The Sun.
London, England, 1854-01-31 00:00:00

LONDON, TUESDAY, JANUARY 31, 1854.

Parliament this afternooon reassembled under
circumstances for many years past unparalleled.
Elsewhere in to-day's impression of our journal
will be found enunciated through her MAJESTY'S
gracious Speech from the Throne a manifesto
worthy of emanating from the authority of the
British SOVEREIGN. It breathes that calm con-
sciousness of power most befitting the dignity of
the Crown at all periods, but peculiarly at this
juncture of supreme and anxious emergency.
Anything like an appeal to the passions of the
multitude on the part of our ' QUEEN would
have been unbecoming the majesty of England.
Nothing beyond a simple announcement of the
failure of our pacific negotiations, beyond a mention
of the inadequacy of our diplomatic correspondence,
beyond an allusion to the dissipation of cur hopes
of continued tranquillity, could in any way have
been introduced into the Royal Speech, by Mini-
sters, without a sensible diminution of the equa-
nimity alone compatible with the dignity of the
Sovereign. Nevertheless, enough has been in-
timated to assure the people of England that,
in the event of a decisive rupture with the
Northern AUTOCRAT, the glory of the empire will
be sustained by the energy of our maritime, and,
if need be, also of our military, defenders. Added
to which the community will bear in vivid remem-
brance at this critical moment that our forces are
allied withthose of our imperial and puissant neigh-
bour.

Throughout the whole of this protracted in-
terval of solicitude, we have been conscious of the
assiduous efforts made by the CZAR to estrange
the Cabinets of France and England from each
other, so as to interfere with their active and cor-
dial co-operation. Everything, however, has for
some time past indicated, in a manner the most
marked, and, therefore, the most gratifying, the
utter failure of these sinister endeavours—.
every successive incident in the development
of the Eastern Question only bringing nearer
and nearer together in their alliance the
now firmly united Councils and intimately
blended policy of the French and British Go-
vernments. Insomuch, so, that the Lords and

Commons of England on the occasion of their re-
assembling this forenoon in the Palace of the
British Legislature at Westminster, do so only
under circumstances the most propitious to the
destinies of European civilisation. They re-
assemble, that is to say, only when the
combined fleets of Prance and England have
entered the Black Sea for the purpose of
energetically protecting the Turkish territories.
They reassemble only when intelligence has arrived
that those powerful armaments under Admirals
DIINDAS and HAMr.i have established a strong
position at 'Sinope while reconnoitring the
vicinity of Batoum, and obtaining important
information from the maritime stronghold
of Sebastopol. They reassemble only on
the . very morrow, as it were, of the ap-
pearance in the Moniteur of that reatlyinia-sterly.

financial statement made by M. BlNEAu—showing
the monetary strength and stability of the French
Imperial Government. Absolutely nothing in-
deed is required at the present crisis for the en-
couragement of the hereditary legislators and the
popular representatives of England in the event of
occurrences becoming so far complicated as to
render inevitable a direct collision between the
forces of the great European Governments.
Scarcely any regard beyond a mere cursory at-
tention can be had, at a juncture of such immi-
nence as that now arrived at among the chief
powers of Christendom, to the different measures
suggested' according to custom at the opening of
the Parliamentary Session by the Speech from the
Throne of our gracious SOVEREIGN. Whatever
can be discerned in this Ministerial programme of
intended improvements can only, however, be
viewed just now by the majority with sen-
timents of unalloyed satisfaction. The pro-
spect of the comprehensive revision at last of
the system upon which our Ecclesiastical Courts
have been hitherto organised—the probability of
a speedy and radical change iu the framework of
the institutions of our two Great Universities—
the likelihood of a still further development
of the principles of Free Trade as applied
recently to the laws relating to Navigation— the
possibility of a larger and wiser revision
of that portion of our complicated Code
relating to the settlement of our pauper popula-
tion—these, together with other half-promised
boons, cannot be looked forward to even in the
first intermittent reverberation of a general war,
with indifference. Neither is it possible to de-
preciate the value of a circumstance so important
as that of a Speech from the Throne con-
veying no painful allusion to Irish or
Colonial grievances any more than t
would be to acknowledge that our interest in the
prospect of a struggle with Russia had in any
material way diminished our interest in the pro-
spects of Reform or of National Education. Sus-
tained by an implicit confidence, under Divine
aid, in regard to the Future, however much we
may be solicitous in regard to the Present, or
regretful in regard to the Past, the people of
England witness this day, not without emotion,
the beginning of the unrolling, for the Session of
1854, of the records of the Imperial Parliament.

