The Sun. — London, England, 1859-03-05 00:00:00

MONEY MARKET AND CITY NEWS. CITY, Two o'CLoCK. The Bank of England's weekly return, com. pleted to the 2d March, shows some rather impor tant changes. The other securities, owing to the preparations made for the commercial payments on the 4th of the month, usually heavy at this period of the year, show an augmentation of over half a million, and the reserve of notes has been trenched upon to the extent of about a quarter of a million sterling. The Public deposits have been augmented by nearly h alf a million, but the private balances show a large diminution. The bullion, in consequence of the non arrival of remittances from Australia and the demand for silver from the Continent, has undergone a small decrease, and the " rest" has been raised to an amount that would allow of a dividend at the rate of 4 per cent., which would leave it at 3 , 0 65,469. In the other items of the balance- Sheet there is little that requires special report, and t he particulars will be found in the subjoined table Active Circulation 120,609,2455. Increase 270,770 19,884,92 Decrease • • 67,916 Rest 3 , 647,589 Increase .. 345,365 Public Deposits 8,316,065 Increase .. .. 595,281 Other Deposits .. 1.3,955,063 Decrease .. 662,109 Seven Day and other Bills .. 758,787 Increase .. • • 8,999 Government Securities .. 10,696,147 No alteration. Other Securities .. • • • • 16,782,980 Increase .. • • ' 526 ' 222 Notes Unemployed .. 1.2,964,235 Decrease .. • • • • 242 ' 595 The liquidation of the commercial bills due Yesterday, the 4th of the month, was effected with Promptitude, thus indicating the continued healthi ness of trade. The amount having to be provided for appears to have been rather considerable, but the facilities for the obtainment of discount accom modation enabled all parties to complete their engagements on easy terms. The Bank return shows, hoWever, that the preparations made have absorbed a large supply of capital, and hence the increased firmness lately noticed in the rates of discount. The Foreign Exchanges yesterday afternoon exhibited a further slight advance in the rates on Vienna and Trieste; on Holland, Frankfort, and liamburg, however, there was a decline. At the Bank of England yesterday there were no bullion operations of public interest. In the Liverpool Cotton Market yesterday a fair demand prevailed for most descriptions, and about 12 ,000 bales were sold at full quotations. The Rail ,way Share Market closed quietly, and prices exhi bited a slight downward tendency. Since Monday last the imports of specie have been about £489,937, and the exports £140,392, ex e_,legive o f th e f o ll ow i ng s hi pments di rec t f rom Lon u,,°ll to the Continent during the week ending 11 4 hu rs d a y l as t : —G o ld co i n (B e l g i um ), 2,000 ounces; „ °lll egne,;6o ounces; bars ( Hambro ), 11,127 ounces. 11 ver coin (B o ul ogne ), 2,800 ounces ; Rotterdam, 1 13 : 2 ° o ounces ; Mogadore, 1,965 ounces ; Hambro', 88 0 ounces. The m ar k e t f or E ng li s h Securities has been very buoyant to•day, but the full advance has not been Maintained. Several large purchases have been effected, and a much firmer tone is apparent. Con -4°lB have been 951, but the latest price is 951, ‘` gellers." The New 3 per Cents, have been dealt 11 at 961 Z, and the Reduced at 961 and 96Z 1. f onds Bills are 355. to 38s. prem., and the 'allds are firm, at 1001. India Loan Debentures ar e steady, at 981 99. Bank Stock is 228 and 230. In the F ore i gn St oc k Market the transactions ' 4 4 been of a very limited character, and prices .1 41 'e firm. Turkish 6 per Cents. are 911 to 92 ; I. ' i _ tt te, New Loan, 771 to 78 ; and the 4 per Cents. 'we improved to 1031. Brazilian 41 per Cents. e znained at 94, and Mexican Stock has been heavy at 19 1. The New Austrian Loan is 21 to 11 dis. The Railway Share Market has been exceedingly I .: llo Yant a fair amount of business having been one in most o f th e p r i nc ipal lines at an ad v ance of I ti to I per cent. on yesterday's closing rates. C aledonian, Great Northern, North-Western, and North Eastern (Berwick), advanced ss. ; Lincoln shire and 'Yorkshire, Brighton, Midland and South- Eastern, 10s. ; and Eastern Counties and Great Western, 15s. The Foreign and Colonial undertakings have been rather inactive, but prices show an upward t endency. Lombardo-Venetian Old Shares advanced t° 8 1 81,, and the New Shares to 8 and 8-1- ; Grand T runk of Canada improved to 291 30, Great 4. Western of Canada to 151, East Indian to 1041 t Oo ; and Great Indian Peninsula remained strong at Previous rates. J oint-Stock Banks and Miscellaneous Shares Were dealt in to a limit e d ex t en t, b u t there was little variation to report in prices. London and (Allay improved 55., and Red Sea Telegraph ss. t I3ItITISH FUNDS—CLOSING PRICES. a tolk Stock a Per Cent. Reduced Annuities 961 I Per Cent. Consols Annuities 4: 4-3 per Cent. Annuities 96 I a i l ,: l 'F Annylties, expire sth Jan., 1860 1 3-16 tr . 4„ Stock 0 0zs " 0 Debentures 99 8i ols for Account 9 si I: Ex March. June. i b Etch Bills, £l,OOO, 2d. & lid 35 8 I bltto Small , lid. 38 t:tto Advertised ' c hequer Bonds, 1859, 31 per Cent..... 1001 g r . FOREIGN FUNDS—CLOSING PRICES. 4zilian 5 per Cent. keDitto 1858, 0 per Cent. 94 T x i,.cali 3 per Cent ~1 0t eh 6 per Cent Ditto New Loan Ditto Account Ditto, Guaranteed, 4 per Cent. — Account Dividends on the above payable in London. Consols, Money 9 } Sellers. Consols for Account THIS DAY'S SHIPPING. Pl, LONDow, March s.—Wind this day at noon, W.; Pt bree ze , and fine clear mild weather. OEtTSMOU TII , March 4.—Wind W.—Arrived—Hot -4lkr, from London for Melbourne.' P LYMOUTH, March 4.—Wind N.W.—Sailed—John ‘ , 44 (1 Mary, f rom B ermu d a. Off por t—M ary A nn , from 115 V Zealand for Portsmouth. CARDIFF, March 4.—Wind W.N.W.—Sailed—Anna, for St. Thomas. FLEETWOOD, March 4.—Arrived—Cleopatra, from Sa- Vannah. SUNDERLAND, March 4.—Wind W.—Arrived—Mal- Vern, from Moulmein ; Edmonton Brothers, from Savau hall. Sailed—Margaret Dundas, for Point de Galle. HOLYHEAD, March 4.—Wind S.W.—Sailed—Vicuna tad Ranagua, for Valparaiso. (BY ELECTRIC TELEGRAPH.) SOUTHAMPTON, Saturday Morning. Wind W. Arrived—Ondine, stoamer, from Dublin ; Tamar, steamer, f law, Brazils ; L'Etoile, from Carentan ; Wond er , s t eamer , r atil Jers e y ; Havre, steamer, from Havre. S ailed—Borussia, steamer, for New York ; Ripon, !earner, for Alexandria ; Alliance, for Havre ; Courier, R eamer, for Jersey; Harmony, for Alexandria. LIVERPOOL, Saturday Morning. rind W.N.W. u ---r rived, March 4—N. S. de Las Victozias, from Carde- Ar.; March s —Berlin, from Savannah; Sage, from St. ; Frankfort (s.s.), from Lisbon ; Jean Baptiste, from Pa e s* Arthur, from Lucon ; Cossack, from Leghorn ; ailed—Scott Nice ; Bogata (s.s.), from Valparaiso. ish Chief, for Melbourne. MINES.—The settling in the Mining Share b ot ark et, on Monday, was one of the heaviest on record, ly e ,Passed off remarkably well ; and during the whole ex the excitement noticed in our last has continued wi trn ll t intermission, and an enormous amount of business I leaeted. The success of East Russell so far has had Ra simportant results than that of East Basset ; the ex temst,nt consequent upon it has been the topic of conver. o re' and remark in all circles, and those who have dis h, eyed in legitimate mining, or confounded it with reek (.-88 s Peculation, perceive that certain indications in lodes be relied upon, and that larger profits are made in. 14 :.,N' than in any other class of investment. The con jarenee of all this just now is that progressive and specu g ' Ar e mines having fair prospects of success are eagerly :light after, and purchased at considerably ad r 0 4 „ e ; ed ,Prices. There will be great caution, however, ' - ` r eci• All sorts of new schemes will be promoted and - o l ifed off upon the strength of the East Russell lode, and b l e i l i f: o rea dets will do well to obtain the best practical advice ti • I° a embarking in any of them.—Ninto Journal of cl. the letter from St. P e t ers burg, of the 24th ult., in Arord of Brussels, says-4i A n Englishman Col. Sleigh, 18 a bio-pressnt here, and pronoses to undertake ihe construe fro" of railway for India, without receiving any guarantee in ' he State. This project excites considerable interest the ,commercial circles here. The River Amour Com etsrtsat3b: has had an estimate drawn out of the expense of of palishinc, an electric telegraph which will cross the whole 4 tqfli b ltussia and Siberia, and end at the Pacific. The outlay will be two millions of roubles (4f, each)." eh the d and , in the Latham 'trance ind re- Line-of dock. Dock- .ecting 3 addi smiths, ad 162 yester- Vard, rigate, %dy for lock at screw aching used to ent as ad the ide the lepart ts, the Lumber ants of eir ser istant. des of ig that rs, &c., e mea iasten- ► of the Irdered . The ng the our at BM 600 ths, 15 yester- Heath . Cald ttenant .ge H. gwood, master, , to the to the ; Chas. jrabbe, and G. :!kland, mouth Lye re pton to several d by a ttioned gineer. r being L'or that very •ecruits r front having nits to under L head igth of ,nd file landed tetured simi nn the with a actors. idry of They pur yester- tillery he en led by of the lut ex- )rm of of the y shod ion by rs pro itution ant on not be at the of uni )3T the ;rown, an ad tion of ,then votes [ace." own, old it . Mr. Mr. s his neral Lin's- ~~ __~--~' .~ 161 100 100 100 100 all all all all all all all all PREFERENCE SHARES• Railways. 