The Sun.
London, England, 1854-03-13 00:00:00

THE SUN, LONDON, MONDAY EVENING. MARCH 135 1854.

Why should the course of policy that has led to,
and is still producing, such fruits, be impeded or
altered ? Why should the directors who are la-
bouring so efficiently be distrusted, or un-
tried and unknown men substituted in their
place ? The dividend which, in the year
of mania, when every head was turned, and
every speculator intoxicated with success
was 51. 6s. Bd. per cent., is now 41. per cent.
What other company can show a more favourable
comparative condition ? And although the quo-
tations are far beneath the actual value, being
only 62.3 per 1001. stock, while the Great
Western and South-Western, which only pay the
same rate of dividend (4 per cent. per annum),
average 79, the depreciation is not ascribable
to the Board, but rather to the unfortunate divi-
sion therein, and to the insubordinate and dis-
contented spirit exhibited by a certain clique.
This it is that has discouraged permanent in-
vestments in the undertaking, and prevented the
demand for South-Eastern stock, which would
have maintained the quotations in the market.
If the shareholders understand their own inte-
rests, they will take the sound advice ten-
dered by Lord TORRINGTON, and put an end
to this untoward state of affairs. The golden
opportunity is at hand, and if neglected
or misapplied, may not speedily or ever return.
It is like the " light cloud" traversing the moon's
disc after the transit whereof all penitence will be
unavailing.

But a cursory examination of the report and
accounts, and a dispassionate consideration of the
actual state of affairs will prove that there has
been neither negligence uor inefficiency on the part
of the Board, and that in place of censure, they
deserve the marked thanks and gratitude of the
shareholders. A strong and decisive declaration
of confidence should be made by every unpreju-
diced and disinterested shareholder. The next
question that arises is, " what is to be done with
the minority of the Board—the dissentient and
protesting Directors? If the majority be
right, they must be not only grievously
in error, but without a shadow of excuse for the
course they have taken. Was it right or proper,
was it even decent, for a minority to rush into
print, attacking their colleagues, and striving to
excite a popular outcry against a policy calmly
and deliberately decided on, and to which they
themselves had previously been assenting parties?
What would become of any concern in which the
less influential partners appealed to the commu-
nity against the decision of their more competent
fellows ? There is nothing to extenuate or re-
deem their conduct; and if they have any feeling
or decency, they must resign on witnessing the
total fail urc of the machinations to which they have
so unfortunately and indecorously lent themselves.
By this means alone can peace be restored, and the
ill-advised disputes which have proved so prejudi-
cial to the company, and tended so greatly to the
depreciation of its property, be brought to a con-
clusion. If these gentlemen should not possess
the "virtue of resignation," they should receive an
intelligible hint—and we know that to be enough
"in tender eases"--showing what is expected
from them, with which, if the matter be clearly
put, they will undoubtedly comply.
The strongest evidence of the weakness and
frivolity of the accusation is to be found, that the
opposition candidates are not selected from those
who have any decided opinions of their own.
They merely endeavour to take advantage of the
existing divisions, and by slipping in between the
belligerents, to gain the oyster for themselves,
while the litigants receive each a " briny shell."
Two parties in one board room is bad enough
in all conscience what would be the effect
of creating a third section to stimulate the jea-
lousies prevailing among their colleagues, and
render " confusion worse confounded?" Let the
Shareholders ask themselves how business could
then be carried on, and whether the election of
the strangers would not be the signal for many
prudent men to cut the concern, disposing of their
interest at any sacrifice. These gentlemen do not
even profess to know anything respecting the
wants of the district. They have not even formed
an opinion on " the vexed question of the
Bromley line." Let them receive kind but
firm intimation that the men of Kent know how
to manage their own affairs, and are not com-
pelled to send to Lancashire for sense carriers,
the Directors having shown that the contemplated
line will return 5 per cent. on the outlay, while
it will secure their territory against invasion,
and enable them to hold the Mid-Kent district
agoinst all corners. A glance at the map tso judi-
ciously sent out with the report will place the
real merits of the question in the clearest point
of view, so that no man can hesitate at that which
might be made use of, either by the Company it-
self or by its opponents, as the means of effecting
a very considerable short-cut to Tunbridge,
Dover, Hastings, and all the intermediate loca-
lities, and which is, indeed, an act of self-defence,
essential to the protection and security of their
property.

