The Sun.
London, England, 1849-11-26 00:00:00

MONDAY EVENING, NOVEMBER 26, J 849

ground upon which he must be judged. He is re-
ported to have said, at a public meeting subsequent
to the expedition :—" Recent occurrences should open
the eyes, even of the most prejudiced, to the enormity
of the system which has been showed to grow up on
the coasts of Borneo, and I thank God, with
a large and minute experience, I have clear
and unflinching principles of public duty, and
that I know of no way to advance civili-
zation, and secure the safety of commerce, except
by the punishment of these hardened and lawless
tribes, which have long been the terror and the
scourge of Borneo, 'and who even find advocates
amongst the Christian community of Singapore." Sir
James Brooke at the same time gave the most emphatic
and straightforward denial to the accuracy of certain
statements which have originated with a Singapore
journal, on the strength of which he had been charged
with inhuman cruelty. " I blush (said he) for the
authors of this monstrous calumny, lest they should
be unable to blush for themselves." Until some
very different evidence is forthcoming from any,
that has been produced vet, we have little hesita-
tion in saying that the charges in question will,
by any rational man, be considered slanderous and
false. On the presumption that the defeat of these
Eastern pirates is absolutely necessary in the interests
of civilization and humanity, it would appear that Sir
James Brooke is performing good service by their
destruction. To take an instance upon a larger scale,
who ever dreamt of impugning the conduct of Lord
Exmouth for the bombardment of Algiers ? These
Eastern pirates are, like the Algerines, hostes humani
genera ; they give no mercy, and expect none. Those
who are so ready to sympathise with the fate of a
horde of sanguinary marauders would do well to spare
a thought, sometimes, to the fate of those whom they
had already consigned to destruction, and to . the
security of the unoffending persona over whose heads
a similar doom was impending at the same blood-
stained hands. Is the fountain of pity to be ever
unsealed for the murderer, and never for the murdered
man ? We have no disposition to countenance Sir
James Brooke in any abuse of power of which he
may at any time be guilty, but, at the same time, it is
a discreditable thing to turn open-mouthed against a
man whom we all of us so lately delighted to honour
simply because he is carrying out in a firm and
unflinching spirit a very painful duty, and fulfilling
his important mission to the best of his ability.
DUST.—The monetary condition of the United
Kingdom is, at this juncture, very peculiar. 'The
total circulation of Bank of England notes was re-
ported, for the 17th November, at 18,000,000/. only, to
which add 1.000,0001. of bank post bills. The Bank
of England had 11,00,0001. of its own notes unem-
ployed in the banking department, while the bullion,
gold and silver, in the issue department, was upwards
of 15,000,0001. sterling, besides 828,3951 in the
banking department. Thus the bullion in store, in
both departments, approaches to within 2,000,000/.
of the batik notes in actual circulation, and the Bank
has an unemployed balance in the two departments
of 27,000,0001. sterling—a large sum to be lying
wholly idle and unproductive. The Bank, on the
other hand, is drawing interest in the issue depart-
ment, but at very low rates, upon 14,000,000/., and in
the banking department, excluding the dead weight,
upon 23,500,000/. But the rates of :interest realised
annut, safely, be estimated, at the present time,
higher than 3 per cent. all round ; and from this
source the heavy expense of establishments and al:
other charges have to be met; the proprietors, there-
fore, must look for reduced dividends hereafter.

