The Sun.
London, England, 1854-04-22 00:00:00

u
Aeq7c,,,704A. c§nn,

LONDON, SATURDAY, APRIL 22, 1854.

Several important events have within the last
few hours come to our knowledge in this country
simultaneously—events, some of them, illustrating
more clearly than ever the necessity for prompti-
tude in the conduct of the warlike operations
against Russia, on the part of the French and

English Governm.ents. A succession of glorious

victories, we learn by our latest advices from the
seat of war, on the banks of the Danube, has
again been won by the valiant
,troops under the
banners of the Turkish Commander-in-Chief. An
argument surely in favour of despatch in the
movement of the allied soldiers of England and
France towards the scene of action in the Principa-
lities. Not a shot has as yet been fired by these
latter, while their brothers in arms, under orders
of OMER, PAcRA, have had to fight during several
months single-handed, as it were, against the
enormous forces poured down upon them from the
interior of the Russian EMPEROR'S dominions.
The "sick man," it would seem, has during that
critical interval rallied somewhat under the vio-

lent doses administered to him by his self-consti•

tilted physician. Rallied so remarkably, indeed,
that he has contrived up to this time to be just
about one too many for his lawless and desperate

assailant.
Turkey fighting thus valiantly against immense

odds—what part has been taken all this while in
the struggle by France and England ? What
past ? Why hitherto, literally and positively only
that of very noisy preparation. Hitherto the
world has heard enough of what the Western
Powers are going to do—but up to this moment
those Powers have virtually and. actually done
nothing. They have not stricken one blow with
the sword or made one thrust with the bayonet.
They have riot taken one stronghold, defended a
solitary pass, or routed a single rsiment. They
have with admirable credit to iinemselves run
the gauntlet of a long series of banquets, reviews,
and ovations--bat in spite of all these wonderful
doings they have not, even now, caught the first
glimpse of their antagonists, the Muscovite troops
uider Prince 40.1iTZCIIAKOFF.
Happily, however, we may still console our-
selves by glancing over the record of their con-
tinued movement. Their movement--whither?
Towards the frontiers of the Turkish territory!
If OMEI PACHA and his brave Turks are still left
to struggle unaided with the vastly superior forces,
numerically speaking, of the Muscovites, it must
be exceedingly gratifying to learn that by April,
1864, as many as 1,500 of the soldiers of Eno,-
land had landed at Gallipoli, in the Dardanelles.
• Fifteen hundred men ! to be conducted after a
long and arduous march across Turkey to swell
the ranks of the gallant band of the warriors of
the SULTAN, contending with the barbarian
hordes directed against them by the despotic
ruler of 70,000,00 Q of souls—the vast aggregate
of the Russian population !
Further encouragement is given to the people
of Western Europe, by the announcement of the
fact that, the French fleet has taken its departure
from Brest for th© Gulf of Finland. Everything,
indeed, still continues to indicate a movement
towards—not an arrival at, hut a movement
towards—the seat of war along the coast here of
the Euxine, and there of the Baltic, a movement
towards those coasts on the part of the allied
armaments. Scarcely anything, indeed, has been
left to be done in the way, we will acknowledge that,
of warlike preparation. But everything, literally
everything, remains to be done in the way of
actual achievement. For as yet England and
France have done absolutely nothing in point of
fact—they have hitherto contented themselves

with sketching out upon a tolerably large scale all
they purpose effecting by land and by sea,
towards the accomplishment of the projected
triumph of civilisation.
The Dobrudscha has to be reclaimed from the
possession of the invading Muscovites. The enemy
has to be driven back across the Danube—out of
Wallachia—out of Moldavia—beyond the channel
of the Pruth, the boundary of Bessarabia. Varna
has to be defended--Sinope has to be avenged—
Odessa has to be captured—Sebastopol has to be
stripped of all its formidable array of batteries—
the Crimea has to be wrested from the grasp of
its present possessor—the Black Sea has to be
opened to the navigation of the vessels of both
hemispheres—the barrier of treaties has to be
broken down for ever both at the mouth of the
Bosphorus and at the mouth of the Darda-
nelles--the mouths of the Danube have to
be opened, and that permanently—Roumelia
has to be defended by a line stronger than
that of the Balkan mountains—by that fur-
nished by the solid guarantee of the great
Powers of Christendom. And in this manner
have to be secured—the peace of Europe—the
independence of Turkey—the safety of Constan-
tinople.

