The Sun.
London, England, 1850-02-05 00:00:00

THE SUN, LONDON,

he paid, in respect of every special engine and train
ordered, whether used or not, until such order is counter-
manded. sth, The company shall, duly and punctually,
at each week's end, pay the contractor the prices afore-
said, it being hereby admitted and agreed, that, in this
respect, time is of the essence of this contract.'
" If the arrangement with Mr. Brassey should be
sanctioned by the shareholders, the present board would
not be the parties to carry it out; but they do not cor-
sider this relieves them from the duty of stating em-
phatically the opinion which they entertain, not only as
to the expediency, but as :to the absolute necessity of
entering into the contract.
" As a difference of opinion existed between the Lon-
don deputation and the board on this subject, it was ar-
ranged that it should remain an open question for the
consideration of the shareholders, both parties being en-
titled to advocate such course as they might think most
advantageous fnr the interests of the company.
" The floating debt of the company, as stated in the
committee's report, amounts to 670,7441., of which about
two-thirds is secured or already provided for. The sum,
therefore, to be received from Mr. Brassey, together
with that proposed to be raised at the ensuing meeting
under the unexhausted borrowing powers, is fully suffi-
cient to cover the unsecured portion of the floating debt
" The directors are of opinion that by such an arrange-
ment alone can the floating liabilities of the company
be at present provided for, and taking into account that
Mr. Brassey could not be expected to take less than 5
per cent. on the advance which he is to make in pur-
chasing plant (which is equivalent to 2id. per mile on
the stipulated mileage), the directors are advised that
the terms are as moderate as any contract of the sort
which has as yet been entered into.
" The directors are quite aware that contracts of this
description are al yet but experiments, their value as
practical retrenchments not having been properly tested
by experience, unless, perhaps, in the case of the Lan-
caster and Carlisle Railway, which has been success-
fully worked since its commencement under a similar
contract.

" The arrangement will enable the new board to dis-
pense with the large establishment which is at present
necessary for the repair of the plant, and the working
expenses will be capable of nearly exact ascertainment,
instead of being undefined and variable.
"The proposed arrangement, if carried out, will afford
to the debenture holders complete security for the due
and continuous working of the line, and so enhance the
value of their preferable security over the revenue.
" In this point of view, the arrangement will be equally
advantageous to the shareholders of the Garnkirk,
Wishaw, and Clydesdale Junction Lines, and to the
holders of the 10L preference shares.
" But the leading advantage which it holds out is, that
it will at once re-establish the credit of the company,
and effect a great and immediate saving of interest, by
I putting an end to the cost of discounting and renewing
lAls. The sum proposed to be borrowed is sufficient to
cover the unsecured floating debt of the company, and
to enable those in the managemement of the line to pay
off the whole of this class of detts, so far as they are not
already provided for, or otherwise secured.
" The directors have taken the advice of eminent
counsel as to the legality of the transaction, and they
are assured that no difficulty exists in this respect.
They have also provided for the contingency of the com-
pany becoming desirous of putting an end to the con-
tract, either in consequence of its turning out too ex-
pensive, or by their being enabled t) raise money at a
lower rate of interest. It has accordingly been provided,
that although the contract is to endure for seven years,
the company shall have the option of terminating it at
the end of a year by paying 10,0001. to Mr. Brassey; or,
at the end of each succeeding year, by paying a
proportional part of this sum. Due care has also been
taken to secure to the company, at the same price, on
the expiration of the contract, either at the end of the
seven years or at any intermediate period, dtlivery of
equally valuable and efficient plant.
" The revenue of the line, if not in a perfectly satisfac-
tory state, is at all events in course of very rapid in-
crease, the receipts of the past half-year having consi-
derably exceaded the estimate given by the directors,
in the report offered to the half-yearly meeting in Sep-
tember. The works are all but completed— the line
itself in a most efficient st ite—so that, by providing in
the manner now proposed for payment of the unsecured
floating debt, the affairs of the company may be carried
on without embarrassment.

