The British Press; or, Morning Literary Advertiser.
London, England, 1819-05-14 00:00:00

read to them Yesterday. That elites(' originated in
1786. al the euggernoil of Mr. Fox. that wise sod
ever-to-be-lamented Statesman, to whose acute
anol luminous mind this wsse Ornvi• appeared
might b- our day siecerroory. Ile would, he said,
endeavour to guard himaelf from being tionorepre-
rented or misunderstood. The Sinking Fund was
founded ois the poinciples uf the Act of 1786.
There proiciples were subsequently extended, cor-
rected, and improved, and made opplicable to the •
change of the country from a Hate of war to
or peace. Of that iMliilllllllll ISO 11140 wan a Waste
sincere admirer limo I elf ; hr had alssayr coo.
sideerd the Siooking Fund an eatablistord to 1786,
and as subscopio lolly altered in 179!, 11% the
most splendid and Oleo five proofs of the
• talents of the aide Nlinis'er that pro-
posed theist. By the At t of 1786 an excess of
one million was 11:.1011ell to the gradual extinc-
tion of the existing delot, which then amounted to
238 millions. In 179! we were on the eve of a
war, which, with respect to sow fits .11631 idfor.,
necessarily cleated slew principles of action—ono-
copies which were not rpolicatole to the 'learnt
ertaltlished in 1786. It was clear that the system
of 1786 would no a time of war heroine onite nu-
gatory ; two years war would swallow tip all the
savings that 11w Sinking Fund had insole. Hence
the necessity of a further 111:;1•14111Vr measure, and
scrordoigly the Act of 1792 was framed ; that Act
provided that a Siuking Fund should be creates'
at the rate of 11. for every 100/. burrowed. This it
was computed would extinguish the deist itself at
compound interest in 45 years. And thus every
loan would carry the principle of its own extolls:-
tioui, and this was the true principle ; excess of Pe-
t/Ciller was the only snurce of extingtorhing debt,
for whatever flight have been the trappings and the
machinery employed in any system of finance,
the excess/ of ordinary inconse above ordinary
expenditure is the roily source of the reduction
of debt, In 'while and in private transactions
this ever was and ever must be the case. These
were the principles of the Acts of 1786 and
of 1792; and accordingly the Stoking Fund pro-
ceri-il not without some, but not with any mate-
rial down to the year 1813, a period of
'27 years. But what, he asked, was the Sinkisig
Fund now ? In 1813, the new principles of finance
propoaed by the Right lion. Gentleman opposite
(the Chancellor of the Exchequer) was adopted by
Parlianoria. To that plait he (Mr. Grenfell) gave
his unqualified assent ; because it was his °photon,
that its the state of exhaustioss ill which the coun-
try then was., after a long war, supported on the
part of the people with unexampled fortitude,
and unexampled generosity, during which their
money, like their blood, flowed with a liberal and
devoted abundance—it was (hell his opinion that
it woodd not in touch a moment be wise to add to
the public pressure, but that it was far more dis-
creet In give the people breathilig time—to let
them Inuk back at the past, and to enable them to
face the difficulties of the future. Whether the
plan of the Right Hons. Gentleman was wise or
soot, one result certainly has beets to sap the fouls-
olaiims of the Sinking Fund—to leave no real Sink-
nog Fowl whatever. lei the last year there was ass
excess of expenditure beyond the public income of
ilurteen millions and a half, taking fifteen millions
as pot of the expenditure under the head of the
Sinking Fund. So, in point of fact, with a nomi-
nal
Siiiking Fund for the last year of fifteen snit-
lions, we created a debt of thirteen millions and a
half, it was clear that the real S.iikiusg Fund
*mounted only to a sums of one million and a half.
lie was not, lie said, in the habit of taking a
gluoiny view of public transactious—he had ever
been more inclined to look at the blighter than the
darker side ; hut there are subjects upon which
'white men must fortis au opinion', I ever di.-
hrssnlg
Isl tlie public or to themselves, and he would
grossly flatter himself if he were to suppose that the
revenue of the pie,ent year could Equal the revenue
of the last. lle would put it to she Right
Geotleinaii whether it was ',probable, that, taking
the real amount of the Sinking Final for the last
y-ar, and what was expended by charges Oil the
Sulking Fund, there would be a s%illing appro.
priated for the reduction of the debt. lie knew
the Cuminissioners of the Sinking Fund had one
hundred mullions of stock. 'Elie Right Mtn Grit..
fleapits' had called it a treasure—and truly called
it such as sio nation ever had before. But how
has the f I beets created during the latter years ?
—You send Commissioners four times a week ado
the City of Loudon to purchase stock; but this
stock was purchased with burrowed moisey. The
cootraciera purchased new stock, that is, they
exchanged old ',tuck fur so much as they could
get by creating new. They sold new stock cheap,
and bought old stock dear, as if atm k of all de-
riaiptions dad nut fall into the inidistineis.sliable
mass which forms the ',labile dell. 'Hie whole
machinery at present was in full play ; but it
was of no use. lie wood(' ask, why the enor-
mous expense of an establishment winch is useless,
and yields nu production ? It has no effect but
tls u ail r uiching some contrite-
apal dealers its the fund. (Gesitlem,ii of whom
lie did not wean to speak ill disresiwetful terms)
we're great gainers by the system, and Innis 111,111 C of
thesis tie would probably experieisce opposittou this
moil. It was a system which bail uothilig to re-
c in.—instead of powwowing plai 111 l elm and
simplicity, Walesa system of olelresiuto and deceit ;
whilst the delusiou Korey:4 it most be productive
of evil, and it must roil in failure, in misfor-
tune, sod disgrace. lle would ask Millisiels
if thus can be made clear, will they put a:. eild to
t 1? Frrait 1793 down to She pro-scot noise, it would
be of avivaisiage to the country if the Sinking Food
lead been applied ill dinnaution of the Indus that
had beefs rinsed from titue to time, He hehl a
cal-
cula,iou in his habits, of the accuracy of whiels lie
lead nu doubt', by which it appeared, that if the
debt were so applied from the year 1793 to the year
1819, there would Lave been a wont effected of
twettly millions. Ile held in his hands an account
which would chew that the Continiesiourre for the
reduclsoss of Use debt would hate saved by the loom
of liis; if they were allowed to subscribe for dor-
tens xullluus as liana that Iran, there would have
brwo a sowiliK of two !malty's. and upwards of
capital. It wars contended out liar opposite side,
Ili.l tot (Neel of the 'Totem 4.1 s to keep up the
'owe of the basal,. Ile would but now go into
tile cwuu.lria.ioms ahrther it a milil be advisable to
keep the pt.cs of the loads up of duals. Uss.

