The Sun.
London, England, 1855-04-21 00:00:00

.LATEST NEW 9.

The Loan has been concluded—the Budget
issued. The country may now form a correc
estimate of the qualifications of its new Financia
Minister. It requires but little prescience to
declare positively what that judgment will be.
Never has there been a more complete and un-
mitigated failure than that of the quondam Edin-
burgh reviewer. The most humiliating anticipa-
tion has fallen short of the deplorable reality.
Not a single voice has been raised in his favour.
Even the journals that recently toadied the in-
competent financier now maintain an ominous
silence. In fact the voice of public opinion is
unanimous in condemning both the manner and
matter of his statement. The first was, indeed,
a lamentable exhibition to those who had heard
Mr. DISRAELI or Mr. GLADSTONE under similar
circumstances. Even Sir CHARLES WOOD in
his most prosy harangues was tolerable when
compared with Sir G. C. LEWIS ! But the man-
ner was far better than the matter, which led to
the entire project being justly described as one of
the worst budgets ever produced to the country.
First, as to the expenditure the Right Hon.
Baronet estimated it at 80,899,5611., to this
1,000,0001. is to be added for the Sardinian
Loan, and to guard against contingencies he adds
a margin of 4,440,0001., making a grand total
of estimated expenditure of no less than
86,339,0001. !! ! To meet this he estimates the
revenue for the current year, including the
10,157,6001. added by Mr. GLADSTONE last ses-
sion, at 63,339,0001., leaving a deficiency of
23,000,0001. sterling. This sum is to be raised
partly by way of loan and partly by additional
taxation. The first fruit is the new contract just
entered into with Messrs. ROTHSCHILD and Co.,
16,000,0001. In addition, power is to be taken
to issue 3,000,0001. of Exchequer Bills, if re-
quired, and the increased imposts are calculated
to produce 5,300,0001. sterling, of which, how-
ever, only 4,000,000/. is expected to be paid into
the Exchequer during the year. The whole
amount of 86,339,0001. is thus made up if the
calculations of the Right ion: Gentleman should
prove to be correct.
It will be seen from the foregoing that this
financial operation may be divided into two dis-
tinct heads—that relating to borrowed money,
and that to increased revenue. We shall now
look to the former of these divisions. As we
have stated, the Loan has been concluded, but on
what terms? For every 100/. advatided,
there are to be granted 1001. Three per Cent.
Consols, bearing interest from sth January last,
and an annuity for 30 years, from the sth April
instant, of 14s. 6d. per annum. This was, per-
haps, as good a bargain as could have been antici-
pated, when, through the grave error committed
by the Right Hon. Gentleman in refusing to ac-
cept any tender for less than the entire amount
of the Loan, he conferred a virtual monopoly on
a single firm. We do not say that Messrs.
ROTHSCHILD did not act liberally under the pecu-
liar circumstances of the case ; but we may show
what the country has lost by the transaction.
Estimating money on Government security at
the value of 311 per cent. per annum—less than
it really is even at the present time—an annuity
for 30 years of 14s. Gd. will be worth about
121. I2s. Gd. This wouldd make the
e price paid
1
for the Consols 871. 7s. . Butmust re-
member that the payments are spread over va-
rious periods up to the 18th December next,
while the interest runs from the sth January.
The interest on this money, estimating it still at
3; per cent., will be equivalent to nearly
..,
81d., so that deducting that from the
*IV- 7s. 6d. actually paid for the real price, will
be ab`mit. 85/. 5s 10d. per cent. But Consols
aCCloluirr",t.thern,Tarket 891. 155., both for money and
Lzwis
has -see,, brilliant scheme of Sir G. C.
41- per cent:all
thus there la2aa
practically cost the country nearly
the single
operatieon a
s• 2d, on sixteen millions, and
dead loss of 720,000/. by
tiered on the ch 4:: (3r neatly the amount squall-
But even this does not
co:otal'shrotNivollthe full extent of
the loss. We must
reduced Consols sob: asid" the causes that have
was, produced by Sir G. C. LB'3l.
himself,Theehiewfheoff,eicitl
a penny-wise-and-pound-feolia
a quantity of Savings Policy, flung
market, and thus led to a decreasSet"k on 2tir
3 per cent, in the quotations. It isonfotfrtora
to say, that our dear Financial Minister ha-
already cost the country from 1,000,000/
-0
1,200,0001., a large price for the very dirninul
tive talent which he brings to the national ser_
vices. It was also a grave mistake to let
3,000,0001. stand over to be raised by Exchequer
Any addition to the unfunded debt should-,
under existing circumstances, be carefully es-
chewed, Our short-sighted financier has, how-
ever, /errnitted that difficulty to remain sus-
pended over his head, thereby affording another
and very convincing
proof of his unfitness for the
situation into which he has been pitchforked.
As to the 5,300,000/. to be raised by additional
taxation, 2,000,0001. is to be obtained from an

