The Sun.
London, England, 1842-08-06 00:00:00

THE TARIFF.

STUTTGARD, JULY 22 —Sir George Shed, the Eng-
lish Ambassador, has agreeable news to send to London
respecting the Customs Union, the augmentation of the
import-duties on twist, appears not to be approved of,
notwithstanding the urgent solicitations of the advocates
of such a measure who are now here. Prussia fears that
it would thereby be drawn into tho prohibitive, or at
least, the protective system. On the other hand the
deputies of the Customs Union (doubtless according to
their instructions), . are said to be inclined to augment
the duties on woollens and mixed cloths, for while cot•
tons, for instance, pay an import duty of fifty dollars,
merinos, mousselines de lane, &c., pay only, thirty dol-
lars, though the value of these articles is much greater.
By this disproportion in the duties, the woollen manufac-
tures, especially ladies' dresses, have become the most
dangerous rivals of cottons, the consumption of which
accordingly decreases. But on the other hand itis to be
observed that woollens in general undoubtedly give
warmer and more durable clothing than cottons, and the
public is consequently essentially interested in: not
having the prices of these necessary articles artificially
increased, and that regard must,be had to the poorer
classes, to whom warmer and yet cheap clothing is so
necessary ; for the finer goods used by the rich are
much less affected (in proportion to their prices) by the
the Import-duty. Now as we have not, and do not,
mean to introduce the system of ad valorem duties, the
proposed measure might very easily affect the public
without benefiting the manufacturers.

AMSTERDAM, AUGUST 2.—To-day being, the 24th
anniversary of the birthday of his Royal Highness
Prince Alexander, his Majesty's second son, was kept
with the usual ceremonies.

According to a report received by the Minister of
Commerce from the fair of Beaucaire, business has been
extremely brisk—hosiery and linen and woollen cloths
finding a ready sale at good prices, as well as silks and
fancy stuffs for dresses.
Sir Edward Cholmeley Dering, Sir Thomas and
Lady iteynell and family, Count Albanessi, &C. &c., left
London on Thursday by the Antwerp Comrany's
steam-ship, Princess Victoria, Captain M►nter, from St.
Katharine's-wharf, Tower. The same Company's ship
Antwerpen, Captain Jackson, arrived from Antwerp
after a passage of 18i hours only up to the wbar£

BRIGHTOIi RAILWAY.

