The Sun.
London, England, 1855-04-16 00:00:00

VISIT OF THE EMPEROR

AND
EMPRESS TO ENGLAND.

This day, at half-past one o'clock, the Emperor
and Empress of the French, accompanied by a
numerotis retinue, arrived at Dover, and were re-
ceived by H.R.H. Prince Albert. They then
proceeded to the Lord Warden Hotel, amidst
great enthusiasm from the assemblage, where
every attention was paid to the distinguished
visitors by Mr. Hakes, the proprietor.
An address from the corporation was presented
by Mr. Bodkin, the recorder, to which the Em-
peror replied in suitable terms.
After the Imperial party partook of luncheon
they proceeded to the railway station, and arrived
at the Bricklayers Arms in London at a quarter

past five.
A number of her Majesty's carriages having
been in waiting the Royal patty immediately set
off for Paddington, escorted by a guard of honour
of the Ist Life Guards, where they arrived at six
o'clock. They then proceeded by the Great
Western Railway to Windsor Castle, where they
arrited at a quarter to seven. They will dine
with her Majesty this evening.
The Royal party were loudly cheered darint,
the whole route from the Bricklayers' Arms to
Paddington. The day being fine, there was an
immense concourse of people.

TATTERSALL'S.

(THIS E VENING.)

GREAT NORTHERN HANDICAP. _
5 to 2 ag4t Vandal (taker)
Bto 1 agst Crown Pigeon (taken)
5 to 1 agst Nevlila (takeu)
15 to 2 agst Fandango (3 to 1 taken)
12 to 1 agst Exile of Erin (taken)
THE.. TWO THOUSAND GUINEAS.
2 to 1 agst St. Hubert (taken and offered)
CHESTER CUP.
20 to 1 agst Mortimer (taken).
1000 to 45 agst .The Miller (taken).

DERBY.
7to 1 agst De Care (taken).
3to 1 agst St. Hubert (offered).
10 to 1 agst Rifleman (taken).
12 to 1 agst Dirk Ilatteraick (taken).
15 to 1 agst Wild Dayrell (taken).
50 to 1 agst Kingstown (taken).
50 to 1 agst Corce'uus (take).

FULL LIST OF ARRIVALS UP TO 5-30 P.M.
licapodar, Byrsa, Neville, The Yore, Penitent, Fan-
dango, Saucebox, Saraband, Eglantine, Medway, Johnny
Taft, Scherz, Crown Pigeon, Prince Plausible, General
Breezo, Exile of Erin, D 0, Lady Palmerston, Amy,
Gainelad, Lady Tatton, Sir George, Neoptolemus,
Spencer, Merry Wing, Alfred, Britisher, Freddy, Steel-
yard, Van Winkle, Canvasser, Imar, Leybourn Lass,
Corin, Defiance, Marsyas, Jonathan Martin, Midsum-
mer, St. Clair, Bellingham, Atherstone, Vandal, Wel-
lington, Dunover, Nelly Hill, and Meliora.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS.—(THIS EVENING.)
The LORD CHANCELLOR took his seat on the woolsack
M five o'clock.

NEW PEER.
Lord RAVENSWORTIL took the oaths and his seat.
DEAN FORESTS, &c., BILL.

Oa the motion of Lord STANLEY of ALDERLEY,
this bill passed through committee.
CHARITABLE TRUSTS BILL.