THE COURT.—Her Majesty and the Royal Family are
expected to remain at Osborne until Tuesday, the 21st,
when they return to Buckingham Palace until Easter.
Bulletins of the daily health of her Royal Highness the
Duchess of Gloucester, signed by the physicians in at•
tendance, Dr. Ferguson and Dr. Hawkins, are daily
transmitted to her Majesty and the Prince.

THE DUCHESS OF GLOUCESTER.—We are happy to
state that an improvement, though slight, has taken
place in the health of the Royal Duchess. Her Royal
Highness was pronounced, by her medical attendants to
be "slowly mending" on Saturday morning, and the
improving state continued throughout the day.
LORD JOHN RUSSELL.—Lord John Russell is suffer-
ing from a cold, which prevented him leaving the house
yesterday and on Friday. His lordship was conse-
quently unable to be present at the Cabinet Council held
on Friday at the Foreign Office, Downing-street. The
noble lord was better yesterday. Numerous inquiries
after the state of his health were made during the day
at his lordship's residence in Chesham-place.—Observer.
The gallant Marquis of Anglesey was in the Park
yesterday afternoon in an open barouche. His lordship
was looking well after his late severe indisposition.
Lady Langford has arrived in Charles-street, Berke-
ley-square, from the Hon. Rear-Admiral Ferguson's,
Pitfour-house, N.B.

The Earl of Selkirk has arrived in town from St.
Mary's Isle, Kirkcudbright.
The Earl and Countess of Bective have been placed
in mourning by the demise of her ladyship's father, the
late Alderman Thompson, M.P. for Westmoreland, to
whom, we believe, she was sole heiress.
The Marchioness of Brea,lalbane has arrived at the
Lord Chamberlain's, in Park-lane, from the North.
The new wing added to his lordship's mansion by the
purchase of Lord Ashburnham's late residence, is ap-
proaching completion ; and it is expected that the new
ball-room will be the scene of a grand fete dansante on
the birthday of the Queen.

THE LEVEE.—Major-General Sir James Maxwell
Wallace was presented to the Queen at the levee, on
Wednesday, by Viscount Harding, on his appointment
to the colonelcy of the 17th Lancers. Mr. Bromley was
also presented to the Queen by Sir James Graham, at
the levee, on Wednesday, on his appointment as Ac.
countant-General of the Navy, Captain Maconochie,
2d Bengal Light Cavalry was presented to her Majesty
at the levee, by the Lord Advocate of Scotland.

IMPORTANT TO THE MUSICAL WORLD.—Rubini, the
celebrated tenor, expired at Bergamo, on the 31 inst.,
after a short and sudden illness. —The Field.
MADAME TUSSAUD'SFXHIBITION.—Among the nume-
rous and splendid works of art which are deposited in
the Napoleon room of this establishment, none can sur-
pass in beauty and excellence the Table of the Marshals.
This magnificent specimen of painting on porcelain was
presented by the Emperor Napoleon the Ist to the city
of Paris in 1810. This splendid and unique specimen,
formed of a single slab, 10 feet 2 inches in circumference,
is the finest production of the manufactory of S6vres ;
it was ordered by the Emperor on his return from the
victory of Austerlitz. The fourteen portraits which
ornament it are all correct likenesses, painted by Isa-
berg, the most celebrated painter of the age, and uni-
versally admitted to be his best performance.

CITY OF LONDON THEATRE.—This elegant little temple
of the drama produced on Saturday a truly moral, do-
mestic drama, entitled Brandy and Water, with new
scenery, dresses, and appointments--showing the vice
of intemperance, and proving the value of a happy fire-
side. All the artistes exerted themselves most success-
fully, particularly pretty little Miss Sanger, who enacted
the part of Julia with great thought and graceful action.
We observe by the bills that the worthy manager,
Brother Johnson, takes his benefit on Wednesday next.
The craft should rally round him—he is one of the orna-
ments; of the Masonic Order.

