The Sun.
London, England, 1847-10-15 00:00:00

ppiN stYNI LONDON, FRIDAY EYEN'ING, OCTOBER is,

Protectionists, as to the relative position of parties in
the new Parliament. With the Liberali it is other-
wise, for the impetus which recent occurrences have
imparted to the popular movement has rendered it al-
together irresistible. The conjecture is no longer
how Reformers can withstand the preponderance of
the Conservatives—as it was in 1841—but how the
Protectionists will contrive to withstand the prepon-
derance of the Liberals. The tables are turned with
a vengeance. The pigmy has expanded into the giant
—the colossus has dwindled down into decrepitude.
Conservatism, like the Kilkenny cat, has left only the
fag-end of its tail, but that shred of its existence is
still palpitating with vitality. Yet the hopes of the
Protectionists survive all their reverses. Gifted with
a more sanguine temperament than was ever before
granted to political faction, they are sustained by their
egotism amidst circumstances the most unpropitious—
they imagine that the empire is to be regenerated by
the babblings of a servile party, led by an accomplished
renegade, and animated by a speculator in horseflesh !
The Quarterly has condescended to be the enunciator
of these aspirations. It plumes itself upon the innate
strength of the Protectionists, it exults over the
quibbling calculations of Lord GEORGE BENTINCX
and the stubborn pertinacity of Lord STANLEY. It
revels in the dream of their ultimate victory and re-
joices in the notion that they are " sufficiently power-
ful to prevent any great mischief from either the com-
bination or the rivalry of the late and present Minis-
tries !" That declaration is at least an acknowledg-
ment that such a combination or rivalry is the only,
and inevitable, alternative, This acknowledgment
too, from the Quarterly 1 The rivalry or combina-
tion of the Cabinets of Lord Jour; RUSSELL and Sir
ROBERT PEEL—for the people, for the advancement
of Reform, for the promotion and introduction of po-
pular measures ! Nor is this the only certainty of the
session of 1848 inimical to the cause of the Protectionists,
Sir ROBERT PEEL is not only definitively committed
to the principles of liberality, he has not merely been
pushed forward into the van of the great popular
movement, side by side with his late illustrious rival,
and now his powerful associate, but the scabbard has
been torn from his belt by his former adherents, and
the battle will not terminate until Free Trade
and Reform are consummated by the extinc-
tion of the Protectionist party and the ob-
livion of the obsolete doctrines. Another
fact most favourable to the Liberals, a fact
attested by Dodd's Parliamentary Companion, and
corroborated by the Quarterly itself, is the demo-
cratic intelligence of the 223 new Members recently
elected by the different borough and county consti-
tuencies. The latter authority laments over the cir-
cumstance, and insinuates a gloomy analogy between
the Lew Parliament and the National Assembly of
France. As if St. Stephen's was to be the birth-place of
a most bloody Revolution, and the modest writer in
the Quarterly was to be regarded as another EDMUND
BURKE, penning a new philosophical and prophetic
analysis of the Legislative Chamber. Never was
there, surely, a more dismal egotist—(we would repay
the compliment of the Reviewer !)—since the days of
MAXIMILIAN ROBESPIERRE ! How much reason we
have to regret the return of these 223 new representa-
tives may be gleaned from the following considera-
tions. There are a greater number of barristers—
alas ! the Quarterly might have thought of HENRY
BROUGHAM. There are a greater number of mer-
chants—it must have remembered RICHARD COBDEN.
There are a greater number of political writers—it
must have winced under the recollection of WILLIAM
COBBETT. There are a smaller number of naval and
military officers—it must have bewailed the possible
exclusion of some cousin-german to Colonel SIBTHORP.
There are a smaller number of persons connected
with noble families—it must have sighed for the
damper thus imparted to some genius kindred to that
of the Marquis of GRANBY. And lastly, there are a
smaller number of country gentlemen—a circum-
stance fraught with the most poignant and lugubrious
inferences to the Quarterly Reviewer, seeing that
among the country gentlemen elected to a seat at
Westminster are such august guardians of the con-
stitution as worthy Sir JOHN TYRRELL. We sym-
pathise in the affliction of the Quarterly—our heart
bleeds with commiseration, for, in the ascendancy of
Reform and Liberality, we can afford to be mag-
nanimous, and beyond that—as Sir JOHN CAM HOB-
HOUSE wrote, in 1815, to Lord BYRON—" We are
not stocks, nor stones, nor Tories ! "

