The Sun.
London, England, 1853-04-21 00:00:00

LONDON, THURSDAY, APRIL 21, 1853.

tween precarious and transitory, and fixed and per-

manent incomes.

That the existing system has a very demoralising
tendency we willingly admit. It is one of the
strongest objections to the system which Mr.
GLADSTONE is endeavouring to renew, with all its
atrocities unchanged and unmitigated. But al-
though many may unfortunately fall, on behalf of

the general body, we repel, with just indignation,
the foul imputation. We believe that on a
strict scrutiny it would bo found that
many men submit to pay double or even

treble assessment rather than submit to the
unpleasant alternative—and that, taking the en-
tire as a class, an average of far more than 7d. in
the pound is paid on the bona fide profits of per-
sons chargeable under schedule D.

Notwithstanding all the efforts that have been
made to puff the Budget as the most brilliant
financial scheme ever submitted for Legislative
consideration, its defects are becoming too plainly
and too painfully apparent to let it be supposed
that it will be permitted to pass without great
and serious opposition. The proposal for the re-
newal of the Income Tax, in all its unmitigated
atrocity, has excited universal disgust throughout
the country—a disgust considerably enhanced in
many quarters by the specious sophistries with which
its author has attempted to show that there is prac-
tically no injustice to the, merchants, traders, and
manufacturers who, notwithstanding the precarious
nature of their profits, are compelled to pay on
"what the collectors choose to assess'? as much
as the fundholder on his dividend, or the landowner
on hisground-rent. True it is that trade may for a
period be brisk, and matters go on swimmingly,
but there are terrible reverses to be encountered—
reverses for which every person embarked in busi-
ness of the ordinary class dust make full prepara-
tion ; and although he may cheerfully pay his
quota, when times are propitious, and his account
shows a balance at the right side of the ledger,
it will be very difficult to do so when bad debts have
accumulated, and he is greatly puzzled to make both
ends meet, so as to avoid a very unenviable notice
111 the Gazette. Then, indeed, the visit of the
collector becomes not merely irksome, but alto-
together detestabl
some _ e• In place of gaining hand-
ruinous,
losses, gig
has sustained heavy, perhaps
• nis time and labour have
been thrown
away a large proportion of
his capital has
still the inexoraleacc:mpanied them ; but
gatherer insists on
payment to the last farthingain-
ciounisi.dteal profits, or, if
there be any demur,
transactions, examination into all his
prying
refusal
to pay, or to appeal against the asses'
volve the disclosure of all his dealings may
the betrayal of his secrets to his tr'adlincl °a-
--
peti tors. It is very well for Mr. GLADSTgO:Irt-o
speak of the evils of self-assessment, and. to Lint
that British merchants and traders--men who
have hitherto maintained unblemished reputations
—are willing to commit gross frauds on the re-
venue—to state wilful and deliberate falsehoods
under their hands for the purpose of obtaining
paltry savings. There may, and we have no
doubt are, many persons who consider that an
unjust and inequitable impost of the kind may be
evaded by any means, but it is a gross libel on a
numerous, an influential, and a high-minded class
to assert that such unjustifiable proceedings are
commonly resorted to—or that the merchants and
traders of Great Britain are so notoriously dis-
honest that their unfair returns, and, conse-
quently, diminished charges, may be considered as
affording maple equivales
for the differences be-

THE SUN, LONDON, THURSDAY EVENING, APRIL 21, 1853.

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TWO ()CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 1,000 American
were taken for export. The market closed
heavily, and, compared with Friday's rates,
American under 6cl. per lb. were fully 1-16 d. per
lb. lower. The sales comprised 4,000 American,
150 Pernam and Maranham, 61d. to 7fd. ; 400
Bahia, 6d. to cid. • ' 350 Egyptian, 7/d. to 9d. ;
600 Surat, 34d. to 4id. ; and 150 Sea
Island, at ls. 9d. to 2s. 6d. per lb. Railway
shares were dull.
The six weeks' average price of wheat is 455. 11d.,
and the last week's sales were 75,972 quarters.
The scarcity of seamen is experienced in various
ports of the Continent even more than here. In
Belgium there is the greatest difficulty in filling
up the crews, and many vessels are unable to pro-
ceed to sea in consequence. The same complaints
are made in Holland, although wages have been in-
creased there as well as at Antwerp. The desertion
of sailors from vessels arriving at the ports of India
has occurred to some extent.
The steamer Franklin from New York brings
200,000 dollars, mostly for the Continent. The
steamer Tennessee, with 600 passengers, had been
wrecked off San Francisco, but all the passengers
were saved.

