The Sun.
London, England, 1850-09-11 00:00:00

N°. 18,086.] LONDON, WEDNESDAY EVENING SUN SEPTEMBER 11, 1850.

BRITISH EMPIRE MUTUAL LIFE
AND FIRE ASSURANCE OFFICE,;,
37, New Bridge, street, Illackfrkrs, London.
Incorporated under Act 7 and 8 Vic , c. 110.
DIRECTORS OF FIRE SOCIETY.
Gould, George, Esq.
Low, James, Esq.
31:crs, Thomas, Esq.
Olney, Thoma•,
Wilaishurst, Joseph, Esq.

Blyth, John, •Esq. •
Cortvrriot, Richard, E+q.
CutT, J. Ilarcombe, Esq.
Cuth ertson, ',cane Esq.
Freeman, G. S., Esq.

IF ANY HAVE PRESUMED TO ABUSE
THE WORD " PALETOT," It will be sufficient to refer to the
high distinctiori conveyed to ',THE I,EGI EItED SYRIAN
PAL ETOT," Js Indicative of the exclusive celebrity it possesses. It
was registered August 23, 1650, by Messrs. SW IN and Co., 379,
Oxford-street, and will be the leading OVERCOAT for the coming
season throughout the Empire and Its dependencies. Price 455.

THE ERA of SATURDAY next will e(intain
FULL I'.OGRAMME of the DONCASTER MEETING,
the Pezforinances of the ST. LEGER FAVOURITE. a List of the
PROBABLE STARTER :r S, at the ST. LEGER PROVIIECY, by
"TOUCHSTONE."

• On this occasion JOE MITOGINi'S DOG (the only victorious
Derby Prophet) intends Going hi to Win.
The ERA. was the only Pali,r that PROPHESIED DOUR r f:r the
LEAMINGTON STAKES.

Order of all Newsmen, or send six postage stamps to 3, Catnc•
rine-street, Strand.

D NNGEROUS CHEMICAL ADULTERA;
TION OF SUGAR.

Notice is hereby given, that the leading article of the " Morning
d'ost," of he 29. h instant, exposing this itnrortant question, together
with observations thereon, may be had, Gratis, at the British
College of Health, New road, London; and of all the Ilygelan agents ;
or by letter, on forwarding a penny postage tamp to the College as
above.
Dated this.3lst August, MD.

RAILWAY INTELLIGENCE.
BOULOGNE 'AND AMIENS.
The half-yearly meeting of this company was held
at Paris on Thursday, M. C. Laffitte in the chair.
Te report stated that the receipts for the half-
year ending the 30:h of June last, amounted to
820,651 f.. (32,8260, and the expenses to 648,681 r.
(25,9471.), leaving a net profit of 171,9701. (6.8791.),
and.alloa ing of a. dividend of 2f. 500:per share. Nothing
has yet been definitively decided with regard to the
law-suit still pending betivetea this company and the
Northern Company. In reference to the question of
carrying the mails between France and England, the
report maintains that the several trials made on the
subject have proved the superiority of the route by
the Boulogne Railway. Alluding to the great conve-
nience afforded to travellers from England by the per-
mission granted to have their luggage examined, not
on landing, but at Paris, a hope is expressed that
some analogous accommodation will ba ere long
granted with respect to passports, so as to remove
as much as possible all trammels on the facility now
afforded to persons passing from England to
France. Reference is made to the excursion trips
this year between Paris and London, stating that
they have been a source of profit to the company.
With regard to the proposition made by the Northern
Company to purchase the Boulogne line, it would appear
that the object was to enable the Northern Company
to get its period of concession extended from 38 to
75 years. The board had not considered it desirable
to consent to the proposition, and had accordingly re-
jected it. The board trusted that the meeting would
approve of the decision which it had come to respect-
ing the proposition made by the Northern Company.
A conversation ensued, in the course of which it
was stated that the offer was to the effect that one
Northern share should be given for two shares of the
Boulogne Company, provided always that the
Northern C)mpany should succeed in obtaining the
extension of the concession. After the rejection of
propositions for amalgamation with the Northern
Company, and for the appointment of a committee to
aid the directors in effecting that object, resolutions
were passed approving of the manner in which the
board had acted, and for their attention to the in-
terests of the company, adopting the account, de-
claring a dividend of 2f. 30c. per share for the half
year, and authorising the instalment of 38,700 f.
(1,5481.) in the Sous Comptoir des Chemins de Fer.
It was stated that nine-tenths of the shares were
held in England, and however anxious the English
shareholders might be for an amalgamation with the
Northern Company, they could not consent to it on
such unfavourable terms as had been offered. The
meeting then separated.