" Under these circumstance;, and with proper restric-
tions and conditions guarding the interests of the com-
pany, th© directors, had they remained in the executive,
would have had no hesitation in recommending the
shareholders to adopt the arrangement; and they feel so
strongly on the subject, that they consider it to be their
duty to express this as their parting advice to the share-
holders, although it would have been much more agree-
able to them to have left the whole question in the hands
of their successors.

"Unless this transaction shall be gone into, it appears
to the directors that the credit of the company will be
utterly paralysed. A scheme which has been suggested,
of allowing the floating debts to stand over unprovided
for, to be paid out of revenue during the next two or
three years, after satisfying working expenses, deben-
ture interest, and guaranteed rents, is totally im-
practicable, and could not be acceded to by the creditors
of the company, even if they were willing to do
so. Most of these floating debts are fur furnish-
ings to the company, under the heads of plant,
stores, rails, chairs, coke, &c., and most of the creditors
hold short-dated bill?, generally of small amount, which
have been discounted at Banks, and so are not under the
control of the parties from whom the goods were pur-
chased. These parties would, therefore, have no alter-
native but to sue the company, and enforce payment by
following out the usual measures of recovery. The
company, therefore, would st once become involved in a
multiplicity of harassing and expensive legal proceed-
ings, if any other course is followed than an immediate
provision hr this floating debt.
"111. With regard to the Bills specified in article 3d
of the notice, it was agreed between the London Com-
mittee
_and the directors, that the former should be at
liberty to follow such course as they pleased, the direc-
tors being desirous that the meeting should deal with
each Billl as may be thought proper. It is probable
that the; Committee will in their address inform the
shareholders (~f the course they intend to pursue and
recommend for their adoption in relation to each Bill.
" IV. The next matter to be submitted to the meeting
is the following resolution applicable to the fourth head
of the notice, viz.
" ' That the directors be authorised to raise, on de-

bentures or mortgages, the sum of 66,0001., under the
powers conferred by the Caledonian Railway (Edinburgh
Station and Branches) Act, 1847.'
" These are required to cover a part of the floating
debt, which will thus be to that extent provided for.

" V. The directors do not know whether the proposal
by th• London committee of moving for the appointment
of a committee of consultation, has been abandoned or
not."

Mr. J. J. H. JOHNSTONE, M.P., Chairman of the
Board of Directors, occupied the chair, but the Hon.
Gentleman did not enter the meeting till long after the
hour fur which it had been convened. The delay, how-
ever, was explained by Mr. Hodgson Hinde, who in-
formed the proprietors that their chairman was holding
a conference with Captain Plunkett, the chairman of
the London Central Committee of Shareholders, on a
matter of considerable importance to the company.
The CHAIRMAN, shortly after this announcement, took
the chair, and called upon the secretary to read the ad-
vertisement summoning the meeting, which having been
done,

