The Sun.
London, England, 1836-09-05 00:00:00

FRANCE.

(From the French Papers of Friday).
The formation of the Ministry, it appears, makes no
progress, which the press in general attributes to the ex-
treme exigency of M. Guizot, who will be satisfied with
nothing short of absolute power in the Cabinet, which he
manifests by the positions he demands for his friends and
himself. If' the Constitutionnel may be relied on, it would
seem that the Duke de Broglie, who has arrived at Paris,

is not likely to accept a seat in the new Cabinet, as he is
reported to have said, on learning what was passing, " Faith
I do not see how the late Ministers were wrong in this af-
fair. In their place I would have acted as they have done,
and still would do so."

Since the intelligence was received by telegraph of the
advantage gained over the Carlists by the division of
Soria, the reports of the officers of Don Carlos have
claimed the victory for themselves. Detailed accounts,
however, since received, confirm the statement of the

Pretender's troops having been worsted. The following
is an extract of a letter from Bordeaux, dated August
29, 8 in the evening :—" Official details have just been
roceived upon the victory of the army of the centre.
This army, the division Of Soria, which upon the news of
the event; at Malaga proclaimed the Constitution, attacked
in the environs of Lueno the combined forces of Quilez,
Cabrera, and Forcadil, forming an effective body of 10,000
men. After a battle which lasted two days, and in which
the national troops displayed extraordinary enthusiasm, the
three Carlist chiefs weae defeated, notwithstanding their
numerical superiority. The rout of the Carlists wrs com-
plete. Their loss was considerable ; 5,000 muskets, and
about 500 horses and baggage, have fallen into the hands
of the national troops. This victory appears to be at least
as great as that of Irribarren. Forcadil, with a remnant of
his forces, retired in the direction of Valencia to join a band
commanded by a monk. Forces are marching against
these two leaders."

A letter of the 27th ult. from Oleron states, that the
French Consul resident at Pau has ceased to pay the vo-
lunteers furnished by the Queen of Spain by the best regi-
ments of France.

The Phare de Bayonne of the 30th ult. contains the
following :—" A decree of the 22d ult. orders the organiza-
tion and mobilization of the national militia of the Penin-
sula and of the adjacent islands, conformable to a decree of
the Cortes of the 29th of June, 1822. The constitutional
juntas of Seville and Badajos dissolved themselves as soon
as they learned that the Queen had re-established the Con-
stitution of 1812. The Eco del Conterio of the 24th
announces that the chief, Forcadil, who was at La Cenia
on the 13th, has •proclaimed Don Carlos as constitutional
King of Spain. This must have arisen from the misun-
derstanding which has broken out between Focadil and
Cabrera."

The Mcssager accuses the Debats of putting forward
names .of persons as Ministers to mislead the public, when
it knows very well that M. Guizot is coining in ; and it
then goes on to show the improbability of Marshal Soult,
M. Dufaure, or M. Barthe coming in with M. Thiers.
It adds that this kind of interregnum is pleasing to a cer-
tain high personage, who thus holds all the powers of the
State in his own hands, and sees the ambition and intrigues
of men roll by before him—a good pastime for a mind
placed in a lofty position, and one not to be blamed if
the interests of the country did not demand its being speedily
stopped.
The Constilutionnel again devotes another article to the
demonstration of the impossibility of a Ministry of Doc-
trinaires, who, it affirms, do not believe in the Charter,
and have no faith in the Revolution.
The Journal des Debats defends M. Guizot and the
Doctrinaires, and attacks the Tiers-parti, calling on the
latter to declare what their policy really is.

