The Sun.
London, England, 1849-01-01 00:00:00

THIS EVENING,

the old and cumbrous policy which had been maintained
in the state transactions of the Vatican fron the days
of PEPIN and CIIXIILEMAGNE. It terminated with
the expulsion from Rome of the beneficent lawgiver
whose voice had been the first to rouse the world from

its lethargy, and to summon not only Italy but the
whole of Europe to the glorious and sublime labour of
her regeneration. The escape of the King of the Bar-
ricades from the Tuileries marked the opening of
this eventful season of disasters ; its termination has
been illustrated by the flight of the benevolent POPE
from the Quirinal. The time of decomposition has
passed—we have arrived at length at the period of
reconstruction. Having witnessed a succession of
unparralleled catastrophes, we are now, with the
blessing of GOD, about to witness a succession of un-
precedented advantages.
With the intention of assuring ourselves of the
reasonableness of these propitious expectations, we
look around us in the hope of recognizing some sub-
stantial augury of success. Of these portents there
is, fortunately at the present moment, no
dearth. For example, in the precincts of the
money-market there are brilliant evidences of an
approximation to good fortune. The banking accounts
abound with very encouraging signs of improvement.
Take, for example, the last weekly returns from the
Bank of England. Under the circumstances, nothing
could promise better. See, in token of this, the state-
ment made in regard to the notes not in circulation.
Instead of being, as under ordinary circumstances,
somewhere about the value of 4,000,0001, they
amount just now to the extraordinary sum of
11,309,335/.—a considerable portion of which
11,309,3351. must be issued before long, in
order to enable the corporation to maintain
the dividends of the stock at a rate such as
may :prove satisfactory to the proprietors. Here,
then, is one reserve of strength—another is dis •
coverable in the amount of bullion in both depart-
ments, an amount which, usually ranging from
11,000,0001. to 12,000,0001., has now swollen into
an aggregate of 15,000,6761.—the increase upon the
last week being 210,8041. Other auguries of a very
encouraging character are perceivable in other
directions. The flood of emigration which has
poured from Ireland during the summer and autumn
of 1848 has mitigated in some measure the pangs of
that necessitous population ; and the political
excitement provoked by the inflammatory
harangues and treasonous proceedings of the
demagogues having been allayed, some hopes
may at length be entertained of the direction of the
national energies to the self-sustaining exertions of
agriculture. Within the boundaries of their own do-
minions the people of Great Britain have extin-
guished the flames of insurrection in the persons of
the English Physical Force Chartists, and of the
Irish Physical Force Repealers ; leisure and oppor-
tunity have consequently been afforded to the multi-
tude to struggle on in the path of social, political,
and financial reform. While beyond the waters of the
Channel our reserve has rendered us more than ever
the arbiters of the destinies of the _European
nations. Well for the fortunes of the con-
tinent and of these islands has it been
that the Year of Revolutions has been comtempo-
raneous with the rule of a Liberal Government in
the United Kingdom ! When the first Revolution
broke out in 1789 the Tories held undisputed posses-
sion of the different Ministerial offices in Downing-
street. Under the direction of that great but most
mistaken administrator, Mr. PITT, they plunged the
country blindly, carelessly, and ruinously into a war
which, with the brief but blessed interval caused by
the Pacification of Amiens, extended over a period of
twenty-five terrible and bloody years. Under
the auspices of the Whigs, England and
Europe are enabled to pass over the perils
' of such an epoch of revolutions as 1848
without being involved in another Quixotic
expedition in behalf of the D ulcinea of despotism.
It is because we have confidence in the indestruct-
ible vitality of the democratic principles, and be-
cause we have faith in the enlightenment of our fellow-
Countrymen, that we gaze with sanguine expecta-
tions into the perspective of the new year just com-
menced.

We have seldom seen a more able financial docu-
ment than that which Mr. MACGREGOR, the intelli-
gent and respected Member for Glasgow, has just
addressed to his constituents, in compliance (as he
states himself) with the requests of many personal
-:riends, and, as we may add, with the general ex-
pectation.; The sound judgment and great practical
experience of Mr. MACGREGOR lend peculiar weight
to his opinions on all matters relating to trade or
finance. He is thoroughly acquainted with all the
varied details of these important subjects, and he has
already suggested large and comprehensive measures
of reform, from which, if fully carried out, the
most valuable results might reasonably be antici-
pated. Mr. MACGREGOR is no fair-weather reformer,
no professing free-trader when free trade doctrines
are fashionable. Notwithstanding the high official
position he formerly occupied, and the connexion
thereby established with the Ministry of the day,
he hesitated not to put forward doctrines that
must necessarily have proved highly distasteful to
those who maintained the now obsolete principles
of protection. He enunciated the great truth,
" that if an article should be taxed, the duty
should be levied without any reference to its
origin"—or, in;any other:words, that taxes could only
be justifiable when imposed for the sake of revenue.
He says himself, "In 1840 I submitted a pro forma
tariff, reduced to twenty rates, or heads of Customs
duties, to the Committee of the House of Commons
I there stated that it was far from being the best
commercial tariff I would propose, for that I consi-
dered all articles the essential food of man, and all
raw materials for manufactures, should pay no duty
whatsoever. But, under all the circumstances,lit was
the most approximate scale I then thought practicable:,
In the following year the Whig Government adopted
a portion of his plans, and brought forward propo-
sitions for moderate fixed duties on corn and sugar.
The agricultural and West India interests, however,
refused to accept the moderate protection that was
offered. A new Ministry was formed for the express
purpose of sustaining the existing monopolies, and
voila la sequence, as explained by Mr. MACGREGOR,
" instead of Bs. per quarter, the agriculturists will, in
a month, have no protecting duty whatever,
and the West Indians, who have now only a
few 'shillings, will in three or four years
not have a farthing." An instructive lesson may
be derived from these great facts, which should sink
deep into the minds of those who are resisting the
changes demanded by the spirit of the age. An early
and graceful concession to a just and equitable sys-
tem will probably preserve those by whom it is made
from a signal and ignominious defeat, after which
they will not be permitted to retain any of those ad-
vantages that were freely offered in the earlier stages
of the conflict. Let those who now exclaim against any
additional direct taxation maturely reflect thereon, and
consider,dcnneretn to
io sin the
it will be a judicious or prudent
exasperatei the people by resisting any mo
ifias
the present iniquitous system of indi-
rect taxation. For the present the people may be
satisfied with the alterations suggested by Mr. MAC-
GREGOR, by
which a direct tax of 5 per cent. should
be levied upon
tion ; but if that boon be denied—if the entire coun-
try should be agitated in all its parts, it may follow,
that indirect taxation would be abolished in toto, and
that the whole expenditure of the country should be
provided for out of its property.
In 1843 Mr. MACGREGOR put forward a further
Project, to which we alluded at considerable length
last week, and, therefore, need only now briefly refer
to. His present project differs but slightly there-
from. A larger sum is now to be collected, inas•
much as, after making
the national expenditure
all practicable reductions, Mr.
MACGREGOR estimates
(in-
cluding the expenses of
collection, and all payments
now made, before the revenues of the country are
dei,osited in the Exchequer) at 52,000,0001.; whereas,
he formerly considered that 50,000,0001. would be
sufficient for all purposes ; 2,000,000/. must, there-
fore, be provided, in addition to the former estimates.
This large sum, according to Mr. MACGREGOR, might
be collected in the following manner, viz. :—ln the
Customs, after abolishing; all duties, save on eight
principal articles, namely, tobacco, sugar (at present
duties), distilled spirits, wines (at duties adjusted for
revenue), spices of all kinds, fruits of all kinds, teas
(at 15. per lb.), and silk manufactures and other

