The Sun. — London, England, 1844-06-14 00:00:00

wed, of Fa r e I not b e A lie beet here hg" t oeat 0. G o vern. ; h for ho'l e vt .s of the PFOI le recurrell!isk He bad no Thoug h ,,, 6 l -1 Foo., A Le to for wn r '''' t heit ; h e m tilsol r things sint, rhood 3unity ate )thing t beit ;orient of n duct. dgin tie e atsw oo d ar.) beet estion halei d W ith e or force oi n the 50°1 P° ht it w" ir I° " g to b l r too, be than t° , l beet il, as ha' 4 ,. te r s than wool; 1 enable On in to change their r "the e , , As 10 sse• ••e• ;hey kept up tile corn-laws or any th ere - I .'stene that ten-ed Si 11 a drain upon the bullion, i laetit ly4l(l b e derangements in tLo currency and conse tete, refel , aresereent ; and it must be re t!ed that this corn, in being pui•l For, had drawn no te t Ti ll an ten millions sterling of the country. It was ii,l%eseer.y !oe l eeei tog,, into any fut•ther details. lie f;; . 1 1 en eller°, in his epinien, the proposition of the tleZ e n hlent wee soiled tel Este it Was unsound, tied it ml r he shout! wish the measure moilified in the in lopLai sleeve, lie had still great pleasure in giving p et to it. lis t )REHOUSE sail it was his good fortune to be e nduc t t e , a part of the country where the banks were admirably N eel e et where the leople users satisfied with their ma them. 4 , t, and where they had the greatest confidence in f ees.ed ' l ih ey a eser , ed now the opinion whith had been b ex e - t Nee; Y Busltison in 1810 when writing ou the „ su je ?lee, generaily. That eminent authority said, Many t t s k s lete them as being at the root of the evil, but let the pa tios, . °ll ' be restored to a sound cute cf health, and the va tereralnificatiens in country would soon be found to de "o bla re , e 11 ( 'Worlehouse) did not wish to eXx -41144te • e r. ' tati,i on ; . e evils. that had followed from a . too great G e n: "l the currency, but he was afraid the over Fad t that tlaey had run into the con eliected the country to the chances dt r o - f tsieedenr„tat ennti•action ; and, unfortunately, they were he r 't to give way at all—to permit of no relaxation what 'd tel,, their plan. They said— ss W e will hold you fast an and %coati! list. nto no suggestions—hear of no eompro tag wi T k ° him Wodehouse) it would be much pleasanter I":7l p i,'",,, t he Gove ' rn e ' if he could possibly do so. But I,r,;" r ° altern n a ' i ;he wished to God they would do Isied i n uer theqs eiretunstaeces, he could only satisfy his own of th e e fh: Lihment of 'his duty by voting against the propo e t ee G e „,... -et c yseereteent. ',"LLIEII said, as he had a little to do with the . lii ° ` the rsehation of his Hon. Friend, he felt some (Its- I n e"t a t the reeeetiat bad baken to h form e1:4044 Hon. M em j ber o far t! Montrese een obje t objected tot it . It no one ereilil be pleased with it. The Chancellor a etoe' rit "'"equer earne ferward, and eith what was rat been t i g ate tel; l "et of the Government, said it wodulda_henanved time ti?iseto,yeesiaY ton,have moved that . the Bill didFriendberea it object to s up s , th e 'tne eal „onits ; but his Hon. erp,, the Bank charter, therefore he did not oppose th, t, ,uo.) et of the Bill. Had he moved . the second reading l' i iilts:; 4 l • l l3 six moions, it would have imehed that he did not e t eeti ee '' t ik chatte r to be renewed at all.. It was not his I ts it ., t° To at any length into this question, but he must ss-l'iPet.l”l: !II it it hail never been clearly laid down with what ‘nle. '!;' interference with the paper of country banks was_ °ol'`'ratt said that large issue of paeer by country banks g li anT ia.t g er thec•on a verbbility' of the Paper b . y the Bank of 4 sr The Right Hon. Bar .net said that it would check , ei t . st le ', 4 ll' ''''ion. Why had he read to them that long list of L l 4 ',: l nks which had failed, except to intimate that he 1 el l: 0: ° ,1ltovide a remedy for this undue speculation? Be be lle. t iC` the law as stood did all that a legislature could do Ptesed the eirculvion ofthe country on a sound footing. He air W ki f of the prince de of the Bill of 1819. .He thght t b e l llZ? def t on honesty and common sense—it put amend to Vice es - ' a kind of lie Act of Parliament. Notes being but e "ae l le t , h ,Psy, it en ) f y oreed the payment of those promises as e tPle eet ' r e° 'ee the performance of any others. He equally LAI of af the Bill of 1825, which put an end to the circu t la r: • k'ePourdThe Legislature might always in e 1 e at . note S. reeulate credit. but to regulate what were frauds en r e". It had t been shown that the disasters . of the I'l4-'1 W a nks w nut • •ed by speculation in banking only. ate - I'l l e au , I b ele a o u ver-speculat ion in all kinds of trades. t en t re e , s'y,s(teni: a o n f mall notes was carried to ex ""lati,.l4he shinplasters," which ", i s f ve a re dnila in r. general wbere ,41tittik,t,Isea were notes of 2s. each, or impossible te to e t ;_ , these . were current,_ it waa isossible for any one G over " n e stability of the . binks issuing them. He thought as to te e meet was also right in taking those measures which , I •at eß w e stablishment of joint-stock . banks. He thought 1,512, ri . as more unwise than the number of persons s' Y kle ' '' bt laking.. The precautions that had . been taken had th e tkle: e ' e d, aed wherever the failure of joint-sto . ck banks tie i Nd, P l ace he believed there b w e a n s n a o id insta l u b ce e in which object of ! ele re ,.. r s o ra l' those notes t h il a i d f r a in it t her e to p ehange the banking Yj;;ttre easure was s %le 1 Country. There could b . e . no doubt that the oh j:thee Right Hon. Baronet in limning the f paper currency kkliiitatry banks was to prepare the N e n - a w y the ultimate this or limitation tiil il V er of one bank () of N l'huhert) been sound, hut, I su th e Cir measures on this sub t) been in adopting this principle, k e "aiti ne :! l ° Baronet was embarking on the unsound course klf .l li ° "'le particular form of credit. The only result t h't the people w iuld resort to other keens of credit iti lti oc l'id be less" sale. Much cocfusion had arisen on this ;" the term was sekee Y the e of the t erm pa.per. money let -- nest St ia te eee one. What was the . proper meaning of the A,,5ae1i,.. 44 ; It was some peculiar commodity of value tele eeleons had agreed to take as the instrument of ex ne'lltiee_What was a hank note ? It was nothing but a par kelteeT of credit—it had Mint ._ i a It might be ) ,Ito Lhattement, but it was rinsical y wor f th t l b es e s and was 'Govern tht t Zra, of credit. He objected t o t a h a e e p a l l a e n n _ (1 4, ie.„' e a r l , se it was delusive , t and see calculated to produce upon w what grounds the kie titr atte e ," ts He could . n° • rr• the course they had th e • I L - , were justified in pursuing here could be no doubt that it was the intention . of ki' L 'lal b- : 1 °a• Baronet ultimately to put an end to private e l 'fl ici r t bee. It was true that he did not attempt to do )L•seer- instance • but he put such restrictions upon them Zere,- ,emus then; to give up banking business altogether. 1 6' s , tneasere would cut down the circulation of the )oetieatlks from eiehteen to ten millions. He considered ?er e ' ," that had been made by his Hon. Friend a most itti t t• and hEItAIANe sheath!,wo thuld ere vote or t fore, Ftve h it e h G is n s v u e p r p n o m r ent, but 11 / 4 0N f ""t some of its obnoxious regulations would be con tistesltl c, e , e rittee and removed. The respectable country keetictarrntn e tel down in to stringent a way, by having their Ole,. confined to the average of the - last two years, a kl4te ge lh g which, some of them from prudence and others te er te - ' e l _lee of the . .difficulties of the country, had been com to e a gittail their issues. The . proposal made by the th t 'ltis , 'kers, that they should be either permitted issue tketie4'hlount than the average of the last two years, or that should be calcula•ed upon an average for the last I certainly not unreasonable. He w h is d hed re %o en a ted a t , 11e. the of a memorial which he a and p ee„' ,subject Lord of the Treasury, kra in which Ae l ei s iej . c ed by a great number of theban e t. 14 oo L o ondon, ,000/., kelko N ot th e restriction of the circulation k ill"' that a power of expansion should be . vested in C l . e k ",s 4 3 t's Government and in the omitßnk of England. t 11 1, 41 41 - ,: th eY had heard that night fr he Right Hon. %,"tt 1) 7,1 he feared that the Government would not consent k ; but he hopel that farther time might m t a b e e th 4•1,1;- %ere kindly on the proposition. It could andno INlstketil4,ooo,oCo/. was the exact amount required, all 11 4 1 1 th er Was that a power of expansion should be vested 14tei r ,l'„ao as to prevent a crisis, in the event of such a 1 . Wl' "kely to occur. Nee" lll3 ußroN said the Hon. Member for Liskeard 8111 hat was the object of the Bill ? Why, the . object ck i Nt . '" t l il was not to prevent epeculatione—no Bill could 4 4 '4 t _Se„ ; nut to prevent baukruptcy—no Bill 'et be t eat l •""t that ; but to ensure convertibility— rosteie, the of convertibility with which he had heard, to his h ol 'a t e "le Hon. Member for Lambeth declare, that he I hJear , Eat isfied that the paper should be worth i so much hig te eoe . ""„ much coffee.—(" No, no," from A r. H 41, ,Z ( Ifi t :,nber denied that; but what was the test he had hr . '„ . ,"te,,'"g the term of non-convertibility? Why, he con- The Bank had conducted itself properly during that hiestee'e that the currency had not been depreciated, because, fil iti es'e' t e e t ,ordin g to its value in sugar and certain other corn :rad not undergone depreciation. The Hon. Mem- L 'llh eth had certainly not gone so far as to set up an f l'et4etee,•„-ndarsi of value, but he had set up a standard of y - l e", he admitted, was something tangible ; but th at 11 1,111''.; 4 i a h t • ; 1 , 1 e (Mr Warburton) understood by convertibility. .Q . 44 Yhe • understood the convertibildy of paper into i lea it of the Bill was to secure that convertibility. S "t1 1 - n lI t • t : A lm t be u r i fo e r Warwick . . contended that the Bill le,ei ee extend to the restriction of country banks, be i',l4ol,,i,e'sl'eLaree from the statements made,by persons from k 'tec to ; uefore the Committee of 1839-40, that . they were Nte 3 ; o "3lll.ate their cou . nt, y paper in conformity with the i nk It r with the gold in the hands of the Bank of Eng -1444, thel4PPeared that the country . bankers d. never did con- K"i' e xebanges and it was in ispensable to convertt .taeabiheY should ' do so. The only . - objection that could ;tee areed against the measure appeared to him to be 1 ;,', 1 n1 --1 14 d _ert that the B . ank of England paper should ex . - ,er tp je cv esract in proportion to the stock of bullion ; but it : 14, 0 the same with regard to the country banks, and • e . " "feetive It seemed to him of little importance R o th 0 1 .4) p t'l ' tr Y bank notes were convertible into gold V .') gland notes, but it did not go far enough, inas - - LVA th' l l , (l not make the country paper expand . an con ' l o.s 4h t e " ah k I did . e did not find fault with the G0,411/;etiehthate_ , 4 1 1 / ; e tiehthate_ a th .le e r ;sent opposition showed that they s 4 irlee' a far as it was prudent to attempt it. They had ) e ll e", tb aa ' •l' l t , th e its expansion and contraction, but they had 14 'n feended on the average of the two In receding 4 'e ' t ee " fl eets to be apprehended from the contraction p of ee•if• hd b h et er thata ee n greatly exaggerated. he only conse eoetractgnm would be the substitution of a small 11 aPle ee itAtl for th p per which would be withdrawn. Now t l4 o. 15i te tlia t this great country, which at the close of the t it , the ant " expenditure of 120,000,0001. per annum, e r PNy tde a little gold for the deficiency . 