The Sun.
London, England, 1852-12-09 00:00:00

OF THE LATE

DUKE OF WELLINGTON

WITH HIS AUTOGRAPH, AND A FULL ACCOUNT

gow, has, by a series of laborious calculations--
and no person will question his competence on
such subjects—proved that incomes between 601.
and 1501. are rather more than one-third of in-
comes exceeding that sum ; and he did this by
taking the assessments for revenue, under
Mr. PITT's Act for all incomes exceeding 1501.,
and also for those exceeding 601., and not
amounting to 1501. The Hon. Gentleman states,
" By calculations which I made in 1844, the

lowest estimate I could make for incomes arising

from realised investments and. properties, was as
follows in Great Britain. Those above 1501. per
annum about 162,000,0001. under 1501., about
58,000,0001."

Now it is more than probable that these
calculations were made for Sir ROBERT PEEL
as the basis of the future legislation by that
lamented Statesman, whenever he should have
to deal with a further renewal of the Pro-
perty and Income Tax. Mr. MACGREGOR then
held the responsible position of Secretary to
the Board 'of Trade, and in that capacity pre-
pared the schedules for the revised Tariffs then
introduced. His office afforded the fullest op-
portunities for obtaining all the elements ne-

cessary to enter into the calculation ; and
we may feel assured that these oppor-
tunities were not in such hands wasted.
He then calculates the proportion as at 58 to
162, or 29 to 81. If, then, the latter be ex-
tended to 501., we may safely assume that we are
under rather than over the mark, in taking those
incomes between 501. and 1501. at one-third of
those exceeding the latter amount ; but according
to Mr. DISRAELI'S own statement, the tax under
Schedules A and 0, on incomes exceeding 1501.,
amounts to 3,395,000/. ; the one-third of which,
in round terms, is 1,131,666, or more than
700,0001. beyond the sum of 430,000/., esti-
mated by Mr. DISRAELI for the new contributors
under these schedules. This calculation, too,

makes no claim for the parties who, although in
the enjoyment of more than 1501. per annum, have
hitherto contrived to evade payment, but who will
now be compelled to render a return of their re-
ceipts.

There is, then, the increase that will be ob-
tained under Schedules D and E—we assume that
schedule B will be according to Mr. DISRAELI'S
calculation. Now, allowing for the reduction of
one quarter, the Right Honourable Gentleman
estimates the receipts under Schedule D, at
1,162,0001., and under Schedule E, at 248,0001.,
together, 1,410,000/. Now we might safely estimate
the increase at one-fourth, which would amount
to 352,5001., or as a margin must be left in such
matters, let -us take it at only one-sixth. Here,
then, will be 225,0001., or, with the increase
under schedules A and 0, 925,0001. more than
the estimate—very nearly the amount that would
be obtained from the objectionable alteration in
the house duties, which would then be quite un-
called for ; so that the popularity, indeed we
might say the fate, of the Ministry, is endangered
without any real necessity.
But, again, if justice be rendered to England
by the extension of the tax to Ireland, placing the
Sister Kingdom, as she ought to be, on an equal
foundation of rights and obligations with the re-
mainder of the British Empire, the increase would
not be a beggarly sum of 60,0001., but rather
560,000/. Real property in Ireland, which would
come within schedule A, may be estimated at
14,000,0001. ; other sources of income in
that country may surely be taken, at the very
lowest calculation, at 8,000,0001. ; so that
there would be incomes to the extent of
22,000,0001. coming within the operation of the
Act, which would give a revenue of more than
600,0001.; so that on the whole there would be
nearly a million and a half more than the Right
Honourable Gentleman counted on.

But, as we would desire to place a larger fund
at his disposal, for the removal of other ob-
noxious imposts, we would suggest an increase
under Schedules A and C to ls. in the pound, or
5 per cent. on the incomes, This would produce
in round numbers 3,230,0001. We have shown
already that 7d. in the pound will realise
4,526,000/. Every additional penny laid on
will represent the seventh of that amount, or
646,0001.—50 that there would be more than
3,230,000/. from sd. If, too, under B, D,
and E the charge were made Gd. on incomes ex-
ceeding 2001. a year ; 4d. on everything between
1501. and 2001. ; 3d. from 1001. to 1501. ; and
2d. from 501. to 1001., we would find a small
increase of receipts under these schedules, for
which, however, we shall not at present claim
credit. There would then be more than 4,700,0001.
additional at the disposal of the Financial Minister.
1,000,0001. of this would go for the proposed
increase of the House duties, and 700,0001. for
the existing tax. 3,000,000/. would remain,
which would afford a wide field for reductions ;
enabling the Right Hon. Gentleman to remit
some of the taxes on knowledge, and, if he
thought proper, the whole of the Malt and Hop
duties. The whole of the obnoxious Excise sur-
veillance might thus be got rid of, and with it the
monopoly of the ale kings and maltsters, so that
every man might indeed drink a cheap, wholesome,
and untaxed beverage. The home-brewed would
add to the comforts of the labouring man,
and materially promote the welfare of the agri-
culturist. There are many other, and perhaps
more beneficial modes of disposing of the surplus
into which our time or space does not, at present,
permit us to enter. We have, however, shown
enough to justify the modification of the Property
and Income Tax, to the extent above suggested, for
the present, with the view of making further pro-
gress in the same path, when the working of the
new system had been fairly tested, and its benefi,
cial results universally acknowledged.

