The Sun.
London, England, 1854-06-13 00:00:00

impatient, in tones of reproach and reprehension.
Why we have been told the same thing ever since
the conflict with Russia was recognised as un-
avoidable by a reluctant Government. We
have been told to wait, and we have waited
hitherto—England has waited up to this mo-
ment with exemplary forbearance. With a
doubled income tax and an increase of the
annual taxation to the tune of 10,000,0001.—.
with almost all our available troops shipped off to
the seat of war, and the Militia peremptorily
called out, increased, and re-organised—with an
enormous fleet in the Black Sea, and a still more
powerful one in the Baltic : and all the while
—with June arrived, and the Russian forces
not yet beaten back across the Danube,
much less across the Pruth, and the Muscovite
batteries still uninjured at Cronstadt and Sebas-
topol ! _ _

(14 ki 1.0 17"
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COMMERCIAL INTELLIGENOE.

CITY, TWO o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, including 500 American,
100 Bahia, and 500 Surat were taken for export.
The market closed tamely with a tendency in
favour of buyers. The sales comprised 3,000 Ame-
rican, 50 Pernam and Maranham at 6/d. to 6 d.;
360 Bahia at 61d. ; 200 Egyptian at Go. to 7 d. ;
1,200 Surat at 3d. to 41d., and .80 Sea Island at
is. to ls. 10d. per lb. Railway Shares were dull.
The ship Neleus arrived from Melbourne, does
not bring dates later than March 11. She has gold
to the amount of 52,913 ounces. The Woolloo-
mooloo, which arrived yesterday, brought 8,793
ounces. There are now on the way from Sydney,
the Anglesea with 4,262 ounces, the Waterloo
with 1,631 ounces, the Herefordshire with 400
ounces, and the Prince of Wales with 100 ounces.
These are in addition to the other vessels formerly
noted as having left the Australian ports in Feb-
ruary, and many of them not yet arrived.
The crew of the ship Tubal Cain set fire to that
ship outside Port Philip Heads, on the night of the
3d of March.

Everything considered, we do think that there
is reason for regret among the masses of the Eng-
lish community at this reiterated or protracted
disappointment of their nobly-sustained and mag-
nanimously-sanguine anticipations.

The great punctuality which Brazil has ever
exhibited in the payment of interest upon its debt,
gives it a high character in Europe, and shows that
whatever disturbances have arisen in the provinces,
its Government must have the elements of sound-
ness and popularity. There is less known of this
large empire than many of the smaller states, and
a publication just issued under the title of Brazil, the
River Plate and the Falkland. Islands, by Mr.
William Hadfield, many years resident there,
enters into every topic that can be conceived to be
of interest. The work becomes additionally inte-
resting, as containing the South American sketches
of two diplomatic functionaries, namely, Sir W.
Gore Ouseley and Sir Charles liotham ; the latter
furnishing much new information relative to Para-
guay and the region of the Amazon. Great changes
have within the last few years been established in
the habits of the planters, who are now much more
approximating to the customs of the older coun-
tries. In the year 1808 there was not a printing
press in the country, but now no large town is
without its journal, generally well conducted,
and there are educational establishments in all
the Provinces. The difficulty of procuring
labour is a great drawback, and the immigration
of free labourers appears to be the only means of
alleviating it. There are vast regions in the Bra-
zils where outdoor labour is practicable to natives
of Great Britain; but Coolies from China would in
the other districts better answer the purpose. By
the side of slavery, however, free labour can never
prosper, consequently the introduction of the one
must lead to the decline of the other. The imports
and exports of Brazil are upon an important scale,
and the imports from Great Britain amounted in
the year 1852 to nearly 3,500,0001. The national
debt appears to be about seven millions sterling,
but the income is fully equal to all charges, and
there is now a good surplus. Upon this, and many
other interesting points, no work can be so use-
fully consulted as Mr. Hadfield's.
There is a flatter market for Public Securities,
the paucity of business being as much the cause of
this as anything else. Consols have been 91 to
91,} for the opening, ex dividend, which is / to g
per cent. worse than yesterday. The New 3/ per
Cents. have been at 91a to 92, and the 3 per Cents.
at 91i to Bank Stock is firm at 204 to 206. Ex-
chequer Bills are par to 4s. premium. The scrip
of the New Bonds has risen to g premium.
In the Foreign market there is an entire pause,
and the quotations are merely nominal. Russian
5 per Cents. are not so high as they were a few
days since, having been marked 99i. Swedish 4
per Cents. have realised 86k. Dutch 4 per Cents.
have been 89g. Brazilian Small Bonds have been
quoted par.
Forßailway Shares the market is declining, being
affected by the heaviness of the other securities,
but the sales are not at all numerous. London
and North Western have receded about 10s. ;
Brighton, 15s. to 11. ; Great Northern, 10s. ; and
the Caledonian and Great Western in about the
same proportion. The French lines have been
steady, without any appearance of animation.
Namur and Liege have improved.
The Mining Market is rather better for United
Mexican, and one or two other of the foreign shares,
but the gold shares are still neglected.
The Joint Stock Bank shares have been dull,
but Australasia have been done at a slight advance.
The Crystal Palace shares are again rather flat-
ter. The Peninsular and Oriental shares, owing
to the non-declaration of a dividend, have receded
2/. to 44

