The Sun.
London, England, 1849-05-02 00:00:00

Srll

large scale by private treaty, but ch., yon speculation,:t.-
and for in'erior qutlities stiffer rates e obtained, but for '',›
~...t
superior kinds of white Beup A pri remain much the 5j IA
#1
same as on this day week. '')itl auction 4,000 ,7.!,:i
bags and 1,000 packets we ' for the most,„
part sold ; Rouge' middling and gOod white went ate!
9s to lOs 6d, low mid 8s sd to 9s, damaged 7s 6d to 9s, -
good cargo 7s 6d, very fine 9s, lenang 'barley grain 7s,
and bold yellow Arracan is ed to 8s per cwt. Cleaned
has been only in limited request; town dressed Carolina
20s to 235, Patna low to fine I3s to 19s, and American
cleaned 18s to 20s per cwt; there is also an increased
supply.
SPIRITS.—For Leeward Island Rum the market has
la dull aspect, and prices are on the decline. Oaly small
purchases have been made at is 3id to is 4id proof
strength. East India Is 24d to is 3d. Demerara
Is 10d to 2s 2d for 28 to 33 per cent over-
proof, and 2s 3d to 2s 4d for 34 to 40 over-proof.
For better kinds former rates are kept up, still
there is not a brisker sale. Wo quote plain and mid
quality 28 to 30 per cent over proof at 2s 7d to 2s 9d,
good mid 2s 10d to 3s, good 32 to 36 over 3s to 3s 4d,
and better sorts 3s 6d to 4s 2d per gallon. Of Brandy,
deliveries for home trade purposes have been extensive
since this day week. On the part of holders' there is
firmness ; a goad business has been concluded, and
former rates are well kept up for all sorts. Sales to a
fair extent have been made in Geneva ; the 'value of
ordinary is is 9d to Is 10d, and fine fit for duty 2s 3d to
3s 3d ; upon these terms there is, however, a desire to
sell. British made Spirit is held for former rates, but
there has been only a limited business concluded.
TALLOW.—There is firmness on the part of holders of
Russian, and the rates insisted upon on the spot are 38s
9d to 39s per cwt for fine P.Y. Candle, still the trade
have been purchasers to a moderate extra``t only.
For delivery in the last three months or
.iiiiil: year
there has been a good business concluded at 39s .6(1 to
40s and at which the market is firm. LTometifielted
has been only in limited request at 39s to 39s 6d,on the
spot nett cash, and the supply does not get sinaller.
Other sorts of Tallow realised full rates, althoukh the
amount on offer is still large. At public sale ‘2O casks,
and 480 boxes of South American were for the most
part sold at 37s to 39s for good to fine, and at 34s to
39a 6d for low to mid; 430 casks New South Wales, low
to fine 34s to 38s 3d per cwt. For auction 1,000 pkgs of
Tallow are declared. Rough Fat 2s 2d per stone.
Ou,s.—ln Cod Oil only small purchases have been
made at 261 per tun. Seal—pale 301, straw and tinged
281 10s to 20/ los, and other sorts 261103 to 28/. For
Southern holders ask 301 to 31/ for fine, and 281 to 29/
lOs for low to mid. Sperm—at auction a part
only of 90 tuns Colonial found buyers at 761 lOs
to 78/, inferior 65/ to 72/ 15s per tun. Linseed Oil
26s 3d to 26s 6d per cwt on the spot. Only small sales
have been made for delivery at 26s 6d to 26s 9d, at
these rates a desire is shown to sell. For Palm a good
demand exists, and prices are firm, as the supply
does not get upon a larger scale, fine has been selling at
33s 6d to 345. Rapeseed Oil is wanted, but the supply
continues small, and the rates paid aro for brown 37s 6d,
pale 38s to 38s 6d, and foreign 395 to 39s 6d. Cocoa
Nut is little wanted, still holders are firm; Ceylon
is held for 36s to 375, and Cochin 37s to 38s per cwt.
Olive is offered at rather lower rates, and only small
sales have been made, the stock is also getting upon a
larger scale. Gallipoli can be purchased at 421 to 42/10s.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS, May 1.
Their Lordships assembled at Five o'clock.
The Bishop of EXETER presented a petition against
one of the clauses of the Criminal Law Consolidation
Bill. The Right Rev. Prelate then alluded to the case
of the confirmation of the Bishop of Hereford, and the
decision of the Court of Queen's Bench thereupon, inas-
much as that clause legislated on the case.
Lord BROUGHAM said that as the judges had bean
equally divided no decision at all had been come to on
the subject.
The Bishop of EXETER thought that the opinions
of the judges ought to be taken before their Lordships
legislated on that subject.
Lord Redesdale presented a petition against the Rate
in Aid Bill.
The Bishop of CASHEL presented a petition from
Waterford, iu favour of a Health of Towns Bill.
The Duke of ARGYLL presented a petition in favour
of the Bill for the prevention of seduction.
RAILWAYS.
