The Sun.
London, England, 1841-01-04 00:00:00

LONDON, _VIONDAY, JANUARY 4, 1841.

INTATIONAL LOAN FUND, LIFE AS-
SURANCE, ar.d DEFERRED ANNUITY SO-
CIETY, 26 Cornhill, London.—Dec. 24, 1840.
Notice is hereby given, that the HALF-YEARLY INTE-
REST, at the rate of 5 per Cent. per annum on the CAPI-
TAL STOCK of this SOCIETY, due on the 31st instant,
will become payable on the 11th day of JANUARY next; and
Proprietors can receive the same at the office on that or any
subsequent day, between the hours of Eleven and Three.
By Order of the Court of Directors.
F. FERGUSON CAMROUX, Secretary.

ATIONAL LOAN FUND, LIFE AS-
IA SURANCE, and DEFERRED ANNUITY SO-
CIETY, 26, CORNHILL.
Capital £500,000.
Empowered by Act of Parliament.
DIRECTORS.
T. LAMIE MURRAY, Esq., Chairman.
ElHutson, M.D., F.R.S. John Rawson, Esq.
H. Gordon, Esq. Clement Tabor, Esq.
George Lungley, Esq. Joseph Thompson, Esq.
AUDITORS—Dr. 0. Gregory, ..R. A. b. ; Professor Wheat-
stone, F.R.S.
ACTUARY—W. S. B. Woolheuse, Esq., F.R. A. S.
LIFE ASSURANCE.
Besides the perfect security to the policy holder of a large
paid up capital, and accumulating funds, with moderate rates
of premium, the following is one amongst many of the advan-
tages which belong exclusively to the princinles of life assu-
rance and deferred annuities originated by t Society, viz.—
Power to borrow, (without delay, expense, or forfeiture) two-
thirds of all premiums paid upon a policy of assurance.
Premium for assuring 1001.

Age. I s. d. Age. t s. d.
25 I 1 18 6' 35 •.1. 19 11 45 I 3 9 4
30 I 2 4 4 I 40 218 4 I 50 I 4 4 2

,ge. 1 s.

DEFERRED ANNUITIES DEPARTMENT.
By the plan exclusively developed by the Society, a single
deferred annuity is made, nut only to answer the same object,
but to equal in amount the entire suns of all the advantages
neretofore only obtained by the middle and industrious classes
by separate investments in Savings' Banks, Benefit Societies,
and Loan Banks.
1. A small yearly or weekly contribution will secure the
most ample return for after life; thus-21. 12s. per annum ( Is.
a week) at 20 will at 65 give the policy holder the choice of an
annuity for life of 471. 16s. 6d.: 3941. 1 ls. in cash; or policy
without further contributions of 466/. at death.
2. Two-thirds at any time lent on deposit of policy, being a
land always available during sickness or want of employment.
3. Two-thirds of all payments returned to representatives in
case of premature death.
The report to the Annual General Meeting of Proprietors,
prospectuses, tables, &c., may be obtained at the office of the
Society, by letter or otherwise, 26, Cornhill, London, or at
any of its Branches throughout the country.
F. FERGUSON CAAIROUX, Sec.

SPORTING INTELLIGENCE.

MANCHESTER-FRIDAY EVENING.