The Stamp Duties Bill has passed through Com-
mittee of the House of Commons, but not with-
out serious opposition. The proposition for sub-
jecting Foreign bills of exchange to these duties
was most strenuously resisted. A division was
taken, in which no less than 110 Honourable
Gentlemen voted in the minority against the
clause which, if rejected, would have led to the
withdrawal of the entire measure. Fortunately,
however, the attempt was defeated, and the bill,
which is as expedieht as it is equitable, went
safely through its most trying ordeal, and we may
now venture to look forward confidently to its
complete and unequivocal success.
The most extraordinary part of the proceedings
was the assertion that the much-required altera-
tion was opposed to the principles of Free Trade,
and that it therefore might be regarded as a retro-
grade movement. Never was there a greater mis-
take. There might be some foundation for the
statement if a duty was for the first time about
to be imposed on all negotiable securities—if
every commercial transaction was to be subjected
to an ad valorem tax, although that tax amounted
to only Is. per 1001., or 1-20th per cent. But
when the alteration only went to equalising the
duty on all bills, without reference to their
origin, when it was merely a revenue question,
placing foreigners and natives precisely on the
same footing, it seems ridiculous to say that the
removal of an unfair and unreasonable exemption,
enjoyed by one class at the expense of another, is
an undue interference with the freedom of trade,
or the creation of a new and onerous restriction
on commercial transactions.

rr r 7 1.,4" ) w
L L., a. ii 11? VL.
"A"

Putting aside altogether the question of re-
venue for the time being, it was incumbent on
our Financial Minister to adopt some stringent
regulations against a fraud that was proved to be
of almost daily occurrence in the City of London,
and which was also probably practised exten-
sively in other parts of the United Kingdom—a
fraud, too, which not only affected the revenue,
but innocent holders for valuable considerations
of these spurious dccurnents. Our readers can-
not forget the sensation excited towards the close
of last year by the revelations made in the Court
of Bankruptcy, as to the concoction of bills
which were proved to be drawn as well as accepted
in this country. The fact that an innocent
holder could not prove a debt, or recover on such
a bill, although ignorant of the blot, and firmly be-
lieving that it was perfectly regular in every respect,
might have led to results far more injurious to
our foreign commerce than the trifling stamp
which will be required on all bills, no matter
where drawn, which may be discounted in this
country. It would have excited suspicions that
would, in many instances, have partially prohi-
bited the negotiation of such securities, and thereby
inflicted serious injury on those who received pay-
ment for their consignments by such means. So
far, then, as public policy and expediency are con-
cerned, Mr. GLADSTONE has conferred a valuable
boon on the parties more immediately concerned,
while he has, at the same time, made a hand-
some addition to the public revenue. Generally
speaking, a Financial Minister has but a choice of
evils. He must make up his mind to bear the com-
plaints and remonstrances of those whose pockets
he is attacking. Here, however, he avoids that
difficulty, and finds a class almost as willing to
pay as he is to receive.

