The Sun.
London, England, 1854-03-03 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MARCH 3, 1854.

There are foreign bankers who will provide for his
wants, so long as they can obtain English gold
and silver to enable them to do so, on
terms profitable to themselves. It is just as
necessary to prevent the exportation of bullion,
unless we know and approve of the objects for
which it is required, as of gunpowder, fire arms,
machinery, or the various articles comprised under
the terms " contraband articles of war." Indeed,
it is even more indispensable to do so under
existing circumstances ; for so long as he can find
the means for providing the munitions of war,
these munitions will be supplied by men who wor-
ship MAMMON, thinking that large profits sanctify
any conduct, and that they are not responsible
as to whom the articles in which they trade may
be supplied.
If the war be at all protracted, and with such
an adversary, we can scarcely anticipate an imme-
diate, or even a very speedy settlement. We can-
not avoid a bank restriction act. We must render
all our bullion available for warlike purposes, and
discover an adequate substitute for our domestic
wants. This substitute can only be a national
note secured on all the property, aye, and all the
industry of the country, for the liquidation where-
of all the mighty resources of this great
Empire are rendered liable. We have already
repeatedly shown that the visits of the tax-gatherer
to our doors are not "so few or so far between"
that anything which satisfies his demand can be
regarded as valueless. And so long as the issue
is based upon the amount payable by the people
to the Exchequer, it cannot be depreciated or
issued in excess. The circulation must depend
upon the requirements of the trading community,
and that will speedily be ascertained. At pre-
sent an immense amount of bullion is required
for the daily transactions of life, simply because
we foolishly refuse to sanction the issue of small
notes. The putting a sufficient number of 11.
notes into circulation would liberate and render
available for foreign trade from 30,000,000/. to
40,000,0001. sterling, now required for pur-
poses which are just as well, if not better, satis-
fied by 11. notes in Scotland and Ireland, and
which there can be no valid reason against the
adoption of in this country. The only choice, in
fact, lies between a Bank of England and a na-
tional small note currency, and for many reasons
we prefer the latter.

If the national credit should be impaired,
that of the "Old Lady of Threadneedle-street"
must also fail. It is indeed difficult to conceive
why the credit which is merely based on the pos-
session of a certain amount of Government Stock
should be better than that of the Government
itself, or why the nation should transfer to a
trading corporation the lucrative privilege of
making and issuing money, thus giving enormous
profits, that of right balong to the over-burdened
taxpayers, to individuals who have already
enriched themselves at the expense of the
people. Let Mr. GLADSTONE direct his attention
to this all-important subject. Let him show that
he is adequate to the crisis, and he will obtain an
enduring reputation, more distingulhed and
honourable than ever fell to the lot of an English
Minister. His future fame and character depend
on the propositions of Monday next.

MONEY MARKE

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at from 4,000 to 5,000 bales, all to the
trade. The market closed heavily, with prices of
American, compared with Friday's rate., id. per lb.
lower. The sales comprised 250 Egyptian at 6d.
to Bd., 300 Surat at 34d. to 4d., 120 Sea Island at
10c1. to ls. 5d., and the remainder nearly all Ame-
rican. Railway Shares were dull.
Colonial produce has been taken to rather a

