The Illustrated Usk Observer and Raglan Herald

Her Majesty Queen Emma, of the Sandwich Islands, is at present the guest of Mr. J. F. Bateman, of Moor-park, near Farnham, Surrey. The spot is not only one of romantic beauty, but the house itself was formerly the residence of Sir William Temple and Dean Swift. Queen Emma has visited all the interesting places around, and on Friday proeeede;! in wi open carriage to elders hot. >

A RAMBLERS JOTTINGS. The only argument which has yet been used to show that Parliament should meet before February was in the speech of Mr. Henley at the Oxford- shire Agricultural Society, in which he said that a petition should be presented to the Queen, ad- vising her Majesty to assemble the people's repre- sentatives to devise some means of arresting the cattle disease. But this matter has been already dealt with by the Cabinet, and orders have been issued prohibiting the importation of diseased animals into this country, and obliging all suspected cattle to undergo a kind of quarantine. It is generally believed that the Government have sufficient power without introducing any new Act of Parliament, and that it will be unnecessary for Parliament to assemble before the usual time. I should like to mention a little fact connected with the importation of foreign cattle that I have not seen alluded to. Some few years ago when cattle were first imported to this country free of duty, Sir Morton Peto, who had then in his hands the greater portion of the railway to Blackwall, conceived the idea of extending his line farther down the river, to an open space of land known as Thames Haven. Here rich alluvial pastures fringe the river on the Essex side, which the honourable baronet had purchased with the view that the poor beasts who had suffered on a long voyage could be turned out for a few hours to feed and recover themselves. There was a good harbour for ships to unload, and the new railway was ready to convey them to town when in a fit state to travel. But after all this had been done, the importers would not take advantage of it they grudged the delay and expense that was incurred by landing animals so many miles down the river, and preferred running them to Blackwall. at once, putting them on shore tired, sick, and hungry, and leaving them to suffer a further period of starvation in the dock quays before they were sent to market. No wonder that disease was often developed amongst them; it was, in fact, the direst cruelty to animals. Now that attention has been called to the matter, it begins to be found more profitable in the end to give the imported cattle a bite at the pasture lands before they are brought to market, and already the port at Thames Haven is coming into favour; the deserted pier is absolutely beginning to look lively, and the fields are being filled with foreign cattle. We think, however, that it would be very advis- able to have some better regulations for the cattle- boats taking up their respective berths than at present exist. A few days since the passengers going on board a steamer had, in order to reach their vessel, to cross a cattle-boat, ankle-deep in manure and slush. It surely must be somebody's duty to see that the diminution of one nuisance does not become the source of the most disgusting annoyance to a large section of the public. The meeting of the English and French fleets at Cherbourg and at Portsmouth has beei very freely discussed in London. Men who grunble at everything and try to make mischief, asseit that there is a political object in it, that Napoleon has his own interest in view, and that England -slays second fiddle in everything he proposes, hiving no will of her own. That the primary objet of this meeting was to show to the world at hrge, America moil especially, the union which easts between these Western countries, the powei of which Napoleon could sway according to his Till and pleasure. I heard this commented upon in the various clubs, and each speaker put a differ oat construction upon it; the majority, however, of close reasoners rejoiced in the fact of our unitv, auguring good results; and whilst they gaie Napoleon full credit for his wisdom, maintaind that England would always support her indeper, denr-fi; that this return of courtesy for courtes; received, would not alter the position of affair if ever our interests clash. Perhaps less would be said upon the subject were it nol for the dearth of news at the present season of the year. The debating societies have nothing else to talk about except murders and the cattle disease, and these being pretty well exhausted they fall back upon Napoleon and his policy.. I went to one of the most visited of these societies the other day; and the subject of debate was The Meeting of the Fleets of England and France; is it to en- courage a friendly