The Sun.
London, England, 1854-03-08 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, MARCH 8, 1854.

evening, when Lord DUDLEY STUART men-1
tioned the names of OMER. PACHA and of
Captain SLADE, coupling with each an earnest
and eloquent tribute of admiration. Let it
be especially remembered, however, that the in-
terest awakened by the remarks of the noble Lord
the Member for Marylebone, was considerably
enhanced by the recollection, that he himself had
so recently traversed those lands and those waters
which are being illustrated in the annals of Europe
by the valour and the warlike capacity of the
Turkish Admiral and the Turkish military Com-
mander-in-Chief. Close we now our reference to
this interesting banquet of last evening, with an
echo of that gallant hope, gallantly, expressed by
Sir CHARLES NAPIER, that before long he may
once more meet his entertainers—this time not
to congratulate him on his nomination to the
command of the Baltic Fleet, but to celebrate
some decisive battle won not far from the walls of
the capital of St. Petersburgh.

General Sir CHARLES NAPlER—reviled during
his glorious life-time by the basest of his foes,
and pursued even within the sacred precincts of
the tomb by their unrelenting and inhuman ani-
mosity—is, it would appear, at least to have the
posthumous tribute of a spontaneous and national
Testimonial. It is scarcely necessary for us to
say that the project of this noble, and affecting,
and beautiful evidence of homage for the hero's
memory commands at once—on the instant—our
support and sympathy to the very uttermost.
We believe it will in like manner command the
sympathy and support, the earnest sym-
pathy and active support, of every true
and generous heart among the masses of
our population. Remember ! this tribute
is not only a tribute to the memory of the heroic
Conqueror and the wise Administrator—the Con-
queror and Administrator of the vast province of
Scinde—but it is, besides that, a visible protest,
on the part of the people of England, against the
infamy of those who are scattering derision upon
his tomb, the derision of their ungrateful and
systematic misrepresentations. This Testimonial
to the victor of Meannee and Hyderabad, is, in other
words, not only a tribute of popular admiration,
for the genius and the valour of Sir CHARLES
NAPIER, but a national protest against those who
are implicated in any way with his calumniators
during life and after death, and especially against
the more implacable of his personal antagonists
who are members of the ungrateful East Indian
Government. It is at once, therefore, we repeat,
a protest and a tribute, this " NAPIER Testi-
monial" a protest against treachery and
ingratitude, and a tribute of respect and
admiration. Englishmen !—all of you who are
lovers of justice, and admirers of heroism, or
who have a rational affection for the good old
English regard for fairplay, all of you who have a
wholesome detestation of anonymous calumniators
—those assassins of reputation !—contribute some
coin, if it be only a penny, to be melted down as
it were into a portion of that bronze, which will
attest to after times in some public place in our
capital, that the many noble qualities of Sir
CHARLES NAPIER, the Hero of Scinde and Cepha-
lonia, were not altogether unappreciated by those
masses of his :fellow-countrymen who were his
contemporaries.

