The Sun.
London, England, 1854-07-06 00:00:00

LONDON, THURSDAY, JULY 6, 1854.

Additional victories are reported to have been
gained over the Russians, by the valiant Moslem,
both on the banks of the Danube and among the
mountains of Circassia. The victory in European
Turkey is said to have been won by MEHEMET
PACHA, the successor of the heroic and lamented
MussA PACHA as Governor of Silistria—a triumph
achieved by him not far from the walls of that
fortress, over the rear-guard of the Muscovites,
25,000 in all, 2,500 of whom are said to have
fallen during the encounter. The victory in
Asiatio.Tutkey is stated to have been obtained by
SELIX PAanat—a triumph so complete, according
to yesterday's advises from Vienna, that the whole
Russian army is said to have been disperAed,
leaving thirteen guns and several stands of
colours, and the mai6riel of three camps, in the
hands of the victors—the defeat experienced
by General ANDRONIKOFF being described as alto-
gether overwhelming. The intelligence here re-
ferred to may possibly to some extent be exag-
gerated. It is, however, undeniable, that hitherto
the invading forces have only met everywhere
with discomfiture—in Lesser Wallachia and in the

Dobrudscha, in Bulgaria and in the CaTtcasus.

So that when it is intimated that the CZAR has
consented to withdraw his army within thi boun-
daries of Moliavia, simply out of complaisance to
Austria, people know very well how much to be-
lieve as to the retrograde movement being in any
"Veil% so to speak, voluntary. It is pretended
again that the AUTOCRAT has been induced to con-
centrate his forces around Jassy, more with
a view to certain modifications in his scheme
of the campaign, than from merely pruden-
tial considerations. Of course. We may credit
that also—if we so
Please! Setting altogether
aside, as matters of no account whatever, the
triumphs won by Turkey at Oltenitza and Citate
—the fruitless struggle made by the t Russians at
Giurgevo, and the utterly futiles-
the impregnable. Of course, the of. Silistria
drawal from Wallachia within' the frorti
the adjacent Principality, is in no vralle of
luctant or involuntary. It has uothiny g tall re"
more credulous be sure of that—nothing whet the
to do with the reiterated defeat of the invadingte7"
army, with the death of General LUD
of
General &MILDER% an, with the wounding of Prince
GORTSCHASOFF and of Prince PASKIEWITO; with
the terrible fact, that since the commencement of
'the campaign no. less than 25,000 Russian sol-
diers have been destroyed in the twin provinces,
either by battle or by pestilence--much less with
the approach of the British contingent by way of
Varna, and of the French contingent by way of
Adrianople. Now, supposing the events here
briefly enumerated to have nothing at all to do
with the fact of the retreat of the Muscovites
from Bucharest to Jassy, from Wallachia to Mol-
davia, from the neighbourhood of the Danube to
that of the Pruth. from the boundaries of Bul-

garia towards those of Bessarabia—at any rate,
moving together as they do at precisely this very
jUcture, they 6imstitute, at the very least, the most
startling and marvellous of coincidences. About as

curious a coincidence, by the way, as the fall of
Louis PnziappE, the late King of the Frenoh,
having been preceded by those revelationsin regard
to M. TESTE, of Ministerial corruption, in regard to
the capture of ABD-EL-KADER of most uukingly
bad faith, in regard to the Spanish marriages
(brought about as they werc), of falsehood, and
double-dealing absolutely infamous in a civilised So-
vereign. It were not more idle, we main tain, literally
not more i dle, to assert that these crimes had nothing
whatever to do with the tumultuous rising of the
people of Paris in February, than to assert now
in reference to the Retreat of the Russians that
it is a retrograde movement dictated by no sense

of weakness from recent defeats, and by no whole-
some fear of the formidable array presented to
the enemy by the allied armaments.

