The Sun.
London, England, 1850-07-30 00:00:00

ore sent associates, he would become inoculated with their
it rug.

. _
Mr. REYNOLDS said, that although he disapproved
of many of the acts of the Government, he did not be-
lieve that another Administration would pursue a dif-
ferent policy. Only a choice of evils was before him,
and he took the least. If, however, the Hon. and Gal-
lant Colonel would form an Administration which
would take Ireland under its protection, it should receive
his support.—(Hear, and laughter.)
Colonel Summar crossed ever the House and held
some conversation with the Lord Mayor of Dublin,
amidst much cheering and laughter.
Sir. F. BARING said, in reference to what had fallen
from the Right Hon. Member for Ripon, that communi-
cations should be made to the Treasury with respect to
every case of excess.
Sir H. WILLOUGHBY said, that in consequence of
the Right Hon. Baronet's explanation, he would with-
draw his amendment. _ _ .

The vote was then agreed to, as were the following:-
453,891/, for the commissariat department; 45,791/. for
the half-pay, pension, and allowances of the commis-
sariat department.
A vote of 5,2501. was then proposed to defray the ex-
pense of erecting a monument to the memory of the
late Sir. R. Peel. .

Lord J. MANNERS thought nothing could be
more becoming a great nation than to place memorials
of individuals who bad distinguished themselves by the
good done to their country in a suitable building. An
opinion, however, prevailed, and was extending itself,
that Westminster Abbey was not a proper place for
containing such memorials. No one would for a moment
think of objecting to the monument to the memory of
Sir R. Peel being erected in the Abbey, but he gave
notice that, if a similar proposition should bo made
hereafter, he should oppose it.
Lord J. RUSSELL was understood to say that there
was no building more suitable than Westminster Abbey
for containing public monuments.
The vote was agreed to, as was one of 50,000/. for
civil contingencies.
The House resumed.
Mr. BERNAL reported progress, and the Committee
of Supply was ordered to sit again on Thursday.
The Duke of Cambridge's Annuity Biil was read a
second time.

The Navy pay Bill was read a third time and passed.

CUSTOMS ACTS.

The House went into Committee on the Customs
Acts.

The CHANCELLOR of the EXCHEQUER moved
the repeal of the last remains of the duties upon coal,
which, he said, only brought in a revenue of 2,5001. If
the House should agree to these resolutions they would
get rid of the last shred of the export duties.
Certain resolutions were then agreed to, and the
House resumed.

AUSTRALIAN COLONIES GOVERNMENT BILL.
In answer to Lord J. MANNERS,

Lord J. RUSSELL said that on Thursday next at 12
o'clock he should move that the Hume ogres to the
Lords' amendments to this Bill.

FEES (COURT OF CHANCERY) BILL

In answer to the ATTORNEY-GENERAL,
Sir J. GRAHAM said he should certainly not advise
the passing of this Bill during the present session. The
Bill did nothing to remedy the great abuses of the
Court of Chancery arising from the excessive amount
of emoluments, and the number of officers. The Bill
only changed the mode of collecting the fees, although
the Committee which lately sat upon this subject was of
opinion that the fees ought to be reduced, and that
officers of the court should be paid by salary, and not
by fees. The public would not lose anything by the
withdrawal of the Bill for the present session, in order
to the introduction of a more comprehensive and effi-
cient measure next year.
Mr. HENLEY concurred. The Bill would rather
impede than assist the wholesome changes required in
the Court of Chancery.
The ATTORNEY• GENERAL, under these circum-
stances, would not press the Bill.
The Bill was then ordered to be committed that day
six months.

Mr. BROTHERTON moved the third reading of the
public Libraries and Museum Bill.
Colonel SIBTHORP was surprised that such a motion
should have come from the Hon. Member for Salford,
who was always ready to prevent business after twelve
o'clock, when it came from a different side of the House
from his own. He objected altogether to the present
Bill, and would therefore move that it be read a third
time that day three months.
Lord J., MANNERS wished the House to understand
that this Bill would repeal all the statutes of mortmain.
Sir G. GREY observed that the Bill would only repeal
the statutes of mortmain in so far as libraries and mu-
seums were concerned. _ _

The House divided, when thero appeared—
For the third reading ... ... 64
Against it ... ... .., -
Majority ...
_ _.

