The Glamorgan Monmouth and Brecon Gazette and Merthyr Guardian

LATEST INTELLIGENCE. The Princess Augusta continues, we are sorry lo say, it) a very precarious state. The Hop Market is unchanged. LONDON IOSEY MARKET. (From the official list, containitm the business actually transacted.) CLOSING I'RSCES OF BRITISH STOCKS—TnuKsMA< Bank Stock. 169 J India Stuck, 249 3 India Hnn<N, 3 5 di.» R South Se < N. w Anus. — 3 1), 3,^ per ct Anns. 1818, — B uik Siock tor Acr. per cent Red., — Consols tor Ace., 9"B New 3i per cents, #84 | l-di* Sil;ck lor Opg.,— Loi g An. I860, — /M00 E*. Bills 17 19 P'» Do. 30 MS IS59, £ .r>00 do. 17 1!) m Do. 30 >rs., 1860, 13 £ 5-16 Simdl do. 17 19 pm PRICES OF FOREIGN STOCKS- Tf{[lRSII \)' Bel,zi; | Portuguese 3 percent,— DiLlo Accoutit, DItto Account, Hrazilian, Russian,— Buenos Ayres, — !lit,Il !lft'a.rc- Columbian. G per cent,— Sp nish 5 per cent, — nil. Bonr1, 182", D:tt ) Account, 24J £ D:tt(, A,c Ditto Passive. 51 6 5j J Dutch 2i ppr CUB' — 11, ir 5 Fe Rentes, 3 per ct.,— Do. Acc., — Exchange, — Ditto Deferred, Dutch 'lit Per ceut, 51J Pruvinn, Ditl" AccIlunt.- Portuue" 5 "er cent. Dutch pei cent, 102 Do. New 5 Per cent, 34$New Lua >, :» per ct. — I)itto A,u, Dilt.. ACcounl,

TO CORRESPONDENTS. We have received further letters on the subject of the interments at the Baptist burying ground, Cardiff, but we beg to decline inserting them as thefurther agitation of the subject cannot possibly atlSwer any good end.

MERTHYR TYDVIL. AND BRECON, September 5, 1840. The cry of war in the Paris journals, fiercely re-echoed by those of the metropolis, such as the JWorning Chronicle and the Globe, which are c' understood to reflect the desires and opinions of the Foreign Office, appears to be gradually dying away. The fact may be adduced as greatly honourable to the exemplary moderation which the Conservative papers every where have exhibited on this trying occasion. They have not flown to arms at the warlike din of French military preparations; they have not eagerly retorted a wordy torrent of nbuse for provocation and insult on the other side of the Channel; but in return for taunts and menace, have retaliated kind language only, and poured the oil of peace over the troubled waters of strife, lashed into fury as they were by the angry susceptibilities of national honour offended in France, and whipped into foam by the coarse personalities and scornful recriminations of the ministerial press of England. By the concilia- tory, no less than firm and dignified tone of the Conservative press, has the threatening storm been thus soothed to more peaceful murmurs, and for this patriotic and signal service, and its escape from the evils of a general war so far, the country is beholden to it in a debt of respect and gratitude the full amount of which may not readily be appreciated. But on this occasion, as on all others, the Conservative press was but the faithful reflection of the popular voice in its noblest acceptation the steadfast representative of the good sense, sound feeling, and superior intelligence of the best and largest portion of the community. And for why should two nations, which for twenty-five years have been cultivating and drawing closer the ties of good fellowship and raeiprcMsal interest, now hasten in eager ardour to buckle on their armour for fight, and in one fatal day to demolish the creations of a quarter of a century ? To France the question is even of more anxious import than to England, for by commercial treaties concluded and commerce carried on she is upon the balance much more largely the gainer than England, for the exports of France to this country exceed nearly twice over our exports to France, as on some future occasion we may be able to show, nor is the case likely to be mended by the new commercial treaty in progress, the terms of which, so far as they have transpired, appear to be entirely in the sense of French interests, to the sacrifice of our own. We cannot understand the peculiar preference attached by France to the connection with and aggrandisement of Egypt, unless the latent meaning should be that at some future and perhaps early day, she looks for vard to the acquisition of that portion of Africa in addition to Algiers for herself, as the result of some combination with Russia, by which, in conside. ration of the appropriation of Constantinople and as much of the empire of Turkey as was held together, by the latter to the former is to be remunerated with the spoil of Egypt, with so much of Turkey as Mehemet Ali may be en- abled to make conquest of. In this view the policy of Fratice, manifestly ambitious and inte-. rested as it would be, becomes intelligible enough. She would, in effect, in contempt of every obligation of good faith and of treaties by which bound to the maintenance of Turkey in its integrity, be aiding and abetting the Pacha of Egypt in his aggressions and acquisitions of territory because intending to be the next heir herself, and when the day of partition arrives that her share of the spoil should be larger than that of Russia, her confederate. Whilst we can freely believe in these unprincipled designs howsoever, so far as M. Thiers, the Minister of France, is implicated, we are far from conceiv- ing that the French Monarch participates in them, and still less that M. Guizot, the French Ambassador at London, is a cognisant party to a schenfe so perfidious, His character stands so high in general acceptation for upright deal- ing and unimpeachable honour and morality, and he is besides so well known and esteemed as the fast friend of alliance with England, and as the warm admirer of English institutions and manners, that we are satisfied he can be no party to any but a straightforward course of policy, whilst that policy which he undertakes to support he will not be slow openly to avow. Our only anxiety in respect of war