Have any of our readers ever strolled into the
House of Commons in the early part of the Ses-
sion during the hours devoted to private busi-
ness ? We do not mean that they have visited
the " Gallery" for the purpose of hearing matters
of general importance discussed. We do not re-
quire their presence beyond the lobby, through
which the several members are hurrying for the
purpose of making or keeping " a House." Nor
will we detain them for any considerable period
from the dinners which are already in course of
preparation at the neighbouring hotels and
taverns. From the moment that they enter
into the vicinity of the Temple of Legislation,
between the hours of half-past 3 and 5 o'clock,
they will perceive manifestations of extraordinary
excitement and bustle that, if strangers, might
induce them to suppose that the fate of the
Ministry, or at least of some question of vital
importance to the community, was about to
be decided. Nay, more, they might easily
fancy themselves persons of considerable con-
sequence, on whose conduct the affairs of the
nation and the best interests of society were
dependent. For, no matter from what quarter
they approached, whether coming from the
aristocratic districts westward of the Park, via
George-street, from the busy thoroughfares
around Charing-cross, by way of Parliament-
street, from the transpontiue regions over the
crazy, tumbling bridge of Westminster, or even
from the quarters abutting on the penitential
Millbank and the classic Horseferry-road, they
will find themselves strictly scrutinised by seedy-
looking strangers, who dog their footsteps, and,
when assured that they are actually wending their
way towards the House, rush forward to announce
the arrival of unknown strangers, who must, of
course, be in some degree concerned in the busi-
ness exclusively occupying the thoughts of the
outlying scouts. The results of the intelligence
speedily become perceptible. Scarcely have they
taken up their positions before they are accosted
by a polite and communicative stranger, clad in
professional attire, who, with considerable tact,
contrives to enter into conversation, and discover
whether they are in any way interested in the
Grand Economical -- Producing Association—
(we leave the subject unknown, lest our observations
might be construed)—and whether they come to
support or oppose its bill, which stands for a
second reading that evening, and on which a divi-
sion is expected in a very few minutes. H
the party be numerous, they are attacked on the
right and left wings, by agents pro and con.,
while another respectable-looking individual has
probably assailed the centre. It will be found
a task of no ordinary difficulty for the visitors to
convince their recent acquaintances that they
could have been attracted by any object uncon-
nected with the all-engrossing subject on which
they themselves were engaged. But if successful
in doing so, they are importuned by men of
whose existence they were utterly ignorant a quar-
ter of an hour previously to use their influence
with any member by whom they may be recog-
nised, for or against the measure, which is either
the most beneficial to the nation brought forward
at any time, or the greatest job ever attempted to
be perpetrated—according to the side on which
the " touter" may chance to be engaged. Men
will naturally feel astonished at being asked to
take any part respecting a matter of the actual
merits whereof they are totally unacquainted.
They will naturally inquire what can be the
nature of the system that admits of such pro-
ceedings, and their astonishment will be in-
creased when they find Honourable, aye, and Right
Honourable Gentlemen, actively canvassed by
parties just as ignorant as themselves, and those
distinguished representatives pledging their votes
without further information or inquiry !

This, gentle reader, is the mode in which the
private Parliamentary business of the country is
conducted. This is the system of which Lord
STANLEY so justly complains, and which renders
the fate of any measure, no matter how deeply in-
teresting to the parties, and founded on, or opposed
to natural justice or public good, dependent on
a species of lottery, or, what is worse, of thimble-
rigging or sleight of hand. It must be obvious
that the House should assume the functions of a
Grand Jury on such occasions, and that their
duty is to see if there are sufficient grounds for
further inquiry to justify them in subjecting its
opponents to the expense and inconvenience of
carrying their opposition before the Select Com-
mittee, to which if, read a second time, it must
be referred. It must be obvious that
some information would • be necessary to en-
able the judges to decide impartially and
correctly. But none such is obtainable, save
from interested parties, whose opinions cannot
receive implicit credence. As Lord STANLEY re-
marks, the proceeding is rather judicial than legis-
lative, but it is nevertheless conducted with the
most total absence of judicial forms, and the
Noble Lord by no means exaggerates when he
states, a of ilia owri knowled,e ui.,-tances of mem-

bers voting " in ignorance, not only of the merits
of the case, but of the very name and purport of
the bill which they were helping to carry or
throw out," and that "it follows that there is
no real security either for a good bill being al-
lowed to go to committee, or for a bad one being
stopped !"
This grievance, for it is a grievance, and of no
ordinary magnitude, requires immediate attention.
Lord STANLEY, who has so ably called attention
to the nuisance, does not attempt to point out
the precise remedy. He has, however, offered
suggestions calculated to mitigate the evil. We
therefore trust that he will finish the good work
he has commenced, and inflict a fatal blow on the
abominable system of jobbery which he has so
clearly and unsparingly exposed.

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 4,000 bales, all to the trade.
The market was tame, with but little alteration in
prices. The sales comprised 3,000 American, 90
Pernam and Maranham at 6d. to 6d., 140 Bahia
at bid. to 7d., 250 Egyptian at 6d. to Bkd., and
500 Surat at 3d. to 4/d. per lb. Railway Shares
were very dull.
Accounts from New York state that the sudden
activity which had taken place in Stocks was sub-
siding at the latest date. Shipments of breadstuffs
continued active, and formed the greater part of
the total exports. The value of merchandise ex-
ported during the week to the 18th ult., including
specie, was 1,380,490 dols. Freights were firm.
The Canadian advices notice a gradual rise in
flour. The total amount of revenue collected in
New Brunswick last year was 184,7271., of which
141,3711. were collected at St. John's. There was
a general increase of business at all the ports in the
province.
Our attention has been directed to the recent
report of the East Indian Railway Company, by
which it appears—
" That the deposit of 21. per share has been paid upon
only 72,635 shares, out of 400,000 shares of the New
Extension capital—thus leaving nearly s.6ths of the
extension capital repudiated.
"A project, with a subscribed capital of 8,000,0001.
or 10,000,0001., may be at once safe and profitable, but
very much the reverse with the capital diminished to
2,000,0001. or 3,000,0001. It may be asked whether
it is in the power of the directors to proceed to construct
a mutilated portion of the line, should five-sixths of the
shareholders decline to pay the call or sign the deed.
"Should the directors proceed with a portion of the
scheme, what will be the position of those shareholders
who may pay up in full ?

