The Sun. — London, England, 1853-04-09 00:00:00

' i,j,i-rt ....„c-> ~GU~iG~ ~~ /i/ l/ / ) • . • . r • 4 . .. r, , . s. • , r 4 :‘ ,41 1 . 41°- • ) 101PP '. 4 ., , 4 "5 1 4.9' 01'1 --,>\)(•,„ • STEAM TO AUSTRALIA. G ENERAL SCREW STEAM SHIPPING COMPANY. NOTICE IS HEamtv GP/Es, That this Company's Auxiliary Iron Screw Steam-ship ARGO, 1,850 tons, George Hyde, C o mmander, will leave Southampton for PORT PHILIP and SYDNEY on N EDNES- Dia, the 4th of May next. The accommodation is of a superior descrlp' ion, and the cabins are nab' furnished. The rates of passage money—After Cabin, first Class, 50/. • Fore Cabin, second class. 501. These rates a r e exclusive of wines, beer, and spirituous liquors, which, however, may be had lOn board at moderate prices. The ship will carry an experienced surgeon. . - LONDON, SATURDAY EVENING, APRIL 9, 1853. No. 18,891.] [PRICE SD. APPfications for passage to be made at the Company's Offices, 2, z mYal Exchange-buildirgs ; and for freight and parcels , to' Mess r s. IlaVoir, Laming, and Owen, 16, St. Mary-axe. HE BALLOT SOCIETY. The BALLOT t•OCIETY solicit communications, a'ldressed to the Secretary, from friends in all parts of the kingdom. CLIAIRMAN—The Hon. F. IL F. BEKEELEY, M.P. SECRETARY—JOIIN JENKINS. BAN/cuts—PRESCOTT, GROTE, and Co. Bzilot Offices, 140, Strand, London, April 7, 1833. minster, in favour of the reduction of the duty on tea, to ls. per lb. Mr. PELLATT presented a similar petition from Southwark. To AGENTS.—Life ,Assurance Agents in any part of England may with advantage become Agents for Fire I nsurance, and thereby greqtly extend their Life business. The Directors of the UNITY FIRE INSURANCE ASSOCIATION—an institution established on new and imnortant principles, and possess ing uPyterds of Two THOUSAND SHAREHOLDERS, whose names and addresset are published with the Prospectns—are ready to receive aPplleations for Agencies, accompanied by references. By looking over the , List of Shareholders, applicants will probably find several to whops they are known. For terms, prospectuses, &c. apply to THOMAS B kYLIS, General Manager and E:eeretary. Chtet 011ie es, 40, rail Mall, London. NEW TRAVELS ROUND THE WORLD. This day is published, in 3 vols., 310. 6d. bound, NARRATIVE OF A OURNEY ROUND THE WORLD; COMPRISING, A Winter Passage across the Andes to Chill, with a Visit to the Gold Regions of California and Australia, the South Sea islands, Java, &c. inferior to none of them—every one of these operations have had an issue comparatively simple to deal with, and they have marked the successive steps by which you effected the great transition in respect of your debt from a state of war, when money could only be raised at high rates of interest, to a state of peace, commercial progress, and general stability of our institutions. The case is now materially different. I will state very briefly the po.rticu- Ws of 41i,ose operations, for the purpose of discountenanc- 1 ing the supposition that any analogous effects are to be expectell at the present time. In 1823 Lord Bexley pro- I posed a commutation of a portion of the public debt. He operated on a capital of 152,000,0001., and effected an im- ; mediate saving of 1,200,0001.. In 1825 the Earl of Ripon operated on a capital of 77,000,0031., and effected an imme diate saving of 390,0001. From 1830 to 1831, my right hon. friend the member for the University of Cambridge operated on a capital of 153,000,0301., and effected an im mediate saving of 753,0001. In 1844 and 1845 he again dealt with the large capital of 248,000,0001., and effected an immediate saving of 622,0001., which in the year 1854 and 1855 will be doubled, and then there will be an actual permanent saving of 1,-244,0001. (Hear, hear.) With re spect to the amount of saving and of the rate of interest, from which a dissent was to be made, the case is widely different at the present day. So far as the history of the world has yet gone, we have found 3 per cent. pretty nearly the limit at which we arrive. The enormous mass of dis sent is again such as to preclude any extensive compulsory operations, not only under the circumstances of the pre sent moment, but almost under any circumstances which it is possible to foresee. The debt amounts to 500,000,0001., more than double of what it is ever been attempted to ap proach for the purpose of reduction ; and a circumstance, which may not be so generally within the knowledge of the committee, but which is yet more fatal in its bearing on the position of the public debtor and the public creditor . . _ Mr. HUME presented a petition from Arboath in favour of the bill for abolishing University Tests in Scot land. LAURENT'S CASINO, ARGYLL ROOMS.- Lessee, CHARLES E. LAURENT, Onslow-heuie, 'Fulham road. Open Every EVer.ing. The. Orchestra will perforrrt, during. the week, " The Thistle," " Shamrock," "Rose," and "Amine" Waltzes, the "Napoleon" Galen, "Le Cirque' Quudrille ; "La Valerie," "Juno," and "Steeplechase" Polkas.— Admission, Is. Doors open at Half•pist Eight; to commence at Nine o'clock, and terminate at Ifaitpayt Eleven. DOCKYARD APPOINTMENTS. By F. GERSTAECKER. Hurst and Blackett, Publishers, Successors to Henry Colburn 13, Great Marlborough•street. Sir B. HALL gave notice of the terms of the motion which he intended to move on the 19th of April next. The substance of it was that he would call the attention of the house to parliamentary papers of the present ses sion, Nos. 67, 271, and 272, relating to dockyard pro motions and appointments, and move the appointment of a select committee to inquire into the circumstances connected with the cancelling, on the 9th of April,lBs2, of the circular of the Admiralty of the 26th of September, 1849, without any order or minute of the Board of Admiralty ; also into the circumstances under which a letter addressed by Sir Baldwin Walker to Mr. Staf ford, the Secretary of the Admiralty, in which letter he tendered his resignation, and why that letter was with held from the board; and also into the circumstances con nected with the appointment of Mr. Jas. Wells as master smith of Portsmouth Dockyard, and the subsequent can celling of the same, and the appointment of Mr. Geo. Costell in his stead, and generally into the exercise of the influence and patronage of the Admiralty in several Parliamentary boroughs at the lest general election. /SHE EDINBURGH REVI EW, No. CXCVIII., SIT LIFE ASSURANCE SOCIETY, London. 8 / 1 "E OP PROFIT INCREASED FROM ONE-HALF TO FOUR-FIFTHS. The 3et ei "'lagers beg to remind the public that persons effecting Po cry With this Society now or before Midsummer, 18b3, will PARTI th_ A TE IN FOUR-FIFTHS of the Net Pro fi ts of the Society it ~next Division. in proportion to their contributions to those pre p and according to the conditions contained in the Society'. aPectua, 4 .3% , e Premiums required by this Society for insuring Young Lives a ',;,!„ . _ lo wer than in many other old-established effices, and Insurers "d'iTiotully Protected from all risk by an ample guarantee fund, in ad pre n t ° tile accumulated funds derived from the investments o miums. Pros Pectuses stay be obtained at the Office in Threadneedle-street, radon, or of any of the Agents of the Society. CHARLES HENRY LLDDERDALE, Actuary. Is just ru!,llL.hed, COICTENTI T. Alison's History of Europe since 1815. 11. Marriage with a Dec=ased wife's Sl4cr. 111. The 'lurch of England in the Mountains. IV. Recent Novels—Agaths's Husband. V. The National Gallery. VI. Mr. Disraeli —His Chvacter and Career. VII. Public Education. ir VIII. Marcellus—Mcmoirs of the Restoration. IX. The Income Tax. London : Longman and Co. Edinburgh : A. and C. Brack. TO ESTABLISHED ASSURANCE COM PANIEA.— A Gentleman of high character, very extensive connexions, and of great perseverance, at t n•sent holding an im portant situsti.m in an old-est.4l shed office, who has been distin guished fu* Ws great success in the extension of Life Assurance bpi tiess, is disposed to enter into an arrangement with an office of acknowledged character for the extension of its business. Would not object to the management of a Branch Office. or to an arrange ment as Secretary or Assistant-Secretary. Would be disposed to gua antee a fair amount of business. The highest references given. Address, prepaid, to 0. P. Q., care of Messrs. Castle and Lamb, newspaper agents, Bull-head-court, liewgate-street. FRANCE. —DOMAIN of MARGAUX-PAL MER, third Great Growth of ME DOC. The Sale of this Do main takes place on the 18th May next at the Chamber of Notaries at Bordeaux. Upset price, 400,000 r. For particulars, or to tree, apply in Paris, at the Caisse 1I pothecaire, 9, Rue Cadet; at Bordeaux, to M. Tomezy, Notary, and to M. Bourgoin, Gerant, 27, rue Condillac; and at Margaux, to M. Brachet, Notary. G REAT INDIAN PENINSULA RAILWAY COMPANY. SEVENTH HALF•TEARLT GENTiAL MEETING. LOANS GRANTED. I.4°IIDON EXCHANGE ADVANCE FUND, A L . 2 , Adelphi-te zroad-street, City.ce, Straad, facing the river ; City Branch, 3, rra _ The Right lion. Lord ERSKINE, Chai r man. I,,,Cns_ advanced, In sums o f 101 . and upwards, granted on a j o i n t ofen e rry note, r e p aya b le by easy instalments, or on the deposit h p or other available securities. ing 7Zit. exchange cashed at mode-ate rates of interest. 2 et " a may be obtained at the Offices, or on forward stage stamps. W.ti, BROOKS, Secretary. NOTICE IS HEREBY GIVEN That the Seventh Half-yearly General Meeting of the Proprietors in this Company will he held at the Offices of the Company, 3, New Broad street, London; oh Wed nesday, the 27th April, 1853, at 12 o'clock at noon precisely", ter the General Business of the Company, pursuant to the Ac . (iigned) BORNEO. Mr. HUME stated that in consequence of the Go vernment having told him that it was their intention to institute an inquiry into the proceedings at Borneo, it was not his intention to proceed with his motion on the subject. PATRON—H.R.H. PRINCE ALBE RT. ROYALPOLYTECHNIC INSTITUTION. —Mrs. Beecher Stowe's Popular Work on Slavery Illus. trated in an Optical Exhibition, with Vocal and Instrumental Music and New Dissolving Scenery, Morning and Evening. Lectures: — By J. H. Pepper, Esq.—Half-hours with the Ancient and Modern Chemists ; by Dr. Bachhofther, on Pneumatics, in which the Principle of the Fly's Foot and Walking on the Ceiling will be explained ; by Mr. Crispe, on Eriecson's Caloric Engine: Admission, Is.; Schools, and Children under Ten years of age, Half-price. WHARNCLIFFE, ClUdrnian. CORNELIUS NICHOLSON, Superintending Director. 3, New Broad-street, London, April 5, 1853. The Books, for the Registration of Shares, will be closed from Thursday, the 13th, to Wednesday, the 27th April, inclusive. REFORM OF THI CORPOIZATION OF LONDON. Inreply to Sir . HALL, Lord J. RUSSELL said it was the intention of the Government to ippoint very soon a comm i ss i on f or the purpose of inquiring into the reform of the corporation of the City of London, and of preparing a measure on the subject. (Cheers.) .. CANADA CLERGY RESERVES. BRITANNIA LIFE ASSURANCE HOW TO WIN MONEY BY FAIR PLAY. —Well, you find I was right when I informed you by public auv,rtisement in " Evening Sun" and " Morning Advertiser," &c. &c., that Contentment would be certain to lose the Metropolitan— the distance was a little too far for him ; That Richmond was sure of a place ; COMANY. I, Princes-street, P Bank, London. Established August 1, 1837. Ineowere a 9. 