The sailing vessel Ballarat has arrived with ac-
counts of January 7 from Melbourne, and 78,114
ounces in gold. The following extract from a letter
gives the impressions of a party recently arrived :

"After the glowing accounts of Australian climate
and Australian scenery, as well as of the beauty of the
town of Melbourne, I must say I was completely dis-
appointed as were all our passengers, with one excep-
tion. This was a gentleman who had imported wine
and had effected some very good sales. The first im-
pression is unquestionably cooling ; so much so, that
anxious as I was to leave the vessel before I had landed,
I subsequently discovered that the old ship, and the
narrow bunk, and the company even—heartily tired as
I was of them all—had a charm, till then undreamt of.
These are the antipodes of England in every respect.
Masters are servants, and servants masters. The men
employed_on the steamer are getting 161. a month and are
as independent as the worst Americans. Melbourne is
situated, as you probably know, to the north of the
Yarns Yarra river, which empties itself at the extreme
point of the bay, and taking a circuitous wind again brings
Melbourne to overlook the sea, rather from the east than
the north. As far as this river extends towards Mel-
bourne it can scarcely be said to possess any features of
interest, and is, indeed, more like an East Indian creek,
a swamp, in fact, than a river. It has no banks for a
couple of miles up, but furnishes a `water guns-tree'
plant, sufficiently pretty, but growing out of the water
like bulrushes. As you proceed, the river gets more
narrow. The bank is low and unsightly, the scenery
sterile ; and the melting down and slaughtering sheds
are filthy looking and offensive. In proceeding up
the river you find that Melbourne is built on
low ground, much of it considerably below the level of
the sea, and has to the south-east a few mles of low
bush swampy land. On landing you are struck with
the coarse manners and independent impudence of every
one— tradesmen and draymen alike, and with the enor-
mous price of everything. As you walk along the
streets you meet most ill-looking fellows, and observe
that no one smiles or is apparently happy, but looks with
mistrust and suspicion at all who come near them. You
menuare walking
not
aboutaltogether
withsafe
'guns
fr? u
tnodrng pistols, y
andou find
feel
seeth yo at
diggers with their blue serge shirts and short pipes,
driven about drunk, in open barouches of elegant ap-
pearance ; another carriage will probably contain two
diggers' wives and children, with coarse, Ratcliffe-high-
way-looking faces, and decked out in all the finery of
jewellery, silks, and satins. These seem to share the
infirmity of the colony, and slake their Clint with alco-
holic " nobblers." No face is lighted with a smile, as
I have said.

" There is no poetry here—no sentiment, and appear-
ance goes for nothing. It is a money-grubbing, sus-
picious, debased existence, which has no innocent,
pleasant, or amiable weaknesses, but boasts of seeing
the naked truth through an illusive drapery. Give
me the agreeable self-delusion, the imaginary, and the
ideal, along with as much of the real as is re-
quisite to make the outline of beauty. I enter a
protest against so disgusting a state of society at once.
No one ventures out after dark in town, for fear
of being ' stuck-up,' which means plundered. It is sur-
prising how one can leave pride behind one here. To-
day I have seen several of the most respectable of our
passengers, well-educated, and sons of gentlemen, selling
their superfluous clothes, linen, &c., on the open space
outside the wharfs. They open their boxes and stand
behind them like any stall-keeper in London. You have
heard that peaches, grapes, and all fruits are remarkably
cheap in Australia, and plentiful withal. I have not
seen any grapes and peaches, and you may conceive
what prices these would fetch when apples are sold at
ls. a lb.

