The Sun.
London, England, 1855-02-24 00:00:00

oignoic EVBNING, MC
NIOIsrEY MARKET

LATEST NEWS.

AND

CODCMERCIAL INTELLIG.E.NCE.

CITY, TWO o'CLOCK.
The cotton marketat Liverpool yesterday closed
tamely. About 6,0)0 bales were sold, including
1,000 for export. The market for Railway Shares
was very dull, withoat any particular alteration in
prices.

The further changes in the Ministry encourage
the expectation that the half-and-half blockade
system will be speedily terminated, and our enemy
dealt with in the way most effectual for crippling
his resources. The fallacies of Mr. Cardwell have
been freely commented upon by the Baltic mer-
chants, and the following observations of Messrs.
Smith and Charles serve to show the view taken:—

"Mr. Collier's long-expected motion on the Russian trade
was broaght forward by him in the House of Commons on
Tuesday last. The object of the resolution, of which he on a
former occasion gave notice, was to prohibit the overland
traffic. For reasons assigned by him he now coined himself
to a request for certain statistics, which was wanted as A
matter of course. A debate of the deepest interest, however,
ensued ; and it is, we think, impossible to peruse the
masterly speeches of Mr. Collier and Mr. Mitchell without
being convinced that by far the shortest if not the only mode
of bringing the war, with all its horrors, to a close, is to pro-
hibit the trade with Russia. Mr. Cardwell's reply was
for the most part occupied with an able expositionof the prin-
tiiples of political economy, but it was altogether beside
the question as to whether or not the prohibition of the trade
is calculated to bring the war to a close. He did, however,
attempt to grapple with the details furnished by Mr. Collier
and Mr. Mitchell; but in doing so he confounded arrivals
here with purchases and payments in Russia—a fallacy which,
in one sentence, Mr. Collier exposed, utterly demolishing the
superstructure he had erected upon it. We sincerely regret, with
Mr, Mitchell, that the learned member for Plymouth should
not have persisted with his resolution, convinced as we are that
he would have had a large majority—a conviction which was
materially strengthened yesterday by the leading articles of
two of our most influential journals, one of whom speaks of the
present state of things as grossly inconsistent and flagrantly
dishonest ;' the other of the Prussia neutrality as fradulent,
permitting as it did the smuggling of Russian produce
through her dominions.' One great principle at least the
debate in question has elicited and established, viz. That
a neutral is not justified "in creating and facilitating a now
branch of trade' (e. g. in the case of Prussia, the overland
traffic) for the purpose of benefiting one of the belligerent
states, and thwarting the restrictive measures of the other'
(e. g., our blockade). To exaggerage the importance of
this truth is impossible, nor will it be suffered to lie dor-
mant by the people of England. It demonstrates that
we have all along dealt too leniently with Prussia,
permitting her to violate an international law : it places
in the hands of the British Minister Plenipotentiary
au irresistible argument for compelling Prussia to re-
linquish the overland trade ; it furnishes that country
with a reason for so doing, which, with the Czar, must be un-
swerable ; and, finally, to him who would send capital to
Russia for a supply of goods, it is a most significant intima-
tion that the key has been discovered wherewith the Russo-
Prussian frontier may, at any moment, be locked. The sub-
ject may, then, be thus briefly summed up. It has been
proved that the trade of Russia has virtually sustained no
injury by our blockade, in consequence of the traffic
being allowed to pass through the Prussian dominions.
It has been proved that, to bring the war to a close,
the trade of Russia must be prohibited. It has been proved
that there exists au international law of which the Allies can
avail themselves to compel Prussia to close her frostier against
Russian produce. It follows that if the Allies do not avail
themselves of this law they will be answerable for the lives
which will be-sacrificed by such prolongation of the war as
might have been avoided by their insisting on the law being
observed. But such a supposition is almost inconceivable.
We may, therefore, conclude that this stipulation will be in-
sisted on in the negotiations with Prussia. If sho refuse, it
is a casus belli, and the trade will be stopped by our block-
ading her ports; if she consent, the trade will be stopped by
herself."