On the motion that this bill be read a second time,
The LORD CHANCELLOR said the first object of
the.present bill would be to increase the powers of the
Charitable Commissioners, so as to enable them to do more
good than they have hitherto been able to do.
It had been charged against the board that they bad
done very little. The fact was that they had done a
great deal, but they required further powers, which the
present bill would confer. Within the last year
about 1,100 applications bad been made to the
board by parties connected with charities, and the
im-
portant functions of the board were to advise the trus-
tees and others connected with charities ; and if such
parties acted upon the advice given them they
would be indemnified. The bill was also to
authorise the commissioners to give powers to the
trustees of charities to lease lands for building
purposes. The measure further proposed that
the appointment of the commissioners should be
permanent instead of being temporary, as they had
hitherto been. The Commissioners were also to have
the. power of apportioning local charities, when such
charities were to be divided, subject to the approval of
the Court of Chancery Provision was further made for
the appointment of an official assignee, who would
be bound to see that the property in question was
properly treated and not mismanaged. In respect to
the.Romau Catholic charities, he (the Lord Chancellor)
felt that it was necessary now to deal with that subject.
There was a great deal of difficulty attending this part
of the subject. He had, however, endeavoured to meet
those difficulties, and he intended to have the bill printed,
and. to allow time for its consideration before proceeding
with the other stages.
Lord ST. LEON&RDS said he did not object to the
second reading of the bill, but he thought as it contained
solmany important clauses, he thought it would be best
to refer it to a select committee.
Earl GRANVILLE said he had no objection to the
course suggested by the noble and learned lord.
The bill was then read a second time.
Their lordships then adjourned.

NEW MEMBERS.

HOUSE OF COMMONS.—(THIS EVENING.)
The house re-assembled to-day at 4 o'clock after the
Easter recess.

Mr. BOUVERIE was sworn, and took his seat for the
Kihnarnock Burghs.
Mr. PRIcF. was sworn, and took his seat for Glou-
cestershire.
Mr. BRAND sworn, and took his seat for Lewes.
THIRD READINGS. _ _

The following bills were read a third time :—Dursley
and Midland Railway, Ossett Gas, and South Stafford-
shire Railway.
The following bills were ordered to be considered :
Belfast and County Down Railway, Bristol and Exeter
Railway ; Colchester, Stour Valley, Sudbury, and Hal-
stead Railway ; Grand Junction Water ; Great North
of Scotland Railway ; Great Northern Railway (In-
crease of Capital) ; Salisbury and Yeovil Railway ; South
Wales Mineral Railway ; Southwark and Vauxhall
Water ; Swansea Vale Railway ; Vale of Neath Rail-
way ; and Woolwich Equitable Gas Bills.
PETITIONS.
Mr. T. DUNCOMBE presented a petition from New-
castle-on-Tyne, praying for Parliamentary Reform, as
the only safeguard against the mismanagement of the

war.
Mr. KEATING jriresented a petition from a parish of
o Manement .
St. Mark, against thLe Metrop
Mr. CARDWEL presentedlis a petitioagn from aßillparish
in Oxford, in favour of the abolition of church
Plymouth
rates.
Mr. COLLIER presented a petition from
from
against the irnportationofß ussesviaernaplr
podetuictieons .
Sir B. HALL presented
parishes, in favour St.
of
Pancras, and other metropolitan
the Metropolitan Local Management Biioll.
from Mr. J.
Mr. WICKHAM presented a petitn
13. Walker, proprietor of the Halifax Guardian, pray-
lag for an amendment of the Newspaper Stamp Bill,
now before the House of Commons, by substituting a
hatPennyta_P for a penny one.
L D L
11,..81L1TY PARTNERSHIP BILL.
Mr' B~ZNERIE, in re ply to a question by Mr.
Collu.vlicr, stated this WI wasno-w ready, and he hoped to
‘*lvlran-rIY °PTliartianit of layingit before the house.
51tqUa RY hen the
hon. memberfor ArtisT gave notice that w
brought forward hig°- Warwickshire (Mr. Spooner)
nooth grant,
shotaizoinetfloaia
for the repeal of the May"
committee on the Ecclesiastical
that the house go int)
Ireland.
Establishments of

