The Sun.
London, England, 1853-04-16 00:00:00

LONDON, SATURDAY, APRIL 16, 1853.

The CHANCELLOR of the EXCHEQUER has already
received several significant hints as to the neces-
sity of going along with, and in obedience to, the
requirements of the age. If he desire to retain
his position as Financial Minister—if he is solici-
tous as to the stability of the Government of
which he is an influential Member, he must aban-
don some of the traditions of office, and deal with
the fiscal transactions of this Great Empire in a
liberal and enlightened spirit. He must avoid
the quibbling chicanery, more befitting an Old
Bailey lawyer than a British Statesman—must
give full weight to the plain common-sense view
of the subject, address himself rather to the intel-
lect of the many, than to the over-refinement of some
hair-splitting casuist like Mr. C. BARRAGE, whose
chief desire is to find plausible arguments in favour
of a palpable absurdity—to startle those who
find themselves unable to refute a proposition,
which, though revolting to common sense, is still
hard to disprove.
Hitherto a locus penitentice has been afforded
to him in every instance. But the crisis of his
fate is rapidly approaching. On Monday evening
the _Rubicon must be passed—the doubtful step
taken, on which depends the continuance in office
of the Joint-Stock Administration. When once
he has committed himself to a financial scheme--
when once he has laid down the " principles" on
which he is prepared to act, there will be no
further opportunity for evasion or mystification.
Considerable allowance will, of course, be made
with respect to the details ; but on all other
points he must " nail his colours to the mast,"
and sink or swim with the proposition he will
then bring forward.
The most important, the most urgent of all
these questions is the renewal of the Property and
Income Tax, which expired at midnight on the
sth of April instant. That impost produced con-
siderably more than a tithe of the entire revenue
of the country. From the revenue returns for
the financial year ending on that day, it ap-
peared that no less than 5,593,0431. had been
obtained from that source, and that it was also
rapidly increasing, the improvement, when com-
pared with the preceding year, being no less than
309,2431., representing an addition to the profits
of professional men, merchants, traders, manufac-
turers, and others who are assessed under Schedule
D, for it is among the industrious middle classes
that the fluctuations are entirely experienced, of no
less than ten and a-half millions of pounds sterling
per annum. This large amount, then, has been re-
linquished, through the determination of the
CHANCELLOR of the EXCHEQUER not to give any
intimation, not even the slightest clue as to his
intentions. It is, of course, possible for him to
propose that the new impost—he must move a
renewal of it in some form—may take effect from

the time when the former one expired, but that is
an unfair, and, we may add, an unconstitutional
course. It is not right or proper that a man who has
received and expended his earnings should be called
on, under an ex post facto law, to contribute any
portion thereof to the national exigencies. But
Mr. GLADSTONE has, by his mysterious silence,
most unnecessarily brought this serious incon-
venience on himself, in addition to the others,
which are, and have been, inevitable. If, how-
ever, lie brings forward a just and politic measure
on Monday evening, his former financial offences
will be remitted. If, on the contrary, he maintains
a perverse determination to place the certain and
permanent proceeds of accumulated and realised pro-
perty on the same foundation as the precarious and
fluctuating profits of industry, he must receive a
decisive and humiliating defeat—a defeat that
must lead to a change of Ministry—for no appeal
to the country could confirm in power a Govern-
ment that was defeated on such a question.
We shall not now enter into the argument so
frequently urged against the gross inequality of
the tax as at present assessed. The voice of pub-
lic opinion has already proclaimed the truth. It
has been heard even in the most secret recesses of
Downing-street. It cannot be evaded, or treated
with disrespect. The late CHANCELLOR of the
EXCHEQUER, in his Budget, against which
his successor in office was the most strenu-
ous- opponent, recognised the distinction be-
tween the different kinds of income. He did not go
far enough, but the admission was important, and
as he was the first Financial Minister by whom it
was made, he became entitled to considerable in-
dulgence in consequence. But Mr. GLADSTONE
must go much farther. He is only known as
the most persevering and dangerous opponent
of the modification, and no half measure will be
accepted at his hands.