Will be performed a new Ballad Opera, entitled ROBIN GOOD-
FELLOW.
To conclude with a new grand Pantomime, entitled BLUFF
KING lIAL ; or, Harlequin and the Charmed Arrow.

ASTLEY'S ROYAL AMPHITHEATRE.
Proprietor, Mr. W. Batty.
Under the PAronage of her Majesty the Queen, his Royal Highness
Prince Albert, &c.
Novelties for Christmas Holidays most astounding in the Metropolis.
--A gorgeous Spectacle.—brilliant Scenes of tfu3 Arena.—The
Arabs in their wondrous Performances.—A new comic Pantomime.
Herr llengler, the most extraordry Rope-dancer in Europe.
TIIIS EVENING,
The curtain will rise at Seven o'clock precisely to the magnificent
Spectacle of the
WARS OF THE JEWS ; or, The Fall of Jerusalem.
To be followed by an inimita,lo disp!ay of SCENES IN THE
CIRCLE, supported by the first Equestrian talent of the day.
To conclude with a new Equestrian Pantomime, entitled BOLD
ROBIN HOOD ; or, Tho Pretty White Horse and Enchanted Fria-
cess of Sherwood Forest.
The Celebrated ARABS will appear.
Boa-office open from Eleven till Five.
Stage Manager, Mr. W. West.

TO CORRESPONDENTS.
No communication can be attended to uoless autheati,
' cated by the name and address of the writer.
ttPjectod communications cannot be returned.

THE WEATHER.—SUN OFF/CE,
.DECEMBER 31.
THERMOMETER, Lowest, 33; Highest, 37; Noon, 36,

B 451.( m &TR?, 30.19.
WIND N.E. ; foggy dull weather.
JANUARY 1.

TIZERMOMETEB, Lowest, 30; Highest, 37; Noon, 32

BAROMETER, 30.23.
WIND E; hazy co'd weather.

articles of luxury at an ad valorem duty, ex-
cluding all raw materials, r.nd articles of food,
he would hope to realise 18,500,0001. From British
spirits, malt, and licenses, the only portion of the
present Excise duties which should be retained, the
Excise being consolidated under one office with the
Stamps and Taxes, he would expect to obtain
11,200,0001. From stamps, legacy duty, and :pro-
bates (the duty on marine and fire assurances being
abolished), 7,500,0001. From Post-office, gross re-
venue 2,300,0001., and from Crown lands, 500,0001.
These various sources of revenue, together with
the unredeemed land-tax 1,154,7451., would
produce in round numbers 41,000,0001., and the re-
sidue, 11,000,0001. sterling, should be provided for by
a duty of 5 per cent. on all realised property of every
description, without any exception whatever. Mr,
MACGREGOR estimates the amount of property at
220,000,0001. per annum, 5 per cent. on which would
consequently produce 11,000,0001. sterling per
annum, thus equalising the national income with the
national expenditure.
The various reductions that can be made are clearly
and satisfactorily explained. With the national debt
Mr. MACGREGOR most properly declines any inter-
ference. He points out clearly and forcibly the
ruinous consequences that must inevitably result from
any breach of faith with the public creditor. He,
therefore, considers that the 28,250,0001. must be set
aside for interest. The naval expenditure he would
reduce to 6,500,0001 ; the military to 6,000,0001 ;
and the ordnance to 1,750,0001. Thus those three
departments, which at present cost 18,500,0001.,
would be provided for at 14,250,0001., or,
in other words, savings to the extent of
4,250,0001. would be effected, and that, as we
believe, without any material diminution of their
real strength and efficiency. Additional savings are
pointed out to the extent of 1,054,614/., so that alto-
gether, he has indicated practical reductions to the
amount of 5,304,614/., and he thinks that an addi-
tional half million might be obtained, so as to reduce
the amount to be collected to 52,000,0001., including
all charges of every description.
We have already expressed our opinions respecting
this magnificent financial project. It will, we trust,
unite the suffrages of all true Reformers, and ultimately
lead to those fiscal alterations which are so urgently
demanded by the state of this empire.

