The Sun.
London, England, 1868-01-30 00:00:00

THE SUN, LONDON, THURSDAY EVENING, JANUAItY 30, 1868.

MR. DIXON'S NEW WORK.
SECOND EDITION, in 2 vole., Bvo., with Portrait,
SPIRI-TUAL WIVES.
By W. HEPWORTH DIXON,

Author of "New America," &c

"No more wondrous narrative of human passion and ro-
mance, no stranger contribution to the literature of psychology,
than Mr. Dixon's book, has been published since man first began
to seek after the laws that govern the moral and intellectual life
of the human race. 'Spiritual Wives' will be studied with no
less, profit than interest." Post.
"In these volumes, written in the most vivid, animated, and
pictorial of styles, Mr. Dixon has treated a difficult and delicate
subject with-great refinement and judgment, and he has cer-
tainly pi oduced a book which is calculated to absorb the atten-
tion of every intelligent reader who opens it
"A lithe and sinewy style and a picturesque knowledge of the
most attractive literary forms enable Mr. Dixon to make his
subject at once interesting and instructive. The tone of the com-
position is refined and pure to a degree. There is not a coarse
line of a coarse thought throughout the two volumes."—London
Review.

Hurst and Blackett, 13, Great Marlborough-street.

Now ready at all the Libraries, in 3 vols..
LOVE'S SACRIFICE.
By Mrs. W. GREY.
"There is much to admire in 'Love's Sacritlce It is greatly
superior to the ordinary run of tales. The character of M arie
is presented with distinctiveness and force, and the more
startling incidents of the drama are set forth with excellent
skill and vigour."—Atheneum.
Hurst and Blacked, 13, Great Marlborough-street.

Just published, price ls. Cd., by post is. Bd., the Second Edition,
with Addenda, containing additional Facts and Cases, in illus-
tration of the nefarious proceedings of the Advertising Quacks,
REVELATIONS OF -A-QUACKS AND
QtJACKERY. By DETECTOR. Reprinted from the
"Medical Circular."
London: H. Balliere, 219, Regent-street.
The numerous reviews of this startling work by the Saturday
Review, Punch, Weekly Dispatch, Public Opinion, and other
journals, recommending its universal perusal, are reprinted with
this edition.

EOLOGY.-KING'S COLLEGE, LONDON.
VT PROFESSOR TENNANT, F.G.S., COMM ENO ED A
COURSE of LECTURES on GEOLOGY on FRIDAY, January
24, at 9 a.m. They will be continued on each succeeding Wed-
nesday and Friday at the same hour. A shorter course is also
given on Thursday evenings, from Bto 9. Test-Bock, Lyell's
"Elements of Geology." Professor Tennant accompanies his
students to the Public Mnseums, and to places of Geological in-
terest in the country.
R. W. J ELF, D.D., Principal

H YAM & Co.'3 GENTLEMEN'S CLOTHING,
66 and 67, Oxford-street, London.
For immediate Wear or to Order.
The assortment, is most extensive and varied, comprehend-
ing every possible description of Attire, both costly and of
moderate price. All the articles are designed, trimmed,
and made in strict accordance with the prevailing styles
of the day.

HYAM & Co.'s SANDRINGHAM OVER
COATS.

HYAM & Co.'s SILK-LINED OVERCOATS

HYAM & Co.'s FASHIONABLE REEFERS.

H YAM & Co.'s SUITS.

HYAM & Co.'s MORNING COATS.

HYAM & Co.'s PROFESSIONAL ATTIRE

HYAM & Co.'s VESTS and TROUSERS.

HYAM & Co.'s LADIES' HABITS. ,

HYAM & Co.'s LIVERIES.

HYAA.I & Co.'s HATS and HOSIERY.

r. 4 YAM and CO.'S PRICE LIST for GEN
-LI TLEMEN'S ATTIRE, Ready-made or to Order.
New Styles in Tweed Overcoats
New Styles in Sandringham Overcoats 2ss. to 635.
New Styles in Silk-lined Overcoats 42s. to 84s.
New Styles in Reefers
New Styles in Dress and Frock Coats
New Styles in Morning Coats
New Styles in Dress and Undress Suits 42s. to 70s
New Styles in Vests
' New Styles in Trousers l4s. to 255.

