The Sun.
London, England, 1864-03-21 00:00:00

- a
faintest indication of a dissension, however in hotwater. But now he hag
triv.ial, but he is always
between the Queen and any of her children. re':nce incurred, and it, etly incurred, general censure for
his
weakness wit, h reference to the convict Towne
the deeply lamented death of Prince Albert, the _will Tories,
A_ d that,
; too, go to the credit of the
Queen's subjects have been watching her with irate- ley, cause the affair would have terminated
rest and sympathy, and with much concern. Every probably e..e
.4, • -
in the hands of the imperious
year that she is preserved to cis adds to the difficul- so very differe,.. 'Y
- e. Then there is Mr. Robert
ties of a very difficult position. The heir to the and decided Walpee
most finished classical educe'
- thrdne has grown into a manhood that seems to Lowe. Combining the , perience of colonial life,
C
fulfil the fair hopes universally entertained from the an with the rough ea
both in Parliament and
promise of his youth. We look back on the miss- successful beyond most men ~,
rable mischief caused in times not co very distant in society—here, it would seat ~ was just the man
servedi the pub
ic.
by differences between royal parents and their to conciliate everybody while he
children, and congratulate ourselves that we are not It has, as a matter of tact, been his e "tin). t° m. aal
likely to be harassed by a repetition of the evil. many propositions for the reform of on.
No shadow of the kind could again fall upon the system, and every one has been a signal for a hubin
Court without stretching itself far and wide over bub among the clergy, at which the laity wb re
the nation. Nobody felt, therefore, at all ashamed mere self-defence obliged to stop their ears.
,cre
education..
of exhibiting as much interest—as even Sir Charles will not pause to comment on what all men rece,
Phipps himself—in her Majesty's dislike of tobacco ; nise, the tact of Mr. Layard and the discretion
or in the amenities invariably observed by one Sir Robert Peel. But take the crowning instance
member of the royal family towards another. The of all—take Mr. Gladstone. Ilia propositions, 41/
jealous anxiety with which English people are all 'east, are no blunders. sever was a more beneficeut
guessing at the sentiments of Queen Victoria about measure offered to Parliament than the Government.
the unhappy Danish war is excusable, even if here Annuities Bill. It opens a future to the lahotarer-4
and there it begins to take an exaggerated form. hope to the only class in this country which ho
Lord Derby pays a visit to her Majesty at Osborne, hitherto had no hope—and gives them protect
or King Leopold comes across the channel to stay against the fraud or the incompetency of the neiteli
with her at Windsor, and straightway the tongue agitators who govern the so-called friendly societiesa
of gossip starts off upon its busy round. The leader Has it met with the support it deserves ? Is it'
of the Opposition has been sent for to tell her even safe from the opposition of a knot of members
Majesty whether she is obliged by the Constitution interested in insurance companies, or fearful of the..
to obey the decision of the Cabinet. Her Majesty's wrath of the Odd Fellows at the next election r
uncle has travelled over to give her counsel on the And yet, unless it be in introducing the bill a little
nice point whether Lord Palmerston is not too hot- too quietly and speaking his mind on the motion for
spirited an adviser. Finally, we learn from the going into committee a little too plainly, detraction
unerring lips of rumour, that her Majesty has made itself can find no fault with Mr. Gladstone. Whate
up her mind in case England declares war for Den- then, is the meaning of these signs and portents r
mark to pass the summer at Coburg in a German They mean that there is a Conservative reaction•
castle by herself. All these inventions of the Clubs All these little petty mistakes, all this event of tact,
filter by slow degrees into the country newspapers, a few years back would have signified no thing. All
and are destined in course of time to become the Governments are always open to the mete sort of
subject of grave discussion at many a village ale- fault-finding. But in the youth of a parny, whell
house. The excitement the topics in question cause its leaders first seat themselves on the seools of
is partially increased by the evident embarrassment office, it is full of life and hope, and no one cares to
of the Ministry at having to deal with so compli- criticise captiously. Small faults are readily over-
cated a problem as the rival claims of Denmark and looked, and every proposition wears a roseate hue•
of the German Diet. Whenever Lord Russell can- If the Opposition open their lips a thousand tongue')
not make head or tail of the last despatch from are ready to defend the Ministry. The malcontents
Berlin or from Vienna, his hesitation is at once put are out-talked, out-voted, ridiculed, and cowed. A
down to the account of his loyalty, and his head is few years go by, and there is a change. Supporters
supposed to be kept in a state of distraction by his are languid. Some men have got what they wants
heart. In spite of all the respect professed by Eng- and some men see they are not likely to get it. The
lishmen for monarchy as a system of government, measures on which the party were agreed are passed,
they seem to grow nervous and petulant at the least and on what should be done next there are differ'
suspicion that the Crown is interfering inthe politics ences of opinion. Then the Opposition gathers