The fearful evils to which the country has been
exposed from the deficiency of circulation, and its
inadequacy to supply the general purposes of the
country, to represent the enormous amount of capital
invested in trade and commerce, or in a dormant
state, such as in lands, houses, railways, &c. &c., are
all encountered for the purpose of complying with an
abstract principle of making gold the only money of
the country, and securing the immediate conversion
on demand of every note which might be issued either
by the Bank of England, or any of the private
banks whose existence was recognised and sanctioned
by the Act of 1844 ; in fact, that the entire
circulation of the country, if not exclusively a me-
tallic one, should be wholly based thereon, and
that no other description of property should be repre-
sented by what would be received as a currency as
contradistinguished from money, or that which would
possess an intrinsic value, and be at all times received
without any reference to the credit of the parties who
were responsible for the ultimate liquidation thereof.
A startling anomaly is, however, manifested in the
very outset. The framers of the law found it utterly
impossible to carry their intentions into perfect
execution, to follow the principle to its full extent.
They were compelled to acknowledge that there was
not a sufficiency of specie in the country, and were
therefore obliged to tolerate a departure from a
strict adherence to the rule. The Bank of England
was accordingly authorised to issue to the extent of
fourteen millions sterling, that being in round numbers
the amount of Government securities of which the
Bank was then possessed, but which, as we have
already shown, it might at any time dispose of; and
certain private banks were also permitted to issue notes
amounting to 8,000,0001. sterling or thereabouts, being
the average amount of their circulation for a certain
period previous to the passing of the Act, and these
issues, amounting in all to 22,000,0001. sterling, were
sanctioned without one single ounce of gold being
required as the basis, nay, without any adequate or
satisfactory security being afforded to the public for
the full payment thereof. Here there was an admis-
sion at the very outset hostile to that which they were
attempting to establish. It proved that an exclusively
metallic circulation, or a currency wholly based thereon,
was impossible. It recognised at least the possibility of
the Bank of England and the several private banks
being reduced to the condition of many of the
mercantile firms that have been obliged (although
with ample assets) to suspend payment. Those
parties may be accused of over-trading, because, from
the scarcity of money, they are unable to find present
means of meeting their outstanding liabilities, and
yet the Legislature permits the great national esta-
blishment to be in the same position. Had the late
harvest been a deficient one, had we been again
obliged to look to foreign nations for a supply of
food equal to that which was imported into the
country in the latter end of last, and the beginning of
the present year, the coffers of the Bank would be ex-
hausted. The gold would leave the country, for, under
any circumstances, the people must be fed, and no
forcing up of the rate of interest, or other means
within the power of the directors, could keep the
exchanges so much in our favour as to prevent the ex-
portation. Then, indeed, the consummation would
arrive, a more reasonable system would necessarily
be adopted ; but the nation would, indeed, have
paid dearly for its whistle. Our trade and commerce
would be almost annihilated ; the high character and
credit,years:
awnhdiewhhwicehtl:asve maintained for a long series of
acquired by ages of undeviat-
ing integrity
and good faith, would be forfeited, and
the bullion crotchet would have involved the country
in universal ruin.
The object of the Act of 1844 was to make a self.
acting scale by which matters would at all
times find
their own level, and by which a drain of bullion, no
matter to what cause it may be ascribable, would be in-
'tautly:checked. The directors of the Bank, the future
Ministers of the country, were all to be reduced to
ciphers, and everything was to be regulated by
the machine or automaton acting on a fixed in-
variable rule. If gold was leaving the country, it was
to be forced back by a compulsory depreciation of
every other description of property. The usual j

