The Sun.
London, England, 1854-03-31 00:00:00

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TIIE SUN, LONDO
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4.y.) I MARKET NEWS—(THIS DAY.) ' SHARE MARKETS. LINES LEASED AT FIXED RENTALS.
. —....—.0„.--... .
CORN EXCHANGE. (THIS DAY.) shr. Paid. Rittman. Leasing Closing Prices Business
Compans. thisflay. this day.
The quantity of English wheat on sale in to-day's mar- .is -
,vino failed ket was very limited, but in good condition. All kinds
BRITISH RAILWAYS. . t--....—.....
sold readily, at an advance in the prices of Monday last a 50 all Bedford and London &
The sum- from ls to 2s per quarter, and a good clearance was ----a—a--
5SOt. 100311 '-'E'
its, one of ' effected. Bletchloy.... N. West. ••• ...
St. 100 Buckghamsh. L.&N.W. ... ...
Shr. Paid. RAILWAYS. Closing Prices Business done
We were extensively supplied with foreign wheat ; this day. this day. il.yLdiens
t was only nevertheless the inquiry for that grain was rather active, .....-- '
20 21 201 1 6 per cent. 'Gt.Nrthu. 130 —HO 125
at from 2s to 3s per quarter above Monday's currency.
There was very little doing in floating cargoes, owing to St. 100 Aberdeen.. ............ 25 all Glas. Barr. & Caldonian.
I summon Neils. Direct ... —.
cdoalineJger.. Caledon.., .„.
...
the high pretensions of boiders. 20 8,, Anib Nottng. Bost.
25 Do
all Do. New...
There was an improved inquiry for barley, the value of 4 41 4. 4 i x d
and Eastu. Junct...
25 all Distr.& Dn.Fr Gt. Westn 28 30
a Monday, which had an upward tendency. 50 all Belfast & Ballymena. ... ...
100 all lirtlpl. Dk. & Yk. New.
Although the transactions in malt were limited, pre- 13' all • • Wolverh. & ,
Bulaing. Railway & Berw. ... ...
vious rates were well supported. Stour Valley. ... 71 81
a clerk in ,
50 all thin & Selby Y. &NIVId 100 102
A steady business was doing in oats, at is per quarter 31 28 Birkenll. Lancsh. &
ifirruative. 13 —ll gig 25 all Do. 4 Shares. Do 5O —52
advance on Monday's prices. Cheshire Juuct 124 all Do. 4 Shares. Do 25 26
not incur- Beans and peas were dull ; but barrel flour was is to 2s 273 all Do. Chesh. & Birk.,
13i all Lon.&Greenw S. Eastern 13 131
them ; for dearer. £5O and .',25 Cons. 15 17
ARRIVALS THIS WEEK.
251
eld a situ- 22 18.1 Do., £2O 20 100 Lowestoft gr.
Wheat. Barley. Matt. Oats. Flour. 25 30 Blyth &Tyne original
came open English .. 1,430 2,960 2,210 3,650 I,CBO £25 (issd. at £45) 88••• ••• 4 per cent. Norfolk ... ...
20 tuo Do. 6 per et. . ...
incur such Irish .• • • GO 8,150 _
St. 100 Bristol and Exeter. """' 90
Foreign .. 15,6;0 3, ,I-0 8 re
, , 13,050 hr i all Nfa,nch Bxtn. L.&N.W.
confidence St. 100 Cale,donian. ....... —50 i- 51 50 49i 50. d 4 ' .
—x and Matlock & Miolld. 2g 2Exd 2a
Keep their SMITHFIELD. 50 all Chester & Holyhead. 10 14 131
50 all Aiddlesbro' & 'itekto,a&
50 all Cork and Bandon... 8 --.3 10
Redear Darlingt. ... ...
rIFE. To-clay's market was well supplied with beasts, the 20 all Cork, Black, &Pass. ••• •••' 10( all Nlidld.Bradfd Aidland.. 89 —9l
;Ault. general condition of which was by no means first-rate. All 20 12 Cornwall —.—
50 all Northern and
tiff, sad it bree is moved off slowly, eta decline in the prices obtained 10 3 Cried-Junction ,13
•,•,; ••• Easternsp.c. E. Count. 54 56
tlie same on Monday of 2d per 81bs. Amongst the supply wore 100 50 45 Dublin&BelfastJuue. ..' 40 50 es. Do. 6 per et. Do —.- ._
oxen from Portugal. Sheep, the numbers of which were 25 all Dundee Perth&Aber
wcen their 50 all Do. Fixeds p€ Do
a consider- tolerably good, were dull, and 2d per Slbs lower. The (leen Juustion 7 8
25 all ?rest. &Wyre L. &N.W.
and their • lamb trade was heavy, at 2d per 81bs less money. Prime 25 all Do. New ... ...&,Ln&Yk ... xd
istrates at small calves were scarce, and quite as dear. Inferior 25 all East Anglian 142 —15 t
121 12 Do. 1 Shares. Do . xd
calves, as well as pigs, commanded very little attention. 18 all Do., (£lB E & H).... ••• •••
could send. St: 100 Roysin.&Hit. GtNorthn ... ...
of Powis. • • Mulch cows sold at 141. to 101. each, including their 20 all Eastern Counties lig - ili ill g St. 100 Do.Sbepth.St Do ...... ... ... ...
re and sho small calf. St. all Eastern Union, A 25 18 Shef.Roth.azlG Laneash&
Per Sibs to sink the °Tale. Stock
Goole g. 5 p.c. Yorksh. ~,, ...
blame on s. d. s. d. S. d. S. d. St. 10(' Do., B. Stock "' '.
12 9), S. Staffordsh. •
A.MClean 3 —21 d
letion as a Inferior Beasts.... 3 oto 3 21PrimieSonthclown 410 5 0 25 8i Do., Now A ••• ••• 50 all Wear Valleygr Stoekt. &
Le violence Second quality__ 3 4 3 6/L arge crse. calves 4 6 5 2 St. 100 East Lancashire 5B 60 58i gi
6 per cent... Darlingt. ... ...
Prime large oxen 3 S 4 0 Prime small d 0... 5 4 5 8 St. 100 Edinburgh& Glasgow 54 56 51 25 all Do .Do ..... .... 27 29 61 71 61
Prime Scots, &c. 4 2 4 4iLarge hogs 3 0 4 2 10 5: Ediub. and Peebles._ .i.„; —0...; St. 100 Wilts&,Somrst GtWestn. ... ...
, ..N _l_ v_e_-_,-- 01.,,,,.. C g ft k igm al! ru-trlrpra A I A 0 R+ 110 mi :... 13...1 I. AT. MI n dr., ...." ''—' .. 20 ____ ....