TIIE FRENCH REPUBLIC.

We have received the French papers of Saturday
and of yesterday.
Already has the Ministry of the new President
been broken up, and that not in consequence of any
Parliamentary check, but in consequence of quarrels
between the retiring members and the PRESIDENT as
to who, in fact, should have the privilege of exploitering
the Republic. It appears that M. LEON DE MALLS.
VILLE, as Minister of the Interior, claimed the right
of having all telegraphic communications addressed
to himself, and of nominating to all the vacant places
in his Ministry. The PRESIDENT demurred to this ;
he claimed to have the telegraphic communi-
cations forwarded to himself, and claimed more-
over all the patronage of the State. He
sent M. LEON DB MALLEVILLE a list of persons to be
nominated to vacancies in his department, and he
also sent a list of nominations to M. Bixio. More-
over he wrote a letter to M. LEON DE MALLEVILLE,
in which he quoted the words of his uncle to the
Abbe SIZTES, and said that he would not be cor tent
to be a " pig put up to fat ;" in short, it appears that
the PRBSIDBST is determined not only to reign but
govern, and not only to govern but to monopolise all
the patronage of the Government. M. ',Box DB
MALLEVILLE, having consulted M. MIER'S, tendered
his resignation, and his example was followed by M.
Burro. Accordingly the Moniteur of Saturday pub-
lishes three decrees signed by the PRESIDENT, and
countersigned by M. ODILLON BARROT, appoint-
ing M. LEON FAUCHER' Minister of the Interior, in
place of M. LEON DE MALLEVILLE ; M. LACROSSE,
Minister of Public Works, in place of M. LEON Fa.u-
CHER. ; and M. BUFFBT, one of the representatives of
the people, Minister of Agriculture and Commerce in
place of M. Bum.
The French journals of Saturday almost all allude
to this change in the Ministry.
The National says—
" It is not to the vote on the salt duty that the resig-
nation of the two Ministers is to be attributed. The
conduct of M. Pussy proves it. The occasion of the
Ministerial change, which causes universal surprise,
must be sought fur elsewhere. Nothing is more probable
than that it will be found in a personal difference be-
tween M. de Malleville and the President, but the nature
of the difference remains to be determined. We should
have no great trouble in stating it, but not being
able to say everything we shall be secret. Thus we
leave to others the pleasure of speaking of a certain letter
couched in language such as no man of a certain
pride could, it is said, put up with; we shall not even
mention a certain choice which a woman's will wanted
to impose. All these mysterious acts are covered with
a veil which we do not think fit to raise at present. It
is sufficient for us to declare that in less than ten days
the new President has constrained two of his Ministers
to withdraw, and that politics are unconnected with the
event. M. Louis Bonaparte wishes to govern. Be it so;
but let him beware of those around him; he has friends
who are clumsy and likely to compromise him. The
counsels which are dropped into his ear may carry him
far; let him beware, however, on his way, of clashing
with the Constitution. His six millions of votes would
not guarantee him against the consequences of that acci-
dent. A man cannot recommence history, even if called
Napoleon !"
The Credit has the following very improbable
version of the cause of the retirement of M. DE
MALLEVILLE :
" M. Louis Bonaparte demanded that the Minister of
the Interior should give up to him the documents con-
nected with the affairs of Strasburg and Boulogne. M.
Malleville reused; the President of the Republic insisted
in a somewhat too imperial manner. The Minister of
the Interior then thought it his duty to send in his resig•
nation to M. O. Barrot. M. Bixio, on learning the mo-
tives of this act of his colleague, sent in his own."
The Debats says :
"It appears certain that the cause of the resigna-
tion of M. de Malleville is altogether unconnected with
the vote on the salt duty. Last evening it was said
that a difference had arisen between the President
of the Republic and the Minister of the Interior about
their attributions, and that a very sharp letter had been
addressed to the latter by M. Louis Bonaparte. It is
this letter which, it is said, determined M. de Maleville
to send in his resignation, notwithstanding the efforts of
the President of the Council and the other Ministers to
retain him. M. Bixio alone is said to have joined in
the opinion of M. de Malleville, and in consequence he
considered it his duty to follow his example."
The Sieele, alluding to the resignation of M. LEON
Di MALLEVILLE, says :
" According to some persons, M. L 4 Maleville re-
signed because the President of the Republic wished to
impose upon him appointments, the responsibility of
which he would not take upon himself ; but,
according to others, it is because the Minister
had the idea of re-establishing sixty of the Pre-
fects who were in office under the last reign, to which
an invincible opposition was raised. This last motive,
which is alleged by the most fervent Bonapartists, is
scarcely probable in our opinion. M. de Malleville is net
a man to belie thus in one day all his antecedents, and
to restore without distinction, under the Republic, men
whose conduct he was formerly the first to accuse. Be-
sides, supposing that it be true that this strange fancy
bad come over him, it is not credible that all his col-

SPAIN.