limited extent this week, but prices have been
steady. Sugar tended upwards, and there was au
improved inquiry for plantation Ceylon coffee.
Tea has been quiet but firm, cocoa dull, and tallow
and rice have been cheaper. Cochineal has de-
clined ld. to 2d. per lb. Cocoa nut oil has been
active, palm in limited demand, olive steady, and
also linseed. Full rates have been realised for
spices. Rum is lower, cotton quiet, hemp dearer,
iron dull, and saltpetre at previous values.
The following is the law which the Legislature
of the republic of Ecuador has drawn up, and
which received the sanction of the Executive on
the 26th of November last, opening the rivers
which traverse that State and fall into the Amazon
to the free trade of all nations :
" The Senate and House of Representatives of Ecuador
in Congress assembled—
" Whereas, it is a necessary measure to open to foreign
trade the Amazon and all the Ecuatorian rivers which flow
into it; and whereas, in order to attract navigation and
commerce, we should hold out some privileges and stimu-
lants to immigrants intending to trade on the said rivers :
therefore we decree,
"Ist. That the rivers Chinchipe, Santiago, Morons, Pas-
tasa, Tigre, Camay, Naucuna, Napo, Putumayo, and other
streams flowing into the Amazon, are declared Of free na-
vigation, including that part of the last-named river which
belongs to Ecuador.
" 2d. Vessels navigating the said rivers, to whatever
nation they belong, will be free during 20 years from pay-
ing any kind of tax, and goods imported during the same
time will also be admitted duty free.
" 3d. The public authorities of Napo, or of any other
canton established now or which may be established here-
after, are authorised to concede 30 cuadras of laud to
foreign or Ecuatorian families, on condition that this land
be cultivated for the term f five years from the date
thereof, under the penalty of forfeiting the same if this
condition is not accomplished. A larger extent of land
may be obtained on the recipient giving a bond for pay-
ment, twelve and a half years after if a foreigner, and
twenty five years after if an Ecuatorian, &c.
" 4th. The present inhabitants of Napo, and along the
other Ecuatorian rivers which flow into the Amazon. will
have the same privileges as those hereinbefore mentioned
—the preference in the selection of the land being given
to them, as well as a perfect and inalienable right in the
possession of the land which they now occupy.
" Given in Quito, Capital of the Republic, the 26th of
November, 1853."
The number of ships on the berth for Australia,
according to the list compiled by Mr. Miller of the
Jerusalem Coffee-house, is a fair average, though
by no means equal to many periods last year.
Government are still freely taking up ships for
the transport of stores and troops. Three have
been engaged at Liverpool.
The English Funds have been weaker, and with
more disposition to sell. The appearance of the
text of the answer given by the Emperor Nicholas
to Louis Napoleon has served to damp the market.
Consols have been 91g to for transfer, and 91k to
for account. The New 3/ per Cents. have been
up to 93i, and since are as low as 92/. Bank
Stock has been firm at 218, and India Stock at 240.
Exchequer Bills have been at 18s. to 20s. prem.
Consols are now 91k to /.
Foreign Stocks have been agitated again, and
the supply of them is in excess of the demand.
Mexican Bonds have realised 241 to I, and Peru-
vian 63. Spanish 3 per Cents. have been 38 to I,
and the Deferred 17k. Portuguese Four per
Cents, have realised 35 to f. Danish Bonds are
97 for the Five per Cents. Dutch Two-and-a-
Half per Cents. have been 56k. Russian Five per
Cents. have been at 89, and since at 874.

The current prices for the Jamaica Mines, not
officially quoted, are as follows :—Metcalfe, par to
it prem. ' • Sue River, discount to par ; Port
Royal, ft to g prem.
The Railway Share market is about to per
cent. worse in most cases, and with less doing.
This applies to the English as well as the French
lines.

There is but little passing in the Mining and
Banking shares. Crystal Palace shares are flatter.
Australasian Pacific Mail have been done at 3i
discount.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK,
(From the Official List.)

Bank Stook

_
Business dons
.... ..... ... ...... 218

; per Cent. Reduced Annuities 9l 2i 1
3 per Cent Consols Annuities 914 $ $ $
\ew 3/ per Cent. Annuities 93 n 3} 2f
r.ong Annuities, Expire sth Jan., 1860
India Stock 240
India Beads, £lOOO
Ditto, under £lOOO l2 p
Consols for Account 1604 March 9ll 4 1
Exchequer Bills, ld.
£IOOO
£5OO 2O p
Small 2O p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Danish Bonds, 1825, 3 per Cent —
Ditto 5 per Cent
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 63 x d
Portuguese Bonds, 4 per Cent 35 4
tuseian Bonds, 1822, 5 per Cent. X St BB 9 74 8 x d
Ditt) 4A per Cent BO 791
4ardinian Bonds, 5 per Cent 7B 94
Spanish Bonds, 3 per Cent 3B
Ditto for the Account 3Bl
Spanish New Deferred, 3 per Cent. l7
Dividends on the above payable In London.
Belgian ,Bonds 44 per Cent. ex. 25 fr
Dutch Exchange, 24 per Cent. 12 Gull
Ditto 4 per Cent. Certifieatee ..

HALF-PAST TWO.
91i
914 0
i

Consols '
Ditto March Account..

COURT OF BANKRUPTCY.-THIS DAY.

OPENING OF THE FRENCH
CHAMBERS.

THE EMPEROR'S SPEECH.

