The Sun.
London, England, 1850-09-05 00:00:00

Mr. Fox was not Prime Minister—Mr. Fox was Secre-
tary of State for Foreign Affairs in the years 1806 and
1807. Although Lord Grenville was nominally Prime
Minister, Mr. Fox must have exercised at least equal in-
fluence in the Administration.
As it is in the power of the Prime Minister at any
time to cause a dissolution of the Cabinet by his resig-
nation, does not that give him the power of exercising
great itifluence in the diep )sal of the patronage of e.ch
department so far as he cho sea to interfere?—l do not
think he exercises on that account any influence over the
disposal of appointment,; I have no recollection of any
case in which he has made use of any such influence for
,uch a purpose. .
Does net it involve this consequence, that if any col.
league of the Prime Minister resisted his wishes with
reference to any particular appointment, he would have
the power of dissolving the Government, by reusing to
continue in offiee?—Under all ordinary circumstances, if
there was a serious difference of opinion between the
Prime Minister arid one of his colleagues, and that dif-
ference c tuld not be reconciled by an amicable under-
standing, the result would be the retirement of the col-
league, not of the Prime Minister; but such a difference
would never arise on a mere question of patronage.
The possession of this patronage does not in any way
diminish the personal expenditure occasioned to the
holders of these offices?—Not in the slightest degree.
Do you consider the Prime Minister responsible for
the dispoesl of the whole of the patronage of Govern-
ment ?—I think so.
Is it his duty to control the disposal of that patron-
age?---I think so. In all my experience, however, there
has been cordial concert in these matters between all the
members of the Government and the Prime Minister. I
do not recollect the slightest difference of opinion about
an appointment; at any rate, if there was a difference of
opinion, I do not recollect any case in which it was not
immediately reconciled.
Wiil you state how far the Prime Minister has an in-
fluence over the patronngo of the appointments con-
nected with the Government of India, that of Governor-
General fir Instaace?—l consider that the Prime Mi-
nister ought to have as great influence over the appoint-
ment of the Governor-General as the President of the
Board of Centro'. The President of the Board of
Control would never suggest the appointment of an in-
dividual to fill that office without being certain that he
had the complete concurrence of the Primo Minister.
That is true of all great offices, but particularly so of
such an appointment as the Governor-General of India.
The Prime Minister would have at least as much influ-
ence on the appointment of Governor-General of India
as the Miuister in whose particular department the for-
mal appointment might be.
Has the Prime Minister as much influence over the
appointment of the Governor General of India as he has
over the appointment of the Lord-Lieutenant of Ire-
land ; that is to say, how far he is independent of the
East India Company with regard to the appointment?—
The appointment cannot take place without the concur-
rence of the East India Company.
But the East India Company can make no appoint-
ment of their own P—No.
Then virtually it becomes the appointment of the
Prime Minister ?—Virtually perhaps it is so ; but these
public departments cannot go on successfully unless
there is a good understanding between them.
Are there not instances in which the East India Com-
pany has differed as to the appointment, and the ap-
pointment has consequently been obliged to be can-
celled ! —There have been such instances.
But, in fact, no Goverrnor-General of India can be
appointed without the complete approbation, sanction
and concurrence of the Prime Minister of the Crown?—
No, nor could he be appointed, nor would it be ad-
visable that he should be appointed, unless the person
named had the complete confidence of the East India
Company.
The President of the Board of Control is one of the
offices for which the Prime Minister selects an indivi-
dual as his colleague?—The Prime Minister, upon the
formation of the Government, would submit to the So-
vereign the name of the individual whom he considered
to be beat qualified to fill the office of President of the
Board of Control; and supposing there were a vacancy
in the office after the Government had been formed, the
Prime Minister would take the pleasure of the Crown
upon the appointment of a person to hold that office.
