The Sun.
London, England, 1845-06-06 00:00:00

THE SUN, LONDON, FRIDAI MORNING, JUNE 6, 1845.

to netase this invaluable document. The Commis-
sion,-r attribute to the increased grants lately made by
the LegiJaturcs their establishment of additional super-
intaid4-lits and training departments, and the enlarge-
ment of their schools. Their school districts have been
raised from 25 to 32, and in the neighbourhood of the
model schools in Dublin have provided accommodation
for 100 of the masters they call up for training, instead
of 70 only, as heretofore. They have introduced
beneficial arrangements into their model agricultural
school, with premiums for those who distinguish them-
selves by proficiency in this department, and it is highly
honourable to the practical usefulness of these arrange-
ments, that they are noticed with high commendation
in the Occupation of Lands Commission's (Ireland) Re-
port. The agricultural farm, if we may so call it, at
Larne has already attained celebrity even among the
most scientific classes of the Scottish farmers. The
Commissioners boast with reasonable pride that at the
commencement of last year they had 2,912 schools, at-
tended by 355,320 children. At the close of last year
the schools were 3,153 ; the children in attendance at
them. 395,550. They calculate that in the course of the
present year between four and five hundred thousand
poor children will be receiving the blessings of
education.

It is not marvellous that with Commissioners whose
energy has already accomplished such gratifying results
in diffusing a system of education, possessing every pos-
sible guarantee for inculcating the most strictly moral
instruction, together with all branches of useful and
general knowledge, there should be bigots among us who
will insist upon mixing up exclusive Churchmen to teach
nothing hut exclusive doctrine after orthodox authori-
ties. Let Parliament uphold and extend, say we, a system
thus happily begun, and the problem "how to govern Ire-
land" is solved. Give us half a million of the rising genera-
tion of a country with eight millions of people, and we shall
not be frightened out of our convictions of the imme-
diate advent of their permanent peace, order, prosperity,
and loyal attachment to the institutions of the united
empire, by the traditions of past centuries of barbarism
and turbulence, superstitious ignorance, and ferocious
faction fighting. Elevate the mass of her people by an
enlightened scheme of education like this in their own
self-respect, and they must and will be elevated in ours.
Equality of rights and privileges will be no longer a
claim to be vindicated by them, or a boon to be con-
ferred by you. It will be a natural inevitable conse-
quence, which you can neither resist nor withhold. The
consolatory truth is, that this salutary consequence is
now already in motion, and cannot be arrested. In con-
clusion, we will merely contrast with this encouraging
view of the moral progress which the Irish people is now
making the dreary scene from which she has emerged.
We learn at p. 5 of the report, that the old Incorporated
Society for promoting English Protestant Schools in
Ireland was established by royal charter in 1733. The
annual grants formerly made to the schools in connexion
with it, known as the " Charter Schools," were, in con-
s( quence of the report of a Commission in 1824, gra-
dually reduced and finally withdrawn. In that year the
number of these schools was 32, the number of children
in them amounted to 2,255 ; and the grant for 1825,
(what do our readers imagine it was ?) 21,6151.; that is
to say 9L 9s. 10d. per head per annum for the children
educated, and an average of 6441. 9s. fid. for each of the
32 schools. They needed no education in jol.bing i❑
those days. Thank GOD we have lived to see Irish edu-
cation an object of national liberality, and legislative,
not party, solicitude.

The intelligence from Syria is of a most distressing
character. The war between the Druses and the Ma-
ronites, the Christian party, has broken out again with
the greatest fury, and threatens to carry devastation
through the country. Villages are burnt, churches and
convents levelled with the ground, and every species of
cruelty inflicted upon the unhappy population by the
party that happens to be victorious—for there seems to
he little difference between them. The Turkish autho-
rities. however, openly side with the Druses, but the
foreign Ambassadors have taken the most energetic
steps to put an end to a system, which if not checked,
must lead to active interference by an armed force of
Europeans.
The Impartial of Smyrna gives the following particu-
lars from Beyrout, dated May 13 :

