The Sun.
London, England, 1855-04-17 00:00:00

THE S(J N 4 Lo,, DON, TUESDAY EVEkiINCI APRIL l7, 1855.

MISCIML

80-US.

SPIRIT OF THE PUBLIC JOURNALS.

Australian Agricult.
Ausraln. "loyal Mai:
Berlin Water Works
Brit. American TAnd
Brit. Ja.- Coln. Smeltg.
and Reduction Co.
(`dude

Years appears to us too short's, term, since the burden is then
thrown in the :rape of a high rate of interest on one genera-
tion. Our object is not prompt repayment at a great sacri-
fiee,_,bit the certainty that the debt will be gradually extin-
guished. Lastly,• we hare great doubts whether the
Chancellor of the Exchequer would not have made a far
simpler and more, successful operation if he bad addressed
himself at once to popular subscription, and allowed
tho public at large to contribute to the loan in twn or
three diflbtent forms, but at a fixed price, in any sums
above Mi. The French Government have twice resorted

VISIT OF THE EMPEROR AND EMPRESS. •
(Front the Times of this day.)
No one who knows anything of the British people would
be surprised at the scene yesterday presented in thin metro-
polis. Friend and foe, the most insular English Man and the
most enlightened refugee from any or all the despotisms of
Europe, would be equally prepared for • the sight of a count-
less multitude standing for hours, wherever they could stand,
to catch a sight of the Emperor and Empress of the French,
and to contribute such slight manifestations of good-will as
their overpowering curiosity would allow. We shall expose
ourselves to the imputation of flattery when we express our
simple belief that from the moment their Imperial Majesties
left their own palace on Sunday, morning to 7 o'clock last
night, when they entered that of Queen Victoria, they were
never for one moment out of the sight and sound of one cob-
tinned ovation. We can answer for all between Calais
and Windsor Castle. The most striking part of this
progress was the five miles, for it was little more,
from the South-Eastern to the Great Western station,
and this was traversed so slowly that an hour and
a-half elapsed between the arrival at the one station and, the
departure at the other. At every point of easy distance the
populace, the carriages, the spectators from the windows,
were as numerous and as eager as if the spectacle bad been
confined to that oae spot, and as if the occasion had been one
of the proudest in the annals of our own country.. Of course
mach of this must be set down to the merest and sheerc3t
curiosity—to the circumstance that an Emperor, and, still
more, an Empress, is seldom seen in England ; to the promi-
nent position which. these personages have occupied in the
talk of the day' for several years. Yet there- remains the
question what it is that has so wonderfully moved our curio-
sity in this instance ?--Why do 'we, a constitutional ,people,
flock in crowds to do a species of homage to one who has
raised himself above constitutions and laws; and why are we
ready to doff the hit, to bow the head, to wave the handker-
chief, or, at all events, assist with ohr presence, the trium-
phant progress of a self-raised absolute sovereign, the sole
source of law, the single type of political unity, and the only
pledge of order, to forty millions of our nearest neighbours,
once our enemies and new our allies ?
Question, indeed, there is actually none, for, as we have
observed, no one is surprised. Given all the conditions, in-
eluding the thoroughly summer's day breaking upon us after
an unexampled length of ungenial weather, and the event
might have been confidently predicted. The truth is, that
when everything has been said that can be said to the dispa-
ragement of this Emperor, his is a character and career tho-
roughly, and indeed singularly, appreciable by the British
people. In no country is decision of character, single-
ness of aim, 'fixedness of purpose, and useful ambition,
more in honour. We hold up to our children the in-
stances of those who have raised themselves from a humble
position, or forced their way through great difficulties aed
discouragements. In the face of that precept in the Catechism
which piously inculcates that we should be content with that
station where God has placed us, even our religious societies
diffuse little story books expressly adapted to foster
youthful ambition. Our most popular moralists urge de-
cision' of character by almost every motive, and for al-
most any object. We point with pride to the com-
paratively recent or lowly origin of our, great fami-
lies. • Every father in the middle ranks of life tells his
c)i!dren how tie sons of cheesemmagers and publicans become
hishoes, and the suns of barbers become Lord Chancellors,
and the son of a country parsoa the great Lord Nelson.
Even in the career of Wellington, we. choose to forget that he
was horn and bred in a Court, with unbounded influence at
Lis back, and merely remember that he eves a time in small
lodgings, and obliged to borrow money from his landlord.. It
is carefully noted where the King of the Belgians lodged
when he first appeared in this country, and what was his in-
• come, not so much for envy of Isis rise, but because this is the
