The Sun. — London, England, 1833-03-28 00:00:00

SPIRIT OF THE PUBLIC JOURNALS. We promised some days aro to take an early op portunity of noticing ao excellent " Digest" of the evidence taken before the Committee on the Bank Charter, and we are now glad to redeem our pledge. This work will be found adequate for every useful purpose to supersede the original report, and will be resorted to in preference by all those whose leisure and curiosity do not enable them to defy the terrors of 600 or 700 folio pages. It contains, in the nar row compass of a small octavo, all the information worth having which can be derived from the depo sitions of the w itnesses, or the statements of the docurrents in the Parliament ary volume. The evi dence of the former has been arranged under proper heads, and the contents of the latter have been clas sified under the more convenient denomination of tables. Thus the report is not only much abridged, without the omission of any essential fact, but is re duced to a methodical form, and rendered of easy reference. From an able examination of the report, entitled, " Strictures and Illustrative Remarks," prefixed to the " Digest," we conclude that the whole is the work of Mr. Joplin, who is already advanta geously known for a consider title number of essays on bankeig and financial subjec!s. Though there had been no direct reference to his former w ouks, the internal evidence supplied by the style of ex pression and the line of argument in the present, would have bstrayed the author. Mr. Joplin, with tome slight variations, has repeated Mr. Joplin in every successive pamphlet, ever since we began to look into his publications; but we really think the present excellent work is not wily the hes? " digest" of the Bank report, but the best digest of Mr. Joplin's opinion: which we have yet seen. The " observations" or criticisms of this ingenious commentator on the Bank evidence, though, as we have above sated, they contain little more than an exposure of the alleged errors which he hail formerly pointed out in our monetary system, and an expla natory application of his own principles to the exist ing state of the question, ought to be read by every person who takes an interest in such discussions. He, of course, is still strong in support of his own scheme of " a national bank," for a self-regulating adjustment of the currency, in the metropolis, with joint-stock banking companies in the country con nected with or dependent upon the parent establish ment in London. He proceeds on the supposit on that if banking business were generally understood, and if the public were to have unlimited confidence in the parent - bank and its branches, no gold or sil ver would be required unless for exportation, and that the metals for this purpose would he demanded in bullion only instead of coin. He would take the ,amount of our present paper circulation of :ill kind-, and declare that no more paper than that amount should be issued, on the return or the renewal of the notes. If the exchanges continued favourable, gold would be imported ; and if the owners of the bullion chose, it would be carried to the Mint, or to a com mission established for the purpose, and exchanged for commission notes, expressive of its quantity or value in standard metal. These notes would form an addition to the circulation 'till it was full, or till it began to be in excess. When this event happened, they would be carried to the Mint commission, or the currency commissioners, and exchanged for gold to be exported. The export of gold would reduce the amount of domestic currency, raise the value of money, and check the fall in the foreign exchanges, arid the machine of circulation would thus regulate itself. The gold, or, in other words, the value of the metal received for our exports by our merchants or manufacturers, would thus, in the shape of Mint -notes, its representative, cir culate all over the country, instead of being thrown exclusively into the currency of the metropolis. Draughts would be given on the depot in London by country bankers, when bullion was wanted for exportation by becoming redundant, or by an un foreseen demand from abroad, and thus those fluc tuations would be prevented which are now created by the occasional excessive accumulation or defi ciency of country funds in the hands of their London agents or correspondents to balance their ordinary transactions. This theory is expounded by Mr. Joplin with much ingentrty ; and we have no hesi tation in saying that either his scheme, or that of Mr. Ricardo, which he claims as his suggestion, would have powerful demands on public attention, if the national mind were ripe for the experiment, and f we could erect a machinery sufficiently free front sinister influence to carry it into execution. Iu ulludino t wice or thrice, or. 'former occasions, to this subject, we have never denied its theoretic per fection, though we have always expressed doubts as to its practical s. cority. From Dr. Smith to the present time the only question has been one of safety ; but this is important in a case where we never had any experience except one of soleMn warning, instead of cheering encouragement. The nazi n would, indeed, save all the interest of the dead stock used as a metallic circulating medium. Its batik would come in place of the Bank of Eng land and of the country banks, and its notes, if kept below the wants of the country, instead of exceed. ing them, as is proposed in the Attwood scheme, would not only remain at the value of bullion, but, were it desirable, might rise above it, as they do at the present moment. We only beg to subjoin the following illustration of an American writer, which fully expresses our own sentiments on the subject : " Barns are certainly a very expensive implement of agricul ture. The capital expended on those buildings, in the middle and northern states, is more than the value of one year's crop of the farms, and causes therefore a reduction of more than 5 per cent. on the annual gross produce of the earth. To dispense with barns would be a greater annual saving than that which arises from the substitution of a paper to a metallic currency. Some favourable seasons occur when the farmer might thrash his wheat on a temporary floor, exposed to the weather, and dis pense with a barn ; yet, in our climate, every prudent farmer prefers security to a precarious advantage, and would consider it a most wretched economy not to incur the expense necessary for that object. Similar is the economy of that expensive in strument, the precious metals, if the substituted paper currency is insecure." In the mean time, with the ideas of " a national bank" as his guides, the author of the " Digest" has found ample scope for criticism in the pr. sent management of our monetary system, as di-closed in the examination of the Bank Directors and ofthe country bankers called before the Committee. He objects to the improved system of the Batik, by which the Directors engage to keep an average third of their noes arid deposits invested in bullion or coin; and he appears extremely hypercritical both on the proportions which