The Sun.
London, England, 1841-06-12 00:00:00

At length, in 1829, the first serious attempt at se •
trenchment was made by the Duke of Wellington ; and in
the course of that and the following year ec,)nomy was pushed
to an extent beyond which the Tories unani'nously declared all
advance to be impossible. Instead of taking eb much credit' for
these tardy reductions, perhaps the Tories will tell us why they
were not made sooner. If it was possible in 1829 and 1830
to confine the current expenditure of the country
within the limit of 19,000,0001. Telly was it allowed
to remain from 1817 to 1828 at an average. amount o.
22,500,0001 ? If the reductions pressed for by the Whigs nad
been carried into effect when originally proposed, the country
might have been saved an annual burden of 3,50Q,0001. f6r
twelve years. Perhaps, when the Tories next compare their
achievements as financial reformers, with those of the Whi"s,
they will have the goodness to take into account the following
items ; _ _

Ist. 42,000,0001. of taxe; paid by the colmtry between
ISI7 and 1829, because the Tories refused to adopt retrench-
ments proposed by the Whigs, and subsequently proved to be
quite pra'ticabie.
2d. Property-tax
Salt
Malt, Is. a builiel
Leather 300,000

X 16,295,000
Of which the repeal was resisted to the utmost by the Tory
Government, and carried solely by the efforts of the Whig op-
position. Let us now look at the financial policy of the Liberals
as a Government. In 1830 they came into office, after a Go-
vernment, which, as the Tories asserted, had carried retrench-
ment and remission of taxation to the utmost possible point,
and which left them no efficient surplus. The Times, it is
true, in an article full of elaborate misstatements, had the
hardihood to assert that the Duke of Wellington's Administra-
tion left a surplus of 2,667,000, but this is a mere fallacy, occa-
sioned by leaving out of a-count the taxes taken off in Air.
Goulburn's last budget. Lord Ashburton's estimate at the
time was, that instead of a surplus, Mr. Goulburn left behind
him a deficit of 330,0001. In the course of ten years the Li-
beral Government repeated the following taxes :
Prin',ed Cottons
Coals and Slates 930,000
Candles • 500,000
House-tax
Soap Duty, one-half... 593,060
Tiles, hemp, drugs, marine insurances, advertisements,
small receipt stamps, insurances on farming stock and farm-
houses, land-tax on personal estates, pamphlets, newspapers,
almanaeks, paper travellers, clerks, overseers, and shops', n,
tax-carts, windows in firm-houses, shepherds' dogs, starch,
flint glass, spirit licenses, and various reductions in minor
articles of the tariff. being chiefly gums, dyes, oils, and
other raw materials used in manufactures, making the sum-
total of taxation remitted by the \%higs (after deducting
879,0001. of new taxes imposed) amount to 6,236,030/.
In addition to this redueticat, the rate of postage
has been lowered to Id., by which measure the number of
letters has been increased three-fold, and an amount of accom-
modation afforded to the country, for which, under the old et s-
tem, they rotildhave had to pay 6,000,1190/. annually in postage..
In consequence of these reductions the country has paid en
the whole 50,000,0601. less in taxes since 1830 than it would
have had to pay if the scale of revenue and expenditure fixed
by the last and most economical Tory Government had been
maintained. This relief has not been effected by increas ng
the 7termanent burdens of the country, but the contrary. De-
ducting the 20,000,0001. paid for negro emancipation, the total
w.nount of debt funded and unfunded is now less by 4,500,000/.
than it was when the Whigs cane into office in 1830.
The retrenchments sabich have been effected below the
Duke of Wellington's maximum standard of economy,
in salaries, pensions, miscellaneous expenses, aid the
cost of collecting the revenue, exceed 1,000,0001. Tho
relief of 7,000,0031. annually given to the country in the re-
mission of taxr‘ion. has occasioned a loss to the revenue of
only 2,000,0001. And, finally, to close the contrast between
Liberal and Tory finance, a necessity hiving arisen, owing to
political circumstances, of increasing the naval and military
establishmehts of the country, the Liberals propose a scheme
which would add 2,000.0001. to the revenue, not only without
entailing any additional burden on the country, but actually by
relieving it from a heavy charge in the shape of taxes in.l.-
redly levied for the benefit of monopoly-interests—the Tories
oppose this scheme, and resist any attempt to introduce free-
trade prir.ciples into the tariff, under circumstances which ren-
der the support of monopoly equivalent, in as many words, to a
determination to impose new direct taxes.
POST.—The adherents of the present beaten Ministry pro-
claim throughout the country that their friends are the cham-
pions of free trade, while they assert on the other hand that
the Conservatives are the bigoted adherents of all sorts of ab-
solute monopolies. It is not enough to say of. such statemrnts
that they are exaggerations. They are falsehoods, and it is of
great importance at the present juncture that the public
should" understand what the real truth is as respects these
matters. The truth, then, is, that neither the beaten
Administration, nor the Conservatives as ho have beaten it,
are champions of free trade The difference be-
tween them consists in this, that the Ministerialis's,
while they profess absolute free-trade theories, do
not dare to carry them into practice, because of the
ruin which would be brought upon existing interests; but the
Conservatives possess the theory that the principles of free
trade are not applicable to a nation in the, circumstances of
Great Britain, or to any other nation where the population is
great in !...roportion to the demand for labour, and where very
large amounts of capital are vested in certain channels of pro-
duction, for which production other countries have greater
facilities. The Conservatives do not deny the abstract correct-
ness of free-trade principles, and they admit that, could a
nation beffound with its labour and Capital unappropriated, the
policy of free trade would be the best trade policy, to pursue. But
even then other considerations than those of trade might inter-
vene, and overrule the free-trade policy. If, for ex-
ample, the carrying into practice of free-trade principles,
should render any nation which can raise food for itself de-
pendent for food upon other nations, then a higher policy than
that of the greatest advantage in trade would render it expedient
to put a limit and check upon the action of free-trade princi-
ples. But there is a very wide interval between, absolute free- ,
trade and absolute monopoly or prohibition. It is within this
interval that both Whigs and Tories stand. It is not true that
either one or the other belongs to either of the extremes. The ,
Ministerialists fa'sely give out that they do belong to the free-
trade extreme, and that their opponents belong to the mono-
poly extreme. Thi. Tories do not degrade themselves by any
similar falsehood on the opposite side. They say they arc
neither for absolute free-trade nor absolute monopoly, but they
desire to do what is just and fair according to the circumstances
et* the case.