accommodation should be withheld, in order to compe
manufacturers to sell their products at any price that
they might be enabled to meet their engagements,
even at a serious loss, and that thus foreigners might
be tempted to purchase from the extreme cheapness.
To get back two or three millions of gold a
little earlier than they would return in the
ordinary course of events, forty or fifty millions of
other kinds of property was to be sacrificed, and, far
worse, the credit of the entire country seriously im-
paired. And, ouibono, for what end or object was this
destruction to be encountered ? Why should our
merchants and traders be deprived of their legiti-
mate profits, our artisans and operatives driven
out of employment; and a general stagna-
tion of commerce be occasioned ? simply that
a few additional millions in gold should be retained
idly in the coffers of the Bank, being practically •f
as little use as if they had still remained buried in
the bowels of the earth. Surely such a course of
policy must appear little better than insanity to
any cool and dispassionate observer. We may
laugh at the folly of the miser who, with
ample means at his disposal, deprives himself
of all the comforts, almost of the necessaries, of life, in
order that in his closet he may gloat over his accu-
mulated hoard, that he may increase those stores
which, if properly applied, would afford him every-
thing he could desire, but which are suffered to re-
main utterly useless and unproductive. But in what
respect does our own conduct differ from his ? Do we
not practically sacrifice the substance in grasping at
the shadow, and relinquish real prosperity, for the
sake of a phantom ? We abandon the solid ground
in pursuit of an ignis fatuus.
We had intended alluding at some length to an
excellent suggestion contained in a letter on the
Currency, which we have copied into our columns
from a morning Contemporary. We have
not, however, space sufficent to enter into an
examination thereof this day. It is one worthy of
serious consideration, which might, as we con-
ceive, be made the foundation of a better system-Tifid
very materially extended. There can be no doubt
that if acted on it would give very considerable relief
to all interests in the country, although we are
not prepared to say that it would be the most
advisable course to be adopted, or provide a
sufficient reform. It still acts on a gold basis, but
enables a remedy to be supplied when peculiar cir-
cumstances require a variation. The writer suggests,
" that whenever the stock in bullion is below ten
millions, the Bank should be authorise'd to issue 11.

and 21. notes to the extent of the deficiency; that
these notes should be made legal tenders, but not
convertible into gold until a year after date, but
payable into the Exchequer as taxes at any time."
We shall on a future occasion refer at greater length
to this proposition, when considering the means by
which the circulation may be made adequate to the
wants of the country without any danger of depre-
ciation of the currency, or want of proper security.

A letter from Naples, dated Oct. 5, says—
" I told you in my last letter that M. Pietracatelli,
the President of the Council, not wishing any longer
to accept his part in the responsibility attendant on
the direction of the Government, had sent in his re-
signation to the King. The fact is exact, but the
King refused to accept the resignation. The Minis-
ter, not being able to overcome the will of the King,
has protested against such conduct, and declared that
he should for the future remain totally a stranger to
the business of the Cabinet. In consequence he re-
, fused to attend the Council of State. the next day
all the Ministers proceeded to his house to hold a
council, but M. Pietracatelli kept his room declaring
that he was ill, and allowed his colleagues to de-
liberate as they pleased, in his drawing-
room. The arrest and death of some of the Romeos
are related so contradictorily that I cannot affirm any-
thing certain to you about them. I can inform
you that the bands commanded by Longobucco
and Baron Piotino have reached the wood of Sila,
whence they often make a sortie to attack the royal
troops. General Statella has fixed his head-quarters at
Monteleone, in order to watch the limits of Calabria
Ultra, and intercept all communications with the
other parts. Bonfiglio, the leader of a numerous
band of brigands, offered Longobucco and Baron
Plotino the aid of his men, but the offer was refused,
in order not to disgrace the cause of the insurgents.
Bonfiglio then commenced acting on his own account,
and disquieted the Government so much, that General
Statella has promised 2,000 ducats for him, alive or
dead. In his last reports General Statella mentions
the general discontent, and the sympathy which the
insurgents meet with amongst the population ; he
does not dissemble that some concessions, made at
the proper moment, would be more favourable to the
royal cause than the violence and severity displayed
against the insurgent districts."
The resignation of PIETRACATELLI has been fol-
lowed by that of every member of the Cabinet, ex-
cept the Minister of Police. They were justly
offended at haring been deceived by the KING, who
had caused them to declare to the chiefs of the in-
surrection that if they would lay down their arms,
the institutions they demanded should be granted to
them, but who, when the chiefs desisted from their
purpose, and suffered the royal troops to occupy
their positions, refused to perform the promises which
he had made. Another rising is expected in conse-
quence.

