The Sun.
London, England, 1847-04-12 00:00:00

Loredano that thez have determined to relieve him
from the cares of State, who demands from him the
Ducal ring. The Foscari is at once aroused—" Hhe
would have thought the old man would have had sc
much blood in him?' Rising with all the impetuosity Cl
youthful energy—'c Da me non l'ottera forza mortale,"
he exclaims—" Twice have I sought to abdicate and was
refused—l then swore I would die a Doge ;" and he
adds proudly, " Io Foscari non matco a giurei mei.'.
They threaten to force him, and then follows a most
affecting scene, " Ques to e dunque l'iniqua meacede,"
in which he yields, and resigns the insigne of his office
Loredano would fain take from him the ducal crown,
but he recoils from the touch of the monster, indig
nantly exclaiming—.
" Non me toccare misero,
N'e la tua destra indegna,"
as he gives the crown to another senator. This magnificent
scene was given with intense feeling and immense power,
and was encored. Lucrezia enters—he takes her hand,
and is about to leave the Palace, when he hears the bell
toll, which announces the appointment of his successor.
It is too much for the old mark, and calling on his son, he
falls dead. We had read in the musical publications of the
Continent of the triumph which Coletti had achieved
in this character, and went prepared for great things, but
great as were the expectations we had formed, they
were infinitely surpassed by the reality. It is impos.
Bible, by words, to convey an idea of the sublimity
of Coletti in this part. He is unapproached
and unapproachable by any baritone of the present day
either as a singer or an actor. The triumph of Madame
Montenegro we have already recorded, and the Jacopo
of Fraschini was quite worthy the Foscari of Coletti,
and this is the highest praise that can
be given to any character. The choruses were admi-
rably drilled, and the orchestra did ample justice
to the fine and massive music of Verdi. It would be
injustice to close this notice without bestowing honour
due on Bouche, who made up and acted the part of
Loredano admirably, and whose superb bass voice
told with immense effect in the concerted pieces.
The divertissement of the Bacchante was performed for
the rentt ee- of Lucile Grahn. She is looking exceedingly
well, and is indeed much improved in appearance
since last season. She was received as all
old favourites should be received, with a cordial welcome.
and was as graceful and elegant as ever. Her far famed
revolving pas, which she originally introduced in the
Pas des Deesses, was warmly applauded, as were
many of her poses, which were exceedingly elegant
and graceful. She was called for at the con-
clusion of the Dive, tissement. Thea, the most beau-
tiful of ballets concluded the evening's entertain-
ments. The famous pas of Rosate being of course
honoured with a treble encore. The house was crowded
in every part.
Amongst the Nobility and Fashionables present, we
observed—

Their Royal Highnesses the Duke and Duchess of
Cambridge, attended by Mr. Edmund St. John Mildniay ;
in their Royal Highnesses box were the Baroness Ham-
merstein, his Excellency Baron Hirzer, and Mr. and Mrs.
Bridges Taylor. Her Majesty the Queen Adelaide's
box was occupied by the Hon. W. Curzon, Capt. Taylor,
and the Hon. Miss Mitchell. Prin?e Louis Napoleon,
his Excellency the Russian Minister, the Baroness
Brunnosi and Mademoiselle Olga de Lechnier, the Mar-
quis of Donegal, the Countess de Jarnac, the Earl of
Munster, the Earl of Falmouth, the Earl of Belfast, the
Earl of March, the Earl of Aboyne, the Earl Powis,
the Earl of Cardigan, the Dowager Countess of Essex,
Viscount Castlereagh, Viscount Cantilupe, the Baron
and Baroness Rehausen, the Count de Cowry, the
Count and Countess Houdriffsky, Lord .Ashburton,
Lord Gardner, Lord Macdonald, Lord Sandys, Lord
Francis Gordon, Lord Adolphus Fitzelarence, Lord
Gerald Fitzgerald, Lady Fitzroy Somerset, Lady
Willoughby D'Eresby, Lady Woodford, the Hon. -
Tollemache, the Hon. R. Curzon, the Hon. G. Byng,
Sir Ralph and Lady Howard, Sir Henry Webb, Sir
George Wombwell, Bart. Mr. and Mrs. Wheeler, Mr.
Brereton Trelawney and Miss Trelawney, Mr. Herbert
De Burgh, General Woodford, Colonel Dixon, Captain
Reynold, Colonel Windman, Major Murray, &c.