Shallow observers ask, upon this—Why should not
the Bank, having nearly 12,000:0001. unemployed in
the banking department, buy with it Exchequer-bills
or Three per Cents. P Rather, they say, take the
rates of interest that might thus be realised than let
the money lie absolutely idle. An individual would
doubtless so act, but a bank cannot. And for this
reason: a purchase by the bank of Three per Cents.
would run the price of this stock up to 95 at least.
Whenever the Bank might desire to sell, the price
would, in value, of course be similarly depressed. As
a temporary investment, therefore, such an employ-
ment of the funds of an institution like the Bank of
England would be sure to be a losing speculation ; for
the difference upon re-sale would exceed even three
years' ordinary interest. It is for this reason that,
when there is a plethora of money in the market, a
wise banker prefers to hold his funds, or to discount
short bills at any rate, however low, so as to insure
the future receipt of a fixed amount, rather than to
purchase, for the sake of interest, securities of any
kind that are subject to fluctuation. The notes, deposit
accounts, and other liabilities of a bank are all of fixed
amount, sure to be cashed at the particular time
when the realisation of permanent securities is
attended with the heaviest sacrifice. The mercantile,
public are well aware of this, and were quite prepared,
therefore, for the resolution taken by the Bank of
England to reduce its discount rate to 2f per cent.
The Bank, however, knew well that, even at this rate,
its desire to extend its discounts was not likely to be
accomplished ; and therefore the directors have added
to the notice of last Thursday an intimation that,
for the sake of obtaining a good transaction for their
purposes, they would not consider themselves pre-
eluded from giving out the Bank's money at a lower
rate even than 21 per cent. When the Bank of
England is in a state of plethora, it is a sure
sign that the private banks and bill brokers
of the metropolis are in the same condition. All
these, therefore, have money for short discounts—
all are competing with the great Bank for the bills
in the market. What chance has a public institution
in such competition ? It becomes a matter of favour
to discount a bill, and who seeks to confer favours on
the old lady of Threadneedle-street? The Bank
parlour is only a kind of refuge for the destitute, to
be applied to like commissioners of poor-rates when
other resources fail. Then, indeed, the Bank is sure
to make its profit out of people's necessities, and its
profits are large in proportion to its means. But in
easy times a public bank may reckon upon obtaining
only such bil s for discount as others are nut de-
sirous of obtaining; and its profits will be less than
those of keen competitors not above canvassing for
beneficial business. Here, however, is the Bank of
England barely realising profit for an average
dividend, while the note circulation of the country,
and the gold likewise, is at a lower
ebb than it was during the convulsion
of 1847-8. The notes in circulation, then, ex-
ceeded 20,000,0001., and the country banks had also
more notes out, than now, by several millions sterling.
There was then no run for gold in exchange
for notes to lead to the conclusion that gold was
scarce in the country, although, for purposes of fo-
reign export, there had been a drain on the Bank of
England. What, then, are we to infer from this ?
The status is not peculiar to England. The circula-
tion of Ireland has diminished to one-half of what it
was in 1847 8, and the returns of the Bank of France
show a smiler abundance of unemployed funds, and
a store of bullion equal to the entire aggregate
circulation of notes, including in the comparison the
branch banks of the interior. What, we ask again,
does this indicate ? Is it prosperity or the contrary ?
We think there is but one legitimate conclusion to
be drawn from the general di,position thus evinced
to leave money unemployed in banks—viz., that there
is, from some cause or other, a want of activity in
works of internal production. Industrial pursuits are
comparatively at a stand. People are averse to spe-
culations of all kinds. Those who have capital employed
desire not to extend their operations, but seek rather
to withdraw funds, in order to place them in some
more secure investment not subject to accident and
fluctuations. And what is the cause of this dread of
loss from all kir.ds of industrial speculation ? Why
should people hoard—for leaving their money in
banks is the bonding of the present day—in prefer-
ence to employing or lending capital to be employed
in trade or in manufactures, or in promoting useful
projects, or in providing what might furnish liveli-
hood and income to tradesmen, artizans,•and other
men who live by their industry and enterprise? There
Is but one reason for the preference shown to the
low interest of Three per Cents. at 93, or to a Bank
deposit without any interest, and that is—distrust of
the profitable result, at this particular time, of every
branch of industry, every speculation of trade or
production, because of the condition of the
home market under the competition of coun-
tries less burdened with taxation. Every pro-
ject, every device for earning profits and
subsistence from industry of the head or hand is
paralysed by the results of the policy that has opened
the markets of the United Kingdom to the foreigner,
and caused the wealth that, heretofore, stimulated
and rewarded native industry to be spent in replac-
ing the capital and wages of producers who pay no
taxes. So long as we subject native industry of all
kinds to heavy burdens, and place it under restric-
tions and under taxation, the expectation that it will
stand competition with producers exempt from these
disadvantages is like the hardship of requiring the
Israelites to make bricks without straw. It compels
the British labourer and artizan to work at the lowest
wages of the competing nations, and out of that low
rate to pay the taxes, direct and indirect, which bear
upon him. This state of things will not be mended
by the Bank of England lowering its rate of dis-
count. It is only a bid made for the bills in the
market. There will be no renewal of the hope of
profit from speculation till markets are improved and
cheapness is repudiated as the first aim of the national
policy.

jr. George Hudson, M.P., paid a visit on Thurs-
.- hi.; constituents in the borough of Sunderland. In
the Hon. Gentleman inspected the
-Aod a meeting of the board

day
the course of
works at the dock 4, and att.—
directors.—Novcastie Journal.