they observe. and on the character of the deposits for which they provide. Deposits would certainly appear to us, as they do to the Bank Directors, liabilities for which the Bank should provide as much „as for other out standing obligations, though o ordinary occasions they are not so fluctuating in their nurture. The illustration taken from Scotland does not appear to us, for reasons which we cannot stop to give, at all applicable. There is said to • be in that country 20,000,0001. of deposits, and only 3,000,000/. cui rency ! At any rate, if it is an error to provide for them, it is an error on the safe side, as it gives us additional security against a run. The pertnissiost of the public to act on the Bank by paying in notes for gold, when gold is required for exportation, and thus raising the value by reducing the quantity of the remaining circulation till the drain is checked — and, on the contrary, by receiving out notes fur gold when gold flows from a favourable state of the exchanges, would appear to us to resemble in nsany points the self-regulating system of the financial cri tic who objects to it. In the same matinee his Inge nious objections to the usual conduct of the Bank, in the apprehension of a scanty harvest, would equally apply to his own system ; but into these and other topics we cannot now enter. We have only room to give the summary of the points which Mr. Joplin alleges he has proved from the evidence on the Bank Charter, and which ine of sufficient im portance, or established on such plausible grounds, as to , deserve general att ention : " 1. That the Bank profess to gov ern their circulation by a certain fixed rule, which is falsein theory, and absurd if carried in practice; but that in real it y they are governed by another rule more simple and intelligible, which is in strict accord?nce with the principles and recommendations of the aulitorecommatee, and the.cash payment committees o'lBl9 ; and that, consequently, they have presented their principles in a worse light than they really deserve; and have proved themselves to be more ignorant in theory than they are in practice. "2. That their intercourse with Government, they'con found the financial dealings of the Chancellor of the Exchequer with the currency; and do not possess clear practical views of thedistinction which ought to be preserved between the two, but allow the operations of the Government to act upon the currency in the most absurd manner. "3. That in dealing with the public, they adhere to their rule, when, in the very doing so, they admit that they violate the principles upon which it is founded, and thereby continually subject the currency to derangement, from which their princi. pal duty is to protect it. " 4. That, on the other hand, they have no difficulty in de parting from their rule under circumstances when they ought to adhere to it (inasmuch as they would do so in anticipation of a bad harvest, in order to protect themselves against a demand for gold), though they would thereby prevent the importation of foreign corn, and aggravate the distress of the nation in an incalculable degree. " 5. That on the resumption of cash payments they allowed their feelings to get the better of their judgment, by which they accomplished the ruin of half the nation. " 6. That the branch bank system is calculated to entail great misery on the country, without producing a greater union of action between the parent batik and its branches, than previously existed between the Bank of England and the country banks ; and without,: therefore, affording that im provement upon the system of our currency which was ex pected from it. . . . " And, lastly, that it has been proved by those intimately acquainted with the hi►tory of the period, that the conduct of the Bank during the panic, for which they claim extraordinary credit, was not such as to entitle them to the credit they claim But that, on the contrary, it further confirms the necessity of a change of system."— Times. The meeting for the distressed Poles, which took pace c n Tuesday at Freemason's Tavern, was not •uch as we could have wished. The cause was an honourable one,—an oppressed people; and, be s'cles this, many individuals of the Polish nation, once of the highest rank there, were known and esteemed for their generosity, hospitality, and moral worth, by persons of equal consequence in this country ; there was everything, therefore, to excite zeal and kindle enthusia•m ; yet 'the meeting was cold, arid but thinly attended. Whence is this ? People of the fir.t consequence in England are often too fastidious to take the lead in popular assemblies, and hence an opening is male for more doubtful character:—for needy men, and desperate unprin cipled adventurers. If ever the low and turbulent become our musters, the blame will rest with those in higher life and with more affluent means, who do not act with a spirit becoming their station. Sir Francis Burdett, however, it will be seen, was pre sent at the meeting, and Lords Ebrington and Dudley Stuart, and Messrs. C. Fergusson and George Evans, and Colonel S'anhope; yet there was a deficiency of men of their position in the state and in society.—Tinter. We have received an official printed copy of the important documents which were read to the Court of East India proprietors on Monday, an abridg ment of which appeared in our report from the In dia-house on Tuesday. These documents are too long for insertion at length, and most of them being of an argumentative or explanatory nature, would not possess much interest in an abridged form. Their controversial character was sufficiently appa rent in our yesterday's report, and though the Court of Proprietors, whose interests depended on the result, might listen to them for four or lice hours without a sign of impatience, the general public could not he equally arrested by their importance, or indulgent to their proxility. The only two points, or, at least, the main points, which could lie discussed between the Court of Directors and the Government of the country, requiring the opi nion or sanction of the Court of Proprietors, were— ls', whether the charter of the Company was to be renewed alon g with its China monopoly; and, 2dly, whether the - lompany, if stripped of its trading character, was still to continue its political func tions in the administration of our eastern empire. The Government, in its memorandum, or " paper of hints," decided these two points in the following very summary manner : " The China monopoly to cease." " The East India Company to retain their political functions." _ lhe subsequent parts of the memorandum, which we insert at length in another column, advert rather to the means of executing these objects than to any new or additional principle of arrangement. If the Company is to cease trading, of course there must be a new disposition of its commercial and territorial assets, which have hitherto been confounded ; and if it is to continue its pol tied] functions without trade, it must be secured in its dividends on other fund. than commercial profi s. Accordingly, the annuity of 630,000/ , which has been divided