The Sun.
London, England, 1850-03-04 00:00:00

ati 3W? e't '
N°, '7,922.] LONDON MONDa. 4
171-T
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MARCH 1 1850.
4
_ _ _ _ _

CHEAP EDITION" OF MR. AINF,WORTII'3
On the oth March will t.e
TOWER OF LONDON,
vol.", price la. boards, or is. Gd. cloth.
•1 he second volume, completing the work, will Le puLlishol on ;he
20th of March.

14,1 ATIONAL LOAN FUND LIFE
ASSURANCE SOCIETY.
26, COItNIIILL, LONDON.
Capital £500,000. Empowered by Act of Parliament.
The leading features of the Society arc guaranteed of an ample
Proprietary Capital.
Moderate Rates of Premiums.
Two-thirds Premium Loaned to the Assured.
Annual Division of Profits.
Half the Premium may remain as a Loan for Five Years.
Extensive Travelling Leave granted, without extra Premium.
Moderate extra Premium for Residence in Tropical Climates.
N.B. The last Annual Bonus to the Assured varied from 27 to t;ri
oer cent. (according to age) on the Promiums paid.
Examples of Bonuses already Declared, and Options.

j Penna. Sum the
'... i:to/111S in
~ Annual Policy) additionti„n Bonne rent Re- Asmred
Age. ~.....e, Pre- taken t• Su. in fduction of may her-
:"... mium. out in Assureti. Cash._ Annual , ro, on
.75 '
tn. Policy.
£ s. d.l£ s. di £ s. (1., X s. d.
1837 276 14 3128 14 3 21 7 2.593 6 8
1834 251 18 10 115 14 iii 18 12 8 543 17 9
.-6 1839 226 6 0 102 15 1 16 2 9 494 8 10
CO 1000 X s.d. 1840 178 0 082 14 2 12 14 11;445 0 0
74 3 4 1841 174 0 0 72 3 4 12 3 0 395 11 1
1842 147 4 2 '.5 15 10 10 2 41346 2 3
1843 99 18 4 44 8 4 615 111296 13 4
1844 62 6 8 27 13 4 4 4 0,247 4 ii

Prosrec
any of
arced r

tuses, will tables of rates, &c., may be nail at the office,
its branches in the country ; or, on application. will be for-
mt free.