The CHAIRMAN proceeded to address the proprietors,
commencing with an explanation of the circumstances
which had led the directors to tender their resignation.
After the report of the committee of shareholders, the
directors put themselves at once in communication with
the London central committee, and accordingly one of
their body was appointed to wait upon them and solicit
their attendance in Edinburgh with the view of negotiating
a settlement of the differences which had arisen between
the directors and the shareholders. In reply to this in-
. timation, Captain Plunkett and some of his friends re-
paired to Edinburgh, but in the first instance thLt
gentleman proposed that a certain number of Scotch
directors should rt tire to make way for parties who
should more directly represent the interest of the
London shareholders ; but as the proposal was
hampered with the condition that the new
directors should have the entire management and con-
troul of the line, the directors thought it more dignified,
as far as they were concerned themselves, and more
just to those proprietors who still reposed confidence in
them, that they should resign rather than
accept the proposal.—(Hear, hear.) Now, with
regard to the guarantees and other transactions
which the directors had entered into, and
which had recently given rise to so much discontent,
it should be remembered that they were entered into in
a bona fide manner at a time wbea Parliament was
almost as mad upon railway matters as the public,
and seeing that it was utterly impossible that the money
which bad been expended could ever be recovered
in the mode that had teen suggested, it was much
better that the company should act an honourable part
and endeavour to get out of their difficulties in another
way. He admitted that the directors bad taken money
out of capital to apply to the purposes of revenue, but
had they remained in power it was their intention to
have restored the money which had been abstracted
from capital by the sale of property which at
the
eoartrit
,mthheeaact
rot.
)uh ledyThnhaoedt s
aeer
been
hi
csoapi
eeos edr sd
together,wo ef u wl
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yg e
theother
rep
things, to consider a contract which had been
proposed to Mr. Brassey ; and he had to inform
them that it was not intended to submit
that question to this meeting. It had been proposed to
sell the whole of their rolling stock to Mr. Brassey,
and to hand the line over to that gentleman to be worke
by him under a contract. Mr. Brassey, however, de-
clined to go on with the negotiation, and it
the ground.—(Hear, hear.)
upon the meeting the neces-
sityHo must,h ari therefore,
nowsimpflayll to t o
urge
of discussing the questions raised by the report in a
calm and dispassionate manner, and with the expression
of that hope he would conclude by moving the first reso-
lution detailed in the report.
Mr. CRAIN, the chairman of the Committee cf
Investigation, entered it. to a do fence of the
repo' t made by that committee, and in-
sisted that its moderation had been admitted
and admired by all parties. They had suggested a
compromise of the matters in dispute between the share-
holders and the directors, and with what justice they
had made that suggestion was for the shareholders to
determine.—(Hear, hear.) With regard to the Barr-
io ad and Neilston Bill, the directors had acted with
so much want of judgment in the matter, in with-
drawing the measure, and then reviving it with-
out the sanction of the proprietors, that they
could not pr.ss it over without censure, and if any further
explanations were required on the shareholders' report,
he was quite ready to give it.—(Hear, hear.)
Alr. HALL, a large proprietor in the Clydesdale June-

tion Line, protes t 3cl against the legaiity of the meeting,
on behalf of his own body, and delivered in a formal
protest.
Captain PLIINSETT had investigated the whole of the
affairs of this concern, and he was sorry to find that after
payment of the guarantees and preference shares, no-
thing would be left for tt, e shareholders of the Caledo•
nian Railway. Nay, he would go further, and say that
there was little prospect of their being able to pay on the
preference shares. He there'bre denounced the combi-
nation which had been got up by the guaranteed
shareholders as en unprincipled act, and told the
meeting that if they allowed the list of directors which
the guaranteed lines hal got up to be adopted, all that
he could say was, that they would be flirty bought and
sold.—(Elear, hear.) He did mean to say that the
guaranteed lines ought not to be represented at the
board; but let every man who was placed in the
direction be called upon to p'edge himself to an equit-
able adjustment cf their affairs. (Hear, hear.)
The direction must be so constructel that it would
act with strict impartiality, and insist upon
the meetings being held in London, where an intelligent
public would take care that past faults should not be
repeated (Hear, hear.) The address of the Chairman
amounted te this, that the directors had done nothing
wrong, but with what consistency could the chairman
say that, when the company had not only
as empty treasury, but a Heating debt, amount-
ing to 853,0001., and a redemption debt ef 675,000/.,
claimed by the Clydesdale Junction Company. No less
than six millions had been expended by the company,
and yet literally they bad no line, and all therefore he
could say in reply to the plausible speech of the chair-
man was simply this, that had the directors managed
their private affairs as they had conducted the affairs of
this company he very much doubted whether they would
ever have got their certificates had they come
before the bankruptcy Court.—(Hear.) Had they ma-
naged the affairs of an individual in the extravagant
manner that they had managed the affairs of this com-
pany, the Court of Chancery would have compelled
them to refund the money they had expended.—(Hear,
hear.) Hundreds of families had been ruined by
the conduot of the directors, and now they came
forward with this information. "We have," say they,
"spent all your money; we have pledged your plant—
in fact, everything but your rolling stock, and that wo
recommend you to put up the spout at once."—(Hear and
laughter.) Whatever, therefore, happened under a new
board, it could be charged against them that they had
ruined the company, and, again warning the pro-
prietors that it was very wrong to look for-
, ward to any increase of traffic, he had only to
assure them that the salvation of the Caledonian Bail-
way depended upon a new and equitable arrangement
being made with the guaranteed companies.—(Cheers.)
He still hoped it would be possible to form a board that
would unite the suffrages of all the Caledonian proprie-
tors, and conciliate the support of the guaranteed corn-
penies.—(Hear, heir.) With regard to the compromise
which had been come to with the directors, the
agreement confirming it would be read, and he hoped
the meeting would agree to it.—(Hear, hear.) There
was one circumstance that came under his notice while
he was in Edinburgh which he could not avoid mention-
ing. A party had a claim upon the company for 1,7001.
ground rent, but he could get no answer to his appli-
cations on the subject from the directors, and ultimately
he took law proceedings, and seized some of their engines
under execution. N0w,... a beard who managed matters
in that way were not fit to govern, and the sooner,
therefore, the compromise was retified and a change
made in he management the better.—(Cheers.)
The agreement %as then read. It was simply an echo
cf the address.

