The British Press; or, Morning Literary Advertiser.
London, England, 1826-08-26 00:00:00

THE BRITISH PRESS.

t,tantinople of 25th Ally inform us that the organization of the
Helm is proceeding with the same activity. At Adrianople all
was traneuil, according to letters of the 20th. Barracks were
building for 12,000 men. The Ministers at Conitantinople are still
under tents. It does not appear that the camp is to break up. as
was said, on the Ist of next month, which is the beginning of the
new year among fly: Turks.
The Sultan has just taken a step, which has spread consternation
in the capital. The Turks, it is well known, cannot do without
smoking and drinking coffee ; and all the coffee-houses in Con-
stantinople, without exception, are shut up. The Topeltis, who
have guarded the city gates since the late revolution, have been re-
lieved by new troops in uniform.
The Sultan, after the review at Eski Semi, ordered a consider-
able gratuity to be given to each soldier.
The plague is spreading at Constantinople.
Letters from Jassy say, that the Turkish Commissioners let
Skuleny the Ist August, and were to arrive at the place of their
destination on the 4th or sth.

I From the Journal des Debats.l

GREECE.

PAR ts, Ara. 22.

We have'received PO many contradictory versions concerning the
voyage of Lord Cochrane, that if we do not wish to consider them
invented on purpose to deceive the public, we shall be obliged to
suppose that this Admiral has formed a plan of a very extraordinary
nature. The first news which we received of hint was from Al-
meira, on the 10th of June ; but it was not believed that he was
himself on board the steam .vessel which had entered that port.
The same vessel was at Cagliari and Messina, from which it set out
on the 12th June. It was probably this vessel which entered Na-
poli di Romania, laden with his Lordship's baggage, and with
some cannon of a very large calibre. It was believed that his
Lordship was on board, and that he wished to remain incognito, in
order to judge better of the situation of affairs. But we have
since received the following front Trieste, dated the 15th August :
—" A singular and yet probable rumour circulates here for some
days. It is affirmed that the celebrated Admiral Lord Cochrane
has arrived direct at Malta in a private pleasure ?meld, and that he
set out from that island without any one being able to trace him ; but
it is supposed that he is voyaging in the Arc ipelago,or on the coasts
0( Egypt, collecting nautical and military information in person.
lie will not give up his incognito till all the stearnoressels be united
at Napoli di Romania. Ile will then disco.er his projects.
FRENCH FUNDS.—PAaIs, AVG. 23.-4 per Cents. 100 f. 70e.;
3 per Cents. tkif. lile.; Bank Stock, 2010 f. ; Rentes de Na-
Pies, 72f. 80c ; Royal Spanish Irian, 48. Exchange on London,
one month, 25f. 65c.—Comrs Aullvtique.

Complaints have been made to us of partiality in our
report of the proceedings at the Meeting of the Norfolk
Rail-Road Company; and we have inserted a letter con-
taining very severe animadversions on the subject. No-
thing could be farther from our intentions than to insert
an unfair report of any meeting whatever. Our report
agrees with that inserted in all our contemporary Journals.
Mr. HENDRICK s has also thought proper to send us about
a column of his justification—which we could not of
course insert, both on account of its length, and because
we do not wish to make our columns a vehicle of contro-
versy farther than is absolutely necessary. The natural
answer to an attack made at a meeting is by a defence in
that meeting; and Mr. II estuatcr s must be aware that ire
hive never gone out of our way to asperse him or any
other individual whatever. In justice to Mr. Ile N-
oumea we must say thus much :—He states, that if
Mr. CLANK had called upon him, he would not only
have explained the circumstances, but would have produced
satisfactory documents in support of his explanations. Mr.
Ct.aax, be adds, was requested by one of his clerks, by
his (Mr. 11.'1) directions, to call upon him for that purpose ;
but he (Mr. C.) refused to do so. Mr. Hs xnatt es farther
observes, that our refusal to insert his letter leaves him no
alternative but to give the contradiction to the foul libels
published against him in some other form.

Ice observe, in looking over the Share Lists, that the
Potosi Mining Shares, frcm being at a serious dis-
count, have suddenly risen till they have attained a consi-
derable premium. The cause of this change is said to be
the favourable intelligence which has recently been received
from the mines. It would not be difficult to show that no
joint-stock Company ought to have its shares at any consi-
derable premium at the present moment. The only divi-
dends which could be expected upon the capital of such
Companies would be a moderate interest on the money ad-
vanced. The profits of private mercantile transactions can-
not be brought into comparison with those on large specu-
latimts of this sort. In private business tke profits are in
many cases only the wages of superintending labour; in
others, they are the premium of insurance on risks; in
others, they are the interest on stock in trade; and in all
they are the rewards of the skill by which the merchant
discovers the cheapest market for purchase and the dearest
for sale. In no case is profit a mere separate account, as it
is sometimes considered. It always covers risk, rewards
skill, or compensates anxiety. It would be unreasonable,
therefore, for the shareholder in a joint-stock Company to
expect that lie should reap the same fruits in his joint-
stock transactions as he would do in his private concerns,
unless he should himself submit to the same labour, risk,
and anxiety, in the management of the partnership busi-
ness, as he does in his private transactions. This he
would not willingly do, without some peculiar advan-
tages to himself above the other inactive members of the
Company. In short, agents, secretaries, &c. must be
found to conduct the business of the concern, and to receive
their pay in proportion to their labour. Now, in the na-
ture of things, business so conducted by persons not imme-
diately or solely interested in it never can be managed with
so much watchfulness, economy, and unity of counsel, as in
a private business; while the managers must, at the same
time, be paid in proportion to the.abilities required, and
to the trust confided in them. In short, the most that can
be expected of them is, that they will manage the transac-
tions so as to be able to pay the interest on the sums ad-
vanced. We do not mean to assert that no joint-stock
Company ever divided more than 5 per cent.; facts corn-
, pletely disprove that ; but it will always be found, even in
cases of this sort, that the final success of the undertaking
does little wore than pay the original risk, with the inte-
rest deferred, and the permanent risk in the i,tisiness. It