AND

WATER AT LONDON BRIDGE THIS DAY.
Morning .. 1 rnir. after 6 Evening .. 25 min. alter 6

' ' leagues should have been seized with it at the same we-
went and is the same degree. Whatever may be the
true reason, and it may be neither of the two supposi•
tions mentioned above, but may be found, perhaps, in a
correspondence between the President and his Minister,
a correspondence upon which we shall be hereafter en-
lightened, whatever we say may be the cause, the tact
itself is too certain."
The PRESIDENT, it is said, addressed on Saturday a
second letter to the Council of Ministers, and to
M. LEON DE MALLEVILLE explanatory of the first,
with a view of inducing M. DR MALLEVILLE to
withdraw his resignation, but that gentleman was in-
exorable.
The Debats of Sunday states, that the PRINCE de-
manded that all the official papers connected with the
Strasbourg and Boulogne affairs should be placed in
his hands.
All the Constitutionnel says is, that the retirement
of M. DI MALLBVILLE was occasioned by a regret-
able difference between the PRESIDENT of the Republic
and himself, on a point in which the latter remained
steadfast to the dignity of hit character and to the
principles of Constitutional Government ; and it con-
firms the fact of the PRESIDENT having made honour-
able efforts to smooth away difficulties. This paper
undertakes to say that this circumstance will not
cause any division in the Moderate party, and that it
continues for its own part to support the Government.
The National of Sunday asserts that the whole
Cabinet bad in the first instance offered their resigna-
tion en masse to the PRESIDENT of the Republic, and
that while the terms of the paper laid before the
PRESIDENT were most respectful, yet that the grounds
on which the resolution of the Cabinet was founded
were very severely stated.
In the National Assembly on Saturday, M. THEO-
DORE BAc proposed a decree of amnesty. He was
replied to by M. ODILON BARROT, and the Assembly
passed to the order of the day by a large majority.
It is said that M. Dims will oppose the preten-
sions of the PRESIDENT of the Republic to " govern"
independently of his Ministry.
The Opinion Public gives the following reports :
" Strange rumours were yesterday current in Paris.
We repeat them for what they are worth, but without
taking the responsibility:--1. It is said that the Regent
_ _

THP 8/3'N, LONDON, MONDAY EVEN'ING, JAIVITARY T, IPAO

diamond, which is of tho value of 3,500,000 F. (140,0001.
sterling), has been stolen, or done away with. 2. A
descent of the officers of justice took place yesterday at
the house of N. Jules Bistide, in the Rue de la Fenno-
dt s-Mathurines, 43, for the purpose of seizing important
papers. 3. Dreadful dilapidations have been discovered
in the accounts of the last Administration ; neil, 4.
Scandalous revelations are immediately to be made to
the public."

The Prince PRESIDENT is endeavouring, by every
means in his power, to ingratiate himself with the
troops. On Saturday he visited, incognito, the tsar-
racks of some of the cavalry regiments stationed in
the Champ de Mars, and tasted their soup, bread, &c.
In the course of the visit he was recognised, and no-
thing could exceed the joy and satisfaction of the
soldiers. At last the pressure about him was so great
that he was glad to mount his horse and escape. He
was followed to the gate of the barracks by the whole
of the troops, who cheered him with loud cries of
" Vive le PRESIDENT !" tt ViVe NAPOLEON !"
General CHANGARNIER, the Commander-in-Chief
of the National Guards Of the Seine and of the Ist
military division, has issued a notice to the general
and other superior officers in Paris, that the PRESI-
DENT of the Republic will hold a grand reception on
Monday, the Jour de l'An, and will receive them
at half-past eleven in the morning. The officers of
the National Guard will be received at two o'clock.
The officers wishing to be present are to meet in full
uniform in the grand gallery of the Louvre.
A few transactions were effected to day in the
Five per Cents., in the Passage de l'Opera, at 75f.
30c., being about the closing price of yesterday at
the Bourse.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE

___
LONDON STOCK-EXCHANGE, DEC. 30.
Boulogne and Amiens, B%—Northern of France, 73A—
Orleans and Bordeaux, 214—Rouen and Havre, 9%.

Madrid journals of the 25th have been received.
Several persons have been arrested in Seville.
General VILLALONGA has caused the Carlist colonel
QUINTANA and two other Carlist prisoners to be shot.
The average price of wheat throughout Spain
during the month of October last was 35 reals per
fanega, which is about 375. per quarter, but the
average price in the province of Salamanca was only
24 reals per fanega, whilst it was 49 at Pontevadra,
Gallicia, and 51 at Barcelona. It was 32 reals per
fanega in the province of Madrid.
The average price of barley during the same month
was 17 reals per fanega, but it was 27 reals at Oviedo,
and 31 at Corunna; whilst flat Saragossa it was only
11 reals per fanega, and 12 at Segovia and Val-
ladolid.
There was no Bolsa.

GERMANY

THE NORTHERN STATES.

AUSTRIA AND HUNGARY.

We have received intelligence from Vienna to the
25th December. The following official bulletin has
just been received by General WELDEN
:
"From intelligence just received from Hungarian
Odenburg, head quarters of Prince Windischgratz, the
first and second corps (Parma are between Hockstrass
and Raab, and the outpost have penetrated as far as
Rabnitz without encountering the enemy. The division
of General Simonich is before Leopoldstadt, that of Field
Marshal Kempen round Presburg. The corps of Colonel
Horwarth has advanced from Pedenburg against Gems
to attack the flank of the rebel Perizel, who, coming
from the interior of Mur, sought to gain Raab by way of
Kormend Steinomenger and Papa, for the purpose of
joining the insurgents. While the army was in the
position which it took upon the latter place, occupying
Presburg, Odenburg, and Wieselburg, the country
people were disarmed, tranquillity everywhere restored,
and the Government Commissioners established in the
various places.
"The Civil and Military Governor,
" WELDEN, Lieutenant Field Marsha].
Vienna, Dec. 24."

- -
Leghorn in case the constitutional statute were
violated.

From this bulletin it is evident that neither Raab
nor Comorn have surrendered to the Imperialists, and
the New Rhenish Gazette of th• 20th says—" It was
reported at Vienna on the 24th, that the Imperial
troops had been beaten by the Magyars. At all
events, the bulletins of the Austrian army were very
obscure. It is believed that a great check has been
experienced between Raab and Comorn."
The Prince PURSTENDURG had arrived at Vienna
on a special mission from the Central Power at
Frankfort, to open negotiations with Austria, with a
view to a future alliance of the latter state with Ger-
many. According to some of the journals, it is not
unlikely that, following the example of Prussia, the
Austrian Diet will be dissolved simultaneously with
the promulgation of the new constitution.
M. DE SCHMENLING, late President of the Central
Power at Frankfort, has been returned as deputy for
the first district of Vienna.