W. S. B. WOOLHOUSE, Actuary.

LAW INTELLIGENCE.
COURT OF BANKRUPTCY, March 2.
(Before Mr. COtnaliSSionnT FAME.)
THE ROYAL ITALIAN OPERA, COVENT GARDEN.
Edward Thomas Delafield, a bankrupt, and lately le.;-
see of the above-named establishment, came tip on the
question of certificate. The court was crowded, as at
firmer meetings, and great interest was inanifssted in
the proceedings. Mr. Delafield looked pale and dejected.
Mr. Lawrence and Mr. Espin were joint eolieitorsto
the assignees; Mr. Lawrence also appeared for Mr.
Evcrsfield, a magistrate of Surrey, who claims t> he a
creditor for 4.6001, money lent and the interest accruing
thereupon. Mr. Lewis supported.
Upon a former oceesion n minute analysis of the le!:-
lance-sheet (prepared by Mr. Bankes) was given, end it
is only necessary to say that the debits are about 33,0001.,
and the assets about 1,3001.; that Mr. Delafield started
in 1847 with a capital of more than 80,000/., and ended
in July, 1849, 31,000/. worse than a pauper. Through-
out the entire case no desire was manifested on the part
f the creditors to act harshly towards Mr. Delafield;
but, on the contrary, great sympathy for his misfortune
was convantly evinced. Mr. Carman was the official
assignee. The minor class of persons employed at the
theatre were, by direction of the Commissioner, who
regarded them in the light of weekly servants, paid
in full.
Mr. Lewes, in opening the proceedings of the day,
said he did not think the case would occupy the atten-
tion of the Court for a long period. The debts and
liabilities were 33,000/., but his client had started with a
i
capital of 92,000/., nearly the whole of which he lost n
the unfortunate speculation of Covent-garden Theatre.
lie had now to make a proposition on behalf of Mr.
Delafield, which would, he trusted, completely satisfy
the Court and the creditors. His client hoped that he
might yet be possessed of means—he had a large,
wealthy, and highly respeeteble connexion, and his wish
was to put aside half of any property he might hereafter
acquire until his creditors were paid a further 10s. in the
pound in addition to what they had already received.
The Court would find, that of the 33,000/. due, 21,000/.
arose out of engagements to which he was bound upon
taking the theatre, and of which he could not free him-
self. The nrivate debts were only 9,050/., and the trade
debts 2,660/. The great 'mass of liability, therefore,
arose out of the theatre. He was instructed by Mr. De-
lafield to make the off,r he had made—the mode in which
the bond for its performance should be drawn up would
he determined upon by the Court; but he hoped, that
taking into account all the circumstances, a certificate of
the first class would he granted.
Mr. LA.WRANCE did not object to this arrangement,
and thought the creditors had reason to be satisfied with
it. It was clearly in the power of the Court net only to
concede t ) the proposed arrangement, but the 198th sec-
tion of the late Act gave the Commissioner the power of
annexing such conditions to the allowance of the certi-
ficate ar he might think proper. It might be that this
proposal of Mr. Delefield's would never benefit the cre-
ditors, hut, at all events, it showed an honest intention
on his part, and he had no objection to offer to its ac-
eeraece. The Learned Gentleman mentioned the cases
cf Lord Huctingtower, of Hensman and ilerternan, and
of an artist whose case was lately heard before Mr.
Commissioner Goulburn, in which conditions of as like
nature to those now proposed were annexed to the allow-
ance of certificate. Ho freely admitted that, since the
bankruptcy, Mr. Delafield had done all in his power to
assist his creditors. and in every respect conformed to the
bankrupt laws. If the court, however, did not accede
to the proposal, he reerved to himself the right of going
into the whole case. Perhaps, after all, the severest
panishment that could be inflietsd was the bitter remem-
brance of having squandered away a flue fortune, and
being- releced to such a position.
The COMMISSIONER—I have no difficulty in acceding
to the proposed arrangement, so far as the allocation of
a portion c f the bankrupt's future property is concerned,
but I own I do entertain a very great difficulty in
granting a first-class certificate. First-class certiticatss'
ought to be given only to first-class bankrupts. I never
will consent to degrade the first and second•class certifi-
cates, and I are sure if they are awarded in any but me.
ritorious, or at least blameless cases, they will be so de-
graded that they will not be worth having, for they will
confer no distinction at all. The words of schedule Zin
the new Act are—" And I further certify that his
bankruptcy has arisen from unavoidable losses and misfor-
tunes, and that he is entitled to, and I do award him,
this certificate as of the first class." Now how can I
certify that in this case?
Mr. LEWIS thought the Court could do so, for Mr. De-
'afield, having once entered upon the speculation, was
bound by bond tl engagements of the principal per-
formers for three years. Whether, therefore, the spe-
culation succeeded or no'-, those engagements would be
enforced against him. The claim of 21,0002 arose out
of these contracts, which he could neither break nor de-
termine. Long before the theatre was opened those en-
gagements were entered into with the performers for
two or three seasons. The loss arising from those en-
gagements was therefore inevitable, and the Court could
truly certify that he (Mr. Delafield) had become a bank-
rupt through unavoidable losses and misfortunes. Mr.
Delafield had lost a large fortune, amounting 92,332/.
Comsersseossre.—Not when he embarked in the thea-
tre. It is ages ago since he possessed that capital. It
was subsequently to its possession that he entered into
several speculations of this kind, every one of which
turned out unfortunate.
Mr. Lawneecx—l am willing to admit that Mr.
Delafield had, when he took the theatre, a large capital.
Mr. LEWlS—Delafield took the theatre from Beale,
who had contracted with the artistes, with some of them
for three years. He took the theatre subject to those
engagements. The bankrupt is here, and will depose to
these facts if necessary.
The COMMISSIONER —ln order to decide that the
bankruptcy arose out of inevitable losses and misfortunes
the whole case must be gone into. I cannot take mere
statement. It is a question of figures wholly. If, there-
fore, it be really the intention of the bankrupt or those
who advise him to ask the Court for a first-class certifi-
cate, I ought to have some concise statement of the
debit and credit side of the account—of the losses and
the profits—from which the deduction might be gleaned
that the losses were unavoidable.
tar. Delafield was then placed in the witness box. The
effect of his evidence was that ho took the Opera House
in November 1847, with a view of conducting it with
Mr. Beale. Previously to entering into the speculation
his fortune amounted to 80,000/. He was first in part-
nership with Mr. Beale, but the partnership was dis-
solved in December, 1347. Mr. Beale had entered into
engagements previously with various performers for
three years, commencing in November, 1847. These
engagements he took upon himself. During the two
years of his lesseeship he lost 81,000/., a considerable
portion of which was expended in the engagements
made before he entered into the partnership.
COMMISSIONER—If he had 81,000/. how came he to
lose it all, and owe so much?
Mr. LAWRANCE—The personal expenditure is a very
heavy item. It is 22 228/.

COMMISSIONER—How, under these circumstances, can
[ grant a first-class certificate, where a trader squanders
o large an amount in so small a period? He stops
oslyrnent owing 33,0001., and his ready money is only
3/. 14s. 6d.

Mr.'LEwts—But I,OOOL has bean paid into court since
he fiat.

Mr. LAWRINCE—Yes ; owing to the exertions of the
assignees.