Obviously, therefore, the Russian army has
been driven back by the valour of the Turks, and
by a terror of the soldiers of France and England
now hastening to the head-quarters of the Otto-
. man Commander-in-Chief. Prudence has obliged
the troops of the CZAR to fall back towards the
Prnth. Necessity must push back his frontiers
beyond the Prnth, beyond the Dniester, beyond
, the Bug, to the current of the river Dnie-
per ! THIS is what must be secured by the
Allies, as the grand result of the war forced
upon them by the lawless aggression of the AUTO-
CRAT. Not the status quo ante bellum. In-
stead of that—the driving back of the Russian
frontiers to the river Dnieper. Finland may be
restored to Sweden—the Crimea and Circassia to
the Moslem—the Steppes of Ghirghiz and the
north-eastern shores of the Caspian to Tartary—
the Black Sea and the Danube may be opened to
the whole world's navigation, the barrier of trea-
ties being for ever removed from the Bosphorus
and the Dardanelles—but all will be still, com-
paratively speaking, of no avail towards the secur-
ing the future tranquillity of Europe, unless, in
addition to all this, neither the Pruth,
nor the Dniester, nor the Bug, but the
river Dnieper be appointed cite° more
one of the boundary lines of the Russian do-
minions. " Once more," we say. For it was so
once. It was so in 1689, on the accession of
PETER the Great. At the period named, from the
vicinity of Smolensko to that of Ekaterinoslav,
the current of the Dnieper marked out in that di-
rection the frontier of the Russian Empire—the
line of demarcation being continued in a sweep
from that bend of the Dnieper to the bend in the
Volga at Goradok. As the result of the pre-
sent war with the AUTOCRAT—more even almost
than the restoration of the Crimea, and of
Finland, and of Circassia to their original
owners, more even almost than the opening of the
Danube and of the Euxine to the world's naviga-
tion—the frontiers of the Russian Empire should
be driven back from the Pruth to the Dnieper.
More—because that advantage would involve the
others—not the others it ! Therefore to it the
aim of the campaign should, we conceive, be
chiefly directed. It should be the paramount
condition of any pacific arrangement. Insomuch
do we conceive this to be advisable, as epitomising
the whole purpose of the conflict adventured upon
by France and England, that we would, if a
watchword were desired for our diplomatists, we
would suggest as the most suitable and the most
significant—not the Danube, or the Crimea, or
the B >sphorus, not the Aral Sea, or the Euxine,
or Finland, or Circassia, but, as symbolising the
whole purpose of the war, the whole project of
the campaign, simply the name of the "DNIEPER,"

In the Post-office there is an improvement of
166,0001. on the year, and of 128,0001. on
the quarter. In the Crown Lands, on the other
hand, there is a deficiency of 132,8881. on the
year, and of 135,8881. on the quarter; and in
Miscellaneous the falling off is 26,9671. on the
year, and 34,649/. on the quarter.
So far for the ordinary items. As to the ex-
traordinary, we may briefly state that in the Im-
prest and other Moneys there is an increase on
the year of 58,4771., but a decrease on the quar-
ter of 117,043/. ; while in the Repayments of Ad-
vances there is a deficiency on the year of
102,4701., and on the quarter of 118,6021.

Till E QUARTER'S REVENUE.

" Ecce iterufn Crispinus."