With regard to the Secretaries of the Board of Con-
trol, are those appointments made precisely in the same
way as the Secretaries of the Home Department and of
the Admiralty, by the joint action of the Prime Minister
and of the department?—By joint action. The Presi-
dent of the Board of Control would probably consider
that the Prime Minister was responsible for the gene ral
conduct of the affairs of the Government, and would be
ready to acquiesce in the appointment of any capable
man to the office; ho might expre-s a wish in favour of
some person in whom he had particular confidence; but
I do not recollect any practical difficulties in the adjust-
ment of those things.
Are the salaries of the President and Secretaries of
the Board of Control paid in a different form from the
salaries of the other public officers?—Yes, they are paid
from the revenues of the East India Company.
Under an Act of Parliament directing that P—Under
an Act of Parliament.
I, the First Lord of the Treasury a governor, es-
officio, of any public charities; of Christ's Hospital, for
instance, or any of those institutions?—l think not. I
was a governor of the Charter-house, but not as First
Lord of the Treasury. The First Lord is an ex-officio
trustee of the British Museum and of the National Gal-
lery; I do not think he is of any public charities.
Besides the Governor-General, what other offices are
there in India to which the Prime Minister virtually ap-
points?—l think he would confer with others upon the
appointment of the governor of Madras, the governor of
Bombay, and the commander of the forces at each the
presidencies. In the latter case, the Commander-in-
Chief, the President of the Board of Control, and the
Prime Minister, would meet together and discuss the
qualifications of the persons who might be considered
candidates for the chief military command. The ape
pointment afterwards submitted to the Crown would be
the result of this concert, and an agreement that such
an officer had upon the whole the fairest claim.
Can the Court of Directorsof the East India Company
appoint to any of those offices without the consent of the
Government here?—Their respective powers are exactly
defined by law; the power of objection on the part of the
East India Company, and the power of the Crown to
make the appointment; a reference to the Act will show
exactly it stands.
With regard to the judges of the Queen's Courts in
the Presidencies, are they also appointed by the Go-
vernment at home?—By the President of the Board of
Controul.
In contradistinction from the East India Company ?
Yes,in appointing an individual as chit f justice, the Pre-
sident of the Board of Controul would probably confer
with the Prime Minster; hut the Prime Minister is to
harassed with the (levitis of his office, that he is very glad
to leave it to the Board of Controul to make any ap-
pointments, except those which materially influence the
conduct of public affairs.
Do you think, from your experience, that the exercise
of the patronage of the Crown is one of the parts of the
duties of the Prime Minister from which he derives the
greatest satisfaction?—I think that what is coaled the
patronage of the Treasury, such as the appointment of
commissioners and other revenue officers, so far from
affording any satisfaction, is one of the most disagreeable
and invidious parts of his duty.
Is not the responsibility connected with the appoint-
ment of bishops and of the highest officers of State a
much greater consideration in the exercise of that pa-
tronage than the power of obliging individual.?—l think
it it. There is very little satisfaction in the possession
of that power as tar as mere personal gratification is con-
cerned.
Is not the difficulty which occurs in the exercise of
that patronage often much greater than any personal
satisfaction a hich the Minister can derive from that
pewer?—Certainly. There is a great misunderstanding
with regard to the patronage of the Revenue. The pa-
tronage of the Revenue Departments is in general deter-
mined by certain rules and fixed principles. Men rise,
as they rise in the army, after a certain length of service,
according to established regulations. The construction
to be placed upon those regulations is with the Boards
of Revenue; the power of the Preusury is very limited,
except as to the appointment of the Commissioners of
the Revenue Boards and the higher officers.
In former times the Treasury had the power of ap-
pointing the Collectors and Comptrollers, and all the
higher offices of the Revenue?—l believe so.
Do not those appointments now, under the present re-
gulations, go almost by seniority, according to the re-
commendations of the different boards of the Treasury?
—Yes; they are of no value whatever for the purpose
of Parliamentary influence, or for the purpose of con-
ferring private favour.