" We see from here in every direction columns of smoke; Chris.
tians, Druses, and mixed ♦illages are all burned ; our gardens are
full of old men, women, and children, who have come to seek a
refuge amongst us. The news we have from the theatre of war is
very uncertain, but upon the whole it appears that the Christians
have had the advantage until now. At Abea, where they were re-
pulsed, the Convent of the Capuchins (under French protection) was
not respected, and the only inmates, Father Carlo de Loretto and
his servant, were murdered ; the American missionaries were the
only persons unmolested. Wigi Pasha did not move. The popula.
Lion of Saida was in a state of revolt, the doors of the town were for
an instant closed; fortunately the Governor and Cull succeeded in
establishing order, and seized the leaders of the mob. The Cerfe
(French), the Snake (English), and a Turkish frigate departed for
Saida. Reschid Pasha, Major-Geneeal of the Army of Arabia,
embarked with a few troops on board of a steamer, and we hope
will prevent any further outrages."

The details given in the Malta Times are of the same
character :

We have seen letters from Beyrout to the 14th of May, which
give a horrible account of Syria in general, and Mount Lebanon
in particular. For fifteen days previsms wholesale murder, burn-
ing, and every possible crime was committed, while the Govern-
ment would put no check to them. The greater part of the vil.
lages and towns in the high lands are in ashes ; the Catholic
clergy have been murdered. Colonel Rosa, our Consul. General, made
a reolar sortie, with a small body of troops formed in haste, and
succeeded in saving from destruction about 700 of our fellow.
Christians. The mania for blood has spread to Palestine. The
districts near Jerusalcm are in arms, and several European travel.
lers have been murdered. Heaven only knows how this terrible
tragedy will end. In the bitterness of our heart we must now
regret the blood and the millions lavished by the Four Great
Powers for the re-conquest of this country, for the sanguinary,
fanatic, and ignorant Government of the Sultan, in 1840. What a
sad return for it, and what a mournful triumph for Mehemet Ali
and Ibrahim Pasha—and France

We have received Madrid papers of the 28th ult.
NARVAEZ was still pursuing the war against the jour-
nalists. Senor PRATO, editor of the Patriots, was ar-
rested on the 27th, and sent off, under military escort, to
Cadiz. The greatest excitement prevailed at Madrid, in
consequence of this arbitrary conduct, and the Govern-
ment paper, therefore, in order to calm the public mind,
had been instructed to state, that those arrests were
made in consequence of a conspiracy formed by the ad-
herents of ESPARTERO• From all accounts this con •
spiracy is a pure fabrication, but we give the account of
it as stated in the Heraldo :
" We have reason to believe that the Government holds i■ its
hands proofs of a plot for the overthrow of the existing order of
things. These projects have for a long time been ripening by the
Ayacucho (Esparterist) emigration, which believed the moment
arrived for their execution. The absence of the Court and the
paralysation of public affairs afforded thelong desired opportunity of
employing the funds derived from a loan, believed to have been
contracted with some English houses and notabilities of the Aya.
cucho party, whose restoration to power is the ostensible object of
the new conspiracy. it is affirmed that there are refugees in corre-
spondence with the partisans in the capital, and that an English
agent has lately arrived, charged with the necessary funds for
gaining over the troops. This rumour accords with what the Go.
vernment heard lately, of a distribution of arms and munitions
among some of the most devoted friends of Espartero, formerly be.
longing to the National Guard."

NARVAEZ, who travels with the QUEEN, is said to bo
urged to these despotic acts by Queen CHRISTINA, and
to be acting without the co-operation of MARTINEZ DE
LA RosA, who is no favourite with that intriguing and
dangerous woman. The following notice appears in the
Madrid Gaze* of the 28th :
" The direction of the caisse d'amortissentent will pay the inte-
rest, dating from the Ist July, of the six: months, due the 30th of
June of the receipts, Three per Cents. Interior, existing in Spain
and in foreign countries. The holders who, living abroad, wish to
receive their interest in Paris, at sf. 40c., may present themselves
to the Spanish Commission of Finances in that capital.''

