The Sun.
London, England, 1853-12-09 00:00:00

TO THE EDITOR OF THE SUN.

Srn,—l have just seen an article in your journal of
Tuesday last, accusing me of "gratuitous discourtesy"
towards the Press. In all fair play I hope you will
allow me to say a word in reply. Your paper is usually
conducted in such a fair and temperate spirit, that I am
sure you cannot recollect the circular I sent to the diffe-
rent editors last year, when I intended to abolish—and
only as far as my own comparatively small room was
concerned, for I was not in league with any of the
theatres that followed me—the "Press orders." You
say, speaking of me,
"He has totally ignored his recent conduct to-
wards that newspaper Press to which he himself
has been of all men so peculiarly indebted. Per-
haps no one, in this respect, has, during the last two or
three seasons, profited more both in purse and popu-
larity from that body, or system, or institution, or what-
ever you may please to term what was once called The
Fourth Estate, by a panegyrist more than usually gifted
with grandiloquence. Yet the very individual who has
thus notoriously profited as we have said, both in purse
and popularity, is the one who goes deliberately out of
his way to act ungraciously towards those who (at least
we can answer for ourselves) have never treated him
otherwise than with marked courtesy."

Sir, this is not the case.

I cannot show you how mistaken the charge is better
than by quoting some words of my own circular. They
were these :

" It is far, very far, from my intention, in thus cutting
off the ordinary newspaper orders, to undervalue the
power of the Press. No one is snore deeply convinced of
its value—no one has more reason to be grateful to its
critics than myself ; nor am I thus acting in childish
petulance because some writers may have had the ho-
nesty to speak the truth, however unpalatable to myself
it may have been. I hope, earnestly, that this may be
distinctly understood.
" The Editor of a paper, leading or unimportant, or
any gentleman in any way ostensibly connected with its
literary department, will find my best and readiest at-
tention always paid to any applicant for seats in every
portiost of the house, even to making their comfort
and accommodation the very first consideration. But
the system of admitting a ruck of common orders
which may have gone from one hand to another, until
all trace of their pedigree, or affinity with the parent
journal, is lost, is as lowering to the honourable position
and independent tone of the newspaper as it is to
the feelings of the person appearing before the public,
whatever may be the status of his powers or ability to
to amuse them."

The whole affair is, I fear, too trifling to occupy either
your attention or that of your readers, or I am sure you
would find that every application for seats—no matter
how many were wanted or how full the stall-plan stood
—front any one connected with a newspaper, from the
editor to the compositor, has always been attended to
by the first post. And I did this because I have been
connected—l may say I still am—with the press myself;
and, as well as in recognition of past kindnesses, gave
"the Fourth Estate" my first consideration. But you
know as well as I do, that the " admit two " piece of
paper has not much to do with it.—l am sir, yours
respectfully,

ALBERT SMITH.

Garrick Club, Dec. 8, 1853.