union, or is it a mere sham ? To be opened by an Observer." I entered the room, and waited for some time to hear the illustrious Observer, who at length appeared in the person of a tailor, who, whatever his faults and failings might be, had undoubted natural eloquence. Well, he warned England of the danger of a too close relationship with France, and denounced the pusillanimity of the Govern- ment, which permitted the Emperor Napoleon to dictate to us, and asserted that the meeting of the fleets was intended to discourage the Americans, so that the empire of Mexico might be secure; and that, as far as a permanent friendship being established between the two countries, it was a positive mockery, delusion, and a snare." A barrister who was present gave the most perfect solution of the problem, and for the benefit of my readers I took notes of his speech. "There is nothingat all mysterious," he said, "at the two great fleets of the Western world shaking hands. It origi- nated in the visit of the French men-of-war once or twice to our ports, when the officers were received by one and all, from the nobleman to the peasant, with acclamation. Only last year the Mayors of Hull and Yarmouth, together with the inhabitants of those localities, invited all the French officers to festive scenes, and treated them with the greatest hospitality; and then Viscount Boyne and the other leading noblemen entertained them at their castles and halls in the grandest John Bull' style. On the return of those officers to France, these things were reported at head- quarters, and Napoleon felt pleased and grateful; but too proud to be out-done in generosity, he planned this return visit to prove that he appre- ciated and reciprocated our friendship. This is the origin of the meeting, and although political causes are assigned to it, such as a demonstration against America, if she should prove too bullyish, or become practically an enemy to France in Mexico, or England in Canada, they are mere idle words. I don't believe a word of the specu- lation. The joint action of England and France is too mighty a matter of arrangement, particu- larly after past experience of its bad working, to be lightly planned again, especially so prospectively. It certainly has been a very pretty and imposing sight for Frenchmen, who got some cheap glory at seeing the respect that England apparently shows in the eyes of the world to the French nation as a naval power. A few words would com- pletely alter the existing state of friendship. Why, even the most trivial interests about a distant place like Madagascar might counteract all the recent displays of heartiness. Thus, though we cannot conclude that present friendliness prevents the possibility, we may rest assured that it dimin- ishes the chances of future hostility. The friend- ship which the English and French now entertain for each other will, whenever any discord shall arise, cause both powers to reflect upon the dangers of a conflict, and a peaceful arrangement might per- haps be substituted for a declaration of war. Let us then be thankful that we can shake hands with that Power which comesilnearest to us in martial and naval strength, and in commercial enterprise." Thus spoke our learned orator at a de- bating society; but apropos of this, I am reminded of the jealousy that formerly ex- isted between the two countries, and am glad to compare it with the present good understanding. It is only three years ago since Lord Clarence Paget, as one of the Lords of the Admiralty, was twitted in the House of Commons on the su- periority of the French ironclads. The Magenta was talked about as one of the noblest vess-Is that ever was built. His lordship determined to judge for himself, and posted off to Toulon, where the ironclad was stationed. He saw the local of- ficials; declared himself an English Lord of the Admiralty, but could scarcely get civility from them, and as to an order to go on board the Ma- genta, that was out of the question. In his dilemma he bethought him of the mighty talisman—gold, and after paying two napoleons, actually managed to board the French ironclad. Short, however, was hia triumph, for the French captain was soon made aware of the arrival of a stranger, and that stranger an Englishman. He ad- vanced coldly and fiercely, and demanded of him his right to be there. It was no use telling him he was a Milord" of the English Admiralty, but, to his lordship's disgust, he was coldly and peremptorily ordered to leave the vessel. How dif- erent is the feeling now. We are shown every new invention in the French navy the same as if we be- longed to the nation, and we in turn exhibit our men-of-war, and tell them every new contrivance that we are adopting. That such unity may per- manently exist is the desire of every patriot in both countries.

