The Sun.
London, England, 1855-10-10 00:00:00

TEE DEFENCE OF SEBASTOPOL.

Less than three years since an illustri9u3 assem-
blage stood within the walls of St. Paul's Cathe-
dral. The occasion was the interment, of the great
commander who had so often led the legions of En-

land to victory. There ware present representatives
of all the great monarchies which had been the
allies of this country in the war which the dead
hero concluded. Among these was a General past The anniversary meeting and dinner of the North
the prime of life, but distinguished by the energy Kerry Farming Society took place in the middle of
and firmness which his countenance expressed. In last week under the presidency of the Earl of
the interval which preceded the arrival of the fu- Listowel. The " health of the county members"
neral car this foreigner was observed to be brought up Colonel H. A. Herbert, the senior re'
presentative and one of the largest proprietors in
strangely occupied. He passed along the line of the district. The speech of the hon. gentleman was
soldiers chosen from the various regiments, and, almost wholly devoted to one subject—and that
turning up their trousers, attentively examined certainly not the least important in the social sys-
the make of their shoes. " What is the matter, tem—namely, the wages of labour. "We all heard
,"
Prince Gortschakoff?" said some one. "It is
this said Col. Herheit—.
house . and at the present time of the year, in this dis•
your Guards ‘ are fitted with strong and well- trict, ;here is hardly a labouring man who, if anxious to
made shoes, but that those of the line are get work, cannot procure employment. The rate of
inferior. I wished to learn the truth of the wages is considerably more—though, in my opinion,
matter, and therefore examined them. There not still sufficient—than in former years. This brings
does not seem to be any difference." This minute me to consider what each of us, as individuals, as land•
disciplinarian was but an imitator of his master, lords, and what this society can do to better the condi•
who with his own Imperial bands would open sol- tion of the labourer ; because, while we see a marked,
Biers' coats on parade to see that their shirts were improvement in his physical position, in his dress, and
clean. But a few months passed, and the cloud in a greater command of the necessaries of life, lao
which betokened another tempest rose on the ho. sorry to say that we do not see, concomitant with that,
rizon. The representative of the Russian armies any improvement in the dwelling in which he lives•
at the funeral of Wellington was paced in corn- Now, I believe you will agree with me when I sal
mand of a powerful force. It remained to be seen that, no matter how highly the labourer is paid, and
how far the higher qualities of a general were however flourishing he
may be in other respects, the
class cannot be much
united to those of the martinet. Gortschakoff coniedition ot
thathand in hand with thoseuc ialh pae
rinotevli
ei
n onat
ti3teeentias
had no great success in the Principalities, and, had in their goingrcondition, there be some improvemn
would his career closed with that campaign, he dwellings. (Cheers.) No matter how well
speedily have been forgotten in the West. But, as labourer may be; be cannot be imbued with that spit°
it is, his name is joined to the longest, the fiercest, of self-respect which should surround him, nor bring 119
in a dwelling where he can, paid
ix::
the most deadly struggle in modern warfare. The his family with those feelings of self-respect and self.
rneoltiasnacye
csootnal
ulhiksaae;llddluitytneehlesye
luxuries
necessary to raise their social con;
last act of the late Czar was to appoint him to the
of life, but something /i"
dition, until
necessaries
command which age, failing health, and weaken-
onfrreti civilisation.
ing resolve induced Menschikoff to relinquish.
Nicholas knew the man. You may well say, " Adecenciesail which has smoothed door .
quarter of a century before he had carried on thei think
u)k
that
much of the difficulty which layc ' in our path in this
builds
was in Poland with fearful severity." The case because I feelthat • spect, if any landlord should bullet
was this :—He proposed to his prisoners on all not ornamental cottages, or anything approaching tl,
occasions the alternative of the Russian service or finery, but clean and comfortable
dwellings, now tbs'
the knout. Once a body of 2,000 insurgents were the labouring class are able to earn a fair day's wsges
defeated and took refuge in the Austrian territory. f,r a fair day's work, he would get sufficient interest Of
The Austrians disarmed them and sent them to the rut ney laid out in those buildings. (Hear, bear.) '
Gortschakoff, He gave them the usual choice of think that question worthy the consideration of eyed
entering the Russian ranks • they desperately re- proprietor in this and every other district in Ireland, fl
fused. It is said that the General was present at well as of a society like the present. I think it is ratb!,
. the execution which followed. The flogging lasted• ashort-sightedview of the objects of a society like tll''
lash • seven more to say that such improvements do not fall within the
many hours ; ten died under the ,
borne
se
ope of its operations, ,because it is quite impossible tbe.s
yielded after terrible tortures, and were to
this it ciety, can succeed in its oh'ect—taki g its praCil:
the hospital. Gortschakoff stated his determination
cal object to be the in.proveme jf
. 1n-
". hos'
, if the execution nt 0 agncu tura—wit
to go through the whole ,
at the satins time seeing after the condition of the ir
The Poles then bowed the head
lasted a monat...; head, bourer. If any One centtovert that fact, I refer bias ill
and were &alighted into the Rtrjstkn legions. Such those district+ in England where agriculture most ill
was the stern nature of the man whom Nicholas ri„he6, to prove to him that where the best crops 0
sent to defend Sebastopol. You may well Ray that , the best cattle are to be found there the labourer is '„
he-Ose " wise in his generation,": .. - : the bat condition."

