The Sun.
London, England, 1852-08-31 00:00:00

COURSE OF EXCH.

Amsterdam 11 19%
Ditto, three months.. 12 13,(
Rotterdam 12 1%
Antwerp• ••••••••• •• •• 25 52X,
Brussels."... 25 52X,
Hambuigh 13 9h
Altona.
Paris, 3 days'sight •• 25 30
Ditto, 3 months 23 523
Marseilles ............ 26 323,
Bourdeans.... . •
Frankforton;Maine.... 121%
Berlin....
Vienna, effec. 50...." 11 59
Trieste, ditto.... 12 0
retersburgh ........ •. 37%
Madrid ••• • • • „, .. 49%
Cadiz 49h
Barcelona •• •• •• •• •• ••
Seville.. •• •• •• •• •• ••

MARKET INTELLIGENCE.
(From the London New Price Current, Aug. 31.)
SUGAR.-To-day, in consequence of importers of West
India Sugar accepting prices equal to those of Friday
last, a good business was concluded in both grocery and
refining qualities. The purchases amounted to 809 hhds,
&c., including at auction 355 hhds 17 trcs and 52 brls
Barbadoes, which went as follows:-Brown at 29s to
303 6d; low yellow 31s to 325, mid 326 6d to 345, good
mid 34s 6d to 355, good 35s 6cl to 375; 422 hhds 15 trcs
and 155 brls St. Lucia, very low brown 26s to 275, better
sorts 28s 6d to 30s 63, low to mid yellow 310 to 33s 6d,
and good at 34s to 350 per cwt.
REFINED.-To-day large purchases were made in
Refined Sugar for home consumption; still no advance
was produced; brown lumps selling at 433 to 43s ad,
and low to fine grocery at 44s to 453 6d. For Crushed
Sugar the export are small, and there are sellers rather
under previous rates.
MAIIRITIUS.-This afternoon some parcels of Mauri-
tius Sugar were sold by private treaty, stiil former rates
were accepted for all sorts.
EAST INDIA.-This afternoon there was a good de-
mand for Madras sugar, and at public sale 7,812 bags
sold at stiffer rates. Fino and good grainy white went
at 40s to 41s 6d, good to fine grainy Bellow, 37s to 40s
middling 35s to 36s 6d, common 33s 6d to 345, and
brown 30s to 335. Bengal is wanted, and the rates ob-
tained were fully equal to those of Friday. At auction
1,028 bags were sold-low to middling white Renares at
00:51as
116d...,..g00d to fine 363 to 38s 6d, damp and
washe:lol:6:ol:dtTi ti:o. 375, fine and good grainy yellow 38s
to 40a, middling to good like Mauritius 32s to 33s 6d,
u 34s to 355, good to fine soft yellow 30s to 32s per
cwt.
SugarunitUnited
Kingdom, attracted
al .
atte •
was submiu dcoaYntinFeonrteigonr
though
paid pat:le:l:were sellers of floating cargoes and duty
MOLASSEB.---VWlsearh
fine yellow Hat°
erather ander the rates of Friday. None
public sale. A small cargo of very
was sold as 245 for an out port.
Weit still a reluctance to operate in
India, ',lndee is
Antigua can be obtained
as prices are. Barbadoes and
St. Kitt's, 12s to las at 14s to 15s, St. Lucia and
cially of better sorts of There is a fair supply, espe-
Parcels have been sold Bengal and Mauritius,only small
at tee to
and Cuba 13s 6d to 15s 6d per 12s 6d. Porto Rico
greater demand, West India Tamarinds Tamarinds are in
India 78 to 12s. Honey is in cwt.
to 40s, and East
at 355, to 545, Cuba 32s to 40a, and N__
ar request, Jamaica
bonne 505 to 605
per cwt.
COFFEE-This afternoon
.a Plantation
with good home Ceylon realized
full rates, and met trade demand.
At
.p
auction 240 casks, 160 brls, and 80 bags were nearly .
disposed of, low mid to mid went at 54a to 578, flu
auction
fine ord 51s to 530 6d, other sorts 495 to 508, pea berry
60s to 675, and triage 435 to 48s. Mocha met with
more attention, still there is no advance at present. At
auction 150 bales and 100 lif bales were sold at 745 sd
to 77s 6d for mid and good clean garbled. In Native
still good ord is not offered
little was done privately,
under 43s 6d per cwt. large transactions
TEA.-In low and common Congon
have taken place both for shipping and home consump-
tion;d the prices paid for sound are 8d to Bid per 1b aa
there is a firm market. At present there is no rise for
better sorts, yet a good demand !exists, rather blackish
leaf to blackish leaf at 9d to 100, strong and Pekoe
sorts lld to is 6d per lb. In bouchong several Pur-
chases have been made, and previous terms are well
sustained, low to mid selling at 8d to Is, good
to fine Is Id to is Led; of the better supply is
scanty. For Oolong there is a firm marker, and
a good demand exists, inferior and mid at 8d to
lid, good to fine is to is Bd. Ofclean Pouchong supPlY
is barely sufficient for the demand, and rates range firm
at 5d to 7d. A. brisk demand
has been experienced for
true and Canton Y
oung Hyson, common and medium
lisson, andod
Ling ratherg shove to fine Gunpowder, the rates obtained
ove those existing previously; but Can-
tor' Gen 0 der
1) sv met with little attention, and
Ii lower terms are accepted. Full -
prices are required for
aPeri'd, at present the general orders are small. The following are
• Hyson are isqouotations for Green Teas-low to mid
choice 28 4d to id to is 2d, good to fine is 3d to 2s 3d,
• Hyson kind
1
Twankay so
son sort. is 3d to
10d to is ld, is
t2s 10d, Young Epson Canton 8d to I Id,
ato 7d, fine and superior ls 8d to 2s 2d,
2:2 Gunpowder Canton 7d to ls, Ily-
a y 3
on
siocir, fine 2s 8d to 3s 6d, Imperial Canton
yet
eat la 2d to 2s 2d, and Hyson skin 6d to
Is. There is
I
al-
though a good demand
9d to 3s 4d for fine, and
the supply being ample.
exists,vance for Flowery Pekoe,
le2d the rates accepted are Is
Only to ls 8d for low to good,
limited swamies have,

