The Sun.
London, England, 1854-01-07 00:00:00

THE SUN, LONDON, SATURDAY EVENING, JANUARY 7, 1854.

deeply interesting paper of Mr. BAKER, a Glou-
cestershire magistrate, describin the operations
of the Children's Friends' School ATga
Hardwicke, in
that county. The interesting point is, that his
plan is as capable of being carried into effect,
wherever a sensible magistrate or two, and a few
friends to help, can be found, as a Sunday school
of being established in any ordinary place of worship.
For 250/. he erected a Reformatory School and
buildings, which is large enough to take in all the
lads furnished by the county, thirteen in number,
and ten more from other counties. The buildings
can at any time, moreover, be converted into
labourers' cottages. He hired (not purchased)
all the land wanted, avoiding thereby enormous
outlay and trouble. Beginning with one acre in
March, 1852, and three lads, they increased the
quantity to six, and then to ten acres ; and he
now finds that fifteen little boys can work this
quantity of " stiff blue clay," and make it produce
respectable crops. The boys themselves have
built the cowsheds, pigsties, barn, and carpenter's
shop of waste slabs from a saw-mill. They have
a schoolmaster (but it is quite evident they learn
as much of " common things" as Lord ASHBURTON
could desire), and a superintendent, properly
termed a bailiff. The entire cost, however, has not
exceeded 11/. per head for the twelve months.
This Mr. BAKER indeed considers to be high,
and explains that it includes all the cost of inex-
perience, and the alterations consequent on a
first start. Mr. BAKER prefers spade hus-
bandry for the boys, partly as enabling them
to do more for their own support, and partly be-
cause he considers it unfair to the children of
honest, rustic labourers that crime should be •the
means of teaching children to be tradesmen while
the rest remain farm labourers. There is, more-
over, a growing demand, in consequence of emi-
gration, for well-trained farm hands, and he hopes
to carry out a system of apprenticing the lads to
suitable agricultural masters when they have
quitted the school. It is obvious that Mr.
BAKER'S method may be adopted in any county in
the kingdom, but we think it equally obvious that
no Government system could generate the care,
the economy, the interest in the lads' welfare, and
therefore all the elements on which the success of
Reformatory Schools depends. So far as we can
see at present, Government can only aid by con-
tributions of money, and by temporary legal
powers granted for experiment, and renewed from
time to time.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, 1,000 of which were taken
for export, and on speculation. The market was
firm, at very full prices. Railway shares were
dull, at rather lower rates. _ _

It appears that the importation of wood last
year was the largest on record, and the consump-
tion has fully required the increase. Prices have
ruled high, owing to the great demand for ship-
building, railway, and other purposes. The ton-
nage from the Prussian ports of Memel, Dantzic,
and Stettin, has been nearly doubled. Should the
supplies from these quarters, as well as from Fin-
land and Russian Poland, be suspended, our
Canadian and North American possessions would
receive immense benefit, and fortunately could
supply all our wants, although at an increased
charge, before the stocks on hand hero, which are
ample for many months, would be exhausted. We
have reason to look to such matters, when war is
imminent.

Everything that boars upon the Russia trade is
now of surpassing interest, and according to a re-
port by Messrs. Smith and Charles, there was no
business doing in tallow at St. Petersburgh on
the 15th (27th) ult., when the rate of Exchange
was 39 1-16 to 3-16. Adverting to the market
here, they proceed to observe

"We have scarcely a single new feature to report as
respects probable supply and demand. The Russo-
Turkish question being still in suspense, it is useless
speculating on the probable export from Russia next
season ; we can only repeat what we have frequently
stated before, that the longer that question remains un-
settled and the aid of British capital in consequence de-
nied to the Russian produces, the less will be the quan-
tity produced for next season's shipments, supposing
that there be a shipping season at all at Cronstadt this
year. We forbear offering any opinion upon the
issue of passing political events, but we may say
that the feeling amongst parties well informed on the
subject of Russian diplomacy is that the Russian
Government, believing (or affecting to believe) that
its demands upon Turkey are strictly just, will proceed
even to the extremity of war in prosecuting those de-
mands. The demand for tallow has been very indiffe-
rent for some weeks past, but there is already evidence
of improvement, and we anticipate that with the stocks
in the hands of the trade, reduced to as low a pOint as
at the present time, and with home production un-
doubtedly in this district, (and, we believe, generally)
very scarce, we shall have a good spring trade."
Referring to the prospects of the silk trade dur-
ing the present year, Mr. Henry W. Eaton,
writes :

" As regards future prospects, as far as one can judge
from present appearances, I think there is every reason
to expect a continuance f a good business, and that the
consumption of 1854 • will be fully equal to that of
former years, with little alteration in prices generally.
The latter must of course depend on various circum-
stances, but it may here be remarked, that at no pre-
vious time has the pressure of the money market effected
prices so little as during the last year."
The Bank of England returns to the 31st ult.,
are such as might be looked for at the close of the
year. The discounts increased, and parties
strengthened their balances. The bullion was
slightly augmented, and the circulation was brought
out by the increased loans. The following is a
comparison with the previous return :

Active circulation
Increase...