amongst the proprietors ever since 1793, is to be paid in &R- I ind by half-yearly ins!alments as heretofore, and " to lie char t ed upon the territorial revenues of India exclusively." Thus, if the sovereigns of Leaden ball are to enj, - iy the patronage of a great empire, they must, like other sovereigns, obtain their civil list from their own dominions, and not by a tax levied on the foreign trade of England. Nor do we see that their dividend will be one iorn more preca rious by a change in the nominal source whence it is to be derived; it will be as secure as any other part of the debt with which India or England is charged. Though the political patronage of India is proposed to be vested in the Company, and though the inte rest due to the proprietors of their stock is thus gua ranteed, it is not ddlicult to see why the Court of rtt tors is dissatisfied with the new arrangement. A tr,de of several millions sterling cannot be carried On without conferring immense power and patronage on those who manage it, and who so manage it without any individual risk. The factory a , Canton, composed of gentlemen—who, with the humble title of super cargoe,, and dealing wiih the Hong for tea, lived like pi inces—lN as appoinied by the Government at home. The chartering of ships and the selection of officers opened to them other sources of influence. Indeed, trade seemed to be their greatest object; for out of the t hree principal con - inn:tees into which the Court of D rectors is divided, two are entirely commercial; the one enth led " The Committee of Buying and Warehiiuse-," and the other " The Committee of Shipping." Since these two com mittees are now to be abolished, it becomes a ques tion whether a smaller Daintier of Directors than 24 ought not to be sufficient for all the reserved d ut i es which the Court wt.! have to discnarge. In the course of the correspondence between the President of the Board of Control and the Court of Directms, %Odell began on the 17th of D,cember last, and ter mitiated only on the 25th insr., occupying in our printed copy 110 pages, we find the whole subject of the propo-ed c!ialiges discussed with much temper on both side., but with a seat superiority of reason on the part of the Government. Indeed, the letter of Mr Grant, dived the 14th ult., in efence of the principles of the Government memorandum, which lids 40 pages of these documents, will appear to every reader a masterpiece of enlightened reasoning and sound politic.l information. To the argument of the Directors that the opening of the China trade woulu not extend our commercial dealings with the Chinese empite, would injure the quality of our tea, and would be productive of no advantage to the na tion, he thus repiie.— “ It must be unnecessary to argue, and yet it is not to be forgotten, that in the case of this trade, as of every other, the presumption is, that the extent of the dealings, and the na tional benefit -esulting from them, will be in proportion to the opening afforded to capital and adventure to embark in the trade. Unless that presumption can, in this instance, be shown to have no place, the circumstances of the country undoubtedly call for a re%ised system. _ . " Great Britain has now to contend, not, as during her two last wars, with one competitor, but with many. The European nations have engaged ardently, and some of them for the first time, in the prosecution of general commerce, which continues also to be carried on by the United States of America with their characteristic encrgy. On the other hand, new and extensive accessions have, of late years, been made to the commercial market of the world—our Australian colonies, Mexico, South America, the Pacific, with its islands—to say nothing of the change of circumstances, political and commercial, which has occurred in India itself, and in the countries occupied by the Indo-Chinese nations. The opportunities thus afforded ought to be the most advantageous to that people which has the pre eminence in capital, credit, and experience ; but such oppor tunities cannot be fully turned to account unless the merchant is al owed to carry on his transactions with different parts of the world in mutual connexion and subserviency. The exclusion, therefore, of the nation at large from a particular mart of trade, and especially from ()Tie so situated as china, is injurious, beyond the limits of the immediate evil, by narrowing the gn. neral sphere of commercial exertion, and breaking the col. tinuity of the operations essential to the full prosperity of our foreign trade." • • • • • " I proceed to the second topic touched on by the secret coin. mittee, relating to the probable effect of the opening the trade With China--not, indeed, on the export, but on on the import branch of it, • - " They contend,—and this also, I may remark, was con. tended in 18113,— , -that the admission of private adventure into that trade will be followed by a deterioration of the quality of the tea brought to the British market; and, in the next stage, by a defalcation of the large revenue now realized with singular cheapness and regularity froni that article. " On the first of these points—the expected deterioration of the teas to be imported—l cannot altogether enter into the ap_ prehensions expressed by the Secret Committee. That the Company, indeed, have taken great pains to insure the goodness of the teas which they import, and that their efforts for this purpose have been very successful, I cheerfully concede. In this instance, as in several others, the public spirit and the at tention of the Company have prevented what might have been thought the natural result of their exclusive command of the market. But the great principle still remains—that the best security for the goodness of a commodity is to be found in the rivalry of the dealers in it ; and there seems to be no reason for distrusting the rule in the present case. " I do not mean to deny that theopening of the trade may,:in the first instance, be attended with the effect supposed. The introduction into ally trade of a number of competitors has, per haps, an immediate tendency to augment the quantity of the supply at the expense of its quality; but the very competition which produces the evil corrects it in the sequel. On no other principle than this do wedepend for the excellence, in point of quality, of the immense mass of commodities imported by our general commerce. " The argument drawn from the importance of the present system of the tea trade to the national revenue, and from the jeopardy in which a portion ofour revenue would be placed by a change, though quite relevant, and though one of grave import.. ante, is, perhaps, matter for the consideration of the state, ra ther than for debate between the Company and the Government." a • a • a • " This, however, is not thepoint to which I here principally refer. The country trade carried on between the principal ports of India and that of Canton has now attained a conside rable height, and appears to be still increasing. It cannot fail to increase with theadvancement of the commercial resources of India. That trade has not only brought