The Sun.
London, England, 1847-05-05 00:00:00

THE S

good end. We are quite certain that the present
Government are pacifically inclined, but we are
equally certain that, despite the tenor of such obser-
vations as those to which we have adverted, they will
not be deterred, should the necessity be unhappily
created, from firmly vindicating the rights and in-
terests of the British empire, in what quarter of the
world soever any attempt may be made to invade or
impair either the one or the other.

The Landed Property (Ireland) Bill went
through the Committee in the House of Lords last
night. The promised explanation as to its general
objects, which should have been made on the second
reading, was given by the Marquis of LANSDOWNE,

who also announced the increase of the fund to be

granted for the purposes of the Act, from
1,000,000/. to 1,500,0001. sterling, consequent upon

the postponement of the Bill for the reclamation of
the waste lands, and the liberation of the million

intended to have been applied thereunder. The

public are already acquainted with the chief features
of the proposed measure, which is, in effect, the
mode by which the Treasury minute of last December
is to be carried out, and the stimulus to be given to
the improvement of the soil by those proprietors,

who, by reason either of their restricted powers
consequent upon entails and settlements, or of the
weight of the encumbrances and charges affecting
their respective properties, are unable from private
sources to obtain the necessary funds for that im-
provement. It is universally admitted by persons of
all parties, that the aid intended to be afforded by

this Act, coupled with that for the more easy
disposal of encumbered estates, is calculated to
lead to the permanent amelioration of the sister
kingdom, and its elevation from the distress
and difficulties in which it has been involved.
No opposition, therefore, was offered from any quar-
ter to the progress of the measure. Some suggestions
were offered, one of which, including grist mills in the
class of buildings for the erection of which the Commis-
sioners were empowered to make advances, was assented
to. If this power is judiciously used it may be produc-
tive of considerable advantage to the country.
Nothing could be more objectionable than the crea-
tion of extensive commercial establishments with
the public money, or the interference with
the free course of trade, by giving undue
encouragement to any class of speculators which
must be prejudicial to those embarked in the
same description of business. Generally speaking,
private enterprise will be found fully adequate to
provide the required accommodation, to make the
supply equivalent to the demand. But, in Ireland,

the extraordinary events of the past year, and the
vast alteration that must henceforth take place in the

food of the people, require that extraordinary
facilities should be given for the grinding
of every kind of corn, and its conversion
into meal or flour. There is also an immense
quantity of water power, which has been neglected
and which might easily be made available, so as to
have small mills erected at a very trifling expense in
almost every locality. If limited to this extent, it
will be a very useful addition to the Act.
The Duke of WELLINGTON suggested the insertion
of another clause of the greatest importance. Among
the most crying grievances to which the Irish Agri-
cultural labourer is subjected is that which has been
termed the " Conacre system," a system still more
objectionable than the "Truck system," which
prevails in parts of this country. The poor
man who has no land attached to his cottage,
who has no place in which he can grow the accus-

tomed crop of potatoes for the use of his family, ap
plies to a neighbouring farmer, who lets him a smal
plot at a rent amounting to 81., 101., or 121. per acre,
which rent he agrees to accept in labour at the rate
of Bd. or 10d. per diem. The poor cottier is well
satisfied with his bargain ; he cares not how exorbitant
may be the rent he agrees to pay, because it will be ac-
cepted from him in the only way in which he can
pay it—in the labour which would remain unoccupied
if he did not enter into some such agreement ; and
he is well aware that in no other way will
he get employment. Had he ready money to pay he
would get the land for less than one-half of the amount
which he undertakes to give in labour. If there is a
fair and reasonable amount of produce the labourer
is contented, and most religiously performs his part
of the contract ; he has secured a sufficiency of the
humble food on which his family and himself are
accustomed to live, and he trusts to the casual
work he may be able to obtain to procure every
other necessary ; but if there should be a
failure of that for which he had mort-
gaged ;his labour, his only wealth, his con-
dition is indeed deplorable ; he has no resource
Left, he is flung upon the charity of the country, and
must have recourse to the Government works or the
poor-law union for the support of himself and family.
Of course he cannot then give the stipulated quantity
of labour, and the farmer, who relies on obtaining it
from him, too frequently has not the means
of procuring other labour, and his lands remain neg-
lected and uncultivated. All classes, therefore, suffer
from the baneful effects of the system. His Grace
proposes as a remedy, " that all bargains for the
wages of labour should be made in the current coin
of the realm ; and that the payment of wages shall
be enforced in the same ; and that the labourer shall
have a claim for that payment, notwithstanding any
bargain to the contrary with his employer." This pro-
vision appears well calculated to give the death-blow
to the practice, and may probably be introduced
with safety, pari passe, with the extended poor-
law, which will ensure a maintenance to the labouring
population, either in return fur their daily
work or otherwise, without that it might possibly
deteriorate the condition of the people for whose be-
nefit it was intended. It might induce the farmers
to give far less employment, and consequently to
leave their lands still more neglected than at present.
It might leave the cottier without any kind of occu-
pation or remuneration for his labour, and far worse
off than he is under the present state of affairs. The
clause is proposed to be added to the Bill on
the bringing up of the report. In the meantime we
trust that it will receive that full and attentive con-
,ideration that its importance, and the vast influence
it must exercise on the social condition of so large a
.portion of the community, and that the most helpless
nd destitute, so urgently demand.