Aberdeen .•.. .......
Ararbg Nottng. Bost.
and Eastu. Juuct
Belfast & Ballymena
Birming. Wolverh. &
Stour Valley.
Birkenlid. Lancsh. &
Cheshire Juuct
Do. Chesh. & Birk.,
£5O and Cons.
Do., £20..... .......
Blyth & Tyne original
£25 (issd. at £4s'
Bristol and Exeter.
Caledonian
Chester & Holyhead,
Cork and Bandon...
Cork, Black, & Pass,
Cornwall
Crieff Junction ...
)üblin&BelfastJuuc.
Dundee Perth &Aber
(leen Junction.
Do. New..,
East Anglian.
Do., (£lB E & H).,
Eastern Counties....
Eastern Union, A
Stock
Do., B. Stock—
Do., Now A
East Lancashire
Edinburgh & Glasgow
Edinb. and Peebles...
Edin. Pr6h & Dundee
Forth & Clyde June.,
'Glasgow & S. Westen,l
-Great Northern Stk.'
Do., A. Stock
Do., B. Stock
Gt. Sth. &West.(lre.)
Great Western
Irish South-Eastern
Lancaster & Carlisle
Do., Thirds
Do. New Thirds
Lancash.andYorksh
Do., Fifths
D 3., Wst. Riding Un
Leeds Northern
Liv.Crsby.&Soutlipt
London & Blackwall
Loud. Tilb. &Stliend.
1.40nd. Bright & S. Cst.
Loud, and N. Westu.
Do. Fifths
Do.lo/. M&B
Do. Eighths
London and.% Westn
Do., £5O
Do., £4O
Ludiry& Coleraine
Lndndrry. & Eunisk.
\lanch.Shef.& Liueln
Do., Man. &, Lin. Un.
• • )o. Birmng. & Derby
G. West. (Irc.)
Do. Half Shares
Newcastle & Carlisle
Newmarket
Do., Bury Extension,
Nwpt.Aberg. & Hrfd.
Newry & Enniskillen
Newry Warreupoint
j and Rostrevor.
Norfolk
Northu.Counties Un
'North British
North Devon, No. 1
Do., No. 2
Do., 2 A Deferred
Do., 4 B Guarantee(
North London
Do. New £lO
N.&S.Wstrn. ,Hamp-
stead, and City Jn
North Staffordshire,
North Western
N. & S. Westru. June
Nuneaton, Hinckley,
and Leicester 4
Oxford, Worcester, &
Wolverhampton
Portsmouth
Scottish Central ,
Scottish Midland
Shrewsbury & Bi r rug
Do, L, & N. Western
Guaranteed St eak
Shrewsby. & Uerefd
Shrewsby. & Chester
(N. W. Min ;.,
Do. Halves,l. a
Do. Oswestry
Shropshire Union
Do. A, B, C,& D,fully-
paid up at per cent ,
mouth Devon
youth Eastern
South Wales
S. Yrksh. & Riv. Dun
Do