The position of the Bank of England remained
comparatively steady during the week to the 17th
instant, and, in the absence of an increased de-
mand for money, and with the exchanges compa-
ratively favourable, the sum of the precious metals
was augmented. The amount to the credit of the
Government was decidedly larger, but, unless
means be taken to replenish the Treasury, the out-
lay will rapidly absorb the receipts, and leave a
much smaller balance than usual towards the close
of the quarter and prior to the payment of the
dividends. Compared with the previous week the
changes are as follows :

Active circulation. £19,246,155
Decrease 281,820
Bullion
Increase
Rest

Increase
Public Deposita
Increase
Other Deposits
Increase

3,290
4,898,602
434,733
10,174,871
127,555

Seven-Day and other Bills
Decrease
Government Securities
Decrease
Other Securities
Increase
Notes unemployed
Increase

894,885
63,806
11,538,227
20,425
14,584,340
17,351
7,067,075
531,635

The foreign excianges were very firm yesterday
afternoon. Bills at 90 days on 'Paris wer© taken
at 25 30 to 35, OD Amsterdam at 11 171 to 18, on
Hamburg at 13 6 to 61, and on Trieste at 12 50 to
13.

The bar silver by La Plata has been sold at
'ss. Ekd. per ounce.
The supplementary estimates brought forward
within the last mouth do nut appear to be all in-
cluded in the totals for 1854-5, and if this be the
case, the expenditure for the present year end-
ing April next will be larger -than would
appear. The supplementary estimates for army,
navy, and ordnance were 9,481,0651., and
it would be desirable to know if this all
stands in the account as regards the year to
April, 1856. There is no present ambiguity,
though future supplementary estimates may occa-
sion an addition. The totals for 1855-6 are these—
Army £,13,721,158
Navy
Ordnance
Tralisport • 5,181,465

£37,427,003
This is about twenty millions more than during
time of peace, the transport item being, in fact,
newly- created ; and for the ensuing year a revenue
of about seventy millions will be requisite to esta-
blish an equilibrium with the outlay.
There is scarcely any business doing in the
English Funds, but the quotations are firm, the
reported repulse of the Russians by Omer Pasha's
army having a good effect. Consols have been 91,
to -1 for transfer, aid 91k to 1 for account. The
New 3 per Cents. have been 91 to 3,, and the
Reduced 911 to g. Exchequer Bills continue at
Gs. to 93., and India Bonds at 15s. premium. Bank
Stock for account is 214.
Foreign Securities hare been quite neglected,
but are firm in price. The Spanish Certificates
have been quoted 41. Turkish Bonds are firm at
752 to 76. Dutch 2i per Cents. bring 64.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 5 to 6 ; Mexi-
can, 21 to 211 ; Peruvian, 70 to 71; ditto Three
per Cents., 50 to 51 ; Port uguese Four per Cents.,
41 to 43 ; Russian Five per Cents., 98 to 100 ;
ditto Four-and-a-Half per Cents., 87 to 89 ;
Spanish New Deferred, 171 to 18 ; ditto Three
per Cents., 3G to 36i • ditto Certificates, 4i to 5;
ditto Passive, 41 to 4i.
The Railway Share Market, has been rather
looking up, although the transactions have been
on a limited scale. Caledonian, North-Western,
and South-Western are higher. Foreign shares
are quiet. East Indian are rather higher.
In tke Colonial and other mining shares there
is nothing doing, and the Banks and Land Com-
panies' are also dull.

BRITISH FUNDS THIS DAY AT ONE CYCLo,:,•.
(From the Orseiesl List. j
Business done
3 per Cent. Reduced Annuities 9ll g
3 per Cent. Consols Annuities
Now 3 por Cent. Annuities
Ladia Bonds, £lOOO .........
Ditto, under £lOOO l5
Bank Stock for Account 214
Consols for Account, Bth March 9ll i
Exchequer Bills, 24d.
21000
Small 4 7
Exchequer Bonds 1858, 3} por Cent. 993
Ditto 1859, ,P

PRICE OF FOREIGN- FUNDS AT ONE O'CLO
Spanish Committee Cert. of Coup. not fun 4l p o
Turkish Bonds, 6 per cent
Ditto for the Account 751 G
Dividends on the above payable In London.
Dutch Exchange, 2i per Cent. 12 Guil 6la
I'll7o O'CLOCK'.
C msols 9l k
Ditto, March Account