COURT CIRCULAR.
WINDSOR, SIINDAY.—Lord John Russell left the
Castle yesterday for town.
His Royal Highness Prince Albert rode out on horse-
back yesterday morning, attended by Major-General
Wemyss.

Their Royal Highnesses the Prince of Wales and
the Princess Royal took a carriage airing yesterday
forenoon.

Their Royal Highnesses Prince Alfred and the
Princess Alice rode on ponies yesterday, and took walk-
ing exercise on the eastern terrace and slopes.
Her Royal Highness the Princess Helena was also
t ►ken an airing yesterday.
The Queen and Prince Albert rode out in a phaeton
and pair yesterday afternoon, the Prince driving.
Their Royal Highnesses Prince Alfred and the Princess
Alice followed in another carriage and pair. The
Equerries in Waiting attended on horseback.
The Royal dinner party at the Castle yesterday in-
cluded her Royal Highness the Duchess of Kent, the
Lady in Waiting of the Duchess of Kent, the Baroness
do Speth, the Marchioness of Blandford, Viscount and
Viscountess Emlyn, and Viscount and Viscountess
Seaham.

The band of the first Life Guards attended during
dinner. Her Majesty's private band was afterwards in
attendance in the Castle.

The Royal Family took walking and pony exercise
this morning in the grounds around the Castle.
This morning her Majesty -and Prince Albert, the
ladies and gentlemen of the Court, and the domestic
household, attended Divine service in the private ehapel
of the Castle. The Hon. and Rev. C. Leslie Courtenay
officiated. Her Royal Highness the Duchess of Kent
also attended the service.

Her Majesty the Queen Dowager took an airing in a
carriage on Saturday. Her Majesty
day, at Marlborough House, by his Royal Highness the
Duke of Cambridge. was visited yester-
day,
Royal Highnesses the Duke and Duchess of
Cambridge, attended by Baroness Hammerstein and Mr.
Edmond Mildmay, honoured the performance of " I Duo
Foseari" with their presence on Saturday evening.
His Royal Highness the Duke of Cambridge attended
Divine service, yesterday morning in Grosvenor Chapel.
Mr. Labouchere (Chief Secretary for Ireland) arrived
in town on Saturday, from Dublin. The Right Hon.
Gentleman paid a visit to Lord John Russell, after his
arrival.

Baron de Cetto, Bavarian Minister, transacted busi-
ness, on Saturday, at the Foreign-office.
Lord John Russell arrived in town on Saturday, from
a visit to her Majesty at Windsor Castle.
Sir George Grey arrived in town on Saturday evening,
from his seat, Fallodon, Northumberland.
Dispatches were received on Saturday, at the Colonial-
office, from the Governor of the Mauritius.
The Duchess of Inverness had a dinner party on
the
Saturday, at her residence in Kensington Palace.
At the Chapel Royal, St. James's, yesterday,
Prayers were read by the Rev. Dr. H. Dakin!, the Les-
sons by the Rev. Dr. Wesley, and the Communion Service
by the Bishop of London. The Sermon was preached
by the Rev. Dr. Wesley. The Anthem was, "Let God
arise" (Greene). Mr. Cooper presided at the organ.
The Marquis of Stafford and the Ladies Gower ; Ladies
St. Germans and Campden ; Lords Howe, St. Germans,
and Cantilupe, and the Bishop of Ely, were among the
nobility present.

THEATRE ROYAL NORWICH.—We understand
that Mr. George Owen, the youthful tragedian,is engaged
to appear at the above theatre on Wednesday next in
Hamlet, being engaged for six evenings, when he will
personate Macbeth, Richard 111., Douglas, Richelieu,
and King Lear, Scc., previous to his proceeding to the
north.
__

SACRED HARMONIC SOCIETY.—The Elijah of Men-
delssohn will be produced at Exeter-ball on Friday next,
under the personal superintendence of the composer, who
will arrive in town to-morrow.

