The Sun.
London, England, 1841-04-27 00:00:00

THE SUN, LONDON, TUESDAY, APRIL 27, 1841

imposition of an Episcopal Church, though the rulers of that day
did all they could to force it cn them, " for the sake of unifor-
mity." Scotsmen were insensible to the glories of lawn sleeves,
mitres, and shovel hats, and had a thorough contempt for
" The kist fu' whistles that make sic a decry :"
They spurned the Episcopal Church, and would have none of it,
and they are as little likely to submit to episcopacy in banking.
We do not maintain that the system of banking which exists
in Scotland is perfect, or that the Legislature has no right in
any case to interfere with it. But we do contend that it is the
best which has yet been invented, and that it ought not to be
subjected to experiments of a doubtful nature; nor, in short, be
legislated on at all, so long as the true principles of monetary
science remain as unsettled and obscure as they are at present.

Why is the Scotch system to be altered ? Be-
cause, as the Edinburgh paper says, our system
has failed. Here, in London and in England, we
are all at sea about banking, and as the Bank of
England is obviously mischievous, all sorts of
contradictory opinions are afloat on the subject
of the currency, and a variety of projects are
broached to place it on a satisfactory footing. In
Scotland, few or no such vagaries are known,
the people are content with their banks, which is
as complete a proof, by the concurrent testimony
of many minds, as can be supplied of their utility.
The chief project entertained, and which
seems feasible to the metropolitans, is to have
one bank of issue, and the contrivers of that
Frenchified scheme would of course annihilate,

for the sake of their pet project of one uniform
paper circulation, the paper of the Scotch banks.
But the rest of the community have not the

same reason to be satisfied with this scheme as

the moneyed cockneys. The centralization on
which they fatten drains and impoverishes the
extremities. At the same time it only bloats the

heart and renders the whole unsound.

The origin and real use of paper currency
would satisfy the schemers, had they not a pecu-
liar interest in their projects, that they ought for
the public good to set the trade of banking in Eng-

land as free as it is in Scotland, not hamper it
with new restrictions. The true natural origin
or great natural fact on which paper currency
is founded—we do not say its historical origin,
for that might be a roguish trick of a conqueror
—is the unequal times in which different corn•
modities are produced. It requires nearly eleven
months to bring wheat to market after it is
sowed, while a suit of clothes for the farmer can

be made in a day, and the whole process,

from the clipping the sheep till the coat comes
home, may be conveniently completed in a
month. It requires nearly a year, too, be-
fore the merchant who despatches a ven-
ture to China can get back any re-
turns, but the operations of the baker and
the butcher, by which he is fed, are
perfected in a few hours, or at most, days.
Those persons engaged in operations which ex-
tend over long periods, or who enter into foreign
trade, rarely or never have wealth enough to
continue their operations with success, and sub-
sist according to their rank, without borrowing
of those whose labours are completed from day
to day, or of those who have credit and
make it a trade to lend money. Borrowing,
therefore, or conducting the operations of trade
on credit, to a certain extent is the natural and
necessary consequence of commodities being
produced in unequal times.
Men borrow by bills or promissory notes, to
pay at a certain time ; they pay for the goods,
which they are to send to China, or for the stock
they require for their farm, by bills, which they
take up or pay when their ship comes home, or
their corn is sold. Good and proper merQantile
bills, then, the genuine offspring of trade, are
always the representatives of commodities on
their way to the market.
But it is not found convenient to pay the
small sums continually required by those whose
labours are completed in very short periods by
such bill; and for them there are substituted the
bills or promises to pay on demand—(which are
much more convenient than those bills which
are only to be paid at a distant day)—of some
known, and supposed to be, trust-worthy
money-dealer of the neighbourhood. The
banker exchanges his credit to be imme-
diately used, for the bill that is not to be
paid for several weeks or months, or he discounts
the bill by his own notes. As far as the issues of
bank-notes are genuine commercial transactions
—for such kites as Exchequer bills, and landlords'
motes on their income do not enter into our con-
sideration, and are rather the excrescences or
ungi of the system than healthy parts of it—as
far as bank-notes are issued to discount mercan-
tile paper, they, like the bills for which they are
substituted, are the representatives of commo-
dities on their way to the market, and the just
and proper demand for them can only be known
by those who know the merchants and are well
acquainted with the trade of the neighbourhood.
On these principles it is plain that not general
banks, not one bank of issue, but local banks,
and private banks or Joint-Stock banks, like
those of Scotland, are the most consonant to the
principles on which all equitable paper currency
is founded.
Let it be noted and remarked, too, that
the bankers who have credit in a neighbourhood,
and who substitute the small notes payable on
demand for the bills which are necessary parts
of commerce, do a great service, both to those
who are engaged in long operations, and to those
whose labours are completed in short periods.
Making payments between these classes is the
main ground of their utility, which will always
make bankers auseful class of men wherever and
as long as division of labour exists.
But if these principles be correct, what can
scheming London money-lenders know of the
commercial wants of Edinburgh or Glasgow, or
what can the Legislature, or any Commissioners
appointed by it, know of the quantity of paper
promises to pay which will be required
by any neighbourhood or by the empire At
large ? They can know nothing whatever
of this important fact, and the scheme
to form one bank of issue is founded on the
most contemptible ignorance of the natural phe-
nomena of commerce and paper money, or the
most knavish design to draw more business to the
metropolis, and enrich the jobbers here at the
expense of the rest of the community. We re-
joice, then, that the Scotch mean to resist the
Cockney money dealers and their toadies ; and
whatever we can do to aid in supporting the
freedom of trade in money in Scotland, and to
introduce such a system into England, we will.
Monopoly of every kind is a hateful monster, the
curse of the country ; and whenever and where-
ever we meet with it, we will try to throttle it.