" The terms of the contract not having been complied
with, the payment of the interest will of necessity be at
the option of the authorities. The danger lies in attempt-
ing to construct a work requiring 8,000,0001. with
1,500,0001. The whole arrangement appears to require
revision. Without the requisite capital being either
paid or subscribed for, there will be no safety to the
shareholders or assurance given to the authorities that
the contract can be carried out. Calling upon the limited
number of bona fide investors to pay up in full is nothing
more or less than disheartening, and inconveniencing
the willing."

The official particulars of the new Australian
loan are now given, and correspond generally with
what we stated yesterday. The amount is
5,000,0001., upon the basis of a lottery scheme, and
the subscriptions will be open at Vienna from the
7th to the 17th inst. The funds will bear 4 per
cent. interest, redeemable by annuities at 11 per
cent. The entire calls will be made within a year,
in ten or twelve instalments.

The Foreign Exchanges were quoted yesterday
afternoon at a slight decline on the principal cities.
Paris, 90 days, brought 25 25 to 27i ; Amster-
dam, 11 14i to 15i ; Hamburgh, 13 3f to 3.1 ; and
Trieste, 13 20 to 25.
The amount of bills drawn on the various pre-
sidencies by the Honourable East India Company
during the fortnight ending yesterday was 47,5561.
The English Funds opened rather heavily,
Consols being 91k to L, and they have since gone
worse, being 90i to 91. This is occasioned by a
rumour of the defeat of the Turks at Kalafat, but
there is doubt attached to it, otherwise the decline
would have been greater. The New 31 per Cents.
have realised 92 to I. Bank Stock has been firm
at 220 to 221. Exchequer Bills realised 15s to 17s
premium. There is very little speculation, and
much anxiety prevails for the receipt of later
news.

Foreign Securities have been comparatively quiet.
Mexican Bonds have receded to 24g. The Com-
mittee have received advices that the import duties
In Vera Cruz for December were estimated at
163,000 dollars, one-fourth being assigned to the
interest on the Foreign Debt. Grenada Deferred
Bonds have been quoted 61, and Equador Aus-
trian 5 per Cents. are worth 76. Portuguese 3 per
Cents. have been done at 31. Spanish 3per Cents.
have declined to 361 k. Sardinian Bonds are as
low as 78 to 791. Dutch 4 per Cents. have realised
851 to 1.
The current prices for the Jamaica mines not
officially quoted are as follow :—Metcalfe, dis-
count to premium ; Sue River, 4 discount to
par ; Port Royal, A- to premium.
The English Railway market has been about 1
per Cent. lower all through, since the decline in
Consols, and with a very limited business doing.
French shares are much the same.
The Gold Mine shares have been inactive.
Joint Stock Banks are nominally firm, and the
Land Companies' also.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Ptom the Official List.)
Business done.
Bank Stock .. ......... . ........ 220 1
I per Cent. Reduced— Annuities shut 91i
3 per Cent Consols Annuities 9lB 90,1
New 34 per Cont. Annuities 92 I
New 5 per Cent. Annuities ll4
Long Annuities, Expire sth Jan., 18E0 -16 3-16
Ditto 30 Years, Expire 10th Oct., 1859 5
Ditto 30 Years, Expire sth Jan., 1860 4 1546
Consols for Account 16th March
Exchequer Bills, ld.
£IOOO
£500
Small l7
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
A.nstrian Bonds, 5 per Cent....... .....
Equador Bonds

Grenada Bonds, Deferred
Mexican 3 per Cent.
Portuguese Bonds, 3 per Cent 3l
Russian Bonds, 1822, 5 per Cent. £ St
Ditto 41 per Cent B3
Sardinian Bonds, 5 per Cent...
Spanish Bonds, 3 per Cent 364
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Guil
Ditto 4 per Cent. Certifieates

Consols
Ditto :March Account

HALF•PAST TWO.
90,1 1
90i 1.

