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-
vitably consequent upon a national rate. Mr.
PA SEILEY 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 ls. inthe pound would
raise a sum of 6,000,0001. 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 is. 6d. per
annum, it would pay Bd. 6d., that is, Is. 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,
WQ 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 sale*
comprised 4,500 American ; 550 Pernam and Ma-
ranham, at 6cl. to 64d. ; 200 Bahia, at 60. to
bid. ; 600 Egyptian, at 6d. to 11d. ; 3,000 Surat,
at 2d. to 4id., and 60 Sea Island at ls. to ls.
Bd. per lb. Railway Shares were firm.
The steamer Great Britain is telegraphed as
having arrived at Liverpool, and she brings 164,465
ounces say 650,000/. Probably there may
beinthoef gold,ba s
of
hands
passengers, 199 in number,
100,0001. 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 cottonfrom Sydney to Liverpool
7 78
is on board this steamer. The price of gold at
not
be delivered
Melbourne
was
until per ounce. The letters will
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 dock 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
28J06/. 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 no valid foundation.
Every one acquainted with City affairs knows
that the party in question 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 comment as to the pro-
priety, seeing his connection with parties who
might be affected by any involvement of his wholly
engaging in such undertakings. 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 although we presume they ,
may be successfully carried out, they represent a
sum which, in the aggregate, is too much for the
means of any but a powerful capitalist not depen-
dent upon others. We shall say no more upon
this point, and trust that the steps taken will be
ultimately the best for all parties.
Although the Stock market is very quiet, there
is considerable firmness, and the settlement of the
account, which takes place to-morrow, is likely to
show a scarcity of Consols. The prices have been
911- and 921 for transfer, but not lower than 92
to # for account. Exchequer Bills have continued
at 17s. to 20s. premium. Bank Stock is firm at
216 to 217.

The Foreign Securities have been firmer gene-
rally. Spanish Three per Cents. have been 40. to
41, being per cent. better. Mexican Bonds have
been supported at 251 to The Grenada De-
ferred Stock is at 7. Russian 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), 21. to 31., North-
Western about 1/., Midland lOs. to 1/., York and
Berwick 10s., and the smaller lines in proportion.
French Shares are nominal. Luxembourg have
improved.
BRITISH MINES.—A moderate iaquiry exists at
firmer prices, with one or two exceptions. Those
most in favour are Arundells, 255. to 30s. ; Alfred
Consols, 25 ; North Pool, 191 195 ; Sortridge Con-
sols, 1 1i; Great Crinnes, 325. 6d. to 355.; Great
Tregunes, 24 ; Tassau Lead, f ; Poltimores,
par Mollands,
The current prices for the Jamaica Mines not
officially quoted are as follows :—Metcalfe, to
prem. ; Sue River, dis. to par ; Port Royal, to
Preto.

The Gold Mines are nominal. Australian have
been as low as 11 to 2.
The Land Companies' shares are rather higher,
and more is doing in the Banks.

RRITISH FUNDS THIS DAY.—CLOSING PRICES.
( Prom the Official List.)
Business done.
sank Stock ............ ...... ....... .... 216 17
1. per Cent. Reduced Annuities 92i i i i
3 per Cent, Consols Annuities 9li 2f 14
New 31 per Cent. Annuities 93i i 4 38
Long Annuities, Expire sth Jan., 1860
Consols for Account 15th Feb. 92 / li i
Exchequer Bills, ld.
21000
2500 l7 20 p
Small l7 20 p
PRICE OF FOREIGN FUNDS THIS DAY.
Grenada Bonds, Deferred
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent.
Russian Bonds, 1822, 5 per Cent. £ St
Ditto 4i per Cent 9O
Sardinian Bonds, 5 per Cent B4* 5.
Spanish Bonds, 3 per Cent 4l 40q
Spanish New Deferred, 3 per Cent.
Venezuela Bonds, 3i per CTRL ... .....
Div Went& on the above payable in London.
Dutch Exchange, 2i per Ceht. 12 Guil
Ditto 4 per Cent. Certifieates . .
THREE O'CLOCK.
Consols 9l* I
Ditto February Account

LATEST FOREIGN NEWS.

