The Sun.
London, England, 1845-10-25 00:00:00

E SUN, LONDON, SATURDAY EVENING OCTOBER 25, 1845.

RAT T,“ AVS.
SPIRIT OF TIIE 'FELT jOl7
e'AXDAPD ea, •
aate Times per: everts lit its efforts to
dl U, pante in the railroad share market. The p_ eject has
iaotr' Jemptatien of extreme facility. Let a etrild or an
trifi7e the cry of fire in a crowded theatre, and the sa-
t4ill7._ t the lives of many will be the probable, if not cer-
t„."lseettence. If it is asked what other temptation the
4.c;ean have to produce such a calamity as a great corn-
toeit7t alarm, the answer will be found in the uniform
delof that journal. It is enough filet the Times is
lateee t 0 he named in connexion with any topic of general
eitlee, ensure that the Times will press that. topic pro-
st,,9,l.lpon public attention without the least regard tit,
(ther it may produce 'by doing so. Theme may be
tace"int°ta es understood at Ca el-court leer the line taken by
kre eraPorarv, but as we know them not, we shall not
Jarticularry advert to them, and the motives that
at 114 re already assigned are quite sufficient to explain
keeite'onednet of the Times. That journal, in an
Kilo this morning, prosecutes its design by treeathag all
NO Projects in the mass as bubbles. Now we have al-
ei'ots,nswaered this misrepresentation. A railevay project
141,1ehel'e. bubble, because it proposes an object. of solides-
tYttaelr4,searneed permanent duration. That sucih a project
4 or that men may speculate indiscreetly
'itlitePr°Jeete prudently conceived, is what no man familiar
ifeh,e spirit of commerce will be disposed to deny ; there
Vitas-Te's much rash speculation in the ordina material 9f
can be charged against railroad enterprise. This
Nita hlp, if it were desirable to prevent it, but
.are
there,4 treason to extinguish all trade and all enterprise?
18 in the country an amount of dormant capital
~aatm th*'° two-folci the cost of the projected railways, and
is dormant capital is in a course of rapid. increase, no
!Ik:Lte denY, at this time. of day. Why, then, must
rh-ee'sarilY be a deficiency of means to corn-
'etieeee works in contemplation ? If some indi-
t' without capital have committed themselves hy
ateares
tet t their places -will soon be occupied by parties
,"eaten 0 complete every engagement ; and this simple
bee t d 'fly:met noise and without injury,
trea_, xecu e wi
eais and tumult are not created by the means which the
Nieelt°Ny employing. It is to be remembered that the
Nies Pen railways must be necessarily gradual, extending
alas present present scale, very little beyond the annual ac-
,t of of the country, aid therefore leaving the vast
If dormant capital already accumulated as a reserve
‘lreedie ,the country, indeed, is unable to meet the railway
i4tee 1,4°.w could it support a single year of that war
N 1!! the Times has, by its libels upon the French
ells'etthe French army, the French marine, and
people, been for years labouring to plunge
kkmay be that though the ultimate
.ability
to is
shareholder; generally to meet their en-
Ott is admitted, serious difficulties threaten
0447 of the. process. We are told of an extraordinary
e` °r money to supply the instrument of deposit, but
illes:ve that the deposits may be made by very slightly
k't•Liileng, if at all, upon the general circulation. Exche-
L'lns,-e Probably or transfers of stock will serve the
;;Preite,°' money except in the case of the very smallest
;8! and even in their case the demand for Bank
Ot°-t,nea,Sh cannot be more than transient, certainly
Ot. "A" beyond the license of issue lately givan to the
).I!4e„'"'s to the absurd hypothesis that money must be
t7,4,11Yee-Ivtitrl from trade in order to meet railway engagements,
re t es's exposed by us long ago, the Times does not
OMaly 5 reproduce it. cVhat, then, is the danger attending
teet4„'llterprise, that must not attend every great im-
7r-ut, and that may not be obviated by the exercise of
then nd common sense? In all cases of vast enter-
ee,lh_will be much gambling; this is inevitable. But
iZtsse, erefore, to sit with our arms folded and our legs
1,111 sttlienly resolved to abstain from all means of
im-
-4- circumstances,because forsooth a few penny less
tte t4rers • our company, to
I.k their 'nay be tempted, by MON in,
t'tt as
poverty and want of principle. We would go
Bert. the Times in recommending reasonable caution in
th' -erPrise• But to recommend reasonable caution is
11144,1°g, and to proclaim to men they are ruined, when
.rll but the effect of such a proclamation can injure
another and a very different thing. 'We are as
der dr e'nvinced as we can be of any thing, that there is no
,natever of failure in the railroad share market,
"4 failure be artificially produced by an artificial
Olfe,„e"as the Times is labouring to produce. The spirit
lft,llo's,'ne Times writes upon this subject will be seen by
le,' If tit'ung extract
• t eountrY can complete the railways already autho-
Ne‘'itheeet
ttit most serious and, for the time, a most incon-
a; raiton its capital—if it can without an immense
el of the inconvenience authorise next session only
ert"'
.plelleli as it did last—if 15,000,000/. are next February
ense "to the Accountant-General without a great eon-
Ntlet!liet Only in the share-market, but in the money-
'l;llr -Lt.'', en, of course, the event will show the worthlessness
aVei"e,iPations. Strange is it that people should be found
rage, when our error, if error it is,
l'itteie'ring its own conviction and its own penalty. The
''enian moralist observed, that the worst you could
‘a taArnata was that he might prosper as much and as
fis'e 11 e. A rational hostility would leave us alone to
f;e are to. fruits of our own pervereity."
'°°l the elistaken, the Times has here borrowegi
kti bG" e its former prompter and patron, a
Fib %re•As we ree
eamb r the convulsion was a few weeks
Veer fate nod for -'o'-eenber • it is now postponed to
oelij• This is just accormar'
~,,kinte,,st Prediction appears hasty
to lair. O'Connell's practice.
4o be falsified at its first
p Leh date, he is sure to borrow a Inaie time, and in this
Tas been annually repealins the union for fourteen
4 :44 One respect the Times improves- ae.— at-- ear_
the aidedges his head, waeele, whatever its value (and
Fte e'ount St. Paul's head, we cae imagine it in a place
kika, would be useful), still exists in rerain nature. The
I,',4oe"dges only its character on the worth of its antici-
ei'a the stake is indeed small, but in February we shall
4 e watch to claim it. And it is chiefly on this account
eitkiNfreserve the foregoing extract.
Creftre--The course we have thought proper to pursue
a7eo flee to the mania for railway speculation has ee-
zet,
kinsLderable alarm among those who depend for their
rn a certain temporary value being attached to
011ets,essentially a worthless article. It is not the dabblers
Viate-tents and the speculators in scrip alone whose harvest
ktle ir't° he cut short by the bursting of the railway bubble.
Ole 'IAD), others whose interest it has been to keep the
(14esire for speculation alive, and who when it receives
