The Sun.
London, England, 1854-02-14 00:00:00

THE SUN, LONDON, TUESDAY EVENING, FEBRUARY 14, 1854.

vent the boundless jobbery and extravagance ine-
-1 vitably consequent upon a national rate. Mr.
PASHLtY proposes to retain the local management,
and to secure local interest concomitantly with a
national rate, by an ingenious management. He
would pay two-thirds of the total sum required
for poor-rates by a national rate ; the other third
by each parish paying, in addition to its two-thirds
of the national rate, one-third of its own ex-
penses. Thus assuming that is. in the pound would
raise a sum of 6,000,000/. as a national rate,
every parish without exception would pay its two-
thirds, that is Bd. in the pound ; and would pay,
in additon, one-third of its actual outlay for the
poor, whether it were more or less than Bd. Thus,
supposing the parish rates amounted to ls. 6d. per
annum, it would pay Bd. + 6d., that is, ls. 2d.
Suppose they only amounted to 6d., it would still
pay its Bd. and one-third of 6d-10d. in all, as
its actual rate. He considers that thus no very
much heavier burden would fall upon any parish,
while yet the effects of good management would
be sufficiently felt to stimulate watchfulness and
care. He objects to equal Union rating that, as
it would be managed by guardians, and as the
average of number of parishes are twenty-
three to each Union, each guardian would
have an interest of but a twenty-third part in
keeping the expenses down. It appears, indeed,
that Union expenses are even now much less
watched than parish expenses. Here, however,
we are met by the ever-recurring difficulty in this
great national problem. In proportion as you
make ratepayers feel the weight of their own
expenditure they will endeavour to lighten it—
issuing, in this case, in hardship for the dis-
tressed. In proportion, on the other hand, as
you approved a national rate, the inappreciable
consequences to each locality of its own good or
bad management insure, at the least, neglect and
waste, if nothing else. We shall have, however,
abundant opportunity to return to this• great
subject.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday
were estimated at 9,000 bales, of which 1,000
American and 2,000 Surat were taken for export
and on speculation. There was a good demand,
especially for Surat, and, compared with Friday's
rates, prices of all kinds were extreme. The sales
comprised 4,500 American ; 550 Pernam and Ma-
ranham, at 6d. to sid. ; 200 Bahia, at bid. to
61d. ; 600 Egyptian, at 6d. to 11d. ; 3,000 Surat,
at 2icl. to 40., and 60 Sea Island at .ls. to Is.
Bd. per lb. Railway Shares were firm.
The steamer Great Britain is telegraphed as
having arrived at Liverpool, and she brings 164,465
ounces of gold, say 650,0001. Probably there may
be in the hands of the passengers, 199 in number,
I€4oool. more, making the total about three-
quarters of a million sterling. The dates from
Melbourne are December 4, and from Sydney not:
later than those received yesterday, namely Nov. 19.
The first shipment of cotton from Sydney to Liverpool
is on board this steamer. The price of gold at
Melbourne was 775. per ounce. The letters will
not be delivered until to-morrow.
The steamer Niagara, from New York, brings
62,000 dollars. The letters are not yet delivered.
At the meeting of the Victoria London Dock
Company, to be held to-morrow, a very favourable
report will be presented by the directors. The en-
gineers state that nearly all the land required has
been purchased, and almost the whole of the
200 acres to be provided by the contractors,
and most of the additional land, have been
paid for and conveyed to the company. The
board of directors propose that 704,000/.
should represent the total amount of the com-
pany's expenditure, with the exception of any
subsidiary works that may hereafter be found to be
desirable, as the enlargement of the company's
capital is authorised by Act of Parliament
any time within 7 years. There will be a half-tide
basin of 16 acres, an inner clock of 74 acres, more
than 11 acres of warehouse floor, jetties affording
6,000 feet of quay frontage, in addition to the sides
of the dock, and 110 acres of land. As the in-
crease of business must be gradual, it may be
anticipated, that additional dock accommo-
dation beyond that already contracted for
will not be required during the first two or
three years after the opening of the dock.
The large extent of land, (upwards of 400 acres)
owned by the Company, in addition to the 200
acres which form the site of the Dock and other
works now in progress, will give the Company the
means of providing all the accommodation of the
kind usually supplied by docks, which the trade of
London may eventually be found to require, and will
enable it to afford to the different trades, who may
be expected to resort to the Victoria Docks, such other
accommodation as may be suited to the requirements
of each. The company will have the means of
supplying warehouses, yards, dry docks, timber
ponds, or any other premises and conveniences,
which may be adapted to particular branches of
trade. Looking to the extent and variety of the
business, the accommodation of which falls within
the company's province, and the comprehensive,
and in some respects novel, character of its plan, it
appears to the board that great eventual advantage
is likely to arise to the company from such delay
in the further extension of the works as will enable
them to take advantage of the overtures, which
may be made to them by parties seeking spe-
cial accommodation, or of the suggestions
which experience may furnish. It will be
seen from the annexed accounts, that the
amount paid by shareholders in anticipation of
calls amounts to 53,8961. upon the old shares, and
28,7061. upon the new. The option of paying
up in advance either the whole or any part of
the sum remaining uncalled upon the shares, and
receiving 5 per cent. upon the amount so paid,
remains open to such holders of either the old or new
shares as may be disposed to avail themselves of it.
A resolution will be proposed to the meeting au-
thorising the board of directors to borrow 133,0001.
either on debentures, or on mortgage, on such
terms as they may think advisable, in conformity
with the act of Parliament. The grant of this au-
thority is necessary for facilitating the Company's
financial arrangements.
The anxiety attending the present settlement of
the Consol account, owing to the large differences
of a party highly connected in the City, has been
allayed in some measure by the arrangements made
through relations for meeting, we believe, the en-
tire amount. Upon this point we cannot yet speak
positively, and the matter is one to be exceedingly
regretted, because it gives rise to various rumours
which probably have rto valid foundation.
Every one acquainted with City affairs knows
that the party in ques (ion has been di-
rector in an unusually large number of com-
panies, good, and indifferent— Nothing is brought
forward against his good faith or integrity, but it
has long been a matter of c o nunent as to the pro-
priety, seeing his connection with parties who
might be affected by any involvement of his wholly
engaging in such undertakinp. Many are of opi-
nion that Stock Exchange Losses are by no means
the cause of the present embarrassment, but the
indisposition of his very wealthy connections to
continue further aid. Large contracts are stated
to be in existence, and althocugh we presume they
may be successfully carried (nit, they represent a
sum which, iu the aggregate,, is too much for the
means of any but a powerful capitalist not depen-
dent upon others. We shalLl say no more upon
this point, and trust that the, steps taken will be
ultimately the best for
all par ties.
Although the Stockarked is very quiet, there
is considerable firmness, and -the settlement of the
m
account, which takes Place t c)-morrow, is likely to
show a scarcity of Consols. The prices have been
91. i. and 92k for transfer, b-irt not lower than 92
to k for account. Exchequer Bills have continued
at 17s. to 20s. premium. Bunk Stock is firm a
216 to 217.

