The Sun.
London, England, 1855-09-01 00:00:00

TEE SPANISH BONDHOLDERS.

The holders of the Spanish coupon-certificates
will read with interest the subjoined letter ad-
dressed by Mr. Otway, the acting British represen-
tative at Madrid, to Messrs. Weisweiller and Bauer,
the agents of the committee of Spanish bondhold-
ers, whose exertions, we are glad to see, are being
steadily continued :
" MADRID, July 0, I.Bss.—Gentlemen,---I think it
right to send you herewith copy of a note which, in con-
sequence of instructions received from the Earl of Cla-
rendon, her Majesty's Principal Secretary of State for
Foreign Affairs, I addressed on the 30th ult. to General
Zavala, requesting to be made acquainted, for the infor-
mation of my Government, with the powerful reasons
which bad induced her Catholic Majesty's Government
to assent to the rejection of the petition of the bondhold-
ers to the Cortes. General Zavala, as you will observe in
his reply, copy of which I enclose, informs me that my
communication has been referred to the Minister of Fi-
nance. I may here mention, that having heard that Mr.
Drucker was endeavouring to obtain from Senor Bpi'
a settlement of the Dutch claims, or more especially
those connected with the Denda Diferida of 1831,
_lsluocsiti
no time in seeing his Excellency, and told him retest
were
favourable
against au arrangement or projects,
howeverd
into which
the case, I considered it to be my duty to pi ret!_st
to the Spanish Government, being
entered
ereßritish did not include the just claims of the British
I treated.
bond-
holders, who had been hitherto
that he would never
most formal and positive assurance that
hich the claims of all
enter into any arrangements i
1 and properly included.
Senor Bruit, I have the satisfactionento state, gave the
foreign creditors were not.. fair
and considered.
your most obedient, humble servant,
" L. C. °TWAT.
(Signed)
Bauer, Madrid."
" Messrs. Weisweiller andto
—I have the honoury to be, gentlemen,
by Mr. Otway, as ad.
by him „obondholders 4- Snish M• • t fF.
uns er oFinance
is annexed. ann 'll
wills regard with The. .
dreTshseed
sa-
tisfaction the plain language in which the British
• deals with the financial
e resentative delinquen-
cies of this State :
letter referred
mArmie, June 30, 1555.—Sir,—Lord Elowden did
fail transmit to the B
not to , British Government a copy
oornrm itthye with
Earl ionfstrcniac:
of Senor Luzuriaganote of `Bth May, in reply to
teinoenswbreicchei%l?eids ltoordtslhiaiPt, eiffneetconfrf
ateibe, r,onnvsnoe
.femtnhet
neat
Britishti
ontheed rnbeojotenec
dtoihof
onsl de ebnryosr.
rendon, had addressed to his Excellency, expressing
the extreme surprise and regret of the British Go•
thei,ul zn u Cer
oi oanrgst
see
qs
of
uo
ef
n2ctBeht
heo f
Nip
theeat
ay
•
last, I have now the Honour to state to your Excel•
lency, in the name of her Britannic Majesty's Govern-
ment., that they will be much obliged if your Excel-
lency will make known to them what were the
Powerful reasons which induced the government of
her Catholic Alajesty to assent to the rejection of the
petition of the bondholders to the Cortex. If it can
be asserted that money was not lent to Spain in
her hour of need, or that such loans have not been
acknowledged, or, having been acknowledged, the bond-
holders have been duly paid the interest, then the peti•
tion for justice of the bondholders to the representatives
of the Spanish nation would properly have been rejected;
but as the contrary of all this was the case, her Britan-
nic Majesty's Government are at a loss to conceive why
the sanction and authority of the government should
have been given to a proceeding which is a fresh Mins-
-1 tice to British subjects, and a fresh injury to the credit
[ of Spain.—l avail myself, &c.,
t I (Signed) "L. C. Orcus.
Ills Excelleacy Se.not Do 4 ilpu cle;evaile) ie.:,

