The Sun.
London, England, 1853-03-19 00:00:00

THE SUN, LONDON, SATURDAY EVENING, MARCH 19, lB5 3.

the arrangement might sometimes become a strong
inducement to bribery. With the Ballot, of
which the Spectator is a consistent advocate, the
plan would be admirable.

MONEY AND COMMERCIAL NEWS.

MINING INTELLIGENCE.

CITY, TWO O'CLOCK.

(From the Mining Journal of this day.)

There was a steady demand for cotton at Liver-
pool yesterday at advanced rates. Sales 7,000
bales, including 2,000 on speculation. Railway
Shares were flat at lower prices.
The weekly return of the Bank of England made
up to last Saturday is favourable as concerns the
specie, and there would appear to have been less
demand for money ; the loans and discounts hav-
ing been diminished, while the balances of deposi-
tors are increasing. From this latter cause, and
the augmentation in the public . deposits, the
amount of notes in circulation was necessarily cur-
tailed. Taken against the previous week, the fol-
lowing alterations appear in the balance-sheet :
Active circulation.
Decrease 562,700
Bullion

GOLD MINES.-This has been a very dull week in the
gold mining share market, business having been of a
very restrictive character, and after various trifling fluc-
tuations in price the market closes at the lowest point of
the week. On the whole, the appearance of this depart-
ment of the Stock Exchange is decidedly flat, especially
for the Australian descriptions. The very unfavourable
accounts received by the Port Philip Company have en-
gendered a feeling of distrust, as it is known that a very
large expenditure has been incurred by them, and that
the greater part of it is, under present circumstances, a
dead loss, in consequence of an unfortunate conflagra-
tion, which, unhappily, destroyed a great portion of the
buildings erected by the company, and which were
ready for the reception of the machinery, which was just
completed under the superintendence of Mr. Evan
Hopkins. The descriptions best supported are Colonial
Gold, Great Nugget Vein, Nouveau Monde, Agua Fria.
British Australian, Anglo-Californian, and Ave Maria.
The Anglo Californion Gold Mining Company have
received advices from their superintendent, Sir
Henry Huntley, dated the 12th Jan., stating that
owing to the severe winter, which had been more in-
tense than any hitherto known, he had been unable to
bring the ore to the crushing-mills. Three mills had
been destroyed, but Mr. Davies, the company's agent,
had had the foresight to erect a platform of stone, 5 feet
high, and 10 feet broad, which had stemmed the torrent ;
and in the course of a few days, when the teams were
able to work, they expected to be in full operation, and
commence the reduction of the gold-bearing quartz. An
engineer, for the purpose of keeping the machinery in
order, will leave England on the 2d April.
MINES.--A large number of heavy shares have been
sold this week, and, when the great rise in prices is con-
sidered, it is not to be wondered at that a few of those
who purchased low should realise the profit on some of
their shares. Notwithstanding the sales, however, the
market is yes y firm, and the demand still greater than
the supply. Among the shares sold, Buller realised
1,260/. per share ; this time last year the shares were
6251.-the price, therefore, has doubled in 12 months,
in addition to 20 per cent. paid in dividends. Basset,
6101. to 6201. (these were 4001. in March last year); De-
von Great Consols, 4651. (price last year, 2901.); South
Caradon, 250/. (1101.12 months since); South Tolgus, 2501.
(1301. last year); Trehane, 241. (51. last year) ; United Mines,
410. (421. 10s. in March last year); West Caradon, 3501.
(1201. last year) ; Bedford, 101. 10s. (51. last year) ; He-
rodsfoot, 201. (31. last year.) In our last, we stated it
was the intention of the committee of Heredsfoot.,to de-
clare a dividend at the meeting on Thursday ;A such,
however, was not done, although the assets over liabili-
ties were 1,3151. ss. id. It was thought better, as the
assets were not yet in cash, to defer the dividend to the
next meeting, when 11. per share (10241.) might be divi-
ded, and about 4001. added to the assets in hand. The
profit showed in the accounts for three months was 9451.
The present returns yield 4801. per month profit ; and
the agent stated he hoped to increase the returns to 70
tons of lead per month : after the meeting the shares
• were sought after at increased rates. Esgair Llee shares
have advanced to 141. 10s. and 151.: the lode lately
,•

Of Lord GRosvncoß's Bill for shortening the
poll in counties to one day, which suggested Lord
BROUGHAM'S observations, but one opinion can be
entertained ; it was, indeed, entirely unopposed
in the Lords. The Premier distinctly asserted
that bribery as now carried on, must bring our
representative system into contempt, and assured
the House that Lord Joint RULSELL " hoped" to
do something to diminish the evil. Lord WHARN-
CLIFFE justly observed, that the disclosures elicited
by the Election Committees did not necessarily
prove increased corruption in the last election ;
the law being now so much more stringent, and
detection easier. The amiable Lord CARLISLE
even volunteered a defence of giving a tired elec-
tor, who perhaps had journeyed far to vote, a
glass of beer to refresh him. Of course, his Lord-
ship " yielded to no man in his wish to check
bribery." Lord WHARNCLIFFE concurs with the
Times, and ourselves, in the belief that there was
scarcely a member elected by a contest who could
not be unseated, if all the particulars of his elec-
tion were known. What is to be said for those
who believe that, and yet oppose the Ballot ?

