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

THE MONEY MARKET.

Anion, wrong impres,ions of the Russian war there
is none greater arm that it has caused financial damage
to England by checking enterprise and confidence. 'The
Emperor of R 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
avtrting 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 bad passed since the crisis of 1347, 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 bus'ness men to rush from
one extreme to another, and to refuse co-operation in
the slightest 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 iron tnasters, was
sure to go on without check, until stopped, like every pre-
ceding mania, by a commercial panic. Already the signs of
this future disa,ter 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 syhich in each case scarcely a
mile had been constructed, was supplied almost hourly
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 ten i-
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 cur 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 saine time being far more hitter. 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,
lust as was witnessed after the mania for continental and
South American loans in 1826, and the outpodrings of • onr 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 recent developments at New York show the collapse
inevitable to American enterprise the moment their
supply of European capital is but checked, and there
will he no difficulty iu 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 ill-will 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 on 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 A rticle.

" CATCHING THE TARTAR."

(From the Standard of Tuesday night.)
On Saturday last we copied, in, extenso, into the
Standard a very long, very florid, and sufficiently solemn
leading article of the Tinc.s, describing the narrow escape
of the Emperor of Russia and his family from capture by
an English steamer. The story was that the Emperor,
in a fit of heroism—such as he is the last man in
Europe to be vied with—pushed out in a small steamer
with his family, ladies included, to make prize of a
yacht belonging to Lords Lichfield and Euston,
and having Lord C. Paget on board. We /thought it
right to copy the article, but were compelled to in-
timate that we did not believe one word of it, assigning
the reasons for our disbelief. That our incredulity was
well founded will be seen by the following letter pub-
lished in the Times of this day :

" TO THE EDITOR., OF THE TIMES.
"SrR,-31y attention has been drawn to an article in
your paper of yesterday, in which the following passages
occur :

" An English yacht, beonging to Lords Lichfield and
Easton, having Lord C. Paget on board, ventured some-
what too near the guns of the place.' : : •
`She is stated to have been iu the most imminent danger:
of capture.'
" As the owner of the yacht in question, I hope I may
be permitted to say that we kept at a safe distance from
the guns of the forts, and were never in any danger ofc3.p.
tore.
" I have felt it due to Lord C. Paget and the officers who
accompanied me, as well as to myself, thus to correct the
unintentional error into which you appear to have been
Iled, as, hail we placed ourselves in such a position, in an
unturned vessel, we should have been guilty of an act of
folly.—l am, Sir, obedient servant,
" Albany, Aug. 6. "LICHFIELD."
Our readers will hare seen an hiatus in the foregoing
letter supplied by three colons. Whether the prudent
omission was made by Lord Lichfield or the Times we
Iknow not, but as the colons are the substitute for
the most interesting part of the fabrication—the danger
of capture to the Emperor, &c.—we suspect the Times.
' We may add, that journal offers no word of explanation
or apology for its audacious romance of .Saturday ; and
yet there are people who pin, or affect to pin, their
faith on it. We say, or "affect to pin their faith,"
because we believe that the majority of those who pre-
, tend to make the Times their oracle are altogether
insincere. A lie believed may, for certain purposes,
•be :13 good as truth, or even better than truth ;
and thus the Times finds many patrons who vouch for
its veracity, while the rests of the public merely laugh
at the "chartered libertine." The position occupied by
the journal of which we speak is rather opposed to the
spirit of the dogma of profligate Col. Charteris, that a
good character would be worth ten thousand pounds to
him, because he would make twenty thousand pounds
of it. A good character would be ruin to the Times ;
for, besides depriving it of the sympathy of one class of
the community, more numerous than respectable, a good
character would be a serious check upon its• lively ex-
travagances. Had any journal of decent character pub-
lished such an audacious falsehood as this story of the
Emperor of Russia's narrow escape, it would he almost
ruin to it, but a detected falsehood costs nothing to the
limes.
For our part, we question the veracity of any
man who says he believes anything upon Times au-
thorit