railway embraced in the company's Acts were con-
tracted for at 639,5891, but their completion would co,t
783,3021, being an excess of 221 per cen'. of the
contract. Tne directors expect, when all claims are
disposed of, that the share and loan capital on s bleb
dividend will eventually be payable, will not much
exceed 2,750,000/. An average weekly revenue of
2,8?0/. would, it is calculated, afford a dividend, ex
elusive of preferable charges, of 1 per cent. upon the
postponed share capital ; 3,100/. per week, a dividend
of 2 per cent.; and so on, adding an additional 1 per
cent. for every average weekly increase of 2851. Th-
revenue for the hall-year ending the 31st of July
was 58,5031 ; but, after deducting 31,9351. from this
for working expenditure, rates, and taxes, the free ba- ,
lance remaining was only 26,567/., which the directors
recommended should be disposed of as follows :-
14,345/. for interest on debenture loans; 2,4291. for
I half-year's dividend on Granton preference shares;
1,6111. for dividend on 5/. preference shares issued ;
and the balance of 8,1811. to be placed to the credit
of interest on outstanding liabilities and on bank
loans for which the company's preference shares have
been lodged in security. The passenger receipts
showed an increase of 15,0221., or 15! per cent. over
those of the corresponding period of 1849.
A letter was read from Messrs. Horne and Watton,
the auditors of the company, stating that in the course
of their examination of the books their attention had
been directed to two circumstances :—first, that the
company had become indebted to a large amount to
some of the contractors, to whom they had granted
bills ; and that these contractors had taken debenture
bonds and preference shares, with the proceeds of
which they. had agreed to meet the bills as they be-
came due. The company were thus placed in the
situation of having made over the securities while the
bills in question, for which they had taken credit for
as paid, were still in circulation. The second circum-
stance was, that in July last an account had been
opened in the City of Glasgow Bank in the name of
three of the directors, and that since that time 40011
8001., and 1,0001. had been deposited—the object
being, from time to time, to set aside portions of the
revenue to meet debenture interest as it became due.
A report was then read from Mr. Grainger, the en-
gineer, which detailed, with great minuteness, the
state f the company's works at the Tay-ferry and at
Broughty-ferry--all of which would be finished early
in November.
The CHAIRMAN, in moving the report, said that the
directors had been influenced by a desire to afford the
shareholders all the useful information in their power
with regard to the present position and future pros-
pects of the company. The report was prepared with
no ordinary care, and with as much attention as pos-
sible to all the essential details connected with the
progress of the works. He presumed it had prepared
the shareholders for the fact, that with regard to the
ordinary share capital of the company the revenue
had not been such as to admit of a dividend being de-
clared. It would be observed • that the interest
charged during the last six months on unproductive
capital was smaller than that charged in any former
half-year. In the previous half•year it was 13,0811.,
and it was beyond that in former half-years ; but last
half- year it was only 6,5601. ; and it was right to
mention that the sum charged and paid during the
half-year included interest on the company's pre-
ference shares which were held by the banks in se-
curity of the advances made by them. It was no doubt
easier to enter into matters of history than into-
matters of prophecy; but he thought he might confi-
dently anticipate a progressive increase in their traffic.
The passenger traffic for the last half-year had been
exceedingly good. The goods and mineral traffic'
were operated upon injuriously by the incomplete state
of the works at the ferries ; but from the rapid way in
which the works were progressing to completion
there would soon be an end to all drawback in this
respect. The average weekly receipts for coal traffic
amounted at present to 2751. Such a sum derived
in present circumstances from this branch of traffic

shOwed that the directors had not been deceived in
the estinrite that had been inade of the benefits that

would mutt frotn the coal trade when it came to be

more fully develiped. There was an increase of
8,7381. in the receipts, and a decrease of working
expenditure of 6,5331.; and, as every attention would
be pad by the directors to this subject, they might
expect a similar result at the-end of the next half-
_

year. The plant and rolling stock of the company,
he was glad to say, were in a state of complete effi-
ciency.. If areductim in the interest on debenture.