VIOLETS IN NOVEMIIER.,,-AS a proof of the MI,,
ne§i the season, our Sedgefield eorrespondknt informs
us that, a few days ago., he haq presented to Lich a very
fine specimen of violets, gathe:7,ed on Sunday last, in a
field belonging to Mr. Shepherd, farmer, at Buttqwich,
near Sedgelield.—Nctvcastk (ittpirdian.

PENINSULAR MAILS.

SOUTHAMPTON, SUNDAY, Nov. 25.—The Penin-
sular and Oriental Steam Navigation Company's
ship Jupiter, Captain F. Meehan, arrived here at one
r.re. this day, with the usual Spanish and Portuguese
mails, in charge of Lieutenant Newenham, RN.
Admiralty agent.
She brings only a few passengers. Her dates are
—Gibraltar, November 16 ; Cadiz, November 17 ;
Lisbon, November 19 ; off Oporto, November 20 ;
Vigo, November 21. The freight list comprises 622
half chests of oranges, 10 boxes of Tangerine oranges,
11 cases of saffron, 8 kegs of grapes, 32 barrels of
dates, 47 cases of eggs, 49 sacks of chestnuts, 9
packages of specie, and 40 packages of sundries.
Although the Jupiter arrived here and was along-
side the wharf at one o'clock, yet we understand her
mails will be detained until the midnight train, and
cannot therefore be deposited in the General Post-
office till Monday morning. The effect of this deten•
Con will be to deprive the provincial and northern
towns of their Peninsular packet letters till Monday
night, at which time they will be delivered, thus
preventing the possibility of replies being prepared in
the north for the Montrose to leave Southampton
with the outward mails on Tuesday. lied the Jupiter
bags been forwarded to the metropolis by a special
train, there would have been ample time for the letters
to be sorted and dispatched by the London night-
trains for delivery throughout England on Monday
morning, as in the case of the India mail by the
Ripon, which vessel arrived this morning.
By this steamer we have received letters from Lis-
bon of the 19th instant.
Some anxiety had existed in respect to the Queen's
state of health. It appears that the royal family had
intended to honour withqheir presence a concert at the
Philharmonic Society on the evening of the 17th, but
her Majesty was, during the afternoon, obliged to
notify her inability to attend from indisposition ;
which being communicated to the different members
of the society, had caused more alarm than appears
to have been warranted by the slightness of the ill-
ness, from which her Majesty was reported convales-
cent when the packet left the Tagus, and the Diario
do Got'crno of the 19th declares her to ho in her usual
state of health.
We learn that this moil brings the Viscount of
Moncorvo's note in reply to Lord Palmerston upon
the Macao affair; it was asserted in Lisbon, in well-
informed quarters, that this correspondence had tended
to aggravate the indifferent terms upon which Lord
Palmerston and the Portuguese Ambassador at this
Court were said to have been ; that the latter bad,
after appealing to Lord John Russell, assured his
Government the affair was likely to be more favour-
ably considered by the British Cabinet than indicated
in Lord Palmerston's first dispatch. The Portuguese
appear very sensitive upon the point, and complain
that his Lordship treats them with illiberality and
chicane in his endeavour to establish the English Go-
vernment's jurisdiction over its own subjects in Ma.
cao, by virtue of the treaty of peace with China,
when they contend no such pretension had existed
before that treaty, and that it ought not now, in the
absence of express stipulation, to be held to alter a
fact previously existing and tacitly recognized for
centuries.
As far as was known in Lisbon at the time of closing
the mail, the muniepal elections throughout Portugal
had is en conducted peaceably, and in general the
members chosen were moderate Chartists favourable
to the Government; in a few places the Septembrist
influence has always prevailed, in others the
Royalist, and it was in these that those Oppositionists
had contested and carried the elections, whilst in other
municipalities they abandoned the ballot and revived
the usual questions of falsified registrations, undue
