The Sun.
London, England, 1841-07-28 00:00:00

TB E SUN, LONDON, WEDNESDA ir, JULY 28, 1E341

;lumbering volcano, which (it was suggested with a
-ouching simplicity), "might SOOll become active." The
illustration of this opinion was supplied in these re 7
marks;—that " increased taxation" (which has just been
imposed by the Whigs themSelves)'" with diminished
rade" (which is the resiAlt of the dabbling of Presidents
if Boards of Trade with their running philosophers mid
travelling'journeyrnen ; of stick councils as those of Par-
aell and Bowring, Poulett Thomson and your very "free
,raders")—" and bread at augmented prices" (for which, if
they be demanded, the poor may thank the more wealthy
and active agitators against the Corn-laws for the dis-
honest arts by which they are trying to force up the
;orn market), " will .be an 'experiment which will pro-
voke demonstrations 0' feeling." (volcanic and lava-
like ?) " out of doors," ice. This the Government ad.:
vocate calls " its calm statement of a self-evident proposi-
tion." Calm, indeed— but we,' to sonic extent, touched
on this topic yesterday. Our present business is to con-
gratulate the Conservative public on the absolute admis-
sions which the force of truth (as we have remarked
above) or the force of circumstances has elicited from
the most determined partisan of the out-going tenants of
the Cabinet. " Additional taxation," says this writer,
" will inflict additionatAistress." Why this is true. If-
there could be superlative degrees of that which -is in
itself alreauy perfect, we would say, " most true." Yet
still, it is " most true" only so far as it goes. It is not
the whole truth. Let us supply the remaining part of
the proposition ;—" and that additional taxation having
been laid on by her. Majesty's present advisers, it follows
• that to them the people must attribute their additional
distress." We are .not ungrateful, however, for an ad-
mission. of a political—unhappily, a practical truth, from
such a quarter, although even it fall thus short of the
extent of the fact.

POST.—Even the most ingenious of the writings of
the Whig-Radicals of the present day furnish us with
nothing better than a specious variety in delusion. Even
the most intellectual among them seem to be utterly in-
capable of anything in political controversy which is
" direct and honest." Observe what they say with re-
ference to Mr. Huskisson. Many of the Conservatives
avow themselves to be friendly to the views of trade
policy developed by that gentleman, and contend
that because they are so, they must be opposed to the
wild proceedings of the puny " Liberals" of the pre-
sent day. The Whig-Radicals answer with an assump-
tion that were the principles of Mr. Huskisson
in the ascendant the Liberalism of the present day
would be \ successful. They say it is unphilosophical,
and narrow, and so on, to abide by the letter of what
Mr. Huskisson said in his day ; and that it is the part of
a true political mind to distinguish between that servile
imitation of a great man, which consists in adopting, and,
under all circumstances, adhering, to the specific mea-
sures which he recommended, and that enlightened re-
verence which consists in studying the spirit of a master's
views, and afterwards transfusing it into the reasonings
and measures which may be applicable to new combina-
tions of affairs. We readily admit the justice of the dis-
tinction. To the abstract proposition we make no objection.
The delusion consists in bringing it forward as if it cer-
tainly applied to the matter in hand, whereas it certainly
does not. In the present case, namely, the policy of
admitting foreign corn to this country for the sake of
what is called " cheapness," and without reference to the
other effects of such a policy, there is no new combina-
tion of affairs. The matter is argued upon precisely
the same grounds that it was in Mr. Huskisson's time,
and whalever may be thought of the validity of Mr.
Huskisson's reasoning, there. can be no doubt in the
mind of any man of common sense that the letter of his
advice, as well as the spirit of it, is just as applicable to
the present time as to the time in which that advice was
given.

MONEY MARKET and CITY NEWS.

FROM THE MORNING -PAPERS OF THIS DAY.

CHRONICLE.—The rates of the Continental ex•
changes underwent scarcely any alteration to-day, being
nearly the same as last post, but on the whole they
might be considered as exhibiting rather more firmness.
The shipments of silver, it will be observed below, con-
tinue somewhat extensive ; this circumstance, combined
with the exports of indigo purchased at the recent gales,
must be calculated to give them some support, otherwise
the imports of corn going on just now, although not
on an extensive scale, would greatly counterbalance
our exports to the Continent, and thus render the situa-
tion of the Bank of England, so far as the exchanges are
concerned, in a more precarious position. It should not
he lost sight of, however, that the recent failures in
Vienna and elsewhere have not taken place without
havinc, some influence on the exchanges, so far as having
greatly circumscribed the dealings on 'Change, many in-
fluential operators having very prudently abstained from
entering into any fresh negotiations, beyond what was
absolutely necessary, until things on the Continent as-
sume a better aspect than they do at present.
ADVERTISER.—As some of our Conservative con-
temporaries have endeavoured to cast the aspersion 'upon
the Liberal press, that it is desirous of exaggerating the
injurious effects of the recent continuous rains, with the
view of exciting discontent in the minds of the people
against the Corn-laws, it may be as well to prove the
groundlessness of such an assertion by referring to the
authority of a publication that ranks highly with
agriculturists as well as with the corn trade, viz., the
Mark Lane Express. This authority, we may remark,
is the more unimpeachable, inasmuch as the Express
is a staunch advocate for the Corn-laws, the sliding
scale, and wholesale protection to the domestic growers.
Our private opinion is still in favour of nearly an average
yield, should the weather yet prove favourable ; but as
to the erroneous impression which seems to prevail in
some quarters, that because the crops a few miles round
London have a satisfactory appearance, the same must
necessarily be the case in Scotland or Ireland, or even
the North of England, the idea, on the face of it, is too
absurd to need refutation. The remarks as to the limit-
ed stocks on hand, the lateness of the harvest, in fact
every line of the following- extract from the Mark Lane
E-2sPrfsl of yesterday evening is worthy of attentive pe-
1u al : --