Mr. RUSSELL took some exception to the fourth reso-
lution mentioned in the report.
Alderman THOMPSON, M.P., said he was quite re wly
to surrender his seat in the board cf direction, but he
implored the meeting to consider well and calmly the
position they were now in, and the steps they in-
tended to take to improve it, whatever might
have been the mismanagement of the direction, it
had come out of the inquiry which had recently
been instituted into their conduct, and they had come
out of it without moral taint. What was their position?
They had a share capital of two millions reduced to
400,0001., and engagements amounting to four millions
reduced in the same ratio Now, unless the obligations
of the company coming due were met, there was
no help for i►, but the line would have to be ma-
naged by the Court of Chancery.—(A Voice—" And
better t.m.") He would suggest, therefire, that they
should let by-gones be by-bones—(o6)—and that this
meeting should appoint a committee in whom they had
confidence, to select the names of gentlemen who should
hereafter be elected as the new board cf directors.

A PROPRIETOR asked why the directors did not ac-
cept such a proposal as that, when it was made to them
by the committee of investigation?
Mr. Alderman THOMPSON was not aware that such a
proposal had ever been made.
The CHAIRMAN would put the difficulty raised at rest,
by stating that the directors were not anxious, and,
indeed, could not accept a seat at the new board.
A SHAREHOLDER wished to know how many board
meetings Alderman Thompson had attended.
Alderman THOMPSON had no hesitation in stating
that he had attended none; nor was he expected to do
so when he was elected.

Tho SHAREHOLDER said he had purchased his shares
because he had faith in the character and honour of the
Alderman, but now it seemed the Alderman was no
dit actor at all.
Mr. Alderman Thom Pew.; said he had been in-
vited to join the new direction, but he should only do so
upon the understanding that he was to take no active
part in the management.
A SHAREHOLDER—Then you are of no use.
• --

Alderman THOMPSON did not want to be on the direc
tion, and if the shareholders wanted him ti ey must
agree to his terms.—(Cheers.)
Mr. DEARDEN complained that the investigation com-
mittee bad not done its duty. They were appointed to
take evidence as to the state of the company's affairs.
and to report the same to the shareholders. Now the
report contained not one tittle of evidence ; and he
should therefore be glad to know from Mr. Crain if they
had searched the share registers of the lines in which
this company had purchased shares, to ascertain if any
of the directors were interested in the lines?

Mr. Caen; replied in the negative; but the com-
mittee ascertained that the shares were bought openly
and fairly in the market.

Mr. DEARDEN spoke feelingly upon the subject, be-
cause he was trustee for 5,000/., which he bad advised
to be invested in this concern, on the strength of the
respectable names on the direction, and the under-
standing that this line was to form part of the
London and North-Western Railway. How greatly
he had been deceived, since the holders et' the
old bOl. shares had been victimised from beginning to
end, and the directors had illegally managed the con-
cern from the commencement.—(Hear, hoar.) He was
not quite certain that the friends and relatives of the
directors had not shares and interests in the very lines
which they had guaranteed, honourable though the
board might be. He knew that one of the directors had
saved between 3,0001. and 4,0001. by allowing his shares
to be forfeited, and fur aught he knew that gentleman
was still at the board.

