The Sun. — London, England, 1848-12-23 00:00:00

„_._~._ i dia. MARKET NEWS,-(THIS DAY.) O'VETVr-G.II7.:DEPT. Oar market, to-day, presented a very gay appear ance, from the immense supplies of Ct . ristmas corations on Sale. Both fruit and vegetables—the supply of which was seasonably good—sold readily, on the following terms;—Fruit: Pine-apples, 2s 6a to 4s per lb ; Apples. Is 6d to 33 6d ; and Pears, Ss to 5s per half sieve; Hothouse Grapes, 43 to 4s 6d ; and Foreign grapes, 7d to is Id per lb ; Walnuts, 8d to Is ; Lemons, 5s to 105, and Oranges, Gs to 103 6d per 100; Filberts, 903 to 1053 per 1001bs ; Chesnuts, 4s to 6s per peck. Vegetables;—Red Cabbages, 2s to 4s per dozen; Spinach, 2s to 3s per junk ; Horseradish, 2s 6d to 3s 6a per bundle; Turnips, 2s to 2s 6d; and Carrots, 3s to 4s per dozen bunches; Onions, Is 6d,to 2s 6d per bushel; Ash-leaved kidney Potatoes, 4s to 6s per bushel; Celery, is to Is Sd per bundle ; Cape Brocoli, 163 to 13s per dozen bundles ; Mushrooms, 9d to is per pottle; Spanish Orions, 10s to 12s per box; Endive, 8d to Is per dez,m ; Savoy Cabbages, 8d to 9d per dozen; Brussels Spouts, is to is 6d per half sieve; Greens, Is 9 1 to 2s 4d per dozen bunches. Zinv7o-11.7.1% 11. - 7:713 Z.M/1.12,1Ex rziIAZZ, A very extensive supply of meat for Christmas con sumption was on sale to-day, still, however, the trade was somewhat active, at very full prices. Beef, from 2 Cd to 3s 8d; Mutton, 3s 2d to 4s 4d; Veal, 3s 10d to 4s 10:1; and Pork, 3s 6d to 4s 8d per Sibs, by the car case.—Unusually large supplies of both Game and Poultry were brought forward to-day, yet a very exten sive business was transacted, at fair prices. Turkeys, 6s to 245; Geese, 4s to 12i; Ducks, is 9d to 3s; Tame Rabbits, is 6d to 25; Wil i ditto, 7d to is; Pi eons, 6d to 9d; and Roasting Pigs, 5s to 8s 6d each; Surrey Fowls, 6s to 9s; ditto Chickens, 4s to ss; Barn-door Fowls, 3s 6d to 6s per couple; English Eggs, lOs to 115; French ditto. 95 to 10s; and Irish ditto, 8s to 9s 6d per 100. Fresh Butter, lld to is 2 , 1 per lb, BILLINGSGATM. Turbots, 5s to 121; Cod Fi!,h, 3s to as; Whitings, 34 to sd; Lobsters, Is to 2s 3d; Crabs, 6d to 2s each; Soles, 6d to 2s per pair; Eels, 4d to 10d, and Salmon, is to is 2d per lb; Haddocks, 3d to 61 each; Crimped Skate, 3d to 4d; and Salt Fish, 2d to 6d per lb; Flounders, is to is 6d per dozen; Oysters, Its to 25s per bushel. NEWPORT, Beef, from Si to 3s 10d; Mutton, 3s 6d to 4s 6d; Veal, 38 10d to 4s 10d; and Pork, 3s 6d to 4s 8d per Blbs "WHITICHAPEZ. Beef, from 2s 8d to 3s Sd ; Mutton, 3s 6d to 4s 6d; Veal, 3s 8d to 4s 8d; and Pork, 3s Gd to 4s 8d per Sibs. HUNGERPOSLD. This market was beastTnsl;Ty well suppliel pith most articles of produce, yet the demand was tolerably steady at full rates of currency. BIZEAD. The prices of Wheaten Bread in the Metropolis are from 7kd to Sd; of Household ditto, 54d to 7d per 4lbs loat. Extal MARKET. Market hides, 561 b to 641 b, lid to lid: ditto, 64:b to 721 b, lid to l 4 1; ditto, 721 b to SOlb, lid to 23; ditto, 801 b to 881 b, 2id to 24d; ditto, 881 b to 961 b, 3d to 3id; ditto, 961 b to 104!b, 3fd to aid; ditto, 1041 b to 1121b.3id to 4d; Ca:f Skins, 3s 6d to 4s 6d; Horse Hides, 8s to 8s 6d; Polled Shetp, 3s to 3s 10(1 Kent and half-buds, 2s 4d to 3s 6d; Downs, 2s 4d to 3s. 3d. ZIA? itIikILICETS. SMITHFIELD.—Meadow Flay, 2/ 8s to 3/ 13s; Clover ditto, 31 10s to 41 14) ; and Straw, 11 2s to 11 8s per load. A fair average supply, and a sluggish demand. CUMBERLAND.—Meadow Flay, 21 10s to 31 15s ; Clover ditts, 3/ lOs to 41 15s; and Straw, 11 4s to 11 10i per load. Trade dull, at about stationary prices. WHITECHAPEL.—Meadow lhy, 21 8s to 31 13s ; Clover ditto, 3/ lOs to 41 15s; and Straw, 112 s to 1/ Os per load. Supply good, and trade dull. COAL MARKET.-YESTERDAY. Huddle's W. Hartley.. 145 9d Lyons lBs 9d Carr's Hartley Davison'sWestHartley 15s Od;Haswell l9s 9d Dean's Primrose ...... 15s OdKeepier East Adairs Main.... 13s 6dil,ambton Hasting's Hartley l4s 9d Morrison lBs Ad Holywell Main New Tanfield l4s Od Stewart's __ _ : . Original Tanfield 145 Od Benson Ord's Redheugh Ravensworth's W.Hart 145 6d Cassop. South Pontop .. ...... 13s 3d Heugh Hall 'Canfield Moor _ _ __ ~,.... . Townley 145 6d Kellee l9s Od Walker's Primrose ... 13s (id South Kelloe ... 19s Od • f 41“....,A. ••• a. . . Wylam West Hartley Wall's End, &e. Seymour Tees Bell and Brown lBs Od South Durham lBs Od Clarke Clennell lss 6d Whitworth l6s Od Gosforth . Hedley Hedworth South Killingworth Eden Main . l6s 9d Sidne) 'a Hartley Belmont l9a Od Killingworth l7s Od Braddyll's Hatton l9s OJ Ships at market, 151. East Hatton CITY ELECTIONS-(THIS DAY.) FINAL CLOSE OF Ti'lE POLL. CASTLE BANNARD WARD (8 inembers).—The poll closed finally this day, the numbers being—for Hicks (deputy), 83 ; Muggeridge, 86; Bailey, 84; Hoppe, 81; Carlin, 81 ; Adlard, 79 ; Farrar, 78 ; *Barber, 66 ; *Parker, 25. The first eight were consequently re turned. The candidates having severally returned thanks the wardmote was dissolved. CRIPPLEGATE WITKIN.—The polling was resumed this morning, and finally closed at twelve o'clock, when the numbers were announced: as follows :--Smith (deputy), 61 ; Brals, 51; Iloole, 61; Brown, 60 ; Lart, 60 ; Cash, 54 ; Bt nnock, 56; Dewar, 60; *Wilson, 33. The first eight were declared duly elected and the ward mote was dissolved. LYNN ELECTION. (From the Lynn Advertiser.) LYNN, FRIDAY EVENING.—The Hon. E. H. Stanley was this day duly elected a Member for Lynn. The Honourable Gentleman was opposed by a Chartist Darned Dixon, but at the last moment the latter declined geing to the poll, although the Mayor announced the show of bands to be in his favour. Mr. Stanley was not present. Ho is travelling in America. SPORTING INTELLIGENCE. BETTING AT MANCHESTER—FRIDAY. CHESTER Cur.-10 to 1 agst Scot's lot-12 to 1 agst Dawson's lot-12 to 1 sgst Green's lot-33 to 1 agst Cossack-40 to 1 agst Eagle's Plume (t 150 to 1)-40 to 1 agst The Tartar (t 50 to I)—offers of 50 to 1 each agst Fugleman, Hetman Plati , ff colt, Backbiter, Eller dale, and Blucher, and 1,000 to 15 sgst any other. 500 to 74 agst Chanticleer, and 1,000 to 10 agst Geraldine, were the only bets laid; 2,000 to 25 was afterwards offered against the latter. DERBY.—OnIy one bet booked, 500 to 10 agst Old Dan Tucker. Offers to take 5 to 1 about Flying Dutchman, 45 to 1 about Strongbow, and 1,000 to 15 about Magician. HUNTING APPOINTN.ENTS. Her Majesty's stag hds., Tues., Chobham Common; Thurs., Maidenhead Thicket; Sat., Iver Heath-1 1. Pytchley hds., Tow., Bot4,hton House, near Ketter ing; Wed., Winwick Village; Fri., Cransley; Sat., Brockhall-104. Earl Fitzwiltiam hds., Tucs., Kennel; Thurs., Barn well Vold-10. Duke of Rutland's hds., Tues., Cold-harbour; Wed., Staunton Hall; Fri , Bloxholm-10i. SOUTHAMPTON, DEC. 22.—The American steamer United States, Captain W. G. llackstaff, arrived off Havre on Wednesday night, the 20th inst., after a pas sage of l4i days from New York. She had constant head winds during her pas►age. The cargo consisted of 554 bales of cotton, 333 tierces of rice, 186 bundles of whalebone, some barrels of apples, and 37 packages of specie, 24,0001. sterling. She will load for New York, and is to leave Havre for that port on the 31s t , calling at Southampto❑ on the Ist of January. The Peninsular and Oriental Steam Navigation Company's ship Pacha, Captain John Weeks, with the Spanish and Portuguese mails, is expected here on Saturday or Sunday. The Indus, Captain Soy, with the heavy portion of the East Indian mail, may also be expected to reach Southampton by Sunday, the 24th inst. The Erin, Captain Russell, is looked for next week from Constantinople, which port she was to leave shortly after the arrival of the Tagus, Captain Evans, sent out from Southampton to relieve her. The Jupiter, Captain Meehan, sails cn the 27th inst., with the mails for Vigo, Oporto, Lisbon, Cadiz, and Gibraltar; and the Sultan, Captain Brooks, on the 29th, for Gibraltar, Malta, and Constantinople. The Royal Mail Steam-packet Company's ship Severn, Capt. Vincent, is to take out the West India mails of the 2d proximo. The l)utch barque Latalie, Captain Neilson, 54 days from Surinam, with sugar and coffee; the American barque Chancellor, Captain Walker, 54 days from Buenos Ayres, windbound ; and the English schooner Pegasus, 30 days from Patras, with currants, windbound, arrived off Cowes this morning. Tins CITY KITCHEN.—On Thursday a meeting of the committee appointed to carry into effect the bene volent intentions of the sub!cribers to this excel lent charity, was held at their rooms in Friars street, Blacktriars, for the purpose of making, arrangement for the distribution of coals and pota toes to the poor, whose numbers are very great, and whose claims upon the aid of the supporters of the in stitution are undeniable. Alderman Wilson was in the chair. It was determined that two dozen tickets should be issued to each of the subscribers, and that the first issue should be made on the let of January, when each subscriber should be supplied with one dozen of tickets, and that the second issue, which was to close the distri bution, should take place in a more advanced period of the season. THE KOH-I-NOOR.—This famous diamond (the largest and most preciousjii the world), forfeited by the treachery of the sovereign at Lahore, and now under the security ot British bayonets at the fortress of Goind ghur, it is hoped will, ere long, as one of the splendid trophiec of our military valour, be brought to England in attestation of the glory of our arms in India. The mischievous superstition attaching to the possession of this unique aad invaluable diamond might be utterly crushed by this retributive consignment, and our august Queen, herself the brightest example of female sove reignty in the annals ot England, would be appropri ately adorned with a jewel of analogous value to that of the loyal estimation so universally assigned to her in the hearts of her subjects.