BOURSE.—Three per Cents. for cash, 33 ; for the ac-
count, 33i. Five per Cents. for cash, 23}; for account, 24

The Paris papers publish extracts from the Oceanic
F 7 ancaise of the 12th January, the Government journal
of Otaheite, from which it appears that Queen POMARE
would hold no communication with the French Admiral
lately sent out to that station ; that she had retired to
a distant island, and, in consequence, Admiral HAMELIN,
with the consent of several chiefs, had appointed one of
them, named PARAITA, regent. Various means had
been tried to overcome her obstinacy, and, among others,
an announcement was made that King Louis PHILIPPE
had addressed a letter to her, but all in vain. Governor
BRUAT intimated to the chiefs that they should assemble
on the Bth, in order to deliberate on the affairs of the
country. After this convention, the Protectorate flag
was hoisted in front of the Regent's palace, and a
salute of twenty-one guns fired. The Oceanic also
states that two English vessels of war were in
the roads, but they did not salute the flag, though
the English officer in command recognised the pro-
tectorate. We have no doubt Governor BRUAT, Ad-
miral HA3IELIN, and indeed the entire French colony
would be heartily glad to get rid of this foolish business
without delay. Dispatches had also been received by
the French Government from Marshal BUGEAUD to the
13th of May. A BD. EL-KADER was again in the field,
and several rather serious skirmishes had taken place
between the Kabyles and the Freneh troops. Two suc-
cessful razzias had also been made. According to ac-
counts from Seida, ABD-EL-FADER was marching to-
wards the east, pursued by General LAMORICIERE. The
Journal des Debuts contains an article on the new treaty
for suppressing the slave-trade, of which it highly ap-
proves. M. GuizoT, we are glad to learn, has recovered
from his late illness, and was expected to announce to
the Chamber in person the ratification of the treaty.
The following particulars on these subjects appear in
the Presse

" The journals which have announced that the Minister of Fo-
reign Afthirs will not resume his portfolio until after the close of
the session, are misinformed. The health of M. Guisot is entirely
re-established, and we have reason to believe that this day, very

probably, the interim confided to the Minister of the Interior will
cease. M. Guizot makes a point of affixing his signature to the
treaty of the 29th of May. The ratifications are to be exchanged
within the ten days, and the delay will therefore expire on Sun-
day. It is believed that between this time and then the new con-
vention will be brought before the Chamber of Deputies, by means
of a Bill, or a credit of ten millions, which will be presented by
the Minister of Foreign Affairs. This credit is destined to place
France in a condition, within the briefest delay, to complete the
number of 26 vessels, of which the French cruising force is to be
composed,"
The same journal announces the approaching marriage
of the Duke of BORDEAUX with a daughter of the Duke
of MODINA.

On Tuesday the Three per Cents. closed at 85f. 95c. ; the
Five per Cents. at 1221. 55c. ; Orleans Railroad Shares at
1,232 f. 50c. ; Rouen, 1,106 f. 25c.; Vierzon, 826 f. 25c.; Havre,
8961. 25c. ; Avignon, 1,0501. ; Basle, 2731. 75c. ; Spanish
Three per Cents, 42f. ; Spanish Passives, 73%.
The following are the quotations for the new lines:—

Orleans and Bordeaux, 225 f. premium ; Boulogne, 135 f.
ditto ; Troves and Montereau, 60f. ; Paris and Lyons
(Lailitte), 21f. 25c.; ditto (Calon), lf. 50c.; ditto (Gan-
neron), 7f. 50c. ; Northern line (Latlitte), 30f. - ; ditto
(Rosamel), 9f. 50c. ; Tours and Nantes (Mackenzie), 9f. 50c. ;
ditto (Drouillard), par ; ditto (O'Neill), 15f. ; ditto
(Jacques Lefevre), par; Lyons and Avignon (Lecointe),
15f. ; ditto (Talabot), 40f. ; ditto (Compagnie Meridio-
nale), 19f. 50e. • Bordeaux and Toulouse (Mackenzie), If.
50c. ; ditto andeette (Espeleta), 17f. 50c. ; Creil and St. Quen-
tin, If. 25e. ; Paris and Strasburg (Ganneron), 12f. 50c.