private British ships to the Canton river, but has led to the stated residence at that town of a number of British merchants, mostly independent in circumstances as in character, possessed of much capital, and distinguished by British spirit and enterprise. Besides these residents, the British society in Canton is, for a great portion of the year, increased by a fluctuating body of individuals con nected with the trade from India to China. The actual tonnage engaged in this trade is superior in amount to that which the China trade of the Company employs. The value of its imports into Canton increased front 9,897,000 dols. in 1313-14, to 31,368,000 dols. in 1829_30; that of the Company's imports being in 1813-14, 13,550,700 dols. and in 1829-30, 11,665,000 dots. It is true that this private trade is carried on under special licenses from the Indian Governments, and that the individuals con ducting it are bound to obey the directions of the local repre sentatives of the Company; it is also true that they cannot trade beyond the limits of the Company's charter ; but, subject to these limitations, the trade is conducted with the freedom of private adventure. It is supported by British capital, and its ramifications are spreading in India, and, though not ostensibly, in Great Britain. " The subordination of this community of merchants to the factory, though obligatory in point of strict right, rests chit iiy on mutual good-will and prudence ; and it would, probably, be only in a very strong case that the supercargoes would attempt to deprive any one of its members of his license. What, even in such a case, might be the result of the attempt does not seem quite certain." _ _ The question of the right of the Company to any a'sets, commercial or territorial, beyond their capital stock, or the security for the payment of their pre sent dividends, is treated in a mariner equally con clusive, but into that and other topics discussed in this correspondence, we have not at present room to enter. We observe in our report of Tuesday that an Hon. Proprietor, at the conclusion of the com munication made by the D rectors, begged to know if anything had been done for the diffusion of Christianity in the proposed arrangement. His zeal was laudable; but he ought to have reflected that the detail of all the changes intended to be effected in the internal administration of India was not a subject for discussion in the Court of Proprietors. All that they had to do was to instruct their Chair man and Directors whether they would agree to ac cept of the renewal of the charter on the abolition of their exclusive trade, and continue only as a joint stock corporation for exercising political functions, on the receipt of a particular amount of dividend from their capital. The details of the measures for effecting improvements in the financial, political, civil, judicial, and military administration of British India, must be left to the wisdom of Parliament, which, by its Committees, during the last threeyears has collected an immense body of facts, observa tions, and suggestions, most valuable as informa tion, and which it would be disgraceful to leave for gotten or inert in some half dozen of huge folios. If ire can fold room, we shall, in two or three articles during the recess, give an outline of the changes recommended in the evidence of the witnesses exa- mined by the Parliamentary Committees.—Tintes. Mr. Robinson's motion on Tuesday night, and the division upon it, are items of great importance in the estimate of the present session. The speech of the Hon. Mover was at least an honest one, for he stated his object without circumlocution or re serve : it was to substitute a property tax for many others which he proposed to Parliament to abolish. Perhaps, indeed, a great proportion of those Mem bers who voted in support of Mr. Robinson had no in tention in doing so to pledge themselves irretrievably to the substitution of a property tax for a given quantity of indirect taxation. Nevertheless, un doubtedly the words of the Hon. Gentleman's re solution import a distinct undertaking to that effect. Nothing can be more certain than that imposts which severely prt as upon the springs of in dustry go, in fact, to destiny, in the long run, the proper subjects of al legitimate revenue. Taxes in the nature of restraint, taxes upan raw materials, above all th , ngs, taxes upon food, are so many pressures upon the frame of the national industry which impede its action and abridge its pro ductive power. The malt tax is a tax upon food — it is indirectly, likewise, a tax upon domestic morals. If the pea-ant could pr.cure his materials cheap, he would be able to brew at home. If he breAed at home, he and his family would drink their beer at home, and the alehouse or b-er-shop would no longer be the resort of the labouring, more especially of the pea , ant, population. But it not do for Par liament to content itself with taking off the malt duty, if the object be that of enaiding the poor man to dl ink his home-made beer. While the supply of malt is in a Breit degree limited to the home mar ket, the landholder will have it in his power to charge a monopoly price for his barley, -and the malisier for the manufactured article. To give the working classes the full benefit of a reduced price, the Legislattne must let in the use of foreign barley, otherwise the whole, or best part of the advan tage, will flow into the British landlord's pocket, and the bcer-shop will still supply the poor man's family with drink. The tax on soap is one co health, arid ought at once to be abolished. Those on tea, sugar, butter, cheese, and meat, are so many deductions from the quanti y of wholesome subsistence, and ought to share the fate of the mall t.x—the fate also which the whole of the corn laws (in their present shape) are desiined, we hope, to undergo. We differ from Mr. Robinson iii his de sire for the repeal of the tobacco dunes. The weed is certainly not necessary; and the tax on it, as well as on spirituous liquors, might not unfairly be raised to the very highest point, consistent with the pre vention of smuggling. If the house tax could be fairly apportioned, we do not see that there is anything ob.jectionable in the nature of such an impost, which, in that case, wouid amount to a tax on fixed property, and nothing more. Mr. Robinson calculates as nearly 16,000,000/.the taxes which he would repeal: Lord Althorp takes them at 17,000,000/. The vile old income tax, which covered professional and other precarious profits, as well as tangible properly, at 10 per cent., not more than 14,000,000/. Of this sum, real, funded, and all descriptions of fixed property, such as might be included in the tax propos d by Mr. Robinson, yielded somewhat short of 12,000,000!. ; yet rents during the war were one-third higher, and the inte rest of the debt above 2,000,000/. greater than at pte • • sent What substitute, t h en , wou ld M r . lin- binson find in a property tax of 10 per cent. for 10,000,000/. or 17,000,000/. of reduced taxes.? ,Fie mu-t limit his reductions, or extend his per cemage upon property. The minority, we admit, was the largest, with one exception) which has yet been counted in the Reformed Parliament, and was un questionably such as must insure a very serious at tention on the part of Ministers to the subject of a revision of the taxes.