The Principality

NORTH WALES RAILWAY. The half-yearly meeting of this Company was held yester- day at the Guildhall Coffee-house, Mr. Chadwick in the chair. The report stated that the directors, in accordance with the resolution of the last general meeting, had, under the advice of eminent counsel, taken steps to dissolve the com- pany, and a deed has been prepared for that purpose, pro- nouncing full dissolution of the company and a rateable division of all assets, which has already been signed by share- holders holding more than half the number of shares of the co:npany, and other shareholders are to sign the same; so that it may be anticipated that the dissolution of the com- pany will be cheerfully assented, to by almost the whole of the shareholders. The accounts showed a balance in hand of £ 21,000. Ttie Chairman, on moving the adoption of the report, made a few remarks on the means by which the directors i a tend to effect the dissolution of the company, and on the probable success of the measure. Resolutions were passed adopting the report, electing two directors, and re-electing one auditor. It was stated that the holders of 11,900 shares were anxious to get back the XI per share which was proposed to be returned to the shareholders. The Chairman stated that there were only two of the shareholders who were opposed to the dissolution of the company. He repeated his conviction that if the line had been m ide and the whole of the £ 2<3 per share paid up, the traffic would not pay the working expenses. A vote of thanks to the Chairman concluded the proceed- ings.

HOUSE OF COMMONS.—THURSDAY, MARCH 1. MR. DISRAELI'S RESOLUTION. Mr. DISRAELI laid upon the table a resolution of which he had previously given notice with respect to agricultural distress. Upon the motion of Mr. HUME, the clerk read the resolution, which was to the following effect;- That the whole local taxation of the country for national pur- poses was raised mainly, if not exclusively, upon property, that it bore with undue severity on the occupiers of land; that it was in- jurious to the agricultural interests of the country, and was other wise highly impolitic and unjust; that the hardships of the ap- portionment, which was greatly aggravated by the fact that more than one-third of the whole revenue derived from the excise was levied upon agricultural produce, exposed us, by recent changcs in the law, to direct competition with the untaxed produce of other countries that this burden of taxation greatly balanced the price and limited the demand of British produce and iuj uriourly inter- fered with the trade and industry of the country and that a com- mittee of the whole House be appointed to take into consideration such measures as might be required to remove the grievances of which owners and occupiers of land justly complain, and with the view to a more equitable apportionment of the public burden."

