The Sun.
London, England, 1853-05-28 00:00:00

rity of the dominions which have descended to MONEY MARKET AND COMMERCIAL
him from his heroic forefathers. He has recently, iINTELLIGENCE—(THIS DAY.)
moreover, and in a wonderful manner, strengthened
his Government. By reinstating RESCHID PACHA
at the head of the Foreign Department in his Cabi-
net, he has dedicated the energies of the ablest
statesman in his empire to the furtherance of a pa-
triotic policy and to the maintenance of the exist-
ing Administration. He is supported, moreover,
simultaneously, cordially, and resolutely by the
Ambassadors of France and England, the Repre-
sentatives of the Sovereigns of the two most im-
portant and powerful nations of Christendom.
The SULTAN may rest assured of this, that neither
of these illustrious Monarchs will consent to
infamous allow an act of aggression to take place
in regard to Turkey on the part of the tyrannical
Russian Government. Encroachments such as
those which were recently attempted to be carried
out by Prince MRNSCHIKOFF in the name of the
Czar NICHOLAS will never be quietly tolerated
either by Queen VICTORIA or by the Emperor
NAPOLEON. Such are the political truths which
constitute, in reality, the palladium of the in-
terests of Turkey and the talisman of the fortunes
of the Sultan ABD-UL-MEDJID.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at from 7,000 to 8,000 bales, of which
1,000 were taken for export and on speculation.
The market was inanimate but firm. Railway
Shares were flat.
The statement of the Bank of England for the
week to the 21st inst., will disappoint many be-
cause of the continued reduction in the amount of
bullion. It is probable, however, that none of the
Australian gold lately received has yet come into
the account ; and, as the precious metal is arriving
rather freely from the "United States and South
America, and very little is being shipped to
Australia, it is not to be assumed that any
marked reduction will take place in the
amount held by the Bank. The circulation
was on the decline up to last Saturday, as the
necessary result of the increasing public deposits.
Discounts and loans were more freely taken, and
the withdrawal of private deposits is another proof
of the more active demand for money. Contrasted
with the previous return, the changes are as
follows :

Active circulation.
Decrease
Bullion

£22,638,755
524,050
17,950,524

Decrease.

268,493
3,156,577
4,831
5,815,477
719,786
11,953,498
57,904
1,326,133
57,069
No alteration.
14,368,263
354,087
8,734,030
305,810

The Income Tax Bill progresses in due form.
Then is scarcely an appearance of opposition.
The Chancellor of the Exchequer, strong in the
support of what has been appropriately termed
" his large and well-disciplined majority," listens
with a smile of contemptuous indifference to the
serious objections to the details of the measure,
overrules the arguments adduced, and, if a divi-
sion should be hazarded, carries his point by over-
whelming numbers. It is, indeed, an irksome
task to chronicle and comment upon such pro-
ceedings, and to note progress of the Bill.
Nothing but an imperative sense of duty could
induce us to notice the disgusting subject, but
until it is finally disposed of we shall not abstain
from our exertions, although our efforts may be
attended with scarcely a hope of success.

Increase
Public Deposits
Increase
Other Deposits
Decrease
Seven-day and other Bills
Decrease
Government Securities
Other Securities
Increase
Notes unemployed
Increase

The transactions in Foreign Bills of Exchange,
yesterday afternoon were at rather fuller rates.
Paris, 90 days, was negotiated at 25 271 to 30 ;
Hamburgh, at 13 84 to / ; Amsterdam, at 1118/
to 19 ; and Trieste, at 10 54 to 56.
The exports of gold direct from London amounted
in the week ending Thursday last to 701ozs. of
gold, and 232,3580z5. of silver.
In Stocks there is very little doing, and prices
are much the same as they closed yesterday. Con-
sols 1004 for money and time. Bank Stock is
firm at 230. Exchequer Bills are dull at Is. pre-
mium.
In the Foreign Market scarcely anything is doing.
Spanish New Deferred are 231, but Mexican have
declined to 26g. Sardinian Bonds are at 981.
Dutch 2i per Cents. bring 654.
The English Railway Shares are flatter, with
very few transactions, but the French Lines are
higher.
Gold Mine Shares are dull, and also the Land
Companies and Banks.

The amendment of the Hon. and Learned
Gentleman the member for Youghal, to which we
referred in our impression of yesterday, was
brought forward in due course and negatived by
a majority of 156, there being only 49 votes in
its favour, while 205 were recorded against the
proposed exemption. The Right Honourable
Baronet, the First Lord of the Admiralty, must
have felt rather queerly when he heard his own
arguments, delivered within a few months,
pressed so strongly against the propositions of
a Government of which he is himself
a leading member. Are persons having in-
comes between 1001. and 1501. per annum no
longer entitled to the favourable consideration of
Sir JAMES GRAHAM ? Are they not those who have
the greatest difficulty in maintaining their posi-
tions ? Or has the " point at which the fustian
jacket ceases to be worn, and broad cloth comes
into use among the working classes" varied in any,
and what respect, since the month of December ?
or have the circumstances of the working clergy
of the Established Church, or of Dissenting minis-
ters, materially improved since that time ? There
have been no alterations in these particulars. The
only difference is, that those who were then her
MAJESTY'S Opposition now occupy the Treasury
Benches ; and the result is that matters which,
under another Ministry, would be resisted Coto ccelo
are now not merely tolerated, but hailed with enthu-
siasm, and carried by acclamation. The 'Honourable
Gentleman, the Member for Manchester, in ex-
posing the slovenly and confused manner in which
the Bill is framed, and showing that it is nearly
unintelligible, thought it necessary to apologise
for putting forward any objection to the measure
of the Financial Autocrat—to assure him that it
was not done with any feeling of hostility: as evi-
dence whereof, he would not bring forward any
motion by way of amendment, leaving everything
in the hands and at the disposal of the Right
Honourable Gentleman. And this is the course
generally pursued by persons who were once in -
dependent Members who would have scorned to
follow blindly in the train of any Minister.
The chief feature of last night's discussion was
that a leading member of the quondam Protection-
ists (the Marquis of GRANBY) afforded an explana-
tion of the carelessness and apathy exhibited by the
Opposition to the details of the measure. The