OFFICIAL APPOINTMENTS.—The Lord Chancellor has
presented the Rev. G. Whitlock to the rectory of Milton
Bryant, Bedfordshire ; and the Rev. Nicholas Browne
Mines to the rectory of Colley Weston, Northampton-
shire. Mr. Stewart Hobhouse is appointed a clerk in
the Hone-office, Mr. John Christison (advocate) ie op-
pointol n.‘ C ,rcialissmy or Mr.
Archibald Bell, resigned. Mr. George Webster is ap-
pointed Sheriff-Clerk of Forfarshire, in the room of Mr.
James Miller, deceased,—Observer.

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK,

The sales of cotton at Liverpool on Saturday
were estimated at from 4,000 to 5,000 bales, all to
the trade. The market closed tamely, without
alteration in prices. The sales comprised 200
Egyptian at 6id. to Bid., Surat at 3d. to 3id.,
100 Sea Island at ls. ld. to 2s. 81, and the re-
mainder nearly all American. Railway Shares were
very dull, at a decline of nearly 1 per cent.
The Corn Market is heavy to-day, owing to the
large arrivals and the fine weather, than which,
nothing could be more auspicious for agriculture.
The following are the current rates of freight for
fine measurement goods, with the accustomed
primage, per ton of 40 feet, as given in the General
Weekly Shipping List :

Bermuda.

Beyrout

Australia—
Adelaide Bos to 90
Hobart Town Bss to 100
Hobart Town (stmr.).. 120
Launceston 80s to 90
Melbourne or Geelong
Wharves 100 s to 110
Melbourne or Gee-
long 7ss to 90
New Zealand l2O
Port Philip (steamer) 120
Portland Bay l2O
Swan River 70s to 80
Sydney 75s to 93
Alexandretta 35
Alexandria 3O
Algoa Bay 4ss to 55
Alicante
Ancona
Antigua 3O
Athens
Barba does
Barcelona
Batavia
Berbice 30s to 40
The railway meetings announced are the fo.
lowing :

Date. Place, Sic.
Aberdeen Mar. 15, Radley's Hotel.
Caledonian Mar. 22, Glasgow.
Charleroi and Erquelines Mar. 21, Charleroi.
Chester and Holyhead Mar. 18, Euston Station.
East Anglian Mar. 31, London Tavern.
Graissessac and Beziers..
Lancaster and Preston Mar. 20, Lancaster.
Maria Antonia
Mid. Gt. Western of Ireland Mar. 14, Dublin.
North British
Rouen and Havre Mar. 30, Paris.
Sambre and Meuse Mar. 23, 61, Moorgate-street
Do. Do.
Scottish Central
Scottish Midland Junction Mar. 20, Perth.
Shropshire Union Mar. 16, Shrewsbury.
South Eastern
Toun., Jurb., Lard. & Haslt Mar. 27, Brussels.
Western of France.. Mar. 30, Paris.
Notwithstanding the explanation recently given
by a morning contemporary, as to the provisions
in the contract entered into between the East In-
dian Railway Company and the East India Com-
pany, empowering the shareholders to demand the
return of their capital embarked, should the
project prove abortive, we feel inclined to ad-
here to the view which we put forth in our last
impression, as the precarious position of those who
pay, should five-sixths of the proprietors persist in
withdrawing from the enterprise. The railway
company is bound by the contract, the directors
tell us, to pay a certain sum yearly to the India
House. If this sum be paid, and the other stipu-
lations entered into fulfilled, there can be no
doubt that then, should the proprietors see fit,
they can take advantage of the provision in the
contract, which empowers them to demand the re-

Birboa (Blackall's Line

20s to 30
Bilboa Regular ship-
pers by Aubert's Line
of Packets
Bilboa other shippers
45s to 50

Bombay ...
Boston_
IBuenos Ayres .
Cadiz ..
Calcutta
Canton ..
Cape Town, Cape of
Good Hope 40s to 50
Carthagena 5O
Ceylon. 6O
Constantinople
Constantinople (steamer) 70
Danube (Galatz and
Ibrail) 4O
Demerara

45s to 55
35
60
35s to 40
50s to 60
80

Company.