0... by Special Act of Parliament , 4 Viet., cap. '''"l"44/4 Colonel ROBERT ALEXANDER, Blackheath Park. A table 01,. r),V43ITA.OES OF THIS INSTITUTION. adapted to the 8 • ' —‘ C'eaSing rateS of pre tun, especially ecurin g " Leans or Milts. rialf•eredit rates whereby half the premium onlyis P' d the first seven years.- dig pro- Assured payable at sixty, or at death if occuring Viously. Orphans Endowment Branch affording the means of having children educated and started in life, by securing annuities, to e re in Mance at the parents' death, and to be aid until a son shall attain p 148 211 St Year, or, if a daughter, her 25th year of age. THE ESTABLISHMENTS ARE KNOWN EVERYWHERE, and their, BUSINESS is PROFITABLE to EVERYBODY.—It is now unnecessary for E. MOSES and :- , ON to publish the fact of their commodious, complete, and magnificent arrangements for the first and most distinguished business In the world ; but it is right that at eir patrons and the public should be acquainted with the vast prepAratioris they are perpetually making, tc supply the most fashionable and comfortable attire at the lo west prices, and to provide ladies and gentlemen with every kind of cloth ing in the newest fashions, and the most superior qualities. The order department provides elegant styles of MILITARY or NAVAL COSTUME in the most accomplished cut and workmanship, or LIVERIES to any devise which may be desired—superior quality— excellent workmanship—dispatch and economy may be depended upon. The ready made department is replete with new styles of dress for daily wear or special occasions, and attire for juveniles not to be equalled elsewhere for novelty, sup , rior quality, and economical charges. The hat and cap section is repleni-hed with every new style, and the best goods are charged very low prices. The hosiery branch displays articles of incomparable elegance suitable for ladb-s, gentlemen, and children, the quality and price of each article showing how far the establishments of E. MOSES and SON excel all others. Emigrants are provided with their outfits, or any part of them, at wholesale prices, by E. MOSES and SON. Persons about to embark for Australia may gain a large per cent age on small investments made in clothing manufactured by E. MOSES-and SON. All classes of passengers are furnished with the requisite goods and clothing for any voyage or climate, and the price of superior articles is much lower at E. MOSES and SON, than at any other house. - _ _ _ _ That for the City and Suburban Pancake had a private trial with Sheravogue, ,and was worth backing likewise for a place. Now, all you that have lost your money by backing Contentment, I will tell you how to get it back again to a certainty—invest your money as I shall advise in my " Looming in the Future." Sir J. PAKINGTON asked Lord J. Russell whether he had consulted the law officers, or was otherwise pre pared to state the opinion of her Majesty's Government, whether, in the event of the Clergy Reserves (Canada) Bill, now before the house, being passed into a law, and the Legislature of Canada exercising the power that would be given to them to secularise the clergy reserves, the guarantee upon the Consolidated Fund, which is given to the Churches of England and Scotland in Upper Canada by section 8 of the Act 3 and Vic., c. 78, would still be in force, and would per manently secure to those Churches respectively the annual sums specified in the said section of the said act? • , _ Contentment is sure of winning either the Newmarket Handicap or Chester Cup—one certainly, if not both—back him immediately. His performance for the " Met" bears no comparison to his private trials. I unhesitatingly assert that if the distance had been a quarter of a mile less, he would have carried a atone more, and won in a canter. I told his party the distance would beat him. Nerve is amiss, and cannot w'n. Now for a secret that is certain to win money—Ann Page is an extraordinary good thing, in first-rate condition, and will be certain of a place, if not win, whatever she Is intended for ;—back her for the Newmarket Handicap and Chester Cup, likewise for a Place—back immfdiately. lam net always correct, but lam certain from the arrangements I have made, that all who follow my advice for the season will fin-1 themselves good winners. Terms—Private Subscribers, Two Guineas for the Season, or Half-a Guinea for a Winner—the last I prefer. But take your choice; whichever way you like, my little dears. Address Join , ' FAIRPLAY, Ipswich. Enclose a directed envelope. Have my Derby Pick, you can win a fortune. Barr ANNIA UTif/L LIFE ASSOCIATION. s.' ra Pnwered by her Majesty's Royal Letters Patent. nnal division of ro. b„,°ll:Y holders Participates n profits a ft er five or seven annual nte, according to tho table selected. unli!credit policies Lrriuins calculated for every three months' difference of age. granted on terms unusually favourable; the Attp r emiums being liquidated ou t o f the pro fit s.. Of 3 0 —4 ° Annual General Meeting on the 27th April, 1852, a reduction Per paling cent. was made i n th e current year ' s premium on all partici- A Board of Directors in attendance daily at Two o'clock. b ge d Of the a ssured in every case admitted in the policy. 'Leical attendants remunerated in all cases for Aheir reports. nINNEFORD'S PURE FLUID MAGNESIA Ji_f Has been for many years sanctioned by the most eminent 0 f the medical profession, as an excellent remedy for ACIDITIES, HEARTBURN, HEADACHE, GOUT, AND /lair a premiu m First Seven Years. NEW FEATURE IN LIFE ASSURANCE. T HE DEPOSIT and GENERAL ASSURANCE COMPANY, 18, New Bridge-street, Blackfriars, London. CAPITAL--ONE lIUNDRED TUOUSAND POUNDS. DIRECTORS. Fact (axtrruer..) Haan the Half Extract from Table with Participation Credit Rates of in Profits, after Seven Yearly Premium. Payments. -----__ nal( Whole i Half ua-r -d Premium premium Age. 1 Annual Yearly terly 1 First for Re- Seven ma'nder I premium Pre- Pre- Years. of Lif e . I miwxt. miam. ......._ -------- --.1 - ~‘ 4 s. d. £ s. d. Y ears. 51onths £ a. d. £ a. d.j £ a. d . . 1 1 1 9, 2 3 6 30 0 12 7 3 1 4 20 12 3 40 1 9 2' 218 4 3 2 7 6 1 4 40 12 4 50 2 2 6 4 5 5 6 2 710 1 4 6 1 012 5 60 , 3 6 36 13 4 9 2 8 2; 1 4 8: 012 6 E. R. FOSTER, Resident Director. ANDREW FRANCIS, Secretary. LIFE Chairman—The Right Hon. the Viscount Drumlanrig, M.P., P.C., Comptroller of her Majesty's Household. • Vallowley Barnes, Esq., 11 , City-road, Finsbury. ". Noel Clarke, Esq , late 17th Lancers, Junior United Service Club. Coode, Esq., rortland-terrace, Wandsworth, and Belvoir, St. Hhe eller's Jersey. C t racknall, Esq., 1, St. John's-gardens, Notting-hill, and 11, w'rrtw - square, Lincoln's-inn. is" ) es, M.D., Davies-street, Berkeley-square, and Lutterworth, Geo es, rge 4 no Es q., 15, Connaught-square, Hyde-park, and Tor S c 'Alc Staflordsb ire. ba.vl37 ,er „Maelean, Esq„ Harrow-on-the-Hill. Esq., 32, Upper Seymour-street, Portman-square. P l at — rt4 seP Esq., 147, Leadenhall-street, and 8, Hyde-park- Rob e 4' l jest ' Dr s cH ' Mrew Riddell, Esq., Inner Temple, Barrister-at-Law. 3( Vor S iun ' 21 , U per Seymour-street West, Connaught-square. 14, P St. James's-square. 'L . Biz, AUDITORS. 126, Strand, 'Actuary and Secretary to the Medical, won and General Life Office. e a c t t ne s , Earl , Accountant, 3, Guildhall-chambers. n .. 84 1 ILA., Actuary to the Engineers and Mason'c Life —Me e , 345, , Sir Ch BANKERS. Charle s Price, Marry .at, and Co., 3, King William-street, London. "8 ". Hopkinson and Co., 3, Regent-street. Dr. fewlx Finsbury-place. Dr ' .vanittn, 21, Upper Seymour-street West, Connaught-square. B. T. eh BURGEONS. itt. sk • - itPluan, Esq., 16, Lower Seymour-street. Portman-square. Teevan, Esq., 44, Glouceiter-place. llyde-park-gardens. CONSULTING seTtrear. Francis G. P. Neison , F.L.S. INSPECTOR OF AGENCIES. F. P. F. strousoeto, Esq. STANDING COUNSEL. William Wellington Cooper, Esq., New-square, Lincoln ' s-inn. SOLICITORS. Messrs. Hill and Mathews St. Mary-axe. RESIDENT SECRETARY. Charles W. Berm Esq. _ . The public Is respectatly invited to examine the principles of the Deposit System of Assurance, which is based upon tables calculated by, and is under the immediate supervision or, Francis G. P. Nelson, Esq.. F.L S., the Consulting Actuary to the Company. Comparative Tables to assure 5001 on death, by a person aged twenty next birthday, on the ORDINARY and on the DEPOSIT system of Assurances. ON THE ORDINARY SYSTEM. The sum the ordinary The sum the Life Offices would give ordinary L , f3 him if he were unable Offices would to pay, or it he omit'ed At the His give him for Ito pay his current end of policy i the surrender annual premium of 5., Annual thirty at that' or sale 8/. fls. 3d. after be has g premium , years when age, I of his policy, 'paid into their coffers .c to assure the party In case : after thirty , 2491 . 75.64 ., and which N5OOl. i s fift y of lyears'payments they have had the use i years old, death amounting to I of at compoun I hewill have will be 2491 . 7 5. 6d. interest, or in a paid into worth'whichtheyhave the event of his death ti the office, , had th e b ene fit one hour after such ..1 of at compound omission or inability interest. to pay. 20 81.66.3 d. 2491 .73.6 d. 500/. 1 than me S or i. little 0 NOTHING. perhaps 901. ON THE DEPOSIT SYSTEM. 'tunable to pay, or not desirous of paying or omitting topay,thePo licy would still remain of its PULL value, 522/.22.7d.ti1l death, if 20 years alter, no fur ther payment beingre quired. Ifhowever thi party, from any cause, wished to cancel the Policy, he could not 0,[1.1030d 225/. 52.21.2117 d 2871. 28. 9d. onlydraw out all hehas put in, viz., 225/., but a certain bonus of 621. 2s. 9d. in the bargain, which is more than one-fourth of the whole ofhis payments, or he could either draw out a part, 20/. or 50/.. diminishing the Policy only by the assured V alue of the sum so drawn out at the age When withdrawn. See Pagess and7in detailed _ Pamphlet, by eonm.,; F. G. P. Nelson, Esq. On ..------ •,,n comparison of these two tables it will be seen that a person tt.endecir the novel system of DEroSIT assurance aan t g a vantages, viz , 1 st. Fo of de s le" secure the follow 121,,birger sum in case ny. In the event of a desireath than Mini, Paid anntuslly, he' can assure under Abe ordinary system. Tlnir_th_is Comp any, b , , 4 ,_ to surrender his Polley he can recei ve 4E5 times aa much •; ... above example, which applies to all ages, of inability or,oinissteas t o o n the ordinary system. 