The Sun.
London, England, 1847-05-07 00:00:00

THE SUN, LONDON, FRIDAY EVENING, MAY 7, 1847.

o'clock in Room 32, and proceeded to receive further evidence
on the part of the promoters of the
GREAT NORTHERN RAILWAY (EXTEN-

SXONS TO LYNN).
The evidence was altogether of a local character.
The Committee adjourned at four o'clock.

GROUP XXXIII.

LEEDS, DEWSBURY, AND MANCHESTER
(EXTENSION TO WAHETIELD, &c.)
(Continued from our Afternoon Edition of yesterday.)

The Learned COUNSEL then called Mr. Hawkshaw, whom
he examined at great length, in opposition to the Bill—Mr.
Hawkshaw considered that the projects of the Manchester
and Leeds, and the Great Northern, were vastly superior to
the line of the Leeds and Dewsbury.
Both sides have now completed their cases, and another
Bill will be proceeded with on the meeting of the Committee
to-morrow, at twelve.

GROUP XXXIV.
OLDHAM ALLIANCE.

Several witnesses were called in favour of this Bill. Their
evidence, however, did not present any feature of particular
importance to the public at large.
The Committee adjourned till twelve to-morrow.

Mr. CHA.RNOCK, who appeared for the defendant, urged
that there was no proof of the trespass by the breaking and
-entering into the house, and the goods only fetched 131.25. Bd.,
although the rent due was 121. 10s., and the costs and ex-
penses made a total of 15/. 2s. 2d.
The UNDER-SHERIFF said he did not consider that the
expenses could be urged in mitigation. Defendant had ad-
mitted he had done wrong, and could not charge for that
wrong. The question was, the difference between what the
goc,ds were sold for and what they ought to have fetched.
Mr. CHARNOCE said he would show that the goods had
been properly appraised, and had been fairly sold at public
auction. _ _ _

Evidence was then adduced, on behalf of the defendant, to
show that the prices at which the goods had been sold were
such as an auctioneer ought to take; the boats fetched, on
the average, Bs. each.
Mr. HAI-miss, in reply, said that the trespass was ad-
mitted by the default of plea, and contended that under the
count for trover the plaintiff was entitled to the full value of
the: goods, and that the amount of the rent said, but not
proved, to be due, ought not to be deducted from the amount
of damages.
The Learned UNDER-SHERIFF said, that at first he was of
opinion that the expenses of the levy, &c., could not be taken
into consideration in the verdict; but having read the record,
he considered that those counts which, it was urged, bore ad-
missions, ought also to bear explanations, therefore he would
admit evidence as to the whole of the declaration. He con-
sidered that the jury should take the rent due and the ex-
penses into consideration, then adduce from the evidence the fair
value of the property seized, and give a verdict for the plain-
tiff for the difference, if in his favour. At all events the
defendant, by suffering judgment to go by default, had sub-
jected him self to a verdict for nominal damages.
The jury gave a verdict for 101., over and above the rent due.
The cane lasted four hours.

RAILWAY SHARE MARKETS.
LIVERPOOL, MAT 6.
STOCK EXCILANGE.—The sales arc—Ambergate, Notting-
ham, Boston, and Eastern Junction, 265. 3d. dis.—Birming-
ham and Oxford, 7 p.—Buckinghamshire yy dis..—East
Lancashire, New (scrip), par—Huddersfield Canal and Rail-
way, par—Leeds and Thirsk, 5t4 dis.—LiverpoDl, Crosby,
and Southport, % p.—London and North-Western, 17114—
Ditto, Quarters (G. J.), 16 p.—Manchester and Leeds,
Fifths, 4 p.—Ditto, 321. Shares (late Extensions), p.—
Ditto, Fifths (late W. R. U.), 14 P.—Manchester, Sheffield,
and Lincolnshire, Quarters, No. 2, 214—Midland, 115—
Ditto, 40/. Shares, 3 p. —Ditto, New, 21/8 p.—North Staf-
fordshire, 13% p.—North Union (A), 210 p.—North-Western,
17/ dis.—South-Eastern and Dover, 36 j—Ditto, New, N 0.44,
3s. 9d. dis.—York and North Midland (East and West
Riding Extension), 10%—Irish Midland and Great Western,
14 dis.—Easr. Indian, IA3 dia.
BLANCHESTER, MAY 6.