would be unreasonable to expect anything more from such
undertakings. In the case of Mining Shares, it is certain
that the successful concerns ought to divide very high, if
they divide anything like the sums necessary to cover the
risks which individuals submit to who embark their capi-
tal in such uncertain speculations. Of all the ways in
which money may be laid out for the purpose of bringing
in interest, mining is by far the most hazardous. In the first
place, the hazards of finding mines in a country are to be
reckoned. In the m xt place, the value and extent of the
mines may be such as render it unadvisable to employ ca-
pital on them. In the third place, the accidents insepa-
rable from mining transactions must he taken into the ac-
count. And, in the last place, the ultimate success of the
speculation, if it were very brilliant, would, in a great
measure, destroy itself; metals being, in all cases, a specks
of commodity, fur which the demand must necessarily
be limited. After reaching a certain degree of abun-
dance, the farther increase of the general stock would
diminish the value of the commodity so much, that
it would render its: turnofr production unpretable.

This is particularly the casein the precious metals. In most
cases where English capital has been laid out in mining,
not only have these circumstances of disadvantage been in
full operation, but, in addition to all these unfavourable
points, the mines have in many instances been situated in
foreign countries—and in countries, too, whose governments
' are in so unsettled a state, that the public funds 'cannot be
depended upon ; and there is nothing to guarantee the spe-
culators against military revolution, foreign invasion, or
municipal oppression. The nrojecbm's of these societies
forget that no Government can willingly encourage any
system by which a considerable portion of the riches de-
rived from her own territories could fall into the hands of
foreigners. Admitting the utmost success of the South Ame-
rican Mining Companies, is it likely that the Governments
of the new States would continue long without making
some endeavour to prevent money from being carried out
of the country in the shape of dividends, salaries, &c.? In
short, the hopes of the dealers in South American Mining
Shares must be very sanguine indeed ; they must look for
some profit very much exceeding the ordinary rate of what
are considered fair profits, before they can be induced to with-
draw money from any other mode of employment, to turn it
into so hazardous a channel. Ordinary prudence might
teach them that servants out of their masters eye will sel-
dom do their best, and will never do any thing in the most
economical and advantageous manner. A tradesman is
afraid to trust his workmen to themselves in his shop while

he dines. Can the same tradesman expect his workmen to
do their duty in South America ? There are some coun-
tries naturally allied to England—some FO situated with re-
spect to the sea as to be at our mercy in the event of war.
In such countries English property might be very advan-
tageously invested, and might enable us to form colonies
without the expense of garrisons; but there are few parts of
South America in which this can be sa'd to be the case; and
even were there many such districts, we do not by any
means think mining either the most secure or the most
profitable method of employing capital.

CITY, FRIDAY EVENING.

It would almost seem that the Bulls and the Bears have
come to an armistice upon the subject of Consols, and that
the stipulation, as regards them, is, that they shall remain
at 7Sil until the settlement, inasmuch as they have con-
tinued another whole day at the same quotation. It is
said that the jobbers are merely making up their accounts;
what sort of an account it is to be, with Consols stationary
for such a period, it is difficult to imagine. Exchequer
Hills are 18, 19, and Indian Bonds us. but not much doing
in them.