OUR "CITY" ARTICLE. -1-- THE half-yearly meetings of our railway companies, at which directors have to give an account of their stewardship, occasionally throw a little light upon the management of railway affairs, and the ad- ministrative capacity of those who are entrusted with it. We cannot, as a whole, compliment our railway magnates upon the services which they render to their respective compaiii s, although we believe them to be highly honourable men, and to be actuated by just and worthy motives. By their deeds, however, men must be judged—so, at least, says the proverb; and we see no reason why we should ignore that dictum, on the present occasion. We must be just as well as generous, otherwise I our remarks will have little weight or influence. There is one thing that must strike even the most ordinary of reflective minds—namely, the fact that railway property, taken generally, pays the least amount of interest of any investment we have. Capital invested in our old roads even paid a higher amount of interest than the capital does in the majority of our railways; and as to other investments, be they water or gas-works, banking, insurance, or trading associations-in short, in whatever form capital combines to produce a pro- fitable result, they all leave railway investments far behind. The question naturally arises, How is this ? And we need not go far for an answer-Bad management. The fact is the railway system is based upon a wrong principle. It is completely changed from what it was intended to be. Railway companies were originally supposed to be merely the proprie- tors of a line of railway made for the benefit of the public, the latter having rights over the rail- way. These companies have now become traders and carriers, and contract debts, and have dealings, in just the same way, although upon a much larger scale, as ordinary traders and carriers do. Yet they are not subject to the same law as traders are, with regard to their borrowing powers; for when railway companies are "hard up," they have only to go to Parliament, which has hitherto readily granted them new powers to raise capital, though it cannot restrain them from exceeding those powers. This has been the bane of railway companies, for the facility of raising money has led many of them into injudicious expenditure upon lines which ought not to exist, or, if they ought, should have been postponed till the com- panies had realised sufficient capital to construct them without having recourse to a system of borrowing, which is sure to bring about its own ruin. The ordinary trader, however desirous he may be to enlarge his premises, or to extend his business, if he be a judicious man, will wait till his accumulated profits enable him to carry out his views; he will not allow himself to be ham- mered with almost unlimited liabilities in the shape if acceptances or debentures until the very in- erest upon these securities swamps all the profit e may derive from the whole of his undertakings. The whole question, both of the borrowing by ilil way companies in excess of their Parliamentary pwers, by means of an over-issue of debentures, ad also of the payment of contractors by Lloyd's bnds (acknowledgments of indebtedness for work one) bearing a certain rate of interest, and pyable within a limited period, was inquired into b a committee of the Lords in the sessions of 163 and 1864. It would appear that debentures as not only placed in peril, but, as there is no piority amongst securities of that class, a deben- tue which was perfectly valid when issued, might, inthe event of an over-issue, and if the issuing coipany being subsequently compelled to wind up itiaffairs, not having the means to satisfy all its crditors, and not being liable to be made bakrupt, turn out to be so much waste paper. Beides which, the holder of a Lloyd's bond might, I if lis claim were not satisfied, recover judgment aginst a company, and seize the rolling stock, &c which a debenture holder could not do so long .1 as lis interest was paid-his debenture being only redemable at the end, perhaps, of two, three, or fou years, at which time he might find that the holers of Lloyd's bonds had swept off everything tanible before his turn came. The Select Cormittee (Lords') reported in each session, and, amog other things, recommended, as the best mens of counteracting the evil, that the several railway companies should be required to make annal retarns of their borrowing powers and liablities, and that there should be a compulsory pubic registration of debentures. This bill pased the Lords, and was withdrawn on its being propsed for a second reading in the Commons, on acount of the lateness of the session, and the thre,tened opposition of the railway interest. An Acbf this sort would obviously be the means of giviig greater security to creditors, and would eve. strengthen the credit of companies who wised to deal fairly. These remarks necessarily lead to inquiries whih have recently been instituted as to the finaeial position of the Great Eastern Railway. At; recent meeting of the shareholders, the chair- rnaj of that company, after being taxed by Cap- tairJervis, a brother director, acknowledged that the; had far exceeded their borrowing powers, butargued that in doing so they had benefited the hareholders; for that it oftentimes happened they^ould borrow in a cheap market when money was lentiful, and so he provided for a period when money would be dear. He thought that credit rather than blame was due to the d-ectors on that ground, for if they criti- cised larrowly the accounts of other railway compaies, they would find that the Great Eastern was no in this respect poaching upon a manor that wr, untrodden by others. Thes remarks of the chairman have necessarily led to n inquiry into the affairs of other rail way compares; for it appears to the general public, as it wre for the first time, that, although a compatr is ordered by Act of Parliament to go so Thr and no farther, yet the breach of this orer is not a punishable offence. Con- sequent^, directors can keep shareholders in the darlas to their proceedings, whilst-, instead of paying igitimate dividends, they are impoverish- j ing_ the company by increasing their «ari giving false dividend,•s. It Los been said 6S»t: there is no Act of Parliament that a e four could not be driven through; and it wmtM. appear that those Acts which have recently ",@1e. into operation, apparently giving protectioa Co the shareholders, are absolutely futile. This exposure will necessarily lead to iWthssr investigations; and before Parliament vtmxm meets, doubtless, inquiries will be made in&ot&e management of every railway in the kingdom, aMsi in all probability a. more stringent Act will he ir- troduced next session which will more effeciuas^jr protect the shareholders. The aspect of affairs in the Money-majfcefc is favourable, though stocks and shares conSttae languid. The more settled aspect of the weathelt, and the influx of gold to the Bank, together wit& favourable exchanges, have caused eteaeiy purchases for investments, and, if these continue, business will be restored to a comparatively healthy condition. Consols for money were liwt quoted 89 J to i, and for the account, 89J to i.

