The Sun.
London, England, 1854-08-10 00:00:00

TJIURSDAY EVENING, AUGUST 10, 18540

LINES LEASED AT FIXED RE:

'ALS.

THE MONEY MARKET.

Paid.l

RAILWAYS.

Leasing
Compans.

Closing Prices
yestesidal•

Business
this day.

Among wrong impressions of the Russian war there
is none greater than that it has caused financial damage
to England by checking enterprise and confidence. The
Emperor of Russia relied that the dread of it would pre-
vent us from resisting him, and even now finds comfort,
doubtless, in believing we are paying dearly for the dis-
cipline inflicted upon him. But his mistake will prove
equally complete in both cases, since it is easy to show
that the commencement of hostilities has led to the
strengthening, at a most critical moment, of the com-
mercial position of the country, and been the means of
averting an amount of loss and trouble, compared with
which all the difficulties of our present task, however
they may be prolonged, will probably prove insignificant.
A glance at the prospects of the money-market before
the Russian question commenced will settle this point.
Six years had passed since the crisis of 1847, and the
first revival of speculation was just in progress. To mi-
nister to it, some new form of delusion was necessary,
and this had at length been furnished. The humiliating
distrust which had caused our business men to rush from
one extreme to another, and to refuse co-operation in
the slieltest adventure involving confidence in indivi-
duals, had not been overcome, and the plan adopted to
meet this state of affairs was accordingly one by which
large dividends were to be secured without the risk of
trusting companies or managers of any kind. Foreign
states or cities were to give guarantees of rates of inte-
rest far higher than could be obtained by Consols, to-
gether with other prospective advantages, and were thus
to have every kind of public work executed by English
capital. To a moderate extent nothing could seem more
safe or feasible. But the system once introduced, and
found to be capable not only of producing premiums, but
also of endless contracts for engineers or ironmasters, was
sure to go on without check, until stopped, like every pre-
ceding mania, by a commercial panic. Already the signs of
this future disaster had become plain on every side, and
the market, in addition to being deluged with American
railway bonds, secured by guarantees from a multitude
of cities in the Western States, the names of which were
as little known in New York as in London, as well as
by mortgages on lines of which in each case scarcely al
mile had been constructed, was supplied almost hourly 1
with continental or colonial projects, not only for rail-
ways, but for waterworks, docks, drainage, lighting,
&c., all of which were to be rendered perfectly fit in-
vestments, even for the most timid, by concessions and
pledges from the several Governments, by whom they
were to be authorised. In the first instance, of
course, the movement was rendered attractive by the
more respectable States, France, Denmark, Sweden,
&c., but it had at length called up a swarm of nego-
tiators who were ready with similar proposals, not
only from the 'potentates of the most paltry terri-
tories of Italy and Germany, but likewise from
the 'miserable Governments of Peru, Portugal, and
Spain. Precisely at the period when the alarm of war
with Russia became general, the extreme point of safety
had been touched, and every further continuance of the
system would not only have perilled the new sums put
forth, but also those previously embarked. The heads
of the various continental States, beset alike by eager
engineers, courtiers, and people, all scenting the pros-
pects of profit from the introduction of foreign capital,
as well as stimulated by the example of their neighbours
and the political necessity of keeping pace with them,
would have gone on in the easy work of giving pledges
far beyond their ultimate power of redemption ; or, at
all events, if repudiation or insolvency on their part had
not followed, the final convulsion would have arrived in
another way. After a year or two of inflation and high
prices from the demand for iron and other materials,
the fact that these, instead of bringing returns in bread-
stuffs or other articles, were 'being paid for solely by
British capital, leaving our imports to be discharged in
specie, would have been brought home to us by a drain
more sudden and severe even than that of 1847. Our
losses would then have been upon a scale upon
which the expenses of a Russian war would have
formed but a moderate percentage, the political con-
sequences at the same time being far more bitter. The
reaction here would have been accompanied by the
wildest panic and confusion in all the foreign States we
had taught to depend upon our inexhaustible resources,
just as was witnessed after the mania for continental and
South American loans in 1826, and the outpourings of
our treasure to the United States in 1837. With extra-
vagant undertakings in a state of half-completion, and
broken contracts of all descriptions, actual bankruptcy
or defiant repudiation would have met us everywhere.
The re."ent developments at New York show the collapse
inevitr.ble to American enterprise the moment their
supply of European capital is but checked, and there
will 1w no difficulty in estimating what the end would
have been if they could have gone on for a few years
longer flooding us with bonds, the payment even of the
interest of which depended upon our granting additional
sums upon demand. From all the loss of such a crisis,
and that on the part of foreign nations which
only defaulting debtors can entertain, it has been the
province of the Czar to preserve us. Most of the under-
takings, commenced during the reviving excitement of
1852 and 1853, will now go c i to profitable completion,
and form at the same time links of good feeling between
ourselves and the nations of the world, and when coupled
with this we look at the fact of a military union having
been brought about between France and England, which,
whatever animosities may happen in the future, must
always furnish materials for mitigating or ending them,
we shall have reason to look upon the Emperor Nicholas
as the greatest involuntary benefactor that could have
arisen, and recognise the truth of the prediction that he
would find himself merely the mortified instrument of
the very progress he has lived but to oppose.—Times
City Article.