COmmissroNEß—Of what value to him is a firot-class
certificate. Is he going into trade ag in ?
Mr. LEWIS—He hopes to do so ; and any but a
first class certificate would materially prejudice his
prospects.
CuMMISSIONER—I wish to make a first class certificate
the reward of meritorious conduct. Of what use are
certificates at all, nor, indeed, of what utility is the court,
unless, by its decision, it rewards merit and discourages
misconduct ?
Mr. LEWIS said that the whole amount of personal
liabilities was only 11,0001. The 21,000/ was caused by
those engagements which he unfortunately took upon
hicoself,'end to which he had alluded.

Mr. LAWRANCE—Yes, but there was 4,6001. bor-
rowed from my client fur March, 1846. It is very sa-
tisfactory to me to know that the only occasion during
these protracted proceedings upon which the bankrupt
was put in the witness-box was by his own solicitor. If
a first-class certificate be granted in this case, all I can
say is that the sooner all distinctions between classes is
abolished the better.

Mr. LEWIS—The fact of my client's not having been
put in the box by the other side is, I think ,a matter of
triumph to him.
The COMMISSIONER—If you really wished me to
grant a first-elass certificate, you ought to have shown
that the bankrupt had, to the best of his ability, acted
with prudence, and with a due regard to the interests
of his creditors, that he stopped payment at the proper
period, and whilst there were some assets for distribution.
Mr. LEwrs—A theatre cannot be shut up in a moment.
The COMMISSIONER—I cannot have the matter dis-
cussed in this loose way. If you desire to satisfy my
judgment that so excellent a certificate ought to be
granted, you must lay substantial grounds for it, and not
a mere statement. You ought, for instance, to have se-
lected the 12 months next preceding his bankruptcy, and
shown upon paper that during that time he was justified
in carrying on the concern, that ho had a reasonable
hope of success, that be had a regard for the interest of
his creditors, but that some unforeseen disaster occurred
which blasted his expectations. But really, at present,
ti.e demand you make is,looking at the balance-sheet
anti the whole complexion of the case, so monstrous that
I would consider myself guilty of a serious breach of my
duty if I granted a first-elass certificate. At all events,
I am resolved not to acquiesce in your request upon mere
loose m:slrtion.

Mr. LEWIS was about to refor to the ba,hinet-sheet,
when

The COMMISSIONER said his complaint was that the
bankrupt had not stopped sooner, and had not at an
earlier period laid the state of his affairs before his cre-
ditors. He seams t.) have gone on struggling to the last
moment, paying pressing creditors 20s. in the pound,
and stopping with 3/. 14s. 6d. to pay 33,000/.
Mr. LEwls-21,626/. of the sum he owes are in re-
spect of those engagements to which I adverted, and not
a shilling of that sum went into his pocket.
The COMMISSIONER—I have nothing to do with what
went into his pocket; it is childish to talk about that.

The question is, why dil the bankrupt enter into en-
gagements which he was unable to fulfil?
Mr. LEWIS—Your Honour will see that in 1849 the
receipts were only 29,0001., whilst the expenses wee
54,0001.
The COMMISSIONER—SO, then, hal he stopped at the
beginning of the season, 1849, he would have had more
than 20,000/. to divide amongst his creditors, instead of
3/. 14x. 6d.; but, instead of that, be went on to the last
moment, paying some of his creditors in full, and ending
30,0001. in debt.
Mr. LAWRANCE—ReaI!y, if Mr. Lewis perseveres in
this way I must ail( your Honour to go into the whole
case, and then I think it will be a question whether he
can get a certificate of any dais.
The COMMISSIONER—The application is unwisely
pressed upon the Court.
Mr. LAWRANCE—I regret to say anything which may
wound the bankrupt's feelings, more especially after
the offer he has made, which I think is very creditable
to him.

' I Mr, Lxwits—That offer will, in a great measure, de-
pend on the manner in which he leaves this court.
Commrssrorma—Mr. Lewis, I cannot make a bargain
of that kind. I am not here to sell the certificates. Having
regard to zo the words of the Act, I do not see how I can
grant even a second-class certificate, for I cannot say
that the failure has partially arisen from unavoidable
losses and misfortune. lam willing to admit that the
offer of Mr. Delafield does him great credit; but I must
say that no other part of his case is at all meritorious.
Mr. LAWRANCE—I have no objection to a second-class ;
certificate.
The COMMISSIONER—But I have. I cannot grant it
unless the bankruptcy at least partially arose out of
unavoidable misfortune; and, as, regards this offer, I have
not to look at what may be his future conduct, but
what has been his past. He engaged in a most hazardous
speculation, and nobody can deny but he was wrong in
not stopping at an earlier period. His error does not
consist so ;much in having undertaken certain engage-
ments as in having persevered, when a single glance at
his position must have shown him that he could never
have carried them out. He ought not to have gone on
in the second season.
Mr. LEWIS —He expected to realise large profits from
the opera of Le Prophete.
The COMMISSIONER—Every men can urge hope for
better times; but when he saw that Le Prophete had
not that extraordinary success which would have enti-
tled him to hope for extrication from his embarrass-
ment,'' why.did he not even then, after the third or
fourth night, stop and place his affairs before his cre-
ditors?