Fiscal and Financial Reformers are looking for-
ward anxiously to the results of the Session, the
opening whereof will be inaugurated to-day
by the Speech from the Throne. Great amelio-
rations have been introduced of late years into
the entire system of taxation. Some of the bur-
dens that exhausted the powers and paralysed
the energies of the industrious classes have been
completely removed, others have been greatly
mitigated and rendered more tolerable, and every
alleviation has been attended with the most feli-
citous results. The tax-payers have been relieved
with a scarcely perceptible loss to the revenue ;
indeed, if we look to thenational balance-sheet, we
may say without any diminution, but a direct and
positive increase to the general receipts. But while
so much has been achieved still more is demanded
from the Legislature. The masses are no longer
ignorant of the very rudiments of fiscal science.
Perhaps there is no branch of knowledge in which
greater progress has been achieved of late years.
The popular vision has been purified in this re- I
spect. The mists raised by prejudice and igno-
rance have already partially cleared up, and are I
rapidly dispersing. The great argument in favour
of indirect taxation is removed, for the people
are now thoroughly alive to the additional pay-
ments which they have to make in consequence
of imposts, no matter how carefully they may be
concealed from the light. They have felt, too, the
salutary consequence flowing from the modifica-
tions that have already taken place, and they
consequently look forward earnestly and decidedly
to further and more rapid ameliorations, from*
which they anticipate an increase of blessings.
When once convinced of the injustice, or the
impolicy of a tax, they calmly resolve on its abo-
lition. And the stereotyped answer of former
Financial Ministers, that " it produces so many
thousands per annum, which he is not prepared
to relinquish (!)" has no possible effect except the
exposure of his own folly and incapacity. Let a
good strenuous agitation once be originated—let
the evils which have formerly only attracted the
notice of the political economist in his closet be
fairly brought to light and exposed to the broad
glare of day, and if they cannot bear the test of
reason and argument, but are found to be alike
opposed to justice and sound policy, we may feel
well assured that speedy and suitable remedies
will be devised, and the grievances complained of
partially or completely redressed.
Such a movement is now taking place
with respect to the tax on Fire Insurance. The
injustice, impolicy, and oppressive character of the
obnoxious impost have been clearly and distinctly
exposed, so that "he who runs may read," and
men of humble capacity may understand the full
extent of the grievance to which they have been
subjected for nine-and-thirty years,, but which is
now for the first time laid bare in all its hideous
proportions. It is true that fiscal writers have
directed attention to the subject—that M'CULL
LOCH, that PORTER, that JOHN MACGREGOR (M.P.
for Glasgow), have in their admirable and elabo-
rate works explained the mischievous effects of the
system. We ourselves have also, for many years
past, repeatedly adverted to the extraordinary
anomaly of a tax of more than 200 per cent. on
the sums required to cover common risks. But
isolated exertions, however meritorious, could be of
but little practical utility. It required a powerful
body or association, with numerous ramifications,
to take up and work the topic with zeal, and energy,
and efficiency. The much-required step has,
however, been taken ; and we candidly and freely
admit that the " -Unity Fire Insurance Associa-
tion" is entitled to the honour of originating the
movement, of the decisive results whereof we can-
not permit ourselves to doubt. It has brought
its admirable organisation to bear on the subject,
in which it is interested in common with the
great body of the people. It has prepared an
admirable petition to both Houses of Parliament,
copies whereof not only lie for signature at the
various branches of the Association, in all the
chief cities and towns of England, but each of its
FIVE THOUSAND SHAREHOLDERS and. its TEN
THOUSAND POLICY-HOLDERS, carry with them
copies, to which they obtain the signatures of
friends and others with whom they may be brought
in contact. When we consider how rapidly
the numbers of those evincing such zeal
and diligence are augmented—when, too,
we look to the justice and propriety of the
course for which they demand our co-ope-
ration, we cannot conceive that the successful ter-
mination of the agitation thus auspiciously com-
menced can be far distant.