The Journal du Commerce remarks that M. Guizot has
let out the secret of the weakness of his party, and of
the violent measures to which he is obliged to recur in
order to triumph. What, in fact, becomes of the Parlia-
mentary majority so often boasted of, if the Doctrinaires
are afraid to enter into office without stipulating for the
dissolution of the Chambers ? What has become of the
national majority and the approbation of the country, so
eternally talked of, if he is afraid to approach the electors
without reserving to himself the means of tyrannizing over
the elections?
The Quolidienne observes that there is only one serious
candidate for the Ministry, M. Guizot: The 11th Octo-

her can alone continue the 22d February ; not that the
Presidency of M. Guizot is doomed to be longer lived than
that of M. Thiers, but that these two political characters
are the two extremities of the see-saw upon which the order
of things is seated. When one descends, the other neces-
sarily mounts. If it were possible to re-establish equilibrium
between the two, it would constitute the most favourable
position that the power of the country could assume. But
M. Thiers has been President of the Council, and thus
equality has been broken between the two rivals.
The Courrier Francais. remarks ironically that the
mo-
ment is well chosen to think of putting a Doctrinaire Ad-
ministration on the country ! When England is trying to
get rid of her aristocracy, and Spain has accomplished her
revolution, this is a good time truly to think of a counter-
revolutionary Cabinet ! It is easy to understand why the
Doctrinaires declare against Spain ; that country wanted
liberty, and has got it, though it had to make a revolution
t. do so. France also made a revolution six years ago, in
order to get a free Constitution, which certain people took
care to cut down to the dimensions of a charter that was
to be a truth, whereas this charter turns out to be still less
of a truth than the one which the country had before.
(From the French Papers of Saturday.)
Although Count Mole and M. Guizot continue to have
audiences of the King, it is not to be concluded that any
progress has been made in the Ministerial arrangements, for
we are assured that affairs remain at the same point as yes-
terday. It was reported last night that Count Mole was
again spoken of for the Presidency of the Council, but this
seems mere conjecture. We hear that nothing will be ter-
minated until Marshal Soult arrives ; and as the courier
who carried him orders to come to Paris did not depart till
Tuesday, some days must elapse before the Marshal can
reach the capital.—Galignani's Messenger.
The Paix affirms that the delay in forming the Ministry
is not occasioned by any difference of opinion upon political
questions, but merely upon the manner in which the places
in the Cabinet are to be distributed. The Impartial says
that the ex-Ministers no longer present any ordinances for
the Royal signature but such as have been long ago resolved
on in Council.

The Barcelona journals of the 20th, 21st, 22d, and 23d
ult., arrived together yesterday, but make no mention of
the illness of Mina, spoken of by the journals of the frontier.
The Royal decrees, containing the order for proclaiming the
constitution of 1812 throughout all Spain, and the nomina
Lion of a new Ministry, arrived at Barcelona on the 20th,
and produced extraordinary joy there. In the evening

there was a general illumination in the city, and all ap-
peared animated with the greatest enthusiasm and satisfac-
tion. Mina published the decrees, and accompanied them
with the following proclamation :—" So happy an event
cannot but fill with joy all Spaniards who love their country,
liberty, and the innocent Isabella 11. Let us hasten to
celebrate this event, and let a general illumination this
evening be the first demonstration of our satisfaction. I
do not doubt that the order which you have observed
during these latter days, and which has gained for you the
admiration of foreigners and the approbation of everybody,
will continue to reign, and thus will carry to its highest
pitch the prosperity which we have just reached. Wo to
those who wander from this noble road ! Long live the
Constitution ! Long live Isabella 11. ! Long live Liberty !"
Another address orders the proclaiming of the Constitu-
tion on the 25th with all due ceremony, and gives a pro-
gramme to that effect in nine articles.
The Vapor of the 22d demands that the Isturiz Cabinet
should be brought to trial.
General Seoane has addressed the following letter to all
the Madrid journals :—" On opening my voluminous cor-
respondence, I daily lose a great deal of time in reacting a
great many anonymous letters, warning me that my death
is decreed in societies with which I am not nor desire to be
acquainted. To save my correspondents the trouble of
writing, and myself that of reading, these anonymous
epistles, I request that you will, through your estimable pa-
per, inform the writers, 1. That I release them from the
trouble they take in my preservation. 2. That havinc,
grown old before my time, and being deprived of a leg, life
and death are equally indifferent to me ; and that nothing
which ordinarily excites alarm in mankind can quicken the
circulation of my blood, or have any influence on my mind.
3. That devoted to Isabella 11., to the Queen Regent, to
the liberty and happiness of my country, it is indifferent to
me whether I am buried sooner or later, in Madrid or in
Navarre, so that I die in defending them."
Extract of a letter from Constantinople of the 15th ult.,
given by the Augsburg Gazette :—" Intelligence from Sa-
lonica has arrived of the Turkish captains intrusted with
the defence of the passes of Thessaly and Albania, after
having been dismissed by the Sultan, having raised the
standard of revolt. The Pasha of Larissa has had an
engagement with them, productive of no result, except
the mutual retreat of both parties. Nothing positive is
known about the executions ; it is supposed that they were
the consequences of a military conspiracy. Other per-
sons contradict this rumour, and state that the bodies of the
superior officers found were those of some who had been
drowned while bathing. This circumstance has coincided
strangely with the troubles that broke out in a barrack
of the capital. The well-known intrigues of the Seras-
raskier, against Serkadib, and the unexpected journey
of the Sultan from Keglerbeg to the Palace of his son-
in-law, have given rise to the stories of the pretend-
ed drownings. The last news from Greece, up to the end
of July, is satisfactory ; order has been re-established on
the frontier ; the brigands have been expelled ; King Otho
is expected impatiently, and will, it is hoped, bring a Royal
Consort with him. Letters from Odessa state that in that
port, and all those of the Black Sea, great preparations
have been made, in consequence of the news of the Em-
peror Nicholas intending to visit that town, and to enjoy
sea-bathing there."