Ministers received yesterday a not unwelcome
encouragement in the arduous responsibility of
conducting the labours of her MAJESTY'S Govern-
ment. It was on the occasion of the Civic Ban-
quet at the metropolitan Guildhall, in honour of
the election of THOMAS CHALLIS as the LORD
MAYOR of London for 1852-1853—a festivity
which, it will be remembered, was gracefully post-
poned from the 9th of November to the Bth of
December, in consequence of the national solemni-
ties recently witnessed by 20,000 persons under
the dome of St. Paul's Cathedral. This unavoid-
able delay appears to have been compensated by
the unusual splendour of the entertainment.
Everything that could contribute to the satisfac-
tion of the guests assembled last evening iu the
municipal palace of the British capital seems to
have been hospitably cared for by the Chief
Magistrate. And what added not inconsider-

Senate." The Chief Magistrate of the metropolis
spoke thus, not simply with the lukewarm
fervour of after-dinner compliment, but from the
depth and fullness of an acknowledged conviction
—alluding to the leaders of the Ministry not so
much in his position as Lord Mayor of London as
avowedly in his character as a Liberal Member of
the Lower House of Parliament. He observed,
indeed, distinctly, that " from the short experi-
ence which he (the Lord Mayor) as a Member of
the Legislature had had, he was induced to ad-
mire the public conduct of the Earl of DERBY ;"
remarking, moreover, that "he believed he only
spoke the sentiments of the most enlightened
citizens of London when he expressed a hope that
his Lordship's Government might succeed in pro-
moting more than any other Government that
had preceded it the social, commercial, and politi-
cal prosperity of the country"—an avowal which
was, not unnaturally, responded to with acclama-
tions. Under any circumstances, it could not
be otherwise than agreeable to observe this
genial interchange of courtesies between the Chief
Magistrate of the capital of Great Britain, and
those entrusted with the task of presiding over
the toils of Administration. It is peculiarly so,
however, when the eulogiums are felt to be en-
tirely deserved--in as far, at least, as the initial
endeavours of a Cabinet can be regarded as any
criterion.

We speak as disinterested spectators nay,
more, we speak as Liberal Reformers and acknow-
ledged sympathisers with the Opposition. And,
as such, we cordially accede to the justice of the
panegyric pronounced last evening by the LORD
MAYOR of London the Representative of
- a Radical constituency upon the conduct
of LORD DERBY, upon the ability of Mr.
DISRAELI, and, generally speaking, also upon
the average merits of the DERBY-DISRAELI
Government. What are the facts of the case ?
How are the eulogiums of yesterday justified by
the Ministerial recollections, dating back to Fe-
bruary ? Let us consider. Let us glance, as cur-
sorily as you please, at the proceedings since then
observable on the part of the principal Members
of the Administration. Why, no wonder the Hon.
Gentleman the Representative of Meath, in a
maiden speech—brief, but full of promise—de-
clared in the House of Commons on Monday, that

he had great hopes of a Government which had cast
off so many exploded prejudices and obsolete politics!
Surely this, at least, they have done. Surely it
may be Said that they were little better than
in the Slough of Despond upon the disso-
lution of the old House of Commons ; and
now that the new Parliament has assembled, it
may be remarked, not less accurately, using the
word in twofold significance, that they have cast
the slough—being born Free-traders out of the
very death of Protection. They have not only
bowed to the opinion of the country ; they have
boldly undertaken to develope yet more remark-
ably the now firmly-rooted system of unrestricted
competition. In common honesty we must ac-
knowledge this, although we do not admire the
Tories, although we are Liberal Reformers,
although we warmly and conscientiously rever-
ence the great principles advocated by her
MAJESTY'S Opposition. Scanning impartially
the history of the ruling Cabinet, it is impossible
not to confess, moreover, that the majority of its
Members have distinguished themselves, to use a
gallicism, by new and honourable illustrations.
The PRIME MINISTER has shown in his capacity as
a Statesman—more particularly in reference to
commercial legislation—very considerable, and
even remarkable, enlightenment. As an orator,
he has even during this restricted Session found
occasion, by his reference to the Funeral Obse-
quies of the 18th of November, to shed addi-
tional lustre on his already brilliant reputa-
tion.

