The Sun.
London, England, 1868-03-05 00:00:00

ING, MARCH 5, 1868,

iv pro ducers will often be compelled to take orders for
two or three weeks' production ; but they need not
Jointnit themselves to the extent of three, four, five,
and even six months, which many did in December
and January last." Messrs. Ellison and Heywood
think it still premature to withdraw their estimate
(avd that of some other eminent houses in the cot-
ton trade) of a crop of 2,600,000 bales of cotton.
In fact, it is possible the quantity may be yet
gre: Lter, and they see the advantage in the rise of
pri( TS that it will prOmpt planters both in America
and ! India to hurry forward their crops as fast as
possible to the seaboard, while it will stimulate pro-
due tion all over the world, and cause the supplies
for 1869 to be much larger than they otherwise
would be.
BELFAST, 3d.—Flax.--During the past week the
markets were moderately supplied ; attendance of
purchasers numerous. All flax changed hands at
prices in some instances at an advance of 6d. per
stone. Yarns.—Although a considerable business
was done, still transactions did not reach so large
an amount as did those of the week preceding.
Orders to a considerable extent from the Continent
have appeared, but at prices in many cases insuf-
ficient to admit of acceptance. Stocks have become
further reduced. Prices firm. Linens, Brown
Handloom.—Some improvement in demand exists
for linen handkerchiefs and drills. Diapers and
damasks are not in active request. A fair business
continues to be done in light linen for bleaching,
and cloth for dyeing, and hollands. Pos erloom.—
Business transacted in light linens for bleaching,
cloth for dyeing, and hollands, roughs, and cambric
handkerchiefs has been to a fair extent. Stocks of
all these descriptions have become reduced, and
prices generally have an upward tendency. Bleached
and Finished Linens, Home Trade.—The improve-
ment as lately announced continues to exist, and a
fair amount of business has been done. For some
descriptions of goods large orders have been placed.

RAILWAY AND OTHER COMPANIES 7

GREAT WESTERN.

The Committee of Consultation appointed on the
29th of March, 1867, state in their concluding re-
port that they are now able to resign their office,
and to state what has been effected since the gene-
ral meeting of proprietors in August last. The re-
construction of the board appears to work satisfac-
torily, and they are strongly of opinion that the
present constitution of the board should not be dis-
turbed. Much has devolved upon the new board
in the difficult and important duty of reorganising
the working arrangements of the company, in which
the committee have learnt with satisfaction that
they have been cordially assisted by the chiefs of
the several departments. The duties of each officer
and department have been defined ; more indepen-
dent action, attended with greater personal respon-
sibility, has been vested in the heads of depart-
ments, and a system has been established which the
committee believe will secure to the company the
best exertion of its officers. The board and the
departments are working harmoniously, and a feel-1
ing of stability has been created which has long
been wanting in the internal econcmy of the Great
Western Railway Company. Beneficial results in
the conduct of the company's business may reason-
ably be expected from an efficient organisation inch
as is now satisfactorily accomplished. The position
of the temporary loan account,had been still further
improved. On July 31, 1866, the amount due was
£1,286,837 ; on January 1867, the amount due was
£859,323 ; on July 31, 1867, the amount due was
£367,530; and on January 31, 1868, the amount
due was £173,530. The renewal of debentures has
been effected upon as favourable terms as the com-
mittee could have anticipated. During the half-
year a considerable sum has been obtained at 41 per
cent., but looking at the large amount falling due
each year, the committee do not hesitate to say that
until confidence in 'such securities is fully restored
the renewal of debentures will be likely to prove the
most difficult part of the financial business of the
Great Western Company, and they strongly urge
that every* effort should be made by the directors
and shareholders, as speedily as possible, to con-
vert the terminable debentures into a permanent
debenture stock. They unreservedly repeat their
conviction that the debentures and the debenture
stock of the company are a perfectly safe invest-
ment. The committee express their great regret
at the proceedings in Chancery which were insti-
tuted against the company to restrain them from

issuing certain stocks in discharge of dividend, and
at the adverse decision in which those proceedings
have terminated, so contrary to the opinion at first
expressed by Vice-Chancellor Malius. They re-
main firmly of opinion that the course adopted by
the company was the best that could be devised for
the interests of the Vale of Neath proprietors, in
common with all other sections of the amalgamated
company. The committee feel assured that the
railway is now governed by prudent counsels, and
that firmness and caution preside over its adminis-
tration. They have urged strongly upon the board
the necessity of imposing a strict restraint upon
capital outlay, and they find the board equally hit-
pressed with the necessity of avoiding this kind of
expenditure, and of encouraging friendly relations
with neighbouring companies. Time is required to
allow the establishment to settle down to its work
after a long period of distracting influences. By
abstaining from schemes of extension and further
guarantee obligations, and by attending to the cul-
tivation and the economical accommodation of

traffic, the committee believe that the way will be
found to a steady increase of dividend ; but it
would be unwise to expect a sudden recovery
from evils so deep seated as those which oppress the
Great IN estern Company. In conclusion, the com-
mittee cannot refrain from expressing their opinion
that Parliament is largely responsible for the vicious
system of railway extensions, which has brought
disaster and discredit upon undertakings of so much
national importance. While Parliamentary Com-
mittees were ready to sanction every scheme of rail-
way extension under the assumption of giving in-
creased public accommodation, however recklessly
promoted, or however aggressive the character of
those schemes might be, it was scarcely possible for
any single company to avoid becoming entangled in
this ruinous warfare, and the responsibility must
lie where the controlling power alone resided—viz.,
in the Legislature. The committee consists of
Messrs. Edward Smith (chairman), Thos. Brassey,
Richard W. Giles, Robert Rankin, and Samuel H.
Thompson.