" Even under the most auspicious circumstances, it is
now exceedingly doubtful whether wheat can yield an
average, either in regard to quantity or quality.
" In this situation it becomes a subject of vast impor-
tance to ascertain how we are really situated with regard
to stocks, and whether, should these prove inadequate
to our wants, sufficient corn could be procured from
abroad to make up the deficiency. With regard to
the first question, we can only repeat what we have
already asserted, viz., that the quantity of wheat held
by merchants, millers, &c., is trifling. in the extreme ;
and after the most careful and extensive inquiries, we
have reason to fear that though farmers may per-
Imps still hold about as much as at this time last
year, they would be ill prepared to afford supplies,
should the harvest be long protracted, or prove deci-
dedly short. Considerable importations from abroadwould,
therefore, if such should unhappily
occur, be required. It
remains now to be seen from whence these can be ob-
tained. The constant demand from this country during
the last three years has nearly cleared out the old stocks
at those ports of the north of Europe, from whence we
are usually in the habit of drawing our supplies, and
the utmost we could expect from the Baltic and
llamburgli would not exceed 700,000 quarters. In the
Black Sea "good stocks are held, and Canada and the
United States would also have some quantity to spare
should we really require it ; and as there are now about
500,000 quarters under the Queen's locks, in the different
ports of the United Kingdom, there are fair grounds to
conclude that, if foreign aid should be needed, sufficient
might be procured to make up any ordinary deficiency.
We sincerely trust, however, that we may not be driven
to this extremity, nor do we as yet feel any serious ap-
prehensions, being convinced that one month of really
tine hot weather would remedy most of the injury 'the
growing grain crops have hitherto sustained."

SUlsl.-:-IThe Halifax steamer may now be expected in the
course of a clay or two, as she was to leave on the 19th
instant. The overland mail is also looked for with
some anxiety.

The produce markets seem less buoyant, at least as
regards two important articles of consumption—viz.,
tea and cinnamon, which at the auctions to- day went off
very flatly. The former, indeed, was stopped before it
had progressed far, by a rumour that the overland mail
had arrived, but this proved to be unfounded.
There was a very steady market for the Funds all day,
and prices were firmly maintained. For immediate
transfer Consols were marked 89,1 to 90, and for Ac-
count 90 to 901—the market closing at the highest of
these quotations ; Exchequer Bills were at the premium
of 17s. to 19s. ; and East India Bonds were firm at 9s.
premium ; Bank Stock was steady at 171 ; and India
Stock at 248 to 249 ; the New Three-and-a-Half per
Cents. realised 981 to 99 ; the Reduced Three-and-a-
Half per Cents. 991 to a ; and the Three per CenL An-
nuities 901 to 90. A moderate business was done.
There was scarcely anything doing in the Foreign
Market. Active Spanish Bonds receded from 201 to 18 ;
the New Five per Cent. Portuguese Bonds were done at
.30s Mexican Bonds were a shade higher, viz., 26+ ; Cuba
realized 71 ; Dutch Two-and-a-Half per Cents. 511- to
52 and the Five per Cents. 102+ to 101 i.
The Railway Shares were not brisk, but they brought
previous rates. Great:Western obtained 20 to 21 ; the
New 91 to 81 ; the Fifths 54 ; the London and Bir-
mingham 71, and the South Western, Tenths, 7V to
prem. ; Brighton were GT, to 6i- ; Blackwall 9i ; Eastern
Counties 15+; Hull and Selby 14 ; Midland Counties 13,
and North Midland 341 discount. London and West-
minster Bank New Shares were 2 prem. ; London Joint
Stock Bank 21 prem. ex. div., and Union of Australia, 6
prem.
The Foreign Exchanges were rather firmer thii after-
noon.
to 65c. on Amsterdam 12 3i. to 4; on Ham-
at26f.
60c
ten. t;hree months' bills were negotiated
Ham-
burgh 13 81 to 81 ; on Frankfort at 1491 ; and on
Trieste 9 56 to 9 57.

THE WEATHER AND THE CROPS.—.We have
had no rain of any conseqdence since Thursday last, and
Friday and Saturday last were bright and almost bril-
liant days ; but the temperature has been very low, and
the weather altogether more like October than July. On
Tuesday and Wednesday last we had a great deal of
rain, but since the latter day the weather has been favour-
able for securing the hay crop, of which, however, a
great quantity is still out, and even uncut. So far as
the hay harvest is concerned, the season, which pro-
mised to be very early, has been very late, and the corn
oef England. The
ontradictory, but
ythe utmost that can
lahle,decroNb-leemsl
itteslvvoci lfl
thattahlseo
an
gbreaailErcear
goipens thecraor
pe northli.
se r
now he hoped for.—Liverpool Times.
SALMON FISHING.--,The exertions of the
salmon fishers in this quarter have hitherto been attend-
ed with very considerable success. The number of ,fish
taken is much greater than Inst year, and large quanti-
ties are from time to time shipped for the London market.
A vast number of salmon has been caught this season at
Hopeman, where the fishing is prosecuted with great
spirit, under the auspices of Admiral Dufi, the enterpris-
ing proprietor of the harbour.—Elgin Courant.