The Sun. — London, England, 1865-01-11 00:00:00

The Lord Chancellor and the Bankruptcy Laws. The annual meeting of the Nottingham Chamber of Commerce was held on Monday—Mr. Thurland Vickers, president. The secretary read the follow ing report on the Bankruptcy Laws The laws relating to bankruptcy have again engrossed much of the attention of the council, who length resolved,—That the present law as to assignments or the benefit of creditors being found in practice to throw great difficulties in the way of the best realisation of estates, this council deputes Mr. Thomas Ball and Mr. Gripper to attend to the select committee of the House of Commons to submit the following suggestions :-Ist, That as to estates wound up under ass i g nments or compositions it is desirable to separate the judicial from the ad ministrative functions of the Court of Bankruptcy. The judicial functions of the court would be-Ist, The decision of all dis p uted questions as to the proof of debts. 2d, As to the conduct of the debtor and his right to a discharge if refused by assignees. 3d, As to any other matters submitted by the as signees, creditor, or debtor. 4th, As to certificate to s ignees of having fulfilled their trust. The administrative functions would be—Taking an as signment from debtor to official assignee. Taking possession of the property by official assignee until first meeting of creditors, with list of creditors and statement of assets. Sending statement to assignees when chosen of estate of bankrupt to be rea lised. Auditing of accounts of trustees. The assign ment to be made to official assignee of court of bankruptcy upon which protection shall be granted to person and property of debtor. Possession to be taken by official assignee, and held by him until first meeting of creditors, to be then fixed for choice or trustees within 21 days. Debtor to file within seven days a list of creditors with affidavit of cor rectness and statement of assets with like affidavit. Copies to be sent by official assignees to every creditor. At first meeting of creditors official as signee to submit report of affairs. List of creditors and amount of debts to be called over, and if any debt is objected to, the vote to be taken subject to appeal by the registrar. Creditors present to appoint trustees or receive any offer debtors may have to make ; or, creditors may resolve that estates shall be wound up by official assignee under committee of creditors as inspectors. If trustees are appointed particulars of assets to be furnished in a book by official assignee within days for guidance of trustees. Trustees to realise estate, and when suffi cient for first dividend realised to submit a state ment to creditors to be audited by official assignees and filed in court and dividend declared. Copy of amount with notice of dividend to be sent by official assignee to every creditor. Amount required for dividend to be transferred to special account at bank, and paid by cheques of trustees. Debtor to ask for certificate from assignees of having complied with statute, and if assented to by them order of discharge to be granted as a matter of course by court unless creditors give notice of objection, in which case, or refusal by assignees, the court to decide upon the order of discharge. When final di vidend declared assignees may apply to court for certificates of release from trust. Statements filed by debtor may be amended by consent of assignees or court. If found to satisfaction of court that debtor has put down fictitious debts as due to creditors or wilfully omitted property, order of discharge to be void. Dividends not applied for within 12 months after second notice to be carried to credit of estate and divided amongst creditors at final dividend. Bill for Extending the Provision of The Bleaching, and Dying Works Act, 1860,' was taken into con sideration, but the council did not deem it desirable for the chamber to take any steps either in favour of it or in opposition thereto." Mr. C. PAGET, M.P., observed—l will now come to the question with regard to bankruptcy. There was a very able committee sat upon the subject during the last year, and I hope the result will be an improvement inthe administration of bankruptcy, but there are many considerable difficulties in the question. I cannot, however, better lay the matter before you than in the words of the Lord Chancel lor in a letter which he wrote to me. I had, per haps, better fist say that a resolution was carried by the merchants and traders of the Midland So ciety, which I had the honour to submit to the Lord Chancellor. The resolution was 'one of thanks to the Lord Chancellor for the great care and trouble he had taken to improve and simplify the adminis tration of the Court of Bankruptcy. The following is a portion of his letter to me :—" There has been no thorough superintendence of the administration of the bankruptcy laws. It was the object I had in view when I desired to have a chief judge ap- pointed, but which the House of Commons refused. I have endeavoured but imperfectly to do the duty myself. In doing so it is most painful to see the amount of dishonesty, neglect, and abandonment of duty which has been brought to light. But there is one evil in bankruptcy which I cannot reach. It is this : As soon as the trader has made a bad debt and the debtor becomes bankrupt in 19 cases out of 20 he reasons thus—" The first loss is the best. If I look after this bankrupt's estate I shall have much trouble and may incur great expense ; I cannot leave my business to attend myself, and it will not do to employ an attorney. If I do, perhaps I should not get more than an extra shilling in the pound of dividend ; therefore, let it take care of itself." And thus every estate is abandoned to attorneys, brokers, auctioneers, and other unnecessary official persons, and it is eaten up by their costs and charges. Then come statements like these :—Assets, 2,1001. ; costs of solicitors and otherwise in bankruptcy, 1,2001. — more than half the property. Then there is a great outcry, and people say it is the fault of the law and of the Lord Chancellor. I could establish a board of official administration which should be bound to collect and distribute every estate at a maximum charge of 10 or 12 per cent., but if I propose it I should have the opposition of every solicitor. How is this evil to be met ? Will you talk to your friends who opposed the resolution, and tell me how I can secure an honest, efficient, speedy, and economical collection and distribution of a bank ruptcy estate. I should say, continued Mr. Paget, that this letter is entirely in accordance with every thing I have ever seen of the Lord Chancellor upon the present subject. At the time when I had as my colleague in Parliament Mr. Mellor, he and I had frequent conferences with the Lord Chancellor, and I was perfectly impressed with his earnest de sire to carry out what was a fair object of ambition — a great improvement in the bankruptcy laws. The attempt which he made I think has been cer tainly a great disappointment to him, and I wish it had been different. What is wanted in cases like these is some one person who is respdnsible for the good management of the whole, and who has power and influence su fficient to ask in a voice of autho rity for such chanues as are necessary to make the institution work well. (Hear, hear.) The respon sibility for change now rests upon a number of com missioners who set themselves ag ainst it with the object of ma k ing the thing a failure. That was the impression w hi ch I received of some of th while reading the pro ceedingsßankruptcy Courts, and from these re asons i t has in The question as to what ge l a great measure failed. for it is a very oneimportant s hall be substituted b lt has been said that the administration of the kruptcy laws in Scotland gave general satisfactioan I applied to many Scotch friends as to how thenth. one and dcauchange work, and they answered in effect tha7theanY did was made in '54 or '56, and they of opinion that it is worked with great gat i dae 7 ere (Hear, hear.) In speaking with ot h er parties Zon. it—with men conversant with th e b ankruptcy law ilt in London, th ey sa id th a t " t h e thing win work well in Scotland, and not in England, because there is a difference between a Scotchman and an Eng lishman," to which the Lord Chancellor alludes when he speaks of the feeling of a trader to let by gones be bygones, and not look after the last penny of an estate, as it is the habit of our most frugal neighbours to do. (Laughter.) There seems to be a unanimous feeling on the part of the Scotch that the thing is working well. You will