SUB-DIVISION OF POPULOUS PARISHES. Lord ASHLEY moved that an address be presented to Her Ma- jesty, praying her to appoint a commission to inquire into the practicability and mode of subdividing, into distinct and independ- ent parishes, for all ecclesiastical purposes, the densely peopled parishes in England and Wales, in such manner that the popula- tion of each, except in particular cases, shall not exceed 4,000 souls. He was convinced that the parochial system could not be carried out in its efficacy under the present system. Many of the parishes had greatly outgrown the capabilities of the incumbents to attend to their spiritual wants. Not only did he not demand money from the public purse, but he repudiated the idea of look- ing to that quarter for money (hear). He might, then, be asked where the tunds were to come from with which to endow the new benefices which he would have created. He looked, first, to exist- ing revenues next, to the result of the labours of the commission recently appointed to inquire into the management of Church lands and, lastly, to the greatly stimulated and increased muni- ficence of the Church of England. Mr. J. P. WOOD seconded the motion. Lord J. RUSSELL agreed with his noble friend, that it would not be advisable to ask for the application of public money for the purpose. He concurred with him, that means might be found within the Church herself for accomplishing, to some extent, the object in view. He did not see any objection whatever to the ap- pointment of a commission, and he considered the community greatly indebted to his noble friend (cheers). Mr. H UME was of opinion that if the condition of the country were really such as had been described, it would be the duty of the Government to deal with the subject themselves. But he denied the premises of the noble lord (Lord Ashley) he denied that planting churches and appointing clergymen would gain the objects of the noble lord. The fault was in the want of attention on the part of the Chnrch which existed. Since the churches in Bethnal-green parish had been built the distress had been just as great as before. If he understood the noble lord aright, it was proposed to distribute the church-rates and other revenues of pa- rishes, so that each ctergyman of a district should have a portion thereof. When they looked more particularly into the state of the Church they would find much more to remedy than what the noble lord had mentioned. Church-rates were public property, When it was proposed to remove the Church-rates, the reply was that they could not be supplied in any other way. The noble lord now said, the generosity and liberality of the Church of England had never been tested. Would the House agree to the principle of giving four clergymen to a parish of 16,1;00 inhabitants, when the noble lord never once mentioned the name of a Dissenter, as if there were not Dissenters in the country, as if he were addressing the House of Commons when the Conformity Act existed ? Were they to have a church for every 4,000 inhabitants of whom only 40 might belong to the Church of England ? Could anything be more absurd P It would be more becoming were the noble lord to make the Church a little more perfect. Pluralities ought to be abolished (hear, hear) but only 43 members had voted with him (Mr. Hume) when he proposed such a measure. He had always thought that the friends of the Church were its greatest enemies. Sinecures were an abomination and it was an abomination that one man should hold several livings. The noble lord had spoken of this measure as tending to improve the physical condition of the people. That should be advanced rather by the removal of oppressive, unjust, and unequal taxation. A great deal was im- plied in the consent of the Crown intimated by the noble lord at the head of the Government when the Dissenters were left out of view altogether, it appeared as if an insult was offered to that part of the population. When the House heard ragged schools spoken of, they heard nothing said of what the Dissenters had done for education ("no"). The Dissenters had done more to promote education than all the churches. He recollected when it was held by a majority of the Church of England that education was a dan- gerous thing. He disapproved of a proceeding by which it was held out that relief could be obtained only by building churches and appointing clergymen rather than by attending to more rati- onal measures. The noble lord proposed to deal with 279 parishes only, which were the largest. But was there more destitution, in respect of religion and education, in larger than in smaller pa- rishes P In Manchester, for example, more people attended church, and could read and write, than in the small parishes which the noble lord approved. lIe (Mr. Hume) would propose an amendment, after the word ,c population," t ) insert the words "belonging to the Church of England," and he should further propose to add the words, and further, to inquire into the best mode of putting an end to all ecclesiastical sinecures and plurali- ties, and to unite parishes, where practicable and advantageous." Mr. HEALD (a Wesleyan), though not himself a member of the Church, was interested in her welfare. He thought that the House and country were under great obligations to the noble lord for bringing forward this motion.. The spiritual wants of the population had never yet been overtaken by the-Church and Non- contormist combined. (Hear.) Mr. BRIGHT forgave the opinions expressed in the first part of the hon. member's speech, for the sake of the facts stated towards its close. It was a proof of a changed state of feeling in the House of Commons with reference to these subjects that the noble lord, in making his statement, which certainly possessed some interest, was obiiged to declare that it was not his intention to ask for a vote of money to carry out his plan. Notwithstanding the noble lord's disclaimer, however, it was not impossible that the Com- missioners might come down without a flourishing report, and, without any reference to Dissenters, recommend that Parliament should make a grant of public money. If he were a member of the Church of England, which he was thankful for not being—(a laugh)-he should probably receive the noble lord's plan with more favour; but as it was, he did not rise to firict fault. with it, although he might quarrel with some of its