The great event of yesterday in Paris was the opening
of the Legislative Session by the Emperor in person.
The ceremony took place in the Salle des Mareehaux, in
the palace of the Tuileries, at two o'clock. The senators
and members of the Legislative Corps were all in grande
tenue. The Emperor was accompanied by the Empress,
and, having taken his seat on the throne, delivered the
following Message :
" Messieurs les Sthiateurs, Messieurs les ID4put6s :
" Since your last session, two questions, you are aware,
have occupied the attention of the country—the insuf-
ficiency of the last ha, vest, and the external difficulties.
But these questions, I hasten to declare, already inspire
infinitely less apprehension, because, notwithstanding
their gravity, their extent may be measured and limited.
" The insufficiency of the harvest was estimated at
about 10 millions of hectolitres of wheat, representing a
value of nearly 300 millions of francs, and the lading of
4,000 vessels. Could the Government undertake the
purchase of these 10 millions of hectolitres on every
point of the globe, in order to sell them afterwards in
all the markets of France ? Experience and prudence
affirmed clearly enough that such a measure would have
been encompassed with embarrassments of an insurmount-
able character, and with inconveniences and dang,,rs
without number. Private enterprise alone possessed the
financial and material means of effecting so great an
operation. The Government consequently adopted the
only course that was practicable; it encouraged freedom
of transactions, by delivering the corn trade from every
impediment. The elevated price of an article so necessary
to the general alimentation of the country is without
doubt a calamity ; but it was neither possible nor desir-
able to evade it as long as the deficiency was not provided
for ; for if the price of wheat had been lower in France
than in the circumadjacent countries, the foreign mar-
kets would have been supplied at the expense of ours.
"That state of things was nevertheless certain to pro-
duce a situation of difficulty, which could only be com-
bated by activity of employment, or by private charity.
The Government therefore applied itself, from the com-
mencement, of the year, to opening credits which, ex-
ceeding by a few millions only the resources of the
budget, will, with the co-operation of the communes
and of the various companies, insure the execution of
a mass of public works, estimated at nearly four mil-
lions of francs, without reckoning two millions appro-
priated by the Minister of the Interior to charitable
establishments.

" I recommend above all to your attention the system
now adopted by the city of Paris ; for if it extends, as I
trust it will, to the whole of France, it will for the future
prevent in the price of corn those extreme variations
which, in times of abundance, causet;agriculture to lan-
guish in consequence of the low price of wheat ; and, in
years of scarcity, force the poorer classes to suffer so
greatly from its excessive dearness.

"That system consists in establishing in all the great
centres of population an institution of credit, under
the name of Caisse de Boulangerie, which can give,
during the months of a year of dearth, bread at a
price infinitely inferior to the official quotation, on con-
dition of paying a little dearer for it in years of fertility.
These latter being in general more numerous, it is easy
to conceive that the compensation between the two can
be effected with facility. In addition, this immense ad-
vantage is gained of founding societies of credit, which,
in lieu of gaining so much the more when bread is dear,
are interested, like every one else, in its becoming cheap ;
for, contrary to what has existed up to the present time,
they make their profits in seasons of fertility, and lose
money in seasons of scarcity.
" I am happy now to announce to you that seven mil-
lions of hectolitres of foreign wheat have been already
delivered for public consumption, independently of the
quantities now on their way, and in store ; and that
consequently the most difficult moments of the crisis are
past.
" There is one circumstance which has made a pro-
found impression on me—and that is, that during all
this severe winter not an accusation has been directed

against the Government, and that the people have sub-
mitted with resignation to sufferings which they were
just enough to impute to circumstances alone—a new
proof of their confidence in me, and of their conviction
that their well-being is, before everything, the object of
my constant pre-occupations. But hardly has the scar-
city approached its termination when war commences.