favourite, type of British tdography. Whether this be not
' carried too far, and whether many minds are not early dis-
gusted with appeals to what their own instinct tells them are
..,ififerior motives, we will not now inquire. It is enough that
this',is the habit, of this country, and that it is the tendency
of the British social state to leave no alternative, and to
compel men to rise or to sink lower still. The mode of
raising may not be quite the same as in other coun-
tries, for very few ri,e here by "the military or civil
service of their country. The more open and frequected
paths of ambition are, perhaps, the mercantile, the legal, and
the clerical.- Yet, on the whole, we make it a point to rise
by fair means, or by those that are less fair, and dur moral
and religious authorities are always ready to commend the
enemy and decision that are rewarded with success. So,
though we have only ono, Cromwell, and though we are
all pleased and proud to remember that the -Duke Of Marl-
borough became a humble subject when he was stript of his
command, and even the Duke of Wellington did little with
his influence except advising his brother peers tebow to
public opinion, we can still honour and admire the man who,
in strictness of language, may Le said to have triumphed over
the liberty—though in fact over the license—of his country,
and who has made himself that which we would not tolerate
ourselves a day 'longer than we could help it.
put in 'this Emperor Louis Napoleon we see a great deal
more than the mere man of iron will and iron hand. We see
the first friend and ally, in 'a substantial, active, and recipro-
cal sense of those words, that we have found on the opposite
shores of the Channel for many hundred years. We see the
man who has restored order, prosperity, and power to his
country in the course of two or three years, at a time when it
threatened to sink under its own ruins, or to overflow, to the
desoltion of Europe. We see the man who has committed
himself and his fortunes :o the task of adorning and improv-
ing his capital with every grace and invention of art. We
see the man who does what we, with our boasted self-govern-
ment, our Parliament, and all the apparatus of a free consti-
tution, cannot do, whether in the conduct of his armies
abroad, or iu the execution of great and beneficial work s at
home. We see the man, who while Englishmen are care-
lessly and thoughtlessly, not to say disloyally, avowing that
the Crown is only a pageant, the Sovereign only a fiction, and
loyalty only a name, cannot even for a moment be regarded as
less than a Monarch. With our perpetual jealousy of the
Crown, with our boasted succession of triumphs over the pre -
rogative, with our expulsion of dynasties, our Bills of Rights,
our Acts of Settlement, and 'our constitutional monarchy, it
is not for us to quarrel with the choice of a great nation, or
to compare the ancestry of M. Bonaparte with that of his
contemporary, George 111. There are many noble pedigrees
in Europe more ancient and less faulty than our own regal
line. The Empress of the French herself is one of those Guz-
mans whom the great Spanish humorist, writing in the
reign of our Elizabeth, makes his hero enumerate among the
old cit and most glorious nobilities of Europe. But we in this
country have agreed, not without reason, to pay no great re-
gard to ancestry Without worth. It is not for us, then, to
insist that the grandfather of the present Emperor of the
French was a private Corsican gentleman ; nor, to speak the
truth, do we care much about it. We see in our illustrious
visitor the man who has restored.his own fortunes and those
of France from a seemingly irreparable downfall, and, what
is more, the man who taught his nation to believe in active
alliance with England neither degrading nor injurious to
itself, nor unimportant to the interests of humanity.

Canada Gov. 6 p.
Jan. and July
Crystal Palace
Do. Prefe•eue,

with extraordinary success to this expedient, and we cannot
but believe that the wealth of all classes in this country
would readily supply all that is needed, and rescue the Ex-
chequer from the hands of the loan contractors. There is,
on the contrary, very little originality in Sir Cornewall
Lewis's 'plan, and what little novelty wa are able to detect in
it is palpably inc,,nvenient. If he hopes to introduce new
principles into the mode of contracting public loans in this
country he must ,ipply to a different class of capitalists. In
other words, if he has a different article to sell he must try
another class of customers. But this plan will probably dis-
please one set of lenders of money without op-ening the
purse-strings of another set ; and, unless favourable intelli-
gence be received in the course of this week from Vienna or
from,Sebastopol, there may be something critical in the suc-
cess of the operation on the terms contemplated by the
Chancellor of the Exchequer.
----
(from the Times' City Article of this day,)

Orystal Pal.of Frazier-.
Duston Tron Ore
Eastern SWAM

'Electric Telegraph._
Electric Teleg. of Ir.
Gen. Steam Navigat.
General Screw Steani
Irish 13cet•tiot Snga
Magdalena St. Navig
Mcditeran. Elec. Tel
Hexii;an&S.Amerien.
Do. New ..