A letter from Leghorn, of the 6th, states that on
the previous evening crowds traversed the city, crying
" Long live Corsini ! Long live Italian Independence !
Death to Austria 1" The Civic Guard interfered, and
order was re-established, but some apprehension was
entertained that tumultuous scenes would be renewed.
According to this letter, the two new Ministers,
the Marquis RIDOLTI and Count SERRUITORI, have
accepted the portfolios of the Interior and of Foreign
Affairs, on the condition that, in the event of an
Austrian intervention, the GRAND DUKE, with all
the Government, shall withdraw to the Island of Elba,
in order to be able to resist it.

By the steamer Montrose, which arrived at South-
ampton yesterday, we have received intelligence from
Lisbon to the 9th.

The Ministry have amended the decree relative to
the registration, and have enlarged the time to fifteen
days.

The accession of NARVAEZ to power was known at
Lisbon, and it was supposed that in consequence a
Cabralist movement would be made in that city.
The Terrible, supposed to have on board Count
Bosnast and his companions, entered the Tagus on
the 9th.
[For the remainder of the news we refer to the
letter of our correspondent in another column.]
Madrid Papers of the Bth have arrived.

The Gaceta publishes a series of decrees suspending
the execution of SALAMANCA'S financial projects until
they shall have been approved of by the Cortes.
The Heraldo publishes a letter from London, in
which it is stated that it was believed among the
Spaniards in that city that it was by the advice of
Lord PALMERSTON that ESPARTERO had delayed his
return to Spain. The,Eco del Comercio publishes
another article on the recent Ministerial changes.
It appears from it that General Ros DE OLANO, whom
the Eco seems to think had entertained the intention
of betraying his colleagues, paid a visit on the 3d to
General SERRANO, whom he found very sad, and
making preparations for a journey. " Profiting,"
says the Eco, "by the perturbation of his friend,
which arose from an annoyance he had undergone,
and which had been unhoped for by some and cleverly
prepared by others, he conceived the idea of appealing
to General NARNAEZ, as the only person able to
save the high interests which at that critical
moment were menaced." The Eco then proceeds to
say that NARVAEZ, SERRANO, and Ros DE OLANO
had a conference, after which they had an interview
with the QUEEN, and caused her to consent to the
change of Midistry. To induce her to sign the de-
crees at that very moment, her MAJESTY, it says,
was told that " a horrible conspiracy existed for com-
pelling the Government to decree the arming of the
national militia, the dethroning of the QUEEN, the
coronation of ESPARTERO, the abandonment of the
Philippine Islands, Cuba, Porto Rico, and the Canaries
to the English, and to consent to take part in be-
heading most of the peaceable inhabitants of Madrid."
The Eco adds, that the discovery of this " horrible
sun epLoesnes;,,, "a
nmdutsht a
th ahveerepresented
conspiracy" was made by General SERRANO, who, it
tt
so
t eh
xe
st ence
QUEEN f
tr
ho
4mt
his duty and devotedness to her caused him to reveal
it, and to recommend a change of Ministry
as the most efficacious means of baffling it. More addresses
Lto the Throne, expressing gratitude for the nomi-

nation of ESPARTERO to the senate, had been re-

ceived.

General SERRANO has not been seen in public
since the eventful night in which NAaVAEZ was re-
stored to power.

SALAMANCA'S journal, the Correo, has ceased to

appear.

The QUEEN was to hold a grand levee on the
10th, in honour of her birthday. The hymn of
Pius IX. was to be chanted on the occasion at the
Circus by two hundred choristers. The capitalists of
Madrid had placed a sum of nine millions of reels at
the disposal of the new Minister of Finance.
The Three per Cents. were done at 26 13-16 at
50 days; the Five per Cents., at 171 for paper; and
the Debt without Interest, at si.