25 Blythe and Tyne le per c. pref. (issued at £5O) Stk Bris. & Exet.4p.ct.Stock 20 Do. do. do. Shares Stock Caledon £lO, 4} per cent 12.10 Do. Quay. Shares, No. 2. Stock Chester & Holyhd, 55 pc Stock Do. do. 5 p. ct. e Cork & Bandon, 55 p. c. Dun. Perth, & Aber. Jun. Sto 6 a l k E.Angn. Class A 7 & spc Stock Do. do. Class B 6 pc Stock Do. do. Class C 7 pc Stock E. Conn. Ex. 5 pct. No.l Stock Do. do. N 0.2 Stock Do. New 6 per ct. Stock Stock Eastern Union, 4 per ct. Stock East Lanc. 6 per ct 5 E.& W. York. Jcn. fifths Stock Edin.&Glas. 5 pc shares Stock Edin. Perth,& Dun. 4 pc. Stock Furness, 5 per cent Stock Glas. &S West. .T a. 5 pc. Stock Great Northern, 5 p. et., Stook Do. 5 Redm.,lop.c.pna Stock Do. 41 pc p. c. do. do. 100 Do.sp.c. it edm.,s pc. pm 10 Gt. Nh. of Scotld, Ist nt Stock Gt. Sn.& W (Ireland)l p. ct. pref. Stock 50 Great West. (Berks and Hants), Ext. 5 p.ct Do. Redeemable, 45 p ct Do. Redeemable, 4 p. ct Do. Irredeemable, do. Do. sp. et. Redeem. Pref Do. Birm. Pref. Shares Gt. West. Ches. 8 p.c.pf shares Do. do. 5 p. ct. pref Do Birming.gaar. stock Do. Chester guar. shares Do. do. do Do. do. do. Lan. & York 6 p.c. stock Lon.&Brig.spc. gu. No.l Do. pref., 5 p. c. ...No. 2 Do. New Q-ua., 6 p. ct Do. do. 5 p. c. No. 4, Lon. & N. W. Cov. &Nur.- eaton, 5 p. ct. Lon.&S. W, 7 p.ct. stock, late 3d shares Londondy & Cole, she Londondy.& Ennis 4 sh Man.,Sh., & Lin., 6 p. ct Do. £6 Do. 31 per cent. Maryport & Car., 4 p.c. Do. 4 per cent... Stock Stock Stock Stock, Sock - 1 2 1 20 Stock Stock Stock Stock Stock Stock Stock 12 12 Stoc 6 Stock 121 12; I Stock Stock Stock 6 Stock 10i Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock Stook Stock Stock Stock l 1.0.6. Stock Stock Stock Stock Stock 20 25 251 Stock Do. Hid. Con. 6 p. c. Stock Do. Con.Bris. &Bir.6 p.ct. Do. 15 p. C. pref. stock Do. with option till 1860 Do. Leic. & Hit.pref. st. Newport,Aber,&c. pref.s p. c. redeem, at 5 p. c. pm Do. Perpet, 6 p. c. with option till 1866 Norfolk Deb. 4 p.c.shares Do. 5 p. c. Ext.Stock,lB46 Do. 55 p. c. Pref. do. 1847 Do. Way. Vat. Ex.Sk 1847 North British, 5 per cent Do. New, gua. 5 percent Nth.Dev.Rail.& DAL Co. N-East. irred. 4 p.c. Deb. Do. Berwick, 4 p. c. Pref. Do. do. do. Do. Leeds, 6 p. c. No. 1 Do. do. Quarters, 1846 . ' P ''o. York, H. & S. Pure. North Staffordshire . . Ox. Wr. & Wol. 6 pc. 1;6 . Do. do. do.. 2(1 gua. Do. 45 P.c. Db. stk.in per? Scottish Central, new pi Scottish N.-Eastern deb Do. 35 per c. pref. stock Do.Aberdeen.gua.6pc. Do. 7 p. c. pref. stock. South Devon, Ann. 10s. Do. Fixed 45 percent. South Eastern (Reading Ann., 1.0 6 ) Do .45 per cent Do. Fixed 45 p.c. ist is . Do. New do., 2d issue. South Wales, gua. 4 p.c. Do. 45 per cent S.-Yorkshire, 4 p.c. gua. Stockton and Dar. 5 p.e. Do. 6 per cent Waterford & Kilkenny, 6 per cent.- all }lOO 100 100 100 100 all Paid. Closing Business Trios. Done. LINES LEASED Railways. Bedford and Bletchley Buckin , Thamshire Clydesdale Junction Colchester, Stott* Val E.Lincolnshire,g.6p.e E Union,Harm ichShs, Do. Woodbridge ' Gl s. Barr. &Nells,Drct Do. New Gloster& Dean Forest Hartlpool.Dck.&Rall Hull am; Selby Do. Shares Do. Shares London &Greenwich Do. Preference Lon.,Tilby.&Soutend Do. Barking Shares Lowestoft, gua. 4p. ct Do. 6 per cent Mane.,Buxtn. & 3latk Midsb.& Redcr, Mtd.BradfordPrt. Stk.! Newmarkt.,BuryEx Do. do. 6 per cent. ahrna.n&teEedastsnp. 5 . c. p.c i . Preston and Wyre. N D ° o r . ut Fixed 5 per cent. Do. Shares A. lloystn,Hiteh.,& Shep Shrowsbry& Hereford South Staffordshire .. Wuar Valley, g. 6p. c. Do. do. Wilts and Some:set.. Wimbledon& Croydn. Share Docks. Stock Commercial Stock Do 4 per Cent P ref. Min Stock East and West India Stock London Stock St. Katharine Stock Southampton Stock' Victoria 20 ,Do New 49 /51 94 96 103 105 125 127 115 118 6 6il 98 101 110 116 108 112 115 117 114 116 132 134 80 82 74 76 113 115 118 120 109 111 104 10C, 63 65 11 11} 94 96 85 E 7 86 88 99 101 91 101 16 17 1, 72 74 4 18} 191 si 94 14 14 -4 140 142 [lB 120 [6O 16 122 124 6e 76' 139 141 100 102 In 94 96 9i 9.1 11 112 9 9} 112 114 96 9S i }d 44 p 23} 23 121 123 111 113 99 101 Hi 101 24i 25 102 104 102 104 16 17 24 294 32# 332 48 51 T FIXED BEN' p aid. I Leasing Co.'s. 'ALS. Closing' Businoss Price. Done. Ln & N.W Ln & N.W Caledonin E.U.&E C Gt North. E.Counts. Caledonin Do. ...... Gt. West. Yk.N.SLItr Yk.N.MC. Do. .. . ... O. Do. Peto &Co. Do. Norfo'k Do. LN w&3l Stk.& Dar Indland E.Counts. Do. Do. Do. TAN & L.Yk. Do. Gt. North. 1 Lan.& Yk T Brassoy 31‘C1er.n . Stk.& Dar Do. Gt. West. L.&Brgtn DOCKS. 97 99 103 105 17 18 113 115 , 41 41! 1109 111 65 671 1 115 120 91 92 2i, 11 96 98 i 11) 57 59 1139 141 el 11 11% 90 92 8 9 i pad Closing 1 Business Price. Done. 100 I 102104 18 I - Share) 'HARE MARKET.-(THIS DAY.) ORDINARY SHA Railways. Amber..., Notting. Bost and Lastern Junction Belfast and Ballymena Bir., Wol., and Str.Val Birk., Lane., and Chesh Junction Blackburn Blyth and Tyne Bristol and Exeter Caledonian Chester and Holyhead Cork and Bandon Cork, Blkrock,&Passage Cornwall Do. A (A rms. no div Do. B until6p. c. per an hasbeen pd.toß Dublin andßelfast June Dun.,Perth.& Abr.Junc East Anglian Eastern Counties Eastern Union A Stock Do. do. B Stock Do.Nw.A.(lte.E.U3ds) East Kent East Lancashire East Suffolk Do Edinburg and Glasgow Edin.,Perth, & Dundee Forth & Clyde Junction Furness Glasgow & South Westn Great North of Scotland Great Northern Do. do. A Stock Do. do. B Stock Gt. South. & Wstn.(freld) Great Western Do.Str.Vl.Rail Gua.Stk Irish South Eastern Lancaster and Carlisle Do. Thirds Da. New Thirds Lancashire & Yorkshire Do. do. F £l6 Do. do. £9 shares Do. West Riding Union Do. Southport London and Blackwall Do. Newi ss . at £5lOB p. sh Lon.,Brighton &S.Coast London & North Westn' Do. Eighths London& South- Westn L'derry & Coleraine L'derry & Enniskillen Man., Shef., & Lincoln Metropolitan Midland Do. Birming. & Derby. Mid. Gt. West. (Ireland) Do. Shares Nestle and Carlisle New., Aber., & Herefel Newry & Armagh (def.) Newry, Warpt., & Ros Norfolk North. Counties Union North British Nor.Dev.Rail.&Dk. Stk Do.A Stk.— Arec.no div until 6p.c.hasbeenpdß Do. B Stock North-Eastn.—Berwick: Do. do. G.N.E.Purchase Do. Leeds Do. York North London N. &S.Westn., Hampstd and City Junction North Staffordshire North-Western No. & Sou. W. Junction Oxford, Wor.,& Wolver Peebles Portsmouth Rhymney Scottish Central Scoth. N.E., Aber. Stock Do. Scottish Mid. Stock Shropshire Union Sittingbourne & Sheer South Devon South-Eastern South Wales SouthYorks.&Riv.Den Do. do Staines, Wok., & Wek Stockton & Darlington Do. do. 1854 Do. do. 185,5 Stockton & Hartlepool Taff Vale Do. Preference, No. 1 ThamesHavenDk&Rail Vale of Neath Waterford & Kilkenny Waterford & Limerick West Cornwall W-end Lon. & Cry, Pal Do. A. —A recv.nodiv.till 7 p.c. has been pd. to B Do. B West London Do. Ist Class 'Do. 2d Class ... MS AND STOCKS. Paid. Closing Price. 6 6; 7 1 ti 62 64 11 31 83 92i 93i 84 85 48 49 41 n 9 15 16 59 60 44 46 29 31 14 16 92 94 70& 71 26i 27 91 96 10 10i 101 i 102 86 88 131 133 103 104 55i 56i 54 56 85 90 12 13 p 94 l 12 1 t 3 i p 1 id I Id 65 67 LlO 112 9:31 94 1 92 9 37 371 d 79g1 11i 12 60 62 3% Yd 57f 581 90 2 1 Ili 7e4 161 /51 99 101 4 41 d 1 13 141 7 8 31 33 113 115 26/ 274 84 85 45 47 34 24 d 37 184 704 fl j 12: 131 8 11 .16 37 6 6i 21 3 6 64 Business 921 48 59 1 i i Share 12.0 13.14 Stock all 100 3} 100 100 100 100 100 1613 9 100 100 100 is, 171 all all 100 all 101/ 2 132/ 5 51 1 # 61 gn 4 6 0 110 i 23 1 II 924# 991 9 001 1 46i 74 i 7 4 I THE SUN, LONDON, SATURDAY EVENING, MARCH 5, 1859. IMPERIAL PARLIAMENT Paid. I (3/14;cein.g I Businese 1)one. HOUSE OF LORDS-(YESTERDAY). 41 5} - -0 1 v The LORD CHANCELLOR took his seat on the woolsack at five o'clock. Viscount DUNGANNON presented a petition against the abolition of church-rates. 1 1 2} i q d 2 VI Lord WENSLEYDALE presented a petition for the total abolition of imprisonment for debt. The Bishop of LONDON presented a petition from Derby against the abolition of church rates without any equiva lent. 6: 61 Lord COLVILLE (of Culross) presented petitions from the Newcastle-upon-Tyne, Shields, and Gateshead Cham bers of Commerce, in favour of the bill for the better regu lation of watermen, bargeowners, and others connected with the navigation of the river Tyne. Lord BROUGHAM. presented a petition from Devon, complaining e the recent decision of the Lords Justices, and praying that Dissenters might not be debarred from administering trust funds of grammar schools. The noble and learned lord dwelt upon the injustice of the ex clusion, and said legislation on the subject was imminently necessary. Z 1) 8f 8 19 20 36} 36 - - - - PI 81 Oi , 321 33 51 53 1 Id -.7 • Lord STANLEY of ALDERLEY presented similar petitions from Newbury, Folkstone, and other places. MARRIAGE LAW AMENDMENT BILL. This bill was read a first time. Lord WODEHOUSE gave notice that he should move :he second reading of the bill on Tuesday week. '6 1 at 5 R 9 Vi 23 24 DIVORCE COURT. Lord BROUGHAM gave notice, that on an early day he would call the attention of their lordships to the state of the new divorce court, with a view of aiding and assisting its action. for cartoons to be employed in the decoration of the Houses of Parliament. Eleven premiums were so assigned, and more than two-thirds of them were awarded either to stu dents of the Royal Academy or to persons who bad been students of that society I happened to be in Paris at the time of the exhibition there of works of industry and art. A room was allotted there to the leading schools, including the English, and I have reason to know that many foreign artists of eminence expressed their admiration of our native works of art there, and their surprise that they had known so little of the English school. Besides what I have stated as to the application of the society's funds, I must mention that there are medals and premiums awarded to students who attain a high degree of efficiency, and sums of money expended in defraying the expenses of promising young men in travelling