The Sun.
London, England, 1840-12-23 00:00:00

THE CORN-LAWS.

IMPORTANT MEETING OF THE ELECTORS
AT MACCLESFIELD.
A higbly respectable tied crewded meeting of the elec-
tors of thin borough took place cn Monday evening, the
21st instant, which had been core:coed by circular to meet
a deputcOoa from the Council of the Anti-Corn-law
Leasue, viz. John Brooks, Esq., Richard Cobden, Esq.,
Rawson, Esq., and Wriliant Evans, Esq., ou the
subject of a repeal of the Corr.-laws.
Mr, RATHRDNE Was unanimously called to the chair.
Mr. Wm EVANS briefly stated to the meeting the ob-
ject of the deputation, which was to endeavour to induce
the chctors of that important borough to join their influ-
ence in endeavouring to obtain the abrogation of the Corn-
laws. They came there in no party spirit. They had no
%dill to support one Ministry or another. The sole object
was, aloof from all party considerations, to overthrow a
monopoly so injurious to the country as the bread-tax.
JOHN 13nooas, Esq., late Boroughreeve of Manchester,
then addressed the meeting with his usual effect. lie
said Which of you would Ike a hie or little
loaf for a shilling? I am sure you are for the big
loaf. Gentlemen, I can answer that question ; you are for
the big loaf and so am I. To show you the injustice of
this Corn-law, suppose that six or seven men in this town
compelled you to purchase at their shops, end they:would
not permit you to purchase elsewhere, would that be
fair? It is thus with the landlords, they want to compel us
to purchase only from them, nlthough we could puecha de
cheaper and better elsewhere.—(Cheers.) lo the
late great panic, as you well know, America owed a
great deal of money to this country. she was able and
willing to pay, but it was in corn ; she had plenty of corn,
but that did not suit the landlords, they wanted to compel
us, as I said before, to go only to their shops. Gentlemen,
call a meeting of the electors, appoint a chairman, sum-
mon Mr. Grinisditeb before you, and ask him what he
means by voting even against inquiring into the conse-
quences of this law. Now, Gentlemen, that case you may
be sure is always a bad case when they dread inquiry. I
say call him before you, and ask him what be means by
voting for a tax on the poor man's bread. Gentlemen,
wherever a thing can be made cheapest, it always
will be made—cheapness will regulate itself. Now,
Gentlemen, you have a protection on silk, but you export
an increasing quantity every year ; before you could sell
a single pound, you must sell it cheaper in other markets
than the saute produce of other countries ; whether bread
here is cheap or dear, there you can get no more for your
%ilk, and remember, the price at home is always regulated
by the price abroad. Tells protection, so far from bainss
a source of advantage, is a positive injury.—(Cheers.) Be"
not deceived then, electors of Manchester, join with us
in obtaining the repeal of tide most wicked monopoly.
The Speaker then drew a feeling picture of the misery
which existed in Manchester, of which town he was
Boroughreeve last year. They talked with horror of the
atrocities of Burke and flare, but this law was murdering
people by thousands, and he heartily entreated the people
of Macclesfield to join tho general effort to get rid of it.
\VM. RAWSON, Esq., began by stating that he was one
of a community. Nottingham, which was " blessed" with
a protection of 20 per cent. on its staple manufacture.
He alluded to the hosiery trade, which had been ruined by
" protection." He besought the people of :Macclesfield
not to lay the flittering unction to their souls that this
protection benefited them. No; it never did any good
yet, and never would. So long as we were exporters of
goods our prices would be regulated by the prices abroad ;
and who were our competitors ? The Swiss, Germans,
French, and other nations, where bread was cheaper by
one-third than it was in this country. The speaker then
gave some interesting statistical accounts of the increasing
export from the Continent to America.
RICHARD ColtoaN, Esq , was received with loud cheer-
ing. He would not on this occasion condescend to go
into statistics to prove so obvious a truth as that the bread-
tax was unjust, unchristian, and ought immediately to be
abolished. If a man on another planet were told that the
people of one part of this earth were starving for want of
food, and those only a short distance from them had not
only abundance, but were most anxious to exchange that
abundance for productions of the other, how monstrous
would it appear to hini—how cruel andunjust he would
feel it to be that any laws should be permitted to exist which
shoold prevent the interchange ? What was the feet ?
For forty years we had not grown sufficient for our own
consumption—for the last fifteen years we have imported
15,000 bushels a-day, and yet laws passed which pre-
vented the importation, excepting at famine pricer I—
( Cheers.) Is this Christian legislation ? What said the
Word of God ? " I give you eveiy herb bearing seed
which is upon the face of the earth." This is the Chris-
