The Sun.
London, England, 1853-04-09 00:00:00

LONDON, SATURDAY EVENING, APRIL 9, 1853.

pIIE BALLOT SOCIETY.
'the BALLOT :OCIETY solicit communications, addressed
to the Secretary, from friends in all parts of the kingdom.
CHAIRMAN —The Hon. F. IT. F. BEKKELEY, M.P.
SECRETARY—JOIIN JENKINS.
BANKERS—PRESCOTT, GROTE, and Co.
Ballot Offices, 140, Strard, London, April 7, 1853.

LAURENT'S CASINO, ARGYLL ROOMS.-
Lessee, CIIA IMES E. LAURENT, Olislow-h,use, lu'hatn•
road. Open Every Eve Ling. The Orchestra will perform, during
the week, " The Thistle," " Shainron," "Rose," and "Ainin,t"
Waltze,, the " Napoleon" (Mop, "Le Cirque' Quadrille ; "La
Valerie," " Juno;" and "Steeplechase" Polkas.— Admission, Is.
Doors open at ilalf-past Eight; t) commence at Nine o'clock, and
terminate at Ifalf-past Eleven.

TO ESTABLISHED ASSURANCE COM-_
PANIE,t.—A. Gentleman of high character, very extensive
connexions, and of great perseverance, at Fr se• t holding an im-
portant sititathat in an of :-est 41 shed office, who has been distin.
guished f r h's great succ(ss in the extension of Lite Assurance busi-
ness, is disposed to enter into an arrangement with an office of
acknowledged character for the extension of its business. Would
not object t.) the management of a Branch Office or to an arrange-
ment as Secretary or Assistant-Secretary. Would be disposed to
gua antee a fair amount of bu-iness. The highest references given.
Address, prepa'd, to 0. P. Q., care of Messrs. Castle ant Lamb,
newspaper agents, Bull -1t,.,a i-court, Newgate-street.

GREAT INDIAN PENINSULA RAILWAY
CO5l rANY.
SEVENTH ITALF•YEARLY GENERAL MEETING.
NOTICE 1.3 HERE BY GIVEN That the Seventh Half-yearly
General MeetinT of the Proprietors in this Company will be held at
the Offices of the Compav, 3, New Broad street, London, on Wed-
nesday, the 27th April, 1853, at 12 o'clock at noon precisely, for the
General Business of the Company, pursuant to the Ac .
(signed)
WIIARNCLIFFE, Chairman.
CORNELIUS NICHOLSON, Superintending DireetoT.
3, New Broad-street, London, April 5, 1853.
*** The Books, for the Regi.tration of Shares, will be closed from
Thursday, the 13th, to Wednesday, the 27th April, inclusive.

HOW TO WIN MONEY BY FAIR PLAY.
—Well, you find I was right when I informed you by public
a~lvortiaement in " Evening Sun" and " Morning Advertiser," &c.
&c., that Co, tentment would be certain to lose the Metropolitan--
the distance was a little too far for him ;
That Richmond was sure of a place ;

. .
That for the City and Suburban Pancake had a private trial with
Sheravogue, and was worth backing likewise for a place.
Nov, all you that have lost your money by backing Contentment, I
will tell you bow to get it back again to a certainty—lnvest your
money as I shall advise in my
" Looming in the Future." . .

Contentment is sure of winning either the Newmarket Handicap or
Chester Cup—one certainly, if not both—back him immediately. His
performance for the "Met" bears no comparison to his private trials.

unhesitatingly assert that if the distance had been i quarter °la
mile less, he would have carried a stone more, and won in a canter.
I told his party the distance would beat him. Nerva is amiss, and
cannot w'n.

