The Sun.
London, England, 1844-06-25 00:00:00

tiee of. his conclusions could not be denied.
,He had
paid great attention to the subject, but had not been
able to make up his mind upon it, and he should decline
giving a vote.
The House then divided, when there apperzed
• " For the Motion -
Against it 205
,
Majority against the Motion 187
The House then went into Committee, Mr. GREENE
in the Chair.

Clause 1 was agreed to.
On clause 2 being proposed
Mr. NEWDEGATE rose to bring forward the
motion of which he had given notice. To judge-from
the effect of 1819, it was impossible not to conclude that
the effect of this measure would be an increase -of
prices at least to the amount of twenty per cent. Taking
into account the increase of population, since that period
it was evident that the Bill must operate very seriously
to the injury of the working classes.—(Hear, hear.)
The- exchanges would be turned against this country.
There were two ways in which the adverse exchanges
operated. First there must be an exportation of bullion
to meet the foreign demand, and then there must be a
large drain of gold from the Bank to meat the demands
of the country occasioned by the panic necessarily
arising from the same cause. The House had just
divided, and he had found himself in a minority of
eighteen, but if this Act were in operation to its ap-
pointed term, and it should then be proposed to renew
the measure, the minority would be much larger. Ile
solemnly protested against the measure as not adapted
to the circumstances of the country. The very restric-
tion the clause imposed on the issue of securities com-
pelled him to divide the Committee upon the question
that the blank be filled up on the clause with the words
22 millions instead of 14 millions, the former sum being
the average of the last twenty-three years.
Sir R. PEEL could not but think that gentleman had
greatly mistaken this question. They seemed to think
that this measure restricted the Bank to issuing
14,000,0001. ; it did no such thing ; for when the 13111
passel there was nothing to restrain the Banking De-
partment from issuing 22,000,0001. or 24,003,C031, or even
28,000,000/. If power was given to issue 22,000,0001. on
securities, it would leave money to issue on bullion. The
Hon. Member proposed that the Bank should issue
22,000,0001. on securities ; if it did so, it would be ruined
directly, because it would have no bullion to meet its
issues. He considered the whole of the Hon. Gentle-
man's speech as directed not against this measure, but a
metallic standard, and to ary that the old metallic stan-
dard was to be kept up in the present condition of the
country, was to state that which was impossible. Ile
felt sure his lion. Friend would not press his amendment.
Mr. GISBORNE wished to ask if the Bank was to
have the power of issuing Bank post bills to an un-
limited extent.

Sir R. PEEL' said that as to these bills they would
be regulated by the general principles of. the measure:
Mr. M. PHILIPS was of opinion that the measure
of the Right Hon. Baronet would have the effect of
maintaininc, steadiness of price, and it was therefore a
measure which would confer great benefit on the
country. He felt that it was the duty of every member
who was in any way connected with those places in
which labour was largely employed to give this Bill
their fullest and best support.
Mr. H. PALMER argued that it would be impossible
for the Bank always to have it in its power to provide
gold for any demand which might be made upon them
in respect of Bank of England notes in circu-
lation. Speculations of all sorts, and the gold
requisite at certain times for the purChase of
corn, would preclude the possibility of this.
If the circulation was to be confined to 14,000,000/, they
would rue the day that ever they passed it.
Mr. KEMBLE should vote against the ataendznert.
Mr. C. WOOD supported the clause.
Mr. NEWDEGATE replied, withdrawing his amend-
ment.—The clause was then agreed to.
The House then resumed, the Chairman reported pro-
gress, and obtained leave to sit again on Thursday., •
The Education Bill was read a second time, and
ordered to be committed on Thursday.
The Salmon Fisheries (Scotland) Bill was read a third
time and passed.

The other orders of the day were then disposed o
and the House adjourned at Ten minutes past One.

UNION BANK OF AUSTRALIA.
Yesterday the half-yearly meeting of the shareholders
in this Bank was held at the office, 38, Old Broad-street.
The secretary having read the report, which stated that,
owing to a sum of 15,0001. having been transferred from
the net produce on trade for the purpose of covering
doubtful debts, the dividend for the shareholders.would
be consequently lessened, the Chairman said, that owing
to the great distress which prevailed in the colony, it
was a matter of surprise that they were enabled to lay
even such a favourable report before the shareholders.
The Directors, anxious to protect the interests of the
Bank, had issued directions to their several agents to be
particularly cautious in all transactions at the branch
banks. By the last accounts from Australia it appeared
that the commercial and agricultural prospects of that
colony were much more cheering• than they had been
when the last meeting took place. He felt happy, under
all•fhe circumstances of the case, to state that a divi-
dend at the rate of 6 per cent. per annum would be de-
clared upon the last half year. In reply to a question
from a proprietor, he stated that at Sydney the rate of
interest at which they discounted was, for short bills
6 per cent., and for long bills 8 per cent. ; at other
branches the rate of discount was 8 and 10 per cent. A
ballot for the election of Directors took place, when
Messrs. Gardner and Buckle were unani:nously re
elected, and the meeting separated.

