The Sun.
London, England, 1853-05-13 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MAY 13, 1853.

secondly, that any measure would be 'dote:dive.
and incomplete Which omitted 'Settled property;
and_ did' not 131.9.cei it on the sanie fonndattiOn as,
passed by bequests. groin these data
.tithatliih
naturally
follows, that the only alteration that
remained for the' Chancellor of the Exchequer was
either to abOlish- the Legacy Duties 'altogether,' or
to introduce such a measure as' that new
under discussion. This, however, does not re-
move the question from the Category in' which
it has been placed, that, as a new tax, it must be
supported by much stronger arguments) than
would 'be required for the retention of one
already in operation. The tai for which it is to
be substituted, also becomes an important element
in the calculation, one that should be disposed of
in the first place. Every tax is a grievance. We
Must therefore- inquire into the relatiVe pdvan-
tages and disadvantages of those respecting which
a comparison is to be instituted.
The new tax, then, is required for the 4radual
reduction and Ultimate abolition of the Property
and Income Tax. That will be manifest frein the
financial statement of the Chancellor of the Ex-
chequer, and 'from the nature and Oircumkances
of the case. It is by 'means of the ad4itional
revenue to be obtained that the Income' Tax
can be reduced from 7d. in the pound to 6d.
in 1855, and again to sd. in 1857 ; and, lnally,
abolished in 1860 (that is to say, if Mr GLAD-
STONE'S views- can be carried into practicalexecu-
tion in these respects) ; and that we are, indeed,
even destined to see the end or even the re-
duction of an impost which, if fairly, and
justly apportioned, would be of all others
the best and most eligible for the commu-
nity, not merely for the working classes, but
also for the owners of accumulated and realised
property, the territorial aristocracy, and the
moneyocracy. The new tax is calculated to pro-
duce £2,000,000 sterling ; taken with the existing
duties on legacies, which must be dealt with at
the same time, the amount would be £3,500,000,
which would be nearly equivalent to 7d.' in the
,pound on schedules A and C. There could not,
of course, be any alteration in the otker sche-
dules, for, unfortunately, skill and in,lustry
are not hereditary ; and no financier, we believe,
ever had the hardihood to put forward, or won:ld
venture to enunciate, such a proposition as that
the widow and children of a professional man, or o
a merchant, a manufacturer, or a trader, shOuld b.
required to pay a heavy tax to Government, no
on the property bequeathed to them, but fa
the ability, the genius, the wealth-producing
powers of which they have been for ever deprived,
The question, then, merely rests with the owners
of accumulated and realised property of. any
description. They are the parties wh'o are
alone concerned. And it is for -them to decide
whether it would be more deSirable to' pay a pro-
portion of their income in each and every year, or
to be called upon, at uncertain intervals, to pay
a large proportion of their capital. We believe
drat the former plan would be, in every respect,
the most eligible for the parties, and for the com-
munity ; and we want no further evidence in sup-
port of the • assertion than that taken before the
Copyhold Commission, which shows the' great
practical inconveniences, the ruinous results, of a
tine amounting to one or two years' rental on the
improved value. Parliament had to yield to the
loud and general complaints on the subject to
change the law that had prevailed for centuries,
and even to tamper with " the rights of property,"
in order to avert the serious evils incidental to the
system ; and yet, within one short year of the pass-
ing of that salutary statute, Mr. GLADSTONE proposes
to act on the condemned principle, to revive tile
impolitic system in its worst forms, and, practi-
cally, to bring all the freehold lands in the United
Kingdom into the most objectionable kind of
copyhold tenure. And this immediate grievance
is to be borne in place of the contingent and very
problematical reduction and ultimate abolition of
the Property Tax. We ask the fundholders, the
landed proprietors, the owners of any kind of
property, to consider calmly and attentively both
propositions, and say which they would really
desire to have adopted, and that, not from preju-
diced or party feelings, but iu accordance with the
real merits of the case. An Lutelligent traveller
once said, that a person haviv to change his

deration.

