The Sun. — London, England, 1853-04-06 00:00:00

sent income of the property amounted to 7,5001. a year. That was not so. This property, like most other eccle siastical property, was granted on leases for lives, and all therefore at present received from it was the reserved rents, amounting to 3481., of which 1441. only came inio the hands of the commissioners. As the leases fell in, the property would be available to the full extent of its value, but he was sure the honourable member had no wish for the house to entertain the delusion that the income at present enjoyed amounted to 7,5001. a year. The hon. gentleman had stated again the arrangement with the bishops, and no doubt with reference to the previous in comes of the bishops the Ecclesiastical Commissioners allowed or deducted so as to make the income a fixed annual sum. In some cases the bishops did ultimately re ceive a larger amount, and in others they received less, in consequence of the fluctuation in the fines on property. The Bishop of St. David's had always been dean and treasurer of the church at Brecon, and by a special act of the reign of Queen Anne another prebend was given him in addition. These preferments would ultimately fall into the hands of the Eeclesiastical Commissioners, and the pro• perty of them formed part of that which was applied by the provisions of this bill. If hon. members would read over the preamble, consider the facts, and then ask for what further information they required, he thought it would be more convenient than to enter now upon detailed discussions of points incidentally referred to. (Hear.) Leave was then given to bring in the bill. THE WINE DUTIES. --- Mr. M. GIBSON presented a petition from Manchester in favour of the reduction of the wine duties. Mr. OLIVEIRA, upon rising to bring forward the mo tion of which he had given notice, . began by reference to the importnnce of the subject, and the complicated in terests which were involved in it, and then went on to obserie that he could not view it as a question which affected merely a few mercantile houses, whose monopoly of the wine trade ought to be thrown down, but as one which was closely connected with the improvement of the revenue, as well as the social and moral improvement of the people of this country. The question was also inti mately connected with the international relations which subsisted between this country and her allies, and had a very important - bearing on the interchange of domestic and foreign commodities. A committee was appointed to in vestigate the matter last year, and though they had made no report, the result of ther evidence which had been laid on the table of the house satisfied him that a reduction in the wine duties was not only desirable, but would produce a large additional amount of -revenue. He regretted that at a period so immediately preceding the financial state ment about' to be made by the Chancellor of the Exchequer he should be obliged to bring forward any question of this kind, and if he had consulted his own inclinations, he should have withdrawn the motion out of respect to the right hon. gentleman and the Government to which he belonged. But he found that great uncertainty prevailed in the public mind on the subject, and therefore he hoped the right hon. gentleman would acquit him of any discour tesy if he brought the matter under the attention of the house. He should not occupy the attention of the house by entering into statistical details with which hon. mem bers were already familiar. For the last twenty years, namely, from. 1833 downwards, the amount received from the duty on wine had varied very little, averaging about 1,700,0004 a year. Taking into account the increase in population, and the general diffusion of wealth during the same p er iod, that seemed to him to be a very unsatisfac tory a mount. When it it was considered what a great increase had taken place in the consumption of other articles, such as tea, strrar; and coffee, upon all of which the Customs duties had been reduced, it was evident that that the stationary amount of the duty on wine must be attributed to the high rate levied upon that article, which operated in some, sort as a prohibition upon importation. 'He believed that throughout the country there was a very strong desire to have the duty re duced. In almost all the large towns which had chambers of commerce there was a disposition to enter tain the subject favourably. It was said that it would be difficult to import such an increased quantity of wine as would make up for the reduction in the duty ; but those who knew what the resources of foreign countries were, must feel that apprehensions of this kind were chimerical. Last year 900,000,000 gallons were produced in France. With regard to the production of Spain, he had no authen tic information ; but the countries included in the Zollve rein yielded 73,000,000 gallons, and Portugal 900,000 pipes. He had received lately a letter from Lisbon, stat ing that the growth of the vine was very much encouraged in consequence of their hopes that we should deal with them on more liberal terms. The district which furnished the highest quality of port wines was formerly nothingbut a sandy desert, and he (Mr. Oliveira) being acquainted with the district, knew that there was ample room for the pro duction of an immense additional quantity of much purer wine than was now drank in England, the Oporto wines being brandied to gratify our supposed taste for wines of strong quality. It was said that even if the duty on wine were reduced, the lower classes in this country would not drink it. Ho was in possession of information which in duced him to believe that they would drink it in large quantities, and that it would be drank instead of spirits. Mr. Barker, a retail dealer in Holborn, sold in glasses, over the counter, and small measures which his customers took away with them, as much as a pipe and a-half of port within a week ; and Mr. Poole, another retail dealer, near London-bridge, sold over the counter a quarter of a pipe of port, sherry, and bucellas within a week. He was aware that the Chancellor of the Exchequer might contend that it would be difficult to replace the revenue which would be given up by reducing the duty, and he was bound to admit that another difficulty presented itself, namely, the amount of duty already paid on stock in hand, which money would have to be paid back, He was told that the amount was 500,0004 or 600,0001., but in 1825 1,000,0004 had to be repaid by way of drawback. In the present state of the money market, however, it would no doubt be extremely agreeable to the wine-merchants to have the duties repaid in Government debentures or bonds which might be received in duties again, and thus that difficulty might be got over without any great loss. He would not enter into more details, but would only ask the Chancellor of the Exchequer to view this question as one of free trade, and he concluded by moving That this house will resolve itself into a committee to consider the import duties upon foreign and colonial wines, with a view to re duction to one shilling per imperial gallon." The CHANCELLOR of the EXCHEQUER—Sir, both the character of the hon. gentleman, and the manner in which he introduced the subject, ought to make me most anxious to avoid any appearance of discourtesy, that is, of a reserve amounting to discourtesy, in returning the answer which I fear I must make to his motion. I should have been most desirous, if it had been consistent with my duty, to give, even at the present moment, a full ex position of the views which the Government entertain upon this subject. I fully agree with the hon. gentleman that there are very strong reasons why the views of the Govern ment and of Parliament upon the wine duties should be made known at the earliest possible moment. It has been the unfortunate destiny of the wine trade, at more periods than one, to suffer from an uncertainty in the financial views of the Government, which inflicted upon them posi tive torture, dealing, as they do, in a commodity which acquires its highest value from being long kept in store. But the hon. gentleman has shown so much candour in the statement which he has made that I am sure he will appreciate my motives when I say that, having fixed a day when it will be my duty to make known the intentions of the Government with respect to the finances of the country in general, it would be a positive departure on my part from that duty if I were to state now what are the proposals which her Majesty's Government are prepared to make to the House of Commons. The delay which must take place between the sth and 18th of this month will add but little to the evils of uncertainty under which the wine trade at present labours. When that day arrives I will promise the honourable g entlemen either a reduction in the duty on wine, or else f will show him that the Government are precluded from reducing the duty by reasons which will take that reduction out of our power to accomplish. At the present moment I can, only tell the honourable gentleman that there are but few words which have fallen from him with which I do not thoroughly con cur. I am not one of those who think that it will be visionary to expect a great consumption of wine among the people England. of lt appears to