When you speak of the disagreeable duty of adminis-
tering the patronage in the hands of the Prime Minister

RAILWAY PASSENGER' ASSUR-
ANCE COMPANY.
The second half-yearly meeting of the shareholders
of this important and invaluable company to the
public took place yesterday, at the offices of the com-
pany, 3, Old Broad-street.
Mr. John Dean Paul, the chairman of the com-
pany, took the chair shortly after twelve o'clock.
The usual formal business having been gone
through, and the minutes of the last meeting having
been confirmed,
The CHAIRMAN called upon the Secretary to read
the report.
The SECRETARY (Mr. A. Beattie) then read the
following report :
" At this second half-yearly meeting the directors
are happy to be able to report a decided incr., ase in the
amount of premiums over that of the previous half-year;
and they congratulate the proprietors that tLe company
is now established on a firm basis, with every prospict
of a steady increase in its business.
" The abstract statement of the accounts of the con:-
pany, to the 30th June last, have already been placed in
the hands of the proprietors; and from these it will be
seen that the amount of premiums received during the
half-year which terminated on that day amounted to
2,0871. Os. 4d., and as the income of the society for the
previous half-year was 1,4211. 75. Id., the increase its the
amount of premiums received in the last six months,
over that of the first six months, is 665/. 13s. 3d.
‘• The entire receipts of the year just closed are
3,5081. 7s. 5d., the expenditure, including the sums paid
for compensation to parties injured, amounts to 2,480/.
ss. 6d., acrd after estimating the liabilities of the company
tor charges which were not paid when the accounts were
made op, and deducting them, the net balance amounts
to 6781. /s. 11d., which, for the first year of a new com-
pany the directors conceive will be regarded as a most
satie'actory result.
" This balance, unless reduced hereafter by payments
for compensation on some of the policies issued prior to
the 30th of June, will yield about eight per cent. on the
capital paid up; and though for the present the direc-
tors cannot recommend its division, they trust that at
the next half-yearly meeting they will be in a position
to pay interest to the proprietors upon the capital; and
unless it should be deemed necessary to reserve a por-
tion of the surplus to go in diminution of preliminary
expenses, a dividend of an almost equal amount to the
interest may likewise then be paid.
" The obvious course which the directors would ven-
ture to recommend to the proprietors at this meeting,
however, is to reserve this balance until the risks upon
the old insurances are run off.
" The issue of the company's tickets, which, at the
date of the last half-yearly meeting of the proprietors,
was established on twenty-seven railways, has since
been extended to five more, so that the public can now
obtain insurance tickets on the following lines of rail-
way:—The London and North-Western Railway, and
all its branches ; Eastern Counties and Norfolk, and all
its branches; Great Western, and all its branches; Mid-
land, including the Leeds and Bradford and the Birm-
ingham and Bristol; Lancashire and Yorkshire, and all
the lines connected with it; York, Newcastle, and Ber-
th ick, and all the lines connected with it; York and
North Midland, and all the lines connected with it;
Great Northern, and all the lines connected with it; Lan-
caster and Carlisle, and all the lines connected with it;
East Lancashire, and all the lines connected with it;
South Devon, and all the lines connected with it; New-
castle and Carlisle, and all the lines connected with it;
Maryport and Carlisle, and all the lines connected with
it; tthrewsbury and Birmingham, and all the lines
connected with it; North Staffordshire, and all the
lines connected with it; South Staffordshire, and all
the lines connected with it; Eastern Union, and all the
lines connected with it; Chester and Holyhead, and all
the lines connected with it; Manchester, Sheffield, and
Lincolnshire, and all the lines connected with it; North-
Western, and all the lines connected with it; Taff Vale,
and all the lines connected with it; Cockermouth and
Working' en, and all the lines connected with it; Stock-
ton and Hartl-pool, and all tilt, lines connected with it;
Leeds and Thirsk, and all the lines connected with it;
Caledonian, and all the lines connected with it; Edin-
burgh and Glasgow, and all the lines connected with it;
North British, and all the lines connected with it; Scot-
tish Central, and all the lines corm( eted with it; Scottish
Midland Junction, and all the lines connected with it;
Aberdeen, and all the lines corm, cted with it; Edin-
burgh, Perth, and Dundee, and '.ll the lines connected
with it; Dundee and Perth, and Aberdeen Junction, and
all the lines connected with it; and in the course of the
next wet k the issue of tickets will be establibbed on the
South Wales and Shrewsbury and Chester Railways.