eee -blow will find themselves deprived of a source of
Which, having never been fair and legitimate, will
not be permanent. The clamour raised against us
kleie ontemporaries is natural eaough ; for while the mos
5`41.08 and corrupt of them has been saved from
til'tlie-Vtteedneebankrupt.cy, three or four have been called
by the insanity which had taken possession
tSe eaPetthlie mind, and they all feel that their gains will
. people are brought to their right senses. The
til"tt in 4
7,"IYIng share in railways that will never be made is
ease .eePing with the absurdity of paying for advertise-
eee,as
col Jeurnals which nobody reads, and the proprietors of
;4e,erns are acutely sensitive to any attack on trashy
en ; nePression in which has a tendency to bring all
R ea f aPer down to its proper level. Such has been the
• keel, or railway advertising that papers have been started
eath'wer° never intended to be sold or read, but only
lily eec some of the money that was being thrown away
et i-- Preliminary announcements and prospectuses.
ke.,elitGi-rse, all this kind of emolument will cease
healthe„ public mind has been brought to a sound
tet.'"ee e 3" condition. We could not blame the
emrs of th • journals who profit by the folly which
soapetti their e
„ columns as a medium of publicity, but we do
be„ule dishonesty which some of our contemporariesd
il'acie'n guilty of in reporting all the exaggerations a.n
ILR the' sPoken at railway meetings for the purpose of deceiv-
te'ePnblie,—a fraud in which a portion of the press has,
n.lll.se •sake of a bribe, allowed itself to participate. Of
,
~celr Would not have been coneistent with our principles
Positi
kiarge i on to have betrayed our duty to the community
11%iti the manner to which we have alluded ; but it is
oar g to find ourselves charged with inconsistency by one
ta,e""temporaries, because we will not lend our influence
4etit ApsuPPort of schemes to which we allow the
, our advertising columns. We are accused,
t tise-441gb, of "writing against our own sentiment;"
1044: OUr opinions have been freely expressed against
Auhlic'eorapanies some of which have, of course, sought
y`rar,s'Y through the medium of our paper. We should be
to44Qe°Trniounds indeed if we were compelled to adopt the
--ente" ofnumerous advertisers the mere attempt
eee
.our nu
me
would involve the impracticable task of reading
til"eth,tneuneement brought to our office, and deciding
ethi it Was one in which we could sympathize. The folly
,141likisi`;',trin. is so apparent, that we wonder at the amazing
could have committed so egregious a bIWI-
- set 0 "large us with inconsistency for not supporting all
Certies and projects to which in the way of business our
Witi:ng columns are open. We can understand the won-
t.4ll elliwhich our contemporaries contemplate the contempt
t(,'ztrs ell we can afford to regard the minor considerations
advertisements, or the purchase of a few hundred
t„"nee bys, a company wishing to see its proceedings re-
e-ettlirei;" a length they do not deserve; but we cannot
teeegin end hew we can be accused of venality for not
t,,lere, • g this paltry and dishonest traffic. We are, as we said
q a t,ll 9, position that renders it impossible for us to stoop
teleation in a fraud upon the public, for our interest
I,l`l much higher ground, and it is to the knowledge of
s4t filr,g placed far above all other considerations than
trlY (lee'utY to the public that we owe—we say itwithout
tZekrOse to boast of it—our transcendent influence. The
105 we have felt called upon to make on the subject of
lekteatenee speculation in railways that has lately occupied
ths'eiee',er,Y class of the community, have, we are happy. to
ee'pehr`aKen the effect we desired—namely, that of causing
44,ty tO pause and discriminate before risking money in
ts..tlie%'°)eet that was advertised. We have never said that
a,4 itt,;"' Projects are bad alike, but nearly all of them have
Isafeeet-iParvernium, which the prospect of their value as a per-
oreeq estment has not warranted. Every scheme that
etiae UP, either by fraud on the one hand or credulity on
ttteal r, to a price much higher than is justified by its
be the s, Worth,A, will ultimately find its level. Some one will
et, ei/erer when the crash arrives, and our warnings have
eeito. ;rect,
"n- against the madness of buying that which,
JOiat'e.eaallv
e nothing but waste paper, must eventually be
ahackin eueli from the market. We have been accused of
ettenterprise, but a
theseparce of pickpockets disturbed in
ta'e the'e,sful practices by ntrance of the police might
414'41 :ne outcry. Our warnings have been already jus-
s at tni the effect they have produced; and we feel satisfied
tNee tIY will
o then, have cause to thank us hereafter for "havinOWri g
eect from ruin. The conduct of those who profit bi
a!foeleentent, and are desirous of stimulating it for thw
sSr age, is intelligible, if not !excusable. Our inter-
;lent eutic'ffiaa higlier kind, and we cannot sac.ifice the
.pernaa-
deee t'enee of the public in order to gratify its inthilg-
-,e'tstrolta '"'llPorary humour which is likely to prove most.
„,,,-,11R0m,,,,n its effects, if the evil be not firmly grappled with.
rnethin'e:laLE.—Our contemporary, the Times, displayed
k'eraa„abye°f abetter feeling yesterday in his commentaries
liae•Nera, is e importance and uaefulness of the ra.ilw,ay
siaties-
g ~n?iv* admitted, and credit is asked by him tor
We 41. It Previous occasions descanted with some entha-
:ithi feetsro'fug2hhout the
e 33 th e splendid results which the completion of rail-
sland would produce upon the social
en. ey e people He e looks forward to the lime
Station cry • • ven
day;s, and et' a-,ge.in England will be within a walk
.of the
fet,' Jounley Individual Englishman brought within a
„es..re than _ each other. This is seeing further into the
Cltlg' or ea,7e have yet attempted to do, but the main
seed
eieel_ee prevailing speculation is, that the bulk of the
eed t 438 8 100 k at the question in a similar light. Con.:
1n ere "at tbe country will in the end be cut up aridcrossed
th_ ley quarter by
eetipiretits of in_i_nr,raelroads, they desire to participate
in
them. They expect that the new lines
lulls Will fio__P„aur less cost than the old ; that 15,000/. per
itsearte:s r now as 80,000/. did when the system was
ofqds neei' and that, although fares must. he reduced, di-
thee. iaot be 1
Wem. shares of "8- Building their faith on the price
oth_rere, ,sind the London and Birmingham, Great
114 compatti.._some. other leading lines, they expect that
reet,affordehe
.!6_ will be equally desirable investments,
eiee:v.es, whilame amount of dividends. Actuated by these
Troia arel cherished by the great mass of the na-
aad aVielity tog _est.to the lowest, they have rushed forward
ill v. crip, hav_ f>htain shares in every scheme announced,
iet,'"'t Market. have been bought up with avidity at a premium
svh.:zistei:ieth The splendid visions of wealth thus conjured
e mmoaddee
eaeutlight hay have
received a check of late, and specula! ors,
" good thing of it" had they been
rate profits, now haunt the alleys near