—Delhi Gazette. RITES Or POSTAGE TO AMYRICA•—The Gazette of yesterday contains the official announcement of the reduction of the rates of postage between Great Britain and the United States. All letters are in future to Le free from the cost of transmission across the AtlanCe, and will only be chat geablo al ill, late' due iron the port it which they reach either country. THE SiTN, LONDON, BATtrRDAY EVENING, SPIRIT of the PUBLIC JOURNALS. FROM THE MORNING PAPERS OF THIS DAY. TIMES —Mr. Cobden has announced himself in a new character. His letter to the financial reformers of Liverpool contains the programme of a vast combination of classes. The end is patriotic and simple; the means politic and indirect. This is a novelty in Mr. Cobden's career—a novelty which might perhaps have been antici pated, but which we have ourselves been unwilling to anticipate. Unfavourable critics will be ready to say that the same spirit characterizes the new movement and the old. There is, however, all the difference in the world. Free trade was a principle, like the abolition of the slave trade or of slavery—like religious toleration or equality, and some other points carried by the opera tion of a deep public sentiment. A republic is a simple idea; but a mere compromise of parties to establish a safer and more honourable government may indeed be moved by patriotic instincts, but is nevertheless a factious pro ceeding. In like manner free trade is a simple idea, and economy is a simple idea; hut an appeal to classes, as classes, and to opinions, as opinions, is the work of every-day politicians. Such a proceeding is sometimes more effectual, and therefore wiser and better, than tin attempt to realise a great principle at once. It is no crime to combine the wisdom of the serpent with the harmlessness o i the dove. The best men iu the world have made themselves all things to all men. Mr. Cobden is doing so, as he avows, to the partial surrender of his Own private opinions, and to an extent which we do not thick quite justifiable. He starts, of course, with wish ing to reduce the expenditure and the burdens of the country. In that wo are all agreed. Then comes the question of the possible reduction, and the most desir able means. For his possible reduction he has chosen a very specious and intelligible estimate. Indeed, we must congratulate him on the felicitous boldness with which he has laid his finger on a strong point—on a round sum in figures, and a round fact in history. The annual expenditure, he says, is now about ten millions more than it was in 1835, or even in the last year of the Parliament of boroughmongers. So there you have in one—a great figure and a great feet. No one can object to the artist dashing off so bold an outline for his work. Human infirmity craves a definite idea, and loves to re pose on that which is specific and palpable. The mer chant starts with the intention of making his 100,0001. Some time since the We-leyans commemorated their centenary by collecting 200,0001. Ambition and enthu siasm are equally accustomed to embody their objects. Richard Cobden, however, must lay his account for being charged with a dogmatical temper and visionary de signs. While all else is varying; while the popu- lation, the wealth, the value of money, the po litcal relations and the prospects of the country change from year to year, and now present a great contrast to 1830 or 1835, it will be said that a fixed saving of so enormous an amount is an arbi trary and fantastic idea. Nor will it be conceded that 1835, a year of forced and even fictitious economy, achieved by suspending works and by selling stores, and which also brought increased expenses for the future, is a fair basis of measurement. This mark for economical ambition is proposed as a substitute fur any scheme of direct taxation. The Live rpool financial reformers are very blundering fellows, and do not know their business. They have commenced operations by threatening us with something which through the hazy medium of their very stupid tracts looks like confiscation. Of their two leading principles, the first was economy, the second " to advocate the adoption of a simple and equitable system of direct taxation, fairly levied upon property and income, in lieu of the present unequal, complicated, and expensively collected duties upon commodities." And although it is very true they have since chiefly confined their attention to economy, they have done this in so silly, childish, and gossippmg a manner, with so much quoting of trumpery black books, and housemaids' tittle tattle about waiting men, silk stockings, and white cravats, that one has rather hated them for their proposed direct taxes than respected them as judicious reformers. In fact, their unreadable tracts have been a mere inarticulate moan, slightly swelling the chorus of universal complaint. Compared with such Lilliputians, Cobden is a giant. They might have published till doomsday, without making as much impression as his single letter, which dashes into the subject with a bold and intelligible plan. Mr. Cobden saw it was no use to begin business with "crying stinking fish" in the shape of a 10 per cent. income-tax. So he interferes to set them right. " Do not talk of a substitute. Make the money by saving. Lop off ten millions from both ends of the account." This is the way to conquer. It is the style of great and successful agitations. Wo must, however, be permitted to express a suspicion that Mr. Cobden does not overlook in his own mind the chance of an extraordinary budget being wanted now and then, and that he holds the proper way of meeting that contingency to be what is called par excellence " a war tax," viz., an income-tax. He wisely holds his tongue about it just now, and leaves the morrow to take care of itself. But it is in his reductions that Mr Cobden's generalship chiefly appears. Ile avows it. " I have not felt quite free to choose in every instance those items of the Customs and Excise duties which I should myself have proposed to abolish or reduce, but have been partly influenced by the desire to enlist the sympathy and support of every class and interest in the commu nity, whose co-operation will be abundantly requisite to force the adoption of the plan upon Government." Such, in fact, is the principle on which the reductions are se lected. It is only in one or two instateces that Mr. Cob den lets out a private leaning on the subject. His letter is not a theoretical plan of taxation. It only enumerates the most crying grievances, the loudest cries, the places where the shoe pinches most, and the lustiest grum bles. Mr. Cobdeu takes a rapid survey of the na Lion, soon finds out the stoutest remonstrants and the noisiest lungs, and impartially invites them to his banner. " Instead of wasting your strength against one another," he says in effect, " why not make a common cause ?" The policy of such means no one can deny. The wis dom of the end is another question. You must deal with the malt-tax, says Mr. Cobden, " if you would enlist the sympathy or the county constituents in your raovement. To a man the farmers are in favour of a repeal of the malt tax." Then pointing out another class of malcontents, he sap—" In Kent, Sussex, and two or three other counties, there is an active agitation against the hop duty." The result of including the malt and hop duties, he says, willtbe that " the landlords, too (at least such of them as are not merely professional politi cians), will henceforth be found in the front ranks of those who advocate economy and retrenchment in the na tional expenditure. Already they have begun to ask, and with good reason, why should we not have cheap government as well as cheap corn?" The logic of such a demand, of course, is that which a r g ues " Who drives tat horses should himself be fat." There can be no doubt, however, that if Mr. Cobden can offer much hope of abolishing the malt-tax, he will enlist many farmers and some landlords in this cause. Soap and paper are the next articles to be freed. The clinching argument for these items is, that they " will draw towards you the sympathies of the Scotch Excise reformers." Then comes the window-tax. " London, Bath, and other large cities are pressing the abolition of this tax annually on the House, through Lord Duncan, and you must not think of excluding it from your national budget." There is something quite artistic and picturesque in the combination here suggested. It reminds one of the poet or the painter, who obtains breadth of effect by the variety of the character and circumstance introduced into his story; and it is not unlike the policy by which empires comprising various and discordant nationalities are sometimes held together, Mr. Cobden proposes an amalgamation of grievances. The motto of the financial extortioner is "Divide et inipera." Set the tax-paying classes one against another, and fleece them all equally. But let your motto, says Mr. Cobden, be " Union is strength." Agree altogether, and sign a round robin against a lump of taxation. Join all your forces, take the Exchequer by assault on all sides, demand 10,000,000/. a year by way of ransom, and then divide the spoil, cr, rather, let every man take back his own. CHRONICLE.