The leader of the Lower House

has done yet more by extorting the admiration
of his antagonists by his tact in guiding his party
under very disadvantageous circumstances, and by
the consummate ability displayed by him in the
arduous duty of conducting the deliberative
labours of the Legislature. As financier, he has
—whatever we may think of his sins of commis-
sion in regard to the House-tax, or of his sins of
omission in regard to the Taxes on Knowledge—
submitted to the Committee of the Commons, all

things considered, one of the most ingenious and
masterly Budgets ever prepared by a CHANCEL-
LOR of the EXCHEQUER. The SECRETARY of
the Foreign Department, again, besides rec-
tifying the early blunders of the MATHER

question, and opening up the trade of South
America, and watching over the interests of the
British Fisheries, adorned the debates of the
Home of Peers on Monday, the 6th of December,
1852, by one of the most noble, most statesman-
like, and most magnanimous orations ever de-
livered within the walls of the Upper House of
Parliament—an oration in every way honourable
to his judgment and his patriotism as the Fo-
reign Secretary of the British Sovereign.
The COLONIAL SECRETARY has been gaining
ground, particularly of late, even in the
opinion of her MAJESTY'S Opposition ; while
the HOME SECRETARY, indefatigable during the re-
cess, has enhanced the respect with which he is
always treated indiscriminately by Members upon
both sides of the popular branch of the Legis-
lature. The Head of the Woods and Forests,
moreover, in spite of the ridicule long ago cast
upon Young England, with all its accessories of
white neckcloths and white waistcoats, has shown
great aptitude in assuming really useful habits of
business—the same meritorious skill being observ-
able in the Secretary to that Board of Admiralty
which has been so very ably presided over since
February, by his Grace the Duke of NORTHUMBER-
LAND. The SECRETARY-AT-WAR has been the chief
Scapegrace of the Administration. The COMMANDER-
IN-CHIEF has yet to show his capacity as the head
of the Horse Guards. Nothing good can be said of
the POSTMASTER-GENERAL. Everything good can
be said of the illustrious LORD CHANCELLOR. We
must be dumb in reference to those in supreme
authority at the Board of Trade; at the Board of
Control, and at the office of the Duchy of Lan-
caster.
But in the instances already specified we
can speak only—if we are to speak in truth—in
language of the most cordial and earnest com-
_

mendation. And all this we say, and say dis-
tinctly, deliberately, and advisedly in our capa-
city as impartial journalists—as Liberal Re-
formers—as sympathisers with her MAJESTY'S
Opposition.

It seems surprising. that in all the discussions
on . the Budget we scarcely hear a whisper about
subjecting real property to legacy and probate
duties. Mr. Hum; indeed, dropped a hint on
the subject on Friday night, but other speakers
have not noticed it, and the press has been quite
inattentive 4) it. What can be the reason ?
Certainly not the want of equity in the proposal,
nor its inappropriateness to the emergency, if so it
.may be called. Perhaps it is rather the general
despair that a house of landlords will do justice
against themselves on behalf of farmers and trades-
men. It is very unwise, however, to yield to any
such apprehension. The position of
.Free-trade
at this moment should embolden all honest men to
press their views earnestly on public attention on
every suitable occasion, and no occasion could be
more suitable than the present one to urge the
extension of the burdens borne by personal pro-
perty to real property also.
We will take Mr. DISRAELI at his own word,
that farmers deserve some mitigation of the pres-
sure of taxation. He proposes to afford it them,
first, by lowering their per tentage of Income-
tax, in common with all trade incomes, by one-
fourth ; secondly, by lowering their assessment of
income to one-third, instead of half the rent ; and,
thirdly, by abolishing half the Malt-tax. The
last two measures only are special on behalf of
the farmer ; and as to the last of all, the Malt-
tax, we fear, from many inquiries we have
made, that it will do but little to benefit
him. It will not sufficiently lower the
price of beer to increase very materially
the consumption, and unless the consumption be
very largely increased, the demand for British
barley will hardly extend beyond what will be
supplied by foreigners. Indeed, should the de-
mand for the better malting barleys extend suffi-
ciently to stimulate their growth advantageously,

ably to the gratification excited by this
munificence, was the total absence of party
feeling—rather, should we say, the cordial recog-
nition of indisputable abilities, and of undoubted
patriotism which distinguished the LORD
MAYOR'S announcement of the toast in honour
of the principal leaders of the ruling Administra-
tion. As Liberal Reformers, we rejoice in this
magnanimous tribute to the self-sacrificing assi_
duity in guiding the affairs of the nation at large,
displayed more or less uninterruptedly since Feb-
ruary, and almost, we may say, without one soli-
tary exception, by the more prominent Members
of the Tory and once-Protectionist Government.
It was a meed of commendation eminently well
deserved by the Cabinet, and one which must

gracefully—rather the
have come not the less
more gratefully—to the knowledge of our Ad-
ministrators from the lips of the Representative
.of Finsbury, who, as such, as well as in his
high civic capacity, is necessarily a not unim-
,9ortant occupant of a seat on the Benches
(1 the Opposition. It was in this generously
'ppreciative spirit that the LORD MAYOR yester-
' lay mentioned the First Minister of the Crown as
nt Nobleman eminent not less by his high moral
c hv,racter than by his high rank and powerful
eloc tuence. It was in a similar mood that his
Lor, Iship referred to the Right Hon. the CHAN-
CEL] OR, of the EXCHEQUER as to a gentleman who,
by his great intellectual powers, had succeeded in
obt mining the leadership of the House of Com-
mon 8 adding, that " whatever might be the politi-
cal of of those present, they could not but
gladly do honour to a man who had displayed
suchVAdrous powers for good or evil in the

THE SUN, LONDON, THURSDAY EVENING, DECEMBER 9, 1852.