THE WAR.
THE SIEGE OF SILISTRIA.

But the removal of the exemption was no less
required by equity than by expediency. We need
not say that we are no advocates for protection in
any shape or form, directly or indirectly. Fair,
open, and unrestricted competition is what we
desire to see ; and we add, the honest hearty
English aspiration, that "the best man may win"
in the generous rivalry. While, however, we
earnestly and emphatically repudiate any undue
advantage for ourselves, we must also distinctly
and unequivocally protest against being subjected
to any impediment or burden from which our
rivals are exempted, but no further will we join
the most strenuous advocates for " justice to
British industry." All we ask is " a clear
stage and no favour ;" but that we demand as a
right, and will exert all our energies to obtain.
Now, the " sinews of commerce," the very
" life-blood of industry," is money. Without an
ample supply of " the representative and measure
of value," every transaction would be clogged
and impeded. It is indeed the " material" that
lubricates the wheels of trade, and makes them
run smoothly and evenly along the occasionally
rugged path which it is required to traverse. We
are obliged to economise the indispensable com-
modity as much as possible, owing to the unwise
and impolitic regulations of our monetary code.
For this purpose cheques and bills of exchange
are largely resorted to. The latter are used in
almost every credit transaction. They possess
many advantages in this respect, for they at
once fix a time for payment with greater
certainty than could be done as to mere
book debts, while without doing a par-
ticle of injury to the purchaser or acceptor,
by whom the amount is ultimately payable, they
enable the vendor or drawer to realise his assets,
and, on payment of a comparatively trifling sum,
to anticipate the period of payment. A keen
competition, however, exists for the means of
doing so. We hear of the extraordinary benefits
of an easy state of the money market, or, in other
words, of an abundant supply of banking accommo-
dation, where every unexceptionable business bill
will be discounted at a moderato rate, while the
evils resulting from a " tightness in the market"
and the " stringent application of the screw"
have been so often deplored that it would be an
act of supererogation to expatiate on a matter so
universally known. For the advantages above
referred to the nation has charged a cer-
tain price in the shape of a stamp duty.
This was exceedingly onerous on small transac-
tions, while those of large amount were compara-
tively trifling. But, heretofore, all bills drawn
abroad were exempted from any tax, and the
foreign merchant was permitted to compete with
our own for the banking accommodation so ur-
gently required, but without being exposed to the
same burden. There was a burden on our
home trade from which the foreigner was altogether
free. This was neither just nor equitable. Mr.
GLADSTONE has nobly stepped forward to remedy
the grievance, and also to equalise the charges
on every transaction, or rather to render them
proportionate to the amount of the transaction.
For this laudable attempt he is entitled to the
thanks and gratitude of the country. We are as
willing to bestow praise where it is merited as we
are ready to censure where that is called for. We
rjothen, to find that so far success has the exertions of the Right Hon. Gentle-
man, and we have no doubt that hereafter his
brightest financial laurels will be bestowed for his
great improvements iu the stamp laws, more espe-
cially those relating to bills of exchange, foreign
and inland.

The Ost Deutsche Post of Vienna of the Bth
says —"The siege of Silistria still continues with-
out the occurrence of any important events. The
Turks every day male sorties in order to destroy
the works of the besiegers. The fort of Ab-dul-
Medjid must be taker. before the fortress so called
can be attacked by the - centre of the besieging
force. The fort of Ald-ul-Medjid is mounted by
60 guns, and surrounded by a triple wall in ma-
sonry, and occupied eight months' constant labour
in its construction. On the left of it are two
towers with which it communicates. If the fort
were to be taken the garrison could readily retire
into Silistria, by a covered way which leads into
the place."