Toney some half-dozen times in joing into dif-
ferent small states would find
gradually
vanishing from the expenses of the op
e,-ation and
the extravagant demands of the money-
ci:sangers.
If Mr. GLADSTO'S views should be adoptea
NZ And
carried into practical execution, the inheritor of
an estate that has gone through four or five suc-
cessions within a few years—a matter very pos-
sible—will find himself hoplessly embarrassed,
and obliged to part with the fair domains that
had been handed down through a long line of
illustrious ancestors.
There is another point that must be inquired
into. By what machinery does the Right Hon.
Gentleman propose to carry the tax into operation ?
Let it not be forgotten that it is a tax, not on the
income, but on the capitalised value .of the inheri-
tance. How is this value to be ascertained ? And
if it can be averaged for the purpose of the tax on
successions, what is there to prevent its applica-
tion to the Property and Income Tax,, thereby
removing the only impediments to an equitable
adjustment of that impost ? We submit these
interrogatives for the consideration of the 'HOn.
Gentleman. It would be well if they were pre-
pared with , satisfaciory responses before giving
their, votes in favour of the new tax on succes-
sions.

COU.RT CIRCULAR.

OSBORNE, THURSDAY.

Her Majesty, accompanied by the Princess Royal,
Princess Helena, Princess Louisa, and Prince Arthur,
drove out yesterday afternoon in an open carriage and
four, attended by Colonel the Hon. C. Grey.
His Royal Highness Prince Albert rode out on hozieback,
attended by Lieut.-Colonel the Hon. A. Gordon. '

Their Royal Highness the Duke and DncAess d'Aumale,
and the Princess of Salerno, visited her Royal Highness
the Duchess of Kent, yesterday, at Clarence House, St.
James's. _ .

'7.Welßoyal Highnesses the Duchess of Kent, accompanied
by the Duke and Duchess d'Aumale, and the Princess of
Salerno, and the Princess Adelaide of Hohenlohe, and at-
tended by Lady Anna Maria Dawson and Lieut.-Colonel
F. Seymour, honoured the Royal Italian Opera with her
presence last evening.
A deputation in support of a Bill for Medical Reform,
prepared by a committee of the association represented by
the deputation, had an interview with the Ea7l of Aberdeen
yesterday, at his official residence h Downing-Street'. The
deputation consisted of Sir Chas. Hastings, M.D., D.C.L.
(President of the Council), Dr. Robertson (Northampton),
Dr. Webster (Dulwich), Mr. Mousely, F.R.C.S. (Leeds),
Mr. Noble, F.R.C,S. (Manchester), Mr. BottamleY,
F.R.C.S. (Croydon), Mr. Walsh, F.R.C.S. (Worcester),
Mr. Sontham, M.R.C.S. Ofanchester), Mr. Bree, M.R.C.S.
(Stowmarket), Mr. Cartwright, M.R.C.S. (Oswestry), Mr.
Stedman, M.R.C.S. (Guildford), and Mr. Hastings (secre-
tary). The deputation was introduced by Earl Beauchamp,
and was accompanied by Mr. Cowan, M.P., Mr. Ricardo,
M.P., Mr. Wakley, Dr. Barnet, Dr. Cormack, and Dr.
Clark.

At length the Report on Manning the Navy
has been issued by the Committee. Long and
eagerly expected, it has at last arrived. It would

be impossible, notwithstanding our impatience
hitherto in this matter, to regret for one moment
the delay which has actually occurred. Although
to all appearance unconscionably protracted; for
that delay we have now, in this really masterly
Report,been fully and most satisfactorily com-

pensated. Without any further preface, we
would here at once express to the different mem-