details. The noble lord was mistaken in supposing that under the system which he wished to establish clergymen would become acauainted with the condition of the population in their districts. The nature of the clergyman's education, his habits and tone of thinking—at vari- ance with that of the mass of his parishioners upon almost all public questions—rendered it impossible that any sympathy should exist between them. The noble lord stated that the labouring classes in St. Pancras did not go to church. The same might be said of the same classes all over the country. They went to chapel a great deal more than to church, although they did not go there as much as he should like them to go. But the time was not far distant when the members of both Houses of Parliament did not make the going to chnrch a point of importance. The habit of going to church, and, indeed, morality and religion, developed to their present extent, were of comparativety recent date It was not to be supposed that the labouring classes, surrounded as they were by unfavourable circumstances, could be induced by any measures which that House might adopt at once to attend church, or to feel the same interest in the subject as those who had long recognised the influence of morality and religion. The hon. mem- ber proceeded to refer to a calcuiiition which he had drawn up re- specting what he called the clergy power" of England and Wales, and by which he made it appear that the total number of clergymen, including dignitaries and heads of colleges in holy orders, and counting each clergyman for two who had two livings — (a laugh)—amounted to 10,800, It was a fact that there were more than 3,000 clergymen of the Chnrch who had no duties 9 p whatever to»perform. Deducting pluralists, and taking the popu- lation at 18,000,000, there would be one clergyman for every 1,142 persons. But 3,000,000 of perS0I15, representing a popula- tion of 4,500.000, attended Dissenting chapels, and threfore it might be said that there was one clergy man for every 856 of the population who could be claimed as belonging to the Church. It wouid operate beneficially and accord with the Wd-vs of many friends of the Church to consolidate some of the small livings. The clergy power was very unequally distributed, being weakest where the manufacturing power was strongest and the population most numerous. In the manufacturing districts the majority of the places of worship belonged to Dissenters, and had been erected by voluntary contributions. Taking the cotton and woollen dis- tricts of Lancashire and Yorkshire "together the chapels exceeded the churches by 2,914; the Dissenting Sunday-schools exceeded those of the Church by 328; the Dissenting Suaday-sciiooi teachers exceeded the Church Sunday-school teachers by 18.700, and the Dissenting Sunday-school pupils exceeded those of the church by 42,000. (Hear.) Instead of spiritual destitution in creasing with the increase of population in those districts, it diminished. The population of Lancashire had increased 148 per cent. since 1801, and of the manufacturing districts of Yorkshire by which he supposed was meant the West Riding, 104 percent; but during the same period the increase of places of worship was more than 240 per cent. The last was not a fact to show that the noble loid's motion should not be carried, but to show that it was a mistake to suppose that that extraordinary destitution existed which some people imagined where the church had not been able to extend its efforts. He admitted that the people within the pale of the church were fettered by the ministering of the clergy, by the building and endowing of churches, but they could not be justified in maintaining 500 churches in Suffolk, 699 in Norfolk, and 675 in Lincolnshire, if so many churches were wanted else- where. With regard to money, the hon. gentleman the member for Oxford said the other night that church funds were state funds. (The hon. member was understood to deny this.) He was sorry the hon. gentleman retracted that statement, for if the funds of the church were state funds they ought to be appropriated to the purposes of the church, so as to make it most efficient. If they had £ 150,000 a-year amongst the dignitaries of the church, and another E150,000 a-year amongst the deans and chapters—men who appeared to make a very gentlemanly living of it, though he never could understand what they did for their money—it appeared to him that it would be well to apply a portion of it to the objects of the noble lord's measure. But there was a question with which hardly that House could cope. Of the livings of which he had spoken more than 5,000 were in the hands of private individuals. It was a great misfortune that that system had grown up. It was a difficult thing to cope with but the time was coming when the matter would be viewed in a very different light from that in which it had been hitherto regarded, and when Parliament would find sortie way of getting out of the difficulty. He wished to give one word of advice to the noble lord, who, he thought, was too sangUitle. He believed that no effort of Parliament could bring back the great body of the English people to live under any priesthood of the church which that house could establish. He believed that the attention of Parliament must be turned to getting out of the difficulty of a state establishment, which had under its administration some £ 4,000,0(10 or £ 5,00(1,000,—of having a church so framed, so organised, that it must disappoint all the expectations of its most conscientious adherents, of whom he be- lieved the noble lord to be one, and must be at the same time an object of political contention in almost every part of the country (hear). He had no hostility to the church as an establishment,— he never had said one word against the members of it because they were members of it,—nor against its dogmas or principles, and he only ventured to speak of it because it was much more a political than a religious question in that House (hear, hear). He thought whenever questions of this kind arose he might be permitted to state what the Nonconformists were doing, and to show how far he believed the present organisation of the church and its con- nexion with the State were a state of things that could not be long endured, and would not fulfil those requirements which such per- sons as the noble lord expected at its hands.