Mr. DISRAELI must not reckon on losing more
than half or a fourth of the amount of duty which
he remits ; a circumstance which, in his Ways and
Means, he appears wholly to overlook. It is an
old and obvious maxim, that it is always best to
remit an Excise Duty entirely. We think it is so
especially in the case of the Malt-tax ;if any ad-
vantage is to accrue therefrom to agriculture.
We think that the more it is discussed, the
more it will be apparent that it must be
removed entirely or not at all. As it now stands,
it will, in our opinion, give a minimum of relief to
farmers, and inflict a maximum of loss on the
revenue. It would have been cheaper to the
country to have remitted the whole Income-tax
paid by farmers at once. Suppose, however, that
two millions and a half are wanted to meet the
sacrifice of that sum, as now proposed ; or sup-
pose that the duty is to be entirely repealed, and
another two-and-a-half millions needed to do
that ;—to whom should we look to furnish that
amount so naturally as to the landlords them-
selves ? Hitherto, they have transmitted their
vast estates to their descendants, without paying
one farthing into the public Exchequer. Other
property has paid upwards of two millions
annually in legacy and probate duties. Is this
inequality any longer to be endured, and
endured on behalf of the most substantial class
in the Kingdom ? Legacy duties are a tax the
least painful to be borne of any. They are paid
by those who have not earned by hard toil the
propertyona kind on
of bonus,
wi c h thy p them ; paid, indeed,
or present,
present, for which they
have done nothing. There is always at the time,
from the very nature of the case, property from
which they can be paid ; while it is frequently to
thousands a serious difficulty to meet the other
calls of the tax-gatherer. Hence, we think them
amongst the best duties which can be levied by a
Government ; and that they ought to be as
high as is compatible without defeating
their own object, by inducing persons to evade
them in the disposal of their property.
We cannot conceive a single reason for exempt-
ing any longer the wealthiest class in the kingdom
from such reasonable duties paid by all other
classes.

Moreover, as we have suggested, the landlords,
not the townspeople, by a double House-tax, are
the proper parties in every point of view to com-
pensate the farmers. Landlords imposed the laws
to keep up their rent-rolls. They have enjoyed
their advanced rents for thirty years in conse-
quence. The loss, consequent on the transition,
ought therefore to be borne by them. Their
rents, besides, have hardly fallen at all, the value
of their property not at all. From whom, then,
ought the country to expect compensation for
the casual hardship suffered by farmers in the
transition from taxed to untaxed bread—
from the town , householders, whose bread
has been unrighteously taxed all these
years, or from those who pocketed the pro-
ceeds of the tax ? From those who already pay
a tax, the legacy duties, from which the receivers
of the Bread-tax have been exempt, or from those
who, for twenty years, have pocketed the proceeds
of that tax, and exempted themselves from legacy
duties also ? Clearly,- if any class of men ought
to contribute largely to make good any deficiency
caused by an attempt to benefit the farmer, it is
the landlords themselves.

as directly traceable. Mr. DISRAELI has inti-
mated as much, as plainly as anything at all
could be intimated. He has told us that it
was a conviction forced upon the know-
ledge of the Royal Commissioners, by the
marvels stored up in the various depart-
ments of the Exhibition, that upon the excellence
of design, and not any longer upon the mere com-
mand of the raw material, depended henceforth
the maintenance of our supremacy in manufac-
tures. Every day, as he reminded us, the raw
material is becoming more and more widely
equalised in price from the effects of the new sys-
tem of locomotion. Science is in this manner
subserving the interests of Art. The steam-
engine is forcing the commercial races to a more
sedulous regard for the charms of artistic in-
genuity. Competition has entered upon a new
department. Manufacturers must, hereafter, com-

pete with each other, not exclusively upon the
dull level of utility, but in the loftier and more
elevating realms of the . beautiful. Before ours
can hope, however, to rival their Continental con-
temporaries in this new and almost untried de-
partment of manufactures, they must be sub-
jected to a preparatory training for the contest—
they must in some measure, at least, have their
tastes purified—they must undergo a course of
tuition necessarily calculated to raise the tone and
improve the manner of their competition.
That London is not deficient already in enter-
prises of this description, was clearly pointed out
upon the recent occasion already referred to,
namely, that upon which the subject was directly
brought under the notice of the House of Com-
mons by the Right Hon. the CHANCELLOR of the
EXCHEQUER. Already, there are no less than one
hundred different institutions for the cultivation
of Art and Science, in various parts of our me-
tropolis. These institutions are found, more-
over, on inquiry, to subsist upon an annual