Doncaster, Sheffield, and Manchester Junction, 1% 9-16;
Great Grimsby and Sheffield Junction, 4% ex new; Hud-
dersfield and Manchester Railway and Canal, 7% 5,4; Hud-
dersfield and Sheffield Junction, 7 4 ; Leeds and Thirsk, 7 ;
Leeds, Dewsbury, and Manchester, 9 ; Leeds and West
Riding Junction, 8% ; Leicester and Birmingham, 1 %
prem. ; London and Brighton, 701/2 ; London and South-
Western, New Shares, 1514 ; London, Worcester, Oxford,
and Rugby, 5% ; London and York, 3% ; Manchester, Bury,
and Rossendale, 17%; Manchester, Buxton, Matlock, and
Midland Junction, 51 ; Manchester and Birmingham, 61;
Ditto, Quarter Shares, 10 ; Manchester and Birmingham
Continuation and Welsh Junction, 21,1 ; Midland Railway
Consols, 191 ; Ditto, 401. Shares, 27% ; North British, 25 ;
Ditto, New Shares, 7 ; North Eastern, 114 3% prem. ; North
Wales, 3% ; North Western, 4% ; Oxford and Birmingham
Junction, 2% 3% ; Preston and Wyre, Half Shares, 3 % ;
Preston and Wyre Extension, 2 9-16 %; Sheffield and Lin-
colnshire Junction, 1 13-16 % ex new ; Shrewsbury and
Herefordshire, 12s. 6d. prem. ; Shrewsbury and Trent Valley
Union, 2 9-16 %; Shrewsbury, Oswestry, and Chester, 514 ;
Southport and Euxton, 2 15-16 ; Trent Valley, 191,4 7/2- ;
Wakefield, Pontefract, and Goole, 14 1/2 ; Welsh Midland,
2% 1%2 prem. ; West Yorkshire, 2% ; Whitehaven and Fur-
ness, 3 % ; York and Carlisle, 1% prem. ; Paris and Lyons
' (Ganneron's), 2 13-16.
We are advised respecting the Liverpool timber market,
that the arrivals this month consist of three vessels, 3,177
tons, from St. John's, of which one cargo was yarded by the
importer, one of 22 inches average was sold at 211 d., and one
of 20 inches at 20id. per foot. A cargo in the yard, of large
average, of last year's import, was sold at nearly 21k1., buyer
paying all expenses from time of landing. The demand for
all kinds continues good, and the stocks are reducing
rapidly. This is favourable news for the British colonies,
as the above information refers entirely to American pine
timber. Our Australian possessions will receive equally
satisfactory information of the result of the wool
sales here, and for New Zealand, Cape, and East Indian pro-
ducts there is generally a good demand. As to sugar, the
demand has steadily increased since the late reduction of
duty, and there is a gratifying augmentation in the con-
sumption.
The Funds are rather heavier to-day, but there is very
little doing. Consols realise par for special transfer, and 99
to % for Account. Exchequer-bills realise 61s. to 635. New
Three-and-a-Quarter per Cents. are 10214 to %.
There is more doing in Mexican Bonds, and the quotations
are advancing, especially as regards the Deferred Stock,
which is up to 213/4 to 221%, as these securities are likely now
to be placed on a better footing. The Old Bonds have been
38 to 3816. Columbian are 15%3A. Spanish have been ne-
glected at 41% 3/4 for the Three per Cents. Portuguese
Converted are 674 to %. Dutch Two-and-a-Half per Cents.
have been 63% %.
There is still a large business doing in Railway Shares,
but many of them have receded a little upon the late ad-
vance. Great Western are higher, because of the decision
in favour of its Worcester line ; and Birmingham, from the
same cause, are lower. South-Eastern are less buoyant.
The foreign lines are dull.
ONE CLOSING
PRICES OF BRITISH FUNDS. O'CLOCK. PRICES
3J per Cent. Reduced
3 per Cent. Consols
New 31/ per Cents 10214%1 1021 A
Long Annuities to,exnireJan.lB6o 11% 11 7-16
Ditto 30 years, Oct. 10, 1859 lll/4 5-16 11 5-16
South Sea Stock
Ditto Old Annuities
Consols for Account... ....... 99% 99 99
Exchequer Bills, 1,0004, 11,4 d.... 61 63 pm. 63
Ditto 5001. .
Ditto Small ... 64 pm. 64
Ditto Advertised 5B pm. 58