The Alba of Florence, of the 233, states that the
Roman Ministry hve sent orders to the Legion
ZAMPIECCARI not to continue their march to Bologna,
since General LATOUR, with his Swiss troops, in-
tended to prevent their entrance there.
.Letters from Gaeta, of the 16th, announce the de-
parture from that port of the French steamer the
Vauban. Cardinal Gizzi left the town on that day.
The English steamer Odin had arrived with Admiral
PARKER and Mr. TEMPLE on board. Marquis BEVI-
LACQUA has had an audience of the POPE.
The official journal of Naples contains a decree,
dated the 18th, for the requisition of 2,000 horses in
the provinces beyond the Faro.

L COURT.-(THIS DAY.)

The different Ministers have arrived at Vienna
from Kremsier.

It is said that Count: NICHOLAS ESTERIIAZY has
been shot at Pesth.

It is now admitted by the Imperialists themselves
that the Magyars gained a splendid victory at
Versee, where MAURICE PEBIZEL took the com-
mandant of Peter Waradin, and carried the two
Austrian commanders of that fortress prisoners to
°fen.

The Austrian Lloyd contains a correspondence
from Presburg, under date of the 21st, which says—
"Arad, which is daily bombarded by 12 and 18-
pounders, has not yet surrendered. Peace has been
concluded with the Servians of St. Thomas. General
BEM commanded the army near Transylvania."

MONEY and COMMERCIAL NEWS. I
CITY, Q J7ei TER TO THREE.
The sales of Cotton at Liverpool on Saturday
were estime tie] at 6 000 bales, and include 400
American for export, and 600 on speculation. The
market wac steady, and holders firm in their operations.
Brazil and Egyptian were 8.1. higher, and American at
38d to 4d more difficult to buy. The Railway Share
Market closed firmly, very little stock being offered, and
prices had an advancing tendency.
In review of the prospects of the Liverpool Cotton
Market for the current year, we have an
elaborate statement from Messrs. Heywood and
M'Vicar, from which we extract the following
With reference to the future it may be affirmed that
the state of Europe is far more satisfactory than it was,
but still with the elements of discord lately in action, it
is difficult to suppose that all will instantly become
settled. So mach determination, however, has been
shown by those in authority, and so little energy has
been manifested on the part of the revolutionists to vin-
dicate their opinions, that their power for evil now
seems slightly regarded. hence, trade begins to revive,
and the coming year is looked upon as one of probable
domestic and foreign peace. Yet, after the destruction
of capital of every description, whether fixed or floating,
the capability of holding produce, even where the desire
exists, is greatly lessened, and it will require not
one year, but a series of years of success, to heal the late
commercial wounds. The markets of North and South
America, &c., are said to be bare of goods, those of the
Continent are equally so, whilst with the Levant and other
parts of the south of Europe, Africa, and Central Asia,
new channels seem daily to be opened. These may al-
ready have been supplied indirectly from this country, but
now that the communications are more easy with Persia,
Sinde, Cebu!, &c., increased dealings may be expected.
If, under the circumstances of the past year, a crop of
nearly 2,348,000 bales was absorbed, Great Britain taking
433,000 in excess of the previous year, France
37,000, and the North of Europe and other
foreign ports 85,000, what would, in all likelihood,
have been the result had Europe been tranquil ; and
what will be the future effect if it is, as now sup-
posed, tranquillized? A considerable increase of ship-
ments of cottons from America to the continent may
naturally be expected, and instead of 535,000 being there
disposed of, as in the present year, with the return of
confidence, and the resumption of employment in France,
Germany, &c., it is no very extreme supposition to
believe that the continental shipments may readily be
increased 100,000 bales, and this without creating any.
diminution of the export of cotton direct from Great
Britain. With our own consumption, also, of 30,000
bales weekly, which is now the estimated rate, and
for the same amount of cotton to be retained
in the States as last year, the consumption
there being certainly increased by the new demand for
Mexico, California, &c., the supply to Great Britain
would require to be greater than during the year 1848.
The point then is, whether a crop of 2,400,000 bales,
large as it may seem, will not be found inadequate, and
if so, what must be the consequence? It may be that
this estimate of supply is too moderate, or that the pre-
sent export of goods and yarns may be as it was in
1846, no safe criterion of the real consumption of the
world, and that the market becoming glutted, the export
in consequence will fall off. But, this is hardly pro•
bable, and the question then arises, at what amount of
advance upon present prices the existing rate
of consumption of cotton can be maintained,
or, in other words, what rise would be required to ope-
rate as a check to the same. To reason upon this is im-
possible. The judgment of no one can be superior to
that of another in the conclusions to be formed. The
stocks of cotton on hand are remarkably limited, more
so by at least 20,000 bales than had been supposed, and
as the supplies from Egypt, Brazil, and India, taken in
the whole, are not likely to exceed those of the present
year, it seems safe to presume that a moderate advance
will ensue; and such advance is the general benef, but
this only under the assumption that the basis of our
calculation is correct, and that the estimate of the Ame-
ricaneropespecially, of 2,400,000 bales, is not too small."
In a letter received from Mr. G. F. Mandley, of Man-
chester, we have an authentic report upon the state of
the markets there. The writer observes that the trans-
actions in the past month have shown that the course of
improvement has begun, and there are Jew who did not
look at the present with the conviction that the season
of depression is already past.
" The transactions in this market since I last addressed
you have been on a considerable scale; merchants fore•
seeing a further advance from the low and unremunera-
tive rates which were previously current, become anxious
to enter into contracts at the ruling prices, or to invest in
stocks obtainable at the currency quoted in my last. This
movement had au immediate effect in hardening prices,
and contemporaneously the Liverpool market became
astir. With the advancing rates of cotton, manufac-
turers were compelled to still further raise the prices of
their staples, and in consequence of the engagements
they had already entered into they were enabled to take
a firm stand. Stocks in some instances were withdrawn
from the market, and the pretensions of sellers occa-
sionally were carried to such an extent that business
became interrupted. During the past week, the amount
of operations has been materially abridged; buyers on
the one hand being reluctant to concede prices, which,
from the present aspect of foreign markets, would hardly
afford a fair prospect of profitable return; whilst, on the
other hand, producers, already pretty well occupied, were
unwilling to add to their engagements at rates which
did not fully keep pace with the advance established on
the raw material. Stocks ere very bare of all descrip-
tions of manutactures, which may be considered of the
most ordinary consumption, and it remains to be seen
which of the three parties—the cotton holder, the manu-
facturer, or the exporter—is to have the ascendency.
My impression is, that it is only at low prices, that the
increased and increasing production of our mills can
be run off."
The Corn Market is quiet to-day, and barley is
cheaper.
It appears that the business doing in Mining Shares
at present is very steady, and that some of the foreign
undertakings are yielding an excellent return. United
Mexican have been most in favour, but St. John del
Rey have also been in request. Bolanos and Copiapo
have found ready bus ers, and some business
has been done in Real del Monte. In the
a Home " market East Wheal Rose, Bedford
United, Wheal Trelawny, Tamar Consols, and Caradon
copper have been in demand. Although the depres-
sion of the standard of copper, on account of the com-
mercial crisis, has been a very serious drawback to
mining profits, the dividends paid last year were
good. Mr. J. T. Watson calculates that 22 Cornish
and Devon mines paid last year 129,024/. ; three Welsh
mines, 6,9061. ; and three foreign, 34,4431. 10s. In the
year 1847 there were thirty paying mines in Cornwall
and Devon, and the amount of dividend which they
yielded was 155,381/.
The 6' split" in the Cabinet of Louis Napoleon has had
no effect upon the English Funds, which continue very
buoyant. The favourable reports concerning the re-
venue of the current quarter, and the abundance of
money, together with the hopeful disposition generally
existing have a very decided influence. Consols opened
at 881 8, touched 888 to 89k, and are now about 888 to
89. Exchequer-bills (June) are 403 to 43s premium.
The New Three•and,a•Quarter per ;Cents. have been
quoted 89k to 891. India Bonds are 43s to 44s premium.
In the Foreign Stock Market, there has been con-
siderable firmness, with a fair kusiness doing. Spanish
Five
per Cent. bonds have realised 14k to 14i, and the
Three per Cents. 28i. Equador Stock has been quoted
28, and Grenada 13-a. Peruvian has realized 491 1 for
Account. Venezula bonds are 19k. Belgian Two-
ax-div nd-a. Half per Cents, have been quoted 411
ee and Dutch Four per Cents. 754.
The Peruvian bondholders will have a meeting on
Thursday, and it is stated that better terms will then
be submitted for their approval. The dividends in
arrear are to be capitalized at 76 per cent., to bear
interest in 1852, increasing 4 per cent. annually, and on the Active Bonds it is proposed to pay a dividend next
April, increasing k per cent. annually.
Railway Shares are still rising sensibly, and with an
increased number of buyers coming forward, as usual
when the " turning point" appears so clearly to have
been attained. There is a much higher range of prices
established for not only the old, but the new lines.
BRITISH FUNDS This DAY AT ONE O'CLOCK.
(From the Official List)
3 per Cent. Reduced Annuities...... BB% 89X3
New 31,,‘ per Cent. Aims 89%44
Long Annuities, Exp. Jan. sth, 1860 8 11-16
India Stock
Do. Bonds, 10001 43 p
Ditto under 1.0001
Consols for Account
Exchequer bills. 21Ad. 2d.
March. June.
42 40 43p