3rdly. In the event of ths same val Pay, his policy remains still his property, for any agu e as it w Where Munber of ye • gh he cease his current payments nothing- 4thiy, sho a u r i s .d , as on the or dinar system, he gets rease y or decrease the : r , i ,t of hi. poney, he can he d r e equirts i to eas i nr nc e. He can at any time, W has hol w e t a ticlu ng u a u f : t rt o o f i hi gh a t's notic e , wi s ti t t ra P w any part from it. up to the Previous payments and with interest. After he Years, or dr at7 4 .,_Part one year he can, by a single its f r ine --",ole afterwards. raise his policy payment, three to a greater or ev a en e his aoama amount ; and by this system he can at all times reg t bargai n 0 41 saVi fha ngs by his annual expenditure, with the facility in al the in a bankhaving a Pa le to ily to in case of necessity, the same as r _ .., 1, . With this able advantage, however, .7' 1 p 1118 Mane], and in case of death his family receive more than that he gets late 87._arnount ot his savings. In ordinary Life Offices be can do no he °Li t hing, but his policy at once lapses or is cancelled the moment f t e d e "" to PaY his current premiums, and, instead of having any ton to for aid, all his hatl-earned savings become forfeited to the society, and his misfortunes serve to benefit the pockets of his oreforianate co-assurers. Suph and nipa sYstern is too equitable and too striking to be overlooked °SIT assurance is the only system of assurance which can be unive raen iianv e.,,,Lrecognised and adopted when the principles are impar confers—' Creates ...sed, and its palpable benefits become widely diffused. It adantages than bank because a fair °ti nter( st in case v of withdrawal, a and gives twice it the amount in rate the hands of t he Company t o th e representat i ves of the Depositor in case of death, thus combining the ADVANTAGES OF A BANK WITH THE BENEFITS OF I AN ASSURANCE COMPANY. risternn case of endowment assurances the advanta g es of the DEPOSIT are still more striking. ADVANTAGES OF THIS COMPANY 'UNDER THE ORDINARY LIFE ASSURANCE BRANCH. To those who prefer this branch Policies are granted from 201. to 5 ,0001. on every known principle thereof. Lives in all but the worst stages of disease, and such as have been eiected by other Offices, are taken at rates equivalent to the parti cular disease. real Loans from 501. and up wards granted on every kind of security, or personal, on the most equitable terms to the borrower Annuities of every description granted on very favourable terms. N on - forfeiture of a Policy.—ln case of inability to pay the currant Premiums, the Directors will either purchase the Pulley at a fair Market value, or give a new one in lieu thereof, less 5 per cent., inte rest corresponding in amount to the whole of the previous payments Which have been made. Detailed prospectuses with tables in further illustration of the De posit system, and any further information may be obtained on appli cation to the Agents in the country, or to CHARLES W. BEVAN, Resident Secretary. --- Watiiii.4l4 3int4414 au meta or th e MA, Complete snits of outfits for ladies and gentlemen, and shipsailing information may be had on applicat.on, or post free to any part of the kingdom. CAUTION.—E. MOSES and SON regret having to guard the public against imposition, having learned that the nntradesman-like falsehood of " Being connected with 'heir Establishment," or " It's the same concern," has been resorted to in many instances, and for obvious reasons, they beg to state that they have No CONNEXION WITH ANY OTHER HOUSE IN OR OUT OF LONDON, except their own Establishments. as follows London City Establishment, 154, 155, 156, and 157, Mjnories, $3, 34,85, and 86, Aldgate, opposite the Church, all communicating. London West-end Branch, 506, 507, 508, New Oxford-street, 1,2, 3, Bart-street, all communicating. Bradford (Yorkshire) Branch, 19 nd 20, Bridge-street. Sheffield Branch, 36, Far4ate. Merchant Tailors, Clothiers, Hatters, Hosiers, Furriers, Boot and Shoe Makers, arid General Outfitters for Ladies and Gentlemen. IMPORTANT —Should any article not give satisfaction, it will be exchanged if desired, or, if preferred, the money will be returned without hesitation. All goods are marked in plain figures, the lowest vice, from which ne abatement can be made. The Establishments are closed from sunset Friday to sunset on Saturdays, when business is resumed till 12 o'clock. A new Book, entitled " The World's Pharos," containing the Emigrate 's Assistant, full list of prices, and directions for self mea surement, may be had on application, or post-free, to any part of the kingdom. A handsome Almanac for the year ending 1853 can be had gratis, on application. Ici I'on park Franca's. Qui si parla Italian. liter st richt man Deutsch. Aqua se habla Espanol MEDICAL ADVICE ON THE SECRET INFIRMITIES OF YOUTH AND MATURITY. DR. SAMUEL LA'MERT, 37, BEDFORD-SQUARE, LONDON, Doctor of Medicine, and Matric dated Member of the University of Edinburgh, Honorary Member of the London Hospital Medic Society, licentiate of Apothecaries' Hall, London, &c., &c. NEA.Y be consulted, personally, or by letter, on the various disorders of the nervous and generative system, resulting from juvenile irregu'arities and excesses, which' have pro duced more misery in youth, degradation in manhood, and prema ture decay at all siages of life, titan perhaps any other class of dis eases 'mown to modern pathologists. Long and practical experience in the treatment of these diseases has proved that there are in exist ence secret ceases of self-acquired miseries and disappointed hopes in exigence, traceable to certain pernicious habits, to which Nervous Debility, various terms of Insanity, ( Unhappy and Unfruitful Marri ages, Impotency, Local and Constitutional Weakness, and their endless triodiftations owe their almost entire It is absolutely necessary that all men should know that there are principles of personal management which cannot he violated wthout ineurring grievous penalties, and when wisdom and regret succeed the heyday of inconsiderate self-i• dulgenee, how these penalties may be mitigated, how the sting of their bitterness may be remover, and how the evil and its con equences may be rvoided, and above all, that there i. scarcely any degree of physical infirmity or functional derangement to which the timely aid of science cannotappl.y a cure. DOCTOR LA...NIE WC has fora long series of yea.-s been engaged In an exten'ive practice in the treatment of these delicate corn plaluts, and s the only legally qualified Physician who, re‘ardless of the taunts and envy of the hypocritical and mock-modest, has had the confidence, through the medium of the public press. to direct attention to these enormous palls, from which no grede of society is tree. In selecting thi. department of practice, he has been amply re. arded by the great success' that has attended his efforts in the treatment of these cases, which are too generally confided to the care of unqualified and ignorant empirics, who, with their pirated publications, assumed foreign names and titles, and pretended virtues of their patent no.drums, have inflicted serious injury on those who have been induced to place faith in their pretensions. At home for consultation daily from Eleven till Two, and from Six till Eight. All letters must contain the fee of it., and adviee and medicines can he forwarded to any initials or address. It is desirahle that patients wishing to consult Dr: LA'MERT should first obtain a copy of his work on SELF-PRESFRVATION. A Medical Treatise on the Philosophy of Marriage, and Nervous and Generative Debility, illustrated by fifty coloured engravings, and des cribing In detail the various disorders resulting from secret habits and excesses. The perusal of this treatise will assist in the correct description of their cases, and may be had, price 2s 6d, in English, French, Spanish, Dutch, Italian, or German, of Messrs. Piper Brothers and Co., 23, Paternoster-row; Hannay, 63, Oxford-street ; 'Hann, 39, Cornhill ; Storie, Titchborne-street, Haymarket; or tree oy post for forty-two stamps, to any address from the Author's resi dence. 37. BEDFORD-SQUARE, LONDON. mpORTANT MEDICAL AND SURGICAL WORKS. JuV published, by ti. liailliere, 119, Regent-street, London. No I. Bvo., in cloth. price Ss. by post free, ss. 6d., oiN TRUE AL FALSE SPERMATORRHCEA, with the View to the Correction of wide-spread Errors In relation to the Treatment and Cure of Sufferers from Debility of the .4 enerative System, or Sexual Hypochondriasis. Translated from the German of Dr. PICKFORD _ • - "Dr. PickforC. 's known to English readers by his frequent practi ml contributions to German medical literature. This is the first time, he informs us, that he has addressed himself to the non-medi cal reader. We trust this may not bo the last, If he shall detect any other equally flagrant evil which it may be in his • ower to correct."—London Medical Gazette, May 30, 1851. "We oromused in a former number that we should recur to this w3e.c, in order to exhibit its aim more clearly. The author lashes with great sevetlty the imr esters who make a livelihood by preying on the credulity of the public. The tribe of ' Quiet Symathisers,' and ' Medical Friends,' are mercilessly exposed ; and if this book could find its way into the bards of those who suffer from th com plaint of which It treats, we are satisfied that many h mdreds would se raved mach needless suffering of 'body and mind, and what is of less Importance, though it is that which the quacks most prize— much money volume is well qualified to pat an end to the em pirical system of treating Spermatorrlicea, and to Place the treat *wit upon a more rational and physiological basis. It is, therefore, ' , kelp to do much good."