Per Sibs to sink the ofrals.
s. d. s. d.
Inferior Beasts.... 3 oto 3
Second quality.... 3 4 3 6
Prime large oxen 3 S 4 0
Prime Scots, dlc. 4 2 4 4
Inferior Sheep ...3 6 3 8
Second quality ...3 10 4 4
Prime crse.-wlled.4 6 4 8;

s. d. s. d.
PrimeSouthclown 410 5 0
'Prime
erse. calves 4 6 5 2
Prime small do._ 5 4 5 8
Large hogs 3 0 4 2
Small porkers 4 4 4 8
Suckliugealves ..22 0 29 0
Quarter old pigs 21 0 27 0
, 5s 4d to 65 10d.

1 tho Court
,ra,dict the

56 60
834 84
71 73
118 - 120
82 - 86
71i • 71

Lambs

TOTAL SUPPLY.

WY.)

Beasts •.v
.... • . 1.138
Sheep .•• • • • 2,290
Calves; .. • • .... ..•. .. 140
Pigs .. • • ... ••••••• • • • • • • 300

10s., the
is Mr. H.

83 88
10 32 u
10 12 p
58 - 594
Bt-- 8d

NEWGA.TE ANI
The general demand ruled
quotations :

Jerk, that
Insolvent
who was
iu conse-
nt defen-
said his
!ant), but
dant) was
efendaut)
h all pos-
hough ho

Per Sibs by

u. d. s. d:
Beef, inferior 210 3 2
Do., middling.....; 4 3 6
Do., prime large .3 S 3 10
Do., do. small 10 4 0
Pork, large 3 4 4 2
Lamb

1i• =l.- i•

.. - ..
7g - 7g

93 —93
93i 94
2 tt —14 d
Fa,

d
73 75
14 13
12 11,d1

ng an un-
un der tho
vas urged

.• ..-"" •••

plaintiff
is an in-
would be
rt above.

igi

55 - 56
30 - 32

• ..
• ••

DAY.)

• ..... ...

d
7 5d

lge Wells
st exami-

'''-' •••

6 8
40 43
3$ 340
... 296

isinghall-
prop ,rty
stimated
bankrupt

- ...

her cases

- ...

50 54
Par iP

-
7 - 74

26 - 28

76 80
48 - 52
50 - 55

50 55
3s
13 15
64 —i, I
10 lz
4

13 15
566 576
30 32
4 2d
4 5

Staines, Wok. &W ok
Stockton & Darling.
Stockton & llartlepl.
Taff Vale .
Do. £lO shares.
Do. Pref., No. 1
'flames Haven Dock
and Railway
Vale of Neath
Waterfd. & Kilkenny
Waterford&Liineriek
West Cornwall
West End of London
and Crystal Palace
West Loudon.
Wimbledn & Croydon
York Newctl.&Berw.
Do. Extensions
Do. G.N.E. Purchasej
York & N. Midland j

27 - 30

14 - 2
174 184
4 - 5
21 - 23
5 - 6

6 - 7

614 62i
9i 94
51 -
43 - - 44

,E SHARES,

THE SUN, LONDON, FRIDAY EVENING, MARCH 31, 1854.