—Mr. Cobden's letter on Financial Reform, which we published yesterday, is a demonstra tion of some importauce. The association to which it is addressed were groping about, like men blind and benighted, in the mazes of economical statistics, with out definite plan or clearly discerned object, when the Member for the West Riding holds up a light over the subject of their researches, embodies their vague concep tions in a tangible shape, and points out to them, at once, what they want, and how they are to set about obtaining ite No wonder that they accept his scheme with acclamation, and adopt his " National Budget" as their motto and watch-word. We shall net be sur prised if this manifesto, compiled, as it is, with much skill, plausible in its statements, and, above all, wearing the aspect of a practical and comprehensive plan, should enlist a somewhat wide extent of popular sympathy in its favour. To our easy-going Chancellor of the Exchequer, we fear that it is not unlikely to occasion some little disquietude. Mr. Cobden's plan, shortly stated, is to adopt as the standard of national expenditure the Budget of 1835. The total outlay of the Goverbment would thus be reduced, according to his statement, by about ten millions ; and he would apply that sum plus an additional revenue to be. obtained by extending the probate and legacy duties to the trans mission of real property, in diminishing the Customs duties by 3i- millions, the Excise duties by 61 and in abolishing the window tax and advertisement duty. These, no doubt, are extremely desirable objects it they could be effected ; but there is some preliminary difficulty as to the data on which his estimates are formed. The ordinary expenditure, in 1835, Mr. Cobden states correctly, at 44,422,0001., and he compares this sum with the estimate for the current year, fur which he quotes Lord John Russell's speech of the 18th of February last, where he finds it stated at 54,596,0001. But two circumstances escape Mr. Cob den's notice, which considerably qualify the result. He forgets, in the first place, that we have had at least two fresh budgets since the 18th of February, and that Lord John Russell's edition is no longer authentic. Sir C. Wood's last—positively the last—budget of the year, which was announced on the 25th of August, put the total ordinary expenditure rather more than two millions below the statement of his collergue, viz., 52,422,3351. The alleged difference of ten millions between the sti mates of 1835 and 1848 must, therefore, be reduced to eight. Furthermore, Mr. Cobden appears, rather strangely, to overlook the fact, most material to be adverted to before proceeding to remit taxation hy millions, that the revenue for the present year is now actually in a state of deficit. In the same speech just referred to, the Chancellor of the Exchequer informed the House that he should be obliged to raise 2,500,000/. in the market by the sale of stock, in order to make up the necessary supplies, and the public is aware that this operation has been for some time going on. Therefore, inasmuch as to put the national income and expenditure in equilibrio is the first principle of sound fieance, it is obvious that, even if the cost of our armaments for the pre sent year had been brought within the limits of 1835, we should have had not ten millions, but only uuuL five wed a haif, to d,seose of in the remission of public burdens. It is undoubtedly true, as Mr. Cobden states, that the great items of increase in our expenditure, since the year 1835, are to bc found under the head of our external defences. In that year the military and naval expenditure reached its minimum, having been, for several years before, many millions above that mark. Thus, in 1826 it was 16,707,602/.; in 1835 it fell to 11,657,4861. It is needless to remark, that the expenditure of any single year is hut an uncer tain and fallacious standard to reason from. For the current year, according to the last Ministerial version, these heads of expenditure stand at 18,033,111/. It would be im; - ossible, within the limits to which we are confined, to enter into the merits of this extensive ques tion. The great advance has, no doubt, been on the navy, which exhibits an addition of about three mil lions, and upon the Ordnance, which has more than doubled since 1835. The cost of the army, though higher than in that year, is lower than in several of the preceding years subsequent to the peace. Now, we are disposed to go a good way with Mr. Cobden in the opinion, that in these services considerable retrenchm' nts are still practicable, and that, too, without materially invalidating the public defence, or derogating from the honour and interests of the country. At the same time, to sustain unimpaired the strength , and competency of our marine, we hold to be a para mount and indispensable obligation; and we must be careful lest our pursuit of economy should lead us so far as to adopt the standard of a period when this great national arm was, confessedly, depressed, and was suf fered to lag behind the progress of modern improve ment. But the real field for retrenchment, in respect to our armaments, is assuredly not confined to our arsenals or dockyards. We agree with Mr. Cobden, that it involves the consideration of extensive changes in our foreign, and especially in our colonial, policy: a more sincere recognition of the principle of non-inter vention in the first—a still more extensive and needful reformation in the second. It is quite true that, if you want to find the great outlet of profitless and indefinite expenditure, you must look fur it in the colonies. No man can say what is the aggregate amount which Great Britain expends, accoming to her present mode of hold ing her full-grown children in golden leading-strings. No statement of public accounts that has ever been ren dered can furnish the items. They are here, and there, and everywhere. Army, Navy, Ordnance, Civil Services, Miscellaneous Estimates—all include in the vague gene rality of their totals an unknown amount of colonial ex penditure. It is no departmental retrenchment, or revision of details, which can cure this canker of our Exchequer. It is nothing less than a total change and renovation of policy. It is the application, to the vigorous off-shoots of our empire, of that principle for which the public mind is rapidly ripening, and to which Mr. Gladstone, in one of his admirable speeches of last session, gave no indistinct expression—the principle of self government, combined with its natural correlative of self-support. By such a policy, we may at once add to the wealth, prosperity, and contentment of our dependencies, and at the same time recruit the Exchequer by a most search ing and thorough economy. Into Mr. Cobden's schemes for the re-adjustment of taxation we are unable, at least on the present occasion, to enter. The question, of course, is not what we might desire to do, but what is attainable, with our existing means and liabili ties. Any proposition for the remission of imposts upon such articles as tea, soap, and windcw-tax, will attract very general sympathy, and accords with our own often expressed wishes. As to some other features of his budget, there will be more difference of opinion. Divers amateur financiers have their own pet schemes of re-adjustment, which they will prefer to Mr. Cob den's. But the grand objection to the manifesto is, that it attempts too much. The financial system of a great Empire cannot be reformed by a coup de main, nor can one-fifth of a nation's expenditure be struck off by a single dash of the pen. There is a wide difference be tween a volunteer and a responsible Chancellor of the Exchequer —between a " National Budget" and a Ministerial one. If Mr. Cobden were in Downing-street, he would be obliged to do himself what he now under takes the easier task of bidding others do. He woud have, not only to show upon paper that esti mates can be reduced, and that money is to be had, but to execute the services within the estimates, and to find tLe money that he p ro p oses t o d ea l w ith. At pre sent, if our calculations are correct, he has shown, ever. assuming his basis of the Budget of 1835, little more than half the ways and means necessary to carry out his very liberal relaxations. As we began, so we must end, by saying, that these are matters which should rouse the Chancellor of the Exchequer from his lethargy. Mr. Cobden is an antagonist to be answered, but not to be slighted. During the two last years, the adminis tration of finance in this country has been virtually in abeyance. In the direction of Financial Reform, the Government has done nothing, and attempted nothing. It has thrown off its official responsi bility upon the shoulders of the House of Com mons. After a single effort to retrieve the derange ment of the Exchequer, made only to be retracted, it fell back into a listless inactivity, and, after three inconsist ent statements of our financial circumstances, it wound ap the last session by the deplorable evasion of a deficit and a loan. But the time for such negligence and su pineness is past. The demand for economical reform is rising in the country, and will speedily be sounded within the walls of Parliament. We make these remarks in no factious spirit towards the present administrator of the Exchequer. No Ministry, whatever may be its taleits, can retain office in this country, at the present time, without a❑ earnest appreciation and thorough compre hension of the great interests of our finance, and with out showing itself competent either to silence or satisfy those popular demands for retrenchment and relief which will otherwise soon swell into the chorus of a loud and irresistible agitation. POST.