official interference, &c. Our correspondent writes,
" With reference to the election for the capital, I can
state from personal inspection at a great number of
the parishes that the ballot appeared to be conducted
in an orderly and legal manner. I, however, inva-
riably found that the voters did not amount to one.
fourth of the names called over from the register; in
a parish in the centre of Lisbon, there were only 80
votes out of 800, and the entire number of votes
tendered in 2.5 out of the 38 electoral assemblies was
only 3,986 ; the returns from the other 13 have not
yet been made, but personal observation convinces
me they will only confirm still more the oft-asserted
indifference of the people to the most important of
constitutional forms. It is true that the election was
deprived of the excitement of a contest, and thus it
was that with a splendid clear sunshiny day, such as
would be prized in England in the middle of summer,
the streets of Lisbon presented yesterday no bustle
beyond that usual on a holiday, and in fact, the
greater part of those tempted abroad were more in-
terested in the public gardens and exposition of
national manufactures, which has made the great
room at the arsenal a fashionable lounge."
Bills upon London continued to be little sought for
on the Lisbon exchange, and the rate for three
months' paper comes quoted at 54d.; Paris, 520 ;
Hamburgh, 50; Amsterdam, 484 ; Portuguese Five
per Cents. 54i to 55; Four per Cents., 44 to 46 ;
Bank of Portugal shares, 60 to 50 milreis discount
per share ; Bank of Oporto shares, 30 milreis premium
per share. As usual, the above rates for stocks and
shares are given in Lisbon Bank notes, which were at
a discount of 19f per cent.
The following ships of war were at anchor in the
Tagus :—Her Majesty's steam-frigate La Hogue,
Captain M'Dougal, under quarantine until the 20th;
her Majesty's steam-corvette Encounter, Captain
Gurdon ; and the Russian frigate Pallas.
The Portuguese Government expected to arrange
with the impracticable Lisbon Board of Health some
reduction of the quarantine after the arrival of the
mails sent from Southampton on the 17th inst.
The following is an extract from the letter of a
Lisbon correspondent, respecting the commencement
made towards a reform of the Portuguese Financial
Administration :
" Upon- a report of M. Avila, a decree signed by
all the Ministers has been issued, to reform the or-
ganization of the finance department, by virtue of an
authorization granted during the last session of the
Cortes.
"It is impossible to give in your columns more
than the general features of the 61 articles of the de-
cree, and these .1 shall divide into two parts, with my
reasons for approving the one and condemning the
other, that your readers may form their own opinion
of this step towards the financial reorganization of
the country.
"By this measure the Finance-office is divided into
general departments, viz., for direct contributions,
Custom-house and indirect contributions, trea-
sury, and accounts ; each of these is to have a
general director, and the fuur directors will form a
consultative tribunal whenever required by the Fi-
nance Minister; but otherwise each will be sufficiently
occupied in the direction of his own department, and
its ramifications throughout the country.
" The four counsellors who sat in the pomp and
state of a tribunal of the Treasury, apparently for the
purpose of wasting the time and patience of claimants
and others having public accounts to settle, are now
dispensed with, and the four general directors left un-
shackled to decide rind dispatch the business of their
respective departments ; and they will only recur to
the Minister upon extraordinary occasions, whilst
parties aggrieved by their acts will have a right of
appeal to him and to the Council of State. All this
is an improvement, as also the steps taken to simplify.
the operations of the fiscal departments in the pro-
vinces, where the public will now be in direct contact
with delegates of the Treasury, who in their turn give
direct accounts to the general direction in Lisbon,
without the interference of the administrative autho-
rities.