remains therefore not on the side of France but of Rus- sia. As a party to the quintuple alliance, and the most active party too, she will strain pvery nerve so to embroil matters and parties, with France, Egypt, Turkey, and this country, as to lead to a pretext for an armed interference on her part, either by the occupation of Constanti- nople at once, or by a descent in Asia Minor to come to blows with Ibrahim Pacha at the head the Egyptian troops in Syria. If, for example, Mehemet Ali resolutely persist in refusing con- currence, as he has refused, with the terms of pacification offered and sought to be imposed upon him, then may a specious case for the armed interference of Russia be shortly made out, as the Morning Herald observes:—"The necessity of I protecting' the capital of the Ottoman empire by a Russian tyrce will have arisen, a most agreeable necessity to Russia, and just the sort of one which, if she has not herself contrived, she would like to have created-" Once with a firm liuld upon Con- stantinople, on Turkey Asiatic, it would be no easy matter to dislodge her, although a genera! war would become inevitable, as the result of Lord Palnierston's blundering manoeuvres.

Our Agent at Beajfort, after stating his he lief Ihitt great cause of complaint exists against the Post Office in his district, says Mr Morgan, of the Cambrian, Beaufort, informs me that al- though he resides witiiu the limits of the penny post, and the postman passes his door daily, lie is obliged to pay one penny for the delivery of every paper." \Ve thought that the daily losses we were exposed to from the conduct of th" Post Office people were had enough; but this communication revels to us our mistake f r we find here that a Ux is inflicted on our cus- tomers equal to what is exacted from us in the shape of stamp duty, the effect of which urns: be, as our agent very truly remarks, to che k the circulation of newspapers in that quarter. Perhaps this villatious practice is carried on in other parts, to our injury if so we shall SOOIl get information of it. We should like to know who it is that warrants this impudent robbery. Is it the head office that allows its menials thus to eke out their miserable salaries by illegal exactions? Is it a new mode of increasing the revenue derived from the Post Office, to con- ceal the deficit arising from this silly scheme? Or is it only directed against the Tory press, that by diminishing their circulation, the spread of their opinions may be checked ? Whatever may be the cause we are the sufferers, and sufferers. 100, without a remedy for it were a hopeless thing to expect justice from a Government whose very existence is based on injustice.

FRANCE.-We have treated on France else- where. SPAIN.—Madrid journals to the 24th lilt. have come to hand, but are entirely destitute of interest. EGYPT. ne extract the following from the MORiteur of Stindayniglit The news received from Alexandria by the Government states that the Viceroy of Egypt has answered by a refusal the notifications which Rifaat Bey was charged to make him. He declared that he would repel force by force, but that he would rest on the defensive, and not commit any act of aggression." CHINA.—VVe learn by the London papers that Canton jonrnals to April 25 have arrived by the Aden, which reached Falmouth on Monday. They state that in the event of the English attacking the Bogue, it is the intention of Governor Lin to destroy the suburbs of Canton, and put the city itself in a state of defence; but as the city is scarcely defensible, and as the suburbs are greatly superior to it in extent and importance, the story is not likely to be true. An edict has been issued by the Canton authorities, forbidding any ship to enter the Bogue, wlose papers have not been pre- viously forwarded tc Can'on, and a formal permis- sion to proceed to Whampoa received in return. UNITED STATES.—The Great Western arrived in Rris ol ftotn New Yrk on Tuesday, bringing news of a character not likely to be agreeable to her Majesty's Governmtnt respecting the settlement of the north-eastern boundary question. On this subject we extract the following from the corre- spondence of a London evening print We are enabled to announce the fact of the report of Mr Featherstonhatigh and Mr Mudge being regarded by the President and a great portion of Congress as being likely to lead to tinplea-tant consequences We are supplied from the highest authority with the exclusive information that the President has expressed a most decided opinion that if Great Britain should abide by any of the statements set forth in this report a rupture between the two oountries must inevitably take plaee. We state this with confidence in the correctness of our in- formant, who reached New York by express on the day of the Great Western's departure." The Commissioners of the two countries were above to examine the disputed boundary throughout. The commercial news was uninteresting. Our advices from Canada represent a strong feeling in favour of the Duke or Wellington's opposition to the Canada Union Bill; however all parties seem united in a hope of its aiding to can y the union into effect. It is not true that Governor Thomson is returning to England. The news relative to expected hosti- lities between England and France caused much excitement in France. CUBA.—Recent letters from the West Indies have brought us full returns of the commerce of Cuba, the most productive island in the world. Imports in 1839, 25,315,808 dollars; exports in 1839, 21,481,80*2 dol- lars—'eavins an excess of imports over exports of 3,883,9(50 dollars. The trade uf Cuba increased in 1839 1,596,685, dollars over that of 183S, of which the increase with Spain alone, was 896,562 dollars.- The precious metals imported into Colla in 1839, were 2,297,178 dollars; precious metals exported, 1,725,804 dollars.