We are happy to see that Anti-Corn-law meet..
ings are becoming numerous. For us the time
is gone by to argue the question; we have done
that months and years ago, and we have now
only to record the proceedings and sayings of
others. To begin with the least important part :
there was a meeting at Kirkcaldy on. Monday
last, attended by no fewer than six or seven
hundred of the inhabitants of that small town,
the Provost in the Chair. The meeting unani-
mouslx resolved to petition Parliament for the
total and immediate repeal of the Corn-laws.
The House of Commons must be told that this
resolution was accompanied by a declaration,
equally unanimous, that its conduct in refusing to
entertain Mr. VILLIEns' motion had tended to
shake the confidence of the country in its wis-
dom. Such opinions are almost universal in the
manufacturing districts, and they must have a
strange idea of human nature who dream that a
Legislature will preserve its puter after it has
fallen into general contempt or become generally
detested.

On Monday, too, as we learn from the Leeds
Times, there was a great demonstration against
the Corn-laws at Bradford, and though it was
interrupted by those who wish for much greater
reforms than the Corn-laws (the new allies of the
Tories having demanded groans for the QUEEN),
it was conducted to a satisfactory termination.
This meeting was remarkable for the presence of
a ()Teat number of ladies, and no less than fifteen
clergymen, a minister of the Establishment say-
, ing grace for the whole party. Throughout the

manufacturing districts, where the distress is too
much concentrated to be overlooked, the ladies
and the clergy of all denominations, but chiefly
the Dissenters, are enthusiastic in our cause, and
blessed by their united good wishes and prayers,
we cannot fail of success. The meeting at Brad-
ford is an important link in the great chain by
which we shall at length reach the total aboli-
tion of the Corn and Provision-laws.

On Wednesday the annual meeting of the
Anti-Corn-law Association of Rochdale was held
in that town, at which a great number of electors
were present, and a resolution was unanimously
adopted to petition in favour of the total and im-
mediate repeal. At Wigan, on Friday, a similar
meeting was held, and a resolution adopted to
elect no person in future for that borough
but one who would vote for the total and imme-
diate repeal of the Corn-laws. At this meeting
the Rev. WILLIAM ROAF, a minister of the Inde-
pendents, took an active part, and made an ex-
cellent speech. He declared that it was a Bible
question, and that every one who took his stand
on the Bible must oppose the Corn-law. The

stern, uncompromising, unyielding principles of
religion and morality now dictate the conduct of
the Corn-law Repealers. They have paltered
long enough, they think, with the guesses and
fancied statistics by which the lovers of injustice
have endeavoured to put out the light of truth,
and now, casting aside an these vain considera-
tions, they demand on the principles of morality
and religion, aye, and on the principles of com-
mon sense, the repeal of the landlords' bread and
provision tax. We can only say, go on and pros-
per. They have righteousness on their side, and
they must in the end succeed. The longer the
unjust owners of rent protract the contest, and
resist the demands of justice. the more disgrace-
ful and ruinous in the end will be their certain
defeat.

If within a reasonable time we can find room,
we shall publish a brief abstract of the proceed-
ings at all these meetings.