STOCK E7SCHANGE.—The sales are—Ambergate, Notting-
ham, and Boston, 1% dis.—Birkenhead, Lancashire, and
Cheshire, 13A c. dis.—Birmingham and Oxford Junction, 7
p.—East Lancashire (late B. and P.), New (scrip), 1-16
dis.—Fleetwood, Preston, and West Riding Junction, 11/,
dis.—Manchester and Leeds, 321. Shares (late Extension),
3-16 p.—Ditto, Fifths (late West Riding Union), lh p.—
Manchester and Southampton, 28s. 3d. dis.—North Stafford-
shire, 1 9-1 G n.— South-Eastern and Dover, No. 4,3-16 dis.
LEEDS, MAY 6.
STOCK EXCHANGE.—The sales are—East Lancashire, New,
1M dis.—Ditto, New Scrip, Is. 6d. dis.—East and West
Yorkshire, 1% dis.—Great Northern, 275. dis.—Leeds and
Dewsbury, Extensions, Scrip (green), 103. dis.—Ditto, New,
Extensions, Scrip (pink), 14s. dis.—Leeds and Thirsk, New,
31/, dis.—Ditto, Preference, 7s. 6d. p.-31alton and Driffield
Junction, 10s. dis.—Manchester and Leeds, 321. Shares (late
Extensions), ss. p.—Ditto, West Riding Union, 4s. p.—
Midland, Preference, 1713 p —Newcastle and Berwick, New,
335. 9d. p.—North British, Extrusion (scrip), 7s. 6d. dis.—
North Staffordshire, 1.-Ki p.— North-Western, 345. dis.
SHEFFIELD, MAY 6.
STOCK EXCHANGE.—The sales are—Ambergate, Notting-
ham, and Boston, 27s.—East Lincolnshire, I% p.—Leeds and
Thirsk, 5/. dis.—Ditto, Preference, A p.—Manchester, Bux-
ton, Matlock, and Midland, 14 dis.—Manchester and Leeds
(West Riding Union), 1 p.—Manchester, Sheffield, anti
Lincolnshire (Great Grimsby and Sheffield), 8/. die.—North
Staffordshire, 1 is p.

HULL, 'MAY 6.
STOCK EXCHANCE.—The sales are—North British, Quar.
ters, 62s.—Ditto, Extension (scrip), 7s. 6d. p.—Ambergite,
Nottingham, and Boston, 255. 6d.—Great Northern, VA
North- Western, 13/4 die.—West Riding Union, 143 p.
NEWCASTLE-UPON-TYNE, MAY 6.
STOCK EXCHANGE.—The sales are—Manchester, Sheffield,
and Lincolnshire, 15 dis.—Newcastle and Carlisle, 111%
cum div.

IMPERIAL PARLIAMENT

HOUSE OF LORDS, Hay 6.

The LORD CHANCELLOR took his seat on the Wool-
sack at Five o'clock.
Messengers from the Commons brought up several
Bills.

LAW OF ENTAIL.
The Earl of ROSEBERY presented a petition from
Edinburgh praying their Lordships to introduce some
measure to improve the law of entail.
The Earl of ST. GERMANS presented a petition
from Lancaster in favour of a poor-law for Ireland.
Lord KENYON presented a petition in favour of the
Factory Bill,
Lord BROUGHAM complained of the want of ac-
curacy of the clocks of the new Houses of Parliament.
LUNATICS ASYLUM BILL.
The Duke of RICHMOND regretted the second
reading of this Bill had been taken with so much haste
and little warning. He had strong objections against
the Bill, partly because it was an amendment of the
Bill of last year, and because the seventh clause took
away the control which last year's Bill gave the quarter
sfssions over the county money. He hoped the Noble
and Learned Lord would not press it into Committee
without giving those opposed to the Bill an opportunity
of noticing it.
Lord CAMPBELL assured the Noble Duke that he
was not aware that any Noble Lord had the slightest
objection to any of the clauses. He had laid himself
out to know whether there was any objection enter-
tained to it, and he had not pressed on the second read-
ing unnecessarily.
The Earl of HARDWICKE said he had come into
the House that night about five minutes after five, but
the 1111 by that time had been already read a second
time.

Lord CAMPBELL said there would be ample notice
given of the Bill going into Committee.

MONETA RY DIFFICULTIES.

Lord BROUGHAM said that he wished to ask the
Noble Marquis opposite whether the Government had
received any communication from the leading bankers
and merchants in the City relative to the present dis-
ti essed state of the money market. He was informed
that the manufacturers of Lancashire and the West
Riding of Yorkshire, our woollen and cotton manufac-
turers, had not ready money to pay the wages of their
workmen. There never were so many orders from
America in this country as there were now in the cotton
trade ; but our manufacturers could not execute those
orders, and they were obliged to stop th( it mills ; and
in this state of things we were called upon, by the vicissi-
tudes of the seasons, by our want of grain, to send for
further supplies of flour and corn from the United States.
The ordinary consequence of these orders from America
ought to be to enable us to obtain those supplies without
bullion—without sending out any more bullion. He could
not venture to propose a remedy, but he believed that a
great remedy might be applied if both Houses or
Parliament should agree not to let any Rail-
way Bill pass without a clause, spreading over
a large portion of time, limiting the payment
of instalments to very small sums. They could do
this with the now railway Bills, but not with the old.
His reason for this was that he had traced to some
quarters an evil, the removal of which would benefit
tee money market. Interest varied from 21 to
12 and 13 per cent., and ho had been informed
that 20 per cent. was a common per tentage within the
last few days. Ile could assure them that the very best
paper, within the same periol, was refused to be dis-
counted under 12 per cent.—(Hear, hear.) The money-
lenders watched the proceedings of the House, when a new
Railway Bill would pass. In a very short time there
would be instalments called on those new railways, and
parties would say, " Let us be quiet, and keep our
money until the instalments are called for, and until there
is a necessity for avoiding forfeiting our shares ; and
then we may make what terms we like."