We have received the Paris papers of Wednesday.
It appears that Queen CHRISTINA left Paris on
Sunday secretly for Madrid, in consequence of a tele-
graphic dispatch received from NARVAEZ requiring
her immediate presence. SERRANO, in consideration,
it is said, of a sum of fifty thousand pounds has con-
sented to leave Spain immediately. It is said that he
will be appointed Captain-General of the Havannah„
The Presse, after making a furious attack upon
Mr. BULWER and England, and boldly declaring that
the recent changes in Spain were in no degree to be
attributed to the diplomacy of M. GUIZOT, who had
on every point been out-rnanasuvred by Mr. BULWER,
proceeds to give the following as the programme of
the Narvaez Ministry:—
" Without doubt the formation of the new Cabinet,
at the head of which Marshal Narvaez is placed,
restores to the Moderado party the advantages which
it had lost; it decides negatively the question of the
dissolution of the Cortes ; that is an essential point;
but we mutt not deceive ourselves as to the difficulties
which we have so inconsiderately allowed to
spring up and increase! To appreciate these
difficulties, it is not necessary to describe
them accurately, it is enough to allude to
them. It was on October the 10th, 1846, that the
marriage between Queen Isabella and the Duke de
Cadiz was celebrated ; a year has scarcely elapsed,
and during these twelve months how many regret-
able facts have occurred which cannot be effaced! In
presence of 'these facts, which place on one side the
King holding himself publicly apart, and on the
other, General Serrano disposing openly according to
his fancy of the existence of Cabinets, what is to be
the conduct of the new President of the Council,
what the new attitude of the Moderado party, what
the language of the Cortes ? Has the Journal des
Debats, which sings forth victory, carefully measured
all the extent of these difficulties, and the joint re-
sponsibility, which M. Guizot does not fear to take
on himself, in assuming a large share in the sudden
change of Cabinet which has taken place at Madrid ?
A grave and delicate task is imposed on the Mode-
redo party represented by the new Cabinet—that
of the reconciliation of the Queen and Don Fran-
cisco. It is important to the honour and future
prospects of that party to succeed in effecting this,
for if its efforts are to remain vain, it would be a
hundred times better in that case that it had left the
Government in the hands of the Progressist party,
under the moral complicity of Mr. Bulwer I A se-
paration as open as that which exists between the
Queen and her husband cannot continue without
giving birth to difficulties the most embarrassing, and
questions the most delicate; there is one side by
which this separation, if prolonged, is less grave than
a divorce—that it does not permit England to com-
mence a new struggle against us, relative to a second
marriage. Assuredly that is an important point, in
what relates to the rivality between France and
England; but in what concerns Spain there is a point
not less essential, the prestige of royalty, destroyed
by the publicity of a deplorable rupture occurring
atter a few weeks of marriage, a rupture which it
ought to have been easy to prevent, but which it will
not be so easy to put an end to. We are much mis-
taken if the gravest difficulties are those which M.
Guizot boasts of having overcome by the return of
Marshal Narvaez to powor."
The Moniteur contains two royal ordonnances
opening to the Minister of Foreign Affairs--one, a
supplementary credit to the estimates of 1846, of
255,000 f., for couriers and extraordinary missions ;
and the other, a supplementary credit to the esti-
mates of 1847, of 700,000 f., for the same purposes.
These supplementary credits for the department of
Foreign Affairs may in some degree explain the na-
ture of the plans by which the success of NARVAEZ
was procured.