SWIFT denied to the great MARLBOROUGH
every virtue, and doubted whether he knew any-
thing of the art of war; in our own day a greater
General than MARLBOROUGH has been mob-
denounced as the " stunted Corporal," and in
the same spirit our pretended religious and aris-
tocratic Contemporaries the Morning Post and
the Standard have discovered that it would be
as easy to find subject matter for blame as praise

in the series of brilliant exploits recently per-
formed by Commodore Sir CHARLES N APIER on
the coasts of Syria and Egypt. That either truth or
good taste suggest such questionings of the merits
of men whose exploits have compelled nations to
recognize their greatness, none but the most
envious and the most prejudiced will admit for
an instant. The spirit that carps at and attempts
to detract from true greatness is the spirit of en-
vious malignity. But it finds no echo in the
hearts of Englishmen who, whatever may be
their other vices, are too brave themselves not
to glory in the valour of their distinguished
fellow-countrymen, and even cheerfully to
recognize in the bravery of their enemies
the strongest claim to their admiration
and respect. It is not, therefore, because
we suppose that the contemptible attacks
upon Commodore NAPIER, suggested by envy
and jealousy, in the columns of the Post and the
Standard, will excite any other feeling than that
of indignation in the minds of the people of Great
Britain and Ireland, that we condescend to no-
tice them. Our object in doing so is to prevent
gross misstatements of facts, and false inferences
from them, from gaining credence among those
brave companions in arms of the gallant Commo-
dore, whose distance from our shores prevents
them from catching more than the faint echo of
the joyous shout with which cities have hailed
his return to his native land.
Th,! Post and the Standard, who measure all
excellence by ecclesiastical and aristocratical mo-
dels, are out of humour, because Commodore
NAPIER, during his brief but brilliant expedition
in the Mediterranean, contrived to signalize him-
self in so many different ways. They would have
no objection to his acquiring the reputation of a
distinguished naval commander, an able general,
or a clever diplomatist, but they resent as an in-
sult to the aristocracy, whose profession is war
and diplomacy, his discharging the duties of all
three in a manner alike honourable to himself
and advantageous to Europe. Hence it is that
we find them endeavouring to prejudice Sir Ro-

BERT STOPFORD and the other officers in corn

mand of the Syrian expedition against him, on
the ground that in his speech to the people of
Liverpool he neglected to pay a proper tribute of
respect to their gallantry. The following para-
graph is from an article in the Post of Thurs-
day : _

can allow much for the intoxication produced by popu
far applause, yet it would have seemed incredible, but that the
proof is before us, that, upon such an occasion, Commodore
Napier should so far have forgotten himself, and so entirely
have forgotten everybody else, as to enlarge upon the triumphant
extinction of Mehemet Ali's power in Syria, without mention-
ing the name of his commander, Sir Robert Stopford, or of
any other officer, and without yielding even the just and cus-
tomary tribute to the gallantry and prowess of the British
sailors and marines. The characteristic generosity of his no-
ble profession seems to have been stifled in the heart of Com-
modore Napier.. by what should have fanned it to its warmest
glow, the manifestation to himself, and in his person to his
companions in arms, of public gratitude and admiration.
Now it so happens that in the extract from the
Commodore's speech at Liverpool, upon which
the above commentary was written, Sir CHARLES
NAPIER speaks generally of the conduct of the
whole expedition, with the exception of what was
done by himself individually in Egypt. He
speaks in the plural number, and none but the
merest word-catcher could understand him to
say otherwise than " we the officers and men of
the expedition did so and so."
But the • Post finds fault with him for talk-
ing politics, and for
,daring to differ in opinion
upon the merits of the Egyptian question
from Lord PALMERSTON and the Represen-
tatives of the Four Powers. Had Commo-
dore NAPIER consented to abide by instruc-
tions from Lord PoNsoNav, instead of follow-
ing the dictates of his own sound understand-
ing, MEHEMET Am would have been still in pos-
session of Syria. And .since we are called upon
to speak out, we must confess that the terms in
which the Commodore's Convention was rejected
by the British Admiral and the British Ambas-
sador at the Porte, evinced a feeling bordering
on pleasure at finding occasion to censure the
conduct of an officer whose promptitude reflected
discredit on the tardy negotiations of official
adepts in all the crooked arts of Court di-
plomacy.
The Post says that Commodore NAPIER'S
friendship for the PACHA outweighed his duty as
a British officer and a British subject, when he
advised him to reject the Firman of the Porte,
drawn up in pursuance of the earnest advice of
the Allies, including Great Britain. Here the
Post is in error; the Allies all disclaimed form-
ally having had anything to do with the Firman.
They officially announced it as the voluntary act
of the SULTAN, and Commodore NAPIER would
not have been justified in looking at it in any
other light than that of the sole act of the
Porte. That he was right in the course he
adopted is borne out by the fact that Aus-
tria, Prussia, and England, are favourable
to a modification of the Firman, and it is even
said, in well-informed quarters, that Russia does
not oppose it. The Firman was drawn up, not
to settle the Eastern question, but to prepare the
way for the Porte to destroy MEHEMET Au as
soon as it could sow the seeds of mutiny in his
army, and of rebellion in his family. Of the
dishonesty of the Porte throughout the whole of
the negotiations so many proofs are ,on record,
that it is impossible they could have escaped the
penetration •of so shrewd a man as the Gallant
Commodore. One instance deserves to be cittd.
After InRAHIM PACHA had received his father's
orders to evacuate Syria, and hostilities' were
suspended, Brigadier - General Jecnians re-
ceived orders from the Porte to examine carefully
the state of the Egyptian army, and if he found
it formidable, to observe the armistice ; but if