We have heard persons ready to defend almost
any tax, however defective in principle and per-
nicious in practice. Even the bread tax found
advocates, and there are.--strange as it may ap-
pear—persons who to this day insist on the pro-
priety of the equal taxation of all descriptions of
income, no matter from what sources they may be
.derived ! But we never, at any time, met with
any man of ordinary intelligence who could or
would say a single word in favour of a tax on fire
assurance. Its injustice, its impolicy, nay, more,
its cruelty, were invariably admitted without op-
position or difficulty. The propositions command im-
mediate assent. How could a change or misfortune,
a tax on prudence be vindicated for a single mo-
ment ? If the prosperity of a nation depends on
the welfare of its individual members, why should
we throw any impediment in the way of these
members maintaining and improving their posi-
tion? Now, of all calamities that may occur, none
are so likely to reduce a man from competence,
and even comparative wealth, to the extremes of
poverty and destitution as losses by fire. No
prudence or foresight could guard against those

fearful contingencies. A single hour would change
the entire prospects of a man, and convert him
from a useful subject, a oreator and producer of
national wealth to an unprofitable consumer, and
consign his helpless family, who once lived in in-
dependence, enjoying some of the comforts of exist-
ence, to the tender mercies of the union workhouse.
As we have stated, no prudence or foresight could
guard against these contingencies, but the evil
might be mitigated, and reduced from the most
terrific magnitude to comparatively trivial dimen-
sions. By diffusion over a broad surface the evil
would lose its most formidable features. The loss
that would be ruinous to an individual, that would
make an independent man a pauper, would be
nothing when divided amongst a thousand, or fif-
teen hundred persons. The average of uncertainties
can be very closely approximated to. There is some
as yet undiscovered hand that regulates what we
in our ignorance are accustomed to consider merely
matters of chance. It was thus ascertained that
all common risks could be covered by a payment
of Is. 6d. per 1001., or 15s. for a thousand.
Under such circumstances, the person refusing or
neglecting to insure, would necessarily be regarded
either as a fool or a madman—a reckless gambler,
who staked his very existenceagainst a few shillings.
Some think that the Legislature ought to enforce
this act of ordinary prudence—which was merely
justice to a man's self, his family, and his fellow-
subjects—at all events, that it should encourage
the practice. But in place of that it casts ob-
stacles in the way. It more than trebles the outlay.
Where a company of unexceptionable solvency is
willing to undertake the risk on payment of Is.
6d. per 1001., it increases the demand to ss. 6d.,
that is to say, ls. stamp on the policy, and 3s.
annual charge. It may, indeed, be said that the
determining influence operates as 11 to 3. In
practice, no man drops a fire insurance. The
moment he has effected a policy, he may be re-
garded as a 'Constant customer. It is the first
step that is required, and that is prevent-
ed by the stamp as well as by the an 7
nual premium. The artisan who would cur-
tail his public-house expenditure by ls. 6d.
to insure 1001. on his furniture and tools,
would not devote ss. 6d. to the same purpose.
These men are shrewd calculators. They will
not pay ss.
6d. for what the premium shows to
be worth is. 6d. Government, like the covetous
dog—described in the old fable, as grasping at the
shadow—loses all by its cupidity. These men
run the risk, and many are ruined, and become
objects of charity—suppliants for the relief which
they would not require but for their own folly
and that of Parliament. Experience shows that
not one-third of the losses by fire are covered by
insurance. We may safely infer that more than
two-thirds is uninsured—thanks to the duty, for
we firmly believe that, if the duty were abolished,
the whole property of the country would be gua-
ranteed. What has Parliament to answer for,
that prevents a consummation so desirable in every
respect ? Let, then, the blot be removed from the
national statute-book—the reproach from our
eountry by the repeal of the law, or if that be
not practicable at the moment, let there be a re-
duction to 6d., as recommended in the petition of
the Unity Office. Let other associations follow
the noble example, and the great desideratum
will be attained—the property of the country
will be fully insured, and their own business
trebled, and their profits augumented in a Still
larger ratio.