of the day. This is a little curious, for nothing can courage. Its attacks are less vigorously repulsed,
be plainer than that the wearer of the English and consequently are more vigorously plied. Hops
crown must always of necessity exercise a consider- passes over to its side. When hope is gone, faith is
able personal influence on politics. If there ever sure soon to follow her sister, and governments can-
was a question in which Royalty was personally not found themselves on charity alone. Then mei
interested it is the present. The Queen of England begin to recognise the end is near. It is not this%
is connected by the closest of all ties with some el' the Tories are one jot better orators, or statesmen.
the leading actors in the present German movement. or administrators, or that the Liberals are one jot
Her Majesty understands the way in which Germans worse than they were formerly. But the supporters
view the Slesvig-Holstein affair better, doubtless, of the former are uniting more closely, while the
than many of her subjects. She sees the allowances latter party are disintegrating slowly under the in.
that ought to be made for the German Courts which fluence of their own prosperity. Believing this to be
are driven into war by an excited population, and the true state of the case, we, as Liberals see eo
she knows the history of the various influences that use in denying it, no use in making excuses
are at work in Germany itself. If she cares for when the Premier's near relative is beaten for big
England she cannot help being deeply anxious that own county, no use in crying, " Peace ! Peace !'
England should not rush into war without having when there is no peace. It is better to get out of
mastered the rights of the dispute. The death of fool's paradise.. Nothing keeps us in office but the
a wise husband has, moreover, deprived her of the popularity of Lord Palmerston, and even that may
best and most judicious of counsellers. She has a fail us any day. So far as the real Liberals are con'
consciousness that things . seem to be going wrong, cerned, the men who care leas for power than pro-
and she has not the benefit of his clear head and his gress, they will lose nothing. The wholesome chill
strong hand. If, under all these circumstances, her of opposition will stimulate their energies, and drive
Majesty were not perplexed and troubled, she must them to exertion for life and warmth. The trim'
be very unlike most other prudent and honourable mers and time servers will be pruned away. The
women. In so natural an embarrassment there is Tories, on the other hand, with the sweets will
much cause for sympathy and respect. taste the embarrassments of power. If places of
ECONOMIST.—The number of new companies is twelve hundred a year were multiplied by twenty
an unceasing theme of remark. They fill the city there would not be enough for the crowd of ob.-
articles ; they swell the advertisement lists of all scure supporters who have not only claims, but have
important papers. Most men are directors of some had, one time or another, a nod tram Tadpole or $
company or another. Every object has its company, wink from Taper, and the more eager the expecte'
and most objects have many. Is all this good, or is tion the keener the disappointment. Out of office
it bad ? Will it produce great evils, or is it right, for 17 years, the party have no administrators, and
rational, normal ? Are we beginning a right course they cannot cover administrative blunders by a bold
which we should have trodden years ago, unless policy, for their opposition is merely critics], like
prohibited and prevented by legislation, or are we Peel's, which Mr. Disraeli lampooned and copies.
engaging in a series of speculations which will soon Then at last the public, which after all is not Tory,
recall the dreadful pnenotnena of 1847 and 1857 ? will, perhaps, begin to see that rest is not always
A little inquiry will, we think, show that neither of a thing to be thankful for. John Bull will rouse
these extreme opinions is correct. We think it may himself and want to move on, and if it will hasten
be proved that, as far as we have gone yet, there so desirable a consummation let us have a Tory Go'
is ground for caution and discr;mination, but no vernment by all means. At present he resembles
ground for sweeping censure and condemnation. an old gentleman who is plethorically drowsy after
We believe the impetus given to joint stock enter- dinner. In vain does his wife shake him—he rouses
prises to be beneficial and healthy; we believe that but for an instant, and then sinks back again with
it will go much further than its most sanguine pro- a stertorous snore. In his lethargy he is not s
moters now imagine;, but we also think that, like graceful spectacle, but for the moment it is useless
all new benefits, it may easily be changed into a to resist, he must have his sleep out. Meanwhile
new evil, and that, in matter of fact, some evil this stupor, this Conservative reaction, should be,
whit& way bu distinctly specified is already being made the most of by its admirers, for it is a sort of
produced by it. First, let us glance at the recent thing that does not last long, and is usually foi'
facts. It appears from the carefully-classified state- lowed by a rather restless night.
ment which will be found in the supplement to the
Economist of Feb. 20, that in the year 1863, 263
companies were brought before the public, and that
the respective nature of these were as follows :
Banking companies
Financial societies and discount companies
Manufacturing or trading companies 65
Railway
Insurance .. 14
Steam and shipping companies 6
Mining
Hotel companies
Gas
Miscellaneous

