Our reasons for opposing the Ministerial measure are few, plain, and easy to be understood. The bill is inconsistent with free-trade. We favour free-trade, || but not its ghost; not its shadow; neither its rival nor its guilty personation. In Ireland, at contested elections, men have been found willing to personate the absent or the dead, and, by a fraudulent proxy, vote for them at the polling-booth. This measure fraudulently personifies free-trade, and is in that respect nothing more than a deception and a snare. || guilt.

common sense, and even against their favourite || the Queen's name without any consultation of the statistics. In ship-building, after timber, iron, monarch's will. Why reciprocity should be a horrid copper, cordage, canvass, and tar, we suppose barbarism when enacted by the Queen and Parliato be leading ingredients; but except iron, and ment, and yet prove quite agreeable when done by copper very partially, these articles belong not to the Queen in Council, is for those to explain who the raw material of this country. Is the treatment abuse it in the first instance, and euact it in the of the ship-building interest consistent with free-second. trade?

We like this bill nothing better because it was carried avowedly to break up trades' unions, and reduce the price of labour. Trades' unions are often mischievous, but they should be educated, and not legislated into usefulness or decomposition.

The proposed object of the bill is a reduction of freights, which can only be accomplished by reducing the number of men employed, and the wages of those who procure work-thus increasing the risk of loss and the cost of insurance. The We dislike it, because it needed so much inoperation of the measure may be briefly stated, by triguing, and Court and female influence, for its an example taken from current events under the success. The rights of women to legislate are in present law. We have now a "roaring trade' dispute, and, for our part, they will remain so, while with the Havannah in sugars, and, with all re- there be women who want to get into Parliament; spect to the feelings of the Whigs, be it added, in but if it please the Duchesses, who are worse than slaves also" under the rose." British subjects the Dukes, we would rather, for the cause of disquite indirectly, but snugly and comfortably, derive cretion, and such reasons, that they would be seated, a good profit from slaves. Spanish vessels compete vote, and even speak under the protection of the with our ships in the carrying-trade of sugars in- Clerical bench, than run hither and thither, smiling wards. This they may do at present, because the on, and coaxing Peers with very unclerical characsugar is the product of a Spanish colony. Butters for their vote this once, merely to save, or merely British vessels cannot compete with them in the voy. to damage the Ministry. The practice consorts ill age out, for Spanish ships pay only one-third of the with decorum. tonnage-dues charged on British, and on their car- The Court influence used in this case was ungoes ten per cent. less duty is charged than on goods doubtedly great. The Earl of Clarendon was imported by British vessels. This difference on ton- brought from starving Ireland, and the Marnage-dues and import-tax is sufficient, in many in- quis of Normanby from dancing France, in a hasty stances, to cover the cost of freight; and it may hap-run, to vote and be off again; while arguments were pen that it would be cheaper to pay a high freight to the Spanish ship-owner than to accept the gratis carriage of goods by the British owner. A cargo might be made up to which this remark would be strictly applicable. At present Spanish vessels get 60s. freight, and, by the side of British are ships, unable to get goods for 25s. and 30s. With this advantage, the Spanish flag can bring sugar cheaper into our ports, and Spanish vessels already have a large and an increasing portion of the Havannah carrying trade.

This new bill only proposes to extend the evils of the Havannah trade to all the world; but, as many countries have a finer mercantile marine than Spain, the competition will be severely felt. It is free trade, if it be a free race where one runner is tied into a sack, and his rival starts "in puris naturalibus," or a Highland kilt.

used that, if not menaces, were not certainly agreeable or constitutional; but the Cabinet is in for another year of salaries, and seamen's wives and children may sink, swim, or starve. The poor-rate payers, meanwhile, we think, are insured of a slight increase in their payments to the collector.

We dislike the bill, finally, because it is persuading some of our old friends to take up with the practice of voting by proxy and the presence of bishops in Parliament. The bad habit and the reverend Peers have become tolerable since they became also utensils only to the party in power.

Finally, we dislike the measure because it forms a grievous aggression on free-trade principles. Lord Brougham opposed it because it had nothing to do with free-trade; and we oppose it because it hits free-trade heavily. We do not certainly expect the British flag to sink like a shot in consequence of the measure; because we are morally convinced that a very few years will witness the vindication of freedom of trade, in the thorough alteration and emendation of the bill, which is to become law on the 1st January, 1850.

