The Sun.
London, England, 1855-08-02 00:00:00

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[PRICE 4D. STAMPED 5D

now lies moored alongside one of the Government hulks,
a splendid specimen of naval architecture, and of the re-
sources and skill of this country, whatever may, be said
of the policy of building such gigantic floating castles.
The question_that has occupied a great deal of discus-
sion to-day in the dockyard is as to the cause of the,
failure of yesterday--one so very similar to what befel
another large ship, the Csar, 90, now in the Baltic,
which was launched a short time since at Pembroke.
Various reasons are assigned, hut the correct one is be-
lieved to be deficiency in the declination of the ways on
which the ship had to glide into the water. Allowance
bad probably been made for the great weight of the A, es-
sel, and that in consequence of such weight, a slight de-
clination would suffioe. It is thought that perhaps oo
.great an allowance had been made on this score. One
thing is certain, that the vessel did not get fast in the
ground, as there was ample depth of water.
Another large 'ship is to be at once commenced on the
i slip the Marlborough has vacated, and to be several feet
longer and of greater tonnage. She is to be called the
Victoria. The tiers for her frame are lying alongside
the building-shed, already prepared for puiting together.

THE QUEEN TO. THE ARMY ON THE
DEATH OF LORD RAGLAN.

GENERAL AFPER ORDER.

Head-quarters before Sebastopol, July 18, 1855.
Her Majesty the Queen has been pleased to command
me to express to the army her Majesty's deep and heart-
felt grief at the loss of our gallant and excellent Com-
mander.

Her Majesty further desires to assure her army of her
earnest hope and confident trust that all will continue
to do their duty as they have hithertO so nobly done ;
and that her Majesty will ever ba as proud of :her army
as-sho'has been, thougl their brave chief who has so
often led them to victory and glory, has been taken
from them.

(Signed)

J. SIMrsoN, Lieut.-Geueral
Commanding.

In addition to the above general order, a retrospect
of the career and enlogium on the character of the late
Field-Marshal Lord Raglan, signed by the Commander-
in-Chief, Lord Hardinge, has been published and read
to the troops in the Crimea.

COURTS-MARTIAL IN THE CRIMEA.

"-iPAPED,
NEW FRENCH L
results of the public subscrip Nreit=c•,, - 14t4-7
Opened in Paris for the -new French loSi."
surpass all that could have been anticipatekfromit
any former experiment of the same kind, and 'con-
stitute one of the most remarkable financial occur-
rences we have ever witnessed. The total amount
subscribed within ten days amounts to no less than
three milliards and 610 millions of francs, or 144
millions sterling ; no less than 310,000 persons
have participated in the subscription; and about
a third of the loan actually required is subscribed
in small sums of 50 francs Rentes, or a capital not
exceeding 501. As a tenth part of the whole sum
tendered by subscription was at once deposited by
the public, no less than 14 millions sterling were
at once paid into the Bank of France ; but a large
portion of this deposit will be returned to the par-
ties, . the policy and declared intention of the
French Government being to accept all the tenders
for less than 50 francs Rente in full, and to com-
plete the loan by a rateable proportion on the
larger sums.
There can be no doubt that this transaction
affords a strong additional proof of the confidence
of the French nation, or at least of a very large
part of it, in the present Government, and of its
readiness to advance on the credit of the State
any sums which may be necessary for the conduct
of the war. A ruler may be forgiven who deems
the resources of his empire inexhaustible when he
finds that every successive appeal he makes to the
purse of the nation is responded to with such avi-
dity that his only difficulty is to satisfy the claim-
ants; and we know not on what grounds it can be
argued that the war is unpopular in France, when
we find the whole people eager to raise in a week a
Faun for military expenses equal to three years' or-
dinaiy revenue. As far, therefore, as this mani-
festation shows confidence in the Government and.
determination in the war, it is of essential value to
the cause in which we are engaged, and we have no
desire to underrate its importance. But it is also
our duty to consider these facts in their strictly
financial character, and to endeavour to form a
correct estimate of the transaction as it affects the
monetary resources of France.
In the first place, then, we must remark, that
the more favourable the conditions of the loan are
to the subscribers, the more disadvantageous they
are to the permanent interest of the nation. The
extreme eagerness with which the public have
taken up the loan proves that the price at which it
was issued by the Government was lower than the
actual credit of France required, and that a con-
siderable profit was anticipated by the holders of
the scrip at the expense of the State. The loan
was for 30,000,0001. sterling, and, whether much
or little was subscribed, the actual demand upon
the country was limited to that sum. The price
was fixed by law at 92f. 25c. for the Four-and-a-
Half per Cent. Rentes, and at 65f. 25c. for the
Three per Cent. Rentes. At this rate, aided by
some further advantages to the subscribers in the
mode of payment, the profit which may be realised
on the Three per Cent. Reutes is about 4 per cent.
on the capital named. Thus we find it stated that
a man who makes a deposit df 109 francs on a
claim to 50 francs Rente might secure a profit of
from 50 to GO francs on this preliminary operation.
The eagerness shown by the public, therefore, is
something like that which was displayed in the
allotment of shares at the height of the railway
maniain this country, because the whole profit which
may attach to the share of the Reutes may be re-
alised on the first deposit. No wonder that such
terms as these brought every one into the market,
more especially as it was provided that the demands
for 50 francs Rente were not to be subject to re-
duction.