PERlL—Advices from Peru mention that nearly a
hundred persons had just left Lima on gold-searching
expeditions among the mountains of the interior. From
Mexico it is stated that the news of the ratification of
the Gadsden Treaty by the Senate at Washington had
reached Vera Cruz on the 11th of May.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( From the Oficial List. )

Business done,
Bank Stock
per Cent. Reduced Annuities 9li
3 per Cent, Consols Annuities . . ,
Now 34 per Cent. Arnuities 913 2 13
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan., 1860 4 9-16
Consols for Opening 19th July
Exchequer Bills, 231
£IOOO
11500 par 4 p
Small 4 2 5 1 p
Exchequer Bonds Scrip p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.

Brazilian Bonds, 5 per Cent. —
Ditto Small

Russian Bonds, 1822, 5 per Cent. £ St 991
Swedish 4 per Cent. .......
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Guil
Ditto 4 per Cent. Certificates..,~,
HALF-PAST TWO.
Consols for Opening 19th July ..... 91 1 x d

THE SUN, LONDON, TUESDAY EVENING, JUNE 13, 1 R 54.

wards the middle of the mountains the trees are

I)nrc, arid :a little. 11,;yon,1 liav,.; no fol::,gc
all. Then the species changes from elm and oak
to pine and larch, which at first runs with and lights
up the other trees beautifully, and afterwards in
a thick black fringe have all the top to them-
selves. Mountains such as these occupy either side of
the gorge, their tops a mixture of black pine and snow.
Towering beyond, in the centre of the whole view, are
huge peaks of unbroken and perpetual snow ; the whole
is a glorious combination of summer and winter—beauty
; and grandeur. The fort of Gagri had evidently been
evacuated in a hurry, as the Russians had left their ord-
nance stores there. I counted thirteen 9-pounders quite
new, and there are also several 10-inch mortars and
howitzers, besides many piles of shot and shell in the
best condition. Their principal missile seems to have
been caseshot ; the whole place was strewed over with
old canisters and iron balls of this description ; one
storehouse was entirely filled with the latter, to be
fired from the 10-inch mortar. The fort is a square,
with bastions at the angles, and there is a block-house
at some distance from it up the valley to command
the passage. We did not anchor,- and our stay did
not exceed half-an-hour. A number of Circassians
were sitting on the remnants of a cheraux-de-friae,
and welcomed us gladly, but advised us not to go far up
the valley, as their brethren on either side not knowing
what to make of us, would probably fire. They had col-
lected in some numbers as we left, and as we shoved off
ali fired their rifles together, as a parting salute, which
we acknowledged by tossing oars to them. As the Cir-
cassians do not understand any sort of warfare but their
own, all the military stores should be taken and given
to the Turks to make strong their towns upon the Black
Sea. The evacuation had been so recent that frag-
ments of books and other small wares were strewed
around. After leaving Gagri, we passed the town of
Paposi, and skirted the coast of Imeritia ; its occupants
are Christians of the Greek Church. and are favourable
to Russia, their chief receiving 20,000 dollars a year.
Some people theorise that local scenery influences the
minds of those who dwell amid it ; these people should
be the noblest nation on earth. The mountains have
retired from the water's edge, and between them and
the sea is a plain some miles across, upon which
the trees and verdure are luxuriantly beautiful ; smoke
arises here and there, as if agriculturists were at work,
and distant houses of wood are bathed in the 1-rightest
sunlight. This is summer—winter approaches half-way
up the mouatains, its boundary again marked by firs
and pines and stray snow-patches in the ravines ; again,
there is a splendid black forest of firs, many miles in
length along the mountains ; above this fir-tops are seen
struggling through the snow ; above is winter indeed in
all its dreariness and fierceness. The immense quantity
of snow is perfectly dazzling ; it lies in one thick un-
broken mass extending high up into the heavens, except
where abrupt precipices and rocks will not allow it to
remain on their perpendicular surfaces ; and peak upon
peak, as fantastic as the most insane artist could desire,
follow in rapid succession. In steaming along the coast
we passed a Russian monastery embowered in trees ;
one monk alone had taken up his quarters there, as it
had not been finished ; it
.is now deierted ; its circular
green top, crowned by a gold cross, has a pretty effect.
" In passing Paposi five guns were fired thence as a
salute, a gun to each ship (Agamemnon, Charlemage,
Highflyer, Sampson, and Mogador), which was duly
returned by the Agamemnon, which ship bears the flat.
of Rear Admiral Sir E. Lyons. We have had some
curious effects of mirage ; the Agamemnon greatly in-
creased in height, now becoming all white, then all black,
and then surrounded by a thin white stripe, which con-