LONDON, SATURDAY, SEPTEMBER 1, 1855,

The Russian Government has at length finally
closed all discussion respecting the atrocious
transaction universally known as the " Hangc
Massacre." By refusing the liberation of Lieu-
tenant GENEsTE, and those who were captured
along with him, in contravention of the recog-
nised rules of warfare, it has adopted and sane
tioned the infamous outrage, and placed Asa
beyond the pale of civilised nations. It is no
longer the act of a subaltern, or non-commissioned
officer, but that of the Russian Minister of War—
nay, more, of the AUTOCRAT himself, for such a
question could scarcely be kept from his know-
ledge. The enemy, therefore, stands revealed it,
his true colours as an unmitigated barbarian,
without a single redeeming feature in his charac-
ter—as one who is only deterred from the vilest
assassination by cowardice ! and who would joy-
fully seize any opportunity of butchering unarmed
and unresisting men whenever he had the chance
of so doing. The sanguinary spirit was long
since manifested. It was a similar feeling which
led to the solemn mockery of celebrating the
massacre at Sinope by a "Te Denim !'--which
rendered th© miscreants willing to butcher their
own wounded countrymen, whenever they could
mingle their blopd with that of the charitable
foe engaged in alleviating their sufferings, and
pouring balm into their wounds

It will be manifest to the most superficial
observer that there must be some extraordinary
motive to induce them to refuse the appli-
cation for tho liberation of the prisoners.
Were it otherwise they would at once have eagerly
discharged them from custody. This they Leigh'
have done without acknowledging the full extent
of the infamy of those more immediately concerned
in the disgraceful outrage. They might have
restored Lieut. G ENESTE and his fellow-sufferers
to freedom, while still justifying or at least palli-
ating the act of his captors ; and this they would
unquestionably have done could they have allowed
his unbiassed testimony to go forth to the world.
But this they dare not do. They well knew that
it woad at once couviet the immediate actors of
wirful,ldeliberate, and cold-blooded inurder--oi
the violatien.of the most sacred principles of war,
and the authorities who inquired into the case of
a gross and palpable suppressio yeri. They have
clearly and distinctly ascertained the nature of
the testimony which the ill-used officer and
his men could give. We may be certain
that they have individually and collectively
been strictly interrogated as to the events
of that ill-omened day ; and if anything
favourable to, or in any way consistent to
the Russian plea could have been obtained there-
from, there would have been an affectation of mag-
nanimity—an ostentatious pretext of exhibiting
mercy' to those whe, although they had erred,
might. have done ,so through mistake or inad-
vertence.

But no ; the narrative was too clear and con-
vincing to admit of doubt. If it were told in
extols° there could be no hesitation. The guilt
would be clearly brought home to the Muscovite
assassins. It may be said that a letter from Lieu-
tenant- GENESTE was forwarded to the English
Admiral. We must, however, remember that
the communication had been previously scruti-
nised by the Russian authorities, and that, most
probably, every objectionable passage had elle e n
strictly expurgated by a vigilant censor. If,
therefore, any extenuating circumstance could be
gathered therefrom—and we cannot see how it is
possible to do so—it would be utterly worthless
until- the witness was able to tell, not only " the
truth, " but " the whotc truth"_ to detail all the
incidents of the transaction, and to allow the
verdict of other nations to be given, on full and
satisfactory evidence.