The Commerce has the following, under date
Toulon, Bth inst.:--
" The Cacique steam-frigate has been ordered to
hold herself in readiness to sail on the 10th, and we
know that the Prince de Joinville, who is expected
hourly, will take passage in that vessel and join the
squadron at sea. The Prince will consequently stop
but a short time at Toulon, and it is now very doubt-
ful that the squadron will return to our harbour at
the close of the month. The Vice-Admiral de Join-
ville is evidently not going at this season to assume
the command of a squadron of evolution ; he must
have received an important mission. Some say that
he has been ordered to Italy, others to Spain, but
hithertolgnorant of his real desti-
n are in circulation. It is
ation. wyeaarrioen completelysreporta
said that all the steamers disposable will put to sea
immediately, and that an extraordinary levy of sea-
men is about to take place in order to complete the
armament of the ships of the line Hercules and Jem-
mapes. Nothing,
appearing however,
has yet confirmed" those
reports. a P e s
England disposed to interfere in
Italy, our Government may find itself obliged to
depart from its usual reserve.

The Courrier Francais says the French settlers in
New Zealand are about to petition the Chambers to
give them the protection of France, and appoint a
Governor at Akaroa.

The Three per Cents. closed on the Paris Bourse
on Wednesday at 75f. 20c.; the Five per Cents., 114 f.
70c. ; the Orleans Railroad Shares, 1,150 f.; Rouen,
895 f.; Havre, 508 f. 75c.; Great Northern, 520 f.;
Avignon, 525 f. ; Vierzon, 533 f. 75c. ; Bordeaux,
453 f. 75c.; Boulogne, 350 f.; Dieppe, 250 f.; Basle,
147 f. 50c.; Paris and Strasburg, 385 f.; Tours and
Nantes, 366 f. 21c.; Paris and Lyons, 177 f. 50c.;
Lyons and Avignon, 468 f. 75c. ; Spanish Three per
Cents. 29.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, °cropEs 14.
Dutch Rhenish, VA—Namur and Liege, s—Northern 'of
—Frsaaacmeb, 4%—Paris and Rouen, 33%
rilia—Sambre Flanders, 1%.

-
PORTUGAL.
(FROM OUR OWN CORRESPONDENT.)
LISBON, Oer. 8, 1847.
The week offers little of political interest, all parties
being at work canvassing for the next election.
representation against the decree of the
22d of September
bin to the ,i,a s
presented by a deputation
of
Minister of the Interior, and
T thehe second
Opotse Opposition
oer last
copies were also sent to the representatives of the
Three Allied Powers. The grounds of complaint as
stated by Se Opposition are :--

1. That the decree in question does not provide a
remedy for the electors who have been struck off the
list of voters against the law.
2. That the nomination of the new Members to
form the Committee of Revision, is intrusted to the
rank Cabralists.
civil governors, who are all, with but: one exception,

3. That the decree sanctions the illegality of the lists
for the election
of the municipalities, acknowledging the
necessity of the revision, and at the same time adopt-
ing another system for the election of the Deputies ;
and lastly,
4th, that the decree leaves matters in a
worse state than they were formerly, and makes no
proviso in favour of the disfranchised citizens. It
seems the representation will be taken under con-
sideration at the Council of Ministers, which is to be
held again tomorrow for this purpose.
On Sunday
was attacked by a party of evening the press of the Revolugao de
Setembro, a
journal considered as the organ of
the Opposition,
volun-
teers belonging to the several battalions of the
city. It seems they behaved riotously, and broke some
panes of glass of the establishment, but the men em-
ployed there having called for assistance, the Municipal
Guard came immediately to the spot, and the aggres-
sors fled away, without making any further demon-
stration of hostility against the establishment. It
seems that this event was merely produced by the
inebriation of a few volunteers, without any political

I revolutions, the first, the Minh() revolution, and the
second, the Oporto one, which was put down by
foreign inteference.

A great decrease has taken place in the revenue of
the Excise duties, which were formerly calculated at
two hundred thousand pounds sterling (or 900
contos), and which now scarcely amount to one
hundred and twenty thousand pounds (or 550 contos).
The Government intend to farm by public auction
this revenue, and the official paper appoints the 25th
of this month to receive tenders. The same scheme
was resorted to during Count Tojal's Administration,
and tenders were received to the amount of one
hundred and forty thousand pounds (700 contos), but
the Count refused to accept them, in expectation of a
higher price in quiet times. Tranquillity, however,
has been restored, and the revenue has decreased ; so
to avoid a further depreciation, the Government wishes
to farm out the Excise duties to the highest bidder,
one of the conditions being a loan of 46,000 Z. (or
300 contos), to be advanced by the contractors.
The Cabralista party has circulated through the
town one of its clandestine publications, called Ma-
traca (the rattle), which lavishes plenty of abuse upon
the English and their protocol. Sir H. G. Seymour
is not spared in this publication, nor Lord Palmers-
ton, both being accused of connivance with the
popular party, which, according to the witty scribbler,
has sold Portugal to England I Such trash is pub-
lished and sold through the town by criers, who, it
seems, are in the pay of the Cabralista party. This
piece of foolery shows the incapacity and rashness of
such a party, which resorts to such foul means.