Money Market. CITY, AUG. 29. —The stock markets continue firas, sot consequence ol the Sow of gold to the Bank and the droc< ing tendency of the quotation for discounts. The variations in prices to-day, however, are not numerous, the transla- tions in the aggregate being Iimue;i.—The money market s* extremely quiet to-day, and tho rate for choice parses; is unaltsred, at of to I per cent. Some persons are keepis^ back their bills from discount in the belief that the direflifsof of the Bank of England may reduce the rate on Tinacs- day, owing to the influx of gold to that establishiaeB-k— Consols are now quoted 8::ft to f for money, and 89 ifUSiS to 13-16 for the account (September 7). The official bueicsesf report is as follews Three per Cent. Consols, for S9t;, î; ditto, for account, S9J; Three per Cents. ReduoeA 8Gt, t: New Three per Cents., 89t, i Bank Stock, 348; Five per Cent. Stock, 105J; ditto Bonds, 21s, 248 presx, j Five per Cent, "enlaced" rapeepaper, 101.î; Ex. Bills, par,— In the railway market to-day there Is a strong demand See Metropolitan and Midland stocks, which have rises J. aa<3 J per cent. respectively. London and North Western, Cafe- donian, and South Eastern have also improved f, London and South Western, The fortnightly sattlezaeffifc has just commenced. London and North-Western stoekw. now quoted 1261 to 127; Great Western, 66 to J; Midiamd, 132 to 1; Lancashire and Yorkshire, 1181 to 119J, ex di"# South Eastern, 81 to t; Metropolitan, 131-j- to, Iq5, ex div.; Great Northern, 133 to 134; ditto A, 152 to 153; Lordm and South Western, 99 to t; Great Eastern, 48$to i. sail Caledonian, 134 to 135.

The Corn Trade. MABK-LANE, AUG. 23. —Although there -way A mow plentiful supply of English. Wheat at this day's marked firm rates were obtained: old white realising 48s to 5&j; red, 42s to 48s; new white, 43s to 583; red, 49s to 47s; aiwt Talavsra, old and new, 47s to 553 per quarter, a clearance being nearly made of dry and good qualities; comm.or. new and soft, however, were only in moderate ree £ G-JBW The supply of fereig-n was net large, and tkers being a, good demand the currency ruled full up, raaji- ing at 42s to 56s. Several transactions in Americaa a* 44s to 50s, and supply moderate.-A free sale for Flo>>«^ and the currency strong: town-made, as to quality, sell- ing at 36s to 43s; country, 31s to 3§3; French and Spanish, 34s to 38s per eack; and American at 24g to 29a per h,urel.-Extreme rates were obta.ined for Barley, supply being limited with ready purchasers; English malting: brought 30s to 36s grinding and distilling, 263 to 29s; and foreign, 2213 to 33s as to quality.-A free sale for Malt, and prices stiff: pa)e at 58s to 6-63 and brown, 523 to 553.-Im consequence of an extensive supply of Oats, some fall in the value took place, still much business rates for English and Irish potato ruled at 233 to 263 6d fee< £ and black, 19s 6d to 23s; Scotch, as to quality, 21s to 2786J; and Foreign, 20s to 26s.—Peas a fair sale: white and reapte brought 37s to 42s; and grey, 35s to ags.-The Bean trade is firm, but rather quiet: rates for Msusagan, 35s to 39s tiek, 36s to 40s; harrotvand pigeon, 41s to 46s.—Maize firm, at 31s to 33s.—A free sale for Linseed: East India at 5Gs 6d to 5Ss 6d, and Odessa, 5Ss per quarter.