—Times. The division on Tuesday night, on the motion of Mr. Robinson, " for the appointment of a Select Com mittee to consider and revise our existing taxation, with a view to the repeal of those burdens which press most heavily on productive industry, and the substitution of an equitable tax on property in lieu thereof," sufficiently shows how strong the feeling in the House is that some change ought to take place in our system of taxation. The numbers were, for the motion, 155 ; against it, 221; majority, 66. Mr. Robinson introduced the question in a very able and conciliatory manner, avoiding the rock on which Mr. T. Attwood split—the exaggerating the distresses of the country, and the inferring the uni ,ersal suffering of the working (lasses, from the distress of particular trades. There can he no doubt, that direct taxation is much more beneficial than indirect, as the enormous expense of collection in the latter case is saved. The mere expense of collecting our indirect taxes, amounts to more than four millions, a sum equal to the revenue of many nations. Lord Alrhorp admitted that he had been favourable to the abolition of the property tax in 1816 ; that in 1830, he was led by subsequent experience to think that a property tax might be advantageously subsritu ed to several of our indirect taxes; but that he had still greater experience regarding taxes then he had in 1830, and he was now opposed to a property tax. Mr. Huskisson, however, may be said to have passed the greater part of a long life in office, and in the year in which he died, he was a decided advocate of a property tax, with a view to relieve the pressure on the springs of industry, and to reach capitalists, state annuitants, and wealthy absentees. It has been sometimes supposed, that were a property tax substituted for indirect taxes, the motives to pro fusion on the part of Government would be in creased. Mr. Warburton, we think, met that argu ment very fairly. "In his opinion it was much more difficult for Government to increase such a tax than indirect taxes. The indirect taxes were mixed up with the prices of the articles, and the tax-payer never knew either when he was paying a tax, or how much he was paying. But the tax collected on property brought the tax collec►or im mediately into contact with the citizens ; arid in the collection of no tax did so much friction interfere between the citizen and the payment to stop the Government from running too fast as in a property tax." The peculiar difficulty with which we have to struggle is, that the amount of our taxation is so great, that we cannot raise more than a third of it directly, so that, were we to substitute a property tax to a portion of the indirect taxes, we should still have to keep up the expensive machinery by which the latter are collected. This was shown by Mr. Warburton, who sad that, " in his opinion, the plan proposed by the Hon. Member for Worcester was not comprehensive enough. If a property ax were established at all, it ought to supersede all other taxes, otherwise the change was scarcely de siroble. If they raised the same amount of taxes, it was not of much importance whether it were raised by one method or another; for the ability of the people to pay fifty millions of taxes would not be much increased or diminished by the method of col lecting it. The Hon. Member's plan left three mil lions behind for collection. It left all the evils arid expenses of indirect taxation—all the expense of boards and collectors, which ought to be got rid of as soon es possible" All Chancellors of the Ex chequer have a natural disinclination to repeal or shift taxes, for such repeal or commutation, though ultimately beneficial to the nation, is not only productive of great immediate inconvenience, but great individual distress, amounting, in fact, in many cases, almost to a confiscation of pro perty. If I purchase a house during the exist ence of heavy taxes on timber and other building materials, on the repeal of these taxes my house falls , in value, and I cannot obtain for it anything like the price I gave for it. The holders of hocks suffer severely ; for, after the first announcement of a re port, purchasers keep bark. Lord Altborp, too, has very particular reasons for being averse to shifting of taxes; for, on entering office, he found it more easy to repeal taxes than to obtain others in their place. His Lordship, in speaking of a property tax, objected to such a graduation, which would be saying in effect that the rich had too much property, and tend to the equalization of property; and he observed truly, with regard to a tax on in come, that from the various evasions to which this mode of taxation is liable, it becomes difficult to ascertain the true amount of professional incomes or profits of trade, and that a disproportior ate part of the whole must necessarily be derived from fixed incomes. But allowing all this, the ques tion is, whether on the whole great relief would riot be afforded by removing several of the taxes that press most severely on industry, and substituting a property tax in their stead. Colonel Torrens, in our orni)n, met in a very ruble mariner some of the arguments of Lord Althorp. " Relief," said the Gallant Officer, "could be obtained only by shifting taxation fiorn industry and placing it upon the fixed and immoveable property which was expended with out putting industry in motion. And here he must dissent from the Noble Lord the Chancellor of the Exchequer. The Noble Lord had just said, that if the proprietors of fixed property were taxed, their revenue: would be dimini-hed ; they would consume less, and therefore the indirect taxes would become less productive. He dissented from this. If a landed proprietor, who received 100,0001. a year, paid 10,0001. a year as a property tax, this 10,000/. a year would still exist as a revenue in the hands of those to whom the Treasury paid it ; the whole unproductive income of the country, though differently distributed, would remain exactly the same in amount, and even consumption could not be diminished nor the revenue derived from indi rect taxation be reduced." Col. Torrens also applied himself successfully to another point of considerable impor ante. " The Noble Lord (said the Colonel) had said, that were a tax upon property imposed, cvital would immediately be drawn fr m the coun fly in order to evade the tax. This could not be were taxation confined, as it ought to be, to fixed and immoveable property. Such a tax, instead or drawing capi:al out of the country, would draw capital.inio it. What was the great evil of tax ation ? The evil consisted in this—taxation, as now imposed, took so large a portion of the produce of industry from the producers, that profi s and wages were reduced. Bat if you took off all taxes from productive and active capital giving employ ment to labour, and placed them upon toe rent of land, and upon the