.. £21,077,860
267,705
15,852,899

Bullion.

Increase

Rest

. .
33,858
3,218,826
20,371
11,409,933

Increase
Public Deposits

Increase
Other Deposits

252,209
11,041,049

Increase
Seven-Day and other Bills
Decrease...
Government Securities
Increase
Other Securities
Increase
Notes unemployed

433,127
1,172,684
6,432
15,044,330
600
17,676,123
932,472
8,102,220

]3ecrease..

216,060

The rates for bills of exchange upon the princi-
pal Continental cities were yesterday afternoon, in
most instances, rather firmer.

Gold is still in command for the Continent.

By the ship Francis Henty there are accounts to
October 11 from Melbourne, and 66,481 ounces of
•
gold. The rate of exchange had declined from 2to
1 per cent., and gold had, in consequence, fallen to
765. per ounce. There was more activity in the
import markets, as the summer labours at the
" diggings" were about to recommence. . No re-
petition of former excitement, speculation, and
high prices was, however, anticipated. The spirit
market had risen, owing to the probable augmen-
tation of the duties by the Legislature. Brandy
had been sold at 13s. 6d. per gallon. Flour was
unsteady. Timber was decidedly falling. Hard-
ware was in good request, and also galvanised iron,
paint, and oils. Building materials had a fair
sale.

The Walter Hood brings Sydney accounts of
Oct. 13, and 31,759 ounces of gold. Her letters
are not yet in town. The Legislature harari-
journed, and the Constitution question would be
re-considered.

The important news from Paris, of the warlike
declaration of the French Government, has occa-
sioned a further decline in Consols, which have
been 92i -a, after opening at 924 There is a
more marked feeling of uneasiness. The New 3/
per Cents. have been 94, and since 931 /. Bank
Stock is heavy at 217. Exchequer Bills are 6s. to
9s. premium.
The exports of specie direct from London during
the week to Thursday last, were only 1,050 ounces
of silver, and 8,140 ounces of gold, all to Boulogne
and Belgium.
Foreign Stocks are dull, and have declined gene-
rally. Mexican are 23 to 231, being flat, and
Danish Three per Cents. are heavy at 84. Russian
Four-and-a-Half per Cents. are 1 per sent. lower,
being 921 to 93. Sardinian Five per Cents. are
quiet at 90. Spanish Three per Cents. are 44, and
the New Deferred 201, being weaker in both in-
stances. Dutch Two-and-a-Half per Cents. are
lower, being 621 ex dividend. French Four-and-a-
Half per Cents. are marked 97f. with the exchange
at 25.10.
There is less animation in Railway Shares, and
the tendency in prices downwards. Caledonian
have declined fully 11., Great Western ss. to 10s.,
Lancashire and Yorkshire 11., North-Western 10s.,
Midland 155., North British 10s., South Eastern
ss. to 10s., York and North Midland 10s.1 French
lines are weaker, Northern of France have receded
about 10s., Paris and Lyons 11., Pans and Stras-
burg are active.
The Gold Mine Shares are quite neglected, and
prices are consequently nominal.
No transactions are recorded in Joint-Stock
Bank Shares.
Land Companies' Shares are very inactive, but
not lower.

BRITISH FUNDS THIS DAY.
(From the Oficial List•)

Business done.
Bank Stock
3 per Cent. Reduced Annuities .........•••••• 93 2g g
3 per Cent. Consols Annuities
New 31 per Cent. Annuities ........
Long Annuities, Expire sth Jan., 1860 5 5-16 ,i.
Ditto 30 Years, Expire 10th Oct., 1859. 5 1-16
India Bonds, £l000
Ditto, under £lOOO .. .
Consols for Opening 18th .... ..............
Exchequer Bills, ld.
£lOOO
£5OO
Small 6 10 p

PRICE OF FOREIGN FUNDS THIS DAY.
Danish Bonds, 1825, 3 per Cent B4 a
Mexican 3 per Cent.
Ditto for the Account. ............ .
Russian Bonds, 1822, 5 per Cent. £ St
Ditto 44 per Cent
Sardinian Bonds, 5 por Cent.. ...... ..••
Spanish Bonds, 3 per Cent
Spanish New Deferred, 3 per Cent 2oi
Dividends on the above payablelin London.