on the continent to visit the schools of the an cient masters, with the view to their improvement. My lords, there is no profession which affords more immediate pleasure and delight than the profession of the arts ; but, unfortunately, pecuniary reward to any extent does not al ways accompany exertion in that vocation. Occasionally, from failing energies, sometimes from loss of sight, those who devote themselves to it are unfortunately reduced to poverty and distress. The Royal Academy also appropriates a portion of its funds to the relief of persons of that class, and of widows of artists who may have been left destitute. These are charitable objects, but they are not confined to members of the institution. The aid is distributed freely to the profession at large—(hear)—and a much larger sum is given to those members of the profession who are not and never were connected with the academy than to those who are so connected. I find about £4OO a year is subscribed for the relief of persons connected with Abe instituti on , an d up wards of £9OO for persons in the profession not so connect e d. I think your lordships will feel that that application of th e ors are deservin g o f funds has bee a n nd a th c a o t t rre a ' admintrat beneficial, is wise, and prud en t our thanks for the manner in whichthey have managed the concern. There are one or two objections which have been made to which I wish to refer before I sit down. It is sometimes complained that the walls of the Academy and the Exhibition are too much confined to Royal Academi cians, members of the society. Whether that be the case or not I cannot undertake to say, ner whether the exhibition would be better and more profitable if the works of Royal Academicians were reduced in number and those of other artists admitted in greater numbers. I will not enter upon that subject, because, as it is understood that more exten sive buildings are about to be erected, that complaint, if well-founded, can be removed in future. Another point to which I wish to allude is an objection which is sometimes made that favouritism prevails in the selection of the mem bers. Where election is not made by the public voice it is impossible to say that favouritism maynot sometimes exist, but here it is held in check by the voice of the profession, who have always their eyes directed towards the proceed ings of the Academy, and it is still further controlled by the influence and authority of the Sovereign, who must be satisfied of the propriety of each nomination, for no person elected can hold office until his election has received the sanction of the Sovereign and a diploma of qualification. But this I will say, that during the last 50 years nearly every artist of eminence in this country has been received into that body. There have been one or two exceptions, the reasons for which I will not enter upon, because they are of an unpleasant character, but I say generally in broad terms, that every artist of eminence who has existed in this country during the last half century has been a member of the Royal Academy. I have felt it a great satis faction to be able to state these facts to your lordships, and through you to the country. Now, ono word before I sit down upon the proposed change of site. I believe as far back as 1830 it was suggested that it would be proper to remove the Royal Academy from its present position in order to afford more room for the National Gallery, and I think in 1854 Lord J. Russell proposed to advance £40,000 to enable the Academy to procure another resi dence. What was the result of that offer Ido not know, except that it was never completed, but this I do know, that it was nOt very favourably received by the Royal Academy, and for a very obvious reason. They have always considered themselves to be under the immediate supervision of the Crown. If they received a sum of money from the public purse they properly considered that they might be called upon from time to time by the House of Commons to make returns, to be examined, and to assume a political charac ter quite foreign to the tranquil state so necessary for the well-being of art. Therefore I am sure the offer was not accepted by them. But other offers have since been made, and now it is proposed that a site should be granted in fee to the Royal Academy upon part of the ground occu pied by what is known as Burlington-house. No situation can be better for this purpose. They are grateful for that offer, but still they fear what I have before suggested, that a grant from the nation, unless an equivalent was offered by themselves, would place them in the position I have just mentiond. Their object is, and always has been, to remain solely under the control and supervision of the Crown, and therefore what they now propose is this—they will accept the grant upon the condi tion that they on their part shall be allowed to expend an amount equal to the value of the site in the construction of buildings necessary for the Academy, to be permanently ap plied for the purposes of art. Thus the grant from the na tion will be paid for by that equivalant, because both the land and the buildings to be erected upon it are to be de voted in perpetuity to a great public object. I think if this kind of agreement can be carried out it will not affect the position of the Royal Academy, and they will remain as before wader the immediate supervision, control, and Government of her Majesty. I we t s anxious, my lords. to make this explanation, because I was sure, as re garded the conduct and management of the Academy, I could say nothing but what would redound to the credit of that body. I think also your lordships will not object to the view they take as regards the proposed change of site, that the acceptance of a grant should be conditional upon the arrangement which I have mentioned. What is the pre cise sum they will expend I am not prepared to state at present, but I imagine it will be some £40,000 or £50,000, which will be a complete equivalent for the land to be granted to them. lam sorry to have troubled your lord ships at such length—(hear) —but I was glad to have an opportunity of addressing you upon a subject which, from the position I now stand in, and have stood in from my early days—(hear, hear)—naturally possesses great interest for me. (Hear, hear.): The Earl of DERBY—I am surethe house is indebted to my noble and learned friend for the remarks which he has addressed to us. (Hear, hear.) He has explained with his usual clearness and precision the various arrangements which have been made from time to time between the Crown and the Royal Academy. I think the principle is now recognised on all hands that while the Royal Academy has no right to claim exclusive possession of this or that particular building, yet it has a right to claim on the part of the public that they shall have some means provided for carrying on their labours, from which I readily admit the public have for a series of years derived the greatest benefit. I believe my noble and learned friend has only done justice to the zeal with which these labours have been undertaken, and to the services they have rendered to the fine arts in this country. I should not havo risen now, as there is no particular point involvei in the remarks of my noble and learned friend, but that I think it is expedient your lordships should be put in pos session of what is the real position of the Government Railways. Antwerp & Rotterdam Ardennes Bah.&S.Fran.,Lim.7p.c Belgian East. Junction Beziers to Graissessae Carmeaux Mine & Rail Dutch Rhenish Eastern of France Euphrates Valley' Great Central of France Gt. Luxem., Con. shs Italian Junction Lake Constance & Bala Lierre and Turnhout 1 Lombardo Venetian Lucca & Pistoj a, 5 p.c.pf Lyons and Geneva Maria Antonia Do. do. New Namur and Liege Do. do. 6 p. c. Pref Northern of France Do. New Shares Norwegian Trunk Pret Ottoman, gua. 6 per cent Paris,Lyons, and Medit. Paris and Orleans Recife& S. Fran. (Pern.) gua. 7 p. et. (Lim.) Riga and Dunaburg Rome and Frascati Royal Danish Royal Swedish Do. 7 per cent. Pref. Sambre and Meuse Do. 54 per cenePref. Southern of France West Flanders Do. 54 p. c. Preference W. do N.W. of France Western of Austria Western of Switzerland Wiesbaden Do 8 per cent. Pref Zealand BRITISH POSSESSIONS. Shaul Railways. Atlantic & St Lawrence Leased at 6 per cent.. Born.,Baroda&Cent.lnd, p i t:; 5 percent Do. Addit. Capital A Do. Do. Buffalo and Lake Huron Do. New Buffalo, Brant. &Godrich 6 p. ct. bds. 1 Aug., 1872 Do. do. 1 July, 1873 Do. do. 1 June, 1874 Clcutta. &S. Eas trn. Lim. Cape,Eastn. Prov.(Lim.) Cape Town & Dock Scrip! Central Oude (Limited) ' Ceylon Guaranteed 6p.c Demerara Eastern Bengal.gu.sp.e East Indian, gu. 5 p. a Do. C Shares Do. E Shares Ext Do. Jubbulpore D 0.4-1 p.c. Bds. pay.'s9 G eelong& Mel. gua.s p. c. Geelong Corporation 6 per cent. Bonds Grand Trunk of Canada Do. 6 p.c. Deben.,pay.'7B , Do. 6. per cent. Pref I Gt. IndiaPenin. gua.sp.e Do. New, gua.s per cent Do. do Gt. S.of Ind. Lim.—Scrip guaranteed 5 per cent. Gt. W. of Canada Shares Do. New Do. Bonds pay. '76,with apt. till '6O Do. do. '73 till '6O Do. do. ''/3 without opt Do. 54 p. c. do. '77 do Madras, guar., 4i p. c Do. do. 5 per cent Do. 41 p. c. Extension Do. Third Ex. gua.s.p.c Do. Fourth do. Melb. Corp. 6 p.c. Bonds Newßrunswick&Canda. It and(Lim. )g. 6pc Class ACapitl. Share Do. do. Land do J Do. do. B. Capital do 1 Do. do. Land do Northof India Tramroad Limited, Scrip Oude (Limited) Scinde 4 4.4 Do. Do. New Do. Punjaub Do. Indus. St. Flo. b 4,0 St. Andrews & Quebec A iTrinidad(Limited) Scrip 100 1 100 190 174 20 Stock Sto. Stock 100 100 201 Et 1001 100 stock I paki. Cloning I Businoss Price. Done. ._____ all 131 all 78 80 i id I d d 6 1 7 4 - d 161 }lOO 85 00 82 86 80 84 I Par it p 'lOO 100 1. 