tian law ! and what is the natural law ? Think you the
ocean which Providence has placed between t4e various
parts of the earth was meant as a barrier to prevent the
kindly interchange of commodities ? No ; it was intended
as the great highway, by means of which nations and in
dividuals of every clime could extend and exchange with
each other the fruits of all the earth—else, for what is our
talent in navigation, our skill in building ships ? Think
you the knowledge by which we can make the winds and
waves subservient to the will of man was given for nothing ?
Your population increases in the ratio of 1,000 a-day, yet
the landlords tell you you shall only be fed on the same
portion of land. You do not ask them to feed you ?
you do not ask them to clothe you ?—you do not want to
break down their parks ?—all that you demand is the right
to exchange the produce of your labour for food of other
countries. They can bring back every luxury—the
choicest fruits—the greatest delicacies for their own use
—but they deny to you the right of obtaining fur your.
selves a supply of the fist articles of life. The insolent
plea that this law is for the benefit of the farmer, will not
serve them. Who ever heard of a farmer becoming rich
or prosperous. He is simply in the condition of broker in
the hands of the landlord, who wrings from him every
portion of rent he can extract. We pretend in this cowl.-
try an abhorrence of slavery ; but what are our acts? We
ship largely to America—they pay us in cotton, in tobacco,
and rice, produced only by slave labour ; whereas the corn
which is cultivated in the length and breadth of that great
Continent, and cultivated, too, by free labour, we refuse
to take in payment for our goods. What think you of
conduct such as this ? I; it not hypocrisy that men with
the cant of slavery on their lips, should by their actions thus
perpetuate the cause? Take your stand then on the prin-
ciple of justice, fix yourself on the rock of principle, and
nothing on earth can resist you.—(Cheers.) But, say
the landlords, there arc interests sprung up under these
laws. There may be, but how many more interests are
suffering under them ? There are only 30,000 landowners
and 25.000,000 consumers suffering under its baneful
fl' eta There is a tree in the Island of Java called the
Upas Tree, whose deadly effect is such, that all perish
who approach it—all die who are near it. Must it be en-
dured because some birds of prey take shelter among its
branches? No; cut it down—cut it down—at once, and
for ever.—( Loud and continued cheering.)
TIMOTHY FALORY, a working man, made an eloquent
and effective apcal to his fellow-townsmen against the
wicked bread-tax, and combated with much effect the
various arguments of the landlords.
WILLIAM BARNETT, a silk-weaver, remarked that the
Irish-people were in a destitute condition, yet he believed
the Poles were as badly off, and were obliged to wear
sheep-skins. Was not Poland as poor? and are the poor
of that country so badly off as in Ireland?
Mr. Colonel replied, that the Poles, without a Corn-
law, were better fed than the Irish with one ; and if they
were clad in cheep-skins, it was because they were not al-
lowed to exchange their surplus corn for fustian jackets
and trousers manufactured in Lancashire. The Corn-law,
by restricting the food of the whole people to the produce
of their islands, necessarily compelled a portion of the po-
pulat.on to a very insufficient share. Ireland, owing to
misgovernment of other kinds, was at the bottom of the
social scale, and of course had to put up with the worst
allowance. As population continued to Increase, the
workmen of England would gradually come down to the
level of the Irish, unless the Corn laws were repealed.
The landlords had an interest in bringing down the people
to that state, for the potato-fed peasantry in Ireland paid
higher rents than the farmers in Norfolk for their fine
wheat land.
It was moved by Mr. JASPER, and seconded by Mr.
ROBINSON, and carried by acclamation, " That an Associ-
ation be forthwith appointed in this town for the purpose
of procuring from the Legislature, the total and immedi-
ate Repeal of the Corn Laws, to be called the Maccles-
field Am.-Corn-law Association."
A vote of thanks was then unanimously passed to ti e
League and to the gentlemen forming the deputation.
Air. Wm, EVANS proposed, and Mr. Rawsos seconded
a vote of thanks to the Chairman ; who in reply stated
that the names of gentlemen willing to become members
of the Association, would then be taken, and about 30 or
40 gentlemen came forward for the purpose.
Three times three cheers, arid one cheer more, were
given for immediate repeal, and the meeting separated.
Considering that Mucclesfield is peculiarly circum-
stanced with regard to its trade, being chiefly engaged in
the manufacture of silk which is" bleated" with a protective
duty, this triumph of sound principle is particularly gra-
tifying. Nothing could exceed the enthusiasm which was
displayed, the consequence will be that a bread-taxing
candidate will find no easy matter to retain his scat for
hat constituency.

