The Sun.
London, England, 1838-12-28 00:00:00

duce goods to the value of 100,0001. Suppose the pro-
duction diminished one-half, the charges and burdens can-
not be diminished in proportion, but remain nearly the
same. There is less, of course, to distribute among the
employers and the employed. A single master may discharge
hands ; but the nation has the same number of hands, and
those who are not employed increase the misery and diffi-
culty of those who are. Believing, as we do, that the sal-
vation of the country depends on the exertions made at
this time to rescue the people from the greedy fangs of the
landowners, we shall devote ourselves heart and soul to the
great cause ; and knowing, as we do, the practical good
sense of the industrious classes, we are convinced both that
they will see the necessity of making at this time a long
pull, a strong pull, and a pull altogether ; and that their
exertions will be crowned with success. The reign of in-
justice cannot be for ever. —Morning Chronicle.
With unfeigned and deep gratification we perceive the
proceedings of the Chamber of Commerce of Manchester, in
favour of the abolition of the Corn Laws, to which we re-
cently adverted, followed up in different parts of the
country, and by public and individual efforts, in a way
which furnishes the most favourable prospect of the
national sentiment compelling, in a short time, the abroga-
tion of an impost which has pressed so heavily on the in-
dustry and energies of the country. It only requires the
general perception to be once awakened to the thorough
appreciation of the evils accruing from the present
system of Corn-laws, to excite such a demonstration in
favour of their demolition, a 3 must render the acqui-
escence of the Legislature—biassed as it is towards the
landed interests—a matter of inevitable necessity. And
whatever difference of opinion may reasonably exist as
to the eligibility of conceding to the Corn-law question the
first place amongst the objects of public advocacy, there
can be no second opinion reasonably and honestly enter-
tained of the advantages which the country generally, es-
pecially the manufacturing and commercial classes, would
derive from every step towards the perfect freedom of trade,
of which the annihilation of the Corn-laws is the most es-
sential preliminary. On Great Britain, as the most com-
mercial country in the world, and the most skilled and
scientific in manufactures, must necessarily fall most griev-
ously every restriction on commercial intercourse; and
therefore, as a question of legislative reform, we consider
there is none to which public attention should be more
zealously directed than to the annihilation of the Corn-law
monopoly.—illorning Advertiser.
At a moment like the present, when the efficiency
of our navy is a subject of such paramount. importance,
that subject cannot be kept too prominently before the
Government and the public. Our Contemporary The Sun
very properly recals our attention to a speech which Sir
Edward Codrington delivered in the House of Commons in
1836, relative to the flagrant abuses which have long
existed in the administration of the naval department of
the public service. The gallant officer, in the speech in
question, demonstrated, by the unanswerable logic of
facts and figures, that the grounds on which persons
are promoted in the navy have not the remotest con-
nection with the merits of the parties, but that these
grounds are private influence, or the intrigues of friends.
Sir Edward Codrington stated, on that occasion, to
the House—and the statement has not been contradicted,
because it does not admit of dispute—that there were then
living 18 Major-Generals, who in twelre years hail been
promoted to that distinguished rank, from being Lieutenant-
Colonels ; while there were 54 Naval Captains, who had
spent thirty-five years in the service, without either re-
ceiving promotion, or having the slightest prospect of it.
This is a state of things which is alike discreditable to the
Government and the Parliament of the country. The in-
genuity of man could not devise a more effectual means for
bringing the naval service into disrepute and consequent in-
efficiency. Who that can help it would think of entering
a service in which, supposing he were to prove the
most meritorious sailor the country ever produced,
his merits would not be of the smallest avail
to him in the way of his promotion Or what in-
ducement has a young man who has entered the
service to seek to distinguish himself in it, when he
knows that no amount of merit as a sailor will be of
any benefit to him ? But for the constitutionally patriotic
feeling of Englishmen—a feeling which prompts to brave
exploits when the occasion calls for it—so monstrous a sys-
tem must ere now have proved ruinous to the navy, and,
by consequence, fatal to the empire ; for without her
" wooden walls" and her " hearts of oak," what would
England be ? It is high time that such a state of things
were thoroughly reformed. Justice to those who have dis-
tinguished themselves in the service or who have spent a

long course of years in it, and the country's good, equally
demand that the passport to promotion shall no longer
he interest, influence, intrigue, or anything ~else of a similar
kind ; but that the character or the length.of a person's ser-
vice in the navy shall be the only grounds on which such
promotion shall take place. Until the existing state of
things be changed, until the reform we are recommending
be adopted, our navy will never be in that efficient condi-
tion which the interests of this country at all times, but
especially at such a moment as the present, so imperatively
require.—Morning Advertiser.
We do not know whether all our readers are aware of
the grand calamity with which this realm of England is
threatened. We think it indeed most probable that some
of them may not have seen the Ministerial Journals, and
therefore not have prepared themselves for that which
threatens us. We must then undertake the task of break-
ing to them this serious affair :
" If you have tears prepare to shed them now."