" The numbor of single journey tickets issued during
the year ending 30th June, has been 24,788 first-class;
41,515 second-class; 43,771 third-class; total, 110,074;
and the periodical tickets issued in the same period has
been 2,803.
" There is still an unwillingness on the part of two or
three railway boards to sanction the issue of insurance
tickets on their lines. The plea of alarming passengers
has been put forward as the ground of this refusal, as if
provision against a possible danger made danger more
certain or imminent. It is not usual for a man to be
more afraid of death because he insures his life, or that
he lives in fear of his house being burnt because he in-
sures against fire. But, however, your directors have
tried every reasonable and respectful means of influenc-
ing the railway boards in question to a;Turd the oppor-
tunity of effecting insurances on those lines, as well as
elsewhere, which they have reason to believe the public
would value. And as your directors can adopt no other
means, they wait the effect of time and public opinion
upon the gentlemen who conduct those railways, and
they hope that, ere long, they may consent to the issue
of insurance tickets, so that the advantages which the
company holds out to travellers may be enjoyed upon
every railway in the kingdom.
`rho directors stated in the last report that the
principle of effecting insurance against railway accidents
was beginning to be appreciated in France and America;
they have just learned that a company is now formed in
Paris, under the authority of an Act passed on the 22d
and 233 April last, which will commence the issue of
tickets on the principal railways in France as soon as
the necessary arrangements are completed. The pro-
moters of that company are also about to enter into ne-
gotiations with the Governments of the principal con-
tinental states of Europe, to obtain permission to estab•
lish branches in the principal cities, viz., Vienna, Berlin,
Baden, &c. Your directors cannot help regarding this
contemplated extension of the system originally com-
menced by this company as a favourable feature in its
future prospects; for it must be evident, as the know-
ledge of the principle becomes more widely spread, the
probability of travellers acquiring the habit of insuring
will be increased.
" In the last session a Bill was introduced into Parlia-
ment by Mr. Newdegate, for the purpose of making it
compulsory on railway companies to provide medical
assistance to parties who may be injured by railway
accident, in the present state of the law no action
being maintainable against a railway company by
a surgeon called in by the servant of a rail-
way company, to render assistance to a passenger who
has been accidentally hurt upon a railway. This Bill
was thrown out on the second reading, and your direc-

you allude.to the difficulty of adjusting the rival claims
of parties seeking such appointments?—Yes.
But at the same time there is an immense amount of
patronage, of which the Prime Minister has the abso-
lute disposal, and by 'which he can make provision fur
dependents and relatives, provided they possess the ne-
cessary qualifications?—The power is much more limited
than you suppose.
'Poke the patronage to which the Prime Minister is
directly or indirectly entitled, the patronage in the
Church, the patronage in the Judicial Courts, the patron-
age in the diplomatic department, the Governor-General-
ship of India, the Lord-Lieutenancy of Ireland, and
other departments; must not the salaries and emolu-
ments of those appointments amount to many hundred
thousand pounds a year?—it may be several hundred
thousands. I was before adverting to the ordinary re-
venue or civil patronage of the Treasury.
There is an immense power in the hands of the in-
dividual holding the office of Prime Minister?—lm-
mense power.
And that surely is one of the objects for which high
office is desired; in fact, is not the exercise of great
power as much an object of ambition to a man as the ac-
tual emolument he receives?— Certainly.