The dollars and bar silver brought by the last West
India steamer have been sold at 59id. and 61d., being a
decline of id. per ounce, which is chiefly to be attri-
buted to the East India Company having lowered their
rate of exchange id. per rupee.
THE RIVER PLATE.—The American advices contain a
newspaper extract to the effect that intelligence had
been received from the river Plate by the barque Pea-
cock, that the commissioners of the belligerent parties
at Buenos Ayres had concluded terms of peace, which
were awaiting ratification by Urquiza on the one hand,
and the authoriiies of Buenos Ayres on the other. It
is said the conditions are liberal, and such as will be
likely to satisfy both sides. At the same time, the most
revolting cruelties are 'alleged to have been committed
by insurrectionary parties in the interior of the country.
The date of the intelligence is not given, but it is re-
ported to have been confirmed by the Eliza Jenkins,
which has just arrived at Liverpool from Buenos Ayres,
whence she sailed on the 9th of March, without bring-
ing any letters.
SANITARY IMPROVEMENTS IN THE STRAND.—The
Metropolitan Commissioners of Sewers—at the request
of the Commissioners of the Board of Health—are
taking most extensive measures for the salubrity of the
densely-populated neighbourhood of Drury-lane. the
adjacent streets, courts, &c. For the purpose of carry-
ing out these sanitary improvements, by the cutting a
main sewer from the Strand, up Newcastle-street,
Wych-street, and Drury-lane, to Holborn, that part is
olosed to vehicles of every description. The following
are the streets in that vicinity which are to have the
henest of a common sewer, viz. :—Holywell-street and
Wyeh-street, in the Strand% Newcastle-street, Hough-
ton-street, Bolles-street, Blackmore-street, Stanhope-
street, Denzell-street, and Princes-street, Drury-lane,
and several of the courts. This work, although it causes
many of the streets to be closed to public traffic for the
present, will eventinally be of the greatest importance to
the salubrity of the i',7u-'labitants.

hers of the Committee our admiration for the so-
licitude they have evinced for the well-being of
the country in every stage of their prolonged inves-
tigation. Scarcely anything of real importance,
referring to the matter under inquiry, has been
by them overlooked, either through neglect or in-
difference. They appear to have gone carefully
through every one of those eleven sections which
were snbniitted to their scrutiny by desire of the
Lords Commissioners of the Admiralty. They have
entered scrupulously into all, not forgetting a
single detail ; and they have rendered their in-
quiry effectual because they have conducted it
systematically. Firstly, they have considered
" The entry and training of boys and seamen, and
the periods of service for which they are engaged."
Secondly, "Whether such periods of service could
be advantageously extended, and the regulations
which it would be advisable in such case to adopt."
Thirdly, " The practicability of permanently re-
taining the services of boys and seamen, as is the
case with the Royal Marines, so as to insure the
means of rapidly manning her MAJESTY'S s'Llips
when required for service." Fourthly, " Whether
a period of service abroad might be followed
by a period of service at home, in the coast-
guard, dockyards, or home ports." Fifthly,
"Whether a reserve of seamen might not be or-
ganised to remain in England, reference being had
to the scheme recently laid before Parliament for
that purpose." Sixthly, " Whether measures
could be adopted at the present time, in order to