METROPOLIS LOeAL m,,
Sir B. HALL moved Mae 17—''A-"WENT BILL.
of this bill.
Mr. WILLIAMS eonsideZnd reading
on to agree to the seconturearlinets they We'!".
axpainted with the specific arrajth-' "lt to-bevalle.id
the management of the seweragf:rTrsi4t‘oldedina'e
he thought ought tu be thrown, at burden of this
tent, upon the landlords instead of theatto a great
ex.
Mr. PELLATT said, M his view, the
had been printed, had been rendered a far sin" it
able bill than it was at first, though,
without impeding the progress of the bill, h,-,--‘,;•iroe,
at tilatr"..W.ork.
it should be referred to the same comoitsibtte:l
as that which sat on the Nuisances Removal Bill. Re
thought the north and south sides of the river ought to
be divided for drainage purposes ; for instnace, What
have the inhabitants of Southwark to do with those of
Greek-street, Soho ?
Mr. T. DUNCOMBE wished this house in its paint-
ing and the decorations were in a fit state to do honour
to the visit of the illustrious personages whose visit
was welcomed this day by the nation—(hear, *hear)—
and that was an object which he believed such bills a.
this was calculated to effect. (flew.) A you
deal had been said in the discussion on the first read-
ing of this bill about reform ; belt he wished to
know when they were to have a reform in the city of
London, or- whether thershould get through Tetople-
,

ThE NEFF GOVERNMENT LOAN.

(From the Times' City Article of this day.)
The influence of the new loan on the prices of the
funds, even after its conditiocs shall have been arranged
at the Treasury with the Governors of the Bank and the
London capitalists, will continue to be in some degree
indefinite until the Chancellor of the Exchequer shall

have stated on Friday next his general financial scheme

for the current year. Its most important bearings, how-
ever, can readily be weighed. On the expediency of the
loan itself there is nothing to be added to what has al-

ready been urged. Most persons can see that if it would
be madness for a farmer to depend on no pecuniary re-

sources beyond those cf his daily incomings to meet a
year of blight, or for a steam company to throw upon
the six months in which it occurred the entire loss from

a wreck of sonte of its principal vessels, there can be
nothing to justify a Government in pursuing such
a course on the occurrence of a war, when the
great effort should be to limit the disturbance
that must follow, and to avert for the time all sacri-
fices beyond the dreadful ones that are inevitable.
It is true the allegation has been made, that the ex-
penses of hostilities cannot be compared to the useful
outlay which a farmer is entitled to spread over a num-
ber of years by borrowing ; but as the difference between
a man who cuts trenches and puts up fences to avert
disastrous floods or the visits of wild beasts, or who has
to meet the exceptional ravages of storms of murrain,
and the nation that fur its permanent security feels called
upon to resist analogous evils, was not shown, the objec-
tion may be dismissed. Assuming, therefore, that the
policy of the measure is unquestionable, the only point

for inquiry is what will be its immediate results on the
general relations of business ?
The loan may be considered already to have affected
Consols to the extent of 4 or 5 per cent., and there has
been an actual fall of nearly 3 per cent., when, instaZi
of a fall, a rise of 1 or 2 per cent. from the recent i-,aux
of money might otherwise have been expected. looking
at the magnitude of this movement, the pul:;tia may be
likely to assume it as a consequence 01 i.`„B being the na•
ture of a lean under all circumsta,n`:Jes to operate as a
drain upoU the capital and resn'arces of the country,
which must diminish the amo':ilit available for future in-
vestment. But this would be an error. The loan in the
present case will not draw from the public a single far-
thing of capital, and is, in fact, to be regarded as nothing
else than an immediate addition of 15,000,0001., or what-
ever may be its amount, to the property of the country.
A. certain expenditure was to be met ; there was no
question as to the pos,ibility of escaping it, and the only
thing to be settled was, whether it should be drawn from
the people by direct taxation, in which case their means
wo,ild be instantly diminished to that extent, or whether
in return for it an annuity charge should be given them
on future generations, sal( able at all times in the public
markets, equal in value to 1001. for every 1001. they have
advanced, and, consequently, tantamountto an increase
9f wealth sufficient to compensate for that which is with-
drawn. This increase of available wealth is obtained only
by undertaking new liabilities for the future, but that
part of the subject is not now under consideration.
It will be said, however, that the increase of secu-
.