Now for a secret that is certain to win money—Ann Page
is an extraordinary good thing, in first-rate condition, and will
be certain of a place, if not win, whatever she is intended for ;—back
her for the Newmarket Handicsp and Chester Cup, likewise for a
place—back immediately. lam nut always correct, but lam certain
from the arrangements L have made, that all wto follow my advice
for the season will flirt themselves good winners. Terms—Private
Subscribers, Two Guineas for the Season, or Half-a Guinea for a
Winner—the last I prefer. But take your choice; whichever way
you like, my little dears.

Address Join+ FAIRPLAY, Ipswich. Enclose a directed envelope.
Have my Derby Pick, you can win a fortune.

Fib INNEFORD'S PURE FLUID MAGNESIA
kJ' Has been for many years sanctioned by the most eminent
o t the medical profession, as an excellent remedy for
ACIDITIES, HEARTBURN, HEADACHE, GOUT, AND

GEORGE REEVES, 3,4, and 5, POPE'S
HEAD ALLEY, 19, CORNHILL, LONDON,

. _ .
(nearly opposite the South Entrance to the Royal Exchange), being
determined to supply the Public with the very best WINES and
,PIRITS, at the lowest remunerating prices, begs to submit the fol-
lowing list for their consideration:—

WINES.

Good Draught Ports and Sherries .. • • .. • • .... 245. per dozen.
Superior ditto (second to none) . . 32s. per dozen.

Ve.ry tine Old oruoel Port, 4 years in Bottle • ... 425. per dozen

Flue Old ,berry, Pale or 8r0wn,..•• ........ • • 423. per dozen.

S PIRII S.

Gin of the finest Quality, 9s. 6d., 10s. Bd., and 12s. per gallon.
tine Old Jamaica Rums, 10s. 8d„ 125., and 16s. per gallon.
Glenlivet and Campbelton Whiskies. imported direct, 5 years old,
and 5 over proof, 20s. per gallon.

G. R. having purchased. previous to the rise, 50 Hogsheads of
Martell's Pale and Brown Brandies, 4 and 5 years old, feels disposed
to offer them at the Original erices, taking no advantage of the 3s.
advance in the markets.

Fine t Pale Champagne Bran 1y...... • • ...• • • 28s. per gallon.
Coloured ditto 21 s. per gallon.
Hampers charged is. per dozen, and bottles 2s. per dozen.
REMITTANCES in all cases to be made in advance, by Post-
office Order, or by Cheque payable in London.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS—(YESTERDAY.)
The LORD CHANCELLOR took his seat on the woolsack
at five o'clock.

PETITIONS.

The Earl of RODEN presented petitions from several
places against the admission of Jews into Parliament ;
also a petition from the county of Cavan against the con-
tinuance of the grant to Maynooth.
The Earl of SHAFTESBURY presented several peti-
tiong, praying for the inspection of nunueries.
METROPOLITAN IMPROVEMENTS BILL.

This billl was react a second time on the motion of
Lord GRANVILLE.

FOREIGN SEAMEN IN BRITISH SHIPS.

The Earl of ELLENBOROUGH presented a petition
from. the master mariners, mates, and seamen of Hartle-
pool against any repeal of the provision of Act 12 Vic.,
restricting the number of foreign seamen in British
ships. The noble earl expressed his regret at the fact
of the tonnage of this country not having increased
in the same proportion as that of foreign coun-
tries. The increase of shipping on the continent had
been of late years 66 per cent., and in this country only
21. The actual number of our seamen falls short of the
calculated returns, and short pay, which was about 9/.
per year, was hardly sufficient to supply them with ne-
cessaries. It would be highly impolitic to assist the
shipowners by reducing the rate of wages, and thereby
reduce the number of seamen. On the maintenance of

the maritime strength of this country its safety depended,
and that was a question of more importance than the in-
terest of any single mercantile class. There was no loss
which would be more fatal to the country than that of
the hearts of its brave defenders.