RESIGNATION OF LORD CANNING.—We yesterday stated
that' Lord Canning was hesitating as to whether he ought
not to follow the example of his Pealite friends—Mr. Glad-
stone, Mr. Sidney Herbert, and Sir James Graham, and
resign his office of Postinastar-General, and his seat in the
Cabinet. We have now to announce that his Lordship has
tendered. his resignation. We are also informed that Mr.
Frederick Peel and Lord Elcho are koverAlly likely to resign
their situations. W e congratulate Lord Palmerston, and
the country alike, on the complete purgation from Peelism
which his Cabinet is undergoing.—Morning Advertiser.
-•

RECALL OF LORD JOHN—RU;iSELT,.—It was last night
not only affirmed, but believed in the best-informed (par-
te ,7-s, that Lord John Russell had been recalled from
Vi Anna. The reason assigned for his Lordship's recall was,
that-' his presence was necessary in London, to whip up and
drill the Whigs, so as that they should bo able to give an
effective :support to Lord Palmetston's Administration. As
our 'Ambassador, Lord Westmoreland, still remains at
Ariegna, the recall of Lard aalan: will not interfere, in any
way, with the negotiations for peace. .31-orning Advertises..

Mn. JOIIN CARDEN, OF BARNANF.—According to a
local journal, the statements respecting the broken
health of Mr. Carden have been fully confirmed by
medical investigation.

SCARE MARKETS.
(THIS DAY.)

RAILWAYS.

Pald.

RAILWAYB.

(Closing Prices
ycbterday.

Business dons
this day. .

25
St.
20
St.

25
31 2i,

20
20
10
10

St.
10
St.
15

20
20
50

10
5
20
20

20
100

204
100
20

8
10.
20
20

100
815

20
50
20
25

toc,l
too
too

100
1.00-

17?
all
all
1

al}
1418,

191 - 20
4 - 44

8 - 9

13 - 12±

I 6 - 17
6tl

93 - 95
61 - 62

10
12
16}
10
31i
211

-
- 13

... --- ...
3 --- 2

6 - 7

- 14;!,,
114 -11 t,

29 - 31
20 - 22

72 74
55 57
2d par
194 20

70 - 72
883/4 - 893
70 - 72
i 26 - 128
90 - 92 ,
65 - 653
60 - 62

.

741 74
5i - 6

...C.

7 8h
96 98
991 1004
1
id
I
-
851 86
8 7 11
7i 63,

23 23
7a
681; - 69
41 43

Par P
ll 9

50 - 52
3i 34
28 ... 29
8 10

1/ -1/
(.;;
73. y
6A,1
/ —3/
12/ 12/
F.O
par

Ad
43 4$
5t 61
4d— 4 p

_JOINT-STOI

all
all
24
10,

Australasia
Britik h Colonial Bank
and Loan Company
British N. American
Chartd. Bank of Asia
Chrtd. Bnk. of India,
Australia, & China
Colonial
Commercial of Lond
English Scottish and

AUstralian
Load; Chart. Bk. oi

29 - 31

99 - 101
64 - 66

45 - 47
12i 136
sgl 59
29 - 30

3 - 3A
16 17
3; - 4
23 - 25
- GA

G - 7

Australia
Ditto New
London, and County
Loudon Joint Stock
Lond. & Westminster
National Provincial
of England
Do. New

-
1 -
4 - 3

par A

24 - 21 •
321 -32 i
&A -6;
141
- 1p

62 i

1 161
par 4P
par—pp

12ii 13

2i - 3
-

17 -17 i

95 - 97
95 •- 97
99 - 101

92 - 94'
2 d par
97 -- 100

1.. dis
: lip

ljd i d

6i - 7

iia = 3iß

12 - 12

". ".
-- 9A
20a 20Ip

39 41
..
22 223
ld par
21
8

••• .... •••
••• -. pm

••• -- ••
3i - •3i

-

i• I iii

BANKS.

80 -- 82

••• --- •••
ld—id

2i —21 d

193 20
id in
36 38

National of Ireland..
New South Wales....
Oriental Bank of
Corporation
Provincial of Ireland

'O.
IRoyal Australn.Bkg.
& Gold Imp C 0....
czonth Australia
Union a AnstrAlia
,Do. New

Union of Loudon

13i if

31 - 36

36 - 38

741 i

1004 100

86. j 6

69 4 9

33 -- 40
63 65
7 a

591 8/
29§ i

21i i

61

' . ~- .~ ~:

SPIRIT OP THE PUBLIC JOURNALS.