FRACAS ON BOARD A FRENCH VESSEL.—On
Saturday night, about eleven o'clock, as one of the police
boats on duty at North Shields was rowing up the har-
bour, the officer in charge of the boat's crew had infor-
mation that the master of the Jean Baptiste, a French
brig, had been ill-using the mate. The police inspector
got on board, and found the mate lying on the deck
bleeding profusely from a wound in his head. It ap-
reared
that the master and the mate had been quarrel-
ing, and the master knocked him down, and he fell with ,
his head against the covering board, which caused the
wound. Medical attendance was procured, and the mate
was conveyed ashore; and the French consul, on inquir-
ing into the circumstances, ordered the French vessel to
remain for the present.—Durham Advertiser.
Mr. Brooks, so well known as the enterprising tra-
veller, and successful settler in the Indian Archipelago
has received an official sanction and reward of his la-
bours, by being
being appointed Commissioner and Consul
G England to the Sultan and the Indepen-
denteuerabl
Chiefs of Borneo. Mr. Brooks will reside at Su
ffitchie enptolyssesasdivoannoce for the no-
mination of a regular Government there. No time
however, will be lost in establishing an en-
trepct at Labuan for British
of this
this island, yet
warrack. It is already known that Captain Munday, ,
R.N., has taken formal possession of the adjoining Is-
land of Labelle, where he has hoisted the English flag.
Although there are really no parties in a disposition to
matters
areur right
not
sufficiently
trade, and a cen-
tral protection for British interests, against which ar-
rangement there are no parties entitled to raise an
objection. The Dutch, who are the only persons
assuming authority in these seas, do not object to our
proceedings, but, on the contrary, are glad of our assist-
ance in the suppresion of piracy and the extension of
commerce, objects both of paramount importance, and
which, it is notorious, have hitherto been most inade-
quately cared for.—Observer.
It has been deemed expedient by our Government
to erect a Consulate at Rio Grande, in consequence of
the great increase of our intercourse with that port. AIL
Fraser, who was some time attached to the British em-
bassy at the Court of Brazil, has been appointed the first
English Consul-General at Rio Grande.—Ov L
sery r
FORGERY OF SCRIP CERTIFICATES OF THE LON-
DON AND SOUTX-WESTERN RAILWAY SHARES.—Much
sensation has been excited in the share market, by the
discovery that a large number of scrip certificates of
shares in the additional capital of the South-Western
Railway Company, created in November last, have been
brought into the market, and disposed of, and since
ascertained to be forgeries. The directors have apprised
the public of the fact by advertisement, and earnestly
requested any parties interested in the matter to com-
municate to them immediately. They have had several
meetings on the subject, and have placed the affair in
the hands of Daniel Forester.—Sunday paper.
Earl and Countess Grey left Datchet Park, near
Windsor, on Saturday, for the Earl and Countess of
Ellesmere's seat, at Cobham, Surrey.