1,000/.
500/ 4l p
Small 43 44 p 42 40 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Equador Bonds 274
Grenada, 1 per Cent. .
Mexican Bonds, 1846, 5 per Cent..... 25
Ditto for the Account ....
Peruvian Bonds, 6 per Cent 49
Ditto for the Account... 491,01
Spanish Bonds, 5 per Cent,l840
Ditto for the Account .......
Ditto Passive Bonds 3%
Spanish Bonds, 3 per Cent 28%
Venezuela Bonds . - I9V2
Do. Deferred
Dividends on the above payable in London.
Belgian 21, per Cent.
Dutch 21, per Cent.,l2 Guild
itto 4 per Cent. Certificates
isITsINESS 1) DON IN RAILWAY SHARES; AT OlsIR O'CLOCK
RAILWAYS. PAID. rot SIMILE.
Aberdeen ........................ 50 ..... IVA...—. to
Amber., Notting., Boston, &c. 414
..
Belfast an ?, ....
d Ccunty Down .. 19
Birmingham & OxfordJunct., .. .. to
calls duly pd, or with guar. 20
Do., without a guarantee... 20 to
...
calls duly pd, or with guar. 10 ... . 15% to
Do., without a guarantee... 10
Binning., \Vol., & Stour Val. 13/.14s — ..... to
Birkenhead, Lancashire, and
tbeshiry Junction.. ......... 10
Lioston, Stunt., & tinning... 5
'Litistol and Exeter ...... • ..... 90 ..... .
Buckinghamshire.. ......... 14/. 45.......
Ditto, Half
.. 834..... :h to
Ditto, New 101. Preference 71/2 8
Ditto,
Clydesdale Junction 50
i7:llster and Holyhead... ...... 50 .....
Do., Ist Class, 6 per Cent... 10 ..... ... to
Do., 2d Class, 5 per Cent... 10 .
to to
Do., Gov. Loan, 4 per Cent. 10
.
Direct London & Portsmouth 514
Dublin and 13elfat Jr”-Ttior,. 35 2% to 3%
Dundalk and Enniskillen ... 20 ...... - I

