The Sun.
London, England, 1862-06-30 00:00:00

STE,

'HY FINANCE.

(From the Money Market .Revinv.)
It is a matter of congratulation that Mr. Hub-
bard, an eminent and practical financial authority,
has brought before the notice of Parliament the
serious questions connected with the peculiar system
of finance in which Mr. Gladstone delights, and-
Mr. Hubbard aptly stigmatises as " stealthy." The
hon. gentleman's observations were to the following
effect :

"In the course of 1861 £970,000 had been provided for
the Exchequer by means of terminable annuities, which had
not been made the subject of contract with any moneyed
corporation, but had been placed in the hands of managers
of savings banks. To provide the money the savings banks
had sold Three per Cent. Stocks, and they now held those
annuities upon terms which were not stated in any, papers
which had been laid upon the table of the house.
If the Government persevered in thus contract-
ing loans in a way which was ignored by the
capitalists of the present day, the loss would be multiplied
just in proportion as the loans were multiplied. To obtain
these annuities, the savings banks had sold Consols and
Three per Cent. Funds privately in the market. It was
hardly consistent with fair dealing that in a transaction of
this kind the Government should be able to send their
agent, with a knowledge of the fact, into the market, while
others were deprived of the same opportunity of knowledge.
If it had been known that the Government broker was sell-
ing Consols for the purpose of taking up the fortification
loan, those stocks would not have been sold for an equal
price. It might be said that such a course was for the bene-
fit of the country ; but he did not think it was. There was
an amount of straightforward candour which belonged to
public as well as to private transactions, and, by the course
which had been adopted, the savings banks had been in
volved in considerable risks by this most objectionable
means of taking up these annuities by a stealthy sale of
Three per Cent. Stocks.

What Mr. Hubbard contends for is what has been
frequently urged in these columns, that Government
should be open in their transactions, and not make
the savings banks the medium of clandestine deal-
ings. All financial business for account of the State
should be transacted with such publicity and open-
ness that the public should be aware not only of
the transactions themselves but also of their
purport. If the public means must be wasted in
useless fortification, at least let the money be
raised publicly. Whatever may be the amount
required, it would be far better that Government
should procure it openly, either by public loan,
or by sales of stock from the Commissioner's
box in the Stock Exchange. The public would
then understand what the Chancellor of the
Exchequer is about, but at present all is mystery.
Mr. Gladstone keeps the money market in a state
of perpetual uncertainty and distrust. What with
his improvident absorption of the Exchequer
balances, his constant demand on the Bank of Eng-
land at inconvenient seasons, and his system of
chopping and changing as regards stock and Ex-
chequer Bills, confidence in his management is on
the wane. It is no answer to say that he means it
all for the public good : the public do not like it ;
on the contrary, they like everything to be straight-
forward, and they object to the financial business
of the nation being done in a stealthy and under-
hand manner.

CAMBRIDGE AN BEDFORD RAILWAY.—After
repeated delays, it is announced that this line will be
opened for traffic on Monday, July 7. The usual inspection
was made by the Government examiner on Thursday and
Friday. The line, which is one of some importance, has
been promoted by the London and North Western, although
it has been carried out by a distinct company. It will
greatly facilitate communication between Cambridge and
the northern and midland districts.

BEETHOVEN RECITALS. —M. Charles Halle's
sixth "recital" of Beethoven's pianoforte sonatas at St.
James's hall, on Saturday, was more numerously attended
than any of the others. The programme comprised the
magnificent Sonata in F minor, Op. 57, and Ops. 54, 78,
and 79. These pieces were played in M. Halle's most care-
ful manner, and were listened to with intense gratifirtiOn.
The last two "recitals" (July 4th and 11th) will be the
most interesting of the series.
EXTENSIVE FIRE AT READING.—A fire broke
out in Reading on Saturday evening in the drapery esta-
blishment of Mr. Joseph Todman, in the Market-place,
Fil'adjoined by shops which are mostly ancient, and built
°of materials easily ignitable, so that many feared the
greater part of the west side would be laid in ruins. The
greatest sympathy has been evinced for Mr. Todman, the
whole of whose business premises, stock and books, have
been entirely destroyed.
THE FOX ULUB.—The i"ox vino naa their en:mei
fish dinner at the Trafalgar, Greenwich, on Saturday, the
28th inst.