[We very willingly insert in our columns the foregoing
communication. Nevertheless, while so doing, we must
simply protest that Mr. Albert Smith is altogether
" begging the question" to which on Tuesday evening, in
a few words, we directed our readers' observation. It
was not, as we then intimated, the proceedings them-
selves which Mr. Smith thought proper to institute in
reference to the Press that we protested against in any
manner whatsoever. It was solely and exclusively
against the manner in which those proceedings were
conveyed in his first circular communication—a manner
which from the first we have regarded as marked by a
very particular discourtesy. The matter, indeed, does
not admit of one moment's discussion. It cannot be
forgotten by our correspondent, any more than by
ourselves, that at the time referred to—at the time
of his " throwing the first stone"—he very gratuitously
went out of his way to make distinctions and exceptions
among the daily and weekly newspapers, such as he
could not but have felt conscious, on one instant's re-
flection, must be regarded as invidious, not to say
ungracious; and (as we have already observed)
marked by peculiar discourtesy, towards the mem-
bers of that Order to which Mr. Albert Smith
acknowledges that, in regard, to himself, "no one has
more reason to be grateful." It is against that marked,
and glaring, and undeniable, and (we repeat it) perfectly
gratuitous discourtesy that we have protested. And our
protest is not the less one of earnest indignation, re-
membering, as we do, the little incident by which this
discourtesy was followhi up not very long afterwards :
when—any communication direct or indirect with our.
selves being evaded, aid the arrangement being conve-
niently entered into through one of the subordinates on
our establishment—himself a new-comer, and therefore
ignorant as to the exteit of the error committed—a para-
graph puffing the " Lecture on Mont Blanc " was surrep-
titiously insinuated into The Sun for the bribe of some
half-dozen or so paltry little advertisements. It is from
our remembrance of thin, and from our recollection that we
ourselves were the very •flrat to welcome Mr. Albert
Smith as a public lecturer at the Egyptian Hall— wel
coming him cordially; piureoVer,,through a criticism al-
most as elaborate% as. it was .favourable—a criticism
inserted in our. columns upon94'evening immediately
following that Of hi 4 inaugurative- appearance in his new
capacity—it is from oar kliowledge that we have ever
treated him, in whatever capacity; with particular consi-
deration—that we regret the diseiturtesy— that we protest
against the discourtesy;' which we cannot but regard as the
more reprehensible, because.entirely uncalled for and gra-
tuitous—it is somewhat remarkable, moreover, that Mr.
Albert Smith should have breathed not one syllable of his
intentions in reference to the Press until the whole of his
first season had been completed, until the first month of
his second season had elapsed : and that then, but not
until then—having availed himself of all the kindly aid
which he himself confesses to have received from jour-
nalism—he should abruptly turn round against the
order from whose appreciation of his abilities he had
derived so many advantages, only discovering the op-
portunity for so doing when the Press had been effectual
in extending his popularity and establishing his reputa-
tion as a public lecturer. Immediately after which, or
shortly after which, as we have observed, comes in re-
ference to ourselves the miserable little incident of the
puff .paragraph. And ultimately the cool, offhand cir-
cular note which on Tuesday evening at last elicited
from ourselves a few words of mingled remonstrance and,
reprehension. This remonstrance or reprehension Mr.
Albert Smith deems, it would appear, in every respect,
undeserved. According to him, he has been guilty
towards the "Fourth Estate" of no discourtesy what-
ever. That, however, we now leave entirely to public
consideration.—En. SUN.]

THE ARCTIC REGIONS.—The great interest which at-
taches to the discovery of the north-west passage has,
we hear, induced the proprietors of the Gallery of Illus-
tration to arrange for the production of some of the
most striking scenes in the enterprise, which are to form
an accompaniment to the other dioramic pictures con-
stituting the attractions of the gallery. The proprietors
have been in communication with Captain Inglefield,
who has supplied them with sketches of the adventures
of the Arctic travellers and their ships ; and from these,
heightened by the effects which Messrs. Grieve and
Telbin know so well how to introduce, we have no doubt
a series of brilliant and truthful illustrations will be
produced.
THE Loss OF THE MARSHALL.—The Eastern Coun-
t ies Herald of yesterday says that as soon as possible
after receiving intelligence of the apprehended loss of
the Elbe-Humber Steam Navigation Company's screw
steamer the Marshall, Mr. Peters, the company's agent,
at Hull, despatched another steamer to ascertain if prac-
ticable something positive as to the fate of that vessel.
This steamer (the Duncannon) returned on Saturday
night, and the captain of the Hammonia (another vessel
of the Elbe-Humber Company), who went down and
along the Yorkshire coast in her, reported that nothing
was perceptible. A report has prevailed in the town during
the week, and very generally credited, that the masts of
the steamer had been seen above the water ; but we have
the best authority for saying that the report is altogether
untrue. Mr. Peters has taken every step that experi-
ence or propriety could suggest, to throw some light
upon the fate of the ship, but hitherto without avail.
Mr. Peters has caused a strict search to be made along
the Holderness coast, up as far as Easington, but no
traces whatever of the Marshall have been discovered.
The number of hands on board the Marshall was about
65. The passengers were about 38, and the crew 18.
Of the latter, we believe, that with the exception of the
English engineer, who has resided for many years in
Hamburg, they are all foreigners. The only additional
fact which we have ascertained up to Wednesday after-
neon, is that the Bravo, from Petersburg to Hull, when
about 30 miles from Flamborough, picked up a large
emigrant's chest, containing wearing apparel, &c. It
was addressed " Walren, passenger to New York." This
cannot at present be identifi4 as having belonged to one
of the Marshall's passengers.
THE TOBACCO TRADE.—It appears that there were of
manufactured tobacco imported between January and
November, 21,170,805 lbs., a great increase on the same
months of last year, and the exportations were 7,739,151
lbs., a decrease on the former year.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 500 American
and 500 Surat were taken for export and on specu-
lation. The market was steady at prey wus
rates. The sales comprised 4,500 American,
100 Pernam and Maranham at 6ad., 300 Bahia
at 61d. to 61d., 200 Egyptian at 6d. to 9d., 1,000
Surat, at 2id. to 44d, and 50 Sea Island at ls. 3d.
to 2s. Id. per lb. Railway shares were quiet at
rather lower prices.
The six weeks' average price of wheat is 71s. 11d.
per quarter.

