The Sun.
London, England, 1852-03-19 00:00:00

THB SUN,

trian Government. A difference of this kind
would never have been tolerated by Lord
PALMEBSTON. Under his auspices the explanationa
would have been demanded in a manner no more
imperative from the Court of Florence than from the
Court of St. Petersburgh. A Grand Duke would
not have been treated by him with more severity of
tone than that manifested, under similar provocation,
to the AUTOCRAT. Such, however, would not, un-
happily, appear to be the case, when the seals of the
Foreign-office are placed in the bands, first of the Earl
of GRANTILLE, and secondly of the Earl of MALMES-
BURT. Fortunately there is not, we believe, such a
disposition on the part of the latter as there had un-
questionably been on the part of the former to
truckle to the insolence of those German powers,
who, after all, are nothing less than the deputy-
despots of the Russian EMPEROR.

Insomuch has this subserviency of our rulers
been lately displayed towards the German
Powers and Principalities, that the observant
reader of the naval intelligence must have remarked
during the last few days the power insidiously col-
lecting together in the port of Lisbon with a view of
bolstering up the ricketty influence of the half-
German royalty holding the reins of the Portuguese
Government. Incident after incident has disclosed
the retrogressive movements made in our foreign
policy since the time when Viscount PALMERSTON
was insolently dismissed from the departed Adminis-
tration. Will the nation consent to witness the yet
further development of this retrogression ? Will the
people of England permit the authority of their Go-
vernment to be employed in the service of that
despotic compact which has been concentrating its
energies, since 1848 and 1849, under the sinister influ-
ence of the Russian AUTOCRAT ? We think not. We
think that the population rather than this would
venture even to question the vast administrative
sagacity of Lord JOHN RUSSELL by elevating to
supreme power the very statesman the late Prime
Minister degraded from office—summoning Lord
PALstausTos not only to the head of the Foreign De-
partment, but to the supreme authority devolving
upon the leader of a new Administration.

The fortunate proprietors of the Bank of England
Stock yesterday held their ordinary general half-
yearly meeting, at which the interesting subject of
" the dividend" for the preceding six months was
taken into consideration. The proceedings went off
with the utmost eclat. The dividend was 4 per cent.
for the half-year, or 8 per cent. per annum; but
what rendered it peculiarly pleasing was its freedom
from the income-tax ! The Bank itself made its
arrangements on that point with the Government,
and the proprietors were for the time being permitted
to remain in blissful ignorance of the very existence
of the impost. This is, indeed, a truly happy state
of affairs, and it is perfectly manifest that so far as
proprietors of Bank Stock are concerned, no very
serious complaints can be preferred against the charge.
They do not see the collector, are not subjected to
his rather pressing solicitations for a settlement on
account of profits that have been long since expended
in the maintenance of the family establishment. Money
has not to be procured f,,r payment of the amount at
ruinous sacrifices. It is deducted from the profits of
the establishment, and the dividend has, in all human
probability, been the same as if there had
been no such drawback. It is, iu fact,
scarcely felt. The CHANCELLOR of the Ex-
CHEQUER may derive a valuable hint from the manner
in which the tax is regarded by those from whom it is
only deducted under schedules A and C, and those
who have to meet the collectors face to face, and to
submit to the decisions of the Commissioners, who
may hare assessed them on fancied profits, when they
had actually been losers on the transactions of the
year.
All parties were, as may easily be conceived, in
exceedingly good humour at the very prosperous state
of the concern, with profits amounting to 546,5721.
within the half-year, a dividend after the rate of 8
per cent., and a balance of 9,295/. beyond the amount
at the corresponding period of last year. But this
was not all. They had a confession from the Go-
vernor that the bullion in both departments was
" nearly but not quite" 20,000,0001. sterling, a sum
far beyond anything heretofore held, while the
stream is steadily flowing in, and the accumulation
increasing. Nor is this all ; for from the discoveries
in California and Australia, and the scientific
and determined efforts now resorted to in
both countries, we may reasonably anticipate
that not only the Bank of England, but
the great national monetary establishments of every
country, will be fully supplied, so that the prosperity
of one part of the world will not be obtained, as
heretofore, at the expense of another, but there will
be sufficient for all, and a gradual, though steady,
increase of money in all parts of Europe simultane
ously.

There was a portion of the speech of one pro-
prietor worthy of especial notice. The Honourable
Gentleman complained that a Sum of nearly
13,000,0001. sterling was suffered to remain idle and
unproductive, and of the consequent loss of profit to the
proprietors. This assertion was fully sustained by
the published returns, for we find that the average
of " notes unemployed," for the week ending the 6th
of March, was no less than 12,659,8251., and it is
more than probable that this evening's account will
show a considerable increase under that item.
Now it is, we believe, fully admitted that
4,000,0001, would be an abundant supply of notes to
retain in the banking department for the ordinary
business of the establishment. Why, then, should
nearly 9,000,0001. be permitted to lie idle ? If it
had been judiciously invested, at least 150,000/. addi-
tional would be divisible among the proprietors, which
would have given nearly per cent. more, bringing
the dividend tip to from 10 to 11 per cent., or an in-
crease of some 701. or 80/. on the capital value of each
1001. stock.
The observations of Mr. DE WINTON on this point
are worthy of serious consideration. He pertinently
inquired, " Why they should not carry on business as
other bankers did, extending their business connexion
without limiting themselves to either a maximum or a
minimum rate, but charging according to the charac-
ter and quality of the bills presented to their notice?"
This would be the judicious course, by which the
profits would be greatly enhanced. It is followed by
every private and joint-stock concern in the king-
dom, and consequently these concerns are enabled
to realize larger returns in proportion to their capital
than the Bank of England, notwithstanding its
extraordinary and exclusive advantages. But the
Old Lady of Threadneedle-street is hampered by old-
fashioned regulations and prejudices. She still
fancies that she is charged with the important duty
of regulating the national currency, although the
power was taken out of her hands by the Act of
1844• The existence of such places as California
and Australia is still ignored, and the Bank
transactions arecarried on as wee were
dependent for thesupply of.
gold if
on th
duce of the Ural mountains, and the will and
pleasure of the Russian AUTOCRAT. The directors
must, however, learn to keep progress with the spirit
of the age. Their charter will speedily expire.
On the Ist of August, 1855,
the Government
for the time being will hav© the power
of giving notice of its termination. It is time, there-
fore, that they should set their house in order, and
prepare for the inevitable time,
to which
they must be exposed. We do not think
that the proprietors will sustain any pecu-
niary injury by the
change; on the contrary, they
would gain considerably if the system acted on by
other banks were adopted, and the interests of the
proprietors chicfly looked to. There need be no fear
therefore, on the part of the proprietors, on this
account. There was another point referred to by an
Honourable Proprietor worthy of notice. The dividend
was honourably and fairly earned. It was not wrung
from the distress of a panic period, when accommo
dation could only be obtained at enormous sacri