Tolerably well all this as the programme of oitr
warlike achievements ! Especially when we re-
member the astonishing number of our troops—
about fifteen hundred men—as yet landed on one
of the extreme points of the Turkish territory.
Fortunately for the fair fame of France and
England if their military armaments are rather
backward and altogether inadequate in re-
gard to numbers, remembering the mag-
nitude of the emergency—their navies, both
in the North Sea and in the Black Sea, are
everything that could be reasonably desired.
Upon them, especially, our hopes are concen-
trated. Upon the Euxine Fleet, under Dtninas and
HAMELIN, and the Baltic Fleet'under NAPIER and
DESCHENES. Particularly, at this juncture, are
the hopes of France and England directed towards
the formidable array under the orders of the
heroic sea captains last mentioned. Every reli-
ance is placed in their capacity. Every confidence
is reposed in their skill and daring. English-
men and Frenchmen are hence looking forward
hopefully for " news of battle" from Riga, and
from Revel, and from Helsingfors, and from
Kronstadt. The seizure of Aland is felt to be
but as a step in advance on the road towards the
humbling of the pride of St. Petersburg.
After the policy pursued during so long a period
by the CZAR, the Western allies of Turkey can
have no compunction in opposing his despotism to
the very uttermost. If anything had been needed
to dissipate the last shadowy dream of a recon-
ciliation betweenßussia and the arch-champions at
once of Turkey and of Civilisation—it would
I assuredly have been found in the comment made
by the CZAR'S official organ on the 12th of April,
on the confidential correspondence, and in the yet
more curious document which appeared in the next
day's publication of the same journal, the Journal
of St. Petersburg—the Russian EMPEROR'S shameless
and flagitious " Declaration." That State paper
issued in his name crowns the whole of his inde-
fensible proceedings. It is the last signal for a
war d l'outrance between the Northern Power
representing all the might of barbarism, and the
two most civilised races of Christendom.

"A plague o' both the houses !" That many-
headed Mercutio, the community at large, may
wall anathematise the contending parties, to
whose proceedings such fatal results may directly
be ascribed. To their quarrels we owe the tight-
ness in the money market, the results whereof
are discernible in the high rate of interest, and
the difficulty of obtaining the requisite monetary
facilities, even at the most exorbitant and
usurious charges. To these disputes may
also be attributed the great depreciation
in the prices of the public funds, and all
other descriptions of securities, public or private.
We may indeed declare that an amount of injury
has already been occasioned which it will be diffi-
cult, if not impossible, to retrieve.
To mar the financial operation attempted by the
Chancellor of the Exchequer, the Bank increased its