dividends received from the Debt, neither profits nor wages would be reduced. On the contrary, tl4e profits derived from the employment of active capital would immediately rise, and to obtain the increased p ofits, capital would flow into the country, trade in all its branches would improve, and the dmaisd for labour and the wages of the labourer would both increase." Colonel Torrens also showedehow much the rent of land and houses would be increased by successful industry, and that this improvement would compen-ate the increased burden. Upon the whole, we think this division must operate as a warning to Ministers, knowing as they do, that the mittorily are only echoing the general voice of the country, to recur to a property tax as a substitute for the more odious of the existing taxes. As was Mr. W a l ter , t h e cry aga i nst taxat i on is universal by and we believe he only speaks the opi °rli:oli'neveroviseadl : of ihe country, when he says, that a property tax graduated, should supply the place of the taxes most complained of. M in i sters wi ll b e assa il e d on thissubject again and again. The constitueucies will riot allow any rest to their representaiives. We think that something must be done. The producers must be more mercifully dealt with, and the pos sessors of fixed incomes be made to pay more than they do ai present.—Morning Chronicle. The clothing trade at Trowbridge is brisker than it has been for many years past.—. Bath Herald. CORRESPONDENCE RESPECTING THE EAST INDIA COMPANY'S CHARTER. No. 111—MEMORANDUM, OR PAPER OF HINTS, COMMUNICATED BY THE PRESIDENT OF THE BOARD OF CONTROL TO THE CHAIRS. (CONFIDENTIAL.) The China monopoly to cease. The East India Company to retain their political func tions. The Company's assets, commercial and territorial, with all their possessions and rights, to be assigned to the Crown, on behalf of the Territorial Government of India. An annui!) , of 630,0001. to be granted to the Proprie tors, to he paid in England by half-yearly instalments, arid to be charged upon the territorial revenues of India-ez clusively, and to form part of the territorial debt of that country, not to be redeemalble before the 30th of April, 18—, and then at the option of Parliament, by the pay ment of 1001. for every 51. ss. of annuity. Such part of the commercial assets as is convertible into money to be so converted, and the proceeds, with the cash balance of the commercial department, as exhibited in the account of Stock by computw ion for the 30th of April, 1534, appropriated to the discharge of the present territorial debt, equal to a capital producing 630,000/. a year. The territorial revenue of India to be chargeable with all expenses incurred on account of that country at home and abroad. The new annuitants to retain the character of a joint stock company. The qualification of the proprietors, and the right of voting, to remain as at present. The number of the Directors to be ; one-fourth to go out by rotation every year, but to be immediately re • e I igible. The p*tronage to remain vested in the Directors. The military patronage to he exercised as at present. The civil eervants to he educated at Haileybury. The details of the arrangement to be settled hereafter ; but perhaps something of the following nature might answer : The students at the College to be considered only as competitors or the writerships. Their number may be so regulated that there may be always more candidates than appointments. Each student to remain at the College no longer than years. . _ _ Vacancies for civil appointments in India to be filled from the College on public examination, by the students approved the most able. The Directors to fill up the vacancies at the College each year : each Director to nominate in succession. Tt e plans and arrangemen , a respectieg the course and subjects of study to be formed by the Board and the Pro. fessors. The 47th section of the 5341 Gen. 111. cap. 155, to rema n, but mule applioalsle to removal a.; well as ap pointment, and to Professors as well as Principals. The Governor- General in Council to report annually, on his responsibility, the number of writers and cissiets ant assistant surgeons required for the service of the ❑ext year. The Board of Control to have the power of reducing, but not of augo etrinv, that number. Every British subject to have the right of going out to the seats of Government of the three Presidencies of India, without license; but his right of visiting the in terior, or of residing there, and of acquiring and holding property, to be subject to the restraints and regulations which the local Government may impose. The powers of the Court, and its relations with the India Board, to remain as at prestnt, except as modified in the following summary : The Court, on the Board's final and conclusive order, are to send the despatch by the first ship that goes after such order. In the event of the Court refusing to prepare a despatch, or to send a de•patch as altered by the Board, the Board to have the power of sending it themselves. Appointment of Governors sur.ject, as now, to the ap probation of the King ; but the Board to have a veto on the rredli. The same with regard to Commanders of the Forces. The Board to have the same power with regard to pen sions or salaries below 2001. a year, and to gratuities below 600/., that t ey have now with re.pect to salaries, pen sions, or gratuities above those amounts. Home expenditure and establishment to be under the control of the Board. [The next important document (XI.) is a long, anti mentativ,, and very able letter to Mr. C. Grant to the Chair, in defence of the " Hints," to which various ob jections had teen succinctly offered in a previous commu nic.tion to him from the Secret Committee of Correspon• done. We regret that our space will not admit of the ins-rtion of thi, document. It is dated the 12th of February, 1833, and contains, towards its conclusion, the following par.graph]:— " But I am bound to state frankly that his Majesty's Ministers b.ing, on the fullest consideration, convinced of the justice and liberality of the terms now offered, will be prepared, in the event of a rejection of them, to propose to Parliament a plan for the future government of India, without the instrumentally of the Company." The Duke of WELLINGTON came to town on Friday, purposely to dine with his friend, the Matliis of SALISBURY, on the following day. The Noble Duke has lately become extremely partial to field sports. and for several weeks he has remained at Strathfieldsaye from Monday to Saturday, in order to enjoy the diversions of hunting. The Duke is in the enjoyment of excellent health, and the camparatively short distance between Strathfieldsaye and the metropolis (42 miles) enables him to perform the jouruii in four hours. LIVERPOOL COTTON MARKET, SATUR DAY, MAacx 23.—The import this week is 4,257 bags, and the sales are 14,460 bags, at steady prices, viz —550 Sea Islands, at 11d. to 2s. ; 30 stained ditty, Sid. ; 4,880 Bowels, 6id. to Bd. ; 5,700 New Orleans. 