NAVAL INTELLIGENCE.
PORTSMOUTH, SUNDAY.—In our re cent notice of the
extensive works connected with the formation of the new
basin in this dockyard we omitted to give the manes
~f the Royal Engineer officers by whom th is great national
undertaking was designed. We now feel great pleasure
In mentioning, that with the exception of the two inh ts,
to be used as occasional docks on the eastern side of the
basin, which were proposed and planned by Sir
W. Denison, the present governor of Van Diemen's Land,
these magnificent works were designed by Lieutenant
(new Captain) Beatson, and were carried on under his
superintendence for upwards of two years, during which
period the coffer dam, of about 1,300 feet in length, was
successfully completed, and the foundations of one of the
entrances, and a great part of the south and west walls,
~ith a considerable part of the masonry, were executed.
Since the summer of 1845, the works have proceeded
under the direction of Sir W. Denison and Captain
James successively. To Captain Beatson is also due the
merit of having designed and superintended nearly all
the other important works and buildings which have
been erected in this dockyard during the last eight
years, the monster iron tank and slip roof excepted; works
as creditable to his professional ability and indefatigable
zeal, as they are worthy of England's first naval arsenal.
The Inconstant, 36, Captain Wise, arrived at Devon
port from the Mediterranean on Friday; she will be
paid off. During the whole period of this ship's com-
mission, we may confidently assert she has met with no
ship of her size competent to be considered her rival.
She was built at this dockyard, in 1836, on the design of
the late Rear-Admiral Hayes, and is of 1,422 tons. A
trial between this vessel and the Thetis, 36, completed
last year at Devonport, of 1,524 tons, built on the design
of the chief members of the committee of the late school
of naval architecture, would be a great nautical treat.
The Avenger steam-frigate, Captain C. Dacres, left
early yesterday morning for Killybegs, Ireland. She
has on board 2,066 sacks of seed barley; 120 sacks of
seed oats; some turnip and onion seed, besides beans and
peas. These stores are in charge of Mr. Bluet, pay.
master and purser, who has received his instructions
from the Treasury as to their disposal. She will return
to Devonport after discharging her cargo, where her
crew will be turned over to the Amphion, 36, Captain
Williams, and Captain Dacres will fit the Avenger for
other service.

The Medea steam- sloop, Commander Mason, on her
way to the Cape of Good Hope, touched at Madeira on
the 2d ult.; and the Rosamond steam-sloop, on her way
to the same place, touched at Madeira on the following
day; both coaled, and proceeded on their voyage.
An well

The court-martial on the seaman gunner belonging to
the Recruit, 12, Commander Slade, is ordered for Tues-
day morning, nine o'clock, on board the Victory; Rear-
Admiral H. Parker, C. 8., President.
Three schooners, which have been hired to carry meal
on Government account to Dublin, have loaded at
Clarence-yard during the past week, and sailed to-day
for their destination.
The Thetis, 36, Captain H. J. Codrington, C. 8., in
order to lose no time while waiting for a dock, is having
her topsides caulked, and making good such defects as '
do not require to be done in dock.
The voyage of the Myrtle steamer to Plymouth, with
supernumerary officers and seamen for the squadron on
the North American and West India station, is sus-
pended for the present. The Bulldog steam-sloop, Com-
mander G. E. Davies, in which they were to have taken
a passage, has had her orders countermanded.
PLYMOUTH, APRIL 9.—Her Majesty's frigate Incon-
stant, 36, Captain Wise, came in this morning from the
Mediterranean, touched at Lisbon on the 25th, and left
on the 26th ult. A few days since she spoke with her
Majesty's steam-sloop Hydra, Commander Arthur Mor-
rell, from the Island of Ascension, bound home, and
will probably call here. Commander Morrell went out
to the coast of Africa in command of her Majesty's
sloop Espoir, 10, which arrived at this port on the Bth
instant.

Yesterday the barque James Campbell, 300 tons, of
Glasgow, out 31 days from Liverpool, put back to this
port with her commander, Captain Graham, in irons,
and confined to his state room, the door locked, the key
in the pocket of the ship's carpenter, and a seaman with
a drawn sword keeping guard outside, in the cabin.
The ship, which was bound with a general cargo for
Batavia and Singapore, left Liverpool on the 9th of
March, and the captain has ben confined since the 29th
ult., eleven day!. The case will undergo examination
before the magistrates.

SPORTING.
TO THE EDITOR OF THE SUN.