me that there is a grow ing disposition to drink wine here, in spite of the system which has been so long pursued. Considering that wine is one of the great gifts of Providence to man, that it enters largely into his means of subsistence and comfort, and that it is a competing article with alcoholic spirits, I conceive it would be most desirable, if it were possible, to make an important change in the duties on wine. (Hear, hear.) The entension of -trade in Europe, the breaking down of a virtual monopoly, which we have ourselves created by treaties made in favour of particular countries, and the imposition of a check upon adulteration—all these objects recommend a proposition which would bring about an im portant change in the wine duties. In fact, I should say for myself that I know no article in our tariff with respect to which the reasons for alteration are stronger than in the case of wine. (Hear, hear.) But • then it happens, most unfortunately, that strong as the reasons are for an altera tion are, the difficulties which stand in the way of that alteration are equally pre-eminent. It would be absurd to make a trifling alteration in the duty in the case of wine —(hear, hear), while by making a great alteration the re venue would suffer to great extent. . _ _ Mr. OLIVEIRA : it would be made up in a short time —in two years. The CHANCELLOR of the EXCHEQUER : I should be very glad to find it so. I have a great respect for the honourable ge ntleman's word, and almo s t an equa l res p ec t for his opinion. But here is a revenue derived from wine amounting to 1,750,0001. ; and I must confess that, with such a revenue, I should like either to see a surplus to that amount, or else some very good security indeed that the amount lost by reduction would be regained by increased consumption. I frankly own and admit that I do not think that the honourable gentleman has made out his case on that vital and essential point. The position of honour able gentlemen in the house and of persons out of the house is this, that you will rapidly recover the income which you will lose by the reduction of the duty, the honourable gen tleman predicting that it will be regained in two years, while others assert that it will be recovered at once. Now, this is a matter of opinion either way, and I confess I should like to have some good and sufficient security for the fulfilment of the honourable gentleman's prediction. As a matter of opinion, however, I may state the grounds on which I demur to accept that prediction, and that is, that I do not think that the taste of the country is revo lutionised or even modified materially i n a day. Some assert that the constitution of the English palate will pre vent such a change as the honourable gentleman desires. I do not say so myself, but I see that the long prevalence of a fiscal system has produced certain results, and I think that you will not alter the national taste except in a course of year s. We consume at present , 6,000,000 gallons of Port wine annually, from which we derive an income of nearly six shillings a gallon. (Hear, hear.) Now, if we are to have an income from this source equal to that which we are asked to give up, we must consume 36,000,000 gallons annually. I think that we cannot have that quan tity consumed until the national taste has become so greatly modified and altered that it is really transformed. I think the hon. gentleman himself will hardly say that such a change in the national taste would take place place in a short time. I confess that to me there is the knot of the question. If the loss to the revenue can be made good it is a very simple one, but if the reduction of the duty on wine to one shilling a gallon cannot be effected without a large loss to the revenue, you find yourselves involved in difficulties, originating out of recommendations for the re duction of other duties, which are alleged to be of greater importance to the interests of the community. Even if you asse rt that the income from the wine duties will only re quire a few years to recover itself, you must be prepared to confront those who say, and say truly, that for a million a year you may reduce the tea duties, and abolish that most m ischievous duty on soap. (Hear, hear.) Consider ing how many beneficial changes may be made by the re mission of taxation in various directions, I must say that, THE SUN, LONDON, WEDNESDAY EVENING, APRIL 6, 1852 anxious as I am to reduce the wine duties, I am not pre pared to recommend to the house to make an immediate sacrifice of two millions a year for that purpose. With re gard to the question of revenue, I certainly differ in opinion from the hon. gentleman. Though lam disposed to think that in a series of years the duty at a shilling a gallon would recover itself, yet as there would be a heavy loss of revenue in the meantime, I feel that there are claims which, in all probability, this house would consider prefer able, if they had any surplus revenue to give away. As I have stated, I shall think it my duty to advert again to the subject when I have to deal with the question of finance in general, but at present I regret that I cannot go further than 1 have already gone. There is a collateral question raised by the hon. gentleman, and to which I did not advert, but it is evidently, as far as it goes, an aggra vation of the difficulties of his case. He says, that if the duty be reduced from ss. 9d. to ls. per gallon, there must be a drawback on the stocks on hand. I will not dispute that, though drawbacks on stocks on hand, so far as cus toms duties are concerned, have been abolished, and the case of wine would not form, under ordinary circumstances, an exception to the general rule. Adverting, however, to the nature of the change proposed, I must confess that the case of the wine merchants would be a very a strong one, and it is probable that this house, which is always most humane and tender when a demand is made upon the pub. lic exchequer—for so I have always found it—would be disposed to sanction the claim of the wine merchants for reimbursement. That claim, however, could not be founded on the Treasury minute of 1844, the object of which was to protect the wine merchant while negotiations were going on with foreign countries for it would have been most cruel to him, and cruel, indeed, to the revenue, to oblige parties to conduct their trade under such an uncertainty as the issue of pending negotiations might present. A sPecig Treasury minute was therefore made, stating that on a re duction of wine duties und er t rea t y , drawbacks would be allowed on stocks on hand. In the present case, however, no reduction in the duty would be made under treaty. Still, I will assume that the request for a drawback would be allowed, and the hon. gentleman himself says that it would amount to 5000001. or 60 0 , 000 /. I confess, then, that, though I d o no t like hypothetical cases, if such a case did occur, and the house s hould determine to allow the drawback I hope the house would determine to provide honestly—using the word of course not offensively, but in a Chancellor of the Exchequer's sense I hope the house will determine honestly to make provision for the loss out of the revenue of the current year, and not throw it as a bur den upon future years. But then it is clear that that de termination would constitute a formidable addition to the loss of a million, in the first instance, making a total loss of a million and a half in th e fi rs t year, which the hon. gentlemen would cause by his reduction of the duty to ls. a gallon. With these general views, I may say that I concur in the wishes of the mover. I participate with him in most of the advantages which he anticipates would flow from the reduction. It is with great reluctance that I am unable to follow him in his practical conclusions; while with respect to any definite statement of the views and intentions of the Government, it is my duty to defer any such statement till the 18th, when I hope to bring for ward the financial statement for the year. Mr. JOHN M`GREGOR was glad that the hon. member for Pomfret had brought forward the motion, and were it not for the formidable difficulties in the way of the repeal, which had been so clearly explained by the Chancellor of the Exchequer, he would have voted for his motion. But he must say that he knew many other claims which the great commercial interests of the country could make upon the Exchequer which were quite as important as wine. The principle which he thought should be acted on was this. All duties that were levied for purposes of protection ought to be swept away at once ' • all duties that were levied for purposes of revenue ought to be reduced gradually, so that the revenue would not lose anything. It was in that spirit he proposed to deal with the tea duties in the motion he had given notice of some time ago, for their gradual reduc tion, but which he had not pressed, because he did not think it right to do so until it was known what the house intended to do with the income tax. He hoped his hon. friend would, after the explanations given by the Chan cellor of the Exchequer, withdraw his motion. Mr. MOFFATT said he was exceedingly disappointed, after listening to the excellent speech of the Chancellor of the Exchequer, saying all that could be said in favour of