rate of discount. So well was this altera-
tion timed—the announcement being made the day
previous to the last for receiving assents—that it
completely uprooted the foundation on which Mr.
GLADSTONE fondly hoped to construct a pre-eminent
financialreputation. The right hon. gentleman was
not disposed to bear his defeat meekly. So, in place
of issuing the Stock which was to. have been given
in Exchange, or making terms for a new loan to
the amount of that which he was paying off, he
satisfied the claims of the dissentients to the
amount of EIGHT MILLIONS STERLING OUt of the
Exchequer balances, reducing the Government
account to a scandalously low figure, and render-
ing the maintenance of public credit dependent on
a system of " kiting," which would be justly re-
probated if the pecuniary affairs of the nation
should ever come to be investigated in Basinghall-
street, or Portugal-street. The effect of this adverse
move on the Bank authorities would have been
perfectly ridiculous, if it were not so exceedingly
prejudicial to the trade and commerce of the
country. The " Old Lady" who had chuckled so
audibly at her temporary triumph became per-
fectly hysterical at the severe retribution. In
place of having five or six millions of Government
money to deal with as she thought proper, she
had to advance some two or three millions to the
Government at a reduced rate of interest, and with-
out receiving the slightest thanks for the accommo-
dation—nay, being even soundly rated for darino,
even to remonstrate at what was practically neither
more nor less than a " forced loan," the force
however being moral in place of physical, the de-
mand not being exactly " your money or your
life," as uttered by the heroes of the highways,
but rather the gentle persuasion of the disciples
of "SWING"—" Your money, or we fire your pre-
mises and destroy your property." " Refuse to
honour my cheques"—says the Financial Minister
--:"and you not only destroy the value of your own
Securities, but mayalso depend on having the lucra-
tive monopoly you have so long enjoyed broken
up. You shall no longer have the management
of the public debt—no longer bo allowed to
issue notes. Stringent as are the restrictions on
banking at this moment, I shall make them ten
times more onerous. Submit, therefore, to any
terms that I may think proper to dictate, how-
ever exacting, and do so cheerfully, without even
a murmur, or dread the consequences !" This
is all that the public know of the quarrel, save
through the significant hints given by the Le-
viathan in articles bearing unequivocal evidence of
their official origin, redolent of Downing-street in
every part, and bullying the unfortunate Directors
in terms only suitable to a perfectly despotic au-
thority, such as a Turkish Cadi or a Harrow
Monitor. Whether the directors will at once suc-
cumb, and take their " whopping" with submis-
sive humility, apologising for the slight hesitation,
remains to be seen. That will be known in good
time, and we patiently await the result, convinced
that aiy alteration must be beneficial, for nothing
can be worse than the doubt and uncertainty
that has so long prevailed.
What has hitherto arisen may bo briefly
explained. Mr. GLADSTONE has not merely
selected the eve of a perilous and expen-
sive conflict for paying off no less than
EIGHT MILLIONS STERLING, just as we are bound
to provide for the expenses of war establishments ;
but he has crippled the revenues of the Bank at
awlniteiicracihoeu;a hsen there is a rapid and steadily-increas-
ing drain of bullion from our shores—a drain
metalsal in the
readydimvainuilstlsieodf
thet the value
by ueofmtohree
s" y, crippled the MILLIONSrso itL
urscTeEsoflENthGe
than EIGHT
BaHnek,haans,dasNe
takenV
a like amount of EIGHT MILLIONS STERLING from
the funds which it had for the accommodation of
the trade and commerce of the country. This is
obviously the case, for if, in place of there being
Government balances, to the amount of six mil-
lions, the Bank is obliged to advance two millions
to the Exchequer, it is obvious that the aggregate
of these sums, or eight millions, is no longer avail-
able for the use of the mercantile community.
There is thus 8,000,0001. of debt paid off and
cancelled, 8,000,0001. of gold exported from the

country, and therefore 8,000,0001. of Dotes neces-
sarily cancelled and withdrawn from circulation,
and 8,000,0001. less available for the discount of
commercial paper and maintaining the credit of
the bees in the great hive—the creators and pro-
ducers of national wealth. Well, then, may the
dispute that has produced such results be depre-
cated. We bear the evil, however, inn the hope
that it may eventually lead to the abolition of the
iniquitous Act of 1844, the repeal whereof would
amply compensate for all the nation has suffered,
is suffering, or may hereafter suffer, unless the
strings be drawn very tightly indeed.
The Right Hon. Gentleman has, in one respect,
yielded, not to the remonstrances of the Directors,
but to the demand of the mercantile community.
He has just issued a notification that he is ready
to receive tenders for Exchequer Bills of the
nominal value of SIX MILLIONS STERLING, of
which Two Millions will be redeemable at par on
the Bth of May, 1858 ; TWO MILLIONS on similar
terms on the Bth of May, 1859, and Two MIL-
LIONS on the Bth of May, 1860. All these bills
will bear interest during the interim, at the rate
of 3 per cent. per, annum, and the amount sub-
scribed for will be received in certain specified in-
stalments, spread over a period of nearly six
months, the last instalment being payable on the
17th October next.