all notice the par agraph at the end of the letter, where the Lord Chancellor asks, " How is the evil to be met ?" I _ lmmunicated this part to the Merchants' and Traders' Society, and I have received a memorial to the Lord Chancellor from them, containing their views on the matter. It seems to me that it is quite possible that the same system might not be the best for small estates, such as traders would mainly have to do with, although it might suit those with which the merchants and manufacturers have to deal. Therefore I would ask whether it would be better to make any representation to the Lord Chancellor of your views, as he is intently looking out for the views of the trading classes, and if so, whether it would be convenient for the council to furnish me with those views, in order that I might —if you were to honour me by making me your channel of communication—and at the same time the views of the Chamber of Commerce, together with those of the trading community. Mr. Ayrton and his Constituents, Last night a public meeting of the inhabitants of ;he Tower Hamlets was held at the Beaumont Insti- tution, Beaumont-square, Mile-end, for the purpose of hearing an address from Mr. Ayrton, M.P., one of the members for the borough. The meeting was very numerously attended, and Mr. IV. Newton presided. After a few introductory observations from the Chairman, Mr. AYETON, who was well received, said that he appeared before them in consequence of a pledge which he had given some years ago, that he would meet his constituents at the end of each session of Parliament. He was not able to redeem that pledge last year, but the reason was that he happened to be in India. He appeared before them now not so much to pass comments .on what had been done during the session of Parliament as to obtain information from them as to the future. And first, with regard to the duties of members of Parliament, and especially of metropolitan members, he thought that one of the chief was to support local action, and to give it adequate scope and freedom. But it was by electing members to the Metropolitan Board and bringing the influence of the whole of the metro polis to bear on the Government that they could best protect their local interests; and not by. calling on him as an individual to advocate them in the House of Commons. But perhaps it might be said that the Metropolitan Board had not done their duty. (Hear, hear.) If that was their opinion it was their fault, for they were the electors of the mem- bers of the board. (Hear, hear.) The Metropolitan Board, as it seemed to him, had shown great good sense in their management of the sewage question. The sewage of London was at first proposed to be got rid of at a cost of 11,000,0001., but the 'Metropolitan Board executed the works for 4,000,0001. He thought they were right, if the land did not absorb the sewage, in carrying it out to sea, where at least it would cease to be a nuisance. (Hear.) When he advocated local rights in the House of Commons his great opponents were the Corporation of London. He thought it a national disgrace that there should be 1,012,000 chargeable poor in England alone. The cost of their maintenance was 6,500,0001. This was a deplorable state of things, and required to be seriously and deeply considered. (Hear, hear.) One of the deep-seated causes of this extensive charge ability was to be found in the practice of infant labour. (Hear, hear.) It appeared from the report of the commission on infant labour just made, that mere infants were kept at work ten and twelve and even fourteen hours a day. (Hear, hear.) Children of five years of age were thus obliged to work when what called the necessities of industry required it. If he were not speaking to an assembly of Englishmen he should say that this was nothing better than a system of infant slaVery, (Hear, hear.) ;And slavery, whether of adults or of children, was a moral pest, which brought in its train, ignorance, poverty, and crime. (Cheers.) The children who were thus treated, when grown up, would be sure to rear a generation like them selves ; but the - evil did not stop there, for the ex ample would spread. Children were asked if they knew who Christ was, and they replied by asking if it was a newly-invented machine, for they had never heard of it. (Shame.) They must not blame the poor, for they acted perhaps from ignorance. ' They must bring home the blame and shame of this to the really guilty parties—those employers of labour and capitalists who used up infants in this way for the creation of wealth for themselves. Another source of this vast chargeability was to be found in the misappropriation of the education grant. (Hear, hear.) He thought Mr. Lowe had been badly treated by the Government. The people of this country were indebted to Mr. Lowe for resisting the increase of taxation for the purpose of education when the money was not properly distributed, and when the education did not reach those for whose benefit the tax was levied. He should protest against one farthing being taken from the pockets of the people to be spent in ministering to the vice and dissipation of soldiers and sailors. (Hear.) Another cause of what he must call their national disgrace was the improvidence of the people. He very much approved of the bill of last session for shutting up public houses after a certain hour of the night. (Shut them up altogether.) During the last session Mr. Lawson brought in what he called a permissive bill, but it was not a permissive bill, and he felt that he could not support it. (Hear, hear.) The present law had more of the character of a permisssive measure, but the people ought to share with the magistrates in the power to grant licences. He had supported the extension of savings banks and of friendly societies. He had no doubt Mr. Gladstone meant well when he introduced his bill on friendly societies, but he had as little doubt the time would come when the people of this country would laugh to scorn the idea that the Governments were to take care of them, and to manage their affairs for them. (Hear, hear.) He believed that the casual poor-law bill of last session introduced a sound principle which would ultimately lead to a reform of the poor law. (A voice—" What about the army ?") Some body seemed anxious to enlist. (Laughter.) It was said that armies were required in consequence of the state of foreign affairs. The state of America was referred to as a proof that free institutions had failed. But he did not think that anything had occurred in America of which the friends of free institutions need be afraid or ashamed. (Hear.) No doubt there was great loss of life and property. But it was impossible that a contest on which the existence of the United States as a nation depended, could be carried on without great sacrifice of life and property. During the Crimean war there was as great a sacrifice of life and pro perty on the part of this country, considering the number of the armies fighting on both sides. (Hear, hear, and cries of "No, no," and " 'Tis a lie.") The wisdom of the inter ruption might be judged by the propriety of the terms in which it was made. (Cheers.) He maintained that when England engaged in her great wars she had to carry them on at a great sacrifice of life and with an enormous increase of taxation, and in form er ti mes th e constitution was sus pended, and the people were deprived of their liberty. (Hear.) He was sorry the G overnmen t did not accept the . proposal for arbitration which had been made to it respect ing the Alabama, as it would show that the people of this country were desirous of acting fairly towards the United States. The American war had the effect of all wars, that of turning the attention of th e peop l e f rom ques tions of internal reform. (Hear, hear.) They had seen this in the case of Prussia, the people of which had been turned from reform at home by the war in Sleswig- Holstein, and he believed there were other countries that acted on the same principle. The attention of the English people had been too much directed to foreign affairs, and the effect was lamentable on their expenditure and on their taxation. Their expenditure was 4,000,0001. more than it was in 1859, after the Crimean war, and although per sons boasted of the remission of taxation, he thought it was pretty clear that it was nothing but a shifting of burdens. (Hear, hear.) He therefore deprecated any inter ference in the affairs of foreign nations. (Hear.) Of course they must keep up such a force in this country as would prevent invasion and keep the soil intact from foreign foes zuerally speaking as it had been kept intact for 800 