There is yet another reason why we should look

to them, rather than to the already overtaxed
townspeople. Whatever is now done for the
farmer's benefit, will in a very few years all go
into the landlord's pocket. This is no fault
of theirs. It is the inevitable course of

income of about 160,0001. in the aggregate,
raised by voluntary contributions. Besides
these, there are in the capital of England,
as Mr. DISRAELI reminded the Representatives,
other establishments of a more national 'character,
such as the British Museum and the National
Gallery, to the support of which a sum amount-
ing to nearly 100,0001. is yearly dedicated out of
the Exchequer. Nevertheless, it has long been
manifest that, with all this spontaneous love for
art, discoverable among the community—with all
this energy, and all this munificence, we cannot hope
to compete, as matters are at present, with the
taste and ingenuity evinced by other nations on
the European Continent, in the development of
their manufactures. Was there any doubt of this
in 1851 ?—it was effectually and for ever dissipated

by the Great Industrial Exhibition. After that
Exhibition it was evident that something must be
done, and that promptly, for the encouragement,
or rather to a considerable extent for the creation,
of artistic taste in our manufactures. As the
CHANCELLOR of the EXCHEQUER expresses it—
" The result of our experience derived from the
Great Exhibition, and from the observation of
what is taking place in other countries, proves
that the time has come when some effectual mode
—when the influences of science and art in manu-
factures should be brought to bear on the industry
of this country." The subject, indeed, he con-
tinued to observe, had attracted the attention of

;he Royal Commission, and of the illustrious

things when farmers are, as they will now
always be, too numerous: Manufacturers may
be multiplied, raw material may increase, but the
land cannot extend itself. Hence there must,
from the mere increase of population, be always a
redundancy of farmers, and landlords are sure to
have the utmost penny which the farmer can pay,
so as to leave him a living at all. The class,
therefore, which will ultimately enjoy the sole
benefit of every relief now granted to the farmer,
is surely the class which ought to take upon itself
at least the burdens which it has hitherto laid
heavily upon others, while it has refused to touch
them itself with one of its little fingers.
As to the amount likely to be raised from the
justice to holders of real property which we now
press upon public attention, every consideration
shows that it would probably more than equal the
amount now paid by personal property. In 1842,
Mr. PORTER computed the value of personal pro-
perty, at twenty-five years' purchase, to be about
2,000,000,0001. It may have increased in value
two or three hundred millions since that time.
The late returns under schedule A show, for Great
Britain, that real property, at twenty-five years'
purchase, is worth about 2,630, 000, 000/. ; to which
must be added the real property in Ireland, of the
rapidly-increasing value of which it is impossible
to form an estimate. From these statements it

is clear that real property could not yield less
probate and legacy duty than personal pro-
perty. At first sight, indeed, it would appear
as if it were Worth ten hundred millions more

individual at its head, " who," said Mr. DISRAELI,
in graceful and deserved terms of eulogium, " is
so well qualified to form and refine the taste of the
people of this country, and who has devoted his
attention and hours to that purpose." Satisfied
that the right time for the desired innovation had,
in truth, arrived, they determined that the surplus
remaining in their hands, over and above all
the expenses of the Exhibition, should be
dedicated at any rate to the laying of the
foundation of the intended enterprise. This
surplus, instead of being, as was at one period
understood, about 300,0001. in the aggregate,
consists of merely half that amount, and to this
150,0001. it has therefore been resolved, in com-
pliance with the suggestions of the Cabinet, that
another 150,000/. should be added by the Parlia-
ment. With this total of 300,000/. it has been

than property. But there is a very large
and
deduction to be made for mort-
gages
; to the extent to which they exist they of
course diminish the amount of Legacy Duty which
could fairly be charged on real property, since as
al propbee ry they pay the duty already, and
d never
received by a legatee.
epoeuirsont,
Not long ago we suggested to our agricultural
repealing the Malt-tax would
befri friends,
relief
ft if
for them at all proportionate to
revenue, which we much
the sacrificequestioned, of
and still more than doubt,
their wisest course would be to ask their
landlords to pay
Legacy and Probate Duties
like other persons, as the chief contribu-
tion towards attaining their object. We
still urge the same advice. If it be fol-
lowed, if it be only fairly discussed in the
House of Commons,
we are confident that even a
Whig Chancellor of the Exchequer could not re-
sist long ; a Tory
one, who has already given
schedule D a modicum of justice, would certainly
be easily compelled to do justice in the other di-
rection to schedule A. To be sure it is easier to
take off than to put on, but he seems to make
easy work of putting on double House-tax,
when the tax already existed. It ought
to be much easier work to put on a single
Legacy and Probate Tax on those who have paid
none of it hitherto. We believe that an equit-
able proposition like this would do more for Mr.
DISRAELI'S reputation as a powerful and upright
statesman, than all his little other matters put
together. It is one of the best things left him by
the Whigs to do. If he will only propose it, ho
will hear a shout of approbation throughout the
whole kingdom which will " put him in power on
that question."