Now the first matter worthy of particular notice
in the foregoing, is that, notwithstanding the
rapid departure of bullion, which for the week
ending the 15th instant, amounted to no less
than 629,7261., he still persists in cancelling a
portion of the debt exceeding TW MILLIONS
sterling. He has paid off more than EIGHT MIL-
LIONS. To replace it he borrows only SIX
MILLIONS. Two MILLIONS are, therefore, abso-
lutely cancelled at the expense of the present
generation—in addition to having to bear the
entire burden of the war expenditure. But this
is not all. The entire six MILLIONS are to be paid
off within six years. Or, in other words, ONE
MILLION per annum is to be added to the current
expenditure, and provided to meet the engagements
on which we are entering. We have thus, under
the most untoward circumstances, to bear the
whole charges of a war occasioned by a• prudent
regard for the interests of posterity, but to cover
Mr. GLADSTONE'S financial blunders we are to pay
off so much of the burdens bequeathed by our ances-
tors. This is neither just nor politic. Nay, more, it
may not be practicable. We have great faith in
the elasticity of the national resources, but it is
not fair to tax them too severely. We must re-
collect that the full amount of these bills may at
any time be paid in at par in liquidation of
duties, or other debts to the Crown. So that,
although not, redeemable untillBsB, the whole'
may be brought to account on the wrong
side of our national balance-sheet in any single
year. This is a dangerous liability, and one which
ought to be carefully considered before it receives
the Parliamentary sanction !

There are other points also deserving of notice,
to which we shall not fail to direct public atten-
tion before the re-assembling of the popular repre-
sentatives after the Easter Recess.

COURT CIRCULAR.

WINDSOR, APRIL 21.

The dinner party at the Castle yesterday included the
Duchess of Kent, Lady Anna Maria Dawson, Colonel.
the Hon. C. B. Phipps, the Baroness de Speth, and Mr.
Gibbs.

The band of the Royal Horse Guards was in attend.
ance during dinner. Her Majesty's private band after-
wards attended in the Castle, and played the following
selection :
Overture, "La Sirene" Auber.
Selection, "L'Etoile du Nord"
Krieges Marsch

The Queen and Prince Albert, attended by the Coun-
tess of Desart, the Hon. Mary Bulteel, Lord Charles
Fitzroy, and Lieut.-Col. F. H. Seymour, drove out yes-
terday afternoon, and honoured the Duchess of Sather-
land with a visit at Clifden. The royal party occupied
two open carriages.
The Princesses Helena and Louisa also took a carriage
drive.

The Earl of Clarendon is expected to-day on a visit to
her Majesty.

Despatches for the Governor of Canada were sent Las'
evening from the Colonial-office.

THE FIRST _PRIZE.

PORTSMOUTH, FRID.LT
This evening, between 6 and 7 o'clock, no little commo-
tion was caused in this port by the appearance in the road-
stead of one of her Majesty's steam-vessels having a sailing
ship in tow, and making for the harbour with all speed.
The ramparts were quickly thronged with the inhabi-
tants, who, as soon as the vessel approached near
enough for the colours of the sailing craft to be made
out as Russian, loudly cheered her fortunate captors.
On boarding the vessel, we found that her Majesty's
revenue steam cruiser Argus, Commander M. W. S.
Grandy, which left Southead yesterday, fell in with the
Froya, for Abo, 440 tons, 15 men, Wickmann, master,
to-day about noon, between the Owers and Beechy
Head (about 18 miles from the latter point), and boarded
her, ultimately making a prize of her. She is a fine ship,
four years old, and apparently in good condition. She
left Lisbon on the 28th ultimo, with about 600 tons
of salt as cargo, and was bound for Abo, although
her master (who speaks very good English) says
Elsinore. No opposition was offered to her deten-
tion, and Commander Grandy accordingly took her in
tow, and brought her in here. She carries two nine-
pound carronades, together with small arms for her
crew, and a little ammunition. The revenue authori-
ties who have boarded her consider her a lawful prize,
and the capture has been duly reported to the Port-
Admiral, and by him to the Admiralty.

VISIT OF HRH MAJESTY TO ST. PAUL'S CATHEDRAL.
—Yesterday the preparations commenced at St. Paul's
Cathedral for the reception of her Majesty on the ap•
proaching anniversary of the Festival of the Sons of the
Clergy, who, together with the Royal Consort, will,
according to the arrangements, be present. The whole
interior of the Cathedral is being fitted for visitors. The
Lord Mayor and corporation intend to make extraordi-
dinary arrangements to welcome the Queen and Prince
Albert's visit the City.
The Earl and Countess of Clarendon are staying
during the recess at the Grove, Watford, his lordship
coming to town to transact business at the Foreign-
Office.

