The Sun. — London, England, 1854-03-22 00:00:00

allies, our competitors, or our rivals:" The noble lord said more than that ; he said, " Not only do I believe that Turkey is as active as she was, but I believe she is abso lutely progressive. Give her a fair trials; her maintenance is easy, and is most profitable to the interests of England, to the cause of freedom, and to the civilisation of the world. All the highest impulses that should influence men ought to induce them to support at this moment the indepen dence and integrity of Turkey." Loud cheers followed the speech of the noble lord. Well, sir, what happened a short time after that ? Why, sir, there was the statesman whose conduct I have had occasion to criticise this evening, and to whom I little thought, when I first rose, I should have to refer in connection with another subject ; he went about the country and paid a visit to the great commercial city of Manchester, at a time when there was great de pression in the country with respect to the affairs of Tur key, and when men with resolute minds began to think that that was occurring which would prove most fatal to the supremacy of this country, and to the cause of j ustice, of truth, and of freedom. What did the right hon. gentle man say upon that occasion? Did he agree with the Secre tary of State ? Not at all. He said, " Things look very bad, ' but what can you expect ? You must prepare yourselves for the worst. The independence and integrity of Turkey, which people talk about, are not facts—they are phantasies and phantoms. You must not consider the independence and integrity of Turkey as anything like European questions." Why, sir, the right hon. gentleman quibbled away the independence and integrity of Turkey—(hear, hear )—and he seemed to have in view th a t plan of partition whioh has but recently come to our knowledge. (Cheers.) Andthis is the minister oft finance who to-night is going to double the income tax in order to maintain the independence and integrity of Turkey. (Cheers.) lam challenged to propose a vote of no confidence in the Government. Why, sir, the noble Secretary of State in the other house of Parliament told us the other night what we were going to fight for, and I was grateful for a moment to a member of her Ma jesty's Government. He said," we are going to fi ght for the rights of the Christian subjects of the Porte. That is our cause. We are resolved, and we shall stipulate, that there shall be equality of rights and privileges bet ween th e Christian subjects and all other subjects of the Porte." I believe loud cheers followed that speech also. What hap pened the next day? The noble lord the Secretary of State in this house, who is supposed to have some knowledge of our foreign po li c y, said in th e most distinct way, and in tones that he knew would re-echo through all Europe, that he did not imagine for a moment that any man would en tertain the idea of our obtaining privileges for the Christian subjects of the Sultan—that that would be acting as badly as the Emperor of Russia himself—and that if we obtained an equality of privileges between the different subjects of the Sultan, we should put an end to the Turkish empire. And yet, when those gentlemen have no confidence in their mutual opinions, I am to be taunted and told it is my duty to propose that the House of Commons shall so stultify itself that we are absolutely to vote that we have no con-. fidence in them. Bat is that all ? The noble lord the leader of this house likewise described the war in which we are going to embark. He described the war as a holy war—as a just war—a war for justice, for truth, and for public freeedom—and in a manner which I admired, in a most so lemn and fitting manner, he invoked the name of the Most High upon that war. What happened the next night in an other place ? Why, sir, the leader of that house told us, I. believe, that he thought that war was not yet inevitable, and that in his opinion war was a curse. Sir, if it be a war for justice, for truth, and for public liberty—a war to arrest , the prog ress of a colossal despotism, to maintain the lute; . rests othis country, and to secure and promote the pro gress of civilisation, it is not a curse ; but if it be not for those objects, then I say the noble lord is not justified in counselling his Sovereign to embark in it. Such is your position upon the Turkish question —upon a questionwhich we are told confidentially, alone keeps you together as a Ministry. (Cheers.) There are similar differences among these gentlemen upon other subjects ; but when a nation is at war, its Government should not be disturbed ! I would like to know how the war is to be carried on with efficiency and success by men who have not settled what the object of the war is. The war has been brought about . by two opposite opinions in the Cabinet. (Cheers.) That has led to all the vacillation, all the perplexity, all the fit . fulness, all the ti m idity, an d all the occasional violence that have occurred. (Cheers.) If the noble lord the leader of this house—l speak my solemn conviction—had re , mained minister of this country—if the noble lord the Se cretary of State, who is not here, had been minister of this country—if Lord Derby had continued minister of this country —nay, if Lord Aberdeen—l wish to state the case fairly—had been minister of this country, with a sympa thising Cabinet, there would have been no war. (Hear.) It is a coalition war. (Cheers.) Rival opinions, contrary , politics, and discordant systems have produced that vacil lation and perplexity, that at last you are going to war with an opponent who does not want to fight, and you are unwilling to encounter him. (Cheers.) What a mess for a great country. (Cheers and laughter.) And this brought about by the splendid administrative talents of the gentle men opposite. (Cheers.) What, sir, is your interest on Exchequer-bills, or your loss of some 35,0001. compared to ~ that ? The financial faux pas of the Chancellor of the Exchequer may soon be forgotten, and even forgiven. What is the value of his conversion scheme compared to this duplication of the income tax, and to this terrible prospect of war, brought about by the combination of geniuses opposite me, and brought about absolutely by the amount of their talents and the discordancy of their opinions ? (Cheers and laughter.) But then, they say, if we criticise their policy, we are bound immediately to come forward and propose a vote of no confidence in them. I tell them again I will not propose a vote of no confidence in men who prove to me every hour that they have no confidence in each other. Sir, I have tried them upon the greatest of all questions—the question of peace or war ; but there are others almost equally great, upon which they may be tested. Why don't you pr ocee d w ith your Reform Bill? (Ch eers .) Thal seems at the first sight the only question which you could put in the same category with the questions of foreign policy. Peace or war—the disposition and distribution of political power— these are the great and august matters with which it be comes statesmen to deal. These are the policies upon the recommendation of which men gain the confidence of na tions. It is the sympathy of nations with statesmen who have opinions upon those subjects which entitles them to hold their position. When you have enunciated a policy to a great community—when you have told them that you can prosecute a war with vigour in the vindication of great principles—when you can tell them that you can secure peace at home by arrangements which will last—then the nation will rally rounlyou. When a great statesman de clares that he sees and has deeply considered the signs of the times, and has studied with the patient and fanciful analysis that becomes a profound and disciplined mind the condition of the community—when he declares that the existing disposition of power is injurious to the permanent interests of the country, and that he is of opinion that a change should take place, and thatclasses who are not now enfranchised shall be called into a participation of political power—the man who says these things has a right to rally round him great crowds of his fellow-men ; but he must not say such things idly—he must not trifle with the public conviction and the public feeling upon such subjects. (Hear.) When I know that this Cabinet is an incoherent council upon thes3 subjects—when I know that upon such questions as peace or war, and the disposition and distri bution of political power, there aro not two men among them who have the same opinion, that there are not two men among them who have confidence in each other, I re ceive the cold taunt and frigid counsel that it becomes me, as the humble leader of a too indulgent party—(a laugh)— to propose a vote!of no confidence in her Majesty's Ministers with the indifference which it deserves. (Cheers.) Sir, there are few tests so great as those I have mentioned—there are few so important— but there are some subjects that may be fairly evoked with them. There is one subject which, tumultuous as is the excitement of a state of war fare, and however elevated may be the feelings of men who are summoned to the exercise of political power, Amy well be considered as of the greatest importance. No man will say that the education of a nation is not a subject which may rank with the highest class of those that occupy the attention of a minister. Well, sir, our present statesmen founded their ministry upon a pledge to bring forward a scheme of national education. Is there any confidence among you upon the subject of national education ? (Hear, hear, hear.) Why, sir, I will take an illustration from only a small portion of that great theme. What happened the other night? We had before us merely a plan for the reform of a university. What occurred then ? We had the reform of the university brought forward by the