Mr. H. EINDE said, the directors had ascertained that
the gentleman in question, Mr. Dickenson, could not
have paid up. . _

Mr: DEAR DEN—Who is Mr. James Hope?
Mr. H. HINDE—He is one cf the firm of the solicitors
to tho company.

Mr. DEinpix said that gentleman had been let off
3,4881. by the directors forfeiting soae of his shares.
The half-yearly accounts had bee❑ falsified, while the
guarantees had been given upon grossly exaggerated
data, and the annual loss to this company from them
amounted to 134,895/. He, there fore, protested against
the meeting entertaining the question of compromise.
Mr. CAMPBELL, a member of the committee of inves-
tigation, said the shareholders might have the evidence
published if they would consent to the expense it would
involve.

Mr. H. limn admitted that the directors had pur-
sued an erroneous policy, but ho thanked God that it
could not be imputed to them that they had acted from
impure motives. There was no chance of the directors
being called upon to refund anything like 500,000/.
because that ti as only a paper responsibility, and
the company was bound to abide by the contracts which
had been made for the purchase of shares. With
regard to what Captain Plunkett had said, that they had
expended 6,000,0001. of money without having anything
to show fir it, he would simply remind the meeting that,
though they had not showy stations, they had a line
that in these dreary months was returning something
like 6,0001. per week.—(HeAr, hear.) In conclusion, he
had only to state that the directors were ready and
willing to perform their part of the agreement
made with the central committee, and to vote
for those new directors who were best calculated to
insure the future interest and prosperity of the company.
The guarantees that had accrued during the past half-
year only amounted to 32,461/.; and it was, therefore,
preposterous to say that they were not in a position to
pay the interest due on their preference shares.
Captain PLUNKETT said it was not fair to take the
guarantees actually payable—they ought to take the
whole for which the company were liable.
Mr. 11. IlittnE did not think so, inasmuch as many of
them depended upon contingencies that were not likely
to be realised. Besides the sum he hall just mentioned,
during the past half-year the company had
paid 9,525/. in dividends to the Scottish Cen-
tral shareholders, and, with an energetic and
economical management, the lino might yet
get over its difficulties.—(Hear, hear.) He thought it
was for the interest of the guaranteed lines to make
some abatement, say one or two per cent."„ of their
claims; for it would have the effect of increasing their
securities and giving corifideece in the value of their
stock.—(Hear, hear.) With regard to the incident
referred to by Captain Plunkett, about the execu-
tion on the . engines, he ft ankly admitted that
it arose from the want of money. The direc-il
Ors had Leon applying the weekly receipts to
the payment of the pressing debts of the company, and
this inttince, alluded to by the Hon. and Gallant Pro-
prietor, he regretted was not an isolated case, but it
would bo fur the new board of directors to deal with all
these matters.—(Hear, hear.)
After some further discussion the resolution was put
and agreed to, and the other resolutions passed.
Thanks were then voted to the chairman, and the
meeting terminated after a very lengthened sitting.

GERMAN HOSPITAL, DALSTON. —At a meeting of
the committee of this useful clarity, it was announced
from the report that the number of patients treated in
the wards cf the hospital since its opening amounted to
1,855, and the out-Fatients during tho same period
reached 5,726.
Dispatches were received yesterday at the Colonial-
office trom the Governor of Canada; and ;also from the
Governors of the other North American col onie2.

MARKET INTELLIGENCE.
(From the London New Price Go-rent, Fcb 5.)
SUGAR.-- To. day there was a fair business eoncluded in
bright grocery and best refining sorts of West India, for
which full rates are paid, but inferior and brown sorts were
dealt in with caution, and there were free sellers at the
terms of Friday. The total purchases to-day were
500 hhds, including a public sale of 142 hhds 12 trcs Bar-
badoes, which realised full terms; good to fine yellow fetched
39s 6d to 425, and mid 33s to 395. 32 hhds Jamaica went at
38s for good strong grey, and at 38s Gd for good middling
yellow.