We are enabled, however, from the letter of
Prince DALGOROUKI to see how the final issue
stands. lie has definitively withdrawn every im-
putation against " theihonour of that officer."
lie 21(2 longer pretends that the boat captured
under a flag of truce was " taking soundings,"
or that "site was heavily armed," or that' " the
men who landed were armed," or that there was
44 no flag of truce displayed," or that, if so, " it
was .unobserved by the Russians." All these
special pleas- have been abandoned, and the single
Lieutenant GE.
juatifiea. tioy r 00.4 As- that. ct
NESTE landed, without- waiting ;for. hid character as.
& Sag of truce to be legally admitted pmcl

nised by the Russian authorities I." This was
the head and front of his offending !—tho only
point which the cowardly assassins, and those
who have adopted and sanctioned their
act, can refer to, as the justification of their con-
duct. It is virtually admitted that he exhibited
a flag of truce, and that it was observed by the Rus-
sian troops, but because a simple form was wanting,
because the flag was not " legally acknowledged"
by the authorities, a few unarmed men, Russians
as well as English, were to be shot down by au
overwhelming force of the enemy, and the sur-
vivois were to be hurried into captivity, and not
even an exchange permitted that might restore
the captives to freedom, and allow them to give
their fair and honest testimony. We ask for no
more than the Russian version to warrant the indig-
nant reprobation of every right-minded man at an
event which must ba designated as " base, brutal,
and bloody," and which must cast an indelible
blot on the Muscovite escutcheon !

We have the authority of our immortal dra-
matist for the fact that the Englishmen of his
time could never have enough of a good thing,
and the history of the last year or two, to go back
no further, amply demonstrates that our country-
men of the present day inherit to the full the same
insatiable propensity.
It is not our intention to enter at this moment
on a philosophical investigation of the fact, and
endeavour to show its origin, and whether, on
the whole, good or evil predominates in the re-
iults. Our purpose is answered when we have
called attention to one particular field, where the
development of the passion has proved so glar
ingly subversive of its object and productive of dis-
tstrous results as to impeach the credit of our
exporters, at least throughout the kingdom, for
the possession of that shrewd dommon sense their
vanity has led them to believe was in their espe-
cial keeping.
The field to which we allude is Australia ; a
colony of vast importance to this country, not
only as a market for our rough and manufactured
goods, but also as the chief source of the supply
)f the gold our national and commercial necessities
require. And what has been the recent commer-
cial history of Australia ? The discovery and
)artial development of her splendid resources led,
3f course, to an influx of adventurers from this
country and elsewhere, and net only warranted,
but called for, large exportation of goods from this
country. So far good, but unfortunately our
3xporters grew blindly infatuated, and in their
.:ulpable ignorance knew not where to stop. A
tundred circumstances should have warned them
chat, great as might be the demand, the Leans of
supply at home were infinitely greater, and that it
was far from difficult to glut the Australian mar-
kets. So hot, however, was the fever for gain
that no warning availed. Shipload after shipload
of goods, suitable and unsuitable, were sent out—
the markets grew languid,tthe consignees alarmed,
and shipload after shipload more pressed heavier
end heavier upon them. Trade was paralysed,
Ind, if sold, good 3 had to be transferred at half
their prime cost in England. Of course hundreds
,oth here and there were ruined, and the prospects
)f that fine colony were obscured by an apparently
impermeable cloud.
This was the more unfortunate, because of the
war we are now waging, the effect being the large
diminutions noticeable in the late returns of the
Board of Trade, at a period when the exigencies
Jf the country rendered more than ever desirable
the overflow of every available resource.

But to return. The worst being reached, affairs
began to mend, and, we are happy to learn from
the latest amounts, are now fairly on the
way to a healthy state. Imports are looking
up, and empty markets call for supply. How
is that call likely to be answered ? Despite every
warning, in the teeth of national interests, will
the game of mad speculation be again played, and,
in the lust for gain, stimulated by the success of
a few, enormous losses be again incurred by
many ? or, taking warning from experience, will
common sense have its legitimate weight, aud, so
far as may be, determine the supply by the pro-
oable demand ? To these questions we can re-
turn no answer. All that we can do is to express
a hope that the lesson recently taught may prove
to have exerted a wholesome influence, and that
the commercial convalescence of the colony will
not be retarded, nor its bright prospects clouded
by a selfish blindness -of which every sensible
English merchant should be ashamed, and through
which the cause of civilisation itself may in some
degree suffer.