The police having learnt that eleven persons had gone
to the third floor of a house in the Rue St. Sebiistian,
armed with poniards and cartridges, proceeded there on
Friday, and arrested them all, after a strong resistance, in
the course of which two sergeans-de-ville were wounded.
In the aorntment were found 440 pistol cartridges, 420
musket cartridges, 471 musket-balls, a pound of gunpow-
der, 13 poniards, and 3 more not completely finished.—
Journal de Paris.

The following letter is addressed to the editor of the
Eco del Comercio by Sergeant Garcia, who acted such a
conspicuous part in the insurrection at St. Ildefonso :
" Many have been the falsehoods invented by malignity to
throw discredit on the noble manifestation of feeling made
on the night of the 12th at St. Ildefonso by the troops of
the garrison there. To these is now to be added the gross
and absurd calumny that that manifestation was the result
of money distributed to those who had the courage to
tear away the veil which obscured the sight of our august
Queen Regent, and prevented her from seeing the mis-
fortunes of country; and the just wishes of the nation
over which she rules. Every person of common sense and
reflection will undoubtedly perceive the falsehood of such
a charge, on considering that that manifestation could
only have been the natural result of the movements made
by all the provinces of the kingdom for the purpose of
driving from power the men who were bringing ruin on
the country, and of establishing as the only means of sal-
vation that fundamental law which the nation had created,
and by which it bad been governed at two different pe-
riods—unfortunate periods, undoubtedly : but which do
not on that account cast discredit on the intrinsic merit
of a work, singular for its, excellence, and alone capable
of securing the real prosperity of Spain. Nevertheless,
as all persons have not sufficient sense to understand
the true state of the case, I feel myself bound to dis-
claim in my own name, and in that of my citizen-compa-
nions, the injurious imputation thrown out against us, and
to declare that we, being impelled solely by the love for our
country which burns ardently in our breasts, raised the cry
of the Constitution with no other motive than the anxious
desire of preserving our liberty, and the throne of Isa-
bella 11. Though not high in the ranks of the army,
we are not deficient in valour or elevated sentiments,
and are and have been as capable as others of acting
with a firm and decided heroism. We have risked our
lives, which are above all the wealth of the world, and
as becomes true Spaniards are ready to sacrifice our-
selves for our country. I here defy any person to pro-
duce a single proof of this calumnious imputation, and
declare in the face of the nation that the troops at St.
Ildefonso acted with the greatest purity and rectitude
for the sake of the constitutional Throne, and the good of
our country, which it will ever be our object to support and
defend. We unitedly declare, that we shall look upon all
those who endeavour to impugn the motives for the patriotic
declaration made by us at La Granja in favour of the Con-
stitution of 1812, as enemies to liberty, to Isabella 11., and
to her august mother, and shall consider them as the par-
tisans of Carlism, or some other ferocious despotism, if, after
the publication of this, they should continue to attack the
true patriotism of the honourable troops, who only wish
for a speedy termination to the political complications which
are rending the country.
" Serjeant HIGINIO GARCIA, '
Chief of the movement of La Granja."
Upon demanding the decision of the Queen in favour
of the Constitution, General Espartero made use of ex-
pressions seeming to intimate that hitherto there had been an
intentional avoidance of the enemy. This has been stated
and believed by many well-informed persons. The ex-
pression italics has been much commented upon. The
following is the address :
" SOLDIERS-Our august Queen-Regent, always solici-
tous for the welfare and happiness of Spaniards, has deigned
to decree the publication of the political constitution of
1812, until the nation assembled in constituent Cortes
shall expressly manifest its acceptance of the same, or pro-
vide another Constitution conformable to the necessities
of the country. Soldiers—this new proof of the love en-
tertained for Spaniards by the heroine of the age, the im-
mortal Christina, prepares for you a complete triumph over
all the partizans of usurpation and tyranny.
" At the cost of your blood, you have ever evinced the
most pure enthusiasm for the consolidation of a system
which, sustaining the throne of the second Isabel, should,
at the same time, secure that liberty of which the heroic
people whose rights you defend, are so fully deserving.
The obstacles to this result will now disappear, and the
triumph will be decisive. To accomplish this you will find
me always amongst you and prepared, since with such sol-
diers, and with such salutary measures, victory cannot be
doubtful.