past week at Newmarket has proved the
pretensions of the son of Euclid to the championship of
the "feather-weights," by his gallant victory for the
Newmarket Handicap. During the present week he has
to meet fields that will try his metal, both at Bath and
Epsom, and, if he be sterling coin, will win one or both
of the forthcoming handicaps, and perhaps finish by
winning the Chester Cup; but I am inclined to think he
will find his match on the Surrey Downs, if not at Bath,
the horses that he is likely to meet being decidedly su-
perior, as a whole, to his antagonists at Northampton
and Newmarket; at the former there were but three
racers figuring as starters, to wit, Wolf-dog, Halo, and
the Euclid colt; and at the latter place but one besides
the winner, and that one the gallant Sting, who had the
felicity of carrying Bst. 61b., nearly half a hundred
weight more than Mr. Gregory's colt, thereby making
the performance nothing so very wonderful after all.
Some of the clouds on the Derby horizon have been
cleared away, giving to view a few stars and the leading
Planet, the latter, although shining brilliantly at present,
will be outshone by a star in the constellation, (Sir) Her-
cules, on the morning of Wednesday, the 19th day of
May in this present sear of grace. But to return to
plain matter of fact. The Craven meeting has disclosed
a few secrets well worth knowing. It is now very evi-
dent that without the Goodwood stable have something
better than Planet, their ehance of pocketing the Derby
Stakes is very small indeed. lam of opinion that Glen-
tilt is at the least 51b. better than Planet, and that this
nag will be found to be Kent's horse for the " great go"
on the Surrey Downs. He will represent the stable for
the Two Thousand Guineas, most probably aided by
Halo.

The last week's sport on the Heath has entirely
destroyed the Derby chances of Whirligig, King of
Naples, Don Caesar. Voronetz, Outpost, Fannus, King of
Morven, Brother to Stitch, Lancer, Red Hart, Bit
Nibble, Vampire, Lazarillo, Redwing, Jack Musters,
legoldsby, Tanais, Morak, Marpessa colt, Shawn Buidhe,
Clarendon, and Villiers—that is, supposing they ever
had any, which is more than doubtful. War Eagle is a
goodly animal for a very small party, but will, or ought,
to receive his quietus from Epirote in the Newmarket
Stakes, on Friday week. Whether he does or not mat-
ters little; he cannot win the Derby. Epirote, notwith-
standing his defeat on Thursday by Planet, will be in a
condition to return the drubbing, and with interest, on
the Surrey hills. In him there is plenty of room for
improvement, and he is adapted to hilly courses.
The trash in the market now, consists of Mr. Martin,
War Eagle, Bingham, Mathematician, Philosopher,
Good Coin, Cossack, Lionel, Nottingham, Black Dwarf,
Wanota, Conyngham, King of Morven, and Will-o'-the-
wisp, and complete will-o'-the-wisps they will be found
for luring on to destruction unfortunate speculators in
search of the philosopher's stone.

On Tuesday the Bath and Somerset County Races
commence with the Lansdowne Trial Stakes, destined
for Kent or Day. The Produce Stakes will be won by
one of Day's lot. For the Weston Stakes Kent's stable
will furnish the winner. Messrs. Wreford and Day must
between them win the Ten Soya. Stakes. For the
Somersetshire Stakes of 25 sovs. each, 15 ft, &c., a very
fair field will assemble to contest for the palm of supe-
riority, about eighteen, most probably the following:—
Qaeen of Tyne, Lerd Saltoun, Miss Elis, Crown Prince,
Ajax, Clumsy, Miss Burns, Woodpecker, Sir Simon, Fox-
whelp, Morocco, Alliance, Buscot Buck, Miss Shirley,
Crozier, Brave Buck, Halo, and Claremont. The Queen
of Tyne, Ajax, Miss Burns, and Buscot Buck, all
venerables, can have no pretensions to beat the Euclid
colt; these, with Foxwhelp, Clumsy, Morocco, Alliance,
Miss Shirley, and the Crown Prince, must be content to
form the ruck. I expect to see the winner spring from
the three years old, and either be Crozier. Halo, Brave
Buck, or Claremont—the last two for choice.
On Wednesday a Sweepstakes of 25 Bova. each is
everything to nothing with a start on Day's speedy filly
Angles. The Bath Handicap to My Mary or Columbus.
The Dyrham Park Stakes, a questionable quicksand, into
which either Kent or Day must fall—Tallyho, Tantivy.
The Moon will throw its light upon the City Cup.
There will be two good days' sport at Catteriek Bridge
his week, on Tuesday a❑d Wednesday, for which I shall
jump to the conclusion at once, and, a la Bunbury, append
a list of the supposed winners:—
Stakes.
Revival Handicap Tim Whiffler, Administrator, or
The Magnet.
Filly Stakes Little Nell or Ellerdale.
The Shorts Camphine or Beverlac.
Tallyho Handicap
Junior Stakes Eagle's Plume, first ; Referee,
second.
Champagne Stakes Henriet or Beverlac.
Claret Stakes New Era or Sir Martin.