—Medical Circular, June 16, 1852. No. 11. Bvo., in cloth, price 3s. 6d., by post free, 48., THE CURE OF STRICTURE OF THE' URETHRA, on Princi ples at once Simple, Safe, and Efficient, in even Its most Inveterate and apparently Intractable Forms. BY F. B. COURTENAY, • Member of the Royal College of Surgeons of England. "In root of L's c.ews he (Mr. Coartenay) has given the history of a great many case s successfully treated, as bad as any which Mr. Syme adduced, and on which he had operated. ,uch arc cases ix., xi., xii., and xviii. No. ix. had res , sted, for a period of twelve years, the treatment by dilitation, and was finally re noved in as many weeks. But cases xviii. and xix. appear, both in duration, seventy, and complication of symptoms, of a more ag gravated character than any detailed by Mr. Syme, and yet the treatment adopted by Mr.. Courtenay proved ewthently successful." —Professor Lizars on the Treatment of Stricture. DR. CULVERWELL'S NEW WORKS. To be had of Sherwood, 23, Paternoster-row, Carvalho, 47, Flect-street , Mann, 39, CornhM. Price One Shilling each ; by is 61. ENJOYMENT OF LIFE. "Health, Recreation, and Rational Use of Time." CoxrENTs : —Early Rising—Spring and Summer Mornings—Ex cursima about the Environs of London—The Parks, Lanes, Hills Forests, T High-roads, and other pleasant places-Country Music—The -London ae. at Night—Evenings at Home Drama—On Eating Drinking, Sleeping,Eathing, FRAGMENTS FROM THE IL FOUNTAINS. Two Yold. Vol. I. VISIT 10 THE LAKES ; SKETCH OF EDINBURGH. &C. Vol. 11. THE LAKES OF KILLARNEY ; REMINISCENCES OF DUBLIN, Ike. 111. WHAT TO EAT, DRINK, AND AVOID, "That three score years and ten our course may run." A popular review of almost every form (cause and cure) of ner vously-debilitated health and enfeebled constitution that harasses the young. besets the man of pleasure, business or study, had em bitters old age; with tables and rulesfor the diet and physical regu lation o; every-day life. THE PASSIONR. " What passions hurt the body—what improve, Truths as refined as Athens ever heard." SUBJECT:—Life's pilgrimage, from infancy to old age. Th e ad vent of the nasslons. Chastity and its infringement. The casualties oflicentiousness and dissipation, with illustrations, graphic, narra tive, and remediative. Advocacy of early marriages. THE MARRIAGE STATE. To be or not to be, that is the question." PRoalwatE:—Laws and obligations of nature, society, and reli gion regarding marriage, to be observed by either sex. Time and choice, on both sides, as to age temperament, complexion, and figure, to secure healthy offspring, with the art of rearing them. Physical defectiveness and its removal. Sterility and its conversion Cases, &C. By It. J. C OLVERWELL, MIX (1841), M.R.C.S. (1827), L.S.A. (1824), Twenty-five years Medical and Forensic Referee in these matters. Price Is, each; by post, Is. 6d. To be bad of Sherwood, 23, Paternoster-row ; Carvalbo, 147, Fleet-street; Mann, 39, Cornhill; or of M. R. Culverwell, 10, Argyll-place, Regent-street, who may be consulted daily from Ten till rive, 000=1 till Eine. PLIYSICIANS, INDIGESTION. As a Mild Aperient, it is admirably adapted for Delicate Females particulary daring Pregnancy ; and it prevents the food of Infants from turning sour during digestion. Combined with the ACIDULATED LEMON SYRUP, it forms an Effervescing Aperient Draught, which is highly agreeable end efficacious. Prepared by DINNEFORD and Co., Dispensing Chemists (and Jeueral Agents for the Improved Horse Hair Gloves and Belts), 172, New Bond-street, London, and sold by all respectable Chemists throughout the Empire. GEORGE REEVES, 3,4, and 5, POPE'S HEAD ALLEY, 19, CORNHILL, LONDON, (nearly opposite the South Entrance to the Royal Exchange), being determined to supply the Public with the very best WINES and SPIRITS, at the lowest remunerating prices, begs to submit the Ml lowing list for their consideration : WINES. Good Draught Ports and Sherries .. • • 245. per dozen. Superior ditto (second to none) ..... •• .. • • 325. per dozen. Very tine Old draoe , l Port, 4 years in 80tt1e.... 425. per dozen. Fine Old ,herry, Palo or Brown ..... ........ • • 42i. per dozen. SPIRITS. Gin of the finest Quality, Os. 6d., 10s. Bd., and Its. per galloa. nine Old Jamaic a Rum s , 10s. 8t„ 125.. and 16s. per gallon. (Ilenlivet and Campbeltou Whiskies. imported direct, 5 years old, and 6 over proof, 20s. per gallon. G. K. having purchased. previous to the rise, 50 Hogsheads of Martell's Pale and Brown Brandies, 4 and 5 years old, feels disposed to offer them at the Original vrices, taking no advantage of the 3s. advance in the markets. Fitteit Pale Champagneßran1y...... Coloured ditto •....... •..... 265. per gallon. Hampers charged Is. per dozen, and bottles 2s. per dozen. REMITTANCES in all cases to be made in advance, by Post office Order, or by Cheque payable In London. IMPERIAL PARLIAMENT. HOUSE OF LORDS—(YESTERDAY.) The LORD CHANCELLOR took his seat on the woolsack at five o'clock. PETITIONS. The Earl of RODEN presented petitions from several places against the admission of Jews into Parliament ; also a petition from the county of Cavan against the con tinuance of tho grant to Maynooth. The Earl of SHAFTESBURY presented several peti tions, praying for the inspection of nunteries. METROPOLITAN IMPROVEMENTS BILL. This billi was read a second time on the motion of Lord GRANVILLE. FOREIGN SEAMEN IN BRITISH SHIPS. The Earl of ELLENBOROUGH presented a petition from the master mariners, mates, and seamen of Hartle pool against any repeal of the provision of Act 12 Vic., restricting the number of foreign seamen in British ships. The noble earl expressed his regret at the fact of the tonnage of this country not having increased in the same proportion as that of foreign coun tries. The increase of shipping on the continent had been of late years 66 per cent., and in this country only 21. The actual number of our seamen falls short of the calculated returns, and short pay, which was about 91. per year, was hardly sufficient to supply them with ne cessaries. It would be highly impolitic to assist the shipowners by reducing the rate of wages, and thereby reduce the number of seamen. On the maintenance of the maritime strength of this country its safety depended, and that was a question of more importance than the in terest of any single mercantile class. There was no loss which would be more fatal to the country than that of the hearts of its brave defenders. Lord GRANVILLE deprecated a discussion upon a subject which would so soon, in a more tangible form, occupy the attention of the house. A measure was now under the consideration of the Government, but nothing could be further from their intention than to reduce the rate of wages to ithe seamen. It was S not his opinion that the employment of foreign seamen would injure the English sailor. A very large number of English sailors were at present in the American service. He must enter a protest against the idea going forth to the country that the Government intended to bring in any measure which would have the effect of reducing the wages of the Eng lish seamen. Lord COLCHESTER was of opinion that the em ployment of foreign seamen was highly prejudicial to the English sailors. Earl GREY could not regard the measure which the Government were about to introduce as calculated to reduce the wages of British sailors. There was no law which prevented the introduction of skilled labour into this country, and he did not see why the maritime ser vice should form an exception. His belief was that the employment of foreign seamen would not have the effect of decreasing the rate of wages. The Duke of ARGYLL said that it was the expecta tion of the Government that the measure which they were about to introduce would have the effect of better ing the condition of the sailors of this country. England was essentially a maritime country, and need not fear free competition with any other nation. GENERAL BOARD OF HEALTH BILL. This bill was read a third time. Their lordships then adjourned at a little after six o'clock. HOUSE OF COMMONS—(YESTERDAY.) The SPEAKER took the chair at a few minutes to four o'clock. NEW MEMBER. Mr. PRITCHARD took the oaths and his seat for Bridg north. PRIVATE BUSINESS. The Blackburn Railway and the Norfolk Estuary Bills were read a third time and passed. ATHLONE. The members of the Athlone election committee were called to the table and sworn. The committee was also appointed to sit to-morrow at 11. PETITIONS. Mr. AGLIONBY presented a petition from the cor poration of Carlisle in favour of the reform of the crimi nal law ; also a petition from Cockermouth in favour of the ocean penny postage. Mr. ALCOCK presented a petition from East Surrey against the Canada Clergy Reserves Bill. Sir a. V. SHELLEY presented a petition from the wood engravers of 'Westminster, praying that the Crystal Palace might be opened on Sundays. Captain SCOBELL presented a petition from seamen in the port of London, against the Merchant Seamen's Bill. Mr. R. PALMER presented a petition from Berk shire, against the attorneys' certificate duty. Mr. COBDEN presented a petition from Knaresbo rough complaining of the withdrawal of the petition gainst the return for that borough, and praying that a commission be appointed to inquire into the practices it the last election. Mr. Sergeant SHEE presented petition from the coun ties of Donegal and Kilkenny in favour of the Tenant Right (Ireland) Bill. C. T. CHAMBERS presented a petition from St. Albans, in favour of National Disarmaments. _ Sir IZ. H. INGLIS p;;;;;;dapetitron from the Trustees of the British Museum, praying for the annual support of the house. Sir J, V. SHELLEY presented a petition from West- Lord J. RUSSELL said, with respect to the stipends which are now assigned and paid to the clergy of the Churches of England and Scotland, I know not that there will be any doubt as to the provisions of the bill. That clergy will still have a right by law to claim the stipends which are already assigned to them ; and pro vided the clergy reserves are not. sufficient for their pay ment, then they will have a claim on the consolidated fund, as is given to them by the existing law. If the right hon. gentleman, however, wishes to ask further, hereafter fund, appoint ed haveo int whether, in the case of the clergy reserves being secu larised,e would that aonth: of that havethe a claim clergyana i m not been üb o e e n s e who question the o h cu mno snluYlwhichtconsolidatedconsulted. d Mr. BRIGHT wished to know whether in the nego be secularised or ment, and whether the acetpossiblyni Canterburysnsedwtbhhyie which clergy e h e c r a c o g d n ay t n i taken a n rd g es e ae n nr c p v y r l e asaherael mightia Archbishop of Canterbury had given his assent to the measure on behalf of the Church of Scotland, which re pudiated bishops ? (Laughter.) Lord J. RUSSELL—I thought I had stated clearly to the house what took place on that occasion. Sir R. Peel was the person who undertook the negotiations on the subject. I did not see the archbishop, nor had I any communication directly with him. The negotiations were carried on directly by Sir : yuße withh. dPi contingency oe e noi but ntg e partiesnlc undertakey b el e i i e bn v eg e . at t h h n e e d Archbishop rdtheßo .Archbishop not el remember e o mf of Canterbury e secularisation mbcear o of the di d clergy not take reserves. i n t o contem plation cer tainly t e d l a Commissioners n th d ; the but o l th b e e r l point, eovfe ee it oon referred agnnsgw et rot ofor h them,atthat e Church — h o of te a ho r communicated ntaenrybu General Assembly—who are held to that Church, represent Church, and whose authority has not been disputed. NATIONAL GALLERY. Mr. SEYMOUR wished to ask. the Chancellor of the Exchequer if the Government will give orders that until the select committee shalt have rept:Sited to the house on the National Gallery, no cleaning of the pictures therein contained, except careful dry dusting, shall be per mitted. The CHANCELLOR of the EXCHEQUER said he would make inquiries into the subject, and give an answer on Monday. LYME ELECTION. In reply to Sir JOHN P,'AKINGTON, Mr. TUFNELL said it was not his intention to proceed with the motion of which he had given notice— viz., to