IRISH POOR LAW. Lord J. RUSSELL then rose, and moved that the House resolve itself into a committee of the whole House upon the Irish Poor- law. Mr,,S. CRAWFORD moved, as an amendment, that it is un- constitutional and unjust to impose on Ireland separate national taxation for the wants of particular localities, so long as the public general revenue of Ireland is paid into an imperial treasury, and placed at the disposal of an imperial legislature for the general purposes of the United Kingdom." The House then divided, and the numbers were— 15 Against it 139-12-1 The Speaker s leaving the chair was then opposed by Sir John WALSH, who contended that, after the appointment of a commit- tee, the bringing down to the House a cut and dried resolution, without evidence, before that committee had completed its in- quiries, was a violation of the practice of Parliament and of the spirit of the Constitution. He insisted that a rede in aid of 6d., which was vicious in principle, and had already created a flame throughout Ireland, was utterly inadequate; that it would oppress the occupying tenantry of Ulster and Leinster and that whilst the Poor Law remained as it was, engulfing all property, any paftial relief would be thrown away. He expounded what he considered a sounder poticy, and said he should divide the House upon the principle of this particular rate. Mr., NAPIER ridiculed this substitute for the comprehensive measures promised by the Government. Mr.-DisRALi, after justifying his vote against Mr. Crawford's motion, observed that this vote did not preclude him from opposing the vacation of the chair to go into committee to sanction a scheme of the Government which had not been explained. Where was the evidence in support of the policy of the Ministers ? Why was haste required here, when the House of Lords would move deli- berately? If the Government had brought forward comprehen- sive, business-like measures, they might have asked for temporary ones but Ministers were trifling with their reputation. Lord J. HUSSELL observed that, according to the forms of the House, he could propose the resolution only in committee, and he retorted upon Mr. Disraeli that in demanding delay he was trifling with the welfare of Ireland. He complained of a want of candour on the part of Mr, Napier and Sir J. Walsh, and briefly pointed out the insuffielcncy of the remedies they proposed, of circum- scribing the area of taxation, aud of emigration, and the mischiefs which would attend a property rating. Mr. PRYSE PRYSB rose to address the House with a highly or- 'namented leek stuck in his breast, and was received with general -applause. He complained, that whilst England, Ireland, and Scotland were represented in the Irish Poor Law Committee, no Wei.simian had been admitted into it (cheers and laughter). Altera stormy discussion, in which a large number of members took part, The House divided— For going into committee 195 Against it 9t>—99 The House adjourned at half-past one.