—The Cake trade dull: Linseed, town-made, at £10 to £10 10s per toa; American, £ 9 5s to £10 7s 6d; and Cotton Seed, £ 17s to 25 per ton. LIVERPOOL, AUGUST 29. —The market fairly attendecl. Wheat in moderate consumptive demand at Friday's prieea. Flour held firmly for quotations of last Friday. India-s. corn, 6d per quarter lower and a good business done at the decline. Mixed American, 30s to 30s 6d Galatz, §Sa. Beans firm. Oats and oatmeal in fair request at firai prkses. Weather fine and Wclrm.. COTTON, LIVERPOOL, AUG. 23. —The market is QUIET BUT steady. Sales will foot up about 10,000 bales. TALLOW, Aua. 29. steady, at the follow- ing prices Town callow. 44s M net cash Petersburg 7.0, on the spot, 44s 9d; December, 45s 6d; January to Marnlr 45s 9d; March, 46s 3d. HAY, SMITHPISLD, AVG. 29. —Mr. Charles James Eastoai reports prices as follows Prime old clover, from 120s to 140, inferior ditto, 100s to 110s; prime meadow hay, li(k to 123s inferior ditto, 95s to 105s straw, 36s to 42S, HOPS, BOROUSH, AUG. 28. —Messrs. Pattenden and SEiiift report that the total arrivals cf the hew growth amount to about 700 pockets, for which there is a fair demand at the following pricesMid Kents, zE-7 to £ S; Weald KentB" XC, 6s to zc7; Sussex, 12s to £6 lOs, EGGS, AUG. 23. Eggs arriving than reqaired, and prices lowering: English, Scotch, and Irish selling at 5s 95. to 6s 9d per 120; French, 4s 6d to 6d; Spanish. 4s 6d to 4s lOd. and Ostend, 6s to 6s 6d. POULTRY, AUG. 28. free sale for Poultry, and rates firm, although a fair supply: Geese, realises 4s 9d to 7r; each; Fowls, 2s 9d to 3s; Chickens, Is 8s to 2a; Ducklings, 2s 43 to 3s; tame Babbits, Is 4d to la 7d; pigeons, 5d to 9d; live Fowls and Ducks, 22a to 24s per doz. FRUIT AND VEGETABLES COVENT GARDE:?, — Vegetables continue abundant and good. Large importa- tions of French pears, peaches, nectarines, &c., still con- 'v tinue to arrive. English pears comprise Jargonelle, Bon Chretien, and Beurre d'Amaclia. For pine-apples and grapes there is still a heavy sale. Apples and plums arc abundant. Kent filberts are coming ia in good condition. Good kidney potatoes fetch from Is to 28 per dozem. pounds. Flowers ehieily consist of orchids, heaths, pelar- goniums, carnations and picotees, mignonette, and roses. Grapes, per lb., IsSdto 3s; Peaches, per doz., 4s to 83; Nectarines, do., 2s to 5s: Apricots (French), do., Is 6<1 to 3s; Figs, do., Is to 2s 6d; Pineapples per lb., 3s to fer Apples, per sieve, Is Od to. 2s Oranges, per 100,14s to 20s.- Lemons, per 100 8s to 14s; Nuts, cob, per 1001b.. 50s to 60s- Brazil, per bushel, 18s; Almonds, do., 18s to 20s; CabbagesL per doz., Is 6d to 2s 6d; French Beans, per half sieve, 2s tc 3s; Peas, per sieve, 2s to 4s; Potatoes, York Re- gents, per ton, 90s to 100s; 'Rocks, ditto, 60s to 70&- Flukes, ditto, 110 to 140; new, round, 8s to 12s pep cwt. ditto, Kidneys, 8i to 12a per cwt.; Carroty per bunch, 6d to 3d: Turnips, per bunch, 4d to 6d- Cucumbers, each, 4d to 6d; Beet, per doz., Is 6d to 2s Shallots, per lb., 8d; Garlic, per lb., Sd; Lettaceal per dozen, Is Od; Endive, per score. Is to 2a 6d; Artichokos, per doz., Is 6d to 3s; Horseradish, per bundle; Is to 4s; Mushrooms, per pott., la to Is 6d; Parsley, pas doz. bunches, 2s to 4s.; Herbs, per bunch, 6d.

