The Sun.
London, England, 1854-03-04 00:00:00

THE SUN, LONDON, SATURDAY EVENING, MARCH 4, 1854.

results pointed out in a very marked manner byl
Mr. CHESHIRE, towards the close of his ingenious
and masterly compilation. Any one may here
arrive at some tolerably correct deduction from
the statistics collected by the Census of 1851—
deductions affording some reply to two vitally
important, but hitherto somewhat proble-
matic, questions, viz. : I. " Can the popula-
tion of Great Britain be sustained at the
rate of emigration which is going on, and
which will probably be continued, for many
years ?" An inquiry not incapable of being
proximately answered on reference to those sec-
tions of the Census giving the number of mar-
ried and unmarried men and women, in the
country, at each age of life, in each district.
11. " Can the population of England be profit-
ably employed 1" An inquiry, the response to
which must be obviously facilitated, as Mr.
CHESHIRE would have us remark, by the
new classification of the people at each
age, according to their occupations. Pro-
blems, these, both of them of the most vital im-
portance, and which it is consolatory to believe
may now be solved satisfactorily.

MR. GLADSTONE'S FORTHCOMING

BUDGET.

Rumours are now abundant as to the character of
the forthcoming Budget. Of course until Mr. Gladstone
has made his speech on Monday night nothing will be
positively known on the subject ; but there were confi-
dent statements in high City circles yesterday to the
effect that the Chancellor of the Exchequer gleans to
raise the Income Tax from 7d. to is. in the pound, and
that Government will also ask for power to make a
further issue of Exchequer Bills to the amount of five
millions sterling, at such periods as the necesssities of
the national services may require.—Daily News.

_'ION E Y YIA RKE

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOC4.
The sales of cotton at Liverpool yesterday 'dere
estimated at 6,000 bales, including 1,000 for export
and on speculation. The market „as very dull.
Railway shares were flat, at a decline of to per
cent. in the heavy stocks.
In the circular of Mr. G. F. Mandley it is re-
marked that, but for the " strikes" and the dimi-
nished production of textile goods consequent
thereon, an accumulation of stocks and a glut of
foreign markets would, ere this, have probably oc-
curred. During the twelve months ended the 17th
February ultimo, the quantity of plain cottons
shipped to Calcutta was 147,346,978 yards, or
about ten million yards less than in 1853. Of
dyed cottons the quantity was about the same, and
of printed rather larger.
In a statement by Mr. F. W. Cosens, upon the
wine trade, it is mentioned that sherry continues
in steady demand, and that port is still advancing.
The quantity of all wines shipped to Australia last
year was at the rate of 192,531 gallons per month.
The merchants and brokers interested in the
Russia trade, have expressed much surprise at cer-
tain deductions by a weekly contemporary, which
ranks as an authority in such matters, and one
firm has assumed the task of combating the argu-
ment
of the editor, that indirectly supplies will
continue to be received. Messrs. F. J. Smith and
Charles, show in their published circular, that the
advance in tallow traceable to political causes, is
about 20, not 50 per cent., as asserted by the
Economist, the price having started up early last
July, from 475. to 535., because of the repeal of the
soap duty. Neither have prices fallen 50 per cent.
in the interior of Russia, but taking into account
the alteration in the exchange, only 5 per cent.
The current high rates in the London market will,
no doubt, attract supplies from America and Aus-
tralia, but the quantity must for awhile be short,
and as to the conveyance of tallow and other pro-
duce by land carriage to the frontier, the follow-
ing interesting particulars are given by the brokers
Above named :
" When, therefore, we read the suggestions that follow,
and which may not inappropriately be termed-6 Smuggling
made Easy'—suggestions, not to say recommendations, for
evading the blockade, we could scarcely believe that we were
not perusing a document penned by some Russian diploma-
tist for the private ear of his imperial master. But let that
pass for the moment, while we proceed to point out the all-
but physical impossibilities in the way of this anti-national
scheme. We shall say nothing at present about the enormous
expense of getting the goods from Warsaw and Cracow when
once they have reached these cities. The suggestion of the
Economist is—that all the Russian produce is first of all to
be brought to one or other of the depots ; and it is the utter
impossibility of this enterprise that wo propose now to
demonstrate—confining our remarks principally to the article
tallow.