Well, then, the matte': is °this—the sublime personages
belonging to the Manchester Chamber of Commerce, whom
we had the honour of introducin gto the acquaintance of
our readers in our Paper of the 25th instant, have actu-
ally given out that they have serious thoughts of leaving
this country, and " all which it inherit," unless the Corn-
laws be " immediately repealed !" There, good readers,
the murder is out, though not wholly so. Are you not thun-
derstruck? But take breath—
,. First recover that;
And then you shall boar more."
Lest, however, you should be utterly overcome, it is
proper to inform you that the exodus or going forth of those
wise men of Manchester is not yet irrevocably fixed. They
only " have thoughts" of inflicting their absence upon the
incorrigible landed gentry and aristocracy of this nation.
They are, indeed, precisely in that state which Shakspeare
attributes to Stephan° when he was not only desperately
drunk, but drunkenly desperate—" Give me thy hand, I do
begin to have bloody thoughts." As in all great actions of
communities the lead must be taken by some illustrious in-
dividual, so in this mighty affair, which, beginning in the
Manchester Chamber of Commerce, is to shake England
to its centre, one Mr. Greg—that is, " Mr. R. H.
Greg, of Quarry Bank," as we have already de-
scribed him to our readers—is to be the conspi-
cuous leader. Fortunately for the interests of alli-
teration, Greg the Great will sound most admirably in the
recitations of those who in foreign lands commemorate
England's obstinacy, and in her own language. We anti-
cipate this, because we must say, that we really do not an-
ticipate an instant repeal of the Corn-laws, consequent upon
Mr. Greg's determination to quit the country—or his
thoughts that way tending—unless such instant repeal
should take place. 0.1 the contrary, such is the blindness
of the people of England to the wisdom of Greg the Great,
and to the value of his presence among them, that we really
believe, instead of weeping and wailing at his departure, ho
might chance to hear a repetition of the elegant couplet
with which some of the original " Precusors" are said to
hive blessed Lord Normanhy, when he lately left Ireland
to" visit his estates in Yorkshire :"
" Fair winds attend, as the Channel you cross,
If you never come back, you'll be no great loss."
Some people indeed are of opinion that the grossest piece
of impertinence which has appeared in the papers for some
time is this threat of certain manufacturers to go away from
this country, and to take with them " their capital and
skill." We do in some degree participate in this opinion,
and having very much at heart the welfare of Eng-
land, we do confess that we should with no slight satis-
faction hear that to the exports of this kingdom were
added all and singular the Greg, Smith, Cobden, and
Dyer class of greedy grumblers, together with all that
they can carry away with them. Common sense, reason-
ableness, and patriotism will make no part of their lug-
gage, and anything else that they take away tha country
can very well spare. Mr. Greg, it is said, " manufactures
a hundredth part of all the cotton imported into England."
This, we doubt not, is mere fudge, or a flourish of that

preposterous adulation which vulgar " cotton-lords" are so
fond of receiving ; but if it were quite true, still we should
soon find plenty of rich and ready manufacturers to supply
the place of Mr. One per Cent. Greg. The sooner he goes
the better. He cannot take with him our English soil, which,
thanks to protecting laws, is rich and beautiful ; and, as to his
, we suppose he knows something of the exchanges,
and therefore won't take it in gold. Of anything else
that he may fancy to take it in, we can spare him the full
amount, were be ten times as rich as his flatterers pretend
he is. But, in truth, we fear not that he will go, but that
he wont. These manufacturers are not quite so mad as
they pretend to be. They know a hawk from a heron-
, sh,tw. They know the difference between the security of
England with its dear corn, and the insecurity of other
countries where corn is much cheaper. They won't budge.
No ; Greg the Great will stay where he is, ruminating on
his wrath upon the bank of his "quarry," after the manner
of Achilles on the Trojan shore. Nor need he be wanting
in his Homer to record the workings of his vast and dire
(Dyer) indignation. Let him summon Mr. Elliot from
Sheffield to sing the wrath of Greg, and pn epic of the
cotton mills may grow up to astonish and inform the most
distant posteri:y!—,,liorning Post.

Mr. W. Denison, M.P., is recovered from his re-
cent alarming illness.