THE WEATIIER.—The frost, to-day, has in
creased in intensity, the mercury this morning being down
to 23 degrees. We have this morning the same fine
weather as yesterday, witk less wind. The sun shine.;
brightly. The skaters on the Serpentine yesterday were
not numerous, but we found the ice in pretty good condi-
tion, rather roughish, but not so much as to preclude the
pleasure of skaiting. The ice is now quite safe and sound.
Yesterday, about the middle of the day, the thermometer
stood at 32 (the freezing point), and at fire o'clock it had
fallen to 28, with the wind at N. E. by N. The Skating
Club have established their rendezvous in the Regent's-
park. They have erected a commodious marquee for the
use of the members on the bank facing York-terrace. The
scene in the Parks, yesterday, was a very animated one;
crowds of ladies and fashionables promenading on the banks
throughout the day. A suggestion was thrown out, which'
if carried into effect, would doubtless prove advantageous
to the skaters, namely, that a fire-engine should be err_
ployed in the evening to cover the surface of the ice with
water, so that by the action of the frost during the night
another layer of ice might be procured which would give
additional firmness and security. There were no acci-
dents during the day. in SI. James Park the skaters were
pretty numerous and the ice was tolerably firm.

MARRIAGE EXTRAORDINARY.--At Thurso,
on Tuesday, the Ist curt., Mr. Henry Swanson, mason
and weaver, to Mrs. Jane Young. The stalwart bride-
groom has long been a denizen of this weary world, having
withstood the blasts of 85 winters, while the lovely bride,
who has linked her fate with his, has witnessed the open-
ing blossoms of no less than 66 summers.— Wick
paper.
A curious instance of the progress of refinement
i the West Indies occurs in the fact that an organ-builder
in London has just received orders for three aaolophons,
t be scut over to Jamaica, for the use of thrueerend brethren,egro
Bap-
tist congregations in that island. Our coloured
it appears, are not insensible to the influence of music in
the xercise of their devotions

EVENING TION.

ELECTORAL ANTI-CURD LAW
AGITATION.

The c:-instituney of the borough a Northampton Living
beet, :Appealed to by 11r. Aelabd Wier the devotion of
night,: to lectures discus ion), adopted resolu
tiont colidennodory of Mr. Vernon, one of their Mcniberi,
for Living ',either voted nor paired in favour of Mr,
Vtllierti' motion on the 26th of May. 'No taut join the
reply of the lionoulable MAnber with the rejoinder.)
Mr. Arland