" From Moscow, Morshanek, Siberia, Kazan, Samara,
Saratof, and Ukraine may be admitted, tallow can be re-
moved, so far as roads are concerned, on Ist May, with the
exception of Siberia, which we shall deal with separately. And
in every case it must4be allowed that the transit of goods must
cease, in consequence of the weather, on 90th Sept.—thus
giving 152 days for the work to be accomplished. The mode
of land conveyance in Russia applicable to tallow is by a
horse and cart, or oxen and cart. As horse-power is a better
known quantity, we will use this method of computation.
One horse and cart will carry one cask of tallow, the gross
weight of which is about 10 cwt. and will travel 20 miles per
day. From Kharkov, the maniafacturing place for the
Ukraine district, the distance to Cracow, the nearer of the two
proposed cities, is 600 miles. Warsaw is nearer to all the
other tallow depots in Russia than Cracow. We may, there-
fore assume that the tallow would be (on the hypothesis
of the Economist) conveyed from those places to Warsaw.
Warsaw is distant from Kolomna 700 miles, from Morshansk
75U miles, from Kazan 920 miles, from Samara 1,000 miles,
and from Saratof 850 miles. Striking out the Siberian supply
(20,000 casks or 200,000 cwt.) we have then (according to
the Economist), including the Ukraine supply, 647,267 cwt.
to be conveyed, on an average, 800 miles, which, at the rate
of 20 miles per day, would occupy 40 days ; and, allowing an
equal time for the return of these carts, horses, and
men, we have 80 days consumed. In the 152 days,
then, two journeys only could be performed. To con-
vey 647,287 cwt. it would, consequently, require 32,362
carts, horses, and men, allowing 10 cwt. to each conveyance.
The tallow from Siberia, brought down on rafts, never
reaches the nearest point to Warsaw—viz., Nishney—before
Ist August, and Nishney is 800 miles from Warsaw. If,
then, this 200,000 cwt. is to be safely deposited at Warsaw
by 30th September, it will employ, at the rate just computed,
20,000 additional carts, horses, and men. The total num-
ber of horses, carts, and men, to bring tallow alone, would
then be 52,962 of each. But tallow is but one of the articles
to be conveyed. The Economist tells us all the articles of
Russian produce are to find their way to England by this
route. Now, we observe, by the list furnished by this
writer, that the total weight of such produce is 17,250,200
cwt. If then, 847,267 cwt. take 52,362 horses, carts,
and men, 17,250,200 cwt. will take 1,066,080, or their
equivalent (so far as respects horse-power) in oxen.
But why England should enjoy the privilege of obtaining her
usual supplies, and other customers of Russia should not, we
are at a loss to conceive. It is but fair, then, to add another
quarter of a million of horses, carts. and men for our neign-
hours—or, in round numbers, to say that Russia will this
year extemporise one million and a quarter of horses, carts,
and men fore nu.
mee rmpethror Is engaging every species of conveyance
for his own belligerent objects."

It is unnecessary for us to remark, in giving the
above view of the case, that although we believe it
to be essentially correct, we are bound to consider
that there is another important consideration
with which the writers do not deal. They
take, very naturally, the side of the merchant
and holder, and advocate high prices as being,
under existing circumstances, to the advantage
of those who have stocks available. We, however,
while admitting the paramount duty of crippling
the resources of Russia, cannot forget that many
branches of English industry may suffer, and that
consumers at large will be inconvenienced. The
Russian producer will be severely punished, even
if he can forward any small quantity to the German
frontier, by the low prices to which he must sub-
mit, in order to meet the expense of transit ; and,
at least, the Imperial Government will be deprived
of all benefit. Our chief hope is, supposing the
war to last any time, that we may lay the founda-
tion of a new trade, although present appearances
do not favour the conclusion of large supplies from
any quarter.
The weekly return of the Bank of England,
made up to the 25th ult., illustrates what has be-
fore been stated under this head, viz., that the
large amount of gold received here has been speedily
absorbed for export to the Continent. The Go-
vernment deposit account improved a little, and
there was some curtailment of loans and discounts.
Compared with the previous week, the changes
are as follows

X2l, 699,505
44,705
16,286,165
32,852
3,383,249
Decrease 62,249
Public Deposits 2,722,345
Increase 282,238
Other Deposits
Decrease 346,835
Seven-Day and other Bills
Increase 15,859
Government Securities No alteration.
Other Securities 13,247,442
Decrease 98,934
Notes unemployed 7,815,955
Decrease. 42,465
Yesterday afternoon there were scarcely any bills
offering upon the principal continental cities, and
the rates were mostly lower. Gold, therefore,
must be still expected to leave, and Messrs. Hag-
gard and Pixley report a continued demand for it.
The amount of bullion exported from London
direct during the week to Thursday last was 2,960
oz. of silver, and 345 oz. of gold.
The Manifesto of the Emperor of Russia has
occasioned a decline in Consols, which opened at
91 to d this morning, and are now 90f The
New 31 per Cents. have been 92g tog. Bank
Stock is firm at a rise to 2191 and 220. Exchequer
Bills are 17s. to 20s. premium.
Foreign Stocks are all flat. Russian 5 per
Cents. 841 to 86, and Dutch 4 per Cents. 851.
Mexican Stock is at 241 g.
Railway Shares have been 1 to 1 per Cent.
lower generally for the English lines. The French
are ss. to 10s. worse.

Active circulation
Increase
Bullion
Increase
Rest

The current prices for the Jamaica Mines, not
officially quoted, are as follows :—Metcalfe, par to
premium ; Sue River, j discount to par ; Port
Royal, B. to premium.
BRITISH MINES.--A few dealings have taken
place in Hingston Downs, Hope Valley, Treweather,
Mollands, Gills, Tremollett Downs, Arc.
Gold Mines are nominal, and Banks scarcely so
good. Australasian Pacific Mail are better.
Crystal Palace heavy.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.