THE SUN, LONDON, TUESDAY EVENING, JANUARY 31, 1854.

MONEY MARKET

AND
(dOMME:tiCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at about 6,000 bales, of which
800 American and 200 Egyptian were taken on
speculation. The market closed heavily, with
prices of all kinds much the same as on Friday
last. The sales comprised 4,500 American, 700
Egyptian, at 6td. to 9d.; 600 Surat, at 3d. to 4i-d.;
and 20 Sea Island, at ls. sd. to Is. 7d. per lb.
Railway Shares were steady.
In a report upon the tallow market, by Messrs.
Smith and Charles, it is stated :
" The advices from St. Petersburg are to the 9th
(21st) inst. Exchange, 38 13.16ths to 15-16ths. No
business whatever doing in tallow for next season, and
quotations quite nominal. Since our last report the
market has been very quiet. On Saturday scarcely any
business was done speculatively, and the tendency was
to decline. To-day the market has been a little firmer,
buyers where there were sellers on Saturday ; still there
is an absence of excitement, operators generaly waiting
for more decided news relating to the Russo-Turkish
question."
The reported arrival at Rio of the Australian
vessel, Madagascar, still requires confirmation, as
her Majesty's ship of that name is supposed to
have been meant. The captain of the Jessica who
sent up the news, per telegraph, is hourly expected
in towns And great anxiety prevails to learn fur-
ther particulars. ,
The Shareholders in the Waterford and Kilkenny
Railway have taken at Dublin those decided steps
which ought to stimulate the large number of hold-
ers in London to co-operate in bringing about a
vigorous administration of their affairs. The railway
from imperfect arrangements and mismanagement
has been brought into such a state of lassitude that
coaches and cars are preferred, and the extraordinary
spectacle is presented of a traffic receiving scarcely
any development, notwithstanding the new facilities
which a railway should present. Various excuses
were made at a former meeting on behalf of the
board, but the best policy appears to be that
adopted in the case of the Newmarket line, once so
depressed, and now so flourishing, viz., the election
of new directors who have time and talent to
devote to the service of the proprietors. An out-
line of the proceedings at Dublin appears in our
advertising columns.
The current prices for the Jamaica Mines not
officially quoted, are as follows : Jamaica, par to
premium; Metcalfe, g- to -g- premium; Sue River,
discount to par ; Port Royal, 1 to 1 premium.
Public Securities are exceedingly quiet this morn-
ing, pending the receipt of the Queen's Speech.
Consols have been flat at 901'-, and since, at 901
The New 31 per Cents. are 911 to 92, and the
Three per Cents. 901 to 91. Exchequer Bills, Os.
to 12s. premium.
Foreign Stocks are quoted about as follows :
Spanish 3 per Cents., 39 to 40i ; Portuguese 4
per Cents., 37 to 39 ; Vlexican, 231 to 24 ; Russian
105 to 107, and Dutch 21 per Cents 60 to 61.
These rates are mostly nominal.
The Railway Share prices, in the absence of
other business than the settlement of the account,
may be quoted us under :
Caledonian, 25i ; Eastern Counties, 121 13 ;
Great Northern, 20g 4 ; Great Western, 801 ;
Lancashire and Yorkshire, 61± ; London and
Blackwall, 7 ; London Brighton, and South
Coast, 471 8, ex div. ; London and North-Western,
1001 ; London and South-Western, 381 9 ; Mid-
land, 60i ; North British, 7g North Stafford,
6 51 ; Oxford, Worcester, and Wolverhampton,
171 18 ; South-Eastern, 17 ; York and North
Midland, 221 A ; Northern of France, 281 91 ;
Paris and Lyons, 121 ; Ditto and Strasburg, 281.
The amount of railway " calls" for February is as
follows _ _ _