Once more the Chancellor of the Exchequer has
presented the Revenue Returns for the year and
quarter ending the sth inst., awl the people have
again an opp)rtunity of forming their own opinions
respecting the state of the National Finances, on
evidence that cannot be controverted or denied.
The " facts and figures" contained in this im-
portant document are, so far as they go, conclu-
sive as to the actual bona fide receipts, and we are
enabled by comparing these receipts with the
corresponding quarters of former years, to form a
tolerably correct estimate of the state of trade,
and the amount of comforts enjoyed by the various
classes. It is true that the fiscal alterations that
have come into operation during the year, and
some of these beginning to develope themselves,
must to a certain. extent be taken into ac-
' count, and that plausible excuses may be
offered for some of the deficiences that
are so painfully perceptible at this moment. But
we cannot receive them as perfectly satisfactory,
or agree with the ABERDEEN organ, in thinking
that " for the revenue not to have fallen very
seriously under these attacks, is equivalent to a
great increase under other circumstances !" Nor
can we look upon it as "an agreeable state of
things," on which the country can be heartily or
at all congratulated. In our judgment they prove
that, notwithstanding all due allowances that can
fairly be made, the tide of prosperity that turned
last October is still rapidly ebbing, and, unfortu-
nately, we see nothing to induce us to anticipate
a favourable change, so long as the quasi Na-
tional Bank keeps on the screw, maintaining a
rate of interest so exorbitant as 5i per cent, on
first-class paper, and reducing the circulating me-
dium to an amount far beneath the requirements
of the industrial community.
We may now look to the results of this long
array of figures, and the various items of which
it is composed. And first we find that there is a
considerable deficiency on the year, and a still
larger one on the quarter, that on the year
amounting to 474,3691., of which 430,3761. be-
longs to what is termed the ordinary, and the re-
sidue, or 43,9931., to the extraordinary branches
of the revenue ; while on the quarter the total
deficiency is no less than 812,7891., of which
577,144/. is to be deducted from the ordinary,
and the balance, or 235,6451., from the extraor-
dinary items.

In the Customs we find that the deficiency of
the year is 450,5241., while that of the quarter is
367,494/. This is indeed a deplorable fall-
ing off, particularly when we remember that last
quarter there was also a decline of 106,891/., and
the preceding one of 96,8061. We must, however,
make allowance for the reduction in the Duties on
Tea and Sugar, and many minor articles which
were altogether struck out of the tariff. We
should also consider the effect of the failure of the
currant crop, and the increase in the first cost
price of tea occasioned by the Chinese insurrec-
tion, which prevented the natural and ordinary
consequences of the reduction from 2s. 2id. to
ls. 6d. of duty from being immediately percep-
tible. We must also remember that the corres-
ponding quarter of last year was one of unusual
prosperity—the increase in Customs over the
similar period of 1852 being no less than
441,1731. Under these circumstances we should
not, perphaps, greatly complain, although this
important branch of the Revenue has not ex-
hibited its usual elasticity—so usual indeed, that
we have come to look for it as a matter of course.

In the Excise there is a deficiency on the year
and quarter of 435,336/. and 171,609/. respec-
tively. Last quarter the deficiency was 155,2311.,
and the preceding 113,9701. In the allowances
to be made under this head, there are items to be
entered on each side of the account. On the one
side are the Soap Duties, which have been altoge-
ther abolished, to the extent of some 1,200,0001.,
while the increase of the price of tallow prevented
the
benefit of the abolition from being fully re-
alise&
Ou the other hand, we have the increased
SPiritiP Malt
in Scotland and Ireland, and the ad-
ditionalt Tax throughout the whole of the
United 'Kingdom
• . We should fancy these to be
tolerably close
equivalents for the Soap Duties—
more especially as the quarter ending sth July is
earBroivape aritute.
th
havoehber
news ;mere
tac on
deprived
letc ht eadt.t
the
ef
manyß caannk,
i therefore,ion
of
the working classes year when a large propor-
tion
than that
of their ordinary comfortceen
minimum rate is beginning
dicially the amount of theireaorna. fleet very preju-
The Stamps exhibit a favourirs.
the other items. There is an a• le
contrast to
increase on the
year and quarter, on the forimar of 48 076/ on
the latter of 30,485/., and this, not *, n" --
the abolition of the Duties on Advertiswelnithsta ding
the so-called reduction on Receipt 8 ent;
and
tamps and
, others, but which really produced much larger
returns than the higher rates previously attempted
to be enforced, but so frequently evaded from
their unfairness. We have no doubt that when
the admirable measure of the Chancellor cf the
Exchequer, respecting the stamps on Bills of
Exchange shall receive the Legislative sanction,
there will be a much larger augmentation under
this bead.