leader of this house He turned round to his faithful and consistent supporters, the Dissenters of England. (A laugh.) Their eyes were fixed upon him—their mouths were open. (Laughter.) They hung upon his accents. Reform fol lowed reform—change coursed after change—and at the end he turned round and said, the most important and the most necessary of all reforms is, that you, the Dissen ters of England, should share the advantages of them. I am faithful to you. My feelings towards you are the same 'as they were 20 years ago—but then my colleague the member for the University will not listen to your claims. (A laugh.) Well then; sin _I ask, if that i s th e case, can -there be any confidence among the different members of the Cabinet- upon the subject of education? (Cheers,) There may be fiftjr topics upon which `ive can prove a dif ference of opinion among her Majesty's Ministers, but they are, in comparison with the great questions of peace or war, the disposition and distribution of political power, and the education of a nation, so small and petty that I cannot condescend to touch thew. There is only one other subject equal to those great thetues—nay, I may say it is even more important than any of them. That is the Protestant cause. It is a subject which surely greatly interests the people of this country • it is a theme which has excit e d great enthusi.eini. What happened a short time ag o ? The n o bl e l or d th e l ea d er o f th i s house took au early opportunity, after the formation of the Go ern Leant to exp ress hi s op i n i ons i n t h e House of Commons u Pen the present temper of the Papacy. The noble lord is not "an who c an be suspected of b eing . a bigot ; the ni tio in b leloe rl l . a o :3 not a man w h o can b e accused of a narrow described the any enlightened views; the noble lord spirit of the he considered the hostile and pernicious c Pay aey at the present day, and he said of the Roman athone Church in this country, devoted to a fo reign prince, thatlie believedi that its progress was not fa vourable to the public liberty ry. (Hear.) of this count Well, what happened? Why, the noble lord had hardly b re athed these word e when it was discovered that they had given offence to thos e who certainly cannot be described as t h e most ennnent of his followers. What hap pe n ed the The present Prime explai n next day ? Minister of England calls upon the noble lord to s expressions(hear)— and writes a letter to the world te rssa Y the opinions of hat the noble lord on what I call the rrotestant cause are not of his collea ues night a er meht bscause I shared by Many g • pposition cheers and laughter.) Yet you taunt me, ft • e et wa thatoneete n • do not propre a vo show yo u you as a Governmens, when I .neon all these impor tant topics, upon the question Peace was, upon the tion of the disposition and distribution of quespolitical education upon the power —upon national entirely at variance, and have no confidence whatever you are I shall not it whatever in each other.. No, sir, lought to feel my duty to make this proposition. remember that • we have a motion before us whic h _we must decide. . (Iron n cal cheers.) Everything which I have said has been strictly apPlicable to that motion. ( C h e ers and counter ch eers,) Sir, of the eer i" Sir, I have shown you that the con financess such that I do not understand how the Chancellor of the Exchequer can possibly meet his engagements at the en d friend th e of the financial year, and yet my honourable member for Evesham (Sir H. Willoughby) asks me to in crease his embarrassments. I think the proposition of my honourable Y honourable friend, viewed by itself, sa So propo sition. I think it an unprecedented thing to make a but as I single levy of a tax at the beginning of the ye ar, look f orwar d w ith grea t anx i e t y t o th e s t a te of the right gentleman's finances, I must express great unwi lline e „newt to take any step, however slightly, to aggravate that. ' l. trust my hon. friend will hesitate before he asks the opinion of the house upon that subect. (Cheers . .and an c ounter cheers.) Doce • the hon. gent 'emen opposite wish me, then, to propose a vote of no confidence in the state of the finances of the Chancellor of the Exchequer? (Cheers from the Ministerial benches.) Well, then, I will, upon fair condition s , such as I am sure every gentleman will approve of, accept the challenge ; and I pledge myself to propose in this house a vote of want of confidence in her 01-*r A THE SUN, LONDON, WEDNESDAY PVENING, MARCH 22, 1864. Majesty's present advisers, the moment they give the coun try satisfactory proof that they have any confidence in each other. (Cheers and laughter.) The CHANCELLOR of the EXCHEQUER —Mr. Speaker, if there be now present any gentleman who, like myself, have sat in this house to hear this debate, since half-past five o'clock, I think they will admit that, at least, it has served one useful purpose, for it has illustrated more signally than any discussion that I can remember the truly English principle of freedom of debate. (A laugh.) Sir, it being my dutyto notice on the part of the Government the topics that naight come under the view of hon. gentlemen in the course of the evening, it has occured to me whether I should not shorten my labour if, instead of trying to enumerate the topics which have been detailed to-night, I should take the negative side of the question, and refer to those comparatively few subjects which have not been noticed. Why, sir, we have had—and these are only a few of the principal questions—the right hon. gentleman says that the hour is still inconveniently early, I am afraid it would not do for me to act upon that assumption, but I have a certain duty to discharge—we have had dis cussed to-night savings banks and the management o f the great fund connected with them, the constitution of the national debt commission, the balances in the Exchequer, the interest on the policy with respect to Exchequer-bills, the relations of the Government and the Bank, the pro per rules with regard to deficiency bills, the plan for the government of the national debt, the Bank Act of 1844, the mode of establishing a currency free from the influence of foreign exchanges, the comparative marits of direct and indirect taxation, the foreign policy of the Government, and the education of the country. (Hear, hear, and laughter.) And there is yet, sir, one other sub ject which has been touched slightly ; here and there, there has been a faint allusion just perceptible to the amendment of the hon. baronet. (Cheers and laughter.) The right hon. gentleman who has just sat down has closed his speech with an allusion to that amendment, and does not seem to like to challenge a vote of the house upon the financial propositions of the Government—(Ministerial cheers), — more than upon any others of their acts. But the right hon. gentleman has, in the exercise of his undoubted right, thought fit to discuss at large the conduct of the Government ; and here I may refer to the language of the right hon. gentleman, when he charged me with having treated him with unseemly and dircourteous taunts. Sir, I do not think that that was a just charge on the part of the right hon. gentleman. In replying to the right hon. gentleman on a former night, I did, as I shall to-night take the liberty of doing, use the legitimate freedom of debate ; and I do not think that the right hon. gentleman is the man, of all others, who has been sparing in his ap peal to that freedom and that right, whether in reference to things or persons. (Loud cheers.) But, sir, if the right hon. gentleman had cause to find fault with me for un seemly and discourteous taunts, arising out of the heat of temper, why did not the right hon. gentleman do what any other man would have done, namely, rise in his place in this house and complain—if he did not think it right, sir, to appeal to you—why did he not complain of it on the spot, why did he retain this grievance and this grudge in his bosom for a fortnight, to make use of it in one of his thousand declamatory periods ? (Cheers.) Sir, I tell the right hon. gentleman that if I have been guilty of such taunts I deeply regret it—l regret it with reference to him or to any other man, and I am sorry he did not give me an earlier opportunity of saying so, when I could tell whether or not there was any foundation for the charge. Having said thus much, I pass to graver matters. (Hear, hear.) Now, sir, the right bon. gentleman says that he guards himself against being supposed to ap prove of the financial propositions of the Government. Sir, there is not much occasion for the right hon. gentleman to guard himself on that subject. lam not aware of any fi nancial proposition—l might say of any proposition—but at any rate lam not aware of any financial proposition, great or small, that has been made by the present Govern ment, which has had the good fortune to meet the appro bation of the right hon. gentleman ; and with, I think, one exception, I am scarcely aware of any attempt to im pose a tax upon the country which the right hon. gentle man has not resisted, or of any attempt to remove a tax, and diminish the resources of the Exchequer, which the right hon. gentleman has not supported. The right hon. gentleman sometimes speaks of new policies. Sir, until the time of the right hon. gentleman, the subject of finance, during my recollection, has been dealt with in a manner somewhat distinct from general politics, because it has been felt that there is a tenderness in the subject of the publi c debt, and an imp or t ance i n ma i n taining the resources of the Exchequer, and the consequence of that conviction has been until within the last twelve months, a general union, as a general rule, in maintaining the ways and means which are necessary to carry on the public service. The right hon. gentleman has thought fit