If he abandon his fine-drawn objections, he
must do so fully, completely—must give ample
relief to those who have for so many years been
suffering under gross and. palpable injustice.
Monday's explanations will clear up the existing
doubts—dispel any remaining uncertainties. But
on the result of the statement then made the
fate of the ABERDEEN-RUSSELL-IVIOLESWORTH Go-
vernment must and will depend.

Seldom, perhaps, has there been witnessed at
Portsmouth in a time of peace any more interest-
ing spectacle of a purely maritime character than
the trial on Monday afternoon of the leviathan
screw-three-decker, of 131 guns, the Duke of
Wellington. The occasion naturally awakened
considerable attention 41 the locality, for it was
one of no less importance than that of testing the
steaming powers of one of the most extraordinary
vessels now floating on salt water. It is gratifying
to know that the memorable experiment of the
11th instant proved in every respect, and in the
highest degree, satisfactory. Doubly gratifying,
when it is remembered that the trial so far from
being slovenly, or supe-ficial, was conducted from
first to last with the utmost caution and under no
ordinary circumstances. Among those present,
besides the persons more immediately connected
with the giant steam-ship, besides the builder,
Mr. ABETHELL, besides the dockyard officers, and
a number of other officers representing both ser-
vices, and various officials connected with the
Dockyard College, there were recognised in that
throng of nearly 40,000 spectators, the Naval
Surveyor, and the Rear-Admiral Superintendent.
It is worthy of especial remark that at the period
of these very attractive proceedings, our monster
man-of-war had on board nearly 400 tons of
coals, 180 tons of shot, and 200 tons of water—
drawing at the time 23'4 forward and 24'3 aft,
although it is calculated that, with her gins
embarked and when fitted out for sea with her full
complement, her draft will be 25 forward and 26
aft. Allowances, it is true, must therefore be
made in the consideration of the result of Monday
afternoon's experiment bearing in mind the
additional weight which will have to be carried,
and the additional draft which must be the con-
sequence. Nevertheless' we cannot but think that
even while making such allowances, the speed
attained during these preliminary proceedings will
be generally regarded as in every way satisfactory.
A declaration not very extravagant, we conceive,
when the rather startling facts of the case are pre-
served in our recollection. It was expected by
many that the highest speed capable of being
attained by the Duke of Wellington would be
about eight knots an hour, and this according to
a rather prevalent supposition ; instead of which,
ten knots an hour was the actual average of the
six runs made ou the 11th instant along the mea-
sured mile at Stokes' Bay—ten knots an hour by
the largest war-steamer in the world—a speed
really surprising, all things considered, and cer-
tainly beyond even our most sanguine anticipa-
tions. In fact, the average of knots per hour are
given as subjoined :

10.022 I 10.187 I 10.100
Remembering the importance of the trial made,
the detailed particulars, as given in the semi-offi-
cial report already published in our columns, are
not undeserving in this place of careful repeti-

MONEY. MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TTVO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 8,000 bales, of which 2,000 were taken
for export and on speculation. Railway Shares
were without alteration in prices.
The return of the Bank of England for the week,
to the 9th inst., was characterised by numerous
changes, the result of the quarterly dividends and
other payments. In the amount to the credit of
Government there was, consequently, a large re-
duction, while private accounts of depositors were,
for the same reason, sensibly increased. The re-
payment of loans made while the transfer books
were shut, caused a large diminution in the item
of other securities, but while the circulation of
notes was brought out by th• dividend payments,
there was an addition to the bullion owing to the
arrivals of specie from abroad. Compared with the
previous week, the changes are as follows :

Active circulation
Increase
Bullion
Increase
Rest

Decrease
Public Deposits
Decrease
Other deposits
Increase
Seven-day and other Eills
Increase
Goverrimen:; Securities
Increase
Other Securities
Decrease
Notes unemployed
Decrease

£22,976,715
589,545
19,226,334
218,885
3,106,886
529,043
4,733,108
3,501,007
14,933,897
2,243,694
1,469,737
113,047
13,671,382
206,844
14,875,627
1,509,493
10,182,860
343,115

Bills on the principal Continental cities were
taken on barely previous terms yesterday. Paris,
90 days, 25.25 to 27i ; Amsterdam, 11.18/ to 19 ;
and Hamburgh, 13.7/ to 81 ; Trieste improved to
11.6 and 11.10.