The Derby betting has been very extensive. The Ro-
salie colt has been in no demand at (4 to 1; Soult has had
to give way to Paltomon, whose party really seem deter-
mined to ruin the town. Two or three gentlemen Lever
stop. 17 to I was the top offer yesterday : on Tuesday
night 20 to I in fifties was laid ; and in a private quarter,
on Wednesday, 18 to lin rouleaus. He has been coupled
to Eringo at 9 to 1, and would have been to Soult at the
same figure. The Duke of Wellington waa in right mili-
tary force at the early part of the week-9,000 to 200 was
laid and taken in one hand. On Tuesday night Nlurtaplia
(trained by J. Day) was dashingly supported for approach-
ing a hundred pounds at 1,000 to 10, and finally to 20.
Yesterday morning we noticed 500 to 7 taken on the same
colt, also 1,500 to 21 ; 1,000 to 20 was afterwards offered.
1,000 to 5 wet laid v. Warlock; 1,000 to 15 Ben Brace
(offered); 500 to 10 The Nob (offered) ; 18 ponies to I
we.s then offered aglenst Soult ; and 100 to 7 on the field.
The night of Tuesday furnished the Riddlesworth as a
novelty, and also the 2,000 Guineas Stakes. For the
former Eringo was backed at GO to 40, and for the latter
Mustapha at 10 to 1 in scores. 20 to 1 was offered v.
Tory Boy for the St. Leger, and 20 ponies to 1 taken on
The Squire ; and, we believe, 500 was laid at evens The
Squire against Thistlewhipper.
The business to-day requires HO comment. 14 to 1 was
offered on the Derby field ; 17 to 1 accepted in ponies on
Paleeenon ; 71 to 1 in scores laid the field v. Rosalie and
Palaamon ; also 200 to 3 agst Van Amburgh. The others,
with a trifling exception or two, may have justice done
them by a glance at " the doings" at Hyde Park-corner,
or our last observations.