... -49

The Bill was accordingly read a third time.
Colonel CHATTERTON moved that the Bill do not
extend to Ireland.

Colonel SIBTIIORP supported the motion.
Mr. G. A. HAMILTON hoped the lion. and Gallant
Colonel would not press his motion. They had taken
care that the people of Ireland should be taught to read;
but, hating done so, no libraries were established from
which proper books could be got; and he believed that
was the reason why they were driven to read inflamma-
tory publications.—(Hear, hear.)
Colonel RAWDON hoped his Hon. and Gallant
Friend would not press his motion, seeing what was the
sense of the House in respect to the Bill extending to
Ireland.

Colonel CHATTERTON said, that as he conceived
great injury would be done to Ireland by this Bill, ho
could not withdraw his motion.

The House divided, when there appeared—
For Col. Chetterton's motion ... 13
Against it ... ... 56
Majority ... ... —43
The Bill was then pasted.
The other business on the paper was then disposed of,
and the House adjourned at a Quarter to Two o'clock.

RAIL WAY INTELLIGENCE.
NEWMARKET RAILWAY COMPANY.

On Saturday the half-yearly meeting of this company
was held at the London Tavern; Lord George Manners
in the chair. The meeting was also made special, to
consider the propriety of the decision come to by the
directors for closing the railway.
The usual preliminaries having been gone through,
Mr. BROWN, the secretary, read the following report:—
" The proprietors have been called together for the
double purpose of transacting the ordinary business of
the half-year, and considering, as desired by the requi-
sition of a certain number of their co-shareholders, the
;propriety of the company ceasing to carry traffic over
their line of railway. The only business for the half-
yearly general meeting is that of taking the accounts
into consideration, and of receiving any information
from the directors which they can furnish, or of dis-
cussing any suggestions which the proprietors may wish
to make. The accounts of revenue not having been
completed by the clearing-house, have not yet been fur-
nished by the Eastern Counties Railway Company, but
they cannot present any new features materially vary-
ing from former returns, or likely to suggest any new
observation.

4, Wi •
th reference to the topics to be discussed at the
special meeting, as it is next to impossible to deal with
each in a separate report, the directors think it best
briefly to communicate such information as they pns-
seas. The proprietors are aware that the line between
Chesterford and Newmarket was closed for traffic (so
far as this company as carriers are concerned) on the
30th of June; and after what passed at the last meeting
of the company, the proprietors will neither be surprised
at that result, nor altogether in the dark as to the cir-
cumstances which have induced it. At that meeting the
directors, after adverting to the failure of their attempts,
either to conclude a fair and equitable arrangement with
the Eastern Counties Railway Company, or of the not
less important negotiation with Mr. Jackson for the
working of the line, and which at that period had occu-
pied so much of their attention, intimated that if on the
one hand the Eastern Counties Railway Company could
not be induced to see their own interest in dealing
more liberally with the Newmarket Company, end
on the other such terms for working the
traffic by the agency of an individual could
not be carried out, they saw no alternative
other than that of ceasing to bear the useless and un-
profitable burden of working the line; for it must be ob-
vious that, with the traffic in the hands of the Eastern
Counties Railway Company, the receipts must inevit-
ably be reduced, it not being to their interest to de-
velop the traffic to the fullest extent; while at the same
time the more extravagant the charges the greater
would be their profit. Even the same balance left has
not been handed over to this company, being retained
to meet a certain alleged claim of the Eastern Counties
Railway Company; whilst the expense of maintaining
the permanent way and stations has been left for this
company to defray out of capital. The directors
therefore felt, and still feel, that it is expedient that the
line should be closed; they stated, however, their reluc-
tance to adopt this final measure, and that they would
attempt one more appeal to the Eastern Counties Rail-
way Company. That appeal was made without loss of
time by the chairman of this company to the chairman
of the Eastern Counties Railway Company—resulting
in propositions holding out not even a remote prospect
of benefit to the Newmarket shareholders ; and which
could not consequently have been accepted, even if
their mortgagees (whose concurrence was required
and refused) had put it in the power of your directors so
to do.
" Subsequently an overture was made from another
quarter, for a working arrangement, on precisely the
same basis as that which the directors had failed at the
last moment to complete with Mr. Jackson ; but as
again, the consent of the bondholders to a modification
of their rate of interest was a necessary preliminary,
and the principal mortgagee, Mr. Jackson, refused
to agree to such reduction, that negotiation failed.
The directors also desire to draw attention to the large
and unfair assessments made upon them for poor and
other parish rates, and the heavy law charges imposed
upon them in resisting these unjust claims, and also
to vexatious actions brought against the company by
certain parties locally interested. Under all these
circumstances, finding it impossible to effect a satis-
factory arrangement with individuals, and finding
that the Eastern Counties Railway Company, although
deriving a large revenue through the medium of
the Newmarket Railway, were not disposed to make
such terms as would develop tho traffic, and
thus serve the Newmarket Company, there oven share-
holders, and the public; seeing also, that heavy charges
were being incurred for upholding the works, and that
the mortgage interest being retained at 5 per cent. could
not be mot, even if the balance arising from the work-
ing by the Eastern Counties Railway Company were
paid over to this company, the directors hare thought it