The day before yesterday (the 6th) was the anni-
versary of the military movement which produced
the overthrow of the Duke of Palmella's Administra-
tion. Such a day is marked by too many sad recol-
lections to desen e the honours of a national festivity,
and Ministers, I know, wished it should pass unno-
ticed, yet some imprudent Cabralist partisans thought
proper to celebrate this anniversary with a dinner
and skyrockets at the barracks of the Queen's Grena-
diers and of the Chartist volunteers. Such demon
strations, to say the least, were most imprudent.
Admiral Napier's fleet is exercising in the river,
and the Government paper (the Diario) publishes
an order for the landing of the troops to exercise on
land, if the Admiral thinks it convenient. Of course
this order has been severely censured by the Cabra-
list party and its organs. The official order in the
Government paper was, no doubt, wisely published,
to avoid any misconception on the part of the political
adversaries of Ministers, who have to deal with very
disloyal enemies.

The news received by express of a complete change
of Ministers in Madrid has given new life to this Ad-
ministration, which, connected as it is, since the Pro-
tocol, with Spanish political affairs, must, of course,
greet the accession of Narvaea to power.
The market continues still dull ; there is great
scarcity of money, and the discount on bank notes is
at 1:720 reis per moidor, or 36 per cent.

MARKET NEWS.-(THIS DAY.)

CORN EXCHANGE-FRIDA Y.

Although the arrivals of English Wheat, coastwise,
during the present week, viz., 5,080 quarters, have been
tolerably good, the show of samples here to-day was
small, nevertheless the demand for all descriptions was in
a very depressed state, and, to effect sales, lower prices
must have been submitted to. Upwards of 43,000
quarters of Foreign Wheat have come to hand. This
large importation had a very depressing influence upon
the demands, and the quotations receded Is, per quarter.
Most of the supply of Barley was taken by the insisters
and others at Monday's currencies. Superfine Malt
sold freely at very full prices. The value of all other
kinds was well supported. The Oat trade was very
dull, and the inferior parcels of Foreign Corn were 6d.
per quarter cheaper. Beans and Peas supported late
rates, but all other articles were a very slow inquiry,

Wheat.
English ..
Irish 640
Foreign .... • 43,770

ARRIVALS.
IRatlay.
2,910 qrs.

Oats. I Flour
1,830 qrs. 2,310 slre.
1,600 I
"d
4,150 4,810 Ns.

5,390
Malt. 1,910 ars.
SMITHFIELD.
This was decidedly one of the worst markets for qua-
ity we ever remember—at least nine-tenths of the stock
being greatly out of condition, and unfit for the gene-
rality of butchers. As might, therefore, be expected,
the few really prime Beasts on offer—the number of
which scarcely amounted to 50—commanded a ready
sale, at improving prices; and the value of other breeds
was well supported. The show of Foreign Stock was
again large, viz., 139 Oxen and Cows, 2,215 Sheep,
122 Calves, and 30 Pigs, chiefly from Holland and
Germany. Some of the sheep just referred to have
appeared here on eight previous market-days without
finding buyers. This has arisen from the positively un-
wholesome state in which they have been landed. Prime
Downs sold freely, at full currencies. In other breeds
of Sheep next to nothing was doing. Calves wore in
full average supply, and steady inquiry, at an advance
in the quotations of 2d per Blbs. In Pigs comparatively
little was doing, at late rates. Mitch Cows were heavy,
at from 151 to 181 each, including their small Calf.