The Sun.
London, England, 1849-01-05 00:00:00

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LONDON, FRIDAY. JANUARY 5, 1849.

Considering that no reinforcements whatever had
bean received even towards the 'close of November,
the intelligence from the seat of War in the northern
provinces of Ilir.dostan must be regarded as in the
highest. degree satisfactory. Our forces have not
merely maintained, their position in the mm • 1 t o fa
general and organized insurrection, but theys have
obtained several successes over the most, distinguished
chiefs of the rebellion. - Nor have these advantages
been merely productive of the éclat of a fewwhile
captured, or a few cannon spiked, they have, batteries
carrying dismay into the hearts of our antagonists,
*and infusing into our own soldiers an
additional confidence in the superiority of
European over Oriental tactics, driven back the re-
volted population to the western banks of the Che-
nauh. So decisiVe, indeed, have these movements
been in reference to the ultimate acquisition of the
territories surrounding Lahore, that the whole of the
eastern division of thePunj aub may now be considered as
again in our possession. Between the Chenaub and the
Sutledge not one solitary band of the Seikh multi-
' tude remains to be routed. The satisfaction with
which these occurrences will be' regarded must in-
-,favitably become enhanced when the details of each
- event have been duly scrutinized. It will then be per-
' ciived that the Anglo-Indian forces have beaten back
th° *glints in the teeth of an accumulation
disceomgrements. addition to the depression
tcraselnent upon 'the non-arrival of the aid so long
said vainly looltea for from Sinde and Ferozepore,
our Jou 110 theii ardour .dfunp.ed by the knowledge

of the insurrection which had recently broken forth
beyond the frontiers of Caubul. Neither is it by
any means improbable that the disastrous character I
of that supplemental outbreak had been grievously '
exaggerated in the course of its transmission
as a rumour from the suburbs of Peshawur.
Notwithstanding the dejection naturally produced
by these calamities—both • anticipated and ex-
perienced—the British troops and the sepoys
have shown themselves in every instance the worthy
descendants of the heroic battalions who mingled
their blood with the bang of Arcot, -and triumphed
over the legions of the Great Nabob under the mango
trees of Plassey.
From a consciousness of the comprehensive scheme
of the campaign, as already determined upon by the
veteran Commander-in-Chief, and the extensive outlines
of which are by this time more than conjectured—
the principal share of our attention is of course
directed to the line connecting together the cities
of Attock and Umritsir ; for along that
line extend the most important movements
of the belligerents. Yet, in spite of the paramount
attraction thus presented to the imagination, our
mind does not fail to revert with interest to the pro-
ceedings. which have taken place in the camp of
General Winsu. Saddened by an increasing sense
of their isolation, by a belief that the main body of
the Sinde reinforcements had not adventured beyond
Sukkur, and by the accounts obtained respecting the
escape of Colonel LAWRARCR from Peshawur—
the forces under General WH. ISt! were suddenly, on
the 6th of November, assaulted by a formidable sortie
from the battlements of the MOOBRAJ. By singular
good luck the assailants issued forth against
the quarters occupied by the Irregulars of Major
EDWARbES. Under their youthful and heroic com-
mander those troops did not fail to sustain their high
and rapidly-acquired reputation. After driving back
the Seikhs in a hand-to-hand encounter, the soldiers
of EDWARDES were joined by the-brigade of General
MARKHAM ; and then, not satisfied with the simple
retreat of their enemies, the Major and the Brigadier
caused their men to advance simultaneously with an
impetuosity which defied opposition. The result of
the attack was as brilliant as could possibly
have been desired the soldiers of the MOGI,
RAJ were, with a severe loss in killed and
wounded, compelled to seek shelter within the fortifi-
cations—one of the most formidable of their outworks
was seized—battery after battery fell into the posses-
sion of the Europeans, and with the exception of two
guns hurriedly conveyed behind the ramparts, the
victors were enriched by the capture of the whole of
the heavy artillery. In this vigorous encounter the
brigade is conceived to have experienced a loss of
merely six killed and about fourteen wounded, the
sufferers among the irregulars, both killed and
wounded, are estimated at nearly two hun-
dred, whilst their antagonists are presumed to
have borne the brunt of an assault which as far
as regards themselves might almost be designated
a slaughter. The triumphant result of this
collision must in some measure, we conjecture, be
attributed to the indignation excited in the hearts of
the Europeans by the perfidious conduct of the
Asiatics, the latter having recently endeavoured to
corrupt the artillery at Dum-Dum, while they had
actually succeeded in inciting to desertion six com-
panies of the regiment of General CORTLANDT.
While these events were transpiring amongst the
brick-kilns and orchards of Moulton, the position of
the other insurgent chieftains was becoming every
day more precarious. CHUTTUR SINGH continued in
the vicinity of Peshawur, and by those few who re-
garded his destinies with interest it was yet hoped
that victory would cover the banners of the hoary
and graceless rebel of JuMmoo. Ilia son SEIERZ
SINGH remained at Vizierababad, awaiting a rein-
forcement of• five Seikh regiments from the direction
of Burma°, until the approach of Bigadier CURE..
TON affrighted him from his lethargy, and com-
pelled him to hasten with the utmost rapidity
toy the opposite banks of the Cheziaub. Such
was the posture of affairs when Lord GOUGH,
crossing the Ravee near Rumnugger. took up
his position within sixty miles of Lahore, and
when, somewhere about the same time, Lord DAL-
HOUSIE, emerging from the gates of Allahabid,
' advanced in the direction of the north-west frontier.
the question is no longer whether, but when the
Punjaub is to be conquered : and its definitive anexa-
tion with the British dominions has been at length
fully and resolutely determined upon. Thanks to
the insane faithlessness of the Seikhs, the Asiatic
territories of England will very soon have stretched
as far northwards as the foot of the Himalayas.

