The Sun.
London, England, 1853-04-11 00:00:00

HIGH WATER AT LONDON BRIDGE.

TIM DAY --Morning 38 min. after 3 Evening 53 min.aft. 3
I
To-Nfoaaow—Morning 6 min. after 4 Evening 22 min.aft. 4

THE WEATHER.—SUN OFFICE, APRIL 10.
THERMOMETER, IN THE SHADE.
54—highest since noon yesterday.
46—lowest this morning and during the night.
54 this day at noon.

BAROMETER, 30'11.
WIND, N.W.—Fresh breeze, and clouded, sunshiny
weather. There was rain in the night.
APRIL 11.

57 highest since noon yesterday.
43—lowest this morning and during the night.
57—this day, at noon.

BAROMETER, 30'19.
WIND, variable from W.N.W. to N.N.W., light airs
and sunshiny weather, cloudy at times.

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WiWP:•
7.4 ••• Altt. 41,V0
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ham' 477,9

LONDON, MONDAY, APRIL 11, 1853.

No stronger evidence could be exhibited of the
undue favouritism exhibited by the chancellor of
the Exchequer towards the Fundholders than the
nature of the reception afforded to the intimation
that it was Mr. GLADSTONE'S intention to
move for a Committee of the whole House to con-
sider the Consolidated Fund and National Re-
demption Acts, and to the full explanations subse-
quently afforded as to the nature of his plan.
While all was still vag ae and uncertain—while it
was supposed that the highest offer made would
be a conversion of the existing stock into Bonds
or Debentures, with half-yearly Coupon; bearing
interest at 2i per bent., and having twenty years
to run, all was couleur de rose. It was certainly
beneficial to the public creditors, but it was not
more so, than might have been anticipated from
the well-knoWn partiality of the Financial Minis-
ter to that influential class. The reduction of in-
terest by one half per cant, might be displeasing to
a small proportion of the number. But those who by
the stringent provisions of family settlements are
prevented from seeking more remunerative invest-
ments, and who for present income would be
willing to incur future risk form but an infini-
tesimal proportion of the class. Nine-tenths,
or rather ninety-nine-one-hundredths, look with
bankers' eyes on the actual values of the new and
the old Securities, and will be prepared to abide
by that which affords the best permanent prospect.
If the rumour, which received general credence in
the money market, and which was endorsed by the
great organ of the " moneyocracy," had been
well founded—the proposition was this, that
the Chancellor of the Exchequer was will-
ing to sell for a present diminution of one-,
half per cent, in the annual payment, a redly-
ton from 3/. to 21, 10s,
Consolidated Reduced per annum for every 1001.
Annuities, 16 2-3ds per
cent. of the entire dividend __a pledge or guarantee
against any further alteration
This was a tolerably fair eluinivalfeonrt 2ao
oyte
a-yearars un-
s
reasonable barter. Ten sh
sacrifice for the certainty of the gpresent
enjoyment of the
remaining two pounds ten shillings,
without dis-
turbance or alteration, for twenty years,
price
for willingly made by capitalists as a cheap woJd
for the contingent advantages that may, and prc-
arise during that time from the
bably will,
gold discoveries in Australia and California.
That the proposition would have been beneficial
to the creditors, and therefore that it would have
been freely and willingly accepted by an over-
whelming majority of the Fundholders, may be
gathered from the fact that, on the mere rumour,
the quotations of the 3 per Cents. rose fto per
cent. There was, in fact, a tendency to an im-
provement of prices so decisive as to show that
the operation could be easily carried into execu-
tion ; and perhaps with mutual advantage to the
tax-consumers and the tax-payers.
- The rumour was, however, erroneous. The
.FiLiapcial Minister, like an over-ardent and rather
Gantt youth, bidding against himself at a mock
ivationMfered so much more than had been an-
, ticipated, tDitt doubts began to arise as to whether

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