weak and disorganized, to fall on it suddenly
and destroy it.. This detestable proceeding was
said to be sanctioned by Mr. Woon, Lord PoN-
SONBY'S dragoman, but General MITCHELL, and
Captain STEUART, to the honour of the British
service, so strenuously and energetically op-
posed it, that the Turkish Commander did not
dare to carry it into effect.
We are quite sure that there is not an officer
or a man who served with Commodore NAPIER
in the Mediterranean, who will not cheerfully
admit that her MAJESTY has not in her service
an individual less capable of appropriating to
himself the glory appertaining to others than the
Gallant Commodore. He has laurels enough,
and to spare, without appropriating a sprig to
which any of his brave companions in arms can
lay the shadow of a claim. True valour is ever
modest and self denying, and no one can call in
question the heroism of NAPIER. When, there-
fore, he stated in his speech at Liverpool that the
expedition had to work double tides, and that he
himself was called upon to perform the duties of
an Admiral, a Commander-in-Chief, and a diplo-
matist, he stated facts known to all the world,
not out of ostentation, but because he could not
suppress them on such an occasion. At Alex-
andria, at the head of a detached squadron, he
was both Admiral and diplomatist, and at Bey-
rout he performed the duties of an able General
with promptitude and success. But Sir CHARLES,
except in the affair of the Treaty, never pre-
tended, or even suffered it to be surmised, that
he acted otherwise than in conformity with
the orders of Admiral Sir ROBERT STOPFORD,
whose glory has been increased by his successes.

An extraordinary express from Falmouth an-
nounces the arrival there on Sunday of her Ma-
jesty's packet Pandora, Lieutenant INrcls, from
Mexico, with six passengers and 330,000 dollars
on freight. She brings no political or commer-
cial news of any interest.

The whole of the French Journals of Friday
and Saturday have reached us, but they contain
no political news of interest. We have likewise

received Madrid Papers of the 17th, the intelli-
gence from which will be found elsewhere.

The editor of the France was tried before the
Paris Court of Assizes on Saturday for publish-

ing the correspondence attributed to King
Louis PIIILIPPE. He was defended by M
BERRYER, and acquitted to the great joy of a
crowded court. We are heartily glad of it. The
following description of the trial is from the
Paris Correspondence of the Morning Post:—

M. Berryer appeared for M. Montour, the responsible pub-
lisher of La France, and M. Partarieu Lafosse, the Avocat-
General, conducted the prosecution, which was for offence
against the King's person, by publishing the letters, and not
for the forgery of them, that charge having been aban-
doned. The trial lasted several hours, and the Court
was crowded to excess by an assemblage in which I
noticed several Peers, Deputies, Diplomatists, and ladies of
distinction. The Gazette de France was acquitted, owing to
the powerful speech of M. Berryer. I never heard a more
splendid speech in the opening, and a more hard-telling one
in the reply. The President had frequently to check the au-
ditory in its applause during M. Berryer's speech, but the ver-
dict was received with a burst of cheering in the Court which
lasted some time. M. Partarieu Lafosse rested his
case chiefly on the letter of La Cotemporaine, published
in the London Sun. The Advocate-General attacked her
character, to which M. Berryer replied by asking why she
had not been prosecuted if she had publisLed forged
letters, as it was asserted. M. Berryer produced the originals
of the letters published by the Gazette de France, and
throwing them on the table, demanded that they might be
subjected to the severest scrutiny. The scene was here
highly dramatic. Altogether the trial produced extraordi-
nary excitement from the commencement to the end. A de-
position of Al. Larochejaquelin, establishing that he had caused
a careful inspection of all the original letters by persons
thoroughly acquainted with the King's handwriting, produced
considerable sensation. It appeared that there were 166 let-
ters altogether. M. Partarieu Lafosse argued very strongly
that M. Talleyrand would never have committed himself by
leaving such a correspondence in hands where they were likely
to be made use of.

