The Sun.
London, England, 1850-08-19 00:00:00

(1-,',l:(Herc(rtit Itz

LONDON, MONDAY, AUGUST 19, 1850.

Much has been said both in and out of Parliament
respecting " the estate" that had been sold by the
Commissioners for one and a half year's purchase on
the-, profit rent. Many arguments were founded on
the transaction; as being little better than " confisca-
tioie," exhibiting gross recklessness on the part of the
Comnaissioners, and an utter disregard of the in-
terests 'of the unfortunate inheritor, and still more
unfortunate puisne incurubrancere. It was considered to
be ioLleed " an alurming sacrifice," showing that there
we no reserve, and that prop"rties would be disposed
of, at any prices, however inadequate, that might be
offered. The admitted facts of the case afforded
ample corroboration to these statements. The lands,
containing nearly 8,000 acres, were a part of
a liege estate, held altogether for a long term
at the yearly sum of 1931., or thereabouts. It was
stated that they produced a yearly income of Gall.,
leaving a' profit to the proprietor of something more
than 400/. per annum over and above all outgoings ;
and if there was any mistake or error in the assertion
the 'Commissioners were, to a certain extent, at least
patties thereto, inasmuch as they placed the entire
he ad rent reserved by the original lease on it alone,
ini6isposed of the remaining lots, free from any
cleirn on the part of the landlord. It was one of the
fire,eestatee brought to th© hammer, and was knocked
du7,%it; for 6001., r one end a tea year's purchase.
This, early sacrifice had a very deteriorating in-
fluencu on future saes. It went forth to the world
that eepersen might become
,the happy proprietor of
an er.;;Oe:sive, territory—as large as some of the Ger-
men principalities--ecomprising thousands of acres, at
a mere nominal price. Persons at a distance were
detirred from competing fa- really valuable proper-
ties oa the supposition that there must be " some-
thing rotten in the state of Ireland," or that such a
transaction could not possibly have occurred. While
all envied the fortunate purchaser his extraordinary
aNdisition, some of the overcautious determined to
seek other and safer channels for investment, while

even the more daring held aloof, hoping- that some
similar " God-sends" might fall into their hands, and
determined to keep their ready money available for
the golden opportunities that might arise. It is by
no means improbable that the net proceeds of the dif
ferent sales were diminished by many thousands of
pounds sterling, in consequence of the extraordinary
bargain that had beer. obtained in the first iustance.
These opinions were, however, in some degree
shaken when the " lucky purchaser" desired to sur-
render his " bargain," and to relinquish the extraor-
dinary advantages he had obtained. He was even
willing to pay the costs attendant op a re-sale if he
might be excused from completing his contract.
His application was Teeny granted. The Commi'-
sinners were only commencing their career; they
were probably desirous of exhibiting an off-han
mode of doing business that might invite future
custom, and perhaps felt some compassion for a man
who had gone beyond his means by bidding a high- r
sum than he had available; besides, there could he
but little prospect of loss, as 8,000 acres of land
would surely at any time produce far more than 6001.
The sale was consequently annulled, and the lands
again set up for competition at the new auction
mart" in Henrietta-street.