:c AiLs.

Capel-court with v;segee, sicalie.d o'er with the vile cast
of ih light, aml bralae aeo !),?!ore received them with ows
and smiles, now look cohlly at the contents of their pocket-
books, arid pronounee thous lee hine better than "rubbish."
This disparaging valuation is flail( d te all scrips alike that
do not command a premium, and the scrips of some lines
may not perhaps be much above par at present, which com-
manded 9/. or 3/. premium before the Bank of England threw.
out the signal to shorten sail ; and the shares of really good
lines are thus indiscriminately mixed up with, and suffocated
by, the bad We have used our humble endeavours to
stop this evil, not seeking to conceal our misgivings respect-
ing the state of thinge, frequently urging on the promoters
of new schemes the propriety of postponing them, and il-
lustrating the illusory means adopted ie same cases to force
up the value of shares. We have pointed out at the same
time that. in the midst of all this abuse and danger, the ex-
tension of internal communication by railways was in itself
worthy of the age. and deserved the support of every friend
to peace and civilisation. We do not, on the whole, believe
that there is much difference cf opinion about this amongst
impartial and intellectual minds. Our contemporary bears
testimony that his thoughts are not at variance with those
who expect immense advantages from the construction of
railroads, but he says, and we have often said the same
thing nearly in the same words, " that it cannot be done all
at once, and the more haste the less speed." Let the public
press then use its influence to induce the promoters of new
schemes to be less impatient, to be less impetuous in their
movements, satisfied that if their schemes be really useful and
brought forward under proper auspices, that they will ulti-
mately receive the sanction of Parliament when there is
time allowed fairly to discuss their merits. Having said so
much upon the general question, we have still a few words
to offer on the deposits. It would afford us some gratifica-
tion is we could discover signs of accordance on this point,
but we have not been able to discover any. After all that
has been asserted and argued, admitted and denied, the pea,
according to our contemporary, is not with the bankers after
all. If they have got it, he says they have not kept it, and
whether it be 15,000,0001.. or twice as much, the money has
not yet been paid. We freely acknowledge that there is no
certainty of the amount that has been paid, but we repeat
our statement, which will be borne out generally by those
versant in the practice of the market, that in the great bulk
of schemes the deposits called for were duly paid to the
bankers on allotment. It seems to us that much
confusion has arisen iu reference to this matter
from not attending to the manner of payment.
It has been supposed, and very naturally to, that if
the banks have received payments to the amount of ten per
cent. on 300,000,0001., or even on 150,000,000/., that they
would show evidence of pecuniary plethora; they would be
holding out encouragement to the most improvident specula-
tion, and in place of seeking to raise the value of money,
they would find it a mere drug in their hands at the lowest
rates; in short, that they would be up to the eyes in scrip,
and urging the members of the Stock Exchange to take
money from them on any terms. But it must be kept in
view that in the majority of cases, both in number and
value, these dep•sits were paid into the bankers by cheques.
The parties went with their letters of allotment to the
bankers appointed by the provisional committees on the
stipulated day, and received a receipt fur the proper
sum in simple exchange for their own cheques, and
where the person paying had not an account with
the bankers of the company, he gave a crossed cheque
for the proper sum. The operation, therefore, was merely a
transfer in the bankers' books from the accounts kept by A,
B, and C, as individuals, to the credit of D, the name of the
company. The actual amount of deposits in the banker's
hands may not have been increased to any material amount
by payments ufede in this way for deposits. The character
only of them may have been altered, in so far as the cheques
paid were placed to the debit of the individual accounts of
A, B, and C, and passed to the credit of the companies.
When the transaction was managed again either by pay-
mentsfrom country banks or by crossed cheques, the whole
affair resulted in settling of balances at the clearing-house.
These remarks exhaust the subject so far as concerns the
payment into the hands of the bankers. The next operation
will be to transfer the amount from them to the Accountant-
General, but that branch of the question has been already
