The Sun.
London, England, 1857-05-02 00:00:00

THE SUN, LONDON) SATUR DAY F, MAY 2, 1857,

verb, merely " grin and bear i'." On the 213 t
ltimo, in a lead:ng article, we alluded to the
probable reduction in the dividend " from more
being required than the Russian Government
have guaranteed ;" adding—" If the increas3
were but 30 per cent., and those who havo lai
any experience in the difference between estimates
and actual expenditure, well know how very mo-

derate and lisna/ would be such a change, the
rate would not be more than can be obtained from

Government Three per Cents, at present prices ;"
adding—" We need scarcely ask the most enthu,

siaatic Philc-Musoovite in which of these securities

he would prefer obtaining the same nominal rat
of interest for his own capital !"
But, " hoping even against hope," I.t us for
the sake of the argument supp)se that Russia
remained at peace witli all the world, that her tradi-
tional policy was forgotten for the time being, and
that, miralrile dicta, the work was complct :!d within
the estimates, we confess, that it requires almost
boundless credulity to anticipate such an abnormal
state of affairs. Would the shartlolders, even
then, rest on a bed of roses, or receive their divi-
decch without deduction or drawback ? By no
means. The " working expenses" must also bo
provided for ! We find even in this country,
that the working expenses are usually from 40
to 50 per cent. of the earnings, and that they
even sometimes mount to 60 or 70 per cent,
Now, it is manifest that the Russian lines are
made for military, not commercial purposes. With
the restrictions on traffic, and the attenuated
population of the districts traversed, it is diffi-
cult to conceive that any of these lines would pay
even the working expenses. The shareholders
would then have to submit to fur-
ther deduction under that head ! We may then
briefly sum up for the information of those who
may be tempted to nibble at the specious bait,
that the guarantee is but for 5 per cent. on the
estimated outlay—and that, First, the amount of
the sinking fund will be delucted. Secondly, any
lincrease of expenditure will reduce the dividend,
ifor but the same 2,150,000/. will be paid, no
matter what the outlay may be, whether
70,000,0001., 80,000,0001., or 00,000,0001.
The latter being by -no means impro-
bable, which would virtually reduce the
guarantee to 2i per cent. Thirdly, the working
expenses must also be provided for, and any de-
ficiency must fall on the guaranteed. Let specula-
.
tors, who ignore every patriotic feeling, ponder
these matters in their minds, and they will still
hesitate before they invest their hard cash in the
Russian Railway bubble, the most specious, and,
at the same time, the most deceptive and in every
respect ohjecticnable, that has been promulgated
within the nineteenth century.

LA Plata, West India steamer to-day will take out
36,0001. in specie, of which 30,0301 is gold, probably
intended for the purchase of silrer in Cuba and else-

where.

The following veneli with gold from Australia are
now daily expected :—The Morning Star, with 32,209
ounces ; the Sydenham, with 31,462 ; the South Caro-
lina, with 20,493 ; acd the Thames, with 4,7 Bo—ma-
king a total of 88,944 ounces, valued at 355,7761. This
is exclusive of 40,5001. shipped by the Oneida steamer.
LYONS AND GENEVA RAILWAY.—An experimental
trip took place on Sunday last on the Ambtrieux and
Seyseel section of the Lyons and Geneva It tilway. This
section, which completes 113 kilometres (70 miles) of the
whole line, is to be opened to the public on the sth of
May. . .

LYONS AND MEDITERRANEAN RAILWAY.—At a meet-
ing of the sharehollers of the Paris and Lyone Railway,
just held, a dividend for 1856 of 811. per share was de-
clared ; and the amalgamation formed with the Mediter-
ranean Railway Company approved of. As a tuns of
37f. 50a. per share has been al,•eady distributed, the re-
maining 43f. 50c. ba paid on and after the Ist of
July next.
MANCHESTER, SHEFFIELD, AND LINCOLNSHIRE RAIL-
WAY.—The working expenses and other outgoings of this
company's rail save (exclusive of the Manvhester. Such
Junction, and Altrincham siated below (have amounted
in the fortnight ending April 19. to 8,9931, lle. ld ,
whilst the corresponding period of 1856 amounted to
8,8631. 2s. 10d. The proportion of South Junction, &c.,
receipts accruing to this company for the fortnight
amounts to 9581. 7s. 31., as against 7321. 2s. ld. for
the same period of 1856. Tile proportion of South
Junction, &c., working expenses and other outgoings for
the fortnight is 4111. 2s. 101, whilst the corresponding
period of 1856 amounted to 3841 173. 51.
FIRES YESTERDAY.—Two fires took place yesterday
morning, one on the premises belonging to Mr. Dal.or,
in Eldon-street, Finsbury, used as oil ald colour stores ;
some of the inmates were obliged to be got out by fire-
escapes. The other took place en tho premises of Mrs.
Marks, in Newcastle-street, Whitechapel.