" BALDOMERO ESPARTERO.
22d August, at Fromista."

We regret to inform our readers that the beautiful
and magnificent cedar tree, at Hammersmith, is condemned to
the axe. This noble tree, supposed to be unrivalled in the
kingdom, stands in the grounds of an ancient mansion, near
the parish church, and known as Butterwick House (recently
pulled down), formerly the residence of Edmund Sheffield,
Earl of Mulgrave and Baron of Butterwick, in the reign of
Queen Elizabeth. Already has many of its spreading branches
been dismembered from its trunk, and small portions distri-
buted through the town. This stately tree is 16 feet in circum-
ference at its stem, and is 60 feet high ; the branches covered
an area of 80 feet.

In consequence of a challenge sent by Mr. Whyte
to Mr. P. Hefting, a hostile meeting took place between the
parties, on Friday, on Wimbledon Common, when Mr. Her-
ring, having received the fire of his antagonist, discharged his
shot in the air, accompanied by the declaration that he re-
frained from returning Mr. Whyte's fire on account of his
youth, but that his opinion remained unaltered; whereupon
Mr. Beresford, acting as Mr. Whyte's friend (observing that
the point in dispute should be referred), withdrew his principal,
and the parties left the ground without any reconciliation taking
place.
Mathews, whose powers in conversation, and whose
flow of anecdote in private life, transcended even his public
efforts, told a variety of tales of the Kingswood cplliers (King-
wood is near Bristol), in one of which he represented an old col-
lier looking for some of the implements of his trade, exclaiming,
" Jan, what's the mother done with the new coal sacks ?"
" Made pillows on'em," replied the son. " Confound her
proud heart," rejoins the collier, " why could she not take
t'ould ones ?"

The alterations in progress at Marlborough House,
St. James's-park, are very extensive. It is to be entirely new
ro)fed, and after being put in thorough repair, it will be beauti-
fied and ornamented in the interior. The repairs necessary in
consequence of the dilapidations will amount to nearly 2,0001.