worn threadbare, it being, as our contemporary truly ob-
served, merely "a transfer of so many names and figures
from certain accounts in the banks at large to one account in
the Bank of England."
HERALD.—The Times has at length "let the cat out of
the bag." It has disclosed the motives—or at least one of
the motives—by which it has been actuated in its crusade
against railway enterprise, and its attempts to create a panic
in the Railway Share Market. It charges upon the more in-
fluential portion of the metropolitan press that, in opposing
its efforts to destroy public confidence, it has been influenced
by self-interest, inasmuch as it participates largely, in the
shape of advertisements, in the " profits of the bubbles"
and " chimeras " they recommend. " The peculiar morality
to which Capel-court has given a local habitation and a
name, may," it says, " have trespassed into the purer regions
of the press." This imputation of corrupt motives against
the entire press, for the Times has the satisfaction of standing
in a minority of one on the occasion, comes with a very bad
grace from a journal, whose character for corruptness has long
since passed into a proverb. If the rumour so pre-
valent on the Stock Xxchange, in reference to the probable
origin of the onslaught of the Times upon railroad specula-
tion be correct, it has very substantial reasons for its policy.
We shall not, however, stop to refute a charge evidently de-
signed to avert the suspicion of bad faith from its authors.
It is clear, from the subdued and modified tone which they
have now begun to assume, that they have discovered that
they have gone a little too far, even for them. The Times of
yesterday has dropped one-half of its 30,000,0001. of depo-
-;te_ an' z. aew content to urarni that even 15,000,0001. can-
not be paid into the hands of the Accountant-Genera]
without a most inconvenient drain on the capital of "
the
countrnaand a- great convulsion in the Railway Share Mar-
ket." 'To al rive at such a result, it is necessary to suppose
that the bankers, to whose custody these deposits are con-
fided, will lock them up in their strong boxes, there to re-
main until their transfer to the hands of the Accountant-
General. But this no more follows than that the
bankers should re-issue them to pay for fresh sheaf's
of railway scrip ; or employ them in imprudent
and dangerous speculations. Such an imputation on the
great body of the bankers of England is a calumny as un-
founded as it is injurious. Nothing but an obstinate determi-
nation to create distrust and confusion in the commercial
world could have suggested so damaging an imputation.
Were some 30,000,000 paid instead of half that amount,
it might be temporarily withdrawn from circulation without
any of the evil consequences predicted by the Times. But it
is not surely pretended that the aforesaid bankers will repair
to the Accountant-General at the period fixed upon for the
transfer of these deposits, and pay them over in specie. If
however our readers would fully satisfy themselves of the
utter absurdity of such predictions as those which have been
multiplied in the columns of the Times during the last few
days, let them turn to the following authentic list of the
s passed by bankers at the clearing-house an the year

1840 :-
SUMS PAID BY BANKEBRS4O AT CLEARING-HOUSE,
1.

---
Barclay and Co.
Glyn and Co—... ................. ... 105,327,000
Jones Loyd and Co 104,000,000
Masterman and Co 90,000,000
Robarts and Co.
Smith, Payne, and Co
Williams and Co 56;000,000
Barnetts and Co.. 50,000,000
Lubbock and Co.
Stone, Martin, and Co 33,700,000
Prescott and Co.
Denison and Co.
Willis and Co.
Hanbury and Co 24,700,000
Ladbrokes and Co.
Curries and Co
Spooner and Co.
Price and Co.
Haukeys and Co
Barnard and Co.
Veres and Co.
Rogers and Co. .....
Dorrien and Co.
Fullers and Co 7,500,000
Brown, Janson, and Co.
Bosanquet and Co. ..... .......
Stevenson and Salt 3,500,000
Whitmore and Co.

Total

£954,558,000

Clearing in 1839 £954,201,6008ank-notes
We have here an aggregate amount of nine hundred and
eighty-four millions five hundred and fifty :eight thousand
pounds sterling, without taking into the estimate the Bank
of England, Joint-stock, and West of Temple-bar bankers,
and ready money paid over the counter by City bankers.
Can anything be more preposterous, therefore, than the as-
sumption of the Times, that the withdrawal of such a sum
as 30,000,0001., under all the circumstances of the case, is cal-
culated to produce the disastrous results which it has suited
its purpose to predict? We shall return to the subject;
meanwhile, we may congratulate the commercial public on
the fact that the absurdity, not to say corrupt prophecies, of
the Times. have carried with them their own refutation, and
are little likely to be mischievous for the future.