a reduction of the wine duties, to find that all this was said in a mere Chancellor of the Exchequer sense, and that the prospect of a reduction of the wine duties was as distant as ever. Perhaps the reduction proposed by the hon. mover was too low, and' he would suggest that a duty of 2s. per gallon would be a great advantage to the consumer, while it would tend to save the revenue. That the consumption of French wines would increase by such a reduction he had no doubt. At present this country imported from France gloves to the amount of 80,0001. a-year, watches to the amount of 100,0001., potatoes to the amount of 400,000/. Yet these were imports for which France enjoyed no spe cial pre-eminence ; while in the article of wine, for the manufacture of which France was renowned all over the world, the annual importation only amounted to 70,0001. He did hope, therefore, that the Chancellor of the Exche quer would yet re-consider this question. Mr. HUME was glad to hear that the Chancellor of the Exchequer had condemned the wine duties. The first step in getting rid of an evil was an admission that the evil existed, and that step they had obtained from the Chan cellor of the Exchequer. He advocated a reduction in the wine duties as he advocated a reduction in the malt duties, in order to reduce the consumption of spirits. (Hear, hear.) There was no part of their taxes which was so inju rious as those duties. They had made food cheap, they ought at the same time to have made the comparatively innocent beverages of the people cheap also. If they looked to the increase in the consumption of spirits both in Scot land and in England, they would find that as the duty on malt was raised the consumption of spirits was increased. He thought, therefore, that on fiscal, as well as on moral grounds they ought to grapple with this question. If expe rience was of any use at all as a guide to them on these matters, then the fact that the reduction began and carried on to such an extent by Sir R. Peel had had the effect of lightening the burdens of the people to the extent of 1T or 14 millions without the revenue having at all suffered ought to encourage them to proceed in the same course, though he admitted that the Chancellor of the Exchequer ought never to leave himself without a surplus. (Hear.) The duty on tobacco stood on much the same footing as the duty on wine ; in the one case the high duties encou raged smuggling ; while with regard to wine, if there was no smuggling from without, there was what might be called smug,gling from within, and the revenue was defrauded to the extent that the wines drank in this country were adul terated. (Hear.) But is was quite plain that reductions in the duties could only take place if there was a surplus; and it was in that point of view he regretted the lavish expendi ture that had lately taken place upon the national defences. He blamed the house for that, and not the Chancellor of the Exchequer. He admitted that the storm was general in the country. Therefore he said the less about it ; for when people were mad, he made it a rule to get out of their way as quickly as possible—(laughter)—but the evil was, that in such cases the innocent suffered as well as the guilty. He hoped the Chancellor of the Exchequer would now take a bold and an enlightened view of the finances of the coun try—that he would not be afraid of losing a few hundred thousand pounds of revenue ; but, at the same time, he must say that if the Government went on to spend 15,0001. on a school of design , he feared his surplus for more impor tant objects would be small indeed. Mr. G. DUNCAN said this question was a deeply inte resting one to the trade of his constituents in Dundee, and the house would perhaps be astonished when he stated to them the falling off which the restrictions on the wine trade occasioned in the exportation of linen and linen yarns, net from Dundee or from Forfarshire only, but from Ireland as well. He had lately waited on the right hon. gentleman the President of the Board of Trade with a memorial from Dundee upon this subject, and he thought that a quotation from some of the figures of that memorial would be the most efficient way of calling the attention of the Chancellor of the Exchequer to the manner in which the wine trade affected not perhaps the revenue, but certainly the manu facturing interests of the country. In 1844, when the French tariff was reduced on the importation of linens, they exported 8,823,500 yards of linen into France, amount ing in value to 281,0001., and in the following year they exported 8,586,600 yards of linen, amounting to 270,0001. But the restrictions on the importation of French wines into England were still continued. The imports of French wines amounted in value to only 70,0001., and in conse quence the French put additional imposts upon the impor tation of linens, and the value of the exported linens fell in consequence from 280,0001. to 45,0001. He thought that fact was sufficient of itself, without any words from him, to show how intimately connected this question was with the trade, not of Dundee alone, but of the country at large. (Hear, hear.) __ Mr. OLIVEIRA replied, and said that after the very courteous manner in which he had been met by the Chan cellor of the Exchequer, he could have no difficulty in ac ceding to what appeared to be the wish of the house, and withdraw his !notion. The motion was accordingly withdrawn. Mr. BUTT obtained a report of several papers connected with Kilmainliam Hospital. LANCASTER ELECTION. Mr. W. BROWN moved that a new writ be issued for the borough of Lancaster, in the room of Mr. Armstrong, unseated. He was not aware of any opposition to his mo tion, and ho did not think the house would refuse to accede to the motion. Mr. THORNELY thought it was unadvisable to issue writs where much bribery and treating were proved to exist. It was true the committee had not in this case made any special report, but they had found that the late mem ber was by his agents guilty of bribery ; and he thought to grant a new writ now would only be to encourage cor ruption, for of course nothing would suit the corrupt party better than to have an election once a month. (Laughter.) He thought no writs should be issued in any case till all the defaulters were before them, and he would move that no writ be issued for the borough of Lancaster for the space of one month. Mr. HUME rose to ask on what principle it was that they were to deprive one place of its member and to give it to another ? He understood that the noble lord the member for the city of London meant to apply some general mea sure to all these questions, and he regretted that he was not present to give his opinion on this case. For himself, ho could not see why Lancaster should escape while the freemen and the borough of Yarmouth had been dis franchised. Mr. AGLIONBY agreed that there was no principle guiding the house on the mode of issuing or withholding the writ. Indeed, it seemed to be determined very much by the circumstance whether the case was brought. on before or after dinner. At the same time he must say that there were few cases where there was less evidence of bribery than in the case of the borough of Lancaster. He thought it would be very unsatisfactory if without any more solid ground than was yet laid before them, the house should make an exception in this case from its practice in previous ones. The CHANCELLOR of the EXCHEQUER agreed with the honourable member who had just addressed the house, which be thought should not appear to act in matters of this kind otherwise than by certain rules and systemati cally. This really was a consideration of the utmost im portance. It was far better that they should abate some thing of their particular wishes than that they should perplex the minds of the public by exhibiting symptoms vacillation, and should thus convict themselves of injustice and incapacity to deal with those questions. Thore was now, no doubt, a rule they ought to follow here. Before they issued the writs for Blackburn and Bridgnorth there might have been much to be said on both sides ; now there was not. If there were corrupt practices they could still, though they issued the writ, inquire into the corruption ; that, therefore, could be no hindrance in the present case; whilst, as to the extent of corruption there was no evidence of it in the cases of Blackburn and Bridgnorth than here. After due consideration on those oases, the house had de termined—and it was a wise determination in his opinion —that no writ of this kind should be moved, except after a certain notice. The meaning and intent of that plainly was, that unless within the seven days something in the way of well-founded objection should arise, the writ should be issued. Applying that now, he said that the members of the committee were not present, as they would have been had they thought it their duty ; and that there was no appearance of opposition from the inhabitants of the town. He asked, then, should they withhold the writ ? Surely, they were not to suppose that the guilt of whole communities in the absence of some presumption against them ; and if no party had come forward from the borough, and no member of the committee had thought it devolved upon him to be present, it was certainly neither equitable nor