The following additional particulars of Genera
BUGEAUD'S late exploits in French Africa pre.
sent a frightful picture of the inhumanity which
characterises the conquests of France in that de-
voted region :
General Bugeaud waited till the enemy was well grouped
together on the heights, and then gave orders to the 24th Re-
giment-to attack them. The Lieut.-Colonel of the 24th (the
Duke d'Aumale) commanded this attack ; but the Arabs could
not be said to be routed, since they precipitated themselves
down a deep ravine, and so steep, that after their fall it
seemed impossible men could have tumbled from such a
height without breaking all their bones. Our men stopped
on the edge of the ravine, and fired down upon them. While
this was going on information was brought to the General that
a battalion of Arab regulars was concealed in the ravine which
borders the plateau of the cross, upon which the Arab cavalry
was commencing to form again, and the Moorish squadrons
were ordered immediately to attack them. This charge was
executed with wonderful sang froid. The soldiers fell
with their swords and bayonets on the regulars, of whom
they made great carnage, although the latter defended them-
selves with all the fury of despair. Men and horses strewed
the ground. This battalion of regulars, which suffered
so much, was that of Milianah,' commanded by El Barkani,
ex-bey of Medeah, and was composed in great part of Ger-
man and Spanish deserters. The unfortunate people who
had come, we know not from whence, were so much
overcome with fatigue, that they had not strength to
clamber up out of the ravine to escape from our troops.
Some prisoners were taken who were killed on the road, be-
cause they could not follow the column. A Spaniard seeing
one of his companions fall, preferred lying down by his side,
and thus receiving his death, to make a single step further in
advance.
FORGERY.—During the last two days (says the Moniteur
Parisien) false bills, to the amount of 160,000 francs, have
been presented to the Treasury, as having been drawn from
Algeria, but were refused payment, and have been pro-
tested. They were passed through the hands of some of the
most respectable bankers of Paris, and yet they bear no re-
semblance to the regular bills engraved here for the army in
Africa, and sent ever for use, neither in form nor in the
quality of the paper. The signatures to the bills and all the
endorsements are forged, except those of bankers at Gibraltar,
Mahon, Cadiz, and London, who have negotiated and remitted
them to their correspondents at Paris. They are made payable
to the order of a Caissier-general, who is named, when, in fact,
the army of Africa has only one Payeur-general. Every
measure has been taken and ordered to detect the persons who
have committed these frauds.
The inventory which has been taking in the house of M. Le-
hon for this last fortnight past, and which was supposed to be
nearly terminated, is now proceeding with increased diligence
in consequence of the discovery made in the office of this ex-
notary of 15 boxes containing important papers.
A letter from Rome of the 9th of April says, hopes are still
entertained of inducing the Archbishop of Cologne to make
the concession on which the Prussian government thinks itself
bound to insist. The journey of M. Capaccion, under
Secretary of State to Germany, has been put off for some
days, in consequence of the difficulties that have arisen.
I. Charles Francois Oudot, formerly member of the Court
of Cassation, one of the Deputiel to the Convention, who was
banished, and whom the Revolution of July, 1630, entitled to
return to France, has just died, at the age of 86 years.
The King and Queen of the Belgians arrived at the
Tuileries, from Brussels. It is said that King Leopold will
leave Paris on the 3d of May, but that the Queen would stop
some days longer. Their Majesties are at the Palais Royal.
It is thought that Queen Christina will be at Paris before the
christening of the Comte de Paris. The apartments are pre-
pared in the Elysee. We observed, yesterday, in the streets
and public promenades of Paris, officers and privates of forty
regiments now in barracks at Paris and the environs. For
some days past the Duke of Orleans has a conference almost
every afternoon with M. Humann at the Pavilion Manau. It
is supposed that the Prince wishes to make himself thoroughly
acquainted with the French system of finance, with the real
amount of the deficit, and of the debt, and many things which
it is not for those to comprehend who are not initiated in the
arcana of the Rue Rivoli. —Le Commerce.
BO URSE.--TARIS, SATURDAY, APRIL 24.
list Highest Lowest Last
, Price Price. Pricy. Price
French 5 per Cents ll3 55 ... 113 60 ... 113 50 113 f 0
4 per Cents 99 30 ... 99 30 ... 990 3 99 30
3 per Cents 79 10 -. %S. 15 ... 59 39 15
Bank of erance: 3lBO —3lBO ...3175 ...3175
LAiitte Bank 5,,a;01. shares 5157 50 ...5157 50 ...5157 SC ...5157 50
I,ooof.sl.ares 1080 ..,ICBO ...JCS° ~.1080
Belgian Bank
5 per Cent lOl% ... 1111% ... ... 101%
New Loan lOl% ... 1.1% 101% ... 101%
Spanish Active 24% 24% 2456 ...
25
Passive 54 ... 54 ... 5% -•
Portuguese 3 per Cents 20% 20% ... 20% ... 20'4
eapol it an 103490 9O 90 90
Roman IC34 104 ... 103% ... 104
MAU-WAY SHARES.
St Germain
Versatile/IX B 365 307 30 ... 265 367 50
• ........... ... 242 50 ~. 142 50
Rouen 460 4841 463 ... 4,0
Ittasourg to bale 238 75 ... 238 75 ... 237 50 .. 2.:8 75
()deans . 485 .41 487 50 ... 48i ... 486 25
Bourdeaux to La Teste
401 400 ... 400 400
Mulbausen to Thann s4s ... 445 ... 445 ... 445