THE NEW BISHOp.-Oxford, August 28-The general opinion here seems to be that the new bishop will be Dr. formerly of oriel, and after- wards a Fellow of Queen's. Or Hinds is well known in the literarv IInd t Iwoloical world, from several learned works on Church history, &c.; but what renders it more probabln that he has attracted the favourable notice of Lord Melbourne is the circum- stance of his being beneficed in the neighbourhood of his lordship's residence in Hertfordshire, and the know. ledge that his principal friends and associates have been of Whig politics. CAPITAL OF GREAT BRITAIN. — The grand total capital represented by all property in Great Britain and Ireland is estimated at £ 3,629,000,00 '• The value of all sorts of pub'ic property is X103,000,000. The value of lands, ships, canals, railroads, mines, horses, cattle, timber, crops, &c is estimated at S2,94.5,000,000. The value of all sorts of furniture, apparel, plate, specie, money in chancery, savings' banks, &c., is estimated at ^580,000. The national debt is about £ 764,000,000 THE BOULOGNE AFFAIR. — A Paris letter of Thurs- day week says-" The captain and crew of the Edin- burgh Castle, of Piince Louis celebrity, having been liberated on Wednesday, the captain invited his men to a dinner at Byron's Hotel, Rue Favart, where the guests were regaled with excellent roast beef, plum pudding, and other delicacies, dressed in the true English stle, and washcci down by some prime old claret and burgundy. After the cloth was removed several national and international toasts were given and responded to with animation. In the course of the evening the harmony was still further augmented by a succession of nllvalatld jovial songs, and kept up to an advanced hour in the morning." DRAINING THE HARLAEM LAKE.- M. Dietz, a celebrated Dutch engineer, has invented a machine which it is supposed will be adopted for this purpose, and by means of which he calculates that 100,000 cubic ells of water may be drained off daily. This ingenious person estimates the body of water contained iu the Harlaem Sea, at 770,000,000 of cubic feet, to empty which it would tequire ten of his machines of 30-horse power each. the quantity drained off by them daily beins; 1,000,000 of cubic feet, thus making the period required for its entire removal 80,) days. The estimated expenditure of this work, second only in grandeur and importance to the Thames Tunnel, is as foi'ows Florins. Ten machines, at 30,000florins for each 300 000 Coals, &c 500 florins per diem for 800 days.. 400,000 Sixty workmen at 1 if. each per diem for 800 days. 72.000 Stiperinteiideiiee, plans, &c 25000 Total 797,000 About EGB,416 We have received files of the Guiana Chronicle to the 10th July, inclusive, f buy do not contain any political news of importance. It appears that the "Voluntary Immigration Society of British Guiana" has been reconstructed, on priuciples which are cal- culated to secure a most desirable object, namely, the union of all parties, without reference to politics, in strenuous endeavours to procure an accession to the labouring population of the colony. The prin- ciples upon which the new society is based art- described by the Chronicle as equitable in the ex- treme. It recognises the propriety of every sub scriber contributing to promote immigration according to his means. The saipe journal suggests that he who takes the larger number of immigrants should be called upon to pay more than he who takes a smaller number. We are glad to hear of such a unanimous determination on the part of the planters and merchants of British Guiana to promote the influx of fresh labourers, and we trust that their exertions will not pass unrewarded. The colony only wants an addition to its industrial population in order to render it one of the most prosperous countries oa the face of tho earth .Liverpool Stanford. REPKESENTSTION OF HEREFORD.—The Gloucester Journal is evidently desperately annoyed at the deter- mination of the Herefortlshire Conservatives to) one of their Whig Radical mis representatives at the next election, and insinuates that Mr Bailey, jim would not have been requested to stand had not Mr E- Foley intended to retire. This is a good specimen of Whig coolness. Herefordshire at present occupies a most unenviable position amongst Kuglish counties and Sir R. Price may make up his mind to set his house in orcit-r.-Gloucestcr Chronicle. It would appear that the Glasgow dinner to Lord John Russell, has been reuuliirl 'v dished-ttic grf-:it we" of modern Athens having taken the weather gauge of our friends" of the metropolis of the west. The requisition was making but indifferent progr- ss in the Exchange bar, and accordingly one of the Whig agents in this city coolly walked into the room, clutched up the crumpled document—pocketted the affront, and vaiiislied--sitice which time it has become non est in- ventus! The Whigs of Auld Reekie are to have the preference—an understanding having been come to with his lordship that he would accept a guzzle from themintheevent of an offer. Aye, "give it an under- standing but no tongue." Accordingly, the clan of the NI'Sveopliatits iiive resolved to do the amiab'e, and the thing is likely to come off after all.- Glasgow Courier. LOUD SEYMOUR'S BILL. Circulars have been sent to all railways now in operation, requiring copies of all the existing bye-laws to be sent to the Board of Trade before the 10th of October, and that copies be also sent of all future bye-laws; and informing them that forms to make the traffic returns required by the Act will shortly be sent to them to fill ul).