secure the services of a large body cif seamen for

KENT MUTUAL LIFg ASSURANCE SOCIETY.—Yester-

- ,lf this society was held at the
tie defence and general service of olin Thos.. King,t
a case of emergency." Seventhly, " The ques- Esq.,
in the chair.
the country in day the annual meeting
tedenthatsincaessuhre.
tions of pay and prize-money, and especjally the London Tavern, BishoTp
shgea:tere-psotrretet—jta
fielding issued,
of
Of 103 789/. 145., a revenue
clause of the Act sth and 6th WILL. IV., e. 24, in, the sum
7 id. thrino- the yes .271
last annual meeting 420. policies, .had he
proposals had
relating to bounty." Eighthly, "All regulaMons
been received for the assurance of 112, 2691. 3s. Of these
at present in force relative to putty officers and
19"7 had been accepted, assuring 69,918/. 65., anAl.yiTelicile-
saalell gunners." Ninthly, " The award of good- 1 ing an additional annual revenue of 2,287/,
ntovectntrheleyi-
kt:noitiduct bakes and of pensions." Tenthly, "The i number of p(dilici.esmiisislutd irnostsnraenenyueaalrrsevis 6,187, assuring
of 5.951/.
arroym.,o,f seamen into the coast-guard and dock- ! ~. :=.
o' icaraeu i ' 21s7306d581ThaenexypenditugrAe lid been far below the average
and lastly, "The admission
tandemirisssuion
of.the most economically conducted of similar. institu-
-1- t' ns and after making the fullest provisions for the
via therein." These were the sithject ' sums assured, and.all other liabilities, there remained a
to the consideration of the Committees submitted
it • profit of 12,7771. lls. sd. The accumulated fund
, and is
but two claims
upon, these eleven propositions fox inquiry thatamounted to 3 000/. There have been
in
the
,
course of the year, for the sum of 700/.
,te Committee have novr definitively( pronounced. byh
edi-at
report wasleadopted, after which an election of direc.
a", jj.o they allowed themselves to prrive at any tors took place.

conclusion -whatsoever upon one solitary parrticu-
lar, they appear to have invariably subjected the'
subject in hand to a minute;'.anditainttaiiing,
and almost, so to 'steak, microscopic investiga-
tion. They have, to this end, examinedi poth
seamen and officers in the Royal Navy; beside
others.connected with the mercantile marine, av well
as divers shipowners and public functio4aries.
From. these different sources, moreover,' they
acknowledge, and not without considerablerbason,
to have derived " much valuable information."
Every separate" statement made in the coiirse, of
the document seems, indeed, from those portions
which -we have already • perused attentively,
to have been admirably well authenticated.
A catalogue of the various witnesses summoned
before the Committee is given at the close of the
Report as a sort of appendix ; while as early as
the fourth section of it we find honourable men-
tion of the Admirals Of the Fleet, Sir BTAN MAR-
TIN and Sir GEORGE COCKBURN, AO whom the
Committee allow-themselves to be largely indebted
for their many inestimable observations. '
Perhaps the most notable announcement made
throughout the whole of this important and ela-
borate document is one which occurs in the very
next paragraph. That paragraph (§ 5) expresses
itself in one part as follows :—" The general, cha-
racter of the evidence thus brought before us, con-
firmatory as it is of our own experience, has
led us forcibly to the conclusion that the
present system of entering seamen into her MA-
JESTY'S Navy for 'short terms of servitude, and
then discharging them, is highly detrimental to
its interests and efficiency, and requires an entire
revision." Now, if only for that one announce-
ment we should welcome the Report before us
with no common degree of satisfaction. ' It is
a declaration that goes to the very core .of the
existing grievance. It asserts what we ourselves
have long maintained. It proclaims the existence of
an evil which we have for years past in these
columns, again and again, in the strongest, terms
of which our vocabulary is capable, denounced
and reprobated. After this the matter under con-
sideration cannot be once more—as it has been

Iready so frequently—cushioned. It must now,
lerforce, extort the interposition of the Imperial
Rgislature. For it has received at last an of-

icial recognition. A comm3tee has at lengt,

:`seen found to avow in so many words that " the
present system of entering seamen in her MA-
JEgry's Navy for short terms of servitude, and
then discharging them is highly detrimental to
its interests and efficiency, and requires an
entire revision," Having spoken thus directly

to the point, and that too in the plainest
poasible language, tho Committee go on to
explain how it is they would sug-
gest that the evil co2nplained " of :'should be
remedied. Among other things they say,' with-
out further delay in the way of mere circum-
locution, " These evils would, in our opinion, be
effectually remedied, so far as the peace establish-
ment of the Navy is concerned, if both men and
boys were entered for longer periods." Bearing
tiV these considerations in view, they • avow,