MONEY MARKET and CITY NEWS

FROM THE MORNING PAPERS OF THIS bAY.
TlMES.—Although the price of Consols for the account
was quoted at the close of the market 89 buyers, which of
course leads to the presumption that it is rather firmer, still
the whole of the business transacted was of a very inconsider-
able nature, and the jobbers can see no cause to produce this
better state of things.
The stoppage of Cockburn and Co., extensively engaged as
East India agents, which was announced to-day, excited sin-
cere regret among those whose connexions in business were
with those of the firm. It seems to be generally considered
that their embarrasmenti have arisen from their connexion in
the Australian trade with relatives who have not been able, in
consequence of the depressed state of the commerce of that
colony, to forward the remittances they were in expecta-
tion of.

POST.—There was no movement at the Stock Exchange
to-day to call for a single comment, everything remaining %1-
mast entirely stationary, and the prospects of the moneyed in-
terest being, in all respects, precisely the same as yesterday,
and, in fact, during the whole of the week.
The continental exchanges have slightly improved on the
rates of last post-day.
The failure of a considerable house (that of J. Cockburn and
Co.) in the Indian and Australian trade was announced in the
course of the day. The liabilities of the finn are estimated at
150,0007., which is a large amount, but it is repotted that the
assets, on the other hand, are ample for the liquidation of the
same. Three failures at Marseilles are also advised, one of
which is heavy. Business matters in that city seem to be in a
very deranged state.
SUN.—With a limited amount of business doing, we have had
a firm market for the public securities to-day. Money in the
Stock Exchange seems easier, but there is still an indisposition
to speculate. In a short space of time probably the Market
will be partially re!eascd from the political fetters that now
bind it, and then, at any rate, the brokers will have less rea-
son to complain of the restricted business they now have to
do, whether as regards buying or selling. The only alteration
to-day in Consols fur the opening was between 89 buyers and
sellers ; the latest bargains establishing, however, the predomi-
nance of the former. For immediate transfer and money, the
quotation was 893%. On the unfunded debt the premium was
7s. to 9s. ; East India Bonds dropped to Is. discount; Bank
Stock was at 1691 A ; the Reduced Three per Cent. An-
nuities brought 881 to 88i, and the Three-and-a-Half per
Cents. 9731 to 4..