1141`3,'' "envy absurd to maintain. Ars e ei 4 , ter eer4 es was toe 11:1 4 4 1 '4d was, that a great deal of g f old was produced in 4 tl c i heN t Russia was so jealous o th ?i ,i ur power that she It 4 5 4 (1 °"' it to come into . . country. He thlePeela . a t Aurum per medios neat Sattellites ;" e t re,'lle h ;remind the Reuse that, during the war, Mr. I :rh e r te e '0 cal ried the gold for the payment of our troops : 1 64' th a - . "' l st of the French army. It was ridiculous to 441,.,"aerki4"Yjealouse could prevent gold from being brought . 1 -q " tt 'Yee-the facility of its transport rendered it se appli- L ki ll standtral of .1 It passed over all obstacles ; s 'els 16 ,e that country-aloe. like Russia would lock , 1 n"'d apnea irons us, wes perfectly absurd. The r h t te,.. h lY ProfesS te prevent speculation, whir i. h d 04' 1 , 4 14 4 : e "f the elements of rise of price. . He i L t ual i k not an element, for if every man deposited gold th il ht; i4 vre': ll , ll o . bad credit only for the amount of that gold, Z'Yh a ny ere .' the country might be carried . on without !kt' l e at all • but they gave him additional credit rl se of additio'nalpol power of purchase, and that would e - lea His Was happy to hear that the Govern et,ie e r esist the appliCation of the London bankers_ e r 4 o P, a nsion of currency under circumstances of tth d"tr th ho'e plan, by eanding the le h ie '-e v °- ht to he contracted. te tsay ery period when it ought eiNee t he ° reatn•ain convertibility was to contract andll te N tine ' ketee Lirr enee in proportion to the amount h . the Government had adopted that mode of d t h , ,eertilet 4 Y—that was the object of the Bill, an A letirjernment deserved the thanks of the country. hlit'ee,4,lllP..egialti_iatlinitted that if they made the issues of the leeee''...uePentlent upon exchanges they the not c le ave the country banks ; but what country n Nll, 1,,,"41ned of was, that they were placed on too ° hut th ose s'l '" hieh would place not only the country tit k er who depended on them, in a very difficult had "ear ,v 1 s tt duri frtm Col. Sibthorp. ) Country tate:l4 and "g the last few years, been very careful . in ll' nkrr, aeth modation s and it certainly was limiting tt laie, c e w lY to take the average of the laet two years t'o , l e 4 4 ' h e r; There had been no issues recently but tl 4) t , ar ld theeen ealled for by the . wants of . a e tt) l 'as r ' ' ' llll ba t 5 : T fi ect of thus limiting the circu leers. - •0 tonuce everybody to contract their commer -1:-1,1111n,terati In the rn aeufaeturines dbericts the deficiency of etehilltln to , le be pprtially - remedied by means of bills of e. l • 4l nt: ti e 4r : o ct 4 f thsueeyhZeuild not betfisese in the agricultural dis ltpd contracted the basis of the circulation, the 1 4 dde, 'P eo °ss 'biy have that accommodation which he r l ( force ntraction in the issues was very pernicious, 114(1.i: t hin g c_``'° a doetion of a system of small bills, than kart h ee ,eoe ricit ." l (l be more ruinous. With respect to the eNhgl,ll't Ea •"r a greater issue than that allowed by the ri eci 1 Y It was very strang e that the Bill should repu e.;dkve 0 4 , 1 ? a.t a permit a license which 'seek `-etun e i l t hoetion to its provisions. He thought the_ - a aould be further le e !. se re ettid e ere , extended, and that the coun Tesit.' l, slSee fte ,"e berne advantage from it. q°ll that ' N wo' Id have been very favourable t the Bill be read a second time that d o ay six the months. The first question was, had every person who had mercantile transactions a right to trust whom he pleased, but this 13111 attempted to abstract that liberty. A might go to H under the present system, and offer him a price for his goods which he was willing to accept of, but as A had not the money, and as lie was unknown to B, he gave him a bill indorsed by C, who was known to B ; A having put his name on the bill was deemed satisfactory. B put the bill in circulation, but it happened that neither A or C were known to D, but he was willing to take the signature of E ; thus it was all the letters of the alphabet, as he might say, were engaged. These transactions were deemed perfectly innocent, and were never interfered with so long as they kept above the sum of 51. ; and so long as the promise was to pay at the expiration of two or three months, but if the proms e was to pay " on demand," and the sum beneath five pounds, all the malignancy, and all the mischief was said to attach to it. Demand for gold caused a reduction of price, and abundance of gold the reverse ; and, therefore, he could perfectly understand how paper currency might depreciate or rather hinder the appreciation of gold. By our legislation, we certainly did run some risk of injuring the convertibility of the Bank of England, and the great danger that Bank had to fear was the loan of fourteen millions to the Government which the present measure imposed. He would now call the attention of the House to the way in which they had legislated upon this su'sject, and to which he (Mr. Gisborne) objected altogether. ( Here the Hon. Gen tleman took a h.storical review of the different measures passed by the Legislature on the subject of the currency, but has the same view has been given in reports of preceding speakers, we refrain from repeating it.) The Hon. Gentleman having ar rive•d at the legislation of ISI9, said that he agreed in the pro priety of a return to cash payments, but he did not agree with the proposers of that measure in the standard of value they had established. When at a subsequent period this return to cash payments was not found to be sufficient to ward off the evil which afflicted this country, it was found necessary to resort to other measures, and they were told if they only suppressed the issue of one-pound notes, all their difficulties would vanish. They were suppressed. and very shortly afterwards the coun try was again in trouble. They were told the currency had only to be put on a sounder footing and all would be well again, and to this end the infallible remedy was hit upon of li miting the number of partners in a bank to six. This led him on to the time when trouble ccming again joint-stock banks were established. In 1836 or 1837, he forgot which, they first heard the mention of one hank of issue, which arose from a remonstrance addressed to the Go vernment by the town of Manchester, and Mr. Jones Loyd having told them they were right in their view, they became fully satisfied on the subject. They never thought, or they could not see, that the object of Mr. Jones Loyd was to put down every monopoly but his own.—( Hear, hear.) The Hon. Gentleman concluded amidst loud cries of " Divide, divide," by stating that he would support the motion of his Hon. Friend the Nlember for Lambeth. Sir ROBERT PEEL said nothing which he bad heard at all influenced his judgment against the Bill before the House. All the persons who had spoken against the Bill had also exyressed themselves in favour of a metallic currency. He did not know from the Hon Gentleman who proposed the resolution, or from the Hon. Gentleman who closed the de bate, why the metallic currency should be abandoned.—( Hear, hear.) The Bill of 1819 was passed on the recommendation of Committees which had examined the whole subject. The House would recollect what had occurred in the inquiries re specting the establishment of silver as the standard of value. A resolution was passed declaring the dollars to be worth four shillings, but it was discovered that at that rate the dollars left the country. The value of the dollar was subsequently de clared to be 4s. 6d., and the exportation of dollars ceased. It was a contradiction of facts, which he thought the experience of every man recognised as perfectly plain. The Hon Gen tleman had referred to the United States to show that the analogy drawn from the affairs of that country was totally in applicable. Why, in the United States they had joint-stock banks; they had a paper convertible into gold; in the consti tution of the banks they had every guarantee for solvency ; but there was an unlimited competition of issue, and the conse quence was, bankruptcy and general failure.—( Hear, hear. ) In 1811 there was a State bank, corresponding to some extent, in functions and powers, with the Bank of England ; this hank exercised a Leontrol over the others. In 1811 this central State bank was abolished, and three years afterwards there was an universal suspension of cash payments, in c msequence of the check af forded by the central bank being removed. In 1830 another bank of the same kind was established—it ceased to exist in 1833, and a few years afterwards they again found all the banks twice in succession suspending cash payments. This, he contended, was an argument for an increased control. Then, let him refer to the opinion of two men of the highest autho rity in questions of this kind in the United States—Mr. Webster and Mr. Gallatin. The latter gentleman said that the failure of the State banks was a natural consequence of the dissolution of the Bank of the United States, which exercised a salutary control over the circulation and issues of the others. Mr. Webster again said that he was in favour of a convertible paper currency, because no paper could be made equal and kept equal to metal, except it was convertible into gold and silver on demand ; and what body or power ought to be made the regulator of this? What was their experience in their own country? Did he pro pose to disturb a perfectly successful system. They all adhered to a metallic standard ; but it was said there had not been shown sufficient grounds for interfering with the issue of paper. Why, what warnings had they not had within the last twenty years? What proofs had they not had of the necessity for legislative interference, in order to maintain the principle of convertibility. There were four years in which there was a treat drain of gold from the country, 1825, 1832, 1836, and 1839. In that period it was decisively preyed that the country banks did not conform in their issues to the exchanges, and were not reduced according to the efflux of gold. On the contrary, their issues had increased, when, if his principles were tru they ought to have been contracted. It was said that the Bank of England had the power of protecting itself. He knew that the Bank of England had the power of main taining the convertibility of its own notes during the most dis tressing periods, but it would be by most tremendous sacrifices of the trade and commerce of the country. —( Hear, hear.) It was that he wished to avert. It was also said that no securities were taken against the Bank of England. Why, the whole measure was founded on taking securities against the Bank of England, and