The Epsom Spring Meeting I shall analyse on Thurs.
day next, and endeavour to give the names of the star.
ters, if possible, for the Metropolitan Stakes.—l am
Sir, &e., THE SPIRIT OF THE TURF.
April 12.

FATAL OMNIBUS ACCIDENT.—Mr. Wakley held ati-
;nquest on Saturday at the White Bear, King-street,
Hammersmith, on the body of Thomas Hatton, aged 68
years, who was killed on the evening of Wednesday last.
It appeared that, on the evening in question, between
five and six o'clock, the deceased, who was a recipient of
the Latymer charity, was crossing the road in a state of
intoxication, and while in the act of placing his foot on
the pavement he suddenly fell backwards into the road.
At that moment one of the Hammersmith Conveyance
Company's omnibuses was passing on its journey to
town, and before the horses could be pulled up the wheels
passed transversely over the deceased's face, neck, and
chest. He was immediately conveyed to the surgery of
Mr. Griffiths, close by, but it was then found that he bad
breathed his last. The evidence was most conclusive
that no blame could be attached to the driver of the
omnibus, and the jury returned a verdict of" Accidental
death."

The installation of his Royal Highness Prince Al-
bert, as Chancellor of the University of Cambridge, will
take place, we understrand, some time in July, unless a
general election should interfere to prevent this ar-
rangement. The venerable Laureate, William Words-
worth, is to write the Installation Ode, which will be set
to music by T. A. Walmisley, of Jesus, Professor
of Music in the University,—John Bull.
_ _

--
Lord Brougham left town on Saturday to visit
the Duke of Wellington, at Strathfieldsaye, Hants. The
Noble and Learned Lord returns to town to-day.

SUMMARY of the MONEY MARKET.
(From The Vbserucr of yesterday.)
At periods of excitement, such as at present exists.
and such as has prevailed, how for some weeks past, in
the Money Market, it is a task involving many difficulties
faithfully to record the progress of events and the pro-
bable bearings of the really important movements of the
Court of Directors of the Bank of England; nor is the
I duty rendered the less onerous by the contrariety of
opinions of the past and present steps that have been
pursued by the Directors of the Corporation. Among
leading men—the elite of them, whose acquaintance may
be claimed, whether they be merchants, bankers, or the
principals of discount houses—there is some bias for and
against the mode which has been adopted, and which
might have been pursued, to meet the requirements of the
existing state of things. To steer a fair and even course,
then, is the duty of those whose avocations lead them
to record the passing movements of the Money Market,
so that those who are not within the vortex of Stock
Exchange operations may be enabled, from the circum-
stances that have passed and the probabilities for the
future, to form for themselves something like an impar-
tial and an unprejudiced opinion. To advance this in-
teresting object is the intention of the writer of the
following remarks.
The text, in illustration of early points connected
with the Money Market, and to elucidate the present
condition of affairs, may be most aptly given by quot-
ing the last notice issued from the Bank Parlour, and
which is couched in the following terms:—
" NOTICE.