move the issue of a new writ for the borough of Lyme. METROPOLITAN GRAVE-YARDS. Mr. SEYMOUR said according to the return pub lished by the Registrar General, it appeared that the deaths last week in the metropolis numbered 1,748, while in the corresponding week last year the number was 1,130, and therefore the mortality last week was 618 above the average of ten years, making due allowance for an increase in the population. He wished on that ac count to ask the Secretary of State for the Home De partment when the grave-yards and burial-places within the city and metropolis of London are to be finally closed, and what further steps have been taken to pro vide the means of extramural interment. Lord PALMERSTON could only repeat what he had already stated to the house, namely, that competent medical officers had been appointed to inspect all the graveyards in the metropolis. Many of the graveyards, upon their report, had been closed by an order in Coun cil, and he had no doubt that the same course would be pursued in reference to the others. With regard to making future arrangements for the burial of the dead, he apprehended that such arrangements must rest with the parishes concerned, but he • thought the ground which had been recently purchased near Woking would be found amply sufficient to meet the demands of the metropolis for some time to come. NATIONAL EDUCATION IN IRELAND. Mr. F. SCULLY wished to ask Lord John Russell, whether any arrangements have been adopted to insure the sale of books intended for the use of the Irish Na tional Schools, to the promoters of schools and the pub lic, in an authentic form and at a moderate price. Lord J. RUSSELL replied in the affirmative. THE FUNDS. Mr. DISRAELI said the amended resolutions on the subject of the public funds had been placed in his hands to-r;ght ; and as there were numerous alterations in them, he should be glad to know if it was intended to take a vote upon them to-night, or only to have the statement of the Chancellor of the Exchequer upon them ? The CHANCELLOR of the EXCHEQUER said that would depend upon the house itself. It would be for the house to determine, after hearing his state ment, whether it would proceed at once to a vote or postpone it until next week. WEST INDIA MAIL• In reply to Mr. SPOONER, Sir J. GRAHAM stated that complaints from all the outports were daily pouring into the Admiralty of the irregularities which were constantly taking place in the dispatch and arrival of the West India mail. The West India Steam Packet Company were in receipt of 270,0001. for carrying the mails, and these irregularities were most unjustifiable, but the company insisted that as these irregularities related to a point of time, they did not vitiate the contract, and the subject had been submitted to the law officers of the Crown. (Hear, hear.) THE NATIONAL DEBT. The CHANCELLOR of the EXCHEQUER moved the preliminary resolution, that the house resolve itself into a committee on the Consolidated Fund and National Debt Redemption Acts. On the motien of Lord JO HN RUSS ELL, Mr. Bouverie able, y d u t t h y e , took the chair amid considera ble c heerin g. The CHANCELLOR of th e EXCHE QUER. -- It is now m naturesr to eoxfptlhaeinprotoptodhetcioonmmiwhttichee„ on the part of as well as I am her Majesty's Government, I have to make to them in re spect to the operations of the National Debt ; and the course which I think most convenient for the committee to take will be, that I should in the first instance state the plan which her Majesty's Government recoihmends for adoption, and that I should then put together, before I sit down such alterations as have been made in the draft resolutions since they were first distributed. The com mittee will then see both the plan as ,it is, and the altera tions separate from the plan. I shall not commence this explanation by dwelling in any degree upon the import ance of the subject. I would rather, if I Could, after viewing the amount of public interest which it has excited, endeavour to moderate such expectations as may have been formed in the public mind. I do not recommend the proposition that is now before the committee as a proposi tion which can effect any sweeping or fundamental change, but I recommend it to them as a propositionlwhich is just and prudent in itself, and which will probably lay the foundation for more extended improvements in future. The committee ought to understand that there is the broadest possible distinction between our position at the present time and the position in which former finance ministers have stood when they have produced extensive operations of this kind. Every one of those operations between the peace and the year 1844, when they were ably wound up under the auspices of my right honourable friend the mem ber for the University of Cambridge, by a plan which was is this, that of those great Three per Cent. Stocks, which I have stated in round numbers as amounting to 500,000,0001. the whole are secured by a provision requiring a Parlia mentary notice of twelve months' duration before any mea sure of reduction or commutation can be applied. (Hear.) I only ask the committee to recollect how serious a matter it would be for any Government, under present or any other circumstances, to sketch out a plan of operations affecting so vast a capital, involving the possibility of such an enor mous payment received from you within a period of twelve months, and including all the chance vicissitudes which we have seen happen often in the course of less than a single year. Our present position, therefore, is entirely different from this. The expectations which were thou reasonably entertained it would not be reasonable to entertain now. The plans then proposed to the house were reduced to a single and simple issue. The stocks with which you had then to deal were subject to redemption by Parliament after an offer of repayment at short notice, and as many as declined that offer were required to accept other stocks ten dered in lieu of those which they held. Therefore, I lay it down in the first instance, that a large operation of a com pulsory character is totally out of the question. And the next inquiry is, shall we, notwithstanding the impossibility of such extended and comprehensive operations, come to the conclusion that a new state of circumstances has ar rived in which it is incumbent on the part of the Govern ment and of Parliament that they should make some effort to obtain for the public the fullest value that equity and justice will permit for the security which they give to their creditors, and a rigid observance of the perfect good faith with those creditors which it has ever been the study and the glory of this house to maintain? (Cheers.) The opi nion of her Majesty's Government is, that although we can not now effect the magnificent results achieved in former periods, yet the time has come when a beginning may be made, and when steps may be taken which may be useful so far as they go, and which will lay the ground where no ground has yet been laid. There is another preliminary point on which I venture to make a remark. You have, on approaching a subject of this kind, a choice of difficul ties, and it was because I wished to put those difficulties clearly before the committee that I did not answer at greater length the question put to me by the right hon. gentleman the member for Buckinghamshire. On the one hand, no man can admit more fully than I do the perfect title of Parliament, and of every member of Parliament — and indeed it is their bounden duty—to maintain intact its control over the whole of those operations. If it is our duty to fence about with strict and rigid forms the whole process of taxation, and to look closely into every proposi tion submitted to you by a Government for raising money from the people, it is still more your duty to see that you no not give a blind and unreasoning confidence to a Mini ster where the case is either the creacion or the commuta tion of public funds. The more the house takes' on itself those functions, the less is the burden incumbent on her Majesty's Government, and the less the anxiety i which at taches to the individual on whom the duty is imposed of making propositions of this kind. But, on the other hand, while I thus state the prerogative of Parliament and of its members, it is an undeniable fact that when you come to deal, with the public creditor, his position may be Mate rially amended by conferences conducted in public with the Ministry, and the Finance Minister in particular, and having reference very much to points of detail ; and, there fore, I wish to ask th e comm itt ee t o extend to hr Majesty's Government that degr ee o f con fid ence with respect to giving effect to those operations which they think moderate and just—that they will remember the extreme import ance when once a matter of this kind has been broached of carrying t it forward with resolution and promptitude, and that they will be governed by those considerations in balancing between the inconvenience of entrusting the discharge of weighty functions to those who admit their own insufficiency worthily to bear them, and the inconve nience of doing damage to the public interests, and mar ring a groat public object by discussing it in a spirit which may be fatal to its very essence. I have been most anxious to make this application at a comparatively early period of the present se ssion , b ecause, b eing aware that it i s an ope ration of a kind that does not aim at very great results, and being undoubtedly of necessity a novel operation, and not analagous to those that have gone before, I am anxious that the operation should go forward, and should reach to some degree df effect, if it is to take effect, while Parlia ment is sitting, so that Parliament may have an opportu nity of exercising a judgment upon it ere long, and so that Government may, if satisfied with the working of the plan, come back to Parliament, if need be, for extended powers, before the session shall run to its close. I come, then, to my plan, which consists of three portions. The first of these is certainly a minor portion of the scheme ; and I will enter upon it first, in order to dispose of it and put it out of view. It is the liquidation of certain minor stocks which appear in the schedule of the national debt, and the very existence of which is unknown to a great portion of the public, and perhaps to a great portion of this house. These minor stocks are chiefly connected with the South Sea Company. There is the debt due to the South Sea Company, amounting now to 3,622,000/. ; the Old South Sea Annuities, amounting to 2,775,000/. ; the New. South Sea Anuities, amounting to 1,997,000/. ; the South Sea Annuities of 1751, amounting to 460,000/. • and the Bank Annuities of 1726, amoun ti ng to 676,0001. The whole amount of those stocks is about 9,500,0001. sterling. With respect to those stocks, it is proposed to take a compulsory , operation—that