(FROM THE MORNING PAPERS OF THIS DAY.)
TIMES.—The fall of the exchanges having now
reached the point which will allow of the exportation of the
precious metals at a profit to the continent, and the neces-
sity of that form ofremittance being otherwise obvious, some
' disquietude on the subject is beginning to arise in the City,
as there are no indications at present how far it may be re-
quisite to carry such exportation before the level of the fo-
reign exchanges shall thereby be restored. In general the
calculation is, that the exportation must be very extensive
indeed, on a reference merely to the cause from which it
arises, which is the demand for grain front abroad, as that
is independent of the ordinary demands of commerce, and
does not, like them, easily adjust itself by other operations.
The whole question is referable to the situation of the Bank
of England, and to the degree in which it may be able to
furnish the supply of the precious metals which must now
be required, without taking any violent alarm for
the result, and resorting to any sudden contraction
of the circulation. If the Bank should be driven
to such a course, there exists a state of things out of
doors ill qualified to meet the consequences of it, for it is
notorious that there has occurred much overtrading among
the joint-stock banks of issue both in thin country and iu
Ireland, which must react upon them if strain is put upon
the circulation. There is also much cause of uneasiness
among our wary and judicious merchants from the state
of things both in Belgium and in France, to which atten-
tion has been repeatedly drawn under this head, and where
a powerful reaction would seem to be inevitable, as well
as much nearer at hand than it can possibly be in this
country. The people of those countries, it should be ob-
served, are wholly unused to reverses of that nature, the
system being quite now to them, and much more mis-
chievous consequences are expected therefore to succeed a
panic than in England, where the almost periodical recur-
rence of such events may be said to have somewhat seasoned
the monied interest to the exertion required to meet them.
Their misfortunes, however, cannot but be felt more or less
in this country, and add to the derangement of the circu-
lation with which we are threatened from other ceuses.
Altogether, the period is one which should induce all men
in business to avoid speculative operations, and keep all
their means as available as possible until the state of the
foreign exchangesshall assume a more favourable apparance.
The transactions in the funds to-day were of some im-
portance, and the quotations improved. In consequence
of some considerable purchases by panics who bad pre-
viously operated for the fall, Consols advanced at one part
of the day to 941, but receded at the close to 94 to.
Bank Stock was 2022 to 3. India Stock, 262 to 3. Ex-
chequer Bills, 655. to 675. premium.
Mr. Waghorn's portion of the overland despatch has
been received to-day by way of M The dates are
the same as those to the India-house scone days since by
the same despatch, forwarded from Malta by special mes•
senger, being from Bombay to the 2d of November, and
from Calcutta to the 21st of October. N further politi-
cal news is therefore brought by this arrival, nor any ac-
counts of field movements beyond those already known.
The commercial intelligence generally is not favourable.
Markets for manufactured goods were dull. Owing to
the uncertain state of affairs on the north-west notifies,
there had been a considerable depression in stocks, par-
ticularly in the Four per Cents., which had fallen to 5 or
6 discount. The country people had evinced so much
eagerness to sell, that it was with difficulty i.urchasers could
be found. Treasury biils on Londo❑ at 30 days' sight were
Is. 11d. per Company's rupee.