~ .
East Anilia, 251. L. & E.,
ca.d L. &1)
tato, 1e,1., E. &13 lB ......
Ditto, 31. 105.,E. (I IL Via 2 r,i ,Zti ... to
,3te r 31 Countie
Do. New Guarant. goer (.;t
-- 's

Do. Dtrpet., 5 per ct.i.,:o. 1,6/. 13s. 4d...
Do., do N 0.2,6/. 13s. 4d...
Do., Northern & Eastern... 50
Do 5 per cen, 50

Do., Quarter l2l/ _
Do., Nev.
Eastern Union, Claf,s A (late
E. U. Shares) ......... .. 25
Ditto, ditto, Clacs A, ditto 1
Ditto, do, Class B (1. & B) 20
Ditto, do, Class C, ditto... 20
Ditto Scrip (gua. 6 per ct.) 10
Ditto, ditto ...... ......-.... 20 ...... „,
Ditto (C. & E.), 5 per ct. 21, —
East Lancashire
Ditto, New
Do., New Quarters
Do., 6 per Cent. Preference
Quarter Shares VA ...-
East Lincolnshire

Edinburgh and Glasgow SO
Ditto, half Shares
Edinburgh and Northern ... 25 ......
Ditto, New p0rt..... l5 -
Exeter, Yeovil, & Dorchester 2% ll-....• . to
Lilasg., Dumfries, & Carlisle-8/. 6s.Bd — ..... to
Glasgow, Kilmarnock, & Ayr 50 — to
Do. Pref ermee Consolidated
•...• es •• t 0.....
,- -- .

Great Northern ... 19
Do. 1% A Deferred ..... ... 121% 514404 to
Do. 1A B 6 per Cent. Guar. 61/4 4A%... to
Do. Extension ......... ..... 21/0 — ..... to
Gt. South. & West. (Ireland) 42% to
Great North of England 100
Ditto, N, w 401
Ditto, ditto
Ditto, New 301
Ditto, New 15/......... ...... 14 ...... .
Great Western
Ditto, Ralf Shares
Ditto, Quarter Snare.:
Ditto, Fifths
Do. New 171
Iludderstieldand Manchester 30 .. ... -
Ditto, Third., lO
atilt and Selbv 5O

Ditto, Halt Shares .. ...... 25 „...~
Ditto, Quarter Shares . 121,E — to
Lancaster and Carlisle.... ... 50
Do.,Thirds lO ......
Lancashire and Yorkshire ... 93
Ditto, ditto
Ditto Half Shares , 43
_._. . ....

Ditto Quarters 17% 12% to --
Ditto Fifths
Ditto Sixteenths ... ..... ... 64...... .. .
Ditto Thirds (Reg.)
Do., New Guar. 6 per cent. 7% 8%...... to
Do. Liverpool and Bury... 43
Do. (Hudders. and Sheff.) 43
Do., W akefield, Pontefract,
and Goole
Do., West Riding Union-. 7 .... . 24% to
Do., Preston and Wyre ... 25
Do., do., Half Shares (A) 9% to
Leeds and Bradford 5O ..... 99 ..... to
Leeds,Dewsbury,& Manches. 50
Do., Half Shares
Ditto, Blue (scrip) ..... .... 2% — to
Leeds and Thirsk ........ ...... 50 -
Ditto, New
Do. ,do.,Prefer., 6 per Cent. 3%. .... ...... to -.
Liverpool. Crosby, and South -
port . 3% — .... to ••-•
Li verpool, Manchester, and
Newcastle Junction 2% ...... to
London & Blackwell ......131.65. 8d 5 .....„ to
Do. Extension
Lmd., Bright., & South Coast 50... 321,6 82 32% to 92
Do. Guaranteed 5 per Cent. 9
Do. Pref. Cony. 5 per Cent. 50 ...... ..
Ditto, ditto 1852 50 .....
Do., New, guar. 6 per cent. 5
t ondot. and Greenwich... 121.155. 4d... ... to --
Ditto Preference
London & North Western 100 126 125... to IkT
Do. Quarters (L. and B.) 22
Do. New
Do. Fifths
to
Do. 40‘. Shares-- .L. & M 25 ....~
Do. 101. ... 51. and B. (A.) 10 .... . 1234 to --,
Do. 101. ... 51. and B. (13.) 10
Do. 10/. ... M. and B. (C.) 1
London and S. Western...—. 50 ..
Ditto, New 504 ....... 421,x.....
Ditto, New 401... ...... .. -- 34
Do. Tenths (Consolidated) 50 ......
Do. Tenths (Consolidated) 40
Ditto. Thirds-. •• . ...... .. 15
Do., New Scrip, 1848, Pref.
7 per Ct. on Deposit and
5 per Ct. on Calls .. 5 . ... ..... to
London, Salisbury, & Yeovil 1% — to
Londonderry and Coleraine... 28% — ...... to --•
Londonderry and Enniskillen 27% ..... to
L 4 westoft (guar. 4 per cent.) 20
Ditto (guar. 6 per cent. ... 13 ......
Manch. Buxton, & Matlock 4
:Ranchr, Sheffield, and Linc.loo -
Ditto 1/1 Shares ( No. 1) ... 18
Ditto, ditto (No. 2) 25
Ditto, % Shares (No. 3 )... 114 — to
Do., New 10,. Preference.. 10 ... .. 11 .... to 11%
Ditto Grimsby ~. 4O
Ditto, ditto. ...... ......
Ditto, ditto
Ditto Sheffield and Linc. 15 -
Ditto, Grimsby Dock ...... 20
Ditto, Man. & Lin. Union 4/. 25....
51id1and........- ................100
Ditto, Consol. Preference...100
Ditto, 501. 5hare5.......... 20...... 1.3% %... to 13% 3r.•
Midland, hirm., and Derby...loo ..... _
to --
Midland, Consol. Bristol and
Birmingham, 6 per cent.... 100
to
Midland, Bristol and Glouc. 38 ..... _
Ditto ditto 14/. 18s. ..
Midland, Leices. and Swan-
nington (8 per ct.gua.)....100 ... .
N. i did. Great Western (Irish) 45
Middlesbro' and Redcar. 6
per cent. guar.
Newcastle and Carlisle lOO ...•••
Ditto Quarter Shares . .... 25 ... ..
...••• to
Newmarket ......... ~........ 20 ......
Ditto Extension Scrip... V. 12s — ...... to --
Newport Abergy., and Heref. 6
Newry and Enniskillen -
Newry, Warrenpoint, and
Rostrevor .....
Norfolk
Ditto New 20/. l 5
Ditto Guaranteed 5 per et. 20 - ...... to --
Do. Do. 5% per cent
Do. do. Waveney Valley... 2 ......
Northern Counties Union ... 4
North British
Ditto Pali Shares-- ..... 12% 7 ...... to
Do. Quarters 64 ...... 3%..... to
Ditto, Extension
Ditto Thirds .... ........ -.... 8 4...... 4%% to
North and South-Western... 2
North Staffordshire..... l5 lO% 114 u. 11
North Wales 3% ....• • •••• to
North Western .. 10
Oxford, Worcester, and Wol-
verhampton ... . 5O -
Reading,Guildfd., & Reigate 10 -
Royston and Ilitchin ..... .. 2 ......
Scottish Central ... 25 ...... 254 to
Scottish Midland ... ........ .... 25
Ditto, New 17% ...... ...... to
Sheffield, Rotherham, and
Goole lO
Do. do. (South Div.) 4
hrewsbury and Birmingham 9
Ditto, ditto. Class B. 5
Ditto, New Guaranteed 8 -
Shrewsbury and Hereford .. 2 -
Shrewsbury and Chester
(Nor. IV. :tiin.) - ...... to ---
Ditto Halves, Ditto... 8% — . ... to
Ditto, Uswestry 17%......
to --
Ditto ,New)... - ..... to --
Ditto 8 per Cent. Pref lO
--- . to .-.
Shropshire Union... - ...... to -
South Devon - ...... to --
Ditto, l'reference ...... .. - .... to --
South Staffordshire..., 6% ...... - ..to -...
South
astern,Eastn
Ditto, ... ........... -
Ditto, No. 9
. _