tinually changed its position ; the Charlemagne appeared
to sink lower and lower in the water, until nothing re-
mained but her hammock nettings; after which proceed-
ing she suddenly grew to twice her height, and then dimi-
nished once more. We are rapidly approaching Suchum-
Kaleh ; there is a glorious view of snow androck ; the
former on the more distant mountains appears to descend
almost to their bases; but, notwithstanding snow and ice,
we have below here tremendously hot weather. The
masses of snow are partially lit up by the sun ; in other
places they are partly concealed by cloud ; it is diffi-
cult sometimes to draw the boundar'es of heaven and
earth, for as the evening draws on both are fast melting
into one. One giant peak of porphyry, which shows
the perpendicular rock, presides over the glaciers be-
neath right regally.
"Mar 18.—On nearing Suchum-Kaleh we perceived
the walls were covered with men in the Circassian dress,
eight of them bearing flags of all devices and colours, but
nearly all having upon them the star and crescent. A
beau iful bay, thickly wooded around, forms the entrance
to Such= ; in the centre of this we found 70 tathoms
of water. The wind blew from the shore, and brought
with it a delicious perfume of lowers, and from the ap-
pearance of handsome detached houses scattered around
one sees that Russians and Georgians have lived toge-
gether on friendly terms. About two miles from the town
rises a small hill, covered with buildings, and farms, well
constructed in every respect, nestle at its foot. I began
exploring Suchum yesterday at 10 o'clock. On the
one flank is a battery of gabions and fascines, having
eight guns towards the sea (six of them remaining there,
though jammed up with shot). In the centre is a fur
nace of brick, built with the amiable intention of heat-
ing shot for our reception, for our prisoners tell us that
the whole of the sea defences have been recently con-
structed. At the other flank is the old Genoese castle,
surrounded by a thick wall of great strength and extent.
Here are all the Government stores,; 12 or 14 guns,
ranging from 18 to 30 pounders (the latter are handsome
and serviceable pieces of ordnance), repose upon the
' walls unspiked. Large stores of flour-and wheat were
still burning with a horrible smell ; and shot and shell
of all descriptions are strewed over the ground. Between
these two ports is a long street, containing shops and
houses of wood and stone; from the centre of this street a
spacious road leads to the country. It is well planted with
trees upon the walks on either side, behind which are
cottages built in excellent taste, and covered with roses
and jessamine. We visited the General's house ; his
coach-houses, stables, and kitchens excited our admira-
tion. A little beyond are botanical gardens. I never
saw roses in such profusion as here ; the hedges are form-
ed entirely of them, and they are in full flower ; their
scent fills the whole place. After nearly all the ships
had foraged enormous bouquets, we climbed up to the
houses on the hill I spoke of ; these proved to be an
enormous hospital, beds still remaining there. We sat
underneath large trees in front of the building and
emptied onr pocket-flasks with much gusto, for the heat
was tropical. Here I sketched a Circassian, and gave
him the performance, which caused roams of laughter
and Mashallahs Ve soon got to know how it hap-
pened that the town had not been destroyed like the
neighbouring places. It seems the Russians marched
from the town overland to join the army in Asia ;
but, being too weak in themselves to make the
journey, obtained a larga escort of Georgians,
the price of their service being the town of
Suchum, the Georgians having stipulated that nothing
should be destroyed, except military stores. Their
terms were accepted, and a Georgian detachment re-
mained behind to take care of the place until their
brethren should return ; but our friend Schamyl had
also kept his eyes open, and immediately upon the eva-
cuation of the town by the Russians and Georgians, sent
a lieutenant with a body of Circassians (some say 500,
others 2,000) to take possession. In consequence dis-
putes ran high between Georgians and Circassians (the
former Christians) at Suchum-Kaleh ; the one party say
they shall occupy the place and keep it, and the other
that they have earned it ; the returning Georgians, how-
ever, are but one day's march from the scene of dissen-
sion, and most likely Suchum-Kaleh will be a prize well
fought for. Schamyl's lieutenant had left for Batoum to
communicate with the Turks. On leaving Suchum-
Kaleh, we made acquaintance with the highest peaks of
the Caucasus, which run inland, and were left behind
before approaching Redout-Kaleh. We have been for-
tunate in the clear atmosphere, hot as it has been. This
morning the view of the wildest part of the Caucasus
was grand in the extreme. The highest peak (8,000 feet)
was in sight, its surrounding neighbours forming with
it a magnificent snow landscape, which I shall never