-Railwoy Magazine. The venerable Grey is once more domiciled at his pleasant retreat in this county. It is a remakable fact that during the whole of the long session of par- liament just concluded the noble lord, although one of the prominent statesmen of the day, never once opened his mouth, nor did lie trouhlc himself upon any ques tion affecting the position of parties, to record a silent vote in favour of that Ministry which owns Mr Daniel O'Connell for its guide and director. It is shrewdly suspected that our distinguished neighbour has no great admiration of the loose ways of modern Whig- Radicalism, and that his son and heir, Lord Howick, is disposed to participate in the safe and judicious policy of his chief.—Newcastle Journal. 'Irlie Associition of Officers of the late British Auxiliary Legion of Sraill" have unanimously agreed to an address to the Marquis of Londonderry, express- ing their thanks for his lordship's advocacy of their claims in his place in narliament. It is imprinted on letters of gold, upon the finest white satin, and beau- tifully decorated with the armorial bearings of the noble, marquis, and other tasteful and emblematical ornaments. We have received information, that General Count Orloff has been appointed by the Emperor Nicholas to the post of Commander in Chief of the armies now colltcted in the southern provinces of the Russian empire and on the shores of the Black Sea. Count Orloff was the negociator of the treaty of Unkiar Skelessi.-Timcs. POPEUY —The other da an old man, named Heatley, residing at Brindle, iu this county, died worth they say upwords of £200,0011" and all this enormous mass of wealth he has bequeathed to his confessor! leaving to his relations, two nieces, some paltry £ 200 or X300 a year between them and this they are to forfeit if they dispute the will.-Lancaster Gazette. THE FAITH.-Can any one tell us of what faith the Morning Chronicle is the accredited or,-an ? We sus- pect it to be in the pay of the papists, from the fol- lowing paragraph in its columns of Tuesday last; for who so arrogant as they ? "The subscriptions and legacies to the missionary society for the propagation of THE FAITH amounted last year to £2ó,,()OO.Felix Farley. We find the following "ship news" ill the Sydney Herald: Captain Hews, of the Orwell, boarded the opium clipper Ariel, loaded with ammunition and stores, off Singapore, bound to China, for the purpose of furnishing the ships engaged in a war which had been declared by the English government against China. Her Majesty's ships Pique, Blond, and Vernon, were to be in China during the mouth, and the Victoria in May. The Kowagee Family, opium clipper, had been set fire to by the Chinese, and drifted ashore, the crew being unable to extin- guish the fire. Previous to this catastrophe, Captain Dunbar had been in irons on board of her Majesty's ship Volage, for shooting his chief officer whilst labouring under a fit of insanity, brought on through frequent use of ardent spirits. The Susan, from Sydney, had arrived at China, and was expected to load for England. The Duncan, from Sydney, arrived tit Manilla on the 9th of Februarv. The Jean sailed four days previous to the Orwell for Sydney. The Rosa schooner was loaded at Manilla with sugar for Sydney, via Sandwich Islands, commanded by Capt. Metcalf, late of the Frances Charlotte." FALLING STAIIS.—The pupils at the observatory at Paris carefully watched the number of meteors during the night of the 9th aud 10th of August. Until mid. night, the number did not exceed eighteen per hour, or nearly a mean of what are observed on ordinary nights; but at three o'clock, M. Mauvais counted 35 in one hour. The great proportion fell almost par- allel to the Milky Way, which at this time extended from the zenith towards the west, a little inclined to the soutl).-Athencrum. DISCOVERY OF ANCIENT COINS.-Oil Friday week, as a man named Gibbs, and several others, wero en- gaged in excavating a ditch on Wormwood Serubbs, near Shepherd's Bush, for the purpose of better drain- ing the ground, they found a quantity of ancient silver cuius of the reigns of Henry VIM., Edward VI., and Queen Elizabeth, imbedded in the earth, in a state of good preservation, some of which they immediately sold to a considerable advantage. By letters from the blessed and pious colony o Sierra Leone to the middle of June we find that the yellow fever had again broken out in its most malignant form, no less than nine deaths having occurred within a few days. Mr feage, Ordnance Clerk, died on the 12th of June Mr Pyne, Colonial CIL Surveyor, on the 13th several of tite Church Mission- ary Society as also the wife of Mr Dove, of the VVesleyau mission. Col. Doherty, the governor, had a severe attack of fever, which had decided him on returning home in '))<' Lord We'tington, which was to sail ill JuW. Greit discontent.id a aeneral feeling of dis¡{UH prp\ ■ • io t c-'i.i- 'In tile system of favouritism t existed, MI ■ o'acing military officers in acting civil appointments, to the pre- judice of the old officers of the departments. — John Bull. THE TEA TRADE. MONDAY.—The announcement in the early part of the day, that late advices had been received from China, to the effect that there was a sufficient quantity of tea at Macao and Hong Kong to load all the vesse's expected to reach those places, had but a temporary effect. Company's congous closed this afternoon, rather firmly, at 2s 3d. per lb The deliveries last week amounted to 432,200 lbs. LATE FATAL ACCIDENT ON THE EASTERN COUNTIES RAILWAY.