The Earl Howe's second son, the Hon. Major Curzon,
of the Grenadier Guards, lately on the staff of Sir George
Cathcart, at the Cape. has been appointed Aide-de-camp
to the Hon. Major-General George Anson, who has
arrived from Europe to assume the command in the
Bengal Presidency. Lieut. the Hon. Leicester•Curzon,
of the Rifle Brigade, embarked on the staff of Lord
Raglan at Marseilles, for the seat of war.
We understand that Lady Raglan and family, by
telegraphic despatch, received yesterday intelligence of
the departure of the Gallant General Lord Raglan and
staff, on board her Majesty's steamer Caradoc, at Mar-
seilles, on Wednesday, for Constantinople, where his
lordship would assume the command•in-chief of the
British expeditionary force.
BRITISH AUSTRALIAN GOLD COMPANY.—An adjourned
meeting of this company took place yesterday, when it
was stated that all their men had been discharged, ex-
cept those working at Spring Creek, and that the Sey-
mour grant had been relinquished. The directors have
despatched one of their officers to Melbourne with ma-
chinery to work the abandoned diggings at Bendigo,
allowing a commission on the amount received. From i
this source it is thought some profit may he derived.
In answer to a. question, the chairman intimated that
about 13,0001. of the capital remains intact.
COMMERCIAL CREDIT MUTUAL ASSURANCE SOCIETY.—
The annual report of this society was presented at a
meeting held yesterday, and was unanimously adopted.
It states that the experiment in this country of applying
the principle of mutual assurance to the protection of
traders against commercial losses has been found to suc-
ceed, and that there are now 223 firms on the books of
the company holding policies, and whose aggregate
annual returns amount to 4,925,000/.

NEW YORK AND CALIFORNIA.—The mail communi-
cation between New York and California now occupies
25 days. It is a fortnightly communication, and costs
the American Government about 200,0001. a year. it
has been seriously entertained by the American House
of Representatives to offer half a million sterling a year
to whatever company will establish a mail communica-
tion between New Orleans and San Francisco in 10 days.
Of the practicability of the fact in a short time no doubt
seems to be entertained.

SUDDEN DEATH THROUGH EXCITEMENT.—Last night
a melancholy occurrence took place in Angel-court,
Strand, under the following distressing circumstances
—A married woman, named Weston, who is a perfect
virago, never happy unless when quarreling or fighting,
and the terror of the females of the neighbourhood, had
been engaged during the whole of Friday in displaying
her numerous accomplishments, and proficiency in Bil-
lingsgate and other slang language upon an unoffending
aged woman, the wife of John Connor, who resides in
the above-mentioned court, but not being satisfied with
the scurrilous language she poured forth upon the old
lady, she waylaid the daughter, and about ten o'clock, as
the young woman was entering the passage, seized her
by the hair, and commenced pummeling most unmerci-,
fully. Mrs. Connor, on hearing the screams of her daugh-
ter, hastened to her assistance, and only uttered the
exclamation, "Oh ! part them for God's sake," when
she Tell down and instantly expired. Medical aid was
immediately obtained, but it was of no avail. The
Coroner has received information of the melancholy oc-
currence.

MONEY MARKE

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estfinated at 6,000 biles, of which 2,000 were taken
far-export and on speculation. The market closed
steadily without animation. Railway Shares were
flat at lower prices.
The anomaly of the various regulations connected
with the Russia trade, as altered or, expounded
from time to time by our authorities, has already
been noticed under this head ; and, however well-
intentioned, they have the natural effect of dissatis-
fying even those whom they are intended to serve.
Perhaps we should remark that, in giving the sub-
joined statement by Messrs. Smith and Charles, we
leave it to the trade to judge of the interesting de-
tails it contains