" I believe that an active, intelligent, and persever-
ing minister of finance like M. Avila will make these
reforms work well, save the time of the public, and
give the minister a more immediate insight into and
check upon the public moneys throughout the country.
" It is in these general features of this new organi-
zation of the financial system that I find much to ap-
prove, because the simplification of the business is
attained with better checks upon peculations, and a
declared reduction of the number of employes ; but
my objection is, that this reduction is left to the
operation of time, and meanwhile those found to be
unnecessary are allowed to retain their snug berths
and perpetuate a system of general inattention to duties
there are confessedly too many hands to perform.
The public expenses of Portugal require great reduc-
tion, and this opportunity should have been availed of,
the more so that it would have come with good grace
on this occasion, as it would have included four
councillors of the Treasury who have been Ministers
of State, and are otherwise well provided for ;
instead of this, they are added to the five coun-
cillors hitherto forming the tribunal of accounts,
which after being , increased to seven, still leave two
without anything to do ; it were much better to pay
these and other functionaries the bread of idleness
than to keep their offices open in the budget of the
finance department, and I am sorry to see M. Avila
adopt this principle in his reforms, as it promises no
good for the country, which is eaten up with unne-
cessary employis."
Oar accounts from Gibraltar and Tangier' by this
packet both confirm the report previously received of
an amicable settlement of the dispute between France
and Morocco. Accordingly the French Consul-
General, M. de Chasteau, with the whole of the per-
sons under his protection who had left the Moorish
territory, embarked on board the steam-frigate Pomone,
and returned to Tangier on the Bth instant. M.
Martino, the Neapolitan Consul General, also re-
turned to Tangier, and the representatives of both
Governments were successively saluted on their
landing. The French flag was likewise saluted on its
being hoisted over the residence of the French
d'Affaires. M. • de Chasteau subsequently
*he Emperor in favour of one of the
" -,ood Mussulmans to fall
•-• and likewise

interceded wu.
judg.7s who had directea a..
upon and ill-treat the French subjeuv.,
iu favour of the ALM* who had executed bis Calm._:

At Gibraltar the exchange on London had slightly
declined ; the last quotations for bills on London, at
90 days' date, wne 49i to 4.9 i; on Paris sf. 34c. ;
Marseilles, sf. 870. ; Genoa, sf. 47c. At eight days'
sight on Madr:d, Cadiz, and Seville, par ; Malaga,
premium; Alicante, discount; Valencia and Bar-
celona, 4 discount ; paper scarce on the four latter
cities; Spanish pillared dollars, 4 per cent. premium.
—Tinges.

SPORTING INTELLIGENCE.
WARWICK AND LEAMINGTON NOVEMBER
MEETING.

Nominations for the Stakes which closed on Thursday
last:—

Sweepstakes for two and three yrs old.—Arena, 2 yrs
(to be sold for 301.)—B f, by Don John, out of Sister to
Ainderby, 2 yrs (500—Secondhand, 2 yrs (300—
Rochester, 3 yrs (300—Captain Parry, 3. yrs (301.)
zo, 2 yrs (500—Emma, 2 yrs (20/. )—Countess,
2 yrs (30/.)—Pansey, 2 yrs (300—Syrup, 3 yrs (300—
Sr. Denis, 3 yrs (300—Clothworker, 3 yrs (300—
Young England, 2 yrs (700—Carbuncle, 3 yrs (300—
Sis) wachus, 3 yrs (301.)—The Peasant Girl, 3 yrs.
Entry for the Hunt Cup.—Miss Burns, Sobriety,
Outcast, Kilkenny, Merriman, Lansquenet, The Prophet,
The Ace of Trumps, Gazelle, The Agent, The Mangler.
LATEST BETTING ON THE GRAND OPEN

CUASE.
7 to 1 agst Vain Elope (t)-7 to 1 agst Pau. Simple
(0-7 to 1 agst British Yeoman-8 to 1 agst Chandler
—9 to 1 agst Rattrap-10 to 1 agat Maria Day (t)-10
to 1 agst Knight of Gwynne-11 to 1 agst Agitation-
-12 to 1 agst The Doctor-15 to 1 agst Venom (t).
HUNTING APPOINTMENTS.

Cheltenham stag hds., Sat., Churchill's Farm.
Norfolk stag hds., Thurs Mr. Gowen's.
Albrightcn hds., Tues., huuniugton; Thurs., Bel-
broughton; Sat., Wassail Top-1011.
South Berkshire lids, Tues., btaafoid-street; Fri.,
Streatley.
Sir John Ccpe's lids., Wcd., Rye Common; Fri.,
White Waltham-10-L

Craven hds., Wed.:Brimslado; Fri., Alborne Chase;
Sat., Atheridge—loi.
11=We...don hds., Wed., Hill Place; Fri., Upham.
Haydon lids., Wed., Kennels; Sat., Kingswood Hall.
Col. Wyndharn's hds., Wed., Fitzhall; Fri., Stoke
House-11i.
Ham bledon Hunt hds., Tues., Hinton House; Thurs.,
Herriard Park; Sat., Medstcad
Mr. Lushington'ts lids., Tues., Hollingbourne House;
Fri., Gore Court-11.
New Forest lids., Tues., Dcnny Lodge; Thurs.,
Bowlesbury Farm; Sat., the Rising Sun, 'Wootton-10i.
Sir Henry Seale's hds., Wed., Morley Tollbar; Sat.,
Torbrian.