MR. JAMES'S NEW WORK, " LETTERS IL-
LUSTRATIVE OF THE COURT AND TIMES OF WILLIAM THE
THIRD."—" This collection of letters is a very valuable com-
mentary upon the history of the period to which it belongs,
and throws light upon a vast number of events, hitherto
obscure or unexplained, but which are hare presented in
their real colours. The minute details into which the
writer enters, and the opportunities which he possessed
fur obtaining inrormation of every thing that occurred,
afford a sufficient guarantee for the truth of his general
statements; while the character of the times, so fertile in
political intrigue, stamps them with a deep interest. Pre-
fixed to the correspondence is a memoir of the author,
James Vernon, Esq., Secretary of State from 1697 to
1708. The correspondence begins at a very interesting
period, when conspiracies were rife for the restoration et
the exiled House of Stuart. Another very valuable part
of the correspondence consists of the letters written in the
spring of 1697. It is not, however, in detached parts
that this collection must be estimated, but in its general
application to the occurrences of the day, during the space
of twelve years; and Mr. James is quite right in charac-
terising it as a treasury of facts.' That gentleman's la-
bours in editing a work of this nature, and the extremely
useful notes which he has appended to the text, desert e
every commendation."—Morning Herald.
LETTER OF MARY STUART.—Prince Alex-
ander Labanoff, who published at Paris in 1839, a collec-
tion of letters of Mary Queen of Scots, with the title of
' Lettres inedites de Marie Stuart, accompagnee de divert
sea depeches et instructions,' has, we are informed, since
continued his researches with indefatigab!e zeal and the
most flattering success. He is now in possession of 645
copies of letters, with the prospect of a very importan-
addition. Of these letters some have already appeared in dif-
ferent works : but 134 are to be found only in books of rare
occurrence, and 406 have hitherto been shut up in different
repositories. There are 444 in the French language, 190
in English, 8 in Latin, and 3in Italian. The Prince
intends to publish the whole collection in the course of she
present year : and it is to be hoped that all persons pos-
sesed of inedited letters of the Scottish Queen, will, by
supplying him with copies of such letters enable him to
complete his very interesting and important publication.—
Atheneruns.
THE ADVANTAGE OF TRANSPORTATION.—
At the Dublin Sessions Court on Saturclty4ane Barret,
a young woman apparently about 25 yealt-d'At very
well dressed, and possessing considerable personal attrac-
tions, was indicted for stealing a purse and twelve or four-
teen shillings, the proparty of Denis Horgan. The prose-
cutor, who, from his peculiar'inovements, appeared as if ho
were a French dancing-master, stated that he met the pri-
soner in Merrion-square, and that she followed him into
Mount-street, where she succeeded in extracting his purse
with the money. The prisoner, who spoke in rather a
foreign accent, said that he gave her the money, as she
would net demean herself by stealing such a small sum from
a keowt like the prosecutor, more particularly as 'she w'as
in the habit of keeping company with gentlemen. The
prisoner was found guilty. The Recorder asked the pri-
soner if she had not been in the Court before ? At the
same time his Lordship mentioned that, if his recollection
served him right, he had formerly sentenced her to seven
years' transportation for felony. The prisoner said his
Lordship's memory was perfectly correct ; he had sen-
tenced her to transportation for the term stated, and that
she was only returned.:i e New South Wales six days I
She prayed the CO: "ri pass the same sentence on her
now, for, if her re. r, . not complied with, she would
annoy the CAfirti:' / ' the citizens to additional ex •
pense. Sbe; *Wed; ben i was in Sydney I lived re-
spectable and like a imisan-; no one there knew me to be
an unfortuno *mate, and, therefore, I had peace of mind
and happiness. Here there is no resource fur a young
female but degradation and infamy. If lam left here I
must follow a life revolting to my nature and inclination ;
so send me back again, or if you do not this time you will
have to do it shortly." The Learned Recorder, after con
sidoring a few seconds, complied with her request, and
sentenced her to seven years' transportation. The prisoner
thanked the Court, with terry in her eyes, for the favour,
and, turning from the bar, leaped into the dock, saying, in
a loud voice, " Hurra for old Sydney, and the sky over it 1"
CHURCH-RATES.—We understand that Mr.
Daniel Palfrey of this town has at length been served the
with " citation," as it is termed, to "compeer" before
the Arches Court at Canterbury, at the instance of Win.
Still and Joseph Bunn, Churchwardens of St. Mary's
parish, in a cause of; subtraction of Church-rates ; that is
to show cause why ho disputes the legality of the rates
made by these persons, on a day afterwards to be fixed. As
we learn Mr. Palfrey has made arrangements for entering on
his defence, and is fully determined to resist to the utmost
this iniquitous impost. When the Churchwardens were
defeated before the Magistrates, in this very same case
that they are noel about to take to the Arches Court, Mr.
Kennett, the Magistrate's clerk, told Mr. Gravener the
parish clerk, that it was his opinion that if the case were
carried to the Ecclesiastical Court it would not share a
better fate. But, regardless of every warning, and of all
consequences, we shculd not wonder if these headstrong
ignorant mon plunge the parishioners into another load of
useless law costs, similar to that with which one of them,
Mr. Still, has been instrumental in saddling the commu-
nity in the notorious Mandamus affair.—Dover Chronicle.
THE HOUSE OF LORDS REBUKED.—TiIe
House of Lords sat till near six upon the business of my
Lord Chief Justice and Judge Eyrc, who kept to their
point not to inform the House, any more than they did
the Committee, of the reasons for their judgment in the
Earl of Banbury's case, but stood upon it that they were
at liberty not to answer in a matter that he charged upon
them, nobody being bound to accuse himself, or furnish an
accusation to his prejudice. If the judgments they gave
showed a weakness in them, it might be a reason to the
King for displacing them ; or i f they were guilty of cor-
ruption there was another way of providing against them ;
and if their judgments were disliked, they might be re-
versed by writ of error. But they could not submit to be
schooled and catechised for all that they delivered upon the
bench, where they were entrusted with the execution of
the laws and the dispensing of justice, and acted upon their
oaths.--s ames's Court and Times of William 111,

IMPORT, STOCKS, AND CON-

• SUMMON OF COTTON.