COUNTRY MARKETS.

YORK-SATURDAY.

There vas again a limited show of wheat at market to..
day, and business was more active, at fully late prices. In
other articles former quotations were made.
Wheat, red 37s to 40s Oats .
White do 4os to 44s Beans
Barley .26s to 32s Peas
Malt, 58s to 60s per qr.; rye, 28s per qr..; flour,
to 30s per sack. ..-31
88 Bssttt
000 2
.4 Oci

LE I CE STE It—SATURDAY.
A fair supply of grain to-day, and wheat was taken off
at the prices of last week. Oats and beans in hir reque!t•
—New white wheat, 42s to .:45s ; red, 39s to 41s per 36
stone. Old red, 38s to 42s per 36 stone. Barley, malting,
new, 32s to 36s per qr.; grinding, 27s to 28s; old oat*
25s to 28s; new oats, 21s to 23s per 24 stone. Beans,
old, 40s to 42s per 38 stone ; flour, 26s to 32s per 20 stone.

263
Now, is 2C3 a great number, an excessive number,
or is it not ? We may impair the reputation for
caution which we may think we possess when we
say that this number is not an excessive number.
Of the merits of the companies we say nothing—
nothing at least now,—but we say that their mere
multitude is no subject for alarm. In the first place,
it is to be considered that the whole of the vast field
till now occupied by private partnerships is at
length being opened to limited companies. They
are trying what part of it they can profitably en-
gage in, and what part they cannot. They were
prohibited till a year or two back, and could not
touch either what was fit or what was unfit for
them; it is only within the last eighteen mouths
that the investigation of the true scope and the true
limits of joint stock enterprise has been partically
begun. Before, by law or custom, the bulk of the
trade of the country was in individual hands; now,
for the first time, we are seeing what part is
adapted, and what unadapted, for management by
corporations. But we should be content to forego
the use of this argument. The capital subscribed
for these companies is, according to the same
authority, £78,135,000, and if we suppose a quarter
of this to be paid up, which is an exaggerated com-
putation, the absorbed capital is under £20,000,000.
Now, we lately showed that, according to the best
analysis and computation, the annual savings of the
country amounted to £130,000,000,and, therefore, if
all these undertakings absorbed new capital to the
whole extent of the sum paid up, they would absorb
-
but a trifling part of the annual accumulation of
ry. But, further, all thesecompanies do
this coun:
not absorb
„h.-ye capital to the extent of the sum
paid up. Many ,af them are wholly or in part sales
of a business already established, already profitable,
c
already absorbing a large'apital. Take a case which
has occurred this week. Xiessrs. Morrison, Dillon,
and Co., a house in which a colonial fortune has been
made, is to be turned into a joint stock company.
There is no new capital wanted for that. The goods
in the warehouse, and the debts which used to
belong to an unlimited partnership of few members
now belong to a limited partnership with many
members, but the resources of the country are not
trenched upon by the traesfer. It is as much a sale
as if the purchaser were a new private partnership
—as if the firm ceased to be Morrison and Co., and
became Jones and Co. It is evident, then, that the
mere size and multitude of these companies need
