The Sun.
London, England, 1849-02-09 00:00:00

MR.

PHIPPS'S PAMPHLET ON

THE THREE AMATEUR BUDGETS.
TO THE EDITOR OF THE SUN.

SlR,—Had I seen the notice in your paper of the
error in Mr. Wason's calculations or his own reknow-
ledgment of it before my remarks were printed, I cer-
tainly should not have again adverted to it, though I
think his amended calculations open to the objections I
have pointed out. With so fundamental a defect in his
plan still unremedied, I did not think it necessary to
argue, against his first proposition, viz., " that it is dis-
creditably dishonest not to pay off the national debt."
Lest, however, I should be misconceived, I would offer
to his candid consideration the following objections to
his arguments on this point, which I believe may be thus
shortly stated:—" The debt was incurred merely to pro-
tect property against invasion from a foreign fee, there-
fore property ought to pay it off." This argument in-
volves, as I conceive, the fallacy of confounding " pro-
perty" with " the owners of property."
Without then contending, as I might, that considera-
tions much more important than the mere protection of
property were involved in the prevention of invasion.
I would remind him that during the 24 years that have
elapsed since the war, a very large part of the property
he would propose to mulct has been purchased with the
hard earnings of the commercial, professional, and
labouring classes, so that to say, that it is " discredit-
ably dishonest" not to pay off a debt assumed to be in-
curred in preserving that for which they have since paid
the full value, by suddenly taking from all such persons
20 per cent. or even 10 per cent. of their whole world•y
substance, would seem to be a misuse of terms. This
observation especially applies to the fundholders in
whose favour the act of justice is to be done, but who
must not individually be expected to feel very grateful
for the repayment at the price of the day (by means of
a deduction of one-tenth from their whole possessions)
of that which at this moment each may receive without
any such deduction.
This, then, appears to be no question between " Oli-
garchs" or " Aristocrats " on the one hand, and the
professional or commercial classes on the other, but to
be a proposal for a violent and sudden change in the
relative position and fortunes of every Englishman, by
which the advantages honestly gained by economy and
industry, would be transferred for the future to those
who have been less provident. It was with these views,
and with no disrespect for so consistent a reformer as
Mr. Wason, that I took the lib, rty of criticising (along
with others) his project, which, as it appeared to me,
would impose on certain classes of the community oner-
ous burdens upon untenable grounds.—l have the honour
to be, Sir, your obedient servant,
EDMUND PHIPPS.
Athenmum, February 8.

READING, GUILDFORD, AND
REIGATE RAILWAY.—(THIS DAY.)
The usual half-yearly general meeting of the pro-
prietors of the above railway was held this morning at
the offices of the company, in Exchange buildings, Mr.
Alderman Salomons, chairman of the Board of Directors,
i❑ the chair.

The report stated that the directors were highly de-
lighted in being able to report satisfactorily upon the
progress of the works, while they could as-
sure the proprietors that the strictest economy
had been studied in the application of the funds.
A good deal of the credit of the economy was due
to the exertions of Mr. Barlow, the engineer, of
this and the South-Eastern Company, and the directors
had therefore thought it due to that gentleman to bring
his services specially under the notice of the pro-
prietor& The balance sheet represented the total re-
ceipts up to the present time to amount to 228,7591 155.,
and the expenditure to 180,4381. 2s. 2d., leaving a
balance at the bankers' of 48,321/. 12s. 10s.
The CHAIRMAN, in moving the adoption of the re-
port, declared his belief that the line would be completed
within the period necessary for giving it up to the
South-Eastern Company who were the purchasers of the
railway, and he had received a confident assurance from
the engineer the cost of the work would not exceed the
original estimate of 600,000/.
Mr. COOKE complained that interest due to him on his
paid up calls had been stopped because he had not paid
a subst quent call. For instance, interest due to him in
July had been stopped because he had not paid a call
due in September, and he thought it somewhat hard
upon him to stop his interest because he had not called
for it exactly at the moment it was due.
The CHAIRMAN promised that this defect should be
inquired into, and remedied, it the law would allow it.
In reply to a question from Mr. MORELAND,
The CHAIRMAN said he could almost undertake to
guarantee that the expenditure should not exceed
600,000/. The time for giving up the line to the South-
Eastern Ccmpany had been fixed for the 26th of next
August. _ _

Mr. MACGREGOR, the chairman of the South-Eastern
Company, having seconded the motion for the adoption
of the report, it was put from the chair, and carried
unanimously. _ _

The retiring directors and auditors having been re-
elected, thanks were voted to the chairman and the di-
rectors, and the meeting terminated.