is to say, we shall tender a certain alterna tive to the holder, and at the same time inform him that if he does not accept this alternative, he will bo paid off at the expiration of a proper period. I think the committee will agree with my view that, at this moment, this will be an eminently safe operation. But perhaps I may be asked why I touch these funds in particular. They may well be called the patriarchal stocks of the country—they have re mained longest on the records of the national debt—they have subsisted for many generations—they may be said to have grown hoary with age ; then why should you trouble them ? I hold that it is useful to have different descrip tions of stock, yet it is a bail arrangement to have different descriptions of stock which have all their essential charac teristics in common, and in which there is not one that is opposed to the other. Again, those limited stocks create but a small market, and small transactions invariably bear small prices. You thus complicate the public debt with out any countervailing good, together with the manage ment of that public debt ; because, although I believe there is no possible blame that can be brought against the South Sea Corporation, highly respectable as it is, and having now effectually purged itself of the recollections of its earlier days—(a laugh) —and though there is no possibility of finding fault with the way in which this public debt has been managed ; yet this is an agency without any adequate purpose, and I think the committee will agree with me that the time has come for a different arrange ment. It will also effect a real economy. I frankly own that I think with respect to this portion of the public debt we shall obtain only a moderate reduction, but still a reduction, in the rate of interest. If on this 9,5C0,0301. we effect but a reduction of a I per cent. in the interest, yet that will represent a permanent annual saving to the country of something like 25,003/. ; and, besides that, we are perfectly prepared to meet the views of those who may wish to be paid in cash ; and if the holders of this stock shall desire to have cash, and will make a call for it, that call will not be inconvenient, but on the contrary it will enable us to employ in a profitable manner a portion of the balances now unemployed, and thereby to displace, with a debt which will carry a regular interest, that which now bears comparatively little or no fruit. With respect to the means of paying off this portion of the debt, there will be, first, the power which I propose to take of raising money on Exchequer bonds by deposit at the Bank, with certain exceptions ' • and, lastly, and alter native stock, which we s h a ll o ff er t o parties at an auction, which all will have an opportunity of attending. And perhaps a doubt may have arisen in respect to most of those stocks whether Parliament is bound lsy law to give a notice of twelve months to the holders. The case did not appear to us entirely . clear ; and, it not being clear, and considering the limited amount of the stocks, we thought it right to allow the stockholders the benefit of the doubt, and to give them the full circumstances, which, under any circumstances, could be required. There is only one ex ception in the case of one of those stocks, with respect to which a notice of six months is clearly defined by law, and that notice must be signed in the handwriting of the sove reign, and exhibited to public view on the Royal Exchange. I have now disposed of one portion of this scheme, and I come now to the second and third. The second of these portions relate to the issue of Exchequer bonds, and the third relates to a voluntary commutation 'dependent en tirely on the option of the holders of the great Three per Cent. Stocks—namely, the Three per Cent. Consols and the Three per Cent. ReduCed—making together the capital very nearly of 503,000,000/. But I now refer to both those plans, beciluse both have in view one and the same ult ima t e object, and that object is to lay the foundation of a perma nent form of irredeemable public debt—irredeemable, I mean, at the option of the holders—bearing an interest of• 2A per cent. The mode in which we wish to attain that end will appear as I proceed, but that is the ultimate end which we have in view. I know there are some who think that this reduction is a very simple matter, which may b e delayed for one or m ore y ears, b u t which is sure to come at last. Those persons aro mere sanguine in their tempera ment than I. I do not say you may not entertain the hope of effecting that object, but I say it is a subject of consi derable uncertainty ; and if you hope to attain it you ought not to omit the use of any auxiliary means towards the end, and certainly you ought not to depend on the simple force of circumstances to effect any great reduction in the interest. Not extending our view as far as we ought to extend it-knowing that our fathers borrowed money from the public at 51. and even 61. per cent., and that we bor i row it at 31. per cent.--we assume that we are travelling down an inclined plane. But it is a curious fact that there was a time when the Public credit was higher than it is at the present time. I think it was in 1739, 114 years ago, and in the month of July, that the Three per Cents., which are now just at par, were at the price of 1071. I wish to call these facts to the recollection of the committee, in order that they may appreciate the real difficulty attend ing an operation of the character which we have now in view. Now, with respect to the Exchequer bonds, I pro pose that the issue of them will have the following leading c . aracteristies, which I will in the first instance state con ; eisely together, and without any comment of my own. In the first place they will be transferrable by simple delivery, and without cost or expense of any kind. In the second place they will bear interest in the first instance at the rate of 2/. 15s. per cent., and subsequently at the rate of 21. 10s. ; and I propose with respect to the number of years during which the interest shall continue at 21. 15s. per cent., that a limit shall be fixed by Parliament, beyond which that rate of interest, shall not be allowed to extend, and that a discretion shall be given to the commissioners of the Treasury to reduce that limit before they come to the actual period for issuing the bonds, so that w e may give the public every advant age o f the latest information of which the Government is in possession at the time when they are called upon to afford it. The bonds will, after the Ist of September, 1864, at the latest, but per haps from an earlier period than that, boar interest at the rate of 21. 10s. per cent, till September, 1894. After the year 1894 they shall be subject to redemption, but whe ther by the State or by the holders is a point to which I shall presently more particularly advert. My present pro posal is, that the question as to at whose option the bonds shall be redeemable shall not be decided by a vote of the committee to-night, but shall be confided to the dis cretion of her Majesty's Government. I propose also that these Exchequer bonds to be issued shall not exceed, under any authority to be conveyed by these resolutions, a sum of 30,000,0001. in amount. There are many other minor questions, which are, however, of considerable importance, with respect to these bonds, and which bear materially upon the value and popularity of these securities. Among them I may mention the form in which the bonds are to be drawn, the mode in which the interest is to be paid which will probably by coupons attached to the bonds the places at which the interest is to bo paid-that is to say, whether at the Bank of England, or at the Bank of Ire land, or also, at the branch banks, the mode of securing these bonds against the possibility of forgery, and the means to be adopted for replacing them when lost. Many of these arrangements are of an executory description ; they will. require a great deal of careful consideration ; and it is not necessary now to detain the house by any details respect them. We propose that these Exchequer Bonds when issued may be used in various modes; and I am sure the committee will forgive me for stating, in as plain language as possible, the proposition s contained i n th e reso l ut i ons, for the wit of man has not yet desised a mode of framing resolutions of the kind so as to satisfy the jealous but just demands of Parliament for information in cases of this sort, and at the same time to frame a pleasant and what is called a readable document. (A laugh.) I propose that these Exchequer Bonds shall bo capable of being disposed of in four different modes. The first is that they shall be exchangeable against Exchequer Bills. There may be hon. members who may say, " Why not leave the Ex chequer Bills alone. Surely you ought to be satisfied with the conditions under which you now hold so large a sum as you have invested in Exchequer Bills, viz., at the rate of interest not rising above the very moderate figure of 1a per cent." M y rep l y i s lam perfectly satisfied with the present condition of Exchequer Bills. But the condition of Exchequer bills is like a summer sky-it may be varied or even reversed under the influence of circumstances, in a very short time. The funding of Exchequer bills, when toil have an opportunity of doing so, is a wise operation, and I do not fay that it would be unwise under certain cir cumstances if we were to use these Exchequer bonds at the rate of 2); per cent. for the purpose of funding Exchequer bills which we hold at 1i per cent. When you can get your quantity of Exchequer bills very low, then their po sition becomes secure ; but when you have got it low, you are enabled thereby to strengthen greatly the position of the Government against any possible vicissitudes, and the Government are enabled to go into the market as borrow ers in a case of emergency, with an amoun t o f advantage which they could not possibly obtain if the rate of Ex chequer bills was not low. Now, with respect to this par ticular proposition which is not actually that we s h ou ld fund Exchequer bills, but that we should exchange Ex chequer bonds against Exchequer bills, I will just state to the house the rate at which previous fundings of Ex chequer bills have been effected. In the year 1826 there was a funding of Exchequer bills, and the rate at which they were commuted was 1001. Exchequer bills for 1071. in the Four per Cents, representing a rate of interest of 4L 6s. Bd. per cent. ; in 1829,1001. in Exchquer bills upon being fnnded brought 101/. lOs in the Four per Cents. thus representing a rate of interest of 41. is. 2d. per cent. ; in 1839, 1001. Exchequer bills were commuted at the rate of 109/. and 1101. in the Three per Cents., representing a rate of interest equal to 31. 6s. per cent. ; in 1841, Ex chequer bills were again funded upon the condition of being exchanged at the rate of -1001. for 1121. 