REFINED.—To-day there was only a limited business con-
cluded in Refined Sugar by home dealers, and prices further
declined, brown Lumps selling at 483 6(1 to 495, and fair to
good grocery at 49s 6d to 51s per cwt. The market fur
bonded Crushed Sugar is dull at 23s 6d to 30s 6d for British.

MAURITIUS. This afternoon there was little passing by
private treaty in Mauritius Sugar. At public sale 588 mats
went at barely former rates; fine yellow realised 39s 6d to
40s Cd, middling 38s, and washed 36s to 39s 6d per cwt.
EAST INDIA.—This afternoon there were five public sales
of Bengal Sugar, consisting of 6,305 bags and 64 chests, at
which not much desire was evinced to operate; still the chief
part sold, but generally at Gd per cwt under the rates of
Friday ; good and fine grainy white went at 45s
to 465, yellow ditto 41s Gd to 43s Gd. Benares,
good and fine white 40s to 42s 6d, inferior
39s to 39s 6d, damp and washed 37s 6tl to 425, soft yellow
35s to 36s 6d, better sort 37s to 38s, and like Mauritius 35s
to 395. Of Madras 5,824 bags all found purchasers, but at
6d per cwt decline ; low to good soft brown 28s Gd to 30s,
fine 30s 6d to 31s, low to fine soft yellow 32s to 365, dry do
37s to 38s 6d, and fine 39s to 41s per cwt.
FOREIGN.—To-day there was no public sale of Foreign
Sugar, and by private treaty only 1,200 baskets good grey
Java were sold at 22s per cwt in bond.
MOLASSES.—Few buyers of West India are to be met
with ; the value is from 15s to 18s for low to fine quality.
Bengal Treacle can be obtained at 14s to 14s Gd.
CoFFLE To-day there was no public sale of Ceylon
Coffee, and by private treaty less demand existed for all pur-
poses, still holders were firm, whilst good ord Native Caylon
is not to be obtained under 645, and fair clean Plantation
665. Mocha is still little wanted, and at public sale 165 pkgs
were taken in and withdrawn at 70s to 74s for mid and good,
and at 55s to 60s for bold yellow Mocha kind.
Coml.—For West India prices are looking downward.
In Foreign there has been little business concluded by pri-
vate treaty, and none has been offered at public sale, whilst
former rates are not to be obtained.
TEA.—Green continues in excellent demand, the low sorts
especially, but in prices there is no further advance. With
ord and good common Congou the market is
more freely supplied, and the demand having
become limited, prices have declined 1/0d per
lb, whilst sales are made at 10d to 10i-d. In other kinds a
good business has been concluded at 1 Id to is 3d for medium,
and at is 4d to is 9d for good and fine sorts. Scented Caper
and Pekoe Tea met with less attention, and can be obtained
at rather lower rates.