ONE CLOSING
PRICES OF FOREIGN FUNDS. O'CLOCK. PRICES.
Austrian, 5 per Cent ........116 116
Brazilian Bonds
Ditto, New, 1829 and 1839 — 871/.2
Columbian Bonds, ex Venezuela 15%34 • , 15
Mexican, 5 per Cent. 1837 — 38%
Ditto, Account 3Bl/2%14 38%
Ditto Deferred 90 22 21% 2214 21% 21
Portuguese Bonds, 5 per Cent
Ditto, Converted 671/4 674
Ditto. Account
Portuguese 4 per Cents. —
Ditto, Account — • 673%
Spanish 5 per Cent. 1840.
Ditto 3 per Cent. .. . — 41%
Ditto, Account 41%% 413/4
Belgian 41/2 per Cent. 991 991/2
Belgian Scrip, 21/2 per Cent
Dutch, 21/2 per Cent
Ditto, 4 per Cent., Certific...• 98 VI% 98,2
Ditto, Account
PRICES OF CLOSING
PAID. A ONE O'CLOCK. PRICES,
lIIILWAY SIIARES
Aberdeen
.... . . -

Armagh, Coleraine, and
Portrush l% 2M 2 2
Birming. and Gloucesterloo
Ditto 1/2 Shares
Birmingham and Ox-
ford Junction
Bristol and Exeter
Caledonian
Ditto Extension
Cambridge and Lincoln 1% ...... 81/2 734 8 7%
Chester and Holyhead... 15
Churnet Valley
Coventry, Bedworth, and
Nuneaton
Cornwall
Direct Northern
Dublin and BelfastJunc. 21/2 ll 10%
Dublin and Galway 4%
Dundalk & Enniskillen 2 A — ... SM
Eastern Counties 14/. 165.... 20% 21
. Ditto New 4/ _ l6s.

. _
Ditto Perpetual, 5 per
Cent, No. 1. —5l. 13s. 4d —
Ditto ditto, No. 2. 135. 4d... 01/2... 01,6
Eastern Union l5 .. .
—29

Ditto Extension ... ... 11,4
Edinburgh and Glasgow 50
Ditto, New Quarters.. 2% 6%
Ely and Bedford
Great South. and West.

(Ireland)
Ditto Extension
Great Northof England..loo 247% 245 245
Ditto New
Ditto New
Great Western BO 212 215 209 ... 206

Ditto % Shares 5O 117
Ditto, Fifths
Guildford, Fare'm, Ports. 2% ... .. 5,7f3% 6% ...
Hull and Selby 5O . 107
Ditto, Quarter Shares 12% ......
Do. Half Shares
L mcaster and Carlis1e... 20
London and Birminghm (Stock) 235 240 235 235
Do. New Thirds
Do. IA Shares
London and Blackwall. 161. 13s. 4d —

London and Brighton... 50
London and Croydon, 13/. 15s. 9d 19% 191%
Do. New l3s 4d l% 1
Do. Guaranteed 5 per
Cent.
Lond. & S.Westem 411 63 10d...... 84 .......
Do. New
Do. New
London and York . 2% 314%1 3%
London, Salisbury, and
Yeovil
Londonder ',& Coleraine 2 LA. 5% 51%

Lynn and Ely
Lynn and Dereham
'Manchester and L Ids. 73 .165 164- 165

51anchester anu .eeas
Do. 1/2 Shares
Do. Quarters
Manchester and Birmm. 40 6l
Manchester, Buxton, and
Matlock 225.......
Midland 100
Do. New
Newcastle and Darling-
ton Junction ... 25 ...... 54 53
Do. New Brandling... 10
New estle and Berwick 11
Newry and Enniskillen. 21A
Newark and SLeffield .. 11% 41A..... -......... 4IA
North British
Do. New
Northern and Eastern... 45
Do. Quarter Shares... 121,4 lBl% lBl/1
North Kent
N h Wales 11,

Nort..
Nrorwich and Brandon... 10A
2-11 A 211,4
Oxford and Worcester... 21/2
Rugby, Worstr, & Tring 1
Scottish Central
Scottish Midland 3%
Shrews., Wolverhamp ,
Dudley, and Birm 21,4.....5t/ 5 5
Shrewsbury and Trent
Valley Union
South Devon... l5 ... .. 27

South Eastern & Dover 3312 s 4d... 4614 453/4
D0., No. 2.
D0., No. 3
South Wales 2% 5ll 5
V - •