To Mr. Jolin Stanton, Horse-nu:11ot, thumpten.
DEAK have receivt:d, with some surprise, four
resolutions pease(' at a meeting over which you presided,
as they imply ignorance of my
opinion on the present
Corn-laws. I voted against these laws while in office
with Lend Grey, whnse Cabinet supported them, and have
since, while in (.11..0 with Lord Melbourne. If I was
absent on the tnith of M.iy, I had probably paired ; though
I have here no means of reference. My opinion is that
the present seale of duties should be lowered now, and
again, t.ll we can arrive at a free trade.
In t!:e meantime, the management of this cause may be
much imitrovi:d, or rather it needs no management but ar-
gument. Above all, I would avoid the array of one int,rest
against another. I wish by a repeal of tthe Corn. laws not
to enter into a contention between the profits of manufac-
ture and agriculture, but to improve the condition of the
working classes. Such an object needs no mystification.
I, therefore, regret to find at the head of the paper by
which you w.ere united to meet the unintelligible words
" Elcoeral 11readiAn." This throws ridicule on our
cause, which might be much promoted by associations for
d s.titeretted discussion. I have enjoyed the generous
confilenee of my constituency without ever giving what aro
commonly called 6p/edges ;" but my (pinion upon every
subject is ever reedy for every elector. I hope, however,
upon the next occasion you will do me the favour to ask it
before, instead of after, a resolution of dissatisfaction with it.
Your obedient servant,
R. VERNON SMITH.
Farming Woods, Dee. 18, 1840.

Leicester, Dcc. 21, 1840.

Ste,—Having received from Mr. Stanton a copy of your
letter of the 16th inst., in acknowledging the rbsolutions
of your constituents, as evoked by me at the instance of the
National Anti-Core-law League, I take leave respectfully
to submit the subjoined remarks for your consideration.
Your coristituenta having disapproved your absence from
the division of the Stli of May last (on tna motion of Mr.
Villiers, for an inquiry into the operation of the Corn-law)
I you, in reply, express your surprise at their ignorance of
your opinion on that subject. Irm quite sure, Sir, that,
on a moment's reflection, you will perceive the dal' retice
between opinion and conduct, to be precisely that between
the theoretical and the practical. The votes of a represen-
tative in Pailiament count for something. whilst his mere
opinions t.re worthless. For instance, Ke eof,sidcr Mr.
Muntz of Birmingham, a friend, because, although be
speaks against us, his vote in cur favour more than coun-
terbalances his merely verbal opposition. But your former
votes are now of little value, unless confirmed by a visible
efflrt to remove the present intole'rable evil. Were a hun-
dred of those of your constituents :whose suffrages returned
you to Parliament to abs: nyhemseives from the poll-booths
at the next election, ',either their opinions in your favour,
nor their previously-recorded appre.,al of your claims, would
entitle you to a scat in the House of Commons.
You are pleased to suggest that the present agitation
may be better conducted, and I can assure you that the
League and its agents will feel deeply indebted to you, as
to any other individual, for every hint which may enable
them to make better progress in this good cause. For myself
I an glad that I have an opportunity of proving to you,
S:r,in how teachable a spirit I pursue my course of agitation.
You object to the words "electoral bt eadism" as unintel-
ligible, aad although 1 might claim your evidence as to the
efficacy of the shinty signified, I am willing to imagine that
words which you state to be unintelligible to you may ba
unintelligible to others, and therefore to erase them trom
my vocabulary. The shadow may surely be dispensed
with so that the substance be retained ; and it being as
object to procure bread fur the hungry, and to secure re-
munerating wages to the industriow, we cannot afford 'to
waste our time or expend our energies in cavilling about
words.