Some time since, when railway property was de-
preciated to the utmost, when a panic prevailed in the
market, and purchasers could scarcely be obtained for
shares in dividend paying lines at any price, we
ventured to offer some encouragement to share-
holders. We exposed the machinations of those who,
for their own vile purposes, invented and circu-
lated the most unfounded rumours, and plun-
dered their fellow-subjects of their pro-
perty without the least compunction or remorse,
and we entreated of the shareholders not to sacrifice
their property by casting it recklessly on the market
to be sold for whatever it might bring, and thus to
pray the game of their ruthless assailants. On the
25th October, when the gloom was deepest, we ad-
dressed the following recommendation to those in-
terested in railway stock, which we shall offer no
apology for transcribing. We said, "On the whole
let the shareholders, not be dispirited.! Let them be-
lieve there is a good time coming, and it will
come. Let them determine not to sacrifice their
property for less than its fair value, but to retain it
in their hands until a fair price is offered, and that
price will eventually he offered. Above all, let them
not encourage the 'Bearing' system by sending in
their shares, to enable those parties to complete their
speculative contracts, by which they must become
severe losers, if the shareholders do not play into their
hands, to their own grievous loss, perhaps ultimate
rain." We are happy to say that those who
followed our advice, and acted on the recommendations
Which we offered almost every day, had no cause to
regret their confidence. The predictions which we
uttered have hitherto been verified, and they are still
but in course of completion. There is no word of
hope which we then uttered- that is not applicable to
the present moment. The tide has been turned, and
it has flowed . upwards in a gentle but
steady stream. And we have no doubt. but that
itt will continue to do so for' a considerable time,
Without let or hindrance, until the actual and bona
,fide vfilne of stock is arrived at.
We are proud to think that we contributed in
mi)ine degree to that improvement, by ipdicating the
causes of the general depreciation, and proving-that
'the panic was ascribable in a great degree to the
otierations of the 'Bearish' fraternity, and not to any'
real deterioration in the ' value of railway pro-
perty. We shall still endeavour to lay a true
state of facts before the public, and to
point out, that prices have not.yet attained their fair
level, and 'that an improvement to the extent of at
least 25 per cent. on the shares of the principal lines
may still reasonably be expected ; :that ; there is
every prospect that shares will arrive at the quotations
of last January, if not still higher.

The financial statements that have been issued by
the principal companies completely establish the
soundness and stability of their positions.
They have proved clearly and satisfactorily
that there is every reason to calculate upon
al fair and remunerative dividend being 'main-
tained without diminution, and that if a general im-
provement should take place, and a greater degree of
activity 'should prevail throughout the country, a
considerableition o r increase on the estimated profits might
fairly be looked for. In many respects, therefore, the
twelve montahislwsainy property is better than it had been
satisfactoryce, lna s m uch astheencseharoenhotlhdoesres
have now fall and
points
hwthveichalstohebeeytn hen took evidence
upon trust. Assur-
ancesgiveu
for the
demands will not
be made upon shareholders
the construction
works for which powers had been
of
alt_ananned,obtained.at least
Certain
lines
lines have been formally
present, aryl no progress will be made therein until
the assent of the general body of the shareholders has
been given thereto. We, therefore, unhesitatingly
say, that railway property should now (without any
reference to the state of the Money-market) bear
higher prices than in January, 1848. But, inasmuch
as • every circtunstance connected 'with monetary

affairs is now very much from favourable than it was
at that period, a still frrther improvement might
fairly be looked for on that account.