turn of their money. But the money, it is reason-
able to suppose, must first be paid, in accordance with

the terms of the contract, before the India House
can be called upon to refund it. The report issued

to the shareholders on the 17th of last month
appears to settle the question. " The contract
with the Hon. East India Company for the exten-
sion capital has since been settled between the
Court of Directors and this company. Under the
terms of that contract, the sum of 258,1061. has
been paid into the treasury of the East India Com-
pany in this country ; a farther sum of 641,854/.
is to be paid on or before the 30th June next, and
thencefoward payments are to be made at the rate
of 1,440,0001. per annum." If these terms are in
the contract, are they to be operative ? If they are
not fulfilled, what will be the position of the share-
holders' capital and interest ? Are the authorities

bound to pay interest on any amount of capital, or
to return the capital employed to construct any
portion of railway made over to them, however
useless it may be ? This would clearly be no con-
tract, as one party would be found to perform their
part of the agreement, while the other would be at
liberty to do as much or as little as he pleased.
The ship Atlanta, from Sydney, brings dates of
only Nov. 11, but is supposed to have gold on
board.

The Overland Mail has arrived at Alexandria,
and her accounts are expected here by the 17th
inst. via Marseilles.

The steamer Canada has 180,000 dollars on board
Advices from New York state that the Stock market
was heavy. The amount of stock redeemed at the
Treasury since the 18th Feb., was 186,300 dols.
The last weekly return of the City Banks, com-
pared with the previous week, redeemed an increase
in the discounts of 831,631 dols., but a decrease in
deposits of 533,024 dols., in circulation of 15,150
dols., and in specie of 529,691 dols. Flour was
dull and rather cheaper.

California accounts state that several failures had
occurred, the total sum of the liabilities being
600,000 dols., and the assets half that amount.
Gold Mining had been very dull, owing to the
drought, but rains having set in, it was thought
that the next month would be highly favourable.
The markets were very depressed, and the accumu-
lations of merchandise was excessive.

From Buenos Ayres we learn that produce of
every kind was scarce and very high.
Letters from France and Belgium state that
notwithstanding the Eastern question imposed a
check upon business generally, the iron trade was
in a prosperous condition.
The reception given to the French loan is satis-
factory, and the new plan of an open subscription
is quite in accordance with that bold policy which
characterises the Government of Louis Napoleon.
There can be no doubt that a large amount of it
will be taken up here, Messrs. Charles Devaux and
Company having opened lists for the purpose. The
price at which the stock is issued leaves a fair
margin for profit, compared with the quotations
current on the Paris Bourse.

Scarcely any business is doing in English Stocks,
the transfer books being closed for so many of
them ; but the tone of the market is better. Con-
sols have been 91 to 911 for transfer and account.
Exchequer Bills have advanced to 10s. and 16s.
premium. Bank Stock for account is quoted 220.
Foreign Securities have been very inactive like-
wise, but are firm. Mexican have been done at
24k, and Peruvian ex. dividend at 63. Russian 5
per Cents. have been at 90, being rather firmer.
Sardinian Stock is 79k. Spanish 3 per Cents. have
been 371, and the New Deferred 18g.
The Railway Share Market has been more buoy-
ant, although the transactions are not large. Ca-
ledonian, Great Northern, Great Western, and
South-Eastern have been chiefly dealt in. French
Shares are looking up.
BRITISH MlNES.—Business much the same as last
reported. A few inquiries still making for Mary
Anns, Alfred Consols, Mollands, Poltimore's Great
Alfred Consols, North Pool, Tre weather, Great
Crimis, and Tremollett Downs.
The current prices for the Jamaica mines, not
officially quoted, are as follows :
Metcalfe,l to ± premium ; Sue River, 1 discount
to par ; Port Royal, to premium.
The Gold Mine Shares have been nominally
rather firmer.
The shares of the Joint Stock Banks are a shade
better, except the English and Scottish, of Australia,
upon which there is a further " call."
The Land Companies' shares remain without
alteration.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK,
(Prom th,c Official List.)
Business done.
Bank Stock
3 per Cent. Reduced Annuities shut
3 per Cent. Consols Annuities 9l.f 1
Long Annuities, Expire sth Jan., 1860 shut
Ditto 30,Years, Expire 10th Oct. 1859 shut
Ditto 30 Years, Expire sth Jan.,1860 4 15.16
Bank Stock for Account 220
Consols for Account 16th March
Exchequer Bills, ld.
£IOOO
£5OO l6 10 14 p
Small l6 10 14 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 63 s d
Russian Bonds, 1822, 5 per Cent. St 9O
Sardinian Bonds, 5 per Cent ......... 79
Spanish Bonds, 3 per Cent ,
Spanish New Deferred, 3 per Cent. lB
D,vi•ln.t., on the above Pav•thl, In London.

lIALF-PAST TWO.
Consols . 9l
Ditto March A ccount 9l

LATEST FOREIGN NEWS.