it com pelled the Bank of England to conform to certain principles, to which, in certain periods of monetary crises, it was their opinion it ought to conform. The amount of their issues or securities was limited to 14,000,0001., and the remainder of their issues was to be issued in gold. It was said that the Bank of England might restrict the issues of their paper, but they provided against the possibility of that, because they gave power to per sons of going to the Bank and demanding paper for gold. Thus they obliged the Bank to pay gold for notes on demand, and on the other hand, they took securities that the Bank should not restict its issues by giving power to demand from the Bank paper for gold. It was said that the restrictions thus imposed on the issues of country paper would subject the country to great inconvenience—that they interfered with one firm of paper credit, and that another form of it would be substituted. If country paper were essential to agricultural prosperity, how was the fact to be accounted for, that in eight or ten agricul tural counties 1,300,0001. of country paper was circulated—in Sussex, Middlesex, Kent, Surrey, Cambridgeshire, North amptonshire, and SuffAk, which were comprised within a radius of 65 miles of London? The whole of the necessities of that district were provided for by country banks issuing 1,300,0001. They might depend on it, a very short experience of Hank of England papers issued by them would remove the prejudices which existed. The Bank. of England, at this moment, supplied Birmingham with a circulation to the amount of 621,0001., and he very much doubted whether there was a circulation of the paper of other banks in Birmingham. Mr. MUNTZ—Not so much. Sir R. PEEL—WeII, then, but if the country banks refused to issue their notes would not the Bank of England take care to supply the want of commerce ? and if those banks wisheCto substitute Bank of England notes for their own, as sixty banks of issue did at this moment, the Bank of England was ready to supply them with its own paper at a commission of one per cent. if the restriction of the issue of country paper would lead to the issue of bills of exchange to supply its place, why had not this taken place before? it was said that in those districts the people were accustomed to Bank of England paper, and would have a disinclination to receive the issues of other banks. But here was a great manufacturing district requiring paper to the amount of 700,0001., and yet to carry on its large manufactur ing concerns it did not require 100,0001. of country paper. Were bills of exchange issued there ? If the apprehension was well founded that paper in another form would be substituted for notes, how was it that bills of exchange to any considerable value did not exist in Birrajngham ? Mr. GISBORNE said they did exist. Sir. R. PEEL said the of course must be the case to some extent, but the question was, were they issued to supply the use of a local circulation ? The same was the case with the great town of Manchester. The Bank of England supplied Manchester with almost the whole of its circulation, and it supplied Liverpool to the extent of upwards of one million. Now a great deal had been said about the benefit of joint stock ba , ,king. With respect to them what was the fact? Why he had returns with respect to those banks, the Manchester Bank, the Northern and Central Bank, and several other banks; and they presented such a detail of fraudulent prac tices as he had never before heard of. If he wanted any con clusive proof of the policy of interference by legislation with the joint-stock banks, many statements would supply it. There was the Commercial Bank of England, with a nominal capital of half a million ; but in point of fact, having only 260,0001. paid up, and in February 1840, only four months before the bank came to an end, the directors said " that they had the satis faction of stating to the proprietors that it continued to stand firm in the estimation and confidence of the public, and to ad. vance in its career of usefulness--also that the profits for the preceding last half year had been greater than during any similar period since their commencement."—(Laughter. ) Here was a bank of issue, which had advanced 180,0001. to a man of whom it was declared by one of the directors, that he could not have got credit for 5001. from any other establish ment in the town where lived.—(Laughter.) It was all very well for Hon. Gentlemen opposite to say that every man should trust his neighbour, but the history of this bank showed the necessity of some interference. He did not involve the whole of ti.e joint-stock banks in the discredit which attached to some of them, for many of them were conducted on the best principles, and were conferring the greatest benefit on the country, not, merely by the advance of notes, but by the legiti mate use of capital. Still he believed it was as much for their own interest, as for the interest of the community, to prevent the abuse of such establishments.—( Hear, hear.) The Hon. Member for Liskeard had stated that there was some mistake in the returns of the number of the private bankers who had failed. He (Sir R. Peel) had consulted I%lr. Montague, who was in the Accountant's office in the Court of Bank ruptcy, and he ascertained that with respect to six names out of eighty-six, the fiats were issued against shareholders in joint stock banks, and so far there was an error in the statement. He had so fully stated the general principles of this measure, on a former occas on, that he would not detain them by any further remarks. He could not think that any objections which had been urged would induce even a small minority in that House to oppose the further progress of the measure. He trusted that that House would bear in mind that, during the last twenty-five years, they had had four decisive proofs, on four several occasions, that the princi ple of convertibility was in danger. They had had in 1825 a great increase of country bank paper. when, if there were any truth in the doctrine of chances, there ought to have been a reduction. In 18.32 they were exposed to panic; again the Bank was in danger,. and the circumstances under which that danger was averted afforded a confirmation of the theory for which he contended. It had been declared by the Chamber of Commerce that, in consequence of the fluctuations in the circulating medium, there had been, in 1836 and 1837, a loss of forty millions. The Hon. Member for Paisley had referred to the case of 1839 with apparent satisfaction, asking what would then have been done if the bullion had been reduced from nine to two I millions. He believed that by enforcing his principles, the occasion would not arise. Why the amount of gold had been reduced to two millions in 1839, because the Bank had then neglected those principles. The issues had not been based upon the amount of the securities. They had disregarded the two principles by which the monetary system in this country ought to be regulated, and the consequence had been, that in 1839 the Bank of England had been obliged to lean for assist ance on the Bank of France, and then to suddenly contract its own circulation, in order to save its own credit, al though by so doing great inconvenience was produced. Within their own experience—within the last twenty years— they had had proof that the present system stood in need of improvement. The Government bad proposed a measure which THE -SUN, LONDON, FRIDAY EVENING, JUNE 14, 1844, they believed would effect that improvement, and at the same time show a proper consideration for existing interests. He knew not what might be the effect of a combina nation of personal interests against the measure, but the Government had only acted from a sense of public duty in proposing it. To that principle they would steadily adhere. If any difficulty should be thrown in the way of the ultimate success of the measure, the House, and not the Government, must be responsible ; and if the Government should fail, and it should be proved that increased issue had led to illegitimate speculation, caused by that issue, they would have the satisfaction that they had offered advice, and proposed measures, cal culated, as they thought, to avert such a calamity.—( Cheers.) They were not wild enough to suppose that they would, by any measure, prevent speculation, but when speculation proc from undue issue, they proposed a measure calculated to cheek that issue. When speculation arose from other causes, that spirit of speculation was frequently aggravated by a paper currency. It was not in their power, nor had they any wish to check legitimate speculation; he admitted that they could not counteract illegitimate speculation, but yet, he asked them not to aggravate its evils by refusing to check those which were properly within their jurisdiction. —(Cheers. ) Mr. W. WILLIAMS suggested that the debate should be adjourned. He supported the Bill, but he should wish to have an opportunity of stating his views on the subject.—( Cries of " Divide, divide ;" " Go on.") Col. SIBTHORP, in consequence of the refusal of the Right Hon. Baronet to accede to the proposition of the Lon don bankers, was determined to support the motion of the Hon. Member for Lambeth, out of justice to that respectable body, the country bankers. He would sooner place his chest, with ltlo,t 01/. in it, in the hands of a country banker than in the Bank of England—the monopoly hank of the country.— ( A laugh.) He was astonished—it anything could be called astonishment in these times—at the conduct of the Hon. Member for Montrose, and the Secretary of State for the Home Department, both of whom had, in 1828, showed them selves so wedded to a paper currency that they actually spoke in favour of the 1/. notes. Mr. PLUM PT RE complained of the oppression which the country bankers would suffer from the Bill in its present shape —an oppres,ion which was aggravated by the belief, on the part of the country bankers, that the Right Hon. Genileman would, at least, leave them in as good a position as he bad found them. 51r. MUNTZ said the only point on which he differed from the Right Hon. Gentlemen was on the standard of value, which could never be made to work with the present corn-laws. There was one point which had fallen from many Hon. Mem bers in the course of the debate in which he fully agreed, and that was, that in every measure which had been proposed they had failed most entirely.