LONDON,

been made in scented Orange Pekoe, and there are i
sellers of good to fine at is to is Bd, and inferior 9d to
Ild. Caper is in plentiful supply, and orders being
small prices keep on the decline, 6id to is 3d per lb
having been accepted for scented.
RICE.-To-day there was a plentiful supply of East
India Rice, and home dealers as well as exporters being
reluctant to operate, prices slightly declined. Of 6,477
bags and 933 packets Bengal, at auction, barely one half
found buyers-mid white at 9s to 93 63, good mid to
good 9s 6d to 103, fine 103 to lOs 6d, damaged 7s 6d to
9s 6d. Of 3,686 bags Moulmein a small part only of the
sound found buyers at 9s to 10e, and damaged at 5s to
99 6d. Of Pearl Sago 695 chests sold at 17a to 18s per
cwt., being moderate rates.
CocoA.-The demand is on the increase for West
India, and supplies having fallen off, stiffer rates are ob-
tained. Sales privately of Trinidad, good to fine red
44x, low
and to
mid
superior e rtioo r3633,5s to 36
grey,
rey,
29ss per
te o
'3:w3a•s tl. eGa
Frteo3nreasidg Grenada
428450 4s
finds a more ready sale, and holders have
confidence; Bahia and Para realize 25s to 265, and Guay-
quill 33s to 34s 6d per cwt.
SricEs.-There is a more plentiful supply of Pimento.
Of 700 bgs at auction not above one-half found buyers,
pod quality at 54d to sicl, low mid and mid 5d to 51cl,
and common 54d per lb. There is no further decline
for Pepper; but privately operations have been small for
all purpOses-Allepy at 34d to 4d, Batavia 3id to 3d,
Malabar 3i-d ro 4id, Sumatra and Penang 3id to 3id
per lb. Ot' 300 bags Malabar at auction a part only
sold at 4id for heavy. White is wanted, at present few
parcels are on offer, and the rates paid privately are from
6id to 9d ftir com to fine. A fair business has been con-
cluded
in Cayenne at 6d to 10d, and fine is to is 3d. Pod
Pepper is not pressed for sale; at present little is doing,
and prices rule at 483 to 51s for low to mid, good to fine
60s to 70s per cwt. Of Nutmegs supply is not ade-
quate for the deoand, and prices are still improving;
low to mid brown lolling privately at 2s 3d to 2s 9d, good
2s 10d to 3s sd, fine 35 6d to 4s 2d, limed is 6d to 2a 63,
and wild without the shell is 2d to 2s Bd. Mace is in small
supply, and much in request, rates in consequence have
further improved good to fine selling privately at 22 7d
to 2s 103, and common to mid sound 2s 3d to 2s 6d.
Cassia Lignea is less wanted, yet full terms are obtained
supply not being larger. At public sale 100 outs in
part sold at 1108 to 118 s per cwt for pile one to three,
damaged 94s to 106 s. For Cassia Buds high terms
are obtained, and 35 cases at auction went at 81 4s
to 8110 s. In Cassia Vena more doing privately at
30s to 358, and few parcels are on offer. Cloves are
held with firmnesa, and orders are on the increase ; sales
privately of Bourbon and African made at 6d to bid,
Amboyna 7d to 70, and Penang 10d to is per lb. Cin-
namon is not cheaper, yet only small orders have been
executed ; Ceylon, first sort at is 8d to 2s Bd, second
ditto is 2d to is Ild, and thirds is to is 6d.
SPIRITS.-For E. L Rum, prices have improved-
ls 4d to is 5d laving been obtained for several par-
cels proof strength, and holders have confidence. Of
Leeward Islands rates are on the advance, and rule at
Is 5d to is 6d proof. In Demerara a large business
has been concluded; at present no rise has been pro-
duced-33 to 40 per cent over proof selling at 2s to
2s 2d, and 28 to 30 over Is 10d to Is 11d. Jamaica
is held with firnaness. For superior marks 35 to 38
over proof, the :rates paid have been 3s 4d to 3s 10d, fine
2s 9d to 3s 3d, good mid to good 32 to 35 over 28 4d to
2s Bd, mid 32 to 34 ditto 2s Id to 2s 3d, low 26
to 28 over is 10d to 2s. Havannah is more
in request at is 3d to is 4d proof. The
Sales
demand for Brandy continues animated.
of Cognac best Brands of the vintage of 1851 have
been made at 4s Ild to 5s Id, 1850 ditto 5s 2d to 5s 4d,
1849 ditto 5s 8d to 5s 10d, older 6s to 6s 10d, low to
mid sorts 3s 6d to 4s Bd, and Bordeaux 2s 3d to 2s 6d.
Deliveries for consumption remains of a satisfactory na-
ture. Orders for British made Spirit are on the in-
crease, and there is a firm market at 9s 8d to
93 9d for
cash; Gin 22 under proof
-5 23 to 8s 3d, and 17 ditto
R
8s 8d to 8s 9d. Geneva is in good demand at is 10d to
2s, and fine 2s 2d to 2s 6d per gallon; there is no in-
crease of supply.