loans could be effected to the extent of only 1 per
cent., it would go far to pay a dividend equivalent
to the same amount on the postponed capital stock of
the company. lie had to mention that it was the

intention of the directors to recommend to the
shareholders to make application, in the en •
suing ses.ion of Parliament, for an Act to
consolidate the several Acts of the company. This
measure was rendered necessary by the provibions
in several of the Acts, more especially
the Gran ton
Acts, with reference to rates, &c. In that Act op-
portunity would also be embraced to place the shares
purchased in the S irlintr and Dunfermline Railway
on a proper footing. The chairman concluded by
trr;ving a series of resolutions to the effect that the
'report be approved of ; that a dividend at,:the rate of
5 per cent. be declared on the old L"ith and Granton
preference shares, and a dividend of the same amount
on the 51. guaranteed share capital of the company.
Csptain RAMSAY seconded the resolutions.
A great many questions were asked, in reference
chiefly to the accounts, by Mr. Smith, writer to the
Signet, and Mr. Munro, to which the chair and Sir
IV. Dunbar replied.
Mr. HUTCUINSON moved the appointment, of a
committee of investigation, but this motion being
only supported by the brother of the mover it fell to
the ground.

The report was then approved of and the dividends
declared.

Mr. M. llzator, advocate (the son-in-law of Sir
Andrew Agnew), then moved that no trains be run
on the Sunday ; but this motion was lost by a majo-
rity of 282 to 55 shares.
The meeting then broke up.

GREAT SOU 111ERN AND WESTERN.
The general half-yearly meeting of this company
was held at the terminus, Dublin, on Monday ; Sir
E. M`Donnell in the chair.
The directors' report stated that the gross traffic
receipts for the half-year have been 105,5081, and, as
compared with 98,7451. for the previous half-year,
of 6,7631. This increase arises
c
passenger traffic, and is mainly shhoiewfisy a
inn increase e a
attri-
butable to the changes which were made eight months
ago in the fares. The number of passengers conveyed
bas not m aerially increased when compared with the
corresponding period of last year, although the accom-
modation and facilities, more especially to third-class
passengers, have been greatly extended. The receipts
from cattle have also steadily improved, but the goods'
traffic does not show 00`favourable a result. With a
bountiful harvest, the directors looked forward with
confidence to a future and considerable increase in
this bradch of revenue. The result of the entire traffic,
however, is, under all circumstances, veryeecouraging ;
and the directors are enabled, out of their net earnings
for the half-year, and after the payment of interest
on the debenture debt and -preferential stock, to re-
commend a dividend of 15s. per share, being at the
rate of 3 per cent. per annum on the subscribed c vi-
tal, leaving a balance of 4,6301. to be carried to the
next half-year's account ; and it is satisfactory to
them to state that since the making up of the accounts
to the 30th of June, there has been a further increase
in the receipts of upwards of 3501. per week. The
company's solicitors have been instructed to prepare a
Bill for the next session of Parliament to consolidate
the powers of the company's various Acts, and to
authorise the creation of stock for the fteure liquida-
tion of, the company's liabilities to the Government
and their debenture debt; and also containing powers
for the construction of a dock or basin, with suitable
warehouses, on their land at the Cork terminus on the
river Lee, whenever such shall be found necessary.
After some discussion the motion for the adoption
of the report was carried, and a dividend of 15s. on
each original share (or 3 per cent. per annum) was
declared.

The meeting was then made special, and the for-
feiture of 76 shares in arrear of calls was confirmed.

DIRECT MID KENT.