A somewhat daring enterprise has been adven-
tured upon by her MAJESTY'S Government. We
speak not in allusion to their project for the in-
crease of the Royal Navy of England. We do
not refer to their scheme for dissipating the abuses
in the Court of Chancery. We do not mean their
undertaking to develope the long-dormant ener-
gies slumbering behind the jalousies and verandas
of Gwydyr House in the movement set on foot
by the originators and promoters of the cry for
sanitary improvements.
Neither do we imply
their advance-views in reference to Colonial Ad-
ministration. All these are sufficiently bold, no
doubt, and in some respects eminently entitled
direct the popular
wtoecwomeimddenhdearteionin
0;
rebeuetpetehiaellyenterpr* to which
attention, is] the inauguration of really national
system of Industrial Education. It was explained
in the House of Commons on Monday evening, in
a speech of admirable perspicuity, by the Right
Hon. Gentleman the CHANCELLOR of the EXCHE-
QUER. It was not only submitted to the House,
but accepted by the House—a vote of 150,0001.
being granted for its immediate encouragement.
Judiciously expended, that sum may lay the foun-
dation a a structure which, when completed, would
constitt tte a nobler memento of the Great Indus trial
Exhibition of 1851, than even the magnificent
Crystal Palace in process of fabrication at Syden-
ham. For to that memorable display in Hyde
Park, the intended building must be recognised

arranged, as we remarked with dismay some time
back, at the period of its first announcement, that
a piece of ground should be purchased affording
space for the erection of some indefinite group of
public buildings. Among these public buildings
may be numbered a National Gallery—so we are
told by the CHANCELLOR of the EXCHEQUER. Now,
although we cannot but still regret very deeply
what appears to us to have been undue precipita-
tion in the buying up of these market gardens
between Brompton and Kensington, we are never-
theless gratified to reflect that something at least
is being at last attempted in a direction that
appears to have been before almost entirely over-
looked. Certainly—with our schools of design
meeting at different places ; with our pictures not
collected under one roof ; with our library at the
British Museum increasing at the rate of 16,40
volumes annually, so that in thirty years from the
present time, the collection, now amounting to
500,000 volumes, will be actually doubled—it is
high time that an effort should be made by the
nation to obtain " room" for the carrying out, in
regard to Art and Science, of the long-deferred
project of a grand, and national, and systematic cul-
tivation. Inasmuch as the enterprise decided upon
by the Ministry and accepted as judicious by the
House of Commons will yield this space, we are,
of course, compelled, in spite of every other con-
sideration, to regard the movement with com-
placency.

The Home Secretary has recently appointed
William Edward Buller, Esq., late of the 14th
Light Dragoons, to the office of Deputy-Governor
of the Defence Convict Hulk, at Woolwich, vacant
by the death of Captain James Sergeant, late of the
13th Light Dragoons.
DEATH OF MR. F. W. N. BAYLEY.—We have to re-
cord the decease of Mr. F. W. N. Bayley, well known for
his contributions to the periodical and serial literature of
the last twenty years. He was a large and successful con-
tributor to several of our popular magazines, and was, be-
sides, the author of numerous works of fiction, some of
them extending to the orthodox three volumes. He was
a man of very great talents. His contributions to the
literature of the age were of a singularly varied character ;
he wrote with equal ease, and with similar success, in
prose and in verse. His remains wore on Tuesday in-
terred in the cemetery at Birmingham, in which town he
died of bronchitis.

THE ENCLOSURE COMMISSION.—On Tuesday a special
report of the Enclosure Commissioners was printed. In
the report there are 25 proposed enclosures of land to im-
prove the same, numbering more than 23,000 acres. The
commissioners state in their report that the alteration by
an act passed in the last session, requiring in all proposed
enclosures the previous direction of Parliament, renders it
most desirable that, in cases of common field land, as little
delay as possible should intervene between the consents of
the provisional orders and such direction.
COURT OF INLAND REVENUE, DEC. B.—John Service,
Frederick Service, and Henry Rebbeck, of No. 7, Bedford-
crescent, Islington, were jointly and severally charged with
making soap without making legal entry of the same ; for
using a place for preparing materials and making soap
without entry; and for depositing and concealing 7001bs.
weight of soap with intent to defraud her Majesty of the
duty thereon. The total penalties incurred amounted to
7001. The court gave judgment against John Service and.
Henry Rebbeelc. in the penalty of 4001., with the condem-
nation of the soap. Joseph Harris, of Little Brook-street,
St. Pancras, was charged with being the proprietor of an
unlicensed still. The Court gave judgment in the penalty
of 2001. and condemnation. John Bennett was charged
with removing spirits with intent to defraud her Majesty
of the duty thereon. The defendant was fined 25/. Robert
Lindsey was fined 101. for removing two gallons of whisky
from the Dundee steam-ship at Here's wharf, without
payment of the extra duty. John Raymond, of Hill-
street, St. Pancras, a French polisher, was fined 201. for
having in his possession spirits of an illegal manufacture.
William Beaven Martin, of 14, Mark-lane, and George
Thomas Trill, of Mark-lane, wholesale wine and spirit
dealers, were summoned ;for not renewing their licences.
The parties not appearing, judgment was given against
them for the full penalty. Several other wholesale dealers
were fined in small penalties for similar offences.
LICENSED VICTUALLERS' PROTECTION SOCIETY.—A
special mooting of the committee of the above society was
held at tho office, 90, Farringdon-street, yesterday, the Bth
instant, Mr. T. Winterbotham in the chair ; convened for
the purpose of electing a successor to Mr. Winterbotham,
whose period of office will expire at tho general annual
meeting. The three senior trustees were eligible, but
Messrs. Bishop and Findley having declined to bo put in
nomination, John Higgins, of the Three Merry Boys, Fore-
street, Lambeth, was declared unanimously elected chair-
man of the society for the ensuing year, amid the hearty
congratulations of his colleagues. A ballot then took place
for the election of two trustees., in lieu of Mr. Higgins,
elevated to the chair, and Mr. Bishop, who retires, when
the majority of votes were found to bo in favour of Mr.
George Shepherd, of the Telegraph Inn, Brixton-hill ,• and
Mr. john Jones, of the King's Head, Park-road, Clapham;
who were declared duly elected as trustees of the society.
GLASGOW.--THE ELECTRIC TELEGRAPH.—We believe
that the telegraph wires now being put up on the Cale-
donian and other railways in this country are erected at a
cost of less than 51, a mile ; whereas the older telegraph
on the North British and Edinburgh and Glasgow lines
cost nearly 2001. a mile, A. considerable difference this.—
North. Brielet