CHRONICLE.—Some rather extensive purchases of
Consols have been made to-day, both by the Government
and by other brokers, which had the effect of adssmcing the
quotation to 94* to g, but the market did not continue so
buoyant until the close of business, and thv last price was
94 to A broker, who usually transacts the large busi-
ness for the Catholic party, made some purchases in the
morning, which were supposed to have been fir the purpose
of closing a large " bear" operation on account of persons
at the west end. Exchequer Bills have again risen to
655. to. 675. prem. ; Bank stock remains at 2021 to 203.
There has also been a good deal of business transacted
in Foreign Securities. Belgian Stock is rather lower,
but Dutch Securities are on the advance. Spanish Stocks
are also a shade higher, hopes being entertained by the
frequenters of this market that a change in the French
Ministry will lead to a favourable alteration in the aspect
of Spanish affairs The annexed were the last prices :
Spanish Active, 164 to 1 ; Portuguese Five per Cents.
30 to 1 ; ditto Three per Cents., 191 to 20 ; Dutch
Five per Cents., 1004 to 101 ; ditto Two-and-a-Half per
Cents., 54* to 55* ; Belgian, 99 to 991 ; Brazilian, 77 to
771 ; Colombian, 251 to 26 ; 25 to 26 ; Mexican,
223 to 231 ; and Peruvian, 16 to 17.
Shares on the whole present more animation, and the
principal railway undertakings have advanced a little.
Birmingham, old, left off at 76 to 78 prem. ; ditto, new,
231 to 241 prem. ; Southampton, 441 to 451 per share ;
ditto, new, 191 to 201 prem. ; Great Western, 11 to
12 prem. ; Leeds and Manchester, 18 to 20 prem. ;
Birmingham and Derby, 10 to 8 dis. ; Brighton, 3a to
3 dis. ; Blackwall, •to 1 s dis. ; North Midland par to
I prem. ; South Eastern, 6 to 5 die. ; Glasgow and Ayr-
shire, 3 to 2 dis. ; Glasgow and Greenock, 1 dis. to
prem. ; Croydon, 134 to 141 per share, and Greenwich,
164 to 174 per share.
The commercial accounts from our East Indian presi-
dencies, furnish much information respecting the various
markets. From Calcutta we learn that all kinds of grain
had experienced a considerable advance in price in cons&
wience of the demand for the army about to take the field.
Very extensive shipments of rice had also been made to the
Mauritius, Bourbon, Bombay, and the Persian Gulf. As
regards cotton, which is of importance at this moment,
when there is so much business going on in this article, the,
accounts from the western provinces report, it is stated
" the probable failure of the crop, or rather diminution in
produce in the expected crop, owing to the want of the
usual rains." There is every reason to expect, it is stated,
that the crop of indigo will not exceed 85,000 maunds.
About six chests of native manufacture, Kishnaghan pro-
duce, had arrived, and sonic supplies from the European fac-
tories in that neighbourhood were shortly expected. The
price of indigo was expected to be from 40 to 60 rupees
per fy. maund above the rates of last year. The market
for European goods was generally unfavourable. The
banks were advancing freely on produce bills ; upon
Messrs Baring, brothers, six months date, to the amount
of about 12,0001., had been negotiated at 2s. lid. to
2s. lid. per rupee ; but there was very little going on in
exchanges. Treasury and Navy bills, in small amounts,
had been sold at 2s. per rupee. Bank of England shares
had declined, but those of the Union Bank had advanced.
The price of the former was 3,000 to 3,100 rupees prem. ;
and the latter 185 to 200 prem. The rate of discount on
Government and salary bills was 4 per cent. per annum ;
and on private bills and notes, not exceeding one month,
7 per cent. ; ditto, two months, 8 per cent. ; and ditto,
three months, 8 and 9 per cent. Interest charged on loans
on Company's paper, 5 per cent. per annum ; on metals,
indigo, and opium, 6 per cent., and other goods 7 per cent.
There was no scarcity of bullion. It was reported that the
Government had opened a loan at Agra, at 6 per celt. per
annum, for forty days, for the • expenses of the war, that
there might be no delay in furnishing the troops with trea-
sure.

P OST.—The Money Market in India has been unset-
tied, and the Exchange was lower, but it was pretty cer-
tain that as the shipments of produce proceeded a re-action
in the latter would be found to take place. It was con-
ceived that, for the moment, there was co very great cause
for apprehension, with regard to the possible issue of the
campaigns about to be undertaken in the quarters above al-
luded to ; but caution was nevertheless deemed necessary
from the uncertainty which must at the best exist upon
this point, when the troops shall once have cre.ssed the bar-
rier by which the British dominions are separated from
those of the Chiefs who have shown so little respect for her
Majesty's Repr% sentatives at their respective Courts. No
difficulty with Gourka and the Burmese is expected. A
Bombay letter of the Ist of Nov., toan eminent commercial
house stet es that t he advices brought by the Berenice steamer,
which had arrived out with dates to the 7th Sept., had pro-
duced but little effect on the marketsthere, which were in a
more distressed state than they were remembered ever to
have been at the same season of the year. Produce gene-
• rally was by no means abundant, and there was, it might be
said, literally nothing doing either in exports or imports,
while the harbour was daily receiving an accession of ton-
nage, for which there was no immediate prospect of employ-
ment. The monsoon had proved an extraordinardv dry
one all over the whole of western India, although the dis-
tress in particular districts was not so severe as in others.
The consequent scarcity of water and forage, and the failure
of the crops (in a greater or less degree) in the whole
country from Cape Comorin to the Indus was found to
have in every point of view a most prejudicial influence
on trade. The unsatisfactory state of our political rera-
tions with Persia, and a chance of the stoppage of the
trade with that country—the interruption to the traffic in
Britsh goods with the countries in Central Asia, and those
bordering on the Indus, from the hostile movements on the
north-west frontiers deterring the Marwarries, through
whose country this very valuable branch of the Bombay
trade passes, from entering into new cperations—added
to which the not very encouraging accounts of the home
markets—formed the principal causes of the existing stag-
nation at that which is usually a busy period of the year.
It was deemed very unlikely, however, that this state of
things would be of long duration. It was expected that
when tranquillity should be restored in Affghanistan, and
sh,,l, si„,-jA r,-- ,t• fl f,; '.,- t::,-, ,c t:, , r,:,.1- !
mercial treaty with that country would be concluded, highly
advantageous to the trade of Bombay—more particularly 1