The half-yearly meeting of the Directors and Pro- ;
prietors in this Company was held yesterday, at the
London Tavern, for the purpose of receiving the Report '
of the Directors, and taking into consideration the pro-
priety of declaring a dividend.
JOHN HARMAN, Esq., the Chairman of the Directors,
took the ,Chair, and said, that the Directors were anxious
to come before the Proprietors, owing to the imputation
cast upon them in the public prints.—(Hear, hear.) The
Directors sought strict investigation ; and he should be.
most happy to answer any question the Shareholderi_ot
might think proper to put to him.—(Hear, hear.) Ilor
thought that they were now arrived at a momentous
crisis of the history of the Company, and that the time
was come that a ,full and fair understanding should be
come to between the Shareholders and the Directors.
The Directors had been visited with a degree Of
opprobrium from anonymous sources, totally'
undeserved. (Hear, hear.) If those charges
were proved to be true, then they (the Directors) w ere
ready to bear the responsibility. lie had received .eve'
ral letters from anonymous persons, imputing to the Di-
rectors fraud, in raising 70,0004 more than they wanted
r the purpose of putting it in their own pockets. lie
would -allude to that part of the Report which bore refe
rence to the great increase of expenditure over the es'
timates. He was free to confess that the increase was
large, but he would, at the same time, say, that no un-
dertaking in the kingdom, skthe kind, had succeeded in
accomplishing their work. 4 within the estimates. The
Honourable Gentleman then read a statement of
the receipts and expenditure of the Company, which
are detailed in the Report below. In the in"
provements and additional expenses entered into
by the Directors, they had contracted for
new branch and terminus, in Brighton, as they considered
the town of Brighton had a claim upon them, as the Act
of Parliament gave them reason to believe that the Rail;
way would be continued further into the town. The
Hon. Gentleman then read further accounts, from which
it would appear that 11,3454 remained in the hands of
the Company. But it was right to say that they had,
ordered extra waggons and trucks to the amount ed
5,0001., and they had incurred an expense of 9001. iu
having the engines "running on four wheels altered to
run upon six wheels. The next point to which he would
allude was that respecting the money received from the
South Eastern Company. At their last meeting he in;
formed them that this money would not be appropriate
to the purposes of the Railway; he was happy to confine
that statement.—(Cheers.) Some difference of opinion
had arisen as to how this money should be appropriated'
He had recommended that the amount should be divided
amongst the original subscribers, they having subscribed
the original loan, but it was discovered that the mortgagees
and the holders of the loan notes had a prior claini•
But one thing was very clear, and that was, that the
interest of the money could not be claimed by those
mortgagees, and the holders of the loan notes, as the in'
terest upon their claims was regularly paid up. There"
fore this sum would be at the disposal of the Shirr
holders. The Hon. Gentleman then referred to the ex'
penditure in the purchase of land, and said that
amount purchased was three times as much as leg°
originally calcuiated. He was asked at the last meetinf
how they were to pay the interest of the loan notes an°,
debentures out of their earnings. Ile then demurrm
to answer the question, and the 'reason was obvious,
their traffic had then fallen off to nothing. Since that
time the traffic had gradually increased, and he had n°
doubt that the traffic would go on increasing in a like
ratio. It was well known that the first year n°
railway could get up its traffic. Their expenses
had not increased, but if anything had decreasedi
He had no hesitation in saying that by the next h°,l,
yearly meeting, unless some unforseen accident happene °
they would be enabled to offer a very handsome divide
indeed. With respect to the dividend to be declared;
that day they would have to decide whether it should 114/
15s. per share or 10s. per share. If they decided 'Ott
15s. per share, the interest upon the loan rates and bon°.
would be charged in the next half year, or if 10s. tl
accounts would run on regularly. He should then eau.
on the Secretary to read the Report. ~,,
The following Report was then read, together ss°""
the Report of Mr Rastwick :--
GENTLEMEN,—The Directors now lay before you a fell se!!
explicit statement of their proceedings since the lasthalf-)ear'it
meeting, by which you will be put in possession of the presen,
position, and. as far as they are able to give it, the future pro''
pects of the Company. al
They feel bound, in justice to themselves, to refer to sever a
subjects contained in the Report of the Committee appointe
in January last, to investigate the account, of the CompatiY-, e
In the first place, the Committee allude to the impene,
mode of keeping the accounts, and the difficulty they found I
classing the expenditure under appropriate heads. of
The course which the Directors originally were desired' 0
vie
they in keeping the accounts, was to follow the sYse_,
adopted by other great railway companies, and with this iL
they procured introductions for their late secretary to the
...0M
countants of both the Birmingham and Great Western !!',„
ways, and considerable time was occupied by him in exarnio°
the mode in which their accounts were kept, after which he a_'
cured the Directors that he had made himself thor,ughly master
of the subject with a view that the accounts of this C. °T,Pa,,,.
should be conducted on similar principles, and although it Lutbt
pears that he adopted a different method, there can be no have
that had he been present at the inveatigatiens be yid have
removed many objections raised by that Comibittee,
rendered their inquiry less laborious.
out a complete and detailed account, classing ndtturts
the expe
It has alwas been the intention of the Directors to makey
of every department under its appropriate head, from the egli.;
meneement of the undertaking ; but during the progress u`
the works it was found utterly impossible to follow oat this syr
tern, although it will be adopted when the accounts of the seve
rul contractors are closed. The same difficulty existed with
regard to the accounts for land, as it was necessary, from time
to time, to take additional quantities, and, in some instance*
absolutely to purchase a portion of that which had only. hese
taken for temporary purposes, while, in other instances,
nients were made on account, in order to obtain possession 0'
the land pending the investigation of the titles, and tho.e.br
counts will also shortly be closed. •