We believe that there was not on that occasion any
allegation of fraudulent or unwarrantable represen-
tations being contained in the printed rental, which
constituted the basis of the contract between the
vendor and purchaser, and on the faith of which the
bidders were invited to come forward. Had sueh
been the case the purchaser would have been dis-
charged ex debito justitice, as a matter of right,
not of favour, and would have been en-
titled to receive, and not ordered to pay,
costs. The rental and conditions of sale would also
have bsen revised, so as to-prevent the passibility of
a similar mistake occurring a second time. Nothing
of the kind, however, took place. The first purchaser
did not make any objections to the rental. He did
not assert that the real facts of the case had been in
any degree perverted, or that he had been deceived.
He was, as we have already stated, discharged
as a matter of grace on payment of costs, and the
lands were again set up without any alteration in
the printed particulars. These facts afforded the
strongest corrobsration of the accuracy of the pub-
lished rental. The estate submitted to public compe
tition was held for a term equivalent to a perpetuity,
and produced, at least, if the tenants satisfied their
respective liabilities, a clear profit rent of 4001. per
annum. Beggarly, however, and inadequate
as were, the offers at the first auction, those
at the second were far worse, and the lot
was eventually knocked down for 4501., or
little more than one year's purchase on the profit rent.
The astonishment and surprise of those at a distance
reached the highest pitch at this almost inexplicable
transaction, and the Learned Commissioners incurred
heavy odium for permitting so great a sacrifice.
The mystery has, however, at length been brought
to light, a full explanation has been given of the affair.
An application was made on Thursday on the part
of the, second purchaser to be released from his
" wonderful bargain,"kbut on very different grounds
from those put forward by his predecessor. There
were, it appeared, no less than 19 misrepresentations
in the printed particulars. The property was appa-
rently a damnosa hereditas, involving considerable
responsibility and but little expectation of profit to
the proprietor. In place of yielding 4061. per annum
to the proprietor, it had not for some time yielded
sufficient even to satisfy the claims of the Lead land-
lord. This might possibly be attributed to the tem-
porary depreciation of property during the Irish crisis,
but the rental was altogether of a fanciful character,
without any foundation in fact; as the Chief Commis-
sioner declared in his judgment, "it was all a fiction,
there was no truth in it."

Under such circumstances, it is almost unnecessary
to add, that the purchaser was discharged, and de-
clared entitled to his full costs, which are to be paid
by the party having the carriage of the proceedings,
in the first instance, but if he should be unable to
satisfy the demands, they are to be liquidated out of
the funds in the matter, in priority of all other
claims. The Court justly exhibited the utmost dis-
pleasure at the deception that had been practised, and
directed that the party responsible should not have
his costs on the sale of the lot, and that the costs on
the whole should be stayed Until the matter was
brought b‘fore the Court for its consideration, when
kit was intimated) "considerable deductions might be
made, or perhaps he might find that he would get no
costs."

This is as it should be. Where the process is so very
summary, and it is so desirable to gain public confi-
dence, it is essential that no wilful deccp►ion, or even
the slightest eriggeration, should be tolerated. It
must not be supposed that the rentals are merely
framed "fir sale" and "not for use." :We are rejoiced
to find that so salutary an example has been made,
and still more so at discovering that a matter which
had been made the foundation of serious accusation!.
against the Commissioners, has been exhibited in its
true light, and that the grave charges have in this
instance at least been fully and completely rebutted.

The months of February and August are generally
looked forward to with intense anxiety by all persons
interested in railway property. The general half-
yearly meetings of the various companies throughout
the country take place at these periods. The position
and prospects of the several undertakings are then ex-
plained, the amounts of profits and loss submitted for
general inspection, and dividends declared for the pre-
ceding six months. These are the seasons when di-
rectors must be prepared to submit to searching cross-
examinations as to their course of policy, and to
afford every information that can reasonably be re-
quired. There are now, fortunately, no concealments
—every point connected with the working expenditure
or profits of the lines is fully and clearly placed before
the shareholders. There are no over -sanguine estimates
of future earnings, no gorgeous ♦isions of " the good
time coming" to dazzle shareholders. The plain and
simple truth is detailed, clad in the sombre garments
of sad reality. Where there has been unquestionable
success, the proprietors are cautioned against
permitting themselves to be carried away by
the existing prosperity, and where there has been
comparative failure, the real facts are set forth with-
out disguise, no artificial means being resorted to in
order to enlighten the gloom of the moment. Divi.
dends are no longer paid out of capital ; on the con-
trary, not only is ample provision made for every
legitimate expenditure, the maintenance of the perma-
nent way, the keeping up of the locomotive pOirer in
full efficiency, but, wherever practicable, a considerable
reserve fund is retained in hand, to provide against
any possible contingencies, and to guard against the
danger of any reduction of diiidends below the re-
duced amount distributed during the last year. It
may, indeed, be questioned whether directors are not
falling into the opposite error from that formerly as-
cribed to them, and whether they are not exhibiting
a degree of over-caution which, although not as much
to be deprecated. as the previous rashness, being
unquestionably a mistake on the right side, and cal-
culated to regain the public confidence, is yet scarcely
fair to those having only life interests or other limited
estates in the companies' stock, and who may reason-
ably complain at being not merely deprived of the
temporary use of the money to which they were en-
titled, but at its being set aside to accumulate for
the benefit of remainder-men, or for shareholders not
entitled to participate in profits until some future
period. It seems that there is a jPaste milieu, a
happy medium that should be observed, so that
while the utmost care is taken to prevent any sum
being improperly charged to tha capital account, and
to ascertain that every shilling of what are styled
" the net profits" had been fdthfully earned, the
existing shareholders should be allowed to receive the
entire amount of the balance at the disposal of the
board.