Increase

Rest

83,998
8,622,448
4,746
7,607,914
295,163
13,051,136

Increase
Public Deposits
Increase
Other deposits

Increase
Seven day and other Bills

428,835
1,292,007

Decrease
Government securities
Other securities
Decrease
Notes unemployed
Increase

86,439
No alteration
15,396,827
4,393
10,665,430
579,400

Bills on the principal cities of the Continent
were taken yesterday at full rates. Paris, 90 days,
25, 25 to 30 ; Amsterdam, 11, 181 to 19 ; Ham-
burgh, 13, 8 to 8i ; and Trieste, 11, 3 to 5.
Under this head yesterday, attention was called
to the proposal of the New South Wales Gold
Commissioner, Mr. Beit, to render the sale of gold
to the Government by the miners, compulsory at
the price of 655. per oz., and in commenting upon
the erroneousness of such interference, we remarked
how prone Governments were to trammel private
enterpise. Another case of a like nature is now
before us in the shape of a report by a select com-
mittee of the Legislative Council of New South
Wales, appointed to inquire into the state of the
currency and of banking. The committee collected
no facts, nor sought to obtain any evidence ;
although it must have been sensible of existing,
defects in the working of the banks when it em-
bodied in its report the following paragraph .
" So long as this power of expanding or contracting
the currency of a country is left to private speculators,
so long will the prosperity of that country be constantly
liable to the most violent and disastrous fluctuations.
There must always be, in such a state of things, a pro-
bability of trade and speculation being unduly stimulated
at one period, and unduly depressed at another. An infi-
nite number of unforeseen causes may, at any moment,
induce private banking institutions to expand their issues
to an extent wholly disproportioned to the metallic capi-
tal of the country, and thus bring about a state of
feverish excitement, the sure forerunner of a fatal col-
lapse."

iscovered is said to be the finest in Wales. Clive 4i

15s. to 51. ' • West Basset, 141. ; Grambler and St. Au-
byn, 321. lOs ; East Seton and Maude, 61. ; South
Frances, 1951. ; Bell and Lanarth, 151, West Seton
has been in good request, and shares quoted at 2001. ;
Trefusi, 191. 10s. For Keswick shares there has been a
great demand at 8/. 91. and 101. per share ; but few
sellers to be found. A. few weeks since, Herods-
foot shares were selling at 31., or about the value
of the plant on the mine, when we called attention
to its real condition, and showed that, whilst large pre-
miums were being obtained for spurious speculations,
many bona fide and legitimate mines were at a heavy
discount.

The Committee recommend the establishment of
one Bank of Issue ; ignoring the existence of all
the other moneyed corporations, that have taken
root and expanded with the growth of the colony,
and reckless of the wide-spread derangement and
possible ruin that such an extraordinary alteration
might occasion. Here, again, the gold fields were to
be attacked; for it is suggested that the Bank should,
on behalf of Government, have the exclusive right
of buying the precious metals—an improvement
this even upon the plan of the Commissioner.
When will legislators learn wisdom, and when
cease to dam up the source of the very riches with
which they so heedlessly trifle ?
The 24,000 ounces of gold which we mentioned
yesterday as being on board the Great Britain
steamer, are from Sydney only. At Melbourne she
would probably receive from 150,000 to 200,000
ounces more.

In the Bullion Market,—Mexican and South American
dollars, 4s. Rid. per oz. Bar- silver containing gold,
all gold above 5 grains in the pound, to be paid for,
ss. lad. per oz. standard. Bar silver without gold,
ss. rgd. per oz. stand. Bar gold 775. 9d. per oz. stand.
Fine silver, ss. sid. per oz.
In the Metal Market, Scotch pig-iron has been more
active, and an advance of 3s. 6d. to 4s. per ton has been
realised on last week's prices ; there are strong buyers
at 535., cash—sellers at 535. 6d. to 545., with a decided
tendency- upwards. Rails and other descriptions of
manufactured iron continue without alteration : the
works remain full of orders.—ln Spelter, there has been
more business this week ' • about 1,000 tons have been
taken, prices about 221. ss. and 221. 10s. on the spot.
—Copper without alteration.—ln Lead, there are large
orders on hand, but the price in some instances is about
10s. per ton lower.—Tin has been less firm, and a slight
tendency downward is observable. In Tin plates, no
alteration.,