—The number of lives ullfortunately lostin the laie melancholy accident turns out to be four — Mr Elbsworth, John Eastman, William Austin, aud George Foster, the engine driver. It is clear that this frightful accident was entirely owing to the wild wilfulness of Foster in overdriving. A verdict of Accidental Death, and entirely exculpatory of the managers of the railway, with a deodand, neverthe- less, of £ 500 on the engine, has been returned. We are glad to hear that the directors, like those of the Hull and Selby Railway, are determined to s-opeal from the verdict of this precious Essex itiry.-Railway Magazine. The final examination of Josiah Misters, for the daring attempt to murder Mr Macreeth, took place at the Guildhall, Ludlow, on Wednesday. The prisoner cross-examined the witnesses with much ingenuity and judgment, with a view to show that they might be mistaken as to his identity, and to account for the marks of blood leading to his room and on the linen and curtains of the bed in which he slept. The possession of the razor and lucifcr matches has not; et been traced to the possession of the prisoner; the most active inquiries are however proceeding, and Misters in the mean time is remanded until the wounded geutleman is sufficiently recovered to appear and give evidence with reference to this atrocious affair. Mr Mackreeth is making great progress to- wards convalescence. The wounds on his face are iiealing fast, the one on his throat is still dangerous. He has not yet seen the prisoner, nor will the medical men allow him, fearing the excitement may be too much.

SEALING LETTERS.—The following notice has been issued by the post office authorities:— 9, NOTICE TO THE PL/BUC. General Post Office, August, IS.10. ''The practice of scaling letters passing to and from the East and West Indies, and other warm climates, with wax, is attended with much inconvenience, and frequently with serious injury to the letters, in conse- quence of the melting of the wax and adhesion of the letters to each other. In the case of a Ulail recently arrived from India considerable delay was occasioned at this office, and notwithstanding the greatest cart. was taken in separating the letters, which owing to the cause already mentioned adhered closely together, many were much damaged and torn; the public are therefore recommended, in all possible cases, to use wafers in preference in sealing their letters sent to India, or other warm ciiiiiiites and also to advise their correspondents in those countries to pursue the same course. By command, V W. L. MABBBLY, Secretary."

CARDIFF.

GLAMORGANSHIRE AND MONMOUTHSHIRE INFIRNtiitY AND DISPENSARY, CARDIFF. AbslYact of House Surgeon's Report to the Weekly Board, from Aug. "2'ltk to Sep. 1st, 1840, inclusive. IN-DOOR PATIsNrs.-Reiii-iiiierl by last Report, II; Admitted since, 1—12. Discharged—Cured and fielieve(1,4-1; Died,O--oi Remaining, 8. OUT-DOOH PATIFN-rs. -Reiiiiiiie(i by last Heport, 1-24; 11-135. Discharged — Cun d and Relieved, 13—Died. 0; Remaining, U2. Medical Officers for the Week. Physician, Dr. Moore,—Consulting Surgeon, Mr Recce,—Surgeon, Mr I,e%is,Visitoi-s, Air J. James and MrLowdcr. I THOS. JACOB, House Surgeon. RAILWAYS IN WALES.—We understand that a I railwav is contemplated along the Vale of Glamorgan for the purpose of opening up a district abounding in coal and iron. The line has already been surveyed, and a highly favourable report received from the engineer, a gentleman of talent and experience. This affords another proof of the rapidly increasing im- porta nee of the county of Glamorgan. Plans for another line to be called the Swansea Vale Railway, have been deposited, and the project will probably come before Parliament next session. Mr Bush is tlte etiginter of the latter Wwe —Railway Times.— [The Railway along the Vale of Glamorgan," which t, the Railway Times alludes to, is, we conclude, the contemplated line from the Llaugeinor mountain, north of Bridgend, which has already been surveyed, and will run somewhere from Bridgend to Peudoylon, and join the Taif Vale line at Ely. Alderman Thompson, M.P. and Air Benson of Swansea have, as we understand, taken on lease under the Crown the large tracts of minerals (the property of the Duchy of Lancaster) which are under the said Llangeinor mountain. This line would considerably increase the value of property in the Vale of Ely and the adjoin- ing district ] To the Shareholders of the Taff Yale Railway. GENTLEMEN,—In the Guardian of last week, I proved that upon an outlay of e620,000, for the railway and branches (exclusive of the Dowlais branch), there would remain only £J.738 to be divided amongst the proprietors of 3,000 shares; after deducting interest for money borrowed. At the late general meeting we were told by the organ of the boasd, that 6d per ton on 1,600 tons of coal to be shipped daily at the Ely would realise X 1!2,003 per annum. But, gentlemen, I would ask your directors, what just reason they have for now doubling their own esti- mate of the quantity of coal likely to come down the line; as proved before the committee of the House of Commons ? Is it because they now find, that if they abide by their former estimate, it will be manifest to all that the railway cannot pay 2 per cent? To keep the shareholders in good humour, therefore they must show them some chance of remuneration, how ever ill founded. Nothing then can be easier than to state, with all