DEATH OF THE BISHOP OF
DSTWORCER.—The
Right Rev. Robert James Carr, Bishop
of Worcester, expired tha Saturday evening, at
nine o'clock, at Hartlebu ry, Worcester. He had
been afflicted with severe illness for some time
past, and from the commencement of the attack
scarcely any hopes were entertained of his re-
covery. He was the son of the Rev. Colston
Carr, and brother of the late Sir Henry Carr,
K.C.B. He was conseer.tted Bishop of Chiches-
ter in 1824, and on the 'death of Dr. Cornewall
translated to the See of -Worcester in 1831. The
diocese consists chiefly of the counties of Wor-
cester and Warwickshire, the annual value of
which is 6,5001., with the patronage of 17 livings.

- - ,
MEETING AT SIR ROBERT rEEL s.—Yes-
terday a numerous meeting of the Tories was held at the
residence of Sir Robert Pt el, in Whitehall-gardens. The
object of their meeting was to oppose Lord Morpeth's Bill,
and, according to the Standard, the utmost cordiality and
unanimity prevailed. " This meeting," it adds, " must
silence And for ever put to rest the fabrications about there
being a split amongst the Conservatives, or that they have
ever for a moment Wit coutidence in Sir Robert Peel as
their leader." Wonderful change 1 The Times is to say
nothing mote about the Scoundrel Tory leaders, Peel is
not to be titre** overboard though he still adheres to the
brutal poor,law Bill," aad Stanley is yet to act as his
lieutenant, though judged by all the ultra-Tories the
only At man to lead them 3

4.10

MONEY and COMMERCIAL NEWS.

CITY, MONDAY EVENING.

The state of general business in the City is anything
but satisfactory, but there are hopes that our usual Con-
tinental customers will come forward when they find prices
arc so much in favour of the purchasers, and thereby
give a stimulus to trade. The German Customs Con -
ference has not yet been brought to a close, from which
it would appear that the system of exclusion adopted al-
most avowedly in order to cramp the commercial ener-
gies of this country, does not altogether work so well as
could be desired by the projectors.
The Funds have been declining to-day in consequence
of the preponderance of sales. Consols for immediate
transfer realised 901 to 90, and for the Account 901 to
908 ; Exchequer Bills keep steady at 14s. to I6s. pre-
mium ; and India Bonds at 2s. to 4s. premium ; the New
Three-and• a. Half per Cents. were reduced to 99 and
984 ; and the Three per Cents. to 891 and 89; Bank
Stock for the Opening was worth 1721.
There was very little animation in the foreign securities.
Spanish Bonds opened pretty steadily, but the accounts
from the Paris Bourse, noticing a decline in the price
caused them to become heavy ; the money value was 23i,
and the Account price 23i to 4. Mexican Stock was
marked 304 to 30k, and Brazilian 69k, being a shade
lower for the former, and a trifle Letter for the latter.
Danish Bonds were firm at 7E4 ; Russian Stock touched
1121 to 113; French Five per Cents. Rentes were worth
1131 50c., and Dutch Two-and-a-Half per Cents, were
dull at 521. Portuguese New Five per Cents. declined
to 34 and 331.
The Railway Shares in the course of the day underwent
no material change.

(From The Sun of Last Night.)
A vessel has arrived at Liverpool called the Shanandoah.
from Philadelphia on the 3d inst., and Cape Delawar on the
sth. No information has reached Philadelphia of the Presi-
dent up to the 3d instant.
LIVERPOOL COTTON MARKET, APRIL 24.—The Cotton
market continues exceedingly. depressed, and having a ten-
dency to further decline in prices. The sales this day do not
amount to a thousand bales to the trade.
LIVERPOOL SHARE MARKET, APRIL 24.—The business
at the Stock Exchange this -day has been limited, but the
prices for Railway Shares generally are without alteration.—
Edinburgh and Glasgow, 37i- ; Glasgow, Paisley, and
Greenock, 27 ; Grand Junction, Half Shares, 105 ; Great
Western, New Shares, 641; 201. Shares, 111 ; London and
South Western, 5/. Shares, 21. 4s. 6d.
We have received a Cape of Good Hope Shipping List of
the 23d of February :—" The works of the bowie (that
eastward of Algoa Bay,) and which had been carried on for
some time, have been brought to a successful termination, and
the river declared navigable for vessels of an easy draught
of water. .

MANCHESTER STOCK EXCHANGE, APRIL 24.—There is
very little animation in our market to-day, prices rather lower :
Manchester and Leeds, 64k ; Do. Halves, 271 ; London and
South Western, 58f ; Do. Tenths, 44 ; Edinburgh and Glas-
gow, 37f ; Manchester Assurance, 9/. 6s.