doubteilly in a time of war. when this is a bar-
rowing country, it is brueficial In the public
interests that the funds should be high ; but
in n time of peace, when the coontry ought to be,
sod „lir trusted shortly would he, 110 11 If tiding but
redeeming try, it was e writ, question whe-
ther it was advisable to atlvaore the price of stocks ;
but at all events, he denied that the present system
'had the surer of keeping up the stocks. We have,
he said, suppose 15 millions to lay out—now he
would maintain, that by sending the Conllllii-
*loners to boy stork, instead of 21 mil-
lions through the medium of the lua.i, the result
would lie in the rod nearly the sane to line Wry as
in the other. The pace of stocks must, lie lipoid,
lie permanently regulated by the proporti )))) the
ista,k,t bears to the demand of the memo.—
As w the opinions on this .object of some gen.
airmen, however respectable their authority. fill 1111
other subjects might he, on this they were biassed;
111111 Marl* the Hight Hon. Gentlemen' could prove
that the conoractorrof luaus were free f the coin-
lit ot failings of humanity—a bias on the minds of
those Gentlemen must be presumed —lie did not
thank Ihat it wes from this qiiiirter that the Right
Ilion. Gentleman should look for advice. Ile re-
collected the Right Hon. Gentleman stated, that at
tneet.u.g ion D•twitiog street of the contractors or
the loan, lie 114(1 vismilltegi them as to the propriety
of applying the Sinking Food nn sod of the loci,
they all, wish one voice, exclaimed tiguinst it ; they
looked upon such a course with horror—it was im-
proper, it was itio-t unwise, and they strongly re-
commended the Right Hon. Gentleman to have a
loin of 24 mooed of l'. millions. There was, in-
deed, one exception, and hut one :au lion. Friend
of his who NA near him, lint to whom he never
opened his lips ion the subject, his Hon. Friend told
the Chatictlitir of the Exchequer, that if by were to
he governed by a sense of his own personal interest
he would say, let it be a loan of 24 will, ; but
if called UpUll to give his fair opi ))) )) ti, he would ft-el
bound to state, that it would he wiser to apply the
Sinking Fund in aid of the loan, and lie would be
bound also to say, that instead of '24 indiums, the
loan should be but 12. The Hum Nletnlter next said,
that during the war the principle a lin.ll he now
sought to establish could not be curried into effect.
At one time, the Sinking Fund did not amount to
more than four or five millions in the year;
whilst, on the other haw!, the loans were
sometimes from twenty to twenty-five millions;
but that in a time of peace the Finance Minister
should, when he wanted only five millions in ad-
dition to this food, to make up twenty millions,
or ten to make up twetity-five, yet prefer putting
the country to the expense of borrowing the whole,
was a proposition which implied such infatuation,
that lie could not believe it till he heard it from
himself. He did tint think it necessary to proceed
seriously to prove the absurdity of such a design;
for absurd lie must call it, unless he heard argu-
niruts in support of it different from any
lie had heard yet. if any such should be adduced
ou the opposite side, he should take the opportu-
nity to reply to them. At present be should
merely move, " That this House do resolve itself
into a Committee of the whole House to consider
of the said Act."