" The Russia trade has once more been thrown into con-
fusion by the Government of this country. An Order in
Council was issued on Tuesday last, which has puzzled our
merchants and their legal advisers to interpret. Stripped
of its contradictions it would appear to amount ta this :-
1. Any Russian vessel may leave any Russian port, with a
cargo on board, on or before the 15th May next (new style).
2. After that date no subject of any country whatsoever
may ship goods from a blockaded port. 3. But neutral or
British subjects may carry on trade with Russia, and bring
the goods so purchased, overland, to neutral ports, whence
they may ship them in British or neutral vessels. 4. Also,
Russian subjects may send their goods overland to neutral
ports, whence they may be brought as above. 5. Also,
from now blockaded ports neutral vessels may bring goods.
On No. 1 we have. to observe that Revel is the only port
where there is any tallow, and there there are only 300
casks. At Petersburg there is no tallow. It is true 2,000
to 3,000 casks might be brought from Moscow to Peters.
burg in a few days, but for the following reasons we do
not believe this will be done. The last advices from
Petersburg are to the Ist (13th) April. The Nava, and far
beyond Cronstadt. was then one mass of ice. The recent
order in council, telegrsphed to Petersburg, will probably
reach that city on 24th instant, allowing eight days far
sending goods from Petersburg to Cronstadt, and getting
them on board at the latter place, we have 13 days (i. e.
from 24th April to 7th May) for ordering and purchasing,
the tallow, and forwarding it. to Petersburg by railroad.
Then we must have cyan water betwpen Petersburg and
Cronstadt, and we must have vessels to take the goods.
Now, of Russian tonnage, there is at Cronstadt about 1,200
tons; and this, it is Rost probable, will be immediately
secured (supposing the water to be open) for the hemp, flax,
bristles, and wheat lyirc, at Petersburg, and of which there
are ten times more than these vessels could take. But even
were there abundance sf ship room it is moat unlikely that
aisy marchant will luaus thp, aaajLAtesiadept en ordering
taforbm Moscow to be shipped under the above circum-
stances, with the possibility moreover of his property being
seized by the Czar. It is one thing for a merchant to
make an effort to get away his goods already bought, and
lying in Petersburg, it is quite another thing for him
to embark in a fresh operation. No. 2 speaks for itself
No. 3, however strange it may appear, that simul-
taneously with a blockade, maintained at' an enormous
expense by the allied powers, British subjects should
be allowed to carry on trade overland with Russia,
such would appear to be the fact, and it is our busi-
ness to deal with the actual, and not with an ideal
state of things. The question, then is, how will No. 3
affect our imports? Now we have already shown (3rd
March) that- to bring any considerable quantity of goods
.overland, is a physical impossibility. We have also shown
(31st ultimo) that admitting this to be possible, enough
appears in the looming forms of cruisers, admiralty
courts, confiscation and prize money, to lead to the con-
clusion that a business surrounded with such difficuities
and accompanied by such hazards and possible delays, will
scarcely be attempted by any but our wealthiest mer-
chants, and by, them only on a moderate scale. We have
not heard any thing since the date of these circulars to
alter our opinion; and we have now only to observe that,
while No. 3 grants permission to British merchants to
carry on trade, with Russia, and No. 4 permits Russian
subjects to forward their goods overland to England, and
that the tendency of these measures is to afford facilities
to trade that, nevertheless, wo believe the difficulties,
dangers, and delays of such business will prevent all but a
very inconsiderable proportion of our last years' supply,
847,267 cwt. coming forward. No. sis not worth notice,
as every port of any consequence, will of course, be
blockaded.

The changes arising from the quarterly pay-
ments exercised a sensible influence again upon the
Bank of England during the week to the 15th inst.,
and the exports of bullion likewise conduced thereto.
The amount to the credit of the Government was
trenched upon for the same reason, and the want
of money in private circles is shown by the reduc-
tion of the other deposits. Probably the repay-
ment of loans obtained from the Bank, as well
as specie shipments, conduced to this, since the
other securities are diminished. Compared with
the previous week, the changes are as follows :
Active circulation.
Increase
Bullion
Decrease 629,726
Rest
Increase 6,069
Public Deposits 1,765,364
Decrease 918,390
Other Deposits 12,795,201
Decrease
Seven-Day and other Bills
Increase 18,326
Government Securities 13,686,596
Decrease 252,536
Other Securities •
Decrease 957,015
i Notes unemployed
... , 4,278,125
I
Decrease ' 690,630
___

The rates for bllls of exchange upon the principal
Continental cities were yesterday rather higher.
Paris, 90 days, WIS taken at 25 25 to 30 ' • Amster-
dam' at 11 15k to 151 ; Hamburgh, at 134 i to 5i ;
and Trieste, at 1342 to 54.