years. (Hear, hear.) He thought the greatest credit was due to Mr. Cobden for his e fforti , in bringing about the French treaty. (Hear.) But interest and imtphoertaanttecentt:otnh eomf moi k e n : e w ch a u y re f b ro . m_ those internal questions which Peeple w b o a r d e ofbe been to be mcornatry. There was the ques , ttioeunnoc: techleanchduicnh.ollelnch ha dbeen said of Tate on the subject er:tat ar b e l d ishm te b en hu t in himselfteLdby to the mysteries of the inefficiency of the great church he declared that he was as who would purchase (Cheers.) The church ap , only be given to faith. (Cheers.) s ! un re o ly a political institution, dedicated with the saint, but the sorcerer, trayed the Liberal party on the The Government had be trayed the power that should Lord Palmerston sneered at theE3Cil'irch ballot, and pa rliamentary reform had been placed in the backg round rate Abolition Bill arliamentar; su ha p d po be se e d n taoctcltlhyembeadset friends eGuodsveronf Government by those who because they were ever, of vigor- There was one man among the Minisetrovrin. (Hear, hear.) how ous intellect and honest intentions, and he believed that when Mr. Gladstone made his celebrated declaration in the house, he had in his own mind the outline of a new reform bill. (Hear, hear.) Such a measure was absolutely neces sary if this country was to hold its position among the na tions of the world. He could not look back with satisfac- tion to the conduct of the Government during the last ses sion of Parliament. He thought that Parliaments were of too long duration, S and that Governments would be morq disposed to carry out the wishes of the people if they had the opportunity of more frequently expressing an opinion on the policy of Governments. (Hear, hear.) The people would, however, soon have an opportunity of expressing their opinion, and they should make it known that they would support no Government that was not prepared to stand or fall by reform. (Hear, hear.) It was the duty of a Government to lead, and not to lag behind. But what had been the conduct of the Government ? The church rate question had been evaded, the ballot sneered at, reform abandoned ; and was this state of things to be perpetuated with the cry of Palmerston for ever ? (Hear, hear.) He should respond to no such cry. (Cheers.) He should not give his support to any Ministry that was not prepared to give to the people of this country those measures of reform to which they were entitled, and which had been promised to them. (Cheers.) A vote of confidence was then passtel on the hon. mem ber, and the meeting separated. THE FRENCH BUDGET. rHE SUN, LONDON, WEDNESDAY EVENIN 31. FOULD'S FINANCIAL REPORT. PARIS, Jan. 10. The following report of M. Fould, the French Minister of Finance, has just been published : " Sire,—ln addressing to your Majesty to-day my annual report, I am enabled to place before your Majesty an almost complete ezposé of the principal elements of our financial situation. " At the period of the year we have reached it is, in fact, in my power to indicate with a certain amount of precision the results of the Budget of 1863, to display in their en tirety those of 1864, and to establish with more certainty the provisions of the anticipatory Budgekof 1865. " This Budget is submitted to the examination of the State Council, which is also occupied with the draught -of the ordinary and extraordinary Budget of 1866. " BUDGET OF 1863. " The year 1863 will give a better result than I had an ticipated in my last report. In place of a deficit of 43 mil lions, this Budget will only add 28 millions to our former deficit. The total of these difficulties which I stated last year as 972 millions does not amount definitively to more than 960. By means of the loan of 300 millions, now almost entirely liquidated, thip amount will be reduced to 660 millions. " BUDGET OF 1864. " It is not yet possible to foresee with exactitude what will be the balance of 1864. " The new law as to sugars, by permitting the tempo rarily free entry of raw sugars, has substituted for the for mer mode of levying duty guaranteed tenders discharge able at the end of four months. The diminution in the duties collected which will result fromthis change will not amount to less than 50 millions at the end or the current year ; but it may be permitted to hope that the greatest portion of this awn, which belongs to the Budget of 1864, will be recovered during the first half of 1865. " Save the eventuality I have just pointed out, the pre visions of the Budget of 1864 will be fully accomplished. In fact, if the Customs show a diminution (direct taxation has been even more easily levied in 1864 than in preceding years), the taxes upon stamps, upon beverages, upon to bacco, and of postage offer at least an equivalent improve ment. It is therefore certain that, if there is a deficiency in 1864, it will be limited to the diminution which may take place in receipts arising from the consumption of sugars, and the Treasury will nevertheless have sustained a loss of 6,500,000 f., in consequence of the suppression during the second half-year of half of the second decime upon regis tration. " The non-realisation of the bonds of the Mexican Loan which we have received in reimbursement of our advances, conformably to the Treaty of Miramar, cannot be consi dered as a deficit. These bonds, calculated at the rate of 60f., represent a sum of 54,000,000 f., 40,100,000 f. of which go to the Budget of 1864, and 13,900,000 f. to the Budget of 1865. "The situation of the Treasury enable us to await more favourable circumstances for the negotiation of these bonds, which there is every reason to believe will not be long in coming to pass. In the meantime, the Budget of 1864 will be advantaged by the interest of the nominal capital at the rate of 6 per cent. —i.e., by a sum of 5,400,000 f. "With regard to the 12,500,000 f. which are to be paid by the Mexican Government from its own resources during the second half of 1864, and which appear in the Budget of that year, they have been regularly discharged. " Although the past year has been favoured by an abun dant harvest, business has had to sufferby the continuation of the American war and the monetary embarrassments which have weighed upon enterprise. France has never theless been less severely tried than other countries. If the rate of discount was for a short time at 8 per cent., in Eng land it has been several times raised to 9 per cent., and has always been higher than that of the Bank of France. " Despite the inconvenience this dearness of capital has occasioned, the prudence of our commercial men has been so great that the number of failures and their importance has only been slightly increased. " People have been much occupied with seeking the causes which for some years past, at frequent intervals and at almost periodical epochs, have brought about the rise in the rate of interest, and petitions have been recently ad dressed to your Majesty to ask that this question should be the subject of inquiry. , The Bank of France has seen its organisation attacked, and, although convinced that no blame could be imputed to it in the evil pointed out, it has itself manifested the desire that this inquiry should take place, and should be extended to all the facts which bring about the dearness of capital. If your Majesty should deign to authorise it, I believe that a useful manifestation to re assure the public interest and enlighten public opinion will result from the impartial and complete examination of this important question. " I will not terminate this analysis of the results of 1864 without stating that we have been able to re-enter upon the strict execution of the prescriptions of the Senatus-Consul tum of Dec. 31, 1861. " Although we have had to repress an insurrection in Algeria, and to send thither considerable reinforcements, we hope that we shall not ask any supplementary credit of the Corps Legislatif, and that if this eventuality should occur, which cannot yet be entirely ascertained, it will be restricted within very narrow limits. " ANTICIPATORY BUDGET OF 1865. " The credits to be opened for the Anticipatory Budget of 1865 amount to about 82 millions ; but this sum cannot fail to be reduced. In fact, owing to the strictness ruling the arrangement of the expenditure, the total of the credits anticipated in the Budget of 1865 will be found lessened, at the end of the balance, by a sum estimated at 36 millions at least, which will give rise to corresponding abate ments. (The total of preceding abatements has been— in 1859, 52,439,932 f. ; in 1860, 48,544,882 f. ; in 1861, 39,097,435 f.; in 1862, 71,427,144 f.; and in 1863 this amount will be 46 millions.) The increase which thiji Budget will necessitate will therefore only in reality be 46 millions. "Upon the other hand, the resources calculated upon for the anticipatory Budget amount for 64,000,000 f. A surplus will therefore result of 18,000,000 f., which may be carried to the extraordinary Budget of 1866. " The principal items of expenditure in the anticipatory Budget of 1865 are— " 1. For the Ministry of War : "Entire effective force kept up in Mexico, in Algeria, and at Rome "N.B. The sum asked last year for this ser vice in the rectified Budget was 57,000,000 f. " 2. For the Ministry of the Marine and the Colonies : " Extraordinary armaments and administra tion of Cochin China ... ... 