flees; but it was gained when money was literally
a drug in the market," and many pri-
vate capitalists were underselling the Bank of
England. This is an important point. It
may show to the maneyocracy, that it
is not their interest to increase distress, but that they
will obtain as large, and considerably safer, profit 1
during an auspicious season as in its opposite, and I
that the lower rates of intere,t will be freely and I
readily paid, while the higher will occasion bitter
feelings that may eventually lead to very untoward
results.

LONDON,

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
According to the Constitutionnel, the budget of
1853 (some of the leading features of which, as pub-
lished in the Afoniteur, appeared in our impression of
yesterday), will be submitted to the Corps Legislatif.
The budget for the current year has been taken up
by the Government because the Legislative Assembly
had already settled a portion, and voted a part of the
general expenses, when interrupted in their labours
by the Act of the 2d December. The budget for the
current year does not contain any serious modifica-
tions of the sources of revenue.

The tax on salt is not touched, but manufacturers
of sods, hitherto exempt, are to pay 10f. the 100 kilo-
grammes, which will give to the revenue five millions
and a half. Purified salts, which hitherto escaped
legal duty, are to pay a duty, which will give another
million.

The taxes on potable liquors are modified. The
tax on entry into towns is reduced one-half. The
duties on liquors sold by retail are, on the other hand,
raised one-half ; 25 litres will be considered to be
wholesale, instead of 100 litres as formerly. By this
means the purchases made by families will be
cheapened and rendered easy, and drinking in caba-
rets discouraged. As the octroi duties are in prin-
ciple in accordance with the duties on entry, the
former become reduced as a matter of course. The
Government admits further reduction in price by
renouncing the duty of one-tenth which it can claim
from the octroi.
Under the head of extraordinary resources are 15
millions for forest sales and the payments due for
Lyons and Northern Railway.
The total amount of expenses, ordi-
nary and extraordinary, is set down
at .. • • ••• ••• F. 1,071,537,975
Receipts ... • . • • ••• 1,017,572,733
The difference 53,985,242 f. is treated as only appa-
rent, and will disappear before the abrogation of ere.
dits, 40 millions, which will not need to be expended,
while the remaining 14 millions will be made up
from increased revenue receipts.
The Minister announces his intention of relieving
hospitals and charities from the effects of the conver-
sion, by not including their funds in the necessity
for reimbursement, or obliging them to accept Four-
and-a-Half for their Five per Cent. Stock.
The budget does not touch the question of the
civil list.

The Government journals continue to express
much uneasiness on the score of Switzerland, where,
according to them the spread of Social doctrines opens
more serious considerations than any which may have
arisen from the presence of foreign refugees. The
new President of the Confederation of Zurich, DI.
TREACULEE, is said to be a Communist, elected by
6,000 votes, in a district where two years ago he
had not 300. It is feared that the elections for Ar-
govia and Berne, fixed for the 13th, and 20th April,
may turn the scale in favour of demagoguism. It is
admitted, however, that the Swiss Government is
faithfully acting in accordance with its promises,
concerning the refugees, of whom a considerable
number leaves every day for Belgium.
A decree is ready for the completion of the
Louvre. Public offices are to be erected at the angles
of the great square, and the centre planted with trees
and flowers.
There was little business transacted in Government
securities at the Bourse. Railway shares continue to
rise considerably. The Five per Cents. opened at 100 f.
85c., fell to 100 f. 25c., and closed at 100 f. 45c. for the
end of the month; the Three per Cents. closed at 69f.
95c.; Orleans Railway Shares, 1,201 f. 25c.; Rouen,
715 f.; llavre, 280 f.; Great Northern, 652 f. 50c.; Avig-
non, 272 f. 50c.; Vierzon, 571 f. 25c.; Basle, 232 f. 500.;
Bordeaux, 576 f. 25e.; Paris and Strasburg, 553 f. 75c.;
Tours and Nantes, 3501.; Paris and Lyoas, 611 f. 250.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE

LONDON STOCK EXCHANGE, MARCH 18.
Boulogne and Amiens, 121/s Central of France (Orleans
and
iVttioe,rz23s/4
on),_222lix—emDbuotcughrß,
334—Namur and Liege, 634
henish. 4%—East Indian, 207 i
A
Northern of France, 211,6—Orleans and Bordeaux,: 13%
Paris and Lyons, 1014—Paris and Rouen, 273,4—Paris and
Strasbourg, 211,;1—Rouen and Havre, W —Sambre and
Meuse, 4—Tours and Nantes, 11%.