ADELPHI THEATRE.

THE MONEY-MARKET.

A very excellent farce of pure English elements, entitled
the Moustache Movement was brought out here last night,
and met with a degree of success which it eminently de-
served. The name of the piece indicates the materials of
which it is composed. It is a peculiarly hirsute produc-
tion, the moustache being the pivot upon which the whole
of the fun turns. The first object seen is a butcher at
the garden gate stroking his moustache ; the maid,
when she takes in the family supply of meat, compli-
ments him on his labial decoration; he feels much
gratified, but vows that he will cultivate it as
long as it is genteel, but he fears that it is being
adopted by the tripe-seller, and vows that if it descend
to the cat's meat-man, that he will absolutely shave. Then
comes the baker with a similar ornament, but he con-
siders it good for his health—that is his excuse. We have
then Mr. Cornelius O'Pake, who arrives in search of Cap
tarn Attamont Kidd, for having run off with Eliza
Swasser, his cousin ; he attacks the waiter in mistake,
because, lake the rest of the world in general, and Captain
Kidd in particular, he indulges in a moustache. Anthony
Soskins, a lawyer's clerk (Mr. Keeley), appears with a
moustache of a most military character. Mr. Cornelius
O'Pake returns, and takes him much to his annoyance, for
the waiter. Captain Kidd does the same thing for the
same reason. Louisa Fitz-Johnson, a milliner (Mrs.
Keeley) is betrothed to Anthony Soskins, of whose
moustache she is passionately fond, but owinl_,
to some cleverly managed mistakes, and to their
rhapsodies being as descriptive of the moustaches of tht•
captain as of the clerk, they both believe themselves to be
in love with the same individual. At length the mystery
cleared up, and the greatest secret of all is told—a severe
trial to the constancy of Louisa Fitz-Johnson. Tho mous-
taches of her lover, Anthony Sykes, are false ; according to
established custom—particularly towards the end of a per-
formance—true love triumphs, and a double wedding is the
result. The banns may be supposed to be put up, and the
curtain comes down—butlbefore it does so, Mrs. Keeley, as
Louisa Fitz-Johnson, speaks a cleverly written parody on
the epilogue to "As you like it," in which Rosalind dis-
courses on beards. The acting was admirable throughout.
Mrs. Keeley, although sustaining the character of the piece
as broad farce, was at times really fine. Her performance
was a skilful combination of earnestness, truthful feeling,
and the ludicrous. Mr. Keeley, as Anthony Soskins, was,
as he ever is, excellent. The performers did their best for
the success of the piece, not forgetting the scene-painter,
who gave us a very excellent view of a country road.