Mr. LEWIS —The theatre was kept open at the in-
stance of the artistes who were engaged.
The COMMISSIONER —What have I to do with the ad-
vice of the artistes?
Mr. LEWIS—They were his creditors.
The CO3IMISSIONER —you have given me no evidence
of advices, nor how many nor how few of his creditors
coincided in it. Do you expect me to decide upon as-
sertion?
Mr. LEWIS—Fie kept the theatre open at the instance
of Grisi and that class.
The COMMISSIONER—The artistes could not have pre-
vented the bankrupt from shutting up the theatre, or
calling a meeting of his creditors, or going into the
Gazette. Besides which, his expenses were extravagant.
He was guilty of the grossest extravagance. The
more I hear of the case, and the further you proceed,
the more convinced am I that I cannot award a certifi-
cate either or the first or of the second class, for it
clearly appears that the bankrupt acted in the most
reckless manner.
Mr. LEWlS—Respecting the expenditure, I have to
inform your Honour that, at the pet iod this balance-
sheet commenced, my client had an income of 10,0001.
a year.

CommrssioNEß—But, even in 1849, he was living in
the most extravagant way. What income he had, in
1844, is not material; but what he spent from F, bruary,
1848, to July. 1849, is most material. lam wiling to
t,ay that the offer he now makes is much to his credit,
but whether it will be ever carried oat is quite a matter
of speculation. With that I have nothing to do.
Taking into account all the circumstances of the case, I
feel I cannot do other than grant a certificate of the
third class.

Mr. LEWlS—Perhaps your Honour would allow the
case to stand over for a week, so that we might consider
as to the proposed offer.
The COMMISSIONER—There will be a great difficulty
in framing the bond by which the bankrupt will con-
tract to pay ten shillings in the pound out of his future
property. I do not hesitate to say that I should not
have proposed this liability upon him, but he makes
a voluntary offer, with a view to his character and
reputation ; it is his own affair. The ofler will, per-
haps, operate as much in his favour as a certificate of a
higher class.
Mr. LEWIS—I fear your Honour has misunderstood a
portion of my argument.
The CODINISSIONER—.I do not think you can say so.
Mr. Luwis—Perhaps you will allow me to furnish a
statement of his figures at the next meeting in vindica-
tion of my client's conduct.
Mr. LAWRANCE—I understand the Case is closed. But
if you present that statement or re open the case, I will
open the opposition, from which up to this time I have
cautiously abstained.
Mr. LEWIS—My client was certainly most anxious to
obtain a first-class certificate, and both he and I con-
ceived he was entitled to it.
Mr. LAWRANCE—Did your eye happen to catch the
item of expenditure? Mr. LEWIS—I think I could ex-
plain that satisfactorily.
The COMMISSIONER—Why, is it not notorious that
Mr. Delafield was living up to the very eve of his bank-
ruptcy in a style of extraordinary splendour? I cannot,
however desirous, divest my mind of all extraneous to
the proceedings of this Court; and I happen to beac-
quainted with the neighbourhood in which Mr. Delafield
resided, and I know there was an exhibition of splen-
dour by him very unbecoming a man who, had he opened
his eyes, must have seen that he was on the very brink
of ruin.

Mr. LEwls—l will take your Honour's judgment as
sands.

The COMMISSIONER—That is the proper course,
:hink.

A certificate of the third class was awarded; but that
the nature of the bond into which he (Delatield) pur.
poses to enter for paying lOs. in the pound to his credi.
tors should be defined and completed, the case was ad.
journed until the 11th of April next.

RAILWAY SHARE MARKETS
LIVERPOOL, WRCH 2.
STOCK EXCHANO. —The market to-day has had rather a
better feeling, still little business has been done. The trans-
actionsB% dis.—London . and North-Western, 103—Ditto, New
Quarters, 6s. 3d. dts.—Manchester, Sheffield, acd Lincoln-
ire, Eighths,
ass follow:—Leeds, Halves
th, 941/2—Ditto, Fifths,
Midland, Halves, 25 dis.—Oswestry
and Chester, 13—South-Eastern and Dover, 17A—Ditto,
New Shares, 5%.
MANCHESTER, MARCH 2.
STOCK EXCHANOE.—Our share market was very dull
to-day, and few shares changed hands, even at the reduced
prices

BIRMINGHAM, bLkacx 2.
STOCK EXCHANOR.—Business on our Stock Exchange
was very dull to-day. London and North-Western were
quoted 10314 North Staffordshires. buyers,
10 dis.—Shrewsbury and Birmingham (A.). buyers, 81/s,
sellers, 7'h, dis.—Shropshire Unions, buyers, 31. 16s. 3d. dis.,
sellers. 3% dis. ffor
South Stadshires were done at
4/. ls. 3d. dis. 11%, sellers,

YORK, MAacn 1.
STOCK EXCHANGE. —The transactions to-day were as
follow : York, Newcastle, and Berwick (Newcastle Ex-
tension), S'At —York and North Midland, 17—Ditto, Prefer-
ence, 6%.