It is understood that the Portuguese Government has the
Funds at its disposal for paying the dividend promised some
time back to the English creditors, but notwithstanding the
Portuguese Bonds are at present in a very inanimate condition,
the New Five per Cents. to-day being worth only 335 to 335,
and the Three per Cents., 194- Spanish Active Bonds de-
clined from 23 and 22& to 225 and 225. Mexican Stuck of
1837 has realized 275 to 27k. Colombian, 21, and Brazilian
685. Itus,ian Five per Cents. were firm at 1135, and Dutch
Two- and-a-Half per Cents. at 52i.
Railway Shares were again brought to market rather freely.
Great Western at 26i, the New 125, the Fifths 7, and the
York and North Midland 21 premium. Brighton Shares
ware 5 to 51, Black wall 6, Birmingham and Derby 40, Edin-
burgh and Glasgow 2, Croydon 5, Midland Counties 11, Man-
ehester and Leeds 185, and South Eastern 18
13 :inking Shares were brisk, London and Westminster at 2,
QProvincialQuebec',
e_t.e . t
a ,tioiatrchlo r:alv7aaidufiaarb,
fine new
valuable
ragrnoeds
soAefl sttheraa.a,llaansbideaedanrtylwg9or peocrdeksm,e
dituomn
ea.
the r
amount.
Fei ,g
oofrlo°t-1 °°°l.
The Exchanges were rot very buoyant this after-
noon, the rates being these :
12 31 ; Hambur aris, 25f. 625 e. to 575 e. ;
tA,,mis;terFdaramn,kfort,
150 ;
anci,cr
.13 95 to 10`; Antwerp, 12 :35
burgh, as we learn, ~.nder datercire, 958 o 59. At Ham-
u ugeosldda last,ywa,s a thesha
dEexc an
higher,ge
on London remain at 13 55 ‘b
viz., 43C.

THE WEATHER.—NooN, JUNE 12.
ROYAL GALLERY OF SCIENCE, ADELA IDE-STREET.
Barometer ............... 29 92 In. Thermometer... 51— Highest ......... 52 I Lowest ...... 45
Wind N.—Freezing Point 32 Deg.

THE HON. MRS. DAMER'S DIARY.--It
,148, rarely we have met with so diversified and entertahAinerg a boo
k
of travels as Mrs. Damer's delightful Diary.
says the New Monthly, " promises the highest interroeusttel';
every step. Lingering amcng the classic ruins of Greece, the
accomplished traveller describes the present state of that king-
dom, without forgetting anything due to its connection with
the east. After visiting Athens, Corinth, arid many other in.
teresting localities, she proceeded to Censtantinople, where
the reader is indulged with many representations of the gay
doings at Stamboul. After tonehi: g at Smyrna, Cos, and
Rhodes, the tourist lingers at Beyrout, thence travels to Jaffa,
and on to .Terusa'cm. She then traverses the Holy Land, and
..coming sacred soil. Her obiervations on this
in a spirit b
deeply interesting country afford much valuable materials in
illustration of Biblical learning—in this respect we even think
her work superior to those of Lord Lindsay and the Baron Ge •
ramb. Mrs. I)amer ultimately continued her progress to
Chza. From thence crossed the Desert to Suez, and advanced
to Cairo After crossing the Nile, and visiting the Pyramids,
sba proceeded to Alexandria, where she was enabled greatly to
increase the intelligence she had procured respecting the Paella,
by personal acquaintance with his Highness, and a close atten-
tion to his sayings and doings, the resu't of which will attract
considerable observation :in this country. Fkom Alexandria
Mrs. Lamer sailed for Malta, and thence returned home. Her
Diary is replete with the most delightful reading.
DUNDEE TRADE.—The prices of flax remain
nearly the same as last week, but the business doing is very
limited. Several vessels have arrived from Riga and the lower I
Baltic ports ; but, as their ca-goes have been imported chiefly
by consumers, they have not had...much effect upon our market.
The quality of the late arrivals of fresh flax is very satisfactnryi
arid is considered much superior to that of any flax crop rime
182 ti. Yarns and linens are of rather dull sale, without any
variation in price;,—Edinburgh Courant. -