to reverse that rule. The right hon. gentleman will not support the hon. baronet, who, I know, has made his motion entirely independently, but he still says that he reserves to himself the liberty of objecting to the financial propositions of the Government ; and upon what does he found himself ? He founds him self upon this most extraordinary reason, that he does not consider there is any necessity proved for an increase of taxation, for he says he does not know whether we are going to war, or for what we are going to war. Why, sir, his ignorance for what we are going to war has nothing whatever to do with the necessity for an increase of taxa tion. (Hear, hear.) He knows this—he knows that he has himself been a party to votes which have raised the estimated expenditure of the country three millions above the estimated revenue; and having himself been a party to these votes, he says that he cannot under take to admit that there is any necessity for increased taxation. Well, sir, the right hon. gentleman is not con tented with thatmore limited field of discussion upon which he entered in the earlier part of his speech, and in which I am bound to say he expatiated with a skill and a force that are rarely equalled in debate. The right hon. gentleman, under the influence I think of some malignant spirit—l mean malignant as respects himself—must forsooth enter upon that most ill-omened discussion of the question of confidence in her Majesty's Government. The right hon. gentleman, who was not challenged at all in the matter, must go into a discussion of why ho would not propose -a vote of want of confidence in her Majesty's Government. He is entitled without doubt to use his own discretion on that subject. If he thinks it right not to move a vote of want of confidence in the Government, I really believe he has good reasons for refraining—(hear)—but whether he has good reasons or not—whether he chooses to move any such vote or not, I am perfectly at a los;to conceive what could have put it into his head to give such reasons as he has done to-night for abstaining from proposing a vote of want of confidence. Why, sir, what reason could there be better than those he assigns, which should make him move such a vote ? He says he will move a vote of want of con fidence in the Government when he sees the slightest proof that the Government have confidence in themselves—have confidence in one another. Ought votes of want of confi• deuce then to be spared, ought men to continue in office because they are so totally unfit to discharge public duties that even among themselves they do not exhibit a tolerable amount of agreement and mutual confidence. (Hear, hear.) The right hon. gentleman says her Majesty's Government differ upon every vital question—they differ upon the Re form Bill—they differ about the Protestant dissenters— they differ about the Protestant cause—they differ about their foreign policy—they differ, in short, about every question of interest. The head of the Government, he says, has no confidence in the leader of the House of Com mons—the leader of the House of Commons has no con fidence in the head of the Government—the Chancellor of the Exchequer has no confidence in any of his colleagues, and none of his colleagues have any confidence in him. (Laughter.) And that being the state of the case, and we, miserable and unworthy men, being here usurping the functions and aping the character of a Government. (" Hear, hear," from Colonel Sibthorp, followed by general laughter.) The right hon. gentleman says, for these rea sons, because you are so miserable, because you are so dis united, because you are so degraded, I will at this great crisis of the fortunes of England leave you in place, where you are to govern the destinies of the country. (Cheers.) Why, sir, I tell the right hon. gentleman that, if I pos sessed his great powers of mind and oratory, I would rather have been silent altogether on such a subject, than, after having made such an argument, have conducted it to such a recreant conclusion. (Loud cheers.) Sir, notwithstand ing the hour, I am afraid I must occupy at rate about one quarter of the time which the hon. gentleman has taken up, with some remarks in answer to thosewhich he has made ; and I go as directly as I can to two points on which he made charges against my own department. The right hon. gentleman impugns the policy that I have felt it my duty to pursue, in lowering at an early period in the year the interest on Exchequer Bills ; and he says that there were circumstances that had then occurred that should have shown me the impropriety of that measure. How fortunate it is, sir, that hon. gentlemen, so wise after the fact, did not then take notice of the circum stances that had then occurred. (Cheers.) They are now willing with retrospective finge r t o p o i n t them out. At the time those circumstances were not so visible, and the right hon. gentleman knows perfectly well that, although on this subject, like many other subjects of discussion, he himself was not indisposed to take objection, he took no objection himself at that time. (Hear.) Sir, the right hon. gentleman occupied a long period of time in investi gating a matter of no moment whatever. lie stated that I laid claim to a saving of 20,000/: on the interest on Exchequer Bills. Why, sir, what I stated was this. I said at the time thatit - Was an incidental observation, scarcely touching the substance of the case. I stated that the actual payment on Exchequer-bills would be less this year by a certain sum than the same palment was last year. But I men tioned that the number of Exchequer-bills this year was reined.. And it has been iu dressing out such a subject as this, and in drawing his conclusions from it, that the right hon. gentleman, has thought fit to spend the time of the house. - Now, the payments in the year are no test of the merits of a policy. Does the right hon. gentleman mean to say or not, that I am responsible for the state of things that change the money market, and make it desirable to raise the rate of Inkrest on Exchequer-bills in the au tumn? That really is.the quEstion. He says that there has been a loss, and thaA I.said on the contrary that the sum payable - on Exclrequer-bills would be less this year; but if the sum paid upon them were double it would have nothing to do with this point, viz., the imprudence of luweriug the rate of interest iu the spring. What are the circumstances which the sight hon. gentleman quoted ? Ho says, What was the state of the funds, what was the state of the Bank discounts, and what was the state of the bullion iu the country.? The funds had fallen, the rate of discount had risen within a fraction from 2 to 3 per cent., and the bullion had changed from 22 millions to l 9 ; and he argues that, because each of these was a little lower than before, therefore it was wrong in me to snake any such attempt as I made. Does the right hon. gentleman mean to lay , down the general principle that no financial operation aiming at a reduction of interest ought ever to be tried under any circumstances excepting at the very moment which is the most favourable—not at a favourable or even at a highly favourable moment, but at a moment absolutely more favourable than any other moment, either before or after it. Look at the consequence of the doctrine of the right hon. gentleman. The Bank may raise and lower its rate of interest from week to week—it can do precisely as it plc ases ; but the Chancellor of the Exche quer, when he fixes the rate of interest on Exchequer bills, must fix it for t.velve months at a time. How are you to insure, when you determine the rate of interest oh Exchequer-bills, that the apex of favourable circumstances will be at a given time, and neither before nor after it. Now, I proceeded, with regard to Exchequer bills, upon deliberate conclusions, and I contend that the measure was fully justified. I hope, if the right hon. gentleman thinks it was not fully justi fied, that, instead of confining himself to discussions and declamations which a re conve nient for occ u pyi ng ti me, but whi c h do not tend to any issue, however he rosy be indisposed to move a vote of want of confidence—l hope he will try at any rate to bring this matter to a fair issue. Sir, I proceeded upon deliberate conviction, and I am bound to tell the right hon. gentleman, what I have never said before, but i n continuance of this discussion I am compelled to say h - o.d - the right ;hon. gentleman himself, when he held the seals of the Chancellor of the Exchequer, been in any position of permanance as a Minis ter, using the word in the qualified sense which attaches to an ordinary Government in this country—he ought himself long before to have done that which I did; and he would have been guilty of a scandalous waste of the public funds if he had renewed Exchequer bills at the same high rate of interest as they bore in June, 1852. In June, 1852, Exchequer bills were at 755., and they fell to 558., and therefore the rate of interest was lowered. These are bills running for twelve months, and the interest was lid. per day, or 455. as the interest for the whole of the year, which, after deducting income tax, came to 435. Well, then, the premium on these bills—which you will recollect are re deemable at par at the expiration of the year—was more than equal to the whole interest, and yet the right hon. gentleman says that that was not a state of things which called for my interference. (Hear, hear.) Sir, I say it is the right of the public to borrow upon the best terms that it can; the necessary restraints of law place the publi c a t great disadvantage in its dealings with the Bank and other parties ; and on account of these great advantages inherent in the nature of their position, it is still more the essential obligation of the Chancellor of the Ex chequer to borrow for the public en the best