THE REPEALED DUTIES.—The inspector-General
of Imports and Exports of the United Kingdom, having,
with reference to a minute issued by the Board of Customs
some time back, relative to the amount to be taken on the
importation of certain goods upon which the duties have
been repealed by the new tariff; Bth and 9th Victoria, cap.
90, of the past session, submitted a list of articles of foreign
and colonial merchandise, which are not subject to duty,
specifying the manner in which each article will have to be
described in the accounts taken at the time of landing from
the importing vessels, and consequently in the returns
rendered to his office for Parliamentary and other pur-
poses ; the saine has been approved by the authorities, and
directions have been issued to the heads of the several
departments in London, and the collectors and comptrollers
of the Customs revenue at the various outports of the United
Kingdom, to take care that the returns of all such
oods imported are to be made to the Inspector. General of
Imports and Exports in strict conformity with the said list,
which specifies with respect to each article whether import-
ations and re-exportations are to be stated by weight, tale,
measure, or value. As a full and particular account of the
names of the different articles upon which the duties have
been repealed was published at the time of the measure
being introduced by the Government into Parliament, it
would be superfluous to mention the whole of their names
again. Etch article is to be returned in the manner
which has been customary, or is from the nature of it best
suited thereto, whether wet or dry goods. The values of
of these duty-free goods, in the instances in which they are
to be returned according to the value, are to be ascertained
in the manner us directed by the Act Bth and 9th Victoria,
cap. BG, sec. 23, and the whole of
.them, whether at value, by
weight or otherwi-,e, must be entered and returned in the
manner and according to the form therein described.

EMIGRATION TO AMERICA.—We have received a
variety of statements from those who emigrated to the
United States last year, or the year previous, and they gene-
rally concur, though there are exceptions, in representing
matters in the new world as unpromising-and gloomy. Mr.
H. Redgate has received a letter from a lace-maker, named
Bennett, formerly of Old Radford, in which7it is stated, that
the erroneous accounta sent by emigrants, who, to cover their
own dissppointment, write in the most laudatory terms of
their adopted country, are exceedingly injurious,insamnch as
they tempt parties to emijate who had much better remain
at home. Bennett had heard one poor labourer, thus tempted
abroad, heartily wishing himself once more in Nottingham
Market-place. -The poor man, however, like
than t many others,
has fouled it to be an easier course to emigrateo retuin.
—Nottingham Review.
TOE POTATO PEZTILENCE.—The prom
sandy soil in this vicinity have on the light
there are numerous comptatrts.. 'On heavy soils, more es.alied tolerably well, though
re-
tentive of moist=re', " the pestilence" (for so it is not inaptly
termed) is more manifest. There can now be little doubt of
1 potatoes becoming very high in the market in cr short time,
the inteiligrtuce frere the north, and from Ireland especially,
being so disastrous,-- and it will be an act of wisdom for all
whe have the means, to immediately lay up a provision of sound
roots for the coming season of scarcity.—Nottinshcon Review.

~, -~ i
..i.:~

L,; ht:LA' IVE CLOSING PRICJIS OF
RAILWAY SHARES
IN Tint
PRINCIP&L CITIES AND TOWNS IN El cGLAND,
SCOTLAND, AND IRELAND.

NAMES OF RAILWAYS.
ca.

Oct. Oct. Oct.l Oct.
24. 24. 24. 24.
5U 5

Aberdeen
Airdrie and Coatbridge • •
Arbroath and Forfar • • • •
Ditto Half Shares • •.• •
A rte agh , Coln, & Portrush
Bandon and Bantry . • • • •
Belfast and Ballymena • •
Belfast and County Down
Birkillid.Lan.&Ches.Jne.
Birmingham and Glo'ster
Do. New (iss . at 734 dis.)
Ditto Half Shares • • • •
Itinninginn&Osfrd.Junc.
Itickburn, and Preston • •
Illckburn, Darwu,& Bolta
Bolton, W igan, & Liverpl.
Boston, Stamfrd and Birin
Brighton, Lewes, & Hast.
Bristol and Exeter ••• • • • p
Ditto New..• • • • 101 1
Bristol and Gloucester • •
Bristol and S. Wales June.
British and Irish. Ltnion•.
Caledon. and Ayrsh. June
Cal edo n & Dumbar. June
Caled,n lan . • • • • • • • • • • • •
I)itto Extension • • • • ,•
Cambridge and Lincoln • •
' Chester and Birkenhead
Ditto New Shares • • • •
Ditto Half Shares • • • •
Chester and Holyhead
Cheltenham and Oxford
Chichester and Brighton
Clittrnet Valley .• • • • • • • •
Cli theroe Junction • • • • • •
Clydesdale Junction , • • • •
Cork, Illackrck & Passage
Cork and Bandon .•. • • • •
Cork and Killarney .• • • -
Cork and Waterford • • • •
Cork and Voughal
Canterbury and Dover
Coventry and Leicester • •
Cornwa'

,erby and Crewe .
rest hon. and Manchstr
Las, Beccles, & Yarmoth
irectMan.(Remington's)
tract Northern • • •• • •
tract Norwich .• • • . • • • •
blin and Belfast June.
bibs, Belfast, & Colme
blin and Drogheda • • • •
blin and Galway . • • • •
ndalk and Enniskillen
mice and Arbroath . • •
mice and Perth •• • •
fun and Sunderland
„ancashire (No. 1)
:s (No. 2) .. •• • • •
unties . • • • • • •

54., I -

:1 12% 12% -
3% - -
4% 5% 51A -

.__
-

5%
- I --

3% 3%1 31,4'
2%1 I - I - -

4

Eastern t.., 21% 21X 22
Do. New .• . ... .
Do. Perp.s pr Ct., No 1 —p
1)0. do. N 0.2 3i p 3%
Ea.st i)creham &Norwich
East I.Tniou .• • • • .