Lord GRANVILLE deprecated a discussion upon a
subject which would so soon, in a more tangible form,
occupy the attention of the house. A measure was now
under the consideration of the Government, but nothing
could be further from their intention than to reduce the
rate of wages to the seamen. It was not his opinion
that the employment of foreign seamen would injure the
English sailor. A very large number of English sailors
were at present in the American service. He must enter
a protest against the idea going forth to the country that
the Government intended to bring in any measure which
would have the effect of reducing the wages of the Eng-
lish seamen.

Lord COLCHESTER was of opinion that the em-
ployment of foreign seamen was highly prejudicial to the
English sailors.
Earl GREY could not regard the measure which the
Government were about to introduce as calculated to
reduce the wages of British sailors. There was no law
which prevented the introduction of skilled labour into
this country, and he did not see why the maritime ser-
vice should form an exception. His belief was that the
employment of foreign seamen would not have the effect
of decreasing the rate of wages.
The Duke of ARGYLL said that it was the expecta-
tion of the Government that the measure which they
were about to introduce would have the effect of better-
ing the condition of the sailors of this country. England
was essentially a maritime country, and need not fear
free competition with any other nation.
GENERAL BOARD OF HEALTH BILL.

This bill was read a third time.
Their lordships then adjourned at a little after six
o'clock.

HOUSE OF COMMONS—(YESTERDAY.)
The SPEAKER took the chair at a few minutes to four
o'clock.
NEW MEMBER.

Mr. PRITCHARD took the oaths and his seat for Bridg-
north.
PRIVATE BUSINESS. _ _

The Blackburn Railway and the Norfolk Estuary Bills
were read a third time and passed.

ATHLONE.

The members of the Athlone election committee were
called to the table and sworn. The committee was also
appointed to sit to-morrow at 11.
PETITIONS.
Mr. AGLIONBY presented a petition from the cor-
poration of Carlisle in favour of the reform of the crimi-
nal law ; also a petition from Cockermouth in favour of
the ocean penny postage.
Mr. ALCOCK presented a petition from East Surrey
against the Canada Clergy Reserves Bill.
Sir J. V. SHELLEY presented a petition from the
wood engravers of Westminster, praying that the Crystal
Palace might be opened on Sundays.
Captain SCOBELL presented a petition from seamen
in the port of London, against the Merchant Seamen's
Bill.

Mr. R. PALMER presented a petition from Berk-
shire, against the attorneys' certificate duty.
Mr. COBDEN presented a petition from Knaresbo-
rough complaining of the withdrawal of the petition
gainst the return for that borough, and praying that a
commission be appointed to inquire into the practices at
the last election.
Mr. Sergeant SHEE presented petition from the coun
ties of Donegal and Kilkenny in favour of the Tenant
Right (Ireland) Bill.
Mr. C. T. CHAMBERS presented a petition from
St. Albans, in favour of National Disarmatnents.
Sir R. H. INGLIS presented a petition from the
Trustees of the British Museum, praying for the annual
support of the house.
Sir J, Y, SHELLEY presented a petition from West-
,

minster, in.favour of the reduction of the duty on tea,
to ls. per lb.

Mr.- PELLATT presented a similar petition from
Southwark.

Mr. HUME presented a petition from Arboath in
favour of the bill for abolishing University Tests in Scot-
land.

DOCKYARD APPOINTMENTS.

Sir B. HALL gave notice of the terms of the motion
which he intended to move on the 19th of April next.
The substance of it was that he would call the attention
of the house to parliamentary papers of the present ses-
sion, Nos. 67, 271, and 272, relating to dockyard pro-
motions and appointments, and :neve the, appointment
of a select committee to inquire into the circumstances
connected with the cancelling, on the 9th of Aptil,lBs2,
of the circular of the Admiralty of the 26th of September,
1849, without any order or minute of the Board
of Admiralty; also into the circumstances under which
a letter addressed by Sir Baldwin Walker to Mr. Staf-
ford, the Secretary of the Admiralty, in which letter he
tendered his resignation, and why that 4etter was with-
held from the board; and also into the circumstances con-
nected with the appointment of Mr. Jas. Wells as master
smith of Portsmouth Dockyard, and the subsequent can-1
ceiling of the same, and the appeinttnent of Mr. Geo.
Costell in his stead, and generally into the exercise of
the influence and patronage of the Admiralty in several
Parliamentary boroughs at the l ..st general election.
BORNEO. . •
Mr. HUME stated that in 'consequence of the Go-
vernment having told him that it was their intention to
institute an inquiry into the proceedings at Borneo, it
was not his intention to proceed with his motion on the
subject.