3. 0. 2s. 6CI, 2 all 5 100 all all all }lOO 1 all all all all all all 4 Ip' lei 44 I tpl 1 04 1 # 5 sla 19 191 28 30 68 71 89 91 1 00 i 1010 d 15-1 15/ 5 5d 100 105 100 105 100 105 96 98 17t 18 19 201 18 19 d d par - -d -d 20 21 f d p 1 d 201 30 70 ild pare 1011 4 BRITISH MINES. Share' Mines. Alfred Consols (Philaek)l pritish Iron condurrow (Camborne) Devon G. Cons. (Tavist ) East Bassett (Illogan) Great South Tolgus G. Wheal Alfd.(Phillack) G. Wheal Vor(Helston) Lady Bertha North Frances (Illogan) North Wheal Crofty N.Wh'l Basset (Illogan Par Consols (St. Blaxy Porkellis Unit. (Wend. Sortridge Cons. Min. Co. SouthCaradon (St.Cleer) South C. Brea( Mogan). S Wheal Fran. (Illogan) Tamar Silver and Lead \Closing I Business Price. Done. 2.11.10 17s 11.18.8 18s 6d 7.9. 84 4 nil. 64 7i 211 31 18.18 Mining Co Tin Croft UnitedMines(Gwennap) Vale of Towey (Carm.) West Basset (Illogan).. W. Caradon (Liskeard). Wheal Basset (Mogan). Wheal Buller (Redruth) Wheal Edward (Cal 5.).. Wheal Kitty (U. Lela/ WlelMaryAnn (Menke Wh'l Trelawncy (Lis le. 465 475 215 225 12 . 13 3f 4* 7 24 34 13 9 154 164 455 46 5 5 2} 210 22 021 11 3 1 11 12 i 20 2 2 65 70 210 220 115 125 3 i 3 1 11 12 47 49 30 32 5 30 28.2.8 k 411 3 1 1 p 37 39 10 12 211 1 , 24 9 91 1 1 d it 4 5 1 4 1 1 24 3 COLONIAL GOVERNMENT SECURITIES. Share Securities. Paid Closing. business. Prices. Done. - Can.Gov.6p.c.Ja. & July 100 1134 1141 114 Do. 6 p.c.Fb.a.Aug. 100 112 114 112 4 131 Do. 6 p.c.3lr. & Sep. 100 112 113 N.8.G0v.6 p.c. in. &Jtfly 100 1111 112/ -- Do. 6p.c.Ap. & Oct. 100 - N. S.W. Gov. sp. c. Deb. 100 1011 1021 1024 NovaScotiaGov.6 p.c. St. Deb. redeemable, 1875 100 1111 1121 S.Aus.Gt.6pc.Jan&July 100 1101 1111 1101 114 Vict•Gov.6p.c.Jan&July 100 JOINT-STOCK BANKS. Share' Joint-Stock Banks. Paid. Closing Business Price. Done. 100 A gra&UnitedServiceßk 50 40 Australasia all - 25 Bank of Egypt all 25/ 26 251 100 Bank of London 5O 45 47 40 Brit. Col. Bk. & LoanCo all 50 British North American all 20 Chtd. Bank of India, stc 10 11 1 d 81 100 City 5O 61 63 6:1: 100 Colonial 25 20.11 Coin. Bank of Canada all 100 Commercial of London 2O 20 Eng.. Scat., & Aus. Ch all 16 161 161 20 Gen. Bk. of Switzerland all 20 Lon.Char.Bk.ofAustral. all 21/ 221 50 London and County 50 London Joint Stock 100 London & Westminster. 20 100 Nat. Prov. of England. 35 20 Do. new lO 50 National Bank 25 20 New South Wales 25 Orient. Bk. Corporation all 40 20 Ottoman Bank all 211 22 22 Provincial of Ireland - 10 Do. New all • 25 South Australia 25 Do. New l7l 25 Union of Australia all 531 25 Do. New 2O -- 50 Union of London lO —. 100 Unity Mutual 55 -.- 100 Western Bk of London 50 20 19 d MISCELLANEOUS. , Closinc , • Share Miscellaneous. Paid. Pric e ZUNIICSB done 10 Anglo-Mexican Mint.. all 121 131 1000 Atlantic Tel. (Limited). all 220 250 25 Australian Agricultural 19 32 34 10 Australian Royal Mail . all 1 10 Berlin Water Works . all 21 31 10 Do New, issued at £5 dis 3 50 British American Land 40 . 50 Brit. & Irish Mag.Tel.A. all 36/ 384 20 Do. B, 7p. c. till 1862.. all 19 21 20 Do. C 100 Canada Land 321 120 126 10 Chan.lslands Tel.(Lim ) all 9 10 Stock Cop.Min.ofEng.&Smltg all 25 Do. Preference 7/ per ct all 24 25 5 Crystal Palace 5 Do. Preference all 4f 5 20 Eastern Steam Stock Electric Telegraph lOO 99 101 101/ 5 Eng. & Aust. Cop.St.Co all /(1 1 p 10 Europ. & Ind.Junct.TeL 10s. 1 d 9 Europ.&Am.Stm.(Lim.) all / 11 20 GLlronScrewCol.(Lim all 15 Gen. Steam Navigation. 14 20 London DiscOunt 5 111 11 d Lond.Gen. Omnibus Co. all 14 11 Mediter. Electric Teleg,. all Med. Exten. Tel. (Lim.) all 51 64 64 25 National Discount Co 5 1 d 10 Netherlands Land 6 10 Do do all 1 2 5 Do 8 p.e.Pref.,iss.at 1 dia. all 1 11 100 N.Lr.&NovaScotiaLand 80 1 N. B. Australasian (Lim.) all 20 North of Europe Steam all 1 Oriental Gas 1 Do. New Shar es lss. I die par :5 Peel River Land & Mi n. all 21 3 a i t 50 Pen. & Oriental St eam M. all 85 4 50 Do. New .... .... . . 20 Red Sea & Ind. Telegr. 8 *I) 8 4 1 50 Rhymney Iron 15 Do. New all 7 71 100 Royal Mail Steam 6O 62 :64 1 Scot.Austrin.lnv.(Lim ) all 1271 127/ 25 South Australian Land, all 36 38 1 Submarine Teleg. Scrip, all 1 1 1 Do. do Registered all 1 1 90 Tr.& Ln.Co.oi Upr. Can. 5 100 Diemen's Land_.. 223. 9 11 _~,. and the Royal Academy towards each other. Your lordships are aware that for a series of years there has been a growing feeling that the building occupied partly by the national collection of pictures and partly by the Royal Academy was insufficient, and that it was desirable to separate one portion from the other. For a long time the question has been agitated whether the National Gallery should be removed and the Academy left in possession of the original site, but the result of inquiries by commis sions and committees appears upon the whole to be that there is no site better calculated than the existing National Gallery for the exhibition of the pictures which belong to tho nation. That being the case, it wa s thou g ht th a t some other place should be found for the Royal Academy. In that state of things the late Government purchased Bur lington-house, with the gardens and court-yard attached In order to give some idea of the extent of space required, I may state that the extent of the National Gallery is 13,000 square feet, while the superficial area of Brrlington house and grounds is 143,000 feet, or nearly eleven times as much. It must not, however, be supposed that there are not numerous claims on this valuable site—(hear)--and en gagements have been entered into with various land societies for portions of that space. I have here a list of those societies which have received promises of that nature. They are the Royal Academy, the Patent-office, the London University, the Royal Society, the Linnaoan Society, and the Chemical Socieiy. But, besides these, the Astrono mical, the Geological, the Antiquarian, the Ethnological, the Asiatic, and the Water Colours Societies, which are now located in Somerset-house, are claimants for accom modation in Burlington-house, while strong recommenda tions have been made to the Government of allotting a portion of this site to the Geographical and Statistical Society. Under these circumstances you will, I am sure, admit that it is a matter of some difficulty to meet those various conflicting claims ; but the principle on which the arrangement with the Royal Academy is to be carried out has been entirely agreed upon, the settlement of details being left as a matter for future consideration be tween it and the Government. The principle of the arrangement is this—it appears to me to be a reason able one—that, in order to secure the Royal Academy from the inconveniences attendant upon frequent change of place, to afford them more ample accommodation than they now possess, and, at the same time, to provide for the pub lic at large that amount of space hich is necessary to the adequate realisation of the specific objects which the Academy has in view, they should, out of their own funds, obtain for themselves a site, to be conveyed to them in free hold, whereby they would be relieved from all apprehension of future removal, while the advantage would be conferred upon the country of having a building suited to the pur poses for which the Royal Academy is designed. (Hear, hear.) The proposition made to them, therefore, was that a considerable portion of the site of Burlington-house should be appropriated to their use, and should be male over to them in fee simple, upon condition that upon that site they should erect a building adapted to the purpose of the Academy, and not in its style and character incongruous with those other buildings which may hereafter be erected in the same locality. (Hear, hear.) Neither the precise site nor the exact extent of space to be allotted at Burlington house to the Academy has as yet been decided upon. These points are under negotiation ; but I understand that they desire to have half of the entire frontage of thepresent build ing facing Piccadilly, and also a large portion of one of its sides. Now, that application for no less than half of a site 143,000 due respect e e s p q e u e a t r square feet er t he is think ing, occupyingwi h all Aca demy, of rather an extensive character, consi derin g that there are six other societies to whom, as I have alread y said, promises of accommodation have been made , and seven or laboursonel cannot of t R he o l y p . al eight whose claims have been strongly pre ssed u p on the attention of the Government. (Hear.) Her Majesty's Mi nisters, however, have deemed it right to ascertain, in the first instance, what amount of space the Ro y al Academ y nett reasonablyplace, h eI. r b: supposed th to want, and, in th e them so large a por tion of ground, to be assured that th e amount o f their funds is such as would enable them to cover, either now or at some future time, with buildings adapted to the objects of the institution, the whole of the site which they require. (Hear, hear.) We have taken this course because it ap peared to us it would be extremely undesirable and impolitic to assign to the Royal Academy, or to any society, a con siderable space of valuable land, part of which, while they did not need it themselves , th ey would prevent others from occupying. (Hear, hear.) Of course, so f ar as th e advan tages of securing to them a 'particular aspect and a suffi cient amount of light are concerned —matters so necessary for the purposes of the Academy—her Majesty's Govern ment are disposed to deal with them with the utmest favour ; and liberality in making their selection of a site. (Hear, l hear.) The price paid for the entire site of Burlington house amounts to no less a sum than £140,000; and if, therefore, we