The CHANCELLOR of the EXCHEQUER said, that
if he had net° ustoinshed before at the motife of
the motion proposed by the lion. Gentleman, still
inure so was hr now at she manner sit which he hail
brought it forward. Before he bad thought it ob-
jectionable, as tending to tie down the Goterii-
silent to a paiticular mode of proceeding, and to
fetter their discretion in conducting the financial
operations that might lie necessary for the service of
the year. But then it was clear, distinct, and de-
fertive ; now it was vague and inilefioite, soil if
acceded to ought lead to any thing—and so fur
was more objectionable and unsafe, and did not,
in his opinion, tend to any good whatever. 'Floe
Hon. Gentleman well knew, that a power existed
iii the Cominissioners, in virtue of the clause in the
Sinking Fund Act, to apply the whole, or any
part of that fund to the subscription for the loan ;
but it was left, and wisely left to their discretion,
whether they would du so— whereas the object
of the motion seemed to he to take this discre-
tion away, and compel them to subscribe, how-
ever unfavourable the terms might be. He readi-
ly admitted that on the abstract queation of the
operation of the Sinking Fund, great diversity of
opinion prevailed. The Honourable Gentleman
had said, iu support of his views of the case, that
if the Sinking Fund had been subscribed to the
loan, in 1815, a great saviiig would have been
effected to the cuuniry. He should not, however,
have left umiuticed the circtinistances under which
the loan had then taken place. The contract had
hien concluded iii the interval previous to the bat-
tle of Wateilou—and in consequence of the victory
there, and the restoration of the peace of Europe,
plaits had been gaiord on the stuck which could
not have lieenj anticipated when the bargain was
Hear, hear.)—But what would have
hero the coast rpiences to the sub.cribers, and
among c.ern to the Commissioners for the reduc-
tion or the national debt (if they hail been sub-
scribers), had that battle been lost ? In rill these
• Ilitle was all diletllliiiVe: the borrowers or the
butters most gain, and the lods must be submitted
to by the one patty ur the other. The Hon. Gen-
tleman had asserted, that if through the course of
the war the loans had been contracted for in the
manner he suggested, the country would have been
▪ considerable gainer. He could not but he !Marl.,
that Since the commencement of it a stun of riot
les. than time hundred msllioris hail been borrowed.
A very billing difference w the Sirius of such ex-
tensive loons would occasion a far greater loss than
the sum of twenty milhaus mentioned by him. BA
he coutelideil that not witlistatidnig his calculations,
the Treasury lord acted wisdy in pursuing the
course they hail. 'rule persona most couirected
with money transactions always hail contended that
by the Consiniss:oners bringing money into the
niark..t. a regulmity and steadiness was produced
iii the wive of the foods, and an advantage thrieby
obtained which far outweighed any direct applica-
tom of the Stiling Fund. Their reasoning was at
least plausible. They aigaird that if the Corwin,-
sioneir did not go to the market, any person under
the necessoy ul ladling out, would be wholly
at the mercy of the dealers in stuck—that the
buys is wool.' take advasitago of Ilia situation),
and toourrice the state of the market at will.
The steadiness which was dir result of the preseht