just, on suspicions so inadequate and so impalpable in their nature, to deprive all the inhabitants of the town of their franchise. From these considerations, as well as for the dignity and consistency of the house, he ventured to urge the honourable member for Wolverhampton not to press his motion. Though the writ was issued, any necessary inquiry into corrupt practices might take place. Mr. H. DRUMMOND never had taken part in these discussions, but was always surprised that the hon. gentle men who did so had adopted measures so inadequate for their purpose as they had. He hoped, however, that the noble lord's (Lord J. Russell) measure would consider all these points together. One thing struck him as very re markable, that in almost all these petitions they had punished the innocent members and had let off the guilty agents. (Hear.) That seemed very extraordinary. They did nothing to the attorneys who were at the root of the evil, who played with the members as if they were playing at the game of chess. These things should be considered on some general system, and he hoped the noble lord would not lose sight of them. He did not see how, after giving the notice in this case, they could help acting upon it. Lord STANLEY thought the manner in which they dealt with these cases was, on the whole, most unsatisfac tory. He once had some connection with Lancaster, and believed that corruption did prevail among the freemen ; but it was absolutely necessary that in these, as in other matters, they should act on some fixed and definite prin ciples. The rule laid down by the house was, that they were not to act unless the committee or the inhabitants of the borough required their intervention. Here they had neither a petition from the inhabitants nor a recommenda tion from the committee ; therefore, he thought they were not justified in suspending the writ, though at the same time he was glad to hear that they were not precluded by the issue of the writ from further inquiry. From what he knew of the borough, he thought such inquiry desirable. Mr. THORNELY withdrew his amendment, and the original motion was agreed to. It was resolved, on the motion of Mr. W. BROWN, that the following reports of committees should be reprinted, viz. --Report on the Police of the Metropolis, 1817 ; Report on the Police of the Metropolis, 1822 ' • Report on the Sale of Beer, 1830 ; Report on the Sale of Beer, June 21, 1833 ; Report on Victualling House Licences, 1833 ; Report on the Sale of Beer, with the Queries and Answers from the Chairman of Quarter Sessions, and the Chaplains of County Gaols, 1850. COMBINATION OF WORKMEN BILL. Mr. DRUMMOND moved the second reading of the Combination of Workmen Bill. An act had formerly been passed on this subject, the object of which was to place masters and men on precisely the same footing. To that enactment—a dispute having arisen—the judges had re ceintly given different interpretations, and this was a de claratory measure to define the real meaning originally intended. Mr. HUMP. said it was simply declaratory, and con tained but one clause. He hoped the house would agree to it. Lord PALMERSTON did not object to the second read ing, but wished to reserve to himself the right of consider ing whether the bill agreed with the act it professed to ex plain. He knew some doubt had arisen as regarded the construction of the word " molestation," but though it would be exceedingly wrong to alter the existing act so as to permit that kind of molestation which, without any actual violence, hinders men from their work. He had no objection to the general object of the bill. The bill was then read a second time—to be committed oti that day week. The Sheriffs' Court (Scotland) Bill was read a second time—to be committed on the 14th inst. The house then adjourned at ten o'clock. THEATRE ROYAL, HAYMARKET. Under the Management of Mr. Buckstone. THIS EVENING, APRIL 6, Will be performed THE SHERIFF OF THE COUNTY. Cha racters by Messrs. Tilbury, William Farren, Henry Corri, Buck stone, A. Payne, Compton, and Rogers ; Miss Stanley, Miss Poynter, Miss Ellen Chaplin, &c. After which MR: BITCKSTONE'S ASCENT OF MOUNT PAR NASSUei. To conclude with DR. DILWORTH. ROYAL PRINCESS'S THEATRE, OXFORD-STREET. Under the Management of Mr. Charles Kean. THIS EVENING, Aran. 6, Will be performed the Tragedy of MACBETH. Principal charac ter by Mr. C. Kean. After which will be produced a new Drama, adapted from the the French of Mons. Scribe, by Mr. Palgrave Simpson, called MARCO SPADA. ROYAL LYCEUM THEATRE. Under the Management of Madame Vestrla. THIS EVENING, Arnu. 6, Will be performer THE GAME OF SPECULATION. Charac ters by Messrs. C. Mathews, F. Matthews, R. Roxby, Baker, Suter, and Butler ; Mrs. Horn, and Miss M. Oliver. After which. LITTLE TODDLEKINS. To conclude with A HOUSE OUT OF WINDOWS. THEATRE ROYAL ADELPHI. Pro;rietor, Mr. B. Webster —Directress, Madame Celeste. THIS EVENING, Aram 6, Will be presented WEBSTER AT HOME, AN ADELPIII FARE OF THREE REMOVES AND A DESSERT. Characters by Messrs. 11. Webster, L. Murray, Keeley, &c. ; Miss F. Haskell and Mrs. L. Murray, &c. After which, A NOVEL EXPEDIENT. With TO PARENTS AND GUARDIANS. THE PRETTY GIRLS OF STILBERG. PEPIN() THE DUMB BOY, AND PUG, HIS MONKEY. ROYAL OLYMPIC; THEATRE. Lessee and Manager, Mr. Farren. THIS EVENING, APRIL 6, Will be presented SATAVATORI ; or, the Bandit's Daughter. Characters by Messrs. H. Marston, Robson, Diddear, Cooke, and Morgan; Mesdames Anderton and 11. Gordon. After which, THE BEGGAIV3 OPERA. Supported by Messrs. Farren, Rolfe, Shalders, and Cooke ; Mesdames A. Phillips, Bartlett, and Gordon. To conclude with THE LASS OF GOWRIE. ASTLEY'S ROYAL AMPHITHEATRE. Sole Lessee and Manager, Mr. W. Cooke. Triumphant success of the New Spectacle, which has been nightly received with the most enthusiastic approbation.—The novel and daring Feats of the llorses, and the terrific Leap of Amakosa's Steed over the Falls of the Umtata have been hailed with thun ders of applause. THIS EVENING, APRIL 6, And during the Week, the Performances will commence with the new grand spectacle entitled A.MAKOSA.; or, Scenes of Kafir W4rfare ; with magnificent scenery, costumes, and appointments. To be followed by brilliant and elegant Achievements in the ARENA, supported by the mist eminent Engl sh and Continental Artistes in Europe. To conclude with a Laughable FARCE. Box-ortice open daily from Eleven to Four. Stage Manager, Mr. W. West. BIGII WATER AT LONDON BRIDGE. Tans DAY —Morning 45 min. after 12 I Evening 9 min.aft. 1 To-'Moattow—Morning 30 min. after 1 Evening 48 min.aft. 1 DAILY WEATHER TABLE. WEDNESDAY, APRIL 6, 1853. State of the wind and weather at each of the following p aces at nine o'clock yesterday morning. The stations are arranged in order of latitude. ITAsmiNGs—W., gentle breeze—foggy. FOLKESTONE—S.W., light breeze—overcast. TUNBRIDGE—S.W., gentle breeze—overcast. GREENWTOU—W., gentle breeze—rain. SmooD—W. getle breeze—overcast--scud. SWINDON-li., fresh breeze—scud—rain. CAmBurroGE—S.W., gentle breeze—cloudy. YARMOUTH—N.E., strong breeze—overcast. IfoLTHBAD—W., gentle breeze—fine. The returns from the following places indicate the state of the weather on Monday morning at nine o'clock : LIIIERICK—S., gentle breeze—overcast. FOLKESTONE—S.W., gentle breeze—partially cloudy. STROOD—W., gentle breeze—partially cloudy. THE WEATHER.--Sux OFFICE, APRIL 6. THERMOMETER, IN THE SHADE. 63—highest since noon yesterday. 48—lowest this morning and during the night. 60— this day at noon. BAROMETER, 30.03. WIND, W.S.W.—Light breeze, and dull weather. THE PUBLICATION OF " THE SUN" COMMENCES EVERY AFTERNOON AT THREE O'CLOCK, AND THE LATE OR THIRD EDITION, CONTAINING THE DEBATES IN PARLIAMENT THE SAME EVENING, With all other News arriving up to the hour of Post, AT SEVEN O'CLOCK. EXPRESS EDITIONS will be forwarded after. the Post is closed by the Latest Trains. tnt -.` • LONDON, WEDNESDAY, APRIL 6, 1853. THE QUARTER'S REVENUE. The Revenue Returns for the financial year and quarter ending sth of April instant, which have been published in due course, will be found in another part of this day's impression. They are of a very satisfactory character, affording powerful confirmation to what we have repeatedly asserted respecting the almost miraculous elasticity of the National Finances, and the happy results of the Free-trade policy, which has now been tested by the experience of six years. They also show that the rules of COCKER are not applicable to fiscal addition or subtraction—that two and two will be less than four, and also that if two be taken from four more than two will remain. Notwithstanding the reductions of duty that have come into operation within the past year, there has, instead of a corresponding deficiency, been a considerable increase in the revenue both on the year and quarter—that on the year amounting to 920,9991., and on the quar ter to 44,6131. We thus find that a liberal reduction of • duty on an article of general con sumption is nearly, if not altogether, compensated by a greatly increased demand, aird also that some thing springs up in other directions that may be considered almost as an equivalent. This is more perceptible in cases of the total abolition of taxation. The money still finds its way to the Exchequer, although it must be through a different channel. The strongest, the