-- • - - -
French Renter, 4i per Cent. .......... ... 97f. Ex. 25f.104
Dutch Exchange, 2A per Cent. 12 ..... 62A 3 x &
TWO O'CLOCK.
Consols for Opening 18th January 92a 1 x

EFFECTS OF THE INCLEMENT WEATHER.—On Thurs-
day afternoon Mr. William Baker, the coroner, held an
inquest in the board-room of the London Hospital on
the body of a Lascar seaman, name unknown, who
perished from cold and exposure to the inclement wea-
ther. The jury returned a verdict of " Died from ex-
posure to cold and the severity of the weather." Mr.
William Baker held an inquest in the same institution
respecting the death of George Ward, aged 40, who was
found by the police lying in the snow on Tuesday night
last. The jury returned a verdict of "Died from expo-
sure to cold and the severity of the weather."

LATEST FOREIGN NEWS.

RUSSIA AND TURKEY.

On the 26th of December Constantinople was
perfectly tranquil. Trieste was mentioned as a
neutral town probable to be selected for the meet-
ing of a congress.

No mention was made of the entrance of the
combined fleets into the Black Sea.

Mohemed Pacha, the leader of the Opposition,
still retained office ; so did Reschid Pacha, whose
resignation had not been accepted.
Besides the conditions already known, the Porte
is said to have proposed, as a basis for the negotia-
tions, a confirmation of privileges for all its Chris-
tian subjects.
Mr. Marsh, the United States Minister, had a
farewell audience of the Sultan. He is replaced
by Mr. Brown.
Lord Dudley Stuart had arrived.
General Prim had taken his departure, on an ab-
sence of some months.
The Persian Government had ordered two arma-
ments, as necessary effectually to meet eventua-

lities.
M. Kanikoff and a Russian General were on.
their way to Teheran, on a diplomatic mission.
The • troops of the garrison at Constantinople
were consigned to their barracks, and reinforce-
ments had been called in from the neighbourhood.
Strong patrols prevented assemblages in the streets.
The Ministers were sitting in permanency.
The war party has been strengthened by the re-
ceent demonstration of the Softas. One hundred
Softas have been exiled to Candia ; many of them
are sons of respectable men.
• On the occasion of the late disturbances, the
Sultan, it is said, declared to the French ambassa-
dor that he would rather abdicate than accept
foreign assistance against his own subjects.
The Trieste Zeitung publishes advices from Kra-
jowa to the 30th Dec. The peasantry had risen in
insurrection along the Danube, from Kalafat to
Turnul, extending as far as the Aluta. They were
partly supported by Wallachian irregulars. The
Russian minor officials had been everywhere turned
out.

The Ostdetctsche Post says that warlike news may
be shortly expected from St. Petersburg.
The Russians have occupied the Austrian Wal-
. .

lachia.n frontier from Orsova to the Torburg-pass
near Cronstadt. The Russians are also permitted
to make purchases within the Austrian frontier.

Serious news has been received from Bucharest.
Russia has, it is said, replied by a fresh movement
of forces, and by extraordinary warlike measures,
to the last propositions of peace which were made
to her. According to instructions received from
St. Petersburg, the army of invasion of the Danu-
bian provinces, which does not now exceed 80,000
men, is about to be immediately carried up to an
effective strength of_ 240,000 men. A great number
of general officers recently appointed to commands
in that army have just joined, and entered on their
duties. _ _

The Austrian Correspondenz publishes the fol-
lowing from Orsova, Jan. 5 :—" Two battalions of
Russians, under General Belgarde, were attacked
on the 31st ult., at Osestan, by some Turkish
cavalry from Klafat. The Turks were repulsed,
and forced to retreat, leaving several dead and
prisoners behind."
We read in the Constitutionnel :—" A report has
been in circulation that news has been received
that the Russians were making imposing arrange-
ments for attempting to cross the Danube. These
accounts are still vague, and we must add, on the
faith of letters from Jassy, that at the date of the
21st ult. there had only entered into the capital of
Moldavia 9,000 men of the corps of Osten-Saken,
and not the slightest detachment had passed the

