
3 2 3 4 P0rk,1arge........
2 8 3 6, 5ma11........
Lamb, 3s 6d t• 48 6d.
BOROUGH 210 p PRANZET.
The prevailing fine rains having caused the bine to
grow rapidly in nearly the whole of our districts, the
demand for all kinds of Hops continue in a very inac-
tive state. As, however, holders, for the most part, are
firm, we have no decline to notice in the quotations.
The duty is freely backed at 180,000/. Mid and East
Kent Pockets, 8/ to 10/; Weald of Kent do., 61 to 71 7s;
Sussex do., Si 5s to 6/ 6s; Yearlings, 1115 s to 41; Old
Hops, 1/ to 3/.

Beef,lnferior......
- middling ....
- primelarge ..
--- prime small..

s. d. to s. d.
36 2 a
210 a 4
3 6 310
210 3 4
36 310

20,4T1NG OF THE FOURTH AND LASF
TUBE OF THE BRITANNIA BRIDGE.
MENAI STRAITS, THURSDAY AFTERNOON.--The
floating of the fourth and last tube, which may be said
to complete this magnificent structure, came off this
morning at nine o'clock, with perfect success. The in-
terest that has throughout been associated with these
great engineering performances was probably heightened
on the present occasion from the fact of its being the
last great launching operation of the kind likely to oc-
cur in this country, and accordingly the concourse of
people present from all parts was estimated to be not
far short of the thousands that thronged the Straits on
the occasion of floating the first tube. Wind, wave, and
weather were perfectly propitious. Almost a dead
calm prevailed as the tide streamed up the Straits,
and the wind was of that soft south-western turn that
tended to assist and ensure the success of the opera-
tion. At the above hour Mr. Stephenson, M.P.,
Captain Claxton, Mr. Edwin Clark, Mr. Bodder,
Mr. C. H. Wild, Mr. Ricardo, M.P., Mr. Lee, C.E ,
Mr. Borthwick, C.E , Mr. Appold and others took their
stations on the top of the tube, which, amid the cheers
of the multitude, gradually, as the tide came up, rose
upon its cradle of pontoons. The men at the mooring
chains and capstans then, in obedienee to the various
signallings and coloured flags, plied away at their posts,
until, at three minutes past nine, the mass, released from
its moorings, moved out into mid-stream, where, under
the troll 4f the vast and intricate tackle,lit made its way
for full forty minutes, In the space of another hour,
after various nice evolutions, it came home and was
safely deposited, amid artillery and cheers, on the pro-
jectieg plinths of the towers. The tide, taken at starting,
was 12 tees 8 inches, and it gradually rose until it at-
tained a maximum of 17 feet. Tho total distance tra-
velled over, from the starting point on the Carnarvon-
shire coast to the base of the towers, was upwards of
300 yards. At about four minutes past ten, just as the
operation was completed, the tide turned, and it was
high water at thirty-two minutes past ten. The velocity
arrived at was nine inches Fer second, and this was ad-
mirably regulated by Mr. L. Clark, who had charge of
the pontoons, by the following ingenious contrivance,
which had all the effect of a break upon the prop., as of
the great iron burden. A man stood by whose duty it
was to continue paying out a marked cord or line, and
every time he came to a mark, each bring twenty feet
apart, he called out the number of the seconds occupied
in traversing the space, and thus the speed was uniformly
kept throughout the entire operation. The length of
the tube floated was 470 feet, its weight 1,690 tons, the
Lumber of pontoons 8, their aggregate burden 2,750
tons, the number of men engaged in the floating 685.
During the operation the spectators were permitted to
stand upon the top of the tube already in use, and which
was covered with them from one end to the other, the
usual trains thundering through underneath.
Tho arrangements for permanently depositing the
" last of the tube:," floated to-day, beside its companion,
on the Carnarvonshire side, are all completed. The hy-
draulic presses are on the towers, and will commence
lifting almost immediately. The tube that has been In
daily use since the 18th of March last has presented to
the most careful observation no change or alteration up
to this time. The deflection found to be caused by the
passage of ordinary trains daily is two-tenths of an inch,
and some extremely heavy coal trains have deflected it
as much as half an inch. The effect of joining the seve-
ral tubes together and lowering the opposite end has been
to raise them four inches, so that the most heavy trains
do not counteract more than one-eighth of the advantage
that was gained by this process.