MEETING OF THE SHAREHOLDEBS
OF THE EASTERN COUNTIES RAILWAY.
A meeting of the Shareholders of this Railway was
held on Thursday, at the Clarendon Rooms, Liverpool, L.
Heyworth, Esq., in the chair.
The CHAIRMAN said, that at a previous meeting it bad
been resolved that the Directors should be written- to, !.°
send down Mr. J. C. Robertson, their Secretary, to explain
to the Lancashire shareholders the various particulars re-
specting the speculation on which they wished to be in:
formed. A letter had been received, to which he walla
now call their attention.—A letter was then read from
Mr. J. C. Robertson, in which he stated that the directors
could not officially give assent to the demand of the Li-
verpool shareholders. They considered that Mr. Robert;
son's attendance was inexpedient, because if he went td
one body of shareholders he should go to another, an ~1
indeed, like applications had been made from Norwich and
Manchester. The Directors could not, under the Act,
call any but a general meeting, which would take place °ll
the 26th of September, being a much earlier time than
the Act demanded. The Directors recognised the jai-
portance of a good understanding between them and the
Liverpool subscribers, who were more numerous, and (from,
their experience in railroads) more influential than those of
any other place, and hoped that, at the general meeting
the Liverpool subscribers would attend. The letter
highly eulogised the ability of Mr. Hall, who bad gone to
London to examine into the particulars of the specu-
lation.
Mr. BOLTON moved a resolution of confidence in the,
directors, and regretted that Mr. Robertson could
attend.
Mr. ELLIS YATES seconded the motion, which was
carried nem. con.
A Gentleman moved that the Liverpool shareholders
were entitled to share in the direction of the Company. t
Mr. WOTHERSPOON asked if the present directors wen
out next meeting.

The CHAIRMAN—Not until February, 1838.
Mr. SMITH wished to know how the affairs and prospects
of the Company were.
Mr. HALL said, the Report of the House of Com 1101!
showed that the investment might return 23 per cent.
Some of the heavier shareholders in Liverpool, howegf!
wished to examine more minutely into the prospects of tn
de
Company. He accordingly had proceeded to London, and
found the directors and the secretary most willing to afford
him the fullest information. He had not bought or 01._
one share since his return, nor would he buy until this
o
meeting was over.—(Applause.) For passengers alai
they calculated on receiving 338,0001. per annum ; °r
the usual railway estimates were made, there would be
450,0001. per annum from this source alone. Besides this
they might calculate, from other sources, on a prospective
increase of 130,000/. The terminus was at Shoreclitch
and they took no credit for what might accrue from passel/•
gers wishing, from curiosity, to see a line of railway without
a tunnel. There were 64,000 shares in all, of which from
15,000 to 20,000 were taken in Liverpool.
Mr. JOSEPH KING said, that such shareholders as have
not sent their scrip to London, might hand it to him, on
guarantee, before the 10th September.—(Applause.)
The CHAIRMAN said that the railway would cost a ow
lion and a half of money, and the, income from .coacliing
alone would pay 11 per cent. The cost of conveyinifj
ton of goods from Norwich to London was now 9/. 65.'1'
per coach, and 51. per van, and by the railway it would be
2/. 13s. 6d. ; but the Act gave this railway the maxilialP
of 6d. per ton per mile, while other railways could 014
charge 3d. The revenue arising from the carriage of goods
was only estimated before the Commons at 164,000/. Per
annum, whilst the real amount would be 300,000/. [Or'
or according to the original prospectus to 480,000/. yearly
For his own part, he had so much confidence in the Coln*
pany's prospects, that he would not sell his shares for an
enormous premium, unless he was sure of being able t°
replace them.—(Applause.) There was now, on this line
1,000,000/. paid for transit of goods by land carriage. The
Act did not allow shareholders to vote by proxy, and there'
fore it was desirable that the Liverpool proprietors sh°11.1(1:
be well represented in the direction.
Mr. SMITH said the Liverpool proprietors held one-thud
of the stock, and that two directors among 22 would 00t
sufficiently represent them. He would suggest that a
Committee be appointed to consider the best mode of colu-
municating on the subject with the directors.
The CHAIRMAN opposed this sub-Committee. Nineteen
of the London directors held stock to the amou'it of
88,000/., and would act properly on account of their stake..
Mr. BATESON moved that it was expedient that the Li-
verpool proprietors should be represented in their direction.
~
—The motion was carried unanimously.
The CHAIRMAN said (in reply to a question), that be
and his friend had a list of gentlemen whom they would re
commend to be elected as directors.