—(Hear, hear.) Whether they were to succeed in this he would not say. It was a very serious consideration, and in many minds it was a very anxious one, seeing that the present measure was brought in under the auspices of those who had introduced the previous failures. He should not think of saying more at that late hour of the night, but should reserve a more detailed explanation of his opinions for a future stage of the Bill. Strangers were then ordered to withdraw, and the House di vided, when the numbers were— For the resolution Against it 3O Majority - 155 The Bill was then read a second time, and ordered to be committed on Monday. Sir R. PEEL said that the Dissenters' Chapels Bill must have precedence on Monday. DUCHY OF CORNWALL. Sir R. PEEL moved for leave to bring in two Bills—one for defintrg certain rights in the Duchy of Cornwall, and another f r empowering Prince Albert to sell and exchange certain lands in the Duchy. The other orders of the day were then disposed of, and the House adjc.urned at Two o'clock. The Earl of WILTON presented a petition from the Chamber of Commerce of Manchester against the Birkenhead Dicks Bills. IMPORT DUTIES. Lord MONTE AG LE then rose to bring forward the motion of which he had given notice, for a Committee to inquire into the effect of the present system of import duties. The proposition he had to make was for an inquiry into a subject which deeply con cerned all her Majesty's subjects, and in making it he did not call on their Lordships to come to any resolution of a definitive kind. He wished to remove from their Lordships' minds any im pression that might exist that this question ought to be considered as a party question. It was n it brought forward by him as a party question at all. From the inquiries prosecuted by the Committee of 1829, the present Government had drawn several of their conclusions. It was not consistent with the fact, or with Parliamentary usage, to represent his motion as a party movement, or one directed against a par ticular interest. It was enong,h for him to say that all his interests were bound up with the agriculture, and, in the very first outset, he would admit that there were many evils and inconveniences with required reform, in respect to the commercial and manufacturing policy of Cie country, as well as in respect to agriculture. Many wise and competent alterations had been made in the tariff by the present Government, and, that being the case there could be no objection to a general revision of our commercial regulations.—(Hear, hear.) But it was said that property would be endangered, and that our commercial transactions would be undermined by the House acceding to his motion. He thought, how ever, that there could Le no more seasonable time f ,r the inquiry than the present. He. would admit that no financial alteration should he hazarded, unless the Exchequer of the country was in a condition to meet the consequences of the change. The result of the tax upon income, which, instead of producing only 3,700,0001., as htzd been anticipated, produced 5,250,0001., rendered the the present period especially favourable for altering the taxes which were imposed upon a mistaken supposition that they were useful in protecting agriculture. He thought that he could show that these duties were no protection at all—(Hear, hear.) It might be supposed that the discussion of such a question was not adapted to such an assembly as their Lordships ; but he thought that the Legislature ought to examine abstract questions, to guide them in the application of particular measures. The Noble Lord then referred to Adam Smith and other economic authorities, who held that all taxes which pre vented the interchange of commodities between two nations was injurious to both. There were three kinds of duties to which he wished to call the attention of the House. One was a duty for revenue merely, which every subject was bound to submit to, as his share of the general burden of the State. The next class of duties was what was called the countervailing duty —an impost intended to prevent the competition of foreign untaxed produce with the taxed produce of home. The ease of hops was one in point. For the purpose of revenue the Legislature imposed a high duty upon hops, and it would be there fore most unjust to allow the hops of France to be im ported witheat any countervailing duty, But if you di vided society into ten classes, and protected one, then the nine would have to pay the tax of that one, and if the whole ten were pr itected, then things would be exactly as before, except for the distinction and inconvenience occasioned by an unavailable impost. It was matter of wonder that a system so objectionable in itself should have been so long continued : nothing could justify its continuance. It was to be regretted that this question of protection had been so long mixed up with party considerations. H . ? believed th a t the par ties who now supported the sliding scale would not do so if they were not bound to it by party considerations. He was, however, ready to admit that they had made considerable progress in this subject, for which he had to return his thanks to her Majesty's Government. He thought that no one could deny that the inquiry for which he was asking would be productive of good. The Right Hon. Gentleman at the head of the Government, in introducing his tariff, said that he brought it forward to remove prohibition, and to relax taxation. He said he intended to relax the duty on raw materials,to reduce the duty on articles partially manufactured, and to reduce the duty on colonial produce. Now his (Lord Mont eagle's) object in moving for this Committee was to see how far the intention of her Majesty's Government had been carried out. He admitted that the abolition of the duty on wool was one of the most beneficial measures which had been adopted by her Majesty's Govern ment. Why then could the same principle not be applied to other articles of consumption?—(Hear, hear.) There were protections on the statute book, which were of the most absurd character. We exported, for instance, annually, an immense amount of cotton manufactures, and yet there was a protecting duty on articles of that description coming from the Conti nent. The state of our tariff was a continual reproach to us, and we could never expect to see commercial prosperity until it was thoroughly revised. It might be argued with respect to the regulations as to the impor tation of sugar, that there was only a difference of id. per pound between colonial and foreign sugar; but their Lordships should recollect that the matter was not to be judged by the amount of duty imposed, but by the amount of sugar which was kept out of the market. Nothing could be more utterly absurd than their ab staining from importing slave-grown sugar, because it was polluted with slavery. Why, they took it from Russia and other places in exchange for their exports, and in proportion as they took this sugar from other countries they encouraged slavery in slave countries. They were to admit Louisiana sugar where slavery ex isted, and they even refined slave-grown sugar here and exported it to their colonies, so that it appeared they had a conscience in England, but had no conscience in their colonies. lie would now pass to the subject of the timber duties, with regard to which they gave facilities for the introduction of an inferior article to one of superior quality. The Noble Lord went on to show that the system of protection adopted in favour of Cana dian timber had been productive of the most pernicious consequences, had destroyed the export trade to Sweden and Norway, and the Baltic trade in general, and gave them a bad article in the place of a good one. But the inconsiderate repeal of the timber duties subjected them to a loss of 1,000,000?. It had also a most disastrous effect on the cooperage trade of the country. The next disadvantage that !hose protecting duties occasioned was the diminution which it caused in the home production. If they left the imports free the exports would take care of themselves. The Noble Lord referred to the opinion of Mr. Deacon Hume on this point. Another great disad vantage of the protective system was the impulse which it gave to smuggling. He would only refer to Spain to show how smuggling was encouraged by high protecting duties. The Contrabandista system prevailed there to the greatest extent, and Spain was thereby a loser to the amount of 3,000,000/. M. Blanqua showed that the same result had followed from the same cause in France, and he need hardly remind their Lordships of the effect of high duties in this respect in this country. It appeared from the returns of tho French Customs that 3,500,0001b5. weight of silk were entered for exportation to England, and instead of the English Custom-house giving something like a corresponding importation, it ap peared that only 1 , 8 75,0001b5. came there, so that 1,713,0001b5. must have been smuggled, thereby occasioning a loss to the revenue of 1,092,000/. He need only refer to the Statute-book to prove the extent..if sm uggling in this country. He would remind their Lordships of the case of Lord Ellenborough.—(" No, no," from Lord Colchester.) woundH coulde his feelings. assure his Noble What happened to Lord Ellenborough might have happened Friend he did not intend to to any one of . their Lordshi p s. H e h a d been travelling in France, and in his carriage was found some smuggled lace,which had been concealed th e r e by one of his servants. The result of this inadvertent act was,in point of law, the forfeiture of his horses and carriage, with everything that it contained. But, perhaps the most serious evil of discriminating duties was the internal divisions which they introduced. Let them consider what use had been made of the prohibition of the export of Irish cattle to this country, and the manner in which the wool trade of Ireland had been dealt with to keep alive dissensions between England and Ireland ; and in this country at this very moment they had the Anti-Corn-law League, and the Protectionists arrayed against each other, and on both sides imputing corrupt motives, which, perhaps, had no foundation. But, however they might deal with their own productions, he contended that they had no right to burden other countries by their vicious legis lation, which caused other countries to retaliate and to hold tip their legislation, as he said before, as an object of scorn to Europe. If such were the consequences which flowed from this protection, could they expect that the Government, or the Legislature which continued such a system, would enjoy the confidence of the country ? It might be an easier thing to frame a just system at first than to correct a bad system which had existed for a long period ; but this was no argument against in quiry, in order that they . might prepare the way, gra dually, safely, and impartially, for the adoption of a new and better system.—(llear, hear.) He had taken some instances from their own system of laws ; he would now advert to similar mistakes made by foreigners, and see whether they were not equally perni cious. The first case which occurred to him was that of the United States. From the year 1789 t o 1807 th e foreign commerce of the United States was tolerably free. During that period, when there was not such a word as protection upon the statute-book of Congress ; and the progress of the United States in wealth and power and commerce was exceedingly great—(Hear)— no argument was more frequently used than this, that although protection might not be justifiable in the matu rity of things, yet protection was very necessary at the outset, and a great many fanciful illustrations were brought forward to elucidate that point. Now, let them look at the imports of America as exhibiting the capacity of the people of the United States to enjoy the comforts of life. From 1789 to 1807 the population of the United States was 5,300,000, and the value of the imports ninety one millions of dollars, showing an actual consumption of ar ticles of import and luxury, brought from abroad, equal to about sixteen dollars and a fraction per head for the inhabitants of the United States. In 1807 the system of non-intercourse co mmenced—then came the war, and in 1816, what was called the restriction system was brought into operation. In 1828 it was carried out to the full extent—and what was the consequence ? Why, that, in 1830, instead of each citizen of the United States having at his command various comforts and luxuries of the value of sixteen dollars per year, he could only obtain a quarter of that amount. Restric tion, which was intended fir protection, led to the crip pling of foreign trade, and injury to all the inhabitants of that country. Then came the Compromise Act. 1 There could not be more conclusive proof of the inju riousness of the protective system than was presented by the example of America. It was danger ous i n a despo t tic state, but the despot might, by possibility, be a wise and enlightened man.