The following is the report of the Government In.
specter, Captain Symonds, of the Royal Engineers, to
the Railway Commissioners on the bridge:—
"I have inspected the Chester and Holyhead Rail-
way from Bangor to Llanfair, a distance of 3 miles 35
chains, including the Britannia Bridge across the Menai
Straits. This magnificent structure, which far sur-
passes in magnitude any engineering work of the sort
constructed up to the present time, has been so often
described that I shall forbear entering into details. Suf-
fice it to say that it traverses the chasm between the
island of Anglesey and Carnarvonshire at an altitude of
upwards of 100 feet above high watermark, the space
being divided into four spans, the two in the centre of
460 feet, and the two at the ends of 230 feet, by three
towers or piers, the one on the Britannia Rock, which
gives its name to the bridge, and the others adjoining the
Carnarvou and Anglesea shores. These tow era, which
with the abutments, are constructed in masonry of large
dimensions, support a continuous wrought iron tube,
near 5,000 tons in weight, 1,511 feet in length, 14 feet
8 inches In breadth, and 30 feet in depth in the
centre, diminishing to 23 feet 6 inches at the ends,
through which the trains with locomotive engines pass
over the railway laid within it. A provision is made for
variation in the length of the tube, due to the changes of
temperature, by bending it in the central or Britannia
Tower, and allowing it to move on rollers in the other
towers and abutments, with adjustments of a correspond-
ing nature over the rails. The great difference between
this bridge and that at Conway is that it is of
more than one span, of which advantage has been taken
by the continuous bearings to bring the top to a state of
tension to a considerable extent, reducing in a great de-
gree, the central strains which would otherwise be
brought on the metal. It is difficult to define the exact
amount of this benefit, but it is undoubtedly consider-
able, and has been estimated by Mr. Stephenson as re-
ducing the greatest strain upon the metal from 5 tons
3 cwt. to 3 tons per square inch, or increasing the
strength in a like ratio. Judging, therefore, from
prior experience of works constructed of this mate-
rial, and having full reliance in the care and skill dis-
played in constructing this immense tube, I feel assured
that every confidence may be placed in the security of
the structure for the purpose of the transit of railway
trains. With a heavy train (228 tons) of goods wag-
gons, such as will seldom be used in the ordinary traffic
of a railway, and certainly not in weight upon one span,
I atcertained the deflection of the tune over one of the
large spans to have been less than .78 of an inch, and
over the otter *65 of an inch; and that the effect of the
load produced a corresponding relief to the other, which
oaused it to rise to the extent of .19 of an inch. Astiumle-
far effect was perceived to a slight extent in
tn h e b
the
hes-
vhmt practical load which canthem
e
over the smaller spans at the ends, which made
brought
only upon
only ticcsed the ith of an inch.bo roAbsyungt
y one
the railway is on a single line.
has been erected, so that, for the distanceishould across the
Straits,
whose duty would be to travel on every engine
recom-
mend that this be worked by a man stationed at the
place,
"
that shall pass over the single portion of the line, and
that no engine should be allowed to pass along it with-
Oat, having the man upon it. Provided some-matters
(as to meeting points) are attended to, I am not aware
of anything to prevent the opening of the line and bridge.
" J. L. A. SYMONDS, Captain Royal Engineers.
"To the Railway Commissioners."

Mr. Wetherall and Mr. Baxter had an interview
with the Commissioners of Railways yesterday ist,
t4eit Office is the Board of Trade.

CORN EXCHANGE.—(FRIDAY.)
During the present week, a full average quantity of
English Wheat-2,150 quarters—has come to hand for
cur market cpastwise. By land earring° and sample,
the receipts have slightly increased. The supply on
offer to-day—and which was partly composed of that ex-
' hibited on Monday—was by no means large. Owing to
the changeable state of the weather, the factors were
somewhat firm; but, as the millers operated with greet
caution, only a moderate business was doing in home.
grown Wheats, at about stationary prices. The imports
cf Foreign Wheat have been confined to 9,350
quarters. The few transactions concluded in fine
dry qualities were at full rates of currency. la
the middling and inferior kinds, which were
plentiful, comparatively little was doing. Very little
English Barley al as brought forward, and the
supply of Foreign was smaller than for some time past.
Most kinds moved cff slowly, yet prices were supported.
We had only a limited quantity of Malt offering, yet
the demand wus in a sluggish state, at last week's cur-
rency. Good sound Oats were scarce, and the turn
Fearer. Secondary qualifies sold at lute rates. Beans,
Peans, Indian Corn, and Flour without alteration.
ARRIVALS Tlll9 WEEK.
Wheat. Barley. ! Oats.
Qrs. Qrs Qrs 1 Qrs. 1 Sacks a
SEnglish ••. • • • 2,150 140 2,280 3,650 2,790
cotch . • • • —
Irish •••• • • • •
Foreign ••• • • • 9,359 3,250 6,310

LONDON, BRIGHTON, and SOUTH
COAST RAILWAY.
The usual half-yearly general meeting of the
proprietors of the L )ndon, Brighton, and South
Coast Railway was held yesterday, at the Bridge
House Hotel ; Mr. Laing, chairman of the board of
directors, in the chair.
