The Sun.
London, England, 1852-12-02 00:00:00

NDON, THURSDAY EVENING, DECEMBER, 2, 1852.

if the Ministry and their supporters could
have been compelled to swallow the words
to which they could not give a hearty assent ;
and it is regretted that the Free-traders, with
Mr. VILLIERS at their head, should not dictate
the terms of a Free-trade resolution ; and it is
also to be regretted that the House of Commons,
save the now immortalised 53, could not unite to
declare that Free Trade is " wise, just, and bene-
ficial ;" but it would have been matter for regret,
on the other hand, that it should have done so
at the expense of touching the honour of so many
practical Free-traders. It is, we think, most of
all, to be regretted, that her MAJESTY'S Ministers
took the view they did of the contested words.
Mr. DIS RAELI called these epithets odious; the coun-
try thinks them themost appropriate which could be
selected. The Honourable Gentleman, indeed,
meant that they were so, as having been inserted,
in his view, expressly to annoy him and his fol-
lowers ; that they were odious as a party device.
His own resolution, as was repeatedly observed,
proved the wisdom, justice, and beneficence of
Free-trade legislation ; and he himself in his
speech carefully avoided discussing the propriety
of the epithets in question--completely shunned
the issue he ought to have joined, and spent his
whole strength in a vindication of his party's
proceedings. We believe Mr. DISRAELI him-
self would not deny in so nanny words
that Free Trade was " wise, just, and beneficial."
It is, therefore, the more to be lamented that he
led his party on against a clause in the resolu-
tion which would be carried by acclamation at any
public meeting that could be held in any part of the
country. As, however, the Government felt so
keenly these truthful words, and as they were
willing to sign an unconditional capitulation in
other terms, it was at least merciful to spare the
feelings of a beaten foe. JOHN BULL will growl
at first that he could not get a plain English
confession of past errors, but with his charac-
teristic unwillingness to fight down, and his
readiness to throw back something for luck, he
will cordially accept the proffered nineteen
shillings and elevenpence three farthings in the
pound, and wish them luck with the odd farthing.
As the result, no party has gained a victory.
Free Trade alone has triumphed, and triumphed
gloriously, nine to one in a full house I The
last majority comprised large numbers of men of
every political party. It was, in fact, at the
same time a noble triumph over party, and for
Free Trade. It will make it clear to all the world
that England has finally settled her policy.
It will do this even if projects of compensa-
tion were in the mind of the CHANCELLOR of the
EXCHEQUER. We ought to believe his own de-
claration, that he has never thought of compen-
sation, and that, too, notwithstanding the sentence
fished up by Lord JOHN RUSSELL from that for-
midable treasury of past professions, the impar-
tial " Hansard." We do not think that he ever
thought compensation possible, even if he could
think it due. We accept, till the Budget ap-
pears, Mr. HENLEY'S explicit declaration, that no
relief could be thought of for the farmer in which
all the community should not equally share. But even
were compensation for transitional suffering pro-
posed, it would no more throw suspicion on our Free-
trade sincerity in the eyes of foreign countries, than
our compensating the slaveholders affected their
belief of our heartiness in abolishing negro slavery.
On the contrary, they would think that we must
have a strong conviction indeed of the value of
our present course, if, rather than give it up, we
consented to sacrifice somewhat to preserve it.
The country will, however, keep a most vigi-
lant look out against any back-handed Protec-
tion. Lord JOHN himself would only be too glad
to catch his rival tripping so far. Right glad
would he be to return to the battle on this ground ;
we may, however, be pretty sure that it will not
be afforded to him. It was, indeed, a very clever
hit when Lord JOHN observed that the Hon.
Gentleman (Mr. DISRAELI) " had shown to the
House, that, while he was connected with the
cause of Protection, he did not faithfully serve the
cause of Protection ; I say, therefore, now that
he has espoused the cause of Free Trade, let us
take care that he is not as faithless to the cause
of Free Trade." The Hon. Gentleman will, how-
ever, unless we are quite mistaken, take care of
himself. He will hazard no more League meetings,
no more appeals to the country on this great
question. He is glad enough to bury the thing
wholly and for ever ; and, to use Mr. COBDEN'S
own phrase in Yorkshire, "no Government or
party will be found foolish or bold enough to tie
the tin kettle of Protection to its tail again."
No, the FOUR HUNDRED and SIXTY-EIGHT have
settled that question for all England, and all the
world too. A little soreness from the fight some
of the Parliamentary sections will feel for a few
days, but the grand fact will remain for
the future historian and will now be
told in every commercial country in the
world that after successive ameliorations
of our Tariff for a long series of years,—after six
years' trial of abolished corn laws, and subse-
quently abolished navigation laws, that the
British Parliament chosen to decide this question,
has decided it by the above almost unparalleled
majority. It will be told that the two most com-
mercial nations upon earth, the two freest, the
two most intelligent, the two most enterprising of
nations, in one and the same year, and almost at
the same hour, decided, both of them by over-
whehning majorities, that henceforth their policy
should be to allow every man to buy in the cheapest
market, and to sell in the dearest ; or, in more
sacred words, to do unto another as he would that
others should do unto him. We heartily rejoice
in the double vote. It speaks peace to all the
nations. England and America are now bound
together by a new international tie ; their policy
will be identical, and mutually beneficial. They
cannot fight : not only that, they will let no one
attack the other. A cordial feeling will grow
between them, which will unite their navies in
defence of each other. Should the new French
oof E ngßlauntd, whe e
EM-
PEROR turn out what his enemies wish, the envious
foe
rawttlier belooekci
utoallythtehepeafocee
fulof
America.
influence of the two nations. European coun-
tries like trade and its profits as well as
we do, and when they see the two greatest
trading nations in the world heartily joining in
the same policy, it will be impossible for them to
resist the impression. What will follow ? They
will be compelled to relax commercial restrictions,
compelled to afford facilities for commercial traffic,
compelled to do away with the obstructions to the
free intercourse of nation with nation ; and then it
will be found, we trust, that commerce will accom-
plish what barricades could not ; that it will
diffuse intelligence, liberalise the views of the
governors themselves, impart practical hibits and
views to the theorisers of France and Germany,
and gradually establish peace and constitutional
liberty amongst all the nations of Europe.

