The Sun.
London, England, 1854-05-03 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, MAY 3, 1854.

sive. But the delegates had formed more ambi- I
tious projects. In place of conquering separate
firms, and supporting the turn-outs by the con-
tributions of the hands who remained at work
until it came to their turn to exact exorbitant
terms, they hoped to conquer entire towns and
districts, while the contributions flowed in from
the whole of Lancashire and the West Riding of
Yorkshire. The call of the delegates was very
generally responded to. Collections were made
at Blackburn, Stockport, and a variety of
other places. Nor were the parties en-
gaged in similar pursuits the only donors, for
numerous trade unions in London and
several large towns subscribed very handsomely
to the funds. About 3,0001. sterling—about a
fourth only of what the earnings would have been
—was received every week, and distributed to
the hands, who were thus enabled with difficulty
to support existence, though necessarily submitting
to the greatest privations. Preston was thus
made the battle-ground on which the determined
struggle for mastery between the representatives
of labour and capital was to be brought to a ter-
mination. All applications for assistance from
other quarters were sternly rejected, however
strong the claims of the parties. The resources
of the unionists were strained to the utmost on
behalf of the men of Preston, and every available
shilling was applied in that quarter.
A counter-move thus became necessary on the
part of the employers, and as funds came into the
men from other localities, so also did they to the
associated masters. It was, indeed, much easier,
as we have recently shown, to provide for the
losses of the mill-owners, whose doors were
closed and the machinery standing idle, than to sup-,
port some twenty thousand persons in unproduc-
tive idleness. Though " the hands" might not
be " tired of playing"—though they might sub-
mit with patience to the greatest privations, the
contributors would speedily get " tired" of main-
taining them, and of applying to such purposes con-
siderable portions of earnings, the whole of which
were required for their own use. As long as there
was a prospect of the masters speedily surrendering,
the sacrifice might be endured ; but when that
hope ceased, as was longsince the case everywhere,
save at Preston, the incessant demands, the horse-
leech cry, " Give, give, give," became irksome
and intolerable.

The associated masters saw their advantage,
and followed it up by a vigorous and formidable
attack on the weakest point of their opponents'
line. They commenced bringing new hands to
take the place of those who still stood to their
arms. The delegates saw the formidable nature
of the blow, and took measures to avert it, by
persuading the new corners to return to their
native place. Prosecutions were, however, forth-
with commenced against the persons who adopted
this course, which, it was asserted, brought them
within the operation of the criminal law. The
accused succeeded in putting off the trial until
next assizes, but they saw that they were playing a
very dangerous game, which they could no longer
carry on with impunity. One convulsive effort
remained—not for victory—but to make it a
drawn battle. The services of the " Mediation
Committee" were put in requisition, but the as-
sociated masters firmly, but respectfully, declined
the proffered intervention. Nothing but uncon-
ditional submission was practicable, and on Mon-
day
last the bitter draught was swallowed, and
the delegates were compelled to announce that,
after "36 weeks' struggle, they were obliged to
bring the contest to a temporary close."
The address was, however, as ill-advised as the
rest of their proceedings. In place of submitting
with a good grace, they sought to aggravate the
feelings of the operatives already sufficiently ex-
asperated. They spoke of " hireling agents"
of " nefarious misrepresentations" and " un-
holy crusades," rind distinctly announced
that it was not a permanent settlement of
the dispute, but a temporary truce, until
the defeated army has recruited its forces suffi-
ciently to resume active hostilities. The hands
were advised " to resume work," but only " until
a mare favourable opportunity 1" While Mr.
COWELL, the recognised leader of the malcontents,
told them in his farewell oration to " rest as-
sured, that, whenever a reaction takes place in the
commercial affairs of this country, the telling
note shall again be sounded in Preston, ten per
cent., and no surrender." This was scarcely ju-
dicious, at the very moment when he was be-
speaking the forbearance of the victors. While
such threats were sounding in their ears, they
must be singularly imprudent if they did not
insist on adequate guarantees against the re-
currence of similar events, and exact from those
who have surrendered at, discretion at least the
repudiation of the " Unions," which Mr. CowELL
so emphatically recommends to be preserved.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

, CITY TWO o'CLOCK.