inadvisable to call up the remaining 21. (reserved for
the completion of the line into Cambridge) until they
could show to the proprietors some prospect of a return,
and have reluctantly resorted to the alternative, of which
they had give a preliminary intimation—viz., of ceasing
to carry traffic.

" The directors avow that, in taking this step, they
had a confident belief that consequences so far benefi-
cial would arise as that the Eastern Counties Railway
Company, who must derive a large income from the
passage of the Newmarket Company's traffic over their
line, would at last have acquieiced in some arrange-
ment by which, without any sacrifice on their part,
justice might have been done to this company's
line, and the proprietors have seen, immediately
or remotely, some prospect of return for their capital
expended. It is, however, obvious that any such conse-
quence can alone result from union among the New-
market shareholders, and perfect accordance in the
measures adopted by their directors, for so long roi the
Eastern Counties Railway Company can entertain a
hope that the policy adopted by this board would be re-
versed by the proprietors, or that that policy would not
be steadily persevered in, no offers of a more liberal cha-
racter are likely to be made by them. The directors,
therefore, earnestly recommend the proprietors now to
determine definitively on their future course of action,
and it they see reason to differ from the views of the
present board of directors, or have altered the opiiiien
expressed by them at the last half-yearly meeting, re-
commend that the services of others, more in unison
with their own, be obtainel—your directors desiring only
the general welfare of the company.
" The directors have to add that since the intimation
of ceasing to carry traffic was given by this company
the Eastern Counties Railway Company have made an
equitable proposal to relieve this company from their
stock of plant, and consequently from :he debt claimed
to be due to the Eastern Counties Railway Company;
to this extent, therefore, the position of this company
has been improved by the course pursued; and as very
shortly the Great Northern and Royston and Itclien
lines will be opened, and a new (though imperfect) route
from London to Newmarket, and the east of England, be
thereby obtained, your directors are not without hope
that, with union among those interested in the Newmarket
Company's property, means may yet be found to obtain
for the districts proposed to be served the benefits for
which the Newmarket Railway was intended, and is cal-
cnlated to confer."