most powerful arguments, however, that can be adduced must prove less co n vincing than the array of figures now offered for public inspection, which more than justify the fiscal experiments that have been attempted, and afford the greatest encouragement to the pursu ance, even with augmented speed, of the course which we have for some years followed with such peculiarly auspicious results. We have already stated that the increase on the year amounts to no less than 920,9991. It is, however, right to say, that a considerable por tion thereof, viz., 557,537/., is made up by the extraordinary items—the improvement under the head of Imprest and other Moneys being 192,632/., and under the head Repayments of Advances, of 364,9051. This latter, however, affords propitious auguries in several distinct points of view. It shows that the parties who bor rowed money from the Exchequer are participat ing in the general prosperity, and that notwith standing the debt to the Crown; while it also shows that these advances were prudently and judiciously made, and are now yielding handsome returns to those who accepted the Government assist ance for the purpose of carrying on works of na tional utility. On the quarter there are also pro portionate increases in the extraordinary items-- the" " Imprest and other Moneys" showing an im provement of 80,6551., and the " Repayments of Advances" of 83,2511. On the ordinary branches of revenue there is still an improvement on the year of 345,4621., but a decrease on the quarter of 119,2931. The latter can, however, be easily explained, and need not excite the slightest apprehension with respect to the stability of the existing prosperity even in the most timid minds. We must bear in mind the fact' that the increase of 345,4621. en the year is not only despite the reductions and important remissions of taxation that came into operation, but also that the year with which it has been compared was one of extraordinary pros perity, embracing as it did the entire period of the Great Exhibition, which attracted to England a concourse from all the civilised nations of the earth, and of course led to a great augmentation in the, consumption of taxable articles. It is, therefore, peculiarly gratifying to be enabled to state, that, notwithstanding the substitution of the House Duties for the taxes on light and air, the repeal of the duty on bricks, and the reduc tions of the duties of coffee, sugar, timber, stamps, &c., &c., there has been no perceptible loss to the revenue, but that, on the contrary, the Exchequer is in a better condition, with a larger surplus available for further fiscal experiments than be fore any of these acceptable boons had been con ceded. Looking to the particular items of which the account is made up, we find that in the Customs there is a decrease on the year of 314,6391., and on the quarter of 182,193/. These deficiencies are, however, to be explained, as we have already stated, by the reductions on sugar and timber that have come into operation during the past year—to say nothing of the circumstances of our numerous visitors to the Crystal Palace in 1852 ; and that thequarter ending the sth ofApril in that year showed an increase of 66, 1 7591., and the year of 97,216/., when compared with the corresponding periods of 1850-51. The Excise return—the index to the prosperity of the labouring classes—is still more satisfac tory. There is an increase on the year of 202,8001., and on the quarter of 28,517/., and that notwithstanding that the former return ex hibited improvements on the year and quarter of 57,674/. and of 89,5281. (I) respectively. In Stamps, too, there has been an addition on the year of 527,499/., and on the quarter of 141,7641. This proves how fully our prediction has been verified, that the equitable modification of the duties, estimated by Sir CHARLES WOOD to occa sion a loss of half-a-million sterling per annum, would, after a few years, be productive rather than otherwise. In the Taxes there have, of course, been heavy reductions. 496,9551. on the year and 183,5721. on the quarter, appear very formidable. We must, however, not forget that in 1851 the Window Tax was abolished, and that the difference between the quarters ending sth April, 1851, and sth April, 1853, are not more than had been anticipated by the CHANCELLOR of the EXCHEQUER. The loss was estimated at 1,100,0001., and it has been about that amount. In the quarter of last year there was, however, an increase of 127,264/. In the Income and Property-Tax, which expired at mid night, there was an increase on the year of 309,2431., and on the quarter of 83,406/. In the Crown Lands, on the year, of 62,0001. ; there is, however, a falling off of 8,000/. on the quarter. In the Post-office, on the other hand, the de crease is on the year 6,000/., accompanied by an increase on the quarter of 23,000/. ; while in Miscellaneous the improvement on the year is 79,5141., the falling off on the quarter 22,2151. On the whole we can once more cordially con gratulate the community at large—more especially the industrious classes—on these peculiarly gratify ing results, the most satisfactory which it has fallen to our lot to notice for many years. It may be reasonably calculated that the members of the Coalition Cabinet are in no way ambitious of being regarded as a Do- Nothing Administration. Yet what have they hitherto accomplished ? Possibly, however, it might be argued with some show of justice, that we are scarcely fair in assuming that their conduct during the past quarter is a criterion of their merits as a Government. Admitting, never theless, that the brief period which has elapsed since their consolidation into a Ministry precludes them from the opportunity of revealing their ad ministrative capacities, we may undoubtedly shape our inquiry as to their merits in a different form by asking—What prospects have they held out as yet in reference to any comprehensive or systematic improvements ? Without fear of contradiction, we may at once answer —None. None, at least, entitled to any ear nest or exalted commendation. The Easter Holidays have passed by, and Parliament has agait# assembled, and still the country remains without the promise, without even the promise of half-a-dozen, out of a score, or rather one might say out of a hundred most desirable innovations. Everything is postponed. Instead of measures being introduced, Commissions are to be formed for the purposes of investigation. Delays are pro lific of delays. Procrastination is born of procras tination. " Hope deferred " must again sicken the hearts of the community. The multitude is once more required to exercise the virtue of patience—learning "to labour and to wait," like the Young Man who answered the Psalmist accord ing to the beautiful verses of Professor LONGFEL LOW. Illustrations of our accuracy in venturing upon these unwelcome assertions, may be culled at all points from the proceedings of the Imperial Legislature. Parliamentary Reform, for example, is coolly given the "go by" for, another session. It is complacently presumed that the matter is of such importance as to admit of yet a little more consideration. We are Warned against precipi tancy. Precipitancy, forsooth ! As well accuse the Seven Sleepers of over-activity. Again —the settlement of the East Indian difficulty is to be deferred by postponement after post byo p ur on r e ui m e e r n s t. in S a o ll this, we take particulars. Notwithstanding all numb ik um ew b i e s r e h o as f o i t t h e b r ee r n em r a es r o k l a v b e le resolved RUSSELL, GLADSTONE, GRAHAM, the for granted that the Members of ministration, have all along from . very outset CT:BEN-AB:7N ABERDEEN,' hearts, and eals . di t n e it r termed n ot duornisn. conscience, t h o e f phrase of the day—the t c h an at t w be e en fee lni f m ro a m ted ou b r thoroughly convinced. We are persuaded that yhewaxia not one among that motley group of Statesmen can be regarded as capable of being classed with those individuals who are indifferent to the allurements of power, aninti nil magnce laudis egentes, persons blind to the glory of securing a really noble and beneficent reputation. We rest satisfied that they cordially accede to the truth of the old classic opinion, that we never view praise with contempt until we have ceased to perform actions really praise worthy, non prius laudes contempsimus, quam laudanda facere desivimus. Nevertheless, all these "good intentions" have failed hitherto to ripen into good performances. Perhaps, after all, there is some reason in that facetious con jecture of the political writer in the current number of Blackwood, insinuating a sort of legislative and administrative dead-lock arising out of the anomalous and embarrassing position of the present Ministry as a Coalition. " Every one of them," says the contributor to Maga, " every one of them, knowing he cannot do what ho would, keeps his eye on his neighbour, that he shall not stir." It is, according to his estimate of it, precisely what Mr. PUFF calls situation"— " every one holds his dagger at his fellow's throat, yet none dare strike." May not this be a fitting retribution. Everything was sacrificed by the mem bers of the existing Cabinet for the delight of gain ing one situation—meaning "office"—and the very realisation of this desire has been