" Last year, in my speech on the opening of the
session, I promised to make every effort to main-
tain peace, and reassure Europe (et rassuer l'Eu-
rope). I have kept my word. To avoid a struggle
I went as far as honour permitted me. Europe
knows now in a manner beyond doubt that if France
draws the sword it is because she has been forced to do
so. It knows that France entertains no ideas of aggran-
disement. She only wishes to resist dangerous encroach-
ments (empietentents dangereux). Therefore lam proud
to proclaim openly that the time of conquests is past
irrevocably ; for it is not by extending its territorial
limits that a nation can henceforth be honoured
and powerful—it is by placing itself at the head
of generous ideas, by making everywhere prevail the
empire of Right and of Justice. Behold, as an ex-
ample, the results of a policy without egotism and with-
out arrierepens6e! Behold England, that ancient rival,
who will tighten the bonds of an alliance with us which
will become daily more intimate, because the ideas which
we defend are at the same time those of the English
people ! Germany, which the remembrance of ancient
wars still rendered distrustful, and which for that reason
gave for forty years perhaps too many proofs of deference
to the Cabinet of St. Petersburg, has already recovered
the independence of its movements, and freely considers
upon which side are its interests.
" Austria, especially, which cannot look with indiffe-
rence upon the events that are in preparation, enters into
our alliance, and will thus confirm the character of mo-
rality and justice of the war which we undertake (que
nous entreprenons.)
" The state of the question is precisely this :—Europe,

occupied with internal struggles since forty years, reas:

- -
sured, moreover, by the moderation of the Emperor
Alexander, in 1815, as by that of his successor, down to
the present day, appeared not to be aware of the danger
that might menace it on the part of the colossal Power
which, by its successive invasions, embraces the north

and the centre, which almost exclusively possesses two
inland seas, from which it is easy for its armies and its
fleets to throw themselves upon our civilisation. An
ill-founded claim (pretention) at Constantinople sufficed
to arouse slumbering Europe.

" We have, in fact, beheld in the East, in the raids"
of profound peace, a sovereign exact suddenly, from his
weaker neighbour, new advantages, and, because he did
not obtain them, invade two of his provinces.
" This fact alone would place arms in the hands of
those whom iniquity revolts ; but we have other reasons
to support Turkey. France has as much, and perhaps
more, interest at stake than England to prevent the
extension of the influence of Russia indefinitely over
Constantinople, for to reign at Constantinople is to com-
mand the M tditerranean, and not one of you, gentle-
men, I think, will say that England alone has interests
in that sea which washes three hundred leagues of our
shores. Moreover, this policy does not date from yes
terday. For centuries every national Government in
France has maintained it. I shall not abandon it.
Let men then no more say, ' What are you going to do
at Constantinople ?' We are going there with England
to defend the cause of the Sultan, and, nevertheless, to
protect the rights of the Christians. We go there to
protect the freedom of the seas and our just influence
in the Mediterranean. We go there with Germany to
assist it in maintaining the rank of which it seemed
an attempt was made to deprive it—to make sure
its frontiers against the invasions of a too-powerful
neighbour. We go there, finally, with all those who
desire the triumph of right, of justice, and of civilisa-
tion.

" In this solemn circumstance, gentlemen, as in all
those in which I am obliged to make an appeal to the
country, I am sure of your support, for I have always
found in you the generous sentiments which animate the
nation.
"Therefore, strong in that support, in the nobility of
the cause, in the sincerity of our allies, and confiding
especially in the protection of God, I hope shortly to
attain a peace which it will not be in the power of any
one to trouble with impunity."
During the delivery of this speech the Emperor was
more than once interrupted by applause, which was
particularly drawn forth by the allusion to the intimate
alliance with England, and in which the Empress was
observed to join heartily. The cries of "Bravo! Vive
l'Empereur 1" were renewed at he close.
At the conclusion, the Grand Master of the Ceremo-
nies having taken the Emperor's orders, informed
the Minister of State. That Minister t:,en proceeded
to administer the oath to those members of the Senate
and the Legislative body who had not yet complied
with that formality, anc. each of them, called separately,
raised their right hand, after the form of the oath
was read, and replied, "I swear." After the oath
had been taken the Minister of State declared that
the ~eqsion of 1854 was opened. and he invited the
Senate and the L.frislativz+ hotly, on the following ,
day, in their respective chambers, to commence their
labours. The Emperor and Empress then withdrew,

with their cortege, in the same order as they entered. A
second salute of 101 guns announced the conclusion of
the ceremony.
Among the members newly-elected, who took the
oaths of allegiance, were M. Latour Dumoulin, late
Director-General of the library attached to the Ministry
of Police, and M. Auguste Chevalier, formerly Secretary
of the Presidency.
About 4 o'clock the Emperor and Empress drove
along the Boulevards and back again, attended by a de-
tachment of Guides.