Permit me to remark, Sir, that you are lamentably mis-
informed if you suppose we desire to array one interest
against another, or to make this agitation a contention be-
tween the manufacturer and the agriculturist. They are
in the same bolt—wind-bound and water-logged by the
bread-tax—and alike suffering under the needless infliction
of shuit allowance ; and I venture the assertion, on my
personal experience in Cornwall, Devonshire, Hants,
Sussex, Norfolk, and Suffolk, that our strength is to be
sought and will be found, rather in the purely agricultural
districts than in those of a manufacturing character.
What you may intend by the desirableness of .• disinter-
ested discussion " I know not, nor will I attempt to guess,
for the wo,ds are to me, as a practical man, unintelligible.
I cannot imagine the discussion of a question ii.volving
the health, strength, life, and happiness, of an entire cum•
munity, by disinterested members of that community ;
in which tiaw of the suV ct I am strengthened by the
notorious fact that such an occurrence as a disinterested
discussion in either Ilmuse of Parliament can exist only is
the imagination of paid cal dreamers, or in the assurance
of political quiicks. We therefore seek to arouse the
people to an effort in their own behalf by appealing to
their self-iiitcie.t, and in behalf of their brethren, 5y
appealing to their philanthropy. These principles of
action, each duly qualified by the other, cannot fail in
conducing to the good o: man and the permanent pros-
perity of all the great and legitimate interests of our corn•
mon country.
JustifLa in the Lope that professing yourself a progres-
sive free trader, you will not again tvithhold your parlia-
mentary support from Mr. Villiers on this most inipwtant
of all questions, I hate the honour to subscribe myself,
Sir, your very humble servant,
JAMS ACLAND.
Lecturer and ElLe.ion Agent to the National,A • C
„.,997

la; League.
R. Vernon Sni;tll, I' q , M P., &c., &c.

BETTER WATER.

(From the Morning Herald.)
A company has recently made its appearance for the
supply of the metropolis with a more wholesome quality of
water at a cheaper rate under the name of tl e London
and Westminster Water Company. It is generally known
among scientific men that experiments have been making
for sonic time near Watford, ender the superintendence
of the Marquis of Westminster, Chairman of the Select
Committee of the HouLe of Lords, with a view to as.
certain the supply of water, as to quantity, which could
be obtained from that source. It is stated that, according
to the report of Sir Robert Stephenson, the engineer
employed, these experiments have been entirely sue.
cessful, and that this metropolis can be supplied to
any desirable extent with water untainted by sewers,
drains, gas, and rubbish, without interfering with
mill owners, or paying enormous sums of compen-
sation. The intention of the Legislature and Go-
vernnient in appointing the late Mr. Telford, with Dr-.
Rogct ami Mr. Braude, on a similar investigation a eta,.
sidcrable time since, is now likely to be realised at a much
smaller outlay than was then contemplated. Considering
the large roams of interest which other similar undertak.
logs yield to the proprietors and the high value to which
that desrription of property has attained, a fair field would
seem to be open for the success of the enterprise, both as
respects advantage in the way of investment, and the con.
v,nience and profit to the public by an increased supply
of good water at a lower rate. Amongst the names in
the direction, comprising a number of distinguished indi%
viduals and Members of Parliament, may be noticed the
veteran aliocate for better supply of water, Sir Francis
Burdett, and the names well known to scienco of Sir
Henry Halford, W. A. Mackinnon, M. P., Dr. Hamilton
Roe, and Dr. Paris. The project has the additional re.
commendation of being putely a domestic one in its ob.
jeLts and expenditure.

THE ROYAL EXCHANGE.—A week since the
workmen engaged in removing the foundation of this build.
ing found it necessary to have recourse to explosions by
gunpowder. This operation was continued every even.
ing for a week at seven o'clock, after the carts were re-
moved from off the site, and were not unattended with
danger. Several large portions of bricks was detached,
and projected with considerable violence, and many win-
dows were broken in the skylights of the Bank of Eng.
land, and at the North and South American Coffee-house,
whilst a portioa was thrown into a window SIX stories high,
belonging to Mr. Baldwin, a tailor iu Cornhill. Several
portions of figures, supposed to have belonged to the ori.
ginal statues which were damaged when the Royal Ex.
change was first burnt, have been discovered in the old
foundation, where they appear to have been used along
with the other materials. The gilt surface represereing
armour has prevented the adhesion of the mortar, and the
remnants of the specimens are comparatively perfect.
Every specimen and antique, when discovered, is taken to
the Clerk of the Works, and so anxious are the Committee
in their preservation, that workmen finding such are libel'.
ally rewarded, whilst notices have been issued that any pur-
loining such would be treated as felony. The finest of
the specimens will decorate the newly-formed collection
of antiquities at Guildhall. Little progress has been made
in removing the rubbish, but it is expected that one side
will be ready for the reception of concrete necessary for
the new foundation in about a fortnight. A notice is
placed on the church of St. Benet Finek, giving notice of
an application intended to be made for an Act of Parlia-
ment in order to remove the remainder of that edif,ce for
the contemplated improvements. When the steeple was
taken down, a part of the burial ground was detached, and
the bodies which were deposited there were re-interred its
the remaining portion of the ground.
DovElt.—The weather has set in very incle-
ment, the ground being completely covered with a heavy
fall of snow. Arrangements had bec_or a distributionn made by our re..
cently formed Benevolent Society t
of coals and bread to the poor. The tickets have
been issued to about sedvecnohlsu, to be delivered imme-
ndred poor families for a
cwt. of gocd
Wall"at their own homes, one penny
being charged on
diately to each famlye.'l
each ticket to cover expense of
carriage. A contract has also been entered into for bread
to be distributedonan extensive scale. Nearly 4001. will
have been altogether subscribed for the relief of the needy,
including the subscriptionsin aid of the Philanthropic
and, which has commenced their winter supply of good
F
boef soup, such as last winter gave much satisfaction, not
only to the poor, but also to the subscribers to the charity,*
—Kent Herald.