Meetings of the landowners and inhabitants, at
which were present the Marquis of Camden, Earl
Stanhope, Lords Amherst, Mahon, and others, have
been held at Canterbury and Seven °Aka, with the
view of making preliminary arrangetnents for another
application to Parliament for a direct line through
Mid Kent to Maidstone, and through North Kent to
Dover. Resolutions were passed to the efftct that
there should be a general conference of the land-
owners, who should appoint trustees to be promoters
of the measure, as a public road or highway,

carried over to the current half-year. The directors
confidently anticipate that a large increase on the reve-
nue will arise from the opening of the Great Northern
line in the south, ail the Aberdeen line in the north,
as well as from the completion of the Royal ifirder•
bridge - at llerwick, and the High Level-bridge at
Newc4stle. Negotiations are pending with the view
f preventing any injurious effects being produced by
the undue competition which frequently arises on the
opening of new lines such as those referred to. The
short traffic in the vicinity of Edinburgh, which has
been much competed for by coaches, has all
along been a source of anxiety to the directors, and
they recently resolved to improve it by a large reduc
Lion of fares, an i by running a few extra trains du-
ring the summer months to and from Portobello.
The result has been to increase the revenue upwards
of 56 per cent. over the corresponding period of last
year, and the number of passengers' has been multi-
plied nearly fourfold, without any material addition
to the working expenses. Since the last meeting the
directors have gone on reducing expenditure. Their
own allowanee they have reduced from 1,0001- to
6001. a year, and the manager's salary has been fixed
ate minimum of 7501., and the balance to be the amount
of dividend accruing upon 5,0001. of the ordinary con
solidated stock of tiae company. They have also re-
duced the numbers
_and wages of the men in most of
the departments, but they state explicitly that they think
savings in this respect may be carried too far; and
while they are not advocates for high wages or a su-
perfluity of servants, they consider it to be false eco-
nomy either to Underpay or to overwork men. - All
.the important works on the line are now nearly com•
pleted, and the capital account will, in all probability,
so far as practicable, be closed before next meeting.
In conformity with the resolutions of the shareholders,
the' directors have procUred loans to the amount of
450,0001. on their 'own responsibility, and the re-
mainder of the money yet to be raised will, in all
probability, be more than sufficient to complete the
works, and to pay off all existing liabilities. The
assets; however, are being realised but slowly. The
arrears due on the preference shares amount to 9,3711.,
and will be all realised, as will also a considerable
part of the arrears on the other stocks. • But another
portion of these will not be easily got in at
present, and the directors recommend that they should
be empowered to compound with such of the holders
as are in doubtful circumstances by freeing them
from further -liability:on payment of a modified
sum, and giving up all right to their shares
in favour of the company. The balance of
the debt owing to the company, and secured
upon _the . Halbeath Railway, has not yet been
recovered, but the directors are using every possible
means to get it arranged. Meantime interest is pay-
able upon it. The Lancaster and Carlisle share debt
is in the same position, and the directors have been
obliged to commence an action for its recovery.
.The directors are anxious to obtain powers to enlarge
the Edinburgh station, at a cost of 6,0001., and to
adapt the Leith branch, at present worked by horses,
to the use of locomoti;es, which will cost about
11,500/., but negotiations upon the subj-ct have not
yet been completed. The revenue account for the
half-year shows receipts to the amount of 83,5661.,
and disbursements to the amount of 60,7451, leaving
a free revenue of 20,8201. The capital account ex •
hibits a total receipt, from the commencement, of
4,265,757/. Daring the last half-year the total
number of miles run by passengers and goods trains
was 587,726; the coke consumed was 10,641 tons, at
a cost of 8,1021., being at the rate of 4011 b. per train
per mile ; the present rolling stock of the company
consists of 64 engines, 60 first-class carriages, 70 se-
cond•class carriages; 60 third-class carriages, 26 com-
posite carriages, 1,968 goods and mineral waggons,
98 cattle and sheep waggons, 24 horse boxes, 20 lug-
gage vans, 21 carriage-trucks, 2 powder vans, and
3 ballast waggons.