" Many of our fellow-passengers have pitched their
tents outside the town, and do not complain of their lot,
although the nights are very cold and wet, this being
the spring time of Australia."
The following is the programme of the Confer-
ence to co-Bider the state of mercantile law and
the judicial system of the United Kingdom, to be
held in Liverpool, at the instance of the Liverpool
Chamber of Commerce, on the 28th and 29th
April, 1853 :
" On Thursday, 28th, a meeting will be held at the
offices of the Chamber—President or Vice-President of
Chamber in the chair :-1. To receive reports and sug-
gestions from the members of the deputations. 2. To
arrange proceedings of the meeting on the following
day ; to agree to resolutions founded on propositions
circulated herewith ; and to appoint speakers.
3. On Friday, the 29th, formal meeting of Conference,
consisting of the directors of the Liverpool Chamber of
Commerce, deputies from commercial associations, and
other invited parties. Members of the Chamber invited
to attend. Reporters present. The Mayor in the
chair. A statement of the special objects of this Con-
ference, and the resolutions founded thereon, will be
submitted. Further subjects of consideration, if time
permit :—Law of partnership and the question of limited
liability, and the law of bankruptcy and its adminis-
tration."

The funds are much duller this morning, and
the pressure of stock upon the market for imme-
diate realisation has subsided. Consols have been
quoted 100-1 to for money, and 100 a to / for ac-
count. The New Three-and-a-Quartei per Cents.
have been marked 104 to f and the Three per
Cents. 991 to Bank Stock maintains the rise to
227. East India Stock is at 2621. Exchequer Bills
of June are 45., and India Bonds 365. to 425. pre-
mium. .

----
The Foreign Securities have been weaker and
the
The Papacy
Railway
and the Spanish Certificates have drop-
oLontlnielyre27is a decline in prices. Mexican have been
ti
ped to 6/. The Swedish Lon has been at 11. dis-
count. Dutch 21- per Cent's. have been heavy at
66k, owing to the political excitement concerning
Share market has exhibited a little
in Holland.
more
decline firmness
is a rallythismo of rning, and upon yesterday's
about i per cent., and in
some cases rather more. The North-estern,
South-Western, and Great Western are all looking
here
up. The Great Northern is much the same, with
the exception of the B. stock, which is V. higher.
Caledonian shares- are steady. Oxford and Wol-
verhampton continue weak, and are lower than
yesterday by 10s. The York and Berwick are
heavy, and slso the York and North Midland.
Eastern Counties about the same. French Shares are
tolerably well supported, but Northerns are a shade
lower. South-Eastern are rather dearer, and
Western§ are good.
In the Gold Mine Shares there is very little
doing, and they support the previous rates. There
is no further decline in the Land Companies, but
business is rather dull.
The Australian Bank Shares are weak, in the ab-
sence of any transactions, except in those which
have obtained charters.

BRITISH FUNDS AT ONE O'CLOCK THIS DAY,
(From the Off:lcial List.)
Business done.

Bank Stock _ .... .. ........... 227
3 per Cent. Reduced Annuities 99
3 per Cent. Consols Annuities ig
New 31 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 -16
India Stock ..
_ 262A
India Bonds, £IC )0
Ditto, under 21C.:3 ... .
South Sea Old Annuities ........... . .......
Consols for Account
Exchequer Bills Id. June. March.
X 1000....,..
4
.e5OO
...................
.................................
........................ :
8
Small

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Brazilian Bonds, 5 per Cent.
Ditto New, 1852, 4i per Cent
Dutch Exchange, 2L• per Cent. ...... 66
Equador Bonds
Buenos Ayres Bonds, 6 per Cent
Mexican 3 per Cent.
Ditto for the Account
Spanish Bonds 3 per Cent
Ditto New Deferred, 3 per Cent 24i 4
Ditto Passive (Converted)
Spanish Committee Cert. of Coup. not fun 64 P c
13
Swedish Loan ........ .... .• ••• • .............. ••• 14
Dividends on the above pay Able In London.
Dutch Exchange, 24 per Cont. 12 Guil.
Ditto 4 per Ceut.Certificates........•
HALF-PAST TWO.
Consols ooi
Ditto May Account

THE POLICE DAGUERREOTYPE.—The first specimen of
the illustrated " hue and cry" containing the portrait of
the individual "wanted," in addition to his verbal
description, has just reached Scotland-yard. *lt is issued
by the Manchester detective police, and the likenesses
difficulty in recognising his man by their aid.
are so striking that an intelligent officer would have no