The amount of gold exported from London
direct during the week, to Thursday last, was
13,946 oz., and 55,0001., to Sydney, Belgium, &c.
There were also 282,200 oz. of silver shipped,
mostly to India.

The Funds are rather inactive to-day, the specu-
lators being inclined, now they have the account
settled, to wait for the Budget. Consols have been
100/1 / for Transfer, and 100/ for May. The New
Three-and-a Quarter per Cents. have been 1031
and the Three per Cents. 99i to par. Bank Stock
is very firm at 226, and India Stock at 261 to 262.
Exchequer Bills, of June, are ss. to 9s. premium,
and India Bonds 38s. to 435. premium.
Foreign Securities have been well supported, and
with moderate dealings. Spanish 3 per Cents.
bring 48 to ; the New Deferred, 24k to ; and
the Certificate, 64. Peruvian Scrip is up to 67i.
Mexican Bonds have been 28k to ; and Buenos
Ayres, 62. Brazilian 4i per Cents. are worth 1001. ;
Dutch 4 per Cents. have been 97i, and are
now 96k.
The Railway Share Market is flatter, and with
very little doing. Foreign Shares are merely
nominal.

In Gold Mines there is no change, but Agua
Fria are still in demand.

The Land Companies' Shares have been firmer,
and Australian Agricultural are up 2/. to 3/.
The Australian Banks are heavy.

BRITISH FUNDS AT ONE O'CLOCK THIS DAY
(From, the Official List.)
Business done.
Bank Stock
3 per Cent. Reduced Annuities 99i 103
3 per Cent. Consols Annuities
New 34 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860_ 6 1-16 6
India Stock
India Bonds, £lOOO
Ditto, under £lOOO 43 38
Consols for Account
Exchequer Bills lid. June. March.
£1000.... 9 5 . 4
£5OO 9 5 .
Small 9 5
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
Ditto New Bonds, 1829 & 39, 5 per Cent 99,,
Buenos Ayres Bonds, 6 per Cent 62
Chilian Bonds, 6 per Cent. . 103
Ditto 3 per Cent.
Grenada Bonds, Deferred
Mexican 3 per Cent.
Peruvian Deferred 3 per Cent.
Russian Bonds, 4i per Cent. Eli
Sardinian Bonds, 5 per Cant.
Spanish Bonds 3 per Cent
Ditto New Deferred, 3 per Cent 244 a
Spanish Committee Cert. of Coup. not fun 6i P c
Swedish Loan l4 4 dis
Dutch Exchange 4 per Cent. Certificates... 974 ti
HALF-PAST TWO.
-

Consols
Ditto May Account

1001
1001

LLOYDS' SHIPPING-(THIS DA Y.)

LONDON, April 16.—Wind this day at Noon, N.W.,
fresh breeze, and cloudy.
DEAL, April 15.—Wind, N.W. by N. Arrived—Char-
lotte, Valparaiso. Arrived from the River, and sailed—
Doggersbank, for Sydney, New South Wales; Confucius,
for Melbourne. •

FALMOUTH, April 15.—Wind, N. Sailed—Caroline,
Melbourne,
BRISTOL, April 15.—Wind, N.W. Arrived—Victory,
Mauritius.

LIVERPOOL, April 15.—Wind, N. N. W. Arrived—
Avondale, Boston. Sailed— Astoria, Rio Janeiro ; Par-
thenon, New Ork ans ; Saranak, Philr delphia ; Bannock-
burn, Montreal ; Koh-i-Noor, San Francisco ; Proven,
Trinidad • Martha, Barbadoes • Dingo, New Orleans ;
James 'Wright, New York ; Rothschild, Halifax ; Cam-
bria, Sydney ; Countess of Arran, Quebec. The Cathcart,
of Coquimbo, is aground. The Arion, Preston to London-
deny, has b en towed in leaky.
COWES, April 15.—Wind, S. W.
London, for West Indies, leaky.
PLYMOUTH, April N.N.W. Sailed—ln-
diana, Cape of Good Hope and India.
JERSEY, April 14.—Wind. N. W. Sailed—Amelia,
Shippegan ; Shamrock, Gaspe.
CARDIFF, April 15. —Wind, N. Sailed—Stadacona,
Quebec Mellanie, King George's Sound ; Godavery, Cal-
cutta ; John Walla r, Quebec.
WATERFORD, April 14.—Wind, N. to E.N.E. Sailed
—Jemima, Quebec; Amazon, ditto.
HUL'I, April 15.—Put back—Evergreen, for Quebec,
with cargo shifted.