HOUSE OF COMMONS.—FRIDAY, MARCH 2. DIVISION OF THE LIVING OF RICHMOND AND KINGSTON-UPON-THAMES BILL, Upon the motion of the second reading of this bill, Mr. C. Los HINGTON said, on behalf of the parishioners whom this bill would affect, he should move that it be read a second time that day six months. It was a sister measure to tho one relating to St. Mary's, Whitedlapel-the latter being a job of Brasenose College, Oxford, and the former a job of King's Col- lege, Cambridge. It was nothing less than a new endowment, and the parishioners felt aggrieved that they should be called upon to pay a tax for any such purpose. Mr. KERSHAW seconded the amendment. After a few words from Mr. GOULOUKN, Mr. L. KINO, and Mr. C. LUSIIINGTON, the Home divided, when there appeared — For the amendment 27 Agpinst it 36—9 The. Hou;e then went into committee of supply at six o'clock, when a vote of £ 200,000 on account of excess of naval expendi- ture.■wras agreed to.

POOR-LAWS (IRELAND.) Lotrl J. RUSSELL then ruse to move the adoption ofa rate in aid, of 6d. in the pound, for the next two years, and proceeded to state 'he reasons which urged the Government to adopt the present course. He had pointed out the expediency of appointing a select committee at the beginning of the session, in order to suggest such alterations as would do away with the defects and evils at present existing. The committee had decided that a maximum rate should be fixed, and the sum he proposed as the maximum was 5s. in the pound, which would entitle the electoral district to an auxiliary relief of 2s. in the pound from the union. At some future day it was proposed to introduce a provision by which, when improve- ments were made upon the land, no increased valuation should tak^ place for a period of from seven to ten years. Another ques- 1 ion was the area of taxation which some persons thought ought to Oe much more limited, as it would induce the land-holders to give employment to the labourers on their property, and avoid a con- tribution to the general taxation. He feared, however, that many and serious evils would endeavour to get rid of their paupers and drive them into the towns, which were already over-crowded. At the same time the question was one on which the committee would exercise its best discretion and judgment. Another point was the subjecting the family charges upon property to the payment of poor rate, but that was a matter which would he more fully dis- cussed hereafter. He thought it would tend vary much to the re- cultivation of lanos that had been for some time unoccupied, if, ior once, the rates due upon them were remit ed, and that he pro- posed to submit to the consideration. It appeared that by a report of 11te'Poor-law Commissioners, that of 131 unions in Ireland, 20 required ex-;ernal aid, and were unable to maintain their own poor. ke .question was whether Parliament, would continue to make further advances to meet the results of the late famine, or adopt plan now propo.-ed by the Government. He referred to the large sums that had been advanced during the last three years for reproductive labour in Ireland, amounting in the whole to a sum vf £ 3,193,00J, and contended that, the amount paid iu the shape of poor- rates, on the average, by the various counties in Ireland not exceeding Qs. or 3s, in the pound, they could not be considered ruined or unable to pay this additional sixpenny rate in aid. H, then pointed out the number of taxes (to the amount of £ 12,000,000) levied in England from which Ireland was exempted, and ob- served that the latter country would never consent to be placed upon an equalitj with England in that respect. Mr. STAFFORD condemned the policy generally pursued by this country towards Ireland, and entirely disapproved of the present proposition, and should feel it his duty to resist it in every stage. He complained that the people of Ireland had never been offered the alternative of being placed, with regard to taxation, on an equality with England. Mr. JOHV O'CONNELL suggested the appropriation of a portion of the income of the Established Church, and a tax upon absentees, as a better means of meeting the deficiency than that proposed by the Government. Lord BERNARD recommended the Government to alter its entire policy towards Ireland. He objected to a rate in aid as being likely to lead to very dangerous results, as well as being extremely difficult to levy, and recommended a development of the indus- trial resources of the country. Mr. BANKES would give his decided opposition to the Govern- ment proposition, which could not be carried out, som persons saying that they would not pay it, and others that they could not. He was willing to give any just assistance in his power to Ireland, as she had suffered by the repeal of the Corn-laws. Tha CHANCELLOR of the EXCHEQUF.II briefly recapitulated the arguments of Lord John Russell, and contended that there were no other means by which the deficiency in the rates could be sup- plied, and without it the lives of many thousand poor people must be inevitably sacrificed. On the motion of Mr. OSBORNE, the debate was adjourned, and The Out-Door Paupers Bill was then read a third time and passed. The Petty Sessions Bill went through committee. Adjourned at one o'clock.

HOUSE OF LORDS.—MONDAY, MARCH 5. Lord CAMPBELL'S two bills on Scotch marriages and registration were read a third time and passed, under a protest from the Eurl of Aberdeen, who complained that these measures had been hur- ried through the House. The Relief of Distress (Ireland) Bill was read a second time on the motion of Lord Lansdowne. Their lordships then adjourned.

HOUSE OF COMMONS.—MONDAY, MARCH 5. Colonel L. WATKINS presented a petition from the Brecknock board of Poor Law guardians, complaining of the increasing sys- tem of 11 pauper tramping." Lord John RUSSELL made a guarded, but very significant, reply to a question from Mr. Hume relating to the conduct of military affairs in the Punjab.

THE BURDENS ON LAND. Mr. IIUME gave notice, that on Thursday next he would move the following amendment to Mr. Disraeli's motion :—" That, if the local taxation of the country presses unequally upon real pro- perty, and bears with undue severity on the occupiers of land—of which there is no proof before the House—such inequality and undue pressure ought in justice to be removed but with the view of granting a speedy relief to the agricultural and other interests of the country without detriment to the claims of the national cre- ditor. this House is of opinion that the public expenditure ought to be forthwith reduced, to enable Parliament totally to repeal the Excise duties on malt and hops, and to remove, if practicable, such other burdens as may be found to press upon those inte- rests."