Lord LANSDOWNE said that he did happen
to know that within the last two hours his
Noble Friend had had a communication on this very im-
portant subject, and the Government would not Iwo sight
of the suggestion.
Lord ASHBURTON (who was only at times audible)
was understood to observe that any disorganization of
the monetary interest in the City affected the country
generally, and that the whole of the difficulty arose from
the restriction on its issues imposed on the Bank in
1844. A sudden stoppage of accommodation, on the
part of the Bank, had taken place, with something like
10,000,000/. of bullion in the coffers of the Bank. It
had hardly ever been known that there was so large an
accumulation of bullion. The whole of the confusion
had arisen from the restrictions, which had left the
country in the predicament of having only 2,500,000/.
in the Bank disposable, while there were 10,000,000 of
bullion. The whole scheme rested on a mistaken theory,
in his opinion, though tke act no doubt had the sanction
of the late Government, as well as of the members of
the present Government, and all the highest authorities
on the subject in the country. In 1844 he had stated to
their Lordships that the measure would work pretty
much as it was now working. It was a great mistake to
suppose that any additional accommodation given to the
country must be shown in an additional issue of bank-
notes. The amount of notes had varied but little; it had
been sometimes at 20,000,0001., sometimes 20,400,000 L,
and sometimes 20,500,0001.; but it had never reached
21,000,0001.; but the private securities had varied from
12,000,0001. up to 18,000,0001. On the 29th of Au-
gust, 1846, the public accommodation was 12,000,000 L,
in April, 1847, it was 18,000,000 L; but the whole
amount of notes issued, instead of increasing, had de-
creased in that period. Any apprehension of the issue
of notes increasing in proportion to the amount of the
accommodation given by the Bank was incorrect. Ho
thought it impossible that the Government should sit
down with things as they were at present, when for the
first time in the memory of most of their Lordships,
Exchequer-bills had been at a discount for weeks and
months together. The question was one of much im-
portance, and if it had not been for fear of occupying
too much of their Lordships' time, be should have been
sorry to pass it over in so slight a manner as he had done.
Earl FITZWIL ['JAM. said that it might have an

injurious effect if the opinion that the present
monetary crisis was to be attributed to railways
gained ground among the public. They bad bad
railways going on for some years back, and yet
no difficulty was felt in the money market. lie thought
that the present state of affairs was owing to many
causes, among which railways perhaps might take a
prominent place, but they were not the sole cause of the
present embarrassment. The Noble Lord (Ashburton)
said that the Bank Charter Bill was concurred in by all
the leading parties in Parliament. He (Earl Fitz-
william) must observe that Parliament never legislated
worse than when the leading parties concurred in some
particular measure.—(llcar, hear).
Lord BROUGHAM explained. What he said was
merely a continuation of what he said the other night.
He wished to be understood as not expressing any opinion
as to what was the principal cause of what ho com-
plained.
Lord WHARNCLIFFE rose simply to state his view

to be, that the causes which his Nol;le- Friend near him
(Lord Ashburton) had assigned were really not those
which had led to the present unfortunate state of the
money-market. In his opinion, the Act of 1844 was
founded on sound and just principles. If there had been
no such regulation of our monetary system, it was his
belief, and that of very well-informed parties who had
communicated with him, that the country would have
been iu a very much worse position than at present.
The amount of liabilities in the banking department in
August last had been reclined by April very considerably.
Looking at what had passed within the last eight months,
considering the vast sums invested in railways, and the
high price of grain, owing to the great demand in conse-
quence of the famine in Ireland, it was to him a matter
of surprise that the country was not in a worse condition
than that in which it now was placed. He believed, that
but for the security afforded by the Act of 1844, the
pressure would have been greatly aggravated.
Lord ASHBURTON spoke in explanation, and was
understood to complain of the conditions imposed upon
the Bank by the charter of 1844. With a reserve of no
more than 10,000,000 of bullion, the Bank was neces-
sarily restricted in affording accommodation to the com-
mercial world. By its charter the Bank was compelled

to adopt the some course under every possible variety of
circumstances ; it adopted the principle of Le Sage's
Doctor Sangrado, and applied the same remedy to every
disease.