The advertisement convening the meeting and the
minutes of the previous meeting having been read, the
common seal of the company was affixed to the re-
gistry of sharehold-rs. The report of the directors
Was then submitted to the meeting.
It stated that the capital account being now practically
closed, the regular working of the completed system of
lines belonging to the company may be considered as
having commenced. Accordingly great pains have been
taken to reduce the accounts to such a system as should
distinguish the working of the different departments.
The amount of capital raised to the 30th of June last is
7,139,5671., consisting of mortgage debts, 1,486,3371.;
preference share capita!, 1,037,5961.; and consolidated
stock, 4,615,631i'- The whole of the capital receives in-
terest or dividend out of revenue. The additional capi-
tal expended during the east half-year amounts to 56,1871,
of which 35,3651. was for the enlargement of the London
station, 9.132/. for the completion of the Portsmouth
station, and the Eastbourne and llailsham and Thames
Junction branches; and 8,6901 in providing additional
plan' and accommodation far the increase of goods traffic.
The directors state positively that the works for the en-
largement of the London station will cost less than
the estimate of 150,0001. for land and works, and
7,0001. for preliminary and Parliamentary expenses.
The rapid increase of the goods traffic, which now
averages shout 7001. per week more than in 1848, has
required a large outlay for waggons, sidings, warehouses,
esc., not contemplated in the estimate of 7,200,0001. for
the final capital. The directors see no reason to appre•
hend any excess in that estimate, unless a further consi-
derable development of traffic should take place. A large
portion of the mortgage debt has been raised or renewed
in the course of the past half-year, at the rate of interest
not exceeding 4 per cent., and for periods of seven years.
The total receipts for the half-year have been 227,6641.,
showing an increase of 13,6021. over the corresponding
half-year of 1849. Deducting the cartage, &c., the in-
crease in the railway traffic has been 10,630/., of which
6,188/. has been in the goods traffic, which has more than
equalled the expectations formed from the opening of
the Bricklayers' Arms station and the Deptford Dock.
The opening of this dock has lowered the price of soals
to the consumer at Brighton and throughout a consider-
able part of Surrey and Sussex 4s. or ss. a ton. This
trade is as yet in its infancy, being crippled by a heavy
duty levied on the coals in transit through the port of
London; but strong representations having been made to
the Government and the City authorities on the subject,
it is confidently believed that this duty will be
shortly repealed, in which case the company's route,
via Deptford, will command the principal supply of
coals to Brighton and the south coast, at a price which
will afford a most material boon to the population of the
district. The passenger traffic has not kept pace with
the goods traffic. During the first four months of the
half-year, when the weather was very unfavourable, it
showed a slight falling off as compared with the corre-
sponding period of 1849, except upon the Croydon and
Epsom line. In order to meet this, the directors have
done all in their power to attract traffic to the line by
increasing the accommodation to the public, and afford-
ing frequent opportunities for excursions at very low
rates. The present state of the passenger traffic is more
satisfactory than it has been at any time since last au-
tumn, and the directors see no reason to doubt the con-
tinuance of a moderate but steadily progressive increase.
The number of miles run by trains during the past half-
year has been 580,1901,, as compared with 552,856 miles
in the preceding half-year, and 496,233 miles in the
corresponding half-year of 1849. The additional mile-
age having been provided for, in a great measure, by
Improved arrangements and by the use of light engines,
has not been attended with any corresponding increase
of expense, and the total consumption of coke has been
less than in any preceding half-year. Brighton, being
now reach'd with punctuality in an hour and a quarter,
is practically as much a suburb of London, and as con-
venient for the residence of persons having business in
the city, as Kensington or Bayswater ; and parties visit-
ing Ilastings, Eastbourne, Worthing, Littlehampton,
Arundel, Chichester, or Portsmouth, have now an oppor-
tunity of leaving home at a moderately early hour,
reaching London a; ten o'clock in the morning, remain-
ing there until five o'closk, and returning in time for a
late dinner. Even the Isle of Wight is brought within
a three hours' journey of London, the passage between
Portsmouth and Ryde being effected in twenty minutes,
by fast steamers in connexion with every train. The
total traffic) receipts (excluding cartage, &c.) fur the
half-year ending 30th of June last amounted to
221,1381., and for the corresponding period of 1849
to 210,5081. The total expense during the former
period amounted to 98,6341. and in the latter period
to 91,906/. The rates and taxes in the half-year
ending Juno 30, 1850, amounted to 9,6151.; while
for the corresponding period of 1819 they amounted to
11,327/. The item of cartage for the former period
amounted to 4,737/., and for the latter period to 1,1781.