"The minimum rate of interest on bills discounted at
the Bank of England, not having more than 95 days to
run, is 5 per cent.
" Bank of England, April 8, 1847."
Before commenting upon this latter measure of the
Bank of England, it cannot but be interesting to trace
back a few months the movements of the Corporation,
and the state of credit, taken in conjunction with the
ruling value of the Public Smithies.
It was almost the middle or the latter end of August
last that apprehensions were first very seriously enter-
tained of a general failure in the potato crops in Ireland,
and when shrewd men began to calculate upon
heavy imports of foreign corn, flour, &c., to pay the
cost of which it required little foresight to know,
if such did occur, that coin and bullion would
be extensively required for exportation, as a
set-off, since the most sanguine did not have in
view such an increased demand for British manufac-
tured goods as would tend to square accounts, or render
the balance of trade in our favour a reality. At this
period the Three per Cent. Consolidated Annuities were
at 961, the July dividend off (the same stock was at 971
cum div., in the early part of 1846), the circulation of
the Bank of England stood at 20.426,1301, and the bul-
lion in the two departments of the Bank of England—
issue and banking—at 16,366,0681.
As the harvest prospects very soon afterwards were
ascertained with something like certainty (the result
proved the accuracy of the data obtained upon the
subject), it became apparent to those taking an active
part in stock and monetary affairs, that the prices of
the pflblic investments could not be maintained.
" Breakers " were distinctly visible in the hori-
zon, but apparently too remote to occasion imme-
diate apprehension, and, as usual, hopes were entertained
that, by some easement or other of the helm, the barque
of confidence in monetary and commercial matters would
go on well. However, it turned out that the harvest
did not come up to an average, and, what before was
a matter of doubt and speculation, was changed into
a reality, viz., the almost total failure of the potato crop
in Ireland, with a very short yield in other parts of the
United Kingdom. But were there any very serious
forebodings hazarded of the future demand for specie for
export? Certainly not, generally speaking, for in the month
of October, the Bank had still by it bullion of the value of
over 15,600,000/., and its circulation was at 20,550,645/
The Three per Cent. Consols stood, on the Ist of October,
at 964 Those who held opinions that all was right
pointed significantly to the firm hold the Bank directors
had upon their then most ample stores of gold and
silver bullion and of coin. Here, then, was the first
point by which safety for the future was alleged, and be-
lieved in most quarters to be guaranteed.
Another month rolle3 on, and the manufacturer, and
the merchant, and the trader, found things getting worse
and worse. Each rested on his oars in hopes that
a favourable breeze would spring up—their sheet-an-
chor was in the opening of the ports for corn. Business
became slack, imports, vast indeed, of bread-stuffs were
considered a certainty, but still many considered that
the " expediency" period had arrived, and, that being
the case, that Lord John Russell would have conceded
the grand point he was believ( d to have indirectly pro-
mised. It was about this period that what may not be
inaply denominated the evanescent holders of our
Funded and Unfunded Debt began to look about them,
and many sales were the result. On the Ist December
we find the Three per Cent. Consols at 951 the cir-
culation of the Bank of England at 19,987,8001., and the
stores of bullion at about 14,800,0001.
Great indeed was the disappointment, and severe were
the losses estimated, by reason of doubts of the safety of
large operations being entered into on the part of the
manufacturers, when it was ascertained that the potato
crops were so decided a failure, and that the question of
the corn-laws must be left to the decision of Parliament.
The autumn trade bas been all but destroyed—the pre-
parations for the spring were checked, for ere Parlia-
ment met and decided upon what was to be done with
the duties upon foreign grain, much mischief had been
done. In the provinces money was wanted—sales of
Stock and Exchequer-bills became numerous. At the
commencement of 1847 Consols stood at 94, the issues
of the Bank were at 20,031,17 a, and the stock of
bullion was then as high as 14,900,000
Half the month of January had scarcely gone over,
before more strongly and plainly were " breakers" seen
ahead. The outward current of specie to the United
States had a full impetus imparted to it. Still the di-
rectors of the Bank of England held on their course
steadily. There were reasons, questionless for this
course on their part, of which more hereafter. Com
mercial operations still languished, and all hopes of im-
mediate relief from the measures of the Legislature had
vanished. The time was gone by, and a train of specu-
lative operations in foreign grain had been commenced,
the result of which has yet to be felt and appreciated.
In the month of February the Three per Cent. Consols
dropped to 90, the circulation of the Bank of England
was given at 19 613,4701. and the stock of bullion at
about 12,300,0001.