Arrived Naiad,

THE CITY GRAVEYARDS.—On Thursday Lord Palmer-
ston gave notice, under the provisions of the 14th and
15th Victoria, intituled an Act " for the Removal of
Nuisances and Prevention of Epidemics," to the parochial
authorities of St. Edmund the King, St. Nicholas Aeons,
Allhallows the Great, Allhallows the Less, St. Lawrence
Jewry, and St. Mary Magdalen, all in the City of Lon-
don, that on the 14th of May an order in Council would
issue closing the graveyards of those parishes against all
further interments.

-THE STALLS IN TOTTENHAM-COURT-ROAD.—Last night
a meeting of tradesmen carrying on business in Totten-
' ham-court-road was held to receive the report of a de-
putation which had waited on Sir Richard Mayne, in
favour of the Istallkeepers in that thoroughfare who are
under terror of expulsion from their standings. The
deputation said that Sir R. Mayne had received them
courteously and said that the police should not act exe-
cutively in the matter, but if called to aid the Paving
Commissioners, who were the real authorities on this
question, they must do so. For his own part, he was in
favour of a gradual and natural abatement of the obstruc-
tion, by death or removal of stallkeepers whose places
should not be filled -up. This statement was received
with satisfaction by the meeting, especially as coming
after the expression of Mr. Bingham's opinion on the
same side, and it was agreed to canvass the shopkeepers
on the subject, in the hope of making an impression on
the Paving Board.
THE CANADIAN MAIL. —The following notice was
issued by the General Post-office yesterday, viz.—."Mails
for Canada to be conveyed direct from Liverpool, by the
Canadian contract packet, Geneva, will be made up at
this office on the evening of the 18th inst. All letters
and newspapers intended to be sent in such mails must
be specially addressed, by Canadian mail packet.' The
postage upon letters so forwarded will be one shilling for
a letter not exceeding half an ounce, and so on. News-
papers will be free of postage."-
SHOCKING ACCIDENT IN A TRAINING STABLE. In ad
dition to the accident, which the betting at Newmarket
on Thursday last warrants in believing to have happened
to a prominent Derby favourite, in one of the Ilsley
stables, we are sorry to record another of a more serious
nature, which took place there a few days ago, in which
Brother to the Mountain Deer, and, another two-year-old
of The Squire's, under Warrener s care, ran away, and
threw their boys, one of whom had his brains kicked out
on the spot, and the other so severely injured that it is
reported he has since died.
BURSTING OF A STEAM BOILER AND Loss OF LIFE.—
A large waggon boiler,supplying the power required for
driving the machinery' in the spinning-mill of Messrs.
Harrison and Co., of Wilburn-street, Regent-road, Sal-
ford, near Manchester, burst on Thursday at noon, and
killed an unfortunate workman who was sitting near it.
The hands were all at dinner, and the machinery was
consequently at rest when the accident happened, or
the loss of life would have been much greater. The
boiler appears to have been constructed for low pressure,
and it was not worked at more than 81bs. to the square
inch ; but the accumulation of steam was sin h that the
bottom proved inadequate to withstand it, and a large
rent is visible in it in front, over the rivets. The boiler
itself was not displaced from its seat, nor was any por-
tion of the engine-house at all injured ; but wh€n it
escaped, the steam seems to have ascended with great
velocity, and to have lifted off part of the roof of a
blowing-room above, and to have thrown down the
whole of that end of the building without even damaging
any of the remaining windows. Three children in an
adjacent playground outside the mill were injured by
the falling bricks, but not dangerously. At the time of
the rupture, Richard Williamson, a warehouseman, was
sitting in front of the boiler, eating his dinner, and he
was scalded to death by the steam and hot ashes which
were forced out of the fireplace. He was found lying
upon the coal-heap quite dead, after the smoke, steam,
and dust had cleared away.