HYAM and CO.'S LATEST STYLES and
PRICES for YOUNG GENTLEMEN'S ATTIRE.
Sandringham Overcoats 2ls. to 425.
Prince Alfred Reefers l6s. to 30s.
Overcoats for Little Boys l2s. to 30s.
Inverness Capes
Knickerbocker Suits Braided
Patent and Silk Velvet do 3ss. to 90s.
Harrow and Rugby Suits
Wimbledon Suits for Elder Youths
Trousers in all the New Materials
Waiitcoats for all purposes

HYAM & CO.'S SELECT DEPARTMENTS.
No. 1. Gentlemen's Clothing for immediate wear.
No. 2. Bespoke or Order Department.
No. 3. Boys' and Youths' Distinct Department.
No. 4. Hats, Caps, Hosiery, and Outfit Department.

HYAM and CO.'S ESTABLISHMENTS.
LONDON-66 and 67, Oxford-street.
BIRMINGHAM-21, 22, and 23, New-street,
LEEDS-42, Briggate, and.
DEWSBURY—Westgate.

10 HN tr OSN ELL and CO.'S CHERRY
TOOTH PASTE is greatly superior to any tooth
powder ' • gives the teeth a pearl whiteness, protects the
enamel from decty, and imparts a pleasant fragrance to
the breath. Price Is. 6d.--Red Bull Wharf, 93, Upper
Thames-street, London.

DUNVILLE'S V.R. OLD IRISH WHISKY,
BELFAST,
Is regularly supplied to the House of Lords.
" V.R.' IRISH WHISKY.

DUNVILLE and CO.'S " V.R." OLD IRISH
WHISKY, BELFAST.
London Offices and Stores,
4, BEAI7FORT-BUILDINGS, STRAND, W.O
Established 1808. Quotations on application.

DISCOVERY OF GUNPOWDER (TEA.)-
Large quantities of the very finest descriptions have
been discovered in Great St. Helen's, at the Warehouses of the
" EAST INDIA TEA COMPANY,"
and are going off rapidly at importers' prices. Also the most deli-
cious Kaisows and Monings ever shipped from China, from 2s. 6d.
upwards. Family Tea, 25.; in half-chests, Is. 10d. Tea for the
million, ls. ld. Price Lists post free on application at 9, Great
St. Helen's Church-yard, Bishopsgate-street.

FURNISHED HOUSES, from £2 2s. to £2O
per Week.—D. S. HUMPHRIES has at all times a
number of First-class RE SID k:SC ES to be LET. furnished
or unfurnished, or Kold, more rarticularly in the neighbour-
hoods of Sydenham, Upp,sr Norwood. Forest-hill, and vici-
nity.—Particulars may be had at the Office, Printing House-
square.

HOUSES and APART MEN vs WANTED, and to be LET

or SOLD, BUSIN'ESES for DISPOSAL, .t.o.
PROPERTY, FREEHOLD or LEASEHOLD.
D. T. HITHPIIRERS has continual applications for
all descriptions of PRDPERTY which will pay good interest
for outlay. Houses out of repsir not objected to. T. D.
Humphries can at all times find customers for all descrip-
tions of businesses. Hotels, public hogs s, Ac, sold and
transferred. Apply, D. T. Humphries, Estate Agent. Print-
ing House-square.
tir -F.
r •

THOMAS & CO.'S PATENT

SEWING MACHINES.

The celebrated No. 2 Machine, unequalled for general
work, £lO. The new Domestics Machines complete (Lock
Stitch), £5 55., £6 65., and £B. Catalogues free.
W. F. Thomas and Co., 1 and 2, Cbeapside, and Regent-
circus, Oxford-street, London.

RAILWAY iN rELLIGENCE.

METROPOLITAN.

It appears that the accounts of this company, as
certified by the auditors, show a balance which,
after payment of the usual dividends on the pre-
ference, the new redeemable, and the extension
capitals, will admit of a dividend of seven per cent.
on the consolidated stock, carr3ing forward a ba-
lance of .£6,999.

MANCHESTER, SHEFFIELD, AND LINCOLNSEIIRE.
The half-yearly general meeting of this company
was held at Manchester yesterday—Mr. Watkin,
M.P., in the chair.