29,000,000 "N.B. The credit asked last year for the Ministry of Marine and the Colonies was 52,000,000 f. " 3. Ministry of Public Works "N.B. The Ministry of Public Works was only charged with a sum of 1,800,000 f. in the rectified Budget of 1864. " 4. Ministry of Finance : " New Post-office ... 36,000,000 4,500,000 ... 6,000,000 " Re-coinage of silver works in forests, grassing mountains, &c. 3,000,000 " 5. Some further expenses for the Minis tries of the Interior, of Public Instruction, of the .Emperor's Household, and of the Fine Arts, and for Algeria—together " The revenue of the rectified Budget of 1865 arises principally : " 1. From direct and indirect taxes, which were calculated with great moderation in the Budget voted 18 months ago. Their total value will exceed "2. From the annuity due by Mexico "3. From a sum to be received from the com panies of Orleans and of Lyons "4. From the payment of a credit reserved for inundations ... _ 9,000,000 2,600,000 ... 31,000,000 25,000,000 3,000,000 " 5. From some other sources amounting to gether to ... ... ... ... ... 1,000,000 " ORDINARY BUDGET or 1866. 8,300,000 '• The ordinary Budget of 1866 contains no new burden upon the taxpayers, and we have even ceased to include the tax upon equipages and horses kept by private persons. By your Majesty's order, a bill will be presented for the pur pose of including this tax in future in the departmental budgets. " Notwithstanding this diminution, the ordinary budget of 1866 balances at present with a surplus of over a million, and we have nevertheless been able to increase the amount devoted to the Ministry of Marine by 2,500,000 f., and that to the Ministry of Public Works by 1,500,000 f. " EXTRAORDINARY BUDGET FOR 1866. " The Extraordinary Budget for 1866 amounts in revenue to nearly 145,000,000 f., and in expenditure to 144,500,000 f., thus leaving a surplus:of about 500,0001. " The resources of this Budget consists of,- 1. The sum of ... 18,000,000 (of which I have already spoken, and which forms the surplus of revenue of the Antici patory Budget of 1865.) 2. 90,000,000 (Arising from the Sinking Fund.) 3. About ... 29,000,00 (Being the amount of the indemnity to be received from Mexico, China, and Cochin.- China.) 4.... 1.111 4 , " 11.1. •I• II" 7,500,000 (Arising from divers sources, which are de tailed in the draught of the Budget.) ",The principal itims of expenditure are : "FOR THE MINISTRY or PUBLIC WORKS. 97,400,000 Subvention and annuities to the railway companies ... Guarantee of interest to the company ... 31,000,000 Railway works executed by the State ... 5,400,000 Works for bridges and road ... 38,800,000 22,200,000 For the Ministry of Marine destined for the continuation of the works for the transfor mation of the fleet ... ... 12,500,000 All the other Ministries and • the Govern ment of Algeria obtain credits at least equal to those which were accorded them last year; these credits amount together to about ... 34,000,000 "FLOATING DEBT. "It remains for me to make known to your Majesty the state of the Floating Debt. "As I said at the beginning, the total of our deficits to the end of the Budget of 1863 amounts to 660,000,000. The floating debt will be momentarily larger than this sum. The differences arises:- 1. From the balance of ... 15,000,000 (which we have to receive on the loan). 2. From the delay in the levy of the duties on sugar, to the amount of ... 50,000,000 3. From the non-realization of the Mexican Bonds, for „,. ... 54,000,000 4. From the advances made by the Treasury, in virtue of divers laws for the Greek Loan, the loans to industry, steamboat companies, &c. These advances exceed the disposable funds of the securities by about ... ... 30,000,000 " There must be added to these causes of the increase of the floating debt the necessity in which we are placed of keeping up cash in hand for several points—in Mexico, Cochin-Ching, the colonies, Algeria, and Rome. " The amount of the floating debt on Jan. 1, 1864, was 936,000,000 ; on Jan. 1 of this year it was only 808,000,000, of which 721,000,000 bore interest. " The cash in hand of the Treasury, which was 39,000,000 at the commencement of last year, amounts to 107,000,000 on Jan. 1, 1865. "The Treasury Bonds on the Ist Jan., 1864, reached the figure of 307,000,000 ; they had decreased this year to 208,000,000. " The law of June 8, 1864, limited, from Ist December last, the issue of these bonds to 200,000,000, exclusive of the 40,000,000 authorised for loans to industry. By the end of October the Treasury had returned within this limit. " Notwithstanding the exceptional rise in the rates of in terest, it has been possible to maintain since the month of April last the rate of the Bonds at 4 per cent. for those fall ing due in from three to five months, and at 4-} per cent. for those falling due in from six months to one year. " I do not render an account here to your Majesty of some administrative measures adopted during the course of the year in several financial departments. These details will be found - in the statements of the situation of the Empire. I will confine myself to recalling to the Emperor that he was good enough to authorise me to present the draught of a law relative to the amendment of the renter belonging to the Sinking Fund. This measure, justified by several precedents, will free the Budget from a sum of more than 67,000,000, which, borne at the - same time as revenue and expenditure, fictitiously increased the amount of the Budget. " This statement may be summarised thus : " The year _1863 will leave a deficit less by 15,000,000 than had been anticipated ; the Budget of the year 1864 will probably balance itself ; in 1865 our military expenditure will be reduced—for the Army, by 21,000,000; for the Navy, by 28,000,000 ; together 44,000,000 —and lastly, we shall carry forward to the Budget of 1866 the sum of 18,000,000 arising from the surplus or the resources of 1865. This sum may be notably increased at an early future, if, as is permitted to hope, the extraordinary expenses for the Army and Navy, which still figure in the Anticipatory Budget for 1865 to the amount of 65,000,000, shall succes sively decrease, and at least disappear. There will then be considerable resources, the employment of which will be ulteriorly determined. " The situation, generally speaking, presents a favour able aspect. The monetary embarrassments have disap peared, a recovery of bnsiness seems near, and our revenues cannot fail to increase with the activity of commerce and industry. " These happy results are due to the confidence inspired by the Government of the Emperor and to the pacific senti ments with which Europe knows your Majesty is animated. " I am, with respect, Sire, your Majesty's most humble and most devoted servant, " ACHILLE FOULD. " Paris, Jan. 9." A Canadian Judge on the Confederate Raiders, The winter assizes at Toronto opened on the 22d December. Mr. Justice Morrison, in his charge to the grand jury, said— I regret to find that, notwithstanding the severe punish ment which in several instances has been inflicted upon , persons convicted of breaches of the Foreign Enlistment Act, there are some cases for trial at these assizes. I fear that the high bounties which are paid upon enlistment in the forces of the United States tempt evil-disposed persons, from mercenary motives, to solicit and persuade men to en list, holding out the assurance to their dupes, and engaging that they will take steps, after the receipt of the bounty, to secure with safety their desertion, thus committing a breach of our laws, perjury, and defrauding the American Government. Such has been the character of the cases that have come under my notice. As to the law itself, it is so comprehensive in its terms that it is almost impossible to evade it. Any retaining, engaging, or procuring, or attempt to engage, hire, or procure any person to. enlist, or be employed in theland or sea service