The King of NAPLES has granted a full pardon to
shirty-six prisoners, and reduced by one-half the
periods of punishment of ten others. In the first
)atch were included five persons condemned for
political offences.
Letters from Bologna of the 25th ult. announce
that the Porn had sanctioned the principle of the
establishment of national guards throughout the
Bontifical dominions, and that a decree to that effect
would be shortly published by his Holiness. The
two censors of the press, who, with the Governor,
were to constitute the superior board for the pro-
vince of Bologna, were Father VENTURINI, a Barna-
bite, and M. BAJETTI, professor of natural law—
two men of great learning and liberality,

A letter from Berlin says—

"In Prussia, till now, all conflicts of jurisdiction were
judged by the Council of State, as in all the other states of
Germany, in France, and in many other countries. The King
nas just reformed this state of things, which gives rise to
many abuses. By an ordonnance of the 12th, his Majesty
has created a court composed of five immovable judges, who
are to decide on all the conflicts which may arise between
the tribunals, or between the administrative authorities, or
between the former and the latter. This measure, as will be
readily belieyed, has bees received with general approbation.
The King has held out a hope to the Deputies of the Grand
Duchy of Posen that immediately after the case of the Polish
insurrectionists shall have been judged, there shall be ac-
corded an amnesty, if not general, at least very large."

Madrid papers of the 28th ult. have arrived.
It is said that General VAN HALEN, the friend of
ESPA.RTERO, is expected in Madrid. The return of
VAN HALEN is probably the forerunner of the recal
of EsrARTERo. The 27th being Queen CHRISTINA'S
birthday was observed with the usual solemnities.
The Court was to leave Madrid for Aranjuez on the
sth May.
MADRID BOLSA, APRIL 2g._ the Three per Cents.
were done at 311 for cash; the Five per Cents.
at 19;
the Debt without Interest at si; and the Coupons;
at 16.

We have received the Paris papers of Monday,
The investment made by the Emperor of lt;ssl
in the English funds is the subject of comment it
several of them. The Presse, of course, sees in it a
political rather than a financial operation. The Em-

peror of Rowe wished to strike the public mind,
and to give it a high idea of his resources, and •
he has succeeded. The version of the Commerce is
more business-like, and more true. It says—
" In a financial point of view the deposit of 5,000,0001. in
the Bank of London has nothing which surprises us. The
details that are given by the Austrian Observer completely
edify us with respect to the immense resources in specie of
the Russian Treasury and banks. The bank of St. Peters-
burgh alone must have had on the Ist of January of the pre-
sent year 11,000,000 silver rubles, or 40,000,000 f. in French
money, in addition to the capital destined to guarantee its
notes of credit. This isolated fact gives us an idea of the
abundance of metallic specie in Russia. To the nominal
causes of this abundance are this year added other causes
which are quite peculiar, such as the excellent produce of
the harvest, and the immense purchases of corn which the
scarcity compelled southern Europe to make, and which
have almost all been paid for in ingots. In a commercial point
of view St. Petersburgh, in continuing to place its capital in
foreign funds, and in rendering to England in her financial
crisis the same service as to us, will afford facilities to Eng-
land, that of providing herself almost exclusively in the
ports of the Baltic and the Black Sea ; and at the end of the
account Russia will only have given her agricultural pro-
, ducts in exchange for the stock of the two great States whose
credit is the best established and offers best guarantees."

The Courrier Francais thus observes on the dif-
ferent manner in which the EMPEROR has conducted
his financial arrangements in France and England:—
"It appears," says that journal, " that the Emperor of
Russia is desirous to propitiate Western Europe by his
financial propaganda. He no doubt thought that England
would be jealous of the Muscovite present of 50,000,000 f.
lately bestowed on France, if he did not send a present
double that amount, or 112,500,000 f. The Czar, however,
in this instance, naturally applied to the Bank of England,
without recurring to the medium of the Foreign-office.
Lord Palmerston, however friendly disposed towards Russia,
would have indignantly rejected the office of go-between in
such a transaction."