The meeting of the London and North-Western
Railway Company is, perhaps, of all others the most
anxiously looked forward to. The "Leviathan," as

it has been justly termed, has ever taken a lead in
everything relating to railways. It is not merely
the amount of capital embarked in the undertaking,
or the well-tried and unquestionable integrity and
experience of the directors and manrgers, but
that there is no company in the northern division of
the kingdom that is not more or less concerned in its
condition and progress. It may, to a certain ex-
tent, be regarded as an index exhibiting the state of
railway prosperity. It was to its extraordinary suc-

cess, and the enormous profits realised by the early
shareholders, that the excitement was owing which
led to the over-rapH expenditure of capital, and the
premature construction of various branches, which as
yet, at least, have not realised the anticipations of the
shareholders. It is, if not " the first," at least one of
the earliezt to feel the effect of the general condition
of the country. When trade is flourishing and
money abundant there is a menifest improvement in
the traffic, which, if not yet perceptible in other dis-
tricts, may be confidently expected to appear very
speedily. Liverpool, M tnchester, and Birmingbam,
which may be termed par excellence "the commer••
cial districts of England," will be the first to suffer
from any depreciation, or to benefit by any
improvement; but similar results will speedily follow
in other localities, even the most agricultural, fer
the interests of trade, convnerce, manufactures, and
agriculture, are more closely and intimately con-
nected then is generally supposed to be the case.
No►hing could be more cheering than the state-
ments elicited at the meeting of this great company,
held at the Eu-,ton,square Station on Friday last.
Although the first half of the year is invariably
less profitable than the second, not only has the
dividend declared in February been fully maintained,
but a very large addition has been made to the reserve
fund, which now amounts to the enormous sum of
144,7211., and the gross receipts from traffic exhibit
an improvement of no leas than 77,2411., and on the
net profits of 69,7841., beyond those of the last corre-
sponding half-year (when a dividend was declared at the
rate of 7 per cent.), and that although " the com-
pany had been subjected at various points
to severe competition, and that many of the
lines calculated to draw off a portion of the traffic
long enjoyed by the North-Western have been in full
opera ion." These are indeed cheering facts, and were
received as such by the shareholders. The only
points of difference on the report arose on the amount
of dividend, amendments being ,successively proposed
to the effect that 51 and 6 per cent. should be distri-
buted, the former of which would have left a balance
of 101,0001., and the latter of 52,5681., to the credit
of the reserve fund. On division, however, the views
of the directors were sustai- ed, and a dividend de-
clared after the rate of 5 per cent. per annum only,
a rate that may be regarded as being as safe as that
of Consols ; perhaps more so, as it is tolerably well
known that Sir CHARLES WOOD is exceedingly
anxious to signalize his financial administration by
a reduction of the Three per Cents.
,to 21 or 2:1. On
the whole, however, although we think a larger
amount was honestly earned, and might fairly have
been nivided, we cannot blame the proprietors for
supporting a board whn have proved themselves io
deserving of their confidence, and carrying out in
every respect the views put forward in the report,
although involving a temporary sacrifice on their
parts.

UHE FRENCH REPUBLIC.

We have received the Paris journals of Saturday
Ind yesterday.
The accounts of the reception of the PRESIDENT
in the Departments are most contradictory ; the
journals of the aElTee represent it as being more
gratifying than even his most ardent friends could have
hoped or expected ; white the Legitignatist and Re-
publican journals, on the contrary, state that he was
everywhere greeted with over whtlming cries of
" Vive la Republique!" mingled with some cries of
"Vive la President !" " Vive Napoleon !" but that
the cry of " Vive le Empereur !" was scarcely
heard.