—Mr. Cobden has been _ indulging his genius in the preparation of a financial budget, which be has very considerately submitted to the notice and approba tion of tbe Liverpool Financial Reform Association. This budget is worthy of Mr. Cobden, and very unworthy of any man whose judgment and position in the political world should give _him a fair claim to the attention of his countrymen upon the subject of public finance. He proposes to knock off 2,000,0001. from the duty on tea, 945,000/. from the duty on foreign timber, 516,0004 from the duties on foreign butter, cheese, and other small items of the tariff, 4,260,0001. duty on malt, 416,0001. duty on hops, 850,0001. duty on soap, 720,0001. on paper, 1,610,0001. duty on windows, 160,0001. duty on advertisements. The aggregate of these reductions, or abolition of duties, is 11,477,0001. To reduce or abo lish taxation is always agreeable, but what are to be the substitutes for all these taxes ? That is a point which to such a statesman as Mr. Cobden . giveknot much un easiness. __ln the first place, he would establish what he is pleased to call " legacy and probate duty upon real estate, whether entailed for unentailed," and from this he would derive 1,500,0001. a year. This comes within the trifle of ten millions sterling per annum of balancing the account, and this sum he proposes to save by re duction of expenditure. From the expenses of the army, navy, and ordnance, he would lop off only 8,500,0001. As to the remaining 1,500,0001., he dispatches that sum in a very brief paragraph, asserting that there will be " little difficulty" in saving it from all the other heads of expenditure, including the cost of collecting the re venue and the management of the crown lands. Mr. Cobden observes that, in 1835, our armaments cost the country 11,657,0001.; while they cost 19,341,0001. for the year ending the sth of April last. That sum, how ever, as Mr. Cobden acknowledges, included 11,000,000/. for the Kafir war, and yet he proposes a permanent saving of 8,500,000/0 per annum, as if there was always a Kafir war, which military indulgence, he thinks, might very well be done without. He allows that the permanent cost of our naval and military deleaces has been increased only 7,000,0004 a year since 1835, and yet he proposes to save 8,500,0001. a year upon these items of expense by bringing our naval and military establishments down to the level of 1835. We do not know in what day school Mr. Cobden received his arithmetical education, but until he becomes a greater proficient in the mysteries of addition and subtraction of :money, we think he is as little likely to be right in his financial calculations as be has been in other calculations concerning the effects of free trade and the intensely commercial aspirations of continental states. It is unquestionably very fair matter of inquiry and discussion how it has become necessary to increase the naval and military establishments of the country so much as they have been increased since 1835; but of all the unguarded absurdities ever fallen into by a public man, perhaps the greatest is to assume that there was no reason at all for the increase which has taken place, and that neither in the circumstances of affairs abroad nor at home has there been any well founded cause for making this nation more powerful by sea and laud to resist foreign aggression or internal dis• order. Such men as Mr. Cobden are to be mistrusted upon matters of this kind, because they have no powers of mind to elevate them to an extensive view of national affairs. They are essentially men of the counting house, and it would give them no uneasiness that Great Britain were reduced politically to the rank of a third or fourth rate power, so long as trade was not injured. That England should occupy in Europe and in the world no higher a position tban that occupied by Hol land would give them no concern. Nay, they would probably prefer it, as making it less necessary that ex penses should be incurred which diminish business pro fits, or that wars or defences should be undertaken which are not for the good of trade. Mr. Cobden thinks it • very foolish that Great Bri tain should have anything to do with what he is please to call the squabbles of foreign Powers; and as for colonies, his opinion is, they might as well be done without altogether. We have now declared, he says, that for all commercial purposes, theT shall in future stand in precisely the same relationship towards us as foreign countries. lle thinks that, under such circum stances, even the Protectionists themselves will not maintain that the only exclusive connexion we are to maintain with our colonies is the monopoly of the ex pense of governing and garrisoning them. But Mr. Cobden forgets that the Protectionists do not mean to rest satisfied with the policy which commercially regards the British colonies as if they were not Bri tish colonies. Mr. Cobden may belabour the Whigs and Peelites with his inferential logic as much as he pleases, lout he a ill be so good as to remember that it does not touch the Protectionists. They have never given him an excuse for uttering the unpatriotic folly in which he indulges. But why is it that in Mr. Cobden's zeal for economy he abstains from dwelling upon the miscellaneous estimates? Is it that the cant of Cobden ism cannot so well be brought to bear upon the commis sionerships which have sprung up in every direction ? Ile rails upon naval and military expenses, because to maintain the national security, and to guard the national glory from being tarnished, are not matters which come within the capacity of his mental sensa tions. But his political justice does not revolt from jobbery. Ile is not angry with the various quackeries and extravagances which the Liberalism of the day calls into existence, and for which the nation is obliged to pay. Between 1846 and 1848 the expense of the Poor Law Commission was increased from 59,200/. to 103,000/. Are he pocf any better taken care of than they were? We find a cunsiaerable sum for a Government Railway I Department, another for inspectors and superintendents of factories, another for convict expenditure in the Anti • podes, another for the University of London, another for scientific works and experiments, another for Corsican emigrants, another for Polish refugees, another for com missioners on criminal law, another for the Sanitary Commission, another for the Ecclesiastical Commission, another for navigation in Ireland, another for steam navi gation to India. Some thirty years ago, if we recol lect rightly, the miscellaneous estimates were about a million and a half. We find the amount for 1846 3,482,4261.; fur 1847, 3,782,6131.; for 1848, 3,770,4271.; and be it remembered that it is these miscellaneous esti mates which cover the jobbery and favouritism and un just pampering of obsequiousness—vices which do more harm than even an unwise orttlav of money in naval and military armaments, if any such thing had taken place, which we do not admit. It was through the miscella neous estimatea that a present was made to an Under- Secretary of the Treasury of 2,5001., for a few months' set vice in Ireland, the country paying that gentleman all the while, for these same services, no less than 2,500/. a year! Let us, then, recommend Mr. Cobden, if he will dabble in finance, not to make himself more ridi culous than he need be by his preposterous recom mendations of knocking off immense sums of taxation and expenditure; but let him address his industry to the exposure of the abuses in the miscellaneous ex penses, and then he may do some good. For instance, he is a free-trader, and thinks the Government should in no respect interfere with trade. Very well! What does ho think of a public department, called the Board of Trade, which in 1846 cost the country 37,2551; in 1847, 37,7001.; and in 1848, 41,000/ ? Every shilling of that money had much better been jerked over Westminster-bridge into the Thames. A large part of it goes in the misrepresentation of facts, and in dres sing up arithmetical delusions for the mystification of Members of Parliament. Why should not Mr. Cobden exert his energies to get rid of this expensive branch of Government interference with trade, and thus, in one particular at least, prove himself capable of doing some thing without doing mischief ? - - - CHARLES BULLER'S SUCCESSOR. (From the Hull Advertiser.) The London papers of Tuesday and Wednesday state that Matthew Talbot Baines, Q.C., and Member of Par liament for this borough, is about to be appointed to the office of President of the Poor-law Board for England and Wales, vacant by the death of the late Right lion. Charles Buller. To those who know Mr. Baines, as he is known by all the respectable inhabitants of Hull and its vicinity, it is needless to say that such an appointment will reflect the highest credit upon Lord John Russell's Ad ministration. The office of President of the Poor-law Board is second to none under the Crown in the im portance of its relation to the moral and physical condi tion of the indigent poor of this country'; and it would be difficult to select a Member of the present Parliament who possesses so many requisites 'for the humane and en lightened discharge of the very troublesome and very respoesible duties which devolve upon the bead of that Board as the Hon. and Learned Member for Hull. For the ten years previous to the last general election Mr. Baines filled the office of Recorder of this borough, and rarely has the judgment-seat, even in the highest courts of judicature in this land, been more an object of gene ral respect and veneration than was the Sessional Court of Hull during the whole time that he pre sided as judge. To a clear and vigorous intellect—a sound constitutional