The Sun.
London, England, 1844-05-11 00:00:00

DIRECTORS IN ENGLAND.

Sir WILLIAM PLUNKET DE BATHE, Barthe, London;
THOMAS HOULDSWORTH, Esq., M.P., Manchester;
WILLIAM GLADSTONE, Esq., London;
ROBERT WILLIAM KENNARD, Esq., London;
LEWIN MOSLEY, Esq., Banker, Liverprol;
RICHARD PETERSON, Esq., London.
SOLICITOR IN LONDON.
R. E. Vanheythuysen, Nag., John.street, Bedford.row.
BANKERS.

Messrs. Denison, Hey,vo4,Kennards, and Co., London;
The Union Bank of London;
Messrs. J. Earned and Co., Liverpool ;
_ The. Bank of Liverpool;
Messrs. Cunliffes, Brookes, and Co., Manchester.
CONSTITUTION AND OBJECT OF THIS COMPANY.
_This Company is founded on the law of the 11th of June, 1842,
w..nieh provide* for the carrying out of an extensive system of
?nin Trunk Lines of -Railway in France, by the joint contribu-
,°:s of the public treasury and private enterprise, and for granting
Lease of the Railway to a Company, upon terms to be agreed upon.
Among the Railways comprised in this law is the great Line
244 Paris to the Spanish frontier, by Orleans, Tours, Poitiers,
Itiler:tie, and Bourdeaux, to Bayonne.
The first section; from Paris to Orleans, has already been con.
taptit° a Company, who constructed it wholly with their own
The
It was opened to the public in May, 1843.
tease original purpose of the present Company was to obtain the
rtrt h f the second section comprised between Orleans and Tours;
aving obtained a larger amount of capital than would be
__eqUired for that object, and encouraged by the terms offered-by
the Minister of Public Works, the present proposal of the Com.
)Niles,ll embraces the whole distance from Orleans to Bourdeaux, 295
,7 passing by the populous cities and towns of Blois, Amboise,
21ass Chstelleroult, Poitiers, Ansoulentc, and Libourne, to
Pordeaux.
The works to be executed, at the cost of the State, on the por_
tion between Orleans and Tours, are already so far advanced, that,
in the hands of this Company, that important extension of the
Palle and Orleans Railway could be opened to the public in tke
stintrner of 1845, with an expenditure of not more than 51. per
shire on the whole capital.
The Company is reconstituted for this purpose. The Statutes
k_l3l. the Paris and Rouen and the Rouen and Havre Companies have
"eon adopted, so far as they are applicable to this Company.
The French portion_of the Capital, 35,000,000 francs, is all
.nbeeribed, and the Deposit paid, in Paris and in the provinces.
Of the 30,000,000 francs reserved for England (1,200,0001.), a
nOnsiderable portion is engaged by the Shareholders in the Orleans
lad Tours Line of last year, who paid their deposits. •
The Board of Directors will consist of eight French and eight
English, two of the latter resident in France„2B the representatives
and guardians of the English interests in the administration of the
Waits of the Company.
There will be an Office in London for the registration and
transfer of Shares, for which every facility will be afforded, imme.
m_
'el! after the Company shall have obtained the authority of a
Royal Ordonnance. Weekly reports will be transmitted to the
""glish Directors for.the information of the Shareholders.
The Staff of the Company will be composed of the most efficient
Persons whose services can be obtained, at the head of every de.
Pattnient requiring practical experience in the details of Railway
rainagera en t.