Wallachian frontier. It is true that since- that time
the frost may have favoured the movement of Rus-
sian troops towards the Danube, which before had
been very difficult on account of the bad state of
the roads."
The National Gazette of Berlin, under date of
Warsaw, let, says :—" The estimate of the Russian
troops at two millions must be considered as an
exaggeration. It is even, according to all appear-
ances, a typographical error. The following is not
the real effective strength, but such as it is indi-
cated by the muster rolls. The corps .of the guards,
the corps of grenadiers, the six corps of the active
army, the first and second corps of cavalry of the
reserve, and the corps of dragoons, in all eleven
corps, are composed of 368 battalions of infantry,
460 squadrons of regular and 14 of irregular
cavalry, and 996 pieces of artillery. Thus, ac-
cording to the written list, the army ready to take
the field is 486,000 men and 996 pieces of artil-
lery. The first levy gives 98,000 men, with 192
pieces of cannon ; the second levy, 115,000 men
and 280 pieces of artillery. Total, 699,000 men
and 1,468 pieces of artillery. In adding the army
destined for local purposes, and the reserves, which
are put down at 315,000 men in the returns we
should have in point of fact an effective of a million
of men with 1,800 guns, whom Russia could call
out in the event of a European war. All the corps
of Cossacks form an army of 93,200 cavalry and
33,000 infantry,-with 224 cannon ' • 60,000 of them
and 110 guns could be employed in a European
war. Our readers see that, large as the Russian
army is, we are still very far from an effective of
two millions."

IMPORTANT CIRCULAR OF TTTI FRENCH
GOVERNMENT TO ITS DIPLOMATIC
AGENTS.
The following is a translation of the important
circular, addressed by the French Government te
its diplomatic agents, a summary of which ap-
peared in the The Sun of yesterday
" PARIS, DEC. 30, 18537
"The affairs of the East are taking a too serious turn
not to recall your attention, even at the moment' when
circumstances impose new duties upon the Government
of his Imperial Majesty, to the efforts which we have
not ceased to make, for the purpose of preventing the
complications with which Europe is so seriously me-

na,ced.
" The question about the Holy Places, either misre-
presented or misunderstood, had excited the apprehen-
sions of the Russian Cabinet ; we have tried to calm
these alarms by frank and complete explanations. It
did appear to us that in preserving the rights of the
Porte, a question of such a nature might well be cleared
up at a•distance from the scene where it originally arose,
Our opinion, however, was not shared by Russia, and
Prince Menschikoff received the order to repair to Con-
stantinople. I will merely say, that had we really en-
tertained the exclusive views which are imputed to us
—if the claiming of our ancient and incontestable rights
had not been sustained by so much moderation—the
mission of that Extraordinary Ambassador would at
once have become the object of a conflict, which we
knew how to avoid.
" The affairs of the sanctuaries at Jerusalem were
hardly settled, and, by the admission of Count Nessel-
rode himself, regulated in a satisfactory manner, when
another difficulty presented itself. Prince Menschikoft
demanded guarantees for the maintenance of the privi-
leges of the Greek Church. The Cabinet of St. Peters-
burg did not prove by any particular fact that these
privileges had been violated ; while the Porte, on the
contrary, confirmed solemnly the religious immunities
of her Christian subjects. Animated by the desire to
appease a difference which, if it concerned on one hand
the sovereign rights of the Sultan, touched on the other
the conscience of his Majesty the Emperor Nicholas,
the French Government, in concert with the English,
have assiduously tried all means to conciliate the in-
terests, at once so delicate and so complex, engaged in
the affair. The Russian Cabinet cannot have forgotten
the zeal and loyalty with which we have endeavoured
to accomplish this difficult task. Neither can it deny
that the resistance of the Porte to accede to a first plan
of arrangement, as emanated from the Conference at
Vienna, was not the only cause of our failure. In
the course of these various negotiations serious
events took place. A Russian army had crossed
the Pruth and invaded in full peace two pro-
vinces of the Ottoman Empire. The fleets of France
and England ought to have approached the Dar-
danelles at that moment ; if the French Government
had desired to do so, its naval forces might have
anchored in the roadstead at Constantinople. How-
ever, though it thought it necessary to establish its
right, it showed all the more its moderation in the step.
The nature of the relations of Russia with the Porte
had become too abnormal not to allow war to succeed
peace, or rather, to call the subject by its real name,
that the aggression on the Turkish territory should not
produce its natural consequences. This change in the
situation has necessitated a new movement of our fleet,
and, at the instance of the Sultan, the French flag has
appeared in the Bosphorus simultaneously with the
British.
" However, sir, we had not renounced the hope of
an arrangement, and, together with Austria and Prus-
sia, as already previously with England, we pursued
once more a pacific end. New propositions, for the suc-
cess of which we shall not cease to employ our efforts,
have been addressed to the Porte by the representatives
of the Four Powers.
" None of the treaties concluded with Russia inter-
dicted to 'our men-of-war the navigation of the Black
Sea. The treaty of the 13th of July, 1841, in closing
in time of peace the passage of the Dardanelles and the
Bosphorus, reserved to the Sultan the right to open them
in time of war, and from the day when the Sultan gave
us free permission to enter the straits the Euxine became
equally open to us. The same motives which had kept
us for a long time at the Bay of Besika, stopped our
fleets in the road of Beycos.
"The French Government was most anxious
,to mani-
fest its friendly sentiments towards Russia, and to reject
before the world the responsibility upon aggravation in
the actual state of things, which, despite all considera-