The `exports of the precious metals from London
direct, during the week to Thursday last, was
21,740 ounces of gold and 3,800 ounces of silver.
Besides this there have been shipments from Liver-
pool and Southampton to Australia.
Stocks are flat this morning by sympathy with
the Paris Bourse. Consols 99i / for Transfer, and
99a / for Account. Exchequer Bills of June are
10s., and those of March Bs., premium. East India
Bonds have been 455. premium.
Foreign Securities are lower also, and so far the
Continental, and specially the Turkish news, affects
all. Spanish deferred Bonds are 24i ; Mexican has
receded to 26 and 25k. Equador Stock is at Q.
Peruvian Scrip has been as low as n and 4 pre-
mium.

THE SOUTH-EASTERN AND CONTINENTAL
STEAM-PACKET COMPANY.

The general half-yearly meeting of this company was
held yesterday at the Bridge-house Hotel ; James Mac-
gregor, B sq.,M.P., in the chair.

The' advertisement convening the meeting having been
read,,

Railway Shares are about per cent. lower, with I
scarcely anything doing. French Shares droop also.
The Gold Mines are all worse, on account of the
insubordination of the men employed by the Port
Philip Company, and their unreasonable demands.
The Land Companies' Shares are still giving way,
the Agricultural being down 4/. to 5/. ; the South
Australian, 2/. to 31. ; and the Van Diemen's
Land, E.
The Joint Stock Bank Shares are very quiet, and
nominally firm.

The CHAIRMA.N, proceeded to read the report, which was
as follows :
Tho accounts of the South-Eastern and Continental
Steam-packet Company, now submitted to the proprie-
tors, show the gross earnings of the half-year to be
21,978/. Os. 3d. This amount, as compared with the
corresponding half of the previous year, shows a de-
crease of 3,206/. 4s. 7d. The comparison of passen-
gers conveyed shows a total decrease in the half-year
of 17,485 passengers. The working expenses have been
6,8531. 6s. Bd., against 7,3981. 12s. 10d. for the cor-
respoiding period of the previous year ' • the cost of re-
pairs and renewals 3,821/. 14s. 3d., against 4,6271. 6s. sd. ;
and the port charges 1,8461. Bs. 10d., against 2,8231.55. 6d.
i,4221. ss. Id. has been carried to the credit of the reserve
fund, after which there remains a balance at the credit
of revenue of 4,0831. ss. sd. at the disposal of the pro-
prietors. The number of miles navigated by the company's
steam-ships during the half-year is 23,056. The fixed ser-
vice between Dover and Calais, in conjunction with trains
leaving London at 8.10 a.m. and Paris at 7.30 a.m. daily,
has been maintained throughout the half-year, and will at
all events be continued till the Ist of July next, under the
existing agreement with the South-Eastern and Northern
of France Railways, this company receiving a subvention
for the service of 101. per diem, which is paid by the
Northern of France Railway Company.
The substance of the report of the committee of pro-
prietors appointed by this company and the South-
Eastern Railway Company to be associated with the direc-
tors, for the purpose of Proposing a plan for the consolida-
tion of the interests of the two companies, is appended to
the report of the directors of the railway company, and
the directors of the steam-packet company report that they
will, at the proper time, recommend the principle laid-
down for the adoption of the proprietors. If acted upon
now, and the arrangement carried out, the effect would be,
that the proprietors of the steam-packet company would
receive upwards of 121. per share, with the advantage of
the options detailed in the report. The directors have
insured the si,ea-:.1-ships against sea-risk for six months
from the 28th December last, pending the settlement with
the South-Eastern Railway Company. .
The directors recommend that a dividend, at the rate of
, 5 per cent. free of income tax, be declared, and made pay-
able on the 6th April next, which will absorb 2,8981.
3s. 3d., and leave 1,1361. 2s. 2d. at the credit of revenue
account.
The CHAIRMAN concluded by moving the adoption of
the report and accounts, which having been duly seconded,
A lengthened conversation took place, in which the
CHAIRMAN, Mr. POLLARD, Mr. WRIGHT, and other gen-
tlemen took part, in reference to the proposed terms of
amalgamation, in the course of which the peculiar relation
of the steam-packet and railway companies to each
other was fully di'cussed. Whilst it was frankly
admitted that a great deal of weight was due to the
arguments of those gentlemen who maintained the binding-
ness of the moral guarantee of the railway company to se-
cure 5 per cent. to the packet company, yet it was urged
that the expediency of a settlement by amalgamation be-
came more apparent as the obligation was not expected to
be esteemed more sacred by those who might succeed in a
proprietory continually changing.
The CHAIRMAN particularly drew the attention of the
proprietors to the consideration thatlhe clauses of the bill
were not binding, and that even, when passed, it would be
merely a permissive bill.
The report was then adopted, the dividend declared, and
a vote of thanks to the chairman closed the proceedings.