the consequential dignity of railway directorship, that after having investigated the subject minutely, and having made various calculations, they are most de- cidedly of opinion that 1,600 tons of coal will be the amount shipped at the Ely. And, as we have the power of charging 6d upon every ton so shipped, wliy, there are J? 12,000 a year at once. But, do your directors mean to pledge themselves that they will charge 6d or that they may not find it advisable to charge less ? They never can charge 6d with any chance of suc- cess. For, with I d for the additional length of the gly branch, beyond the branch to the Bute Docks, the whole charge would be 7d per ton; exactly the same as at those docks. What then would be the advantage of goinar to the Ely ? Would not vessels Erefer safe and commodious docks, it they are to be ad for the same money ? The very fact of the charges being alike, must lead to a competition, that would unquestionably secure to the Bute Docks by far the greater part of the coal trade. But, your directors affect to proceed upon the supposition that all the coal trade will be carried on at the Ely. This is evidently absurd, upon the very face of it, if the charges are to be the same at both places, and while the Glamorganshire Canal, communicating as it does with the Bute Docks, must continue to compete in some measure with the railway. Again, let the charges at the Ely be what they may, the larger class of vessels will undoubtedly prefer the Bute Docks. Such vessels receive considerable injury from taking the ground; and would therefore prefer a floating dock to any tidal harbour or open shipping place whatever. Likewise, a considerable portion of the smaller class of vessels would prefer docks, at the same charges. So that, the Bute Docks would ac- commodate exclusively that portion of the coal trade carried on in the larger class of vessels, such as those to Ireland, &c. And also, accommodate one-half of the trade carried on by means of smaller craft Hence it follows, that nothing approaching at all to half a million of tons can be shipped at the Ely in any one year or that if such quantity be shipped at the Ely, then the coal trade must first increase to the extent of about 5 or 6 times the present produce or from a million and a quarter to a million and a half tons per annum so as to supply its relative propor- tion to the Bute Docks and the Glamorganshire Canal. The latter supposition is absurd. The former.tbere- fore will be file trii,ii. It is also well known to your directors that the Marquess of Bute is about to make convenient ship- ping places for coal, outside the docks, expressly for the accommodation of the smaller vessels. It is also clear, that the charges for shipping coal from those intended shipping places will be considerably less than in the docks themselves Hence, to induce any of the coasters to go to the Ely, the charges must be lowered there also, much below the boasted rate of 6d per ton. Thus even after having reduced your charges at the Ely to one half of what you are em- powered to take, you can then secure only a portion of the coal trade. For, the larger class of vessels will prefer the Bute Docks, and the smaller ones would be divided between the Bute shipping places outside the docks and the shipping places at the Ely. Knowing these things, as they must do, how can your directors have the face to assert that half a million of tons of coal will be shipped at the li,'Iy ? When it must be evident to the meanest comprehen- sion, that even supposing the coal trade to be doubled and that they should charge only 3d instead of 6d they never can secure 200 000 out of the half mil- lion of tons to be brought down the valley of the Talr. But, gentlemen, this is all upon the supposition that the Ely is a convenient place for shipping coal into small craft. Beyond this point its advocates do not venture. They admit that it is wholly inappli- cable to the larger class of vessels. Suppose, how- ever, that it should turn out upon trial to be the reverse ot convenient, what would be the consequence ? Thai the sums you will then have already expended upon the branch will be as so much money thrown into the sea. Perhaps you will think the supposition prepos- terous: that the Ely should be inconvenient and difficult of access, (itiite absurd. But, have you taken the trouble to judge for yourselves? Have you not rather acquired a bias, from having heard it extolled incessantly by certain parties? What are those par- ties ? What- that you should place implicit credence in all they advance ? Did they not assert unhesi- tatingly, that the Bute docks would be a marked failure that after having made the docks, it would be impossible to cut a channel to them, through the mud? Their assertions have been falsified by the fact ? If they erred so widely from the truth in the one case, is it not possible, nay, highly probable, that they may be at fault in their judgment of the otlier-Lite Ely ? If that opinion be genuine; if it be not rather a scare- crow; a thing without substance, invented for pur- poses of their owth Suppose a case. I am the pro- prietor of a raw material, upon the production of which I derive a profit, in proportion to the quantity produced. Themoretcanproduce.themoretgain. The production, however, depends upon the demand and the demand depends upon tire price of the raw material when delivered to the consumer. I must, therefore, discover some means by which I may lessen the prime cost to the purchaser; and thus