MONEY AND COMMERCIAL NEWS.

CITY, Two o'CLocm

The sales of cotton at Liverpool yesterday were
estimated at 4,000 bales, of which 500 Surat were
taken on speculation. The market closed heavily,
compared with Friday's rates, prices of American
were a to ±, and all other kinds a per lb. lower.
The sales comprised 2,000 American, 50 Peril=
and Maranham at 61 to 7, 30 Bahia at 61, 80 Egyp-
tian at 61 to 8, and 1,500 Surat at 31 to 41 per lb.
Railway Shares were steady at previous rates.
The six weeks' average price of wheat is 40s per
quarter, and the last week's sales were 116,791
quarters.

The steamer Medway has arrived, but her ac-
counts are not yet in town, and we have merely
the telegraphic outline :
In the Moniteur Beige, the official organ of the
Belgian Government, it is announced that a Royal
Decree, dated the Ist December, of which it fur-
nishes a copy, authorises the payment off or con-
version into 4,k per cent. Stock of the following 5
per cent. loans, viz. :
Francs, 86,940,000, created June 26, 1840
,) 28,621,718, „ Sept. 29, 1842
„ 37,513,940, „ May 6, 1848
leaving to the holders of Bonds to bearer or nomi-
native certificates of these loans the option of con-
verting them, at par, into the new 41 per cent.
Stock, or of receiving the amount of the capital in
cash. The interest on these loans thus converted
into 4 per cent. Stock will be paid up to May,
1853, at 5 per cent. per annum. It is required in
the 3d article of the said decree of all holders
desiring to be paid off in money to send their
bonds or certificates to Brussels within 15 days
from the date of the decree, to be accompanied with
a demand on their part to be paid off, according to
the formalities prescribed, in default of which they
will be considered as having accepted the terms of
the conversion to 41 per cent. Stock, and will be
treated accordingly.
In the circular of Messrs. IL Fredinnick and
Co., the following particulars are given of the rain-

ing market :-
" Much animation has existed in the Mining Share
Market during the past week, and considerable business
effected in the undermentioned Mines at the prices
quoted in our list. Dividend Stock, so often referred to
by us as being desirable for investment, from yielding
purchasers, in many cases, 15 20 and even 25 per cent.
per annum upon the current value of shares, still main-
tains an upwards tendency, and, with the present stan-
dard for copper ore, and every prospect of its attaining
150 during the coming spring, the Dividend Mines of
Cornwall and Devon must yield yet larger returns of
profit, and cannot but advance in price consequent
thereon, and the engrossing attention of the public to
Mining matters as a source of legitimate enterprise. As
mentioned by us last week the West Providence and
Tremayne Mines declared dividends of profit on Friday
last, the former of 21. 10s., and the latter of 10s. per
share, which will, next bi-monthly meeting, be respec-
tively 31. and U. The Crow Hill Mine, in Clare, Ire-
land, is much sought after, the shares having been done
at 1001. and 1201. premium, before any calls are
made ; a rich vein of lead is discovered, which promises
to be unusually productive, and two or three Copper
lodes present great indications, near the surface, of riches
in depth. The North Cornwall Mines, situate in St.
Evall and Morgan, in Cornwall, are about to be launched
before the public in 20,000 shares of 11. each. The
reports and statements relative to the productiveness
of the lead lodes are unusually attractive ; the promoters
and directors are of first respectability, and with a
spirited development, under practical local manage-
ment, cannot well fail to be ,remunerative. Wheal
Buller 800, Wheal Seton, 200, Crow Hill 100 to
120, Leeds Town Consols 3 to 31, West. Providence
55 to 56, Tremayne 35 to 36, Alfred Consols
13, 131 i, to 13k, Bedford United 405 to 410,
Clive 4 to 4f, Condurrow 1021, Merllyn 3 to 31,
Kilbricken 41, 5, 51, to 51, Cam Brea 85 to 90, East
Crofty 65, St. Aubyn and Crylls 71, sellers at 81., South
Frances 184, Tincroft 12, United Mines 390 to 395,
Great Work 175 to 180, Dolcoath 571, Trevissick 5,
Lisburne 700, Lelant Consols 17 to 18, Wheal Bassett
525 to 530, Wheal Golden 4f to 41, Wheal Harriett
305., Cocaes 21' Great Alfred 40, Bryntails 7 to 7,1,
Wheal Reeth 50 to 501, Cwm Daren 12s. 6d. to 155.,
Wheal Arthur 25 to 26, Wheal Lemon, Mill Pool,
West Ding Dong, North Bassett, Trumpet Consols,
Stray Park, Gonemena, West Sharp Tor and Bwlch
Consols done at the prices quoted in our List."
An undertaking combining many new features,
and presenting decided claims to public confidence,
has been this day ushered forth upon the Money
Market, viz., the " London Bank of Australia and
India. The proposed capital and the other details,
will be found in the advertising columns of the
Sun, and what it may be most interesting to note
is that the established banks are doing an immense
business, and that the shares command a high pre-
mium. The difficulty, after two other new pro-
, jects have started, though neither as yet in opera-
tion, is to secure the co-operation of practical and
wealthy men on the Direction, and this, by the
exertions of the secretary, and the influential soli-
citors, has been accomplished in a manner which
proves the desire to establish a really useful, and at
the same time a prudently conducted bank. There
are to be no local Boards, because experience, it is
said, has shown that in former instances, there
has been too strong a disposition to accommodate
excessively connections, or acquaintances, whom it
is found invidious to refuse. No advances are to
be made on lands, or inconvertible securities of
any kind, and the circulation is not to exceed one-
half of the paid-up capital, unless under express
sanction of the proprietors. If, at any time, one-
forth of the capital is lost, the shareholders are to
be consulted as to future proceedings. There is to
be a public audit of the accounts, and inspectors
will be appointed in the Colonies. A charter is to
be applied for, and business at first will only be
carried on in Sydney, Melbourne, Adelaide, and
Calcutta. The Directors, it is understood, " qua-
lify" by taking a large number of the shares.
A railway from Strood to Canterbury, so ur-
gently required, is at length promised, under the
title of the " East Kent." The required capital is
700,0001., and the contractors, Messrs. Fox and
Henderson, undertake to complete the line for less
than this amount, two-thirds of which have been
already appropriated. It is calculated that the nett
dividends will be from 6 to 8 per cent. on the in-
vestment.