SINGULAR DISSOLUTION OF A BAPTIST MEETING.—
A serious catastrophe occurred on Tuesday night week,
at Stephen's Ford, near Haverfordwest. Mr. Jones,
Baptist minister, held a meeting in a room over a cow-
house, which was crowded to excess. Just after he had
given out the last hymn, and the choir were proceeding
with its performance, the beams gave way and the greater
part of the congregation were precipitated headlong into
the lower stall, amidst a number of cows. The minister
alighted on a cow's back, having inhis turn a boy perched
upon his shoulders. Several received severe injuries,
and the confusion may be better imagined than de-
scribed.—Swansea Herald.
MYSTERIOUS DISAPPEARANCE OF A PASSENGER ON
THE EAST LINCOLNSHIRE RAILWAY.—On Wednesday
evening last, as the up-mail was on its journey, when
between Alford and Firsby,
a passenger, in a second-
class carriage, suddenly opened the door and threw him-
self out, while the train was in full speed. In the same
compartment with him was a boy, who witnessed the
occurrence, and a man who was in the same carriage,
but not in the same compartment, was also a spectator
of the event. On the arrival of the train at Firsby an
alarm was given, and some porters were sent in search,
in order to ascertain if any assistance could be rendered
to the unfortunate man. On the arrival of the train at
Boston, Mr. Carruthers, the attentive station-master, was
made acquainted with the circumstances, when that gen-
tleman immediately directed an engine to be got in rea.
diness, and, detaining the passenger who witnessed the
occurrence, himself proceeded to the place indicated as
the spot where the man jumped out; singular to relate,
however, not the least trace could be obtained of either
the individual or the place where it happened, nor has
any clue yet been discovered as to who or what ho was
—Bostox Herald.

As Mr. Edward Evans, joiner, of Hollywell, was
walking through Bagilt, on Thursday, with his bead
down in order to avoid the dust and wind, he was
knocked down by a horse, and the wheel of the cart
passed over his bead, killing him on the spot.
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affections, liver complaints, determination of blood to the head,
or even epileptic fits, will find in this truly valuable medicine a
certain, safe, and efficacious remedy.—Sold by all Druggists,
and at Professor Holloway's Establishment, 244, Strand,
Luise.

RAILWAY INTELLIGENCE.
SCOTTISH MIDLAND.
The half-yearly meeting of this company wag held
on Wednesday at Perth ; Mr. J. Stirling in the chair.
The report stated that the expenditure had very
nearly balanced the traffic receipts, but the directors
trusted that they might reasonably expect an increase
of traffic from the opening throughout of the Aber-
doen Railway, which was expected "to take place in
April next.

The report was adopted, and the retiring directors
were re-elected. It was proposed that the branch to
Dunkeld should be constructed, but it was considered
by the majority to be more prudent to wait until the
main line paid a dividend before any scheme should
be entertained by the proprietors either for branches
or extensions.
The meeting then separated.

DUBLIN AND DROGHEDA.
The half-yearly meeting of this company was
held on Thursday at Dublin ; Mr. Murland in the
chair.
The report stated that the receipts for the past half-
year exceeded those for the corresponding period of
1848 by 1,0121. ; and that, owing to a further reduc-
tion of working expenses, the net profit had been in-
creased by 1,6091. The net profit for the half-
year amounted to 7,8281., of which the directors pro-
posed to divide 4,563/., leaving a balance of 3,2651.
to be added to the reserve fund, with a view to meet
pressing liabilities. The 4,563/. would allow a divi-
dend of 12s. per old share (751.), and 4s. for each
new share (251.) " The directors understand that a
further portion of the Belfast Junction hallway, ex-
tending 10 miles northwards from Dundalk towards
Newry, will be opened for traffic in the ensuing
month of May, and they still anxiously look forward
to the completion of the communication with Belfast
and the rest of the north of Ireland, as the means of
greatly increasing the traffic on the line. A much
greater delay than was anticipated has occurred in
the opening of the branch line to Navan.
It has at length, however, been conveyed to this com-
pany, and was opened for traffic on the 15th instant.
The amount which has been ascertained to be due to
the Dublin and Belfast Junction Railway Company
for the construction of this branch, and interest on the
sum expended up to the 7th instant, is 176,3801., and
for this sum, together with the interest for the en-
suing year, at the rate of four per cent. per annum, a
mortgage has been executed by this company to the
Dublin and Belfast Junction Company, for the pur-
chase of the Navan branch by this company. So
short a period has elapsed since the opening of this
branch that, of course, no idea can be formed of what
the traffic on it is likely to be. The public coaches
have not yet completed their arrangement for run-
ning in connexion with it."
The CHAIRMAN having moved the adoption of the
report,

