The Sun.
London, England, 1854-11-28 00:00:00

REINFORCEMENTS FROM INDIA.

It having become a topic at the " Clubs" at the Nett•
end that the withdrawal of Queen's troops from India,
supposed to be decided upon by the Government, will
prove an eligible means of reinforcing the army in the
Crimea, we beg to lay before our readers the following
brief resume of information regarding the Indian army.
The Queen's troops in India consist of four regi-
ments of cavalry and fourteen regiments of infantry.
The total number of troops under British control in India
amounts to 320,000 men, while in some of the few
remaining native states there is a military force of not
less than 400,000 men ; the latter, of course, being aur
thing but the disciplined troops of the Presidencies
known by the name of the Sopoys. It is by the prestige
of our arms alone that we govern India, and to practi-
cally support it the whole native army is officered by a
body of about seven thousand British officers from gene-
rals down to ensigns, the last being the most numerous
class of officers. To the Bengal Presidency are attached
74 regiments of native infantry ; Madras, 54 regiments
native infantry ; and Bombay, 29 regiments native in-
fantry. Recently a third European regiment has been
raised for each Presidency. These new regiments are
included in the above estimate.

It is evident, from the exact statements we have
been able to advance, that, although it is indispensable
that we should keep up the prestige of our arms in
India by the presence of a large European force, yet,
whilst the Indian Empire is in perfect peace, a peace not
very likely to be disturbed or interrupted, it is perfectly
feasible that 5,000 men, highly disciplined, experienced,
and first-rate soldiers, might at least be spared from the
eighteen regiments of Queen'e troops now serving
in
by sending them as reinforcements to the Crimea.

We understand that in consequence of the late &WRY,
amongst the army in the East, a new plan of surgiol
arrangement has been suggested by Mr. Rogers, heir
Majesty's army contractor. It is that each officer an
soldier shall have attached, in a pouch of small dint n•
sions, to his shoulder, a pouch of flattened shape, to be
concealed by cloth, containing lint and bandage, and to
be pulled out at a moment's notice. Such plan, aceoll!"
ing to Mr. Rogers, will diminish the duties of the reg"
mental or staff surgeon,

MONEY MARKET

AND
COMMEROIAL INTELLIGENCE.

CITY, TWO o'CLOCK,

The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 500 American
and 500 Surat taken for export. The market
closed with a downward tendency, and, as com-
pared with Friday's rates, prices of American and
Surat may be quoted 1-103. per lb. lower, and all
other sorts in favour of buyers. The sales com-
prised 5,000 American, 350 Pernam and Maran-
ham, at s:,:td. to 62d. ; 300 Egyptian, at 51,d. to
; and 1,500 Surat, at 2:d. to 41d. per lb.
Railway Shares were dull, at lower prices.
The letters and papers by the Overland Mail
from India and Australia are in course of delivery.
The circumstance of Parliament being called
together as early as the 12th proximo sets our City
financiers at work to surmise or suggest the means
of replenishing the Imperial Exchequer, and if one
half the expedients that appear feasible were at-
tempted to be put in practice we should indeed
have " confusion worse confounded." There are
one or two plans, however, so comprehensible that
they take precedence of all others. Iu the first
place, a new loan in 3 per Cent. stock, according
to the good old fashion, is what every tyro in finance
can understand, and what one-half the speculators
in the funds would desire. An increased supply
of Consols would bring business, and enable the
time dealers to buy and sell on a larger scale, and
with less risk than at present, for it is found
that the amount of floating stock in the mar-
ket is perfectly inconsiderable compared to
what it was many years since, large corpora-
tions and trusts having absorbed nearly
all that could be got, and at almost any price,
while the annual accumulation of wealth in the
country has increased the holdings of private capi-
talists and annuitants. It may be readily supposed
that, under such circumstances, and with Consols
at 91, there would be no difficulty in raising 10 or
20 millions sterling within a few days ; and if our
Government were not above imitating the recent
example of France, double or treble that amount
could be raised with facility. As the loan would
be essentially for patriotic purposes, we can see no
reasonable objection to an appeal to the public,
and the opening of subscription books would afford
the best possible test of the money market, and
give the Chancellor of the Exchequer the chance
of obtaining higher terms than if one or two
firms took the contract, and had their own
profit and commission to realise at his expense.
Admitting, however, that a loan is resorted
to, there are other improvements in the pro-
cess which would be very desirable for the
public interest. The great permanent or con-
solidated debt of this country has been incurred
under most onerous and inconvenient restrictions.
Incurred, indeed, as if the express object were to
saddle all generations with the liability, and to
defeat any attempt on the part of the Government
to take advantage of an easy money market in
reducing the rate of interest. The success of every
financial operation mainly depends upon the
promptitude, vigour, and courage with which it is
carried out, and an imperfect plan, boldly carried
out, may prove more advantageous than a scheme
of intrinsic excellence badly executed. The great
desideratum in effecting any new loan should be to
insure its convertibility in the event of the na-
tional finances becoming so elastic as we may
reasonably hope they will in more auspicious times.
To be compelled to give twelve months' notice of
an intended reduction in the interest upon
Consols is tantamount to an invitation to
the holders, and especially the larger capi-
talists, to seek by every possible means
to defeat that intention. Nor can we blame
the parties concerned, however we may desire to
deprive them of the power in any future contracts.
Supposing a loan contracted, it should be com-
petent for the Chancellor of the Exchequer for the
time being to reduce the interest without the
slightest previous intimation, the rights of the
holder being always adequately respected by the
option of receiving back par, or in nine cases out of
ten, more than he ever paid. This brings us also
to another and not less important part of the ques-
tion, viz., whether it be preferable to borrow at a
high or a low rate of interest. Our own predilection
is in favour of the more liberal, as being ulti-
mately the more' economical, course. Consols at
91 pay rather over 31-, but allowance has to
be made for the accrued dividend, and if
the Government requires 15 or 20 millions ster-
ling it might be expedient at once to offer 3i or
ai per cent., so as to obtain 1001. or more in cash
for every hundred of liability incurred. There is
still another, and, with many, a favourite expe-
dient. In a short time a large amount of termi-
nable annuities falls in, relievinc, the Treasury of
a considerable annual payment° of interest, and
rendering the creation of new annuities of the
same class both necessary and facile. The amount
to which these could be placed, however, might
not meet the full present requirements of the Go-
vernment, although there is nothing to be said
against raising a portion of the total by opening
subscription books for new terminable annuities.
One-half the persons of small means scarcely know
of the existence of such securities, and would
gladly invest in them. The Chancellor of the
Exchequer has evidently a choice of means, but
fresh taxation, it is feared, must accompany any
one of them.
Although it was natural that public securities
should decline with Parliament about to assenible,
and new burdens impending, the necessity of this
course has been too long appreciated for the official
announcement to occasion any violent oscillation,
and the hope is generally expressed that wo shall
not delay our financial measures until the Conti-
nental Governments have cleared the market
of its surplus cash. If the Chancellor of the
Exchequer should simply ask the power,
and not forthwith use it, he will undoubtedly
make a great mistake. Conspls have been.
91 to 912, and since 91/ to 1 for transfer and ac-
count, the market looking better within the last
hour. Exchequer Bills have been marked 3s. to
65., and East India Bonds lls. premium. The
New 3 per Cents. have been 89g to Bank
Stock has been a shade better, viz., 209 to 2101.
In the Foreign Market there has been more
sellers. Turkish Scrip has declined to 7i, and 8'
discount. Mexican Bonds have been 21i to
Brazilian Old Bonds have been quoted 96. Rus-
sian 5 per Cents. have been done at 96i to 1, and
Sardinian at 86k. Spanish Deferred have been
at 182.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5i to 5i ; Mexi-
can, 21i to 21i ; Peruvian, 67 to 69 ; ditto,
3 per Cents., 47 to 49 ; Portuguese 4 per Cents.,
40 to 42 ; Russian 5 per Cents., 94 to 96 ; ditto,
4i per Cents., 85 to 87 ; Spanish New Deferred,
181 to 181 ; ditto, 3 per Cents., 371 to 38i; ditto,
Certificates, 51 to si-; ditto, Passive, 4 to 41.
For Railway Shares the prices have been to
per cent. lower generally, but there has not been a
large business done at this decline. The Foreign
Shares are dull.
For the Joint-Stock Bank Shares the quotations
are rather feebler.
The Miscellaneous and Mining Shares aro heavy.