cause a greater demand. For I cannot afford to charge less upon the bare cost of production. Another party is induced to lay out his money in forming a port, for the purpose of affording greater facilities to the trade. He purposes to charge a fair remuneration for the amount expended. But I say, no; you have laid out your money with a fair prospect, certainly < but if you charge what you intend, I ghu\l ^^t make §o much as I bargain upon. I will therefore get up an opposition to you. I then go to certain other parties, and say,—' This, gentleman, has expended a large capital in making a convenient port; and he intends charging our pro- duce with such rates as shall afford him some remu- neration Now, let its get up a port in opposition to him. Let us endeavour to compel him to give us the use of his port for much less than he now purposes. Having agreed upon this line of conduct, all of us being similarly situated, we raise a great outcry against monopoly, and against ruinously high charges, tending to destroy the commerce of the country. VVe know there is no othei place for itaikkirig a good pori but where the party in question is making one. It would therefore be a losing speculation to make tbe other ourselves. So we determine to entice others to join us; and, that when we have got he ii uli to tiieir necks Ii) the tyilre, to leave tlieiii in the lurch. We succeed hv specious promises ip indu- cing some honest, but too credulous people, to join us; and we get them to make a port almost entirely at their own expense. We know it will never be worth anything as a port; it, ho wever, answers our purpose just as well. It obliges the party making the other port, to fix his charges very low." The difference be- tween what he would have charged, and what he now charges, is all pure gain to me. Having gained my point, I leave those, whom I had induced to sink their capital, to deplore their ill fate. I now sell a great df-nl more of my raw material, for I can aifnnlto do it below the market price and yet derive a large income from the saving in freight alone..My conduct, it is true, will not hear the strictest investigation; but I have carried my point by cunning aud duplicity It is tiot my pl-()vitice to I)uittt t iiioril ,r a(lorii -t tale;" I must confine iny attention to I be b re facts of Ihe case. The question is, whether the Ely be or not a convenient place for shipping coal. And, upon that point, let us contrast the characters of the witnesses examined before the committee of the House of Commons. In favour of toe Elv we have three Newport skippers and n pilot, living at Penarth; men, however respectable in their way, qualified neither by education, nor with talents sufficient to give an opinion upon so important a question. On the other hand, we have the testimony of Captain Smyth, R.N., entrusted by government with the survey of the Mediterranean; and who must, there- fore, have been considered, both as a man of science and as a seaman, eminently qualified for the task. His evidence is conclusive. If it be objected, that he is now a party interested, it irust also be borne in mind that seven years ago, when consulted by the Marquess of Bute, he then gave the same opinion which he now holds. This gentleman's evidence i? confirmed and strengthened by that of Captain White, R.N.; also, entrusted by the Adltliralty with an important nautical service; namely. the survey of the Bristol channel. He mu-t. iherefore, have examined the Ely in all its bearings, with a critical eye. The Sallie evidence is corroborated by that of Mr Mayer, master of the Trinity Cutter, and an expe- rienced seaman. Shall the opinions of such men as Captain Smytb, Captain White, atid Mr Mayer be counterbalanced by those of three Newport skippers? Shall they be weighed in the (same scale; spoken of in the same breath ? Gentlemen, examine theevi(lence for yourselve3, I pray you. You will therein see it c'early proved that the Ely is not adapted for carrying on the coal trade. The question is a nautical one; and to whom must we look for an answer but to seamen, and those the emi- nent among seamen? Gentlemen, I should not have brought the Ely before you in a nautical point of view, my object being chiefly to expose the financial coucerns of the Company; but, that all calculations of the quantity of coal to be shipped there are founded upon the supposition that the Ely is a convenient place where the coal trade can be carried on. You perceive the supposition is by no means well founded. I shall, however, waive the objection, and return to the ques- tion of how much coal will be shipped, and what will he the charge per totil It must be evident from what I have already stated that, supposing the coal trade to amount to half million of tons per annum, and the charge to be a per ton at Cogan Pill, the company would never ship 200,000 tons of coal there, in the course of the year. Three-pence per ton, with 1<1 for the additional length of the Ely branch, beyond the Cardiff branch, would make the charge 4d per ton on coals shipped at the Ely. Whilst the charges would be 7d per ton on all coals shipped within, and 4d per ton on all shipped without the Bute Docks. But the export of coal cannot amount to half a million of tons in 1843. All who arc acquainted with the workings of coal know that it is not practicable to double the quantity at once. It must proceed gradually, increasing by degrees. Another fallacy which deserves to be exposed is this: Even sup- posing the coal trade to be doubted at