STtA Timor Snirs.—The Adventure and Assist-
ance, iron steam troop chips, fitting out at Portstuoutli
Dockyard for the cenveyance of troops and stores to
Chino, will not be ready to embark them fir a week or
to. As these vessels are children of the same parentage
as the Trans'', it is po,sible thet her fate may stimulate
the " rowers that be" to make them worthy of the
pennant.
GOVERNMENT EMIGRATION TO AUSTRALIA.---SOUTH-
AMPTON, Friday.—The City of Bristol, 619 tons, is in
the docks embarking her emigrants for Perth, Western
Australia, and will sail about Tuesday nex7„ The Tal-
bot, of 847 t)ns, is in the docks fitting out for Goel mg,
and is to ho ready for her passengers on the 14t:i of May.
The Emigration °Commissioners have chart( red the Lady
Ann, of 745 tons, to sail from Ryinouth for Moreton
Bay nn the 18th of Juno ; rate, 181. se. 61. ; and the.
Hotspur, of 1,670 tons, to sail fro n S,uthamp`on for
Melbourne oe the 25th of June ; rate, 171. 3e. 61.
E3IIGRATION TO CANADA —PLT3IOUTH, Tour-day.—
The last of the spring fleet belonging to this port, the
Cap B,Juse, Captain Spn trs, satire', for Quebec yester-
day evening. b'he huttlens about 1,500 tons, is 174 feet
long, has a beam of 35 feet, and 'tsveen decks 9 feet high
and elf amply accommodation for her 400 passer..
gers. Teey are composed chiefly of miners and agricul•
turiste, one of whom is accompanied by his wife and en-
tire family of 12 children. A large prop col no are
destined for Upper Caneda. The nine ships taking
passengers from this port have embarked during the
current month 2,310 souls for Q xebec.
LONDON HOSPlTAL.—Thursday being the anniver-
sary of the establ.shment of the above hospital, mere
than 100 years ago, a sermon was preached in the church
connected with the institution in support of its funds.
Tee annual report was presented, from which it appeared
that laq year the out-patients numbered 19,231, and the
in-patients 4,209, of whom about 2,500 were admitted
without recommendation. There was a balance of ex-
penditure over income amounting to 8,251/. 10s. Last
year this balance reached 5,412/. 12s 4d. The total
expenditure, including the ordinary and extraordinary
claims on the hospital, was 24,2031. 9s. J. The in-
come fir liquidating these demands was as follows :-
12,234/. facto rent and dividend on stock, and from
voluntary subscriptions, donations, 3,5971., leaving the
balance, as above stated, against the institution.
The demand for money in the discount-market and at
the Bank continues without the slightest abatement.
The requ'remente yesterday were suppo,ed to have been
partly in preparation for the heavy liabilities to be met
on l'londay, the 4th, and partly to pay for a considers' le
portion of the silver i 5 be taken by the Pera to India
and China, which, although below the amounts shipped
by the previous mails, wi.l still be about 500,0001.
Geeeralv, however, the feeling in the City yesterday
seemed rather lees unfavourable. The arrival of the
Magdalena from Mex'ca and the West Indies with
530,0001. exercised a satisfactory inflaence, and the
letters from Paris, notwithstanding a further fall on the
Bourse, were in a rather more confident tone. From
Vienna the accounts describe almost a panic with regard
to the shares of noir undertakings wi h which the mar-

ket has been flooded, but there Lines not at present seem
to be any apprehension of irretrievable mischief in that
quarter. During the coming week the movements in
the various European money markets will depend in a
considerable degree on the reports of the progress of the
silkworm in It&y, Spain and France, and also on the
question whether the late severe weather has been found
to have inflicted damage on the grain or other crops.—
Times.

SERIOUS COLLISION IN THE BRITISH CHANNEL.—
PORTSMOUTH, Friday.—This morning, shortly before
daylight, the Peninsula steamer, Captain Wason, be-
longing to the Messrs. John Hall atd Co., of London,
was coming down Channel, bound from Gibraltar, v.ith
a heavy cargo and a few passengers, when suddenly a
vessel was descried on her starboard bow. Tu avoid
col!isi,)n the steamer was stopped, but the next moment
the collisien took place. We find that a schooner named
Prince imperial, of Wisbeach, Taylor, master, had
sail-A from Newport laden with a c.rgo of railway iron
for Harburgb, and was proceeding up channel without a
single light on board. The steamer hied all ber lights, a
good look-ou,, kept, and foretopsail set, and about 3.20
a.m., the commander of the Peninsula ordered the quar-
ter boat to bo immediately manned and lowered, and
proceeded on board the schooner, and advised the master
and crew instantly to get on board the steamer. It ap-
pears, however, that two of the crew, being desirous
to save their clothes and effects, went below for such
purpose,3o b
duringrqAo 7, andbic t
h period tohre
fellowssch oonevvr
cwreeni.tosdt. down is
about
possible t Ilene can attach to the steamer. Tile master
and three men of the schooner got safely on board the
steamer. The Peninsular made the best of her way into
Portsmouth Harbour, but onbeequently proceeded to
Southampton.

.. ATE S'l, NEWS.

THE AUSTRA.LIAN MAILS.

decided that it shall no longEr b 3 given, and that
t.ie cup intended for 1854 shall be run for at the
races which are to take pi- ee this year at Moscow."
A tel-graphic despatch his b en re_eivf.A from
St. Petersburg, announcing that tin pruhihition
against the export of gal has tic n removed. The
Russian Government hts ju3t pull:lei the treaty
of commerce and navigation with J Tan, consi-ting
of n'ne articles. The pmts of SUno la, flakoda,da,
and Nengasaki are opened to Rusian coamere?.