Ditto Extension
Glass., and Dum
~dinburglt and Glasgow.
Do. Quarter Shares • ••
Do. New Quarter Shares
?din b. Leith, and Granton
Do. Pref. 5 per Cent
Edinburgh and Northern
Edinburgh and Peebles
Edinburgh and Perth• • • •
Ely and Huntingdon ••
Enniskillen and FZligo • • • •
Exeter, Yeovil, & Drchstr
Fltwood, Prstn, & W. Rid.
tianiltirk and Glasgow • •
Glasgow and Ayr. • • •• ••
Do. Quarter Shares • • ••
Glasgow and Greenock • •
Ditto New...........
Ditto Preference • • • • •-
filasgw,Dmfries, and Car.
( Ilsgw, Kilmarnck, & Ard.
3%1
Glasgow and Belfast Un.
Goole and Doncaster .... p 10113
Grand Junction .•••• •• • . 260
Ditto Half Shares • •
Ditto Quarter Shares • •
Ditto New Quarters
Ditto Eighths • • ......
Grand Union. ••• • - •• • •
Great Eastern & Western
(It (Irlinsby & Dk Extens.
(It Grimsby and Sheffield I
(lt Sthrn & Wstrn (Irind) 23
Ditto Extension ••• • .. 15%1
Great Munster • • • •
Grt Northern of Scotland
Grt Northern of England
Do. New 401. Shares • •
Do. New 301. Shares ..
Great Western - •• • • • • • •
Ditto Half Shares • •
Ditto Fifths ..........
(Ittilfrd, Farehm, & Ports

4% -
- 1

_
t4%1 4% - 1- ( 4

3% -
3141 3!41-

3%
- 1 --

ar~rich .• • ••• • • • • • •• •
udraf l& Man. R. & Canl

2%1 2%1 2%'
- •2%

16%1 18

-49%1 -

- -
[44 150
84 -
34 -

tiddersfield and Sheffield
Hull and Gainsborough. •
!lull and Selby •-••• • • • •
'Hit° Quarter Shares 21
Ditto Half Shares •• • •
Inverness and Elgin ••
Isle of Jersey • • • •
Kendal and Windermere
Kingstown and Bray .• • •
Killarney Junctions .•• • •
Lancaster and Carlisle • • --
Lancaster and Preston
Leeds and Bradford • •
Ditto Extension —
heeds and Deivstiry• •• • --
Leeds mid Thirsk •••• • • • • 13% 15
Leeds &W. Riding June. 12
Leicester & Birmingham 11,{i p 2%
Leicester and Bedford . 114 p 2% 2%

—.—
Limerick and Waterford
Kil. Jnc.
Lincoln, 'fors, and Leeds
LIN% Man. &GtN. of Eng.
Liverpool and Manchester
Di tto Half Shares • • —
Ditto Quarter Shares
Liverri3Ormskrk,& Prstn 7
London and Birmingham 217 216
Ditto Thirds •• • • 44
Ditto Quarters • •• .• 27 27
London and Blaekwall . • 94
Lunn. Oxfthec Chltnham7
Loudon and ilrignton• • . 654 -
Ditto Consolid. Eighths
London and Croydon -

0

Oct. i,Clos'dl Oct.
24.. 1 23.

Ditto New . ••••• • • • •
Do. Guariint. 5 per Cnt. • 9M
',undo!' and Greenwich -
Do. Pref. or Privilege,.•
r.ondon and South Westrn
1)o. New Cons. Eighths 33
Do. New, 501 Shares • •
1)o. New, 401. Shares • •
London and York . • • • • • •
Ditto (Bawtry). ......

6%

7- P 1

I 3 53 PI

line), % p.—North Devon, % p.—Taw Vale Extension, % p.
—Devon and Central Cornball, % p.—Aberdeen, 5/.=-South
Wales, 6—Bristol, New. 101 A.
HULL, OCT. 24.
The morning's meeting did not furnish so much proof of
depression as the accounts from London and the provincial
markets might have led us to expect. At the afternoon
meeting the Bears operated to some extent in light stock,
and the consequence was a fall on the morning's quotations.
Axholmes, which left off in the morning at 565. to 575. 6d.
prem., closed this .afternoon at 425. 6d. and 455. preen. Hull
and Barnsley opened at 3% prem., closed at 2% prem.
Derby and Gainsborough began at 30s. prem., and, although
the eaorts were great, the price could not be brought below
275. prem. The sales were—Hull and Selby, Half Shares, 22
.;—London and Croydor, 21—Blackburn, Darwen, and Bolton,
6—Great Grimsby and Sheffield, Quarter Shares, s—North
British (Carlisles), 3%—Oxford, Worcester, and Wolver-
hampton, 73/4—Cambridge and Lincoln, s—Dudley,! Made-
ley, and Iron Bridge, 12s. 6d. p.—East Lincolnshire, 31
Grand Union, 21/—Great North and South Wales and Wor-
Cester, I—Leicester and Bedford, 21,4—Lincoln and 'Wain-
fleet, ls. dis.—London and York, 4%—London and Man-
chester (Rem.), 3%—London and Norwich Direct, 55.
Nottingham and Gainsborough, 10s. p.—Nottingham and
Boston, 3% Shrewsbury and. Trent Union, 2—Yorkshire
and Glasgow Union,