Thi
sell
est:
fits
she
to
the

ma

col
St,

at€

1

MONEY 11ARKET

♦ND
COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocx.
Yesterday was a close holiday at Liverpool in the
Cotton and Share Markets.
Most of the speculators in stocks appear to be
going on the idea that the Bank of England will
to-morrow advance the minimum rate of discount
to 6 per cent., although some think that the sales
of Consols by the Bank would allow of this mea-
sure being postponed. We need, perhaps, only
remark that if the intent of au advanced charge is
to restore greater ease ulthnAtely the sooner it is
established tho better, although the process is not
One which, by a large number of practical and ex-
. perienced men, is believed to be effectual. The
following remarks from the Bankcrs' Circular
touch upon this question :
"If it were considered necessary to stop the
drain of bullion by raising the rate of discount
from 51t to 5 par cent., the same reasons may be
urged for advancing it to si, 6, or 7 per cent.
This is the established theory of the advocates of
the Bank Charter Act of 1844. The foreign ex-
changes and gold bullion only were made the basis
of English credit ; and how have they served us ?
They have both failed us in the hour of need. Those
who require bullion laugh such a theory to scorn; and
while the Bank is spreading dismay throughout the
country by raising the charge for the use of its
notes, its bullion is withdrawn by millions. As a
commercial people, should we not ask where this
is to end ? There is nothing extraordinary in as-
suming that the Bank may yet lose several millions
more of its gold—and what then ? Are we to keep
blundering about foreign exchanges ? Mr. Gilbert
said, in his evidence before the committee
of 1841, that as soon as ever this country
was engaged in war the Bank ought to suspend
cash payments. Whether it will be driven to
such an expedient will be determined by the
duration of the war ; for, although Sebastopol has
been partly taken, we have only yet raised our net
annual revenue from ordinary sources to the extent
of 8,000,000/., or about equal to one-sixth of the
Sum required annually. It is therefore a question
of no small importance to ask, what step will the
Bank take when it cannot further raise its rate of
discount ?"
Great dissatisfaction has been expressed by many
of the shareholders of East Indian shares, in conse-
quence of a call made upon the Extension Shares.
It appears, by the date of a circular shown us by
One patty interested, that the Directors of this
Company passed a resolution to make this call as
recently as the 2(1 inst., and the circular upon the
subject is dated that day. In the case in question
it was not received until last night, by the 8 o'clock
Post, and yet the amount has to be paid on or
before the Ist November. If it were the deliberate
intention of the managers of this undertaking in
the present state of the money market to depress
the value of the property, they could scarcely have
taken a more effectual course. The shares are of
201. each, and the all upon them is equal to 25
Per cent. At least it is felt that two or three
Months shoull have been given, and it would be
quite competent for the directors to allow those
Who were willing, to pay up in advance, and merely
to charge 5 per cent, interest for calls unpaid after
the Ist December next, which would be early
enough, considering the brief notice given.
No improvement has occurred in the English
Stock Market this morning, sales being renewed
almost as soon as business commenced, an .1 in this
Way we get down I er 4 per cent. almost daily in
the quotations. It is not probable that in the
present temper of the speculators there are many
of them dealing for a rise in prices, although the

contango might appear to favour that impression.
The great weight that depresses the market is the
, selling by the Bank of England, and by other large
establishments which can at present find more pro-
fitable employment for their capital. Hereafter
should any decided case occur there would have
to be great promptitude exercised on the part of
the bankers to get back their stock, but the profits
made in the interim would cover any loss on that
score.