- Colonial staples have not been very active this
week. The supplies are moderate generally.
Sugar has been a little cheaper in some cases, and
a good deal has been taken in. Coffee, however,
has been firm, and Plantation has increased in
price. Rice has declined 3d. to 6d. per cwt. In
tea there is less activity, but the new congous are
sought after. Cotton has been heavy. In metals
a large business has been done. Tin has risen 31.
per ton for British blocks, being 1251., and bars
1261. Spelter is firm at 241. on the spot. Scotch
pig iron has been steady at 795. for cash.
'The progress of Canada recently has been so ex-
traordinary, that any undertaking based upon
sound principles is tolerably certain of success.
The Trust and Loan Company of Upper Canada
has already found employment for its paid-up ca-
pital, as well as for the amount it has borrowed
upon debentures, the investments made amounting
to 398,4501. currency in both sections of the pro-
vince. A dividend at the rate of 7 per cent. per
annum is recommended for the six months ended
last September. The directors, in their report to
be presented at the meeting of shareholders, on
the 15th inst., state :
"The fundamental principle of the company's opera-
tions, which is to make loans only on real estate of at
least double the value of the sum advanced, and the
stringency of the regulations, which have been laid
down to prevent excessive or speculative valuations,
afford a high degree of security against losses on any
of the company's investments ; and the directors have
the fullest confidence in every loan which has been
made.

" The interest due on the mortgages has been paid
with great regularity; the number of investments is
steadily increasing ; and there is a considerable amount
of applications on hand. Towards meeting these in-
vestments, the company has! borrowed, on debenture
bonds, the sum of 193,600/. The principle limiting the
sum to be borrowed on debentures which was established
by the shareholders at a former meeting, and which
the board recommend should be strictly adhered
to, is, that it should never exceed, as a maxi-
mum, the part of the company's share capital not
called up. This rule, while it will secure the
shareholders against all possible risk of being here-
after drawn into an excessive extension of their en-
gagements, will, at the same time, have the effect of
making the security presented to the holders of the
debentures abundant and unquestionable—so as to
entitle the company to obtain money on the most favour-
able terms.

"The continued progress of Canada, indicated by al
accounts from that colony, must be highly satisfactory
to the shareholders. By increasing the value of real
estate, it enlarges, at the same time, the margin of
security on which loans have been made ; and by open-
ing the field for profitable enterprise, it keeps up the
demand for capital, which it is the business of the com-
pany to supply ; and, as this progress is not the result
of speculative excitement, but is the natural effect of
wider cultivation in an agricultural country, it may be
hoped that it will not be followed by reaction."
The importance of competition in electric tele-
graph communication need scarcely be insisted on,
and the British Electric Telegraph Company having
fairly tested the experiment is about to extend the
sphere of its operations by an addition to the
capital. The new undertaking will be entitled
the British Telegraph Company, and will become
possessed of the patent rights and all the property,
the existing shareholders continuing their interest.
The lines which the British Electric Telegraph
Company have in operation are over 500 miles in
length through all the great towns. Contracts ex-
ist with many of the railways, and although the
districts at work at present are isolated to a cer-
tain extent, by reason of the communication with
London not being yet completed, aud although
half of the lines have only been opened to the
public since February, and the remainder within
a few weeks, yet the receipts of the company are
described as highly satisfactory, and increasing
weekly ; and the directors express a conviction that,
as soon as the present districts are united with
London, the, undertaking will be attended with the
most profitable results. To place the company in
this position, it is the intention of the directors to
complete, without delay, the communication be-
tween the metropolis and Liverpool, Manchester,
Leeds, Hull, Glasgow, and Greenock. This being
completed, the directors further announce their
intention of extending the communication, by
means of land and submarine wires, to Dublin and
Edinburgh, and thus to unite all the great shipping
and commercial districts with the three metropoli-
tan cities of the empire, which it is expected will
beaccomplished before the expiration of the ensuing
year. In adverting to their claims to the support
of the monied community, on the reconstitution of
the company, the directors advert to the efficiency
and economical features peculiar to their system of
telegraphs, and to the fact that they will thus be
enabled, with the experience now obtained, in the
erection of telegraphs, to construct a complete
telegraphic system over the most remunerative
portion of the country, for the comparatively
small sum of 160,0001.