A long discussion ensued, principally arising from
the opposition of Mr. FRENCH to the measures pro-
posed by the directors ; eventually the report was
adopted and the dividend declared.
A committee of seven shareholders was appointed
to confer with the directors, and to consider wheth,er
or not it would be advisable to proceed with the Bill
now before Parliament; and the meeting was ad-
journed till the 14th instant, to receive the report of
the committee.

The proceedings concluded with a vote of thanks
:o the chairman.

DUBLIN, DUNDRUM, AND RATHFARNIIAM.
The half-yearly meeting of this company was held
on Thursday at Dublin ; Dr. Fulton in the chair.
The report stated that the line might be opened
about the end of the present year, provided the share-
holders would co-operate with the directors in their
endeavours to carry out the undertaking. The en-
tire receipts of the company for the half-year ending
the 31st of December last amounted to 7,4831., and
the payments to 3,4301., leaving a balance in hand at
that date of 4,053/.

Resolutions were passed adopting the report, re-
ducing the number of directors from 12 to 9, and
fixing their remuneration at 4001. per annum.
The proceedings concluded with a vote of thanks to
the chairman.

SOUTH WALES.
The CHAIRMAN, in opening the proceedings, said
that it would be particularly desirable for the meeting
to express its opinion on the Audit Bill now before
Parliament. There could be no doubt of the necessity
of railways having such an audit of their accounts as
should be above all question.—(Hear, hear.) His
own opinion was that auditors should be appointed
wholly unconnected with either directors or share-
holders, and he equally objected to their being ap-
pointed by the Government. He considered that the
best mode would be to have a certain number of
auditors named by some body of London merchants.
He should prefer the Bank of England, from among
whom each company might appoint auditors by ballot.
—(Hear, hear.) In relation to the report, he especi-
ally concurred in the suggestion that the payment of
interest to the shareholders should be postponed for
two years, and he concurred in this recommendation
for the simple reason, that if this interest—not less
than 2,000/. per week—was paid, it would be almost
impossible for the directors to proceed with the por-
tion of the line between Chepstow and Gloucester.
The company had, indeed, ample borrowing powers,
but they could not compel the public to lend
them money. The only chance of attaining their
object was to show a revenue from actual traffic, and
he was satisfied that once the railway was open to
Gloucester there would be no difficulty in getting
contractors to finish the line to Fishguard.—(Hear,
hear.) From the Great Western Company it was
clear the company could expect no aid, except on the
condition of absolutely sacrificing their interests—
their very existence.—(Hear, hear.) He need not
urge upon them to resist this sacrifice, to make every
exertion to avert it, when he told them it was his firm
conviction that the line, once completed to Gloucester,
would be from goods traffic alone the best paying line
in the kingdom, leaving the passenger traffic pure
profit.—(Hear, hear.)
The SECRETARY then read the report, which
stated :

" That the road between Swansea and Chepstow
would be ready for traffic in a few weeks, and the whole
line from Swansea to Gloucester early next year.
" The receipt of revenue would enable the company to
obtain on debentures the sum required to complete the
undertaking. From the difficulty of obtaining money
o❑ debenture in the case of railways not completed and
opened for traffic, only a small amount of the total sum
hick the company obtained Parliamentary powers to
raise had been borrowed.
" By the time the line was opened between Gloucester
and Swansea, the whole of the immediate available share
capital of the company would be absorbed, and their
power to carry out tha remainder of the undertaking
would then depend upon the re-issue of forfeited and
other shares and debentures. It was essential that the
portion of line opened should be so worked as to develop
the largest amount of profitable traffic, and they trusted
that the arrangements now in progress with the Great
Western Railway Company would tend to effect that
object.