The Foreign Securities barn been firmer gene-
rally. Spanish Three per OE atts. have been 404 to
41, being per cent, better. Mexican Bonds have
been supported at 251 to h- The Grenada De-
ferred Stock is at 7. Russiai o Bonds have been at
90 for the Four-and-a-Half per Cents. Dutch
four per Cents. are at 93.
The Railway Share market. has been very buoy-
ant, and there is more doing;;. Caledonian have
risen 11., Great Northern (A";s) 2/. to 31., North-
Western about 1/., Midland I OS. to 1./., ork and
Berwick 10s., and the ernalle r lines in proportion.
French Shares are nominal. Luxembourg have
improved. _ _

BsITISII
MINES.—A moderate iiquiry exists at
firmer prices, with one or tw•c► exceptions. Those
most in favour are Arundells.. 255. to 30s. ; Alfred
Consols, 25 ; North Pool, 191_ 195 ; Sortridge Con-
sols, 1 1k ; Great Crinnes, 32s . 6d. to 355.; Great
Tregunes, 24 ; Tassau Lew i, ; Poltimores,
par ; Mollands, 4.
The current prices for the Jamaica Mines not
officially quoted are as follow s :—Metcalfe, to
prem. ; Sue River, I dis. to pax ; Port Royal, to
prem.
The Gold Mines are nomii is 1. Australian have
been as low as 1i to 2.
The Land Companies' shares ; are rather higher,
and more is doing in the Dia al.

BRITISH FUNDS THIS DAY .- —CLOSING PRICES.
(Prom the Official . kiSt.)
Business done
Bank Stock ........ .. . ............. ...... .... 216 17
1 per Cent. Reduced Annuities 92i 6 i $
3 per Cent. Consols Annuities 9l 21 14
New 34 per Cent. Annuities 93i 1 4 3i
Long Annuities, Expire sth Jan., 18 60 ..• 51
Consols for Account 15th Feb.
Exchequer Bills, ld.
£lOOO
17 20
...• ..
.2500
Small l7 20 p ...., ~.. .. .......
PRICE OF FOREIGN FM\ rl )S THIS DAY.
Grenada Bonds, Deferred
Wexican 3 per Cent.
Peruvian Bonds, 41 per Cent.
Russian Bonds, 1822, 5 per Cent. £;1 t —
-- Ditto 41 per Cent .. 90
.....
Sardinian Bonds, 5 per Cent
Spanish Bonds, 3 per Cent .. 41 401
Spanish New Deferred, 3 per Cent.— ...... 191
Venezuela Bonds, 31 per Cent -- 28 1
Dividends on the above payable I n London.
Datch Exchange, 2/ per Cent. 12 Gui 1 6li
Ditto 4 por Cent. Certificates . ..... ..
2 'HBEE O'CLOCK.
Consols
I
Ditto February Account .i. -

lewski had in vain endeavoured to induce Prince
Daniel to grant an amnesty to the proscribed Mon-
tenegrins. The Prince went recently to Trieste to
see his betrothed. He is expected at Vienna. The
ex-President Pietro Petrovich is dangerously ill at
Cattaro. General Liprandi has assumed the com-
mand of the Russian army in Lower Wallachia, in
the room of General Aurep, who was dismissed in
consequence of the affair of Citate.
The English merchants at Trebizond have ad-
dressed a note to the English Ambassador at Con-
stantinople. This document stated that the
English colony cf Trebizond was numerous and.
flourishing ; that its commercial transactions sur-
passed the yearly amount of 30 millions, and that
in consequence of the return of the squadrons to
the Bosphorus the city might be attacked by the
Russian ships, thereby exposing them and the in-
habitants to a disaster like that of Sinope. It
further stated that if such a calamity occurred all
the English families would be ruined, as well as
exposed to the greatest dangers. Finally, the
address begged for the energetic protection of the
royal navy.