(From the Times of this day.)
The House of Commons ought to feel very much flattered.
Never did any body hear so many compliments as were
lavished upon it by three of its own members last night.
Those three members had to explain how it was they found
in the singular position of quitting the public service rather
than acquiesce in the decision of the house twice in a fort-
night. Something like humility might have become the
occasion, for when the house had come to its decision by a
majority of two to one there was some presumption, not only
that the house would stand to its own act, but also that the
act was a good one. It wouldappear, however, that the house
has lost character both for sense and for consistency with
its own servants, for they are surprised to find it as coatuma.
diens and obstinate as ever. They tell it gravely, that its
decision, virtually unanimous, was unconstitutional; that it
was the duty of Government, not of Parliament, to inquire;
that it was playing into the hands of the enemy and damag-
ing our alliances ; that it had caused an absurd and improper
resolution avowedly only as a stalking-horse for the censure
and overthrow of the existing Administration ;. that, like one
of the monsters of mythology, it was merely ravening for a
victim or two, and ought to be satisfied for the present with
the two " blameless" statesmen thrown into its maw. All
this was very delightful for the House of Commons to listen
td from its own spoilt children. A Cabinet that presented so
nearly identical a composition as that which had retreated
before the just indignation of the house stood on tender
ground. It had, indeed, to explain. Last night, how-
ever, we were told that it rested with the house of Com-
mons to apologise and repent. It was the real offender.
Somebody had to do penance, but it was not the Ministers
who presented themselves once more in the face of a recent
censure, but the censurers themselves. As there was no con..
siderable change in the intervals of the new Government, we•
naturally concluded that it had at least renounced the worst.
part of its identity—its resistance to the desire of the house,
whieb would have rendered it, a new administration ; but
these gentlemen expected
.the house to change rather than
themielves ; and as they find themselves once more mistaken,
they have yielded to the rebuke which themselves have
provoked.