It is stated that Marshal St. Arnaud decidedly goes to
command the expeditionary army to Turkey, and that
Marshal Valliant succeeds him as Minister of War, re-
taining, however, his post as Grand Marshal of the
ralaft.

Prince Napoleon leaves Paris on the 15th, with Gene-
rals Canrobert and Bosquet, for Constantinople.
The Atlantic squadron anchored in the roads of Tou-
lon on the night of the 28th ult.
The 120 gun ship Louis XIV. was launched at Roche- ;
fort on the same day.
The following circular, dated the 23d ult., has been
sent by M. Ducos, Minister of Marine, to all the su-
periors
officers of the navy, with instructions relative to
their conduct in the present crisis :
"Monsieur—My despatch of the 18th of this month
has called your attention, in a special manner, 'to the
grave complications which the Eastern question has
produced in Europe. The negotiations entered into for
the purpose of settling pacifically the difference which
has arisen between Russia and Turkey have remained
without result, and everything leads to the supposition
that new efforts will remain ineffective. England and
France have resolved to protect the Ottoman empire, and
to oppose, even by force, the projects of encroachment
of Russia. These two great nations are intimately
united in their policy, and have reciprocal!), given each
other the most certain pledges of their alliance. Their
squadrons are cruising together in the Black Sea, and
they give to each other the most sincere co-operation.
The two governments, after having adopted a common
policy, have also come to an understanding respecting
all the means of action. This alliance of France and
England is to make itself known not merely in the seas
of Europe. The Government of his Imperial Majesty
and that of the Queen of Great Britain desire to have
the same union and the same accord prevailing in every
latitude of the world. In consequence, the naval forces
of England and France are bound to afford each other a
mutual co-operation in every country, even the most
distant. Immediately after the receipt of these instruc-
tions, you must take care to place yourself in relation with
the commanders of stations and captains of vessels be-
longing to Great Britain ; and you will combine, in
concert with them, all the measures which may have
for object to protect the interests, the power, 3r the ho-
nour of the flag of the two united nations. To that
end you are to lend each other a mutual assistance,
whether forattacktn, the enemy when hostilities shall have
commenced, or when the declaration of war shall have
been made, or for defending yourselves if necessary. You
are to accord your protection to all trading ♦essels of
Great Britain in the same way as the vessels of war of
England will afford aid and protection to our trading
vessels. In a word, the two Governments of France and

England desire that their naval forces shall act as if they
belonged to one and the same nation. I reckon on your
never losing sight of this rule of conduct, and on always
acting on it in such a manner as to cement more and
more, if possible, the intimate union of the two coun-
tries. As long as hostilities between France and Eng•
land on the one hand, and Russia on the other, shall not
have commenced, or that the declaration of war shall not
have been made, you wid avoid taking the initiative in
measures of aggression, and you will remain on the de-
fensive. I will take care, when the proper moment shall
have come, to transmit to you the necessary instructions
for attacking. Receive the assurance of my highest
consideration.

" THEODORE Ducos."
The Salut Public of Lyons gives the following on the
composition of the army of the East :
"The expeditionary corps will comprise the 6th, 7th,
20th, 26th, 27th, 39th, and 74th regiments of the line ;
7th regiment of light infantry ; Ist, 3d, sth, 9th, and
15th battalions of foot - chasseurs ; 6th battalion of
Zonaves ; 2d battalion of native tiradleurs ; 8 squadrons
of African chasseurs ; 11 batteries of artillery. Marshal
de Saint Arnaud will be the Commander-in-Chief of the
army. He will have under his orders Generals Canro-
bert, Bosquet, and Forest, who will command the in-
fantry ; d'A llonville the cavalry ; and also Generals
Bonat, Epinasse, Vinay, and d'Autemare. M. de
Martimprey is to be Colonel Chef d'Etat Major• General,
and M. Desaint Lieut.-Colonel of the Staff and chief of
Statistics and Topography. Colonel Lebeuf will corn-
mand the artillery, and Col. Ardant the engineers."