STAMP DUTIES UPON NEWSPAPERS.—The Attorney
General does not bring on his measure for amending the
law relating to the stamp duties upon newspapers till Mon-
day, the 6th instant.
THE FIRST INDIA AND CHINA MAIL, under the con-
tract between the Government and the Peninsular and
Oriental Steam-packet Company, will be dispatched from
Southampton on the 4th of February next.
EASTERN STEAM NAVIGATION COMPANY.—A meeting
of the shareholders in this company was held yesterday at
the London Tavern ; H. T. Hope, Esq., in the chair. The
report of the court of directors was read and adoptod, as
also resolutions to the effect that the forfeited shares should
be re-allotted, and that as soon as a capital of 800,'000l.
has been subscribed the company should commence a( tive
operations by establishing a line of steamers to India, • with
a view, if considered desirable, of extending their sex vice
to Australia.

REGENT'S CANAL COMPANY.—The proprietors of the
Regent's Canal Company have voted the sum of 430,G 00/.
for the extension of their works at Limehouse. The d ivi-
dend declared by this company for the past half year its at
the rats of Bs. 6d. per share.
•

INCREASE OF BULLION.-It is estimated that the next
return of the Bank of England will show an increase' of
between 300,0001. and 400,0001. in the stock of the i tre-
cious metals—so large has been the influx of Austral tan
gold, which, after passing through the hands of the brokers
and others, has found its way into the Bank.

GENERAL POST-OFFICE, NOVEMBER, 1852. On and
from the Ist December next, the postage chargeable up, xi
all letters transmitted between the United Kingdom alad
Peru, either by packet direct, or vid Panama, will be-25..
when not exceeding half-an-ounce in weight ; 4s. when ex-
ceeding half-an-ounce, and not exceeding one ounce ; and
so on, according to the scale in operation for charging in-
land letters. This postage must be paid in advance.
Newspapers for Peru will be conveyee free of charge, at
heretofore.

1110 XE Y AND COMMERCIAL NEWS.

CITY, Two o'CLocK.
The sales of cotton at Liverpool yesterday, were
estimated at 10,000 bales, of which 4,000 American
and 1,500 Surat were taken on speculation. The
market closed firmly, and prices, as compared with
Friday's rates, were to f dearer on all qualities
of American under 6d. Surat also -1- up, and Sea
Islands Id. to 2d. lower. The sales comprised
7,000 American, 170 Pernam and Maranham at
6g- to 6/, 160 Bahia at 6g. to 6i, 100 Egyptian at •
6 to 7/, and 2,500 Surat at n to sd. per lb.
Railway shares were rather lower.
The six weeks' average price of wheat is 395. 7d.
per quarter.
The following is an account of the state of the
Manchester piece goods market, furnished by
Messrs. M'Nair, Greenhow, and Irving :
" As compared with the excited activity which pre-
vailed during the last three months, and which resulted
iri involving transactions of almost unprecedented mag-
nitude for the time being, the aspect of this market,
during the present and closing month, has exhibited a re-
markable change in appearance, and comparative reality
—not, however, exactly from the amount, in value,
which has been silently and gradually carried into effect,
as the necessary consequence of the heavy previous
operations ; but from the marked and perceptible indis-
position on the part of buyers to operate, except for
immediate wants.