The report, an abstract of which appeared in The
Sun, was taken as read,
The CHAIRMAN, in moving the adoption of the
report, referred to the generally admitted fact that
this company's form of accounts, devised some years
ago, was the best and most intelligible that had
been adopted by railway companies. He repeated
the remark he bad offered at several half-yearly
meetings in succession—that the dividend of this
company must be expected rather to diminish than
increase until the large amount of capital commit-
ments they had in hand were not only fulfilled, but
a reasonable time had been given for traffic in the
new undertakings to be developed. Although
he gave that warning some years ago, he
had evinced his own sincerity by not parting
with a single share he then held, and which he
could have sold at the higher rates of that period,
either in this company, the Great Western, the
North Staffordshire, or the South-Eastern. In the
corresponding period of last year the dividend was
3 per cent., instead of 2, as now proposed. But then
they bad a " nest egg"—a sum to credit, not brought
into profit and loss account, from which over £ll,OOO
had been taken, or about one-half per cent. dividend,
to make up the figure of 3. The depression in trade,
the bad harvest in Lincolnshire, were causes of check
to the traffic in the past half year. He already
perceived signs of hope that the cotton trade had
taken a more favourable turn. Unfortunately the
company had been exposed also to competition
from the Midland,'instead of receiving the addi-
tional traffic from that company which was promised
under the agreement he held to be so unwise years
ago, when he left the management of this con-
cern iu consequence of the mistaken policy, as be
then recongniscd it to be, of making that agree-
ment. There had also been a competition at sea
during.the half-year, which he hoped was now ter-
minated by an agreement with the competing into-
iests, recently signed. Notwithstanding that the
bad trade and deficient harvest had caused a de-
crease of traffic in some important departments, an
increase had been earned in the heavier kinds,
though, of course, at a heavier rate of working ex-
pense. Deducting, however, the heavy increase for
compensation, and for rates and taxes, with other
quite exceptional items, the amount of increased
working expenses was only about £1,500. But the
most important point on which he had to touch was
the question, Is the dividend honestly earned ? In
these days everybody suspected everybody else,
and-one consequence of this was that we were in
danger of not making the management of these con-
cerns more healthy, but of running after crotchets
which would make the future management almost

impossible. There were four points upon which a
railway board might cook a dividend ; Ist, they
might charge interest to capital upon unproductive
works which ought to be charged to revenue ; 2d,
they might charge their parliamentary expenses in
opposing and promoting bills to capital, where it
ought to be charged to revenue ; 3d, they might
have steamers, as this company had, to the extent
of £120,000 capital, and have no depreciation fund
wbere there ought to be one ; 4th, they might dimi-
nish the value of their rolling stock, plant, railway,
and stores, without putting by a depreciation
fund to meet inevitable waste. On each of these
points he entered into details as they affected
this concern. On the first point he left it to
the shareholders to decide for themselves. He
would accept their decision, but his own opinion
was that the interest on unproductive works charged
to capital should not be deducted from the dividend.
That interest was as much part of the original cost
as was the cost of the stones in building a mill.
(Applause.) He entered into explanations with re-
spect to the other three points, all of which had
been raised in the auditor's report, explaining the
special circumstances which made it seem undesir-
able to charge the law expenses in question to capi-
tal, or to have a depreciation fund for so small an
amount as was concerned in the capital of the
steamers, or where the system of stores was on such
a footing as that which was adopted in this concern.
With respect to the maintenance of the way and roll-
ing stock he made comparisons with the amounts ex-
pended in renewals, &c., by this company and the
several greater concerns which surrounded it, show-
ing that the Sheffield Company devoted out of re•
venue a much larger amount of money to mainten-
ance and renewal than its neighbours did, and, at
the same time, that the value of engines and other
stock was credited in the books at much less than

the average cost. As to the improvements in the
rolling stock, he invited the shareholders to go into
the station-yard and inspect them for themselves,
comparing the original engines, waggons, &c., with
those which were gradually replacing them. (The
proceedings were suspended for a few minutes,
during which a considerable number of gentlemen
went into the station to satisfy their curiosity on the
subject.) In the course of subsequent remarks the
chairman held out hopes of an improved understand-
ing with the London and North-Western and proba-
ble saving of outlay ; he also intimated that no new
capital outlay had been incurred in the past half-
year, nor would be incurred with his sanction dur-
ing the present critical position of railway affairs,
all new sidings, &c., absolutely necessary being
charged to revenue.
Mr. FILnES, M.P., expressed great satisfac-

tion with the chairman's explanations, though think-
ing it would be better to have charged one item—
the law expenses—to revenue, and to have had a
depreciation fund for the small steamer capital.
After some criticisms from Mr. ROBERTS (Ches-
ter), who continued to deplore the South Yorkshire
engagements and the Cheshire undertakings,
The report and dividend resolutions were unani-
mously carried.
Mr. Child, accountant, was elected auditor, in
the place of Mr. Unwin, who resigned.