ADELPHI THEATRE.

The rentree of Madame Celeste, who has been recently
suffering from set ere indisposition, attracted an over-
flowing audience to this theatre last evening. She chose
the character of Miami in the Green Bushes. and although
she looked as one who had been suffering from recent
illness, yet as she warmed in the part, the fire of genius
overcame the languor of physical debility, and she was
as powerful, as intense, as pathetic as ever. She was
welcomed back to the scene of her many triumphs with
the most rapturous applause. The part of Geraldine
was sustained (tor the first time, we believe,) by Miss
Ellen Chaplin, who made quite a hit in the part. Miss
Woolgar's Nelly O'Neil was excellent.

DUBLIN AND BELFAST JUNCTION RAILWAT.—The
portion of this line now ready for opening between Drog-
heda and Dundalk was inspected by the Government
officer on Saturday last. He found the line in efficient
order, and will recommend that the usual cer-
tificate be issued by the Commissioners of Rail-
ways, authorising the opening. Thursday, the 15th
instant, has been fixed Lpon for the public opening
of the line for treffic ; and we are happy to find
that the directors have considered it more advisable
to contract for the working tha❑ to incur the expense
and responsibility themselves. They have contracted
with Mr. Dargan to provide the entire working stock,
and to receive payment by a mileage rate. The lecc-
motives and carriages already provided by the directors,
will be taken by Mr. Dargan ; so that no loss will be
sustained by having them thrown on their hands. Mr.
Dargan has also contracted, on similar terms, to work
the Dundalk and Enniskillen line between Dundalk and
Castleblaney, which, it is expected, will be ready for
opening on the 15th instant.