And it ought to be taken into consideration as a por-
tion of his reward?—lt ought to be considered as one
of the inducements to men to devote th 4 m,elves to the
public service, most certainly; but I doubt whether ad-
vantages of that kind ought to be taken into account for
the purpose of reducing the salary which a public officer
ought to receive. A salary sufficient to enable the holder ,

tors feel that 44 rejection is calculated to enhanee the
claims of this company on public support, as by Ito
means each man may have the opportunity of eoing
that for himself at a small expense, which the Bil was
designed to compel railway companies to do, without
any means of checking the abuse of such a power.
"The claims upon the company for compensation
daring the past half-year, and the circumstances out of
which they arose, will be described, and the amount
awarded in each case stated at foot of this report; and,
without desiring to exaggerate the danger of railway tra-
velling, it is manifest that there are accidents inevitably
occurring in this, as in all other modes of travelling,
-----=esseeeeeeeeme----- which cannot be prevented by human foresight or care,
of it to maintain his office with a certain degree of dig- besides those which arise from negligence or ince:u-
nity ought to be attached to it. I do not deny the ex. potence.
tent of the power, or the value of the patronage, but I " The cases which this company has relieved during
do not think they ought to be considered as equivalents the past year show that accidents do occur, and that this
for salary.
company has been the means of relieving (as far as Inca-
When you speak of the dignity of the Prime Mi- niary aid is concerned) those who have suffered, and
[lister, do not you think that that dig ity is very who had taken insurance tickets.
with accident, have the satisfaction of knowing that the
much affected and very much increased by the im- " Those who contribute the premium without meeting
mence power which he possesses as an iadiv:aual?— 1
i their travelling creates a fund for the relief of others,
Certainly,
smell addition which the premium makes to the cost of
Nitah,nhedi
enhtu,hmienbmeurtoiosl itfi yienaosstfeassnucwcehhf,,,i
which
companyh
ave r
received
is
vdeedmcoonms
Would it make any difference in the dignity of that office, whether the Prime Minister spent, in his own
has been made to persons in
demonstrated by
private establishment, 1,000/. a year more or less?—The grater the power a Minister has, the greater the lia-
bility to abuse. I think it would be unwise to attach to these circumstances thy[ render the relief afforded a
the office of Prime Ministe-, because he has great pa- great astistanee.
teenage, and the facility for übusing it, a less amount of '• In the short period that has elapsed since the expire-
einelument than that which is required for the proper Lion of the fist series of periodical tickets, co great a
support of the office. It is rather an additional reason proportion have been renewed, that the directors ase
why you should five a Minister no temptation to abuse p -rsuaded the comfort of being insured has induced the
his power on account of the inadequacy of his emolu- greater number of policy holders to coutinue their er way,in-
in my surances, and they trust that this may be regarded as a
opinion.
meets. The argument tells the oth
satisfactory lecture with reference to the future busitess
Is net that an argument that would not apply to other of tt e company.
members of the Cabinet, who receive the same salaries "Tie directors have to express their increased con-
es the Prime Minister, but have not the same patronage? fidence in the utility of the undertaking, aad their con-
-I think those who wish to see the arena of public ser- viction that as the cases compensated for injuries during
vice open to all, without distinction of rank or fortune, the year will give publicity to it in a way that ordinary
advertisement cannot do, the same confidence in its
ought not to contend for an undue limitation of official
utility and its responsibility will be felt by the commu-
emoluments. Those emoluments ought to be sufficient
to induce a man of great abilities and of very moderate t pity at large. And they assure the proprietors that no
means to ent,r into the public service, and it would be effort will be spared to render it not only a useful in-
unjust to such a man to place him in immediate contact stitution to the public, but a profitable investment of their
with min of great wealth, and leave him with insufficient
capital.