6i 1. to 9d. ; 610 Alabamas, &c., 6i-d. to 711 ; 870 Pernams, Nal. to 101 , 1. ; 200 Bahias, 811. to 81d. ; 920 Maran hanas, 8i i. to 94d. ; 90 Barba oes, 1 Id. to 13.1. ; 100 Common West Indies, lid. to 7id ; 130 Egyptians, 9gd. to 101. ; 350 Surat., sd. to 611. ; and 30 Bengals, at sd. per lb. To day there has been only a moderate de mend. The transactions comprise 150 Brazils; in Pernanas, at 911. to 4 .1. Babias, at 81.1. ; and Ma. t about a b m s o s , 0 a t 9 n I. d. er ; ic 6 ata o d E es g e y r -p ip ti t a h n in s,..a f t ro 9 m i n d 6 . io d. l t O o d 9 . d ; . and CORONERS INQUEST — EXTRAORDINARY CASE.-Yesterday afternoon an inquest was held at the London Hospital, before Mr. BAKER, the Coroner, on view of the remains of SARAH BYRNE, aged seventy-two years, who died in that institution under the following ex traordinary circumstances :—lt app, ared that the deceased, who was an inmate of the parochial workhouse of All Saints, Poplar, had been for some time past bedridden, and in a feeble state. About a fortnight since, while crossing her room with a small quantity of water in a pail, she fell on one side and fractured her left thigh. She, was at once removed to the hospital, where it was found on examination that her case was a complete one of fragi riles ossium, and that her bones were so extremely orittle, from the absorption of the animal matter, and con setiuent too great proportion of earth y substance, that they snapped with the slightest exertion. As a proof of this, on Thursday last, while being turned in bed, although great gentleness was used, the bone of her right arm snipped in two. The medical gentlemen who attended the deceased described her case as one of most rare oc currence. and gave it as their opinion that the injuries were the primary cause of her death. The Jury in con sequemie returned a verdict of " Accidental death." The case of the deceased had excited a great deal of interest among the professors of medicine and surgery. We understand that a Member of the IJouse of Commons has received a letter calling upon him to pay 101. as a fee—stated to be customary from all new Members—to the Parliamentary reporters. This application is said t have been accompanied by an intimation, that if the money be not paid the reporters will never mention the Hon. Member's name, much less report the speeches he may deliver in Parli taunt. We need hardly say that such an application has not proceeded from the reporters, and that the letter can be considered only as a clumsy attempt of some swindler to extort money; but we mention the circumstance in order to urge upon the Hon. Member alluded to, the propriety of his sparing no exertion to detect and punish the bl tckguards who have attempted, we are glad to hear unsuccessfully, to practiseso impudent a fraud. The lion. Member owes this duty to so ciety at large; and we assure the 111.-tubers of the llou,e of Commons (many of whom can, from personal expe rience, bear witness that we speak the truth) th it while they cannot pass a greater insult upon the Parliamentary reporters than to off-r them fee, reward, or gratuity for the discharge of their duty, they cannot confer upon them a greater favour than to expose, as publicly as possible, not on!) , any low imposter, who, passing him• -elf tiff as a reporter, has asked, or shall ask—but all equally contemptible vagabonds, who, being offered, have accepted, or shall accept—fee, reward, or gra uity, for performing, or forbearing to perform, those unties which devolve upon all who engage in the occupation of re porting Parliamentary proceedings. Every Member ol Parliament who will pursue this course may always corn 'hand to the utmost the assistance and cu-operation of the respectable portion of the press.... Times. MARKET INTELLIGENCV. LONDON MARKETS. d o,) (From the " London New Price Current" of Tti _ 4 O SUGAR—The late reduction iu the prices of 1 0 '''; - 0 ,0 t p h r e i coesthoefrcogluoaulri qualities e S s u a g r a e r s u , n s , 2 a s. ri a ed s4 ; appears to have facilitated sales to some extent; the ° c eir purchases last week were 3,000 hhds. and trs.; the t cepted are a shade lower, brown 465. a 475. This afete;l4l day are 500 hhds. and trs. The stock of West India „ t ?' now 13,012 hhds, and trs., which is 3,743 more than 18'e Us The stock of Mauritius is 53,920 bags, being 24,671 re' l e , last year. The delivery of West India Sugar W4'26°o? trs., being 525 more than last year. The delivery of 0 1. 6,69& bags, being 1,702 less than the corresponding ,0 1832. In the Refined Market there was no material chan,oi! week; the prices of the Refined having rated low in pile 0 0 Raw Sugar, and the stocks being low, the Market has h ee rei ol sustained ; Lumps 61s, a 61s. ,at which some sales 01 last week ; the finer descriptions for the home trade D e o s.t,haeppeesatirmtoatbede rpl,sljelgi better supply have rather given way; Crashed wO w'h et' lower. Molasses were dull at a further re duction• no alteration in the Refined Market this afternoon. „ o OV EAST INDIA SUGAR.—The sales last week were", 11` to small parcels of Siam, Manilla, and Java, whirls 001. prices. been a small opy'.l MAURITIUS SUGAR.—There has Mauritius Sugars lately; the public sale on FridaY , ; 4 ,04' went off' with much briskness, and the brown descriP:4 a 495. sold rather higher, By public sale this dah 3 ' 4 6,1 1 ' Mauritius Sugars, a part sold heavily at a r eduction Is. per cwt ; a considerable proportion was taken ill. e!, FOREIGN SUGAR.—Thee have been no pub liC tr ee t sales of Foreign Sugar since Tuesday last, the Marl' e s ,, , l'f' in a very depressed state. Average price of S u g ar, 11' per cwt. Ilr i T ,; COFFEE—There was an improved demand fer bir her e Plantation Coffee last week, the pr i ces were „t Foreign and East India were at steady prices, butt he'. briskness in the trade; the purc h as es were St. DAs.i4 545. 6d., ord. quality; Porto Rico, good to fine or d '' o pt 575.; Havannah, good to fine ord., 51s, 6d. a 56 '' e t t ; thellt matra, 475. ; Jamaica, good to fine ord., 78s. a 8. 45 - 3N ! 76.0 4 t; sale this day, 45 casks 72. bags Jamaica and Deraer3l sold freely at full Market prices; good ord. Jaras ici ' fine ord., &'s. ; fine fine ord., 85s. 6d. Colt - ‘ d RUM, BRANDY, AND HOLLANDS.—Tbe e g v h e contract for Rum, 75,000 gallons, was taken la st sv 1 ,; ls. 9d., 3-I6ths ; it has produced no effect on the Market icbei, prices are maintained, but the advance appears to ha Ve ra pil the demand ; the purchases are inconsiderable. 13 e e : very heavy. Geneva is neglected. this l TALLo W.—There is little alteration in Tallow we; TURPENTINE—Importers are landing a Pa" el i t , 2 : if ‘ 1 the drawers refusing to give more than Ils. ; mantled, , i i o t, S A LTPET RE.—Th e price of Saltpetre is full 01'0011 the late purchases are at rates which could no t I' rev ob CO t tber e COTTON.—The Cotton Market has been du ll, _ w no alteration in the prices. ve INDIGO.—There is little alteration in Ind i g ° '„ roscL i il lowing is the description and valuation of the a ci ) . to jai East India Company's sale of Indigo :-2116 chests , or coll s , ° o consuming quality, 2s. 9d. a 3s. 6d ; 1,437 c hests chests ing to mid, shipping qualities, 3s. 6d. a 4s. ; ip° 94 W ed t° good shipping qualities, 45. a 4s. 6d, ; chests g . s hipP shipping qualities, 4s. 6d. a 5s ; 8 chests very title qualities, Ts. and upwards ; valued at last sale's P ric ee lc 6 7d OlLS.