(From the Annual Circular of the Liverpool United

Brokers.)
LIVERPOOL, DEC. 31, 1840.—There has seldom
been a period during which the movements of the cotton
trade have been so much in unison with general expec-
tation as the year just terminated. A state of depres-
sion so intense and wide-spreading as to be mistaken
by some for the first symptoms of the decline and fill
of this branch of national industry, had been succeeded
by a slow but progressive amendment ; and for several
weeks before the commencement of the new year, almost
every department of the cotton manufacture had resumed
its wonted activity. The stocks in the ports and the in-
terior, if not very heavy, were still ample in the face of
a coming crop, which, according to all reports from the
United States, gave promise of being most abundant ;
prices were moderate, compared with what they had
Leen ; and money, though not wanting for all the legi-
timate purposes of business, was neither thee, nor likely
to be, so cheap as to invite extravagant speculation, or
to provoke excessive production.
Such being the posture of affairs in the month of
December, 1839, it required no gift of prophecy to
predict that the approaching year would be one of
great plenty, low prices, large consumption, and small
profits. It these results were pretty accurately fore-
seen, so have the incidents of the year been few and
uninteresting. The coxmercial operations in cotton
have, in fact been permitted to flow in their natural
channel. The functions of the private trader have
ceased to be invaded and usurped by the American
Banks ; and, the intercourse between the two countries
being treed from this pernicious interference, prices on
both sides of the water have found their proper level,
to the manifest advantage and security of the planter,
shipper, importer, and consumerse„
But the griiid event-of the- year is the marvellous
increase in the growth of cotton in the United States.
In order to exhibit this important fact in its true mag-
nitude and proportions, it is necessary to take a retro-
,puctive glance at the question of crops for several I
years past. Beginning, then, with the year 1830, it
oiil be seen that the crop of
1830-31 was 1,038,848 bales. Increase 64 per cent.
1831 32 987 477 Decrease 5
1832-33 1 070,438 Increase 84
1833.34 1,205,394
1834-35 1,254,328 4
1835-36 1,360,725 84
1836-37 1,422,930 41
1837-38 1,801,497
1838-39 1,360,552 Decrease 24i
1639:40 2,177,835 Increase 60
In examining this statement, the eye will at once rest
upon the sudden and extraordinary increase in the crop
of 1837-38, and again, with an interval of a year only,
in that of 1839-40, which contrasts strongly with the
easy and pretty equal stages by which the production
had been advancing for the seven preceding years. Va-
rious causes, or a combination of them, may be assigned
for these remarkable results—an improved mode of cul-
ture, an extension of the cultivation, not only in the old
districts, but into latitudes less exposed to frosts and to
variable seasons, and chiefly (especially with reference
to the last crop) the coincidence of a most favourable
summer, with an unprecedentedly open winter. But
the fact itself, however brought about, is full of interest
to the cotton trade, as it is destined probably to work
important changes, and at no very distant period.
The new year bad scarcely commenced before the
apprehensions of an overwhelming import were mard•
tested in a very general desire to realize existing prices ;
and, by the last week in January, fair qualities of Ame-
rican had fallen id. per lb. No change beyond an oc-
casional fluctuation of id. per lb. occurred until the be-
ginning of Juno, when prices experienced a further re-
duction of per lb. making the deline id. per lb. since
the first week of the year. This was the lowest point of
the market ; and it is a circumstance worthy of notice,
that, with an import almost unexampled in amount,
with an average stock of 470,000 bales, and with money
never cheap, and at times exorbitantly dear, fair Up-
lands should not have varied more than id. to id. per
lb. for the six months between June and November.
Steady rather than extensive buying was the charac-
teristic of the market during this period. The trade
as a body—some from not seeing acy adequate induce-
ment to hold stock, and not a few from a necessity im-
posed upon them by the state of commercial credit—
took little more than they required for their immediate
wants. The business on speculation, though crippled
from the latter cause, was by no means inconsiderable ;
but, though spread pretty equally throughout the year,
it (lid not assume a very decided character till towards
the'eniddle of August, when the fate of the harvest was
supposed to be no longer doubtful. The market, hos-
ever, after a week or two, relapsed into its former apathy
and what with the steingenf measures of the Bank for
curtailing discounts, and the threatening aspect of
poli-
t al effeire, it was as low perhaps in point of feeling in
the latter end of October and the beginning of Novem-
ber as at any period of the year.
From that time there has been a growing impression
that prices had seen their lowest ; and the improvement
which, had been gradually taking place in the manufac-
turing business seemed to point to the probability and
the reasonableness of some advance. Coming upon a
market thus predisposed, it was to be expected that any
accounts in the slightest degree unfavourable to the
prospect of the crop would be eagerly pressed into the
service. The reports accordingly received a fortnight
ago of frosts in sorne districts, and unpropitious
weather in others, by which the picking had been
prematurely suspended, had not been without their
effect ; and though the injury is not pretended to be
to au extent to awaken any serious apprehensions for
the safety of the crop, yet, coupled with other advices
of a similar tendency, they go far to negative the pos-
sibility of what the holders had the most reason to
dread—the recurrence of another crop such as that of
last year. Be this as it may, the market has since
worn a more cheerful aspect, and both speculators
and the trade have purchased with more avidity than
for months past, at a gradual advance of about id
per -lb., since the movement began in the second week
in December ; thus placing the prices of American cot-
ton ou the last day of the year within :Vd. per lb. for
the middling, and id. per lb, for the better qualities,
of what they were on the first. Surats, which from
the large quantity imported have played a more im-
portant part than usual, have partaken of tlidiantin fluc-
tuations as American, and bear the same relative price
at the close as at the commencement of the year.