RUSSIA AND TURKEY.

LETTER OF THE FRENCH EMPEROR TO
THE CZAR.

The following are the salient points of the letter
of the Emperor Louis Napoleon to the Czar.
After a résumé of the Eastern question, Louis
Napoleon says :
" If your Majesty desires as much as I do a
pacific conclusion, what more simple than to de-
clare that an armistice shall be signed to-day ; that
things shall take their diplomatic course ; that all
hostility shall cease ; that all the belligerent forces
shall withdraw from the places where motives of war
have called them ? Thus the Russian troops shall
abandon the principalities, and our squadrons the
Black Sea. As your Majesty prefers to negotiate
directly with Turkey, you can nominate an am-
bassador who could negotiate with a plenipoten-
tiary of the Sultan, a convention to be submitted
to the Conference of the four Powers. If your
Majesty adopts this plan, upon which the Queen
of England and myself are perfectly agreed, tran-
quillity will be re-established, and the world sa-
tisfied. There is nothing in this plan unworthy
of your Majesty—nothing that can hurt your
honourable feelings. But if, from a mctive diffi-
cult to understand, your Majesty should refuse,
then France and England will be obliged to leave
to the chances of arms and the hazards of war that
which might be decided at once by reason and

justice."
It will be at least six days yet before the answer
of the Emperor Nicholas to the letter of the Em-
peror of the French can be received ; but already
the speculators on the Paris Bourse seem to have
made up their minds thathe must yield, and the rise
in the funds has consequently- made further progress.
There are many, however, who still think that we
are as far from the settlement of the Eastern ques-
tion as ever. All in Paris who ought to be best
acquainted with the character and position of the
Czar declare that there is not the slightest proba-
bility of his conceding anything, and that, even if
he were willing, his doing so would be useless, as
the religious fanaticism which he has roused among
his subjects would force him into a war. But,
notwithstanding the known obstinacy of the Czar,
and the awkwardness of the position in which he
has placed himself, some diplomatists continue to
hope that war is not inevitable. Despatches have
been received from M. de Bourqueney and General
de Castelbajac, both of whom state that the chances
of peace have, upon the whole, improved. M. de
Castelbajac has written that the entourage of the
Czar shows a better disposition, and speaks of con-
cessions as not impossible. M. de Bourqueney has
also written to say that Count Orloff, when taking
leave of M. de Buol, took him by the hand, and
said, " I hope that three days after my arrival in
St. Petersburg I shall be able to send you good
news."

It was announced at Vienna, on Sunday, on au-
thority that the Vienna Conference is not dissolved,
although the Russian ambassadors have left Lon-
don and Paris.
A letter from Vienna of the Bth of February
says :—General Count Orloff left this morning for
St. Petersburg direct by a separate train to Oder-
berg. M. de Fonton and the attaches of the
Russian embassy here accompanied the distin-
guished General to the railway station. Yesterday
Count Orloff had an interview of his Majesty Fran-
cis Joseph, to take leave. The General also paid
a parting visit to Count Buol, the Minister for
Foreign Affairs. Baron Budberg, the Russian
Minister at Berlin, returns to his post in the
Prussian capital to-night.
The Austrian Correspondence has a somewhat
complimentary, but short, article on the occasion
of the departure of Count Orloff. The only passage
of importance in it is as follows :—" Though the
propositions of Russia have not been accepted by
Austria ; nevertheless, hopes may be entertained
that other means for the satisfactory solution of
the Oriental question will yet be found."
The Copirte Zeitung's Correspondenz says :
•' With respect to the success of the mission of
the Russian Adjutant-General Count Orloff, the
following indications have reached us Austria
remains true to her primitively declared lieu•
trality, but is disposed, conjointly with Prussia,
to undertake a mediation for the promotion of
peace and the re-establishment of a good under-
standing between Russia, France, and England.
Russia abandons her demand to treat direct with
the Porte.' "
A well-informed correspondent writes hereon as
follows :—" The departure of Count Orloff will not
be followed by any modification of the policy which
the Austrian Cabinet has adopted with respect to
the Oriental question. Without entering into po-
sitive engagements for the future, the Austrian
Cabinet will maintain its present attitude of ob-
servation. It will, certainly, not interfere, except
with the view of maintaining the balance of power
in Europe, and in the event of the most urgent

necessity ; meanwhile, it will continue to act within
the limits of its present neutrality as long as pos.

sable."