' At this time last year, the minimum rate of inte-
rest accepted by the Bank was five per cent., and it
was not until the 27th of January that it was re-
duced to four per cent., a reduction which was pro-
tested against in the strongest terms by some of our
contemporaries, as not being warranted by the condi-
tion of the country. That minimum rate now
stands at three per cent., and if we look to the
high state of the banking reserve (considerably
more than 11,000,000/.. sterling), the enormous
amount of bullion uselessly stored in the coffers of
the Bank, and the comparatively small amount of
" other securities," it will appear more than probable
that a further reduction must speedily take place.
The prices of Consols for the opening on the 18th of
Janudry, 1848, were 85f ; they now stand at 891,
an improvement of. 3i per cent., which is
more than warranted by the more propi-
tious prospects of the country. There is
also .an improvement in almost every other
description of property save in railways, and although
they are far better than in October, when we endea-
voured to encourage the shareholders, they are still
far below the quotations of January, 1848.
We shall now point the prices of a few of the
leading lints as they stood upon the: 27th January,
1848, the 23d October, 1848, and the 4th January,
1849, and confidently ask why a further material
improvement should not take place. North-
Westerns, which in January sold at 1531., had
fallen in October to par or one discount, and have
since rallied to 1271.. Great Westerns, which in
January were at 15 premium, and in October at 23
discount, are now 9 discount. Eastern Counties, in
January, 16; in October, Ilk; now, 12i. Midlands,
in January, 115.;' October, 66.; now, 87. York,"New-
castle, and,Berwick, in January, 35i ; October, 21,;
now, 29.. York. and North Midland, January, 78 ;
October, 42; now, 57. South-Eastern, January, 31;
October, 20; now, 24i. London, Brighton, and
South Coast, January, 43 ; October, 25 ; now
32,1. London and South-Western, January,
56 ; October, 36 ; now, 42. We might multiply
cases, all showing similar results. We have, how-
ever, adduced sufficient evidence to show how fully
our predictions have been verified; and that although
a rise of from 20 to 25 per cent. has already taken
place, an improvement on present prices to at least
an equal extent, may reasonably be looked for within
the next few months, unless some unforeseen events
should darken the political horizon and lead to a general
gloom. We therefore repeat the advice we tendered
in October to shareholders, to preserve their property
until a fair price can be obtained, and to capitalists
to look to railway shares in preference to any other
description of investment that may offer which does
not possess extraordinary attractions. Let them
recollect that 6 or 7 per cent. can still be obtained in
safe lines, and to what other quarter can they look
with such favourable prospects ?

THE FRENCH REPUBLIC.

We have received the Paris papers of yesterday.
It appears that there will be no explanations in the
National Assembly on the subject of the recent dif-
ference between the Prince-PRESIDENT and his ex-
Minister of the Interior. A quasi reconciliation has
been patched up. The PHACHUM and LocKIT of the
Republic, exclaim "Brother ! Brother ! we are both
wrong ;" and forthwith fraternise.
The proposition of M. RATEAU, fixing the general
elections for the new Legislative Assembly for the
4th of March, has been rejected by the Committees
of Legislation and Justice, to which it had been
referred. The Committee of Legislation rejected
the measure by a majority of 19 votes to 18, and in
the Committee' of Justice the votes were 18 to 18.
A report on the question will, be submitted to the
Assembly.
In the sitting of Thursday, the National Assembly
resolved that henceforth there should be three deliber-
ations and three votes on every measure before it can
have the force of law. The Assembly also adopted
a Bill authorising the Bank of France to make a loan
of three millions to the department of the Seine, and
another granting a credit of 400,000 f. to the Minister
of Public Works for indemnities to the clergy ; and
another credit to the Minister of the Interior of
130,000 f. for the expense of the transported in-
surgents... _ • _ _