PROGRESS OF CHOLERA IN BELFAST.—The Banner
of Ulster of yesterday contains the following statement
with respect to the spread of cholera in that town
We have reason to expect that the weekly returns of
cholera ip Belfast, to be made on Wednesday next, will
present a serious increase on the returns of last week.
Efficient arrangements have been made in the proper
quarters with the view of meeting the sad emergencies
of the times, and public notifications are to be seen at all
corners of the streets, conveying precise information on
the subject. In consequence of the prevalence of cho-
lera in town, the troops in garrison are prohibited from
quitting their barracks until further orders. Private
William Fraser, of the 92nd depot, was attacked with
Asiatic, cholera about noon on Friday last, and died at
six o'clock the following morning."
QUARANTINE REGULATION AT MALTA.—The Secre-
tary of the Governor of Malta has notified to the
Chamber of Commerce of that island, that orders have
been given to subject all vessels coming from infected
ports in France and Italy to a quarantine of ob'ervation
of five days, including the time consumed in the voyage,
when there is no sickness on board. When sickness
exists, the voyage is not to be counted, and precautions
proportionate to the particular case are to he adopted.
DEPARTURE OF GRISI AND MARIO FROM LIVERPooL.
—LIVERPOOL, Wednesday--Madame Grisi and Signor
Mario this morning left Liverpool in the Baltic, Capt.
Comstock, for New York. They are accompanied by
whose Mr. Hackett, the American comedian, under
direc'ion they go out to commence an engagement in
the United States on the 4th September. They
so-
journed at the Adelphi Hotel since their
this morning, previcus to their departure,t they were
and Mario
where
presented, Grisi with a splendid epergne,
with a beautiful gold ring set with avery
l
stone, both the gifts of an Indian lady, whoargweitnbo
witnessed
d-
the farewell appearance of thesertenoTwfineedprvosoectitliisetsamaet
the Italian Opera on Monday nigh
through Mr. Chappell, of BL:md-sotreetirdedip weregotat.
drened to the care of Mr. ;i:aase7; t the

- _
THE CONSERVATIVE LAND SOCIETY.
BUILDING ADVANCES.

MC
ooAnnsdeparuyvbaleti
rwmp
aoessme
heldl
0-) ef rbs
eaaatnr n
gfriendsExeter
Hxopaf
al tnohane-
vic ve enmiLandin -ogrS oto
hcfieet tphyue
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 could 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 go eat 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 aliottees 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.),
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 9th 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. Fo'r instance, when the
loan was one of 2001., the committee would' advance,
as the first instalment, 501., and the remaining 150/. at
the completion of the building. The cost of the mort-
gage contrasted most favourably 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 g rihts 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 501., 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
prospectus just 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 OP THE SUN.

SlR,—Very much bas 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
Pacbling-ton, 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 male 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
nnmerou-. I will not venture to trouble you with them
all, but simply mention one or two, that other exempted
tiafenrc parishes may be on the watch, lest "by license"
pensee's'
in-
fliction of a similar kind reaches them, and
exhalations be brought around their neighbourhood.
The site selected for this Paddington cemetery is near

_..... ....
athe En
al 1
nwrlrlely- r (a).,ds w,
.jeul
ls taoutsidel
ityh e
unfit-paa
ri
lfloroftPheadpduinrgpotosne:
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.—l remain, sir, your obedient servant,
London, Bth August. SUBURBAN.

ARRIVALS AT ABERDEEN.—Amongst the recent arrivals
at Aberdeen are—the Duke and Duchess of Richmond
and suite, on their way to Gordon Castle ; the
.Parin_er.
of Saxe Weimer, Lady Besborough, Lady Cecrliadyu
Gor-
don Lennox, and Lord George G. Lennox;L
and Sir Robert Abercrombie and the Misses
ad Home and
Abercrom-
bie, on their way to Foglen House ;LLad
yCawdor, on
party on their way north ; Lord andLor _
dYJustice-Clerk
anc
their route to Cawdor Castle ; the Lord ;
the Earl and
and Mrs. Hope, on their way north
sute
i on their way to
Countess of March and family and
11 ,Pthe Dowager Countess
Logie, on his way to Westhea_:ouse ;
Sir Alex. Banner.
Gordon Castle ; Sir James El hinstone Dalrymple of
of Errol, en route to Skenhisli
way south ; James Duff,
man, of Crirnonmogate, onA
Agnes Duff ; Sir A. Dunbar,
correspondent, "A, 13..'
UNCLAIMED DIVIDENDS.—AiIIaw
permits the directors of the
El;acirt'.—M.ef.Pbe"rdacreind ./iLera•dad.
says : —lf the Enolosrl
of the East India Company to
England
dinterest or dividends due on unclaimed
ought to call upon them to state
monies, parliament
theM '
amount which has come into their hands from
pocketßank ot,
the
' sout•ce.
eEa'r)i.gnua
lt
I think it should, as soon as possible,
this
eishanded over in trust to the Lords of the Treasury, to
remain with them till applied for by the heirs or neat of
kin. These unclaimed monie, belong to our forefathers,
and the custodiers cannot, as men of honour or honesty,
trade with it, or apply the same to their private pur-
poses. In France, they order unclaimed monies, after
the lapse of 20 years, to be handed over to the State.
FATAL ACCIDENT.—On Manday, as Mr. Chas. Lupton
(of the firm of Luccock, Lupton, and Co., an eminent
stuff house at Bradford) was proceeding on horseback,
from Leeds to Bradford he was thrown by the animal,'
and a foot being entangled in one of the stirrups he was
dragged for some distauce along the road before his horse
was btoppsd. The injuries he sustain el were so severe
that Lint momizg he expired. .