Fire Insurance is every man's business, and it
is equally every man's business to get his property
insured on the most reasonable terms compatible
with safety. We invite - attention, therefore, to
the merits of a company which has just served its
seven years' apprenticeship, the report of whose
annual meeting appears in another column. Its
distinction from other fire-offices is its unqualified
adoption of the mutual principle, in virtue of
which, all profits revert--in this case triennially
—to the insurers. At the same time, by means
of a large guarantee fund, of which but a trivial
portion is called up, the fullest provision is made
against any possible emergency. The shareholders
in the fund do not, as in proprietary offices, par-
ticipate in the profits, these belong wholly to the
assured, but receive only the market rate of inte-
rest for their money. It is, we must confess,
difficult to conceive a plan in which legitimate
economy can—be more --effectually com-bined. with
security ; on the one hand the possible losses of
the year, or of years, Mold never exceed
the guarantee fund ; indeed, fire losses are, cn
the average, !nth below the current receipts for
premiums, otherwise the old proprietary offices,
instead of yielding a handsome profit, would long
ago have ceased to exist ; on the other hand, by
returning triennially the entire profits to the in-
surers, the latter are guaranteed against paying
eventually one shilling too much for their safety.

The last year has been, from some cause—we
are inclindd to think it must be the long periods
of dry weather—unusually prolific in fires. So far
as our recollection goes we hardly remember
having to record so many in the same space of
time. The accounts of such offices as publish
them corroborate this statement ; in some cases
they have swallowed up the premiums, in others
doubled their amount ; and it is well known that
most of the offices, .whose balance-sheet does not
meet the public eye, have also suffered unusually.
The British Empire has been no exception in this
respect, but, as the report justly observes, the
amount paid for losses by fire, is, in fact, the
index of a Company's usefulness. On the aver-
age of years the proportion of fire losses is about
equal ; but a Fire Company prevents the great
difference of particular year from being felt, by
the public. With such warnings as the past year
has furnished it is wonderful that any person
should neglect to insure his • property. The
greater part of house and goods property, no doubt,
is insured ; but great numbers neglect insuring
their furniture and household property, small as
the charge and
great-as- the hazard from. in-
numerable causes must be. - •

TLS vport of the British Exiite rereinls

of the extortionate character of the Government
duty. Even when the fire losses equal or
double a company's receipts for premiums,
still there is the inflexible duty to pay. The
duty is clearly like an ungraduated income tax,
a tax on prudence and honesty. The man who
hazards insolvency to save the charge for insurance
escapes the tax ; the man who secures himself
against dependence and his creditors against loss
must pay it—a tax, too, averaging cent. per
cent. on the premium required by the office, and
on a large class of property amounting to two
hundred per cent. ! We are glad to see the
British Empire Fire-office protesting against this
unrighteous tax. Unfortunately there are two
formidable difficulties in the way of its abolition in
addition to the present omniverous demands of the
War—the old offices, and the country landlords.
The old offices clear very large sums by the Govern-
ment allowance for collecting the duty ; and, as
they have plenty of business, it only swells the
proprietors' profits to have their office expenses
paid from this source. The lords of the soil
again have managed to get the insurance of.
farming stock freed from duty, and they do not
object to a tax which is thus wholly removed from
land ; it is of a piece with the policy which
pays only half legacy duty on their estates,
and which pays no probate duty, while all
others must pay it ere they can prove
their will. The monstrosity of the tax, which,
if possible, ought rather to be exchanged
for Some privilege to insured property, must when
Russia permits insure its speedy abolition. A
mutual, office is the proper leader in the cause.
Its members have no interest like the proprietors
of other companies in retaining the duty. What
they would save through the Government allow-
ance to their office of five per cent. is of course
but one-twentieth part of what they would save
by abolishing the duty. We would earnestly
exhort the British Empire Fire Company, there-
fore, to head a movement for the repeal of the
Fire Duty. The public must be with them.
" The demands of the War" are not to last for
ever. Had we but an honest anti-Russian Court
and Cabinet the war might have taught Russia
its last lesson by this time, and in another cam-
paign would have ruined her for a generation to
come. In any case the sooner this company or
any other will arouse public attention, the sooner
can the first political or financial opportunity be
turned to account.