The sales of cotton at Liverpool 3 esterday were
estimated at from 3,000 to 4,000 bales all to the trade.
The market closed heavily compared with Friday's
rates, prices of American under Sid were a point in
favour of buyers. Other kinds without alteration.
The sales comprised 20 Bahia at 6d.,250 Egyp-
tian at Gd. to Bd., 300 Surat at 3d. to 31d.,
and 30 Sea Island at ls. Id. to 2s. Gd., and the
remainder American. Railway shares were flat.
Upon the state of the silk trade, Mr. Henry W.
Eaton writes as follows :

" There is little that is satisfactory to report of the
Silk market during April, the same limited business
having continued, with, however, a slightly improved
demand within the last week or ten days. This has
been chiefly confined to Chinas, both shippers and home
consumers being naturally tempted by the disposition
evinced by importers to meet the trade, in the hope of
in some degree dispelling the distrust created by th 3 ex-
cessive arrivals, but which it 'must be remembered com-
prise an unusually large proportion of inferior sorts not
adapted to present uses."
The advices from Peru, show that the Govern-
ment forces were repulsed, and had retreated upon
Lima. The sympathies of almost the entire popu-
lation were with the revolutionists, but the corrupt
Government had, probably by the very surrepti-
tious issue of Bonds which has caused so much loss
here, present means in hand which enabled it to
sustain the contest.

The letters and papers by the Overland Mail,
via Southampton, have arrived.
The mail on board the Great Britain steamer
will be transferred to the Overland Mail, via South-
ampton, without extra charge, a proceeding that
reflects much credit on the post-office authorities.
The letters from the Continent do not advise any
change in the money markets. Capital was gene-
rally abundant.
The rates for bills of exchange upon the principal
continental cities were.yesterday afternoon a shade
firmer, but with very little doing.
All the gold recently arrived from Australia has
been taken for exportation, besides a further
amount from the Bank of England.
At the special general meeting of the Royal
Hibernian Mining Company, the report stated
that at the Clogher Mine the shaft was sunk to the
depth of 20 fathoms, when good specimens of lead
were brought up. Gold had been found in the
gossan to the extent of 3ozs. 4dwts. 23grs. per
ton at the Castlemaine Mine, and was in great
abundance. After payment of the last cost-sheet,
the.balance in hand was 2,097/. 3s. 10d. A. long
discussion took place as to the purchasing one of
Berdan's machines, but it was agreed that the out-
lay should not be incurred till further experience
had been obtained as to the result of those ma-
chines.

EXCHEQUER BONDS.—The result of the Exche-
quer Bond scheme was naturally looked forward to
this morning with considerable interest, and from
the fact having transpired that tenders were sent in
as high as 881. lls. and 881. 145., it was concluded
that a large proportion of the six millions would be
subscribed. It would appear that the Government
minimum was too high. The following is the offi-
cial notice upon the subject :

"The First Lord of the Treasury and the Chancellor
of the Exchequer hereby give notice, that subscriptions
will be received daily at the Bank of England, between
the hours of ten a.m. and two p.m., up to and including
the Bth May instant, until such subscriptions shall com-
plete the specified sum of 2,000,0001., from such persons
as shall be desirous of subscribing at the reserved sealed
price which has been fixed for such Bonds—that is, at
981. 15s. for each 1001. of such Bonds, for the Exchequer
Bonds described in the notice of 21st April as Bonds A,
payable at par Bth May, 1858, subject to the conditions
as to the payment of the deposit and the instalments
which are set forth in the notice of 21st April above re-
ferred to.

---
" Downing-street, 2d May, 1854."
Subscriptions are now being made at the Bank
of England, and it is supposed the two millions
will be absorbed, but there is no information as to
what will be done with the other four millions.
Probably they will be made to expire also in 1858,
that the Government may get a better price.
Consols opened with a firm appearance, being at
87i to 88, but they subsequently fell to 871 in
consequence of the impression thit the financial
operation of the Chancellor of the Exchequer has
not proved successful. The money prices for Con-
sols have been higher than those for account, no
bargains having been entered into under 87i
The New Three-and-a-Quarter per Cents. have
realised 87-1 to 7, and the Three per Cents. 861 to
87i. India Bonds have been at ss. discount.
There has been no business done in Exchequer
Bills or Bank stock.

Foreign Securities are very inactive and droop-
ing. Spanish New Deferred have been done at
174 to and the Passive Converted at 3. The
Committee's Certificate is at Mexican Bonds
have been heavy at 23i to -11. Dutch 4 per Cents.
have realised 85k.
The Railway Share Market has been compa-
ratively quiet, but prices generally are not
well maintained. The principal transactions
have been in Great Northern, which are lower by
about 15s. ; Great Western, which dropped 1/. ;
Brighton, 10s.; and Caledonian, Midland, and the
rest generally in proportion since Consols declined.
Foreign Shares have been lower, but nominally
the French lines are firmer than the others.
The Mining Share Market has been quiet, at
previous rates, as well as the Banks and Miscel-
laneous Shares, but sales have been pressed in
Crystal Palace at a slight decline.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( From the Official List.)

Business done.
3 per Cent. Reduced Annuities 874 61
3 per Cont. Consols Annuities 873 8 73 i
New 31 per Cent. Annuities 873
Long Annuities, Expire sth Jan., 1860
Dittc 30 Years, Expire 10th Oct., 1859 4l
India Bonds, £lOOO ... ..... ...............
Ditto, under £lOOO l4 d
Consols for Account 11th May 873 i 4 i
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.