The balance-sheet showed that there had been re-
ceived on capital account (including 136,3201. 7s. 9d. on
loan), 431,298/.115., and the expenditure 427,582/.75. Bd.
leaving a balance in hand of 3,716/. 3s. 4d. There was
also a balance on revenue account. The above two ba-
lances, together with outstanding accounts, amount to
6,5811. 7s. 3d., as assets against similar liabilities.
The CHAIRMAN said that Mr. Fane having informed
the directors that it was his intention to propose a reso-
lution relative to the management of the line, it had been
considered better that the motion should come on as an
amendment on the adoption of the report. lie should,
therefore, propose formally the adoption of the report.
Mr. C. PANE begged to propose that the shareholders
disapproved of the conduct of the directors in closing
the line without a meeting of the shareholders being
called on the subject. In proposing that resolution, he
wished by it to express the opinion of the shareholders

on the subject, and pass a direct rote of want of confi-
dence in the direction. He bad great pain in bringing
forward ►hat resolution, having been on terms of inti-

macy with many of the directors. They were all aware
that the line had been closed since the 30th of June, and

what they had now to consider was, the position of the

. -
company while the line was closed as compared to what

it would
.be if the line was continued to be worked.
In order to arrive at a conclusion upon the subject, he
had entered upon some calculations which he would
lay before the proprietors. He contended that whilst
the lane was closed there would be an accumulating loss

chargeable against the shareholders of 5,3811.. whilst, if
worked, there would probably be a net profit to the
shareholders of 2211., per annum, and valuable prospects

Por the future. With.the line closed there would Ce no

revenue, but there would be regular outgoings of 5,3811.
per annum.—(Hear, hear.) With the line worked it
was estimated that the revenue would amount to 9,3251.,
and the outgoings (based on the working contract offered
in March last by Mr. Jackson, and on the offer of the
two largest debenture holders to take 3f per cent. on
their debentures, instead of 5 per cent., until after the
shareholders had received f per cent.) to 7,107/., leaving a
balance of profit of 2211. He bad based his calculations
on what had been done on their own line in 1848, when
the railway was worked by themselves. He had calcu-
lated that during seven weeks of races, and six weeks
influenced thereby, there would be 3,361/., and that
the remaining thirty-nine weeks would produce Si. 10s.
per mile per week, or 5,9671.—making a total of
9,328/. He founded that calculation on the fact that

,he average revenue on all the lines opened in England

for the las—t six months was 471. per mile. As their line

was situated in the eastern counties, perhaps they ought

:o see what was done in that diStariet. -The Eastern

Counties line produced 511. por mile per week; the
Eastern Union line, 26/. per mile; and the East An.