The National sneeringly observes, that the EMPE-
ROR is not the only Sovereign who invests money in
the foreign funds, but what he does openly others
prefer doing in secret.
The Journal des Debats has a long article lauda-
tory of the French policy in Greece, and attacking
of course that of England.
The: Prince of Syracuse, brother of the King of Naples,
arrived on Thursday at Marseilles in the V6suve steamer,
and put up at the house of M. Stella, Consul-General of
the Two Sicilies. The Prince left in the evening for Paris.
The price of wheat is rising in every part of
France.
The Three per Cents. closed on the Paris Bourse on
Monday at 78f. 30c.; the Five per Cents., 116 f. 10c.; the
Orleans Railroad Shares, 1,235 f.; Rouen, 9461. 25c.; Havre,
670 f. ; Great Northern, 6201. ; Avignon, 775 f. ; Vierzon,
585 f. ; Bordeaux, 515 f.; Basle, 193 f. 75c.; Dieppe, 332 f.
50c. ; Paris and Strasburg, 4281. 75c.; Tours and Nantes,
422 f. 50c. ; Paris and Lyons, 435 E ; Lyons and Avignon,
4501.; Cette, 443 f. 75c.
MARSEILLES, APRIL 29.—Marseilles and Avignon, 766 f.
2.5 c. ; Northern, 61.8 f. 75c. ; Paris and Lyons, 432 f.; Or-

leans, 1,230 f.
BUSINESS DONE IN FOREIGN RAILWAYS AT THE

rvV
LONDON STOCK EXCHANGE, MAY 4.
Bordeaux, Toulouse, and Cette (Constituted), 114—
Lyons and Avignon (Constituted), 2%—Northern of France,
1214—Paris and Lyons, s—Paris and Rouen, 3634—Rouen
and Havre, 25 {—Sambre and Meuse, 7 West Flanders, 4

WEDNESDAY' En

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.

The Cotton Market at Liverpool yesterday was dull, and
prices were flat. Sales only 1,200 bales, of which 900 were
American, at 6d. to 7,id. per lb. Railway shares declined
considerably. A large amount of good dividend paying
stock was Fressed on the market.
The tone of the Railway Share Market was somewhat
firmer; but the quotations do not show much advance at the
sale of Railway shares yesterday, by Messrs. Lamond and
Co. The following are a few of the principal sales :
Derby, Stafford, and Worcestershire .... £0 8 6
East Indian ...
Leicester & Bedford, Exchange Certificate 0 10 0
Newport and Abergavenny
North British, Extension
Reading, Guildford, and Reigate 4 12 0
North Staffordshire
West Riding Union ......... 4 7 0
South Wales
Namur and Leige 4 2 6
South-Eastern and Dover, No. 4 4 17 6
London and Blackwall, No. 2 ......... 2 3 0
Eastern Counties, York Extension 5 4 0
Northern Counties Union 1 5 0
South Yorkshire, Doncaster, and Goole 1 8 6

The accounts received to-day from India by the express
in anticipation of the Overland Mail, describe the money-
market as being tight, although " the Company" had agreed
to extend its advances upon produce. The exchange was
on the decline. In imports not a great deal had been done.
There :are no arrivals from the colonies, but we learn
from Portugal that political affairs were still very unsettled
there.

As far as can be ascertained, the " fourth" has gone off
much better than was anticipated. Forbearance has been
exercised, and by a continuance of this course matters may
become easier in a few days, extraordinary and severe as
may have been the sacrifices made by many firms to keep up
their credit. The nest push will be ore Friday, for the in-
stalment on the loan, and it is supposed that there will on
this account be a withdrawal of deposits from the private
accounts at the Bank of England. If the Government needs
the money immediately, the Bank therefore will be further
drained, though it is highly satisfactory to know that there
is but little specie going out to the United States.
The Public Securities have been fluctuating again to-day.
Consols have realised 86% to 861% for present transfer, and
868 to KV, for Account. Consols Scrip has been 31/2 dis-
count. Exchequer-bills have been quoted 3s. to Ils.
premium. The interest on the Unfunded Debt. it is now con-
fidently expected will be raised to 4 or 4% per cent. Bank
Stock has been quoted 188 to 189. The New Three-and-a-
Quarter per Cents. have been 871/, 1%.
The Foreign Investments have been dull again. Spanish
Five per Cents. have been 23, and the Three per Cents. 34
to 34%. Portuguese Four per Cents. brought 34%. Dutch
Two-and-a-Half per Cents. have been 57%
Railway Shares have been drooping.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
- _

Bank Stock .: • . 188 Is 9
Three per Cent. Reduced Annuities • • 85%%
Three per Cent. Consols Annuities .• • • MN.%
New Three-and-a-Quarter per Cent. Anne. 87 yi
Long Annuities, Expire Jan. 5, 1860 • • 8 15-16 9
Ditto, 30 years, Jan. 5, 1860 .. 9 3-16
India Bonds, 1,0001. • • • • • • • • • •
Ditto, under 1,0001. „ • • • • 6 dis
Consols for May 27 .. • • • • • • • • 8671
Three per Cent. Consols, Scrip • • • • • • 3Yg dis
Exchequer Bills. d. 2d.
1,0001. .. .• .. 10 311 5 dis
5001. • • .. •• • • 3 dis
I)itto, Small .. • • •• • • 4G 3 dis
PRICES OF FOREIGN FUND 3 AT ONE O'CLOCK.
Portuguese Four per Cent .. 3414
Spanish Bonds, 5 per Cent. ..
Ditto, for the Account .. 23
Ditto, Three per Cent ......
Ditto, for the Account • • 34 Ni 34
Venezuela Bonds, 2 per Cent • • 38
Dividends on the above payable in London.
Dutch Two-and-a-Half per Cents. 575 x%