The following law has been proposed to the As.
sernblv

" Shall be punished with imprisonment, varying from
six days to three months, and a fine of 100 f. to 1,000 f.,
all who have con.pired to cause a rise in wages, either
by menace, violence, or any other means of intimidation;
or by workmen abandoning their workshops, or by those
who employ them suddenly dismissing them without
conforming to the stipulations mutually agreed upon."
The proposed conferences on the affairs of Italy,
which were to have been held at Brussels, are, it is
said, indefinitely postponed. We find the following,
on this subject, in the Patrie :
" Some days ago we announced that M. de Ricci, the
Sardinian Ambassador, who was to represent the ourt
of Turin in the conferences at Brussels, had quitted
Paris, leaving in his place the Count d'Antioche, as
charg‘ d'affaires, and M. Barron& as first secretary.
This fact has led to the belief in another, which, without
being official, was current yesterday in the diplomatic
world. The Congress of Brussels will not take place.
The project of mediation may be considered as aban-
doned. It is well known that Austria only accepted the
mediation by constraint. She has therefore seized with
readiness the first opportunity of pointing out the inuti-
lity of conferences which could lead to nothing. The
programme manifesto of Gioberti has been made the
pretext. Gioberti said that Sardinia would not cease
to prepare for war.' Austria has pretended to see in
that assurance a sort of declaration of war, and she has,
it is said, proclaimed that the Congress was an absurdity
from the moment that Sardinia did not think of peace."
The C onstitutionnel, in relation to the departure of
the Sardinan Envoy from Paris, says it must not be
nferred, from the sudden departure of the Marquis
DE RICCI, that the Congress at Brussels has been
abandoned. The Marquis DE • RICCI was recalled in
odder to fill another place, but the Sardinian Govern-
ment at once announced to the Cabinets of. Paris and
London that another Envoy would be at once ap-
pointed in his stead, with similar powers.
The Grand Dachess STEPHANIE of Baden, the
cousin of Queen HORTENSE and the mother of the.
Marchioness of DOUGLAS, is daily expected in Paris
to do the honours of the Elysee Bourbon.
Great dissatisfaction is expressed by many of the
National Guard at the manner of the reception of the
PRESIDENT on New-year's-day ; they also object to
the personal entourage of the PRESIDENT, as being
composed of persons who are known to be hostile to
Republican principles.

the Ministry is considered to be in a very ricketty
condition. Overtures, it is said, have been made to
DUFALURE to join the Cabinet.
Marshal BUGEAUD has arrived at Lyons.
M. PRouDuoN is suffering from an attack of typhus
fever.

M. DE RaiLoux, the Minister of Public Instruc-
tion withdrew yesterday the measure respecting
public instruction which had been introduced by M..
OARrio.r.
The Meniteur publishes a decree appointing a
commission, to draw up, along with the Minister of
Public Instruction, a law with respect to primary
instruction. The commission is composed of the Mi-
nister of Public Instruction himself, and MM. Pou-
LAIN- DE BOSSAY, Cl/VIER (pesteur) MICHEL, assistant
of Father GERARD ; ARMAND DE MELUN, President
of the Society of Economical Charity; HENRY DE
4IANCEY, member of the same society; COCHIN,
member of the Society of the Friends of Infancy, ; and
MM. BUCHEZ,- SIBOUR,' ROUX.LAYERGNE, DE MON-
TREIIIL, and PRUPIN, representatives of the people.
Another decree appoints a similar commission re-
specting secondary instruction, consisting. of the
Minister and. MM. Cousin, St. Marc Girardin,
, Dubois Dapanloup, Vicar-General of the diocese of
Paris; Janvier, Laurentie; Inspector-General of the
University ' • Bellaguet,'President of the Chefs d' In-
stitutionss of the Seine ; lend MM. Thiers, Freslon,
Montalembert, Come, Corcelles, and Fresneau, repre-
sentatives of the people.
The ceremony of the formal installation of JEROME
BONAPARTE, as Governor of the Invalides, took place
yesterday. JEROME BONAPARTE arrived at the In-
valides at noon, accompanied by his son Jerome Na-
poleon Bonaparte, General Changarnier, and Lieute-
nant-Colonel Clary. There were also present Colonel
Cipriani, the aide-de-camp of Jerome Bonaparte at
Waterloo ; M. de Vatry, Count Walewski, M.
Arrighi de Padua, and his son, M. Thayer; the
Director-General of the Post-office, Scc.
General PETIT and his staff received the new
Governor at the entrance. The Invalides were then
formed into a square, dressed out in their dress equip-
ments. Among them were several who left their sick
beds to do honour to the brother of the EMPEROR.
After JEROME BONAPARTE had been proclaimed
Governor of the Invalides, General PETIT surrendered
to him the command; after which he addressed the
old soldiers in the following terms :
" Officers, Subalterns, and Soldiers !—The Govern-
ment of the Republic, in calling me to the honour of
commanding you, and in entrusting me with the custody
of the tomb of the Emperor, my brother, endeavoured to