Mr. CoGLAN suggested that a sub-committee be ar
pointed to select the most eligible persons. Those chosen
on the spur of the moment would probably not be so effective
as those chosen, with deliberate care, by a sub-committee. ;
The CHAIRMAN said that delays were dangerous. ,
It was then moved, seconded, and carried, that Mr. Hall. 1'
and Mr. L. Heyworth would be proper persons to be
placed in the direction.
,1
Mr. HALL and Mr. litywouTu severally pledged them..
selves to do their duty towards the shareholders.
Mr. HALL moved a resolution, expressive of the convict-
tiou of the meeting that the Eastern Counties Railway p 05..,,
sessed so many singular advantages, as to justify a well
grounded confidence of its proving one of the most beneficial '
lines in the kingdom.
The motion was seconded and carried unanimously.
Thanks were voted to the Chairman, after which the''
meeting separated.

Proposed line, being a measure of such obvious necessity,
recommended also by the unanimous approbation of every
Wiwi', and indeed of every parish affected by it, may well
be anticipated with confidence on public grounds. If the
proprietors shall think fit to direct the course of proceeding
thus recommended by the directors, the public will derive
the advantage of using 22 miles of railway at the earliest
period, and the Company w recei a ng bene-
. fit in a quick and ample ill
returnve corresponding
for the rumdi invested,
without having incurred any delay from this unavoidable
alteration of the line. In finally setting out the general
works for execution, the engineer.has been enabled to intro-
duce many material improvements in the curves and general
character of the line, and particularly to effect a still fur-
ther reduction in the gradients or inclinations. Between
Bristol and Bath the railway will now consist of one con-
stantand regular inclination of only 4 feet per mile, or 1 in
1,320. Betwixt London and Reading, and thence to the
Oxford branch, there will be no gradient exceeding 4 feet
per mile, and a great part will be even at a less inclination.
The remainder of the line is now in progress of being d
e
-
fined and set out, and there is every reason to anticipate
similar improvements upon it.
It is expected that, by these ultimate arrangements, the
locomotive engines on the Great Western Railway will no-
where have to surmount a greater inclination than 5 feet
6 inches per mile, and probably even less, the only two
deplanes of 1 in 107 near Wotton-Basset and at
8", bing worked by sta;ionary power. These very
favourable gradients, unequalled upon any railway of great
extent now in progress, will insure such an economy in the
cost of locomotive power as materially to reduce the esti-
mated annual expenses, and a proportionate increase of pro-
fits will be received by the proprietors. They will, more-
"er i
, greatly facilitate the attainment of a higher speed of
trar r
thee mg. Under these peculiar circumstances, and with
view of obtaining the full advantage of the regularity
and of the reduction of power, effected by this near ap-
proa.ch to a level, and also to remedy several serious incon-
wvniences experienced in existing railways, an increased
width of rails has been recommended by your engineer,
and, after mature consideration, has been determined upon
by the director
IY 8.
Acuities and objections were at first supposed by some
Persons to exist in the construction of engines for this in-
creased width of rails ; but the directors have great pleasure
in stating that several of the most experienced and eminen
Manufacturers of locomotive engines in the North have
undertaken to construct them ; and that several engines are
no actually contracted for, adapted to the peculiar di-
Mensions and levels of this railway, calculated for a mini-
umvelocity of 80 miles per hour. These engines will be
tPahle of attaining a rate of 35 to 40 miles per hour, with
the same facility as the speed of 25 to 30 miles is gained by
Se now constructed for other lines.
The Bills for Railways from Bristol to Exeter, from
Swindon through Stroud to Gloucester to Cheltenham, and
from
Merthyr to Cardiff, have received the Royal assent ;
and., the directors have the assurance that all these measures
""1 he carried into effect with the utmost vigour and des-
Patch. It is almost superfluous to remark that the Great
B)Western Railway Company are materially interested in the
,lecessful completion of these undertakings. A branch to
"xford, and a continuation of it to Worcester, are also pro-
lnoted by the leading interests of those cities, and the best
exertions of the Company will be devoted in co-operation
with them to accomplish these objects.
A statement of the Finances of the Company to the 30th
June
is now submitted to the proprietors.
STATEMENT.
Zoitt _lnonnt received on aceaccount of Capital to 30th June
...£-195,3.15 0 0
biii" onreg ac
is court
tra!iont o
fef intert on investments, &c, £lO9 ti 5
287 12 / 796 IS ,
3s, &e es