TERMS AND ,CONDITIONS OF THE LEASE.
The Minister of Public Works has demanded of the Chambers,
n the present Session, a vote of 54,000,000 offrancs, to be spread
r_ar Period of six years, for the construction of the works be-
'eeu Tours and Bordeaux. Of this sum 4,000,000 of francs will
sPPlicable to the service of the present year, 1844, and
0,000,000 for that of 1845.
The Projet de Loi, or Bill, for this purpose, and for defining tho
t
and conditions of the Lease to be granted, has been sub.
milted for the approval of the Chamber of Deputies, and is now
before a Commission, namely, in that stage which is termed in the
billish Parliament, " in Committee on the Bill.''
The following are the principal conditions proposed by the Mi-
MWer and embodied in this Bill. The obligations of the State
ate fixed by the Law of 11th June, 1842; and there is good rea.
.8% to hope that the conditions to be required of the Company, in
ir°lll, will not be materially, if at all, modified by the Commis-
", or in the subsequent discussion in the Chambers :
The Minister of Public Works, its the name of the State, en.
Sages to Pay for the. land, and compensation to landowners; to
execute the earthwork, masonry, stations, workshops, police sta-
rs, and buildings of every description ; in short, to make the
itrne, an d its dependencies, up to formation level, be the cost what
tnaY ; to maintain the earthwork for one year, the masonry
r°t two years, and the buildings for five years, after delivery to the
'ftePany.
The Company
have only to provide, lay, and ballast the perma-
bent ; way ; fence off the Railway, supply the locomotive and car.
i`bl3 stock, work the Line, and maintain it during the term of
their Lease. To these alone their liability extends.
A Lease for a term of years sufficient to liquidate the Company's
!Mire capital, by the operation of a sinking fund of one per. cent.,
the roved
wat compound interest. if so improved, at four per cent.,
terimould be 41 years and 16 days; if at three per cent., it
would extend to 46 years and 324 days. The latter has been pro-
r3iled by the Minister. The term commences from the delivery,
' the Government to the Company, of the whole of the works on
the entire Line to Bordeaux.
The entire Line is to be delivered to the Company in work.
"le lengths—my between first class stations, and two years after
"eh delivery are allowed to the Company for the opening to the
Public.
The State is to participate equally in the nett profits of the
e("Pany, after ten per cent. to the Shareholders upon the capital
UPended namely nine per cent. dividend and one per cent. sinking
hind. ,

The right of the State so to participate in the nett profits does
hot arise until after the first five years of the opening of the Line
throughout to Bordeaux.
This will Sive to the Company about twelve years of undivided
Tours,
of the nett profits of the section between Orleans and
it The Company are required to surrender the permanent way and
titiePendencies, at the expiration of the term, without compensa-
s but are to be paid the actual value of their carrying stock,
metals, and stores, either by the Government or the new
Lessees,hit: Within three months after the term of their Lease shall
!. %Piro&
The tariff, or rate of charge, for the transports of passengers and
w.eltbandise is to be the same as on the Paris and Orleans Rail.
7. With a small addition for third-class passengers, to meet the
whir 4 expense of covered-in carriages, with curtains at the sides,
01 this Company will be bound to provide.
RIGHTS AND OBLIGATIONS OF SHAREHOLDERS.
(Extracts from the Statutes of the Company.)
B,rs,.t,_ery Share represents a proportional part of the whole Capital
of the Company, and will be issued at par.
The liability of Shareholders is limited to the amount of the
at
,°ek held by them—a " Societe anonyme" in France, being pre-
.7tlY the same, in" this respect, as the Railway Company in
"digland, authorised by Act of Parliament.
The liability of the original Subscribers to the Company extends
n.s,
,71 to three-tenths, or 61. per share, of the amount of their
-„lntiption. That amount paid up, the shares may be transferred
without restriction, and the liability of the original Subscriber
eeases.
The anfOunt of each Share shall be payable as foil mvs :--One-
twentieth on allotment ; one-twentieth within two months after
Ile Concession of the Lease shall have been obtained; the re-
Wilder by tenths, as the Directors may see requisite, but at in-
tervals
of not less than four months between each call, until the
whole 20/. sha I have been paid up.
The calls bear interest, after the rate of 4 per cent. per annum,
4Pon the amount called up, to date from the Royal Ordonnance
4.Uthorising the Company, and payable half-yearly, until the open-
RI of the section of the Line between Orleans and Tours, after
which the Shareholders wilt be entitled to share, pro rata, in the
41'4 Profits, divided half-yearly.
The Shares lilt be in the names of the proprietor by subscrip.
tine or purchase, until the whole amount shall have been paid up,
*titer Which the bearer shall be deemed to be the proprietor, and
they
Pass from hand to hand like Exchequer bills.
eelkilh Possession of one or more Shares carries with It all the
nd obligations of the original Shareholder.
PROBABLE VALUE AS AN INVESTMENT FOR
CAPITAL.

