The Sun.
London, England, 1863-03-25 00:00:00

the requirements of a distant war, the first year of
the new system demonstrated its advantages. The
expenses not foreseen by the regular Budget had
been diminished, and the Budget for 1862 had been
regulated under comparatively favourable circum-
stances. According to the experience of the first
two months the Budget for 1863 would afford a
surplus of 70 millions.
N. Fould continued—

" The reserve of our finances is in process of for-
mation. In presence of this position of affairs, it is
sufficient to be prudent. The sound condition of
our exchequer will provide us with the means of
attaining a reduction of the public expenses by pure
force of economy.

" This will add a fresh glory to those R ith which
he Emperor has already endowed France."
The Bill then passed by the Senate.

BOURSE, March 24.—Stock has been again
offered by persons desirous of realising previous
profits; Threes, for the Account, have not, how-
ever, declined materially, but are with difficulty
maintained at 69f. 25c. The Railway Share Market
quiet, and some few of the lines have slightly re-
ceded. Stock again became in demand towards the
close, and prices improved. The market left off as
follows :

11 per Cents. 96 25 Bank Shares 3365
Do. end month.... Credit koncier 1497 50
3 per Cents
Do. end month.... 69 45 Do. end month 7O 95
New 3 per Cents .. Russian
Do. end month.... Austrian
Credit Mobilier..., 1290 Spanial Threes 52 50
Do. end month... ,1290 Home Debt
RA IL

'AYS.

Cash. Account.
Orleans lll6 25 .. 1117 60
Northern
New, ditto
Lyons and Mediterranean 1215 .. 1220
Geneva ..
Southern
Western
Eastern ....
Sardinian
Austrian
Losrhard
North of Spain
Saragossa 727 60 732 50
Ditto to Barcelona

NAPOLEON'S LETTER TO M. BILLAULT.

(From the Paris Correspondent of the Times.)

The Emperor's letter to M. Billault in the .41 on& I
teur, assuring the Minister that his speech in the
Senate on Poland was " in every point conformable
with his thoughts," and repudiating any other in-
terpretation of his sentiments, is meant to remove
the painful feeling that may have been caused by
the Prince's taint that M. Billault voted for General
Cavaignac, and not for Prince Louis Napoleon, as
President of the Republic. It is also meant to re-
move the general impression that the Prince's
speech, and not M. Billault's, was the truest inter-
pretation of his Majesty's secret policy. The pub-
lic did not come to that conclusion without some
show of reason, for it is remembered that after the
Italian campaign his Majesty declared, in a speech
from the throne, and to the great applause of the
auditory, that the support of France would not
be wanting in every quarter where the weak
were oppressed by the powerful, where injus-
tice was to be put down, and where wrongs
were to be redressed. That Poland is, and has long
been, in that condition, not even M. de Laroche..
jaquelein would deny ; and that the great majority
of Frenchmen sympathise, not now for the first
time, with the Poles, naturally led the unteflecting
to believe that the former astsurances in the Imperial
harangues would now be carried out. If error ex-
isted on that score, the public are not to blame. M.
Walewski, even after the speech from the Throne
immed;ately preceding the opening of the campaign
in Lombardy, did not believe in war,—at least he
took some pains to prove that he did not ; and every
one knows that if he expressed his real opinion, he,
though Minister of Foreign Affairs, could not have
been in the secrets of his Sovereign, and could not
have known what passed in the private conferences
with M. Cavour. The present letter may also
put a stop to such "manifestations" as those which
have taken place in favour of Poland under the
windows of the Senate while Prince Napoleon was
speaking and M. Billault replying. The Prince has i
certainly gained in popularity among the students
and working classes by his speech. On Saturday
afternoon large groups collected round the gates of
; Palais Royal, vnere an open carriage, with posti--
lions in the Imperial livery, was standing waiting for
the Prince. They remained there for more than an
hour. No impediment was offered to their gather-
ing, and no atttempt made to disperse them, though
the sergens de villa attached to the palace were on
the spot. On any other occasion groups of people
would not be allowed to block up the sideways
Still it is probable that the letter to M. Billauli
very faithfully expresses his Majesty's opinion. In
previous expeditions the Emperor was not alone.
Not to speak of Russia and the Crimean war, he
had in Italy the Piedmontese ; in China the English ;
in Cochin-China the Spaniards; in Mexico, at first,
English and Spaniards; but it is not certain that if
war were now declared against Russia to redress the
wrongs of Poland, he could count on Austria or
England. The moral intervention described by M.
liillault is therefore all that will be exercised so far
as France is concerned, and that course has already
met with the full approbation of the Chambers,
though not of Prince Napoleon.
The affairs of Poland have taken away fora while
the thoughts of the public from the distress in the
manufacturing districts; yet there is reason to be-
lieve it has not only not diminished, but rather
extended. From places whole the workmen con
tinned to be employed up to the last appeals now
come for relief. A circular from the relief committee
of Mullhouse shows that the evil is spreading
throughout Alsace, and 15,000 working men swell
the list of those who have no wages to depend upon.
A lottery for their benefit has been started in
Paris by a number of benevolent ladies.

Review of Volunteers at Brighton on Easter

Monday.

We are authorised to announce that the Secre-
tary of State for War has approved of a review of
volunteers taking place at Brighton o❑ Easter
Monday.

Applications from corps desirous of attending
must be transmitted on the form prescribed in
Volunteer Circular No. 27 of the 27th August, 1862,
for the sanction of the Secretary of State, and &-
livered at the War-office on or before the Ist
proximo, after which no further applications will
be received.

Officers commanding metropolitan corps should
state in their applications-
-Ist. the number of volunteers who will proceed
by rail to Brighton on Easter Monday.
2d. The number who will join their corps at
their rendezvous at Brighton.

3d. The number who will return by rail on the
evening of Easter Monday.
Under regulations which will be published by
he railway authorities, tickets will be issued by
them up to noon on Thursday, the 2d proximo, and
up to 8 p.m. the same day tickets unappropriated
by the corps may be returned to the secretary of
the railway.

THE ALABAMA.—Captain S. Cooper, master of
the ship John A. Park, of Halliwell, who arrived
yesterday by the ship Miss Nightingale, thus reports the
destruction of his vessel by the Confederate steamer Ala-
bama. He sailed from New York for Montevideo on the
13th of February with a cargo of lumber. On the 2d inst.,
being in lat. 29 15 N., long. 38 20 W., at daylight the
second officer reported a steamer a-head, bark rigged, which
proved to be the Alabama. A boat csme alongside with an
armed crew and boarded and took charge of the ship,
Captain Cooper was taken before Captain Semmes, who
asked him if he knew to whom the cargo belonged ; and he
Answered he could not say, but referred for information to
the bills of lading. which specified, by certificates of the
British Consul at New York, that the cargo was British
property. After examination of the papers,Captain Semmes
expressed his opinion that the cargo was not British pto •
perty. Captain Cooper was then ordered on board his own
and told to bring his clothes and those of his crew on
board the Alabama. When the work of transferring the
stores had been completed the crew of the Alabama set fire
to the ship. The English barqua the Miss Nightingale,
bound for London, was in sight, and Captain 00chraue
kindly consented to take home to England Captain Cooper,
tiis wife, and two young men The remainder of the ship's
company, consisting of three mates, a carpenter and 16
seamen, were lett on board the Alabama. The captain and
the two young men were compelled to sign a parole of
nonour not to serve against the Confederate States during
the war,