The Sun.
London, England, 1847-05-08 00:00:00

THE SITI4,_ LONDON', SATURDAY E,VEIVING, MAY 9, 11147:a

trading population; for the: majority of our traders
judge not of the merits of a financial problem by an-
ticipative calculations; they only become aware of
the miseries consequent upon a specious enactment
like that of Sir ROBERT PEEL'S when they have actu-
ally experienced its malign operation. When the in-
terests of the community are paralysed by the influence
of an erroneous law, or when, as they are at this
moment, the whole mercantile transactions of the
kingdom are thrown into confusion by the effects of
a fallacious principle—then, but certainly not till
then, do the majority recognise the injurious cha-
racter of a scheme so illusory as the one concocted by
the financial experimentalists of the late Adminis-
tration.
Well, we have suffered grievously from the enact-
ment of 1844—we are at this very moment suffering
from the enactment of 1844. The bubble has ex-
ploded ; the vision—the beautiful vision of the
Peelites has " melted into thin air." The confidence
of the public is utterly destroyed. The flaw is de-
tected. Some sweeping measure of reformation
is, therefore, absolutely necessary, in order to re-
store to the commercial interests of this great com-
mercial country that salutary consciousness of safety
which has been filched from them for the sake of mak.
ing a gigantic experiment. It has become notorious
that the market will be always endangered, even in
times of indisputable monetary security, by the arti-
ficial panics produced by the Bill of 1844. The
banking world is thoroughly convinced of this ;
every individual who is engaged in barter to the ex-
tent of twenty pounds sterling is aware of it; the
fact is blazoned forth in the public funds, in the
private banks, in the railway offices, in the canal
offices—everywhere, in short, where credit is essential,
and ultimate payment is essential, and moderate dis-
count is essential. The thing is beyond all dispute.
There is no blinking it; and matters cannot be re-
stored to their original position of confidence and se-
curity until the bugbear that has caused, and is still
causing, these involvements has been manfully as-
sailed and utterly destroyed.
But the Chancellor of the Exchequer announces
that no movement of the kind is intended by the Go-
vernment. A change in the currency law is not enu•
merated among the intentions of the Administration.
But, in lieu thereof, Sir CHARLES WOOD moves that
on Monday the House of Commons shall resolve itself
into Committee for the purpose of considering and au-
thorising an allowance, by wayofdiscoun t, on the prompt
payment of instalments upon the recent loan, and the
motion is formally agreed to sub silentio. To explain
this matter in the simplest language possible, the
Chancellor of the Exchequer proposes to allow the
Money-market generally to "right itself" in the
best way it can, and by an exquisitely selfish ar•
rangement make his own department safe amidst all
existing dangers, and independent of any possible
panic. Sir CHARLES WOOD prefaced his statement
upon this point by observing that on the 18th instant
of the present month, the Government would give
the customary notice for the exchange of
Exchequer-bills, but that a necessity being felt
for the advancement of the rate of their interest, it
would then be determined that Exchequer-bills shall,
from the day of exchange, bear interest at the rate
of 3d. per diem. Having explained thus much of the
ulterior intentions of the Government, the Chancellor
of the Exchequer entered into the details of his mar-
vellously selfish project. The exact character of this
proposition cannot be given more briefly, or more
explicitly, than in his own language, when he re-
marked that—
" The day for payment of the instalments was either the
18th or 19th of June (he forgot which), and the plan pro-
posed was, that any person who paid up previous to the 18th
or 19th of June—whichever it might be—any portion of the
instalments due subsequent to the day of payment, should
receive an allowance by way of discount. If a person, for
instance, paid in May the June instalment, he would receive
a discount of one month. If in May he paid the July instal-
ment, he would receive two months' discount; if the August
instalment, he would receive three months' discount, and so
on in proportion."
In other words, the nation will here, as in
multitudes of other instances, have to " pay
the piper" for the blundering legislation of a
mistaken statesman. The discounts received by
the persons making these early instalments will,
of course, come out of the public pocket, and they
are rendered necessary by the present difficulty of
obtaining discount, and the difficulty of obtaining
discount springs solely and exclusively from the
evil operation of the Bank Restriction Act. Can any-
thing more be necessary to enforce our argument ?
Surely nothing.
We can only repeat again, more emphatically, our
obligations to the Chancellor of the Exchequer, for
his very fortunate explicitness.