not appal us: we have capital for a vast number
more if they LO profitable. But will they be pro-
fitable ? To sum ups we do not fear panic from
the bare operations t;_
f these companies. We are
sure the country has ea;gal
twice as many. We wish we,2l to
joint stock enterprise, and are c 0.7
sential soundness. Bat we are a
enough for them or
the principles of
fident of its es-
ppt,ahesive that
some unwholesome and mischievous trace:
may be
generated by undue credit and misjudging
in‘an ey-
lenders, and that if a panic arose from any othe7
cause, these unhealthy speculations would tend by
their collapse to aggravate and intensify it.
SPECTATOR.—Does any one object to the general
policy of the Ministry, either at home or abroad?
Not in the least. Yet no single Minister can make
a proposition which commands support, or keep
himself altogether clear of personal blame. Lord
Palmerston, of course, is an exception. He is never
wrong ; but this curious result is only attainable by
paying him the rather questionable compliment of
supposing that, as Prime Minister, he is not in the
least responsible for the proceedings of his col-
ieagues. Yet even these last, even Lord Russell, and
Sir G. Grey, and the underlings, are not so much
wrong as unlucky. They manage so to act as to excite
no enthusiasm in their favour,w hile they tread heavily
on the toes of some individual with a crotchet and a
bitter tongue, or some section of fanatics which can
live only in a squabble. Without conciliating the
majority, they outrage the minority. Probably a
large majority of the English people in the main
approve Lord Russell's Polish policy ; yet, by some
fatality, he so acted that while the majority regard
it with languid indifference, the two extreme par-
ties, the friends of Russia and the friends of Poland
cannot speak on the subject without foaming at the
mouth. Sir George Grey is an amiable man, a
clever man, ti good speaker, and pereonally popular ;

GRANTHAM—SA.TunDA.Y.
Old white 'wheat, 43s to 465; red, 38s to 42s per 365 t.;
new white, 42s to 465; red, 39s t 0,415. Malting barley'
33s to 36s per qr ; grinding, 28s to 30s ; oats, old, 23s t 2
265; now, 20s to 24s ; beans, 34s to 36s ; peas, 34s to 378.

NORWICH—SATURDAY.
There was a fair supply of wheat, and prices were about
the same as on this day se'nnight. Best malting barley
sold at about late rates. There was a dull demand 1°
oats, beans, and peas.
White wheat. 44s to 47s 1 Red wheat 40s to 434
Malting barley ...35s to 37s 1 Chevalier barley 35s to 366
Distilling d 0..... 29s to 30s 1 Oats.. 24Q to 264
Flour, 27s 6d to —s ed per sack from the miller

NOTTINGHAM—SATURDAY.
The supply of wheat today was by no means abundant'
The demand was firm, and late prices were readily mode'
Barley in better demand for fine sorts; other kinds rather
slaw of sale. Oats slow at last week's prices. Beans dull'
—White wheat, from 42s to 475; red wheat, 40s to 43E.
Barley—malting, 30s to 37s ; grinding, 27s to 30s. (NIL'
old, at 24s to 30s Od; new, 19a to 2.55. Beans sold at 3°
to 42s per qr. ; new, 34s to 365.
Flour, fine, 34s to 38s; seconds, 29s to 32s per sack.

—FRIDAY.
grain took place to-day, ova
y dull. Flour Blow, with °

s. d. s. de
Oatmeal „ 10 0 to 13
Beans.. . — 0 to --
0
Bere . — 0 to
Rapeseed .... —0 to g
Bakers' flour .. 14 0 to 20
Indian corn .. 27 0 to 28 v