" The negotiations between the Great Western and
South Wales companies on the subject of a modification
of the conditions of the guarantee and lease had not led
to any result which the directors could advise the pro-
prietors to adopt. The directors had suggested the
basis of a modified lease, which they thought mutually
advantageous to the two companies, but the proposition
had been rejected.
" It was, therefore, necessary that the works westward
of Swansea should be resumed at as early a period after
the completion of the line from Gloucester to Swansea
as the funds would permit.
" Between the gentlemen appointed to investigate the
affairs of this company and the directors, there was no
material difference of opinion in their views as to the
affairs of the company.
" Mr. Ernest, the accountant, appointed, had com-
menced a strict and searching examination of the books
and accounts of the company. His report was not ready,
but the delay would enable him to make his examination
more complete, and his report when presented more sa-
tisfactory to the shareholders.
e Two Bills had been introduced into Parliament for
obtaining an extension of time for the exercise of the
compulsory powers of the company over certain portions
of the line west of Swansea; for authorising an altera-
tion in the Forest of Dean Railway, and for various
other purposes.
The directors recommend that the forfeiture of 1,515
shares brought under consideration at the last half-
yearly meeting be confirmed.
The CHAIRMAN moved the adoption of the report.
Mr. WILLIAMS, in seconding its adoption, paid a
high compliment to the energy and ability of their
present chairman, and expressed his belief that bad
he been their chairman throughout, the line would
have been already completed. He called upon the
meeting to postpone the payment of interest for the
time specified as the only means of completing a line
which, he fully concurred with the Chairman, once
completed, would be the most profitable railway in
the kingdom.—(Hear, hear.) As to the Great West-
ern Board, its conduct had been so unjust, so oppres-
sive, that he advised the shareholders not even to

renew the terms they had already offered it.—(liear.)
Mr. FIELD suggested that if parties in arrear were
permitted to pay up their arrears, less the interest, as
in the IF lines, this would operate as a great in-
ducement with them, and, consequently, as a great
benefit to the company. There were, independent of

the call recently made, arrears due, not less in amount
than 470,0001., and this, with the 71. call just made,
would enable the directors to complete the line to
Gloucester without any delay or difficulty. He con-
sidered that nothing could be more satisfactory than
the financial condition of the company. As regarded
the line between Swansea and Chepstow, it was a
triumphant contradiction to the prognostications of
the Great Western Company.—(Hear, hear.) He
pointed out the expediency of the branch to Britton
Ferry, which would be an effrctive feeder of the im-
portant mineral traffic from the Vale of Neath. This
branch could be made without a farthing of expense
to the company, there being, as he understood, par-
ties ready to make the branch on the debentures of
the South Wales Company, guaranteeing intercst on
them at 5 per cent.—(Hear, hear.)
Major COURT thought there could be no permanent
difference of opinion as to the propriety of postponing
the payment of interest, when that measure would
secure, as it was quite clear it would, the completion
of the line at all events to Gloucester, and thus bring
in revenue, producing ample and permanent intercst.
—(Hear, hear.) As a member of the Great West-
ern board, he deeply regretted tbat his colleagts had
not accepted the very reasonable offer of the South
Wales board.—(Hear, hear.) With reference to the
appointment by shareholders of auditors, he suggested
that there should be an annual list published of all
shareholders in railway companies of 500/. value and
upwards.

Mr. BUSRE said that he quite agreed in the present
expediency of postponing the payment of interest, but
he disputed the justice of the course. There were very
many small shareholders who had invested their
money with a view to half-yearly returns in the way
of interest, and there were others who had invested
trust moneys with the same view, and towards all
such the withholding of interest would be an act of
great injustice and perhaps of oppression. He had
no doubt that the money wanted might be forth-
coming from the public.
Mr. MACNAGIITEN considered that the course pro-
posed by the directors was one of substantial justice.
In fact, if it was not acted upon, there would be no
interest even to receive.
The report of the directors was then adopted.
Mr. Elliot Macnaghten was elected a director of
the company in the room of Mr. David Morris,
M.P., retired.

Mr. GWTNNE moved that Mr. Saunders Davies,
M.P., retiring director, be re-elected director.
The Rev. Mr. SPENCER moved that Mr. Williams
be elected a director in lieu of Mr. Davies.
Mr. WILLIAMS said that if he consented to act as
director, it was solely because he felt a deep interest
in the undertaking, and he should certainly accept
no remuneration for his services.—(Bear, hear.)
The substitution of the name of Mr. Williams for
that of Mr. Davies was carried by 50 to 19. A poll,
however, having been demanded,
Mr. WILLIAMS observed that the Great Western
Company held 6,000 proxies in the South Wales
Company, and it would, therefore, be scarcely worth
while to contest the point, for all these proxies would,
of course, be against him.
There was a general cry, however, for a poll,
which was accordingly ordered to be taken after the
meeting.
Mr. David Lewis and Mr. Mathews were re-elected
directors of the company.
Mr. A. K. Baker WAS appointed an auditor of the
company, in the room of Mr. Paull, retired. The
chairman paid a high compliment to Mr. Paull's
efficiency and assiduity.
On the motion that the forfeiture of 1,515 shares,
which was brought under the consideration of the
proprietors at the last half-yearly meeting, be con-
firmed,
Mr. NASH said that many of the persons holding
these shares were well able to pay.
The resolution was then adopted.
The meeting then resolved itself into a special
meeting for the purpose of agreeing to the report of
the shareholders' committee, which has already been
before the public.
Mr. BURKE moved the ommission of that portion of
the report :which recommended the postponement of
the payment of interest.
The amendment was negatived and the report
adopted.
In reply to Mr. Spencer,
Mr. BRUNEL said he had no doubt the company
could complete the works necessary to fulfil their
obligations to the Great Western Company within
the 4,000,0001. that had been stipulated.—(Hear.)
Thanks having been voted to the chairman, the
meeting separated.