tions, could not be modified. The French Government
thought, moreover, after the contents of the recent de-
spatches of General Castelbajac, that the Russian Cabi-
net, satisfied with the possession of what she considered
as a pledge, would not have taken any offensive part in
the struggle which she has so unhappily commenced with
Turkey. It seemed to as sufficient that the presence of
our flags in the waters of Constantinople ought to have
attested our firm resolution to protect that capital against
a sudden danger, and we did not wish that its premature
appearance in the quarters nearer the Russian territories
should pass for a provocation. The state of war rendered,
no doubt, possible a collision between the belligerents
hoth by sea and land, but we had a right to think that
our reserve would be imitated by Russia, and that her
admirals would avoid with equal care the occasion for a
rencontre, in abstaining from proceeding to aggressive
measures when, had we supposed the Russian Cabinet
to be animated by different sentiments, our fleet would
certainly have exercised a more active vigilance. The
event of Sinope, sir, has realised all our apprehensions,
and this deplorable fact modifies equally the attitude
which we ought to have taken. The agreement which
has recently existed at Vienna between France, Austria,
England, and Prussia has established the European cha-
racter as regards the difference existing between Russia
and Turkey. The four Courts have solemnly acknow-
ledged that the territorial integrity of the Ottoman em-
pire was one of their conditions of the balancing policy.
The occupation of Moldavia and Wallachia. constitutes
the first attempt against that integrity and there can
be no doubt that the chances of war might still more en-
danger it. Count Nesselrode represented, a few months
back, as a nececessary compensation of what he has since
called our maritime occupation,' the invasion of the Da
nubian Principalities. On our part, sir, we believe that it
has become indispensable for us to measure ourselves the
extent of the compensation to which we are entitled
by right as the Powers interested in the existence of
Turkey and the military positions already taken by
the Russian army. Wo must have a pledge which as-
sures us the re-establishment of peace in the East on
conditions which do not change the distribution of the
respective forces of the great States of Europe. The
French and English Governments have consequently
decided that their fleets should enter the Black Sea, and
combine their movements in such a manner as to prevent
the territory or the Ottoman flag from being exposed to
a new attack by the Russian navy. The Vice-Admirals
Hamelin and Dundas have just received orders to com-
municate to all those to whom it concerns, and we hope
that this loyal step will prevent conflicts which we should
see with but deep regret. The French Government, I
repeat, has but one object—that of contributing to bring
about honourable conditions and a reconciliation between
the two belligerent parties ; and as circumstances oblige
us to arm ourselves against terrible casualties, we still
hope confidently that the Russian Cabinet, which has
given such numerous proofs of wisdom, will not expose
Europe to useless wars—to trials of war from which the
Sovereigns have saved her for so many years.
DROUYN DE LHIJTS."