Trent Valley 2— 191234 l9l/4
Trent Valley and Holy-
head Junction
Waterford and Kilkenny 1
Welch Midland
Wilts, Somerset, & Wey-
mouth
Yarmouth and Norwich. 20
York and Carlisle 23/4 ...... ........ 4
York and North Midland 50 108
Ditto Scarboro' Branch. 25
Do. Extension
203414 3/4
FOREIGN RAILWAY:.
Boulogne and A miens... 4
Bordeaux & Mediterran. 2
Bordeaux and Toulouse 2
Dijon and Mulhouse ... 2
Great North. of France

(Laffitte's): _4
5% 5%
Jamaica Juncti0n......... 1% 4% 414
4% Louvain and Jemeppe... 2 ... . ••• ........ •••
Namur and Liege
,
Orleans and Bordeaux... 2
..•••• 111/••• 11.4
Over Yssel 41 35 4d 1%34% l%
Paris & Lyons, Laffitte's 2
Paris and Lyons, Gan-
neron's, ... .. ............ 2
Paris and Rouen
Paris and St. Quentin ••• 2 -••. ........ ••• II
Royal North of Spain ... 2
Sambre and Meuse .
Verona and Ancona l

UNIVERSITY COLLEGE HOSPITAL.—The annual
festival of the foundation of this hospital was celebrated on Tuesday
in the great room of the London Tavern, Bishopsgate-street. Lord
Morpeth took the chair shortly after six o'clock, and grace having
been said by the Rev. Dr. Stebbing, the company commenced
operations on the good things placed on the tables by Messrs. Bathe
and Breach. The Noble Chairman was supported on the right
and left hands by Lord Robert Grosvenor and Dr. Lushington. In
addition to the tables occupied by the Christian visitors there was
a table exclusively for gentlemen of the Hebrew nation, at which
were Sir Moses Montefiore, Sir Isaac •oldsmid, and about forty
more of the same belief. The dinner at this table was furnished by
Mr. Liefman, the celebrated Hebrew cook of Goodman's- fields.
Upon the removal of the cloth the " Non nobis" was sung by
Messrs. T. Cook, Chapman, Hobbs, and Hawkins, after which the
usual loyal and appropriate toasts, the health of the chairman, &c.,
were drunk with the accustomed honours. The subscriptions an-
nounced by the treasurer were unusually liberal, amodating in the
aggregate to nearly 7001. It appears that the number of recipientlr
of the benefits of the charity is every year between 15,000 and
16,000, of whom 1,400 are in-patients and 350 women in child.
birth, who are attended at their own habitations. The funds of the
hoslital are in a wholesome state; but, as they depend on the active
benevolence of the public. and, as the public are generally benefited
by the hospital, it is both charitable and politic for the public to be
liberal in their contributions to the funds.