—(Hear.) In a R e p u bli can state the -system wasmade subservient to the vilest, lowest, and most personal motives, and becam e m i xe d up w i t h all party divisions. Taking the years 1841 an d 1842, , he would compare the average imports which ought to have been admitted with th ose w hi c h were act ua lly ad mitted. In woollens there ought to have been received, aecording to the average of the preceding period, the value of 4,257,0001. There had only been received 1,400,0001. I n wors t e d s th ere oug ht to have been re ceived 5,000,0001., whereas there had only been received 456,0001. In cotton there ought to have been received 6,000,0031., whereas they had had only 2,723,000/. Silks had fallen from 9,000,0001 to 2,000,0001. ; linen from 3,000,000/. to 1,000,0001., and in short all the great arti c:es of consumption had diminished under the system of protection. What had been the working of the system in France ? France had been extremely eager last year for the admission of machinery from this country, and, to their honour, the present Government gratuitously re pealed the export duty. France then imposed a heavy protective duty on yarns. The effect of that was to cramp the trade of her own weavers. But no sooner was machinery admitted from this coun try free from duty, than there was a cry for protection amongst the French machine-makers. A new protection was asked for against English iron. The effect of that protection was to destroy the French wine trade. Thus they went round in a vicious circle of pro tection, and injury was done at every step, not only to the whole people, but even to those for whose benefit the protection was intended.—(Hear, hear.) But he had hitherto looked only at the evils of protection. Fortunately, owing very much to the legislation of Noble Lords opposite, they were not without instances of benefits derived f rom act i ng on goo d p r i nc i p l es with respect to this matter.—(Hear, hear.) In 1820, the Prime Minister of England, Lord Liverpool, stated in that House that he wished there had been no such thing as a silk trade. Yet what were the facts re specting that trade? It employed capital to an amount of 12,000,000/. a year, the greatest portion of which was expended in wages of labour.—(Hear, hear.) There never had been a trade so much the victim of protection as that of linen ; but, after withdrawing the protection of 4,000,0001., the trade had reached, in the north of Ire land, the highest state of prosperity, and the fabrics pro duced in that part were equal to the finest productions of Cambray.—(Hear.) In the case of West India produce, the protective duties had failed. After the abolition of slavery and the equalisation of the duties upon East and West India sugars, introduced by him in 1834, the West India colonies had improved in their prosperity, and he had lived to see the day when those who anticipated only their own ruin from those measures, acknowledged that they were the most benefited by them. With re spect to the article of zinc, the reduction of the duty from 18s. to 2s. had led to the introduction of that ma terial into many important branches of manufacture. He had laid before their Lordships the whole of his facts, and all he asked of them was to give him an op portunity of laying the evidence before their Committee, and he humbly prayed them to give him their support. Fortunately for mankind there had been twenty-three years of general peace, and during that time the several nations of the world had been cultivating branches of industry, of which England had before the exclusive possession. Why, then, should the industry of England be excluded from a fair competition?—(Hear, hear.) America, France, and Switzerland, had become our rivals, but he believed that if the industry of England were free it would be able to maintain itself against that competition. The Noble Lord concluded by moving the resolution, which was to the effect that a Select Com mittee be appointed on the import duties, with the view of considering the effect produced by protective duties on foreign commerce. Earl DALHOUSIE said that he had to claim the in dulgence of their Lordships in answering the able and elaborate speech of the Noble Baron, but he hoped he should be able to show that the motion ought not to be agreed to. The Noble Lord stated that there was more than one precedent for the course which he was taking. He stated this with perfect accuracy ; but surely the Noble Lord must recognise a vast difference between the precedent which the Noble Lord had quoted and the course which the Noble Lord was then pursuing. One of the precedents which the Noble Lord had cited was the appointment of a Committee, on the motion of a Noble Marquis opposite (Lansdowne) ; but it must be remem bered that that Committee was appointed immediately after the conclusion of a long war. That Committee, it was true, under the circumstances, produced beneficial results ; but those circumstances were very different to those under which the Noble Lord now moved for a Committee. The Noble Lord then referred, as a pre cedent, to the Committee upon this subject which was appointed in 1839. This Committee also produced most beneficial results, but it was appointed at a time when no inquiry had been instituted for many years. Our commerce had for many years been in a state of distress, owing to disturbances in the colonies, and a con tinuation of war in the East and in China. Those evils had now, however, passed away, and now, when the commerce of the country was just emerging from the effects of those evils, the Noble Lord came down with a motion for inquiry. It was unrea sonable for the Noble Lord to launch into a new in quiry before the policy adopted by her Majesty's Go vernment, two years ago, had been fully and properly tested. The Noble Lord had said, that owing to the surplus that existed in the revenue of the country, now was the best time to inquire into our commercial system, with a view to the reduction of duties. 'The Noble Lord ascribed the surplus in the revenue to the income tax and the Chinese money. Why, this itself was an answer to the argument of the Noble Lord. The in come-tax was temporary, and the Chinese money had arisen out of a fortuitous circumstance, and, therefore, could be no grounds upon which to make any investiga tion into our commercial system, with a view to a re daction of duties. The Noble Lord had instanced many cases in which duties ought to be reduced; but the Noble Lord must have forgotten, when he did so, the declarations which were made by the Right Hon. Baronet, the First Lord of the Treasury, when he introduced his tariff. That Right Hon. Gentle man then stated that the Government were desirous of making large reductions in the duties on many articles, but that, owing to the large reductions which were already con templated, it would be impossible to make the full reduc tions which they were desirous of making, and therefore they had determined to apply the reduction to those arti cles which were of the most pressing necessity. The Noble Lord had referred to the question of sugar at considerable length ; but as that question would soon come directly under the consideration of their Lord ships, he did not feel that it was necessary for him to follow the Noble Lord in that part of his argument. There was another point to which the Noble Lord had referred, and that was the question of the duty upon timber. The Noble Lord complained of the reduction of the duty on colonial timber. Why this was some thing like inconsistency in the Noble Lord, seeing that when the Government with which the Noble Lord was connected was in office, the Noble Lord himself advo cated a reduction in the duty on the article of timber. The duty on staves he (the Earl of Dalhousie) thought pressed heavily on the coopers of the country, and he for one would be glad to see an opportunity fir* of re lieving that branch of the trade of the country.—(Hear, hear.) The Noble rord had dwelt at considerable length on the question of prohibiting duties, and taunted the Government with maintaining them. Now he (the Earl of Dalhousie) thought the Government, since their accession to office, had not shown a disposi tion to uphold prohibitory duties, but on the con trary had in many cases proposed their abolition. The reductions made were very considerable in many instances, and even in this very session a reduction was made to the amount of 450,0001., upon wool, and coffee, and other artieles. Taking this, in connection with the reductions made two years ago, amounting to 1,200,0001., it was evident her Majesty's present Government were desirous of giving every extension to trade consistently with existing interests. He had now gone through all the gronnds upon which the Noble Lord had founded his motion, and he trusted that, for the benefit even of those who were engaged in trade, their Lordships would reject the motion of the Noble Lord.—(Hear, hear.) The Earl of CLARENDON said he did net blame the Noble Earl for not having fully answered the speech of his Noble Friend, which was so abundant in argu ment and so conclusive in its logic, that it was impos sible to give a complete reply to it. But it seemed, at all events, that in principle there was little difference be tween his Noble Friend and the Noble Earl.—(":Hear, hear," from the Duke of Richmond.) His Noble Friend on the cross benches was evidently of the same opinion. —(A laugh.) But it was impossible for his Noble Friend to be long in the office which he now so creditably filled without coming to the conslusion to which the Noble Earl had evidently come. And they were re quisite in the present state of this country. Nobody could look to the state of the labouring population of this country without seeing that it was absolutely neces sary to remove the strictures on trade, however they might differ as to the time or mode in which they were to be removed. There was only one branch of trade to which he would refer, which was omitted in the list of articles enumerated by his Noble Friend—that was the cotton trade. In the commencement of that trade it was subjected to fiscal regulations, but as they were re moved the trade increased, and the prices of cotton goods were lowered till they were made accessible to the poorest of the people.