The Sun.
London, England, 1854-04-29 00:00:00

THE SUN, LONDON, SATURDAY EVENING, APRIL 29, 1854

England sb toll] d keep a vigilant regard upon the
coarse pursued in the conduct of this war by their
Government 'I

The " Grm 4.DSTONE organ" has distinctly and une-
quivocally al inounced the end and object of the
contemplates 1 loan of 6,000,0001. sterling. It is
not for the ?purpose of carrying on the just and
necessary- w ar, on which the nation has entered,
with vigour: and efficiency--of relieving the mer-
cantile co no muuity from undue competition in the
means of a )nducting their business—or the gene-
ral public : from the necessity of paying off, at a
moment of unusual pressure, the principal of a
debt contrasted early in the last century, and for
the liquidat ion whereof there was not the slightest
necessity or pressure. Any of these laudable pur-
poses would induce the " productive classes" to
open their p urse-strings freely, and, so far as in
their power, to honour the drafts which the
Chancellor Of the Exchequer has made on their
" smaller accumulations" in sums of " NOT LESS
THAN 1,0001. EACH I."

But the Tim ies is resolved that there shall be
no misunderffts ending. It is determined to free its
patron from th e imputation of being influenced
by any such re asonable motives. The most grasp-
ing " moneyoci .at" should not have the oppor-
tunity of even suspecting the Right Honourable
Gentleman of doing anything to keep money
tolerably cheap , or to avert the general distress
that invariabl: T attends the application of the
screw, and the consequent tightness in the market.
No, it tells us without disguise or concealment,
that " what th e money is immediately wanted for,
is to keep us in , an independent position with the
Bank, till the r elations of the State with that Corpo-
ration can be r e-arranged on a more dignified foot-
ing I " Addir ig, " Since it appears to be thought
in that quartet that the State is an exigent and
troublesome ct tstomer, it is quite time that the
inconvenience should be abated on the one hand,
and the Bens 3 of obligation removed on the
other !" We ti ms find on the very best authority,
for the inspiration may be taken as coming
directly from Mr. GLADSTONE himself, that the
sole object .of the new loan is to enable
the Right for ioura,ble Gentleman to carry out the
undignified scLuabble in which he has been in-
volved with tile magnates of Threadneedle-street,
and to punish them severely for their presimip--
tion in daring to remonstrate against his financial
crotchets.

Be it so ! 'Whatever may be the exciting cause
of the dispute, the nation must benefit if the re-
sult be that in dicated by the Times, viz :—" That
the State should act as a private individual,
manage its ow u business itself; that is, by its own
servants, and then deal with the Bank for accom-
modation as a ny gentleman deals with his bank."
This most (IL :sirable consummation will involve
the necessity of a REALLY NATIONAL BANK—
a matter for which we have so long
and so energi 3tically contended. There can be no
earthly reasoi L why the duty of paying the divi-
dends on the National Debt should be delegated
to the Bank, or why we should pay 180,0001. per
year for the performance of that which would
be amply remunerated by the use of the Exche-
quer deposits. There can be uo earthly reason why
we should pay interest on 14,000,0001. sterling,

while we authorise our creditor to issue notes on
the security .of that demand. The " NATIONAL

BANK" could offer unlimited security for every

pound it sent into circulation—security more un-
exceptionable than that which the Bank of Eng-
land note affords to the community.
If there -were a run on the Bank, and every
security, pub lie and private, were reduced to half
their nominal value, the vaunted machinery for
providing for the convertibility of the Bank-note
would necessarily prove a total failure, inasmuch
as the guarantee fund against which the

14,000,0001.. of notes were circulated would not
realise more than 7,000,0001. or 8,000,0001.,
and thus a very deplorable deficiency would be
created. - T his could not be the case with the
national note., for not only the entire property of
the country, real and personal, but its industry,
would be responsible for the liquidation in
full of its paper money. ' But that paper
would also be received in the discharge of
obligations -which are directly or indirectly ac-
cruing every day ; and as there would, as we
have already shown, be an absorption of
1,200,000/. every week, there would be no chance
of its becoming deteriorated, or regarded as a
" worthless rag."
It may be said that such a failure on the part

of the Bank -would be very improbable. Granted !
We do not wish to be taken as in any degree
impeaching the solvency of that or any other
establishment. But the supposition is not a bit
more extravagant than many that have been
gravely put forward by the bullionists,
and which are allowed to have weight even
in Parliament. The real question is that
which has b een very clearly put by the Times, and
which has ibeen repeated by the voice of public
opinion froi n every district and locality in the
empire—" WHY GOVERNMENT SHOULD MAKE A

PRESENT TO ANY CORPORATION OF THE PROFITS
DERIVED FROW THE ISSUE OF TWENTY OR THIRTY
MILLIONS OF PAPER MONEY, WHEN IT WOULD BE

MONEY MA RKE

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK.
BOMBARDMENT OF ODESSA.
The following important despatch has been just
received :
" By Telegraph.