The business of the Stock Exchange, so far as the
English market is concerned, is circumscribed by
the closing of the transfer books. Special bargains
have been made in Consols, at 96k, and since at
961, the dividend included. This is by parties
desirous to sell out at once for money. The opening
prices for January were, 941 to 95, and at present
the quotation is 95i upon the news from
Paris, as contained in the Moniteur, of a new
arrangement between the Four Powers. There is
some curiosity expressed to learn whether the an-
nouncement appears in the " official" part of the
Moniteur. The New Three-and-a-Quarter per
Cents. have been 97g. to and the Three per
Cents. 95117 to a. Bank Stock is very firm at 220 ;
Exchequer Bills have been ss. to Bs., and Indian
Bonds 4s. premium.

At the meeting of the Buenos Ayres bondholders
yesterday, it was resolved to send out a special
commissioner to represent the interests of the bond-
holders, and to endeavour to obtain a settlement
of their claims. Mr. James Giro is the party
selected, and is stated to be highly efficient. The
resources of Buenos Ayres have so far improved,
that she is perfectly able to meet her engagements
by a little exertion, and the present Government
seems anxious to redeem the credit of the republic,
and to repair the mischief done by the dishonest
and protracted neglect of the late president Rosas.
Foreign securities have been rather animated.
Mexican Bonds have been better, having varied
from 94i to 95k. Grenada Deferred Stock has
been rather heavy at 8k to ,1, and Equador at sk.
Brazilian New Bonds have been marked 9212 to 93
ex. dividend. Buenos Ayres are steady at 65.
Nothing has been done in Peruvian. Spanish
Deferred Bonds have been 22i and the Com-
mittee's Certificate is at 5 to I. Dutch Two-and-
a-Half per Cents. are 641 to i.
The Railway Share Market has been firmer
within the last hour, and South-Western, Great
Western, Great Northern, and other of the favour-
ite lines have risen about per cent. French
Shares are ss. to 10s. better, and Centrals are more
in .request.
For Gold Mine Shares there is but a moderate
inquiry.
The Land Companies' Shares are higher. The
Joint-Stock Banks have been dull.

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

Bank Stock

_ ....
Business done.
~............ ...... 220

3 per Cent. Reduced Annuities
3 per Cent. Consols Annuities shut 96,1 i
New 34 per Cent. Annuities 974 7 igi
Long Annuities, Expire sth Jan., 1860 5i 5-16
India Stock
India Bonds, £lOOO ....... ....... ........... 4 p
Ditto, under £lOOO 4 p
South Sea Stock
South Sea Old Annuities
South Sea New Annuities
3 per Cent. Annuities, 1751 shut
Consols for Opening 18th Jan. 941 5i

Exchequor Bills, ld
£lOOO

5 8 p

2500 ..

5 8 -p

Small..

5 8 P

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. 99
Ditto New, 1852, 44 per Cent 923 3 x d
Buenos Ayres Bonds, 6 per Cent 65
Equador Bonds
Grenada Bonds, Deferred
Mexican 3 per Cent.
Portuguese Bonds, 4 per Cent 42 i
Russian Bonds, 1822, 5 per Cent. £ St
Ditto 43 per Cent .. 984,
Spanish New Deferred, 3 per Cent 22fi A
Ditto Passive (Converted)
Spanish Committee Cert. of Coup. not fun si 3 P e
Swedish 4 per Cent. . .....

Dividends on the above payable in London.
Dutch Exchange, 2. per Cent. 12 Gull Gli
HALF•PAST TWO.
Consols for Opening 18th January 9.5i