—(Cheers.) Well, after such an instance, how could they refuse to proceed in the course which had been followed by such results? — (Hear, hear.) His Noble Friend had alluded to the silk trade. When Mr. Huskisson resolved to reduce the silk duties he was hooted and pelted on his way to the House of Commons, and was called the hard-hearted Minister, but in spite of all the predictions which had been hazarded as to the evil result of his measure, he persevered, and the consequence was, that instead of the silk trade suffering fresh mills had been built, the con. sumption of silk had been increased twelvefold, and Manchester, instead of employing 3,000 in the trade, gave employment to 15,000, and the silk manufactured goods had been raised from 450,0001. to 1,600,000/.—(Hear, hear.) He would not allude to wool, or coffee, or sugar, for his Noble Friend had so exhausted those subjects that he found it as difficult to follow him as the Noble Earl did to answer him. He would only say a few words, and they should be with regard to the corn laws. He confessed he had seen nothing in the state of affairs to induce him to alter the opinions he held, and had so often expressed on the subject. The evils of this law were as great as ever, and might burst upon them any day. They made the supply of food for the popu lation dependent on the barometer, and if they had two ec t a entertained with respect to next vest—(H or three bad harvests, their most deeply found ed insti yexp tutions would be powerless in counteracting th e demands of the people. They had had now two goo d harvests, of continuance m ore har, ear, than of averagethem? There were but serious could apprehensionsthe hear)—and he regretted that past experience had not taught them to provide remedies against the recurrence of such a state of things as happened in 1839, when this country was on the verge of bankruptcy, and when they were obliged to apply to the Bank of France for assist ance, from which he believed they could expect no assistance now, even if they were to submit to the national dishonour of applying for it. They had dabbled with the sliding-scale, but no useful change had been r effected. Under - inch a system as litevailed at present foreign countries could not be induced to grow corn for them, and the people of thiscountry would have barely to depend on their own prodtice. The Noble Earl had referred with satisfaction to the reduction that had been made in the tariff. He was rejoiced, also, at those reductions upon a different ground—on the ground that correct principles had been recognised, and not that paltry reductions had b e e n ma d e . The - Right Hon. Gentleman at the head of the Government would not have made elaborate theses for the purpose of those little reductions, if he had not some higher object in view. The Right Hon. Baronet (Sir R. Peel) knew well that the population and productive power of this country were daily increasing, and that it was necessary to accommo date their system to the change of circumstances. No one was found to defend monopoly ; but they were always told that, if they carried free-trade into effect, they would injure the revenue, and render themselves unable to pay the public creditor. It was not against taxes and revenue that the free-trade principle was directed, but protection in favour of particular classes. It was a fallacy to pretend that free-trade would abolish the Customs' duties, because those duties were uniform, and the proceeds went into the Treasury. Their obligations to the public creditor ought to have the effect of making them more careful not to impose taxes for other purposes unnecessa rily. He was sorry to see that the doctrine of retaliation appeared still to find favour amongst many intelligent classes in this country. The mode of retaliation selected generally tended to injure themselves as well as foreigners. By imposing retalia tory duties thy compelled themselves to buy dearly what they might otherwise buy cheaply. If other countries refused to take their manufactures in exchange for their own produce they must seek to attain their object by other means. All attempts of foreign countries to in jure them were greatly assisted by a system of protec tion. Free trade was the best means of promoting peace amongst the nations of the earth—far better than com mercial treaties, which were alivays accompanied with distrust, and in which one of the parties always consi dered himself either a victim or a dupe.—(Hear, hear.) He should rejoice if it were proclaimed to the world. that henceforth they would engage in no more commercial treaties.—(Hear, hear,) They owed some reparation to the world for the bad example which they had hitherto set them. He believed that the carrying of the motion would be the prelude to a change which would be most beneficial to all commercial nations. The Earl of COLCHESTER said that if mankind were likely to forget their jealousies he should concur with the Noble Earl in the sentiments which he had expressed ; but, believing that such a result was not to be expected, he could not agree with the principles of free trade. He thought it would be very unwise to deprive colonies of the discriminating duties which at present existed, in the uncertain ho that they would eventually be benefited. The Duke of RICHMOND was very much surprised to hear from the Noble Earl (the Earl of Clarendon) that the agriculturists had it all their own way. If he stated that against farmers, they would tell him that be must have dreamt it. Would any man say that the farmer was not taxed more than any man in the country? The farmer who did not make 3001. a year by his farm, paid more than the manufacturer who made 30,000/.—(Hear.) He did not at all like the speech of his Noble Friend the Vice-President of the Board of Trade—(Laughter)—and in voting against the motion of his Noble Friend (Lord Monteagle), he only said that whilst he disliked the Government much, he liked his Noble Friend less.— (Great laughter.) It was said that the country should not be dependent upon foreign nations for the supply of food. But, he would ask the House, was it the way to make the country independent to ruin the farmers ? (Hear, hear.) He was an agric u lt ur i s t, an d h e did no t deny the interest which he had in agriculture. But he believed that the whole object of the free traders was to reduce the wages of the labouring people. It was the opinion, he was happy to say, of the great body of the labourers that they were better in their present condition than they could be under a system of free trade.— (Hear, hear.) His Noble Friend had referred to the embarrassments of our commerce, with America, and had argued that those embarras ments were owing to our corn-laws and other protective duties. But was not the fact notorious, that to obtain the produce of America we sent out hard dollars, and got bad bills in exchange.—(Hear, hear, and laughter.) He for one would never consent to a reduction of pro tection to agriculture; and he would also support the protection of the manufacturer.—(Hear, hear.) The agriculturists were restricted in many respects. They were prevented by an Act of Parliament from growing tobacco.—(Hear, hear.) Let the free-traders take away those restictions before they attempted to make the people of this country dependent upon foreigners for the supply of food. The Earl of WICKLOW would not intrude upon their Lordships, but thought if he gave a silent vote, his motives and reason would be misunderstood. He en tirely agreed in all the arguments of his Noble Friend who brought forward this motion, but he did not think that the Committee could be granted without creating great alarm and embarrassment.—(Hear, hear.) He must say, however, that he fully concurred in all the opinions of his Noble Friend, and in none more firmly, than that abstract principles must always be applied with caution. There was really no difference between the principles laid down by his 'Noble Friend and those acted upon by the present Government. The difference was one only as to time. He felt that the Government was acting so wisely, that whilst he agreed with the theory of his Noble Friend, he was compelled to give in his adhesion to her Majesty's Ministers, who were carrying out the same theory with sound caution.—(Hear, hear.) _____ The Marquis of LANSDOWNE rose to support the motion of his Noble Friend. He thought the Noble Earl who had just sat down, and the Noble Duke on the cross bench, ought to vote for this motion, inasmuch as their speeches were both made up of arguments in its favour. The necessity for this inquiry was made the more apparent by the fact that within the last five years five distinct failures had taken place in attempts to ne gotiate with respect to our commerce with foreign coun tries. He believed that the only means of relieving the commerce of this country from its distress would be for the Legislature to place it in a state of freedom. It was said that things which the Government had touched were in a settled state. So far from things being in a settled state, he believed that not many hours had elapsed since the person highest in authority on those subjects declared in another place that they were in a transition state with regard to sugar.-- (Hear, hear.) That was the comfortable state of settlement in which they were in. —(A laugh.) In every case wherein free trade principles were carried out they were followed with the best results. The question of sugar was a most important subject, and the people of this country had more right to complain of the character of the legistation of the country in respect of it than any other subject. This country had the most extended commerce. What was the result of that ? It was that the labourer of such a country was not able to consume one-half of the sugar that was sent out to the Cape of Good Hope.— (Hear, hear.) Yet the people were told to be proud of a system which took away from them the benefits of that extended commerce.—(Hear, hear.) How was it pos sible they could be believed to be sincere in their legis lation with regard to sugar ? because while they professed to be guided by principles of humanity they yet seemed to consider the interests of a particular class alone. — (Hear.) But he thought that all due consideration should be given to the West India interest. What they ought to do was to facilitate the introduction of Africans into the West Indies, subject to no other con• ditions than that they should not proceed to the West Indies without proper precautions being taken to pro vide them a suitable means of transit, and allowing them free liberty to go back to Africa when they pleased. lie heard with great pleasure the sentiments of the Noble Earl; and if this country arrived at a state of great prosperity, it was, as Lord Liverpool said, in spite of their prohibitory system.—(Hear, hear.) He should, with great pleasure, support the motion of his Noble Friend, and he recommended its adoption to their Lord ships.