Vino lids., Thurs., Asho Warren Farm; Sat., Ew-
hurst-11.

South Wilts hde., Wed., Bathampton; Fri., Jervois
F3rm-11.

Mr. Deacon's harm, Wed., Shaugh Village; Sat.,
Sh eepster Bridge-10.
Lord Lonsdale's harrs., Tues., Drayton Mo3d; Sat.,
Wendover-12.

OLYMPIC THEATRE.
On the 29th of March the Olympic Theatre, which
was erected by old Philip Astley, and which obtained
some celebrity from the fact of George the Third
having contributed the principal portion of the timber
used in the building, was entirely consumed by fire.
A comparatively short period has elapsed since the
work of re-erection commenced. Already the new
theatre presents the appearance of being all but com-
pleted. The frontage of the house is plain and
simple, the entrance to the pit and boxes being, as
before, in Wych-street. The lumbering portico,
which formed part of the old theatre is not to be re-
stored ; but in lieu a light awning carried sufficiently
forward is to be erected. The entrance to the gallery
is to be from the passage fronting Newcastle-street,
and a roomy and handsome stone staircase has been
erected, ensuring at the same time perfect safety and
convenience. The entrance to the boxes is by a
flight of steps of Portland stone, which leads to a
small but neat saloon. On entering the theatre the
beauty and proportions of the interior contrast
strikingly with the plainness and simplicity of the
exterior. The stage occupies about as much space as
it did in the old house. The audience part of the
theatre is of the horseshoe shape, decidedly the shape
best of all adapted for the comfort and enjoyment of
the audience, From every part of the boxes, pit, and
gallery, a complete view of the stage will be obtained,
and so perfect is the arrangement, that from the ex-
tremest bench in the gallery the spectators' vision can
take in the farthest end of the stage at the height of
at least ten or twelve feet. The boxes and gallery
are supported by reeded columns of cast iron, of a
light and airy appearance, and so constructed that
they cannot in the least impede the view. The seats
in the tier of bores are to ba supplied with arms, and
to be cushioned, and the seats in the range of stalls in
front of the pit are to be similarly furnished. The
private boxes are twelve in number, six upon each
side of the house. The pit, it is calculated, will hold
about 700 persons, and the gallery about 800. Escape
passages have been provided in case of fire, the passage
from the gallery leading into \Vych-street, and that
from the pit leading to Newcastle-street. The deco-
rations are to be in the Arabesque style. A consider-
able portion is already completed—the proscenium,
the pilasters on each side of the proscenium, and
the ceiling. The latter is divided into four compart-
ments, representing the seasons, and underneath is a
sunk pannel, having the signs of the quarter cor-
responding with each season. On the proscenium is
a representation of the Muses, painted in Chiaro-
'scuro, and on the pilasters, on each side of the pro-
scenium, are exhibited the crests of the proprietor of
the theatre, and of the landed proprietor—Lord
Craven. The front of the tier of boxes is also to be
in the Arabesque style, corresponding with the other
decorations. It will be divided into pannels, on each
of which is to be a cameo, and every pannel is to bo
of a varied character. It should be mentioned that
the comforts of the performers have not been over-
looked, in the providing of numerous dressing-rooms.
The ventilation of the house has also been attended
to. On Thursday the Government referees paid a
visit to the theatre, and expressed themselves to be
entirely satisfied with the work and the arrangements.
The audience part of the house is to be lighted by
means of an immense glass chandelier, weighing
nearly three-quarters of a ton. It is intended to
open the house for performance on "Boxing Night."
Mr. Wratts is the lessee of the new house. The taste
and judgment exhibited by that gentleman during his
management of the Marylebone Theatre may warrant
the anticipation that a liberal and judicious course
will be pursued in the direction of this house.