The Sun.
London, England, 1847-04-12 00:00:00

SPORTING.

TO THE EDITOR OF THE SUN.
Sin,—The past week at Newmarket has proved the
pretensions of the son of Euclid to the championship of
the "feather-weights," by his gallant victory for the
Newmarket Handicap. During the present week he has
to meet fields that will try his metal, both at Bath and
Epsom, and, if he bo sterling coin, will win one or both
of the forthcoming handicaps, and perhaps finish by
winning the Chester Cup; but I am inclined to think he
will find his match on the Surrey Dowes, if not at Bath,
the horses that he is likely to meet being decidedly su-
perior, as a whole, to his antagonists at Northampton
and Newmarket; at the former there were but three
racers figuring as starters, to wit, Wolf-dog, Halo, and
the Euclid colt; and at the latter place but one besides
the winner, and that one the gallant Sting, who had the
felicity of carrying Bst. 61b., nearly half a hundred
weight more than Mr. Gregory's colt, thereby making
the performance nothing so very wonderful after all.
Some of the clouds on the Derby horizon have been
cleared away, giving to view a few stars and the leading
Plana, the latter, although shining brilliantly at present,
will be outshone by a star in the constelation, (Sir) Her-
cules, on the morning of Wednesday, the 19th day of
May in this present year of grace. But to return to
plain matter of fact. The Craven meeting has disclosed
a few secrets well worth knowing. It is now very evi-
dent that without the Goodwood stable have something
better than Planet, their chance of pocketing the Derby
Stakes is very small inddd. lam of opinion that Glen-
tilt is at the least 51b. better than Planet, and that this
nag will be found to be Kent's horse for the." great go"
on the Surrey Downs. He will represent the stable for
the Two Thousand Guineas, most probably aided by
Halo.
The last week's sport on the Heath has entirely
destroyed the Derby chances of Whirligig, King of
Naples, Don Caesar. Voronetz, Outpost, Fannus, King of
Morven, Brother to Stitch, Lancer, Red dart, Bit
Nibble, Vampire, Lazarillo, Redwing, Jack Musters,
Ingoldsby, 'fermis, Morak, Marpessa colt, Shawn Buidhe,
Clarendon, and Villiers—that is, supposing they ever
had any, which is more than doubtful. War Eagle is a
goodly animal for a very small party, but will, or ought,
to receive his quietus from Epirote in the Newmarket
Stakes, on Friday week. Whether he does or not mat-
ters little; he cannot win the Derby. Epirote, notwith-
standing his defeat on Thursday by Planet, will be in a
condition to return the drubbing, and with interest, on
the Surrey hills. In him there is plenty of room for
improvement, and he is adapted to hilly courses.
The trash in the market now consists of Mr. Martin,
War Eagle, Bingham, Mathematician, Philosopher,
Good Coin, Cossack, Lionel, Nottingham, Black Dwarf,
Wanota, Conyngham, King of Morven, and Will o'-the-
wisp, and complete will-o'-the-wisps they will be found
for luring on to destruction unfortunate speculators in
search of the philosopher's stone.
On Tuesday the Bath and Somerset County Races
commence with the Lansdowne Trial Stakes, destined
for Kent or Day. The Produce Stakes will be won by
one of Day's lot. For the Weston Stakes Kent's stable
will furnish the winner. Messrs. Wreford and Day must
between them win the Ten Sovs. Stakes. For the
Somersetshire Stakes of 25 sous. each, 15 ft, &c., a very
fair field will assemble to contest for the palm of supe-
riority, about eighteen, most probably the following:—
Queen of Tyne, Lerd Saltoun, Miss Elis, Crown Prince,
Ajax, Clumsy, Miss Burns, Woodpecker, Sir Simon, Fox-
..whelp, Morocco, Alliance, Buscot Buck, Miss Shirley,
Crozier, Brave Buck, Halo, and Claremont. The Queen
of Tyne, Ajax, Miss Burns, and Buscot Buck, all
venerables, can have no pretensions to beat the Euclid
colt; these, with Foxwhelp, Clumsy, Morocco, Alliance,
Miss Shirley, and the Crown Prince, must be content to
form the ruck. I expect to see the winner spring from
the three years old, and either be Crozier, Halo, Brave
Buck, or Claremont—the last two for choice.