Lord BROUGHAM rose to address their Lordships on
a subject which was second to none, involving as it did
a vast entanglement of the capital of this country, and
one deserving the most attentive consideration of the Go-
vernment and of Parliament, because whatever might
be its ultimate result, it in its present details involved
most serious apprehensions. If there were any who in
former years were blind to the possible evils that might
result, and who were callous to the appeals made to the
feelings resspecting the damning mania which then pre-
vailed, and who, for want of warning, made Parliament
as it were an accomplice in their deeds, he was not
one ; for he in common with the Noble Duke,
and with a Noble Friend whose loss he
lamented—he meant the late Lord Ashburton—had
warned Parliament not to encourage this loudness of
gambling, and the country to stay in its progress to-
wards destruction. Those warnings had been given in
vain. They had suffered those Bills to become
law, and those nuisances to be erected by conferring
upon those companies the most extraordinary powers
of dealing with property. He was speaking now
not of private enterprises, but of public bodies
exercising extraordinary powers conferred upon
them by Parliament. They had interfered with
properties strictly settled, and had enabled these parties
to erect their works and drive their engines through the
private property of individuals. They had set private
property at naught to promote the railway interests, on
the ground that private interests must give way to public
interests. They had done more, they had enabled these
joint-stock companies to receive subscriptions to an
enormous amount. All political philosophers had agreed
that in forming joint-stock companies to take capital in
small shares, care should be taken not to seduce more
capital into those channels than the wholesome state of
the country would require. But as everything was to be
sacrificed to locomotion, as the old mode of travelling at
the rate of 10 miles an hour with horses was
to be destroyed, they established those companies,
enabling persons whose object was not locomotion—
who did not care one straw if one inch of the rail-
ways were never made—who were makers of plans
and of attorneys' bills—to go on without the least
regard to the making of railways. They had also
made themselves accessories before the fact to the doings
of another class of persons, the traffickers and gambler.,
to obtain shares to be disposed of in the market, to
obtain from ignorant dupes the stocks which
they paid into their own coffers, and on the ruin
of private persons to erect princely fortunes.
In one session no less than 519 Railway Bills were
passed. Their Lordships had no idea of the careless-
ness with which they had passed those Bills. In one
Bill they had enabled the Great• Western Railway
to put in evidence any extracts from its
books, copied by a charity boy, and had even
allowed an entry of payment in these books, if the pay-
meat of rates is to be taken as conclusive evidence of
such payments having been made. What had been the
consequence of these proceedings ? In the course of
four or five years, capital in England and Scotland alone
had been invested to the amount of 180,000,0001., and
actually paid up. No great wonder if the money-market
should feel this. No wonder if Chancellors of the Ex-
chequer should all be in alarm at hearing of 180,000,0001.
being withdrawn from the capital of the country. We had
also experienced a commercial and money crisis ; and the
last time he had spoken to Lord Ashburton on the sub-
ject, he had said that it was worse than in 1324-1826.
The gambling money-maker was rivalled by the thrifty
Scot. Gambling had crossed the Tweed, and the careful
Scot rivalled the careless Englishman in his devotion to
their gambling speculations. Ireland had contributed
5,000,000/. (although he believed the greater part of that
came from England), and Demerara and the colonies
had also contributed large sums in addition. But that
was not all, there were culls yet to be met
to the amount of 16.0,000,000/. of good money, which
remained to be sent after the bad money. The poor
people who had incurred these liabilities did not know
when they might be called upon to pay them. When
they found this state of things they might look forward
to another panic. 180,000,000/. had not been suffi
cient to satiate the maw of this ravening pest,
but 150,000,000/. more might be required. This
mania of gambling overwhelmed the soil. He feared
that those gambling propensities could not be indulged
safely. Ile was sure that no more mischievous change
could take place in the habits of any nation than for its
inhabitants to become reckless gamblers instead of honest
traders. It was not merely common gambling in shares
which took place, but contrivances were had recourse;
the object being not to make railways, but to make profit
a better—
tbhyemsh.ares
The. Tshhaereohbjoecldterwdasidtonoobtttahininakhßarreags,he was not
Ho to
dog and Holdfast toiga
oef
oe
dp
present,
object but he played Brag too.
for
11 is
the
e was to raise the price of share
but s. He would
guarantee not 3, or 4, o 5 per cent., 10 per .
for a certain number of years. Thus the poor man who
had invested money in public
Weah securitiesnbohdeacttsaho amol
dudgt
Brag—hemhht thought
rt. uh
Holdfast
to some
odha
smfbes
sr could
otmup?gao—dhoret
secure a large income, and the price of those shares
rose 10 or 12 per cent.
shhuiesr
gws
ehaoas
aeHoldfastshares
rin tfora
premium,tnhoe l ong er ,
market,hw
for life. The next year this poor surgeon found he
was called on to pay 25 per cent. on those shares.
He was a ruined man, for he bad paid all his
savings to purchase those shares, and down came the
price of those shares iu the market. Mr. Holdfast had
made his fortune, but the poor surgeon was ruined. But
then how was this ten per cent. guaranteed to be paid ?
It was paid out of capital. That was the secret. What
said the projectors? Nothing ; their only object was to
get shares up to a premium and to sell shares, that was
all they cared for. Then there were persons who did
all they could to bring down the price of shares, and
when they had brought them down to below their real
value they purchased, then they did all they could to
raise them and sold them. He knew another instance.
where a large capitalist in the City managed, by well-
known contrivances, to lower the market price of the
shares of a certain railway company, and then,
having
purchased a large quantity of shares on his own
account.*wndividend,
by the attraction of a 10 per cent. guaranteed
hWarheas,t
two f ol-
lortteedd? mtheprr.icHe
Holdfast
fathste
gshotarersid2Oof arl l his cent.p
s
thousand he believed, and thus cleared 40,0001. He
would refer to a friend of his, Mr. Hutton, of Bristol,
per
dwihedo swuocretehedseod sails a
rl
ee
sg. a t eHe os r
fexecutorr tpee
ral y p ec rosnosni d
:hood
that those shares should be inquired into, and thereupon
requested of the railway directors to show him to see
their books. They for some time hesitated, stating
that they bad a clear balance of thirty-two thousand
• pounds in the hands of their banker, He (IKr. Untton