In the Foreign Market, the first is priority stands Mexi-
can Bonds, which•opened at 464 41, during the day went
up to .t!), and finally left off at 485. The statement of to.
day iv, that a letter has been received, which asserts posi-
tively the shipment of 1,200,000 dollars, for the purpose
of the payment of these dividends. October is not yet
arrived, and, therefore, no ground of complaint can pro-
perly as yet be made ; while, in the mean time, these re-
ports will of course be brought in aid of the speculations
for a rise. One fact seems clear, that bills drawn by the
Mexican Government on this country do not find accepters:
and it is therefore fair matter of apprehension, that though
they may have the will, the means may be wanting. It
has been said that Messrs. Baum; have undertaken the
management of the affairs in question ; but this wants con-
firmation ; anti it is to be fairly apprehended that they
would only accept the office on one condition, viz.—the
arrival of such an amount of funds as would justify them
in so doing. Colombian Bonds arc doomed, at last, to
separate themselves from the supposed connexion which
was thought to exist between them and the more favoured
Mexicans, and they remain neglected at 33.4 ; but they
cannot complain, for all other Foreign Stock, with one ex-
ception, is in the same predicament.
In Greek there has been a slight movement, which have
shown a rise of one per cent. during the day, and finally
closed at 134. The intelligence from thence is wholly bar-
ren as to news from Lord COCHRANE j but it is important
as it regards the political state of Greece. It appears, from
a communication of the Committee of National Assembly
(which will be found in another column of this paper),
that they bad been convocatetl at New Epidaurus, anti
their first acts were to form two Commissions : one the
Governative, charged with the administration of the inte-
rior ; and the other that of the Assembly, to have the direc-
tion of Foreign Affairs, and to whom all matters of finance is
to be referred. The first act of th e latter Committee has been
to direct the withdrawing of the Deputies from England,
and that they shall submit their accounts for exami-
nation to three individuals, in order that they may be
audited. These individuals to consist of Mr. SPANIO-
- as possessing the confidence of the Greek Govern-
ment, and the other two to be respectable Englishmen.
This act of the Government has arrived very opportunely,
as it is understood that a meeting of the Greek Bondholders
will be called as early as possible, in order that they may
come to some resolutions as to obtaining information of the
nature of the expenditure of the monies intrusted to the
Deputies, as well as to go fully into the question of the
delay in sending out the steam-boats to Lnrd COCHRANE.
It is also said, bin not on official authority, that 'V t-
La vet had been elected Prvsident.

The Potoso Mining Shares have advanced to 16 per
share.

In the course of Exchange there is little or no variation.

By the Mary Ann, Winter, from Adra, we have advices
to the 21st July. The. Janet was taking in lead ore for
Liverpool, and was expected to sail in ten days. Great in-
convenience was experienced at Mra and the neighbouring
places, in consequence of the annoyance given to the
coasting trade by three Colombian privateers, commanded
by English or Americans, which had been for some time
cruising about the Gut of Gibraltar, and captured a
number of small vessels. The Gut was completely block-
aded, and whatever vessels they captured were taken into
Gibraltar antrisold. On the 28th July, at 3 P.M. in lat. 37. 32.
N. long. 925, the Mary Ann wig branght-to by these pri-
vateers. having taken her for a Spanish vessel; but finding
their mistake, they inquired after a small Spanish vessel
which was known to he in the neighbourhood. The priva-
teer kept company all night, and in the morning separated,
to the great comfit? t of the Mary Ann's crew, for it scema
to he a very common practice for the commanders
of these privateers to take what provisions, &c. they
requite, either front British vessels, or those of any
other nation, and pay for the goads by a bill on London,
which generally turns out not to be worth a farthing. This
is a system which is little short of piracy, and re-
qnires the interference of an English vessel of war to
cheek it. This privateer was about IA tons burthen, and
aimed with about In guns: the officer told the Captain
of the Mary Ann that he had the night previously cap.
Lured a small Spanish vessel with passengers, and, after
plundering her of every thing of value, had released her.
lite Mary Ann passed in the Gut, Europa Point distant
four leagues West, a Spanish squadron, consisting of six sail
of feluccas, in search of the Colombian privateers. She
also subsequently passed an English frigate (name un-
known), bearing towards the Gut. It is therefore hoped
that a stop will shortly be put to these depredations. It was
fearcd at Adra that the Colombian privateera would pay it
a visit, in which case there was no doubt but the town
woulti soon become a prey to plimeer, for its means of de-
fence were not such as to enable it to hold out long.

ORFRCE.

The following letter has been received from the Greek
Government :

TOE COMMITTEE OF IRE NATIONAL. ASSEMOLT TO MR.

®PANIOI.ACKI, 1.014D0N.

The National Assembly, whose Convocation has been so long de-
sired by the Greek nation, met about two months ago, at New Epi-
daurus. As circumstances have not allowed sufficient time to coin.
idete Its labours, it has instituted two Commissions.—one the Go-
vernative, which is charged with the interior administration of
Greece ; and the other is called the Committee of the Assembly,
which is charged with Foreign .lffairsa and with the arrangements
of all accounts from the first to the second period.

This Committee, composed of the undersigned, has receivA the
express orders of the National Assembly to withdraw the Deputa-
tion from London, and to receive their accounts; to which end three
individuals, possessing its confidence, will be named, o !on you
Sir, will be one, anti the Committee thinks proper that the other
two should be respectable Englishmen.
In the mean time, the Committee desires you will from the pre-
vent moment seek to elicit truth, and examine the accounts.

The Committee, as anon as time will allow, intends to address
you more at length on this subject.
Nauplia, June 10 (22), 1820.
(Signed) PANUTZO NI/TARA, President.

The Arch bimhop of A RTA PORN! IR JOS, Vice-President.
SPIRIDION CALOGEROPOLOS ANAGNOTTI COSSANITZAS
A NASTASIMS LONDOS EMMANUEL XENOS
OEORGE BENCI:111 CRISTO ‘'I.ASSIS
N. S. BELISARIOS N. liEv 'earls