knowledge of law—and a dignified and eminently judicial presence, he united the utmost suavity of manners, a temper never ruffled by the breath of passion, and a sympathy for the victims of ignorance and want, as discriminating as it was inexhaustible. He only ceased to be Recorder of Hull e hen public opinion demanded that his services should be popularly recognised, and his sphere of useful action extended by a seat in the House of Commons. In what light Minis ters have regarded his brief Parliamentary career, may be gathered from his rumoured appointment as the suc cessor of the late eminent Member for Liskeard, no less than from the way in which his qualifications for an office of so mucn responsibility aro spoken of in the Ministe rial papers. Many persons here are desirous of knowing whether the acceptance of the office of President of the Poor-law Board, would entail upon Mr. Baines the necessity of re signing his seat for Hull. Most undoubtedly it would, but as the office can only be retained by a Member of Parlia ment, Mr. Baines would be a candidate for immediate re election. His seat for Hull would be void by his ap pointment, just as if he were promoted to a place in the Cabinet—but only to afford his present constituents an opportunity to renew their confidence in him by his unanimous re-election. From all that we know of the feeling of his constituents Mr. Baines would be re-elected without the shadow of opposition. In an influential weekly paper, in which Mr. Baines's appointment as head of the Poor-law Department is spoken of as in all respects desirable, allusion is made to persons in the south having mistaken Mr. M. T. Baines, the member for this borough, for Mr. Edward Baines, the editor of the Leeds Mercury, and which is said to have provoked objections to the appointment of the Hon. and Learned Gentleman to the office of chief of the Poor-law Board, on account of his being a Dissenter and an opponent of the national system of education. We feel the delicacy of correcting an error which may have the effect of appearing to cast an imputation upon a gentleman of whom we desire to speak is a spirit of kind ness, prompted by a grateful recollection of the many reform victories achieved by the editor of the Leeds Mer cury during the eight years following the close of 1828. But as it is of importance that the persons of even brethren should not be confounded, we beg to state, for the information of all whom it may interest or concern, that Mr. Matthew Talbot Baines, ex-Recorder and pre sent Representative of this borough in Parliament, has from his earliest years belonged to the communion of the Es tablished Church, and has been an ardent supporter of the Government system of National Education. The first part of this statement we mention merely as a matter of fact; for we do not allow that a Churchman, as such, is one jot better qualifitd to be the President of the Poor-law Commission than if he were a Dissen ter, or any known Denomination. A Nonconformist, or a Baptist, has just as good a right to be appointed to the Presidency of the Poer-law Board as the most Evangelical Low Churchman in the world. We repeat, therefore, that we lay no stress upon the ortho doxical point beyond its enunciation as a simple fact. But we do regard with especial approbation the course which Mr. M. T. Baines has always pursued upon the education question, notwithstanding the adverse violence of his brother's opinions, and the foolish heat with which they were espoused by his unreflecting partisans. In the course of the Hon. and Learned Gentleman's long judicial connexion with Hull, he has had occasion to study, with more than ordinary care, the operation of the poor-laws, so that he will bring to the discharge of the duties of Chief of the Poor-law Board a mind well stored with valuable information on that par ticular subject. Mr. Baines has other most valu able qualifications for such an office. Though a good lawyer, he is no red tapist. He is not governed by mere forms and precedents—and he looks more to the spirit and intention than to the ver• 'siege of Acts of Parliament. He is eminently a Frac tical as well as a humane man, and will not employ any of the powers with which the law may entrust him to grind the faces of the poor. It will afford us, therefore, in common with the great bulk of Mr. Baines's constitu ents, great pleasure to read the confirmation of this ap pointment in the London Gazette. When the office of Pre sident of the Poor-law Board was first declared vacant, we confess that we trembled for Ministers, as we were apprehensive that they would commit the blunder of conferring it upon some member of the aristocracy—an appointment which would have detroyed all national den department and the destitut e poor. B u t Mr. Baines h a s sprung ng from the any sympathy b etween the chief of the people, and h e h as t h e no bility o f wind confidence in to be proud of the parental virtues which enabled him to achieve his present state and position. BANK OF ENGLAND. (From last night's Gazette.) An Account, pursuant to the Act 7th an d ath of Victoria, cap. 32,f0r the Week ending on Saturday, the 16th day of December, 1848. costa DIPAILTILINT. Z. Notes issued.. • • .... 27,932,125 Government debt .. 11,01,100 Other securities. •• • • 2,934,900 Gold coin and bullion 13,474,216 Silver bullion • • • • • • 507,909 4;7,962,125 X 27,932,125 M. MARSHALL, Chief Cashier. Dated the 21st day of December, 1848. EANZING DEPAILTION T. Proprietors' capital • • 14,553,000 Rest • • • • • . 3,376,6 13 Public deposits (in- elndini Exchequer, Commissioners of National Debt, bay tugs-banks, and Di vidend acconnts) • • 7,908,643 Other deposits .. • • .• 9,249,619 Seven day and other bills • • • • • • • • .... 964,106 Government securi ties (including Dead Weight Annuity) . • 13,329,111 Other securities .• • • 10,669,617 Notes ••• • • • • ••• • • 11,246,410 Gold and silver coin.. 807,747 £36,052,786 A 36,052,786 M. MARSIIALL, Chief Cashier. r. 11148. Dated the 21st day of Deeeaal UNIVERSITY INTELLIGENCE. OXFORD, DEC. 21. Congregations will be holden for the p urpose of grant ing graces and conferr i ng degrees on th e f o ll ow i ng d ays February ls ; Thursday, March 22; 22 ; Thursday, in the ensuing term, viz. : — M onda y , January 15; Thurs day, February 1 ; Thur sda y , Febr uary 8 ; Thursday, Saturday, March 31 . F m e a b r r c u h a r 8); CAMBRIDGE, DEC. 21. Thursday, March M rsd a a r y Ch THE 11IILSEAN Plum—The prize for the Hulsean Essay has been adjudged to Henry Thomas Wroth, 8.A., St. John's College. CHRISTMAS EXAMINATIONS. 6T. JOHN'S COLLEGE. THIRD YEAR.—First Class—Besant, Cort, Hayward, Irving, Liveing Lethbridge, C. Lee, Woletenholme, Boclen, Lees, Dingle, Bresher, Law, F. Smith, Boddy, Jones, Jenkins, Kearney, and H. Williams. SECOND YEAR.—First Callender, Evans, Du sautoy, J. N. Smith, J. S. Clarke, Rowland, Claydon, Shears, Seed, Leicester, Yates, Ev erar d, J ec k e ll, Tatham, G. Rowe, W. B. Davis , Hudson, and Hubbard. FIRST YEAR.—(The names arranged according to their order on the College Boards.)—First Class: Cooke, E. Calvert, Shaw, E. H. Lovell, Brodribb, Wade, Kemp son, Godfrey, Parnell, Langley, G. B. Morley, Radcliffe, Cabell, Ward, H. E. Gough, Buckell, Haslam, Harbord, p a ge, F. A. White, Frossard, Duckworth, Rotherham, ake, Ray, J. Lewis, W. J. Patchett, Coke, C. T. Hudson, T. White, Monro, Woodward, Tomkins, Mitchell, Ellis, Chambers, Le Sueur, Leycester, and W. Matthews. JESUS COLLEGE —MATHEMATICAL EXAMINATION. THIRD YEAR.—First Class: Atkinson, Butterworth, Every, Loathes, Scott, Sharpe, and Smith. SECOND YEAR.—First ChM: biLUMOIIdS, Gammell, Stone, Wemyss. SOCIAL DISTINC7 ION; or, HEARTS AND HOMES. By Mrs. Ellis. No. XII. We have hitherto abstained from criticising Mrs. Ellis's serial story, " Social Distinction." We pre ferred to wait till the plot should be somewhat deve loped and the plan of the work fully manifested. Now that twelve numbers of the serial have appeared we may form a tolerable estimate of the merits of the entire work—a work every way worthy the authoress of the " Women of England." In penning these chapters upon " Hearts and Homes," Mrs. Ellis has conferred another benefit on the women of England. " Social Distinction" records the history of four or five families differing from each other in a very great degree. The various peculiarities, faulty or other wise, of the different " homes," and the " hearts" by which they are influenced, are portrayed with inimitable skill. Many of the minutiae are too pain fully correct. The Ashley family is composed of a selfish mother, a group of spoiled daughters, and a kind-hearted, miserable man, nominally its head, but veritably its slave. The tyranny of this "female domination" is, perhaps, somewhat overdrawn, but the lesson is an effective one. Very different is the household of Mrs. Lee, the sister of Mrs. Ashley. In this home a warm- hearted, affectionate, and weak-spirited wife, is rendered wretched by the coldness and ill-treatment of a husband, whose whole heart is engrossed in business. The old master of Hatherstone hall and his wife somewhat resemble " Auld Robin Gray " and his bride. The story of Margaret, narrated by herself, is full of exquisite pathos and beauty. Kate, and Lucy, and Dorothy, the three young heroines of the tale, are admirable specimens of three different classes of character. The loving and loveable Lucy is gentle and timid to an excess that degenerates into weakness. Dorothy is impetuous, wilful, and good-hearted, endued with many natural good qualities, deteriorated by . want of education. Kate Staunton is the favourite of the authoress, and she would be the favourite of the reader, perhaps, were it not for the tout soil peu of selfishness that mingles with her estimable quali ties. 