The Sun.
London, England, 1854-05-09 00:00:00

THE SUN, LONDON, TUESDAY EVENING, MAY 9, 1854.

Sea Stock should be sold for the benefit of the
tax-paying community. We are, therefore, not
merely to bear the increased outlay, but to
liquidate eight millions of debt, which we
were not called on or required to pay.
How, then, is this to be done ? How much
does he ask to be raised from the already over-
burdened people? No less than 10,157,0001.
sterling !1 or, 6,850,0001. ! ! ! beyond the in-
crease already sanctioned. More than ten millions
sterling put on the industry of the country at
one fell swoop, and, as we maintain, without any
excuse or justification. It is too bad—the mere
figures are sufficient without looking further. But
what are the exact figures ? The Income Tax is
to he permanently doubled. The charge
that was to be entirely wiped out because
it could not be rendered equitable, is
to be not merely perpetuated, but doubled !
and that without an effort to approximate to jus-
tice, or make it in any degree more tolerable.
Here is six millions and a half—or nearly two-
thirds of the amount at once. Then comes an
increase of the spirit duties in Scotland and Ire-
land-Is. per gallon in the former country, Bd. in
the latter. The smuggler and the illicit distiller
may thank the Honourable Gentleman—for
they alone will reap the profits of the
change. 450,0001. will, it is supposed, we
believe erroneously supposed, be received
from this source. Then comes an addition
to the sugar duties, an increased tax on the
" corn of the tropics," which will prevent the
use of that cheap and wholesome luxury to many
of the working classes. 700,0001. will, it is an-
ticipated, be derived from that change. We
greatly doubt the fact. The remainder of the
fund is to be made up by the augmentation of
the malt duties by nearly 50 per cent., or, in
other words, an increase from 2s. 9d. to 4s. per
bushel. This is to give 2,450,000/. increase. Again,
we doubt whether these anticipations can be
realised. The scheme, however, is not to be dis-
cussed in Parliament until next Monday, and
before that time we shall have abundant oppor-
tunity to consider it in all its details. We have
for the present said enough to show that it is not
deserving of acceptance, nor its author of a con-
tinuance of the confidence which he has so grossly
abused.

PROPOSED RESOLUTIONS RELATING TO
hXCHEQUER BONDS AIV D EXCHEQUER
BILLS.

The following were the resolutions moved by the
Chancellor of the Exchequer, last night, in Committee
of Ways and Means :-
1. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds bearing interest at 31.
10s. per cent, per annum, to be paid off at par on Bth May,
1858, for any sums not exceeding in. the whole 2,000,0001.,
which may have been subscribed for at a price not less than
981. 15s. per cent. to be paid in Exchequer-bills at par or in
money at 1001. ls. for every 1001. so subscribed.
2. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds at the like rate of in-
terest, to be paid off at par on Bth May, 1859, for any sums
not exceeding in the whole 2,000,0001., at any prices and on
any terms of subscription determined upon by the said Com-

missioners.
3. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bonds at the like rate of in-
terest, to be paid off at par on Bth May, 1860, for any sums
not exceeding in the whole 48,5001., which may have been
subscribed for at a price not less than 981. per centum, to be
paid in Exchequer-bills at par or in money, at 1001. Is. for
every 1001. so subscribed.
4. The interest for all such Exchequer-bonds shall be
payable half-yearly, and shall be charged upon and issued out
of the growing produce of the Consolidated Fund of the
United Kingdom.
5. That such parties as have subscribed for any such ex-
chequer-bonds,
and shall have made a deposit of 101. per
centum on the Bth May instant, and shall pay the further in-
stalments in completion of the price at the following tunes,
viz.:-
301; per centum on the 9th Juno next ;
201. per centum on the 11th July next ;
201. per centum on the Bth September next ;
And the remaining 20/, on the 17th October next, shall, oni
completing such payments, be entitled to the bonds for which ,
they have severally subscribed ; and that interest at the rate
of 31. 10s. per centum per annum, from the day of payment up
to the respective days on which the instalments fall due, shall
be paid to such parties as shall desire to pay the instalments
at an earlier period.
6. That the Commissioners of her Majesty's Treasury be
authorised to issue Exchequer-bills for sums not exceeding
in the whole 2,000,0001.
7. That in case Exchequer-bonds be not issued for the full
sum of 4,000,0001. then the Commissioners of her Majesty's
Treasury be authorised to issue Exchequer-bills to such fur-
ther amount asrwith the total amount for which such bonds
shall be issued, will make up the whole sum of 4,00,0001.,
authorised to be raised by such bonds.
S. That the Commissioners of her Majesty's Treasury may

issue and apply from time to time all monies received in rg,spect
of the subscriptions for such Exchequer-bonds, and all Exche-
quer-bills to be issued as aforesaid, to such services as have
been or shall be granted by Parliament.