( Prom the Official List. )

Business done
hank Stock ..... ............. ..... ....... ..... 220 10i
Reduced Annuities.. 'hut 9-1

per Cent. Au, ~..nnk
3 per Cent. Consols Annuities 914 901
New :3i per Cent. Annuities 92i fi
New 2. per Cent. Annuities
India Bonds, £3OOO
Ditto, under £lOOO 5 p
Consols for Account 16th March
Exchequer Bills, ld.

£5OO — P
Small l5 20 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Equador Bends

Mexican 3 per Cent.
Russian Bonds, 5 per Cent.
Dill 4i per Cent 7Bi
Spanish Bonds, 3 per Cent 37i i
Spanish New Deferred, 3 per Cent. l7.
Ditto Passive (Converted)

Dividends on the above payable in London.
Belgian Bonds 41 per Cent. ex. 25 fr . 76
Dutch Exchange, 2i per Cent. 12 Gu11..,,,
Ditto 4 per Cent. Certificates ...... 85i
TWO O'CLOCK.

Consols 9oi 1
Ditto March Account 9O

RAILWAY INTELLIGENCE.

SOUTH-EASTERN,

The following circular, signed by the majority of the
directors, has been addressed to the proprietors of the
South-Eastern Railway :
" South-Eastern Railway, London-bridge
Terminus, March 3, 1854.

" Gentlemen,—lf anything were wanting to show the ne-
cessity for union in the direction of your affairs it is to be
found in some of the papers lately put forth.
" The circular of February the 16th, signed by the chair-
man only, was submitted to the full bqard of nine directors
for consideration, and was finally, in its published form,
sanctioned by a majority of six, three dissentient directors
opposing it.
" Voting by proxy is secured to you by act of Parliament,
to enable each shareholder, when unable to attend, to express
his opinion and sentiments through his proxy, in whom he
places confidence and trust. It is of the highest moment,
therefore, in order to obtain the decision and government of
your affairs by the majority, that papers stamped as required
by Parliament should be issued and placed in your hands, to
be used at your discretion and by your own free judgment,
for the control and administration of your affairs. It has ever
been an attentive mark of our duty to court your opinion on
questions of moment, when the views of the proprietors at
large should be taken ; for, unless the board of directors sup-
plied to the shareholders the means of voting by proxy, it will
be obvious that each shareholder, unapprised of the necessary
form and the stamp to be affixed, would be deprived of the
exercise of that right of representing his opinions at the reset•
ing which the Legislature intended.
" The circular of February 16, therefore, thus opens and
leaves the question and decision to all the shareholders,
carefully pointing out that the insertion of any other pro-
prietor's name, instead of the chairman's, will make the en-
closed paper of proxy equally available in fa' our of the name
substituted as you may think proper.
" Unless the means of so representing yourselves at the
meeting were cared for and provided, you will readily see
that the conduct of your affairs might drop into the hands of
a minority, whose object may be of a passing and transient
character, perhaps inimical to the permanent interest of the
company.
" In either case the expense, which has been greatly over-
stated, is the same, whether defrayed by yourselves person-
ally, or by the company out of your own assets. But in prac-
tice the right of voting by proxy would be a dead letter if the
means of voting by proxy papers were not, when necessary,
supplied to you for your use.
" The bill for making the Lewisham and Bromley line
was before Parliament before the resolution of the company
with regard to the outlay of further capital, passed on the
17th of March, 1853. It had previously received the careful
and anxious consideration of a full board, and no objection
to it had been offered by any proprietor. It was withdrawn
only on prudential motives, to avoid any hostility with the
Brighton Company, who, pending negotiations with us, and
without our knowledge, proposed to amalgamate with the
South-Western. In the judgment of the majority of the
board it will be remunerative ; but it was important not un-
necessarily to disclose an opinion which might suggest an
opposition to deprive you of its advantages.
" It would have been a mere waste of time and expense to
have convened a meeting to deliberate ou the initiatory step
of re-proposing that which previously existed. Our duty
was to replace you in the former position, with everything
prepared, in order that at the right time you should decide.
" These are the plain facts, and we leave them to weigh
against the statements which have been made. You will be
enabled by the proxy papers placed at your disposal to assert
your own opinions, and to enable the sense of the proprietors
at large to be fairly and fully obtained ; and a week still re-
mains within which you may forward them to the secretary.
" Our anxiety is natural, that no misrepresentation for a
moment shall be abroad of the good faith and earnest atten-
tion with which wo watch over your interests and regard your
confidence.—We have the honour to be, gentlemen, your obe-
dient faithful servants,
"JAMES MAC GREGOR, Chairman,
JAMES RENSHAW, Deputy Chairman.
HENRY RICH.
CHARLES IRONSIDE.
HENRY LEWIS SMALL
ROBERT BROWNE."