The opposition that has been offered to the progress
of the Irish Poor-law Bill in the House of Lords may
ultimately be productive of benefit. The public will
be made fully aware of the impossibility of conciliat-
iLg the Irish landlords, of inducing them for once to
give up their own selfish views, and to legislate for
the general good apart from personal and party con-
siderations. Much has already been done for them.
Assistance has been afforded with no stinted or nig-
gard hand ; they have been loaded with benefits in
order to induce them to co-operate with the Govern-
ment in rendering an act of justice to their poorer
countrymen, and which must eventually tend to their
own great and permanent advantage. They have
hitherto been treated like wayward and petulant
children, who must be coaxed and bribed to take the
salutary medicine which their unhealthy condition so
urgently demands ; and, like those children, they re-
ceive the offered sugar-plums, but reject the
wholesome accompaniment. The malcontents may
derive an instructive lesson from the ordinary termi-
nation of contests such as we have described. The
offered rewards are withheld when it is found that
they will not induce a patient acceptance of the
necessary remedies, while the latter, rendered tenfold
more nauseous and disagreeable by the very resis-
tance, is forced on the unwilling recipients. We
trust that the moral will not be lost on those children
of a larger growth, but that, while there is still time
for repentance, they may retrace their steps, and,
with a good grace, yield to that which the unanimous
voice of the people so urgently demands, and which it
is manifest to any unprejudiced observer is inevitable.
No struggles on their part can get rid of the measure.
They may retard, but they cannot avert it. Its ulti-
mate success is certain, and, if it is kept back for the
present session, it may probably on its re-appearance
a.sume a still more formidable shape, and come up to
their Lordships, without those clauses that have been
inserted in the vain hope of the landlords being
thereby propitiated, their hostility appeased, and their
acquiescence obtained.
The real nature and object of the amendment which
was carried on Thursday evening, and the Inextricable
scene of confusion in which the House was thereby
involved, were well exposed by Earl GREY. He
stated " that the truth was that the Noble Lord
wished to give a damaging blow to the Bill on the
very first day of the discussion, and would not wait
until the proper time for introducing the amendment,
and his Noble Friend had availed himself of the first
opportunity, trusting that many of their Lordships,
not being so expert in Parliamentary tactics, would not
clearly perceive.that the object was todamage and preju-
dice the Bill." Lord CAMPBELL said, " that although
a lawyer of some experience, he certainly was at a loss
to know what was the legal interpretation of the
words which had been introduced into the Bill by the
amendment." We find, in fact, that the effect of the
altelation is something different from what its sup-
porters intended, and that it limits the duration of
the entire Bill to the Ist of August, 1848. In
that time, the clause preventing any relief being
afforded to any man holding more than a quarter of
an acre of land, will have enabled the landlords to
clear their estates of every cottier tenant. They will
haveu sufficient powers to seize everything the unfor-
tunate man may possess, to withhold employment,
thus compel him to have recourse to assistance,
without which he cannot live ; and thus a cheap and
easy mode of ejectment will be available. We
now know sufficient of the Irish landlords as a body
, to induce us to yield an easy credence to the opinion,
that everything sanctioned by the lm
forwardv will, in too
many instances, be put in force
darling object, the clearance of their to
estates,
eviction of the starving wretches who have her ned theb
ob-
tained a shelter, but who may their
a
not be the most de-
' sirable or profitable occupants.
The only inducement that could operate to prevent
parties from being guilty of this inhumanity has been
taken away by the success of Lord STANLET'S

amendment last night for the rejection of the 1 lth
clause, which provided that whenever the ex-
penses chargeable to an electoral division exceed fif-

teen-pence in the pound, the surplus is to be charged
to the union at large. So long as this remained a por-
tion of the statute the landlords could not obtain
the full benefits of the clearance system; accordingly
it has been expunged, and there is now nothing to
restrain them from carrying their wishes into full
execution.