This, again, is a circumstance accounting in some
degree for the enormous multitude of the subscri-
bers and the enormous amount subscribed. As the
small tenders were to have a preference over the
large ones, it became the interest of persons wish-
ing for a certain amount of the loan to subdivide
their applications into small amounts. A man ap-
plying for 1,000 francs Rent would only obtain on
the final adjustment about one-tenth of what he
asked for ; but the same man applying, for twenty
inscriptions of 50 francs Rente in the of his
children, his clerks, or his servants; would get all
that he required. This species of substitution has
been practised on a very large scale. • In one in-
stance we are told that a company of the National
Guard sent in its names to swell the list of its
captain ; and every sort of expedient of this kind
was attempted. This circumstance accounts in
some degree for the multiplication of the subscri-
bers ; another equally explains the amount sub-
scribed, for, as it was generally believed that the
allotments of the loan would be materially reduced,
nothing was more simple than for a subscriber to
ask for ten times as much as he hoped to receive.
Nevertheless, making ample allowances for all
the effects of stockjobbing on the most gigantic
scale, it cannot be doubted that the success of this
loan does furnish very positive proof of the mag-
nitude of the resources of the French people, and
of the vast extension of the principles of credit
among them within the last few years. Nearly 40
millions sterling of this money have been subscribed
in the departments, and 24 millions from foreign
countries, and the actual deposit of 10 per cent. on
the subscription paid on the spot amounts to half
the entire capital of the loan, which is to be raised
by instalments extending over 18 months. If we
compare this state of things with the financial ex-
haustion which preceded and brought on the first
French revolution of 1789, or with the depression
caused by the events of 1814, and the pecuniary sa-
crifices obtained at that time from France, or again
with the financial earthquake of 1848, which over-
threw so many of the strongest commercial houses
and all but reduced the Government of the Repub-
lic to insolvency, it must be admitted that this
revival and extension of credit in France and of
French credit abroad is one of the most remark-
able facts in modern history. In London alone
nearly two millions sterling were paid into the
hands of Messrs. Rothschild and Messrs. Baring
last week by way of deposit on the demands made
through them ; yet, although this vast sum was
suddenly withdrawn from the money-market, the
operation did not produce any. sensible effect on
the ordinary transactions of business. Such is the
astonishing, and we must add the dangerous,
facility with which a public debt of this nature
may at this time be contracted by the W estern
Powers. Above all, it proves that the present
war has been and is still carried on by them
without any real pressure on the resources at
their command. The price of their securities
literally rises while fresh burdens are imposed on
them by the Legislature, and the confidence of the
people immeasurably outruns the demands of the
Government. ,That is the reason why the prolon-
gation of the war tells so much in. our favour and
against the enemy, and will eventually secure to
us the most advantageous conditions of peace.
Russia may for a time strain her resources to de-
fend her vast frontier, but the burden of these
sacrifices falls with tenfold weight on her capita-
lists, her traders, and her population. The most
formidable adversaries she has to encounter are the
Banks of England and France, regarded as the
depositories of the wealth of those two great
nations. Wealth has not relaxed or unnerved
their arm, but, on the contrary, it has increased
their spirit of enterprise, and placed unprecedented
.
means of hostility at the disposal of their trOO.PS
and the same spirit which has in ten days raised
144 millions of money in France will enable us _
prosecute this contest to a glorious and successful
termination.—Times.