The recent article of the Lloyd against Russia
sold off two editions of the paper, and is now sepa-
rately printed. On the 10th the Lloyd published
another, the sum of which is, that Central Europe
must unite to resist Russia, whether on the Oder
or the Danube, if it would not experience the fate
of Poland. Formerly, it is said, unity came from
the hand of some powerful ruler, now it is the
people who feel its necessity, which, aware of its
danger, will tolerate nothing less than common
opposition to Russia.

A telegraphic despatch of the Bth, from Frank-
fort, says it is reported that at the next sitting of
the Diet, communications of the very highest im-
portance will be made on the part of Prussia and
Austria. These communications, it is said, will
relate to the Eastern question, and to the attitude
which these two powers have assumed in reference
to the existing difference.
The following telegraphic despatch was received
in Paris yesterday. It is dated Constantinople,
January 28

"The Seraskier has received the following report from
Salim Pasha :
" The Russian fleet having been apprised that the
British and French squadrons had quitted Sinope to re-
turn to Constantinople, immediately sailed. Five
frigates have attacked the fort of Chefketil (Fort St.
IP/cholas), which compelled them to retreat without sue-
cess."

A letter from the Constantinople correspondent
of the Independance Beige gives some further par-
ticulars :—A very important piece of news has
been current at Constantinople for the last two
days among the public and even the ministers of
the Porte ; I had it myself from these latter, but
not as a positive fact within their certain know-
ledge it is true, because the government had not
yet received it in an official manner. The news is
concerning a fresh attack by sea on the fort of
Chefketil. As soon as the Russians heard that
the combined squadrons had returned to the
Bosphorus, they sent, it seems, some war
steamers to bombard the fort in question,
and the attack would have succeeded but for
the skill and vigour of the defence. This time the
Russian flotilla, severely handled by the Turkish
batteries, was obliged to retire, being not a little
the worse for the action. Now, this attempt, if
really true, would prove that the notification made
at Sebastopol itself to the commandant of the
Russian naval forces in the name of the English
and French admirals, has not produced much
effect, and that the Russians are resolved to con-
tinue hostilities in the Black Sea whenever a favour-
able opportunity presents itself. This demonstration
of theirs would be significant in the extreme, a re-
gular defiance in short hurled at the allied squad-
rons. But, I again repeat to you, this news, although
it has acquired a certain consistency, has nothing
official about it, and the Porte awaits with the
greatest impatience despatches from the general in
command of the corps at Batoum, in order that it
may itself know how to act, or what to believe.
Until the Turkish convoy sets sail, which it will do
as soon as possible, under the escort of a division
composed of ships of the line and steam frigates
from the two fleets, a few English and French men-
d• war have gone on a cruise in the Black Sea. As
for the sailing ships, it appears to be settled that
they are to keep to their anchorage at Beycos until
further orders.

Selina Pasha, who commands the Chorooksoo
Division, now within the Russian territory, and in
possession of Chefketil and Ozurghet, played the
Russian General a knowing trick lately. The latter
offered him a bribe to retire before the Russians,
abandoning all his advantages. The Pasha ac-
cepted it, pocketed . the money, and then laid the
matter before a military council, when it was una-
nimously resolved that the money should be dis-
tributed among the soldiers, which was forthwith
done. The Russian General, believing that Selitn
had turned traitor, most anxiously looked for the
retreat of the Turks, but much to his surprise they
made a brisk attack, so that he found himself
duped, and had to retreat with ad haste, leaving 4
guns iu their possession.
Another telegraphic despatch, dated Vienna
the Bth, states that the Russian Councillor Stupin
had arrived there from Cettinie, and gives the most
tranquillising assurances relative to the attitude of
the Montenegrins. The Russian Colonel Kowa_

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 of 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.