'The history of these girls, and the families to which they belong, has been rendered by Mrs. Ellis a means of affording a useful lesson to all who have " hearts" to discipline and " homes" to influence. The lesson which it teaches in nowise diminishes the interesting and attractive character of " Social Dis• tinction " as a tale. STEPHEN'S COMMENTARIES ON THE LAWS OF ENGLAN.n. In our last rather hurried notice of this great work we promised 'to revert to the subject, and gladly should we follow the learned author through the, four volumes (did space or time permit), for the pur pose of indicating his many valuable additions and improvements, but we are reluctantly compelled to confine ourselves to a few points, which appear most important to the profession and interesting to the public. The deviation from the general arrangement of preceding commentators we look on as an improve ment of the first magnitude. The vast changes which modern legislation has introduced, not only in the all-important subject of the rights of property, but in those ofter branches of law which may be strictly said to belong to our social system—comprising the " laws relating to the poor, to highways, to public charities, and the like"—rendered a new arrange ment necessary, and we think that Sergeant Stephen is eminently entitled to the thanks of the profession for the just and natural order into which he has distributed these several subjects, which under the old analysis were but incidentally referred to. The great importance of these subjects demanded for them a distinct and appropriate place in a " Treatise on the Laws of England," and the manner in which the learned author has carried out this arrangement has our highest commendation. The leading prin ciple of the general plan is—to make the distinction " between persons and things the foundation not of primary, but of a subordinate arrangement, and to consider persons as constituting in a primary sense the only objects of the law's] regard. First, as insu lated individuals, their personal (or bodily) rights are examined ; next in their connexion with the things around them—which introdnces the cousideration of their rights of property. Next, as members of families, which involves their rights in private rela tions; and, lastly, as members of the community— which leads to the discussion of their public rights." Public rights he subdivides into those," which con cern a man in his relations to persons in authority— whether civil or ecclesiastical, and those which con cern him in his relations to his fellow-citizens at large —the first of which will fall under the heads of the civil government and the church, the second under that of the social economy of the realm." The follow • ing is the order of arrangement adopted, which appears to us plain, simple, and natural, free from all embar rassment, and having many advantages both for the student and the general reader over the. system adopted by his predecessors. First—" I. Of personal rights. 11. Of rights of property. 1. As to things real. 2. As to things personal. 111. Of rights in private relations. 1. Between masters and servant. 2. Between husband and wife. S. Between parent and child. 4. Between guardian and ward. IV. Of public rights. 1. As to the civil government. 2. As to the church. 3. As to the social economy of the realm. V. Of civil injuries, including the modes of redress. VI. Of crimes including the modes of prosecu tion." The professional reader will at once see the conve nience and facilities which this mode of division gives, and will, no doubt, fully appreciate the original and important matter so ably set forth in the several chapters on Uses and Trusts—on Conveyances under the Statute of Uses—and on Conveyances by Tenants in Tail, and Married Women. The sub ject of personal rights, under the first division, re quires little comment. They consist of personal security, and personal liberty. Personal security consists in the legal and uninterrupted enjoymont of one's life, limbs, body, health, and reputation. Life being the immediate gift of God, and inherent, by nature, in every individual, can only be determined by natural or civil death—personal liberty, or the power of locomotion from one place to ,another, ac cording to inclination, is also a natural right, and cannot be abridged without the express permission of the laws The observations of the learned author upon these rights are sound, learned, and constitutional. He forcibly points out the watchful care with which our laws guard against their invasion, and the remedies applicable should they be improperly invaded. We next come to the rights of property, which the learned commentator places second in the order of his arrangement—a subject wide, vast, and compli cated, but which he has handled with a master-hand. He introduces this subject by a very able and elabo rate consideration of the origin and foundation of those rights, which he defines to be, " Man's free use, enjoyment and disposal, according to the laws of the community, of all his acquisitions in the external things around him"—commencing from the period when an all-bountiful Creator, by His immediate gift, bestowed on mankind dominion over the earth and all things therein. By a clear and beautiful chain of reasoning he traces from this state of primeval simplicity, when all things were in common, and man bad no more fixed or exclusive right of property than that usufructuary interest which a transient possession gave him, to the period when the increase of mankind and man's ambition made a more permanent dominion necessary, and from the immediate use, which lasted only during his act of occupancy, he appropriated to himself the sub stance of the thing to be used, over which he estab lished a right of ownership, in addition to occupation, by an expenditure of his industry and labour ; this ownership once established, naturally introduced the right of transfer, by sale, grant, or conveyance, from which sprung commercial traffic. The introduction of wills and testaments was long subsequent to this period, and until the reign of Henry the Eighth no lands were permitted to pass by will; " and then only of a certain portion ; nor was it till after the restoration by the statute 12 Car. 11., c. 24, which converted tenure in chivalry into tenure in socage, that the power of devising real property be came so universal as at present." Thus far have we (very imperfectly we must confess) followed the learned author in his abstract notion of the " Origin of Property and the power of tranferring and trans mitting it." He next enters into the consideration of property, its " Divisions, Tenures, Estates, and Titles, as settled by the L aws of England ." In treating of tenures, he is necessarily led into an exa mination of the feudal system established throughout the European Continent in the middle ages, and which forms the basis of our municipal law on this subject. On this point the learned author has con densed an immense body of legal learning from the beat writers ; but, being almost of a purely technical and professional nature, we cannot in this brief notice follow him as closely as we could desire. He next fully and perspicuously tre ats of the different legal estates in lands—viz., such interest as the tenant hath in his tenure, comprising freehold estates of inheritance, estates less than freehold, estates upon condition, estates in possession, reversion, and remainder ; in severalty, joint-tenancy, coparcenary, and common. Estates of an equitable nature are noticed under the head of Uses and Trusts, where the student and professional reader will find much original and im portant matter. We now come to a moat important branch of our laws—that which treats of " title by descent, or the law of inheritance in fee simple, the principal object of the laws of real property in Eng land." It is referable to so ancient a period as the reign of Henry 11., afterwards matured in the reigns of Henry 111. and Edward I. For more than five hundred years it underwent no change, till in the last reign an Act was passed, 3 and 4 Wm. IV., c. 106, for the improvement of the law of inheritance, founded on the report of the commissioners appointed to revise the laws of real property. This statute bas modified the old system and introduces many sew and important changes, which tke Learned Sergeant has embodied in his work with his usual clearness and DECEMBER 23, 1848 LITERATURE. ability. "Title by Escheat, by Forfeiture, and Alienation," are fully treated under their several heads, and all the changes made in these several im portant branches of our law by the recent statutes of 3 and 4 William IV., c. 106, and several others in the last reign, as well as by the several statutes passed in the present reign of her Al ost Gracious Majesty, have been noticed and explained in a manner that must prove convenient to the practitioner and student. We must for the present close our further notice of this gigantic undertaking. The extent of the design is only equalled by the excellence of the performance, and we regret that the small space necessarily devoted to criticism in a daily paper has not allowed us to do full justice to its merits. Ser geant Stephen has made a valuable addition to the general stock of legal lore. His book should be in the hands of every practitioner and student, as it con tains all the law upon each subject down to the pre sent time, and the general reader will find it a perfect library of useful knowledge on the laws and history of his country. ClitrD