The Sun.
London, England, 1854-04-27 00:00:00

THE SUN, LONDON, THURSDAY EVENING, APRIL 27, 1854.

would earnestly repudiate, and which every sub-
ordinate would denounce in the most unequivocal
terms. But Mr. GLADSTONE will not run the risk
of these objections. The Right Hon. Gentleman,
although he has slightly deviated from the beaten
track, will not wander far, and will easily be lured
back by the financial syrens of Capel-court. The
invitation to the people, after all, is little bettor than
a sham, which will not greatly endanger the craft of
the money-changers. The GLADSTONE organ may say
that " the Exchequer Bonds seem to aim at a like
draw" (to that in France) "on the smaller
accumulations of the productive classes," and in-
quire triumphantly " What better investment can
be suggested for a poor man's hundred pounds
than an Exchequer Bond, which will yield 31. 10s.
a-year, be saleable or renewable at its full value
in four years, and meanwhile never be liable
to a greater depreciation than will just operate
as an inducement not to sell hastily ?" This
may be all very true, but the poor man will
never get the opportunity of investing his
hundred pounds, for Mr. GLADSTONE has
announced that "No TENDER WILL BE RECEIVED
/FOR LESS THAN 1,0001." This would be decisive
against the poor man's investment of his savings.
Unless he has 1,0001. to spare he can have
nothing to say to this loan. If he wants to place
his hundred pounds on this security, he must
purchase a bond through a broker, on the Stock-
Exchange, at a premium of 2 or 3 per cent. ;
thus sacrificing the first half-year's, or possibly
the year's, interest,,on the bend, as a tribute to
the favoured classes, and to save a trifling amount
of trouble to the officials in the Exchequer-bill-
office.

But it may be said, that ten or a dozen persons
may combine their funds and get one to bid for
the whole party. It is scarcely necessary to say
how much difficulty there would be in effecting
such an arrangement. But Mr. GLADSTONE has
guarded against the chance. In France the prices
which the Financial Minister placed upon his se-
curities were distinctly specified. The option was
given to the subscribers to take a 4i or a 3 per
cent. Stock, the former at 92f. 50c., the latter at
65f. 25c. The minimum rate was thus candidly
stated. There was no paltry higgling—no attempt
to obtain more from the people than the actual
value. Like an honest tradesman, with fixed
charges, no second price was asked or accepted ;
and consequently there was no heartburning or
jealousy, no supposition that one had obtained a
better bargain than another. Mr. GLADSTONE,
however, true to official traditions, keeps the price
a secret until the last moment, to take advantage
of the latest turn of the market. But this will
prevent the great body of the people, even of
those who have the thousand pounds to invest,
from bidding.
There is another trivial point which may deter
the public. The bidding is " understood to be
in Exchequer Bills at par." It is true that
" subscribers" will be allowed the option of
paying money in lieu of Exchequer Bills, upon
paying Is. for every 1001. paid in money. This
is a ridiculous regulation, which merely compli-
cates the transaction. If it had been announced
that the biddings were understood to be in money
or Exchequer-bills at par, it would accomplish the
object which we presume the Right Honourable
Gentleman had in view ; but as it is, it will only
operate to throw the matter into the hands of
jobbers, and to prevent the people generally from
following the noble example of their French
brethren.

We fear, then, that the plan will prove a
failure, or, at least, that it will not have the same
general acceptance as the French project for the
reasons above specified ; that is to say--Ist. Be-
cause "no tender will be received for a less sum
than 1,0001. ; 2dly. Because the price is not
distinctly specified, but left uncertain and doubt-
ful ; and 3dly. Because the bidding is nut to be in
money, but in Exchequer Bills at par." Let Mr.
GLADSTONE look to these matters, and correct
them while there is yet time, if he would not
incur the disgrace of another financial abortion.

Al A R KE T
M. ONE

AND
COAL MEBCIAL IIV TELLIGENCE.

CITY, QUARTER TO TIIREE O'CLOCK.
Yesterday having been a strict holiday at Liver-
pool, there is nothing to report of the cotton or

- .
share market there.