Toe maintenance of way for the last half-year cost 931.
per mile, while at the corresponding period of 1849 the
cost was 851. per mile. The total expenditure per train
per milli was, in 1850, 3s. 5d.; and for the correspond-
ing period of 1819, 3s. 91. The expenditure on gross
receipts fir the halt-year ending June 30, 1850,
amounted to 43.3 per cent.; and for the corresponding
period of 1819 to 42.9 per cent. The total amount ex-
pended in renewals and improvements during the past
half-year has been 11,779/., as compared with 7,4951. in
the corresponding period of 1319. The charge on re-
venue for interest and prtferential dividend for the half-
year ending the 30th June, 1350, amounted to 61,1072.
while at the corresponding poriod of 1849, it amounted
to 55,7881. The total charge prior to dividend, including
all sxpenses for the last half-year, amounts to 159,740/.
as against 147,6951. in the corresponding period of 1849.
The net amount at the credit of revenue account for the
half year is 130,4561., of which 33.221/. is appropriated
for interest on loan, and 27,886/. for dividend on pre-
ference shares, leaving a balance of 69,349/, out of
which the directors recommend a dividend of 1 per
cent. for the half year, leaving a balance of 115/. to the
credit of the next account. It appears from the stock
and share aceouut that the company is authorised to
raise 7,440,93.11. of which power 391,362/. has not been
exercised, The capital account shows that 7,126,429/.
has ben received, and 7,150,5741. expended, leaving a
balance against the company of 24.145/. The revenue
account far the halt-year states that 229,0901. had been
received, and 98,6341. expended, leaving a balance of
130.456/.
Tne CHAIRMAN, in moving its adoption, observed
that the accounts had been made as accurate as possi-
ble ; they, together with the report, contained all the
information the directors were in possession of, and
it would therefore be unnecessary for him to detain
the meeting with any lengthened remarks. The
result of the h elf-year's operations was what he had
originally predicted it would be, but still he
understood that there were some proprietors
who were dissatisfied with the amount of
dividend. Na doubt that dissatisfaction had arisen
out of calculations based upon the weekly returns of
the receipts from traffic. Those returns showed an
increase in the income over the corresponding half of
last year of 14,000/. ; but there was some little ex-
aggeration in the returns, and when the actual receipts
came to be calculated, after making reductions and
adjustments claimed by the South-Eastern Company,
and providing for other contingencies, the increase
was reduced to 12,6001., but the carriage and cartage
account was included in that sum, and when they al-
lowed for the additional expenditure which that source
of income involved, this actual increase stood at
10,6001. During the past half-year, however,
an increase had taken place in the expenditure
on works and the renewal of stock to the amount of
9,6031., which, of course, hid to be provided for out
of the receipts. This charge then would reduce the
increase of income applicable to the dividend to some
thing more than 1,0001., but on the entire working
expenses the directors had obtained a saving of 1,0001.,
and, under all the circumstances, he thought the pro-
prietors had every reason to congratulate themselves
at being enabled not only to maintain, but slightly
to increase, their former dividend. Last year he
published a pamphlet containing his own anticipations
of the future earnings and expenditure of the com-
pany, and it was a matter of satisfaction to him to
find that his estimate of expenditure so far as the pre-
sent year was concerned, was some 5,000/. above what
bad actually taken place, and, speaking now with the
assistance of experience, he had no hesitation in pre-
dicting that the railway would continue to yield 4/.
per cent. on the paid-up capital, and still allow the
company to pay all the interest due on loans, and to
provide a reserve funl for future contingencies. He
would now, with the permission of the meeting, advert
to a subject which, at the present moment, occupied
a good deal of the public attention. He alluded to
the subject of Sunday labour. The only inducement
which ought to influence a railway company like this
in running Sunday excursion trains was the public
good. Now, while he agreed with sticklers for Sab-
batarian observances that it was necessary to give the
poor man a day of rest, he altogether repudiated the
notion that the term rest meant shutting the operative
up in a close and heated atmosphere, like that which
prevailed in the metropolis. When a man was en-
joying the healthy recreation which resulted from a
change of scene he was resting himself from labour,
improving his health, and rendering him more con-
tented with his condition of life, and therefore, while
the directors did not despise the commercial, conside-
rations which this question involved, their main object
in running excursion trains was not so much for profit
as a desire to afford the working man a cheap oppor-
tunity of escaping, as it were, from prison, and seek-
ing pleasure and rational enjoyment in the country.
engineman, a fireman, and two guards was all
the labour required for working a train carrying
some six hundred persons from London to
Brighton, and when he remembered the evils which
had arisen in Scotland from the practice of shut-
ing the people up in large towns, he really
did think it was the duty of all well-wishers
of his country to encourage the system of railway
excursions. Having said thus much, he was happy to
add that these excursion trains had not interfered
with their commercial prosperity ; indeed, he might
say per se it had increased it, for, with no increase of
working expenses, the ordinary Sunday traffic had
reached from 4341. last year to 4571. per day ; while
the excursion traffic bad advanced from 7151. per day
to UM._ Sunday excursion trains at all '
s--