means to maintain the proper dignity of the office which , a The directors cannot close this report without grate-
he held. I feel that very strongly. If you were to '
ully acknowledging the kind support and a d they have
adopt that principle, you would confine the tenure of received from the directors of the London and North-
ereat offices to the aristocracy and to men of fortune. Western, the Great Western, the Eastern Counties, the
That would be a great public misfortune. ' Great Northern, the Midland, and all other railways in
the cast, west, and north, working into or from those
The cffices of the highest amount of salary are gene- i
lines, having thus been enabled to establish the system,
rally taken now by rich men, or by men of aristocratic
connexions; but if the emoluments were lower, might j i
and render at as easy as possible for the public to obtain
not that have the eff.et of opening those offices to men I both single journey and periodical tickets at all the prin.
cipal stations of the railways above mentioned."
of another class?—lf you review the great offices of
State for the last fifty years—the office of Prime Minis- Annexed to the report was published a list spec--
ter, the Secretaries of State, and the Chancellor of the f fying the claims and compensation awarded under
Exchequer, you will not find that aristocratic con- insurances effected during the year 1849 50. From
nexions have much influenced those appointments. In this statement it appeared that in addition to medical
the case of Mr. Pitt, of Mr. Addington, of Mr. Perceval, and surgical relief, thirty-seven persons had been
of Mr. Canning, it would surely be impossible to con- awarded sums varying between 2/. and 2101.
tend that aristocratic influence had determined their The CHAIRMAN, in moving the adoption of the re-
appininsunt. In other cases, wherein person of high .The
just read, together with the balance-sheet which
family connexion have held the chief offices, it has been port
had been in the hands of
. the proprietors for several
because they have been the fittest persons for them.
days, said he wished to make a few observations,
Lord Grey an I Lord J. Russell did not owe their ap-
pointment as Prime Minister to their aristocratic eon- which he considered called for by the favourable
flexion, but to their superior qualificatioes, and to the auspices under which they had met, by the present
confidence of their party. Ido not think they owed it position of the company, and by its future prospects.
in the slightest degree to the accident of birth. And He bad to express his satisfaction at the result cf the
so, also, with respect to the office of Secretary for Fo- company's first year's experience. He did not limit
reign Affairs: Lord Grenville and Lord Londonderry 1 his satisfaction to a mere pounds, shillings, and pence
owed their appointments not to aristocratic connexion, view of their position, although even financially con-
but to their just influence in the House of Commons, sidered they had cause for gratification, because their
acquired by superior
DE ability.
( NUED). balance-sheet presented a clear divisible surplus profit
TO CONTI
of 8 per cent. on the paid-up capital, after allowing
for all expenses and claims on the company. Still the
directors did not at present, as stated in the report,
recommend the appropriation of this surplus. But
he also looked with satisfaction on the advantages
which had been conferred by the company on the
travelling portion of the public in the payment of
compensation to persons meeting with railway acci-
dents under circumstances that entailed much suffer-
ing, privation, and great loss of time. These parties
had borne their voluntary testimony, to the
inestimable boon they had derived from the
company, and which timely assistance, in his
opinion, entitled the company to the support of the
public generally, on these grounds of philanthropy
and benevolence, which called on the many who were
happily exempt from the effects of such casualities,
to contribute cheerfully fur the benefit of the few
who unfortunately did suffer from them—(Heer,
hear.) Bearing in mind the difficulties invariably
inseparable from the introduction of a new system--
yet a new system, he would be allowed to say, as ad-
vantageous as it was novel—he did think the progress
they had made since they last met might fairly be
considered as an evidence that the system was steadily
gaining ground with the public, and becoming
gradually appreciated by those who travelled on rail-
ways, and as an earnest of a future success calculated
to encourage them to labour in extending its utility
and its general application. The company was in
cordial co-operation with all the leading lines of the
kingdom, and the directors were thankful for the de-
gree of courtesy and accommodation they had always
received from the different railway companies; and
they confidently cherished the hope that at no dis-
tant day all the southern lines in the country would
soon have so far adopted the system as would
enable the foreigner travelling to England to
complete the entire journey from London to
Paris under the advantages of the principle of the
company. As a company on precisely similar prin-
ciples had recently keen established in France, and
with the same object, that circumstance would go far
in proving the utility and acceptab!eness of the system
generally. He had before him many practical proofs
of the individual benefits derived from the operations
of this institution, but he would only trouble the
meeting by reading one letter from a party who had
received compensation through the instrumentality
of the company. The writer stated that he was happy
to say he was doing well, and better than he had a
right to expect after so serious an accident, and he
indulged the hope that, with the assistance of Divine
Providence, he would be able shortly to resume his
ordinary duties. The writer had also to express his
heartfelt gratitude for the kind consideration he bad
experienced from the directors of the company, and
likewise from the directors of the London and North-
.