The ship Blaukwall, from Australia, brings 25,013
ounces, and the Statesman 10,300 ounces of gold.
H.M.S. Portland, from the Pacific coast, has

200,000 dollars on board.
The Committee of Investigation appointed by
the shareholders of the Waterford and Kilkenny

Railway Company has made a very elaborate and
able report, of which, under this head, we are only
enabled to give an outline. In the opinion of the
committee, the additional capital of 120,0001. raised

upon preference shares in the year 1850, and
the 40,0001. borrowed from Government, ought
amply to have sufficed for the completion of
the line, and that it did not do so is attri-

L ,:':',.',..,'ES'r .F 0 'll',l':',lG.P.',:4. i'.:i i ‘ '''''il z ;

THE WAR.

GALLIPOLI, APRIL 16.—The first division of Eng-
lish troops has arrived, with the exception of the
artillery and cavalry.
The following telegraphic despatch appears in i
the Lloyd newspaper :
" For unknown reasons all the Russian force is
retiring from before Kalafat to Krajova.
"The evacuation of Lesser Wallachia has been
resolved on, and the troops are retiring on Bucha-
rest, with their hospitals and munitions of war in
1,000 waggons."
Another telegraphic despatch, dated Constanti-
nople, April 17, says :
" A fearful storm, with snow, is raging. 1,600
Englssh troops have arrived in the Himalaya, and
are quartered in the new barracks at Scutari.
" The British declaration of war has been posted
up by order of Lord Stratford. _ _

" Two palaces have been prepared for the recep-
tion of the Duke of Cambridge and Prince
Napoleon.
" The Furious had been fired at from Odessa.

"A. respite has been demanded for some of the
dismissed Greeks.

" There are 25,000 French and 8,000 English at
Gallipoli, and provisions are very scarce.
" A French regiment and a detachment of one
of the Highland regiments have gone on to Adria-
nople.

‘-‘ From the army of Asia we learn that 4,000
men refused to march from Erzeroum to Kars on
account of their arrears of pay. _ _

" A Firman against the excesses of the Bashi-
Bazonka is expected."
CONSTANTINOPLE, APRIL 15.--General Bosquet
has left for Adrianople, to establish his head-quar-
ters there.

The movement of troops has already commenced.
One English regiment leaves Gallipoli. 20,000
French and 8,000 English troops have landed.
The squadron of Admiral Bruat, with 6,000 men,
was spoken, on the 14th, off Tenedos.
The Himalaya arrived on the 13th at Gallipoli with
Brigadier Adams, the 33d Regment, Colonel Blake,
the 41st, Colonel Carpenter, in 62 hours from
Malta. General Brown ordered them on to Con-
stantinople, having determined not to disembark
any more troops at Gallipoli. They arrived there
on the following day, and took up their quarters at
Scutari, where they were heartily welcomed by the
population. Scutari is opposite Constantinople, on
the opposite shore of the Bosphorus, and one mile
from the capital.
The health of the troops at Gallipoli was ex-
cellent.
The squadron under Admiral Hamelin was at
Baldchik. The Russians were not advancing.
They were fortifying themselves in the Dobrudscha.
Omer Pacha's retrograde movement was to concen-
trate his troops.
Besides the camp at Gallipoli, the English are
establishing one at Buyultdere, on the Bosphorus,
the summer residence of the ambassadors, and not
far from Constantinople.
On the 14th the combined fleets were still at
Kavarna.
The Fury had been sent to Odessa to take away
the English Consul and English subjects there.
She was fired into and driven back, despite her flag
of truce. The Fury captured a Russian schooner,
but was chased by five Russian vessels of war from
Sebastopol, and was compelled to abandon the
schooner. She kept the crew as hostages.
The irritation on board the fleets is extreme.
There was a general illumination on the 10th, on
board the vessels of the fleets, when the Banshee
brought the order to commence hostilities.
The departure of the fleets for Odessa was immi-

nent.
VIENNA, Tuesday, April 25.—The bombardment
of Odessa is contradicted. There has been sharp
fighting at Trojan's Wall. The Russians were
drawn into an ambuscade, and suffered a heavy loss
in men and artillery.

Another telegraph despatch from Vienna says :
The Russians passed Trojan's Wall on the 7th.
General Luders' head-quarters are at Muratlar,
near Karassu.

Cossacks had been seen at Kavarna.
There is great consternation at Varna.
TRIESTE, April 25.—Persia has officially declared
a strict neutrality.
The French steamer Caiman has been wrecked
on the Abyssinian coast.