The first demonstration on the part of the directors
of the Bank of England to check speculation in corn
and cotton was made on the 14th and 21st of January
last, when discounts were raised to 3i and 4 per cent.
The second effort was on Thursday week, and the last
the day before yesterday, as per the notice quoted above.
Then how stand the figures respecting Consols, issues,
and bullion? The first closed yesterday evening at 8611,
the issues of the Bank at 19,854,9401., and the bullion in
store at 10,246,410/.
Briefly a summary may be made thus for future re-
ference:—

The Three per Cent. Consols. since August last are
Lower by about 10 per cent. _

The Issues of the Bank are lower by about 600,0001.
The stock of bullion has been decreased by about
6,000,0001.

The question that primarily forces itself in most
quarters is, could the Bank directors earlier have taken
the stringent steps which they have recently adopted ?
The response is almost universally in the negative.
Next to the best thing that could be achieved, the open-
ing of the ports at the close of last year, was the
passing of the Corn Bill of the present session.
Had restrictive measures been taken much earlier than
they have been, the direct tendency would have been to
limit arrivals of wheat, flour, meal, &c., in this country,
and the horrors of starvation would thereby have been
very considerably augmented, at least in Ireland and the
Highlands of Scotland. It was not, indeed, until full
and entire information had been obtained in the Bank
parlour of the probable renewal, or attempt at renewal,
of certain papers representing corn transactions, and of
operations for facilitating the, purchase and transmission
of gold abroad, that the step of Thursday week and the
day before yesterday was taken.
But is there any difference in the aspect of the money
and commercial markets now, as compared with the
panics of 1825-6 and 1836 7 ? As respects the latter,
there is a most decided difference. The present may
termed as a corn and specie crisis. Never was the great
mercantile interest in so sound and healthy a condition
as at this moment. By circumstances which no
human poser could prevent, Great Britain is
compelled to be the recipient of fleet loads ot
corn, &c. This was not the case at the
periods Just quoted. And while in the public depots at
all the ports in the kingdom, goods of every descriptions
are :warehoused in ample quantity, never was a season
less free from I ime bargains than the present. Even
in cotton and corn things have taken a turn in the right
direction very recently. As prices of the latter are on
the fall, more will most likely be brought to market. It
is pretty accurately known that the stocks of foreign
wheat in store in our ports are not large, but the vast
amounts in transitu will come to a much worse market than
was anticipated when the orders for them were sent out.
All then was hey-day for higher prices. The reverse of the
picture is now pretty certain. With a surplus revenue—
with a more stringent policy on the part of the directors
of the Bank—with a tendency in the markets for grain
and and provisions to go bsck—with an increasing ex-
portation of British manufactures to the United States,
and a fair expectation that much further supplies will
mesay
be
required—with all these points considered,
se d,
saantdelythhaatzsafredaeddiltyh,awt
ethhoepfeuervoernofthec speedily—the crisis has passed,
and greattts
p in-
terestserous of the
development.coun country will be again in the full tide of pros-
perous
Bs,oo
entallo7aorokie,tshaosf
thellteermopsinuiopnon entertainedw hi el the contractin
nthen
f co
been taken by our Government for the relief of the
Irish and Scotch distress is that it was too high; but
however much the value of it may have been at pre-
sent depressed, the bargain is one, to say the least of
it,
.of a satisfactory nature for the Government. No
foreign state could obtain advances upon similar easy
terms. The second instalment of 124 per cent. was
paid up yesterday. It scarcely had influence upon
the value of money. The scrip is held in
few
hands, and most of its owners are rich. As respects
the value charged for discounts at large, it is not pos-
sible to furnish correct quotations. As above noticed,
the Bank of England, upon approved Bills of Exchange,
charges 5 per cent., and as much as 54 and 64 per cent.
are submitted to in other quarters. The commence-
ment of the payment of the quarterly dividends has
scarcely influenced the rate of interest a fraction.
It is worth a notice that during the present strain
upon the Money Market not one word is said, in ci=ties
where so much fear a year or so back prevailed, of the
ruin to be expected from investments in railway pro-
perty, new or old, at the present moment. Steadily, in
fact, are the railway receipts advancing, and well can the
directors afford to pay a more handsome per tentage to
their proprietors than that yielded by the public Bocuri-