BRITISH FUNDS THIS DAY.
(From the Official List.)
Business done.
3 per Cent. Consols Annuities
India Bonds, £lOOO 45
Ditto, under £lOOO 45
Consols for Account 13th April
Exchequer Bills, Id. June. March.
£lOOO
£5OO
Small lO
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent. —
Ditto New, 1843
Chilian Bonds, 6 per Cent lOB
Ditto, 3 per Cent B4
Equador Bonds si
Mexican 3 per Cent
Peruvian Scrip
Russian Bonds, 5 per Cent
Ditto Small
Sardinian Bonds, 5 per Cent...
Spanish Bonds, 3 per Cent 49i
Spanish New Deferred, 3 per Cent 24 i
Spanish Passive (Converted) si
Spanish Committee Cert. of Coup. not fun. 8
pI ) e
Turkish Loan, 6 per Cent., 1852 li
TWO Q' CLOCK.
pril Account 99i
99fi i
DittoConsols
A

MILITARY COLLEGE AT SANDHURST.—Yesterday
a return to Parliament was printed, from which it appears
that there are 177 cadets at the Royal Military College, of
which 107 are sons of civilians, 49 sons of officers in the
army, 10 sons of officers in the navy, 10 orphans of officers
in the army, and 1 orphan of an officer in the navy. The
amount paid to the establishment last year was
17,5661. ss, by the gentleman cadets, and 4641. 12s. 6d. by
the officers of the senior department. Last year the total
cost of the establishment was 16,4861. Bs. 2d. •
RECEIPT AND BILL STAMPS.—The Chamber of
Commerce at Leeds have memorialised the Chancellor of
the Exchequer for an alteration in the scale of receipt and
bill stamps, with a view to an improvement of the reve-
nue,
as well as to the convenience of the trading commu-
nity. After pointing out the decline in the revenue from
bill and receipt stamps which has takeri place since 1847,
they suggest " that a new Stamp Act should be passed,.
establishing a universal receipt stamp of Id., and a scale of
bill stamps of ls. per cent. on the amount ; bills under
100/. to bear a uniform stamp of 6d. ; bills for 1001. and
under 2001., ls. ; 2001. and under 3001., 3s. ; and so on up-
wards, without limitation as to amount."
MIRACULOUS ESCAPE OF A WHOLE HOUSEHOLD.
—Yesterday (Friday) morning, at an early hour, the inha-
bitants of Horsleydown were greatly alarmed, owing to the
outbreak of a fire in the premises of Mr. Slpt .13n
adownat
esw
theer
e
cuit baker, 13, Horsleydown, which was we g attended
that with a fearful sacrifice of life. ,It appears
at the time
icie n,j ah fancyatte b
of the outbreak a great number of persons were in their
beds asleep, and it took considerable time to arouse them
from their slumbers. That, however, having at length been
fiienrcgeaily gaining
o
poor woman and her children were unable to get down the
edttescae i
several times overcome and prostrated by the heat and the
suffocating effluvia arising from the lower part of the pre-
stair accomplished,s , but the thes moe parties was n
se
pre-
mises. The whole of the inmates, however, succeeded,
endeavoured
that h
the withs
street
texceptionbutthe o
smoke
a female
and
fireand
ascendingtw o cl iil d r
seen'
stairs ; she therefore carried her offspring to one of the
upper rooms, and having knocked out the window, she
succeeded in getting upon the roof and passing to the next
houlk), where she and her children were safely rescued. The
ei
sa tu
nk exertionn o w il. oFnotr
Fortunately
n aptaerlty o
ilif ther siee firemen
was
engines of the London Brigade and West of England office
promptly attended, and a plentiful supply of water having
been procured from the fire mains in the neighbourhood,
the engines were set to work from a good supply of water,
the flames were subdued, but not until considerable
damage was done to the premises and their contents. The
tflinthteofif fire
insured in the Phoenix Fire-office, and the building.•
andorigi bnyo
was in-
sured in the Sun office.

THE OPERATIVES IN THE COTTON TRADE AT
STOCKPORT have got up a memorial to their employers,
stating that in 1848 they (the workpeople) submitted to a
reduction of 10 per cent. in their wages because trade was
unremunerative, and requesting their employers, now that
trade is more prosperous, to return to full pnces,