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 better 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 1" 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 bond, 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 4-I,_ 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 1,0001.3 2dly. Because the price is not
distinctly specified, but left uncertain and doubt-
ful ; and 3dly. Because the bidding is not 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.

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, QUARTER TO THREE 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 Blackwall, 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-
buted to the want of personal interest appa-
rently felt by the Directors, the bad system
pursued by them in almost every department, the
heavy losses by the manner in which the contract
for the works was let, the unnecessary charges for
engineering, and the extravagant sums charged to
land account, with the excessive allowances to soli-
tors. The liabilities are found to be so much larger
than the Directors had stated, that the Committee
consider it is a question for the grave consideration
of the proprietors how it is to be met. The
Committee recommend an entire change in the
Board of Direction, although acquitting the
local Director, Mr. Smithwick, who continually re-
monstrated against the proceeding of his colleagues.
The Great Southern and Western, and the Irish
South Eastern Railway Companies have given the
strongest assurances of their desire to work amica-
bly with the Waterford and Kilkenny Company
under improved management, and the Committee
believe that by great exertion the line could be
brought into a fat more satisfactory position and
secure a large increase of traffic. The present
Directors have given every facility for the investi-
gation.
The committee appointed by the Equador Bond-
holders has made a draft report to its constituents,
and although, as usual, in dealing with the arfairs
of the Spanish American republics, there is great
difficulty in making sensible progress, the exertions
used appear likely to bear some fruit, and Mr. ,
Mocatta, who has returned, brings information
indicative of sources for profitable enterprise.
The description of the republic of Ecuador, from
official data, is both interesting and encouraging,
especially with reference to the Galapagos Islands.
In a " Minute" the committee remark :
"The important and comprehensive concessions to our
association, which have been confirmed by the late decree
of the Government and Legislature of the Ecuador, de-
mand our prompt and vigorous action.
" Meanwhile, having received formal reports of sundry
former concessions, now either extinct, in abeyance, or
superseded in our favour, we should be glad to learn if
there have been interested in such old concessions men of
science, energy, and enterprise, who might be eligible co-
adjutors, auxiliaries, or employes, in some of our under-
takings. No doubt, if such there be, possessing informa-
tion and useful qualifications in return for which
our resources might be made available, the object of all
parties might be promoted harmoniously.
" Moreover, if there exist other interests in other coun-
tries, with which our own exclusive privileges might pos-
sibly conflict, then the occasion to extend our relations
might arise, leading to alliances and combinations advan-
tageous to all parties, including our numerous and influen-
tial subscribers in the other money-markets of Europe.
" Mons. W. de Mandeville, for many years Charge
d'Affaires for France, at Qaito, a gentleman of large expe-
rience and high standing, has been the grantee of certain
auriferous concessions, which he has already prosecuted to
such an extent as satisfies his friends of their value. John
Field, Esq., one of your committee, having satisfied him-
self in Paris of the good faith of the overtures made by M.
de Mendeville, and enlisted a confidential and competent
agent as the medium of preliminary negotiations, the Se-
cretary eventually proceeded to Paris, and negotiated the
basis of a combination of M. de Mendeville's interest and
resources with your own. Your committee trust that
the principles of the proposed union will, when prepared
for ratification, be found just and expedient. Meanwhile,
the committee have in charge, from M. de Mandeville, cer-
tain very valuable and unique MS. maps of the State of
Ecuador, on a large scale, besides others of the auriferous
regions which have been already explored. Parcels and
specimens of the gold extracted and collected during M. de
Mandeville's own survey, at the points indicated in the
MS. map which accompanied his report, are open for in-
spection."
The Bank of England has not altered its rate of
discount to-day.