NIONE Y and COMM ERCIAL NEWe.
CITY, QUARTER TO THREE.
The demand for Cotton at Liverpool yesterday con-
tinued steady, and full prices were paid. The sales were
estimated at 8,000 bales, including 4,000 on speculation
and export.—Railway Shares were steady.
The foreign accounts are leoked upon still as being of
a favourable character, and there is an excellent tone in
the „mercantile letters that come to hand.
There are later dates, viz., to Dec. 4, from the Cape
of Good Hope, but we find nothing of interest in the
papers befere us.
The attention of the mercantile and money cd interest
is directed noes, with a feeling almost amounting to in
tensity, to the extraordinary position in which we may
be placed by the influx- of gold from California. So,
confidently is the influx calculated on, that the
point considered now is hoefthe standard price of gold
is in future to be regulated, and w hat will be the situa-
tion of the Bank of England in cons. quence. A great
extension of the note circulatien, enhancing the value of
every article of consumption, as well as of property,
seems an inevitable consequence of any very large im-
portation of the precious metals, and opinions will, of
course, be divided as to whether this is to be regarded
as an advantage or the reverse. It is ob-
served by a party, writing on the subject, that,
" Were it not for the highly condensed value of gold,
the standard and sterling value may be wide apart
without social loss ; witness our copper coinage ; the
Soho penny in 1797 was intrinsically worth a penny,
and within twenty or thirty years it has been worth 14d.
—at the present moment it is intrinsically worth little
more than a halfpenny, and, consequently, from the de.;
preciation in its intrinsic worth, its conventional worth
in regard to copper is raised to nearly twopence ; for
sixteen penny pieces, weighing one pound, will pur-
chase nearly two pounds of copper of equally
intrinsic worth with the coin itself. The value of con-
densed labour in a penny-piece weighing one ounce,
taking it at standard value, is but the 240th part of
such value condensed in a sovereign, consequently the
temptation to illicit coining in copper is as nothing com-
pared to gold."
Many parties are under the impression that the Bank
of England directors have seriously considered the
matter, especially in reference to a reduction in the
terms of discount, and certainly the decline in the value
of money will be soon felt independent of Bank action,
if specie continues to flow in as it has done lately.
The East Indian Railway question rather gains in in-
terest and appreciation than otherwise, because of its di-
rect connexion with the supply of cotton for our manu-
factures. It is obvious that every year of delay adds to
the difficulty of rendering ourelves in the least inde-
pendent of the United States, and which there would be
no particular anxiety about, but that the crop may at any
time tail and leave us without resource, a contingency
more fearful to cuntemplate than a deficient-home growth
of food.
The Funds have again been extremely buoyant upon
the French news, and the further majority obtained.
Consols have touched 92i- and 93 for Account, being 921
to 921 for Money. Th. New Three and- a-Quarter per
Cents. have been 934 and 94, and the Three per Cents.
924 to 93. Bank stock is n minally 194 to 196. Tn.
Bears seem to be buying in their accounts very last.
Exchequer-bills are 455. to 48s. premium for those dated
March.
The Foreign Securities have been more buoyant also:
but there is very little doing except in Spanish. The
Five per Cents. are. 171 and the Three per Cents.
294 to 30. Portuguese Four per Cents. have been
25 to 26. Mexican Stock is very quiet at 25f Brazil
Bonds have been 811. Russian Stock has been as high
as 1081 and 109. Dutch Two-and-a-Half per Cents.
a e 54 I.
Railway Shares have been rather quiet again, and in
some cases a shade lower, but it has been observed
within the last day or two that the afternoon's business
(as was the case yesterday) gives an impulse. The
foreign lines have been better.
BRITISH FlJNilS'l'tit DAY AT oNE O'CLOCK.
(From the Official List.)
per Cent. Reduced 92% 93 92%
3 per Cent. Consols Anna............. 92% % sA% 4
New 31,4 per Cent. Anns 93% 94 93%
Long Annuities, Exp. Jan. sth, 1860 -16 9
India Stock
Do. Bonds, 10001 5O 48 p
Consols for Account
illxchequer Bills. 214 d. 2d.
March. June.
1,0001.
500/
Small 47 45 48 45 p 50 p
• RICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Grenada, 1 per Cent. . ...... 15
Mexican Boneis, 1846, 5 per Cent 25%14 ,
Russian Bonds, 1822, 5 per Cent lO9 1081,E
Spanish Bonds, 5 per Cent,1840
Ditto for the Account ..
Ditto Coupons • lO
Ditto Passive Bonds OA lA,
Spanish Bonds, 3 per Cent 29%
Ditto for the Account
Dividends on the above payable in London.
Belgian 4% per Cent
Dutch 21/2 per Cent.,l2 Guild 5014 %
Ditto 4 ner Cent. Certificates
usINESs DONr. IN RAILWAY SHARES AT ONE o'CLOCR
RAILWAYS. PAID. PG/ SHAM.
bcrdeen
4irmingham & Oxford Junct ,
calls duly pd, or with guar
30ston, Stamt., & Birming... 5
"laledonian
Ditto, New 101. Preference 7% B7/% ... to
,hester and Holyhead... 5O ..... 2214 x. i. to
Ditto, Preference
Int Anglia, 251. L. & E.,
tied L. & D
Ditto, 31. 10s., E. & H... 3% 2%. to
E Astern Counties
Do., do N0.2,6/. 13s. 4d... M p to
Do., New
,:ast Lancashire
east Lincolnshire ... 25
Great Northern.... ......... 19
Do. 1,4 B 6 per Cent. Guar. 6% 5%14— to
.reat Western 100 lO5 ... to 104
Ditto, Quarter Shares
-lull and Selby

Ditto, Ilalfhares ...... 25 ...... 52
ancashire and Yorkshire ... 93
Ditto Fifths
Do., New Guar. 6 per cent.
Do., Preston and Wyre .. 25

Do:, do., Half Shares (A) 91/Q 14%...... to
i.ondon & Blackwall ......13/. 6s. Bd.. 51, to 5
L nd., Bright., & South Coast 50... . 35% %x d to --
Do., New, guar. 6 per cent. 5
ondof, and Greenwich... 12/. 15s. 4d... 9A
L mdon & North Western.....loo ......138 138% to 1371/2
Dl. New
Do. Fifths
~.ondon and S. Western...— 5O .. ... 43
De., New Scrip, 1848, Pref.
7 per Ct. on Deposit and
5 per Ct. on Calls
‘lanch. Buxton, & Matlock 41% . 2
...... t,, 13(3
tianchr, Sheffield, and Linc.100