COCHINEAL -There is still a reluctance to operate
for ail purposes, and although only limited parcels have
been brought forward since last Tuesday, prices have
again given way. The present value of Honduras silvers
to3s 4
Bds 4d.
to4s, and black 4s to 5s 3d, and Teneriffe 3s 9d
INDIGO.-The home and export demand for East
India is decidedly on the increase. Spanish is in small
supply, and at previous rates there are several buyers;
the lower sorts are most wanted. The public sales an-
nounced are unimportant, and the demand is likely to be
larger for all sorts of Indigo.
SALTPETRE.--Importers have more confidence, and
none has been submitted to public sale this week. Prices
ea
xr et
eseudsetda i ns
eeedie a
-n r. II 0
wp r itvea t efilnye operations
satr e2u2ps o6nd at
em2o9rse,
and Madras 23s ed to 26s per cwt. A fair sale exists
for British Refined at 298 to 29s 6d per cwt. For Nitrate
of Soda the demand has been only for small parcels at
14s 6d to 143 9d, and a cargo at 148141
PROOISIONS.-Whe demand for Irish butter has
improved during the last few days, and
prices have ceased to decline. For Carlow, Clem.
mel, and Silken ny the rates obtained have been
73a to 75s ; Cork 72s to 74s ; Limerick 66s to 695,
Sligo 68s to 725, and Waterford 69s to 74s per cwt.
Foreigh has been operated in with caution, and
supply being plentiful prices have declined. Friezland,
fine selling ai 76s to 78s, surplus and inferior 62s to 70s,
Kampen and Zwolle, fine 72a to 745, Groningen 60s to
645. Emden and Leer 62a to 665, Holstein and Kiel
74s to 76s per owl. The English Butter trade quiet, and
having plentiful supply rates incline downwards; fine
Dorset selling at 82s to 84s, Devon 75s to 78s per cwt. and
fresh 8s to lOs per dozen lbs. Irish small meat, Bacon,
56s to 625, heavy 52s to 58s, and Hamburgh sizeable
54s to 555, inferior 50s to 535. In Middles sales have
been trifling, with sellers of Irish bale at 50s to 545. In
Navy provisions operations are limited. There are
sellers of Pork; Irish India at 7110 s to 81 per tierce,
mess 808 to 85s per barrel; Beef American India 61 lOs
to 71 per tierce, prime mess 1003 to 120 s, and Ham- 1
burgh ditto 115 s to 1235. Hams are dull of sale, and
rates incline downwards; Irish selling at 60s to 68s,
and English 68s to 745. Lard is in good demand, and
supply is small; sales of Irish bladdered made at 60s to
665, keg and firkin 56s to 595, Hamburgh 55s to 58s, and
bladdered 635 to 65e. Prices are not better for Cheese
although a large demand exists. The value Of Edam is
329 to 41s, gouda 295 to 375, Kanter 17s to 17s 6d, and
American 30s to 33s for low to fine.
OILS --Although there are sellers of Seal at a further
reduction, operations have been upon a small scale;
pale at 341 to 351, tinged 321 lOs to 331, straw 321 to 32/
100, and brown 301 to 31/ 10a per tun; at auction 80
tuns have been offered. Cod is cheaper, and purchases
are limited at 3SI lOs to 334 Southern met with little
attention, and prices have declined, there being a more
plentiful supply; sales of first sort have been made at 34/
to 34/ lOs, second ditto 33/ to 331 10s, and dark 30158 to
321 lOs; at auction 50 tuna were offered. Of East India
Fish Ols, 200 hhds found buyers at 2615 s to 371 lOs for
dark to good second quality. There is a quiet market
for 'Sperm, and prices rule at 851 to 86/ 103. Head-
matter is 871 to 904 For Linseed Oil rates have declined
to 29s for present delivery, and 27s 6d to 27s 9d for next
three months. Cocoa Nut has met with more attention.
At auction 450 packages were sold. Cochin at
33s 6d to 353, Ceylon 32s 6d to 34s 6d, and Madras 30s
to 325. 01 East India Ground Nut 70 hhds realised
32/ 5s to 331 lOs per tun. Palm 27s 6d to 295 for mid
to fine. Rape Seed, brown 31s 6d to 325, refined 32s 6d,
foreign 33s 6d. Lard Oil 52s to 54. A free sale exists
for Olive. Gallipoli realised 51/ to 52/, and other sorts
41/ to 50/ per tun.
TALLow.-The demand has been limited for Russian
on the spot, and prices have further declined, fine
Yellow Candle having been currently disposed of at
38s 9d to 395, and now 398 3d to 39s 6d per cwt.
Town melted is not offered under 38s 6d cash.
Other sorts of Tallow are cheaper -, but at auc-
tion 108 casks Australian were mostly disposed of;
beef, good at 37s to 38s, low to fine mutton 35s 9d to
395 3d; 500 casks, &c.. South American, 33s 6d to
38s 6d; 44 cks Belgian 38s to 32s 33; 10 cks Italian
36s to 36s 9d; and 13 cks East Indian 38s to 36a 6d
per cwt.