(From the Times City Article.)
The first excitement of a declaration of war having
passed, the money-market may be expected, in the ab-
sence of any sudden intelligence, to subside gradually
from the agitation of the last ten days. The capricious-
ness of its movements has rarely been more exemplified,
since three weeks ago a rapid rise was reported, while
the British fleet was sailing from Spithead, and the mere
formal notification of the event of which that armament
was the precursor, and which had been regarded as in-
evitable for the past three months, has been followed by
a fall such as is rarely exceeded at the most critical
periods. Either the confidence recently entertained,
or the panic to which it has given place, must con-
sequently appear absurd. Such circumstances are
discreditable to a commercial community, and it
will be well for the public to consider whether they
are to be repeated. The general causes that must
operate on the money-market can always be foreseen
with sufficient accuracy to prevent disturbances of this
kind, if people will pause to recognise them. Of course,
on the receipt of extraordinary news violent fluctuations
must be looked for, but during the heaviest period of the
fall just witnessed there was a remarkable dearth of in-
telligence, and the daily decline of one or two per cent.
went on without any one having pretended to attribute
it to any new revelation. A contagious impression that
the existing rates seemed considerably above the usual
fancies entertained of " war prices" was all that could
he detected, and among those who have been rushing to
sell probably not one has asked himself how it is that
this discovery has only just been made, or what are the
precise effects that a certain annual expenditure for hos-
tilities must be expected to have either on the general
state of the discount market or the current value of the
funds.
The sooner these points are mastered the better. The
primary question is, whether the annual expenses of the
war are likely to exceed the annual gains of the country
from the course of trade, and thus to necessitate ship-
ments of bullion to the amount of the deficiency, and a
consequent contraction of the circulation. If this result
is experienced the funds must necessarily fall, but in the
opposite case, no matter what may be the temporary dis-
asters sustained, nothing can prevent a rise ; and the idea
that 80, 90, or even 100 is not the price which individuals
had previously conjectured as that which would prevail
during a European contest will have no influence in pre-
venting it from being maintained. Hitherto the princi-
pal, if not the only explanation offered for the existing
depression, has been that the public have begun selling,
and consequently that it will be severe and permanent ;
those who give this reason having entirely omitted
to show what the public are subsequently to do with
their money. If it had been remembered that this money
must find its way back to the market, either in the shape
of banking deposits or some other form, and. thus pro-
duce a feeling of great ease, which would soon manifest
its effect on the Stock Exchange, they would at once
have seen the groundlessness of the attempt to raise
alarm on that score, and would have been brought back
to the one predominant consideration, namely, whether
there is any cause to anticipate a steady diminution of
our stock of gold.

Whatever May be the opinion warranted on that point,
it is by keeping it always in view that the instances of
vague fear exhibited in October last, and repeated in the
present month, can alone be averted; and although the
materials for arriving at a conclusion respecting it are
not positive, they are enough to lead to a considerable
degree of certainty. Supposing, for instance, the war to
become not only serious, but chronic, and to involve an
additional cost even of 10,000,0001. per annum, the
problem to be determined is, how far the drain for that
expenditure will be mitigated, and whether, after allow-
ing for everything, the balance will be beyond the siir-
dins usually at our disposal for foreign outlay ? The
only way to ascertain this probable surplus is to estimate
the yearly investments we have been acelstomed to
make, not merely in foreign loans and public under-
takings, but also in great works at home not imme-
diately of a remunerative character. Advances for foreign
purposes of course take so much capital direct from the
country, and extensive home undertakings operate in a
similar manner, by causing the population to be employed
in the manufacture of other than exportable articles, while
they are consuming imported food and raw material
for clothing. Now, there is reason to believe that on
an average of several years the annual totals sent

direct to foreign countries in the shape of loans, &c.,
cannot have been less than 15 or 20 millions, to say no-
thing of the series of quiet investments in American secu-
rities, which, in a very short space, have reached an
aggregate of probably 40,0001. on European account,
England doubtless being by far the greatest holder. At
the same time, our own public works have been extended
on a scale never before known, and the increase of our
shipping, even during the last year, has been neatly
400,000 tons. Under these circumstances, the ques-
tion whether 10, 20, or 30 millions can be spared for a
war loses much of its terror. During the struggle
no foreign loans of any magnitude are likely to be
taken, and even such small ones as may be introduced
can only originate in the fact of the money-market
being the easiest that can be found. All outlays
for industrial works in foreign countries will be
suspended, and at home only schemes of immediate
necessity will be undertaken. Meanwhile our trade

will go on, and Australia and California will still pour
forth their supplies. Hence our yearly surplus of profit
must still accrue to us, especially under the prevailing
economy always induced by troublous times, and, with
every extraneous channel of investment cut off; a perio-
dical creation of 10,000,0001. Consols, if it should be found
desirable, in place of increased taxation, would not only
be absorbed without difficulty, but would actually be
welcomed. Even the money thus raised, moreover,
would not be immediately felt as a dead loss to the

country, since it would be partly laid out on home la-
bour fur military stores, although, of course, this labour
might be more profitably expended .in the creation of
articles far commercial interchange. It must also
be borne in mind that when we speak of 10,000,0001.
per annum it is a very largo amount even for a severe
war. The public never think of a European conflict
without taking their data from the period when the na-
tional debt was increased nearly 400,000,0001. in 15
years, and when, owing to the reckless suspension of
specie payments, the Minister. found himself able to
squander the strength of the nation in unlimited subsi-