The ilfoniteur puhliThes the official text of the re-
ply of th,l PRESIDENT of the Republic to the request
of M. NotsoT that he would release M. GUINARD
from prison. It is as follows :
confess that I did not exp,q. at such a place, and
Ott such a moment, that a reproach would be addressed to
me— a::d what a reproach ! on the surject of an act re-
quired from me, without rcificting that it is iuterdicted
io are by the Constitution. Is it Lot known that the
prisoners, whom a sentence of the High Court of Jus-
tice has sent to Doulleni, can only leave it by a decision
of the Aseetnbly. As for me, with respect to all, little
or great, innocent or guilty, I have only one duty to
perform—to secure in the intereA of society the ex..cu-
tion of the law on those whom it has condemned, as I
have sworn to ensure protection to all the members of
the nation. Have I not faithfully kept my oath ? Is
not the law sovereign and reapectee ? Do not, tnen,
it,k me to do what I cannot do with,ut violating it.
Let the Alss.,mbly pronounce, and I shall know how to
execute its deci4i.43,_and cause it to- be respected."

This reply has given great offence to the supporters
of the Assembly ; they accuse Louis NAPOLEON of
qiking credit to himself for every act likely to conf,r
popularity, whilst he seeks to throw uplei the
Assembly the responsibility of all measures of
rigour. From Dfj,in the PRESIDENT went
'ho Chalons, where he revi,-wed the troops.
Here he quitted the railway and embirked on board
a steamer to proceeed to Macon by the river, stopping
it the various towns situated on the banks. At
Tournous, the municipal authorities, headed by the
Mayor, an aged man, came on board, when the latter I
delivered an address, which concluded as follows : I
" The star of honour which gleams in the arms of this
town reminds the inhabitants without ceasing of your
uncle, Napoleon-le-Grand, who in according them
that glori,,us recompense imposed on them the duty ot
remaining always worthy of it. Consequently order
,Ind wise liberty will not have any more energetic
defenders than the sons of those who in 1789 disper•ed
the bands of incendiaries, and of those in 1814,
who, guided by the purest patriotism. combated ler
the freedom of the B,cred soil of th,.ir country. The
whole town, Monsieur le President, by my voice,
draws your attention to the deplorable state of our
port. As you can yourself ascertain the exa;:titude of
my assertion, it feels no doubt that the interest which
the town is most anxious about will receive from you a
just satisfretion. Vive le PrCident de la Republique!"
The PRESIDENT replied that " the town of Tourrrius
WAR worthy ot all his solicitude, bosh on account of the
patriotism of its inhabitants, and for the affection which
the Emperor had entertained towards it ; it richly
merited the arms which the great captain had endowed
it with; and as to himself, he would take into serious
consideration the request just made r,l.at,ve to the port."
The cute also briefly addressed the PRESIDENT to assure
him of the devotedness of the clergy, and of their
ardent prayers for his preservation and for the welfare
of France. The PRE4IDENT thanked him in warm term,.

There is something approaching to the burlesque in
commencing with lomagnificent allusion to the star of
honour, and ending, like a begging letter, with
" the deplorable state of the port," and the " just
satisfaction which they hope to receive from the hand
of the PRESIDENT."