2s. of Three per Cents., the interest being equivalent to 31. 7s. 3d. per cent. Thus, whenever you have had occasion to fund Exchequer bills, the best terms upon which you have succeeded in doing so have been at the rate of 31. 6s, per cent., and they have been funded at rates oven as high as 4/. 6s. Bd., and that rate of interest not representing, as in the case of Exchequer bills, a tem porary bargain, which in a few mouths might be modified by the Government, but representing the contracting of a• new public debt, as permanent as any other portion of the public debt of the country. These facts form, we think, a justification of the request of her Majesty's Government, that wo may be trusted, within the limits laid down in these resolutions, to exchange E xc h equer b on d s aga i nst Exchequer -bills, for the purpose of funding at tho rate of. 21. 10s. per cent., thus effecting a saving of snore than 1 per cent. upon the rate at which Exchequer bills have heretofore been funded, (Hear.) The next purpose for which wo propose Exchequer bonds shall be aplicable is, that they shall b e exc h anged against the "stocks" which, by these resolutions, it is proposed to commute. We pro pose, also, that Exch equer b on d s may be sold by tho Go vernment, and the proceeds of their sale applied to the purchase of " stock, for the purpose of cancelling it, or to the purchase of Exchequer bills, These bonds are like wise intended to meet the particular case with respect to the small portion of the public debt which we give abso lute notice to pay off; and this might be found the most convenient mode of dealing with it - that we sell the bonds, and apply the proceeds in cash to meet the demands of those who might require to be so dealt with, for, keep ing. extreme cases in vi ew , it m i g h t possibly occur that the balance, in the Exchequer might not be sufficient to meet the demands which might be upon it. This subject has been one of careful and anxious consideration, and one of the great difficulties besetting questions of this nature is, that they of necessity involve arriving at conclusions upon questions of great importance with very imperfect infor mation. Public feeling, after all, and the opinion of the commercial classes, are the tests by which ultimately a measure of this kind can alone be tried, and what will be the state of public feeline , at a given ti me w ith respect to such measures is a matter upon which very opposite judg ments, 'even under the most favourable circumstances, will greatly fail. I cannot blame myself for not having taken all the means in my power, compatible with the strict and absolute secrecy which those measures require, to ascertain what prospects, according to the best and highest judg ments, there of bringing out " bonds" of this kind in the market. But, at the same time, it was matter of extreme difficulty to arrive at such certain data as would have jus tified the Government in absolutely fixing upon terms of the proposition, from which there should be no variation whatever. I will now, however, state the grounds upon which we think that these " bonds" will be popular cur rent securities. In the first instance, the very easy trans fer of these securities entirely without cost. It is very difficult for us to say what may be the precise effect of that easy and rapid transfer without cost, because we have no precedent to guide us among the various descriptions of the present public securities of the country. 'We have, however, a pas tial moans of forming a judgment on the subject, from the fact that there aro many foreign securi ties current in this country, and which are transferable from hand to hand without cost. I by no means compare those foreign securities with those which we now propose to deal. I hope that without undue pride, Englishmen may so far lift up their heads as to flatter themselves that the instruments by which they secure their claims upon any public security in this country do, at any rate, hold a very high rank-perhaps it would not be too much to say the highest rank-among documents of a similar character in the other countries of Europe, It does happ en , how ever, that there are so me ti mes foreign securities cu- rent in this country, bearing, the same rates of interest and similar in almost every respect, but differing in this one respect - viz., that in the one case they require a a formal legal process in order to their transfer, while in the other the transfer is effected by merely passing from hand to hand. I believe that I am correct-and shall be borne out by the opinion of many of the best informed men-in saying that this power of easy and rapid transfer from hand to hand adds as much as several pounds per cent. to the value of the securities which enjoy that advantage. (Hear, hear.) We propose, then, that these bonds shall possess this advantage, that they will also be of a permanent character, so far as fixing a long term during which no change can take place with respect to them. I must take this opportunity of pointing out as what n elementno t o s f o gu m a u ra ch nte in e the presentexercises on case the price of public securities. My right hon. friend the m_om tahnelomtlirersrt,anthtiseffeat, be that the Three-and-a-Quarter per Cents. should reduced, ber for the University of Cambridge, when be pros.ded after October, 1854, to 3 per cent., likewise provided that they should have ratehav e 0 f a 3p furtheror n oe certain v years should not be subject to further reduction. It is perfectly Nithin currency which o te f rm tw t e h n e t y y and et p hr o ee s d s ii value,tl credit, e of t o a gg under nv a de r e a ar n n t present r e ncs b : e y v ne I r t a t c r o l i r i t a ch m uem e q n sut t 'a n n i ' o ci t eo sn t o ---o reduce .nl o na t te h yi e s rate of interest upon a particular security below 3 per cent. within twenty-one years from the present time?" It will be recollected that this, after all, is only a guarantee not to reduce below 3 per cent. ; but the committee has the means of testing exactly the precise value of that guarant ee . The present price of the right h on . gentleman's (Mr, Goul: burn) Three-and-a-Q uar t er per Cents.—whichwill wilbel liable to become Three Three per Cents. aft er O c t o b er, 1851, but not to further reduction for twenty years --as appears from the official records of yesterday's sales, is 1031.55. , the di v id end having just been p a id, so that that does notenter into the This particular stock has, however, three yet to receive at the present rate of 3i per cent. dividends vl w ciud i le l a l nt r 'il o os o n e . i v e one d ivid en d next October, a second next April, and the third in October, 1854. As the mess of dividend which will be receivedeae upon each of these occa osirodnesr toi s just eoni p2asr. thee 6d . must guaranteed with h t t s h u e m u n fo case of thi guaranteed stock. Deducting,ielrefore, the 75. M. due to thethe guaranteedex ' a mn p t e r iT ci d , er, eae dividendepereoraccording Cent.git t ce evoe2tas the price of the 17s. 6d. That is of your Three per Cent. Stock o S t t ?i k (lay, official sale s h i st of . yester further reduction for 21 years. This being sO, a l g el in u si s t n n o il v ) ; see what is the price of the Three per Cents not fortified by any such guarantee—that is to say, Consols. From the same official record, I find that the selling price of Consols i was 100/. 12s. 6d ., b ut as the dividend upon this stock is ' payable in July, one half of the dividend, tha' is, 155., must be deducted from the apparent price in order to moor- Jain the real price. I ai actual present price, therefore, of the Three per Cent - asamranteed Stock is 991. 17s. Od a that is, 1001. ri. G‘t., mi ho 15s. which has accrued as part of the dividend. I _rice of the Three per Cents. guaranteed for 21 years is 10'2l. 17s. Gd. The value, there fore, of your guarantee, not to reduce the interest below 3 per cent. for 21 years, in the market at the present time, as tested by the daily transactions, is no less than 3 per cent.- Now I want to get hold of that value, if I can, for the public. (Hear, hear.) Let us guarantee s ome of! this stock which has now no guarantee, and let us perpetuate for the benefit of the public the increased value which will thereby be obtained. (Hear.) Another of the uses to which the Exchequer Bonds may be usefully employed will, no doubt, be that of obtaining temporary loans upon their deposit, without any expense, and affording ample security to the lender. This is a circumstance which will also tend, no doubt, to increase the value of these bonds. (Hear.) There is another point, which I confess I look upon as one of considerable importance in connection with this subject. If we go back for a certain number of years, we find ourselves in a period when dealing s i n public securi ties were almost entirely confined to the metropolis. In deed, with reference not only to public securities, but to stock generally, it could hardly be said that there was a stock market out of London. The immense progress of enterprise, the formation of a multitude of joint-stock com panies of different descriptions—many of them if a high class—investments in railways to the extent of 200,C03,11ad, or 300,000,0001., giving rise to transactions every year of immense magnitude, and various other circumstances con nected with the commercial condition of the country, have, however, led to the establishment of regular stock markets in the provinces. Liverpool, Manchester, Leeds, Glasgow, Birmingham, and other towns have stock markets, where a very large amount of business is transacted ; but at the present moment, considered properly as " stock, the pub lic securities are almost hntirely excluded from the pro vincial markets. Ido not mean to say that nobody in the provinces holds pnblic securities for the purposes of invest ment. No doubt many persons do, but they hold them through the medium of agents and correspondents in Lon don. lam most anxious, therefore, if it can be done, to bring the publi c secur ities into the provincial markets ; because I believe that, by enlarging the scale of demand, you would i ncrease proportionately the value of the com modity, just as when, with a fixed number of buyers, if you increase the amount of commodity you reduce its va lue ; so, when with a fixed amount of commodity you in crease the sphere of the market and the number of tho buyers, you augment and enhance the v a l ue o f th e commo dity. (gear.) Some persons may perhaps ask why we do not propose to alter the present mode of transfer of public securities by personal appearance at the Bank, and the in scription of a signature in the books to the same simple manner to which ordinary securities are transferred. My reply is, that I do not see my way clear to such arneasure. The present mode of transfer—for London, I mean, which. is the centre of monetary transactions, not only of Eng land, but of the world—is as near as possible