For all descriptions of long-stapled cotton this has
been a year of much disappointment. Fair Sea Islands
which opened at 22d. per lb. before the end of January,
fell to 16d. per lb., and by the middle of the following
month to 131 d. per lb. ; in a few weeks they rallied
again to 14id. per lb., and vibrated between that price
and 1151 d. per lb. for the remainder of the year.
Egyptians in the first two months experienced a reduc-
tion of 2d. per !b., of which they recovered. Id in the
course of the two next ; and during the last three months
they have gained another id. per lb. Brazils con-
tinued at a decline of a id. per. lb. for several
months, and finally settled down in October at the
lowest point, from which they have never moved ;
l'eraams and Babies being. Id, per lb., and Maranharns
1 id. per lb. below what they were at the beginning of
the year. From first to last, the demand for these des-
criptions has been extremely languid, owing to the limi-
t, d wants ..'of the spinners of the finer numbers of yarn.
'file steek.s.;on handnre consequently disproportioned to
the CousiSitiption,—though the supply has been rather
less than Makffhan it was the previous year.

For the details of stocks and imports, reference is
requested to the annexed tables. The import from the
United States into the kingdom exceeds that of last
3ear by 420,723 bales ; that of Surats is also larger by
83,819 bales, owing partly to an abundant crop, and
partly to the interruption of the intercourse between
India and China, which has been the means of divert-
ing a portion of the cotton destined for the latter to
this country. The growth of the Brazils appears to
corresponding
stock of all kinds in the
period of last
be on. the decline, the supplies, thence, having been di-
minishing for some years. From Egypt the import
has been the same within three or four thousand bales
is exdass of last year's.
the
The
porti amounts to 464,100 bales, being an increase upon
the stocki held at
year of 198,610 hake. The deliveries to the trade, ac-
cording to the usual mode of ascertaining them, have
been from Liverflool; London, and Glasgow, 1,285,598
'oaks, Or at the rate of 24,921 bales per week, which
qUantity may be taken to represent also the consump-
tion, supposing the stocks in the interior to be the
same as at this time last year. This latter is a point
always; difficult of proof ; but, from the known in-
ability of many of the spinners to hold stock, and from
general inquiries, this may
.be assumed in the affirma-
tive ; but, admitting that it is some 30,000 bales more,
according to the opinion of many, the difference, in
dealing with such large quantities cannot materially affect
the result. This increase in the consumption of 3,01.5
bales per week, or 14 Iper cent. upon last year's, is the
mare remarkable as having been accomplished without
the addition, in any corresponding degree, of new mills
or new :machinery.
The narrow margin left for profit
has led to the introduction of more expeditious processes,
whilst the cheapness of the raw material :has offered
every encouragement for the production of a more sub-
stantial fabric. The demand, indeed, has been chiefly
for low numbers of yarn and for heavy goods, which
for the last few months at least, have found a ready
market at home and abroad. The stocks of goods are
believed to be more considerable than those of yarn;
the export of the latter having been, h„ording_.
to
" Burn's: Commercial Glance," greater by about 33