ARRIVAL OF THE ORINOCO AT MALTA.—intelligence
was received yesterday from Marseilles of the arrival of
the Royal mail steamer Orinoco at Malta, on the 4th
inst., with the Ist battalion of the Coldstream Guards.
She quitted Southampton on the 23d of February, and
therefore had a fine run of nine days.
VIENNA.—The accounts from Vienna yesterday show
little alteration, but the tendency, after the slight rally re-
ported on Monday, is again towards increased distrust.
The following statement regarding the conditions of the
new lottery loan of 5,000,0001., the subscription-books
of which were opened yesterday, has just been re-
ceived :

"Subscriptions for a new Austrian loan will be opened
in Vienna from the 7th to the 17th of March next.
" 1. The amount of the loan will be limited to 50,000,000
of guilders, Bank value.
" 2. The bonds will be given out in amounts of 250 f.,
bearing 4 per cent. interest, payable yearly.
" 3.The loan will be redeemed by annuities at 1i per
cent. —via., 750,000 f. in 50 years, and there will be every
year two drawings with the following payments :
During the first 5 years from 300 f. to 200,000 f.
second 5 ... 300 f. ... 170,(00:
• third 5 ... 300 f. ... 140,090 f.
• fourth 5 300 f. ... 110,000 f.
fifth 5 ... 300 f. ... 100,000 f.
and so on with proportional winning prizes.
"4. The subscription will be opened only at -Vienna.
The price at which the loan will be effected is not yet fixed,
but it is expected not to be higher than 90 per cent.
" 5. The entire calls will be made within a year, in 10 or
12 instalments, and at the time of subscription 10 per cent.
cash must be paid down.
" No commission will be allowed.
" Vienna, March 1, 1854."

THE NEW FRENCH LOAN.—It appears that the new
French loan is to be for 10,000,0001. sterling, and that
the resort to it has at length been pronounced by the
Government to be indispensable. Whether the con-
tract will take place by public tender or by private nego-
tiation remains, however, undetermined. Sortie remark
has been excited by the singular fact, that while the
French Finance Minister was announcing this loan as a
consequence of the impending war, " the burden of
which properly belongs to the future," the English Chan-
cellor of the Exchequer was proposing an increased in-
come tax, on the ground that it was not right to throw
these liabilities on to a distant period. It is felt, however,
that the true course may lie between the two extremes, and
that every requirement would be satisfied in such cases
if by raising money in the shape of annuities for 20 or
30 years the extinction of the encumbrance were rendered
certain within the present generation. The disturbance
of war, it is urged, is sufficiently exceptional to be treated
financially, like any other convulsion, to which a liabi-
lity at all times exists, but which bad best be provided
for by spreading its cost as an average over a definite
period. By this means, while a great relief is secured
for the moment, a far higher advantage is gained for the
succeeding years than that of saving them from the
pressure of an additional 20 or 30 millions of debt, since
it enables continued advances to be made in the task of
setting commerce free, so as to give it a buoyancy that
shall make such an item of no importance.
PENNY RECEIPT STAMPS.—Among the statements of
the Chancellor of the Exchequer last evening, none has
given greater satisfaction than that with regard to the
results of the introduction of penny receipt stamps. In-
stead of a gross loss, as estimated, at the rate of 74,000/.
per annum, there is an actual increase at the rate of
72,0001., and a salutary example is thus afforded of the
worthlessness of the routine answer given by previous
Chancellors of the Exchequer to the representations made
year after year in favour of the change—viz., that it was not a
time for the country to sacrifice any portion of its revenue.
It may be hoped that the success of the measure in its
partial shape will ultimately lead to its being rendered
coherent by its extension to bankers' cheques. The num-
ber of banks and their branches in the united kingdom
is about 1,750, and, assuming their average of cheques to
be 100,000 (in some cases it is a million), an additional
total would be obtained (after making full allowance for
those cases iu which receipts are already given for pay-
tante by cheque) of at least 650,000/.

~,,,J btr*, ambition,

DONCASTER RACES.
(THIS DAY.)

(BY ELECTRIC TELEGRAPH.)
DONCASTER HANDICAP.

Aionso
Sixteen ran,
BETTING-ROOM STAKES.

Ptolemy
Gamekeeper
Eight ran.
SCURRY STAKES.

King David
Julius Casar

Four ran.

LATEST BETTING—THIS DAY, 12 O'CLOCK.
DONCASTER HANDICAP.
7to 2 agst Lerrywheut (taken).
6to 1 agst Hungerford (taken).
6to 1 agst Alonzo (taken).
7to 1 agst Feversham (taken).
7to 1 agst Pearl (taken).
7to 1 agst Catherine Parr.
10 to 1 agst any other.