terms that he can. Now, I say that the time I made the re ductioneto id. a day was the proper time for doing so, and I prove it by saying that I did it. The honourable member for Peterborough, with less attention to accuracy than I should have expected from his position, says that I reduced the interest to ld., and the bills then fell to a dis count. Well, was there anything that intervened between those events ? Does the hon. gentleman mean to say that they fell to a discount when I reduced the interest ? Sir, the reduction of the interest was announced in the second week in February ; and here are the prices of Exchequer bills on the business day of each month, and tim Ist of June is the earliest of the days on which there is the slightest mention of a discount. Therefore, I say the hon. member is seriously in error on this matter, because for three months after the reduction of the interest the Exchequer-bills remained at a premium, and therefore the fair inference is, that when they came to a discount the change took place on account of the increasing pressure on the money market, and not on account of the reduction. I propose to adopt what I think is a fair mode of dealing with this question. The right hon. gentleman, who was so large and full on such a multitude of points of perfect unimportance, which he dressed and decked out with a finery belonging to himself, passed over in t o t a l s ilence and oblivion those other matters that were not so conve nient for him to notice. I made a reference when we dis cussed this subject before, which I think a fair reference, and one calculated to bring this question to an issue ; be cause the charge made against me, if I understand it, is, that by an imprudent reduction in 'the rate of interest on Exchequer-bills last spring I caused a violent reaction and an increase of expense. Well, then, if that be the case, what I say is, that I will look to a neighbouring country. You say I produced a violent reaction that 1 am now paying (and it is true) double the rate of interest that I was paying twelve months ago ; and the reason you give —which is not true—is, that the reduction I made was too low. Well, Jnow, what was the state of the case twelve months ago in France? Twelve months ago the rate of interest on one class of French Exchequer-bills was 1i per cent. ; and I think I may say, with all due respect, that it was not a hope less case for the English Government to expect that their bills should float for longer dates, at the same rate of interest, with tho Exchequer-bills of the Government of France. You say I would net have required to double the rate of interest unless I had first reduced that rate of in terest too low. Well, but look at the case of France. The Exchequer-bills, which were at the rate of 1i per cent. twelve months ago,only a few days ago were raised to 4 per cent. So that while I have to double the rate of in terest on Exchequer-bills, the French Government had to treble the rate of interest on their Exchequer-bills. Now I shall trouble the right honourable gentleman for an explanation of that fact, when he next sets him self to complain of my imprudent, reduction as having doubled the rate of red uc ti o n on th e ra t e o f i nteres t on the Exchequer-bills. (Cheers.) Sir, it is not necessary for me to enter at great detail into these matters. The right hon. gentleman spoke in the most alarming terms of the formi dable accumulation of deficiency bills. He said it might be very true that we had saved 10,0001. or 20,0001. on Ex chequer-bills ; but what was that to the very serious loss which the country would sustain on the deficiency bills which that saving rendered necessary? Sir, here are the returns of the deficiency bills for the three last quarters, being all that have yet been made up. The cost on defi ciency bills for the first of these quarters was 62/. ; for the second, 770/4 for the third, 4811. (Great laughter and cheering.) A sum amounting to between 1,0001. and 1,2001. is the whole amount of charge caused by these tremendous and overwhelmingdeficiency bills. (Renewed cheering.) The right hon. gentleman, I confess, some times appears to me, in the heat, or, at least, in the force which he brings to bear upon these discussions, to dilate upon these subjects in a manner which might tend to cause great alarm in the public mind. I remember, sir, on former occasions, when questions relating to the public credit were discussed, it was done with great reserve. At a time when not more than 900,000:. remained as a balance in the Ex chequer, to meet the demands of the next quarter day, the fact was alluded to, indeed, but the allusion was made in grave and sober terms, by no means in those orations which we are now accustomed to hear night after night ; and I must confess that at first serious alarm entered my mind, when I heard, and admired while I heard, the brilliant oratory of the right hon. gentleman ; but at the same time serious apprehensions entered my mind, lest, knowing the high authority of the speaker, alarm should seize upon the public mind. I said, here is my predecessor in office tell ing the public that it is impossible for the Chancellor of the Exchequer to meet his engagements.next quarter day. Sir, that might have caused great alarm among gentle men in the City. The last time when the right honour able gentleman favoured us with these displays—l know not how it may be to - morrow—(laughter)—but the last time he so favoured us was en the 6th of March. On the 7th, I was curious to know what was the effect of his speech, and I found that the Consols, which on the 6th stood at from 901 to 91, s t oo d on th e 7th at from 91 to ola. (Roars of laughter.) After all tho dark anticipa tions I had formed, sir, I confess this proved to mo no inconsiderable relief. (Cheers.) I come now, sir, to the main %nest - ions on which the right hon. gentleman has challenged me—the two main topics in his speech—one of which was the abortive action upon the funded debt, and the other the state of the balances in the Exchequer. Here the right hon. gentleman marshalled against me a great array of premonitory sentences, and after a long accumu lation of epithets, he wound up with the declaration that it was absolute madness—l think those were the words— absolute madness to present any plan for the reduction of the interest on the national debt last March. But the right hon. gentleman forgets that I referred him before to his own opinions. (Expressions of dissent from Mr. Disraeli.) No, he remembers that, but he forgets what the opinions were to which I did refer him. He comes down here in March, 1854, full of wisdom, after the fact. But he forgets what was the state of opinion in March and April, 1853. Sir, I was curious to know what was the state of public opinion at that time ; what was its action upon the funds ; what were the general sentiments among those interested in money matters ; and those who will take the trouble to refer to that period will find that all who censured me on that occasion, censured me because I had secured too little for the public. (Cheers.) I referred to that opinion expressed by the right hon. gentleman - and he says, what a wretched thing is the argumentum ad hominem. Bat, sir, I did not use it as an argumenturn ad hominem. I used it, because at that time, in his objec tions, the right hon. gentleman represented public opinion, and because he knows that public opinion has varied, therefore the right hon. gentleman has also altered his tone. But the right hon. gentleman did then make that objection. We did not hear a word then about the prospects of a bad harvest, or of the state of the funds, but the right hon. gentleman went into a long and imposing detail of the state of the public debt. He showed how one Minister after another had reduced, some one million, some one million and a half; and what do you mean, he said by your paltry reduction, which even at the o u t s id e cannot amount to more th an half a million a year. It will not do that he should say, what any of us may say, that we have learned samething from the experience of the past. Oh, no, he says, all the facts where then in exist ence. But he entirely forgets to allude to the fact— though I reminded him of it the other night—that both he and his learned brother in finance beside him united in warning and censuring me, not because I proposed a re duction, but because that reduction was so insignificant. Sir, I must now refer in a few words to theepestiote. of the balances of the Exchequer ; and in doing so I must refer to the speech of the hon. member for Peterborough. Far be it from me to complain of the speech of the hon. gentleman. I regret that in subsequent allusions to the , speech of the hon. gentleman he was described by several members as the Bank director ; not because I do not think that he is a most useful and worthy Bank director, but lest the impression may be produced out of doors that he spoke in his official character of Bank director. But, sir, I think the house will see, from the speech of the hon. gentleman that the relations between the Bank of England and the financial department of this country, though of an intimate Are still of a most independent character ; and I fear, moreover, the impression may be produced that the rela tions existing between him and me are not eminently favourable to the fortunate conducting of our financial affairs. (Hear,) Sir, I find no fault with the speech of the hon. gentleman, but I think it may be inferred from what he said that I had recently been to the Bank more or less as a suppliant, asking for loans at less than their mar ket value, and putting upon the Bank a pressure, on the assumption that it was bound to have regard to the inte rests of the Exchequer, apart from its own interests as a standing corporation. Sir, I disclaim any such intention or act ; and, moreover, I think I may