,
ST. PAUL'S SCHOOL.—The Winter speeches,
which arc annually spoken by the scholars of this ancient
establishment, previously' to the commencement of the
Christmas vacat'on, were delivered yeAerday in the largo
school-room. They commenced shortly after two o'clock,
by which time the seats were almost all occupied by the
scholars of the school, their friends, and parents and a
numerous body of the Clergy, and other visitors, amongst
,
whom was Sir Robert Inglis, Bart., M.l). There were
also many ladies present. The head-roaster and assdstanf•
masters presided.

EVEN iNG EDITION.

MONEY MARKET and CITY NEW S.

(TUESDA-sTEVENING.)
HERALD.—The British Queen steamer from New
York brings only a few hours later date than before re-
ceived. Consequently, they add but little to the stock of
information, political or commercial, before possessed. The
New York Herald Mates that it was in contemplation of
tiie newly-elected President and his Government, accord-
ing to a speech of Mr. Webster, to "organise a national
bsnk with a capital of 50,000,000 dollars." According to
the same paper, the new Administration would have to
come into the money market by way of loan to the extent
of. 40,000,000 dollars, inciusive of a debt of 10,000,000
Which comes as a legacy from their predecessors. As
some of the States were expected to be borrowers about
the same time for 10,000,000 dinars more, there would
be a total of money projects for the absorption of capital,to
the ext. nt of 100,000,000 dollars. It need not be observed
that. these statements partake more of speculation than as•
ecrtained fact.