CUSTOMS UPON SUGAR.
The following is the resolution to be reported this even-
ing, relating to the Customs upon Sugar : " Resolved,
That towards raising the supply granted to her Majesty, there
shall be raised, levied, collected, and paid on after the 9th
day of May, 1854, an additional duty after the rate of fifteen
pounds per ceutum upon the produce and amount of the
duties of Customs upon Sugar, which are now due and pay-
able to hor Majesty, and are collected in the United King-
dom under tho management and direction of the Commissioners
of her Majesty's Customs."

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 1,000 American
taken for export and on speculation. Prices of all
kinds were without change. The supply of all
qualities under Sid. per lb. were large, above that
price desirable lots were scarce. The sales com-
prise 5,000 American, 360 Pernani and Maranhana.
at 6d. to 7d., 60 Bahia at 61d., 250 Egyptian at
6d. to mid., and 1,000 Surat at 3d. to 3/d. per lb.
Railway shares were dull at lower prices.
By the steamer American there are dates of April
25 from New York. Stocks were drooping again,
although money continued tolerably easy. The
specie shipment of the week was nearly a million
and a half of dollars, being the largest this year.
The letters and papers by the steamer from the
Cape of Good Hope have been delivered, and state
that breadstuffs, wines, and spirits were in demand
at Port Elizabeth. A subscription had been en-
tered into to test the gold field at Smithfield. The
abandonment of the Orange River Sovereignty to
a number of persons, termed the "new govern-
ment," excited much dissatisfaction among the
inhabitants.
The Mauritius accounts refer in most encourag-
ing terms to the condition of the young canes.
The financial plans of the Chancellor of the Ex-
chequer, as developed last evening have been the
absorbing theme this morning, and opinions of
course are as various as usual in such cases. The
increased taxation is not very palatable, and the
mode in which it is to be effected will excite oppo-
sition, but if new loans are to be avoided, fresh
burdens are inevitable. _

The English stock market has been decidedly
better this morning, and the fact that no new loan
is contemplated, renders the Bears more anxious
to prepare for the settling day, whatever opinion
they may have of the future, and however general
the impression that the demand for specie will con-
tinue. Consols have been 87i to 87i for transfer,
and 871 to 87i for account. The New 3i per
Cents. have been 87k to 87k, and the 3 per Cents.
8C to Exchequer Bills are is. dis. to 2s. prem.
East India Bonds have been at 233. The business
done has been of a very limited character, as re-
gards all securities.
In the foreign market there is no movement of
importance. Spanish New Deferred Bonds have
been done at 17i, and the 3 per Cents, at 36g.
Mexican Stock has been at 23k, and Peruvian 3
per Cents. have been quoted 44, There has
been a bargain in Russian 5 per Cents. at 93 to
93k, being comparatively a high price still.
Dutch 2i per Cents. have realised 58i to 58k.
Brazilian Old Bonds have been dealt in at 96.

The English lines of railway have rallied a little
after the decline of yesterday, and with more busi-
ness doing. Great Northern B. Stock, Great
Western and Midland, have been principally
dealt in. North British have been rather lower,
and Eastern Counties are flat. French Shares are
nominal, and in the other foreign lines very little
is doing.
In the gold and other mining shares, there have
been but few transactions. The Joint-Stock Bank
Shares have been rather in favour of buyers.
The Land Companies' shares have been dull,
Crystal Palace steady, and the miscellaneous shares
quiet, at about the previous rates.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( From the Official List.)
Business done.
per Cent. Reduced Annuities B6s
3 per Cent. Conso's Annuities B7g g
New 31 per Cont. Annuities B7i
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan.,1860 4i
India Stock
Consols for Account 11th May
Exchequer Bills, 2d.
£l000
Small par
PRICE OF FOREIGN FUNDS A'T ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
exican 3 per Cent.
Peruvian 3 per Cent.
Russian Bonds, 1822, 5 per Cent.
Sardinian Bonds, 5 per Cent..
Spanish Bonds, 3 per Cent
Ditto for the Account 36i
Spanish New Deferred, 3 per Cent. l7i
Dividends on the above payable in London.
Dutch Exchange, 2. per Cent. 12 Gull sBik
Ditto 4 per Cent. Certifieates
HALF-PAST TWO.
87i

Consols
Ditto May Account

LLOYD'S SHIPPING-(THIS DAY.)