A running fire has been maintained against reciprocity, in connection with this bill, and through the Government press-whose writers must never have looked at the marginal definitions on the bill, or they would have found reciprocity in italics, placed there to describe a number of clauses, by Mr. Labouchere himself. This reciprocity is to be carThe Rate-in-Aid Bill passed peaceably through ried out by the Queen in Council, if any necessity the Peers. The opposition to the measure were arise for its adoption. We have the utmost repug-shamed into silence. So far as we were able to nance to these operations of the Queen in Council. With the utmost feelings of loyalty to her Majesty, we prefer that the Queen should not be entrused with the alteration of laws in Council. If, indeed, her Majesty were the Council, or had the Council quite in her power, we could rely confidently that no great mischief would be done; but this doing of things by the Queen in Council is often a mere using up of

comprehend the matter, it seemed merely to be a determination of a certain portion of Ireland not to do what England and Scotland were doing-not to help the other part.

Organic reforms are at their resting place. They make no progress. The magic number five was this month the majority for a resolution in favour

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of short Parliaments, as last year five was the majority in favour of the ballot, per resolutions of the House; but when a bill comes to be proposed, triennial Parliaments will be defeated, as the ballot has been defeated by a large majority. Those who expect least from the present House of Commons will be the least disappointed, and the happiest men.

As the Punjaub contains five millions of individuals, we may spare five lines to record the fact of its annexation to our empire in the East. The topic is too large to handle amongst incidental|| notes; but we are a strange nation, casting away colonies with one hand and greedily grasping new possessions with the other.

secularities; while on that condition the Pope refuses to return. The intervention of the French army was a substantial aid to the French Socialists in the elections.

Our most serious intelligence is from Austria and Hungary; but it is confused, and we can only glean out of the details that several battles have been fought, generally to the advantage of the Hungarians, and with a great destruction of life; that the Russians have fully engaged in the campaign, and are now in considerable numbers within the Austrian territory, and able to cover the Austrian capital, Vienna. Therefore we have probably reached an hour long foreseen, when the power of Russia will be tried on the fields of Ger The French Constituent Assembly expired on many and the Italian plains. France must, in these the 26th ult., and the Legislative Assembly peace- circumstances, act with and for the Hungariansably entered upon its duties on the 28th. Two- with and for the Poles against Russia, Austria, thirds of the new Assembly are moderate, and one-probably Prussia, and the old sovereignties of Gerthird or nearly may be classified as red, of every hue from crimson to brown. Speculators in the funds became alarmed without much cause. They were shocked at the violent speeches made before the elections, and sold out in forgetfulness that the contrast of before and after an election in the minds and in the tone of representatives is often most remarkable.

The small republic of Rome, headed by Mazzini and his colleagues in the triumvirate, holds gallantly out against the Pope, Louis Napoleon, and General Oudinot. The Romans having defeated the French under the walls, and even partially within the walls of the old city, have now defeated the Neapolitans in the field, and may probably secure their objectthe separation of the spiritual from the temporal management of business at Rome. They refuse to take back the Pope on any terms except as a resident Bishop, who shall neither make nor mar their

many; but Germany itself is red with Socialism, and a desire for Rpublicanism. Germany is in revolt.

The complication of these events is increased by the Danish war, into which the Frankfort German Parliament has cast the convocation of nations under the German name, and out of which they never can come with honour; because, even if they beat the Danes, it is a battle in the proportion of fifteen to one-while, if they be thwarted, the discredit is aggravated by the weakness of the foe.

The Americans are out of the commotions of Europe, and so the people of New York have raised a most ridiculous quarrel regarding the merits, as actors, of Forrest, an American, and Mr. Macready. The point disputed admits, we suppose, of no doubt amongst the play-going public of this country, bat it cost New York 20 to 30 lives, taken by the mili||tary in defence of a theatre on the 10th ultimo.

RAILWAY AND JOINT STOCK BUSINESS OF THE MONTH.

THE past month has been one of more than usual interest and importance, on account of the Eastern Counties Railway investigation, and the various proceedings in that and other companies where the Hudson management has prevailed. In our resume of the Railway and Joint-Stock business of April, we stated the general impression prevailing in respect of the Eastern Counties line, though the committee's report had not been issued at the time we wrote. The report, since submitted to a special meeting of the shareholders, is a most elaborate document, and enters into a full history of the undertaking since Mr. Hudson took office. The main point to which public attention has been directed is that which establishes the fact of the accounts having been regu larly "cooked," in order to increase the apparent sum of the profits, and thereby raise the rate of dividend. Those, therefore, who purchased Eastern Counties Railway shares, under the impression of their paying a bona fide dividend of 9s. per share, when they were not in reality earning 3s., are, as may be expected, most indignant against the management which, for a considerable period of time, appears to have been altogether in the hands of Mr. Hudson and Mr. Waddington. Another item in the accounts which created considerable speculation, and has led to a debate in the House of Commons, was £7,608, which Mr. Waddington and Mr. Duncan declined to explain to the committee. For a time, it was surmised that this amount had been used to subsidise members of Parliament, until it was indignantly denied.