BRITISH EMPIRE MUTUAL FIRE
ASSURANCE SOCIETY.
The annual meeting of this society was held on
Thursday, the 29:h of August, 1850, at the offices,
No. 37, New Bridge-street, Blacicfriars, London.
James Low, Esq , in the chair.
The CHAIRMAN said—lt was from the confidence
which the directors had in the soun iness of the prin-
ciples• on which the society was based that they were
induced to establish the society, and consent to take
upon themselves the responsible situation which they
now filled : and they were convinced that the public
would derive, in the progress of the society, large
benefit from its operations ; far, after the sxpenses
which were unavoidable at the commencement of
such a society were overcome, there would be a
steady and rapid increase, which would give
the members all the benefit of a reduction of
their premiums ; which was the peculiar ad-
vantage of the mutual princip'e : as the profits
formed an accumulating fund fur that purpose. The
dote -pf the calculations upon which the society was
formed, showed that a portion of the premiums would
be amply sufficient to meet all the losses. These data
were'derived from the experience of half a century;
and now they had the satisfaction to look back upon
the history .of the society, and see that their calcula-
tions were verified by the facts which the report
would detail. As the directors knew at the outset
that they were incurring considerable responsibility,
they entered upon their office with a determination
to meet promptly and cheerfully every loss—
and they, had so met every loss, and were deter-
mined to continue to do so, even if it were.at their
own personal expense. It was gratifying to find that
thirty-four per cent. of the premiums had been suffi-
cient, for that purpose, from the commencement to
the present time. They bad, of course, been anxious
to conduct the business on perfectly safe principles.
They had, therefore,, refused risks above a certain
amount, and also that business which experience had
proved to be unprofitable; and. the result was the
pleasing report they had to present to the members
to-day. Some large fires had taken place during the
past year, and some offices had suffered considerably
in consequence. In one case a village had been in a
great measure destroyed by reason of the thatched
roofs communicating the fire from house to house.
The directors had, therefore, determined not to take
thatched houses in future; a description of roofing
which, he trusted, would at no distant period be su-
perseded by more substantial and incombustible ma-
terials. Such facts must lead the members to see
that the mutual principle is a sound one, and
induce them •to
:take spch mei/thew/ sin-, 'this
association as • to' -rec'otninend it to their friends
and obtain new assurances. Up to midsummer
last the business of the society had nearly
doubled itself since the last annual meeting, and it
was for the members to carry on the work in the
same ratio :it was, their own work. There were only
tivo ways in which the business could be increased—
by private effort and public advertisement. It was
not the wish of the directors to spend much of the
funds in public announcements, or to attract by high
sounding names.' They were themselves men of busi-
ness, of respectable standing in the city of London,
possessing the confidence of all who knew them; and
this served -the society better than titles of noble or
aristocratic pretensions. And they meant to make
the society an important one. It would take a high
standing -among such institutions, and command the
respect, if not the admiration, of the country. He
then called upon the secretary to read the report as
follows :
BBL risu EMPIRE MUTUAL FIRE ASSURANCE
SOCIETY.
REPORT.
" The second year of the existence of the British Em-
pire Mutual Fire Assurance Ssciety terminated June
30, 1850.
" During the period since its fermation the sum of
2,4941. Bs. II d, has been received as gross premiums,
covering 2,830 policies issued to the amount of
1,153,511/.
• " The losses during the same period have amounted
in the gross to 962/. Is 5 1., of which, however, 1111 7s.
91. have been borne by other offices with whom re-assu-
rances had been effected, thus the nett sum paid for fire
losses has been 8501. 13.. 83., which gives, compared
with the premiums, the proportion of 34 per cent.
" The steady increase day by day, since the forma-
tion of the socn ty, of the business; the number of in-
fluential citizens enrulhd as members; the care with
which ti.ks are token, and the small proportion of lures
in a period in which, ow.og to the number and alarming
magnitude of contligrattons (among which may be
instanced those of A.O well, Cottriihano, Cambridge ;
fork•road, Lambeth; Gravesend, &c., &c.), scarcely any
office in London has escaped hearydsmage, evideness
that the application of the mutual principle to fire as-
surance by this society deserves and enjoys the fall tide
of public c'infi fence.
‘• The losses of the society would hare. been still fur-