productive of another situation meaning the " dead-lock" already specified. Yet to gain this enviable position our rulers, as we have implied, sacrificed boldly all jealousies, contentions, and predilections, to say nothing whatever _about mere consistency. It was with a rather indelicate perception of the diffi culties arising out of the incongruity of the prin ciples cherished by the different Members of this Coalition Cabinet that Viscount MAIDSTONE— alluding, of course, to the Ministerial Ark floun dering about in the present Political Deluge— inquired only the other day, with such comical indecorum— " How shall the self-denying lion pass A friendly morning with the pert young ass ? Or old-wife's canniest contrivance pen Reforming REYNARD with an Oxford Hen ?" How, indeed—when the reconcilement of all these' bewildering differences (remember that !) is left entirely and unconditionally to the judgment of cet excellent : " A good old man who very fondly hopes With patent sand to manufacture ropes 1" Yet, in the midst of all these intestine wars of the' Cabinet -- these interior wranglings in the Ark—we can fancy its occupants awed into a momentary panic by that terrible cry of " Breakers ahead I" An obstacle discoverable by even the most purblind amongst them in the grim approach to that inexorable and inevitable Budget. Yes, in that direction at least, there is some source of satisfaction. There, at least, we can have no additional procrastination. It tempts one to a tolerably free reading of SHABSPERE. The Budget, the Budget is the thing with which we'll catch the conscience of the Govern ment. At any rate the financial difficulty of the Administration can no longer be blinked. Already we are hastening to its consideration perceptibly, with every throb upon the dial. The renewal of the East India Charter may be deferred. There may be further delays in the reform of the general system of representation. The problem of education may even now at the eleventh hour be adroitly waived by some ingeni ous postponement. But, under any circumstances, the country must find itself empowered to regard the Budget as the test of the real character of the Administration. The last financial year has just closed. The new one has within the last few hours commenced. Mr. GLADSTONE is thus impelled in spite of himself to the turning point in the destinies of the Coalition. Will he draw wisdom from the experience of his immedi ate predecessors ?—or will he, according to the wont of one of his Ministerial colleagues (a Right Hon. Baronet who once wore the gold robe to no better purpose than to' scatter brick-dust in the eyes of the population), will he, according to the wont of Sir CHARLES WooD, speak with the fatuity by no means peculiar to a Chancellor of the Exchequer " Video meliora, proboque : deteriora sequor." That is scarcely credible with a statesman as gifted and astute as the Right Hon. Gentleman the Member for the University of Oxford—and yet to hesitate in entertaining the mere possibility, we should be setting at nought the remembrance of many grievous national disappointments. Whatever else may dismay him in the onerous task of laying his Financial Statemen'., before the House of Com mons, Mr. GLADSTONE will be sustained at least by one very considerable encouragement. He will have the unlimited support of all the combined forces of the Coalition. It vas under no such inciting auspices that Mr. DISRAELI adventured upon his famous exposition as to tie Ways and Means of the country. Whether it werefactious or not factious, an Opposition of very formidable numbers, and of very stubborn resolution, was arrayed from first to last against the scheme of that Right Hon. Gentleman. After the close of his elaborate state ment, he was rewarded bv little beyond the honest and hearty eulogium of that most candid of all Protectionists, the Representative of the North Riding of Yorkshire. It will not be thus with his successor the present CHANCELLOR of the EXCHEQUER. He will have marshalled against him no such banded antagonists. lie, too, will have doubtless somewhat more ardent and more numerous encomiasts. If the knowledge of this do Lot inspire Mr. GLAD STONE with an over-confidence in the security of his own position, it will be well for the fortune of the country and for the stability of his party—if there really be such a thing discoverable anywhere, under the roof-tree of the, Reform Club, or under that of the Conservative. For doubts like these will insinuate themselves upon our recognition in the thick of all this wide-spread political confusion —a confusion almost reducing one to the profound condition of unbelief expressed by Mr. MONTA GIIE Troa when he exclaimed—" I reject the supersti tions of ages, and believe nothing : I don't even believe that I don't believe—curse me if I do I" It thus happens that Mt. GLADSTONE enjoys the privilege of bringing fonrard his Financial State ment precisely in the delightful crisis of this epoch of bewilderment. " Hit him hard, he has no friends !" The homely adage has but too much foundation in fact. We find not merely individuals, but classes, occasionally ostracised, whom it is the fashion to run down, until every puny whip ster thinks that he may gain character by flinging a stone against far better men than himself. For many years the tide has set in steadily against Railway Directors and railway Shareholders. The railway interest generally appears to be the 'mark for every en venomed shaft that can be launched against it. It would almost seem as if those to whose spirit and enterprise we are indebted for the iron net work that intersects the country, affording facili ties for intercommunication hitherto unknown, and which but a few short years ago would be regarded as totally impossible, were looked upon not as national benefactors, but as persons on whom it was desirable to inflict the heaviest blows, the greatest possible discourage ment. This feeling was recently illustrated by one of the cartoons of our facetious contemporary Punch, which represented a couple of Railway Directors, bound " Maxeppa-like," to a loco motive engine, in order to encounter the danger of the first collision ; it is al so ex hibited in the anxiety to render Di rec t ors criminally responsible for any fatal accident, although it might arise from causes beyond their control, and not averted by any reasonable precautions. And i t shone conspicuously in the motion which was last night brought under the consideration of the House of Commons, 'but sub sequently withdrawn, as soon as the missiles had been cast against the party a ssa il e d . That there have been many formidable acci dents it is impossible to deny. But could these accidents be averted ? That is one question; and considering the other conditions demanded—of extraordinary speed and numerous. trains—are they more numerous or destructive than we have every reason to expect ?is another. We believe that no more deserving body could be found than the railway officials, from the highest to the low est. The very prejudice excited against them has perhaps produced greater vigilance. We should only desire to see some of their assailants placed in their position for a short period (if the experiment could be tried without serious damage to life or limb). We venture to assert, that if such were the case they would receive a salutary lesson in mild forbearance and-Christian charity that would be beneficial for the remainder of their respective lives. COURT CIRCULAR. Her Majesty, accompanied by the Princesses Helena and Louisa, and attended by the Countess of Gains borough and Major-General Cuckley, visited the Duchess of Gloucester yesterday afternoon, at Gloucester House, Piccadilly. Prince Albert, attended by Captain the Hon. Dudley de Ros, visited the Exhibition of the Society of British Artists, in Suffolk-street, yesterday morning. The following had the honour of dining with her Majesty last evening in Buckingham Palace :—The Duchess of Sutherland, the Earl and Lady Constance Grosvenor, the Right Hon. Sir James Stephen, Baroness de Speth, and Mr. Gibbs. Li - eut.lColonel Francis Hugh Seymour has relieved Capt. the Hon. Dudley de Ros in his duties as Equerry in Waiting to Prince Albert. The Duke and Duchess d'Aumale and the Princess de Salerno visited the Duchess of Kent yesterday at her residence, Clarence House, St. James's. The Duke and Duchess d'Aumale paid a visit to the Duchess of Gloucester yesterday. The Duchess of Kent, accompanied by the Princess Adelaide of Hohenlohe, and attended by Lady Anna Maria Dawson and Sir George Couper, honoured the Royal Italian Opera with her presence last evening. Sir Thomas Fremantle, Chairman of the Customs, had an interview with the Chancellor of the Exchequer yesterday, at his official residence in Downing-street. Mr. John Wood, Chairman of the Board of Inland Revenue, and Mr. Pressly, had also an interview with the right hon. gentleman. Mr. J. Ross, from Canada, had an interview with the Duke of Newcastle yesterday at the Colonial-office. THE NATIONAL DEBT. The announcement of the Chancellor of the Exchequer that he will move on Friday for a committee of the whole house to consider the Consolidated Fund and National Debt Redemption Acts gave rise to a variety of reports yesterday as to the probability of measures being