£496,141 18 11
Ihr
, amount of expenses incurred to 24th Oct., ,
4,3,5 •. t ..Ze,710 10 11
1„ ,as detailed in former statemen
By' PaYMents to 3lst Dec., 1635, as per last half- 4
3re'llY report
,322 1 5
Y ditto between Ist Jan. and 30th June, 1836,
'l;c' Land avnlzci Compensation £61,922 110, 10
to_ntrarts for Works t 334 -
:AZinepring, Surveyors, &c.
Tr..'ert!seMents, Printing, &c 295 11 7
c_i7elling expenses
eu of disbursementsnd 44 11 0
Genera] ,
consisting
lar9thee expenses, direction, sa-
'es to Portages,&cec sretaries and clerks,
3,8,3 3 2
92 , 512 9 6
---.----__

185,545 1 10

Leasing a balance in hand of 1310,593 17 1
s, Tile several resolutions were moved and seconded by V.
c`tlekey, W. W. Davies, S. Waring, T. K. Bayley, James
inflingham, Thomas Carlisle, Esqrs. ; the Chairman, C.
Alr!lis (of Twerton) S. Harford, and R. Bright, Esqs.
than peakers were loud in their praises of the unwearied
te
is of the Directors ; whilst the ultimate advantages
%obi,
h sere con 13ristol must derive from the completion of the line,
fidently anticipated.