COMMITTEE ON POOR LAWS, IRELAND. The adjourned debate was resumed by Mr. OSBORNE, who said that the question had been very fairly put by Lord John Russell, and it amounted to this—that the Poor Law had broken down in the western districts of Ireland, and this was a measure to levy a contribution upon the south and north to relieve the poverty of the west. The fact was that the Ministers were not able to deal with the tremendous difficulties with which the subject was surrounded and instead of bringing forward, as they might have done, effectual measures in time, they resorted now to an empirical remedy, which could adminis- ter no permanent relief- Sir R. PEEL said he would address himself at once to the two main questicms-first, in the present state of Ireland, was it ex- pedient to cast the support of the poor exclusively upon the re- sources of the unions secondly, if some ex'rinsic aid was neces- sary, from what source should it come? He was not for fixing the sustentation of the destitute in Ireland upon each individual union. Great injustice had been done to the landlords of Ireland, who had made, in many parts, strenuous exertions, and if the whole of the rates had not been paid, it \\('\s often through physical impossibility. If extrinsic aid was refused, it might expose some of the destitute class in Ireland to die of famine, and he conld net believe that a British House of Commons would consent to such an alternative. He wished the House to direct its attention to the future condition and prospects of Ireland and with that view Sir Robert read some details from public documents, showing the vast and ungovernable amount of destitution in various parts of Ireland; and, referring to the original plantation of Ulster in the reign of James I., be thought the only remedy-one slow in its operation-upon which any reliance coul,l be placed, was the in- troduction of new proprietors, who should take the property free Of its preseut encumbrances, and the consequent introduction of new-capital. In temporary expedients, in puld c grants and elee- mosynary rates, there was no hope of rescuing Ireland from i:s present calamity; at the expiration of two years, its condition would be no better than it is. If, by the appointment of a com- mission. acting in conjunction with the Government, which shou'd consider the whole subject, a change could be effected in the con- dition of landed property in Ireland, by the sale and redistribution of it upon just and equitable terms, he did hope that a foundation might he laid for the future prosperity of lhat country. Mr. W. BROWN supported the proposition of the Governmrn\ and excited the amazement of the Irish members by offering to prove that, so far from Ireland being a en-ditor of England for E60,000,000, she was a debtor to the amount of £ 200,000,000. Several Irish members having spoken, Sir GEORGE GHKY said it had almost universally admitted that there did exist in the western uniuns of Ireland an amount of dis- tress which it was quite impossible to relieve from the local re. sources, and that some extraneous aid was required to prevent starvation. One great cause of the distressin Ireland was the sys- tem of letting out lands in small pa'ches for growing potatoes, which, while it yielded a large income to the proprietor, produced a pauper peasantry. An admission almost as general had been made, that a stop should be put to the repeated applications to the Imperial Pailiament. He stated the vast influx of Irish pau- perism into this country at the rate of 1,0.0 paupers per week, which fact furnished an answer to the objection that England bote no share of the burden. In looking for a remedy for the distress of Ireland, although he was not sanguine in thinking that Parlia- ment could apply an effectual one. he cordially concurred with Sir Robert Peel that much might be done by a transfer of property from owners encumbered wih burdens which disqualified them from disfhargbig their duties as landlords to men of capital able and willing to giv>. employment to the people. The subject, how- ever, required much consideration. Lord CASTLKRF.AGH having moved that the Chairman report progress, to which Lord J. RUSSELL objected, the Committee di- vided upon that motion which was negatived by 251 to 104, Tie morion for adjourning the debate being, however, renewed. Lord J. Russell yielded, and the Chairman reporting progress, obtained leave to sit again on Tuesday.

HOUSE OF COMMONS.—TUESDAY, MAR. 0. THE PEACE MOVEMENT. Mr. COBDENT and several other members presented a large num- ber of petitio ns, numerously signed, praying that all disputes likely to lead to warlike operations, may be settled by arbitration,

WAR IN INDIA—APPOINTMENT OF SIR CHARLES NAPIER AS COMMANDER-IN-CHIEF. Lord JOHN RUSSELL, adverting to the subject of the war in In- dia. said—Sir, I stated in reply to the hon. gentleman the member tor Montrose, when he asked me a question yesterday with respect to India, that her Majesty's Government had thought it right to tender advice to her Majesty, but that they had received no reply from her Majesty, and I .vas therefore unable to answer the ques- tion of the hon. gentleman (hear). I am now, however, in a po- sition to state that her Majesty has been pleased 10 return a reply to the advice of the Government to nominate Sir Charles Napier to the appointment of Commander-in-Chief of the British forces in India (tremendous cheers), and that her Majesty has been pleased most graciously to approve that appointment- (renewed cheering). Both the Duke of Wellington, the Commander in- chief, and I, have to-day seen Sir Charles Napier, and I have the satisfaction to state that he is ready to obey her Majesty's com- mands and proceed nt once to India in the capacity which her Ma jesty has been pleased to assign to him (cheers). The Court of Directors have not yet had an opportunity of meeting, but I fully expect they will do so to-morrow, and approve of this appoint- ment with joy and satisfaction (loud cheers).