L'iNDON & CROYDON RAILWAY.
In compliance with the Standing Orders of the House of
Lords, a special general meeting date proprietors of this railway
took place to-day at the London Terminus, for the purpose of
considering and determining upon the proposed Bills for making
the Wandsworth, Dorking, and Horsham branches. The
meeting was also made special, for the purpose of considering
and authorising the issue of shares by the Company to the
holders of loan notes who did not, previous to the 15th February
last, give notice of their intention to convert them into shares.
Mr. RQWLAND Hsu. took the chair, and upon doing so he
stated that the business of the meeting was to consider
the whole of the Bills before them. It was no part of their
duty to consider what might be the expenses on the subject,
as those matters had been previously considered, which
would appear from the report. The traffic had been carefully
considered, and upon each point he believed that the subject
had been carefully and fully borne out.—( Hear, hear. )
The Solicitor of the Company then read the different Bills
to which the Company had given their assent. The Brighton
and Horsham Branch was acceedel to, and, upen the Wands-
worth Branch being pressed,
Mr. FLOOD thought that the subject of making a West-end
branch ought to be postponed. He admitted that the West-
end branch at Wandsworth would give great advantage to pas-
sengers, but he thought it must be apparent that other lines
would be adopted more convenient, and they ought to protect
themselves against it.
The Secretary then read the following report
" The present meeting had been convened in conformity
with the standing orders of the House of Lords, for the per-
pose of obtaining the formal assent of the London and Brighton
Railway Company to the Bills before Parliament, application for
which was sanctioned by this Company on the 9th of January
last. Of these Bills, the Wandsworth Branch and Horsham
Branch had passed the standing orders. The Directors regret
to report that the Bill for a branch from Reigate to Dorking
cannot be proceeded with this session, in consequence of the
standing orders not having been complied with. It is, however,
the intention of the Board to submit it as a competing project.
This meeting has also been made special in conformity with
a requisition, duly signed, for the purpose of authorising the
issue of shares, in this Company, to such holders of loan notes
of the said Company as did not, previously to the 15th of
February last, give notice of their intention to convert the
same into shares, and for the purpose of coming to such reso-
lutions in regard thereto as may be deemed advisable.' The
following are the material facts bearing on this question:—
A general meeting of this Company, on the 20th of January,
1842, empowered the direction to issue loan notes to the extent
of 300,0001., payable at the end of five years, bearing interest
in the meantime at 5 per cent. per annum, with an option to
the holders of such notes to convert them, at the expiration
of not more than three years, into quarter-shares of
this Company, at 101. per quarter share, under the
powers of an Act to be obtained for that purpose.'
Thereupon advertisements were issued for this loan ; and the
whole amount being subscribed for on the above terms, loan
notes were issued, payable on the 15th of February, 1847 ;
and on each note was endorsed the following notice :—' In
pursuance of a resolution of the general meeting, held at the
London Tavern, Bishopsgate• street, London, on the 20th day
of January, 1842, application is intended to be made to Par-
liament for an Act, under the terms of which the bearer will
be entitled, on the 15th day of February, 1845, providing pre-
vious notice be given, to convert this loan note into quarter-
shares of this Company, at 10/. each.' On the 31st of May,
1843, the royal assent was given to the Act which enabled
this Company to raise the aforesaid sum of 300,0001.
by the issue of shares amounting to 225,000/., and
by mortgage of the undertaking to the amount of 75,0001.
A special meeting of this Company, on the 9th January last,
ordered that the shares authorised by the above Act should be
allotted to theholders of loan notes, in the manner, and upon
the terms, directed by such Act.' Previously to the 15th
February last, due notice had been giveu by the holders to con-
vert 266,29,1. of loan notes into shares, in conformity with the
resolution of the 20th January, 1842, the advertisement for
such loan, the tender, and the endorsement on the notes. But
with respect to the remainder of these notes, amounting to
33,710/., no such notice was given. Certain parties having
subsequently applied to the Board to convert their loan notes,
notwithstanding they had omitted to give the required notice,
the Directors, considering that they had no power to interfere
in the matter, declined so doing. They have, however, deemed
it right, in compliance with the above requisition, to call a
meeting of the Proprietors, and to submit to them the pre-
ceding statement of the facts of the case ; and, as the subject is
of very considerable importance, they urgently request a full
attendance of the Shareholders."
Mr. FLoon then moved that the further consideration of the
question should be adjourned for six months.
Mr. BENNETT, of Brighton, seconded the motion. He
thought the Directors aught to confine themselves to the inte-
rest of their own Company, and leave off jobbing in the dif-
ferent branches of the line of railway.
The motion was then agreed to.
The meeting then proceeded to consider the question of loan
notes, upon which
Mr. FLOOD moved the adjournment of the meeting.
Mr JOHNSON moved, as an amendment, " That in the
opinion of the meeting, all the holders of loan notes were
equally entitled, under the resolution of the Proprietors of the
9th of January last to receive shares in lieu thereof, upon the
footing of the resolution of 20th January, 1842, whether they
had given notice or not. No such notice being required either
by the Act of the 6th and 7th of Victoria, chap. 27, or by the
resolution of the 9th of January last, and this meeting recom-
mend to the Directors to issue such shares accordingly, to those
holders of loan notes to whom they had not already been
allotted."
Mr. CA PEL seconded the motion. He thought that the
holders of loan notes had a case of equity and justice, which
ought to be considered.
Mr. SALE said that he believed the Directors had no power
to do what they were called upon to do.
Mr. BENNETT, of Brighton, thought that, with the chance
of a heavy Chancery suit, they ought well to consider the sub-
ject before they determined upon it.
After some further discussion, the notice of adjournment was
agreed to by a large majority.
The meeting then separated.