"In conjunction with the previously assigned cause,
and the high rates then realised by producers, together
with the absence of corresponding rates from some of
the most influential and important foreign markets, in
reality and in anticipation,—the declining value of cot-
ton amounting in the course of the month, from id. to id.
per pound—must le noticed as forming the most in-
fluential causes; indeed, the latter at the present mo-
ment may be considered as the governing influence. As
to its prospective bearing, it were idle to offer any
opinion in a conchtsive shape, seeing that no correct es-
timate can yet be arrived at as to the actual crop which
may be expected from the United States. We have
previously given our opinion as to what would be the
consequence of a yield not reaching 3,000,000 bags.
The industry of this neighbourhood continues, we are
justified in saying, in almost unexampled activity, with
the probability, humanly speaking, of a lengthened con-
tinuance."

The English and Irish Church and University
Assurance Society jnst formed, under the aus-
pices of the Friend of the Clergy Society, appears
to have special claims to the favourable cousidera-
tion of the numerous body for whose benefit it is
intended. The proposal is to have such a reason-
able paid-up capital as will afford security to the
assured, and yet not prejudice them by a heavy
payment of interest to the shareholders—
a material point where there is so much di-
fficulty in employing surplus means on the
one hand, and where there is a complaint of
inadequate means on the part of new companies to
meet heavy losses, during periods of extreme sick-
ness and mortality, on the other. Sixty per cent.
of the profits is to be divided among the assured
every five years, and twenty per cent. among the
shareholders. The remaining twenty per cent. will
be applied to further the objects of the Friend of '
the Clergy Society, in return for which much ad-
vantageous business is expected. There are many
other points of utility, which the clergy at large will
best appreciate upon investigation ; and special
provision is made for those cases of unforeseen dis-
tress, fortunately less frequent since the Friend of
the Clergy Society was established.
The Banker's Magazine for December contains
an article which, upon the occasion of the esta-
blishment of several new banks in India and Aus-

tralia, may be deemed of importance, viz., on " the
discretionary
powers allowed by parent banks to
their branches." The private banks in competition
with the Joint Stock have been opening agencies in
the smaller towns of late years, and this not only
in England and Ireland, but likewise in the colo-•

vies. The Bank of England limits the discretionary
power of its agents within a very narrow circle,
and most of the country rankers merely allow their
agents, mostly shopkeepers or solicitors, to grant
facilities for the payment and receipt of monies.
It is a curious fact that agents constantly evince a
kind of partisanship for their customers, arising
from local prejudice or connexions, and that the
influence of the head manager is therefore generally
required to be exercised in curbing this feeling. The
Joint-Stock Banks having branches in England have
mostly dispensed with local boards, but those doing
business with the colonies, in most instances, find
them useful as bringing connexion and experience.
A fair latitude to the branches is indispensable;
but, on the other hand, a cautious limitation has
likewise to be steadily observed. Formerly, branch
managers in Scotland had to pay the half of all
losses out of their own salaries, but this was found
to operate as an inducement to them to do as little
business as possible, and the medium course—viz.,
to lay down general rules, and yet retain a dispens-
ing power, was found most salutary.
The following report upon the Mining Share
Market is furnished by Messrs. J. S. Tripp and
Co. :

" In the English mining market there has been a very
active demand for dividend paying shares. West Pro-
vidence and Tremayne have been in great request.
Botallacks, East Wheal Rose, West Carradon, South
Frances, Vheal Fullers, Bassetts, and Devon Great
Consols have exchanged hands at improved rates.
" Wheal Tremayne, at the meeting which is to take
place on Saturday, will pay a dividend of 10s, per share,
after paying off all outstanding debts of the mine. The
dividend henceforward will be 205., or more bi-monthly,
as the future profits will not be subject to the drawback
of any deduction further than the ordinary working
expenses.