MONEY MARKET.
-r..--
the has been a suspicion all along that the motive for
the visit of the deputationof Liverpool bankers to London
to confer with the Bank Directors has not been fully ex-
d, and and we
enabled, by the courtesy of a party
'who is not l'k
lily are now
' e to be very wrong in ' the matter, to throw
some further I t p it. It has struck every one w
b°me i.
who
's bestowed an' reflectionuon on the subject as very strange
!at the casual rejectiony of a few bills, however good, at
thee discout-oflice of the Bank, which is no very uncommon
event, 811°Ilid have brought up to London three gentlemen
Ylkong the
first in wealth and consequence in Liverpool.
1111 e fact is, that they have received an impression that the
i'Bank Directors intended to place under an absolute stigma,
l' to credit, seven of the most eminent houses in London,
i st°,llclossible motive for which could at the same time present
Directto 'their minds. It arose in this way :—The Bank.
ors when they created such general con-
kitrna,: ,on the clay .
of v "on in the commercial world by throwing out the bills
that they had
branch Ue houses in question, naturally reflected
the establishments in Liverpool and in Manchester, where
1ve.,.,,5a111e bills might possibly be presented, and if they
~,,e--, that they
would certainly be discounted. Letters
14 were, therefore despatched to the managers of. those
aoehes ". ' • discount any Bills on
which , with instructions not to
which they
liad 'tile names of any of those firms appeared
the a ready placed under an interdict in London. How astah!",eret oozed out it is difficult to say. Probably the
ee,,l.Mlnent of the managers at a denunciation which they
erisiaeived
; to be the forerunner of a terrible commercial
they :4,London overcame their discretion. Some say that
scere;',lted of it in their sleep. However that may be, thed
ere;.
.g°tWind, and a deputation to London was resolve
.44, ona„4,, the only means, without exciting a general alarm
(tie IP the tading interest, of getting at the truth of what
cnt(le a.nk Directors really meant by this step. They have
ves, IYel as we knew, to come to some sort of compact ;
they toll,, and discreetly resolved, to say as little as
'Nil could about it ; and are now gone back to those
soseut them.
10 thetne expectation exists among commercial men, owing
koile stran
1, 'e vagaries which have been practised in this
l'et et (,111,ari'et, that a part of the discount business of the
ZNtrer bankersiB Will actually be transferred to Scotland. The
i"Plot. have surplus deposits which they cannot
"nth net they limit their rate of discount to 4 per cent.
thei• 44,Ling• as a variation in the rate scarcely ever oc-
tll`"eir uis arises partly from a sense of justice towards
:Ite haellstomers, and partly from the competition among
sin ttil.'ers themselves. It is understood that the depo-
goere .'"°- Scotch banks are at present very great, and that
411014 ls aot full .employment for them. This was apparent
Dkerits tnw,t),..„lnonths wo, when one of the small establish-
'etiler -i." 'lasgow was obliged to relinquish business alto-
ll'llo r wantof employment for their deposits, which
th..tinted 4_
te4t their l'_u llPwards of JO ,
' 0 000/. ; the consequence was,
' bankwith more ex-
Ned last uusiness went over to any a
%Nil c'f. Proprietors, and with better opportunities con-
-I,,,,enth i, Proprietors,
I'l t '''' employingcapital. It is customary in Scot-
eil4r o sliow .
4 i per cent. interest upon deposits, and to
Porfge - Per • and hence whatever
la lon of 1 ent. for discounts,
std - Nut i legitimately discounts
disc -'es that e 'oss to the banks. It is under such circurn-
aar solne of the Scotch bankers have recently been
°I (I's 'lng bills aq' eoa,,t than sent to them
from England at a higher rate
54te \'‘ Ilea the, they were charging their own customers,
for bills at short
it 31 eq 1 .., Cathay
now obtain 5 per cent
No Qat ,
'n °iofsecurity to Bank of England paper
Lati:, QIN
can P. nt
%Need upon
self
little doubt but that their operations,
ller „',, Thus 4.711 Interest, will be upon
rather an extensive
to S per
° cat.,ha 'Lae Bank, by raising their discounts
401 n, wile dopted
fo , and re it can be advantageously
IN • der other circumstances,would not have
tho,,e Its Wa,, , certainly
exposes
eetd. n(I 20'0 this market. Thus everything •
11:ng, qi%re the futility of their whole course of pro-
p_t
1.4,7 ha,,,, begun never can produce the effect intended by i .
L' er th 7 at V
end in attacking commerce
kit . an
s4___,. ne wrong in .
hto then Stock investments, as has repeatedly been pointed
ail, alterati:d are unable now to retrace their steps.
East
eye u
n.Which has recently been made by the
ille 1.4 att `'' in the rate of exchange is worthy of the
5' 14v ePtl°ll of co • 1
I te at which
, ort „,..e hithert . nirnerciai men. Tae ra „
1), willi,„, , 0 granted their bills on the Treasury of
tli, Qovert" l'as been lately at
es•
for the sicca rupee.
14t„,v4riou 'ent of India, with the desire of assimilat►ng
114.'Y red ' descriptions f
India, have
eis oced the , 0 rupees current in
lIN
,sned a whole to one standard, for which they
111, e. I.L. rePresentative coin 1, '•t d " Company's
1,1 sice, This new , ( inorniii e
NI e • •
16 to
t, til, f., rupee
i.
e. pr_e is in the proportion of 15 to .
ors,tg‘e•sixoltiQ c.) annas of the sicea rupee are equal
IGQ eenth n,e'v ruPee, and consequently the sicca is
1p e. ,
_;t p.,,, cent., more valuable than the new
tif,,y
ilt 2s but
asieteia rupee the Company granted their
1:11, erd
Is,ti;eir bills fe new rupee is now the current coin,
or e m for which they
I), eeilt lld., n.l , . ° pangs rupees,
r , , 1,,,h., aklng a distinction of only Id., or 4 1-6
'at, "e the tinge d•
BY this ifference, as shown above, is 6-1
arrn t though the Ccmpany have