Cattle Market. METROPOLITAN, AUG. 28. number of Beastt is considerably smaller than on Monday last, yet trade is dull Choice qualities fully realise Thursday's quotations, but in- ferior difficult to sell. We have a large supply of Sheep, but choice qualities not very plentiful. There is a slight reduction in price with a slow trade. Calf trade is dull, at lower rates. From Germany and Holland there are 2,550 beasts, 15,180 Sheep, 267 Calves, and 345 Pigs. Scotland 45 beasts, Ireland, 320, and 1,680 from the Northern and Mid- laud Countiefic Per ctone ot 81bs. s. d. s. d. Per stona of 81ba. s <3 a -1, Best Scots, Hfd3. 5 4 5 6 Best Long-wools 5 8 6 2 Best Short-horn? 4 10 5 2 Do. do. shorn 0 0 0 <J 2nd. qual. beasts 2 8 3 8 Ewes & 2d. qual. 4 4 5 A, Calves. 3 4 5 2 Do. do. shorn. 0 9 ft Q Pigs .3 0 4 8 Xambs « „ ft n f e BestDns&i-bdsa. 6 4 6 3 Beasts at market, 4,790; Sheep and Lambs, 27:470 ( !« 279; Pigs, 530. 3

The Produce Market. MINCING-LANE, AUG. 28. There are lara* 90= TJtt Jl %l0c^y> 33s to 42s native, 26s to 29s; Jafe"S.ery, -5s bd .0 2/s ;xl; Penang and Natal, 27s to 35s; Manilla clayed, 23st to 30s: ditto unclayed, 26s 6d to 28s; Havannah, brown, 30s to 32s; ye'ilow, 32s 6dto37si Floretts, 37s 6d to 39s; white, 40s to 42s; Porto Rico, brown, ooS u yeIi;ow' 33s to 39s: Brazil, white and grey, .to and yellow, 27s 6d to 31s Sd per cwt. Trade active for refined and the terms obtained for brown lumps are 4is 6d to 41s 9d grocery, 428 to 45s tittlers, 42s bo 46s pieces, 3ls 6d to 37s; and bastards, 23s to fiOs 6d.-For Coitee the currency ranges strong, there being numerous export orders.—Cocoa still in grea.t demand: red Trinidad brings 68s to 116s; and grey, 63s to t7y.—Purchases in China, Tea are larger than for some time past, and some advance in the value; duty was paid at this port {taxing the past week on 1,143,700 pounds,—F„ice remains ia grea»- (q £ j' jnand.—The value of new Valencia Raisins is 42s Currants, 28s to 35s.—Several transactions in Spices' n ? the currency ranges for Black Pepper at 2-M white, 5d to Is; Pimento, 2Jd to 2|d Ceylon Cinn-tm Is 4d to 3s Cochin Ginger, 60s to 120s Bengal 27- 28s; and Nutmegs,, lid to 3s; fine ditto, 3s fcd to S m Supply (f Provisons now in excess of demand nttes for Irish Butter according to quality are 102s t-> 190 ior Freizland, 110s to 112s; Kiel, ICOs to ll'2s • Bosh pi V £ ?e fine Dorset, 120s to 122s; Devon, 112 t<& 116*. n< "P ,of* to lOes Iri-h Bacon, 70s' to 80s Harnbro' American, 60s to 64s.—Trade for SVttpe'rQ fSn 28s 6d to \:98.