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(.From the Official List.)
Business done.
Bank Stock ..... ............ ..... . ....... 230
3 per Cent. Reduced Amities ........ 9
New 34 per Cent. Annuities lo2k
India Bonds, £lOOO.
South Sea New Annuities . lOO4
Consols for Account
Exchequer Bills, 1 d.
£l000
£5OO
Small

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK,
Mexican 3 per Cent.
Russian Bonds, 5 per Cent.
Sardinian Bonds, 5 per Cent 9Bi_
Spanish Bonds, 3 per Cent
--
Ditto New Deferred, 3 per Cent. 23i
Dividends on the above payable in London.
Dutch Exchange, 2 per Cent.
TWO O'CLOCK.
Consols lOO
Ditto June Account l.OOl

Noble Marquis voted against the amendment,
because he thought the best chance of getting
rid of the Income Tax was to make all classes
feel its inequalities, pressure, and injustice. He
explained that his vote, in favour of the amend-
-I.llolt of Sir BULIVER LYTTON, althonglb differing
from its object, was solely given because he dis-
approved of the Budget. Thus taking the oppo-
site extreme from Messrs. Huirn and COBDEN, who
voted against that with which they cordially con-
curred for the purpose of strengthening the party.
We admire the candour of the Noble Lord,
although we must unequivocally condemn the pro-
priety and morality of his proceedings. He has,
however, what is vulgarly termed, " let the cat
out of the bag," and thrown a new light on the
motives and conduct of the party with whom he
usually acts,--a light that reveals the reasons why
forty supporters of the DERBY Administration
supported the financial scheme of Mr. GLADSTONE,
and places in the clearest point of view the pre-
viously unaccountable absence of a well-devised
and bona fide opposition in committee. The truth
is, that the Noble Lord and his associates endured,
rather than approved, of the equitable and popu-
lar portion of Mr. DISRAELI'S Budget. If their
wishes had been consulted, there would have been
no recognition of distinction between permanent and
precarious income. They sustained the Minister for
party purposes, although disapproving of his mea-
sures. And those measures were more liberal—more
in accordance with the principles of " unrestricted
competition"—more favourable to the industrial
classes, to the physical and intellectual toilers,
than those of the present Financial Minister.
And thus it is that Mr. DISRAELI is unable to
bring forward, with any hope of success, the pro-
positions to which he alluded when consenting to
the second reading of the Bill. Is this conflict
ever to prevail between the propertied and the
industrious classes ? Will the owners of real estate
never see that their best interests are involved in
the protection and encouragement of labour, which
gives value and stability to their property ?
An unprejudiced person would easily perceive
that the interests of both parties are one and in-

divisible—that anything which materially affects
the labour market must also depreciate property,
which increases in value in a direct ratio with the
comfort and contentment of the people. The
Marquis of GRANBY will not take this enlarged
and comprehensive view ; on the contrary, he
looks through a narrow and distorted medium.
He will not render justice t• industry, and, as a
natural consequence, he may find that the support
of the working classes may be withheld from his
class and order at a time when it would be pe-
culiarly valuable.

We perceive, by an announcement in another part of
our paper, that the South Australian Copper Mining
Company have dispatched the remaining portion of their
engineering and mining staff for Adelaide by the fast-
sailing clipper-ship Agra. The prospects of this com-
pany art daily improving, and much is confidently ex-
pected from the skill, energy, and enterprise of their
well-selected officers.

..
WINDSOR, FRIDAY.—The birthday of his Majesty the
King of Hanover, born 1819, was observed here with
the customary honours. The bells of the Castle and
Windsor churches rang merry peals throughout the day,
and Royal salutes were fired at Virginia Water, Fort
Belvedere, and the Bachelors' Acre.

,
TRH DIVISION ON CHURCH RATES.—There are some
curious features to be found in the division upon Sir
William Clay's motion for the abolition of church rates.
As regards the representation of the metropolis it is a
very significant fact, that every metropolitan member,
with the exception of Lord John Russell and his Tory
colleague, Mr. Masterman, voted for the motion. Lord
John Russell spoke strongly in favour of the continu-
ance of this odious impost, but some of his colleagues in
office would not vote with him. The Attorney-General,
Mr. Charles Villiers, and the Earl of Mulgrave declined
iesstaadbutienee;ttvro
.S.irie-Wr. ilHilieamoryMFoil.tersrwooyrt, h
to vote, much to their honour. But still greater merit
e ms
Secretary
taor
yf theof
'Unademr
Colonel Osborne, Secretary to the Admiralty ;
Solicitor-Ccßoyle,Equerry to the Queen ; and Mr. Bethell,
their chief
bum' who not merely declined voting with
, ac
When membersmembersoft uall y voted against him. It is usual
called upon to resia Government act thus, that they are
sell, or any of hisT.iutheir offices. Will Lord John Rus-
the_gentlemen we haysee
ate colleagues, dare to dismiss
—MO77liNi 47,vcri • 114raevil This is not very likely.
KM