SHIPPING -----
DUES COMUISSION.
report of the Shipping Dues and Cohmaragete, ‘'°"'
D and relates
..._yesteedaL_thmeisfiaineanl
was issued. It is a very bulky OC
closing their labours,
mteombaellredlotchaalt
dthuetiefosgrmedr
they see no reason to alter the
which they still think are gene-
rally principally
the a do
ottrheemdCojapshiinaoinoonenregal
edxep Islands.lace
s e dt
hai Ini
ti
their first report, and
shipping for other than an
tyday afternoon, at three o'clock, a dis-
tribution applicable.
harbour
purposes.
(who
learned
reporteharges wlaisvioeszllrtmounpognoln
I w
oi I 1p
pboeser ed
DISTEIBI7TION OP MEDICAL PRIZES AT UNIVERSITY
presence
esitoyf
the M • of
tCr Oi
br' uL tEi Go
nrt:oofk medicalplace
a prizes
t that t
ttheli
institution,
einntsthoef
College
aanrrdowthb
eY
presided), Marquis
professors of the depart-
ments. The following is a list
Anatomy—Gold medal, E. W, Thomas .
of the medals awarded :--
e—quGaoll,dJnaamedeasl,GAib.b3.l3Bl
David Boswell Reid, jun. ;2d silver, It. ' nd Black;
Junior class—silver medal, Thomas %tvheosEtmariol
sotfertly
la .kOsnms oA
Anatomy
and Physiology—Gold medal, maw id i •
Ist silver,
a e, Sidney Ringer.
.Chennstry
Whittaker •2d • - ' ' Birkbeck
aklmano Segnuryire • lustsseilYve'lirsiWl.vemry,.
silver, Alfred Woodforde ;
class—gold' medal, John Connor ; let silver, Robert
Williamson ;2d silver, John Ormsby. Comparative
Anatomy—Gold medal, John D. Scurrah. Surgery—
Gold. medal, Henry Mandsley ; Ist silver, John
'
C. Thorowgood • 2d silver, D. B. Reid, jun., Medicine.
—Gold medal, Edwyn Andrew ; Ist silver, John D.
Scurrah ; 2d silver, W. B. Ramsbotham. Botany.—
Gold medal, Alfred Woodforde ; silver, Hugh Rees.
Pathological Anatomy.—Gold medal, James G. Blake ;
silver, Victor Bazire. Medical Jurisprudence.—Gold
medal, Michael Castaneda. Midwifery.—Gold medal,
Victor Bazire ; let silver, M. Castaneda ; 2d silver, T.
Vincent Jackson. Materia Medica.—Gold medal, E.
W. Thomas ; Ist silver, G. E. Jeafferson • 2d silver,
W. J. Fox. Fellowes' Clinical Medals.—Winter Term,
gold, Thos. Turner ; silver, John D. Sourrah. Sum-
mer Term.—W. B. Ramsbotham, silver ; E. Andrew
Williamson, prize of sot, for experimental research in the
Birkbeck laboratory. Prizeman.—Wm. Gould. The
various students were loudly cheered as they approached
the tribune to receive their well-earned prizes. A large.
Conumber of certificates of honour" were also award.e
e,d
The theatre, considering the wretched state °f '
weather, was well attended. •