ther reduced had the assurance of thatched buildings
been iarli.r•di.eontinued. In some instances, as at Great
Ash well ald Cottenhar:, whole villages, r,arfeil mainly
with thatch, have been more than half destroyed.
"t The agency of the society has had the attention of
the directors, and probably 200 agents have b-en visited
during the year by the directors and official staff. In
very rainy instances inefficient agents have been super-
seded, and more efficient men appointed,in their stead.
The directors have likewise been successful in recently
supplying with agents. of the highest respectability and
business talent, a large number of important towns and
cities in the north. Many of those have only just got
to work, but will, during the ensuing year, very largely
increase the business of the office.
" It only remains to add, that the directors have been
able, in common with very many of the members of the
society, t ) introduce many of their friends as new mem-
bers; and it every member would, as an important por-
tion are now doing, take every opportunity to put the
prospectus of the office into the hands of kit friends,
with the advice, DJ as I do,' the remarkable ratio of
increase witnessed since the foundation would be fully
sustained in time to come."
After the reading of the balance-sheets, Mr. HILL
asked if the details of expenditure could be furnished
to the meeting ?
The CHAIRMAN immediately read the various
items, stating that the directors had given, from time
to time, a most vigilant attention to these details,
with a view to their reduction, wherever practicable ;
and he believed they could not be reduced without in-
jury to the society.
The CHAIRMAN then submitted to the meeting the
names of the retiring directors and auditor, when
each of the following gentlemen was unanimously re-
elected, viz :—Mr. Francis Cuthbertson, Mr. George
S. Freeman, Mr. George Gould, directors ; Mr. J.
W. Pewtress, auditor.
Mr. W. 11. WATSON asked the number of new
policies issued during the past .year, and the amount
of property covered by them, as he thought the second
year, which they had now passed through, presented
a test of the public estimation of the society, inas-
much as it did not comprise, like the first year, the
business produced by the personal influence of the
director&
In,senswer to this question, it appeared that the
business had been doubled in the second year, and
was progressing in the same ratio in the sew weeks
which had elapsed since the close of the financial year,
the number and amounts being read by the Secretary.
Mr. WATSON observed that there could be no doubt
of the progress of an institution that increased half a
million .every yew'.
fMr. SANDERS said the explanations given were per-
ectly satisfactory, which sentiment was audibly re-
aponded to throughout the room.
Mr. Bnacxeressaid he could not attend such a
meeting without being impressed with the thought
that a new era had commenced in the arrangements
for ourspublic safety. The advantages of mutual life
e fes
Itsnd nacae
great,ha db e etnh longati t satsa bdleiss
readb,
ea nt do
ahpapdl
y tbeenhe
same principle to fire assurance • but he had not been
prepared for such a decisive exhibition of the advan-
tage, in this department, as the report presented.
It was a gratifying fact, that, with so much busi-
fleas as had been done, so small a proportion of the
premiums should have proved sufficient to meet all
the slosres. It was plaits that a large profit must
attach to fire iosuratice ; and if that profit could be
in this way saved to the assurers, it must become
popular. It was to be expected, that
at
no
distant period this society would be one of
the
leading institutions of the metropolis. Considering h
laaurrgeaainacareetalyseexotfehbduiinlsditpagospunleactieoslnsda,ea provideplentyf or
had
not avoid noticing
of room for its progress. r
there to
could
dthin their complete
had voluntarily
subscribed elicited by the fact tha
the confidence the directorsse
subscribed a capital to protect the. meyembe.rs
inspire
loss;hy
confidence.
,If the system and when they had such leaders it
tmemustofintshpistrseotcieetmy
with a
were ''more extensively carriedhlothuet,ttait
hweoguieldcteidnd;uciet
Persons to insure who had
would give a greater protection to property, and a
great public benefit would be achieved. lie approved
of the care and vigilance exercised in. accepting as-
surances ; even though it might check business in
some directions, it was the safe plan. They must
continue their confidence in the directors and officers;
and he bore his testimony to the skill and ability with
which their business was effected. He wished to con-
clude his remarks with a resolution which he would
move. It was to this effect:—
" That this meeting is much gratified with the extra-
ordinary iticcess which has marked the progress of the
society, and hails it as a further confirmation of its
views; of the zeal and ability of the directors; and it 4