THE WAR IN THE EAST.
The following is from a Berlin letter of the 9th :
—" At this difficult and fatal moment for Prussia
and Germany the most disquieting rumours on the
attitude of Prussia are in circulation. A letter
from the Empress of Russia, received some days
ago by our Court, has given rise to them, and they
are corroborated by the fact that M. de Manteuffel
offered his resignation. But we learn that the
statement that Prussia will make common cause
with Russia is destitute of foundation, and that the
King himself has so said in presence of a dis-
tinguished personage. As to the letter of her
Majesty the Empress of Russia, it has produced
a profound impression at Court. It was shown
to M. de Manteuffel, and he, after reading it,
declared that, regard being had to the interests
of the State, he could not abandon ,the counsel
he had given to the King, and that he could not
conscientiously change his opinion on the Eastern
question. This declaration of M. de Manteuffel
has been received with transports of joy wherever
known. It must be admitted that the antipathy.
to Russia has considerably increased since the state-
ments made by the English Cabinet respecting the
conduct of that power, and that even in circles well
disposed to her a change of opinion is remarked.
Count de Furstenberg-Stamenheim has been re-
ceived by the King in private audience. It is said
that he spoke to his Majesty in very independent
terms, and declared that a policy favourable to the
designs of Russia would produce the most de-
plorable effect in the western provinces of the
monarchy."
Another Berlin letter of the Bth, says :—" There
can no longer be any doubt of a crisis in the policy
of neutrality of Prussia. Contradictory reports
are in circulation and nothing positive is known.
Among other things spoken of is a note of the
English Cabinet demanding a definitive declaration
from Prussia, and which calls to mind 'the formal
diplomatic words in which the English Cabinet
sees an obligation for Prussia to declare herself in
certain eventualities against Russia. General
Count de Nostitz will, it is said, be sent to London
to replace the Chevalier Bunsen."
The Berlin journals of the Bth state that Count
Von der Groeben, general of cavalry, and aide-de-
camp to the King, had left on an extraordinary
mission for London, and that Prince de Hohenzol-
lern-Sigmaringen, and M. de Manteuffel, junior,
were about to leave on similar missions for Paris
and Vienna.
The Austrian Correspondenz disavows a separate
Russian policy. The Austrian, Prussian, and
Germanic policy, it says, is identical on the Eastern
question.
We read in the Journal des Debats:—"OurVienna
correspondents dwell on the new propositions sent
from St. Petersburg, under the form of a counter-
proposition to the project of the conference of 13th
January. Our correspondents affirm that these
propositions had not been rejected, and that they
did not cease to be the object of the deliberations
of the conference, as was also the ultimatum of the
Western Powers. It was said at Vienna that the
character of these deliberations was not so exclusive
of a pacific solution as might have been believed.
On the other hand, however, from information
which we have received, also from a good source,
the rejection of the new propositions of St. Peters-
burg by the conference is really a fait accompli.
What we believe certain in all this is, that M. de
Kisseleff has not left Brussels, where he is detained
by the instructions of his Government, and that
M. de Brunow has received orders to leave Darm-
stadt,
and to go also to Brussels, where he will
remain provisionally."
A letter from St. Petersburg of the 2d, says "People only occupy themselves here with the
warlike preparations for all eventualites by land or
sea. Twenty thousand pounds of gunpowder for
the navy have been sent from Cronstadt and St.
Petersburg to Petrozamock, and cannons and
shells have been sent to Cronstadt and Archangel.
Abiut 40,0001b5. of gunpowder are to leave for
the latter town. The war forts are being fortified
and the coast batteries strengthened. The Guards
and Prince Paskiewitch are to leave us shortly. The
Prince will first of all go to Warsaw. Patriotic dona-
tions are continuing to be made. New vessels are
ready. The screw man-of-war the Orell, of 84 guns,
and 500 horse-power, is almost terminated. The
construction of the screw frigate Maria, of 46
gun, is rapidly advancing. These reinforcements