THE CONSERVATIVE LAND SOCIETY.
BUILDING ADVANCES.

A public meeting of the members and friends of the
Conservative Land Society was held at Exeter Hall on
Monday evening, for the purpose of hearing an explana-
tion of the mode of advancing the sum of 40,0001. to
promote building operations on the allotted estates.
Viscount Ranelagh presided. Amongst those present
we observed Mr. Henry Pownall, the Rev. Dr. Worth-
ington, Mr. T. K. Holmes, Mr. Cribb, Mr. Astbury,
Mr. Sangster, Mr. C. E. Lewis, Mr. Morgan, &c., &c.
The noble chairman, in an address of some length, ex-
plained the reasons which had induced the committee
to introduce this new feature into the scheme of the so-
ciety. When the society was first established, land near
the metropolis cculd be obtained at a reasonable price,
and some fair purchases were made ; but soon this state
of things changed. Money became dear ; emigration
absorbed a great deal of it ; labour became scarce ; and
bricks, mortar, and other building materials, consider.
ably advanced in price. The committee received many
applications for advances to enable the allottees to cover
their allotments, but replied that the pressure was only
temporary, and that better days were coming. Eighteen
months had, however, passed by without such a change,
during which time, in consequence of the great extent
of competition, they found that land had become high in
the market, and they were therefore prevented from
buying as largely as they would have done. Under
these circumstances money had accumulated so rapidly
in their hands that the committee, after much considera-
tion, had deemed it advisable to propose the scheme of
building advances, which would now be explained. The
noble lord, after sketching the plan in outline, called on
Mr. Lewis, the solicitor, to enter into details. Mr. C.
E. Lewis, in a lucid statement, explained the system.
After remarking on the continued prosperity of the so-
ciety, in spite of the disadvantageous influences of the
present period, evidenced by the fact that the receipts
from the 24th of June were 12,0001. (and which, for
the current quarter, might fairly be estimated at 24,0001.),
1 he said it was proposed to make an advance of 40,0001.,
not to any particular estate, but to adjust the division of
it equitably among the whole number of estates belong-
ing to the society. In making the advances there would
be no deduction of any kind, but no shareholder could
receive them who was not on the list of rights. The
15th of August would be the first day for entertaining
proposals for loans, which would be given to. those
in priority of application ; but no one would be
called to take up his loan until six months after
it had been granted to him. The oth clause
of the preliminary prospectus, illustrated the manner in
which the advances would be made. No advance would
be made until the house was roofed in, and no second
advance until it was completed. For instance, when the
loan was one of 2001., the committee would advance,
as the first instalment, 501., and the remaining 1501. at
the completion of the building. The cost of the mort-
gage contrasted most favouraly with similar transac-
tions, say as betide attorney and client, while the scale
of redemption was an advantage which the proprietors
of mortgaged property in general did not enjoy. He
had now to mention that each share, on the order of un-
exhausted rights would entitle the holder, if he pleased,
to an advance of 501., upon giving approved security on
buildings on the estates. Such loan would, however,
be made on a new share, to be lent in full to the bor-
rower, leaving the old share quite intact, and at the en-
tire control of the holder, except that it had lost its first
right, and could only acquire another by being subse-
quently drawn or completed. Completed shares so dealt
with would lose their existing rights, but would at once
be placed at the bottom of the list of rights at the date
of the acceptance of the proposal ; the newly-acquired
right would, however, only be available to be exercised
on land. The holder of one right could make a proposal
for an advance for any multiple of 50/., provided he ac-
quired and exhausted the requisite number of rights be-
fore, or at the time of taking the loan ; and no advance
could be made except for the sum of 501., or any of its
multiples. This was necessary, in order to simplify the
books and accounts. On the motion of Mr. Concannan,
seconded by Mr. Richard, it was unanimously resolved,
" That this meeting having heard the explanations as to
the mode of advances to promote building operations on
the allotted estates of the Conservative Land Society,
fully approve of the plan laid down in the preliminary
prospectusjust issued by the Executive Committee, to
whom the thanks of the meeting are tendered, for their
unremitting exertions to improve the investments of the
shareholders." A public drawing then took place for
right of choice, and 62 were drawn, and 31 added by
seniority. It was announced that the 21st public draw-
ing would take place at Exeter-hall, on the occasion of
the eighth quarterly meeting, and second anniversary
of the society, on the 7th of September.