Another portion of the Report requiring notice, is the ex-
cess of expenditure over the original estimates.
The Directors cannot be expected to take upon themseiy_edg
the great responsibility of the various estimates, either for la"
or works, but they confidently refer to the Reports which they
have'from time to time submitted to the Prop ictors, as being
most full and explicit ; they have never withheld informatiott!,
but as the necessity for further capital presented itself, the
made it known to the Proprietors without reservation ; and eve_
up to the last half-yearly meeting, so far from any acedissatisf
tion having been evinced, the Directors and Engineer h
been encouraged by unanimous votes of thanks and confidence.
The Directors are quite as much concerned at the addition°.
expenditure which has been incurred as the Shareholders; theY_
have never parted with the funds of the Company without 0°
strictest scrutiny, nor have they acquiesced in any ex•pendit,eorB
without being fully convinced by their Engineer that if
absolutely necessary. In order to account for the 'oree'len
expenditure, they refer to the explanations of their EnginM"
which were embodied in the Report of the Investiga"--
Committee.
Another subject in the Report to which the Directors hbe!
to refer, is that the amount of 2,639,000/. was stated in thf-,
half-yearly Report in a manner which might, at first gig 0
lead to the conclusion that the cost of the Railway v''o
amount to that sum, instead of 2,568,000/. The facts are 3,
follow : that besides a sum of 2,269,3591. already expeeveli
and an amount of 298,8.52/. whieh it was estimated would
be required to complete the works, making together 2,568,210 r
the sum of 71,0001., which was a liability of the Company „
money borrowed, was inadvertently included in the be
ragraph of the Report, making the estimate 2,639,211/.
addition of this sum was an oversight in drawing up the Iteln-
;
but the Directors distinctly assure the Proprietors, that
was no error of the sort in the books of aecount,-as has be:
generally inferred from the Report of the Committee of 1";
Yestigation, nor in fact does that Report state it other'"
than as an error in the paragraph.
Another subject connected with the Report of the C,ol°.
mittee of Investigation, demands the notice of the Director'',
At the special general meeting of the Proprietors upon ref
ceiving the Report, an observation fell from the Chairman
that Committee which has been the subject of meal speco,,;,
('
tion, and has given rise to many unpleasant remarks. 1111. b
that gentleman expressed himself ready to answer any rip
tions which might be put to him, he added, " taking care .
say nothing that would tend to the injury of the endertakint,,
there the lips of the Committee were sealed," The Direct"'".
aware that this observation applied only to oases of disputed"
counts with contractors and others, did not think it necesd,
to offer any observations, more particularly as, in his concl!,,i
ing sentence, that gentleman stated, he was not aware that tirt,t,
had anything of the slightest importance to communicate. whit
was no; already embodied in the Report. This assertion4l
Directors considered sufficient to satisfy every unprejsu''
mind.
Having felt it due to themselves thus to draw the attenti°
of the Shareholders to the Report of the Investigation Coeli
raittee, the Directors beg to add, that they have, as far as .
has permitted. followed the sugeestiens therein contained. of
[Here follows an account of the receipts and expendauel
the Company, up to the 30th of June last.]
ase
It will be seen by these accounts, that the traffic aril*. as
last six months has prodo:e..u,citedohde
.63eX3Fp26ernoidin.itltsrh.ei23:1:u'tmhweh:Cosehtm:e.1°:bl-til:P
balance on last half year's account of 1'2,4794 125..t3d
_O2l-0
t .da
onu ctathmeedo337Bt ,th7096/off 7.518°65
June,sll.
leaving 37,009/. 14s. ; but which sure, f
chargeable with interest paid to the 15th of. January bile
9,364/. 25., thus showing an amount of 27,645/. 129. at
disposal of the Shareholders. It is right to state that this 01:
may be further charged with interest from the 15th of Jari°,%
to the 30th of June ; but on the other hand, a portion of t
interest due upon the debt payable by the South Easter't,
Railway Company is applicable to the profit and loss stenos
of the same date.
During the first three months of this year, endine, on !
2d of April. the average receipt per week was 1 ,tr:of ss. suit
'
and during the last three months, ending on the 2i of JelY',
was 2,9891. 16s. 4d. per week; and the average weekly expel.'
of working and maintaining the line was 101941., arid in the
month of July the average receipt per week was 3,96/. Os. 9c/'
thus showing a great progressive increase.
It must be borne in mind that the Company have been sub„.
jected to serious losses by the accident which mewled in t"(j.
autumn of last year on the Brighton line, and the confine'
interruption on the Croydon line.
It will also be seen from these accounts, that goods are eee,
carried upon the Railway, and it is gratifying to the Direct
to state, that there has been a gradual improvement in sh',
branch of business since the commencement, and that there
every prospect of considerable increase.
th
Arrangements have been made, and are still making, '"1„.
various persons in the different towns along the line, and ads.
cent to the Railway, for the establishment of permanent
in merchandise, which will be mutually beneficial to the trader*
the public, and the Company.
The receipts upon the Shoreham Branch and
also Kingston
Wharf increased
been
ta run
ti n
new
won dinundrei
nng:
no the
foelar the sthalfyear;
a a
beensteamo-
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t a
he n
C
iWilahcaerafthvtahee
wharf
has
whichor t important nt
will accommodationadtlinMirlding°i
increase of trade, without any additional expenditure.
conveyance of goods and merchandise has recently commence
at this wharf along the main line, and a considerable trad; in
e ngUrnelaCtaltyi°tn o
coals has already been established with the interior of the
country.
By the annexed Report of the engineer, it wil, a.spena tbst
he has almost •
compieted the contract and exs„s were., whi
at the last general meeting, he stated remained to be executed'o
and he assures the Directors that the es. 4. maw he then Iseedif
those works will not be exceeded. He, is engaged in the be__.ns
ment of the contractors' accounts, verkich there is every reaj-
to believe will be adjusted before stas next general meeting. of
At the last general weeny' 211-shares were forfeited,
which number 41 have s;:nce‘been re.allotted to the• ~ever!_
Proprietors, upon thee- paying all the calls due, with the intei
rest thereon. TtSarran gement referred to in the last Heel

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