Rica.—East India met with little attention from shippers
or home dealers. At public sale of 5,300 bags Bengal not
above half found buyers ; good to fine white at lOs to lls 6d,
mid 9s to 9s 60, low 8s to 8s 6d, whilst cargo was taken in at
8s; 1,100 bags Madras, cargo Bs, but pinky white sold at
9s, and barley grain at 8s 6d per cwt. The purchases
made by private treaty have been trifling, especially in the
lower sorts. Cleaned Rice, low, to fine Patna realised 12s
to 18s, broken lOs to ll■ 6d, town cressed Carolina 22s to
265, and at auction 105 tierces of American went at 19s 60
to 20s for good second sort.
SPICES.—To-day two parcels of Pimento were offered at
auction, amounting to 834 bags, the whole of which were
taken in at 71d to 80 per lb, being above the value. 30 bags
of Cloves were bought in at Bid for Bourbon; and 60 bags
Ginger withdrawn.
CINNAMON.—The public sales which commenced yester-
day, finished to-day, whilst the quantity offered amounted
to 3,330 bales of Ceylon, and the chief part ,found buyers;
first sort realised the terms of the last sales, but good and
ene seconds went Id to 2d lower, and the fall on inferior sorts
was from 2d to 4d per lb. The rates obtained for first sorts
were 3s to 4s 6d, inferior 2s to 2s 11d, second sort 2s 60. to
3s 7d, inferior ditto Is. to 2s sd, third and fourth 8d to 2s 8d
per lb.
SPIRITS.—There are several buyers for Jamaica Rum at
former rates, but few parcels are to be obtained. The
purchases amount to 100 puns at Is 50 to is sid proof, and
at Is 6d to is bid for line brown. There are sellers of
Cogna best brands of the vintage of 1849 at
4s 4d I o 4s 6d, 1848 ditto at 4s 6d to 4s
Bd, 1847 ditto 5s 3d to 5s 50, 1846 ditto 4s 7d to
5s Bd, 1t:45 do 6s 2d to 6s 40, interior sorts 2s 10d to 4s 6d,
and Bordeaux at 2s 8d to 3s. In Geneva only limited pur-
chases have been made, ord shipping sort at is Od to Is 100,
and fine for duty at 2s 3d to 35 3d. 'I he value of British
made Spirit is still 9s 6d, and of Gin 7s 100 to 8s 4d for 17
to 22 per cent under proof. To-day there was less demand
for Rum, still holders would not sell but at full rates, and
only limited parcels are on offer.
ItiElloo.—lhere has been a falling off in the demand for
East India for all purposes since our last report, and former
rates are not to be obtained. As compared with the last
quarterly sales, the rise is, however, from 40 to 6d, and a fair
business has been concluded. For auction the quantity de-
clared is 14,369 chests.
COCHINEAL.—Prices are not higher, but there has been a
more active demand, and at public sale 110 bags Teneriffe
were sold at from 4s 10 to 4s 4d, and 9 bags Honduras black
4s 8d to 5s 2d. The value of low to fine silvers is from
3s 10d to 43 6d per lb.
TAnnow.—There has been little disposition to operate in
Russian on the spot, and prices have further declined.
The value of fine P. Y. C. is 37s 9d to 38s per cwt.
For delivery a desire is evinced to sell at 39s 3d to
39s GO for new; few buyers are to be met with. Home
melted has declined to 36s lid to 37s nett cash, and
the demand has been limited. Other sorts of Tallow are
depressed in value, and larger parcels are still on offer. At
auction, 480 casks of Sydney were only in part sold at 34s to
37s 6d for low to fine ; 800 pkgs South American 34s to 37s ;
20 cases East India 32s 9d to 375, and 150 csks Petersburgh
Soap 35a to 35s 6d. For auction 1,800 pkgs of Tallow are
declared.
Ores.— In Palm few purchases have been made, and sellers
are willing to accpet 31s 6d to :32s for fine, these are lower
rates. Rape Seed Oil has been operated in with caution, and
more desire is evinced to sell, Brown at 41s; Pale 41s 6d to
425, and Foreign at 43s 6d to 445. Linseed Oil 31s 6d to
31s 9d on the spot. 'There are not many buyers to be met
with for delivery. In Olive the rates paid have been
from 481 to 511 per tun. Cocoa Nut is not much in demand,
and more desire is evinced to sell at 33s to 36s for ord to fine ;
there are also several parcels on offer. For fine Sperm Oil
ho:ders ask 821 to 83/ per tun. Seal pale has been sold at
38/ to 39/, straw and tinged 341 to 371, yellow and brown 301
to 33/ 10s. Southern Oil, 31/ to 331 lOs low to fine. Cod,
301 lOs to 31/. Lard Oil, 37s to 40s per cwt.

IMPERIAL PA.RLIAMENT.
(THIS EVENING.)

HOUSE OF LORDS.

The LORD CHANCELLOR took his seat upon the
Woolsack at Five o'clock.
REGISTRARS BANKRUPTCY BILL.

The LORD CHANCELLOR moved the second
reading of this Bill.
After a few words from Lord BROUGHAM, the
motion was agreed te,_