continental exchanges. which were last
week ti uctuating between a rise and a lull, have to-day
taken a turn decidedly and materially fur the worse.
Three months' paper on Amsterdam was done at 12 241,
the rate on Friday being 12 21. to ; the demand, more-
over, was very considerable. Bills on llamburgh cow
mandrel 36k, while the former value on that city given
for sterling was 36.41 to 37. Paris was much the same,
but, as fresh purchases of corn are known to be making
on British account in the northern markets, it is to the
quotations on those points we have more particularly to
look is connexion with the exchanges. The prices of grain
in the principal places of supply arc at present exceeding')
low, a circumstance which must induce continued opera
tions in the trade, more especially as the quality is tine.
The adaptation of the markets, both at home and abroad,
to the purposes of the speculator is just now remarkable.
The duty in England is forced down to a limit which dis-
courages the foreigner from indulging in the anticipation
of an early re-opening of our ports. On the Continent, on
the other heed, dealings arc from this very cause, entered
into by the Englise houses very liberally at a cost that
cannot fail, by and by when a combination of interests shall
once more, be made to bear upon the averages, to leave
them a most enormous profit. It is suspected by attentive
observers of recent events, with regard to the transactions
in grain, here and in other parts of Europe. that they
must be regulated by the arrangements of a secret and
powerful company, and there is unquestionably muds to
justify such a sutpicion.
'rite English Funds were not so buoyant again to-day.
The Journals generally were considered warlike in their
tone. The fact communicated of the Portuguese a
Spanish Governments being about to have recourse
arms for the adjustment of the Douro navigation affair
brought down the Peninsular securities, the Spanish to
le and the Portuguese I to lk per cent., on yesterday.
The heaviness in our home stocks seems, however, to be
mere especially owing to the uneasy feeling which still
exists on the Eastern question.
The judgment delivered yesterday by the Vice-Chan-
cellor, in the matter Preston v. Guyon, involves a principle
of great importance to a number of persons. Proceedings
of a very harassing nature have of late, and for a long time
past, been taken by the Directors of Companies against
subscribers for shares, in cases where the instalments aris-
ing upoi, subscriptions Lave not been regularly paid up.
In the present instance the calls were duly paid, and a
bill was filed to prevent the Directors of a Company
from declaring a forfeiture of shares, on whatever ground
such a course was to be' taken ; probably it was for a pro-
portion of expenses. The Directors, it is to be observed,
took upon themselves an extra number of shares, as a
means of complying with the Parliamentary contract.
No transfer of these shares had been made, and it is
held, therefore, that they (the Directors) are responsible
for calls on the same rateably, in common with the sub-
scribers at large. The Directors of a majority of the Joint-
stock Companies in existence may be supposed to be in the
position of the parties to the present suit; and what is it ?
The Vice-Chancellor, coming to the only conclusion
to which he could, as he affirms, rationally have come,
after reading the Act of Parliament applicable to
the matter, decided that, " let thorn (the Directors)
say what they pleased of an acknowledgement of the
trust, and an intention to exonerate them, as trustees,
from any liability, they were still clearly liable when calls
were made on the shareholders of the Company to have
the calls enforced against themselves as shareholders."
" That Court," he continued, " would never allow the
Directors to enforce the call'partially." The plaintiff was
accordingly relieved, all the shareholders being placed on
the same footing.
This decision, which appears to us to be a very sound
one, will, it is to be hoped, operate as a salutary lesson to the
Directors of bubble and other schemes or oompanies, who
are amusing themselves by worrying needy subscribers,
through their attorneys, for arrears. It is quite time the
system was put a stop to.
The case which has given rise to these remarks was that
of the Grand Collier Dock Company.

TIME S.—The aceounts from Portugal, which were not
made known till late in the day, threatening hostilities be-
tween that country and Spain, caused a decline in the
general description of public securities, but those more im-
mediately affected were those connected with the countries
in question.
In the continental exchanges the demand for bills on
Hamburgh appeared rather to exceed the supply, and the
rate on that place was a little depressed. Paris and Am-
sterdam remain much the same as last post. Owing to
the warlike rumours from Portugal, no negotiation of bills
took place on Lisbon or Oporto to-day.
The Brititta Queen arrived vesterclay et Southampton.
after a voyage of 21 day a, which, though longer than or-
dinary in consequence of adverse winds,. is three days
altor ter than the December voyage she performed last year.
The papers she brings, dated December I, are only one
day later than those last received, The British Queen is
said to km taken out with her about $400,000 in silver.
A brisk demand has been made for European exchanges.
Mention is made in the journals of the absconding of the
Postmaster of New Orleans who, they say, has fled to
Texas with considerable property. The Oneida Canal, to
open navigation through the Oneida and Onondaga lakes,
as low as the village of Pheenix, situated on the Oswego
river and canal, is expected to be completed in the ensuing
season. The closing prices of the New York Money -
market were, United States Bank, from 65 to ; North
American Trust, kern 41 to 28i.
Several complaints have been made by mercantile men,
of what they consider remiss conduct in the Post-office.
It seems that for the last few days no correct list of the
roreign mails arrived" has been notified to the public
at the Branch-office in Lombard-street, and that on in-
quiries being made there as to the arrival of the mails,
the answer is, that information cannot be given, since the
list has not been received from the chief office. Another
complaint is respecting a circumstance which some-
tunes happens, when a mail arrives and letters
are delivered in the course of the day. The
merchants, although they pay two guineas per an-
num to expedite the delivery of their letters, very
ofti-n find that the windows are kept closed and
that no letters are delivered to their clerks until, perhaps,
htif an hour from the time posted at the office. With re-
spect to the hour till which the branch post-offices are
open, many persons are of opinion that it is now time that
they should be open till 7 in the evening, as they were be-
fore the penny post system came into operation. The al-
ternation at first was readily submitted to, because it was
supposed that the difficulties consequent on so complete a
change in the Post-office system required the allowance of
add:tonal time t) sort the letters. Now nearly a year has
elisp,cd since the change, and it is thought that the clerks
of the cities must have had sufficient practice to render the
early closing unnecessary.