ST. HELENA.—The French brig Paella was taken, under
Portuguese colours, by the French sloop-of-war Revoyante,
and is about to be sent to France or: a charge of piracy.
We have received the Journal of Antwerp of yesterday's date.
They write from the frontiers of Italy, April 13, that the
King of Sardinia has decided to make a tour with the Puke of
Savoy in various parts of his dominions, to assure himself of
their wants, and to provide a remedy for them . as the fears of a
war with France have entirely subsided, the King has ordered a
coupe of 6,000 of his troops.
BOURSE OF AMSTERDAM, Aram 23.—The Bourse is very
little animated, and without variation ; some of the National
Funds continue firm, others the contrary, and could not main-
tain their prices; amongst the latter were the Integraler, of
which some sales took place ; Ardoin's are more sought after,
and are higher.
No news of the President. We may expect on to-morrow
the arrival of the packet-ship Independence, of the 7th instant,
from New York, which, in all probability, will furnish us with
some intelligence respecting the above steamer.

The British Funds are rather heavy this morning. Consols,
which left off on Saturday at 90g i• for the Account, opened at
AO4 ; Money, 90h 4. This flatness of the market may be
caused by the approaching Budget.
The packet ship Pandora has arrived from Mexico, bringing
a freight of 330,000 dollars ; she does not bring any news 01
importance. The above packet, on her voyage, had to contend
with tremendous contrary winds.
Exchequer Bills, 14 16 prem. ; Bank Stock, 172 173 ; India
Stock, 2551 254.
In the Foreign Market Spanish Active is a shade lower;
left off, at 2314, at present 24 4 ; Deferred,l23i 1 ; Passive,
51 ; Portuguese also left off 331 344, at present 333,E
X 34;
Three per Cents., 20* g ; Brazilian, 69 70 ; Colombian, 3i ;
Mexican, 30 4 ; Dutch Two-and-a-Half per Cents., 52/ i;
Five per Cents., 991 100.
SHARES.—Great Western, 28i 29i prem. ; New, 14/I
prem. ; London and Brighton, 2* 2 dis. ; Blackwell, 5i
chs. ; Birmingham, 69 71 prem. ; Southampton, 58 59 per
share; Croydon, 131 14 per share ; Greenwich, 84 / per
share ; Manchester and Birmingham, 15i 14i dis.
PRICES OF SHARES THIS DA AT ONE.
RAILWAYS. Paid. Y Per Share.
Birmingham and Gloucester 100
76
Bristol and Exeter ... 60
.. ... to
Great Western
Ditto New
London and Brighton
London and Birmingham ... 90
London and South Western 3Bl
Ditto Tenths ........
Midland Counties
North Midland
MISCELLANEOUS.
General Steam Navigation
PRICES OF IRISH STOCKS, DUBLIN, APRIL 24.
3 per Cent. Consols
Three and Half Stock 97/ Grand Canal Stock „.
Ditto Reduced ...... Ditto Debs. 6 per cent... 87a
Ditto New, 1830 ...... 97a Ditto 4 per cent
St,- per Cent. Debs. ...... Royal Canal Stock
The British Funds still continue rather heavy. It is the
opinion of the monied interest that Ministers will require more
money than was generally anticipated, but whether by loan or
funding, is not as yet ascertained; at all events, the speculators
are preparing for the result, by abstaining from entering into
any operations of magnitude before they ascertain the amount
required by the Finance Minister in his budget.
Consols are at present 904 for the Account; Money, 90;
they have receded 4 per cent. Exchequer Bills, 14 16 pre-
mium ; Bank *tuck, nothing done ; India Bonds 3 2 prem.
In the Foreign Market little doing. Spanish Active, 2311 ;
Passive, ; Portuguese, 34 ; Brazilian lower, ta9i' Danish,
781/2 ; DutchTvvo-and-a -Half per Cents., 521; Five per
Cents. 991.
In the Share Market scarcely anything doing. Birmingham
and Gloucester, 76; Bristol and Exeter, 37 ; Great Western,
New, 63:4 ; London and Brighton, 47/ ; London and Bir-
mingham, 160; North Midland, 81.
It is reported that the West India mail is off Pl)mouth.
Consols, Account, 90* ; Mexican, 30* ; Portuguese,
331 ; Spanish, 23a.Markets heavy.
L CLOSING PRICES.
BRITISH FUNDS.