Western Railway for the liberal manner in which
they had met his case, and for the kind
consideration they had shown to his family in
addition to the forty guineas that he had been
awarded as compensation from this company. The
writer wished his letter to be made public, in
order that other firemen and engine-drivers might
also be induced to insure in this company e. H
signed his name as John Haigh, an engine-driver
connected with the Peterborough station. He (the
(Chairman believed the publication of such a letter
through the press would tend to establish the system
in the estimation of the public ; and he might have
I cited various other similar instances. But he must
mention, by way of contrast, the unfortunate accident
that took place recently at Cowlais. Their medical
officer (to whose skill and ability he was glad to bear
testimony) had to visit the sufferers, to cheer their
spirits and administer to their wants and necessities.
Whilst performing these offices of mercy he was
deeply pained in having regularly to pass the door of
one poor woman, who had sustained very serious in-
jury, and whose case was almost hopeless, but who had
thoughtlessly omitted to take one of the company's
tickets when starting on her journey. At the trifling
cost of threepence, 1,000/. was insured to the first-class
passenger; for twopence, 500/. to the second-class;
and for one penny, 200/. for the third-class ; and in
not a few of the thirty-four cases relieved during the
lust twelve months, the cost to the sufferers had only
been one penny in addition to the railway fare. At
the lust meeting the directors retained some of the
shares for the purpose of allotting them to parties
who might be able and desirous to actively promote
the extension of the company's system. 3,250 shares
had since that time been carefully allotted upon this
principle, and the directors pledged themselves for
the future to exercise the same discretion in allotting
the few shares that might still remain in their hands,
always giving a preference to persons who expressed
their anxiety and had the power personally to pro-
mote the success of the institution. The directors,
it would be recollected, had once entertained
the idea of going to Parliament for a new
Bill to extend the company's powers, but in con-
sequence of communications which had taken place
between the Chancellor of the Exchequer and one of
the directors on this subject, circumstances arose
rendering it better not to press for their Bill, and
therefore it had been abandoned in the meantime.
He would now assure the proprietors in his own
name, and in the name of those with whom he had
the privilege to work, that as regards the past they
cordially proferred their gratuitous services, and as
regards the future they pledged themselves to con-
tinue to exercise the same vigilance and attention to
the interests of those who had favoured them with
their confidence as they had already shown. He was
in the sanguine expectation that at no distant day the
shareholders would derive such a return on their
capital as would safely and fairly be accompanied
with proper remuneration for those who had taken the
labouring oar. The Chairman concluded by again
moving the adoption of the report and accounts.
Mr. HARRISON (Deputy-
Chairman) seconded the
motion.
Mr. G. STEVENS said that he was anxious to say
something before the report and the accounts were
adopted, because at the last half-yearly meeting he
had moved a cordial vote of thanks to the chairman
and directors. On the same occasion he had stated
that he hoped the company would be able by the pre-
sent time to pay a fair dividend, and a liberal re-
muneration for the directors ; but he regretted to find
that the data upon which he had fairly based this ex-
pectation had been upset by the directors, in their
discontinuance of the extensive system of advertising
the company, which had previously made their busi-
ness fructify so remarkably. He had been connected
with the company in the management of its advertis-
ing department, and although his official 90nnexion
with the company was now severed, he did not rise