" ODESSA, 24th April.

" Odessa was bombarded on the 22d—no damage
whatever was done. On the 22d and 23d wag
quiet. We are assured they were preparing to
re-commence hostilities to-morrow."

To this, we believe, we may add that the British
fleet left Odessa in consequence of the Russian
squadron having come out from Sebastopol with
the apparent intention of placing the combined
squadron between two fires. It is important to
mention this as some exaggerated rumours may be
received upon the subject. When Admiral Duudas's
fleet steered out to meet the Russian squadron, the
latter declined the combat and retired to Sebas-
topol, the combined fleet sailing to Varna Bay.
The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, including 1,000 taken
for export and on speculation. The market closed
heavily. Railway Shares were steady.
The directors of the Frankfort, Wiesbaden, and
Cologne Railway Company have, in consequence of
the war on the Continent, made most satisfactory
arrangements to limit the present liability of the
shareholders, a striking contrast to the recklessness
of some boards in pushing on new schemes, to the
great pecuniary loss of the subscribers. A circular
issued explains thus what has been accomplished:—
" An application has been made to the Nassau Govern-
ment to restrict the pecuniary liabilities of this company
within the smallest possible limits, so as to remove the
necessity for any calls for capital beyond that amount
which is absolutely required to make the outlay already
incurred remunerative to the shareholders.
"The council has great satisfaction in being able to
announce the entire success of this application.
"The Company is allowed by the Government of
Nassau a delay of about three years (viz., until the 23d.
June, 1857) to decide whether it will undertake the con-
tinuation of the line beyond the first, most valuable por-
tionof the enterprise, the Rudesheini section."

The 4ecrease in the specie held by the Bank of
Ens_4l.9:rti during the week to the 22d inst. came
near to the amount which on Tuesday last we men-
ti rid as being probable, and must be in part due
the withdrawal of deposits. The sum to the
:edit of the Chancellor of the Exchequer continued
low. In discounts there was art Auction, and ad-
vances upon stock were repaid, c.r the Bank itself
sold Government Securities. Co mpared with the
previous week, the changes were as follows :

Active circulation.
Decrease. 220 160
Bullion .. 13,314,093
Decrease 196,780
Rest
Increase 5,727
Public Deposits • 1,767,723
Increase .. 2,359
Other Deposits
Decrease
Seven-Day and other Bills .. 1,189,099

Decrease 6,980
Government Securities 13,349,067
Decrease 337,529
Other Securities 14,336,835
Decrease 426,421
Notes unemployed 4,291,515
Incr6ase 13,690

The rates for foreign bills of exchange were
rather lower yesterday afternoon L upon one or two
places. Paris, 90 days, was take. n at-25 25 to 274.
The amount of bullion expo rted direct from
London during the week to Thursday last, was,
silver, 92,400 ozs. to Hambro', 6 0,000 ozs. to Rot-
terdam, and 2,046 ozs. to Bon logne. Of gold,
112,000 ozs. went to Rotterdam. and 2,162 ozs. to
other parts of the Continent.
Ships are fast dropping in with specie freights
from Australia. The Lima, sup] )osed to be in the
Channel, has about 15,000 ozs. of gold on .)oard,
the Joshua brings 12,000 ozs., tt me Thames, 6,000
ozs. ; the Victoria, 8,260 ozs.:; the Melbaurne,
21,791 ozs. ; and the Vimeira, 10,cloo ozs. The first
wool cargo from Adelaide is on b oard the Thames.
The steamer Atlantic, from. New York, has
700,000 dollars on board, and it is expected specie
imports from that quarter will er intinue.
Accounts from New York rep oi t a buoyant stock
market at the latest date, but in other respects
there seems to have been no particular change in
the money market.
A very decided improvement has occurred in the
Stock Market, in the absence of auy important
foreign intelligence calculated to act favourably
upon values. The numerous *rrivals of bullion
may have some effect, and the 1 act that the Bank
returns do not exhibit a greatA?x decrease iu the
bullion also influences the mark et. The National
Balance Sheet to the sth April It as been published,
but its principal items as regard s the amount held
by the Chancellor have been an:ticipated. Consols
have been it 87# 4 for transfer, and since at 87-,7T to
88, which are also the prices for account. The
New Three-and-a-Quarter per (lents. are 871 to
and the Three per Cents. 861 to I. Bank Stock
continues very flat, and has declined to 205 and
202. Exchequer Bills have bieen at 2s. discount
to 2s. premium.
The Foreign market is still in a comparatively
listless condition. Portuguese Four per Cents.
have been done at 474, Brazilian at 96, and Buenos
Ayres at 55k. Grenada Deferred Stock has been
at 5'4. Mexican Bonds have realised 23i.
Railway Shares are buoyant, but not with much
doing.
Mining and other shares are quiet.