On Wednesday a Sweepstakes of 25 soya. each is
everything to nothing with a start on Day's speedy filly
Angles. The Bath Handicap to My Mary or Columbus.
The Dyrham Park Stakes, a questionable quicksand, into
which either Kent or Day must fall—Tallyho, Tantivy.
The Moon will throw its light upon the City Cup.
There will be two good days' sport at Catterick Bridge
this week, on Tuesday and Wednesday, for which I shall
jump to the conclusion at once, and, a la Bunbury, append
a list of the supposed winners:—
Stakes.
Revival Handicap Tim Whiffler, Administrator, or
The Magnet.
Filly Stakes Little Nell or Ellerdale.
The Shorts Camphine or Beverlac.
Tallyho Handicap
Junior Stakes Eagle's Plume, first ; Referee,
second.
Champagne Stakes Henriet or Beverlac.
Claret Stakes New Era or Sir Martin.
The Epsom Spring Meeting I shall analyse on Thurs-
day next, and endeavour to give the names of the star-
ters, if possible, for the Metropolitan Stakes.—l am,
Sir. &c., THE SPIRIT OF THE TURF.
April 12.

FATAL OMNIBUS ACCIDENT.—Mr. Wakley held an
inquest on Saturday at the White Bear, King-street,
Hammersmith, on the body of Thomas Hatton, aged 68
years, who was killed on the evening of Wednesday last.
It appeared that, on the evening in question, between
five and six o'clock, the deceased, who was a recipient of
the Latymer charity, was crossing the road in a state of
intoxication, and while in the act of placing his foot on
the pavement he suddenly fell backwards into the road.
At that moment one of the Hammersmith Conveyance
Company's omnibuses was passing on its journey to
town, and before the horses could be pulled up the wheels
passed transversely over the deceased's face, neck, and
chest. He was immediately conveyed to the surgery of
Hr. Griffiths, close by, but it was then found that he had
breathed his last. The evidence was most conclusive
that no blame could be attached to the driver of the
omnibus, and the jury returned a verdict of" Accidental
death."
The installation of' his Royal Highness Prince Al-
bert, as Chancellor of the University of Cambridge, will
take place, we understrand, some time in July, unless a
general election should interfere to prevent this ar-
rangement. The venerable Laureate, William Words-
worth, is to write the Installation Ode, which will be set
to music by T. A. Walmisley, of Jesus, ALB., Professor
of Music in the University.—John Buil.
Lord Brougham left town on Saturday to visit
the Duke of Wellington, at Strathfieldsaye, Hants. The
Nowt, wad Learned lord returns to town to-day.

SUMMARY of the MONEY MARKET.
(From The Observer of yesterday.)
At periods of excitement, such as at present exists,
and such as has prevailed, now for some weeks past, in
the Money Market, it is a task involving many difficulties
faithfully to record the progress of events and the pro-
bable bearings of the really important movements of the
Court of Directors of the Bank of England; nor is the
duty rendered the less onerous by the contrariety of
opinions of the past and present steps that have been
pursued by the Directors of the Corporation. Among
leading men—the Elite of them, whose acquaintance may
be claimed, whether they be merchants, bankers, or the
principals of discount houses—there is some bias for and
against the mode which has been adopted, and which
might have been pursued, to meet the requirements of the
existing state of things. To steer a fair and even course,
then, is tbe duty of those whose avocations lead them
to record the passing movements of the Money Market,
so that those who are not within the vortex of Stock
Exchange operations may be enabled, from the circum-
stances that have passed and the probabilities for the
future, to form for themselves something like an impar•
tial and an unprejudiced opinion. To advance this in-
teresting object is the intention of the writer of the
following remarks.