In the Assessed Taxes there have been defi-
ciencies of 33,9021. on the year, and 74,556/. on
the quarter. The Property,/ and Succession

THE SUN, LONDON, THURSDAY EVENING, JULY 6, )854.

Taxes, which are now taken together, show
improvements both on the year and quarter of
435,165/. and 48,567/. These may appear to be
satisfactory, but we regret to say that the facts
are very different. Not only is there the Suc-
cession Tax to be taken into account, but the ex-
tension of the burden to persons having incomes
exceeding 100/. per annum in the United King-
dom, and to all parties possessing 100/. per an-
num in Ireland, besides deductions that have
been made for the doubled Income Tax on sums
payable within the last quarter. The whole
greatly exceeding the beggarly sum of 48,567/.,
which, under the circumstances, may be con-
sidered as indicating a deplorable deficiency on
the quarter.

HONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK

The sales of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 500
American taken for export. The market closed
heavily, with much cotton offering. Compared with
Friday's rates, prices were without alteration, ex-
cept in American, which were 1-16 d. lower, and
common Sea Island id. to ld. higher. The sales
comprised 4,000 American, 400 Pernam and Ma-
ranham at 6d. to Bid., 200 Bahia at 6id. 62d., 250
Egyptian at 6ad. to 11d., 500 Surat at 31d. to 41d.,
and 300 Sea Island at lOid. to ls. Bd. per lb.
Railway Shares were firm.
Silk, by the general acquiescence of the trade, is
to be sold at its net conditioned weight.
The new sugar duties have come into operation,
and the market is flat. Messrs. H. W. Lord and
Co. have stopped payment.
The following ships have been accepted by Go-
vernment for the transport service :—Clifton,
Edwin Fox, Belgravia, arid Violet.
The Lords Commissioners of the Admiralty re
quire tenders to-morrow for the conveyance of 520
tons of oats to Varna, calling at Constantinople for
orders from the commissariat.
In a circular, dated from Melbourne, the writers
state :—The European population of the Australias
is estimated at 600,000, the consuming power of
whom is equal at least to three times as many in
England. Therefore, the wants of a population
equivalent to 1,500,000 at home are to be provided
for.

LATEST FOREIGN NEWS.

___-4,

THE WAR.
ATTACK ON CRONSTADT,
THE FIRING OF THE FIRST SHOT.
(BY ELECTRIC lELE(IRAPII.)

DANTZIC, July s.—The fleet are in sight of Cron.
stadt.

This assertion is remarkably borne out by the
facts as we gather them from the trade returns up
to August last. It appears, for instance, that in
round numbers, England exported to the Austra-
lian colonies in the first six months of 1851 (being
at the dawn of the gold discovery) 3,000,000 yards
of plain, and. 3,600,000 yards of printed, calicoes ; in
the six months ending Aug. 1853, the amounts were
nearly 7,ooo,oooyards of plain, and nearly 6,000,000
yards of printed goods of the kind, besides emigrants'
outfits and stocks drawn from India and other mar-
kets. The hardware trade of Birmingham and
Nottingham could tell a similar tale.
The _Directors of the Bank of England have
broken up without altering the rate of discount.
The English Stock Market has been very heavy,
the circumstance of the Bank not having lowered
its minimum rate of discount being against prices,
while most parties are so unaccustomed to a decline
in the revenue, that even allowing for the reduc-
tion in the duties upon several articles, especially
tea, they look upon the return as unfavourable.
Certainly a period of war may be deemed in-
convenient for any reduction of income, but
no one looking impartially at the return can
regard it as otherwise than satisfactory under the
circumstances. Consols have been 93 to 93g for
special transfer, and 93i to for account. The
New 31 per Cents. have realised 93g- to 932, and
the Three per Cents. 93 to 93g. East India Stock
has been done at 232, without the dividend. South
Sea Stock has been at 114, also ex dividend. Ex-
chequer Bills have been at is. discount to 2s. pre-
mium, and India Bonds at par.
There is a dull market fur Foreign Stocks gene-
rally, but Mexican Bonds have been firmer, at
upon the passing in the United States Con-
gress of the bill appropriating 2,000,0001, for the
Gadsden indemnity. Peruvian Three per Cents.
have been marked 52. Sardinian Bonds are 86 to
861, and ex dividend. Russian 41 per Cents. have
been at 83 to 831. Spanish Bonds continue flat,
and there is great uncertainty respecting the issue
of the insurrectionary movements that have been
commenced, and with which, as against an incom-
petent Ministry, there is much snore sympathy
than is usually felt for simple pronunciamentos got
up by ambitious and needy Generals.
The following are the nominal prices of foreign
Stocks : Grenada Deferred Bonds, 6± to WI ;
Peruvian, 67 to 69 ; Portuguese 4 per Cents., 40
to 42 ; Russian 5 per Cents., 99 to 101 ; Spanish
New Deferred, 18/. to 19± ; ditto 3 per Cents., 37
to 381 ; ditto Certificates, 4 to 41 ; ditto Passive,
4 to 41.
_