The Russian Government has applied officially to
that of Great Britain for the loan of a hangman.—Spectator.
THE INTERNATIONAL EXHIBITION.—There was
an unusually large attendance at the building on Saturday
when the admissions were again fixed at half•a-crown.
The season ticket visitors numbered 11,188, the yayments
19,590, making a total of 30,778, but not within 10,000 of
the numbers expected, considering the reduction in price.
TELE AGRICULTURAL SHOW.—About 12,000
paid on Saturday for admission to the show. The Viceroy
of Egypt, the Governor of Algeria, Prince Carignan, and
many foreigners of distinction, were among the visitors. It
is on the shilling days this week, however, that the society
expect the immense numbers who alone can refund the
£20,000 that has been expended upon this metropolitan
bazaar of agriculture.

Some specimens of wool have been received at
Sydney from the Feejee Islands.

OTERPRAYED HIMSELF.—During the prevalence
of the cholera in Virginia the negroes on the different plan-
tations became dreadfully alarmed, and thought they would
certainly die with it. Among others, in one of the upper
counties, was negro boy who, having heard his father say
that the cholera would soon be along that way, left his
work one day and betook himself to the woods. Hero he
was found by his overseer, soon after, fast asleep. Being
taken to task by him for leaving his work, he excused him-
self on the ground that, not being "prepared to die," ho
had gone to the wood "to meditate." " But," said the
overseer, " how was it that you went to sleep ?" "Well,
I don't know, Massa, how dat was 'zactly," responded the
negro, " but I speck I must have overprayed myself."
The other day a man, whose coat tails, wonderful
to relate, suddenly burst into flames as he was quietly
walking the streets of St. Petersburg, was arrested, and
very nearly lynched by the people. As subsequently
appeared, the poor fellow, who had vainly tried to effect
his escape from the infuriated mob, was a gas-fitter, just on
his way to the imperial palace on business. Unfortunately
the combustibles about his person, which exposed him to
the danger of a double death, were mistaken for the kit of
an incendiary.

Mr. Hall, the father of the young lady who Was
murdered at Fordingbridge last Sunday, is so ill from the
calamity which has befallen him that he is not expected to
live.

RECAPTURE OF ONE OF THE THREE CONVICTS
—On Friday week, in the afternoon, three notorious con-
victs effected their escape from the county gaol, Horse-
monger-lane. On Thursday two detective officers of the M
division, whilst looking after a thief, espied one of the
escaped convicts, named G. Brunel', emerging from a small
gardener's cottage, in a gentleman's garden at Highbury.
'I he detectives pounced upon him, but they met with a de-
sperate resistance, for the man being armed with a life-pre-
server made a desperate attack upon the two policemen, but
they succeeded in securing him, and handed him over to the
governor of the gaol. When the convict found he was in
the hands of the police he coolly remarked, " If you had
come five yards nearer the cottage I would have settled
both
ball,
-upon searching the cottage, a pistol, loaded
with
o u' "
was i found therein, which, f the detectives had
of y
entered, would no doubt have been discharged at them.
MADAME GRISI AND SIGNOR MARlO.—These
celebrated artistes have sent a letter to Mr. Gaskin,request-
log him to put their names down for £5 each towards the
erection of a statue to our "great countryman, Edmund
Burke." Madame Grisi has tent Mr. Gaskin her portrait
with an appropriate inscription, as a souvenir of her memor-
able farewell to Dublin, on 21st December, 1861, when an
address from her numerous admirers was presented to her.
She concludes her letter with " Long live Old Ireland,more
especially Dublin." It is but just to Madame Grisi to say
that, since the night when she bade a final adieu to the
scenes of her early triumphs, she has been the kind friend
and generous patroness of our Irish cantatrice, Ellen Con-
ran.-11' orthern Daily Whig.
COLLISION AND FATAL ACCIDENT ON THE
RIVER.—Yesterday afternoon, about 3 o'clock, a serious
accident occurred en the river, near Greenwich. It appears
that a small boat, containing several persons, by some means
came into collision with a steam-tug, which was towing a
heavily-laden vessel to London. The boat was run down
and completely smashed by the steamer, one of the party,
a younc, woman, being drowned, and a young man receiv-
ing such severe injuries that ho was conveyed to the Dread-
nought Hospital-ship. The rest of the party were with
difficulty
andsaved,
and the body of the female was afterwards
u
removed to the Alfilwall dead-house to await a
fdoi t
coroner's inquest.
I at Chelmarsh, Salop, a few days ago, a servant
girl was suspected of rohbing her master. Her crinoline
was examined, and it was found that under it she had a
belt, to which was attached a bonnet, a pair of stays, three
skirts, four pair of stockings, two pair of boots, a quantity
of muslin, four handkerchiefs, four collars, and a gold
brooch, all the iroperty of her master and mistress and the
Warders in their establishment,