Do., New 10.. Preference 10 ..... . to
•,idiand lOO ..... 941;4 to
llidland, Consol. Bristol and
Birmingham, 6 per cent.... 100 1231/i x.d. to
N-orth British ..... 25
Ditto Pall Shares ..... 121/.2 . 8
Ditto Thirds ......... 81,4 ...... CSI
North Stadordshire
Reading,Guildul.,& Reigate 121,4 13% .. to
Royston and Hitchin ..... 2
Scottish Central
hrewsbury and Birmingham 10
Ahrewsbury and Chester
(Nor. .
18

..„
,
Ditto 8 per Cent. Pref....... 10
'hropshire Union...
VVilts,Somerset,&Weymouth 40 ...... 29 ...... to
York, Newcastle, and Berwick 25
Do. Originul New & Berick 25 ...... ~91/43/ to 29
Do. Exten. No.l (Y. &N.) 20
Do. G. N. E. Pur. or Fret 8 ... .. 91/2% to
York and North Midland .. 50 ...... 571/4 ..
Ditto. Preference
Ditto East and ,i, estßiding
Extension
FOREIGN RAILWAYS
Boulogne and Amiens 2O .. ... 834 va to
Dutch Rhenish
Namur and Liege
Northern of France
Orleans and Bordeaux ... .. 7
Paris and Rouen
Rouen and Havre
Sambre and Meuse
Tours & Nantes ... .. . 9
JOINT STOCK rANKE.-..
Union of London ....... ....... 10
MINES.

Bolanos Scrio

THE MURDER IN ST. GILES'S.—Last evening Mr.
Mills held an inquest at the Crown and Anchor, King-
street, St. Giles's, on the body of Elizabeth Manly, aged
26. The particulars of this case have already appeared
in the police report. The jury, after some deliberation,
returned a verdict of " Manslaughter" against the pri-
soner, who was forthwith com.nitted to Newgate.

THE NEWSVENDORS' BENEVOLENT AND PROVIDENT
INSTITIITION.—Yesterday evening a general meeting
of the members and subscribers of the above institution,
founded in 1839 for the purpose of granting temporary
relief and permanent assistance to masters aid ser-
vants engaged as vendors of newspapers, who from
old age, infirmity, or distress, may require the aid
of the benevolent, took place at the Newsven•
dors' Hall, in Black Hors9..court, Fleet•street; Mr.
L. Wild, in the chair. The r, port for the last year
stated thatthe past year's income had nearly quadrupled
that of the preceding year. The receipts for the past
year, as per last audit, of 261. ss. made the receipts
amount to 1401. 17s. 2d. The a xpenditure, including all
necessary expenses, amounted to 108 t. 9e. Bd., leaving a
balance in favour of the society of 221. Be. sd. The
funded stock at present amounts to 9501. A vote of
thanks was passed to the various journals for their
support.

"Boati TO TROUBLE."—On Wednesday last, as a
family t.f poor tramps were proceeding along Castle-
street, Kendal, one of the group, a boy, who was charged,
like little " Tetterby," with the care of the youngest
born, stopped beside a horse and cart drawn up by the
road side, and seeing that a portion of the hay which the
horse was eating had fallen to the ground. *good- uaturedly
stooped down, picked up the hay, and oif.qed it to the
animal. The perverse brute, instead of being grateful
for the tat( ntion, seized the infant on the boy's back
between its jaws, lifted it up, and, aft( !T shaking it as a
dog would a rat, dropped it on the ground. Tee poor
thin arm of the little infant, although fortunately it was
not broken, as might have bet n expected, show( d, by the
blood sorted to the surface, how severe the gripe had
been. The father of the group turned round and
scolded the boy for stopping, and the fa milt' went on
their way to meet what other bites or buffets fortune
might have in store fur them.— Westmorektnd Gazette.