NORTH KEN CONTINUATION.
On Friday deputations of the agents from the various
towns interested in the continuation of this railway,
met at the Fountain Hotel, Canterbury, to report the
general feeling of the inhabitants in their different
localities and to concert measures of future opera-
tion for obtaining an extension of the North
Kent line.

The report stated that there was no change in the
sentiments of the people of Dover and other places
as to the necessity and importance of having the
railway, as had already been projected, but that a
great disappointment was felt at having been
foiled in their recent attempts to get it during the
present session.

A desultory conversation having taken place,
Mr. WHITE, the London solicitor, said that the
main point to consider was, whether they should go on
with the concern or abandon it ? After listening
attentively to the reports made by the deputations
from the various districts in North Kent, it appeared
to him that, so far from the inhabitants feeling dis-
heartened at the Bill having been thrown out
on standing orders—they were indignant at it.
After a lengthened discussion of the details of future
operations it was unanimously resolved,—
" That the measure shall to prosecuted next session;
the parties notv present will use their best exertions to
promote that object in their respective localities ; and ,
they now resolve to form themselves into a sub•com-
mittee fur carrying the same into effect."
It was understood that the central committee will
meet this week for general business.

NEW RY, WABRENPOINT, AND ROSTREVOR.
We are requested to correct a statement which ap-
peared in an account of the proceedings at the ad-
journed meeting of this company given in The Sun of
Saturday. Mr. Cochrane states that he did not ex-
press regret; that he did not say that he had written
intemperately, nor did he withdraw any expressions
which he bad used in the circular which had given
offence to the chairman and directors.

YORK, NEWCASTLE, AND BERWICK.
The report of the directors of this line, to be
presented to the shareholders at the half-yearly
meeting in York, on Thursday next, affords
the following information on the affairs of this
company : _

Tlie accounts for the half-year ending December 31,
show the result of the working of the railway fur that
period to have been as follows :—Receipts for passengers,
mails, goods, cattle, and mineral traffic, and from mis-
cellaneous sources, 356,3361. Is. Id. Disbursements :
debenture interest, and rents to Great North of England
and Hartlepool Railways, 120,9741. 14s. Id.; wayleaves,
Government duty, rates, and taxes, 21,2851. 153. 2d.;
working expenses, 135,6881. 4a. Ild.; total,
277,9481. 143. 2d. Leaving a net balance of
78,3871. 61. 11d.

In the third report of the committee of investigation,
which was adopted by the shareholders, the sum of
24,1371. was proposed to be deductel from the revenue
account ending the 31st of December in each year, in
order to provide for the replacement of the permanent
way. This sum must therefore be deducted out of the
balance of 78,387/. 6s. 11d., unless the shareholders
shall be of opinion, with the directors, that the 50,000/.
recovered from Mr. Hudson should be appropriated to
that purpose.
The directors state that they have given their best
consideration to the mode in which the sum of 50,000/.,
recovered from Mr. Hudson, chiefly in respect of the
premiums realised by him on the Newcastle and Ber-
wick shares, can be made available to all classes of
shareholders equitably entitled to participate in it, and
they have come to the unanimous conclusion that the
proper mode of dealing with that sum will be to employ
it ai a fund for the replacement of the permanent way,
which will render unnecessary any deduction from the
earnings of the railway for more than two years to come.
t
As to the dividend the report says—" Assuming that
the shareholders adopt the opinion of the directors, a
resolve to meet the first two years' payments towards
the permanent way fund out of the 50,000/ received
from Mr. Hudson, it will leave available the
I Id. net earnings of the half-year, out of which your
directors recommend a dividend of 21 per cent., which
will amount to 67,517/. 9g., and leave a balance of
10,221/. Bs. 11d, to be carried to the credit of the next
half-year, after paying 6481. 9s. for interest on calls paid
in advance on the extension stock."

Since the Committee of Investigation made their final
report, founded on that of their accountant, Mr. Cottam,
showing an available surplus of 7,968/. 13c. 7d. on the
30th June, 1849, it had been ascertained that certain
revenue debts, of considerable amount, which were re-
presented to their accountant as good, may prove t.) be
irrecoverable, and for which 8,000/. is set apart, and that
certain charges against revenue which were the❑ ow ing
had been overlooked. It has been deemed advisable to
keep these old accounts separate from the revenue ac-
counts of the last half-year; and, accordingly, they have
been included in a supplementary account, which has
been debited with all the known liabilities of the com-
pany, forming a charge against retinue, and credited