it Wray be laid down, as a general rule, that any Railway having
„,pips for one of its termini cannot be otherwise than good. Every
6hareholtler in the English Railways will readily see that the least
Productive amongst them would be so, if the dividends were to ba
ZnPuted only upon the capital required for completing the upper
; kg, fencing, and stocking the Line. This is precisely the case
511 the French Railways now, before the Chambers.
The result of one year's experience (May, 1844) after the open.
leg the Paris and Rouen, and the Paris and Orleans Lines, and,
Et traffic as yet but partially developed, on either, is conclu-
sive as to the great value of the French Railways, as an Investment,
ender good and economical management.
The receipts on the Paris and Rotten Line, upon a lengthrof
:Ightr-four miles, for the month ending April 30th, 1844, were,
lin British currency, 19,9841., or at the rate of 258,6621. per
RaUhl• The dividend actually paid from the 9th May to 30th
i'teraber last (145Idays) was after the rate of eight per cent. per
.3.?:,1,40, exclusive of a sinking fund. The present market price of
-,`21. Share is 371. 10s.
rile receipts on the Paris and Orleans Railway, upon a length
ei„,ghtr-two miles, for the month ending April 30th:1840, were
.1.:'611. 71. 2d ,or at the rate of 312,797/. 13s. 2d. per annum.
mere is a .capital of 5(1,000,000 of francs (2,000,0001.) to be
Provided for. The present market price of a 20/. Share is 381.
It must be borne in mind that, in the case of both these Corn.
'l4, lee, the whole cost of the land, works, buildings, and of a cot&
Ipete carrying establishment, was defrayed out of their own capital.
the case of the Orleans, Tours, and Bordeaux Company, at
least;_, one-half, perhaps three-fifths, of the whole cost of the corn.
Railway, in the most efficient working condition, will be de.
fray by the State!
The difference between the capital of the Paris and Orleans
.7,E) Pall (2,000,0001.) and that required for the Orleans, Tours,
Bordeaux Railway (9,600,0000 which is amply sufficient, is
▪ terY considerable; while the latter is nearly four times the
fertile,
of the former, and traverses some of the richest, most
and most populous regions of Western, South-Western,
s'nd Southern France.
The Importance of this Railway may be inferred from the fact
that the twenty-five departments traversed by, or collaterally con.
p,._
ted with it, comprise an aggregate population of 9,318,000
"11▪ 14, and contains 283 cities and towns, with a population of
4i16.61"0 persons, to whom the advantages of railway communi.
tanthnewin bo_thus afforded.
promoters possess the most complete body of statistics ex-
. relating to the traffic of every description. The details are
round,
upon official documents, obtained from the Government
In Paris and the local authorities in the provinces, under the
sanction of a Royal Ordonnance. The Tables are complied upon
uponplan pursued by Mr. Robert Stephenson, in his able Report
n the Line from Paris to the Belgian frontier. They exhibit
the actual traffic only, computed at rates under the Tariff autho.
.r!ed to be charged. They will be communicated in due time to
the Shareholders.
Applications for the remaining Shares, and only in the printed form
Prescribed, may be made to Mr. W. P. Needham, at the Temporary
cmc s of the Company, 27, Austin.friars, London, of whom, and
at
the Company's Bankers in the country, Prospectuses and the
"_ nof Application for Shares may be obtained.
don, 10th May, 1844.

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No. 16,143. LONDON, SATURDAY EVENING SU N, MAY 11, 1844.

PRICE sd.

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The Right Hon. john 71, oli,J .3.• e Advocate-
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General had an audien:,. ... := ,i . : , loterday at
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J ~..,..,;,, _, __„, __ , . ~ __.. r.— . *, ;64 ' pi,ds,
i 13uckingham Palace a , (..,e4 , 4ittid -to Afte ;*ajesty
the proceedings of some atirtmartia)..._
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,f- ,' -.-. ,s. _. . .. • . Her Majesty and Piittee •.4,iert" wlked_ y_esterada •
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6i.:,,,,,',44.11114.111".14,1.:, :lb"' t?,.(rA.,
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.4111:141e_ " 4 :, 4., -,,,-- _
morning in the Royal Garden; _ _

,de itoya, -The Prince ifterwl as
rode out on horsebac
,attended Oolunel-Wylde,
Equerry in Waiting.
I'h \
'e Royal Family were'tAten their 'accustothed daily
airings yesterday in the rtisyvi Gardens of;•Akchingham
Palace.

His Royal Highness Prince Albert presided yesterday
afternoon at a meeting of the Commissioners for pro •
moting and encouraging the fine arts in the re-building
the Palace of Westminster.
His Royal Highness arrived at Gwydyr House, at-
tended by Colonel Wylde. •
The Commissioners present were, the Duke of
Sutherland, Viscount Palmerston, Lord Colborne,
borne, Sir R. Peel, Sir Robert Harry ;Inglis, Mr. Henry
Gaily Knight, M.P., Mr. Benjamin Hawes, M.P., Mr. H.
Hallam, Mr. George Vivian, Mr. Thomas Wyse, M.P.,
Lord Mahon, and the Right Hon. T. B. Macaulay.
The meeting broke up at five o'clock, when his Royal
Highness Prince Albert, attended by Colonel Wylde,
returned to Buckingham Palace.
Lady Caroline Cocks and the Hon. Miss Devereux
have succeeded the Hon. Miss Stanley and the Hon.
Miss Hamilton as the Maids of Honour in Waiting to
the Queen.