•erwor-

"•'u.llloi

plan, more Oil.: conlib-iloalanced any ffiatiAvsntazes
with which it lowa+ supposed to be attendee). When
the lion. Gentlemen :.vowed his object was to lead
the Howe to enter into a serious consideration,
whether they ought lint to suspend or even destroy
the operation of the Booking Fund, he thought the
I blose would pause leelore they gave their assent to
his motion. A more tinfortuoiate time could not
have been chosen for the agitation of such MI prows.
a:lioon.—/Hear.)— Much of the re t,olittsg of the.
Haolourable Gentleman he was al present preclud-
col from eitterhig on, ilil/01V11...! :I% it did line:41011S
or arrangement, which a sew* (.1 duty
gild nut mow permit him to exel ll ill e or tliscuss—
mini which would necessarily 111 a abort time come
regularly before the [louse. Ile fully felt the im-
portance of the llon. Gentleman's auggestiouos. Oot
tonne points pet hung he did not much disagree with
loon. Ilis objection to the motion was, that the
Commissioners already possessed the requirite
power over the Sinking Fund, and he thought it
unsafe and unwise to conitrool their discretion, and
coinpel them to a specific proceeding at all hazards.
I fear.)
Lord A LTIIORP supported the motion, and com-
bated the arguments of the Chancellor of the Es-
cherprer. Ile allowed it was desirable his Nlajesi2's
Government should have a discretionary power over
the applocation of the Sinking Fund, but it was
very difficult to speak of the real effect of buying
stock and horrowilig at the same time. lie thought
the fixing the interest of the ton permanently on
the Sinking Feud, was a greater infriagemait of it
than any which ssonlol follow from the meastue re-
cuuttneodcrlhi. lleumourable Friend.
Mr. Wirso X (the City Member) spoke against
the motion'. The benefit of the Sinking Food, as
howl been alre:ooly said. was no 111. alls to be C/li.
mated aolely loom the extra of delit it liquidated.
Another most material advantage of it was to keep
money transactions out of the hands of brokrr.,
and the money minket steady and even. Without
its infl mace, the Stock Each:mg.. would be a scene
of monoloody, speculation, Iltiettiati 000 and hazard.
lint a greater ohjection to the minims was, that if
they departed (ruin the old system, by which the
credit of this country had bren kept so high all
over Europe, no one could lined where • slop
was to be mode-.—///ear, hear.)—The eolith!. rice
of the creditor in the good faith and resolu-
tion of the Legislature would he destroyed. A
Chancellor of the Exchequer next year fullterring
the example now set, might lav his hands on the
whole of this Nor!, destined to be kept sacred, and
divert it wholly towards the supplies of the tent..
The measure recommended, seemed to loin full of
peril and hazard. He had heard it said in the
House, that we ought to look the difficulties of
the country hi the face. He agreed that we might,
and therefore nothing should tempt hint to encroach
ou this the surest hope of the country. It might
be advisable to mention', that nutwithsianding
what had been urged in favour of the mutat', it way
possible that in the tame proportion thee measure
would diminish the sum to be borrowed, it might
also operate against retrenchment. It the motion
was modified, he might give his assert to it. her.
haps lie was premature in alluding to a subject
that would probably occasion much discussion and
difference of opinion in the House—lie nicant the
Report of the Committee on the Batik—but he
begged leave to ray, at protein, that he approve,' of
at least oboe part of it, that, namely, which recom-
mended the putting the Bank in possessiou of their
own means as a preparatory step to the resumption
of cash laymen's, and he (as we understood) would
give them, to that intent, live millions out of the
loan.