.._ _
B3,nk Stock ... India Stock
3 per Cent Red.......... 89A Ditto Bonds
3 per Cent C0n5......... 90 Ditto Old Annuities
31 per Cent Red........ 97a Ditto New Annuities —
New 3i per Cent......... 98i ,Ex. Bills, 1,000/....21d 16 pm
New 5 per Cent Ditto 5001 l4 pm
Long Annuities to expire Ditto Small l6 pm
Jan. 1860 ... 124 Bank Stock for Acct...l 72. i
Oct 1859 l2 11India Stock for 0pg....
1 Jan. 1860. — Consols for Acct 9Ol
FOREIG FUNDS. .
Austrian, 5 per cent.... Portuguese, 5 per cent. 62
Belgian, 5 per cent • .Ditto, New Ditto —
Brazilian 80nd5.......... Prussian, 5 per cent.
Buenos Ayres, 6 per cent 'Russian, 5 per cent ll3
Chilian, 6 per cent — Ditto, Metallic
Colombian, 6 per cent... ISpanish, 5 per cent 231
Ditto, 1824. — Ditto, Deferred —
Danish, 3 per cent 7Bi French, 5 per cent.ll3f. 50c.
Greek, 18:45, 5 per cent — Exchange —f. —c.
Mexican, 5 per cent.... French, 3 per cent —f. —c.
Ditto, 6 per cent, 1825. Dutch, 2 per cent. ... 52}
Peruvian, l 825, 6 per et. Ditto, 5 per cent 99
SHA ES.
Birmingham and Gloucester Railway (100 p) 76
Bristol and Exeter (60 paid) ... .. 37
Great Western Railway (65 paid) 93i
Ditto New Shares (50 paid 64
London and Brighton (50 paid)..
London and Birmingham Railway (90 pd) 160
Ditto New Shares ( 2 paid) 241
London and Greenwich Railway (20 pd)
Ditto New Shares (20 paid)
London and South Western
Ditto Tenths 2it
14h
London and Croydon Railway (Trunk)
Midland Counties Railway ( 100 paid) •... ..... 89
North Midland Railway (100 paid)

COLLEGE LIFE AT CAMBRIDGE.—Wearing
a gown in the day time is the characteristic at Cambridge
of freshmen and reading men, no one else does it, and yet,
every one is liable to a fine if caught without the academical
dress. At Oxford they used to inflict the fine. It was a
feat to be performed twice a year to take a " hat walk,"
for it is impossible to take a long walk with the ordinary
cap and gown hanging about one. A student woans,
to
staynce
met by his tutor with his hat on during a violent wind.
What do you mean, Sir, by coming out without your
car, Sir ?" said the tutor. " Because the cap
w
on in this wind, Sir," said the pupil. " Well, Sir, and
don't I keep mine on well enough ?" exclaimed the tutor.
The next moment the tutor's cap was floating down the
Isis. It is told, we believe, of the father of a peer now
living, that presuming on his intimacy with the- authori-
ties, be ventured to appear in the High-street without his
gown. " What do you moan, Sir, by this conduct ?" said
the Proctor, meeting him,. "take care I never see you
again out of academical dress ;—the statutes, Sir, must
be enforced, and we shall not suffer you to disobey
them." Away went the ungraduate to his tailor, and
ordered a dress precisely in conformity to the statutes,
consisting of a scarlet gown of a most extraordinary
make—the statutes, be it remembered, are many hundred
years old—and several' other appendages equally extra-
ordinary. With these ho paraded the High-street. The
Proctor, when be met him, seemed to distrust his own
eyes, and could only stammer out an indignant threat.
" You will find, Sir," said the tindergraduite,- " that my
dress is in the strictest conformity to that'ordered by the
statute." The Proctor was a sharp fellow, and saw that it
was best to enter into the joke. "No such thing, Sir,"
said the Proctor; " )ou have not got your bands on, and I
shall fine you accordingly."—" I beg your pardon, Sir,"
said the undergraduate, " for here they are." He pulled
up his scarlet gown, and disclosed a pair of im
statute tnse
bands hanging down about the os sacrum. The
did not specify where they were to be wore.
been
despatched APRIL 24.—A courier haseen
despatched to Paris to the King. Sir George Hamilton,al Se-
cretary to the British Legation at. Berlin, whosr! arriv at
Brussels we announced yesterday, left us this morning with the
first train by the Railway to Ostend to embark for London.
tersßbuErgithLslaNy lhaAt BPaßrol 141-' Vlo4n.T7.tListe•htetffe, sthefrßousmsianS At .
mlb3:s--
sador at the Austrian Court, will not return to Vienna. Count
Worouzoff is spoken of as his successor ; some however say
that Mr. Van Lewas,off, or M. de Rebranssiene, will proba-
bly be appointed to succeed him.
AUGSBURG, APRIL 20.—Our letters from Tur-
key today, without any late mails from Constantinople, com-
municate various opinions respecting the real grounds of the
fall of Resehid Pacha ; one of these conjectures that Rese,hid
will be sent as Ambassador to London.
The Marquis and Marchioness of Londonderry
have arrived at Marseilles, from Italy, with a 'suite 0(17
PeT5OllB.