MONEY MARKET AND COMMERCIAL
INTELLIGENCE(TIVS DAY.)
•

CITY," TWO D'
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales--of-which 1,200 Ameri-
seam were taken for export and on speculation.
The market was -firm, but tame: The sales cora-
priso 6,000 American, .300 Pernam and Maranham,
at 614. to Id. ; 300 Egyptian, at Old, to ls. 2d. ;
and 500 Surat, at 3d. to 4--d. per lb. Railway
Shares were dull, at rather lower prices. •
In the produce markets prices have this week
been firmer, and business has been moderately good.
Sugar has been brisker, and at rather improved
rates. The export demand continues large. Coffee,
on the other hand has been dull, Plantation Ceylon
being the only quality in request. Mocha has fallen
Is. to 2s. In cotton a steady business has been
done, and holders are disposed to ask higher rates.
The indigo auctions have opened. heavily, and
prices are not so good as at the last seiies. Tallow
has been firm. Tea is nominally higher, in conse-,
quence of the ad-vices from China.
If the scheme of the Chancellor of the Exche-
quer for the conversion of the debt had come be-
fore the public several months back it might have
had a better reception, but at the present time the
value of money is a drawback, and the feeling that
the rate of interest will still further advance ope-
rates in part as a bar to the success of the
scheme. At any rate the offers of voluntary con-
version are, up to this date, very limited in amount.
Satisfied, however, that the terms offered by
Government are sufficiently favourable under
ordinary circumstances, we do not relinquish the
hope that they will have the effect ultimately,
whatever present difficulties may occur, of inducing
acquiescence. The period which is allowed to
carry out the conversion will naturally cause
many to hold back for awhile. Another, and
almost distinct matter is the South Sea Debt.
If the holders of this do not voluntarily convert,
the Chancellor of the Exchequer will pay them off
at par, and then arises thequestion. Can he find
the means ? Looking at the surplus revenue, and
judging of the assistance likely to be received from
the Bank, we consider it beyond a doubt that the
Chancellor will be able to meet any demand
Upon him from that quarter. Lastly, as to
Exchequer Bills, these are exhibiting great weak-.
ness, and have been as low as par, because the
proposed rate for the new bills is under what the
current value of money seems to justify. It would
be unreasonable, however, to assume that Govern-
ment must regulate its payment with reference
merely to the value of money for the day. Parties
who hold Exchequerßills take them as yielding a fair
average return, and the main thing to be considered is
whether we are to have money permanently dearer,
or even as dear as at present. We scarcely antici-
pate any decided change, and think cash will find
ready employment for some time at full rates; con-
-Bequently there is some doubt about the renewal of
Exchequer Bills. Probably the GazAte of this
evening, or of Tuesday next, will contain the usual
iieial notice.
Advices from the Continent represent the
weather as being equally as severe there as in E.
land.

The English Funds are flatter, sales having been
pressed for money. Consols have been 1001 / for
Transfer, and are now 1004 For Account they
are 100 a The New Three-and-a-Quarter per
Cents. have been 1031-, and since 102 g. The• Three
per cent. Reduced Annuities are 991 to 103. South
Sea Old Annuities are worth 991. Exchequer
Bills continue at par to 4s. premium, and India
Bonds are at 30s. p, emium.
Foreign Stocks have been dull. The Spanish
Committee's certificate is only 61-, and the New
Deferred Bonds have dropped to 23K to 24. Por-
tuguese 5 per Cents. are worth 34 to 39. Mexican
Bonds have dropped to 26a 1. Peruvian Deferred
Bonds have receded to 65 and 64. Buenos Ayres
Stock is st,3ady at 71A to 72. •
The Railway Share Market has been flatter, the
decline being about - per cent. on the average.
French Shares are quiet. Centrals have rallied,
however, to 1./ to 23 premium. Canada Trunk
Shares are to 11 premium. . •
The Gold Mine Shares are heavy, scarcely any-
thing doing: United Mexican Shares have im-
proved. Metcalfe Mine are 12 to 13 premium ;
Jamaica, 4/ to 5* premium ; Port Royal, 11 to li-
premium ; and the Sue River, 1f to g- premium.
The Land Companies Shares have been dull.
Oriental and South Australia Bank Shares are
in some request, and also the Australasia.