of a foreign State, is within its provision. The consideration of this offence leads me to make a few :remarks upon another breach of international law which, with the events that are passing around us at the present time, excites much anxiety and interest in the minds of our people. We are all aware that the unhappy civil war which exists in the United States has caused many persons to seek a refuge within our - boundaries, either as escaped prisoners of war, or enemies of the United States,or being disaffected against its Govern ment. So long as these persons remain here peaceable re sidents of the province, obeying and respecting our laws, and abstaining from attempts dangerous to the peace Of the country, so long are they entitled to an asylum and protec tion ; but should they abuse the asylum and hospitality afforded them, either by plotting within our borders enter prises against the persons and property of the people of the United States or its Government, or associating themselves with a view to hostile incursions from our province into the United States, or acting in conjunction with enemies or disaffected persons of that nation msiding or being with in its territory, for the purpose of committing depredations or hostile acts therein, they forfeit all right to protection. The Queen, by herroyal protection, has commanded all her subjects to maintain a strict neutrality in the contest be tween the contending parties ; and by the same proclama tion she has warned all other parties entitled to her protec tion who shall presume, in contempt of her commands, to misconduct themselves, that they do so at their peril, and that they will in no wise obtain any protec tion against any liabilities or penal consequences. The circumstance that this portion of her Majesty's dominions lies conterminous with those of the United States ren ders it still more incumbent upon our people to abstain from all acts in the least degree inconsistent with neutrality, or the law of nations, or our duty as a neighbouring nation to the United States. It is our further duty to discourage and to prevent, by every means within our power, every attempt at a violation of neutrality, by the conversion of any part of our soil or territory into a rendezvous where raids may be securely concocted against a friendly nation, and from whence persons engaged in such criminal enter prises may emerge, and to which they;may return for protec tion. Such being the duty of our own people, how much more is it the imperative duty of refugees and others who seek an asylum in our country to conform themselves strictly to our laws, and obey the commands of our Sovereign. We have every reason to believe that the good sense of our people—that the respect which they have for the laws, and regard for the honour, reputation, and peace of the country, will prevent the commission of any act tending to make us obnoxious to the charge of disregarding the proclamation of her Majesty, or the stain of violating faith towards the United States, a nation with whose prosperity our own is so intimately blended, and with whom it is our interest to cultivate the most friendly relations. It has unfortunately happened that near to our eastern and western frontier out rages have taken place alleged to have been planned and committed by persons under our protection. Several of the persons engaged have been arrested upon the requisi tion of the authorities of the United States, under the Ash-: burton treaty and the laws of our province, with a view to their extradition, being charged with the commission of • crimes within that treaty. The case of one of those pri soners is still pending before the Recorder of the city. The others were recently discharged from custody, under cir cumstances and in a manner, to say the least, very extra , ordinary and most precipitate, and which have given rise tto very painful and grave observations. Since t then, however, fresh warrants have been issued for the re-arrest of the parties, and rewards for their capture offered by the executive. I may here remark that it has been contended, on the part of those prisoners, that JANUARY 11, 1865. they were entitled to their release on the ground that the acts charged against them were acts committed under com missions of instructions fromthe authorities of the so called Confederate States—that in fact the crimes with which they were charged were acts of war. Without admitting for an instant that even if they were it would form a ground for their discharge, I fail to see that,while the actual seat of war is several hundred miles distant from our frontier, a mere incursion of a few men secretly contrived and without the ordinary feature or emblems of a warlike expedition—re sulting in an inroad upon the territory of a neighbouring country and the taking of the lives of non-belligerent and unoffending citizens, and plundering them of their property, and escaping into this country with the plunder—l say I fail to see that such acts are entitled to be treated or consi dered as acts of war. I can only consider them as crimes of murder and robbery under the pretence of war. If it were otherwise the most revolting crimes might be perpetrated under such pretexts, and being committed on the borders of friendly and contiguous states, as in the present instance, the offenders would escape the punishment that such crimes deserve. War as understood and carried on among civilised nations has enough evils and calamaties without extending its horrors to murder and robbery, such as I refer to. As well might it have been argued during the Crimean war, that if a few desperate men entered any part of our pro vince from the United States, and murdered and robbed our people, andimmediately fled thereafter within the Ame rican frontier, they were, under the pretext that their crimes were acts of war in aid of Russia, entitled to protection, and not within the treaty. One's common sense revolts at any law, international or otherwise, being invoked to pro tect the perpetrators of such atrocities and crimes from being amenable to the laws of the outraged country. Some of you gentlemen may remember that a number of the mis guided men involved in the rebellion of 1837, who fled and took refuge within the American frontier, in conjunction with:citizens of the United States, effected for a few days a landing on Navy Island, and employed a steamboat in the transport of men and munitions of war to the island from the American shore. It will be in your recollection the very bitter and exasperated feeling that those proceedings created in the mind of every loyal subject in the province, and which resulted in the cutting out of the Caroline while lying in an American port, with a view to her de struction. The act itself was a violation of American soil, and was vindicated by us on the ground of self-preserva tion. And were it not for the good sense of the two Go vernments at the time, the two nations might have been plunged into all the calamities of civil war. When some of their citizens were killed and wounded, and their banks plundered, how intensely bitter would that feeling become if our authorities and our people did not take effectual steps to repress and to prevent a recurrence of such crimes, or if, upon the commission, no effort was made to capture and deliver over to justice men who had not only forfeited all right to protection, but were become criminals of the deepest dye. The direct tendency of such outrages is to bring the people of the two countries into collision, and eventually involve us in all the multiplied evils of war. We have re cently seen the great peril in which our national rela tions were placed by an order of the American general commanding on the eastern frontiers. Fortunately, that part of the order which was fraught with the danger to the peace of the two nations was promptly disallowed by the President of the United States, a step which affords us an assurance that the Government at Washington relies upon the good faith of our executive, and upon its willingness and ability to redress and pre vent any violation of neutrality or national law, and to carry into effect all our treaty stipulations. The matter is now in the hands of our Government, and we can all rest assured that the dignity and honour of the country will be' maintained ; that the most effectual means will be taken to keep inviolate our own territory, and to prevent any part of it being made use of as a point from which refu gees or others may plot or proceed to molest the citizens of the United States, and that our treaty obligations will be carried in their integrity. It, nevertheless, behoves every one