Nat. Pat. Steam Fuel
Netherlands Land
N. S. W. Coal es Inter
Steam NavitTat. Co
N. P. A ustralas
Nrth.dEuropeSt 3a.t.n
Peel nr. Lei, &
Peninsular& Orioutal.
Do. New

The particulars of the new loan were made known at the
Treasury yesterday morning, according to appointment. The
amount to be :raised•is 16,001,0001. sterling, for which the
Government are to givel6,ooo,ooq. Consols, and the balance
(that is to say, the difference between the Va.llC of DO/. stock
and 1001. in money) in annuities terminable in 30 years. The
biddings are to take place on Friday, and the method will bo
for each applicant to specify the amount of anuuty he will be
content to receive in addition to 1001. Consols for every /001.
of money subscribed. Assuming the value of Consols to ln
estimated at about BS, the 16,000,: 001. of that stock will bc,
worth about 14,100,0001., and the value of the terminable zln-
nuitics to be created must therefore be 1,9 10,0001.

Portland iron Co—..
noyal Mail Steam
Soot. AnPtral. Invest.
Ditto New

South Al's tr7.l.
Submar. T&.
....

Tr st L. Co. U. Can.
Vaii Di ern en',4 Lan()

A deposit of 10 per cent. is to be payable on Monday; the
21th,and there are to be eight -subsequent mouthy instal-
ments,—six of 101. each, and two of 151. On the payiw-iit
of each instalment a proportionate amount of Consols wil bc
delivered, but none wilt be delivered for the deposit until ilia

completion of the last instalment, when the terminable as
nuity will als., be created.

The reception of this plan on the Sto±-Exchange and iii
the city generally has not been unfavourable. It is consi-
dered, however, that such of the London firms as may ho
willing to tender will assume in their calculations the neces-
sity of a very considerahle margin to guard against the con-
tingencies of the war, especially under the dispiriting effect
lately produced by the inactivity of the ailed armies before
Sebastopol. The anxieties which will be felt until the next
harvest shall have been secured, are also to be taken into
account, while among the minor elements of uncertainty to
be provided for, the extent to which terminable annuities are
liable to be depreciated'by any future increase. of the income
tax.

In the course of the afternoon the following notice was
issued by Messrs. Rothschild :

`` LOAN OF i6,000,' 09i. FOR TIIE BRITISH GOVERNMENT.

" Messrs N. M. liothsehild and Sons bog to announce to
the public that they are ready to receive applications from
parties desirous of participating in the fort.icomincr loan of
16,000,0001 , and will receive the same until Thursday next
at 2 o'clock.

" It is ne,:essary that every application should be accom-
panied with a deposit of 10 per cent. on the amount applied
for.

" If the whole amount applied for be not Allotted, the
prop rtion of the deposit will be returned forthwith.

"-New-court, St. Swithin's-lane, April N."

(From, the Daily News' City Article of this day.)
The ab;orbing topic of interest in the City to-day was of
course the Government loan. We give iu another column the
conditions fixed by the Treasury, together with an abstract
of the proceedings at the important meeting of capitalists at
the Treasury Chambers this day. The total amount of the
proposed loan is 16,009,0001. in cash, to be raised by an
issue of 16,000,009/. in Consols at par. Inasmuch, however,
as:Consols are now at 9} per cent. discount in the market
(from which
.discount, however, must be deducted the three
months' dividend now accrued, being equal to, say, per
cent.), capitalists contracting for the loan are to receive a
certain amount in annuities expiring thirty years hence. In
these annuities the biddings are to be made, and in fixing a
price in his tender the capitalist will of course make allow-
ance for the excess over the market price which he gives
to Government for this new creation'of consols, and he will
also reserve a certain margin which he may deem calculated
to afford him a profit on the transaction, and to secure him
against the chances of loss attendant upon the uncertain con-
dition of politics, Per contra, the ease of the money market
will influence the terms of the contractor iu a sense favourable
to the Treasury and to the State. So far as regards the nego-
tiation between the contractor and the Chancellor of the
Exchequer, ' the relations between the contractor and the
monied public disposed to invest in the proposed new issue
of Government securities come next for considbration. Of
the givat capitalists only one firm, that of Messrs. N. M.
Rothschild and Sons, has ye,. intanated au intention to open
lists to the public. The notice issued by this firm this after-
noon is appended :
" Loan of Sixteen Millions to the British Government.—
Messrs. N. M. Rothschild and Sons beg to announce to the
public, that they are ready to receive applications from par-
ties desirous of participating in the fortticoining loan of six-
teen millions, and will receive the same until Thursday next
at two o'clock. It is necessary that every application should
be accompanied with a deposit of 10 per cent. on the amount
applied. If the whole amount applied for be not al.otted,
the proportion of• the deposit will be returned forthwith.
" New court, St. Swithin's-lane, April 16, 1855."