A Russian steamer has been chased by the Des•
perate.

The first shot fired against Cronstadt was by the
Desperate.
Cholera has broken out.
The Gorgon has arrived.

SKIRMISH WITH THE RUSSIAN FLEET

NEAR SEBASTOPOL.

The last week's railway receipts ascertained up
to this day are in round figures as under :

We learn by telegraph, via Malta, that on the
15th of June a rencontre took place between the
Terrible, Furious, and Descartes, and eight Rus-
sian steamers, near Sebastopol. No damage was
done. A shell fell on board the Vladimir.
The combined fleets were at Baldjik on the 24th
June.

Another telegraphic despatch from Vienna, says,
some Russian ships left Sebastopol and fired upon
the cruisers of the allied fleets. They occasioned
some damage to the Furious, and then returned to
Sebastopol...

The English have taken soundings at the mouth
of the Dniester, not far from Odessa, and have had
some trifling skirmishes with the Cossacks.

1854. 1853.
Great Western

ARRIVAL AT VIENNA OF THE OFFICIAL

North-Western

57,833

56,499

South-Western

Brighton

16,134 11,662

Midland
South-Eastern 18,688 17,851
Caledonian, and Edin. and Glasgow 16,;:35 14,427
Great Northern 18,228 15,817
Lancashire and Yorkshire 20,361 19,142
York and North Midland
Newcastle and Berwick } 32,188 30,984
Leed3 Northern

The Railway Share Market has been lower, and
with diminished transactions. The Great nor-
thern have dropped in common with the London
and North Western, the York and North Mid-
land, the Caledonian and the Midland. French
Shares have been very quiet at about the previous
rates. The East Indian are not quite so good.
Iu the Gold Mines there have been very few
bargains. Banks are dull.
The Australian Agricultural Companies' Shares
are lower, and Crystal Palace have been at a
discount.

BRITISH FUNDS THIS DAY.—CLOSING PRICES
(From the Ofticel List.)

Rusinem. Ann-
-93i 3 $ i 3
93$ 3 2 i x d
3} per Cent. Annuities .
3 ppeer,
CCeentitt..
CReondsuoclesdAAnnnuinuititeises
93
New 2} per Cent. Annuities
Annuities,k Expire sth Jan., 1860
232
par
71Ditto under £lOOO 3 p par
India Stock SBtooneds ,
South Sea Stock
£lOOO
Consols for Opening 19th July
Exchequer Bills, 24d.
Vl000
2500 3 p par
Small. 5 p
PRICE OF FOREIGN FUNDS THIS DAY.
,Lytican 3 per Cent.
Peruvian 3 per Cent.
etintper Cent... .........
52
Spanish:apr
DittoDadriiit:t
Ditto
i:n4Nfi?Atelftdiulsrde,
Deferred,si
Russian Bonds, 1822, 5 per Cent. £ St
ccount B6l 6
per Cent .............. 37
3 per Cent,,,,,,,,., 19
83 A x d
x d
x dl
~tvi•iends on trio 4,,,ve p‘ts ante in London.
Dutch Exchange, 2,1 per Cent. 12 Gull ...., 60 59k x d
THREE O'CLOCK.
Consols for Opening 19th July