operation, and it should be their object to facilitate the raising of money for that purpose. Had any negotiations taken place on the subject ? The Chairman, in reply, expressed the sense he entertained 'of the advantage which would result from the South Wales iine, not only to its proprietors but to the Great Western Com- pany. No negotiations had taken place with the Great Wes- tern Company as to raising the money. Mr. Field inquired what was the agreement subsisting be- tween the two companies, and what was the nature of the ar- rangement as to raising the money on debentures ? The Chairman replied, that the nature of the agreement was "contained in the heads of the agreement circulated at the time, and sanctioned by the company, and which had since received the seals of both companies and been exchanged. Mr. Field put it to the chairman whether or not the agree- ment bound "the Great Western to pay interest on the money authorised to be borrowed, reserving to them the option of either advancing the money on debentures, or of becoming par- ties to a loan by giving their guarantee ? The Chairman replied that the hon. proprietor had put a question as to the construction of the agreement which referred to him rather as chairman of the Great Western than as chair- man of the South Wales Company. He could only say, as chairman of the Great Western, that they were ready to carry out their agreement in the spirit of the most entire good faith. Beyond that he must be pardoned if he declined offering any opinion as to the construction of the agreement. In reply to further questions, The Chairman stated that when it was time for the South Wales Company to .borrow money they applied to the Great Western to ascertain whether the latter meant to act on the option reserved in the agreement. The answer of the Great Western Company was embodied in a minute dated the 22nd of February, 1849, which bore that the directors of the Great Western Company, declining to avail themselves of the option of either advancing money on debentures or of guaranteeing the interest of a loan, approved of the proposal on the part of the directors of the South Wales Company to borrow on bonds and mortgages under their act, on such conditions as the said directors should deem most advantageous. By a letter from the Great Western, the South Wales Company were autho- rised to borrow £ 1,000,0 )0 on the best terms they could get; and when the railway was completed the Great Western be- came responsible for the interest. In questions between the two companies the invariable practice was to leave them for the determination of those directors who were only holders of South Wales stock. After some discussion, in the course of which it was proposed to pass a resolution recommending the directors to press on the Great Western Company the propriety of acting on the option in the agreement, and also to appoint a committee of share- holders to co-operate with the directors for that object. Mr. Matthews referred to a resolution of the directors, dated the 17th of February, appointing a committee to confer with the directors of the Great Western on the subject. That reso- lution would satisfy the proprietors that the very important question vhich had heen mentioned had not been lost sight of (hear, hear). In reply to further questions, The Chairman said, the Great Western had undertaken to give 5 per cent. to the proprietors of the South Wales stock. It had applied to Parliament for powers, but not having ob- tained them, would, at the earliest time possible, endeavour to find some equivalent. The South Wales Company had taken 11,200 shares in the Waterford, Wexford, Wicklow, and Dublin, line, on the full understanding that the line was to be made from Dublin to Wexford. When the third call was demanded, the South Wales directors hesitated till they were satisfied that line would be completed. They had received a letter assuring them that no further calls would be made till the directors of that Irish railway were able to satisfy them that their capital was sufficient, for the completion of the line in question. The third call must be paid. With respect to the shares held by the Great Western, all the calls had been paid up except the one which was now current, and the arrangement between the comp.mies was, that the Great Western should hold their calls till those were wanted, giving 5 per cent, on them till paid. r £ he calls in arrear were coming in more rapidly than ever. In reply to a Shareholder, Mr. Brunei stated, that if he were told how much money could be spent within the next six months he would be able to say when the works would be completed. At the ordinary rate of railway construction, the line from Newport to Glou- cester might be completed in 16 or 18 months, CSOO,000 to £ 820,000—say £ 1,000,000—would complete the line from Grange Court to Swansea. The report was then approved of. The Chairman then proposed in succession resolutions con- firming the resolution of the directors by which certain shares were forfeited; authorising the directors to borrow all such moneys as the company were authorised to borrow under their several acts of Parliament; sanctioning a petition to Parlia- ment for a revision of the law of rating re-electing Messrs. J. Alston, Sir J. J. Guest, S. Lewis, and C. li. M. Talbot,, direc- tors and appointing Mr. A. Thurburn an auditor, on bhe re- tirement of Air. Dobree. After a vote of thanks to the Chairman, the meeting sepa- rated'.