Since the issuing of the report of the Committee of Investiga tion, the accused directors have put out a rejoinder. The £7,609 which was believed at first to have been divided among members of Parliament, it is now stated, was employed to bring about an amalgamation between the Eastern Counties and the London and York Railways; in which Mr. Cash, one of the members of the Committee of Investigation, took a leading part. The defence of the directors, as far as their own conduct is concerned, is, that Mr. Hudson being thrust into the directory by the shareholders, in the hope that he would raise their property in the market, they (the directors) durst not oppose him; hence he was allowed to have all his own way. This, it must be admitted, is no justi fication for neglect of trust, for honourable and high-minded men, under such a state of things, ought to have resigned; although it proves the shareholders were as much a party to the vices of the Hudsonian reign as the accused directors. The "getting up" of the half-yearly accounts to suit the dividends, not the dividends to suit the accounts, is not denied by the directors, though they show that various inaccuracies have been made by the Committee of Investigation, which, when corrected, reduce the amount stated as improperly charged against capital instead

of revenue.

The special meeting of the Eastern Counties Railway Company, to consider the committee's report, was held on Thursday, May 10, in the large room of the London Tavern, which was crowded to excess. The gathering, as may be believed, was of

“cooking" accounts, and issuing false statements of income and expenditure, to influence the market.

Having occupied more than usual space with this matter of the Eastern Counties Railway, influencing, as it has done, in so marked a degree share property of every kind, we shall present in a condensed form, the other railway business of the month in the order of their dates.

Waterford, Wexford, Wicklow, and Dublin Railway.-The adjourned half-yearly meeting of this company was held in London on May 1st-Mr. Charles Nash in the chair. Resolutions were passed strongly disapproving of the past acts of the directors, and appointing a committee to investigate into the affairs of the company. The meeting then adjourned till June 2.

the most turbulent character, and cheering and hissing alternated most vociferously during the whole sitting. Mr. Hudson did not show face, and the chair was taken by Mr. Waddington, whose appearance was the signal for the most uproarious opposition in the shape of shouts, groans, jeers, and hisses. He contented himself by simply opening the proceedings, and calling on Mr. Cash, the chairman of the Committee of Investigation, to address the meeting. The report having been printed and circulated among the shareholders, was taken as read. Mr. Cash's address was received with considerable applause. In the course of his observations, he denied having ever received a farthing of the £7,600 voted to the Size Street Committee. The principal item in that £7,000 was for "losses on shares," £3,400, and £1,539 9s. to Mr. Phillips, solicitor to the committee. York, Newcastle, and Berwick Railway.-An extraordinary These two last items were groaned most lustily. He submitted meeting of this company was held in York, May 4, "for the the propositions of the committee which were to amalgamate purpose of receiving and considering the report of the committee with the Norfolk Railway; to declare no dividend for the half- || appointed at the last half-yearly meeting of the company, to inyear; to reduce the directors from 18 to 12; to close the capi- vestigate the Great North of England Purchase account, and tal account; to appoint a law-clerk at a fixed salary; to observe also for the purpose of considering the propriety of appointing, great care in the appointment of auditors; to pursue still farther and, if thought right, to appoint, a committee of shareholders to an inquiry into the capital account; and to observe the most examine into, investigate, and report upon the management and stringent economy in the management of the company's affairs. general affairs of the company, and to adopt such measures Mr. Meek followed, in a slasling speech against the directors, in or pass such resolutions, with reference to the matters aforewhich he reviewed their whole policy, with the view of showing said, or either of them, as to such extraordinary meeting shall that they had brought the concern to the verge of bankruptcy. seem fit." Mr. Robert Davis, the deputy-chairman, presided. Mr. Waddington attempted to reply, amidst great interruptions. Mr. Hudson did not make his appearance, but he sent in his The burden of his speech, which could scarcely be heard for resignation as chairman. The first business done was to rehisses, was, that Mr. Hudson, in the course he had pursued, had ceive and adopt the report of the committee on the Great North acted under the conviction that he was doing his best for the of England Purchase account, the heads of which we gave last ultimate interests of the company. He entered into a statement month. After a rather noisy discussion, the following Commitwith the object of proving that the liabilities were much less tee of Inquiry was appointed :-Mr. Duncan M'Laren, manager than Mr. Meek and the Committee of Investigation had made of the Exchange Bank, Edinburgh; Mr. Leichman, Glasgow ; them, and maintained the company was able to pay a dividend Mr. Kipling, director of the Bank at Darlington; Mr. Shields, for the byegone half-year. After a long and noisy discussion, the of Newcastle-on-Tyne; Mr. Horatio Love, Stock Exchange, Lon. propositions of the Committee of Investigation were agreed to. don; Mr. James Meek, Lord Mayor of York; and the gentleThe directors, through the chairman, then gaye in their resigna man named by the directors, Mr. Ralph Phillipson, of Newcastle. tion, which was received by the meeting with loud cheers.