of us to use all our influence, and to make every exertion, individually and collectively, to discourage and counteract every breach of neutrality on in ternational law ; and it is to be hoped that all refugees and others within our boundaries must see that they cannot en gage in any such criminal enterprises as I have referred to, without encountering public indignation, in addition to the penalties of the law. I have so far felt it, Mr. Foreman and gentlemen, to be my duty to make to you these few remarks in connection with the subject to which I deemed it pro per to direct your attention—a subject in which is involved matters of the most serious import to yourselves as men of property, and having a stake in the country, and to every one interested in its well-being and prosperity. His lord ship, after reading the above'charge, said he might add that we must all deplore the enormous expense the conntry must be put to by the measures rendered necessary by the cir cumstances to which he had alluded. We must also feel how serious was the hardship inflicted on our own people, volunteers and others, who, at the call of his excellency, had to go to the frontier to repress these outrages. The necessity for these proceedings was much to be regretted, but every well-disposed person and good subject must ad mit their necessity, inasmuch as if these outrages were to go on unchecked, they must inevitably, as he had stated, result in war. Ethnological College, Yesterday evening an ordinary meeting of the Ethnological Society was held in their rooms in St. Martin's-place—the president, Mr. Lubbock, in the chair. An elaborate paper, contributed by Mr. Khanikoi, was read, entitled, " Contributions to the Natural History of Iranians." The paper commenced by asserting that the highest point of the Old World, the plateau of Thibet, and the chain of the Himalaya, divides four different nationalities —the Chinese to the east, the looranians to the north, the Hindoos to the south, and the Iranians or Persians to the west. Philological and historical researches, it was said, have established-the commu nity of origin of the Hindoos and Iranians, who, at very remote periods, lived together under the com mon name of Aryans. He took that position as the foundation of his researches, which led him to infer that the Persian inhabitants scattered in the fertile valleys situated between the Hindookush, the chains of Poughman and of Koshi Baba, and the well watered plains of Herat, Scistan, and Kinnan, were the true aborigines, and that among them may be found representatives of the primitive type of that family. Mr. Khanikof then proceeded to consider the evidence in support of that opinion, which depended principally on the craniological examination of the [ different figures sculptured on ancient monu ments, and the crania of the existing inhabitants of the region. The measurements of the heads of the Guebers or fireworshippers, of Hindoos, Affghans, Kurcli, and Bactrians, established a considerable difference in the conformation of the heads in eastern and western Iranians, and showed that the Kurds and the Bactrians are the opposite of Hindoos and Guebers in all diameters of the skull. Sir HENRY RAWLINSON differed from Mr. Khanikof with respect to the Iranians being the original race of mankind. He thought that the looranians pre ce.ded the Aryan race, and that from the fertile valleys of Central India the various races that now people Asia, Europe, and Africa were disseminated. The Hungarians, the Basques, and the original in habitants of this island, he believed, were descended from the looranians. The cuneiform characters on ancient Assyrian monuments were, he considered, derived from the same source. Mr. CRAWFURD took the opportunity of reassert ing his conviction that black and white men were not of the same race, and could not have sprung from the same stock. Dr. DONOVAN remarked on the absence of all mention of the brain in such papers, when so much stress was laid on the formation of the skull. To that objection Mr. LUBBOCK replied that the skull was all that remained, and that in the absence of the brain the brain-case was the best evidence obtainable of what had been its contents—in the same manner as, in the examination of fossils, geologists were obliged to content themselves with the shells, or casts of them, in the absence of the molluscs. A paper was then read, contributed by Sir Wood bine Parish, "On the Artificial Eyes of certain Peruvian Mummies," several specimens of which were laid on the table. The eyes were found in a mummy-pit near the town of Arica, in which many bodies supposed to be the dessicated corpses of ancient Peruvians, were deposited. The eyes shell into numerous concentric layers, and on examination were discovered to consist of the crys talline lenses of the eyes of large cuttlefish. The bodies were deposited on the slope of a hill, the soil of which was of a light sandy nature. In every case they were of a dark colour, with all the flesh on the bones, and with the hair still adhering to the skull. There was no evidence of their having been prepared as mummies. In the sockets of some of the skulls the artificial eyes were found. Near each body were various implements, including flint ar row heads, and some hard earthenware vessels, but in no instance was there a vestige of cloth or wood, nor anything in which the eyes might have been set as ornaments. Mr. Bollaert, who had found simi lar objects in the grave mound at Arica, made a few observations on the paper ; and the meeting ad journed to the 27th inst., when a paper on civilisa tion in North Celebes will be read by Mr. Wallace, and also a paper by Professor Busk._ SPIRIT OF THE PUBLIC JOURNALS. TIMES.—It will be seen by the news from Ame rica which we publish this morning that the Confe- derates have in their turn achieved a success which will be, at all events, some set-off against their re- verse at Savannah. The first of the two accounts from Wilmington, upon which we commented on Monday, is now confirmed by despatches from Ad miral Porter himself, and it is no longer doubtful that the great expedition so long threatened against that city has, for the present at least, completely failed. There are, indeed, contradictory accounts as to the movement of the fleet under Admiral Por ter's command—one report stating that he has re turned to Beaufort, North Carolina, to await fur ther orders, the other asserting that the bombardment of the fort by the guns of the fleet still continued. It is certain, however, that General Butler had re turned to Fortrtss Monroe with part of his troops, and that the rest were following him. As the mili tary force has thus been withdrawn, upon the asser tion of its commander that the fort attacked was impregnable to an assault, there canbe no prospect of success from a merely naval attack, and if the fleet, therefore, was not immediately withdrawn it can hardly fail soon to follow the land force. Wilming ton, therefore, may consider itself safe from attack for some time to come. As to the details of the engagement, we have the advantage of possessing simultaneously both the Northern and the Southern accounts. The official telegrams from Wilmington contained in the Richmond papers were published in our impression of Monday, and it appears that a correspondent in our columns yesterday was right in the inference which he drew from a comparison of their dates, that the withdrawal of the expedition was already announced in them. The details as they are thus reported present many points of inte rest, and a fuller account will probably be very in structive. The point of attack was a series of works commanding the eastern inlet to Cape Fear river, about 20 miles below Wilmington. These are situated on the southern extremity of a narrow strip of land, the eastern side of which is open to the Atlantic, and, therefore, to the operations of the Federal fleet and army.l The principal fortification—Fort Fisher—is de scribed as a 6 4 casemated earthwork," of great power, mounting 36 heavy guns, some of them rifled, and having a range of more than three miles. This fort was the key of the position, and was the object of the Federal bombardment. The armament which made the attack was extremely formidable. It consisted, according to the various accounts of the Federal Press, of from 50 to 80 ships, carrying from 600 to 700 guns, some of them of the largest calibre; and two divisions of the Federal army under General Butler accompanied the fleet. It is said that at least 200 guns could be brought to bear at one time upon the fort. If this be an accurate account, the com plete failure of so extraordinary