It will be noticed that the price at which ho may be dig-
posed to tender is left to each individual applicant, it being
rresumcd that the bona fides of the application .will be en-
sured, and the proffering of inordinately low terms discou-
raged, by the obligation of making a deposit of ten per cent. \
on the amount applied for. It may be pointed out that the
Messrs. Rothschild, or any other great firm that may be die-
posed to step forward and contract, will act as an inter- '
mediate agent through whom the mass of individual ap=
plicatious will be received. By deciding that the contractor
must contract for the who'e, and not for any less portion
of the loan, the Chancellor of the Exchequer virtually
leaves the contract ,open for competition to not more
than two or three firms in the kingdom, ,and tho,
contracting firm, again, must ascertain what support the
public are likely to give to the project before they commit
themselves to a contract with the state. In this point of
view the kheme lacks the element of popularity. An appre-
hension is also entertained in some quarters that the interval
allowed is scarcely sufficient fur the public to fully cligesl the
terms of the loan, the complexity of which, without full ex-
planati6a, may tend to discourage applicants., The entire
loan, it will be seen, is to be paid up this year, the last in-
stalment on the 18th December, and no discount is to be
allowed for prompt payment of the instalments. The Chan-
cellor of the Exchequer further pledged himself not to make
any further sales of Savings Bank Stuck (except to meet the
withdrawal of depositors) until the loan shall have been paid
up.