AUSTRIA AND HUNGARY. Letters from Vienne, of the 18th, says—Field- Marshal Lieutenant.; Welden, the Governor of Vienna, has just received a telegraphic dispatch from Tyrnau, of the 17th inst., stating that the insurgent Magyai a, after having retired before the approach of General Simonich's corps, and made good their retreat to Szered, have been considerably reinforced from Presburg, and resisted the march of the Imperial troops near Tyrnau. General Sitnonich attacked them in their positions at 4 o'clock P.M. on the 10th inst., and beat them after an engagement of two hours' duration. The Magyars lost fire pieces of artillery, one standard, 766 prisoners, and 43 horses. The setting in of the night prevented the _lmperial troops from following up their advantage. The corps of General Simonich took possession of the city of Tyrnau and its environs. Major Lainingen, who commands a troop of horse, reports from liaschau, of the 11th, that the strong for tifications of this town were on the 10th stormed by the corps of Field-Marshal Lieutenant Count Schlick. Several imperial officers, and amongst them the Adjutant of Count Schlick, were killed. Field-Marshal Prince Windischgratz advanced yesterday his outposts on the right bank of the Danube, opposite to Presburg. The left bank of that river was occupied by an• other corps, without meeting with any resistance, and the outposts were pushed close to the fortifications of that important city. M. Sturbinetti announced to the Roman Chamber of Deputies, on the 12th, that the Upper Chamber had approved the choice of the three members of the Provisional Government. General Garibaldi had been appointed Honorary Secretary of the Political Circle. Having heard that Cicervacchio was among the people assembled before the house, he descended into the street and embraced him. The Ministry intended to appoint Garibaldi Commander-in-Chief of the army. The Pontifical troops were expected at Ravenna, from Venice, on the 13th. An assembly of thirty-one delegates, representing the circles of twenty towns of Romagna, Ferrara, Bologna, and Perugia, was held at Forli on the 13th, under the presidency of Count Saffi. After a long discussion the Assembly unanimously voted an address, in which it recommended the Chamber of Deputies to endea vour to compromise matters with the Pope, to ap point a Provisional Government, and afterwards con voke a General Assembly, the members of which, elected by universal suffrage, should regulate the form of the Government. The meeting next con curred in the project of a constitutional assembly, presented by the Tuscan Government. The Tuscan Monitor, of the 15th inst., arm luncea that the Pope was only awaiting the election of the Pre.ident of the French Republic to proceed to France. PERUVIAN STOCK. The holders of Peruvian Stock will be in part relieved from their anxiety or suspense, by some particulars which we subjoin, and which have only just been re ceived, but we question much if they will be satisfied with the delay that has occurred, and with the jobbing that some parties have been enabled to carry on in con sequence, even if the terms suit:— PROPOSALS. " Active Bonds to be issued for the principal of the debt, to bear interest 4 per cent. for two years from the let of June next ; afterwards to increase one-half per cent. per annum till they reach 6 per cent. " Deferred Bonds to be issued for the arrears at the rate of 75 per cent. on the amount of the arrears ; the said bonds to bear interest in five years at 1 per cent., then to increase per cent. per annum up to 3 per cent. " One-half the proceeds of the guano to be hypothe cated for the payment of the interest. "At the end of five years a redemption fund of 1 per cent. on the Active Debt to be established. Any surplus which the halt of the guano may produce in the mean while over the provision for the dividends to be applied to the redemption of the Active Debt. " The bonds to be received in payment of national pro perty and of the Custom-house duties to the extent au thorised by the existing law. " The bonds may also be converted into the domestic debt of Peru." THE ARMY AND NAVY. (From the United Service Gazette.) MILITARY Comstrssrote.—The Committee of which the Quartermaster -General to the Forces, General Sir Willoughby Gordon, Bart., and G.C.8., is President, pursue their labours with great zeal and efficiency; they hold their meetings at his office at the Horse Guards, and the daily ration of the soldier is one subject under consideration. ROYAL MILITARY ASYLUM, CHELSEA.—We regret to announce that Captain Sihorne, celebrated fur his beau tiful model of the battle of Waterloo, lies dangerously ill at his quarters in this establishment, in which place he holds the appointment of Adjutant. CHELSEA HOSPITAL—We are happy in being enabled to state that that excellent officer, General the llon. Sir Edward Paget, G.C.8., the Governor of this establish ment, continues to improve in health, having much ral lied from his recent severe attack of illness. STAFF AT JAMAICA.—Major-General Bunbury, K 11., recently appointed Commander of the troops in this island, arrived on the 15th of November; he was re ceived by Lietuenant Colonel Darrah, 97th Regiment and other Military Staff Officers, and landed at Port Royal under the usual salute. ARMY PENSIONERS FOR NEW ZEALAND.—The Staff Officers of Pensioners have been called upon for lists of Volunteers to form the additional Company for service in this colony. Artizans will be preferred, not above forty-five years of age, and with a family of not more than four children. lioNG-KONG.—We are happy to find that a great improvement has taken place in the health of the troops at this station; a great number of the convalescents of the 95th Regiment are now fit for duty. The detach ment of the Ceylon Rifle Regiment, upon whom the ordi nary duties of the garrison have devolved, continue iR a comparative good state of health. THE COMMAND-IN-CHIEF IN THE MEDITERRANEAN. —We have heard from very good authority that Vice- Admiral Sir William Parker, Bart, G.C.8., will retire very shortly from the Command-in-Chief of the Medi terranean, which he has now held for more than three years and nine months. The gallant Admiral is still active and vicorous in body and mind; but his eyesight very much fails him. Sir William has sent his family to Malta for the winter, or until he is relieved. A report has reached us, via Malta, that a paymaster and purser of one of the line-of-battle ships, with Sir William Parker, is about to be brought to court-martial for having, contrary to the rules of the service, shipped specie without a permit. We decline to name the ship until we have a more authentic assurance of the fact. ROYAL NAVAL HOSPITAL, STONEDOUSE.—The Ad miral Superintendent of Devonport Dockyard, Captaia Sir Thomas Maitland, of the flag ship, and Captain Carter, of the Caledenia, have been engaged, by Admi ralty order, during the past week in investigating cer tain charges and recriminations which have passed be tween the chief clerk and the chief medical officer of the Royal Naval Hospital, Stonehouse. These inves tigations take place at the hospital; they are very lengthy, and the whole affair is kept a profound secret. Tire EAST INDIA AND CHINA STATION. Rear Admiral Sir F. Collier, C. 8., was at Singapore, No vember Ist, having returned thither from a visit to Sir James Brooke, at Labuan, where the new go vernor had bean duly installed with acclamation. We bear, however, that the now settlement is fast losing its attractive features, and that the com plaints of its continued unh ea l t hi ness are as well founded as the fact is deplored. Commodore. Plumridge, whose orders at first were to remain at Hong Kong, has been recalled by the Commander-in- Chief, and has arrived at Singapore, and Sir Francis Collier had ordered him to the Bombay division, and intended to proceed to Hong Kong himself on the arrival of his flag ship the Hastings, 72, for England. It has been stated as highly probable that Commodore Plum ridge would be employed up the Indus, in co-operation with the Moultau army. BRISTOL SUGAR-MARKET, DEC. 21—The offices have been so scantily supplied with samples that the transactions of the week are only of a limited character, prices being, however, fully supported in the few sales made. The refined market is rather dull, but prices are steady. In rum thera is nothing doing. - - - The Princess Alice, a Newcastle vessel, laden with wheat from Ilsniburgh, for Mestrs. Wren, of Stockton, corn-mc rchants, got o❑ and over the North Gar, and was then assisted into the Tees by the Conquest stt am-tug, which claimed balv ge to a large amount (5001). The Court has decided that the sti amer had no right to more than the ordinary charge for towage, and that her owners must pay 501. towards the costs of the defendants.—Hull Advertiser. CIiMUER AND HOLY BEAD.—Traffio for the week ending December 16, 1848:—Coaching traffic. 6SII. 11s.; Parcels, 60/. 9s. 7d.; goods and cattle, 1861. 4s. 3d.; steam-boats, 1071. 6s. 4d. Total; 1,2351. 11s. 2d. _ LAW INTELLIGEN r,• COURT OF EXCHEQUER, The Lord Chancellor heard the unop , 91a0, Wnatin petitions to-day. IN RI VMS SOMBRE. _ __- This case, which has been so frequently baltre k the Court, was ag a i n b roug h t f orwar d to -d ay . It will be recollected that, in accordance with the prayer of a petition on behalf of Mr. Dyce Sombre, the Court some time ago directed that he should again be sub jected to medical examination for the purpose of finally deciding the question of his sanity. 