a force to make any considerable impression upon an earthwork, how ever powerful, will be one of the most remarkable incidents of the war. The attack was opened on the day before Christmas-day by a novel expedient. A ship, containing between two and three hundred tons of gunpowder, was run on shore under the walls of the fort, and was there exploded. The effects anticipated from this explosion may be esti mated from the fact that the whole amount of powder which produced the late terrible explosion at Erith was but 55 tons. It is said, indeed, that the idea was partly suggested by the account of that event. When we remember the tremendous effect then produced, and in particular the destruction of the river wall, it is extraordinary to hear that little effect was produced upon the works. It is still more remarkable that the Confederate report from Wil mington of the same day speaks only of a " furious attack," and does not even mention the explosion. Immediately after this attempt a bombardment was commenced, and was continued throughout the day, an average fire being kept up, according to the Confederate account, of no less than 30 shots a minute. The Confederates replied, it is said, slowly and deliberately, and at the end of the day they report their loss at only 23 men wounded. The bombardment was renewed on Sunday morning, and at the same time the co-operating force of General Butler effected a landing above the fort. The news of this lodgment was received with some anxiety in Richmond, but the Confederates were soon relieved. The troops made a reconnaissance in the rear of the fort the same evening, but found the works to be of such strength that an assault was impracticable. Gen. Butler and his subordinate officer decided, in fact, that the works were impreg nable except by protracted siege operations. These it was considered impossible to undertake, partly in consequence of the high sea which prevailed, and which made it difficult to land the troops, and partly in consequence of the rapid advance of a force from Wilmington. The troops were therefore re-em barked on the Monday morning and sent back to Fortress Monroe. It would be premature to draw any inferences from the extraordinary defence thus offered by a single fort to so powerful a fleet until we, have more detailed accounts of the engagement, but it is plain from these facts that the failure has been singularly complete. Gen. Bragg reported to Mr. Davis on the evening of Monday that he had visited the fort and found " the damage slight, ex cept of the buildings not necessary for defence." Only two guns were disabled. It is possible that the high sea which is said to have prevailed may have rendered the Federal fire thus ineffective ; but to whatever secondary causes the result may be at tributed, the Confederates will naturally be greatly encouraged by so complete a success. It is not merely that they retain Wilmington, the loss of which would have been a serious blow to them, but they have at length made a conspicuous break in the tide of adverse events which has swept in upon them since the close of the active campaign in Vir ginia; and the despondency which might have seized them in consequence of Sherman's success and the failure of Hood will now at least receive a check. The vigour of the Federals will indeed allow them no rest. At the same time that we hear of the aban donment of the attack on Wilmington we learn that a military expedition has landed at Pasca goula, in Mississippi, and is marching on Mobile. The fall of this city, however, would not be of nearly the imp or t ance o f the capture of Wilmington, and the interest of the war will again centre for awhile with the three main Federal armies—those of General Grant, General Sherman, and General Thomas. As to the former, we only hear rumours that General'Lee will shortly assume the offensive. It still remains to be seen to what purpose Sherman proposes to put his capture of Savannah. At present he has only despatched a column southwards on the line of the Albany and Gulf Railroad, to endeavour, it is said, to release the Union prisoners of war who were withdrawn from Millen at his advance. The Richmond papers speak of his contemplating a march northwards towards Virginia ; but a march through South and North Carolina would be a very different thing from a march through Georgia, and it is difficult to believe that such a design can be seriously entertained. Ytt, except for operations in South Carolina, it is hard to see of what use an army can be in Savannah. A combined attack on Charleston may possibly take the place of the abortive expedition against Wil- I mington ; but the Confederates ought to make that city cost more than it is worth. They have, no doubt, severe work before them in the course of this year • but that, as President Davis told them a little while ago, is only what they must expect. The question is not so much whether they can de feat the North in a series of campaigns as whether they can and will resist sufficiently long, and with sufficient vigour, to weary out their adversaries. Some of their more sanguine leaders, indeed, ap pear to be not without hope that they may yet, per haps with the help of the negroes, succeed in turn ing the tide. At all events, none but a hasty judge, and one little swayed by the evidence of history, will see in mere military successes, either on one side or the other, any n ecessary tendency towards a speedy termination of the war. POST.—We have arrived apparently at a period at which public expenditure has reached its zenith, and is again declining towards the horizon of our former economy. If the Emperor Napoleon 111. is ever pictured as Cincinnatus, M. Fould will cer tainly be drawn standing by the ploughshare. The French Minister of Finance is resolved that the France of Magenta and Solferino shall also, but a few years. after those victories were fought, be a country reducing its armaments and confiding in peace. There is no reason why this should not be so. Europe, in 1865, ought at any rate to be an Arcadia. She has nothing left to fight for. Two great questions, indeed, have arisen since the Italian war—the questions of Poland and Den mark ; but the Western Powers having declined to draw the sword in either cause, it has fairly been asked what is the use of all these military arma ments. It is this practical consideration which leads M. Fould to the expectation he holds out, that the extraordinary naval and military expenditure of France will before long disappear. A more pacific avowal, and at the same tune a more reasonable conception, could hardly have been made by any Minister of Finance. " These happy results," says M. Fould, " are due to the confidence inspired by the GOvernment, and to the peaceful sentiments with which Europe knows that your Majesty is animated." To descend into details, the French Minister of Finance reviews the financial results of three successive years, and he shows that a pro gressive improvement has taken place in each. This he succinctly states as follows :—The deficit chargeable on the year 1863 has been reduced by 15,000,000 f. The deficit estimated upon the year 1864 has been filled up, and an equilibrium between expenditure and revenue is likely to be obtained, For 1865 there will be a reduction of 44,000,000 f. in the naval and military eipenclittirri previously allowed for, and this reduction will leave an:estimated balance in favour of the Treasury of 18,000,000 f. to be carried on to the year 1866 , This surplus of revenue over expenditure for the current year is at the same time put forward as minimum ; for, over and above the amount so stated, there is an additional 65,000,000 f. of extraordinary naval and military expenditure, which the French Minister hopes to reduce, and finally to extinguish, so that the total of the possible surplus for the pre sent year may be some amount between 18,000,000 f. and 83,000,000 f. This result will afford an earnest of the peace of the world, while it will also be all acceptable offering to the French taxpayers. It would be hard to say, if we were to judge from these figures alone, whether the course of French taxation and expenditure had lately been increasing or dimi nishing. For the year 1863 the total of the ordi nary receipts were 1,729,000,000 f., while the spe cial resources amounted to 21,000,000 f., and the extraordinary budget to 122,000,000 f. The total general of the French receipts for that year was therefore 2,069,000,000 f. At the same time the estimated expenditure was 2,060,000,000 f., s" as to leave a surplus of 9,000,000 f. This expecta tion, however, was disappointed, and a considerable deficit actually happened in consequence, for the most part, of the unforeseen expenses on account of the wars in Mexico and Cochin China. In 1864 the ordinary receipts rose to 1,780,000,000 f., while in 1865 the deductions of taxation which followed lowered them to 1,752,000,000 f. To these figures, of course, in order to gain the total of revenue for each year, have to be added the extraordinary re venue required by the extraordinary taxation of each year • so that, in both cases, this total exceeds 2,000,000,000 f. But the above figures are highly satisfactory when clearly and fully understood. The ordinary income for 1864 represents an in crease under the same pressure of taxation, over that of 1863, by nearly 60,000,000 f. ; a nd the revenue for the current year, though 30,000,000 f. less than that of 1864, in consequence of reduced taxation, is found to be compatible w ith a substantial surplus. In 1864, on the other hand, the expenditure rose with the receipts ; "the total general of the former (that is inclusive of " • traordinary" expenditure) was -estimated at 2,105,000,000 f. ; the total general of the latter at 2,llo,ooo,ooof.