say, though I was not present at the meeting of the Bank proprietors held a few daps ago, but I have been informed that a question was then put to the Governor of the Bank by one os the proprietors, who wished to know whether a proposition had been made which was favourable to the interests of Government, but at variance with the interests of the Bank, and the Gover nor, as I am informed, replied distinctly that he had re ceived no such proposition. Sir, it is perfectly clear that the Government have no right to demand a pecuniary ad vantage of a single farthi ng i n th e i r transactions with the Bank. It is the. business of the Bank to charge the Go vernment—and it would be perfectly compatible with the most friendly relations between them to do so—the fair value for any accommodation which they may afford. Sir, the honourable gentleman also dwelt upon the history of the deficiency bills in a manner which I think may cause serious public misapprehension. What is the state of the case ? Is it a question of principle or of degree ? Is it the opinion of this house that deficiency bills are an illegiti mate means of supplying the public exigencies ? If they think so, let those who think so repeal the act of Parlia ment by which the power is committed to the Chancellor of the Exchequer to negotiate the issue of deficiency bills. I contend for directly the contrary. The act was passed forty years ago,sand they have been in use ever since. The hon. gentleman quoted the state of the balances dur ing the last six years ; and it is true that they have been less used during that time than during the thirty-seven years before. And why ? Because, for the last six years, the excess was the other way. The deficiency in the revenue was so great in 1841, tho deficieno bills had attained such a height in combination with a deficient re venue, that they exercised a pernicious influence upon pub lic credit. Is that a reason why we should not reserve a reasonable and a moderate amount of deficiency bills ? What is the opposite doctrine ? It is that the finance minister ought to have a constant accumulation of money in the Bank throughout the quarter, be g inning by low balances of half a milli o n o r a million, and running up at the end to nine or ton millions. Ido not believe that is a very good course to be taken, either fortgq;ade of the country, for the Bank, or for tho Government. You wait, then, to hear what is the opposite doctrine upon this sub ject. My doctrine is,as I have said, that a moderate and . . reasonable use of deficiency bills is not only compatible with the welfare of the country, and consistent with the maintenance of public credit, but that it is the most con venient for all parties. (Hear.) The hon. member for Peterborough accedes to that doctrine; but then ho says that the.present amount of deficiency bills is an excessive amount,. Mr. HANKEY-I did not say excessive. The CHANCELLOR of the EXCHEQUER—I do not mean to quote the exalt expression used by the hon. mem ber, but rather the effect of what be said ; and, as I under stood his meaning, it was that the Government had issued chore deficiency bilis than, they ought. My own view of the amount of deficiency bills which will be brought to chargeco mo inthe t. l aextn(2 a quarter I haveterist said upon hatitwill a be fforormme4r occasion, ,ooo,oool to I consider this to be a larger amount than it is desirable to have permanently. I should say that if the amount called for permanently was 2,000,0001. or 2,500,0001., it would be a very good arrangement. Then, of course, it would be the duty of the Chancellor of the Exchequer to made use of such means as he has at command to reduce that amount from quarter to quarter 2 • and it would be in his power, if the finances of th e coun t r y are kept in a state of soundness, as I believe they will be by the care and wis dom of the House of Commons, to effect that purpose in 3 or 4 quarters. Ido not wish it to be understood by any means that the amount of deficiency bills now called for is either unprecedented or rare. If I look back to the years from 1840 to 1843, I find the amounts during that period com monly varied from 4,000.0001. as a minimum to 7,000,0001. and 8,000,000/. and even more. This, being combined with a deficit, is an impolitic, an undue, and a dangerous practice. But Igo farther back. You seem to think • that there can be no deficiency bills except as an indica tion of an unsound state of the revenue, of weakness in public credit, and of deranged trade, But I will take the years 1832, 1833, 1834, and 1835, to show the fallacy of that opinion, because every one of those years was pro sperous ; they were each a year of surplus revenue, of a sound state of public credit, and of a prosperous state of trade. 1n1832 the smallestamonnt of deficiency bills brought to charge was 3,353,0001., and the largest 7,756 2 000/. ; in 1833 the minimum was 4,880,0001., and maximum 7,230,000/. ; in 1834 the minimum was 4,480,0001., and the maximum 6,757,000/. ; in 1835 the minimum was 3,500,0001. and the maximum was 6,500,000/. The ave rage of the minimum was 3,878,000/. • the average of the maximum 6,967,0001. Is then, 3,750,000/.,ywhich is about the total amount brought to charge in this quarter, to be considered an alarming Amount, being less than the mini mum of these sound and prosperous years ? I think not. Sir, we must go to book upon these subjects. It will not i do to declaim upon them the vague and amusing generali ties. We must look at these things as practical men, and doing so, I say that the amount brought to charge is not an excessive amount. The hon. and learned member for Wallingford (Mr. Malins) had been pleased to say he will not be hard upon meant that he wishes me to understand that matters of finance are very important and delicate • operations. Sir, I am deeply indebted to the hon. and learned gentleman for a lesson of a nature so far removed from my common education that I never could have hoped to have attained to its possession except through his kindness. (A. laugh.) There is, however, one point more, which appears to have been one that hit the fancy of the right hon. gentleman. It was not a question of the argumentum act hominem ; but he said these are opinions merely," and then he proceeded to draw a strong and glaring contrast between a man's opinions and his conduct. Opinions are nothing; conduct is every thing. Then what is the use of opinions ? I apprehend they are intended to have some influence. I take it for granted that the man who stands in the place where I now stand, occupying the office of minister of finance, and giv ing an opinion upon finance, is not to be allowed subse quently to evade the consequences of that opinion by say ing that he did not act upon it. It was his opinion; and I will suppose it was his sincere opinion. If it was his sin cere opinion, it had the weight of his authority, and I am entitled to presume that when opportunityoffered he would be prepared to act upon it. (Hear.) How can he evade the consequences of it ? I find myself, .sir, at a late hour (ten minutes to two o'clock) after such observations as I have thought if, necessary to make to the house in the po sition of having todeal with the motion of the hon. baronet. To that motion I have not yet made the slightest allusion. In that respect I have followed the example of all who have gone before me—(a laugh)—l have been equally vicious in principle, but I trust it will be allowed that I shall be more moderate in degree. In a very few sentences I will say why I cannot agree to the motion—a motion which has been made:the battle-field for all sorts of subjects, though the honourable baronet brought it forward in a straight forward way, and with a proper and earnest conviction that in doing so he is only doing his duty. It is impossible to accede to the motion, because the object of the Govern ment has been to reconcile together several purposes that might be considered in conflict with one another. We might have attempted to form an estimate of the year's ex penditure. If we had done so—if we had taken a year's estimate of war expenditure—we must have asked the house for a very large sum ; and if we had asked for a very large sum, we might have asked for a sum greatly beyond that which the exigencies of the,war may require ; for I will not pretend to say, looking at the powerful combinations that have been formed, that it is impossible to bring the ar to a close within a short time. We have thought it wise to take warning by the experienc e o f our pre d ecessors; and to come to thi s house and say, " We will leave the power in your hands by asking only sufficient for a limited term." We say, " You are going to sit for four or five months ; and wo will reserve to ourselves the oppor tunity andjto you thepower of considering towards the close of that period the appearance of public affairs, and the probable demand that will be_ made upon th e Exchequer expenditure on the war." But by taking th e o th er course we must hav e as k e d f or a sum that would have been deemed extravagant, and then we should have been told we were calling for money which we were not sure we should want. What did Mr. Pitt do ? He brought in his budget early in the year—the first year of the French war. He produced a budget for the whole year ; and he took for his extraordinary expenditure, 1 ,250,000/. For the period of a whole year no more was hoard upon the subject; and in the next year Mr. Pitt informed the house that, besides having absorbed the 1,250,0001., ho had laid out 6,000,000/. and that there had been extra expenses, unprovided for by the votes of Parliament, amounting to about 5,000,0001. Sir, that would not be a satisfactory state of things for this house at this time of day. It was, therefore, felt to be our duty to inform the house of the demands made upon us. In I order that we might deal with the