—(Cheers.) The Earl of WINCHILSEA said that, in the present artificial state of this country, it would be impossible to apply the principles of free trade, however well they might be adapted to a new state of society; but, borne down as they were by the national debt, how could they adopt the principle of free trade ? It was the duty of every Government to encourage home production ; and he found that the same sys tem was adopted with regard to the manufacturing interests of other countries. They were so burdened with taxes that protection was necessary t.) enable them to pay those taxes. In his opinion the home market and the colonial market would be amply sufficient to main tain their prosperity, without any reference to the foreign trade at all. For this reason he should oppose the motion of the Noble Lord. Lord MONTEAGLE replied. Their Lordships then divided, when there appeared — Contents—Present Proxies 37 - 75 Not Contents—Present Proxies —lB4 Majority against the m0ti0n..... —lO9 The Vinegar Duties Bill then went through Com mittee, after whichtips adjourned. LADY LONDONDERRY'S NEW WORK .—We are requested to state that Mr. Colburn, of Great Marl borough-street, has this day published the Marchioness of Londonderry's " Narrative of her Visit to the Courts of Vienna, Constantinople, Athens, Naples, &c.," in one volume, Bvo., with portrait, price 14s. bound, which can aow be had of all booksellers. Mr. Colburn has also just published:--2. The seventh volume of Miss Strick land's " Lives of the Queens of England," containing the sequel of the Life of Queen Elizabeth, and the complete Life of Anne of Denmark - -3. " The Bridal of Meicha," by Mary L. Boyle, ss. 6(1. bound —and 4. A new and cheaper edition of " Frederick the Great, his Court and Times," edited by Thomas Campbell, Esq., 2 vols. small Bvo., 21s. bound. A meeting was held on Tuesday evening, 11th instant, at the Town-hall, Reading, for the purpose of taking into consideration the objects and intentions of the National Animals' Friend Society, of Exeter-hall, J. Seaman, Esq., in the chair. The meeting was ably ad dressed by Messrs. May, 11. May, Rev. W. Legg, E. Carroll, Esq., Rev. J. Statham, and other gentlemen and ministers, and resolutions passed in praise of the cause of this very valuable Institution, whose exertions have been lately directed to the great cruelty so preva lent in the county of Berkshire. This meeting sepa rated highly gratified with the evening's proceedings. PUBLIC- HOUSE LICENSES.—It is said to be in con templation to revise the whole system of licensing inns and public-houses during the next session of Parliament, so as to place it on a similar footing to that now in practice on the Continent, by which the revenue will be greatly increased and monopolies to a very great extent done away with.—lpswich Express. - COURT CIRCULAR. His Majesty the King of Saxony, attended - by . his Excel lency Baron Gersdofl; the Earl of Morton, Lord in Waiting, Lord Charles Wellesley (Clerk Marshal), Equerry in Wait ing, his ExcellencyM. de Minckwitz, Count Albert Vitzthum, Baron de Rei c h ert , an d D r. Carus, left Buckingham Palace, with his suite, in two open carriages and four, soon after ten o'clock - yesterday mo rn i ng , f or Richmond Park. His Majesty, on arriving, walked in the Park, and also promenaded on the terrace with his suite. The King then re-entered the royal carriage, and drove to Kew, where his Majesty and suite were received by their Royal Highnesses the Duke and Duchess of Cambridge, attended by the BA roness Ahlefeldt, and 'Baron Knesebeck. The illustrious party visited the Royal Botanical Gardens, where the King remained a considerable time. On the return of the royal party to to the residence of the Duke and Duchess of Cambridge, a dejeuni was served. In the afternoon, the illustrious party left Kew, passing through the gardens, for Sion House, to honour the Duke and Duchess of Northumberland with a visit ; the King of Saxony and the Duchess of Cambridge were in an-open car riage, her Royal Highness driving. The Duke and Duchess of Northumberland received their illustrious guests and conducted them through the conser vatory and pleasure grounds. After inspecting Sion House, the royal party:drove to Ealing- park, and were received there by Mr. and Mrs. Lawrence, who attended their illustrious visitors through their beautiful flower gardens and pleasure grounds, The King of Saxony, attended by his suite, left Ealing park for town, and the Duchess of Cambridge returned to Kew His Majesty arrived at Buckingham Palace at seven o'clock. The Queen and Prince Albert took their usual daily walk yesterday in the gardens of Buckingham Palace. His Royal Highness Prince Albert rode out on horseback, attendedby 3fajor-General Sir Edward Bowater. The Royal Family were taken airings yesterday, in the royal gardens. The Earl of Hardwick, Lord in Waiting on the Emperor of Russia, and Colonel Wylde, Equerry in 'Waiting on his Im perial Majesty, returned to Buckingham Palace yesterday forenoon, from Rotterdam. The royal dinner party at Buckingham Palace, yesterday, included the Earl of Ilardwicke, and Mr. George Edward, and the Hon. Mrs. Anson. The band of the Coldstream Guards was in attendance at the Palace during dinner. His Majesty the King of Saxony left Buckingham Palace shortly before eight o'clock yesterday evening, to honour the Earl of Aberdeen, her Majesty's principal Secretary of State for Foreign Affairs, with his company at dinner, at his Lord ship's residence in Argyll-street. His Majesty was attended by his Excellency Baron de Grersdorff, Monsieur de Minck witz, Count Albert Vitzthum, Baron de Reichert and Dr. Carus. The Duke of Cambridge visited her Royal Highness the Duchess of Gloucester yesterday at Gloucester House. A meeting of Members of Parliament took place yesterday afternoon at the official residence of Sir Robert Peel, in Down ing -street. The meeting was attended by about 200 Members of the House of Commons. Sir R. Peel was accompanied by Lord Stanley, Sir James Graham, the Chancellor of the exchequer, Mr. Gladstone, Sir E. Knatchbull, and Lord Granville Somerset, and also by Sir Thos. Fremantle, Hon. H. Manners Sutton, and other members of the Administration. The Members assembled soon after two o'clock, and broke up about three o'clock. The following were among those present : Lonos—Ernest Bruce, Charles Manners, Northland, Pol lington, Mahon, Ingestre, Grimston, Clive, Bandon, Claud Hamilton, Chelsea, Barrington, Alford, RIGHT HONOURABLES—J. Nichol', F. Shaw. HONOURABLES-11. Fitzroy, F. Charteris, James S. Wort ley, W. B. Baring, W. Dawnav, Mr. Smythe. Sins—Howard Douglas, J. Yarde Buller, J. Walsh, W. James, J. Hanmer, F. Trench, R. Pigot, James Flower, - John Johnstone, T. Dyke Acland, Horace Seymour, Thomas Fre mantle, T. B. Hepburn, J. Mordaunt, W. Heatheote, J. Owen, W. Codrington, J. Rae Reid, J. Chetwode, E. Filmer, Henry Halford. MESSIEURS—Rashleigh, Charles Russell, Gally Knight, Sanderson, John Round, Hope Johnstone, Bailey, Charles Round, Hogg, Neeld, Dickinson, E. Shirley, Dugdale, Est court, Montague Gore, Munday, Tatton Egerton, H. Baillie, A. B. Hope, Balfour, Chute, T. Hussey, G. Arkwright, B. Botfield, Lyall, W . Beckett, Whitmore, Abel Smith, Acton, L Bruges, Lockhart, Long, Cornewall Legh, R. Eaton, A. Oswald, Irving, F. Tollemache, Barneby, A. Hussey, Hall, S. Irton, C. Adderley, J. East, Astell, Hardy, Forman, S. Lane Fox, M. Milnes, Greene, Mackinnon, B. Cresswell, W. Martin, B. Escott, Packe, C. Hodgson, Blackmer., J. Blackburne, Forbes, Masterman, W. R. Collett, G. Thorn hill, P. Borthwick, Rice Clayton, W. F. Mackenzie, An trobus, Broadley, M. Brisco, Kirk, P. Greenall, Quintin Dick, W. Baird, F. Hodgson, B. Hughes, A. E. Fuller, E. B. Denison, G. Palmer, Lawson, A. Copeland, Mildmay, H. Stuart, Blackstone, Sturt, Bramston, Farnham, M. Gas kell, Liddell, Stanley, Buckley, J. H. Campbell, J. Stewart, Palmer, Darley, Trotter, 0. Morgan, Wodehouse, Tom li ne, Kemble, H. Drummond, Tollemache, Newdegate, Colvile, Mainwaring, Lefroy, W. Feilden, Chapman, Stuart Wortley, Colquhoun, W. Praed, M'Ceachy, Godson, Homily, Alliz, Smollett, Davies, C. Hamilton, Neville, Dodd, Cardwell, Clive, Shirley, Repton, Entwisle, Waddington. Annnlw —Bowles. CoLoNms—Hugh Baillie, Wood, Rushbrooke, Rice Trevor, Verner, Pennant, Powell, Sibthorp. CAPTAINS—Harris, Meynell, A'Court, Gladstone, Jones, Polhill, Taylor. The Commissioners for Metropolitan Improvements had a meeting on Wednesday, at the office in Whitehall-place. There were present the Earl of Lincoln, Lord Lyttelton Lord Colborne, Sir R. H. Inglis, Mr. Hope, Mr. Gaily Knight, Mr. Alderman Humphery, Mr. Milne, Hon. C. Gore, and Sir IL Smirke. The Governor of the Bank of England had an interview with the Chancellor of the Exchequer yesterday. The Judicial Committee of the Privy Council sat yesterday. Mr. Loftus Wigram, Queen's Counsel, was heard on a peti tion from Tobago, "The Colonial Bank v. Campbell!' Messrs. Bindersley, Wigram, and Burge, Queen's Counsel, were heard on an appeal from Madras— " Moottoo Vyaya Raghanadha Bodha Gooro Surmi yp erria Woodia Taver, Zemindar of Shivagunga, in the Zilla Madura (the original defendant), appellant, v. Rany Auga Moottoo Natchiar, widow of the late Zemindar of Shivagunga, in the Zilla of Madura (the original plaintiff) respondent ;" And, by order of Revivor " Srimut Moottoo Uyaya Raghnadha Gowery Vallabha Perria Woodia Taver, v. the Reny Auga Moottoo .Natelustr.' At four o'clock their Lordships postponed this case, in order to give judgment on an appeal respecting a codicil to the will of the late Marquis of Hertford, " Croker v. the Mar quis of Hertford." Dr. Lushington, Judge of the Admiralty Court, gave judg ment on the part of their Lordships, affirming the decree o the Judge of the Prerogative Court (rejecting the allegation to probate, dated in October, 1838). With respect to costs, however, under the peculiar circumstances of this case, their Lordships would advise her Majesty to direct that the coati of this appeal be paid out of the estate. The Court then rose. HOUSE OF LORDS, June 13 Their Lordships assembled at Five o'clock. The Marquis of EXETER presented 140 petitions from various places in favour of protection to agriculture. The Earl of SEFTON presented a petition against the Birkenhead Theks Bill. The Duke of RICHMOND presented several peti tions in favour of protection to agriculture. The Marquis of NORMANBY presented petitions from Not-A.)llc, praying for an altration in the laws re lating to coursing. The Duke of RICHMOND inquired whether there was any objection to the return of the number of convic tions under the Act alluded to by his Noble Friend ? After a few words from the Earl FITZHARDINGE, Lord WHARNCLIFFE said he was not aware of any objection to the returns. MOROCCO AND FRANCE. The Earl of CLARENDON begged to call the atten tion of the Government to the occurrences which had re cently taken place in Africa. The friendly disposition of the Emperor of Morocco to this country, and his constant deference to the advice of England, had not prevented his proclaiming the " holy war" against another European power, the ally of England. It could not be supposed that the Emperor had taken that course with the sanction of the British authorities. However, it was now beyond doubt that he had made an invasion of the French territories in Africa, and that the war had commenced. With respect to the murder of the Spanish Consul at Tangiers, it was the fact that the man was killed in an affray brought aboutbyhis owncon duct, and for which the authorities were not in the least responsible. It had been supposed, but he did not mean to say that it was the case, that the Spanish Go vernment had been incited to declare war by France ; but it was a curious coincidence that, after this, relations of a hostile character should so soon take place between France and the Emperor of Morocco. They might have been the result of accident, but they gave a c,klour to the idea that France desired to see Spain engaged in hostilities with Morocco. It was most desirable that the line of coast now possessed by the Emperor of Morocco should be in the possession of a friendly Power, because it was from thence they derived their supplies for Gibraltar. He could not conceive what object France could have in engaging in hostilities with Morocco, which must be in jurious to France. He wished also to hear a contradic tion from the Noble Earl of the statements which ap peared in the French papers, that those hostilities were excited by her Majesty's Consuls on the coast of Barbary, one of which, Mr. Drummond Hay, had been particu larly mentioned. The questions he wished to ask were, whether or no the expedition to bs sent from Spain against Morocco had been aband,nied? —whether hostili ties had actually commenced between France and the Emperor of Morocco?