Consols have been 86i /, and since 86/ a for
transfer, and 86i to 87, being now 861 / for the
November account. Exchequer Bills are 63. dis-
count, and East India 2s. to 3s. discount. Bank
Stock for account is at 2121. Exchequer Bonds
are 981 to
In the Foreign Market there is comparative
steadiness in all except Turkish bonds, which are
scarcely so high, being 831 to 84k, including the
dividend. The Scrip has been down to 31 and 41
discount, presenting a remarkable contrast to all
the other foreign investment. Spanish 3 per
Cents, have been dealt in at 373/4 to 371, and the
Deferred are 19k. Brazilian OM Bonds have rea-
lised 981. Dutch 4 per Cents. are 931 to 1.
The following are the nominal prices of foreign
stocks :---Grenada Deferred Bonds, 18 to 20 ; Mexi-
can, 21k to 214 ; Peruvian, 73 to 75 ; ditto Three
Per Cents., 53 to 55; Portuguese Four per Cents.,
43 to 45 ; Russian Five per Cents., 96 to
98; ditto Four-and-a-Half per Cents., 85 to 83 ;
Spanish New Deferred, 371 to 38 ; ditto Three
Per Cents., 19 to 191 ; ditto Certificates, 4k to
41 ; ditto Passive, 41 to 5.
Railway Shares are very fairly supported, with
very moderate transactions. North Western,
South Western, Eastern Counties, North Eastern,
and South Western have been chiefly dealt in.
The foreign lines were steady, and in the French
there is some improvement, owing to yesterday's
rise at Paris.

The Foreign-Mines are dull, the Banks firm, and
eanada. Lind rather stiffer.

BRITISH FUNDS THIS DAY.—CLOSLN(4 PKIUES.
Frors the Othcial his
. _

.-te. ~,,, • •
3 per Cent. Coiriols Annuities B6iiiiii
India Bonds £lOOO .... .
Ditto, ander tlaoo 3 d 2 pm
Bank Stock for Account 2121 12
%.,moie .or Account, 12th October...—. • • 88J i i i
Ztehequer Sills, 2id 2d.
21000
4500
%all
Exchequer Bonds 1858, 3i per Cent 9Bs &
Ditto 1859, ~
PRICE OF FOREIGN FUNDS TtllS DAY.
Brazilian Bonds 5 per Cent. ..
Ditto for the Account 9B i
Ditto New, 1852, 4i per Cent . .
Puenos Ayres Bonds, 6 per Cent 53
lki,xicau 3 per Cent.
eeruvian Bonds, 44 per neut...., ...... . 73 2
asrdinian Bonds, 5 per Cent. .. ...... ....•• 84 01
So4nio Bowls, 3 per Cent 37i
Ditto Account
Ditto Naw Deferred, 3 per Cent.
Turkish Bonds, 6 per cent —
Ditto for the account . Bll 804 A/ixa
Ditto New Scrip, 4 per Cent
nviriends on th, Above •,avithic, in ',wow,
Detch Exchange, 24 per Cent. 12 Gull 64i
Ditto 4 per Cent. Certificates .....„
THREE O'CLOCK.
,
Consols .................. . . . .... F 6 0
Ditto for tile November ' 'AC ......... t..
... 86i I

MARKET NEWS.--(THIS DAY .)

CORN EXCHANGE.

To-day's market was very moderately 'implied with
English wheat. For most kinds we had a slow sale, yet
Monday's prices were well supported.
Foreign wheat—the show of which was but moderate--
changed hands heavily; nevertheless, holders were firm,
and no change took place in price.
Floating carpes of grain ruled steady, at fall currencies.
Barley sold slowly, at barely late rates.
We had a good demand for malt and oats, the supplies
of which were small, at very full prices.
Beans, peas, and flour were dull, but not cheaper.

Wheat.
630

ARRIVALS THIS WEER.
Barley. ( Malt. Oata. flout,
20 353 30 320
1 3,070
$
?„920
I 170 eta
—brie

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