1.1.401(P'S G.--( HIS DA' Y.)
LONDON, FEB. 9.—Wind at seven W.S.W., fresh
breeze arid firm
WIND AND WEATHER THIS monsiNo.
Col eh e, ter W.N.W., fine.
CI 'sport
Gloucester S , fine.
Glasgow S. iV ~ fine.
Hull
Leith
Lo wes ffe W.N.W., cloudy.
Liverpool
Newcastle
Port mouth
Southampton S.S.W., fine. •
Yarmouth ,... W., fine.
DEAL, FEB. 8.--,Wind W. to W.S.W.— Arrtl. ()Ain-
tree, Rio Grande ; Isabella, Charleston. Pot back,
Chartlt•y Castle, tor Sidne), New South Wales; Gala-
tea, Rio Janeiro; John Willis, Demerara; Lucile, St.
Thoma•,.. Arrd. from the River, Daisy, St. Thomas.
PLYMOUTH, FEB. B.—Wind variable.—Arrd. East
London, M•Leun,
LIVERPOOL, FEB. 8.-L-Wind S.W. to N.W.—Arrd.
Hero. Sedgley, Pernambuco; Rosendale, Goulding,
Paraiba; Queen of the West, Hallett, New York. Sld.
Victoria, 1 rinidad. Put back,- Sea King, for Savannah.
'I he Manchester, for Bahia, did not sail yesterday, as
reported.
CLYDE.—Arrd. Omega, Edington, 'Algoa Bay.
DUBLIN.—SId. Ousel Galley. Trinidad.
COWES, FEB. B.—The Caledonia, Newport to Ascen-
sion, has put in here, reported to be lealty,lvith part of
calse keel knocked off, having run on the Bridge and
struck heavily in coming in at the Needles passage.
'HULL, FEB. 7.—The Lavinia, Dmitzig to this port,
has put into a Norwegian port, with deck partly swept.
and will have to repair. Sld. Queen Victoria, Savannah.
PORT LOGAN, FEB. 5.—A cask of red herrings,
marked in red " M," in a diamond, and some empty
casks, bearing the same mark, were picked up to-day in
the bay, supposed to belong to a sunken vessel. Several
casks of the same mark were picked up near Peel, Isle
Of Man, ten or twelve days ego.
SUNDERLAND, FEB. 6.—The Mary Clark, of this
port, which was stranded near Hartlepool on the 29th
ult., has been got off and towed into the harbour.
ST. MAWES, FEB 6.—Arrd. Sarah, Wilson, Callan.
OFF Toannit, FEB. 7.—Plautagenet,,,Bird, Calcutta
and Cape of. Ggod Hope.
OFF PORTLAND.—John Panter, Pernambuco for Am•
sterdam. •
COWES, FEB. B.—Wind S.W. —Arrd. Elizabeth,
Batavia; Empress,. Youngson, Bahia; Vicar of Bray,
Sawyers. Huanchaco.-

MARKET NEWS.-(THIS DAY.)

CORN EXCHANGE-FRIDAY.

Notwithstanding the- supply of English Wheat on offer in
to• day's market was very limited, we have to report a dull
inquiry for that grain, at prices barely equal to those paid 00
Llonday, at which the market closed heavily. Upwards of
15,000 quarters of Wheat have come in from abroad this
week. selected samples were mostly held at late rata&
We were but moderately supplied with Barley, yet
the sale for it was in a sluggish state, and
grinding sorts were somewhat easier to purchase.
The supply of Malt was on the increase, owing to which, the
sale for that article was dull, at barely last week's prices.
Fine Oats moved off steadily, at full rates of currency. All
other kinds were a slow inquiry. Beans, Peas. Indian Corn,
and Flour as last advised.

ARRIVALS THIS WEEK

Wheat. I I
Barley. , Oats. I Flour
1,890 qrs. 3,020 qrs. 4,920 vs. I 1,230 AO.
2,120 -
2,200 I

15,520 I 2,070
Malt. 4,880 qrs.
SMITHFIELD

back,
Gala-
e, Sr.
meas.
East

Arrd.
lding,

Sid.
,nnah.
s}, as

Iscen-
art of
e and

port,
'wept,
innah.
Tinge,
?mpty
lay in
everal
1, Isle

this
3 29th

611 U.
LiCtitta

r Am-

abeth,
Bray,

°MT
L Y.)
fresh