contem plated for some favourable modifications with regard to the National Debt, which tended to produce an im provement in prices. Consols opened at 998 to 100 for money, and the closing quotations were 1004 to a for money, and 1004 to for the 12th of May, The rumour generally believed to be correct was that a plan will be pro posed for the issue of Government debentures or Treasury bills, at the rate of 28 per cent., with h a lf- year l y coupons, payable to bearer, and having 20 years to run, to any per sons who may prefer to take them in exchange for Consols or Reduced. The convenience of a negotiable security of this kind, coupled with the guarantee they will afford against any further reduction of interest during the period for which they are issued, will, it is imagined, cause them to bear a sufficient premium to tempt the holders of Three per Cent. stocks to convert them from time to time in considerable amounts. The experiment will also furnish a safe test of the extent to which a general reduction of the Three per Cents. may be ventured upon, and for which, in any compulsory form, a year's notice will at all times be requisite. The statement of the Chancellor of the Exchequer on the above subject will precede by more than a week the introduction of the budget, which is fixed for Monday, the 18th. _ The amount to be invested on account of the sinking fund for the reduction of the National Debt during the quarter ending sth July next will be 600,0001. With the exception of the corresponding quarter of 1852 this is a larger total than has been applicable for some time past, the respective amounts during the last year having been— Quarter ending sth July, 1852 ... 11681,599 10th October, 1852 ... ... 544,249 sth Januazy, 1853 ... ... 436,360 - sth April, 1853 ... ... 476,085 NEW .ELECTION COMMITTEES. Yesterday the General Committee of Elections met and appointed the following committees : DARTMOUTH.—Mr. W. Miles, chairman ; Mr. J. H. Langston, Mr. E.Tellowes, Hon. G. H. C. Byng, and Vis count Newark. Member petitioned against, Sir T. Her bert. TAIINTON.--Sir George Grey, chairman : Mr. C. G. Du Pre, Mr. Montagu Chambers, Mr. H. B. Coles, and Mr. Pilkington. Member petitioned against, Mr. A. Mills. LEICESTER.-Mr. Divett, chairman ; Mr. S. Gregson Mr. R. T. Parker, Lord Dalrymple, and Mr. M. Kendall, Members petitioned against, Sir J. Walmsley, and Mr. R, Gardner. BANK OF ENGLAND. —A general Court of the Bank of England took place yesterday, when Mr. G. Hub bard was elected Governor, and Mr. T. M. Weguelin Deputy-Governor. PRICE OF GOLD.—The quotation of gold at Paris is about at par (according to the last tariff), which, at the English Mint price of 3/. 17s. 104 d. per ounce fot stan dard gold, gives an exchange of 25.17 ; and the exchange at Paris on London at short being 25.07 i, it follows that gold is about 0.38 per cent. dearer in Paris than in Lon don. By advices from Hamburgh the price of gold is 429 per mark, which, at the English Mint price of 3/. 17s. 101 d. per ounce for standard gold, gives an ex change of 13.7 ; and, the exchange at Hamburgh on London at short being 13.6, it follows that gold is 0.47 per cent, dearer in Hamburgh than in London. The course of exchange at New York on London for bills at 60 clays' sight is 1091 per cent., and the par of ex change between England and America eing 139 23-40 per cent., it follows that the exchange is nominally 0.33 per cent. against England ; but, after making allowance for charges of transport, the present rate does not allow of the transmission of gold either way between the two countries. _ _ WEST INDIA MAIL COMPANY.-A memorial has been addressed to the Admiralty by the merchants of Bristol on the inconveniences sustained from the repeated failures of the Royal West India Mail Company to fulfil the engagements of their time tables., The memoriaists state that the failures in question are so notorious as to render it unnecessary to specify particular grievances, but they point to the recent fact, " that the steamer due on the 7th of February last did not arrive till the 9th of March, and that the steamer due on the Ist of March did not arrive till the Bth." HERR STAUDIGL.—We understand that this famous basso has arrived in London this morning. ILLNESS OF MADAME VESTRIS.—Last evening, dur ing the performan ce , o f A St range Hi story (which, by th way, has been curtailed somewhat, and proportion ably improved), Madame Vestris showed some signs of ill health, and went through her part with obvious diffi culty. The piece proceeded, however, up to the last act which had scarcely commenced, when Mr. Roxby addressed the audience, and claimed their indulgence for Madame Vestris, who found herself wholly inadequate to complete her task, The part of Christine being the all-important part in the piece, there was no alternative but to drop the curtain. We are informed that the indisposition of this lady manifested itself yesterday, and that it was exceedingly doubtful this morning whe ther a change of performance would not be necessary. SOUTHAMPTON DOCK COMPANY.—Yesterday, a special general meeting of the proprietors in this undertaking was held in the London Tavern, for the following pur poses :—First, to consider and determine upon the expe diency of constructing one or more additional close docks and an additional graving dock upon the company's land ; secondly, to authorise the raising, for thesep poses, the necessary capital, by the creation of the com pany, being the balance remaining unissued addi tional sum of 270,318/. 15s. ca pitalstockof of th t e hae c y o 6 n bt i eh sotmount ra required i 7 r t e h d V f o i . h c e a pa. above or purposessuch and s e td t o h t e ht r hi thereof f laym a , sanc tion the further issue of debentures au thorisedberequiredby fort h abovethe said i act, d such p o u r irrip o osopse p .n o i r nc t g i portion Colonel proceedings, Barlowe ofa s ma in y the chair. The chairman, constructing new docks, and had a large increase of busi eeyssity sutragteedd the tha t n e th e forward ; for if they delayed notne busi ness, s , sufficient so m uch for s o thathtahe presenttheirpc companies ora d pp o e a c r kiiiteai trade. ms c accommodation hf m oor m nHb o or d ewi a n : pw o i : n ag: was of the up would go elsewhere. If might it,wop subject many i a o tn n hyoe f t o h ift a nht t eet vthise largewi construction anss steam a h t n e they had not constructed the close dock, which, h e state, had been the starting point of their fortune, they would not have been able to accommodate the General Screw Company. After going at some length into the subject, he stated that the stock of the c ompany would be increased in value by the extensi on of the dock ac commodation from 26 to b 4 acres 150 per cent. T th h e e n i e s got e i d at a io t i l l e w ss it t h ha p n ar p t a i r e , s and for the k h w ad oul h d ee n n ot in be issued pdnlieraweccinstotgorcsout of 50,000/. worth of the stock at that rate. In conclusion, he proposed three resolutions to the effect given above. The motion having been seconded, was opposed at g rea t l ength by Mr. Richards, who con tended that th e proposed extension of the docks and ca pital would only injure the present shareholders. Se veral other gentlemen having also spoken against the resolutions, the motion for their adop t i on was put, and carried by a l arge majority. A vote of thanks to the chairman concluded the proceedings. ITALIAN REFUGEES --A committee has been formed in London for the relief of Italian refugees. The gentle men who have undertaken this kindly task hope to pro cure work for destitute Italian refugees in London, and to assist them, in the meantime, with such pecuniary means as may be raised by voluntary monthly subscrip tions and donations. Refugees desirous of availing themselves of the aid of this committee are required to m a k e a witen application, at least four days before the weekly dis autions, in order that the necessary infor mations regarding them may be made. Every Sunday there is to be a distribution of money, in proportion to the subscriptions and donations received. ROYAL COLLEGE OF SURGEONS.