glian, which had to contend throughout with a navig-
able river, 121. per mile per week. The Hon. Gentle-
man then went on to show that according to the offrr
of Mr. Jackson to work the line for 4,6501., with 45 per
cent. on all traffic above 8,3001. to 11,0001., and adding the
fixed charges to the amount to be received from Mr.
Jackson, supposing the revenue to be what he had etated,
9,3281. it would give them a profit of 2211., Mr. Jackson
and Mr. Wright offering, if it was accepted, to reduce the
interest on their debentures 5 to 3 per cent. He be-
lieved that, properly worked, the line would produce
11,0001, per annum. He contended that the directors
made a most grievous and ridiculous mistake in making
the line from Newmarket to Chesterford, on the line to
Thetford, instead of making the line from Newmarket
to Cambridge, which would have brought them into
friendly communication with a much larger 'population;
sad tho Eastern Counties Railway, being a feeder to the
latter company, that line would have placed
them in connexion with Cambridge, and by an
extension from the further end they would have
teen ultimately placed in connexion with Bury St.
Edmund's, Ipswich, Norwicb, &c., containing to-
gether a population of 235,000. He had no doubt that
those lines would ultimately be made by some one, and
what he wanted was, that they should not throw away
the certainty of making even 221/. in the meantime. He
considered that the directors had from the commence-
ment made a series of mistakes, by which they had
ruined the property.—(Hear.) In 1846 the Eastern
Counties offered them 5 per cent. on their outlay, and
contingent advantages; but they split upon a difference
as to whether the Eastern Counties shares, in taking
their proportion of the dividend, should be calculated at
161. or 201.—(Hear.) He might be told that the share-
holders had sanctioned the proceedings of the directors;
but he contended that the directors ought to act on their
own responsibility in completing such affairs.—(Cheers.)
He also complained of the directors having ordered
too much stock; of having, after the:mania had com-
menced, surveyed a new line to Royston, at a time
when only one party could be obtained to sign the
subscription deed ; and also of the directors hav-
ing allowed a number of lawsuits to go on, which
he no sooner took in hand than he was enabled to
see the plaintiffs and obtain a settlement.—(Hear.) Then
there had been two other occasions when there was a
chance of coming to a favourable conclusion with the
Eastern Counties Company, viz., on the Norfolk Amal-
gamation Bill being before Parliament, but the directors
asked so much that the practical result was, that they
got nothing—(Hear, hear)—and in the spring of this
year, when the Eastern Counties Company were fright-
ened lest the Shepreth Extension, projected by Mr.
Jackson, should be carried, the directors of this company
had refused to originate any negotiations with the Eas-
tern Counties Company.—(Hear, hear.) He complained
that Mr. Jackson had been most unfairly used. The
substance of terms having been agreed to, the directors
had endeavoured to introduce further terms into the deed,
of a most extraordinary nature, which he could not ac-
cept, as Mr. Jackson and Mr. Wright would be thereby
called upon to pay all manner of expenses, and lose all
advantage to bo obtained from the contract.—(Hear.)
It was in consequence of the treatment of Mr. Jackson
that he (Mr. Fane) had resigned the direction, and he
called upon the shareholders to support his resolution as
a distinct vote of want of confidence in the beard.
At the suggestion of Mr. MOXHAY
Mr. PANE asked Mr. Jackson whether ho bed not in
March last, offered to work the line on the terms stated
by him; and if offered, whether Le was prepared still to
enter into that contract with a new board ?
Mr. JACKSON replied in the affirmative with regard to
the first question, but declined to answer the second.
In reply to Mr. SHEPHERD,
Mr. JACKSON stated that there had been no difference
of opinion as to the terms of contract, but there had
been a difference on the deed for'carrying it out.
Mr. ALEXANDER seconded the amendment.
The CHAIRMAN said that, as the motion was brought
forward as a direct vote of want of confidence in the oi-
rection, be would beg to call the attention of the pro-
prietors to what was the constitution of the board.
There were only himself and two other members of
the board who could be inculpated by the greater por-
tion of what had been said by Mr. Fane, the remainder
of the directors having been recently appointed by the
shareholders themselves.
Some conversation here took place, which resulted in
its being understood that the only subjects to be entered
into were the closing of the line and the declining of
Mr. Jackson's contract.
The CHAIRMAN stated that the directors were still
willing to sign >L contract with Mr. Jackson, but he did
not think it would be advantageous to the shareholders
that he should enter into minute details to show why
they had not done so—the conditions complained of
having been added to the contract to ensure its being
fairly earried out, under legal advice. At the same time,
he might state that there was a contractor ready to take
the working of the line on the terms proposed, with all
the conditions, if Mr. Jackson would not have consented
to reduce his debenture interest from 5 to 3i per cent.
After considerable irregular conversation as to the
way in which the contract was drawn up,
Mr. MonnmErt (a director) stated that Mr. Fano bad
said that the directors bad asked too much for their line
from the Eastern Counties Company at the time of the
Norfolk amalgamation. Now, having been the r arty
who had made h provisional agreement with the Eastern
Counties Company, he begged to state that the terms
were to be for the shareholders 1 per cent., and the in-
terest reduced on the debentures from 5 to 3 per cent.
The debenture holders declined to do so, and the result
was that the negotiation feel to the ground, Mr. Fane
himself saying that, as an individual, he would not con-
sent to it. With regard to the conditions complained of,
as put into the contract, they were only for the purpose
of protecting the shareholders from a contingency which
might arise at the close of four years, by which, without
express conditions to the contrary, Mr. Jackson, as a
debenture holder, might become the sole possessor of
the line. At the same time another contractor would
have leased the line if Mr. Jackson would have re-
duced the interest on his debenture debt from 5 to Si per