should comply with the wishes of the Royal Academy, we should be allowing them a space of ground of the value of £70,000, which is a very considerable sum to dispose of to any one society. (Hear.) I thought it • right to make this explanation to your lordships, and to inform you that the site to be set apart for the Royal Aca demy, and the principle on which we propose to act in deal ing with it, have been areed upo n . A s to the amount of land to be allotted to them, and the p ar ti cu l ar pos iti on which they are to occupy at Burlington-house I can only say that these are questions the so l u ti on of which must to a certain extent depend upon the claims of those other socie ties to whom promises have been made, and also upon the sufficiency of the funds of the Royal Academy to enable them adequately to occupy the ground which may be as signed for their use. (Hear, hear.) Lord MONTEAGLE said it was an error to suppose that the building originally occupied by the Royal Academy be longed to the Crown, the fact being that it was public pro perty, and had been erected at the public expense. He was glad to hear the explanation which had just been given by his noble friend opposite, and in no portion of his statement did he more cos rally concur than that from which it ap peared that the Government were prepared to paydue regard to the claims of other societies, and not to allow a site of such immense value as Burlington-house, situated as it was in the centre of the metropolis, to be monopolised by a single body. The services rendered to the public by the Royal Academy were such, he was prepared to admit, as entitled them to the utmost consideration, but nothing could in his opinion tend more strongly to defeat the objects of the ne gotiations which were now in progress than thatthey should endeavour to place themselves beyond the scope of Parlia mentary examination and inquiry. Earl STANHOPE said there seemed to be some misap prehension with regard to the Society of Antiquaries. That society had held apartments at Somerset-house, but a short time ago a new arrangement had been made with the Go vernment, which was perfectly satisfactory to the c ounc il, and they had no intention to make tmy claim upon the ground at Burlington-house. SUBMARINE TELEGRAPHS. Lord WODEHOUSE said he had lately seen a state. ment in the newspapers that a company which had extended its telegraphic communications as far as Sicily were dis posed to carry it to Malta, but that the authorities would not permit them to land the cable upon that island. Now, he knew nothing of the merits of the company which had made this proposal, and possibly there were good reasons for refusing it ; but at first sight it certainly appeared as if some monopoly were set up in favour of the existing line, that line being connected with the Submarine Com pany, which at present enjoyed a monopoly of the commu nication with France, whereas the rival line was that of the International and Electric Telegraph Company. The question was one of some importance as a matter of prin ciple, because it involved the mode in which the Govern ment were to deal with the whole telegraphic system in the Mediterranean. He thought we should have done well to have made Malta the centre of our telegraphic commu nications there, and obvious reasons existed in favour of such a course. In all probability we should then have had four lines touching at this island—one from Cagliari to Malta, another from Ragusa to Malta, a third by Naples and Sicily, and eventually a fourth, which would be of still greater importance—namely, a direct line from England, passing by Gibraltar—(hear, hear)—and in this case we should have held the key, as it were, of all the telegraphs in the Mediterranean. He feared, however, that the oppor tunity for making such an arrangement had been lost. In a very able Treasury minute, dated February 22 of last year, reasons were given for the decision which had been arrived at in favour of the Austrian line by way of Ragusa and Candia to Alexandria ; but still he thought it of impor tance that no principle should be laid down which would prevent future independent communications from being made. He wished now to call their attention to the ques tion of subsidies and guarantees. The telegraphic system, and especially that of submarine lines, was in its infancy. Although, owing to the failure of the Atlantic cable, such plans were now somewhat out of favour, and although it might at present be impossible to lay down cables of such length with safety and at a moderate expense, yet, looking to the progress of science, it was not to be doubted that means would be found for overcoming all difficulties. If this were the case, of what importance did it become that the Government should not give premature guarantees, and should not, for want of properly considering the lines laid down, prevent the future advantageous development of telegraphic communication. (Hear.) If the Government had no distinct plan upon which they proceeded they might find that they had not patronised the best lines, and what was still worse, that they had prevented more advantage ous lines from being formed. We had already give a gua rantee! to the Mediterranean Extension Company, which had laid down a telegraphic cable from Cagliari to Malta, and from Malta to Corfu. Then, since last session, a gua rantee had been given to another and more important un dertaking, the Red Sea line. Here he might remind the noble earl (of Donoughmore) that the answer given by him upon this subject at the close of last session was not altogether accurate. The noble earl stated that the Govern ment had under their consideration the competing lines, and although no decision had been come to, it was possible they might choose that by the Persian Gu It; whereas it so hap pened that the very next morning the newspapers stated, and quite accurately, that the Government had decided in favour of the Red Sea line. He (Lord Wodehouse) did not complain of that decision, which was probably the Lest which could be arrived at under the circumstances; and, looking to the difficulty of getting any company to under take the work, and to the state of the money-market at that time, the Government were probably justified in the guarantee they had given. It was said that the Turkish Government would proceed with their line, and it would then, no doubt ; become a question whether some assistance should not be given to connect it with Kurrachee. Again, negotiations were in a forward state with a view to a gua rantee to the Ragusa, Corfu, and Candia line • and another guarantee had been given to the Atlantic Telegraph Com pany. He did not know precisely what was the agreement at present existing between this company and the Govern ment. The original subsidy was £14,000 from the English and one of a similar amount from the American Govern- merit ; but he understood that the company had applied ror a considerable increase, and:he should be glad to hear what conditions had been agreed upon with regard to it. What ever might be the result, their lordships would observe that these guarantees were already of considerable magnitude, and ho did think that if we were to increase them some de- finite s3rstem should be adopted on the subject. It might be doubted how far it was politic to give any guarantees at all. (Hear.) In certain exceptional cases they might be necessary, but upon the whole he believed the Government would act wisely if they declined to involve themselves in any such engagements. (Hear.) He would now conclude by asking the question of which ho had given notice—whe ther it was true that the proposal of a company to lay a submarine telegraph from Naples to Malta had been refused by her Majesty's Government ; and if so, upon what grounds. Also, whether it was the intention of her Ma- jesty's Government to grant assistance, either by way of guarantee or subsidy, to other companies beyond those which had already received such assistance ? The Earl of DERBY—I think I shall be able to give a very short and conclusive answer to the question of the noble lord. Three applications have been made to her Ma- jesty's Government by different parties for establishing sub marine telegraphic communication with Malta. Two of these applications were made to, and were refused by her Majesty's late Government. They have been repeated to her Ma- jesty's present Goverment, and are now under considera tion. The third application has been made by what is called the Mediterranean Company, who propose to carry out a small line from Malta to Cape Passaro, a distance of about 70 miles, and her Majesty's Government have stated that if that company can make an arrangement with foreign Governments they will not offer any opposition to their establishing telegraphic lines, but that, on the other hand, they aro not prepared to afford any aid or assistance to the company. I think the noble lord seemed to labour under some misapprehension in speaking of what would Intro been the case if Malta had been made the great centre of telegraphic communication in the Mediterranean, and in expressing his belief that the accomplishment of that object had been prevented partly by the refusal of her Majesty's Government to sanction a line of telegraph between Naples and Malta, and partly by the establishment by the Austrian Government of the com munication by way of Trieste. So far as Malta is concerned I donot hesitate to say that I think it ought to be, and that it is, the central point of communication for the various submarine telegraphic lines of the Mediterranean ; but I do not think, therefore, that we should avoid availing our selves of other means of communication which may be established. We