We had been told that Redout-Kaleh was deserted
by the Russians. On arriving at the place the Admiral
hoisted a large Turkish ensign, but no notice eas
taken from the shore, not even a red pocket handker-
chief was shown in our honour, and people were seen
riding about on shore, carryingc, lances of a most suspi-
cious Cossacky appearance. The fleet proceeded to
Nikolai (Shefkatil), where we anchored, and the admiral
went on shore, and after a conference there we got
under way again, and are now anchored at Zuluk Zee,
where there is a large Turkish camp, whence we are
to take a body of Turkish soldiers to occupy and
take Redout-Kaleh, which, as we suspected, is still
in the hands of the Russians ; the marines and marine
artillery of the fleet are prepared to land with the Turks
to attack the fort by land. The ships have been busy
in bringing off the Turks, to the number of 1,000. These
soldiers are excellently armed with French muskets ;
their clothing is not good, being both patched and in
holes, and they are heavily laden with large knap-
sacks, but, notwithstanding their having been encamped
for seine months in a most unhealthy place, they are
generally hearty and strong, thickset fellows, and of
capital fighting material. Their officers are very so-so,
and treat their men harshly. Zuluk Zee boasts a bazaar,
a long narrow street filled with dirty little shops. There
are great numbers of sick in the hospital, for here,
as at Suchum, fever, ague, and consumption do their
wo;

" MAY 22. And now to give you an account of
our adventures at Redout-Kaleh. We reached that
place at about four o'clock, and, before doing so saw
hosts of Georgians, mounted, intermingled with Cos-
sacks, and riding hard along the beach into the town ;
and, standing about the parapet of the fort, could
distinguish eight or nine Russian officers by their
uniform. The Admiral immediately sent a flag of
truce, requiring the immediate evacuation of the place.
The officer in command replied that the Prince was
two miles distant, and it was necessary to communicate
with him on the subject. Upon this the boat waited
for a quarter of an hour (five minutes longer than agreed
upon), then shoved off, and, making signal to the ad-
miral, "Have received no answer," pulled out. They
were ordered back, however, by signal, to remain an-
other quarter of an hour ; but, upon again reaching the
shore, no one was to be seen—officers, Georgians, and
Cossacks all having disappeared as if by Tagio. On
this being made known, the Agamemnon immediately
opened fire, the Turks were got into the boats, and as-
sembled near the Simpson, with a few gun-boats to cover
them, and waited until ordered to approach, but, as the
first shot was fired, a thick mass of smoke began to
vise from the town, and soon afterwards I counted
ten such ascending straight into the clouds—in short,
the Russians had fired the town, a 4 right well
had they commenced their work. The old Caucasus, who
shone against the sky with all his snow peaks without a
cloud, eehoed loudly the cannonade of the Agamemnon
and Charlemagne, and the gunboats and Turks advanced
and disembarked, having but one gun fired at them from 4