:ihortly afterwards, that they have arrived unani-
mously at the conclusion " that the time has ar-
rived for placing her MAJESTY'S Navy on a more
permanent basis, on a similar principle to that

established in the Army and Marines," adding that
the change would be calculated, in every respect,
to be productive, both to the Crown and :to the
Seamen, of numerous and solid advantages. Al-
though wo cannot, of course, recognise how any

basis that is once permanent can be rendered
" more permanent," and although we would
hereby enter a passing exception to that ludicrous
;_law in the language of the Report, we Cannot
but hail with unalloyed satisfaction the whole of
the ronarkable clause in which this fantas-
tic slip of the tongue, or rather of the
pen, is eueountered. For the Report thus affords
us ample reason to augur well for the future de-
velopment of tae most national, but hitherto the
most neglected, a our warlike professions: The
precise manner in which it is pro Posed that the
service shall be reorgSanised will be interesting

matter for subsequent and more deliberate consi.

BEITISH FUNDS AT ONE O'CLOCK THIS DAY
(From the Ogicial List.) _ _ _

Busigess dime
3 per Cer4t. Reauced Annuities
3 per Coot. Consols Annuities
New 31 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 5 15-16
India Bonds, 21000
Ditto, under £lOOO
South Sea Old,,Annuities,
South Sea New Annuities
Consols for Account Ist June
Exchequer Bills Lld.
£lOOO..
£5OO .
Small .

We have much pleasure in directing public
attention to a Report of the I.l.9Vrteenth Annual
Meeting of the Shareholders in the NATIONAL
LOAN FUND LIFE ASSURANCE 'SOCIETY,
which will be found in our freni page. We have
attended all the previous meetings of this.
excel-
lent Institution, but never saw .so full, tio re-
spectable, and so satisfied an assemblage as' we
IN:itnessed on the present occasion. We ca.noot
but feel assured that this is a very auspicious
augury- of its future and increasing prosperity. i

30 p
▪ 994
. 100
IC9

Marc

June.
par 4 I par 4
par 4 par 4
par 4 par 4

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Erasilian Bonds, 5 per Cent..

Ditto s'per Cent: (Rothehild's)
Buenos Ayres Bonds, 6 per Cent..
Greek Bonds, Red
Ditto, Blue
Mexican 3 per Cent.
• Perm ian Bonds, 41 per Cent. BB
Peruvian Scrip 3 p
Portuguese Bonds, 5 per Cent.
Russian Bonds, 5 per Cent.
Ditto 43 per Cent ,
Spanish 3 per Cent., New Deferred 23i 4
bgpanish Committee Cert. of Coup. not fun 6 i p c

103
72 1i

Consols....
Ditto June Account

HALF-PAST TWO,
looi g

THE ATTE:',IPT TO EXTORT MONEY
FROM THE CHANCELLOR OF : THE
EXCHEQUER.

MARLBO4OUGH-STREET-(TJIIS DAY.)

I William Wilson, the young man who was reihanded
from Wednesday last on the charge of attempting to ex-
tort money from the It;gilt Hon. W. E. Gladstone, the
Chancellor of the Exchequer, was brought before Mr.
Bingham for further examination.
The court was crowded to excess, and on the bench
were the Marquis of Stafford, Mr. Scholefield, M.P.,
and other gentlemen.
Mr. Bingham, addressing the prisoner, said from
enquiriew that have been made I feel it my duty to re-
mand yol till Thursday next, at two o'clock.
It was .reported that the prisoner had, on a previous
occasion,. endeavoured to obtain money from another of
her' Majt ;sty's Ministers.