2285
... 6
iiill 6:
x....i.n. **
szweymouth 40
. ....17: 8 .x... 1
to' 7%
tt oo 117
3:
Ditto, No. 3.
.... to Ditto New, No. 4. Thirds 10
South Wales
South Yorkshire, Doncaster
and Goole 5
Swans. and Loughor and Ca-
meron's Stm. Coal ... . 6 -
Taw Vale Extension
Thames Haven Dock and
Railway 17% ...... to --
Vale of Neath
Waterford and Kilkenny...... 1712. -- ...... to .....
Waterford and Limerick..... 471 At.” - ...... to --
Waterford, Wexford, Wieklw,
and Dublin
Wear Valley 6 per Cent.
Guaranteed ...... ........ 10 - ...... to
Do. do. do.
Do, do. do. ...... .10 ....
West Cornwall 6 ...... ...... to
West L0nd0n..........
...
. to
Ditto, First Class
.......... -
to
whDiittethoa,
vSeencoanndd
IC,ularnsse.s.s. ...... 2104
....::: z
Windsor, Staines, and South
Western 12
11
...". 1:54.%.1/41 .... ::.....itItoo:
...1.--44/4
and Berwick 25 ......
York, Newcastle,
Do. Original New & Ber ck 25 ...... 27N IA 'to
Do. Exten. No.l (Y. & N.) 15
Do. do. No. 2, New & B. 15
Pref. 8
York; and North:Midland .. 50 ..... 55
Ditto, Preference -
Ditto East and Yr astßiding
Extension 25 ; 5634...... to ...
FOREIGN RAILWAYS.
Anglo Italian (late Italian
and Austrian
Boulogne and Amiens
Central of France (Orleans ilkt... to

and Vierzon) ...• - -
Ceylon ...,...
i,,-)onerar: ... 15
Dendre Valley
..... -- • -
Direct Bombay and Madras ss.
.... --
Dutch Rhenish ............ ..... 714 —' ...... to —.
East flulion ... ................. 34i
...... to
Great Indian Peninsular .....• 1,4 •••••• •••••• to
Louvain ala Sambre „....... 71/2 — •••••• to —•
Luxembourg .........
... 7 -
Ditto ...... ,
10 - ••• „ to --
gadrid and Valentia ., 2 -
Namur and Liege...,...., 2O -
Northern of France l2 ...... 8 -
Orleam,,, and Lim-de:tux. ' ... 7
Pari;. am! Lyons -
80. 1,:o. - .•. •• to
Pam, and ()rienns...
Paris and I.4rien
Paris & Strasboury: —....... 9 , 3 ...... to
Rouen and Havre
Sambre and Meuse
..... --..... to
Strasburg and Bale l4 , — to
Tours 84 NftlltfiS ..• . ...... ... 9

,
trri%•i' -4
42,•4 . am*, o CAIr•A% t•-• -Ala 'rib, •
W '7.011\ 611 r•-•wet• "
• • "
'ZED 4 01,,14 .AS,.r. • Mi4V4 ,•. ",'"a"
, _