LONDON, May 9.—Wind this day at Noon, N.W. ; ligh
airs, and cloudy, with rain. There has been a sligh
thunderstorm this morning.
OFF MARGATE, May B.—Cuba, from Porto Rico.
COWES, May B.—Wind, S.W. to W. Arrived—Olivier
van Noard, from Callao ; Diolinda, Monte Video, and
both sailed for Antwerp ; Erbprinz Frederick August,
Porto Rico.
OFF DOVER, May B.—Wind, S.W.—A. Lorazza, from
Singapore, for Hamburgh.
FALMOUTH, May B.—Wind, W.S.W. Arrived—St.
Jago, from Cuba. Off Port—Theodore, from Valparaiso,
and sailed for Hamburgh.
SWANSEA, May B.—Wind, S.W. Arrived—La Serena,
from Coquimbo.
HULL, May B.—The Industrie, from Memel, arrived
here yesterday a prize to H.M.'s steamer Conflict.
MlLFORD.—Arrived—Mars, from Cardiff, for London,
leaky.
SOUTHAMPTON, May B.—Arrived—Orinoco (s), Constan-
tinople. Sailed—Tagus (s), Gibraltar.
LIVERPOOL, May B.—Arrived—America (s), Boston,
with 105,000 dollars.
SHIELDS, May B.—Sailed—Betsey, Valparaiso ; Pomona,
Quebec ; Emma Tully, do. ; Sarah Milledges, do. The
Jarrow, screw collier, was in contact with the Handy, of
Jersey, when the former lost bowsprit, etc.
CARDlFF.—Sailed—Excel, for New York.
MEMEL, May 4. The weather is very fine and warm.
Wind, S.E. to S.W. ; 14 ft. of water on the bar. ll.M.'s
steamer Conflict left yesterday afternoon ; and S.M.'s
steamer Cruizer arrived yesterday afternoon, and remains
at anchor in the roads.
ST. HELENA, May 4.—The Ariel, from Mauritius to
London, arrived here on the 16th March, making 3 ft. of
water per hour, has discharged, boon surveyed, and recom-
mended to be condemned.
HAVANA, April 13.—The Orlando, Matanzas to Cowes,
with sugar, which went ashore on the Bahama Bank, Feb.
27 and was assisted off, was ordered to be taken into Nas-
sau, after being lightened—in crossing the bar of the latter
place, March 30, she struck and sank. A portion of the
cargo has been saved, and some badly damaged.
PIRATES.—SMYRNA, April 27.—The British brig Sarah,
from Trieste, was boarded by pirates at Alatza.tra (Straits
of Scio), about two hours after anchoring there, and strip-
ped of provisions, cabin furniture, &c. A Dutch galliot is
reported to have been picked up off Andros, abandoned
and pillaged, and has been taken to Syra. The Dutch war
schooner Macassar sailed yesterday for Syra in conseppnce.
PORT ELIZABETH (Algoa Bay), March 17. -The .a.athe-
rine, Gwlladys, hence to Liverpool, was wrecked on the
Roman Rock, near Bird Island, Feb. 27.
CAPE TowN (Cape of Good Hope), March 27.—The
Himalaya, Calcutta to Havre, was assisted in, 20th inst.,
with loss of topmasts, etc., in a squall. The Euphemis,
Bombay to London, with loss of mainmast, fore and nizen
topmasts, etc., in a gale—was spoken March 17.
MAURITIUS, March 17.—The Brutus, from Calcutta, pu
in 3d inst., leaky, and is discharging. The City. of Palaces,
from Calcutta, put in 20th Feb., leaky, and with part of
cargo thrown overboard in a heavy gale, 7th, Bth, and 9th
Feb., in 12 S., 70 E.
ST. MICHAEL'S, April 22.—The Arrogante, Rio de
Janeiro to Trieste and Corfu, arrived here 17th inst., short
of water and provisions, and received pratique under sail,
but has been detained by the civil authorities, and the
' master arrested for an alleged infringement of the laws
upon his last voyage hence to Rio Janeiro.

(BY SUBMARINE AND EUROPEAN TELEGRAPH.)
GRAVESEND, Tuesday, 9.55 a.m.
Wind, S.W.; tide, three-quarters flood ; weather,
cloudy, with slight rain.
Arrived, Bth—Elspeth, from St. Lucia; Waserdmeching,
Galatz ; Arab, Porto Rico.

DEAL, Tuesday, 9.15 a.m.

Wind, W., fine.
Passed.—Reserve, from Jamaica ; Emma, Mauritius ;
Arnon, Launceston ; Genoa, Measina—all for London.
Sailed—Jane and Ripa, both for the river.

LATEST FOREIGN NEWS.

THE WAR.
ARRIVAL OF LORD RAGLAN AT
CONSTANTINOPLE.

" CONSTANTINOPLE, April 30.—Lord Raglan has
arrived here, and the unpleasantry in which the
Porte was involved with the French Ambassador
has been satisfactorily arranged.
" The demand of General Baraguay d'Hilliers
has been conceded, and an apology for the delay
has been made to him on the part of the Porte."