are, consequently in a forward state of negotiation with the Austrian Government, with the object of establishing a telegraphic communication by way of Ragusa. With regard to the noble lord's question as to the Atlantic Telegraph Company, I shall be glad to have an opportunity of stating generally the principles by which her Majesty's Government think they ought to be guided in dealing with these various telegraphic companies which are rising in every direction. The noble lord stated that, under a former arrangement, her Majesty's Government had agreed tc give the Atlantic Telegraph Company a subsidy of £14,000 a year, and that the Government of the United States were prepared, under certain conditions, to contri bute the same amount ; and he stated that he understood that negotiations were at present in progress between the Atlantic Telegraph Company . and her Majesty's Govern • ment with the view of arranging that a much [larger sub sidy shall be given to the company. Now, in making that statement, the noble lord has confounded two things which are entirely and absolutely different —namely, a subsidy and a guarantee. The Atlantic Telegraph Company, after very praiseworthy efforts to establish telegraphic communi cation with America, most unfortunately sunk the whole of their subscribed capital, and were consequently unable to prosecute the undertaking, and it became necessary for them, if they wished t o continue their at be tem ing pt, th to e e c n as te e r . into an entirely new a rran g em e nt. This the agreement entered into with regard to a subsidy of £14,000 a year on the part of her Majesty's Government and of the United States, to be continued so long only as the company was in process of working, naturally and en tirely fell to the ground. The company then requested that her Majesty's Government would either grant them an additional subsidy for the purpose of raising new capital or give a guarantee upon such capital as should be raised. Now there are two kinds of guarantees, and there is also the system of subsidies, and these three modes of assisting telegraph companies are entirely and absolutely distinct. Propositions have been m a d e a t var i ous t i mes, and by various companies, and among others by the Atlantic Telegraph Company, for what I will call unconditional guarantees ; that is, supposing a company un d ertoo k to expen d a cer tain sum in the prosecution of particular works, it was sug gested that her Majesty's Government should guarantee them the receipt of a certain amount of interest upon the amount so expended. Now, although in one case such a proposal was agreed to, I hold it to be in principle an inde fensible arrangement—(hear)—because it is quite clear that if You guarantee a company 41 per cent. for '25 or 50 years you have no security, or next to none, that the work will be properly carried on, and you run considerable risk of being compelled to pay for a long period a large sum of money for a service which, after all, is not completed. If the money be expended, and the expenditure prove a loss, it matters not to the company, so long as for 50 years they are to receive their 41 per cent.—(hear, hear)—while in the event of failure the Government have all the loss, and in the event of success they gain no portion of the profit or advantage. I think it would be much better—though I don't mean to say it is a plan I recommend—that the Go vernment should take the construction of works into their own hands—(hear, hear)—because in that case, instead of paying 41 per cent. upon capital, they would probably get the requisite capital at 3 or 3/ per cent., and if the scheme were unsuccessful they would not lose more than they would do under an absolute guarantee, while, if OUCCOBE ful, they would derive all the advantage. In the case of an unconditional- guarantee, however, the Government run all the risk, and suffer the loss if the scheme fail, while, if it should prove successful, the company, who have been protected against risk, derive all the profit. (Hear.) But a conditional guarantee is a very different thing, and I take it to be perfectly legitimate in cases wher e th ere i s a great proposal of success. but at the same time considerable risk of failure. It is, I think, in such cases, perfectly legi timate to guarantee a high rate of profit upon the outlay in the event of success, in consideration of the great amount of risk originally ran by the company. In such a case, therefore, I do not think it at all beyond the provision of the Government to give a guarantee if there is a great un dertaking for which, in the event of failure, the Govern ment are not in any way responsible, but which, if it suc ceeds, is likely to produce advantages to the public and great pecuniary results to the company. We are at this lime in negotiation with that company, who have asked that a limited sum of money may be expended under the supervision 'of the Government, and that they may have the Government guarantee of 8 per cent. upon the outlay for a certain number of ' years so long as the telegraph shall be in working order and capable of . performin2 . ; its duties. Now, I think, if telegraphic communication is established by a sub marine cable between this country and America, it is a very reasonable calculation that the profit may be expected to amount to 8 or 10 per cent., if not more. Supposing, there fore, that the terms to which I have referred were acceded to by the Government, which is not the case at this mo ment, if the profits reached 8 per cent. the Government would not be liable to any payment. If the profits reached 6 per cent. the Government would then, for the attainment of every important national object, pay 2 per cent., and no more. upon the outlay of capital. I think, therelbre, that in cases in which the risk of failure is very considerable, but when the prospect of pecuniary advantage in case of success is very great, the Government exercises a wise and judicious course in guaranteeing a certain amount of inte rest in the event of success, but in that event only. There is a third class of cases, which includes not only submarine telegraphs, but post-office and packet communication, in which subsidies are asked for. I think no subsidy ought to be given except in cases where an object of great political or commercial importance is to be secured, and where it is clear that, as a mercantile speculatiom, unaccompanied by some subsidy the project must inevitably fail of success. In such a case I think it is perfectly legitimate on the past of the Go vernment, for great politica and commercial objects, to grant a payment or subsidy, wholly irrespective of the profit or loss which might otherwise be experienced. It seems to me, then, that whether with regard to electric telegraphs submarine cable, or the post-oflice packet communication, absolute and unconditional guarantees should hardly in any case be consented to by the Government ; that conditional guarantees are legitimate when the risk of failure is very great, and when the prospects of profit in ease of success are very considerable; but that subsidies ought only to be granted in cases when the prospects of remuneration would rot induce persons to undertake the work as a mercantile speculation, and when the attainment of important political or commercial objects justified the payment of such sub sidies from the public funds. In every proposition that may be submitted to the Government, I think when projects are in other respects equal the Government ought to give a pre ference to those schemes which provide that the whole line of telegraphic communication shall be, if not upon British territory, at least exclusively and absolutely under British control. (Cheers.) Having stated the rules upon which these propositions ought to be considered, viz., the solvency of the company, the magnitude of the abject to be attained, the pro spect of better offers, the risk to be run, and the interests to be served—the terms must always be a matter of calculation in each separate case. (Hear, hear.) It is impossible to lay down any rule a s t o the proportionate assistance which her Majesty's Government ought to give, but I hope I have stated distinctly the principles by which, in dealing with the sub ject, I think her Majesty's Government ought to be guided. (Hear, hear.) __ , , Earl GREY said he had heard with great satisfaction the statement of the noble earl. He thought the principle adopted were both sound and right, and above all the prin ciple of giving a preference to those lines which would be entirely under British control. (Hear, hear.) It appeared to him that it was the greatest possible mistake to allow the American Government to be connected with a line of tele graph from one part of the British dominions to another, and he was glad to infer from what tho noble earl had stated that it was an error which was not likely to be re peated. (Hear, hear.) He concurred in what the noble earl had said as to conditional guarantees, but he thought that if the Government secured to a company a certain profit on their capital, it was absolutely necessary that the Government should have control over their working expenses, to pre vent jobbery and extravagance. (Hear, hear.) He also concurred with his noble friend who had commenced the conversation, that it was of very great importance thero should be, as soon as possible, an independent sea line from the Land's End to Gibraltar and from Gibraltar to Malta. Lord STANLEY of ALDERLEY approved the state ment of the noble earl, and asked whether her Majesty's Government intended to make it a condition with the At lantic Telegraph Company that they should abandon their exclusive privilege, and whether the guarantee to the