THE NEW 'GOVERNMENT LOAN.
( From the Times of this day.)
We publish in another place the particulars and conditions
of the proposed loan, to which we drew the attention of the
public on Saturday last, and we are enabled to add to this
document an authentic statement of the explanatory declare-.
tions made by the Chancellor Of the Exchequer on this occa-
sion, some of which will be found to be of very great import-
ance to the financial interests of the country. It is unueces-
saey that we should here anticipate the answer of the moneyed
world to Sir C. Lewis's proposals, for iu these questions the
1 radical success of a great financial operation is the oily test
of ability and judgment, acid we have no desireeto increase
difficulties which may affect the public resources and the
national credit. Yet we cannot but entertain considerable
doubt whether these proposals, in the form ie which they are
made, will command the support which such an operation
requires. The loan is to be for 16,000,0001., and we are dis-
tinctly informed that this amount "is fouildtd on the full
amount of the provision estimated to bo required for the
service of the whole year." The biddings to be made 'on.
Friday next must be for the whole loau of 16,000,0001., so
that the Chancellor of the Exchequer is resolved to place
himself entirely in the hands of one or more of the great capi-
talists or contractors Who may undertake the risk of the ope-
ration, and the competition must be confined within very
narrow limits, since the number of banking or mercantile
houses prepared to deal in sums of such magnitude is neces-
sarily very limited. The instalments of the loan are so ar-
ranged that they will he payable in the next nine mentt s,
and the last instalment of 10 per cent. will become due on
the 10th of December. No discount is to be allowed for pre-
payincoteand no exemption from income tax on the first
• .
spanics.eli p dividends,
These conditions are not, it will be observed, of a nature to
facilitate the operation or to attract the capitalist. We must
therefore seek in the form of the loan itself for some consideration
or advantage which may float the scheme. The main point of
Sir Cornewall Lewis's plan is to give the contractors Three
per Cent. Consolidated Annuities for every 1001. subscribed
in money—that is to say, a 3 per cent. loan at par, in as far
as the principal sum is concerned; but, as Consols are at this
time about 10 per cent. Mon- par, the difference must be
made up by some other means. For this purpose the Chan-
cellor of the Exchequer proposes to add a terminable annuity
for 30 years to the fixed amount of Consols, and it is upon
the greater or less amount of this terminable annuity that
the biddings and ultimate adjudication of the loan will depend.
Such a proposal is, to say the most of it, a very faint recog-
nition of that principle of terminable annuities for which we
ventured the other day to contend. The proportion of the
annuity to the 3 per cent. stock is, in the present state of the
eofliqinuoidnaeted by an annual charge e
market, about one tenth of the whole—hialemtehie cpirmesintioufmle•peaaidd
ludynebtees. This part of the plan has x-
to a whole bowl of sack. But the idea which seems to have
evili i o not
and
(i unsound.
disgrace
f relieves
the
loai uss from
struck the Chancellor of the Exchequer is that, in exchange
for the permanent liability imposed on the country, he should
froercetihvaetamn
money
tnatwhich
novelty, an
ids
tendin over onllayahlue3uoo some
con-
tracted by Mr. Pitt and his successors--namely, the eno
inequality between the money actually received and the debteus
actually incurred. The debt will remain, and if it is
merged, in the ocean of consolidated stock it is
itsl; ewe lastingth ithing,
,
impossible to
hope that even the interest of that gigantic amoun
can ever be reduced. lint the price paid by the of capital
Government
for this accommodation is distinct from what we may
term
the body of the loan. That price will depend on the judgment
or literality of the contractors, but it will in
any case be
liquidated iu 1885. '
We do not disguise from ourselves that in 'advocating the
principle of terminable annuities we are opposed to the pre-
judices, and perhaps to the interests, which
predominate in
the City, and that the only form of loan
thoroughly accept-
able
there is the most marketable commodity—namely,
Con-
sols. - But we are not the less convinced that the
terminable annuities, as far as it can be ado principle of
most beneficial to the permanent and general adopted, is by far the
interests of the
reetion. It is said that the capitalists of the country
lee induced to purchase or to hold stocks f s country cannot
?
na-
ture, in which the repayment of the e. a temporary l
embodied in the higher rate of interest. But
is, as it were,
But we have the
fact that from 1815 to 1839 the terminable
debt increased from 1,894,612/. to 4,2' 1731.
under the act
annuities of our
of 1808 and some subsequent acts; and tllpor-
tions of permanent annuities were thus c at equivalent
to an estimated capital of 68,145,9071. cancelled equal, in all,
terminable annuities are not popular with Although, therefore,
thebrokers,
are not convenient or proper investments and
trust, there is a considerable class of for money held in
P
offe • i superior advantages, and to these
theyersons to whom they
times accessible on liberal terms. But ought to be at all
Lewis's plan the amount of : in Sir Cornewall
terminable annuities
one-tenth of the whole sum, and, as he h is but as
Consols with this appendage, ho compels as garnished the
take one with the other, whether it suits histhe contractor. to
One person may prefer Consols, another purpose or not.
of the terminable annuity, but few
will may prefer a share
desire to hold a
double investment of so inconsistent a character. Neither
party will be satisfied. Oa the one hand, the
of dealers in money will be disposed to complainordinary class,
tion of annuity annexed to their slice of of .the per
other hand, those fundholders who, as • Consols; on the
private persons or as
managers of the insurance companies, may prefer:a higher
rate of interest, receive 1 his annuity '
far larger iu conjunction with a
proportion of perpetual Three per Cents. Again,
if the principle of terminable annuities '
is to be fairly tried, 30
...,

MARKET NEW6-(Tiiiki DA Y.!

HAY MARKETS.

SMFITIFTELD.—Moadow hay, 21'18A to 5?.0.4 .0d ; clove,
ditto, 31 54 to 5/ 15s ; and straw, 1/ 4s to 1/ 104 per load.
A fair average supply and a moderate demand.
UDMBERLAND. Meadow hay, 31 3s to 5/ Os ; clove,
ditto, 3/ 53 to 5? 15. ; and straw, 1/ 5s to 1 / 1O Der
Both hay and straw moved off heavily, at late rates.
W. HITECHAPEL.—Mcadow hay, 3t O 3 to 5. Os; clove!
ditto, 3/ 53 to 6, Os; and straw, 1/ 4s to 1/ lOs per load.
Supply good, and trade dull.