BRITISH FUNDS THIS DAY .11.. T ONE O'CLOCK.
t I'rot4 the Official

Business done,
Bank stock ......
3 per Cent. Reduced Annuities B6s
.
3 per Cent Consols Annuititz - B7 g if
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
Consols for Account 11th May .
Exchequer Bills, 2d.
£IOOO
£5OO — 2 d 2 p
Small
PRICE OF FOREIGN FUNDS .A.T ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. - 96
Buenos :tyres Bonds, 6 per Cent . SSA
Grenada Bonds, Deferred
viexican 3 per Cent.
Portuguese Bonds, 4 per Cent 37;3/4
.
Dividends on the above payable in London.
TWO O'CLOCK.
Consols

Ditto May Account

COURT OF BANK.RUPTCY.-(THIS DAY.)

(Before Mr. Commissioner Fane.)
GOLD MINING FAILURE.—IN R.E D. L. SHIELDS.
This bankrupt was described as of Lime-street, City,
merchant, and to-day was appointed for consideration of
the certificate.
The bankrupt had been in business on his own
account; and it appeared, from the accounts prepared by
Messrs, Robinson and Knowles, that the debts amount to
about 3,5001. The assets depend entirely on the realisa-
tion of consignments.
Mr. Grainger, of Bucklersbury, said the bankrupt was so
curiously ill that he could not attend the court. There
was no opposition. His Honour granted an immediate
certificate of the third class.

LA I EST FOREIG N

THE WAR.

The Moniteur of to-day (Saturday) declares that
as Russia has withdrawn the exequatur of the
French consuls at Odessa, Warsaw, and other Rus-
sian towns, the French Government has withdrawn
the exequaturs from the Russian consuls at Mar-
seilles, Cette, Toulon, Havre, and Bordeaux.
VIENNA, Friday.—Austrian intervention against
Montenegro is projected. The occupation of Al-
bania and Hetzegowina has been determined.
Orders were sent yesterday to that effect. Aus-
trian and English men-of-war will support the
operations. The reception of the Duke of Cam-
bridge has been exceedingly cordial and satisfactory.
He delivered the Queen's congratulatory letter to-
day.
A letter from Vienna says, the nuptials of his
Majesty the Emperor of Austria with her Royal
Highness the lovely Princess Elizabeth, daughter
of the Duke and Duchess Maximilian of Bavaria,
were solemnised at Vienna on the 24th instant, at
the imperial parish church of St. Augustin. Great
preparations were made for the splendid illumination
of this city and its environs. The greatest possible
enthusiasm was manifested by all classes of the
public. Amidst the busy preparations for, and the
general agitation and bustle consequent upon,
these festivities, the political news of the day is
comparatively neglected, and it is difficult to find
even professional politicians disposed to converse
on any subject not immediately connected .% ith
the Imperial marriage, and the general rejoicings
occasioned thereby. Nevertheless, there are one
or two points of especial political interest. First
of all, it is gratifying to be enabled to state
that his Royal Highness the Duke of Cam•
bridge, accompanied by his staff, bad an audience
of his Majesty the Emperor of Austria on Sunday
last. This interview lasted upwards of an hour.
After the usual ceremonies of such a visit of pre-
sentation and congratulation were over, his Ma-
jesty walked with his Royal Highness from the
chamber of reception to au adjoining apartment,
where they lemained closeted together for nearly an
hour, in a most cordial but strictly private confe-
rence, in which, it is said!, his Majesty the Emperor
and his royal visitor indulged in such a confiden-
tial and frank interchange of thoughts and feelings,
touching the present political affairs of Earoi,e, as
might be expected to take place between person-
ages of their exalted rank. The circuLystauce of
their ly_.ing soldiers by profession and natural in-
clination, the most ennobling sense d the word,
could not fail t• enhance the liveliest sympathies
between them on this very important oecasiou.
It is stated, in an authentic quarter, that the
result of this very cordial interview between the
Emperor Francis Joseph and the Duke of Cam-
bridge was highly gratifying and satisfactory to
both parties. On the following day (Monday) his
Majesty the Emperor, attended by his aides-de-
camp, called at the British Legation to return the
Duke of Cambridge's visit, but his Royal Highness
unfortunately happened not to be at home. Cei-
taM it is that his Majesty the Emperor and the
young Empress, as also the whole of the Imperial
royal family, are highly pleased with the royal
duke's visit to Vienna, who is also understood to
have been the bearer of an autograph letter of con-
gratulation from her Majesty Queen Victoria to the
newly-married Emperor and Empress; and it is
surely not saying too much to affirm that bis Royal
Highness's present sojourn in Vienna will bear
"good fruits in good season." It is said that the
Duke of Cambridge will not leave Vienna until
Saturday next (this day).