DIRECT TAXATION.-PROPERTY OR
IN C 0 ME-TAX.
TO THE EDITOR OF THE MORNING CHRONICLE.

Sir,—ln discussing the question of a tax on property
or income, it is, I think, necessary at th© outset to de-
termine upon which the tax is to be levied. Until this
is done, it is useless to enter into such discussions as
those of Messrs. Warburton and Farr, as given in
their evidence before the Income-tax Committee, ac
extract from which you published in your paper of the
25th instant.

If the tax is to be one upon property, then we should
require the aid of our best accountants and actuaries to
teach us how to come at the real value of our property,
and to settle its relative taxable value. Bat, from what
we have already seen amongst men learned in figures, I
fear the task would be a difficult one.

If the tax is to be one upon income, then wo should
simply have to take the next income, and have the same
per centage deducted from all, irrespective of the source
from which it is derived.

Just, as the amount
amount
realisedAl
valuel
pro-
perty, is in per37'
disadvantage
toafxperso, direct or indirect, are taxes on income. A
tax levied upon income directly hi, I contend, the most
the changes
property
yhnt of it must vary just in proportion to
the
eanadnninucaol
income.
A tax levied upon
although ostensibly levied upon
realitypro-
nf an indirect tax upon income, with the
which
accommodating itself so readily to
must consfantly take place in the
The argument used g • .
taxes alike the income e-ainst an income-tax, that it
that from property, is derived. from a man's brains and
would soon cease to quite a fallacious one. Property
working upon it.
pay a tax, were '
Id ere it not for mind con-
stantlysepa-
rate the two. A professional 9 not see that we can
much realised property asthe man's knowledge is as
both will bear taxing for the house he lives in, and
long as they produce income, aurisdese of the State just as
There appears to be at the present o longer.
move in favour of direct taxation • an moment a decided
and it
.would be as
well to discover a sound principle to guide us before
we ge too far, so that every change made shall be in
the
right direction. The question is still an open one, and
I should like to see those gentlemen who are now dis-
cussing the relative values of different incomes, giving
their attention to the f,llowing paints :
Whether direct taxation is preferable to indirect ?
Whether a tax upon property or income is the most di-
rect ? Whether there ought to be any exemption To
arrive at the net ince me, what are the allowances which
ought to be made off different trades or professions ?
This settled, we could then go further, as to the amount
of rate to be levied, and to what extent we could get rid
of the present system of indirect taxation.
I remain, sir, yours respectfully,
Old Kent-road, Aug. 28, 1852. J. A. LYON.

41111.1110 AUG, 28.—S1d. Sporting 141", Australia.