The text, in illustration of early points connected
with the Money Market, and to elucidate the present
condition of affairs, may be most aptly given by quot-
ing the last notice issued from the Bank Parlour, and
which is couched in the following terms:—
" NOTICE.
"The minimum rate of interest on bills discounted at
the Bank of England, not having more than 95 days to
run, is 5 per cent.
" Bank of England, April 8, 1847."
Before commenting upon this latter measure of the
Bank of England, it cannot but be interesting to trace
back a few months the movements of the Corporation,
and the state of credit, taken in conjunction with the
ruling value of the Public Securities.
It was almost the middle or the latter end of August
last that apprehensions were first very seriously enter-
tained of a general failure in the potato crops in Ireland,
and when shrewd men began to calculate upon
heavy imports of foreign corn, flour, &c., to pay the
cost of which it required little foresight to know,
if such did occur, that coin and bullion would
be extensively required for exportation, as a
set-off, since the most sanguine did not have in
view such an increased demand for British manufac-
tured goods as would tend to square accounts, or render
the balance of trade in our favour a reality. At this
period the Three per Cent. Consolidated Annuities were
at 96k. the July dividend off (the same stock was at 974
cum div., in the early part of 1846), the circulation of
the Bank of England stood at 20,426,1301., and the bul-
lion in the two departments of the Bank of England—
issue and banking—at 16,366,0681.
As the harvest prospects very soon afterwards were
ascertained with something like certainty (the result
proved the accuracy of the data obtained upon the
subject), it became apparent to those taking an active
part in stock and monetary affairs, that the prices of
the public investments could not be maintained.
" Breakers " were distinctly visible in the hori-
zon, but apparently too remote to occasion imme-
diate apprehension, and, as usual, hopes were entertained
that, by some easement or other of the helm, the barque
of confidence in monetary and commercial matters would
go on well. However, it turned out that the harvest
did not come up to an average, and, what before was
a matter of doubt and speculation, was changed into
a reality, viz., the almost total failure of the potato crop
in Ireland, with a very short yield in other parts of the
United Kingdom. But were there any very serious
forebodings hazarded of the future demand for specie for
export? Certainly not, generally speaking, for in the month
of October, the Bank had still by it bullion of the value of
over 15,600,000/, and its circulation was at 20,550,645/.
The Three per Cent. Consols stood, on the Ist of October,
at 954 1. Those who held opinions that all was right
pointed significantly to the firm hold the Bank directors
had upon their then most ample stores of gold and
silver bullion and of coin. Here, then, was the first
point by which safety for the future was alleged, and be-
lieved in most quarters to be guaranteed.
Another month rolled on, and the manufacturer, and
the merchant, and the trader, found things getting worse
and worse. Each rested on his oars in hopes that
a favourable breeze would spring up—their sheet-an-
chor was in the opening of the ports for corn. Business
became slack, imports, vast indeed, of bread-stuffs were
considered a certainty, but still many considered that
the " expediency" period had arrived, and, that being
the case, that Lord John Russell would have conceded
the grand point he was believed to have indirectly pro-
mised. It was about this period that what may not be
inaply deneminated the evanescent holders of our
Funded and Unfunded Debt began to look about them,
and many sales were the result. On the Ist December
we find the Three per Cent. Consols at 95} -41, the cir-
culation of the Bank of England at 19,987,8001., and the
stores of bullion at about 14,800,0001.
Great indeed was the disappointment, and severe were
the losses estimated, by reason of doubts of the safety of
large operations being entered into en the part of the
manufacturers, when it was ascertained that the potato
crops were so decided a failure, and that the question of
the corn-laws must be left to the decision of Parliament.
The autumn trade has been all but destroyed—the pre-
parations for the spring were checked, for ere Parlia-
ment met and decided upon what was to be done with
the duties upon foreign grain, much mischief had been
done. In the provinces money was wanted—steles of
Stock and Exchequer-bills became numerous. At the
commencement of 1847 Consols stood at 94, the issues
of the Bank were at 20,031,175/, and the stock of
bullion was then as high as 14,900,000/.