The English Stocks have been firm this morn-
ing ; Consols realising 1011 to and for January
ung 1. The New 3 per Cents. have been 1031 to
104. Bank Stock is steady at 222 to 223. Exche-
quer Bills are 655. to 68s. premium.
Very little has been done in Foreign Stocks, but
there is a firmer tone generally. Mexican are about
241 to 25, and Spanish Deferred 24# to nominally.
The news from Madrid as to the violation of the
Constitution by order of her Majesty is calculated
to excite very uneasy feeling, and shows already the
injurious influence of Louis Napoleon's success.
Peruvian Deferred Bonds have been steady at 66,
and Grenada Deferred at 13. Brazilian new are
98. Dutch 4 per Cents. have been at 98t to
and Portuguese 4 per Cents. are firmer at 38k.
The market for Railway Shares has not been very
brisk, but prices are generally higher, the traffic
returns beim-, good. Speculation has revived in
Caledonian, Midland, and Lancashire and York-
shire on this account. Norfolk were also higher.
French shares have been quiet, but rather dearer.
In Upper India no transactions aro reported,
holders being very firm.
The Gold Mines are not so brisk, but they com-
mand about the previous rates. The most busi-
ness is doing in Nouveau Monde, Port Phillip,
and West Mariposa.
Royal Mail Steam Shares have been firm again.
Business has been done in the Carberry West
Mine at •i to premium,' and in the South Cork
Copper at to / premium.

BRITISH FUNDS THIS DAY.
(From the Official List.)

Bank Stock 222Bn3siness done.
3 per Ccut. Reduced Annuities lOO4
3 per Cent. Consols Annuities
New 34 per Cent. Annuitie5...
New 5 per Cent. Annuities 127
Long Annuities, Expire sth Jan., 1860 6 7-16 3
India Bonds, £lOOO BO
3 per Cent. Annuities, 1751
Consols for Account opening 18th Jan lOl4 a
Exchequer Bills 11d. March. June.
£1000.......
£5OO 65 8
Small 65 8
PRICE OF FOREIGN FUNDS
THIS DAY.
Brazilian Bonds, 5 per Cent.
98 .3 74
Ditto 43 per Cent
Granada Bonds, 14 per Cent
Ditto New Deferred, 3 per Cent l3 4
Guatemala Bonds
Mexican 3 per Cent.....
Peruvian Deferred 3 per Cent 66
Portuguese 4 per Cent.
Russian Bonds, 5 per Cent.
104 k
96i x d
SarDdiitnthia'n4Bioupdesr, sCein)et Cent.
Spanish B ,nds, 3 per Cent .. . ... 51.;
Ditto Deferred, 3 per Cent.
Spanish Committee Cert. of Coup. not fun ; 3} p ,
Dutch Exchange 24 per Cent 664 •
Ditto 4 per Cent. Certificates L9BI i i i
TIIREE O'CLOCK.
Consols • lOll i
Ditto Jo,iitiary Acc:ottut