per cent. during the first nine months this year than for 1
the•corresponding period last. In goods, the export, as
given by the same publication,has been less ; but owing
to the variety in the denominations, the comparison in
point of weight cannot so readily be made.
With respect to the future, upon which some opinion
on this annual occasion is expected, the issue of the
last crop has involved the subject in greater difficulty
than usual. So long as the growth of cotton in Awe-
tic r proceeded with the steady march which charac-
terised it for several years prior to 1837, a period dur-
iog which the rate of increase was seldom less than
4 per cent. or more than 8 per cent. per annum, the
supply might be regarded, if not as a fixed quantity,
at least as vibrating between such narrow limits as
rendered it not likely, singly considered, to effect any
great or permanent revolution in the st ,ndard of
prices. But what has been the experience of the last
three years? The first gave a crop exceeding by no
less than 261 per cent. that of the year before, whic:,
be it observed, was larger by five par cent,. than any
former one ; the second, though visited by a long
drought, which materially injured the plant, produced
a full average of the_ four previous years, omitting the
large crop of the preceding year ; and the third yielded
an increase of 21 per cent., not upon the failing crop
which it followed, but upon that of the year but one
before, which, it must be remembered, was larger by
26.1- per cent. than any upon record up to that time,
thus showing an increase .in the last crop of 53 per cent.
upon that o the year 1836-37. From whatever cause
arieing (and some, at least, of those mentioned in a former
part as the most probable ones will not be considered to be
purely accidental), these results cannot but tend to thro.v
an uncertainty around all calculations Founded on supply.
and to unsettle the received notions as to what arc high
or low prices ; for, although it be true, that the consump-
tion has been able to cope with an import greater, into
the kingdom, than last- year's, by 484,000 bales, with-
out either an extraordinary depression of price or an
inconvenient accumulation of stock, it must not be
forgotten that the crop now under discussion came
upan the heels of one as deficient as the other was
superabundant. To put a case more nearly parallel
with the circumstances of the current year, it should
beasked—what would have been the state of things
atAtie present moment but for the casualty which bele!
the crop of 1837.35? It is difficult to resist the be-
lief, that the stocks on hand would have been larger,
and the prices lower ; and if the forthcoming crop is
not to fall short of 1,800,000 bales (which is admitted,
in spite of all untoward events), the conclusion would
seem to be as inevitable, that prices cannot, on the
average, much exceed, if at all, those of this year.
Some allowance must, no doubt, be made for a rea-
sonable increase in the wants of all the cotton-con-
suming countries ; but, on the other hand, let it be
kept steadily in view, that the first condition of that
increase is a low price. Attempts to reduce to figures
quantities so liable to disturbing causes are usually
attended with but little success : the following state-
ment, however, is submitted as a mere approximation,
to be taken for what it is worth. On the last occa-
sion of a crop of 1,800,000 bales, in 1838, this coun-
try received 1,123,000 Inlet,. The continent, as well
as America herself; will require a Larger supply than
at the period alluded to ; but both have considerably
anticipated these additional wants by the larger por-
tion they have either retained or imported of the late
crop. The imports, indeed, of American cotton, into the
different ports of the continent, have been more than
double what they were last year, viz., 629 000 bales
against 276,000 bales.
Great Britain may then fairly claim 1,050,000 bales.
To this add the import from all
other quarters, estimated to be
the same as this year, say
And the stock now on hand in
Liverpool, London, and Glasg ow 464,100

1,878,100

Deducting what may be taxed Lr