Half the month of January had scarcely gone over,
before more strongly and plainly were " breakers" seen
ahead. The outward current of specie to the United
States had a full impetus imparted to it. Still the di-
rectors of the Bank of England held on their course
steadily. There were reasons, questionless for this
course on their part, of which more hereafter. Corn
mercial operations still languished, and all hopes of im
mediate relief from the measures of the Legislature had
vanished. The time was gone by, and a train of specu-
lative operations in foreign grain had been commenced,
the result of which has yet to be felt and appreciated.
In the month of February the Three per Cent. Consols
dropped to 90, the circulation of the Bank of England
was given at 19 613,4701 and the stock of bullion at
atom 12,300,000/.
The first demonstration on the part of the directors
of the Bank of England to check speculation in corn
and cotton was made on the 14th and 21st of January
last, when discounts were raised to 3i and 4 per cent.
The second effort was on Thursday week, and the last
the day before yesterday, as per the notice quoted above.
Then how stand the figures respecting Consols, issues,
and bullion? The first closed yesterday evening at 861 i-,
the issues of the Bank at 19,854,940/, and the bullion in
store at 10,246,410/.
Briefly a summary may be made thus for future re-
ference:—
The Three per Cent. Consols. since August last are
lower by about 10 per cent.
The issues of the Bank are lower by about 600,0001.
The stock of bullion has been decreased by about
6,000,0001.
The question that primarily forces itself in most
quarters is, could the Bank directors earlier have taken
the stringent steps which they have recently adopted ?
The response is almost universally in the negative.
Next to the best thing that could be achieved, the open-
ing of the ports at the close of last year, was the
passing of the Corn Bill of the present session.
Had restrictive measures been taken much earlier than
they have been, the direct tendency would have been to
limit arrivals of wheat, flour, meal, &Q., in this country,
and the horrors of starvation would thereby have been
very considerably augmented, at least in Ireland and the
Highlands of Scotland. It was not, indeed, until full
and entire information had been obtained in the Bank
parlour of the probable renewal, or attempt at renewal,
of certain papers representing corn transactions, and of
operations for facilitating the purchase and transmission
of gold abroad, that the step of Thursday week and the
day before yesterday.was taken.
But is there any difference in the aspect of the money
and commercial markets now, as compared with the
panics of 1825-6 and 1836-7 ? As respects the latter,
there is a most decided difference. The present may be
termed as a corn and specie crisis. Never was the great
mercantile interest in so sound and healthy a condition
as at this moment. By circumstances which no
human power could prevent, Great Britain is
compelled to he the recipient of fleet loads of
corn, &c. This was not the case at the
periods just quoted. And while in the public depots at
all the ports in the kingdom, goods of every descriptions
are warehoused in ample quantity, never was a season
less free from Time bargains than the present. Even
in cotton and corn things have taken a turn in the right
direction very recently. As prices of the latter are on
the fall, more will most likely be brought to market. It
is pretty accurately known that the stocks of foreign
wheat in store in our ports are not large, but the vast
amounts ix transitu will come to a much worse market than
was anticipated when the orders for them were sent out.
All then was hey-day for higher prices. The reverse of the
picture is now pretty certain. With a surplus revenue—
with a more stringent policy on the part of the directors
of the Bank—with a tendency in the markets for grain
and and provisions to go back—with an increasing ex-
portation of British manufactures to the United States,
and a fair expectation that much further supplies will be
required—with all these points considered, it may be
safely hazarded that the furor of the crisis has passed,
and that steadily, we hope even speedily—the
gorefa t i
n-
terests of the country will be again in the full tide pros-
perous development.