—Fish Oils are firm; at public sale las t of r' Sea realized quotations, and some considerable sa ' e :6/ l C° :, Seal Oil made at 251. 10s. and 261, for first qual it Y,. ; r now asked. Linseed Oil is 10s. to 15s. per ton i,°, es t v e ; last week ; the purchases made for export ha ve t '7o. sive ; the stock of it and Linseed is now getting very Oil a shade lower, and dull. FRUIT. —The demand for Fruit has been very the public sale last week small boxes Imperial Fre nch all U` cartoons 905., half and a quarter cartoons 100 s. a 116'. : in. New Red Smyrna Raisins in barrels and OW' quality and partly damaged, 28s. a 345. (slid e TEA.—The delivery last week was very great e• farthi tions. Boheas are worth from a halfpenny to three premium, and Congous a halfpenny on sale's cost. .ET.--March 27. For T0n.r....„. 5 Walls End H0t!, 1 7 . ;0.. ,,, * 0, I)itio Clarke an " , r o,' Walls End New' u Hartley Warde's Walls End Elgi n last market-daY. 3' l's DURING se Barley. S. to s. s. t° 14 I 18 I T: , 7 nS 1! s tg 1 2 1 10 i s 153 14 2 3 0,•-: '2l 0.2 36 41 24 3 0 25 33 30 39 28 35 30 36 24 27 stone. .16 stoi • any ~T PIV.I p 'll 4 Iv THE COAL MARK Per Totes s. d. &dair's 18 6 East Percy— l7 6 1 Holywell 19 0 Ord's Itedhogh 17 0 Pontop Windsor 17 6 Townley— l7 6 %Valls End Hilda 19 0 1 Ships arrived since COUN fRY CORN MARK Per Quarter. Boston Gainsborough --- Grantham Grimsby Horncastle Lincoln , Spi Isby Stamford York- 'heat. $. to s. 53 67 42 58 44 52 46 60 48 54 47 59 40 62 2ils• NORWICH, MarCh o6s. Wheat (per qr.) 44s :q3s. 623. Beans (Pe r Barley 204. 30, 31 3 I ease, Ore , ' • rs -clO '- Oats '2O, 233. ' ) 53 . . Flour, fine We' " .) CANTERBURY, March ' 23 to Wheat, white. s6s. to 633. Old••••^"" . " . 465. to 58, '"? Barley, Malting..,.,., 26s to 335. Grinding.' , 2 03. to 54 Oats - 17s. to •245. 545. t ! Beans Pease M.,•• W.," WIN 355. to 37a. GreY 10 • fk' l MANCHESTER, March "la 7,91 5 i Wheat, per 701 b. Ss. 6d. to Bs. 10d. Red „ 4 0 ~ Barley, per 601 b 5 0 5 6 Oats. ...•• 3 : 7 ; 0 "6 i Beans, per Imperial quarter Pease, White, per Imperial bushel 40 Q 4 9 Malt, per 6 Imperial bushels 4O ° ~ Flour, per Sack ..f 2801 b. Beef (score) _EX...B7 (Id.E ~ IA6 ,II . I .KW E Th f a r— (b M u a s r i f e h i ; 2‘2 ;7 4 s. o' 6 l 1 Mutton (11.4.)........-0 fit 0 6 Barley .........,••••••'''' .. _,..q :j 6 Veal and . amb...,.0 6 0 7 Oats ~................*- " I P. rk __o 4 0 6 Beans _„1 ° 1 ' Geese (each). —4 0 5 6 Bitter (Ib.) -...- --- _,O 2 1. 1 Ducks 'c0un1e1......4 0 5 0 Eggs (12) ....,c.O " Fowls ..................3 0 4 0 Potatoes Wee's' IRISH 111A1 DUBLIN MARKET NO'l 09 R K ET& Mr, oil - ,00, JI 11 , -.E.--FRIPAY, ,5 e 1 0 ' From 1 0 .., it; 1,673 Wheat, per barrel 20 stone 22 0 3 3 0 oit 55 Bete l6 stone 10 0 4 0 6li 530 8ar1ey—..................... 16 stone 10 0 2 0 ...- ill 4,093 Oats —,,........—. 12 stone 8 0 00 0 9 14,000 Cwt. F10ur—,...... 9 stone 6 0 , 3 0 11 997 0atmea1........—.... 8 stone 8 0 ' 15 sold to Bakers only. 0 cli• •I 1 11,482 Cwt. F10ur,.,,,, .. 13 0 , 20 ..,,, o w 0 , 1 Average price of Wheat and Flour 40 , i ) : I ,. F Oa. , 0 ll' Re cei pt s Of I l.) l i(:),t.i r, 1 1 4 1...._. , ,6 000 2917 . 1;i1dr,.i5rtid5. from " :‘, 11 3. t° 9' Seconds — , from . g.., - ' o ,l ' ' PRICE OF BREAD. natley. .1 Oats. I i" Quartern Loaf Wheat, per barrel Inc. 1 - 14 stone. S. d. a s.d.l s.d. a s.d. s.d. a s.d.j Cork ......180 25 010 0 120 63 86 1 Limerick 123 4 26 8 9 4 11 4 8 2 —O , Waterford 21 0 25 012 0 13 6 7 0 80 1 Clonmel 23 4 214 12 0 13 0 7 0 8 9 Carlow—. 0 25 011 0 120 70 86 Is (t.a,146.8700 10 0 0 0 16 0 is 1 3 0 1170 17100 is 0 6 ni 0 00 O ; '4 OI ; B ut • Beef, Mutton, Pork, : L per lb per lb. per cwt. d. a d. d. a d, s. d. a s. d. s. d.t' ( j 56 ‘ 2 ? ° 3(1 ° 0 , ( 2 'co a' d. ad. d. a d, Is.d. a s, S. d. Cork 5 6 5 627 0 30 0172 0 Limerick— 38 41:31 434 0 35 06 6 0 Watertord 3 6 3 533 0 35 074 0 Clonmel —34 45i 6; 32 0 33 V 76 0 Carlow-4 510 0 00 0 0820 --- 0 1 ; (, 56 0 „ (1 66 I 'o ° [d o n KILKENNY.—Butter 82s to 84s. per cwt. ; 7s. ' 41 to utt per barrel; Flour 20s. to 345. per bag, Oats ; rel; Barley 12s. to 13s. ; Beef 4d. to sd. per per cw— to sd. ; kotatoes 2d. per stone; Coals Is. :),(1. Pigs 355. to 365. per cwt. SCOTCH MARKET! HADDINGION CORN AI Attl(E .l Wheat. Barley. oats. First s9s Oct 33s od Od Second sos Od 28s Od 19s Od Third There were 39! qrs. of Wheat in marker,3 9l Average DA LKIET Wheat. 1 'II CORN MARKET Harley. oats. 29s Od 24s Od 26s NI 20s Od 24s Od lis 113 First 6os Od Second sos Od Third 4os Od 9 -f.'s. t'oa BIRTHS- On the .25th inst., at Hampton-cottage, Wes' Mrs. George Creasy, of a son. On the 27th inst., at Hamilton-place, N e ' Farn, of a daughter. On the 22d inst., the lady of Capt Lin Ro y army, of a daughter. On the 0 6th inst., at Woolwich, of the Royal Horse Artillery, of 3 daughter,: On the •:..2d inst., at Brighton, the lady 0. Esq., M.P., of a son the lady MARRIED• On the 26th inst., at Trinity Church, Cole Honey, of Kennington-lane, to s4rati way, ter of Charles Robertson, Esq., of Colchester. On the 27th inst., at Halstead, Francis, Brewin, Esq , of the Kebt-ro,,d, SurreY, daughter of the Rev. John Savill, of Attevit Mtichhl ell, E l s 9 q t f n it 3 , nc a o t hi t.l , 2v in e n n 1,) to cCaltil,lerrchn, Harvey, Esq., of Pengreep, Cornwall. DIED. On the 25th inst., at the house of his mot Nathaniel Ronalds Esq. ag ed 33. On the •22,1 Miss B. Thompson, MI green, Harrow-road, aged 61. On the 2-Ith inst., at Great Ealing, Will late of Sundridge, Kent, aged 76. On the inst., at his house, Claphal Complin, E q., late of Bishopsgate-street. On the '22cl inst., at her residence, Plymi Lopez, relict of the late Sir Masseh Lopez, 1 On the t2Oth inst., the Rev. Charles Itasl near Burnley, Lancashire. PRINTED AND PURLIsiIED BY MU It D Svx Orrzcs, 112, STRAND, LO 'S , f3re l, t ior 4 :, qii i LI ;f.__:" o.i 1 ,. . tip u ik ,r 715 ,: 6 0 , ‘3 .. ; tld d , ; . e " . 1 ' BARD 1 t ,t h ..1 a ilten°s•C ,10. P A '' 1.; I. ] l' i 1.134, 11 . l'ANallt. %---,?!" 1 ::. er,. 1,. %i %r ot i ,-:'od , ) ,, ,i 1 3 Nt 4 , 265 t H__ , :V ' : i t ' Wi?lt _.2.1,.____,-- ,-. „(1 .1 isl ,r 4° . `_ .) llls,i 4 l estero-road, fro Ilic ii k)tli,;, ,„„,..road, 1414. „ii l e Pt) I t il A wort!), ed of tl'e. :,, ‘1.4,11.,.....1) ut c ,of C sl43l° '' s ' i'' sl it t } i r tik t. r ill - L 4c,_tor ) , c oR K4 L ) , , . Wi 4 t)t i f re„ tr i. tr.4l'6of IV' 04 icheste , e,we, 1 iyoni3", e a th g er. o n 0 1 ./ Ni,"Etl,: ,, t , onli wni 3, 7 , s , ItE,, to r' s ei. ii , : kte n • ''''' I, i Roo1,;;v31, o f th q blv, ~ . ill'e,ttlat,ghte' 4. ki, t. Prof 4tl 1 tt n el h i,, nii iii . Pftli ti, ; CO It i' '' t i° q ' i o ther, ) ti ce .) TT Morris-P' 0 i 414 1tIt y k " b AN main chato i' s,i g i t .'th 6 ° , 1 ( amcal/oOn' ,i. , k .t. heat, , f 0 ~,,d 5:1. age( - ti t ' Ili, .' ° ,outh , I " 0 , 1 , ' , (it. t 0 14 r 8 Bart. °l. I" 1 14 1''' IN C() tf 44 "I ' With --- - (3, ' ' t ° -.' Y 0 V ' "g 4n ovi LosP o, 'l'4'; - C1, 4 , k 4etkl per bairel