FRANCE.
The Moniteur of this (Saturday) morning pub-
lishes a decree calling into active service all the
young soldiers available under the second portion
of the contingent of the class of 1852.
It has already been stated that a corps d'armee, of
70,000 men would be sea to Turkey, in case of war
being formally declared against Russia. It is be-
lieved that that number of men or more, will be
ready to move at the shortest notice. A consider-
able portion of that number will be taken from the
army of Africa.
In Paris, the circular of M. Drouyn de Lhuys,
given in another column, is looked on as nothing
less than a delaration of war from France and Eng-
land against Russia.
M. de Kisseleff, the Russian Ambassador at
Paris, had received his instructions as to the line
of conduct which lie would have to follow on the
official notice appearing of orders having been given
for the occupation of the Black Sea by the French
and English fleets. There is every reason to be-
lieve at present, from the information received,
that M. de Kisseleff, at Paris, and M. de Brunow,
at London, will not delay in demanding their pass-
ports. Likewise, if confidence can be placed in the
declarations of the Russians, who are in a position
to be well informed, the reply of the Czar to the
manifesto in the Moniteur will be an order to the
Russian troops to cross the Danube.
The aide-de-camp of the Minister of Marine, who
was to have embarked at Toulon in the Vauban
steam-frigate on the 2d inst., was stopped by tele-
graph, to wait a few days for further orders. He
is to carry out with him new instructions, more
categorical and firm in their nature than those
which he had previously received.
There is still a rumour of a loan. The closing of the

College of St. Michael (St. Etienne) alluded to some
days past, has occasioned a good deal of surprise.
The College contains 150 resident pupils, and a still
greater number of out pupils. The families of the
students are wealthy, and many of Legitimist
opinions. The superior of the college, M. de Da-
mas, is a member of the order of Jesuits. He is
brother of the Count de Damas, who is attached
to the Count de Chambord, and is son of the Baron
de Damas, governor of the Duke de Bordeaux,
and formerly Minister of Foreign Affairs under
Charles X., after M. de Chateaubriand's summary
ejection from office. It is surmised that some-
thing connected with the fusion or with Frohsdorff
politics was the cause of the suppression of the
college.
The Count de Peyronnet, formerly Minister of
Justice under Louis XVIII., and Minister of the
Interior under Charles X., at the time of the fa-
mous ordonnances, has just expired at his seat of
Montferrand, near Bordeaux, aged 77.
We have more than once had occasion, says
Galignani, yesterday, to notice the attempts of the
organs of the Legitimist party in France to create
distrust of the alliance with England, and to make
the public believe that the Government has com-
promised the interests of the country by making
common cause with England on the Eastern
question. Why the Legitimist journals should be
constantly attacking the English, is, to a certain
extent, a mystery, and we shall not enumerate
even those motives for such a line of conduct
which are evident; it is painful enough, considering
the claims which the English have to very different
treatment to notice the fact itself. In the two Legi-
timist journals of this day, the Assemblee Nationale
and the Union, we find long articles on the Eastern
question, in which it is again asserted that it is the
interest of France to leave to England alone the
task of protecting the Porte against Russia, she alone
having, according to these journals, a vital inte-
rest in giving that protection. By going with
England in a naval warfare, France, they say, will
only increase the supremacy of the British navy.
Either these journals are exceedingly ignorant of
the real state of the question, or they wilfully shut
their eyes to the truth, in the expectation that their
readerswill accept falsehood in its stead. France has
more than any power in Europe an interest in pre-
venting the further aggrandisement of Russia, for,
if the supposed views of the Emperor of Russia
were to be realised, the whole of Germany
would be under his sway, and France would
have to struggle against all the continental
sovereigns. As to the pretended fear of increasing
the naval power of England, by assisting her
against Russia, these journals, ought not to forget
what has been said in England by those who dis-
approve of the alliance with France. They have
said that the English government, by accepting the
naval aid of France, will afford to her an opportu-
nity of distinguishing herself which will make her
a very formidable naval power, and one day ex-
pose England to disaster. This is, perhaps, quite
as absurd as the argument of the Assembee Na-
tional and the Union, but it is a good set-off to
what they advance on the present occasion.
The circular relative to the Eastern question,
published in the Moniteur yeste,rday, produced an
unfavourable effect on the Bourse, which was fol-
lowed by a serious fall in the price of public secu-
sities. The Three per Cents. opened at 70f. 750.,
rose to 71f., and fell subsequently to 70f., at which
they closed for the end of the month, being a de-
cline of if. 40c. as compared with the closing price
of Thursday, The Four-and-Half per Canis. closed
at 98f. 80e. ; Orleans Railway shares, I,loof. ;
Rouen, 970 f. ; Havre, 470 f. ; Great Northern,
800 f. ; Paris and Strasburg, 747 f. 50c. ; Paris
and Lyons, 850 f. ; Lyons to the Mediterranean,
695 f. ; Western of France, 632 f. ; Bordeaux and
Cette, 580 f. ; Great Central, 490 f. ; Lyons and
Geneva, 480 f. ; Shares of the Bank of Credit Mo-
bilier, 640 f.