REFORM OF THE CORPORATION OF LONDON

In reply to Sir B. HALL,
Lord J. RUSSELL said it waseaiiiiktentienzef the
Government to appoint very soon a commission for the
purpose of inquiring into the reform of the corp Oration
of the City of London, and of preparing a measure on
the subject. (Cheers.)

inferior to none of them—every one of these operation:
have had an issue comparatively simple to deal with, and
they have marked the successive steps by which yen
effected the great transition in respect of your debt from a
state of war, when money could only be raised at high
rates of interest, to a state of peace, commercial progress,
and general stability of our institutions. The case is now
materially different. I will state very briefly the particu-
lars of those operations, for the purpose of discountenanc-
ing the supposition that any analogous effects are to be
expected at the present time. In 1823 Lord Bexley pro-
posed a commutation of a portion of the public debt. He
operated on a capital of 152,000,0001., and effected an im-
mediate saving of 1,206,-0001. In 1825 the Earl of Ripon
operatc4 'on a capital of 77,000,0001., and effected an imme-
diate saving of 300,0001. From 1830 to 1831, my right
hon. friend the member for the University of Cambridge
operated on a capital of 153,000,0001., and effected an im-
mediate saving of 753,0001. In 1841 and 1845 he again
dealt with the large capital of 248,000,0001., and effected
an immediate saving of 622,0001., which in the year 1854
and 1855 will be doubled, and then there will be an actual