Mr. RICARDO said, the Right lion. Gentleman
opposite (the. Chancellor of the F.:ice'triplet) had
admitted, that a loss had beeii sustained by tire
country from giving the loots pretious to the battle
of Waterloo to a set of contractors, instead of al.
lowing the public aii opportunity to subscribe
thereto. In that opinion lie entirely concurred.
He conceived no sort of danger would arise even if
the argument on the other side, respecting, the
Sinking Food, were true to its full extent. Gen.
drown opposite hod talked of the danger of ininiu.
poly in the Stock Exchange if the C ))))) inissioners
were out of the market; hut those who Norm-
hendcd it, must have been ignorant of the mode in
which business was conducted there. Trata.actiorta
were carried on at the Stock Exchange as fairly
and honourably, and there was iits much comperi.
Lion. as In Noy money market in Europe. lie op.
proved of the motion, because he thought, that,
whatever advantage private coutructurs derivtd
from subscribing to the loan, the suirvt lulu/wages
would be enjoyed by the public in taking the large
proportion of it equivalent to the Sinking Fund.
Mr. Huseissos was obliged, in vindication of his
Right Hon. Friend (\lr. 17tinsittait) to say, that
the Honourable Gentleman its forming his calculi.
tion of she sum which would have been saved 11l the
course of the war on his plan, had referred to a our-
Uvular document the table respecting the loan
made iii 1810. He accordingly concluded that
his argument had reference only to that one loan,
mid could not be considered as general. As to the
mature of the motion, it seemed to him to he for
going into a Committee on the expediency of the
Siokiiig Fund Act, as the Commissioners alre.oly
had the power of subscribing to the loan, it they
thought proper to exercise it. It was imputsible to
discuss the question of the operation of the Sinking
Fund since the paw 1793 on one abstract prtisci-
ple. When the Han. Gentlernais said the country
would have been a gainer Vi the extentaf to, it..y
millions by obsetvilig a course different hoist that
lidloied, lie should have token into considela-
turn the vat ious elements which entered into the
account, and especially the terms on which the
loops would have been contracted for on every
occasion, if the Sinkiug Fund had not been left
iis the Is 'subs of the Commissioners fur the pur-
chase of stock. The question was so mixed up ailk
various considerations, that it was most fallacious
to attempt to argue it on ogle ground oily. The
Right !lon. Gentleman then alleged that the
mutton war premature, and had no specific object,
and expressed his determination to oppose it.
Mr. J. P. GRANT said, the thanks of the country
were due to his Hun. Friend, for drawing the oaten-
boo of the House to the present very important
question. He knew by past experience, that the
Right Honourable Gentleman °pinnate (Mr. You-
mho) was slot the worse for hearing subjects of tins
nature discussed in the Muir, that he did not th ink

,~_,,._.

it istmortley of him to adopt the opiates it! eta.
tiellieli Esorin Nhoill he proleased to differ, am! "'Wilt,
times founded his nteo•ores on the hints ea.c.siv„d.
fruin them.—(llene.)—The absurdity apiepareil su
plain of borrowing MI interest, al ;le we had money
in our hoods, that it was wily to he explained Icy
some niyatical operation of the Sinking It.
WilP aware that every Market was effected 41. e
tirmaild, and, accordingly, he believed that shift.
was kept up by means of the "Staking Vaud. hilt
if they turned as many be!leris to the market 11% 111.-11
were buyer., he did not see Whet useful .ff rt Ma!
prodneed, while the two counter NWT 411U114 flute
regularly going on. Fur oar, lie wee exis..o.l,
anxious to have the matter properly •iarestigaird,
beeatter lie believed the Cuttatry raffered moist lrs'
the system at present carrying oh. Hr kite* 1,41
well, that gentlemen in the City would twit procure.;
sit lesenptioint to the loan for nothing, awl In
wished the country Were /deed the btlldeli of abut
they thus gained. If private individual loud
fifteen thousand a-year by borrowing fifteen tleuus
sand a-year, lie only lost whatever it coat him
obtain the loan. lit like manner the ouhtio toil
the amount of the premium on en rourh
10:111 is wile equivalent to the Sinking Fond, aneu
the hitter was not salocribrd. anoints Milli .litiqs
at a premium, and what was that but a hie. 1.; the
pnrchuart ? He could not see any objeviito itt
Hon. Friend's mob ~,,, especially when ill pitt;ea
were agreed that the subject was deaervii.g if the
mast ample investigation.
CALLAGHAN said it iris most expedient
that the Sinking Filial should be kept up and en-
larged. Now it could be enlarged only by dotal.
'Witting our exiwuditure. or increasiog our i4conit ;
and the latter was, in his opinion. the only proof.
cubit. mode of doing it. Our iticoine we. more at
seventy or eighty millions, and lie thought that by
prudently taxing commodities which would iehnit
of it, it migld, without adding to the teettietial
pressure, be brought nearer that sato than it att. at
Meerut. He could not assent to the motion, as the
Sinking Fund wise the only roondation of puttitc
credit.