The Royal dinner party at Buckingham Palace yes-
terday evening included the Earl of Liverpool, the Earl
and Countess of Morley, the Viscountess Hawarden,
Lord and Lady Leveson, and Captain Francis Seymour.
A self-acting ventilator, for theatres, and other plain's
of public resort, intended to admit precisely such a quan-
tity of external air as will purify the internal atmos-
phere, and bring it down to a determined point, was sub-
mitted to his Royal Highness Prince Albert, by Mr.
Thomas Wroughton, at Gwydyr House, yesterday.
Her Majesty the Queen Dowager, attended by her
Ladies in Waiting, left Marlborough House in a carriage
and four yesterday forenoon, for her residence, Bushy
House, Bushy Park, where her Majesty dined, and in the
evening returned to town attended by her suite.
Her Royal Highness the Duchess of Gloutester was
sufficiently recovered from her recent accident on Thurs-
day, to take an airing in a carriage.
her Majesty the Queen Dowager took an airing in a
carriage and four on Thursday afternoon. .
The Health of Towns Commission sat yesterday and
on Thursday, at Gwydyr House, Whitehall. The Com-
missioners present were the Duke of Bnccleuch, Sir
Henry de la Beche, Mr. R. A. Slaney, Dr. D.:B. Reid,
Mr. J. R. Martin, and Mr. Smith, 9f Deanston;
The Committee of her Majesty's-I'4v Cfinneil on
Education, held a meeting yesterday 'at the Council
office. The Lords present were—the Lord Lieutenant,
Sir Robert Peel, Sir James Graham, and Lord Gran-
ville Somerset.

-44 - "

A Deputation from the Canal interest, including Mr.
P. E. Townley, Mr. W. Beckett, M.P., Sir F. Head, Mr.
J. S. Stanhope, Mr. E. Buckley, M.P., Rear-Admiral
Dundas, M.P., Mr. W. Maude, Mr. J. MeadOws, and
Mr. T. Wilson, had an interview with the Right Hon.
W. E. Gladstone, yesterday, at the—olfice of the Board
of Trade.

The Ecclesiastical Commissioners for England, had a
meeting yesterday afternoon, at thi office in Whitehall-
place. There were present, the Bishop of Rochester,
the Bishop of Salisbury, the Earl of Besboroiigh, and
the Right Hon. H. Hobhouse.
Mr. John Wood, Chairman of the Excise, had an in-
terview with the Chancellor of the Exchequer yesterday.
Mr. Lamont had an interview with Mr. Gladstone
yesterday, at the Board of Trade.
The Judicial Committee of the Privy Council sat
yesterday. The appeal, " Brownrigg v. Burdet," from
the Mauritius, was resumed. Mr. Homily, Queen's
Counsel, was heard for the respondent, and Mr. Wigrain,
Queen's Counsel, replied for the appellant. The Right
Hon. T. Pemberton Leigh, gave judgment on'the part
of their Lordships—that there wore not sufficient
grounds to disturb the judgment of the Court below ;
the appeal must therefore be dismissed with costs.
An appeal from the Prerogative Court of Canterbury,
" William Meddowcroft v. Harriet Huguenin," was
opened by Dr. Phillimore.
Dr, Addams was heard for the respondent.
The Court rose shortly before four o'clock, and ad-
journed the case for further hearing.
The Lords present were Lord Brougham, the Vice-
Chancellor Wigram, the Chancellor of the Duchy of
Cornwall, and the Judge of the Admiralty Court.
The Marchioness of Hastings and family left Par-
rance's Hotel, Belgrave-street yisterday, for Donington
Park, Leicestershire.

IN RE THE WILLS FORGERIES.

TO THE EDITOR OF THE SUN.

SIR,—In consequence of my name having been most
unaccountably introduced in the report of the " Wills
Forgeries," I sent the inclosed explanation to the Times.
They refuse to insert it, upon the plea that my name
was introduced as they reported it at the trials. This
I believe is very true, but nevertheless I am not to he
continued a victim to this false statement, to which their
report gave currency, because a solicitor's clerk used my
name instead of his grandfather's, Mr. John Robins, of
Regent-street. Probably you will adopt a better and a
kinder feeling ; I ask no favour, but merely that the
saddle should be removed from me, and placed on the
right horse ; this has been denied to, yours, &c.,
GEORGE ROBINS.
Covent-garden, May 11, 1844.