—showing on paper a surplus of 5,000,000 f. This, we believe, would have been realised by the facts had not the uncertain expense of the Mexican expedition run to a larger amount than there was any reason to anticipate. For the future we are glad to know that this expenditure will be borne by the Mexican finances alone ; and there is therefore at once an end to this drain, and a reason why the present Budget of M. Fould should not be liable to such unforeseen increase of expel' diture as fell upon the previous estimates. The French public have reason to rejoice that these inn proved prospects should come over their financia l position. In the present pacific attitude of Europe there seems no reason for the French Government to be spending 80,000,0001. a year, with a very considerably smaller national debt than our own• It is quite true that they have expenses of a kind peculiar to themselves. The extreme centralisation of the Government, which is in some senses a mis fortune as well as an advantage, devolves upon the Imperial Treasury charges, some of which, though they fall heavily enough on the nation itself in our own country, do not appear in our public accounts . This is the case with various local expenses, such 9- 4 we defray for the most part out of local rates, while France in great measure meets them out of the Imperial Exchequer. It is therefore difficult to measure the expenses of the French Government by our own standard. That a saving, however, was possible we never doubted. It will be satisfactory to France, on financial grounds, to find that such a saving will now take place ; but it will be much more satisfactory, for broader, reasons, to find that what we commonly cal' the war expenditure of that country may now be reduced until it is finally abolished. There has been no reason why the French Government should not have convinced Europe before that it mea9 peace, and not war. But we are all too apt to look to the bold fact of armaments, and not to the rely sons which have called them into existence, and hav e continued to maintain them. France begins to fin"; that she has at last exhausted her enemies, and that her policy is one with which peace will henceforth be more surely compatible than before. This being so, she has every reason to set the rest of the Con-, tinent an example by disarming ; and we trust th at it is one which will be followed by her neighbour s on the Rhine. COUNTRY MARKETS BRIS TOL,—T ITESDAY. At our market to-day there was about the usual attend' mice. Trade quiet. Wheat, English and foreign, flail r' last week's prices. Barley. malting, a trifle dearer. Grin"' ing is per qr. lower for all qualities. Oats quiet, but fill * Beans, peas, and maize dull. L EEDS—T UiSDAY. The arrivals this week are not large. We make 110 alteration in the value of wheat from Tuesday last, but the business transacted is not of an extensive character. F ir ' e barley quite as well sold. Oats and beans without chang The average prices for the week ending Jan. 9 were ,: Wheat, 39s gid p e r qr. ; barley, 30s nd • and o'7 / 19s 7id. / LIVERPOOL—TUESDAY. At to-day's market there was a thin attendance, a nu A ci a limited business was done in wheat at a decline of id to - A per rental. Flour also met a slow sale, but prices easin° t be quoted lower. Oats and oatmeal were only in firatte c i: request, but late rates were supported. Beans unchang, Indian corn was not much inquired for, and fine Panupw— cannot be quoted over 27s per 4801 b. MONMOUTHSHIRE—MONDAY. The attendance of both buyers and sellers at the markl of the county has been rather limited since Christmas, It n c i, only a • moderate amount of business has been transact s ~f Now that the hqlidays are over, it is expected that a brisk-,,,' state of things will prevail. There is no material chanrt to record in the demand for wheat, and prices are with on alteration, the tendency of the market being against sellel Only a limited inquiry for barley, and oats remain ab °tl the same. The following are the average quotations :—Wheat, ? ft to 5s 8d per bushel ; barley, 3s 2d to 3s 8d ; oats, 2 0 2s 7d. SHEFFIELD—TUESDAY. There was an average show of wheat, chiefly by samp l e but business was less active than last week. Factors cc dined to reduce prices of wheat, and comparatively fe sales were made. Other kinds of grain made late pnces• Red wheat, per load of 3 Imp. busheis....lss Od to .60 Od White do New red do do ....17s Od i s s Od do ....155 Od 360 al New white do do .... '6s 6d 17a 01 Beans do do ....158 td 165 "; Peas, per qr Grinding ba-ley, per qr 30s Od 325 cu Halting barley, c 0 32s Od 30s - Od Oats, do 2ls Od 2es Od F10ur....1a 5d to is 9d per 141 b. THE CAPE MAILS.—The Union Company's CaP e royal mail steamship Cambrian, Captain W. Lad left Plymouth on Tuesday morning with 71 passenger° , full general cargo, and a large mail for the Cape, St. Helen a and Ascension, consisting of 15 sacks letters, 90 site ° papers, and 17 sacks books, in all 122 sacks. [ADVERTISEMENT.]—HoIIoway's Ointment and Fills/ 0 Important to Everybody.—For more than 30 years tll s, remedies have been ranked before all therapeutic agen, 4 for the all sufficient reason that they never can be wrong , used in either external or internal diseases. Hollosva),,, ointment should be well rubbed on the exterior of t' - `• ( , throat and chest in sore throat, enlarged glands,i ehroOL cough, and wheezings. In common catarrh and influeo:', 4 the ointment, well rubbed upon the walls of the aided by a few doses of the pills, soon effects a cure. n" same treatment, judiciously followed up, removes diP ,./ theria, asthma, bronchitis, pleurisy, and prevents the &f a inflammation resulting in abscess or ulceration, so apt ensue'when throat or chest complaints are neglected. Births. Dowm.—On the 9th inst., at Wimbledon-park, the Wi f° of James Dowie, Esq., of a daughter. PEEL.—On the 9th inst., at Whitehall-gardens, Lady Ern" Peel, of a daughter, stillborn. - RYDER.—On the 7th inst., at Westbrook Hay, Ho— el Hempstead, Mrs. Dudley H. Ryder, of a son. TATE.—On the 10th inst., at Helenslee, Norwood, Mrs. /. P. Tate, of a son. Marriages. Coxox—HicKsoN.—On the 7th inst., at Passage, co. Cori C om mander James H. Coxon, RN, to Mary, daugh te of the late Robert 0. Hickson, Esq., M.D., of Killarney' co. Kerry. O'NELLL---MoRLEy.—On the 7th inst., a t St. M a ry A, h bott's, Kensington, Thomas O'Neill, Captain M . N.I. 6th Regiment, to Maria Morley, of 8, Bolton-gardens, SO Kensington. Deaths. al/ BURTON.—On the Bth inst., at Egham, Surrey, d T °- } Burton, Esq., aged 85. OROMPTON.—On the 6th inst., at Lower Grove Ifow• 4 Roehampton, Surrey, J a ne, widow of the late Thoq i B. Crompton, Esq., of Farnworth, Lancashire, aged 6 ' . t FINLAY.—On the 9th inst., at 40, Marlborough-hill, & t i l l , John's-wood, James Finlay, Esq., formerly of Neweas on-Tyne, aged 85. „, HooPER.—On the Bth inst., at 71, Coleshill-street, Eat (/ ' - square, Edward Hooper, Esq., aged 75. 0.01 JONES.—On the 9th inst., at Devonshire Villa, Pay Richard Jones, Esq. NAYLOR.—On the 9th inst., at Borough House, Bright °l4, very suddenly, John Naylor, Esq., actuary, aged 7 6 - TENNANT.—On the 9th inst., at 13, Paragon-road, fr ac ney, George Tennant, Esq., aged 85. a.. TERRY.—On the 9th inst., at Kensington, Captain W • Terry, late Ist Life Guards, aged 76. 1 ,70 London : Printed and P u bli s hed by WILLIAM AND-3 tar of No. 112, Strand, Printer, at THE Sun Office, 1 0 ; Strand, in. the Precinct of the Savoy, in the COW * Middlesex,--Wednesday, January 11, 1865.