The opinion entertained in the continental
Bent,o2olo7oaorokie.tshaosf
the terms upon which the contract
tit for the relief of the
was too high; but
cu ocb tbyc ht distressue
value r Go v e
i Government
nf
ithatit
n may
have been at Ibhoweverreiesnh an d
takenmS
least of
pre-
sent depressed, the bargain is one, to say the
it, of a satisfactory nature for the Government. No
foreign state could obtain advances upon similar easy
terms. The second instalment of 121 per cent. was
paid up yesterday. It scarcely had influence upon
nrn
the value of money. The scrip is held in few
hands, o
val ande
chargedmost
fo
ofr
discountsits owrs are
large,ich.
it
is As reostp
cts
the e
e a pos-
sible to furnish correct quotations. As above noticed,
the Bank of England, upon approved Bills of Exchange,
charges 5 per cent., and as much as 51 and 61 per cent.
are submitted to in other quarters. The Commence-
ment of the payment of the quarterly dividends has
scarcely influenced the rate of interest a fraction.
It is worth a notice that during the present strain
upon the Money Market not one word is said, in ci: ties
where so much fear a year or so back prevailed, of the
ruin to be expected from investments in railway pro-
perty, new or old, at the present moment. Steadily, m
fact, are the railway receipts advancing, and well can the
directors afford to pay a more handsome per tentage to
their proprietors than that yielded by the public socuri-

r ties of the country. It is not, therefore, a matter to be
wondered at, that parties, having control over money
invested in the Funds should realie part of it, and take
Railway Debentures instead ; thus in some instances
very nearly doubling their annual incomes. The pro-
phetic warnings of a terrible and inevitable crash from
the railway mania have hitherto passed off like a dream,
and for the unfortunate state of Ireland, as respects the
supply of food, and the necessary consequences resulting
from purchases to meet the wants of the people, Eng-
land's commercial, shipping, and other leading interests,
would have been bright indeed.

SOMERSETTEheAeSleeTtionforthe eastern divisionELE CofTtlheOcNou.nty
of Somerset to fill up the vacancy occasioned by the
lamented decease of the late member, Colonel William
Gore Langton, took place at the Assize Hall, Wells, on
Saturday.
Shortly after eleven o'clock, the candidate, William
Pinney, Esq , appeared upon the hustings, accompanied
by his friends Captain Seobell, R.N., and the Hon. Major
Boyle.
Captain ScounLL proposed William Pinney, Esq , of
Somerton Erleigh, as a fit and proper person to repre-
sent the eastern division of tho county in Parliament.
The Hen. Major BoYLE seconded the nomination of
Mr. Pinney.
No other candidate having been proposed, the nigh
Sheriff declared William Pinney, Esq., to be duly elected
to serve as a member for the eastern division of the
county.
Mr. PINNEY then rose, and having thanked the elec-
tors for the honour done him, said it might be expected
that he should allude briefly to some of the principal
questions which now engrossed the public mind.
And first, then, was the question of protection. ho
had never been of opinion that protection would be
beneficial to the farmer, but that, on the contrary, it
would (more especially to the grazing farmer) tend
greatly to injure him. He had, therefore, never been in
favour of its maintenance. They might now turn their
attention to the other measures which had been brought
forward by the great protection leader to rally them to
the poll. They first saw the Protectionist party favour-
ing the annihilation of the independence of Cracow by
the Russian despot—a course which he thought would
not meet with the support of the people of this country.
Then their voting for the application of sixteen millions
of the public money for the construction of railways in
Ireland. Another question which excited much in-
terest was the endowment of the Roman Catholic clergy.
The question was one upon which he wished to keep
himself open, to which he would give every attention,
and upon which he would act to the best of his judg-
ment. With regard to the Government education ques-
tion, he considered that her Majesty's Ministers had
acted fairly and honestly between all parties—they had
dealt equally between the Church and the Dissenter,
and had given no favour to either. Some details might
require alteration, but the measure was based on sound
principles—the principles of justice and equality, of civil
and religious liberty. Mr. Pinney concluded by again
thanking them for the high honour which they had con-
ferred upon him.—(Cheers.)
The Hon. Member was then girt with the sword, and
the business terminated.

THE WINDOW-TAX and IRELAND.

The interest which sanatory questions is now awaken-
ing will, we s hope direct increased attention to the
oppressive and injurious window•tax. The folkwinz
petition has been put in circulation by sir. Richard