Iu conclusion, we must acknowledge that, as a
MUTUAL Fire Company, the British Empire has a
right to ask—in the words of the resolution
passed at the meeting—" the co-operation of all
classes of the community in obtaining. the widest
possible support for an institution founded exclu-
sively for the public advantage."

VISIT OF PRINCE ALBERT TO ALDER
SR OTT.

SOUTHAMPTON, Sat urday Morning.—His Royal
Highness Prince Albert, accompanied by Captain
du Plat, Equerry in Waiting, arrived at the Docks
at half-past 10 o'clock, in the Royal yacht Fairy
(Hon. Captain Denman) and proceeded en route to.
Aldershott. His Royal 'Highness returns this
evening, at half-past 5 o'clock.

His Excellency the Ambassador of France and the
Countess Persigny have arrived at Albert-gate House—
the former from Paris, and the latter from the Isle of
Wight.
The Earl and Countess of Wilton and Lady Elizabeth
Grey Egerton are passing the season in the Isle of
Wight.

The Earl and Countess of Desart have arrived at
Cowes, and will occupy Cambridge House during the
autumn.

Viscount and Viscountess Ebrington are expected to
return to town neat week, from a tour on the Continent.

Lord Pan►nure left London o❑ Thursday, for Osborne,
oa a visit to her Majesty, and returned to town yester-
day.

Amongst the fashionable arrivals at the Granby Hotel,
Harrowgate, are the Right Hon. the Lord and Lady
D04.1a,,, the Right lion. the Earl and Countess of Essex,
the Lady Addis Cape!, the Dowager Lady Ruthven,
the Very Rev, the Dean of Ephir, Major-General Gordon,
Rev. G. C. Gordoa. Lieut.-Colonel Hilton Ford, Rev.
G. Rigg, Rev. T. Prickett, Captain Middleton, Lieut.-
Colonel Gordon, .Lieut.-Colonel Kyle, Major Warner,
Rev. P. and Mrs. Norris, the Misses Norris, W. Wil-
liams, Esq., M.P., Rev. 11. 11. Pearson, Kirklinton
Saul, Esq., Lady, and family, Dr. Shaw, Colonel and
Mrs. Richardson, Chas. D3yne, Esq.. and Lidy, Miss
Mutray, Mrs. Colonel Dickenson, Mrs. Ashlin, W.
Rhodes, Esq., Miss Groome, Charles Fox, Esq., E.
CC( Esq.
WRECK OF THE SHIP DANIEL GRANT.—The Daniel
Grant, Brown, while on her voyage from Shanghai to
Liverpool, was wrecked on Helene Reef, China Seas,
May 16 ; crew and passengers saved.
Loss or THE SHIP KESTREL.—The Kestrel, Lindsay,
from Liverpool to Memel, struck on a sunken rock near
the island of Cana, and disappeared shortly afterwards ;
crew saved.

CRYSTAL PALACE.— SHILLING DAY.—AUG. 31.-4 d•
missions on payment, 6,217; ditto by season tickets,
667.—T0ta1, 6,854.

CHANCERY REFORMS.—By an act passed in the late
session infants can, on the sanction of the Wart of Chan;
eery, make valid settlements of their real and personal
estate in contemplation of marriage. The act is not to
apply to any male infant under the age of 20 or to any
female infant under the age of 17. The sanction of the
court is to be obtained by petition.