Mr. ELLICE said, that his difficulty on the pre.-
sent ()cession was not a little 'r.crea.ed by the moo.
nee iu which the motion had been brought tut waist.
If the proposition had been for directly applying
the Sinking Fund towards the loan, he would lave
felt it lii■ duty to vote for it.
14r. Geentiett. rote to reply. lle said, that
the principal argument urged against Isis motion
was the steadiness ell,cted in the price of the stocks
by the Comonssioutiv always being iu the mark•t.
He held in his baud a list of their iwtria
during the last three yews. In 1816, they were
at 63. from that they gradually ruse to
this day they had fallen back to 72. If toot ass
steadiness, he would wish to he told aka wane
legation. Ilia motion was said to be pa taatu►r, hut
ten days hence it would be too late—the Waal would
then he made, and the mischief (rf any nsischi f
was to take place) would be done. If there v.a•
no luau (luting the present year, th. tr w •old lot
no other cour►e but the usual one oft.n to toe Conn.
missioners; but as a loan ad. It, i.e Ilindr, It tartly
bicatne the House to consider what he
proposed was not the most Jo usletst stay eu►phr.
Mg the Siiiking Fund. 0•IC Iluu. Grntlrula►s
hail expressed great alarm, a. if the Sinking Fund
weir molly etlectu4l for the reduction of tile public
debt ; another 'apprehended a future Ch aticellar
of the Exchequer might meddle much ni,re es.
temovely with it, if any eatlalitir were. 004 set.
He therefore thought it right to say, that Ins only
design was to keep up the geitural 'machinery of
the Sinking Fund, but to save the country the
money which for the last 47 yeses had beta goin4
its the hands of contractors.—/Hear, hear./—
A tier what had paned nu the Houae•Sre years ago,
br had no limitation in declaring that his ailj-fct
was by some means or other to make it imperative
on his Nlojesty's Ministers to apply the Sinking
Fund to tile luau to be raised in the pis-scot year.
He could not see how buying stock sod borrowing
at the same time to the same amount, could be at-
tended with any benefit•ial tffect.—f ifear.)--Gen.
Ileumu who were in the habit of subscribing to the
loan were naturally anxious to keep the prevent
system, deriving, as they did, so extensive a profit
f►om it ; for that very reason he WKS dIIXIIJUs to pat
all cud to it, aid to turn lite profit. into these !mbar:
channel.—(Hear.)
r. WILSON exl lamed,
Tor House slim divided. The numbers were—
For the mutton
Agaiust it

3lnjurily against thl• motion lll
SA LT REV FAN F.

Mr. W* I. LAC F. ri.se to brio :14 in his Bill to *mend
the Salt Revenue Laois. lie Iris happy to say that
these laws acre sufficient, without much screwy to
the execution of them, to raise a ferrous. of
150,0001. a-year. lie then read extracts from
papers, to t.liew that the charges made against
au officer connected with their . 'creation (.1e un-
derstood the Solicitor to the. Excise), were void
of foundation. That individual, lie coistioued.
performed his duty in a most exemohiry manner.
His Bill applied to such SI number of points that it
would be tedious to specify thesis. By the taissing
I;iw buudu were oequireil from persons tualiog
in the article, were suffrted to Mut 'Him-
Idle, and sometimes op.-Anted as a guest g.ser.
once. 0.,e objrct pr.p.).r,l by the lied wa. to
remove this, by eteautilig, Illat 1111161/31 stutter wet..
given %ulna a certaiii blue of proceeding 1111
such bonds, they shookd be held to tie cancelled.
A nut tier t of the Bill went to establish new v.-
gulations applicable to the CssllVryltlll't Isr IA( by
ta. a. The Gentlemaii, after ilescsibing s rmr
other of its provisions, iiiii red lur leave to 66161;4
Hill to alter and amend certain laws of Excise alto
respect to Salt and Rock Salt.
CaLcaaFT recond.il the motion.

Mr. THEMA V N E hoped Ilse !Warm', would he rt-
lieved from the bray)• olmructootto that Low t 30-oti
ogaitibt tlltlr maktog uw of t• 411.

—After matte remarks truun Mr. D. W. Mayo,
the !outwit oasagrred to, and leave gitett.

SOUTH AMERICA.

The A TTOIO4 kV-GIENERAL nose, In pursuilice of
hni nonce, to waive for koVe to bolog in N litli
OE (Atari ly In piolrant British stair vis tram ti.ll-t-
-ing iu Nil furrign service, wiLlinui previous lice.
how the Crown. Ms object was tiut on much t•
lIJWC N UCW latflSUle uU thts bUbjeCt, us to rtUitLl,

&