were all aware of the extent which railways occupied in the Welsh
attention of every class of society, and how anxious almost coa'
every landed proprietor was to have a railway brought Weis]
either through or close to his property, and it afforded him
much pleasure in stating that generally a similar feeling
existed along this proposed line.—( Hear, hear.) The South
and Midlands Junction line would in reality form a trunk
line as regarded that part of the country, for it would bring
them into,each of the two great main lines of the kingdom
—the Great Western and the London and Birmingham.—
(Hear, hear.) By this course the inhabitants of Bampton
would have a direct railway communication from one end
of the country to the other. This line would commence
at Bicester, where, by a junction with the Cambridge
and Oxford line through Wolverton, in connexion
with the Eastern Counties, it would afford facility
of intercourse with the metropolis in one direction, with
Stafford, the Potteries, Birmingham, Liverpool, and Man-
chester in the other. Near to Woodstock, close to which the
projected line would pass, the Oxford and Rugby and Oxford
and Worcester Railways would cross, and thus they would
be presented with the opportunities of entering the two great
railway arteries of the kingdom—(Hear)—at Didcot in the
one case, and at Rugby itt the other. Passing next on to
the town of 'Pitney the line would be crossed by a communi-
cation to the great manufacturing district of Stroudwater—
the Oxford and Cheltenham line. At this point the South
and Midlands line would bend off directly south-west, close
to Bampton on to Lechdale. At both of these towns it
was intended to have stations.—{Hear, hear.) At Swin-
don their railway would cross the broad gauge—an end
which hitherto has never been attempted. At this point
the inhabitants of Bampton and Lechdale would take up
the' direct communication east and west, to London, and
to Bristol and Exetr, Bath, Gloucester, Cheltenham, Stroud,
and then on by means of the Gloucester and Aberystwith
line, through the whole of North and South Wales.—(Hear.)
He had already stated that their junction with the London
and Birmingham Railway at Rugby would give them a, di-
rect communication with the whole of the north and mid-
land counties.—(Hear.) Most of the gentlemen present
held a prospectus in their hands, and if they would do him
the kindness to refer to it, they would find that there was
scarcely a part of the kingdom to which they would not be
able to travel by railway so soon as the south and Midlands
Junction line had been constructed.—(Hear, hear. He was
happy to be in a position to inform the meeting that along
the line there was a general opinion in favour of the pro-
ject, and in most cases he had already received the writ-
ten consent of the landed proprietors. (Hear, hear.)
These gentlemen appeared to think that the course
this line would take was that which would confer the
greatest benefit upon the towns and districts through
which it passed—(Hear, hear)—the more so as it would
provide them with railway facilities to every line in every
part of the kingdom.—(Hear.) Bampton and its neighbour-
hood would thus have every market throughout the country
thrown open to them.—(Hear, hear.) Before he sat down
he might tell the meeting that he had had the honour, in
company with some of the gentlemen who acted as local
agents, of waiting upon nearly every landowner between
Swindon and Bicester, and that out of between 70 and 80
noblemen and gentlemen, they had met with one dissent
or ly, and that was in the case of a Noble Lord who thought
that the line would cut up a fox cover rather too much.
From eighteen gentlemen out of twenty on a portion of the
line, the Company bad received a written consent to the rail-
way pas.sing through their land.—(Hear, hear.)- As a proof
that the Company would be quite ready to deposit their
maps and plans in the Parliament-office long ere the time
had elapsed, he might state that upwards of fifty miles of the
line were in the hands of the engraver.
Mr. J. Durrox moved the second resolution:—" That
this meeting having heard the explanation from the deputa-
tion as to the course which the South and Midlands Junc-
tion Railway is intended to take, and of the advantages
which are likely to accrue to the town and neighbourhood
of Bampton, pledge themselves to give the undertaking their
fullest support."—(Hear.) It appeared to him, from what
Mr. 11I'Murdie had just stated, that this was by far the very
best line that could possibly be constructed for Bampton and
its neighbourhood.—(Hear.) In that part of the country
they were very awkwardly situated as to the other portions
of the county. Look at Bicester, for instance, and the whole
of that portion of the county, what difficulty the people of
Bampton had to get over there.—(Hear.) They had a very
long and tedious ride, but with this line it would be found
that the ride was not merely one of rapidity, but one of. ease.
So it would be with respect to the journey to any other part
of the kingdom.—(Hear, hear.) It was well known, even in
their quiet and sequestered town, that the subject of railways
had for some time occupied very much of the attention of the
public, and moreover that great benefits had accrued to all
the towns were they ran to. The town of Bampton then de-
sire to participate in all the advantages which a railroad was
calculated to afford to its inhabitants. The inhabitants of
the district, as well as the town itself, were anxious to have
the benefit of a rapid, easy, and safe mode of travelling, and
that facility appeared to him to be promised by the South
and Midlands Junction Railway.—(Hear.) He hoped sin-
cerely, too, that the line might be obtained.—(Hear, hear.)
The alteration in the rate of postage had been a vast boon
to society at large ; but it would appear that something was
required to cause that boon to be the more general in its
operation and more speedy in the method by which it shall
be carried out.—(Hear, hear.) Would it be believed that at
this time of day, in the year 1845, in the existence of rail-
ways too, that at such a place as Bampton, not more than
about 60 or 70 miles from London, if an inhabitant of their
town wanted to send a letter to the metropolis, which be
wished should arrive the following morning, he was com-
pelled to put it into the post-office before half-past three
o'clock the preceding afternoon.—(Hear, hear.) He trusted,
then, that if it were upon no other ground, they might have
this South and Midlands Junction Railway, for that surely
would lead to an alteration in this system. (It was under-
stood, by a private communication made to our reporter,
that the letters which left Bampton at half-past three o'clock
in the afternoon, were not dispatched from Oxford until
twenty minutes past two o'clock in the morning.) With
regard to himself he would pledge himself to support them
with every means in his power, for he was confident it would
be most beneficial to all person connected with the town.
Mr. T. H. BATEMAN seconded the resolution, and it was
carried.
R. BUTLER, Esq., said that it was of little use the meeting
saying they would support an undertaking unless they went
further, and did all they could to back that resolution by
another.—(Hear, hear.) With the view of carrying out
that feeling, he would move " That petitions be presented
to both Houses of Parliament in favour of the South and
Midlands Junction' Railway, and that the Members for the
county be requested to support the same."—(Cheers.)
Mr. H. MORRIS having seconded the resolution, it was put
and unanimously agreed to.
A vote of thanks was then passed to the Chairman, for his
awe conaucc l .-tho °bail viz the 000 actio-
n meeting then separated.