'SUN.—'llere was no improvement in Foreign Ex-
ch,nts'fs this afternoon. l',Ter was negotiated at the
following rates :—Paris, 251.521 c. to 33e. ; Amster-
dam. 12 2i to ; Frankfurt, 1-tSI ; and liarriburgb,
13 WI to 7. This continued depression must be a source
Of treat annoyance to the II Lnk of England.
The Stock ;Market was dull, thoezh steady, in the
early part of the day, but this afternoon became sud-
denly depressed, by the receipt of the important news
from Lisbon, per Royal Tar, steamer, under date of the
14th instant. In these advises notice is taken of the
most encrm,!tic preparations on the pert of the Govern-
onet.t of Lisbon to resist any compulsory measures of
Spain in enforcing the execution of the Douro Treaty.
The army is to be immediately organised on the war
footing, and a small fleet is to be fitted out is order to
cripple tile commerce of Spain. The poor bondholders
of Portugal will be surprised to learn that this bank-
rupt kingdom, which cuts down their dividends, and
dishonours its treasury drafts, can yet afford to offer a
premium .3! 11. 2s. per head fur every volunteer, and
squander away 10,0001. at a dash in fitting out a
naval force for mere show, for it is quite certain
that both the Cabinets of Lisbon and Madrid
are in the wrong to some extent, and much too hot-
ltratied ; and further, that by timely mediation, Eng-
land may promote an amicable settlement. We should
be :lad to know who will now believe in the worth of
Peninsular securities, or expect ar.y relief front the frt..
quiint conversion of stock, or the various plans put
forward, under pretence el benefiting the unfortunate
peditors.
The fall in Consols was about 3-16ths per cent., or
froFa 80 to 88i to buyers. Money was easy again
to-days Exchequer Bills remained at is. to 3s. prem. ;
pßearn Bank Stock Cent.
An
Annui-
ties and indis flonds at 15s. discount
s
the Reduced Three-
steady at 1,57 ; the Reduced
iThree
ties ranged only ;corn 80 to 89 ;
c0,!5... from 971 ; and. the New
and-a-Half per to 9i ex.-dividend.
from 981, with the diviclead,
The Foreign Market whici: was almost deserted in
the morning, became very animated this afternoon
as
regards Peninsular Stocks, from the tenor‘
ropße o tdhe news
referred to. The Portuguese Bonds d
Cent., or from 3oi to 31i for the Five per Cents„ per
but
oitly from 21 to '2oi- for the Three per Cents.
Spanish
Active Stock receded from ;141 t- to 23i, the market
closing at the reduction. Mexican Stock was dull at
_
264 to ; Colombian at 23i to 24 ; Chilian at 30 to
37.; and Brazilian at 7:2. Dutch 'lwo-and-a-Half per
'Cents. were a shade better, viz. 511, and the Five
',Per Cents. realised 971 to 98.
Share were not quite so buoyant, but no particular
alteration in prices occurred.
The following are the official returns of the exports
of the Precious metals from the port of London, for
the week ending the 17th inst :
ztivercoin to Hamburg 121,200 oz.
ditto Rotterdam
ditto Belgium
to
Silver bars Hamburg 21,000
Gold coin to Mauritius
THR LADY inIEL--This celebrated eharac-
gaol, and is included in the list of
ter is still in Glasgow
those to be tried at the Glasgow assizes.—Glasgow Ga-
zette.