Red Sea and India Telegraph Company was absolute or condi tional. The noble lord added that he much regretted that the whole system of electric telegraph communication of this country had not been made part of the postal arrange ments, under the direction of a branch of the Executive. The Earl of DERBY was quite ready to admit that the terms obtained by the Red Sea Company were of a very favourable character. In one sense the guarantee might be considered absolute on a certain amount, but, on the other hand, the company contracted to the Government to have the line laid and placed in working order, so that it was not until the line was in that state that the guarantee of the Government arose. As to the Atlantic Telegraph Company, he was glad to say tho Government had insisted as a first condition in the negotiations now pending, that the mono poly of the company should bo abolished, and that the Go vernment should be at liberty to sanction and assist any company which might be disposed to undertake to lay down other lines. If the Government guaranteed a particular company, it was not the interest of the Government to diminish the profits of that company by encouraging a number of competing lines. But the principle adopted was to repudiate any monopoly, and to hold the Government free to agree with any other company they should think it desirable to do so. (Hear, hear.) Tbe conversation then terminated. DEBTOR AND CREDITOR BILL. _ _ Their lordships then went into committee o;this bill. On clause 1, Lord WENSLEYDALE objected to the abolition of ar rest in execution, as being against the reports of all the committees and commissions since 1832, but after a short conversation withdrew his objection, and the clause was agreed to. - Clause 2. Lord WYNFORD protested against the power of arrest given to creditors without the intervention of the court. The LORD CHANCELLOR did not think that the noble lord completely understood the clause. By it arrest in ex ecution was abolished, except on a judgment obtained in an action of tort, where the debt had been incurred under false pretences, or in case of an absconding creditor. The clause and clause 3 were then agreed to. Clauses 4 to 92, with some verbal alterations, were agreed to. On clause 93, Lord CRANWORTH said that this clause introduced 211 important alteration in the law, for it trenched upon the official control over the estates of insolvents. Under the old law before 1831 there was no official assignee, and it was found that more than £2,000,000 money was standing in the names of neglectful assignees. In the face of that ex perience the clause enabled creditors to dispense with the official assignee. And it was the majority in value who were enabled to dispense with that officer ; thus the smaller creditors would be easily swamped. He quite admitted that in many cases creditors would readily dispense with official assignees. That was because they could easily appreciate the expense of the official assignee, while they could not ap preciate the expense of reckless and careless management. The LORD CHANCELLOR said the great difficulty which the Government had had to determine was to fix on the course which, under many conflicting representations, they should follow. Petitions had been presented to their lordships' house, asking urgently, that to creditor s alone should the right' of administering the bankrupt's affairs be given. The Government considered that,.under the conflict ing circumstance of the case, the best course to be taken was to give the creditors the power, if they chose, of dispensing with the assignee. A noble lord in the other house had produced a bankruptcy bill, and that noble lord, who was supposed to represent particularly the commercial classes, bad introduced in his bill a clause g oin g ver y much further than the present. With refer ence to the statem e nt o f Lord Cranworth that smaller credi tors would be overborne, he (the Lord Chancellor) mus t sa y , from his experience, that the commercial community was not slow in looking after their own affairs. The clause was then agreed to. Cl aus es 94 to 110 were agreed to. On clause 111, Lord ORAN WORTH said this clause appeared to him monstrously unjust. Under the present law an insolvent could not get protection without giving up all his property; but under this clause it was provided that if an insolvent had a reversion in real property the creditor should not have power to sell till the reversioner had come into possession. His noble and learned friend said his object was to protect the insolvent against a vindictive creditor, who might wish to sell when the property would realise comparatively little. Why, delay might be the creditor's ruin, and in that case it would be no consolation to tell him that more would be obtained when the debtor's father was dead. Here was a new law for the protection of non-traders who were interested in real property, and the public would conclude that the object was to favour the landed aristocracy. Lord WENSLEYDALE concurred in the objection. The LORD CHANCELLOR said his noble and learned friends ought to bear in mind that this was the first time it had been enacted that a person interested in real property should be c om p e ll e d to part with his property for the benefit.ne of his credit ors, an d h e thought it was only right that t :9 such pers ons b ecame i nso l vent they shoul d b e pro t they were by thi s cl ause . M oreover , as his noble and times nd l earned friends w ere we ll aware, it was not once i n a th u that a trad er was a t enan t i n t a il i n remainder ci, 1 of a settled 50. estate. (Hear, hear.) Lord CRANWORTH—He may be. The LORD CHANCELLOR said they were not to pro vide against possibilities, but against cases of common oc currence. He had not the slightest hesitation in saying that his object was to protect the insolvent debtor against a sale of his interest at a time when its value would bo very small. Lord CRANWORTH said he entirely approved of the proposal substantially to do away with imprisonment for debt, because putting the body of a debtor in prison was a relic of barbarism ; but his noble and learned friend should remember that the event which he contemplated, namely, the insolvent's coming into possession of the estate, might not happen for fifty years. He looked upon this clause with deep regret, and repeated that it would be regarded by the country as a clause passed to protect the sons of the aris tocracy and the landed gentry against their creditors. The Earl of DERBY said that compelling m en t o sell reversions was, in fact, compelling them to raise mone y pos t -obits—a practice which had always been ean si d ero a highly objectionable. (Hear, hear.)he bill with some verbal :f l' h h e e c re la m us a e in w in a g s th e e l n an a e g ee ree e d f to t . am endments, were then agreed to, and the hou se resume d. EATON EXCHANGE BILL. This bill passed throughT:cLoistAmciste AND BURIAL ij t I I V A A L L BILL. • This bill was read a second time . MARRIAGE reading gouenf ttitUbNiuGhAeliwNeuldli LAW AMENDMENT DMENT BILL. time that day six months. Their lordships then (Hm g e a oar v v e e.) n th ot a i t w it th b a e t reld th a e second e e cond adjourned at a quarter-past nine. HOUSE OF COMMONS-(YESTERDAY. The SPEAKER took the chair at four o'clock. NEW MEMBER. Mr. HARDY took the oaths and his seat for Midhurst. PRIVATE BUSINESS. Mr. FORSTER moved that the order, that the Man- FOREIG Australian Boa AccordCopper,Lim. Brazil. Imp. (is. at £5 p.) Do.St.Johndelßey,Lim. Do.L and and MinmgCo. Clarendon Consols Min. MIN: ing Co. of Jamaica t Cobra Copper alr Copiapo l6 DunMoun.Cop.Ming.ea all Fortuna General all Linares all Lusitanian I 1/ Mariquita all New Granada all N.RhineCop.of S.Aus.L 10 Pontg-ibaud Silver, Lead Mining and Smelt all Port Philip .. 1 Santiago de Cuba l6} United Mexican 8 2 i THE NATIONAL GALLERY. Lord LYNDHURST, whohad given notice of his inten tention to call the attention of the house to the Royal Aca demy, to the proposal to remove the establishment from the National Gallery to a new situation, and the conditions of such removal, rose and said—My lords, shortly after the meeting of Parliament, in answer to a question put to the Chancellor of the Exchequer in the other llouso of Parlia ment, the right hon. gentleman stated, according to report, that there was an intention of removing the Royal Aca demy from their present residence in Trafalgar-square to a new site, upon certain terms which were not distinctly stated. My lords, I consider that much misapprehension has existed respecting the tenure under which the Royal Academy hold their apartments- at present in the National Gallery. Much apprehension appears to mo also to exist as to the character, the duties, and the means of perform. ing the duties of the Royal Academy, and much misrepre. F siltation has taken place in consequence of such misappre hensions. I am, therefore, desirous to have an opportunity of entering into an explanation upon this point, because I think it will be satisfactory to your loriships, and will re dound to the credit of the society to which I have referred. I hope, my lords, I shall not be charged with going out of my province in entering upon this subject. My justification, or rather my excuse may be, or must be, that in the course of last session I presented a petition to your lordships from the Royal Academy, requesting your lordships to pass some bill for the purpose of extending the law of copyright to paint- ings and other works of fine art. In consequence of this I have received repeated communications from members of the Royal Academy, and they recal to my recollection many cir cumstances of my early life when I attended the lectures