for the Russian fleet are worthy of remark, as it is
not strong in steamers. It is believed that Mar-
shal Paskiewitsch will receive diplomatic powers,
and Prince Menschikoff also."
It is stated, in a letter from St. Petersburgh of
the 2d, that M. Zalewski, a clerk of the Bank of
Poland, and M. I'leffzinski, an actor, have had
their property confiscated, in consequence of their
having gone abroad and joined the Democratic
Polish Association.
If we may believe a letter from the Eider, pub-
lished in the Berlin Gazette, the Danish Govern-
ment has just put in force an old ordonnauce, which
interdicts vessels of war from entering the port of
Copenhagen beyond the Trekioner battery. A fear
appears to be entertained that England will regard
this measure as a kind of breach of neutrality.
According to a letter from Bucharest of the
25th ult., it appears that the Russians will not
cross the Danube until about the month of April,
for, although they are continually receiving rein-
foreements, they have only 140,000 men ready for
combat ; that is to say, 50,000 in Lesser Walla-
chia ; from 65,000 to 70,000 in Upper Wallach.a,
between Aluta and Ibrail ; and 24,000 between
Ibrail and the mouth of the Pruth. It appears
that the Russians have abandoned their plan of
operation, which consisted of passing the Danube
between alafat and the Servian frontier. General
Schilder, who proceeded from Galatz to Ibrail,
went there for the purpose of repelling the attacks
of the Turks, and not to prepare for crossing the
Danube.
Accounts from Krajowa to the Ist. mention
that on the return of fine weather, the corps of in-
vestment will be divided into two lines. The first
will maintain its present positions, and the second
will be established in a camp. It would appear
from this that the attack on Kalafat, which was
expected in that direction, has been obliged to give
place to another plan of operations, and that the
Russians will, for the moment, confine themselves
to closely invest Kalafat, in order at a later period
to support an operation against Widdin, which may
replace Kalafat.
The Wanderer of Vienna, in a letter from Kra-
jowa, 25th ult., publishes some details on the sub-
ject of the mistake which led to two Russian
columns attacking each other in the night of the
14th, and which, it is already known, caused con-
siderable loss. It appears that the guides are
accused of having led the officers commanding the
detachments into the error. Several inhabitants
of the country of Pogana have been arrested, and
two peasants, who are suspected of having deceived
the columns, have, it is said, been shot.
The Journal des Debuts some time ago mentioned
a report that 200 Russian prisoners taken at the
affair of Citate had been put to death by the Turks,
and it expressed a hope that it was unfounded.
The Journal de Constantinople in one of its recent
numbers affirms positively that nothing of the kind
occurred, and that the calumnious report could
only have been invented by the enemies of Turkey.
Accounts from Constantinople to the 27th state
that the Greek insurrection in the Epirus had pro.:
duced great sensation ; but they give no new de-
tails respecting it. Part of the garrison of Con-
stantinople was about to be sent off to quell it,
and other measures were to be taken for the same
purpose. Dr. Fauvel, who had been charged
to inspect the medical service of the army on
the Danube, returned to Constantinople on the
24th. He stated that the situation of the army
was satisfactory ; he left only one hundred and
eleven sick at the head-quarters at Schumla, and
yet he had been present at the combats between
the Turks and the Russians at Rustchuk. A fact
worthy of remark is that the Latins (the Christian
Catholics) of the place had taken part in the com-
bats ; they went, headed by the crucifix to the
ramparts, and served the guns with zeal. The war
on the Danube, in fact, is not one merely between
the Christians and the Mussulmans, but it arms
the Catholics against the Greeks :—thus, in Omer
Pacha's army there are 8,000 or 10,000 volunteer
Catholic Albanians who do not fight against the
Russians with less ardour than the Turks, and it
is announced that they will soon be reinforced by
2,000 or 3,000 Maronites of the Libanus.
Omer Pacha arrived at Widdin on the 24th, and
had a long conference with the commandant of the
fortress. He was to inspect the camp at Kalafat,
and visit all the militarypositions along the Danube,
as far as Matchin.