The Imperial Visit has come to a termination.
The Emperor NAPOLEON, with his beautiful and
amiable E3IPRESS, is now on his way back to that
fair land and chivalrous people over whose des-
tinies he has been called upon to preside. He
brought with him a personal sympathy and esteem
for the British people, based on a knowledge of
their character and a duo appreciation of their
achievements. He was welcomed with innumer-
able demonstrations of enthusiastic admiration
and regard—her Majesty the QUEEN Tieing with
her people in doing honour to their common guest.
Re takes back with him, we trust, a host of
pleasing recollections never to be effaced, and a
n,re intense desire than before to tighten the
bonds of amity between the two nations. In his
return he is pursued by the most cordial wishes
for his welfare, and the prolongation of a rule that,
having resolved anarchy into order, has conferred
;ncalculable benefits on France, above all, on
her commercial and industrial population. The
visit was well-timed ; both guests and hosts had
reason to be satisfied with each other, and we
trust its fruits will hereafter be found in the
brightest pages of French and English history.
Before we dismiss the subject it may be well to
take a retrospective glance over the principal
events of a week now drawing so fast to its close.
The magnificent welcome of the EMPEROR by the
British QUEEN and her people is a great fact.
Neither calumny nor time can do away with it.
It may be considered iu three points of view. To
be gracefully welcomed and honourably entertained
by her MAJESTY, and, above all, to be received
with every circumstance of honour into the Most
Noble Order of Knighthood in the -world, an order
that confers distinction on princes, could not but
be gratifying in a high degree. The EMPEROR,
who knows more of the tons and custom of our
Court than most men, cannot but feel that no
more signal proof of good feeling towards him,
and belief in the stability of his rule, could have
been shown by it than this. The hereditary rulers
of Europe would stare in stupid amazement when
they heard of it, and take at once to believing in,
and paying increased homage to, the Napoleonic
dynasty. The prompt and cordial invitation of
the City authorities, the splendour of the civic
hospitality, the address of respectful welcome and
congratulation from the princely merchants of the
metropolis, and similar addresses voted by some
of the principal corporations in the kingdom,
were a magnificent tribute to the beneficent
genius of the NAPOLEON of Peace. But
the immense multitudes indifferent in general to
sight seeing, and impelled by no feeling of per-
sonal aggrandisement, or anything save their own
impulses and judgment—who everywhere, after
waiting patiently for hours, hailed the appear-
ance of the EMPEROR with enthusiastic plaudits
and other tokens of welcome, gave to the proceed-
ing a value and importance they would not other•
wise, have possessed. The EMPEROR now knows
beyond dispute, and Austria, Russia, Prussia, and
their sa'.eliites know that from the QUEEN on her
throne to her meanest subject, the alliance with
France is an alliance the most cordial and sincere,
and composed of the most enduring elements.
The knowledge of this, it cannot be doubted, will
have an important influence on the War.
The visit of the EMPEROR to the Crystal Palace,
at Norwood, was not the least interesting event
of the week. Those who Lave pondered over the
career of NAPOLEON the most impartially will not he
the least disposed t 3 accord him the merit of a kindly
sympathyan d
ifno r
etxhiindle, ustrial
esid classes. In confine-
and
ment a
sEMPEROR,
a rooted regard on his part for the welfare of
labour is alike perceptible. Say that it is, and
has been, his interest to manifest such feeling—to
the elect of millions the fact conveys no reproach,
but rather honour, while it does not supply any
confutation. It was natural, therefore, that the
EMPEROR should accept her MAJESTY'S well-
chosen invitation with promptitude, and should
repair with satisfaction to the Great Temple of
British Industry, that bright and sparkling edi-
fice, that, raised by capital, serves to proclaim and
illustrate the dignity of labour. What reflec-
tions the absence of Governmental control in its
erection and maintenance might suggest it is
not for us to say ; but of this we feel
assured, that the sympathy of the EM•
PEROR with skilled labour and his pacific
tendencies would derive a uew accession of strength
from the spectacle, coupled as it was with a
,re-
ception of the most overwhelming character. On
his return a Palace of Industry in his own capital
will meet his eye, and, fresh from the inspection
of ours, he will the more readily perceive in what
respect it is deficient ; and what relaxed duties
and Imperial encouragement can do to foster na-
tive skill and enterprise will doubtless be done.
From this, on our part, there is nothing to dread,
but much to look forward to with hope. Each
country has advantages peculiar to itself—each has
much to learn which the other can teach, and the pros-
perity of both will be the greater
alliance. and mo more durable
e
for a little rivalry and a cordial
all, on the industry odf
with
hh nthaetiironesxrteenstdsedlaregoemly.
their greatness ;
miaeroils
ce,, will their mission- as theandtiieelelationoftheir leadersrespect ive
tiof
civili-
sation be the more readily achieved. In conclu-
sion, let us give expression to the sincere pleasure
wo have felt on learning that our QUEEN accom-
panied her illustrious guests to Dover. It was
c'fullY done, has considerable significance, and
formed
a fitting termination to a series of me-
morable events.