There was not much business transacted at the Bourse
yesterday, the speculators waiting the Emperor's speech
with great anxiety. It was not posted in the hall of the
Bourse until 2 o'clock, and, as it could not be generally
seen, it produced but little effect. The Three per Cents.
opened at 67f. 35c., rose to 67f. 40c., fell subsequently
to 66f. 85c., and closed at 67f. for the end of the month.
The Four-and-a-Half per Cents, closed at 96f. 30c. ;
Orleans Railwty Shares, I,oBof. ; Rouen, 870. ; Havre,
440 f. ; Great Northern, 735 f. ; Paris and Strasburg,
712 f. 50c. ; ditto, New Shares, 562 f. 50c. ; Paris and
Lyons, 815 f. ; Lyons to the Mediterranean, 657 f. 50c. ;
Western of France, 580 f. ; Bordeaux and Cette, 537 f.
50c. ; Great Central. 437 f. 50c. ; Lyons and Geneva,
452 f. 50c.; Shares of the Bank of Cr6dit Mobilier, 585 f.

THE WAR IN THE EAST.
ANSWER OF THE CZAR TO THE EMPEROR

NAPOLEON.

The Et. Petersburg Journal of the 24th contain the
following as the substance of the answer sent by the
Czar to the Emperor Napoleon :
"If his Imperial Majesty extends his hand to me as
I extend mine, 1 am ready to forget the mortification,
harsh though it be.

" Then, but then only, can I discuss the subject
treated of in his letter, and may perhaps arrive at an
understanding. Let the French fleet prevent the Turks
from transporting reinforcements to the theatre of war,
and let the Turks send me a Plenipotentiary to negoti-
ate, whom I will receive as befits his character.

"The conditions already made known to the Confe-
rence at Vienna are the sole base on which I will con-
sent to treat."

The following is from the Austrian capital :
" VIENNA, THURSDAY EVENING.

"It is credibly related that an Imperial manifesto is
about to appear, in which, though mention will be
made of the neutrality of this empire, his Majesty will
announce that, true to the policy of his house, he will
not permit insurrectionary movements near his frontiers,
and therefore his troops will enter Bosnia and Servia.

" There was a regular panic on the Exchange, where
the foregoing news was not known."

A letter from Posen, dated the 26th ult., says :
" We learn to-day from Warsaw t at the Russian regi-
ments which had received orders to march for the Prin-
cipalities have suddenly received a counter-order, and
that several divisions will soon arrive as a reinforcement
to the army in Poland. It is to be presumed that the
attitude of the German Powers, particularly Austria,
has caused this determination. The Cabinet of St.
Petersburg had reckoned on the absolute sympathies of
Austria, and, if it be true that Austria and Prussia in-
cline strongly towards the Western Powers, we may hope
that there will be no general war, and that Russia will
avail herself of the first favourable opportunity for
making peace with the Porte."
A letter from Vienna, of the 25th ult., states that the
greatest number of the Russian officers attached to the
embassies of Russia at foreign courts, have requested
their government to relieve them of their functions
during the war, in order to be able to take part in the
operations of the Russian army."
The Austrian Government has published an order
prohibiting the export of arms, ammunition, sulphur,
saltpetre, machinery, &c., to the Turkish provinces limi-
tary to Austria.
The Vienna journals state that all the British officers
temporarily residing in Austria have received orders,
through their ambassadors and consuls, to join their regi-
ments immediately.
. _

Letters from Constantinople to the 15th say that
several Greek firms had taken large contracts for the
army. General Baraguay d'Hilliers had had conferences
with the Minister of War on the means of obtaining
supplies for the French and English armies on their ar-
rival in Turkey. It was believed that it would be dis-
embarked on some point of the European coast of the
sea of Marmora. The Turkish Government on its part
was continuing to make immense preparations for the
campaign which is to commence in the spring ; and the
military council was holding frequent sittings under the
presidency of the Seraskier, to discuss the plans proposed.
The name of Reschid Pacha's son who, as stated by electric
telegraph, has married the Sultan's daughter, is Ali-G-alib-
Pacha; the princess is named Fatima, and she is the eldest
daughter of the Sultan. There was a good deal of talk
of the probability of an attack of the Russians on Kala-
fat, but practical men did not believe it. The place is
now so strongly fortified that it would require a regular
siege to take it • but no siege can be undertaken at pre-
sent, as, when the weather is cold, the ground is so hard
that trenches could not be cut, and when there is a thaw,
the works would be lost in mud. The Russians then,
would, it was not doubted, have to wait for the spring,
or at the very earliest for the beginning of next month,
before commencing operations. Engagements, notwith-
standing, continued to take place on the whole line of
the Danube, but they were unimportant. Very little
direct information, however, had been obtained respect-
ing the movements of the Russians in the Principali-
ties, or as to the destination of the large reinforcements
they had lately received. Omer Pacha had greatly im-
proved in health. The invasion of the Epirus by a band
of Greek militia had not, says the letters from
Constantinople, the importance which was at first sup-
posed. The Greeks had, however, made an attempt to
cause the whole province to rise in insurrection in favour
of Russia. In Asia military operations were suspended
by the sever ity of the winter. English or French
steamers had made frequent excursions in the Black
Sea, but had not been able to learn anything respecting
the Russian fleet. It was believed that it was shut up
at Sebastopol, but nothing positive was known. The
bad weather which continued to prevail detained the
combined fleets at Beycos. "They await," says a letter,
" with impatience the commencement of operations, as
they aro confident of success. It is to be remarked,
too, that in the frequent combined services of the two
fleets, peneral wirtial, the best understanding, the
hierprc!.:,Nd
tions, are constantly maintained between the officers of
the two nations. t The co-operation is frank and cordial,