'The matter having, been brought under consideration to-day, The LORD CHANCELLOR referred to the testimony which had been given by the medical geutleinen Who had been recently appointed to see Mr. Dyce Sombre, and said it was satisfactorily established by their testimony that the gentleman was a lunatic, and that the petition in his behalf must consequently be dis missed. _ u.! f"` ~ ;~% • TIILIC V. MOXHAY. This was an appeal motion from the decision of the Master of the Rolls, who granted an injunction to restrain the defendant from erecting any building in the inclosure in Leicester•square, or doing anything to alter or convert it from the purpose of a pleasure ground. The object of the appeal was to dissolve the injunction. On the conclusion of the argument, The LORD CHANCELLOR gave judgment, and said that the defendant having made a purchase of tbe property with a full knowledge of the circumstances, he had no right to ask the Court to dissolve the in junction, and the judgment of the Court below must therefore be affirmed.—Affirmed accordingly. COURT OF COMMON PLEAS, Dec. 22. Sittings at Nisi Prius in London, before Chief Jus tice WILDE and a Special Jury.) DEAN V. SIR JOHN M'TAGGART, DART. The plaintiff in this case is a member of the Chancery bar, and he sued the defendant as director and chairman of the Dendre Valley Railway and Canal Company, to recover the sum of 2001., paid by the plaintiff as a deposit, and in discharge of the first call upon 50 shares i❑ the company. The plain tiff sought to recover the money, upon the grounds that he was induced to pay it by statements which were untrue, and that there had been a total failure of consideration. Mr. Cockburn, Q.C., and Mr. Atkinson appeared for the plaintiff, and Sir ;Frederick Thesiger, Mr. Sergeant Channell, and Mr. Unthank, were counsel for the defendant. The plaintiff 's case was, th a t i n 1 845 t hi s scheme was originated, and by a prospectus dated the 3d of June, in that year, it was stated that the capital was to be 45,000,000 francs, or 1,800,0001, to consist of 90,000 shares, of 201., each, one-half of which would be raised in Belgium, and the deposit was to be 50 francs, or 2/. per share. On the 10th of June the plaintiff applied for 100 shares, and on the 24th of June he got a letter of allotment for 50 shares. On the 24th of June the directors pub lished an advertisement, in which they begged leave to inform the various parties who had applied for shares in that undertaking, that having completed the allotment, the letters would be immediately issued, and they expressed their regret, that from the great number of applications, they had been prevented from alloting shares to many applicants of highly respect able character, with whose requests it would have given them pleasure to comply. Upon the Ist of July the plaintiff paid his deposit of 1001., and got the banker's receipt. Contrary to the statement in the advertisement, that the allotment had been com pleted, the directors had kept back 6,000 shares, and although it was said in the prospectus that one-half of the shares would be raised in Belgium, the whole amount of deposits which they raised from that country, instead of 90,1001. was only 9,8001. On the 16th October the directors published a report, speaking favourably of the scheme, and on the 15th November they made their first call of 21. per share, which was paid by the plaintiff on the 11th Decem ber following. After some other transactions the directors issued another report and a balance- sheet, from which it appeared that deposits bad been paid in London upon 30,770 shares to the amount of 61,5401., and in Belgium 90,0001. had been paid in respect of deposits. In respect of the first call there had been paid in London 17,590/. and in Belgium 6001., making the total amount received 91,8001. Upen the company obtaining a "concession" from the Belgian Government, to enable them to form the railway and canal, it became necessary to deposit in the hands of the Government (who still held it) two millions of francs as "caution money," and this sum they borrowed upon their own responsibility and paid. In addition to these facts, evidence was given to show that other circumstances existed which were likely to mislead the plaintiff. The defendant called Mr. Ambrose More, one of the directors of the company, whose evidence went to show that the directors had acted in the way they thought best for the interests of the shareholders, and without any intention of deceiving anybody. Applications for upwards of 130,000 shares were made in England, and about 31,000 shares were allotted. The reason why no more were allotted was, that they were fearful of allotting more, for they knew that the B e l g i an Government would not allow them to raise more capital than was necessary to complete the work, and these for which they had obtained a concession it was estimated could be ex ecuted for about 1,200,0001. In Belgium 44,500 shares had been allotted, including those appropriated to persons who had given up interests or rendered services to the company. This was the only reason for not issuing more shares, and none were reserved for the directors. The shares were at a premium at the time of issue, and for a short time afterwards. Mr. CoeKistaN, in reply, repudiated any intention to impute fraud to the defendant, for he believed that he and his brother directors were gentlemen of the highest respectability, but he asserted that this case came within the principle laid down by the Court in Wontner v. Shairp, and therefore that the plaintiff was entitled to recover. He had paid his money, be lieving that the whole 90,000 shares had been allotted, and that not being so, the law said that the defen dant was liable to repay him the sum be had paid upon the faith of this misstatement. Ilis Loßnseur directed the jury that they must consider whether the concern to which the plaintiff became a subscriber ever was established, and whether its establishment was at the present moment aban doned. They would judge whether the statements made by the directors were fair, candid, and honest, or were calculated to deceive. If they were of opinion that the plaintiff was induced to pay his de posits and the call by misrepresentation, he would be entitled to recover back his money. The jury, without hesitation, returned a verdict for the plaintiff, and the foreman said they wished dis tinctly to say that in their opinion the directors had done nothing which could be called fraudulent. The case lasted the whole day, and was not con cluded until half-past eight o'clock at night. COURT OF EXCHEQUER, Dec. 22. ,Sittings at Nisi Prius, in London, before the Lord Chief Baron and Special Juries.) DENNISTOUN W. TOMSG. Mr. Martin, Mr. 'Watson, and Mr. Greenwood appeared for the plaintiff; and Sir Fitzroy Kelly and Mr. Brnmwell for• the defendants. This action was brought to recover the sum of 8,960/. 10s., as for money had and received by the defendant to the use of the plaintiff. The case involved the consideration of a great mass of accounts between several houses of business, but the case may be thus briefly stated :—The plaintiff i s a mem ber of a large trading firm, at Glasgow, and in the course of last year he entered into a speculation with the house of Buchana n an d Co., of Glas gow the trustees of Me ssrs . D enny, Bi rd, and Co., and also of Glasgow, to import corn into this country to the o 6 a o m ,o e oo t / o . LTohned on, t s b o e f c lading b e a i n n d g th e im on brought from:America in two vessels, ,named the Janet and the Osecola, and consigned in London to Messrs. Bigley Young, and Co., who were represented in this action by the present defendant. Denny and Co. failed in September, in that year, but on the 15th of July pre viously, Mr. Buckingham went to London to super intend the disposal of the cargoes. On the same day Messrs. Denny and Co., the managing partners of the concern, wrote to the defendant's house, saying that the proprietors of the cargoes of the Osecola and the Janet were anxious to sell them on their ar rival, that Mr. Peter Buchanan had left Glasgow f o r London on that day to superintend their disposal ; and that if he should make any suggestions to them with regard to the sale they were to follow his in structions. It soon appeared that Denny and Co., during the course of this transaction, had drawn to the extent of 14,0001. The two cargoes were disposed of, but the speculation turned out a very unfortunate one. In the end Messrs. Dennistoun and Buchanan claimed the value of the two cargoes, amounting to between 8,000/. and 9,0001., but the defendant's house refused to pay, declaring that they did not owe the money under the circumstances, that Messrs. Denny and Co. owed them 30,0001., that they held the cargoes by way of security for the re payment of that sum, and that they did not know the plaintiffs in the transaction at all. On this state of facts the question was, whether by the letter of the 15th of July, and another of the 4th of Sep tember following, the defendant had notice that the plaintiffs were partners in the speculation. The LORD CHIEF B A RON addressed the jury very briefly, and ultimately left that question to them. The jury retired for a short time, and then re , turnt d a special finding, to the effect that on the re ceipt of the letter of the 15th of July, the defendant knew that Buchanan and others were inter es t e d i n the cargo, and that on the receipt of the letter of the 4th of September he knew that the other parties also . were interested. This was a verdict for the plaintiff, and it was en. ered so accordingly, 6,9601. 106. damages. --~ lIIM - 1.- _ io% 121 1 / 4 414 94 22% li 26% 2 1 A 71; 274 1 26% 134 134 25N; - 7 1 i - VA kr•) Old nee 36. Ile, it!i er !en N U