On Wed"RdaY, Baron James Rothschild visited the
King of the Belgian"
turning to Paris inn'ane, the evening.
The new Lord High Coromisaioner of the lonian
nagt Chateau
arrived
t Corfu
fe u Lo an c
the
n , 9 rt
he
IslandP Sir John Yon
Sir H. 'Ward VI&R to leave on the 12th.
Letters
the cold was st fromill Ssevere t. PeteTrsbheurgr, of the 10th, state that
of the naviga-
May. . e-
tion of the Neva was not expectedopening before the 15th of

BERLIN, SATURDAY MORNING.
The following message has been received here
this morning from Vienna :
The 11th sitting of the Conference took place
on Thursday. It is said that on that occasion the
Western Powers drew up their demands concern-
ing the Third Point in a specific form, to which
Austria adheres.

It is reported that these demands relate to
the limitation of the Russian fleet in the Black
Sea.

It is also said that Lord John Russell will
leave Vienna on Monday.

PARIS, SATURDAY.

An imperial decree, dated Windsor, 19th inst.,
appoints Admiral Hamelin Minister of Marine
and of the Colonies, in the stead of M. Ducos,
deceased.

KIEL, APRIL 19.

The British fleet under Admiral Dundas,
twelve liners, with the Vulture, Bulldog, and
Firefly, have just arrived here and anchored.

FRANCE.
(FRONI OUR OWN CORRESPONDENT.)
PARIS, FRIDAY.
The following private telegraphic despatches
have been received to-day :
VIENNA. 19th.—In the tenth sitting of the Conference,
says the Gazette de la Croix, the Russian Plenipoten-
tiaries declared that the Cabinet of St. Petersburg de-
clined to make any special propositions on the 3d point
of guarantee, and that such propositions ought to pro-
ceed from the Western Powers. The conference
took note of this declaration, and the Plenipotentiaries
of the Western Powers reserved their right of reply.
The Plenipotentiaries have just mot for the eleventh
Conference, which may be decisive, without waiting an
answer to the despatches sent to London. Nothing
new from Sebastopol.
BERLIN, 19th.—The Journal de St. Petersbourg of the
12th publishes a manifesto of the Emperor Alexander
IL, announcing that, on the occasion of Easter Sunday,
al)

prisoners for non-political offences were pardoned.
A curious telegraphic despatch from M. Drouyn
de l'Huys to the Emperor has been exhibited to-
day. It is to the following effect
"VIENNA, Wednesday, 18th.

" I have the honour to beg the Emperor to authorise
me, by telegraph, to persist in the refusal in reference
to which we communicated on the 16th."

Another from London says it has been decided
at Windsor that the Emperor is to assume the
supreme command of the allied forces in the
Crimea.
Whether either of the above be true or false,
the funds have been considerably agitated.
Prince Esterhazy, the Austrian Minister, is to
leave this evening for Vienna. A despatch dated
before Sebastopol, of the 14th, states that the allies
obtained great success in the night of the 13th.
The letters and journals from Constantinople to
the 9th, brought by the Gange, do not contain any-
thing of striking importance. Dr. Levy, the In-
spector of the medical service of the French army,
has received the permission which he had applied for
some months ago to return to France. The new Greek
Legation at Constantinople is completely installed.
The departure of Mehemet Bey, the successor of
Vely Pacha at Paris, is not yet fixed, and will de-
pend, it is stated, in a great measure on the proba-
bility of the Emperor Napoleon's visit to the East.
At the Porte that event was still considered by m.
means unlikely. The French force amounted to
upwards of 75,000 men, and the Erglish to some.
what less than 20,000, all in good health and eager
to revenge themselves on the enemy for the hard-
ships which they have had to endure throughout
the severe winter. On the sth, GeneialKoscielski
(Sefir Pacha) arrived from Eupatoria with 25,000
men, all picked troops, who have distinguished
themselveson the Danube, and who are commanded
by tried officers. Among them is the-brave Isken-
der Bey. It is expected that this force, which has
been replaced at Eupatoria by the Egyptian divi-
sion, is intended for an offensive movement on the
Tchernaya. The accounts from Eupatoria confirm
the news before received that the works at that
place had been considerably extended, and were
nearly completed. The Russians, it appears, had at
one time surprised the bridge of the Lake of Sarik,
but were driven back in the course of the day,
and compelled to retreat to their former position.
The day after the Bashi-Bazouks attacked and
drove the enemy from the village of Bajai, but not
being supported, were obliged to abandon it.
Prince Stourdza, son of the ex-hospodar of Wal-
lachia, has given up his functions as chief of the
staff of Omer Pacha, and has been replaced by
Sefir Bey (Count Koscielski), who, as mentioned
above, has accompanied the force sent by Omer
Pacha to Sebastopol.

BOURSE, APRIL 20.—CLOSING PRIORS.
Cash. fr. c. End of Month.
41 per Cents 94 —f. —c.
3 per Cents 69 90 70f. sc.
Credit Mobilier BOO Roman
Credit Foncier 540 Austrian
Belgian Fives 934 Spanish Threes
Piedmontese B6 Home Debt

RAILWA T S—ROR CASH.
fr. C. fr. c.
Orleans - Lyons .. 1097 50
Western 650 -- Rouen
Cette - Strasburg
Mediterranean 990 -- Havre 555
Northern - CAmTburg