The following resolution, which terminated the sitting, was next put and carried:-"That a committee of 30 shareholders be appointed, 6 holding £10,000 and upwards, 6 from £5,000 to £10,000, 6 from £3,000 to £5,000, 6 from £2,000 to £3,000, 6|| from £1,000 to £2,000, to whom might be added the present committee of 8, on whom (the eight) the selection of the 30 proprietors might devolve; no proposition for directors to be entertained till 25 proprietors had consented to act on the committee, the sum to be paid to future directors to be referred to such committee, who should report to an adjourned meeting to be held for the selection of the proposed directors."

Ulster Railway-The half-yearly meeting of this company was held at Belfast, on May 28-Mr. James Coddard in the chair. The report for the half-year showed the receipts to have been 19,620 1s. 1d., and the expenditure 12,486 178. 3d., leaving a balance of £7,133 3s. 10d. Out of this a dividend of 12s. per share was declared. The balance-sheet stated that the total capital expended had been £723,528 15s. 7d.

Demerara Railway. The annual general meeting of this company was held in London, on March 30-Mr. Henry Davidson in the chair. The report of the directors stated that the works were making rapid progress. There had been received altogether £156,840 8s. 10d., of which £138,050 Os. 3d. had been expended. It was stated that a portion of the Government Loan of £500,000 to West Indian Railways would be conceded to the company, and that, in all probability, the Colonial Government would guarantee 6 per cent. on the capital.

Edinburgh and Bathgate Railway.-At a special meeting, held at Edinburgh, May 4th, Mr. Robertson was elected a director in room of Mr. Bain; and the directors authorised to borrow on debentures a sum not exceeding E83,000.

Waterford and Kilkenny Railway.--On Wednesday, May 9th, the half-yearly meeting of this company was held in London. From the report it appeared that, up to May 25th, the sum of £275,000 had been expended, and that it would require other £163,000 to construct a single line to Waterford. The trathe on the portion of the line already opened had been a losing affair. The arrears on calls were £37,322; 805 shares were declared forfeited.

Since the above, the matter has been raised in Parliament, by the presentation of a petition from some Eastern Counties shareholders, praying that an inquiry be instituted into Mr. Hudson's conduct, and that if the allegation of fraudulent accounts were proved, to expel him from the House of Commons. This rather strong petition brought up Mr. Hudson, who latterly has been seen very seldom in his place in the Commons. He stated that he joined the Eastern Counties direction at the request of nine-tenths of | | the shareholders, at a time when he had no interest in the concern, not holding a share. He then ran over the receipts for the various half years since he became chairman, and maintained that, with the exception of £11,000, the dividend declared was right He further stated that when he joined the company, the capital in the undertaking, and its adjuncts, was £5,300,000, to which, under his management, had been added £5,500,000 more, making £10,800,000 in all. Against this, the income, when he took office, was £228,000, while last year it had been raised to £500,000. He denied that any of the alterations in the accounts had been made by him, but by the board generally; neither had he authorised the transfer of £115,000 from revenue to capital. He accepted, with the directors, the joint responsibility of what had been done, but repudiated all individual responsibility. This defence does not amount to much, for whatever maladministration has Boston, Stamford, and Birmingham Railway.--On Monday, taken place the directors are accountable, and whether Mr. Hud- May 14th, a special meeting of this company was held in London, son did the mischief and the directors allowed him, or he did it at which it was agreed to accede to the terms offered by the jointly with them, says but little for the men either individually Great Northern Company, which are as follows: That the or collectively; though at the same time we opine that many of line should be made by this company, and £250,000 to be called them who are playing the Pharasee in regard to this affair would up from the shareholders, and the remainder of the capital, if any be found, on investigation, to have erred quite as much were the more were required, to be found by the Great Northern Company. truth brought home to them. The Eastern Counties Company There was also an agreement between the two companies that, is not the only scheme in which directors have been guilty of as soon as half of such £250,000 was called up and expended on

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Newmarket Railway.---The adjourned meeting of the proprietors was held in London, on May 14th-Lord George Manners, M.P., in the chair. The only business done was to receive the report of the Committee of Inquiry appointed at the last meeting, and to resolve to carry out its recommendations, subject to the diseretion of the Board of Directors, when they are elected.