permanent saving of 1,244,0001. (Hear, hear.) With' re-
spect to the amount of saving and of the rate of interest,
frt;in which a dissent was to be made, the case is widely
different at the present day. So far as the history of the
world has yet gone, we have found 3 per cent. pretty nearly
the limit at which we arrive. The enormous mass of dis-
sent is again such as to preclude any extensive compulsory
operations, not only under the circumstances of the pre-
sent moment, but almost under any circumstances which
it is possible to foresee. The debt amounts to 500,000,0001.,
more than double of what it is ever been attempted to ap-
proach for the purpose of reduction ; and a circumstance,
which may not be c9xnerally within the knowledge of the
committee, but which is yet more fatal in its bearing on
the position of the public debtor and the public creditor
is this, that of those great Three per Cent. Stocks, which I
have stated in round numbers as amounting to 500,000,0001.
the whole are secured by a provision requiring a Parlia-
mentary notice of twelve months' duration before any mea-
sure of reduction or commutation can be applied. (Hear.)
I only ask the committee to recollect how serious a matter
it would be for any Government, under present or any other
circumstances, to sketch out a plan of operations affecting
so vast a capital, involving the possibility of such an enor-
mous payment received from you within a period of twelve
months, and including all the chance vicissitudes which we
have seen happen often in the course of less than a single
year. Our present position, therefore, is entirely different
from this. The expectations which were then reasonably
entertained it would not be reasonable to entertain now.
The plans then proposed to the house were reduced to a
single and simple issue. The stocks with which you had
then to deal were subject to redemption by Parliament
after an offer of repayment at short notice, and as many as
declined that offer were required to accept other stocks ten-
dered in lieu of those which they held. Therefore, I lay it
down in the first instance, that a large operation of a com-
pulsory character is totally out of the question. And the
next inquiry is, shall we, notwithstanding the impossibility
of such extended and comprehensive operations, come to
the conclusion that a new state of circumstances has ar-
rived in which it is incumbent on the part of the Govern-
ment and of Parliamant that they should make some effort
to obtain for the public the fullest value that equity and
justice will permit for the security which they give to their
creditors, and a rigid observance of the perfect good faith
with those creditors which it has ever been the study and
the glory of this house to maintain ? (Cheers.) The opi-
nion of her Majesty's Government is, that although we can-
not now effect the magnificent results achieved in former
periods, yet the time has come when a beginning may be
made, and when steps may be taken which may be useful
so far as they go, and which will lay the ground where no
ground has yet been laid. There is another preliminary
point on which I venture to make a remark. You have,
on approaching a subject of this kind, a choice of difficul-
ties, and it was because I wished to put those difficulties
clearly before the committee that I did not answer at
greater length the question put to me by the right hon.
gentleman the member for Buckinghamshire. On the one
hand, no man can admit more fully than I do the perfect
title of Parliament, and of every member of Parliament—
and indeed it is their bounden duty—to maintain intact its
control over the whole of those operations. If it is our
duty to fence about with strict and rigid forms the whole
process of taxation, and to look closely into every proposi-
tion submitted to you by a Government for raising money
from the people, it is still more your duty to see that you
no not give a blind and unreasoning confidence to a Mini-
ster where the case is either the crea,cion or the commuta-
tion of public funds. The more the house takes on itself
those functions, the less is the burden incumbent on her
Majesty's Government, and the less the anxiety which at-
taches to the individual on whom the duty is imposed of
making propositions of this kind. But, on the other hand,
while I thus state the prerogative of Parliament and of its
members, it is an undeniable fact that when you come to
deal with the public creditor, his position may be mate-
rially amended by conferences conducted in public with the
Ministry, and the Finance Minister in particular, and
having reference very much to points of detail • and, there-
fore, I wish to ask the committee to extend to her Majesty's
Government that degree of confidence with respect to
giving effect to those operations which they think moderate
and just—that they will remember the extreme import-
ance when once a matter of this kind has been broached
of carrying it forward with resolution and promptitude,
and that they will be governed by those considerations in
balancing between the inconvenience of intrusting the
discharge of weighty functions to those who admit their
own insufficiency worthily to bear them, and the inconve•
nience of doing damage to the public interests, and mar-
ring a great public object by discussing it in a spirit which
may be fatal to its very essence. I have been most anxious
to make this application at a comparatively early period of
the present session, because, being aware that it is an ope-
ration of a kind that does not aim at very great results,
and being undoubtedly of necessity a novel operation, and
not analogous to those that have gone before, I am anxious
that the operation should go forward, and should reach to
some degree of effect, if it is to take effect, while Parlia-
ment is sitting, so that Parliament may have an opportu-
nity of exercising a judgment upon it ere long, and so that
Government may, if satisfied with the working of the plan,