All that the public will see in this special pleading is an
elaborate attempt to make the judge change places with the
accused. If the House of Commons will only be so good as
to give_ up inquiry on a vague promise of amendment, that
will remove the very unpleasant stigma under which certain
gentlemen find themselves. This is worth something, so no
kind of appeal, however extravagant, is omitted. The Houae,
we are told, has not the right to inquire. Who then has that
right, and why are constitutional governments to be denied
a privilege amply used by the autocratic ? But it is feared
we shall endanger our alliance with the French if we tell all.
If anything is to damage the character of the French, or to
wound their vanity, it is these dark hints that they have
somehow caused our misfortunes, and that but for them we
should have avoided the disasters hitherto ascribed to simple
bad management. The Frence have different views on the
subject of blockade from ourselves, a different military or-
ganisation, a different staff, a different commissariat, and a
different system of siege operations from our own, but on no
point that we aro aware of have these differences affected
the condition of our own forces, nor need they enter into
the inquiry. What, then, is the position of the House of
Commons, and what has it dwindled to, if it is not to begin
inquiry till the war is over and there is a general
oblivion of follies and crimes ? If all it has to do is to vote
away the public money, twenty or thirty millions a-day; as it
is doing just now, it may as well at once abdicate its func-
tions, and permit the tax-gather to be the only medium be-
tween the Government and the people. The estimates which
it is taking on trust, as well as the votes for past expendi-
ture, are something portentous, offering the most ridiculous
contrast to the work done for the money. If that money had
been properly applied every private soldier in the Crimea
would be living at least as comfortably as a gentleman with
an independent income of 3001. a-year and a good club. Ho
ought to have at least as good a roof over his head, as good
a bed to lie on, as good a wardrobe, as good a breakfast
and dinner, with a much better amount of medical
care, in the event of anything happening to him. We_
ask to inquire how is it that the man who is the
special object of this enormous expenditure and these delicate
attentions rots in a puddle or a ditch, homeless, half-naked,
famished, with the clouds for his canopy and the mud for his
bed, 'reckless, and almost forgotten; and the gentlemen af-
fected by the inquiry, and some who should know better than
to join them, get up and talk by the hour feeble stuff about
the British constitution, the French alliance, the secrets of
war, the interruption of, public business, and the hope that
those things will not occur again !
Why, this inconvenient, dangerous, unconstitutional, trea-.
sellable demand for inquiry, has already done more for the
reform of our War Administration than has been done since
the year 1815. It is very true that a Government can work
more quietly and more effectually than a committee, and, what
is more, Government, under fear of a committee, is working
more quietly and effectually. Every day is now bringing us the
gratifying announcement of some change in the right direction,
which would have cost any minister his place ten years ago.
But while there is the greatest anxiety to make the army as
efficient as possible, every day brings aho to light some blun-
der, some omission, some difficulty fatal to success. Mr.
Drummond, for example, says that in the new transport ser-
vice just organised and sent out the harness was forgotten.
Our own correspondent in the Crimea writes that the boots
lately sent out are of such bad material, so ill-made, and so
much too small as to be already useless. The other day
Lord Palmerston excused the destruction of our cavalry
by famine on the ground that twenty days' forage was
lost by the storm of the 14th of November. That
was known in this country by the 30th of that
month at . the, latest, and it would have been easy to
convey any quantity of forage to Balaklava by January 10,
at all events ; but Lord Raglan, writing on February 10,
that is a month after, says " Fokage is our only want, and
this arises chiefly from the Commissary-General not receiving
from England the supplies of hay upon which he had
reckoned." Let it be observed who are the men who would
bribe Parliament off its old functions of inqUiry with their
own promises of reform. Sir James Graham has been a
political chief and a professed reformer, alternately in
office and opposition, for twenty-five years. ' Mnr,
Sidney Herbert has been thirteen years i❑ office, part of
it Secretary at War, and therefore as well acquainted with
'our military expenditure as most people. Mr. Gladstoae
has also has been very long in office, and all last year,
as Chancellor of the Exchequer, had, under him
the Commissariat and Transport services, which last Lord Pali-
mure emphatically asserts to have been no shadow, but to
have had a substantive existence." Now, if a Government
con d reform its own administration, if it,conld dispense with
the authority, the researches, and the direct action of the
house, and if it had 'the hearty desire which these three men
claim for themselves, whir have not these reforms been done
long ago ? Why (lid the late Administration present itself to
Parliament last December with the reforms which their own
melancholy experience had taught nein were necessary? But,
in fact, they have sunk under -the- difficulties of administra-
tive reform. They avow theMselves
_beaten. All that they
can do is to defy the House of Commons to get to the
root of the matter, and to pronounce the inquiry an im-
mense sham." Nay, the inquiry's not the only imposture, in
their opinion. They do not even believe the truth of our dis-
asters. They set aside the concurrent evidence of ten thou-
sand letters, and refuSe to believe that of a noble British
army scarce a third remains in the Crimea.

Except whore another season was avowed, we should
certainly think it unfair to ascribe the votes of members on
the "late division to any other than an earncst, desire to
get at the root of this hideous mismanagement. This
is the universal feeling of the country, and when
Lord Palmerston says that_ the country has taken up
this aspect of the question from the house, that is only true
in so far as the country had the feeling already. In fact, the
country will know all about it, and that in time to do some
good. Its painful curiosity is best expressed in a phrase
with which Sir James Graham has supplied us. We hear
that a British army has all but perished through want of
food, clothing, and, shelter, six miles from a port filled with
our ships, and we want " to know the reason why." . The
Englishwoman hears that her husband or her son has perished
from destitution, while all the wealth of England was being
poured out for his aid, and she wants "to know the reason
why." Fathers and mothers of noble or gentle birth hear
that their gallant sons, in spite of clothing and comforts sent
in vain after them, have died the death of a vagrant,
famished, diseased, frostbitten, wasted away, and they want
"to know the reason why." The House of Commons votes
away millions upon millions, and sees huge sums down iu
the estimates for great-coats and other warm clothing,
food, fuel, stationery, medical stores, porter, roasted coffee,
and such comforts, of which only a few dribblets have reached
our perishing countrymen, and it wants " to know the reason
why." It is too clear that the House of Commons will not
learn " the reason why" from the ex-Ministers who addressed
it last night, nor from any Government inquiry. The House
of Commons alone can elicit "the reason why," and we enter-
tain no doubt that it will do so. If it fail to do se, the
country will not hesitate to ask " the reason why" from the
House of Commons itself.