THE RUSSIAN LOAN.— A letter from Berlin of the
Ist, in the Moniteur, says :—" The Russian loan goes
on very wretchedly. It is offered by M. Mendelsohn,
who, perserbdiv, appears to have taken very little of it,
at 87, which with the difference of the exchange at St.
Petersburg, brings it to 93. On the other hand, the
house of Hope has sent an agent to Berlin, who offers it
on the spot at a lower price than M. Mendelsohn. 'The
financial world is not at all favourably inclined towards
Russian policy, and it is foreseen that it the war is
prolonged for only some months, Russia will be 3om-
pelled to have recourse to a considerable issue of paper-
money.
FOREIGN EXCHANGES.—The mercantile advicea from
the Continent contain nothing of much importance. The
quotation of the rate of exchange from Paris is rather
less favourable, and, if there had been any Australian
gold in the London market, some moderate amounts
he might, probably,
statements
o 1
the European Exchanges to discountenance most
Tall dealing
in the new Russian loan has created more satisfaction
h a
the v disposition been
purchased remittance.
in
for
manifested
of
than surprise, since from the first its introduction at
Amsterdam seemed a proceeding wholly inconsistent
with the proper course of a neutral power.
THE SILK TRADE.—The recently appointed deputation
of the manufacturing portion of the silk trade called dur-
ing the last week on the merchants and brokers, re-
questing their acquiescence in the resolution agreed to
by the manufacturers—to buy silk at conditioned weight
only ; and, on the whole, were satisfactorily met. Some
houses expressed themselves favourable to the settlement
of the question, and were disposed to facilitate business
by !consulting the wishes of their customers ; others
would follow the example of other merchants ; and one
of the oldest opponents to the system would fully agree
to it if it were rendered general in London and in the
country, adding an opinion that the practice is highly
desirable for the manufacturers, although some objection
might be raised to the positive declaration as to buying
and selling on " condition terms" only.
THE NEW ACTS ON EXCISE AND CUSTOMS DUTIES,—
Yesterday two acts of Parliament, which received the
royal assent on Monday, were printed, to alter certain
duties of excise and customs. It is recited that towards
raising the supplies to defray the expenses of the just
and necessary war in which her Majesty is engaged,
additional rates and duties have been freely and volun-
tarily given. The new duties are already well known,
and were in force before the passing of the acts. As to
pre-existing contracts, it is provided that every person
who may before the day on which the duty under the
law is payable on any articles of customs, have entered
into any contract or agreement, is empowered to add to
the contracted price such a sum of money as will be equi-
valent to the increased duty now payable.
Two SISTERS DROWNED.—A very melancholy acci-
dent from sea-bathing occurred at Kincraig, near Elie,
on Tuesday last. Misses Isabel and Mary Russell had
gone down together to the beach—the latter with the
intention of bathing, her sister accompanying her, the
place they had selected being between two ridges of
rock, and the time being high water, with a considerable
swell. It is supposed that Miss Mary had mistaken the
ground, which suddenly dips into deep water, or had
been drawn out by the current, and her sister, seeing
her danger had gone into her rescue, when both being
beyond their depth, and unable to reach the shallow
water, they perished together. Their bodies were found
cli Si togct. er within an hour afterwards, and, although '
medical : ssistance was promptly prucured, and every 1
effort used to restore animation, all was ineffectual,—
Fife lieraid.