The English Stock Market has been very in-
active, and prices have fluctuated but little. Con-
sols have been 87 to 871 for transfer, and the same
for account. The New al per Cents. have been
86,g- to 871, and the 3 per Cents. 86 to I. There
is iot expected to be much doing until nearer the
2d of May, when the Exchequer Bond scheme will
be proved successful or the reverse. Exchequer
Bills suffer by the greater demand for cash, and
have receded to is. par and discount. Bank Stock
also is worse, viz., 208, and since 205.
Foreign Securities have been dull, and mostly
rather flatter. Mexican are 23i, and if the United
States Legislature does reduce the purchase money
for the purchase of the Mesilla territory to
7,000,000 dollars will probably go lower. Grenada
Deferred Stock has been at sf. Brazilian New 4i
per Cents. have been quoted 871 to 88. Sardinian
Bonds have been done at 791. Dutch 21 per
Cents. aro 561.
The last week's railway receipts ascertained up
to this day are in round figures as under :

1854. 1853.
North-Western

Brighton
Midland
South- Eastern*
Caledonian, and Edin, and Glasgow 15,814 13,126
Lancashire and Yorkshire 19,001 18,160
Yorkand North Midland, Newcastle
28,671 25,673
and Berwick, and Leeds Northern

• Easter week last year.

In the railway market, the arrangements con-
nected with the settlement of the account about
to close have occupied the time of the jobbers, and
prices have been rather fluctuating. York and
Berwick are a shade better, and also Caledonian.
North-Western have been lower, and South-
Western are firm. French shares are nominally
at fuller rates.

The Mining market has been flat, the Joint
Stock Bank shares are dull, and. the Land Com-
panies' without alteration.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
( Front the Official List. )
Business done.
Bank Stock
i per Cent. Reduced Annuities B6 4 i
3 per Cent. Console Annuities 874 7 i a
New 34 per Cent. Annuities ~.874 64- 71 61 7/
Long Annuities, Expire sth Jan., 1860 44 11-16
Consols for Account 11th May B7i 4 7 li i
Exchequer Bills, 2d.
£looo
£5OO 3 p
Small 2 4 p

PRICE OF FOREIGN FUNDS THIS DAY.
firazilian Bonds, 5 per Cent.
Ditto Small
New Bmzilianßands, 1829 & 39, 5 per Cent 97i 8
Grenada Bonds, Deferred
Mexican 3 per Cent.
Sardinian Bonds, 5 per Cent ........ 79.
Spanish Bonds, 3 per Cent 3si
Dividends on the above payable in London.
Dutch Exchange, 2i per Cent. 12 Guil
THREE O'CLOCK.
Consols B7i
Ditto May Account .

COURT OF BANKRUPTCY.-(THIS DAY.)

(Before Mr. Commissioner Evans.)
ADJOURNMENT SINE DIE.-IN RE COLTER.

This bankrupt was described as of High Holborn,
licensed victualler, and to-day was appointed for his last
examination.

The balance sheet, prepared by Mr. Perkins, Coleman-
street, commencing July 1, 1853, and ending 15th March
last, shows--Dr. to creditors, 2631. 16s. Bd. ; to ditto
holding security, 9051. ss. sd. ; capital, 5501. Creditor:
Property given up, 1041. Bs. ; to ditto in the hands of
creditors (Messrs. Whitbread, who hold the lease), 8001.;
trade expenses, 3191. Bs. Od. ; household, 236/. ; losses,
4431.
The assignees opposed, on the ground of the unsatis-
factory state of the accounts, and asked for an adjourn-
ment sine die.
Mr. Linklater, for the bankrupt, urged that he had
not acted in any way to justify such an application. He
had commenced with a large capital, which ho had lost,
and now gave up property. It was true that he had
not kept regular accounts, but those rendered were the
best he could furnish, and an adjournment sine die would
have the effect of depriving the bankrupt of his certifi-
cate for life.
His honour thought better accounts might be rendered,
and adjourned the case sine die, with limited protection.

IN BE BERITHEIL.
In the case of this bankrupt (formerly merchant at
Natal, Africa, and Abchurch•lane, &c., London) part
heard and reported last week, and adjourned till to-day,
Rae postponed till Tlittroday next.

LATEST FOREIGN NEWS.

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
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
English 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-
Bazouks 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, Coif nel 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 Buyukdere, on the Bosphorus,
the summer residenco 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.
VIMNNA, Tuesday, April 25.—The bombardment
of Odessa is contradicted. There has been sharp
fighting at Trajan'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 Trajan's Wall on the 7th.
General Luders' head-quarters are at Muratlax-,
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.