house in freedom and confidence, we put thom in possession of our present wants, leaving it to the house to provide for further emergencies. It was, therefore, necessary to ask the h ouse , as we are now doing, t o make provision for six months' expendi ture by six months taxation. If we had asked for the expenses of six months' war upon twelve months' taxation, the hon. baronet will see at once the position in which we should have been placed in relation to the great object of making the expenses of the year to be paid within the year. Much has been said tending to disparage the principle of raising the supplies for the year within -the year; and words have been used which seemed to indicate an inten tion—perhaps not yet formed, but which may grow into substantive and distinct development —of endeavouring to induce the house to depart from that most sound principle. I do not intend now to discuss the obligations of the house in that respect. All I will say is this—that I trust the house will, both upon moral and prudential, as well as eco nomical considerations, adhere to the very utmost of its powers, and in the most rigid form, to this valuable prin. ciple, of raising the supplies within the year. And I think I may venture to promise, on the part of the Government and of myself, that, so long as there is upon the part of the house a disposition to do justice to the country in this respect, we at least shall be ready to fulfil our part. Colonel SI3THORP said the right hon. gentleman had alluded to the moral and prudential considerations which act:stated himself and the Government. Their intentions were to be economical. Now, having an experience of 26 years in that house, he had learned this—never to rely on the statements and promises of Chancellors of the Ex chequer. (A laugh.) Re had no opinion of them at all. They were all full of duplicity. (Laughter.) He would ask the Chancellor of the Exchequer whether, if he should like the Emperor of Russia to have a good licking— (laughter)—he would remit the additional income tax which he now proposed to impose ? The CHANCELLOR of the EXCHEQUER said that he was afraid he could not promise not to call for the ad ditional income tax, even if there was no declaration of war, because this modicum of taxation would in fact be the exp enses o f th e presen t expe di tion t n o ec t e h s e sa E ry as t defray The amendment was then withdrawn; the original re solutions were agreed to, and a bill founded upon them was ordered to be introduced. The house then adjourned at fire minutes past two. RAILWAY SHARE MARKETS. , • , ° LI RPOaOL; MARem 21. STOCK EXCHANGE. The share market has been dull and depressed again to-day, but closed rather bett e r than at the lowest point. Caledonian, 264 ; Eastern Counties, 12 ; East Lancashire, 15; Lancashire and Yorkshire, 61 ; Liverpool, Crosby, and Southport, 10i; London and North-Western, 974 ; Manchester, Sheffield, and Lincoln, 20$ ; Midland, 574 ; Bi rm i ng h am and Derby, 33 ; North British, 7g ; South-Eastern and Dover, 18 ; York and North Midland 22i. MANCHESTER MARCH 21. STOCK EXCHANGL—There MANCHESTER, some fluctuation, but with the exception of London and North-Western, which sold at 1/. lower, most of the principal stocks were rather firmer at the close than the opening, with a considerable business. Manchester and Birmingham, C Quarters, 1-16 Pm, ; Sheffields, 201 ; Ditto New Pref., 1-16 pm.; Mid land, 576 ; Dovers, 18 ; Leeds, 618 ; London Stock, 98} ; East Lancashire, 15 ; Ditto Prof. Quarters, ; Eastern Counties, 12b ; Cal e d on i ans, 264. LEEDS, MancH 21. STOCK k a.PRANGE.—The share market is dull to-day, and prices are lower, the heavy stocks having declined since morning. The transactions to-day are :—Midlauds, 57$ ; Caledonians, 26j ; North-Western (Skipton line), 7 ; and Lancashire and Yorkshires, 61g. SHIPPING INTELLIGENCE. 1 st VESSELS SPOKEN WITH. The Bosphorus, from London, Feb. '23. The Usk (brig), bound south, Feb. 26. The Express, Liverpool to Melbourne, Jan. 22, let. 19 S., long. 30 W. 61 days out, with loss of foretopgallant and foremast heads. The Great Britain steering south, same day. The Alceste Liverpool to Port Adelaide, Jan 26, lat 1 S., lon g . 21 W. The Frans, Canton to London, Feb. 26, let. 38 N., long. 19 W. The New Orleans, Nov. 24, let. 32 S., long. 89 W. The Bucephalus, standing to the south, Jan. 2, let. 28 S., long. 22 W. The barque No. 2853, Dec. 17, lat. 25 S., long. 65 E. The ship No. 9,638, from Canton, 80 days out, in sight of st. Helena. A ship, No. 7,926, Bombay to. Liverpool, Jan. 31, lat. 14, long. 9 W. The Eleutheria, Clyde to Melbourne, Oct. 12. The Eclair, Bordeaux to Sydney, Oct. 27, lat 38 S., long. 23 W. The Hampden, Bombay to Melbourne, Nov. 25, let. 34 S., long. 129 E. The Adelia, from Liverpool, Dec. 4, let. 40 S., long. 135 E. The Benares, London to Melbourne, off Cape Otway. The Ilerefordshire, London to Melbourne, Sept. 13 The Carnatic, for New Zealand, let. 44 S., long. 63 E. The America, Amsterdam to Melbourne, let. 4 N., long. 22 W. The Dominion, for Sydney, let. 4 N., long. 14 W. - - [ADVER TISEMENT,J—HoIIoway's Pills the greatest wonder of modern times.—They correct bile, prevent flatulency, cleanse the liver, purify the system, renovate the debilitated, strengthen the stomach, increase, the appetite, invigorate the nerves, promote health, and re instate the weak to an ardour of feeling never before ex perienced. The extraordinary daily sales of these in valuable pills in all parts of the globe astonish everbody, convincing them that there is no other medicine in ex i:tence equal to Holloway's pills for removing the com plaints which are incidental to the human race ; they are, indeed, a blessing to the afflicted, and a boon to those who suffer from any disorder, internal or external. --Sold by all druggist, and at Professor Holloway's Establishment, 244, Strand, London, 25 25 18 20 St. 50 161 St. 194 50 20 11i, 101 50 40 25 25 812s1 25 50 20 20 20 10 10 St. 10 St. 25 20 20 50 20 SHARE MARKETS. (THIS DAY.) BRITISH RAILWAYS. RAILWAT9. Paid. 100 8i 100 100 all all all 12 Aberdeen Ambg Nottng. Bost and Eastn. Junct Belfast & Ballymena Birming. Wolverh. & Stour Valley Birkenhd. Lanesh. & Cheshire Junct Do. Chesh. & Birk., £5O and 225 Cons. Do., £20...... ...... Blyth &Tyne origins] £25 (issd. at £45; Bristol and Exeter... Caledonian. Chester & Holyhead. Cork and Bandon... Cork, Black, & Pass. Cornwall Crieff Junction Dublin&BelfastJuue, Dundee Perth &Aber deen Junction Do. New ...... East Anglian Do., (ElB E di H) Eastern Counties Eastern Union, A Stock I 2i 100 42i 0., B. Stock 0., New A East Lancashire 1 5 1 7 all 100 3i 100 Edinburgh& Glasgow Edinb. and Peebles Edin. Prth. & Dundee Forth & Clyde June. Glasgow & S. Western Great Northern Stk. Do., A. Stock Do., B. Stock Gt. Stb . &West.(lre.) Great Western Irish South-Eastern Lancaster & Carlisle Do., Thirds I all 54 Al is Do. New Thirds Lancash.audYorksh Do., Fifths Da., Wet. Riding Un. Leeds Northern Liv.Crsby.&Southpt London & Blackwal] Lond. Tilb. & Sthend. Lond. Bright & S.Cst. Lond. and N. Westn. Do. Fifths all' 10 1 Do.lo/. 5h.,M&8...0 Do. Eighths London and S. Westn Do., £5O Do., £4O 'Lndndrry& Coleraine Lndndrry. & Ennisk. Manch.Shef.& Lincln Do., Man. & Lin. Un Midland Do. Birmng. & Derby blidld. G. West. (Ire.), Do. Half Shares Newcastle & Carlisle Newmarket Do., Bury Extension. Nwpt.Aberg. &Hrfd Newry & Newry Warrenpoint and Rostrevor Norfolk Northn.Counties North British North Devon, No. 1 Do., N. 2 Do., A Deferred Do., B Guaranteed 'north London 'Do. New £lO. N. &S. Wstrn. , Hamp. stead, and City Jn., North Staffordshire North Western N. & S. Westrn. June, Nuneaton, Hinckley ; and Leicester Oxford, Worcester, & Wolverhaauptou Portsmouth Scottish Central • SeottishMidland Shrewsbury & Bi i mg Do. L. & N. 'OTestern Guaranteed Sleek_ Shrowsby. & Rerefd. Shrewsby. & Chester (N. W. 11Iin ; Do. Halveso. Do. Oswestry Shropshire Union Do. A, B, C,& D,fully paid up at per cent South Dovou South Eastern South Wales IS. Yrksh. di Riv. Dun Do Staines, Wok. &W ok Stockton & Darling. Stockton & Hartlepl Taff Vale Do. £lO shares.. Do. Pref., No. 1..... Thames Haven Dock and Railway Vale of Neath Waterfd. & Kilkenny Waterford&Limerick West Cornwall.. %Vest End of London and Crystal Palace West London Wimbledn & Croydon York Newctl.&Berw. Do. Extensions 'Do. G.N.E. Purchase York & N. Midland Closing Prices yesterday. 20 - 24 4i - 4 8i 9 12_ —lO dis 14A 18 -54 d 89 91 521 14 lo 9 • .111 41 - 43 7i - 8 IA iii - i2~' 36 - 40 24 - 26 59 - 61 55 - 57 ••• --- .•• 22 - 24 88i 89: 76 78 122 - 124 93 - 92 74i - 75 88 - 91 11 -12 t i 11 -12 I), 61i - 62 7/1 124 - 13 7i 8 Par i P 97 —9B 974 984 4 d par par i r A O 764 —77 t u lo it to 9d 2O - 21; 57i - 58 32 - 34 id— id / 4td 2 2i 6 - 8 44 - 46 I 311 30 ... 31 8 10J 14 -1; 50 - 54 it -h. 64 - 64.11 7 - 74 29 - 31 87 89 54 - 65 58 - 60 55 60 3 2 d 15i -- 16 7t -- 84 124 3i --3sd 13 15 594 33i 3 ld 5 27 - 3U 2 - 2i 15 151 4 - 5 24 - 26 - 6 ••• - ... 6 - 7 62. 63 94 9 - 41 d 444 -- 100 'Aberdeen 100 Do. No. 2,7 p. c. 30 Blyth and Tyne 10 per c. pref. (isscl. at 50/) 100 Bris. & Ex. 4p. c. St. 5 Do. 4p. c. Shares 100 Caledonian £lO all Chester & Holyhead Guar. 5i per cent.., 64 Cork &Bandons4p.c, all Dundee Perth &Aber deen Junction all EastAngliaa (£3los) 6 per cent all Do. (X 5) 7 per cent 2 Do. (£7l7s) 7p. c all Eastern Counties Ex tension, 5 p. c. No. I all Do. No. 2 all Do. New 6 p. c. St all Eastern Union, Scrip Guar. 6 per cent all Do. , 5/ .10 Ter cent: all Do. 101. Debentr.Sh -100 East Lancash. 6 p.cts. all East and West York shire June. Prof._ all EdinbPrth. &Dundee N per cent. 100 Glasgow & S.Western Guar. 5 per cent 100 Great Northn. sp. o .00 Do. sp. c. Redeem., at 10 p. c. prem... 10 Do. 4i p. c. -Scrip 6 Gt.N. of Scot. Ist Prel all Gt, Southn. &Westm. (Ireland) Eighths) 4 Do. 4 per c. Pref. Sh 6 Glt. Westn. (Bcrks & Hants Ex. 5 p. c) 100 Do. cov. red. 4i p.c 100 Do. con. red. 4p. c LOO Di,, irred. 