In the meantime it is gratifying to perceive that
the Ministry have nailed their colours to the mast,
and that they will not yield to the attempts
to " deaden " the effect of the Bill. They will
have it in its integrity, or not at all. They,
will insist on the Bill, the whole Bill, and no-
thing but the Bill. The postponement of
the Railways Bill for Ireland, by which 620,0001.
was about to be granted as a loan to certain railways
in that country, until Friday is peculiarly significant,
and the observations of the Premier on the Punish-
ment of Vagrant's Bill, prove ithat the Cabinet will
be firm. There is no question on which they
can have the sympathies of the country
more strongly excited in their behalf. It
requires no prophet to say, in case there should
unfortunately be a collision between the Houses,
which must give way. If an appeal to the
country should be rendered necessary, that appeal
will be promptly and efficiently responded to. If
an overwhelming majority at present exists amongst
the representatives of the people, that majority will
be materially strengthened and augmented in the new
House of Commons. We trust, however, their
Lordships may not be so blind to the real interests of
the country as to persevere with wilful obstinacy in
their opposition, but that they will rather imitate the
conduct of one of their number (Lord SHREWSBURY),
who honestly avowed that his vote on Thursday was
given in error, and expressed his belief " that it
would be highly advantageous that the measure
should return to their Lordships as speedily as pos-
sible for reconsideration."

We give in another column a letter addressed by
Mr. RIGBY WasoN to the Chancellor of the Exche-
quer, with reference to the withdrawal of the measure
for the reclamation of waste lands in Ireland. A com-
parison is drawn between the merits of the plan of
the writer and of that which the Government has
ultimately considered, under all surrounding circum-
stances, as the best to be adopted. Upon the abstract
merits of Mr. RIGBY WASON'S scheme we have al-
ways expressed a strong opinion in their favour; and
it is observable that the Government have intimated
their concurrence in the same. The announcement
that it would not be persevered in during the present
session was not unaccompanied by the acknowledg-
ment that the reclamation of waste lands in Ireland
would continue to be regarded by the Admi-
nistration as a most important object for legis•
lation. The Government intimated their regret
at having ascertained that the objections to the com-
pulsory powers contained in their measure were held
in such force by many, as to establish the expediency
of their being expunged ; and yet, divested of these
powers, it has been adjudged, and, to our thinking,
wisely, that the utility of the Bill would be seriously
compromised. Our hope, however, is, that the con-
tinued deliberations of the Executive will enable
them to devise some efficient and unexceptionable
machinery, so that early in the next session a measure
may be introduced calculated to secure as rapidly as
possible the redemption of the millions of Irish acres
which, although confessedly of a most fertile character,
are now wholly unproductive. Looking, then, to the
difficulties which the Government thought would at-
tend the task of persevering with their Waste Lands
Bill, in the mutilated form to which we have adverted,
and to the necessity, at this period of the session, of
augmenting by legislation the sources for providing
both immediate and permanent employment to the peo-
ple, the diversion of a portion of the loan of 8,000,0001.,
to the extent of 620,0001. for promoting the comple-
tion of certain railways, is, perhaps, as wise a recom-
mendation as they could have submitted to Parlia-
ment. We have often before remarked that, compre-
hensively viewed, railways are of themselves repro-
ductive works. No railway is laid down except
where the population and trade at its different
termini will induce a given amount of traffic ; and
experience shows that lands in the vicinity of a rail-
way in operation are rapidly brought into cultivation.
It is not the province of the Government, neither is
it desirable, as a general rule, that they should appear
as money lenders in the market. But, nevertheless,
extraordinary exigencies imperatively require, at
times, deviations from established rules, and when
such a conjuncture of affairs has to be dealt with the
point to be regarded is, that the deviation is not wider
than the public contingencies seem to warrant. The
course adopted is the least objectionable, and, under the
circumstances, the most commendable. They fosterpri-
rate enterprise ; they aid it without superseding it. We
think Sir ROBERT PEEL was in error in the excep-
tions which he took to the recent plan of the Govern-
ment. We cannot participate in the fears he ex-
pressed. In 1844 Sir ROBERT himself, on the part
of the Government, aided a railway company, consi-
dering it only just to do so when the company had
completed and opened a certain portion of their line,
and had thereby created ample security to the
Treasury ; and he stated last week, in the House of
Commons, that " he should be bound, the circum-
stances being the same, to adopt a similar course with
regard to other railways of a like description ; but,"
he added, " the time and mode of the application
would necessarily influence its extent." The mode
of the application in reference to the railways selected
by the Government for public aid is identical with
that which met with the direct sanction of the ex-
Premier ; and with regard to its time, humanity and
wisdom alike combine to •vindicate its seasonableness.