to perfection ; it is the most rapid, the cheapest, the most secure, and the most satisfactory, which h as ever been devised. There may be a mode by which, without breaking up that system which works so well in London, the provinces may be pro vided with a mode of dealing with these securities. I confess, however, that I am not as yet aware of that plan, and it would certainly be a very serious matter to sacrifice the immense advantages which the great central market enjoys for the purpose of benefiting the minor markets. No doubt we shall achieve a great good if we can, by the means now proposed, get the public securities into the pro vincial markets. The advantages derived would be that you will give an increased value to the securities, and you will introduce a further element of steadiness into the mar ket, for when you deal in one market only you are rendered more liable to the influence of combination than you would be by having a number of markets for the same commo dity. (Hear.) Another recommendation which securities of this kind will poisess will be that they will form most eligible investments for foreigners who may wish to be in possession of public securities, and to have the documents which constitute their right to the property in their own possession. These are the principal considerations which have induced her Majesty's Government to ask the house to give their permission to issue this description of stock. There are, however, two points of considerable difficulty , connected with this subject, to which I ought not to omit to refer. The first question which may be asked is, " Are these securities which you call ' Exchequer bonds' to be merely very long dated Exchequer bills, which at a certain period Parliament, whether it will or no, and irrespective of circumstances, may be called upon to repay? or are they to be securities guaranteed on the part of Parliament against any reaction or interference for a certain pe riod, but with respect to which, after that period, Parliament, and Parliament alone, shall enjoy the power of redemption, to use, or not to use, as it thinks fit ?" Now, her Majesty's Government felt the difficulty of coming to any conclusion in the absence of that direct information which they could only receive from the full expression of public opinion and the discussions which are elicited in the public journals and elsewhere, when a plan of that kind is proposed. We felt the diffi culty of coming to an absolute decision on those questions in the dark:. We had to choose two courses, both of which were attended with considerable difficulties, and by the adoption of either of which we might have sacrificed a very considerable part of the objects which we had in view. If, for example, we had said, "These securities shall be securities absolutely irredeemable at the will of the holder" —if we had determined to invite the House of Gammons to vote such a proposition to-night, we might have run the risk of discrediting those securities at the first moment they were born into the world, and of thus seeing the whole plan abortive. If, on the other hand, in order to ensure the working of the plan, we had written expressly in the resolutions before the committee that these securi ties were to be redeemable at the option of the holders, we might have been told, as in point of fact we have been, that the securities aro so satisfactory in their, charact er , that, as permanent, irredeemable securities, there may be many persons found who would be willing to hold them. It appeared to her Majesty's Government, therefore, that the wiser course was to ask Parliament to entrust them with a discretion in the matter, and using the time, infor mation, and the di scuss i on w hi c h will be elicited between the present time and the period when the act is passed and the securities issued, and bo permitted to act for the best, as the circumstances may seem to them to require. It is quite plain that to get out these securities at the rate of interest proposesl-2:,1 per cent.—it would be well worth while to make them redeemable at the option of the holder after a certain number .of years. At the same time it is by no means certain that, even by succeeding up to that time, we should still succeed in the principal object which we have in view, and that is bringing before the public eye, and enabling the public freely to deal with public securities I bearing 21 per cont. interest, whil e the Exchecluer.l/ondail to be issued would in fact be long dated Exchequer bills. and not permanent securities. (Hear, hear.) The com mittee will sco that we propose to ask for power to sell the " bonds" in open market, and to apply the produce of their sale to the purchase of Exchequer bills. The committee will, no doubt, be jealous of bestowing such a power upon the Government. They may suppose that the Govern snout will throw them away, or give them away, or that they will be so stiff in their dealings that , when the full value is offered for them it will not be taken. . It appears to me, upon the whole, that while those who have to act for the State may fail in the discharge ,of their duty, yet, upon the other hand, the objection would be very great to the committee now fixing absolutely the terms upon which these bonds should be issued. Her Majesty's Government are your agents in the matter, and you will hamper and prevent us taking advantage of the circumstances which may arise up to the latest moment, if you insert in these resolutions absolutely the terms upon which these Exche quer bonds must be sold if disposed of in that way. Her Majesty's Government have thought, for various reasons, that the best wa y o f m e e ti ng th e reasonable desire of . Par liament to be completely master of all these transactions, would be to ask you to confer upon the Goternment such al amount of discretion as will bo ample for the purpose, and will enable them to deal freely with the securities about to bo created, but at the same time to limit the amount of the securities which shall be issued by them under these resolutions, and for this reason I have pro posed that the eniount to be issued shall not exceed the sum of 30,000,0001. Another limitation which is pro posed is, that the power to issue Exchequer bonds will absolutely cease and determine on the 4th of April, 1851. It is not that I assume either that .30,000,000/. will be the utmost limit to which Parliament will go, or ' that no bonds will be issued after the day named. The object of the limitation in both cases is, that we shall have the power to try the experiment, as your agents, to a limited extent ; but to come back to you for increased powers if we find occasion to go beyond the extent named en the resolutions. (Hear.) It may be asked, what is the nature of those bonds, :..nd would they c.institute a suffi ciently broad basis for the operation which we are proposing to Parliament ? To this I must say I think not. I have said lunch in commendation of instruments of this character as a - form of public sanitrity. But I think it is obvious—and it lnia been broadly itunarked in ninny of those o intelligent discussions on the subject . which h ave already 'appeared since the resolutions were printed—that these bonds would not be securities of• the most desirable description for all the parties who are at present holders of public stock. I look upon these bonds as being in a man ner commercial and trading securities, which will suit the purposes of the classes engaged in commerce gonerally, including, of course, those who aro dealers in public, stock. But there are very large classes of holders of, stock, who aro in different circumstance; to whom it would be no advantage to have the power of transferring stock cheaply and rapidly, inasmuch as they do not wish to transfer it, to whom it would be no recom mendation to have the interest )ayable in , the manner proposed, and with whom the present mode of proceeding is perfectly satisfactory. These classes consist of the ofthose the w m ho is h t o l l i t them the andst stocks—of c who l es— hold capacity of trustees, or under private settlements. Her permanent a permanent hoider s of f property, public Majesty's Government, therefore, do not propose to found their operations upon the issue of Exchequer bonds alon e . e as t the because it is obviously desirable,ife public Creditors ito deroendewrsithobuet. h a uded, mischievous consequences, not only to improve the condi otifont,hebuitnitoblmicakcree thoseditors i.mpThroevreeinfoerpet,sinfaollrdoevretroamll cel a c ri l i a l ss wl t im o t w s of fc th h I have alreadyviz.,there should be a means of voluntary conversion sense of the word, " the Great Three of, in the strictest per Cents." In ap proaching this great phalanx of th de fended as it i s b y i ts amount, its e Three p er C ents., necessity for a t we l vemonths' rate of i n t erest, and the as a prude n t general would iotice, we mus t d eal with it, fortifica tion of th e fi rst class, and when approachi ng a the utm os t caution. The our steps must ho directed by ment is to gi ve terms pro our of h er M a j esty ' s Govern as bein g t oo liber l which I h ave not seen described a to the fundholder. II ain ll winced that it would be an error y but at at the same t i me, when it isto give term s too fu liberal ; said that you would get very much bettel• terms than you are now asking, much y m as I sho u ld respect the estimate which the for I'should respect the opi n i on s till more if it was founded upon ' a c tual account instead of being merely • an estimate. The proposal of the Government is that any person who now is, or may be, int eres t e d i n the Three per Cent. Consols; and who shall between the time of the passing of this act and the 10th of October, 1853, signify his desire to commute any or all of his share in the stock, may have the option of exchanging each 105/. of such stock into one of three forms. The first of these will be the Exchequer bonds at par, upon the ad vantages of which I have already dilated at seine length ; secondly, into a Ne* Three-and-a-Half per Cent. Stock, to be created for the purpose, upon these conditions, that 103/. of Perpetual Annuities, now bearing 3 per cent. in terest, may be exchanged for 821. 10s. of this New Three and-a-Half per Cent. Stock, giving to the'present holder of stock an income of 21. 17s. 9d. per cent., instead of 3/. per cent. The reduction in this case is certainly not a ; large one ; but the imure.]sien oppeara to be thief even thin reduction will not be: vei - 7 r..3f , ,dilv. subniitted t? : Fcf my part, I have not the 'least t:‘ar of seeing it very extensively adopted. The advant.tgeg of this Commutation are not to be limited to the rate of interest; it will be fortified with .a guarantee of no less than 40 years—a long period, no doubt, but small in the history of national debts, at the expiration of which period, instead of being a Three per Cent, Stock o it will be one of a. los.; redeemable