4p. c... 6 Lan. & York. F. 1:20 00 Do. 6p. c. Stock 13 Leeds N. 6p. c. No.l 9 Do. Quarters, 1848._ LOO London and Brighton Guaranteed 5 p. c .00 Do. Pref., sp. c. St. all Do. Convertible, sp. c., 1852 100 Do. New Guar.6 p. e 100 Lon.&N. W., Coy. & Nuneaton 5 London &S. Western Con. Thirds all Londonderry& Color, Shares ........... all Londy. & Ennis. Sb. all Nan., Shef., & Lin., Shares, No. I. all Do. New, 1:10 4i Do. £6 all Warypt.& Carl. 4 p.c all Do. 4i per cent 10 Do 100 Aid. Consol.6 p.c.St .00 Do. Consol. Bristol & • Rirm. 6 per cent 5 Do. Pref. 4i per cent 6 Norfolk Debenture _ 100 Do. Pref. 4 p. c. Stock 100 Do. sp. c. Ext .. . 100 Do. 54 per ct .pref 100 Do, Way. Val. sp. c 100 North British all North Staffordshire 100 Oxford, Worcester, & Wolverh.Xls, 6 p.c 15 Do all Scot. Cent., New Prei all Shrews. & Birm.N.G. all Shrewsby. & Chester (Nor.W.Min), 8 p.e, 10 Do. 5 per cent ...... . all South Devon 14 De. fixed, 44 per cent a ll S. Eastern (Readii4 Anr .) of £1 Os. 63, 100 Do. 4ipez ce - 2t. , all S.Yorksh.4p.c.GT.-.r. all Stockton and Dar. lington, 4 per cent 5 Do. do. do. all Stockton and Radio pool, guar. 5 p. c. till Ist July, 1856 3 Watedd.&Kilk.6 p.c. 100 York, N ewcastle,and 13 crwick,4 p.c. P re f . 5 Do ....................... 10 York&N, Midland H and S. knich--,::::: PREFERENCE SHARES. 98 L — fel° 6 - C 3/ 1 3i 4 4; i - 1 p i P 1 —l3lxd xd 3,1 - 3. 1.13 LO4 —lo6xd 91 10xd 84Td. ad 6 74 96 98 ' 90 95 91 93 ld par 135 137 ,•• ...- •, ••• --- ••• ad 2 _2 l ad d iii-'l2 6 7 gi. par ipxd 134 136 , Li —id ad •.• ad, • ad • •• ad •.. ad • id 99 - 101 ... - -P, 9 -10 16 i -- 17 10 -- 101 11 -- 13 id -- 4 ] 100 -- 10 2 17 -- 19 '• ••• t• ••••• ... 2 1 d 87 - 92 34 - 3i 1 !!" Sulam' done this day. 1.4 41 aTT AT T tx r• es 11, ' * vet. IMIIA Mom •••••,. St. 20 St. 15 5 10 St. 5 12 in 59 60 56 88i 76 120 11 90 741 5 4i 61j i 97i 7 98 7j lli l i 774 64 29a 30 60 59j 33 4 i * I / dis ad : MINES. l; tta Fria Anglo Austrin. Gold Anglo Californian Australasian Australian Australian Cordillera Australian Freehold Ave Maria Baden (Gd. Duchy of) Blaenarvon Ir. & Coal British Austria. Gold ,British Iron . Brazilianlmp.(issued at £5 pm Do. Cocaes & Cuiada Do. St. John Del Roy Carson's Creak Clarendon Con. Min Co. of Jamaica Cobre Copper Colonial Gold Copiapo Copper Min. of Eug Do. Prof. 7. p. cent English and A ustrin Copper Snieltg. Co General Groat Nugget Vein Do. Registered Great Polgooth Liberty Linares Lond.&Californ.Gohl Quartz Crush. Co. 'Sfariquita Nlexicau&S.Amerien. New Granada New Linares Mining and Smelting Co Nouveau Monde Pontgibaud Silver Lead Min. dr Smelt Port Philip Quartz Rock Rhymney Iron Do. New Santiago de Cuba outh Australian nu Croft 'United Mexican Waller West Granada , West Mariposa , Worthing Mining a Australia._ all Yuba FOREII 7 3 8 2s. Antwerp&Rotterdam Belgian Eastn. June Beziers to Graissessac Bombay, Baroda, and Central In dia,Sc rip Central of Italy Charleroi & Erqueliu Demerara Dijon and Besancon Dutch Rhenish . 'East Indian De. Extension Gt. Indian Peninsula Gd. Junet. of France Grd. Trunk of Canada Do. Debentures Do. do Gt. Central of France Gt.Westernof Canada ; Shares Do. Bonds (Ist is.)'s7 Hamilton & Toronto Do. 6 per cent. Lake ..;'oust. & Bas'e' Lucca & Pistoja 5 p. pref.. Luxembourg Do. (Railway) Do. Pref Do. (Canal) Do. 6 p. et. pref Lyons and Geneva Lyons & Mediterran, Aadras Maria Antonia Do. do. New . Melbourne Dh. & Ry Namur & Liege (with interest) Do. (ex interest) Northern of France Do. 201. 3 p. c Bds (f my . B. & Ams. Sim.) NorwegianTrunkPref Paris and Lyons Ditto Bonds Paris and Orleans Paris and Rouen Paris and Strasbourg , ParisCaen & Cherbrg Quebec & Richmond', Rouen and Havrc Royal Danish Royal Swee .:sh Sambre and Meuse._ Do. 51 p. cent. Pref. Southern of France., St. Andrew's and Quebec (A) West Flanders , all Do 54 per c. Pref 10 Western of France 7 West. of Switzerland 2 Wiesbaden 15 Zealand JOINT-S' lustralasia British Colonial Bank and Loan Company' British N. American Chartd. Bank of Asia Chrtd. Buk. of India, Australia, & China Colonial Commercial of Laud English Scottish and Australian Gond. Chart. Bk. Australia T4oudon and County ' London Joint Stock Lond. & Westminster National Provincial of England Do. New National of Ireland New South Wales Oriental Bank of Corporation Do. New Provincial of Ifeland l Do. New • Royal Australu. Bkg. & C4old Imp Co south Australia JniGn of Australia Do. New Union of London__ ig —lt p 1 d 2 - ;; 4 - 9 —ll d 7 9 4i 31 —33 # d 40 - 42 i - 14 p 10 - 12 60 - GO 2 - 4p 11 - 21 - 1 1f - 1i ( 11 lti - 124 13 - i 5i - 6 4 - i 'I ------ *I 15 17 d lap 29 31 8 —lO 3 4 d 44 2i 4 - • d' I -- 4 3Ad 412,1 34d id —ip ..- 4 —3 4 P 24 3 p i 4 4- i p 5 —3. d 6 4 d 34 3 d 22 23 8 lop lip 9 llp dis 6i 7 1 4i 1 li 1 lA 11 i it 2i lid ••• i •• i d 7 - 7i ~8 - 29 U - Si 111 - 12 pi 42 -44 34 - 36 28 - - 281 - -pm Id par ... d 8 --. 81 ... - pm 3j - 4 , 1 - 3 ip 7- i'd BANKS. 74 - 76 li Odd li ld 4 3id 14 lid 38 - 40 45 - 47 39 - 41 64 - 66 6i - 7 15 all all all all all 15 10i all all all all all 12s. THE LONDON GAZETTE OF LAST NIGHT, WHITEHALL, MARCH 20. The Queen has been pleased to present the Reverend James Gunn to the church and parish of Creich, in the presbytery of Dornoch and county of Sutherland, vacant by the death of the Reverend Murdo Cameron. FOREIGN-OFFICE, MARCH 21. The Queen has been pleased to approve of Mr. Charles Stoss as Consul at Liverpool fur the Free City of Frankfort. The Queen has been pleased to approve of Mr. Emile Notting as Consul at Manchester for the Republic of Ve nezuela. TREASURY WARRANT. By virtue of the Acts 16 and 17 Vict., caps. 23 and 132, and the Treasury Warrants, dated respectively 22d July and 23d December, 1853, and p u bli s h e d in the Gazettes of the 19th August and 30Lh December following. These are to authorise and require you to cause Exchequer Bonds and Certificates attached thereto, marked letter C, and prepared according to the regulations prescribed in the aforesaid mentioned warrant of 22d July, 1853, for the aggregate amount of five thousand pounds, being for the commutation of the following amou n t f stocks—viz., 1,7001. 31. per centum Reduced Annuities, and 3,3001. Old South Sea Annuities, the said Bonds to be issued immedi ately after the sth April next to the Governor and Com pany of the Bank of England, or to the South Sea Com pany, on behalf of the parties commuting the said Stocks. The Scrip of all such Bonds shall be in the following words, that is to say : —No.—Exchequer Bond----1001. By virtue of the Acts in the session holden in the 16th and 17th years of her Majesty queen Victoria, chapters 23 and 1.32, and of a Treasury Warrant, bearing date the 16th March, 1854. This Bond entitles the bearer to 1001., carrying interest at the rate of 21. 15s. per centum per annum, payable half yearly on the Ist day of September, and let day of March, from the date hereof, up to the Ist day of September, 1864, inclusive, and thenceforth at the rate of 21. 10s. per centum per annum, payable half-yearly in like manner, until and including the Ist day of September, 1894 , and thereafteris' subject to redemption, on payment of such principal sum oflool., at the option of the Commissioners of her Majesty's Treasury, so soon as Parliament shall have made due pro vision in respect thereof, and, until such redemption, such principal sum of 1001. will continue to carry interest at the said rate of 21. 103. per centum per annum. The se veral sums in respect of interest mentioned in the annexed certificates are transferable by delivery of such respective certificates, and will be payable to the persons producing and delivering the same at the Bank of England. Dated at the Exchequer, at Westminster, this 6th of April, 1854. N.B.—The cheques must not be cut off. Signed in the presence of The Certificates for Interest shall be in the words or to the effect following; that is to say : o. - C. ------ 2100 . Interest Certificate on Exchequer Bond for 1001, per Act 16 Vict.Reg., cap 23. This certificate entitles tho - bearer to interest, at -- per centum, per annum, payable at the Bank of England, for a half year ending 18—. MoNTEAGLE, Comptroller-General. The interest payable shall be for the following amounts, and shall be contained in the certificates respectively ; that is to say Bonds From April 6, 1854, to rcpt. 1, 1854, at the rate of 2 pe centum per annum. For each subse quent half year to ,ept. 1, 1864, at the rate of 2N per centum per annum. 4100 Si s. d. 1 2 3 £ s. d. 1 7 6 For each subsequent half year, from iept. 1, 1864, up to and including dept. 1, 1894. at the rate or 21. 10s. per e en . tum per annum. £ s. d. 1 5 0 And the said bonus are to be issued according to such notifications as shall be signified to you front time to time by our order. Whitehall, Treasury-chambers, this 16th day o f March, 1854. ELCHO. ALFRED HERVEY. To the Comptroller-General of her Majesty's Exchequer. OFFICE OF ORDNANCE, MARCH, 18. miounwiproms.