NEW Acr ON THE OFFICE OF SPEAKER.—An act was
passed in the last session to render valid all acts done by
a Deputy-Speaker of the House of Commons in the ab-
sence of the Speaker. The Deputy-Speaker is not to
appoint to any office. This act was rendered necessary
from certain proceedings in the late.eossion.
The adyices from Melbourne furnish the quantity of
gold shipped by the following vessels, the arrival of
which may be daily expected :—The Eagle, 13.379
ounces ; Essex, 44,128 ounces ; B lornerang, 16,747
ounces ; and the Northumberland, 63,148 ounces and
20,500 sovereigns—making a total value of 572,9001.
THE COMPTROLLER-GENERALSHIP OF CUSTOMS.—This
office is vacant, owing to the superannuation of Mr.
Pemberton. It is expected that the Assistant-Comp-
troller-General, Mr. Elias Arnaud, brother of the late
highly-respected collector of customs, Liverpool, will
succeed t) this office, as he is a thoroughly practical matt
of business, and a highly efficient, respected, and gentle-
manly offiur.—Civil Service Gazette.

TECH AUSTRALIAN MAIL.—In the Post•oflice notice on
Thursday an error occurred in the official notice which
has been corrected ; the last mail due, July 24, had
arrived, and the one overdue wa3 due on the 14th inst,
The Emma sailed with mails on the 214 ult.

fitrARANTINZ" Non LisistotT, 24:—An order
of the Board of Health (not published) declares Trieste
infeged with cholera from 3(R$ July, Lagos in Algarve
infected with cholera from the 12th instant, and " sus-
pected ' the ports between that pace and Tavira, which
have not been declared infected.

A VESSEL ON SHORE.—The Washington, Westlake,
from Moulmein to Queenstown, was putting into the
Mauritius leaky, and went on shore off Cannonier's
Point, 7th July, and is expected to become a wreck.
THE MURDER AT COBHAM, NEAR SEVENOARS.—Up to
last evening neither of the suspected men bad been ar-
rested. Mrs. Bagley, though still in a precarious state,
has improved so far as to be able to answer questions.
The expectation that she would be able to throw light
upon the affair has proved unfounded, as she is unable
to afford any information on the,subject. It is conjec-
tured, therefore, that she must have been stunned by a
blow while asleep. Unless detected by some of the
articles taken from the cottage, there will, it is feared,
be much difficulty in identifying the murderer, should he
be arrested.

THE BALAKLAVA RAILWAY.-Mr. Bette, of the firm of
Peto, Brassey, and Betts, writes that since the opening
of the Balaklava Railway to the heights, the line has
been in constant use, with the exception of the stoppage
of 36 hours, arising from the waterspout which covered
the approaches to the harbour, and drowned upwards of
30 Croats and Turks. Since the formation of the line it
has been doubled, and is now being effectually drained
and ballasted for the winter work. General Simpson, in
reply to Lord Panmure's inquiries as to the condition of
the line on the 19th instant, states :—" The present
railway is on the best site that can be obtained, and
when effectually drained and ballasted, which is being
done, will be quite free from floods." Mr. Betts
believes that when it is thoroughly complete in the
ballasting and draining, it will, with proper attention;
be maintained in perfectly good order during the coming
winter also. Lord Panmure has sent out 150 more car-
riages, to replace those which have been in constant
work, as they require it from time to time. He is also
sending 100 more horses, to be well prepared with extra
power to work the line, as during the winter we may
expect they will be required. The staff' of the firm hav-
ing made the lice,'and, at the request of the Commander-
in-Chief, built limekilns, erected wharves, storehouses,
wash-houses, and hospitals, and done many other things
which have aided in promoting the comfort of the army,
and having fulfilled their duties for the time they were
engaged, are ail returning to England, and their place
will be occupied by the Army Works .Corps, organised
by Lord Panmura, and engaged to remain as long as
they may be required, and to fatal any- duty desired at
Vail; hands.