The intelligence received from Madrid, up to the
Ist instant, inclusively, is of the meagerest de-
scription.

On the preceding evening a Cabinet Council had
been held, at which General SERRANO was present.
In her MAJESTY'S approaching visit to Aranjuez, it is
rumoured that the KING-CONSORT will be conveni-
ently left behind in Madrid. On the very day of
the departure of our dispatches from the Spanish
capital, General NARVAEZ had started on his journey
to Paris, attended by four aides-de-camp.
As we have elsewhere observed, the projected removal
of Queen CHRISTINA from the immediate vicinity of
the Tuileries augurs well for the futurity of the
Iberians.

The principal matters of consideration in the Paris
papers of Thursday, which have reached us as usual,
are the lengthened discussion of the preceding fore-
noon in the Chamber of Deputies, and the observa-
tions on Greece uttered in the House of Commons by
Lord PALMERSTON, Lord JOHN MANNERS, and Mr.
PETER BORTHWICK. The harangue delivered from
the tribune by M. GuizoT is alternately lauded as a
magnificent effort of oratorical skill or derided as a
shuffling piece of elocution, according to the political
partialities and prejudices of the different organs. By
the supporters of the wily Minister it is considered,
of course, that M. GuizoT has given a conclusive au-
swer to the statements of Lord PALMERSTON. Clever
as is the assumed enthusiasm of M. GuIzOT, when
speaking of the anxieties experienced by his Adminis-
tration for the liberal independence of the kingdom
of OTHO, we cannot but coincide in the bitter and
sarcastic sentiments with which that enthusiasm is
listened to by the Constilittionnel :
" Yesterday," says our contemporary, " M. Guizot had his
turn, and he came out of the discussion as bruised, as over-
whelmed, as his colleagues by the demonstration of his errors,
his rapacity, and his incapacity. There was merely this
difference. M. Guizot, who is a very clever actor in the tri•
bune, amuses and interests the assembly by his talent, his
attitudes, and the sound of his voice. He declaims triviali-
ties with emphasis, imagines grand theories to cover wretched
argumentation, and dazzles his auditory. He regards it as
convinced by what he says, commands, instructs, raises his
voice and moves his arms with a tragic air. Do not notice
his attitudes, shut your eyes to his acting, dive to the bottom
of his grand words, compress his inflated phrases, and you
will always find only wretched arguments, miserable acts,
puerile excuses, and the most insolent disdain for the good
sense or the memory of his auditors,"