come back to Parliament, if need be, for extended powers,
before the session shall run to its close. I come, then, to
my plan, which consists of three portions. The first of
these is certainly a minor portion of the scheme ; and I
will enter upon it first, in order to dispose of it and put it
out of view. It is the liquidation of certain minor stocks
which appear in the schedule of the national debt, and the
very existence of which is unknown to a great portion of
the public, and perhaps to a great portion of this house.
These minor stocks are chiefly connected with the South
Sea Company. There is the debt due to the South Sea
Company, amounting now to 3,622,000/. ; the Old South
Sea Annuities, amounting to 2,775,000/. ; the New South
Sea Anuities, amounting to 1,997,0001. ; the South Sea
Annuities of 1751, amounting to 460,000/. • and the Bank
Annuities of 1726, amounting to 676,0001. The whole
amount of those stocks is about 9,500,0001. sterling. With
respect to those stocks, it is proposed to take a compulsory
operation—that is to say, we shall tender a certain alterna-
tive to the holder, and at the same time inform him that
if he does not accept this alternative, he will be paid off at
the expiration of a proper period. I think the committee
will agree with my view that, at this moment, this will be
an eminently safe operation. But perhaps I may be asked
why I touch these funds in particular. They may well be
called the patriarchal stocks of the country—they have re-
mained longest on the records of the national debt—they
have subsisted for many generations—they may be said to
have grown hoary with age ; then why should you trouble
them? I hold that it is useful to have different descrip-
tions of stock, yet it is a bad arrangement to have different
descriptions of stock which have all their essential charac-
teristics in common, and in which there is not one that is
opposed to the other. Again, those limited stocks create
but a small market, and small transactions invariably bear
small prices. You thus complicate the public debt with-
out any countervailing good, together with the manage-
ment of that public debt ; because, although I believe there
is no possible blame that can be brought against the South
Sea Corporation, highly respectable as it is, and having
now effectually purged itself of the recollections of its
earlier days—(a laugh)—and though there is no possibility
of finding fault with the way in which this public debt
has been managed ; yet this is an agency without any
adequate purpose, and I think the committee will agree
with me that the time has come for a different arrange-
ment. It will also effect a real economy. I frankly own
that I think with respect to this portion of the public
debt we shall obtain only a moderate reduction, but
still a reduction, in the rate of interest. If on this
9,500,0001. we effect but a reduction of a I per cent. in
the interest, yet that will represent a permanent annual
saving to the country of something like 25,0001. ; and,
besides that, wo are perfectly prepared to meet the views
of those who may wish to be paid in cash ; and if the
holders of this stock shall desire to have cash, and will
make a call for it, that call will not be inconvenient, but
on the contrary it will enable us to employ in a profitable
manner a portion of the balances now unemployed, and
thereby to displace, with a debt which will carry a regular
interest, that which now bears comparatively little or no
fruit. With respect to the means of paying off this portion
of the debt, there will be, first, the power which I propose
to take of raising money on Exchequer bonds by deposit at
the Bank, with certain exceptions ; and, lastly, and alter-
native stock, which we shall offer to parties at an auction,
which all will have an opportunity of attending. And
perhaps a doubt may have arisen in respect to most of
those stocks whether Parliament is bound by law to give a
notice of twelve montbs to the holders. The case did not
appear to us entirely clear ; and, it not being clear, and
considering the limited amount of the stocks, we thought it
right to allow the stockholders the benefit of the doubt,
and to give them the full circumstances, which, under any
circumstances, could be required. There is only one ex-
ception in the case of one of those stocks, with respect to
which a notice of six months is clearly defined by law, and
that notice must be signed in the handwriting of the sove-
reign, and exhibited to public view on the Royal Exchange.
I have now disposed of one portion of this scheme, and I
come now to the second and third. Tho second of these
portions relate to the issue of Exchequer bonds, and the
third relates to a voluntary commutation dependent en-
tirely on the option of the holders of the great Three per
Cent. Stocks—namely, the Three per Cent. Consols and
the Three per Cent. Reduced—making together the capital
very nearly of 500,000,0001. But I now refer to both those
' plans, because both have in view one and the same ultimate
object, and that object is to lay the foundation of a perma-
nent form of irredeemable public debt—irredeemable' I
mean, at the option of the holders—bearing an interest of
23 per cent. The mode in which we wish to attain that
end will appear as I proceed, but that is the ultimate end
which we have in view. I know there are some who think
that this reduction is a very simple matter, which may be
delayed for one or more years, but which is sure to come
at last. Those persons are mere sanguine in their tempera-
ment than I. Ido not say you may not entertain the hope
of effecting that object, but I say it is a subject of consi-
derable uncertainty ; and if you hope to attain it you ought
not to omit the use of any auxiliary means towards the
end, and certainly you ought not to depend on the simple
force of circumstances to effect any great reduction in the
intereet. Not extending our view fxr .45 no ought to