THE PUBLIC HEALTH.

TO THE EDITOR OF THE SUN.

SlR,—Very much has been written, and a great deal
more said, both in and out of Parliament, with reference
to sanitary measures generally, but especially as respects
the health of the millions inhabiting this metropolis ;
and as I feel persuaded your powerful aid will be given
in favour of the latter, I venture to address you. It
will be in the recollection of your readers that some two
or three years ago, after a good deal of investigation and
medical testimony, it was decided to close the over-
crowded graveyards of London ; and Parliament in its
wisdom, by the 15th and 16th Vic., c. 85 (known as the
Intramural Interments Act), said that no new burial-
ground should be opened in the metropolis, or within
two miles of any part thereof ; and that the metropolis,
for the purposes of the act, should be deemed to extend
to, amongst other suburban parishes, that of Willesden.
Now, sir, in the face of this sensible and valuable enact-
ment, and contrary to the intentions of Parliament and
the established belief of the public at large, that once and
for ever new burial-grounds would be placed at such a
distance from overcrowded districts as not to be injurious
to health, a consent has been asked by the rich parish of
Paddington, from the Secretary of State, for the esta-
blishment of a new burial-ground just at the edge of
their own parish, and within the exempted parish of
Willesden, nearest London ; and instead of its being
two miles distant from the latter parish, the spot selected
is actually within it, and only a few hundred yards from
a large and increasing population—so large, indeed, that
if buildings go on to increase as in the past ratio, this
proposed graveyard will be shortly as much surrounded
with houses as the present parish churchyard of Pad-
dington !
It may be true that in the act to which I have referred
there is a power for the Secretary of State to give a
license for a burial-place to be opened within the pre-
scribed distance of two miles. But I ask unhesitatingly,
after Parliament has said these things are not to be to-
lerated in populous districts, is it wise, is it prudent, is
it right, that the principle of the act should be violated
and graveyards sanctioned within the exempted suburbs
of, and actually draining into, London ?
In these days of sanitary reform I feel the public
should be made acquainted with this obvious attempt at
infringement and invasion of the spirit of the act. If
this is permitted as a precedent, all town graveyards may
be simply transferred and placed under the windows of
the many who reside a short distance out of London, for
the sake of health and pure air.
But the objections to the graveyard under considera-
tion are, besides its being a dangerous precedent, very
numerous. I will not venture to trouble you with them
all, but simply mention one or two, that other exempted
parishes may be on the watch, lest " by license" an in-
fliction of a similar kind reaches them, and pestiferous
exhalations be brought around their neighbourhood.
The site selected for this Paddington cemetery is near
the Edgware-road, just outside the parish of Paddington,
and naturally as well as locally unfit for the purpose,
inasmuch as the ground lies very low, is a heavy clay
soil, and often actually under water in winter. It must
be obvious that the graves cannot be sufficiently drained,
the surface itself being on a dead level, and within two
feet of the lowest neighbouring drainage. This drain-
age, imperfect as it is, passes for a mile and a quarter
along an open ditch, and afterwards through, instead of
from, London ; for its course is by Hyde-park, contri-
buting to the Serpentine, and ultimately through Bel-
gravia into the Ranelagh sewer.
Surely if our sanitary reforms bring the drainage of
graveyards into London, it were far better to let the
present churchyards remain open than to submit to a
double infliction of the same evil !
I think, sir, I have shown you one of two things—
either that the Secretary of State cannot have a full
knowledge of the facts of this case, or else that the pub-
lic may for the future expect the Intramural Burials Act
to be all but a dead letter.
As I have said, this is a public question, and I trust
every effort will be made to prevent license being given
for this graveyard ; for so surely as this precedent is
allowed, the .efforts of the friends to sanitary reform,
and the regulations of boards of health for the preven-
tion of endemic diseases and the spread of them, will be
weakened or rendered nugatory. I beg to enclose you
my card.---I remain, sir, your obedient servant,
SUBURBAN.
London, Bth August.