WARWICK, BIRIIINGHAM, AND NAPTON CANALS
A special meeting of the proprietors of the Warwick and
Birmingham and Warwick and Napton Canals was held on
Tuesday last, at the Woolpack Inn, Warwick. There was a
numerous attendance. Mr. W. C. Russell:having been called
to the chair, the meeting proceeded, in terms of the requisi-
tion, "to take into consideration a certain agreement pro-
posed to be entered into between the said Company and the
Provisional Committee of the London and Birmingham Ex-
tension, and Northampton, Daventry, Leamington, and War-
wick Railway Company, and to confirm such agreement or
otherwise; and also to take into consideration and determine
on the propriety of applying to Parliament for powers for
converting the said canal, or any part thereof, into a railway,
or for making a railway along the line of the said canal, or
any part thereof, and to enable the said Company to sell and
dispose of the stock and property, or to lease the tolls of the
said Canal Company, to any company or persons whomsoever,
and to amalgamate with any railway or other company, or to
enter into any arrangements or agreements with any other
company or persons for the purpose of constructing a railway
along the line of the said canal, and of the Warwick and
Napton Canal, or either of them, into or from any place or
places contiguous thereto, and for raising the necessary capi-
tal for the purpose aforesaid, and also for powers to consoli-
date this Company with the Company of Proprietors of the
Warwick and Napton Canal Navigation, and Birmingham
and Warwick Junction Canal Navigation, or either of them,
and for such other powers for the purposes of managing and
conducting the affairs of the said Company as may be
deemed requisite." In the course of the discussion which
ensued, Mr. D. Ledsam, of Birmingham, opposed the sale ;
but it was finally agreed, there being no other opposition, to
dispose of, the canals to the railway company, each share-
holder i❑ the Warwick and Birmingham Canal receiving
1751. per share cash, or shares in the Railway Company to
that amount ; and the shareholders in the Warwick and
Napton receiving 1371. 10s. per share, with a like option.
Six of the directors of the railway company were present
at the meeting, and signed the proper documents for the ful-
filment of the contract, and a check for 10,0001. was handed
over by them to the Canal Company, as a deposit. The
seals of the two companies were then affixed to the con-
tract, and the meeting adjourned to the 7th of January, when
the next meeting will be held at the same place. The en-
gineer of the railway company attended, and gave a detail
of the intended operations of the company. He stated that
the whole line of the canal would be available for the in-
tended railway, except about three-quarters of a mile. After
the conclusion of the business a large party of the share-
holders dined together.

MINERAL LINES.
The vast influence which the universal construction of
railways will have on the development of the mineral riches
of the earth, has, perhaps, never entered the minds of many
who are thoroughly conversant with the details of their
several routes; yet little doubt is there but that many
household luxuries—at present denied not only to the poor,
but even many of the middle classes—will come into very
general use ; among these are marble for side tables, mantel-
pieeeg, wash-stands, &c., slates for paving, roofing, shelves,
and safes for provisions, and numerous other productions of
the mineral kingdom, will find, in every direction, markets
alike numberless and insatiable. These productions of
Nature's beneficent arrangements have hitherto lain in use-
less profusion, only attainable by the wealthy, from the ex-
cessive cost of transit; but when the districts are traversed
in every direction by railways, renewed energy will be
instilled into the owners. of mineral property, and these pro-
ducts raised and distributed among the community, giving
employment to the immediate neighbourhoods, dispensing
comfort, and increasing the civilisation of mankind in gene-
ral. It is au interesting subject to notice the peculiar mine-
rals which each of our projected railways will aid in more
general distribution ; and we have selected the following,
stating the productions likely to form a large proportion of

their traffic, viz :
Ambergate, Nottingham, and Boston—Coal, lime, grit-
stone
Bridgewater and Minehead—Lime, slate, and copper ore
Bradford, Manchester, and Liverpool—Building stone, coal, Stc.
Bedfordshire, Hertfordshire, and Essex—Chalk and chalk rag
Colebrook, Swansea, and Lougher—Coal, copper, iron
Cumberland Union—Coal, lead, slates, flagstone
Derbyshire, Staffordshire, and Worcestershire--Coal, lead,
iron, stone
Dudley, Madeley, and Iron Bridge—lron
Direct London and Holyhead—Silver, lead, copper, slate,
stone
Erewash Valley—Coal, ironstone, &c.
Great Eastern and Western—lron, coal, anthracite, copper,
lime; salt
Great Welsh Central—lron, copper, silver, slate
Huddersfield and East and West Coast—Coal, stone, lime-
stone
Irish West Coast—Beautiful marbles, lead, iron, slate, and
a hard close-grained gritty flagstone
Isle of Man—Lead, copper, iron, lime, granite, marble, man-
ganese, pottery clay, /cc.
Lincolnshire and Eastern Counties—Coal, from Yorkshire and
Derbyshire
Leicester and Birmingham—Coal, ironstone, manganese,
granite, and lime
Leicester, Ashby-de-la-Zouch, and Stafford—Cannel coal,
lead, iron, granite, limestone, slate
Manchester, Buxton, and Matlock—Coal, lime, building
. stone, marble, lead
Nottingham, Ambergate, and Manchester—Coal, lime, grit-
stone, limestone
[ Oxford and Worcester Extension—Coal, ironstone, limestone
Rhondda and Ely Valleys—Coal, ironstone, limestone
Shropshire and North Midland—Coal, lime, lead, zinc, iron,
[ • marble, &e.
Tean and Dove Valley—Coal, iron, lime
Wear Deck and Railway—Coal