20
10
12i
St.
50
40

BRITISIE FUNDS THIS DAY AT ONE O'cLocK.
(Prom the ONcial List. )
En•iness done

Rank Stock 2lOl 9
3 per Cent. Reduced Annuities... . 89i $
3 per Cent. Consols Annuities 9l i i$ 1 i i
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 -168?
Ditto 30 Years Expire 10th Oct 1859 4 1-16
India Bonds, xlOOO .,
Ditto, under £lOOO ,• --
Consols for Account
exchequer Bills, 21d,
91i 1 1
11000
Small
3 6
Exchequer Bonds 1858,Cont.
34 per C
Ditto 1859,
210
PRICE or FOREIGN FUNDS AT ONE O'CLOCK,
Brazilian Bonds, 5 per Cent
Mexican 3 per Cent.
Russian Bonds, 1822, 5 per Cent. £ 5t..,, 96
S adinian Bonds, 5 per Cent... ....
Spanish Bonds, 3 per Cent
Ditto New Deferred, 3 per Cent. ma
Ditto Passive (Converted)
Turkish Scrip 6 per cent —
Ditto for the Account
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Guil 4 —
Ditto 4 Der aunt. tdertifieates
HALF-PAST TTVO.

lsols .................................. 91i
Ditto, Account ............ ....•••• •••-• 91

8128

25
25
50
St.

20
20
20
25

St.
10
St.
25

REPRESENTATION OF MARTLEBONE.—On Saturday a
meeting of electors of Marylebone took place at the
Moreton Arms, Kentish-town, Mr. B. Hewlett in the
chair, at which a resolution was passed, to the effect
that Lord Ebrington should be requested to make a
statement of his political opinions, with a view to his
nomination for the borough. A letter was written to
his lordship, enclosing a copy of the resolution. NTes
terday, at a meeting of the representative vestry of St.
Pancras, at the Vestry-hall, the resolution passed at the
meeting on Saturday, was brought under discussion.
Some of the speakers objected to the nomination of Lord
Ebrington, and urged that while that noble lord was
acting with the Poor Law Board he had insulted the
people of England. The meeting was not attended with
any result. The names of several gentlemen have been
mentioned as probable candidates, among others these of
Mr. B. Oliveira, Mr. G. Grote, and Mr, Kinnaird, but
nothing seems yet settled, -