At Macon he was feted by the authorities, and pro-
ceeded from thence to Lyons. Here he was received
in grand state, and in answer to the address of the
Mayor of Lyons, he made a speech in which we find
the following significant passage :
"I am not the representative of a party, but the re-
presentative of the two great national manifestations
which in 1804, as in 1848, have desired to save by urd•.r
the great principles of the French revolution. Proud of
my ori;in and of my flag. I will continue fsiditul to
them. I shall submit myself entirely to the country,
whatever it may require of me, he it abnegation or per-
severance. Rumours of coups d'eteit may have perhaps
reacted you, to which you have given little heed, as I
thankfully acknowledge. Surpris: s and usurpations
may he the dream of parties who have no support from
the nati,m, but the man chosen by six millions of voters
executes the will of the people, and does not betray
them.".
The allusion to 1804 has given deep offence to
Legitimatists, Orleanists, and Republicans, and, taken
in conjuection with an article which appears in the
Pouvoir of Saturday, and which is entitled "Wrist
we Want," seems to indicate pretty clearly the inten-
tions, if not of Louis NaroLsort, at least of his par-
tisans.
The Pouvoir says it wants the Constitution so
altered by the present Assembly as to enable Prince
LOUIS NAPOLEON BONAPARTE to remain head of the
State with two chambers, and that the Constitution
so altered should be submitted to the country fur its
ratification.
The Constitutionnel, which is the organ of the
Ministry, thus comments on the speech of the PRESI-
DENT at Lyons :
" I he nob'e and courageous confidence of the Presi-
dent is certainly connected with the change that has been
operated in the minds of the people of these depat tments.
Such is the French nation. It meets half way thus who
go to it with complete openness of heart. The enthu-
siasm of the populations for Louis Napoleon is incontes-
table. There are people who indeed say, that such
manirestations have ever met princes of all kinds.
There is this difference, however, between the past
and the present:—ln meeting the representatives of
hereditary monarchy pi-sple thought ;hey were piing
day they hail aln wh
homage toh e eternal :and permanentoslegalo poser
To is s e s ,)
o rouf4
time.eord ng7l, tohi
,This
thine
anCi°fenssttaitti :nye s teom
bei
sp i
ar e v
owithin at short
shall not be. Ilent,etorward, we hope that no one will
accuse the President of a desire to prolong his power
by irregular means. His language at Lyons is a protest
against such poor expedients,
only used by parties who
have no hold on the nation. Let there be no pretext for •
equivocation. What rem sins to he said is this, that the
Napoleon loses much of
s
hercense popularity with
its
pprrft:steerceed boyt Ltti,ctinl
which be is invested, and that there is little merit in not
demanding from illegitimate means that which ono is
aln.ost sure to obtain from the tr. e and spontaneous vote
of a people."
The following tele4raphie dispatches have been re-
ceived from Lyons:—

" Lt ons, Augu,d, 16, 10 A.N.
" G eleral de la \fa; morn,Mini,ter of .War o•f
moot. arrived her-+ yc! ter I-1, charged by his Soli, roiut
to ciln3limew the Pr( sideut of the Republic on his pas
sage at Lyon-."

" Lyons, August 17.9 A.m.
"The Sti!)6rier Commandiug-tieneral to the 6ecre-
!arv-Gcy er .1 of .he Ministry of War.
" Thf• Preside-it of the RApuhlie sets out at nine it
the mt,rnia,z, ve"Y much ba',lstied with his ree,ptiun a'
LvonA. I acc-ompany him to Lour-1,--SJulnier aruA
Besancon. Have the goodness to address dispatches for
me to Dijon."

"Lyon?, August 17, 9 A.M
" The President attended the day before yesterday
the banquet and ball given to him by the city.
Yesterday morning he visited the school of Lamartioe,
and several ateliers, and went to a banquet of 1,200
c ivers, v.hich was given him by the commerce of the
c'ty. On entering the bounds of La Gulloiiere,
he was received by the municipal administration
'of the town. At txelve he reviewe,i the troop.; at four
he visited the ateliers of the Croix 0,1,d the ex-
hibition of the products of inluitry. Ili presided then
at the inautzunttion of the • caisse do secoors tnutuel e•.
de retraite' for the workmen of Lyons. In the ev-ning
a banquet was off-red to him by the Chamber of Com-
merce, and ho went for some tnometits to the p!ay.
Everywhere he received testimonies of the liveliest syiu-
pathy. The speeches which he made at three bampetA,
as well as at the inauguration of the caisso de sec ruts.'
were received with enthusiasm, and greatly cheered.
The President has just set out on the cuninuatiun of his
journey."
The Credit, the organ of the moderate Republican
party, has ceased to appear, it has been stifled by the
pres laws. Its subscribers are transferred to th,-.!
Siecle.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDoN STOCK-EXCHAN'v:E, Aus. 17.
Boulogne and Amiens, 7 —East Indian, 71/2—Luxem-
bourg, 1 tia—Northon of France. 1454—Paris and Rouen,
231/3 ex div.—Rouen and Havre, 9%—Tours and Nantes, 3%