____ .• _. _
Date due. Call. Shares.
*Antwerp and Rotterdam l6 £1 0 50,000
Belfast and County Down 4 110 6,750
*Grand Trunk of Canada Shares 6 210 unkn.
*Do., both classes of bonds 6lO 0 unkn.
*Great Central of France lO 2 0 360,000

Killarney Junction
Lancaster and Carlisle, 161. 13s. 4d 1 1 0 24,000
*Paris, Caen, and Strasbourg 2O 6 0 360,000
*Sambre and Meuse, 51 per cent. pref 1 2 0 13,850
South Wales, 201., 4 per cent ll 4 0
Do., 201., 41 per cent ll 4 0 105,304
Taff Vale, 101 1 1 0 21,600
*Western of Switzerland l5 1 0 65,000

£1,021,504

Total called in 1854 £2,604,194
* The proportion" called by foreign companies is
848,8501., but the holdings of English proprietors are
not known.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Official List.)
./.•
puniness clone.
Bank Stoqk
i per Cent. Reduced Annuities BOt 4 0 1 90i
3 per Cent. Consols Annuities 904 A i i A 4
New 31 por Cent. Annuities 914 '2 la 2 1t
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan., 1860 4 15-16
India Stock 230
India Bonds, 21000
South Sea Old Annuities .
Consols for Account 15th! Feb. 9oa 4 I iii I
Exchequer Bills, id.
£lOOO — 9 12 13 10 p
2500 9 12 p,
Small 9 12 P

PRICE OF FOREIGN FUNDS THIS DAY.
Grenada Bonds, Deferred
Niesican 3 per Cent.
Spanish Bonds, 3 per Cent 4O
Spanish Now Deferred, 3 por Cent. I9A
Ditto for the Account l9
Dividends on the above payable in London.
Austrian Bonds 5 per Cent. 10 Gu. 69
Dutch Exchange, 2i per Cent. 12 Gull 6oa
THREE O'CLOCK.

Consols 9O/
Ditto February Account

LLOYD'S SHIPPING.-(THIS DAY.)

LONDON, Jan. 31.—Wind this day at Noon S.W. ; light
airs and very mild weather.
OFF DOVER, Jan. 30.—Carlisle, from Calcutta.
PLYMOUTH, Jan. 30.—Wind, S.W. Arrived—Pro-
pentis (s), from Calcutta, Cape, &c. ; Velore, Callao, for
Leith, with sails split.
OFF PORTSMOUTH, Jan. 30.—Mary Montague, from
Batavia, and sailed for Rotterdam.
BARMOUTH, Jan. 30.—Arrived—Zephyr (s), Aberyst-
with, for Liverpool, making much water.
MARYPORT, Jan. 30.—Arrived—Nelson, from St. John's,
Now Brunswick.
BURNTIBLAND, Jan. 30.—The Lee (schooner), of Dun-
dee, drove foul of the Express, and both received some
damage to their masts, &c. Tho Vauma, Shields to Con-
stantinople, drove on shore during a gale yesterday ; if the
weather moderates she may be got off.
NEWPORT.—Arrived—Eleonore Bristol for Havana,
Sailed—Siam, New York. The Parthian (Danish barque),
which fell over in the canal, is much strained and damaged,
and will not float.
YARMOUTH, Jan. 30.—The Star, (schooner), of Whitby,
was in collision to-day with the Effort (brig), of Sunder-
land, and had her bows stove, &c. The Louth, of Louth,
from Sunderland to London, been brought in with loss
of sails, &c.; the Elizabeth Taylerson, from Shields to
London, is on shore on the Barber Sand, but is expected
off on the flood.
SHIELDS, Jan. 30.—Sailed—Eustace, for Rio Janeiro.
HuLL, Jan. 30.—Sailed—Venerable, for Bermuda.