and complete results must be hoped for on the day 0
action."

The Journal de Constantinople, of the 14th, says 1—
" W e publish the address which the European resider Ass
have presented to the Sultan, and which is a victorio us
reply to the calumnies of certain journals, which ha- re
pretended that in the midst of the serious circurnstanc es
in which we are now placed, the property, the cm e
meree, and even the lives of the Europeans residing i
Turkey, were every day threatened. This document: t
has a number of signatures, but we only give a few,
and we follow it by the reply of Reschid Pacha, Minis. •
ter of Foreign Affairs, in the name of his august ,
Sovereign s
" Sire,—The merchants established at Constantinople
lay at the foot of the throne of your Majesty the e;. •
pression of the deepest sentiments of affection, grai •
tude, and admiration, which have been excited in the Ist
by the imposing spectacle of a great people who cc as-
fide themselves to the wisdom of their Sovereign. In
the midst of extraordinary circumstances and unfor re-
seen events order and security have never ceased to reig rn,
and the respect to persons testifies the intelligent dirt r•
tion of the government of your Majesty. This cal',
and this patriotic enthusiasm, which we see manifesto I
on all sides, show the progress made by the Ottorm
nation since the accession of your Majesty has inauges -
rated a new era of material and moral prosperity, which r
will cause the grandeur of your reign. The religiou s
and commercial tolerance granted in Turkey command; s
the admiration and respect of all nations towards thr e
Sovereign who presides over the destinies of this vr t, :t
empire. It is with happiness that the European re es i-
dents offer to your Majesty the homage of their p
ro-
found gratitude for the constant protection which yr sur
ministers have never ceased to accord to commerce,
which, with agriculture and manufactures, will con sti-
tote the force and grandeur of your empire. May yr Eur
Majesty accept the respectful homage of the undersign ed,
who loudly proclaim the benefits of your governme a it,
and offer up ardent and sincere wishes which find a n
echo in all their fellow-countrymen of the west.
"T. N. BLACK, P. Durum), J. HIPFINGER,
EDE, C, ARLAND, C, VERROLLOT, CASTELLI, L A.
FONTAINE, CAMONDO, &C."
The following was the reply of Reschid Pacha

" Gentlemen,—l have hastened to submit to his It a-
perial Majesty my august Sovereign the address w hi ch
has been sent to me by the European residents establi. ed
at Constantinople. His Imperial Majesty bas chat rged
me to express his high satisfaction at the spontam sous
mark of sympathy which is given to him in the g rare
circumstances in which we are. I am happy, gen tie-
men, to have to express to you the sentiments of sny
august Sovereign—sentiments which I beg of you to re-
present to the persons who have signed the address, and
to assure them at the same time, that the Governm tent
of his Imperial Majesty will always endeavour, in c
formity with the Sovereign will, to accord to commerce
all the protection which may assure its security and tro-
sperity. Accept, &c., " MOUSTAFA RESCHID.

ITALY.
The Piedmontese Gazette announces that the Kfing a nd
Queen of Sardinia returned to Turin on the 26th u It.
Their Majesties were loudly cheered by an im.naea Ise
crowd on entering the capital, and all along on their w ay
to the Palace. In the evening the town was illumin: died.