—and whether her Majesty's Con suls on the coast of Barbary had not taken means to prevent a state of things which must prove injurious to British interests. _ _ The Earl of ABERDEEN said he would endeavour to give an answer to the three questions put by his Noble Friend; but, in the first place, he would say he could not conceive any exercise of the power and influ ence of that House more useful than the interference to prevent the occurrence of hostilities in every part of the world.—(Hear, hear.) They should be equally anxious to restore it wherever it was broken. They had, within the last month, been the means of preserving peace be tween two States, at a time when it was seriously threa tened; and though, from the magnitude and power of the States themselves, the war might not be important, it certainly would have brought on calamities most im portant and extensive in their results—he alluded to the dispute between Sardinia and Tunis.—(Hear.) His Noble Friend was wrong in supposing that the only cause of quarrel which existed between Spain and Morocco was in the death of a Spanish Consular agent. There were various complaints, into the justice of which he would not enter, but they arrived at such a point at last as to threaten immediate hostilities. His Noble Friend said, that he could not conceive it possible that in the present state of Spain she would declare war against Morocco unless she were prompted thereto. He was surprised that his Noble Friend appeared so ignorant of the Spanish character. This question was not only altogether a Spanish question, but the truth of it was denied over and over again both to the British and, French Ministers at Madrid. They were kept in igno rance of the intentions of the Spanish Government until what was called the ultimatum was sent to the Emperor of Morocco. The Emperor desired the mediation of the British Government with the view of bringing this dis pute to an amicable settlement, and her Majesty's Mi nisters offered the exercise of their good offices' for the same purpose to Spain, and it showed how little the Government of France had to do with the question, as the French Ministry also pressed upon the Span ish Government an acquiesence in that offer; and, there fore, as both had agreed to accept our mediation, he might venture to anticipate a settlement would be ef fected of that dispute between Spain and Morocco. If his Noble Friend had asked him yesterday whether hos tilities between France and Morocco had occurred, he should have said that they had not, and that they were not probable, and although a skirmish had taken place, nothing which could be called war would, in his opinion, follow; and he had this reason for that belief, that the force assembled by the Emperor of Morocco on the French frontier was diminished to one-half in the course of a fe.v days preceding the events which had taken place, and the French authorities in Algiers were as much taken by surprise as any one else by the incident uhich had occurred. It was clear that the Moors were the aggressors. The affair was brought about by the fanaticism of a small body of cavalry who approached the French encampment more from curiosity than any other motive, and were thereby drawn into the affair. He agreed with his Noble Friend that war with the Emperor of Morocco could not be desirable to the French Government, and he thought they might look for a continuance of those relations which, if not friendly, had been peaceable between the Em peror of Morocco and the Government of Algiers. The Emperor of Morocco was the sovereign of the most fanatical Musselmans in the world, and how far he could control the excitement of his own people, or deal with the formidable personage who, when driven before the French, took refuge in his terri tories, might be a matter of doubt. But he (Lord Aberdeen) had received no information of any thing like a declaration of a holy war, or that would look as if the Emperor of Morocco was prepared to un dertake a war of a serious description. He did not be lieve that such would take place ; but if it even did take place, he need scarcely say that it would take place not only without the slightest encouragement on the part of this country, but in spite of every endeavour that could be made to prevent it. He could not question what he knew to be the intentions mid wishes of both Governments; and with regard to the conduct of the British Consuls, he had received that very day equivocal . testimony in favour of those to whom allusion had been made. His Noble Friend had alluded to the statements that appeared in the French papers. He (Lord Aber deen) could only say that there was not the slightest foundation in fact for supposing that her Majesty's Consuls on the coast of Barbary had anything whatever to do in creating these disturbances. It might be that ' the writers in those French journals had for their object rather the overthrow of the existinmr Government in France than the creation of a hostile feeling between the people of both countries, although he had no doubt that there was a large class in France to whom statements of the kind alluded to were not unacceptable. There were journals in this country also, on which side he would not say, which probably had the same object in view. He could only say that there was not the slightest founds , tion for the charge made against her Majesty's Consuls on the coast of Barbary.—(Hear, hear.) HAMPTON RACES. Yesterday was what is commonly called the " Grand day" on Moulsey Hurst, and if one of the largest assemblage's ever collected on it be a proof of "great ness," the correctness of the term may be admitted. Every part of the course was literally covered, the roads were blocked up in all directions, the stands crowded to excess, and the "Careless" andjother pur veyors for the inward man had no reason to complain of want of patronage. So far good; but to keep such a concourse in order has always, been a laborious and difficult task, even with a well-drilled police—and yesterday, we must say, the men employed proved themselves helplessly ignorant of their duties. The crowd broke into the running ground, at all times and in all directions carriages and carts crossed it with impunity, to the constant and imminent peril of the jockeys, and such was the delay between the heats, consequent on the squabbling and fighting with " course clearers," and the refusal of the police to act " without orders," that it was past five o'clock before the first heat of the Cup was run, and half-past six before the race terminated. The scene altogether was in the highest degree discreditable, and such as we trust will operate as a warning to the managers of the races never again to dispense with the services of the police. So much for the course. Of the clashing by land and water we have often spoken on similar occasions ; we shall therefore content ourselves with stating that the heat and dust were excessive, and the stoppages, arising out of the frequent pulling up on the road (always at the nar rowest part) to allay the one and wash down the other, were, as usual, pregnant with danger to limbs and panels. Had the agents of the Society for the Prevention or Cruelty to Animals been on the look out, they would have found ample employment for a month to come, for assuredly never were horses so overtasked—never were so many beaten to a stand-still before they had accom plished half their work. Great as the crowd was, we still missed that general spirit of enjoyment, that perfect abandon which for years had co-existed with the play booths (the prohibition against throwing the stick, we are delighted to announce, is withdrawn), and made Hemp ton so unlike all other meetings, now, alas, for the un happy "lessees," amongst the " has beens" of the Turf. It is consolatory to add that several noblemen and gen tlemen have subscribed liberally towards a race fund, that the Surrey and Middlesex Stakes already boasts a long catalogue of respectable names, and that, under the. Stewardship of Lords Longford and Glammis, if a liberal and judicious management be adopted, Hampton may hope to regain its position as the best of the second-rate metropolitan meetings. Of the fashionables we cannot attempt a list; of the weather, we may say in two words, that a hot dusty afternoon was followed by two or three showers, that made the return from infinitely more sup portable than the journey to the races. The Claremont Stakes of 10 sovs. each, h ft, with 30 added, for two yrs old colts, Bst 71b, and fillies Bst 41b1 winners extra. T.Y.C. (5 Subs.) Sir S. Spry's fby Sir Hercules (Matthews) 1 Mr. H. May's Corinthian Tom Mr. Worley's Sophy Dawes Lord Rosslyn's f by Mercian, dam by Blacklock—kolted 2 to 1 on Corinthian Tom, and 3 to 1 agst the winner. The race was entirely between this pair, the filly waiting to the distance, and winning by a length. The Marciaa filly bolted shortly after starting. Her Majesty's Plate of 100 guineas ; for three yrs old, ist 51b ; four yrs, 9st llb ; five yrs, 9st I llb ; six yrs, and aged, lOst 21b. Heats, two miles. The winner to be sold for 500/., &c. Mr. Death's Misdeal, 5 yrs (Nat) 1 I Lord E. Russell's Nat, 4 yrs 2 Se Mr. Dockeray's Dalesman, 3 yrs . 0 Ps Mr. T. Coleman's Devil-among-the-Tailors, 5) rs 0 4 First heat-5 to 4 (at first 2to1) on Nat, and 3 ' G o ik agst Misdeal—won by half a length. Second heat -2 to 1 on Misdeal, who won by four lengths. The Hurst Cup, of 40 sovs., added to a Sweepstakes of 3 sovs. each ; three yrs olds, 7st 41b; four yrs, Bst 71b;: five yrs, 9st; and aged 9st Sib. Mares and geldings. allowed 31b. Winner to be sold for 150 L once round and a distance. (10 Subs.) Sir G. Heathcote's f by Velocipede, out of Miss Wilfred, 3 yrs ..(Crouch) 0 1 t Mr. Stanborough's Isleworth, 5 yrs Mr. Balchin's Crocus, 4 yrs 2 s Lord Maidstone's Deuce Ace, 3 yrs Mr. E. R. Clarke's Chummy, 4 yrs t.) Mr. King's Nubia, 3 yrs First eat.--A good race betw een t h e t 0 dr two, dr If as won by a neck. Three or four p ersons w h o had forced)w themselves into the course were knocked rAown by the running horses, and one of them taken up in a state of insensibility—we were not able to ascertain the conae quence of the accident. The second sold thirtti beats. were won very easy.