All the gold recently to hand by the Harbinger
is reported by 'Messrs. Haggard and Pixley as
having been sold, E,nd that by the Sovereign of the
Seas is expscted to be disposed of.
The notice given late yesterday afternoon by the
Bank of England, and communicated in a late
edition of The Stn, as to the proposed issue of six
millions of-Exchequer Bonds, took the majority of
the Stock Exchange members by surprise, the
whispers of the ramming attributing the decline' in
Consols to sales 1y the Savings Bank Commissioners
or the Bank of En land to facilitate a funding or a new
loan. The invitation now given- to tender for Ex-
chequer Bonds is quite new reading," since it
is a mere transfer of one security for another,
although undoultedly, should it prove successful,
it will pave the way for a loan hereafter. Any
further issue of such bonds this session, it is spe-
cially promised, shall not be made,, but the queS- •
tion asked will b 3 whether more Exchequer bills
would be put upon the market. The Government
will not please sreculators- and capitalists who de-
sired to profit by its necessities, and possibly on that
account they tray discountenance the present
scheme ; but the public are concerned that perma-
nent additions to the Debt should be avoided if pos-
sible, and it woull be very satisfactory if the Bonds
could be floated on the market as an experiment.
The interest and the convertibility of the new secu- '
rity are the points which will be strictly scrutinised
under existing circumstances ere people tender.
The amount of silver exported from London
direct during the week to Thursday last, was
178,163 oz., of geld 4,457 oz.
The English Stock Market has been exceedingly
quiet i and opened at the decline which occurred
aftsir hours" yesterday afternoon, when the
notice came down from Government—viz., at
87 to for Consols. The quotations, however, are
now improving, the news of a Russian defeat
having occasioned a rally of to / per Cent. Con-
sols now are 87i- to The New 3 per Cents.
have been 86Z- to 871, and the 3 per Cents. 86 to t.
Exchequer Bills have been at 4s. premium.
Foreign' Securities have been quite neglected.
Mexican Bonds have been flatter, at 23i to 24, and
Dutch 21 per Cents. have been done at 56i to 57k.
The Share Market has been very inert, and
prices are down about per Cent., as far as can be
judged by the very limited transactions entered
into. Foreign- Shares are equally dull.
The Mining Market is without the least move-
ment, and Joint-Stock Banks are nominally rather
heavy. Land Companies' Shires have been steady.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Oficial List.)
Business done.
3 per Cent. Reduced Annuities B6.k 6
3 per Cent. Consols Annuities B7i
New 3f per Cent. Annuities B6t 7i
Long Annuities, Expire sth Jan., 1860
Dittc 30 Years, Expire 10th Oct., 1859: 4 7-16
Consols for Account 11th May B7
Exchequer Bills, 2d.
21000
2500
Small

PIi,JOE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent.
Dividends on the above payable in London.
Dutch Ex-change, 2A per Cent. 12
TWO O'CLOCK.
Console B7
Ditto May Account

APOTHECARIES'-HALL.—The following are the names
of gentlemen who passed their examination in the science
and practice of medicine, and received certificates to
practise, on Thursday, the 20th of April, 1854:----Spencer
Edmonds, St. Helen's, Lancashire ; Heckstall Smith,
St. Mary Cray, Kent ; John Ander Vincent, Oxford ;
Henry Stear, Cambridge ; James Hinton, Clifton, Bris-
tol ; George James Stilwell, Epsom ; George Grey,
Newcastle-uporp-Tyne ; John Sparrow, Tours, France ;
Charles Stuart Watkins, Chandos-street ; Robert Wm.
Cockerill, army ; Francis Albert Nesbitt, Louth, Lin-
colnshire ; John Fox, Old Strafford, Manchester.
BANKRUPTCY.—At the Court of Bankruptcy yester-
day the final examination of Mr. W. B. Anderson was
further adjourned. The debts and liabilities are stated
to be 20,000/., and the assets in hand 2,4001. A fur-
ther sum will, it is anticipated, be realized.
STEAM-VESSELB.—it appears from a Parliamentary
paper that the number of steam-vessels registered in the
United Kingdom during the year 1853 was 1,375, and
their united burden amounted to 248,623 tons.