the expiration of one year; it dot-s not follow that double the quan- tity is produced which was produced the previous year No such thing. If, at the commencement of the year, the coal trade were 800 tons per diem; ftttd that it went on gradually increasing, until at it* erd of the same year it amounted to 1,600 tons per diem. it is evident that the whole quantity shipped in the course of the year, will be neither 800 tons multiplied by 300 working days, equal to 240,000 tons; nor will it be I 630 tons multiplied by 300 days. The one sum will be too little, and the other too great. The true quantity will be 1,90(1 tons, multiplied by 300 working day, or equal to 360,000 tons; or li times, and not double the quantity brought down the previous year. So that, even upon the supposition of doubling the coal trade in a year, their conclusions, as to the quantity to be shippod in the course of the year, are quite errone- ous. That the coal trade may and will increaso to an enormous extent in the course of a few wars, I believe; but that the same ouorisous increase is to be sudden and instantaneous, I know can uever be the case. The estimate of traffic in coal, proved before Par- liament was 231,000 tons per annum; and I see no just reason why we should not now abide by that esti- mate. It may be very well to make fresh estimates, to keep the sliireholders in a good humour; but none of iliciii can have equal weight with that proved before the committee of the House of Commons. Call it, if you please, 240,000 tons. From the competition which the Ely must sustain from the Bute Docks, and from the shipping places outside those docks, it must be evident, that not even 100,000 tons will go to the Ely, out of the total quantity of 240,000 tons brought down the railway. I have also distinctly proved, that no remuneration will be derived from the branch; it having already been takeu into the account as carried upon the main line. But, as the Ely branch is lotig, r by (mie mile than the branch to Cardiff, the shareholders will obviously receive a return upon that extra length, amounting to a penny per ton. This, with 3d per tou (tbe greatest amount they can ever charge at the Riy), will be 4d upon 100,000 tons to be shipped there; amounting to ZI,GW 13s ld per annum, tbe total gross return from the Eiy branch. Is this all pure gain? No, it is not. Do the directors suppose that it w ill cost them nothing at all to ship those coals ? They have carefully kept it out of view. It is obvious that you must have a number of men to do the work. At the least, it will cost you £2 a day in wages, for that purpose; amounting to tOOO per annum. We shall therefore have lei and 3d upon 100.000 tons, equal to x -1,666 1 i 4 Deduct workmen's wages 600 0 0 Remains £ 1,066 13 4 Net receipts upon the Ely branch, for an outlay of ^100,000, which I proved it would cost; beillg at the rate of £ 1 per cent per annum. I havo alrtJarly shewn that the returns of the main line and Ely branch will uet £ 2.738 1 1 Add net returns of shipptMgptaees. 1,066 13 4 Making a total of. fgso4 I" 6 to be divided amongst the proprietors of 3,000 shares; affording a dividend of £ 1 5s per share. But in August, 1843, your shares will be called something like £ 124 shares. The dividend of £1 ôs will tnercfore be at the enormous rate of 1 per cent per annum. Comparing this with what we found to be the result of the-main line we percoive that if we confine ourselves to the completion of the main line and the other branches, we may get a dividend of £ 2 9s per cent, in the course of I hA I but that, if we sink an additional capital of iTOO.OliO in making the Ely branch, we can only derive a return of I per cent upon our expenditure. Your shares, consequently, will be worth only £;¿5 each, at 20 years' purchase. So that, supposing you should then be thoroughly disgusted with tho concern, and wish to sell out, you would be compelled to do so at a sacrifice of .£99 upon the so c-tileti JM24 shares! A dead loss of 80 per cent. Gentlemen, after what I have said I trust it will be evident that our wisest plan would be, to complete the main line, and see the result of that before we construct the Ely branch. Should the Ely turn out to be a failure in a nautical potnt of view that it, should it prove, upon trial, to be in no wise adapted to the coal trade; then all the capital expended on that branch would be abso!utely slink, would be lost without a iiope of retrieval. But even should the Eiy be adapted to the trade, it uidently is not your interest to make the branch at the present moment; but to defer it until the affairs of the company sliall be in a more flourishing condition. This you can readily effect; the power is yet in your own hands. By tho new act the additional capital cannot be raised without the consent, in writing, of two thirds of the proprietors, to allowing interest thereon. If you do not sign the paper sent to you all for signature the money cannot be raised; a your directors must then convene another meeting, and lay the matter again before you. They then must consent to your terms, and assent to the Ely branch being for the present postponed. You might then empower them to raise money enough for the completion of tbe main line, but no more. The power is yet in your own hands. Do not sfen that paper; at all events pause before you do it; reflect wel. upon the matter before you sign away your own property. Gentlemen, after the observations which I have bad lie honour of ttddrauiug to you, I will uot say that