of Sir Joshua Reynolds, of Mr. Barry, and other professors when I was very much associated and very conversant with the proceedings of the Royal Academy, and when I was in timately acquainted with many of the members of the society. There is one circumstance, and a remarkable circumstance, that distinguishes the Royal Academy in this country from all the otlir academies that exist on the continent of Europe. There is not a smgle academy for the purpose of promoting the fine arts upon the continent of Europe that is not supported entirely by the State, whereas the Royal Academy here has almost from its first institution been self supporting. It has been of no charge whatever to the State, and in this respect resembles many other of our in stitutions, which would in foreign countries look for aid to the Government, but which in this country are supported by the energy, vigour, and enterprise of individuals. This is a peculiar characteristic of our free state, and it does, I think, great honour to its independence and spirit. Some persons have said that the Royal Academy is to be consi dered as a society of private gentlemen united for the pur pose of promoting the fine arts, while others have said that it is to be viewed as an incorporation. It is a singular cir cumstance that at the institution of the Royal Academy there was an Incorporated Society of British Artists then in existence, consisting of a numerous body of professional gentlemen. In consequence, however, of a dispute among that body and the disorders consequent upon it, some of the leading members applied by memorial to George 111. for the purpose of establishing an academy under his patronage. After some eonsiderarion, the King assented to their re quest, and established the Royal Academy, exclusively under his protection and support. A code of laws was pre pared under the immediate superintendence of the King, and he himself devoted a considerable portion of time to their consideration. Many alterations were proposed, but at last the code was complete. and it was then handed over under the sign manual to the Royal Academy ; so that the Royal Academy exists, not as a private assemblage of in dividuals, but as an establishment under Royal authority, and under the sign manual. As for these laws I may de scribe them in a few words. The society consists of 40 Aca demicians and 20 associates, and it is provided that when there is a vacancy it shall be supplied by election, that elec tion to be conducted by the Royal Academicians. But no person is allowed to hold the office of Royal Academician except with the assent of the Crown, and before he is placed in that situation he must have a diploma from the Crown, pointing out his rank and position in the society. Part of the system is the establishment of a very extensive and gratuitous school for the instruction of stu dents in the fine arts. Certain professors are appointed, four or five in number, and also certain officers who are necessary for carrying on the establishment. I remember hearing many years ago—nearly 70 years ago—that the whole system and code of laws were referred to and con sidered by Lord Camden. I find that at this time Lord Camden was the possessor of the great seal, and we know, according to the practice of those days, that the Lord Chan cellor was in daily private communication with the Crown. It is therefore almost impossible that a scheme of this kind should be established, and this system of laws could not in deed well be constituted without the King taking the ad vice of the Lord Chancellor. I own, my lords, that the various documents under the sign manual are not counter signed by any of the officers of the Crown, and there might be some doubt raised whether this Academy was patronised and under the support of the Crown in its private or its public character. My lords, Ido not think it very material to enter into these nice distinctions. What I am stating relates to the frame, the constitution, and the circumstances under which the endowment was placed. Now, my lords, a word or two in respect to. its local position. The Royal Aca• demy was &linden in 1763. Three years afterwards, in 1771, it was transferred from its original place of residence in Pall-mall to the old palace of Somerset-house by the au thority of the Crown. It remained at the old palace of Somerset-house until the new building was erected. That building, or series of buildings, was erected under the autho rity of an act of Parliament. That act of Parliament pointed out the particular offices which were to be accommodated in this building; I think they were to be ten in number; and it provided that on the site of the old palace such other buildings and offices should be erected as his Majesty should think proper to direct. It was under this reserved clause that his Majesty directed that that part of the building which fronts the Strand should be erected, for the accommodation of the Royal Academy, the Royal Society, and the Society of. Antiquaries. The keys of that part of the building intended to be occupied by the Royal Academy were directed by his Majesty to be handed over to Sir Joshua Reynolds, who was then the president. It is clear that at that period the apartments which were assigned to the Royal Academy were held as part of the old palace of the Sovereign and at the will and pleasure of the Sovereign. They continued in the occupation of those apartments un disturbed for a period of nearly 60 years. At the expiration of that time it was found convenient to transfer the Royal Academy from the position they then occupied, in order that other offices should be established on that position ; but on that occasion a special agreement was entered into be tween the Crown and Parliament, in which the Royal Aca demy joined. By virtue of that agreement, and with the consent of the Crown, the Royal Academy was transferred to the National Gallery in Trafal , mr-square. It was stipu lated at the time as part of the arrangement that they should hold those premises precisely on the same tenure and with the same rights and privileges as they formerly held the premises in Somerset-house. His Majesty consented to this arrangement, Sir Mat in Archer Shee being at that time President of the Academy. Thus the matter stands as to the right of the Royal Academy to the apartments they now occupy. They do not hold them of the nation, but of the Crown, and at the pleasure of the Crown. I pass over that part of the subject. I have stated that the society is self-supporting; that the source from which they have de rived their ine9me is the annual exhibition. The profits of that exhibition have advanced by degrees to their present amount. The average for the last 10 years has reached the sum of £7,000 a year. From the very first they have con ducted themselves in the management of that fund with great discretion. They have set apart a sum for accumulation with a view to the perpetuity of that establishment. I know some persons suppose that the members of the Royal Academy may apply this fund as they think proper. Some think they have distributed a portion of it among them selves. Nothing can be more unfounded. They have no power whatever over the fund. They cannot dispose of any part of it without the consent of the Crown. Upon one or two occasions they advanced large sums towards the relief of the country. In 1798 they voted £5OO for that purpose in aid of the Government. They voted afterwards a similar sum ; but the CrOwn refused its consent, and the money was not advanced. For what purpose is the fund then to bo applied ? There are certain officers appointed with the view to the schools and the instruction of the students ; among others, a professor of sculpture, a professor of archit ec t ure , and a professor of anatomy—alli branches of art necessary for an artist. These and certain other officers receive sti pends on a very moderate scale for the discharge of the duties devolving upon them. But the great object of the institution has reference to the schools. The schools are on a most liberal establishment. Any of her Majesty's sub jects have a right to be gratuitously instructed there. No thing more is requisite for that purpose than the production of a certificate of good moral character and a qualification in drawing. With those qualifications they aro admitted to the schools and are instructed gratuitously during as long a period as they think proper to remain. Many hundreds of students have been instructed in the schools connected with the society. At this very moment the number of students is something like 400. Your lordships may ask what has been the result of this instruction. The answer is most satis factory. During the last 50 years by far the larger pro portion of eminent artists in this country were taught in those schools. Two-thirds of the present Royal Academi cians had their education in those schools. I have a list in my pocket of the names of those to whom I have re ferred, but I could not trouble your lordships to read them all, and to read a few would be invidious ; but I will` re peat in distinct and precise terms that the most eminent men that have figured in the arts in this country have been educated in those schools. Two-thirds of the present Royal Academicians were so trained and so educated. There is another circumstance worthy of mention. Not long ago it will be recollected that premiums were offered the has hied Ding hire )cial ittle in 1 to Stock Stock Stock 12i Stock Stock 10 Stock Stock Stock 50 Stock Stock Stock Stock Stock 25 Stock Stock Stock Stock Stock S took 1 Stock Stock Stock Stock' Stock Stock Stock 1 25 Stock Stock Stock Stock Stock Stock Stock Stock Stock Stock 161 1613 4 Stock 100 100 100 100 100 100 Share'