--1103TAIRqiunntof Artillery--E 111. t 11112 in the Gazette of Feb 17—For First Lieutenant J hn Law ranee " Bo t! tmi " 1;3 C . , 1! ,i Fi z read, First Lieutenant .John Lowrance " Bolton." COMMISSION SIGNED BY THE QUEEN. Ist Regiment Royal Surrey Militia—Peter Mc Donald, Esq., to be Adjutant, vice Captain Austen, resigned. COMMISSIONS SIGNED BY LORD LIEUTENANTS. County of Lancaster—Henry Holden, Esq., to be Deputy Lieutenant, March 11. Warwickshire Militia, 2d Regiment—Hall Plumer Cham berlain, Esq., lati Captain of 3d Foot, to be Captain; Henry Upton Clements, Gent., to be Lieutenant, March 7. Eastern Regiment of Suffolk Militia (Artillery Corps)— Richard Hillman Daniel, Gent., to be Lieutenant, March 11. Ist Regiment of Royal Cheshire Militia—Thomas Henry Lyon, Esq., to be Captain, March 16. Royal North Gloucester Regiment of Militia—Robert Beckles Hunte, Gent., to be Ensign, vice Hiedman, pro moted, March 17. The Lord Chancellor has appointed the following gentle men to be Commissioners for administering oaths in the High Court of Chancery : Richard Hart, Austin-friars, City. Hugh William Elcum, Bedford-row, Holborn. William Hugh Dennett, Worthing, Sussex. Charles James Graham, Plowden-buildings, Middle Temple. John James Andrew, White Hart-court, Lombard-st. Ambrose Evans Nash, Bristol. Charles Burrows, Lawrence-lane, City. Charles Francis, Austin-friars, City. John Frederick William Fesentneyer, Bedford-row. John Dangerfield, Craven-street, Charing-cross. Frederick Clark, Snaith, Lincolnshire. John Hellyer Tozer, Teignmouth, Devonshire. BANKRUPTCIES ANNULLED. John Single, builder, Poplar. — James Fielding, cotton spinner, Derby. BANKRUPTS. Joseph Seager, draper, Ramsgate, to surrender, March 31, and May 5, at one o'clock, at the Court of Bankruptcy. Whitmore, official assignee, Basinghall-street; Reed, Lang' ford, and Marsden, Cheapside ; Sale, Worthington, and Shipman, Manchester. George Havelock and Matthew Benjamin Robson, ship builders, Monkwearmouth, March 31 and April 27, at twelve, at the Newcastle-upon-Tyne District Court. Baker, official assignee ; Pringle, Shum, Wilson, and Cross man, King's-road, B e df or d- row ; Kid son and Dixon, Slu' derland. Isaac Steane, ribbon manufacturer, Coventry, April 5, and 27, at twelve, at the Birmingham District Court. Whitmore, official assignee, Birmingham ; Delves and Son, Coventry ; Motteram and Knight, Birmingham. Joseph Waddington, shoe maker, Knottingiey, York, April 3, at eleven, and May 1, at twelve, at the Leeds District Court. Hope, official assignee, Leeds ; Horner, Pontefract ; Bond and Barwick, Leeds. Frederick Shove, grocer and cheesemonger, Elthamr Kent, April 4 at one, and May 2 at twelve, at the Court of Bankruptcy. Stansfeld, official assignee; Long, Black• friars-road. Peter Emery, licensed victualler, Brighton, April 1, at twelve, and May 13, at one, at the Court of Bankruptcy Pennell, official assignee, Guildhall-chambers ; Baron and Clarke, Bloomsbury-square. PARTNERSHIPS DISSOLVED, James Patterson and Robert Dunn, of Liverpool, corn' tni.sion merohants—Thomas McTear and William McTear , of Liverpool, ship brokers —Joseph Ainley t.nd Walter Whiteley, of Longwood, Yorkshire, cloth finishers—John Swire, Thomas Travis Swire, John Gouldthorp, and Fre' derick Hardy, of Manchester, coal merchants. (so far as re" gards John Swire)—John Swire, Thomas ' Travis Swire, and John Gouldthorp, of Moston Brook, Lancashire , and Stockport, Cheshire, bleachers (so far as regards John Swire) Joseph Wright and Pl iilip Fauckee Halbard, of Burton-on-Trent, engin e makers --- Henry Leigh, John Leigh, George Leigh, and Charlee Leigh, of Manchester, font dealers (so far as ;regards Henri Leigh)—Henry M`Farlane and E. M. Stapll•ey, of 8 Law' rence-lane, Cheapside, commission merchant o—John Har per Robinson and John Oliver, of Nowcastl .e-upon-Tyne , grease manufacturers—George Havelock and John Durable , of Sunderland, ship brokers—John Potter and Thomas Clarke, of Rugeley, Staffordshire, grocers—:Henry Taylor Roberts and George Newby Wardell, of 7, St. Martin's' court, Leicester-square, a tt orne y s —J ames I ngram and ,', Wm. In, of Hammersmith, victuallers—J o i in L eac h RAW. William Foster, Liverpool, grease refiners. SCOTCH SEQUESTRATIONS.. James M`Dougall, drysalter, Glasgow. Connal Macaulay, clothier, Greenock. COUNTRY MARKETS. LIVERPOOL, MARC!! 21. At this day's market there was a better attendance than for some time past, and a fair business resulted. Wheat and flour met with a good demand, at a reduction of 6(1 per 701 b. on the former, and the full prices of this day week for the latter. Oats in very slow request, althonel offered at a further reduction on the week of ld per 451 - and is to is 6d per load. Barley and beans declined 2d to 3d per 601bs and 1s to 2s per qr., without attracting bur ers. Indian corn neglected, and importers unable to make above 40s per qr. for prime yellow American, and 42s for best white. IPSWICH—MARCH 21. Unlike London and Liverpool, where such large arrivalg of foreign corn depress the market, the supply of home' grown wheat at market to-day was of a very trifling chg.' ratter. Sales, therefore, were not so difficult to make , and whilst perhaps on the whole a decline of 2s per qr• may be written, some millers were obliged to leave the market without buying enough for their local consumption• Some quantity of barley was offered for sale. The best sample + brought 37s to 38s per qr., making the decline about is from last week. PBX QUARTER. PER QUARTER . Wheat, red (old) 73s to 76s Barley, grinding ... 34s to 3 55 Ditto (new) Ditto, white (new) 80s to 82s Peas Ditto (old) Barley, malting ... 37 s t o 38s1Flour, per sack ... OOs to 000 AVERAGES FOR TIIE WEER IMMO MARCH 21, 1854. Wheat Barley PP Vs 2d Oats - PP 008 Od Beaus PP Peas HULL—MARCH 21. To-day we cannot quote wheat more than Is to 2s lower than on Tuesday last. The reduction in foreign w heat during the past week may be reported as 3s to 4s per qr. Every kind of spring corn is affected by the decline in wheat. Linseed is up, and cakes are easier ; oil, on the other hand, being in demand at an advance. Itapecakes a retail sale owing to their high price. 8 Wheat, English, red 72 to 76 1 Ditto white 74 to 80, Dantzic and Konigs berg Pomeranianand Ham- Peas, grey and black 48 to 5 0 Linseed, Black Sea._ 63 to 6 5 Ditto Petersburgh 52 to OS Ditto Riga and Arch angel t to --- Ditto Konigsberg and Memel ~.. 76 to SO burgh - 66 to 72 ! Danish, Holstein, and Friesland 63 to 66 Russian and Odessa 60 to 65 Oats, English Ditto Danish Ditto Friesland Ditto Russian 2d to 28 Barley, malting Ditto grinding 34 to 36 Beans Ditto foreign Peas, white and yel 52 to 56 48 to 60 Per Tol. Lins. c.,11u1111/ 15s Od to 0100 Ditto hue for. 01 Os Od 0/ 00 Ditto inf. for O/ Os Od to 0/ Os Rapeseed OOl Os to 001 Os Rape cakes Tares, English oos to 000 Ditto foreign Ghatio 4l 10s 8/ to 121 Os Bones l26s Od to las Od Rye Meal COURSE OF EXCHANGE—YEsTERDAY. • Am5terdam............ 11 13 Gibraltar ... ••••• • • " • • —• Ditto, three months .. 1I 154 Leghorn .............. 30 65 Rotterdam ...... • . .... I 1 154 Genoa .. •• •• •• •• •• •• •• 25 5 7% Antwerp .............. 25 20 Milan .•••••• • • • " " •• Brussels .............. 25 20 Venice .. ••• • •.• ••• • • • Hamburg!' ............ 13 5 'Naples .••••••• • • • • • • • • 424 Altona ................ :Palermo •••-••• • •• • • • • 12. 4 Paris... ....... .... .... 25 0 latessina —''"'••• • • •• 1 264 Ditto, three months .•25 30 'Lisbon .... •• • • ...... „. 531, 4 Marseilles. ....... • • .... 25 30 lOporto .. . • ........ • ... 53% sight !Rio Janeiro ............ ..... Bourdeaux — Frankfort - on-Maine .. ___l IS 36 ! N B uenos o Ayres...... k y , r 6 e o s d . . a . y . s . , ... . . PRICES OP BULLION, PER oz. Portugal Gold Coin .. 0 0 1 1 ,, Vienna ..... .... , Trieste ............ • • • • 13 25 Petersburgh.....• .. • • :-. 57, Foreign Gold in Bars £3 17 9 50% Mexican Dollars .... 0 5 u,g Madrid ................ Cadiz ...............• Barcelona...... ...... .... New Dollars .. 0 0 0 Seville ................ Silver in bars ...... 0 5 15 BIRTHS. OF A SON. On the :cth ult., in camp, at Cawnpore, Bengal, the lady of Lieutenant-Colonel Renny, 81st Regiment. On the 20th inst., at Hambleden, Bucks, the wife of the R ev . W. H. Ridley, rector of Hambleden. A DAUGTER On tho 20th inst., at Or Brighte n , H the • wife of Col. Kemeyo ' Tynte M.P. On the 20th inst., at Walthamstow, the wife of C. It- Vines, Esq. MARRIED. On the 21st inst., at St. George's, Hanov er - square , R. W inn, Esq., Nostell Priory, Yorkshire, to Harriet Maria Amelia, second daughter of the late Lieut.-Col. Dania resq. DIED. On the 19th inst., at St. Matthew's Parsonage, B uc kley, Flintshire, C aro li ne Mary, widow of Lieut.-Col. Ffoulkes, of Eriviatt, Denbighshire, aged 75. On the 20th inst., at 41, Eaton-place, Mary Hamilton, infant (laughter of J. Duff, Esq., M.P. On the 21st inst., at 4, Queen-street, Brompton, Robert Probatt, Esq., aged Oh LONDON: Printed and Published by MURDO YOUNG, of No. 112, Strand, Printer, at The Sun Office, No. 112, Strand, in the Precinct of the Savoy, in the county pf Middlesex, Wednesday, Nardi 22 ,1854. William Crawsha.w;draper, York, April 3, at twelve, and May 1, at eleven, at the Leeds District Court. Hope, official assignee, Leeds ; Hampson and Sons, Manchester. Henry Charles Palmer, retail hatter, Borough, March 30, at twelve, and April 27, at eleven, at the Court of Bankruptcy. Johnson, official assignee, Basinghall -street; Pulman, Bucklersbury. Charles Edward Reinhard, cement merchant, Rochester , March 30, at eleven, and May 4, at one, at the Court of Bankruptcy. Johnson, Official assignee, B aninghall - street ; Stronghill, Coleman-street. Simon Stevens, builder, Pimlico, April 4, at two, and May 2, at one, at the Court of Bankruptcy. 0 fficial as signee ; Pike, Old Butlingtou-street. INSOLVENT PETITIONERS. John Moody, of Bristol, out of business—Ma ctin Shel ton, of Kirton, Lincolnshire, out of business- Williara Gowen, of Chelmsford, Essex, boot makr,r---William Francis, of Inworth, Essex, out of business—William Dawber, of Glent worth, Lincolnshire, carrior—Henry Hilton Saunders, of Hemel Hempstead, Hertfordshire , out of business—Samuel Brittain, of Garndiffsith, Moir mouthshire, beer retailer—Samuel Jones, of Go.rndiffaitlb, Monmouthshire, blacksmith—Charles Piercy ;ti,anders, Oxford, fishmonger's assistant James Quarterman, of Oxford, publican—Henry Stephens, of Newen:t, Glouces tershire, basket maker—John Crowther, of Huddersfield , Yorkshire, miller's assistant—John Payne, of Crewkernet Somersetshire, tailor. • 744 4 5 44 i 5 2l 2s 100 100 100 100 all 100 all 15 5 21 2a all 100 8 100 20 all 51s. 100 20 130 100 j 22 li 4* fr 573 i 33 2 G 3 2 10i 1 10 1 1 20 100 20 20 20 20 33 10 50 50 100 100 20 50 20 25 5 25 all I all all 10- H 441