rities is counterbalanced by the depreciqtion in
price of the large amount of similar securities pre-
viously existing, and that therefore the apparent
benefit is a delusion. Such is not the case. Un-
questionably an immense depreciation has already
been witnessed, but it is merely temporary ; and,
when the real causes of it have passed away, the effect
of the new creation of stock now about to be proposed
on the price of Consols and other securities will be
scarcely appreciable. Indeed, if the fall which has just
occurred were to be regarded as anything more than a
momentary depreciation, the conclusion would be that
the introduction of 15,000,0001. of new stock causes a
diminution of 40,000,0001. in the value of the stock pre-
viously in existence, since a reduction of 5 per cent. in
the market price of the entire national debt would be
e9ual to that sum, to say nothing of the still larger mass
of other securities that have been influenced in a greater
degree. The fact is, that the depreciation is only mo-
mentary, and such as is always observable when any
market receives a sudden additional supply requiring
time for distribution. If on Monday next the quantity
oi wheat usually brought to Mark-lane were increased
threefold by an isolated arrival from a fresh field, a
heavy drop would be witnessed, bat the price thus
reached would not be the true one at which to estimate
the value of all the wheat remaining in the country,
which, as soon as the new quantity had been cleared off,
would be nearly the same as before. It must also be
remembered that an increase in the supply of Consols or
other British stock is not like an increase of any article
subject to a limited demand. The promise of an annuity
of 31. per annum is a promise of gold, which commands
all articles, and its value can be damaged only when-
ever doubts are raised as to the ability or intention of
the nation to fulfil it. If an individual holding an an-
nuity from Rothschild's or Baring's for 5001. were to
hear that they had subsequently granted an annuity
to his neighbour for 1001., he would not consider his
property depreciated, although, if he found. them_ reck-
lessly granting annuities for as many millions, he would,
of course, consider it to
.have
.becomhe worthless.
The The facts to beas broegrnaerdisn
tmbeindc,ontdietLeno
of, etaht.the pre-
sent moment,
will 2 disturbancet uli
fawviollubraeb(ltyf a shortffee
td dura-
tion,
beyond sincei
money-
market,ion, tatr ethe h that
loan h e
dnitndujawtilml
uisiotthacaveusbeeeanssheilnlitnegvettoi
on and finally, that cora-
lfeoarve legntheexecohuainitgreys
if it had not been. re.cve up
prOperty distributed among
the people
pwa in which this
mercial credit will be uphell to,
ethoe
leexitnenptlaocfethoef
thatnew
which is drawn from them. The
.y
distri-
buted so as ultimately to restore tae
and credit
carnal
15,000,0001. if new stock propertty,
be understood. If
m markete toits ordinary state may easily wmilionbeeyco-
credit is ortiuna.bly
their receiving anything in exchange 15,000000/. had been drawn fromgetfhoerpiet,otphleeirwmitheaounst
without P
When,
on would havebeen lessened
absorbed in return
for their the contrary, they have a .
to that extent.
mopepriY. 15,000,000/. of Consols, their mutual
strengthened, and they can do
part. With which they have been required to

10 0
COUNTED .E.SCORT CORPS FOR AtISTRALII.
men selected from the police of Glasgow, Liverpool, and
other northern towns 'will sail from Liverpool in the
Eodos, appointed toeaii this day. The force, which is
-0 he a mounted one. eisn,i4tq of 90 ni.t, 4.1,!hr. 13,-crwk,
'lid two inspectors, the last-narned facers being Ca to
pt.
lace lo
t,eor in
albedo by Liwigarne 'vessel ander
tlltieunGPtdlnvlelaonndofblmr.etjroophilolietaunetpt Grarri
the no-
tzhooriochuasi:b:
okirotilbebiLre