Mexican 3 per Cent.
Spanish New Deferred, 3 per Cent. l7i
Ditto Passive (Converted)
Spanish Committee Cert. of Coup. not fun 33 P
Dividends on the above payable In London.
Dutch Exchange, 23 per Cent. 12 Gull 5B
Ditto 4 per Cent. Certificates .....
HALF-PAST TWO.
Consols 873 a
Ditto May Account

DEATH OF THE DEAN OF ST. ASAPH.—We have to
record the death of the Very Rev. Charles Scott Lux-
moore, M.A., Dean of St. Asaph, which has taken place
at his residence at Cradley. The late dean was the son
of the Rev. Dr. Luxmoore, Bishop successively of Here-
ford and St. Asaph, from which prelate he received a
large amount of ecclesiastical patronage. In addition to
the deanery, worth about 1,2001. a-year, the rev. gentle-
man was rector of Cradley, worth 1,0001. a-year,
to which he was presented in 1816 ; sinecnre rector
of Bromyard, to which he was presented in the
same year; sinecure rector of Darowen, worth 2001;
a-year, to which he was presented in 1810 ; chan-
cellor of St. Asaph Cathedral, and prebendary
of Ifereford. All these appointments he held up to the
time of his death. His brother, the Rev. J. H. M.
Luxmoore, holds a very large share of the patronage
the bishop had to bestow, being a canon residentiary of
St. Asaph, sinecure rector of Llanarmore, rector of
Marchurch, and vicar of Moreton ; in the aggregate
worth considerably more than 2,0001. a year. The late
dean's death renders vacant a seat in the convocatii*i of
the province of Canterbury. The deanery is in the gift
of the Right Rev. Dr. Thomas Yowler Short, who now
holds the bishopric of St. Asaph. The dean, in con.
junction with the chapter, has some ecclesiastical pa.
tronage at his disposal, but nit so much as the head of
any other chapter.
THE PROPOSED NEW WELLINGTON DOCKS. The
committee appointed to consider the provisions of the
bill referred to them for the formation of the extensive
docks between Deptford and Rotherhithe, met yester-
day morning (for the sixteenth time), when after a short
discussion the room was cleared. Upon the re-admis-
sion of the public, Mr. Vernon Smith, the chairman,
announced to the parties that the committee had come
to the conclusion that the preamble had not been proved.
The bill is consequently lost for the present session. The
expenses of the inquiry, both on the part of the promot-
ers of the bill and the opposition thereto are enormous.

THE CORPORATION OF THE CITY OF LONDON.—_yea•
terday the members of the corporation who visited the
courts at Guildhall were busily engaged in speculating
upon the account circulated during the day as to certain
changes recommended in the Report of the Commission-
erp of Corporation Inquiry. The principal matter of
interest pointed at the Court of Aldermen. It was
stated by some of the best authorities in the neighbour-
hood, that the report recommends that the number of
the aldermen should be reduced from 26 to 18, and that
to them should be given the power to choose two stipen-
dary magistrates to do the police business of the Man-
sion-house and Guildhall justice-rooms. It was said,
too, that a considerable reduction is recommended as to
the numbers of the Court of Common Council.
AUBREY, BY THE AUTHOR OF " EMILIA WYNDHAM,"
&C.—lt is some time since we have had a novel from the
popular author of "Emilia Wyndham" and "Two Old
Men's Tales." She has, however, amply compensated
for the delay by the excellence of her new story.
"Aubrey" will decidedly rank as among the very best of
all her productions. The charming picture of the heroine,
the powerfully contrasted characters of the two brothers
who figure as her lover and husband, the remarkable
plot, and the exciting interest with which it is worked
up to the startling denouement, all tend to make this the
most attractive novel that has appeared during the
season.

LATEST FOREIGN NEWS.

THE WAR.
DEFEAT OF THE RUSSIANS.

The Times, in a third edition of this day, pub-
lishes the following most important despatch from
their correspondent at Vienna :--
" VIENNA, WEDNESDAY MORNING.
" The following report circulates in Bucharest :
—Omer Pasha advanced with 70,000 men towards
the Dobrudscha on the 18th or 19th of April, and
a battle took place with Luders' corps between
Silistria and Rassova.

" During the night, Omer Pasha had detached
a division in the direction of the Black Sea, and
when the battle was at its height the next day this
corps attacked the Russians in their rear, causing
unexampled confusion and consternation.
" General Luders retreated towards Czernavoda,
and it is said that the Russians lost many guns,
ammunition, stores, and baggage waggons, and even
their military chest.

" Ou the 20th a Turkish flying corps crossed the
Danube below Silistria in order to destroy the
Russian strand batteries. They advanced to
Kalarash, where there was hard fighting for some
hours.

" The Turks fought like lion; but, being terribly
overmatched, were ultimately forced to retreat."