The Sun.
London, England, 1845-10-13 00:00:00

RAILWAY DEPOSITS AND THE

CURRENCY.

A wiseacre, when railway matters are named, shakes
his head—though there may be little in shut—and says,
" Alt! wait until the railway deposits are paid into the
Bank of England, and see what a crash must follow
from the contraction of the currency."
Such a Solon—and you meet with one in every room
where half-a-dozen people have assembled—such a
Solon has an idea that the floating capital of the country
is to be abstracted, and that the deposits are to be paid
into the Bank of England, to the credit of the Ac-
countant-General, in sovereigns or bank-notes. Let us
see how the ease stands.

The new railway projects will require a capital of
about 300,000,000/. One-fourth of these projects, will
not and cannot receive Parliamentary sanction. This
does not matter, however. The standing orders of the
Lords make it imperative for ten per eent. upon the re-
quired capital of each nrojeet to be paid into the Bank
of England, to the creak of the Accountant-General of
the Court of Exchequer. This makes about 30,000,0001.
to be so paid,
The
procese will probably be this. The deposits have
been lad bed,
in each case, with private bankers, who
will only have to increase their credit with the Bank of
England, by depositing the additional securities, which
the use of these deposits will enable them to obtain, and
without the actual transfer of one roleau of sovereigns,
one ounce of silver, or one bundle of hank-notes, the re
quired thirty millions will be transferred from their ac-
counts to that of the Accountant-General. If the rail-
way companies please, they may take the deposits from
the private banks, and invest them in Government secu-
rities, yielding them interest. The money which they so
invest—and this will be done in most cases, as security
to the shareholders—will become ready money in the
hands of those who dispose of such securities, and thus
will be restored to the national circulation, instead of
being " locked up," as the alarmists anticipate.
We have taken the case of British projects. As re-
gards foreign, there is a difference. From ten to fifteen
millions will be taken out of the country by these, and
the public will thus be deprived for a time—and at a
time, too, when the money is most required—of the use
of so much capital. The very fact, however, of our
being able and willing •to spare so much money for
foreign projects—some of which are excellent invest-
ments, we admit—fully shows how abundant are the
national resources, how extended is the individual enter-
prise which thus employs them.—Railway Express.

RAILWAY INTELLIGENCE.
WILTS, SOMERSET, AND WEYMOUTH.
CIIIPPENRAIL WILTS, WEDNESDAY.—This afternoon, an
extraordinary general meeting of the Proprietors of the
Wilts, Somerset, and Weymouth, was held at the Town-hall
here, to receive a report of the Directors; and also to apply
for authority to construct a line from the Wilts, Somerset,
and Weymouth, towards Bath and Bristol ; and also to take
into consideration the agreement with the Great Western
Railway Company, for the lease to them of the line. Mr.
Walter Long, M.P., Chairman of the Board of Directors,
presided.
The CHAIRMAN, on taking his place, congratulated the
Proprietors on the success which had attended them in
Parliament. The contracts had already been entered
into for the construction of the line to Salisbury. The
levels and gradients were good, and there could be little
doubt that the greater part of the hue would be com-
pleted in a very short time. Mr. Brunel, the engineer,
had given it as his opinion that it would not be long ere the
whole line would bo in immediate and active operation.—
(Cheers.) It had all along been considered a reasonable
thing that the line should be extended from Bathampton to
Bradford, and Mr. Brunel bad given it as his opinion that it
would be most advantageous for the company to carry that
intention into effect.—( Hear, hear.) By the 61st: clause
of this Act, it was incumbent upon the Company to make a
line in that direction, or from Frome to Radstock. Mr. Bru-
nel reported, that the line from Bathampton to Bradford
would, on the whole, be most advantageous to this Company,
and the Directors intended to recommend to the meeting to
adopt that line.—(Cheers.) This line would open a commu-
nication that was much wanted from the neighbourhood of
the Great Western to Devizes, including Bradford, Trow-
bridge, and Westbury, and at the same time place their own
undertaking upon a firmer foundation.—(Hear, hear.) He
hardly knew of any railway that passed through so marl),
towns of consequence as did this proposed extension. He did
not think it was likely they should have to call upon the
Shareholders for any money at present, for the deposits would
not only meet the expenses of the Act, but leave them plenty
to go on with.—(Cheers.)
Mr. C. It. SAUNDERS, the secretary, then read the report,
which stated that an agreement for the lease of the line to be
worked by the Great Western Company, upon a minimum
dividend of four per cent. per annum, with an increase of
half per cent. in proportion to any dividend exceeding eight
per cent. per annum on the amount of their own capital, had
been executed under the powers conferred by the subscribers
in the first instance, and since ratified by Parliament. The
terms of that agreement were in strict conformity with the
fundamental arrangements between the two companies, and
would be submitted for the approval of the meeting. The
report went on to state that the Directors are now engaged
in selecting a person well qualified to fill the situation of
secretary ; and they recommended that the Company should
fix the salary of that office at 6001. per annum. The ex-
penses incurred up to the passing of the Act have not yet
been accurately ascertained, owing to an unexpected delay in
the delivery of some of the Parliamentary and profes-
sional accounts. The amount already paid, together
with the accounts of the solicitors, as far as they
have been yet received, or adjusted, is 26,01 C/. ls. 4d.
The Directors are preparing for the delivery of
every account or claim standing against the
Company. Interest at the rate of four per cent. per annum
de,inaulageryhianogyfaeftattehrhree,
and
te a construction of the line will be made payable
half-
yearly,tiAuiespcto the 30th of July and 31st f December in
periodswarrantscaref
utol willrcs re-survey
rb evey
has
Proprietor.been transmitted
ee a Sincewm i
athdtiehn
eoafp
pass-
ing
ey.
whole line, and the result has been satisfactory, as indicating
some reduction in the extenteel of the works on that part of
tfohre. railwayl'he central lir.e has been staked out from
laid out and i
which had been
Weymouth
lineto c
tohnet raG cr teeadt
tnearly o
Burton. 'lhe
oo
Western Railway, at Thiley,
junction with the WeySalisbury, and from the
contracts for the works on the whole
lis
been agreed for with experienced and responsibleabury have
contractor a,
in three separate divisions; the first extending _from Thingley
to Staverton, the second thence to ileytesburv, and the