OLOMBIAN MINING COMPANY.
A special general meeting of the Shareholders in this
Company was held yesterday, at the office, 44, Fins-
bury-square, for the purpose of increasing the capital—
a step rendered necessary by the acquisition of the pro-
perty called Ventongimps, which adjoins the Company's
mines in Cornwall. Mr. P. Stainsby in the chair.
On the motion of Mr. G. W. Scorr, seconded by Mr.
THOMAS, it was unanimously resolved, that 1,200 new
shares of 5/. each be issued ; and the Directors were
empowered to issue certificates for the same, each certi-
ficate to represent three shares, in such form as they
may deem expedient. The sum of 3/. per share on such
new shares to be paid, by three instalments of 1/. each,
on the 26th of July, 26th of September, and 26th of Ja-
nuary next, but no certificates for new shares to be issued
until all such instalments are paid.

MR. GLADSTONE'S BILL ON

RAILWAYS:

Prints have just been issued of " A Bill to attach
certain conditions to the construction of future Railways,
authorised or to be authorised by any Act of the pre-
sent or succeeding sessions of Parliament, ancl,the other
purposes in relation to railways," brought in by Mr.
Gladstone and Mr. Greene, and ordered by the House
of Commons to be. printed, 20th June, 1844.
This Bill comprises 48 clauses. The preamble recites
that "It is expedient that the establishment of new lines
of railway should not be authorised, unless such con-
ditions as are hereinafter contained for the benefit of
the public." Clause 1. enacts that " Bills of future
railways shall be liable to revision ; and that above the
clear usual profits divisible upon the subscribed and
paid-up on capital stock of any new line of railway,
track, or branch, to be established after the Ist January
next after passing of the Act for such railway.
" Upon the average of the three then last preceding years,
shall equal or exceed the rate of ten pounds for every hun-
dred pounds of such paid-up capital stoPiti it shall be lawful
for the Lords of the Committee of Privy Council for Trade
and Plantations, upon giving to the said Company one ca-
lendar month's uatAGO in writing of their intention to revise
the seals of tolls, fares, and charges limited by the Act or
Acts relating to the said railway, and to fix such new scale
of tolls, fares, and charges applicable to such diarent classes
and kinds of passengers, goods, awl ether traffic, as in the
judgment of the Lords of the said Committee, assuming the
same quantitie4 and kinds of traffic to continue, shatt
likely to reduce the said divisible profits to OW Seal rate of
be
ten pounds in the hundred."
Clauses 2 and following ones provide fbr deduction, by
Lords of said Connniteo, fur amount of losses by any
bad managemiult of the Company, from amount of the
sum to be paid to Company in respect of such guarantee.
Revised scale of toll, fares, and charges, as fixed by the
Lords, to take effect on being published in the London
Gazette. This revised scale may be raised by Board of
Trade, but npt lowered, without consent of the Company,
for seven years, No Company, while under such revi-
sion of its affairs, tolls, &c., to increase its capital. Board
of Trade may, institute regulations as to the Company's
traffic. As to option of purchase, clause 7 enacts
" That whatever ray be the rate of divisible profits in
any 814311 railway, it shall be lawful for the Lords of the said
Oommittee, if they shall think fit, at any time after the ex-
piration of the said term of fifteen years, to purchase any
such railway, with all its hereditaments, stock, and appur-
tenances, in the name and behalf of her Majesty, upon giving
to 041144(1(innipany one calendar month's notice In writing
of their intention, and upon payment of a sum equal to
twenty-five years' purchase of the said annual divisible
profits, estimated on the average of the three then next pre-
ceding years k provided always, that, if the avoilige rate of
profit thr the said three years shall exceed the rate of ten
pounds in the hundred, it shall be taken at only ten pounds
in the hundred, far the purpose of calculating thereon the
amount of such purchase money."
Clause 8 provides the mode in which, when the profits
have been reduced by revision, the average is to be
calculated,
Ciallsos fl to 24 enact that a company shalt deliver up
a railway in a state of sufficient renew, and with a suf-
ficient working stock ;---ainount of depreciation in stock
to be deducted froia purchase-money. Interest uptin 1
debts to be deducted in estimating thg profits ;
mode of estimating divisible profi'4 where railway
is under lease. Account& to be kept and to be
open to the Boalld otl Trade ;—Purchase-raoney to
hp pai4 to the Directors. Receipt USidor the com-
Ua's seal for purch4se.pimey to be a good discharge.
n payment of pur•ohme-money, the railway and work;,
to vest in the Crown ; but contracts, &c., reticle with the
company to remain in force, Pru.;;;,o--teases or con-
tracts affecting the working of ibe railway ; actions, &c.,
not to abats, Diiierences to be settled by arbitrakors, %yl,o, are to be appointed within fourteen Ovs, and va-
cancies of arbitrators to be 41)04 Ap?cuntrneut of
umpire. PowO? Of asiAtTaior4 ittA 41 'fay books, &c.
liogi/ cif TT* r 9, "aersOMUJiy, liable.
patuse 44, 't Companies to provide one cheap train,
each way, daily," has been proposed with a degree of
considerate regard for the wants and the inferests, and
we may add, the feelings,. of' the pope, of which we find it
clifficit4 tosax too, mup i ccenixtenclatioo, 'he elauie
is thyse words
OW9. 4H -wllereAs it Is expedient' to secure to the poorer
of travellers the means of travelling by railway at
inodeltte fares, and in carriages in which they may he pro-
tected from the weather; be it enacted, that on and,after
the several days hereinafter speciOcKl,' all railvrarcompanie4
which shall have been incorporated by any Act of the
FTP4ellt session, Cr which shall be hereafter incorporated, or
Ivincli;by any 'Act of the present or any future session, have
obtained, or shall obtain, directly or indirectly, any extensien