" In non-dividend mines there has been a good de-
mand for Cuben, East and West Ding Dong, East
Halamanning, Balnoon, Great Alfred, Gonamena, Tre-
fusis, and Cupid shares.
" North Towy, North Damsel, and Cwm Darren
shares are firm at present prices.
"Cook's Kitchen have fallen to 2i1., Orsedd to 21.,
and Chiverton to 411., at which prices these shares, we
think, ought to be bought.
" Merllyns have suddenly fallen to 31/., in conse-
quence of the mine having nearly filled with water.
With a little dry weather the water will soon be got
out, when the value of the shares will rise perhaps as
rapidly as they have fallen.
"Altogether the English mining market was never
looking more healthy, and in bond fide concerns we an-
ticipate much higher prices."

The rumours of a break up in the Ministry, so
very prevalent towards the close of business yester-
day, have subsided, and the Stock Market has been
more buoyant. Consols have been 101 to ;
and are now 1014 to I. The New 34 per Cents.
have been quoted. 103 i to ; and the 3 per
Cents. 100 f to 1. South Sea Stock has been
marked 1114. Exchequer Bills have been quoted
695. to 725., and India Bonds 83s. premium.
Foreign Stocks have been rather dull, except for
Grenada Deferred,
which have risen to 13
Mexican Bonds have been steady at 24i to 25 .
The mail is due. Brazilian New Stock of 1852 is
at 974 to 98, and the New of 1829 and 1839 at 103.
Spanish 3 per Cents, have been at 51i, and the
Passive at 64. The Deferred are 244 to 25k. The
Turkish Scrip is 14 to 14 premium. The letter re-
ceived by the Committee from Lord Malmesbury
has not yet been published. Portuguese 4 per
Cents. have been quoted 384 to 384 • Austrian
Bonds are at 83, and Dutch 24 per dents. from
664 4 have risen to 67.
Railway Shares have been lower all through, and
the jobbers, having got over the settlement, ap-
pear relieved for a while—some difficulty having
been experienced in delivering shares, especially
North-Western and Caledonian. The traffics con-
tinue very good.
French Shares are dull, but Westerns have im-
proved.
Gold Mines continue brisk.
The last week's railway receipts, ascertained up
to this day, are in round figures as under

Great Western ...
North Western ...................
South Western ....

8right0n................................

1852. 1851.
£15,758 14,228
43,394 40,021
8,691 8,801

9,082

8,210

_adland ................................. 22,383 21,436
South Eastern .......................... . 11,638 10,238
North Stafford ........................... 5,196 4,614
Caledonian ................. . ............ 9,061 7,613
Great Northern . . . ................ 16,582 10,360
Lancashire and Yorkshire ............ 16,082 16,251
Newcastle and Berwick ............... 14,134 12,078

BRITISH FUNDS AT ONE O'CLOCK THIS DAY,
(From the Of List.)
Business done.
3 per Cent. Reduced Annuities— ••••••••• loos } A
3 per Cent. Consols Annuities ....... ...• lol* 1
New 3 per Cent. Annuities ....... ..• ••• ••• lO3l 13 i
Long Annuities, Expire sth Jan., 1860 6 7-16
Ditto 30 Years,
6
India Bonds £l000
South Sea Stock .
.z;
Exchequer Bills lid.
March.
. . ..........
£lOOO- ••• ••• ••- - 72 69 Expire sth Jan., 1860
............
£5OO.
Sma

.. -

June.
72 69

Ditto Yew Bonds, 1829. & 39,. 5
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. —
Ditto 4i per Cent .. .... . ~:.. , 9B 7i
per 'Cent. 103
Buenos Ayres Bonds, 6 per Cent 74 5
Grenada Bonds, li per Cent. . . ... .
Ditto NewiDeferred, 3 per Cent l3l h # i i
Mexican 3 per Cent 251 4k
Portuguese 4 per Cent. . . ... .
Russian Bonds, .4i per Cent. ............
Spanish Bonds, 3 per Cent ..................
Ditto Passive (Converted) .
Spanish Committee Cert. of Coup. not. fun 3i p c
Austrian Bonds 5 per Cent
Dutch Exchange 2i per Cent 69 i 7
Ditto 4 per Cent. Certificates 9 4 8
HALF-PAST TWO.
Consols. ... 104 i
Ditto Account, Dec, 9

_EXPRESS FROM PARIS.

[BY SUBMARINE TELEGRAPH.]
(From a Third Edition of the Morning Chronicle,

PARIS, THURSDAY, NINE A.M.
The Emperor made a speech to both Chambers,
in which, after having said that the title of Napo-
leon 111. is an homage to a Government which he
thinks legitimate, he added: "Receive here my
oath that I will spare no pains to secure the pros-
perity of the country, and that, while maintaining
peace, I will cede nothing that may concern the
honour and the dignity of France."

tr. j Paid