dies, in creating stock upon ruinous terms, and in con-
ducting every public establishment upon a system of pro-
digality such as the world had never seen. Because Eng-
land, under these circumstances, with one-half her pre-
sent trade and capital, and with a combination against her
that threatened a death struggle, saw her 3 per cent. secu-
rities ranging commonly between 55 and 70, it seems now
to be assumed that an approach to these prices may once
again be within the limits of probability. It should
also be borne in mind that the idea of an European
war, involving, under proper management, an ex-
penditure ruinous to this country, presupposes, at
all events, some proportionate outlay on the part of
our enemies. Assuming that outlay to be practicable, a
large portion of it would come, in the course of trade,
into our own pockets ; but the belief that the Emperor
of Russia or any of the German powers could, either
by force or credit, raise any permanent supplies of
great magnitude is inherently preposterous. Taking,
therefore, a review of our entire position, there is
apparently nothing to excite financial panic. That it is
proper at the commencement of war to abstain from any
estimate of the dimensions it may ultimately reach will be

admitted by every one ; but, assuming that it may be
protracted, for years, and that it may spread, through
ascident or treachery, in all directions, and involve

. .
many bitter and unlooked-for disasters, there is
still no ground to suppose that, with common pru-
dence on the part of our merchants and an enlight-
ened determination of the Government to densunce all

tampering with the currency, any periods of convulsion
or discredit are to be apprehended. Perhaps, indeed, it
is far from impossible that the range of Consols through
some of the most arduous of trials will be suoh as to

excite congratulation and surprise.

(PROM A CORRESPONDENT.)

It is long since I have had the pleasure of communi-
cating with you, but I cannot refrain from expressing
my gratification at several articles on monetary affairs
which have appeared recently in The Sun.
It appears to me most important that an amendment
of the bill of 1844 should be proceeded with without
delay. For, without being an alarmist, I feel convinced
that the war cannot possibly be carried on for any length
of time under the present restrictive principles of Peel's
Bills. I say this, being almost—if I may venture so to
say—as good an anti-Russian, as yourself !
A Bank Restriction Act, similar to Pitt's in 1797,
would enable us to carry on the war till we had Russia
at our feet. But that will not, in the present feeling of
the country, be resorted to till half the merchants are
ruined, and half the people starved.
What would be as efficacious would be the issue of
one-pound Exchequer-bills, into which the Bank of Eng-
land notes might legally be converted in case of a drain
of gold.
Half the popular objection to paper money resolves
itself into this :—" The bank note promises to pay; and
unless you are always ready to pay 123 grains of gold
for every pound, the bank is broken, national credit at
an end, the country ruined," &c., &c.
All this is quite nonsense, for during the twenty
years when the Bank neither could nor did keep
this "promise," the country prospered, and the Bank-
-note was always "convertible" into bread, beef, iron,
tin, hay, straw, stubble, and the Times newspaper at
market price. You could also buy as much gold as you
liked, and gold was cheaper than any other commodity,
for gold being no longer wanted for sovereigns, of which
one-pound notes supplied the place, the demand for said
gold diminished, and therefore it was less in the market
than another commodity. The enormous taxes raised
prices in many cases fully 100 per cent. ; gold scarcely
ever reached half that rise of price in the Bank-note.
But what I now wish to say is this : Gentlemen ob-
ject to a bank note which has a promise to pay, and
does not keep its promise. Very well. Then
let thej QUEEN, with the sanction of Parliament,
issue 1/. Exchequer Notes, or National Paper-money.
There's nothing in the name—which the country shall
promise not to pay, but to receive for taxes.
People trust to the honour and honesty of England to
the amount of 800 millions, and it is incredible that we
cannot trust one another to the amount of ten or twenty
millions of national one-pound notes for our own conve-
nieece and advantage.
If I were not convinced that not only the welfare and
happiness of my countrymen, but also the power to cope
with the great Northern Despot, depend upon the esta-
blishment of a better monetary system than we have at
present, I should not trouble you on this 'Abject..
Retf9rd, March 27. J. T.