—The following gen tlemen were admitted membere of the college on the 4th instant :—Messrs, John Groscort Reed, Exeter ; Ber nard Kendall, Budleigh Salterton, Devon ; Joseph Ewart, Holmehead, Cumberland ; Joseph Ford, Ched dar, Somerset ; James Vaux, Plymouth ; Oscar Byrne, Newcastle-under-Lyne • William Thomas Lewis, Lon. don ; George Yeates Hunter, Margate ; Sydney Jones, Old Kent-road ; Henry Cooper Rose, Edward-street, Langham-place ; and Edward Clapton, Stamford, Lin. colnshire. MONEY AND COMMERCIAL NEWS. CITY, TWO O'CLOCK. The sales of cotton at Liverpool yesterday were estimated at 8,000 bales, of which 2,000 American were taken f or export and on specula tion. The market was firm at previous rates. The sales comprised 7,000 American, 300 Pernam and Maranham, at 60. to 7fd. ; 200 Egyptian, at 6d. - to 10d., and 200 Surat at 3/d. to 4i-d. per lb. Railway shares were very dull. The foreign exchanges were very firm yesterday afternoon. Three months' bills were taken on Paris, at 25 271 to 30 • Amsterdam, 11 18/ to 19 ; Hamburgh, 13 7/ to 8 ; and Trieste, 11 6 to 10. The crude rep or t s yes t er d ay circulated concern ing the financial intentions of the Chancellor of the . Exchequer have resolved themselves into some thing more tangible, and it is now the belief that there will be an endeavour to issue debentures bearing interest at the rate of 2i per cent., secured . for twenty years. We have heard a good deal of discussion in monetary and Stock Exchange circles respecting the probable success of this attempt, and, upon the whole, opinion is fa vourable. There are difficulties in the way, unquestionably, but the whole matter will be in the nature of an experiment, and it is proper that something of the kind should be attempted, when we see foreign loans and undertakings daily brought forward in consequence of the facility of fered here for raising money. It is high time our own Government should endeavour to profit by the exalted state of our credit ; and although it might not be possible to reduce the interest on Consols while they stand so very little above par, the scheme proposed will perhaps insensibly lead to a future conversion. Upon the first blush it would seem that Exchequer Bills could not be kept in circulation supposing Debentures were issued, be cause the former bears a much lower rate of in terest than 21 per cent. It should be recollected, however, that the floating debt is of a very pecu liar and convenient character. Bankers can scarcely venture to place any of their surplus in other in -vestments, because Exchequer Bills constitute what is termed in Stock Exchange parlance, " a call ' upon the Government at par," that is to say, at a given date from the period of issue, the holder is entitled to receive back the full amount of his capital. Under any circumstances, therefore, the monied man who can afford to keep the security until the day of payment arrives, is secure against loss. He may have all the chance in the meantime of selling out at a profit, according to the rise the premium. But, it will be objected, perhaps, that there have been periods when Exchequer Bills have ruled at a discount. This again is correct ; but with the changeable character of our Money Mar ket there isno obviating such a result, and certainly there is no security so little exposed to variation and so safe as regards the capital. We believe, on the other hand, that the proposed 2i per Cent. Deben: tures would find favour with those who may wal l ' an investment for two or three months, and dislike the trouble of attending at the Bank to transfer stock, while the issue of the Debenturesi with the , coupons attached would enable any one to send 11 P • his dividend warrant to an agent without the least trouble. Further, a guarantee for 20 years is worth something, whatever we may think of a conversion of Consols, when the 3 per Cent. Stock range° steadily at 5 or 6 per cent. above par, our Govern; ment will unquestionably make the attempt, and there are more improbable thing than this, not withstanding the new outlets for our surplus ca pital. The extent to which the public may think proper to Exchange Consols for debentures will be a fair test of the popularity of the new mew sure, supposing that the Stock Exchange have got the right version. The very important information has been received from Paris of the intention of the French Government to grant power to execute a great Central Rail' way, with a 99 years' lease, which is calculated to ex ercise a material influence upon our money market, the main stipulation being that the whole sum is to be raised in London. Louis Napoleon wisely considers that the Paris Bourse would not bear the weight of such a gigantic operation ; and profitable as the scheme may be, we cannot but express an opinion that such a large demand upon ou r re; sources for absorption in foreign countries, shoule render parties exceedingly cautious as to the en; gagements they cont rac t. It i s j ust possible t hat the whole power of the Australian gold imports may be neutralised by the rapidity with which loans and companies are being brought out. The amount of revenue to be invested in th e redemption of Stock during the present quarter i 5 about 600,0001., or more than for a considerable period. - The funds are extremely firm, and tend upwards , the Government measure being favourably thought of. Consols have been quoted 100 i to for trans fer, and I.ooi to for account, being a ris e o f The New Three-and-a-Quarter per Cents. h a ve been worth 104 to and the Three per Cents 99* to Bank Stock has been done, ex. divi dend, at 224 to 225. Exchequer Bills of JIT,„ ° are 6s. to 10s., and o f th ose of March 10s. Pre' East India Bonds are at 435. to 48s. premium. Foreign securities have been less buoyant, an' the speculators seem to be realising their profits on, the late advance. Mexic an B on d s are heav y 3b 21 to / ; Peruvian Scrip is worth 31 to 4 prem. i ; Chilian 3 per Cents, are at 82 ; an d B raz ilian 4 1 per Cents. at 99 ; Spanish C er tifi cates are heavy 3.a 84, and the intelli gence j us t received from Madrl indicates that th e o pp os iti on to the n " , loan will prove very formidable in the Corte.t Still many conceive th a t th e G overmnen t have a majority. The New Deferred Stock is 5 2 , 4 ,„ to /. Dutch 4 per C ents. have been down "`" 96i,after having realised 97i ex dividend. juts' sian Bonds are 1171 to -4.. Portuguese 4 per Celt have been at 391, and it is said there are to 0 ' more favourable terms offered to the holders. The Railway Share Market is firmer in tone, 3 A 4 , - though there is not m uc h b us i ness doing. Frac' Shares are flatter in consequence of the new schor coming out. Upper India have again been ciao as high as premium. The Gold Mine Shares are quiet, but firm. t The Land Compa n y' s Sh ares are heavy, "_l/, British American L an d h ave i mproved, after belmb 63 to 66. The Joint Stock Bank Shares are very flat, an there is still a disposition t o se ll. E ven th e Chartered Banks of Australia are lower. BRITISH FUNDS THIS DAY. (From the Official List.) Business done. Bank Stock 3 per Cent. Reduced .Annuities 99' .2. 3 per Cent. Consols Annu i t ies , - - \t. Annuities ~ ...... , . :....... 1024 i '15.1 Cent. au-- --- .--t i 0 4 16 6 trA lsT ro el ga 3 AB . 1 il li e du r is t , c i Is 1 , 0 0 O E ...... !. ii . . Jan., : : .. . 8 . 6 . . 0 . .. .. . .. 5 4. 1 5 8 . Consols for Account ( . lOO4 i i june. March. E x chequer Bills , li I £lOOO .................................... 7 10 6 10 £5OO ...................................... 6 Small ...................................... 6 6 PRICE OF FOREIGN AND S THIS DAY. Brazilian Bonds, 5 p er Cent. . Ditto New, 1852, 4i per Cent , a x Chilian Bonds, 3 per Cent 94 IGEqrDenaciktdtooerilA3oecrenoed:s.natu..Ae.p6ieiul...pios.n.,... 52% t 211 Mexican 3 per Cent... ....... .. " 9 Portuguesee Ditto, avian c s r i p per . Ce a ' •• • ... .. .. 234 :2: i 2 _ wr 4 w p o n e r d Deferreds C , e x 1 t 39f 4 0 1 Russian Bonds, 5 per Cent. . Ditto, 4i per cent Spanish New 5p er , 3 C e p n e t r . cern, .. Spanish Committeefun 8 i p Cert. of Coup. not ~,, Venezuela Bonds 3 2 per Cent........... " 1 ,, Ditto Deferred, 1 per Cent Dutch Exchange 2i per Cent i Ditto 4 per Cent. C er tifi ca tes... TUR RE O'CLOCK. Consols. ............ ..................... Ditto April ACCCOUnt ................ 100 i 1004 THE E.A.nr. or CARLISLE . ---OH Monday th e mag i s t r ate and Town - Counc il o f Edinburgh presented die freedom of the city to the Earl of Carlisle "in testimony of their regard for him as an enlightened statesman, their adn a r, ration of his active . and generous philanthropy, an d then gratitude for his services in promoting the social and T . tellectual elevation of the people." The noble earl, 1 ; 1 gracefulan d happy terms, ac k now l edged the complime_' , .: thus paid him. H e t old the .Lord Provost that 0` valued the honour conferred on him all the more from its being unconnected with any considerations mere party politics. Civil and religious libertf, , the ab o liti on of slavery, and free trade had a ways enli s t e d his warmest sympathy and support' He ; had end eavoure d to allay religious and nation; animosities, to ex t en d popu l ar education, an d promote all that could polish, elevate, and refine th e bulk of his fellow -countrymen. It was highly gratift o ing to him to find himself so favourably esteemed in t." ancient capital of th e S co tti s h monarchy—a city fr? 133 which some kinds of royalty would never depart--whl e r sat enthroned in n a t ura l an d arch i tectural beauty on he,. native rock, with the encircling hills around her and th; sparkling estuary a t h er f eet—and which retained tl?f, sovereignty of intell ec t d er i ve d b y h er from a long flatlet of philosophers, orators, poets, and divines, still lop_ glowing with copi ous l ustre am i d her schools, her chair , her press, he r f orum, and her pulpit. The noble ear l addressed th e same evening a meeting, over which Lord Panm ure pres id e d , for the promotion of Rogge Schools. ANTIQUITIES AT WOOLWICH.-A party of oonvie,, t ! employed in excava ti ng th e groun d at the rear of to' buildings of the boring department, in the Dial square' came upon a numbe r o f an ti qu iti es — cons i st i ng o f vegs°' i in pottery, human remains, and an urn containl, burned bones. Th e vesse l s are d escr ib e d as o f su perio i construction, although made of a re d b r i c k co l our , an their forms are remarkable.„