Is there not the profoundest truth in these latter
assertions ? Is there not ? Listen to the presump-
tuous impertinence with which the French Minister
for Foreign Affairs endeavours to cajole the Deputies
of the people by clap-trap phrases, by tawdry pre-
tences of disinterestedness, and by a miserable assump-
tion of probity ! Listen to the insidious ejaculations
ofAl
says he, " we will. GUIZOT " The support which we have afforded
Greece,"
persevere in bestowin
we will continue to give her apolitical support, we g
will

continue to give her a financial support; if it be ne- '
cessary we will even come again before the Chamber
to demand of you, gentlemen, the pecuniary means
of ensuring the Hellenic salvation. But," continued
the diplomatist, rising in confidence as he pro-
ceeded, " but I trust that Greece will never
experience that necessity ; I trust that, strong
in her constitutional rights, strong in her
nationality, strong in the good opinion of the vast
majority of Europe, which is in accordance with our
own, she will save herself—that she will liquidate her
debts towards all her creditors—that she will acquit
herself of further liability—to-morrow !—at once!"
M. GUIZOT cannot reasonably expect that the bare
utterance of such aspirations, when they are no-
toriously opposed by the Gallic representative at
Athens,: will inspire the dubious gentlemen of the
Chamber of Deputies with the confidence which has
very nearly evaporated.
M. BILLAULT has plainly taxed the Government
with a profligate expenditure in the furtherance of its
:Foreign policy, without any appreciable advantage
accruing to France in compensation for that expendi-
ture. M. GUIZOT has endeavoured by a prolonged and
unquestionably brilliant explanation to justify the
conduct of the Cabinet in regard to the recent em-
barrassments in the Hellenic metropolis, and he has
likewise attempted to account satisfactorily for the
ejection of French influence from the councils of the
Spanish SOVEREIGN.
Among those journals which indulge in vitupera-
tions upon this statesman and his efforts at extenua-
tion, the National speaks out perhaps the most em-
phatically. Its language is as follows :
" M. Guizot again yesterday played the game which he
has found succ3ssful during the last seven years. Only, if
there be retrenched from his speech the parts relating to
Greece and the Bey of Tunis, all the oration is empty, sig-
nifying nothing. False or hyperbolical in his facts, he was,
as he always is, hollow and illogical in his theories. Look,
for instance, at what he says of Spain, and then regard
the present position of that country. At present Christina
is at Paris—lsturitz in disgrace—the French Ambassador
absent—at present the most marked reaction has set in and
stigmatises every Spaniard suspected of friendship for M.
Bresson ; they whom his influence had maintained in power
are overturned ; they who were placed by him in the palace
have been turned out of doors; the King wished to invoke
the name of France, and at once the Queen ordered him to
be lodged in the apartment formerly occupied by the Duke
die Montpensier, finding in that step two advantages—one
to place him at a distance from herself, and next to intimate
how offensive to her was this appeal to French influence.
England, whom the marriages were for a length of time to
exclude from all preponderating influence at Madrid, now
exercises its power more than ever. She took only three
months to drive out Christina, Pidal, Isturitz, and M.
Bresson from the positions which they occupied; and sbe
is about to hold possession of the Peninsula both by
Madrid and by Lisbon. With such things before us, we
may ask where are the promised results of the double
marriage ? Let us be shown what France has gained ?
And yet M. Guizot expresses himself well pleased Truly,
the Chamber must have but little sentiment of its own
dignity, when a Minister thus dares to contradict himself
after a lapse of only three months, and when it listens to
him as he so openly mocks her by his assertions. To be un-
able to touch any question without lying, and then to come
every three months and narrate some new theoretical piece
of nonsense—such is the wretched part which this man is
condemned to play."

Enough, however, in all conscience, of this state
juggling and political charlatanerie.

A rumour is afloat that Queen CHRISTINA and the
royal tobacconist, her spouse, are about to leave
Paris for a sojourn in the Italian peninsula. Some
fairer prospect arises, therefore, of an abate
anent in these perpetual misunderstandings in refer-
ence to Spanish affairs.

No Ministerial changes are now anticipated, ar-
rangements having been made for the postponement
of the modification of the Cabinet until after the close
of the present session.
The Semaphore of Marseilles says—

" The great agitator of Ireland, who embarked on the 29th
ult., at Avignon, in the steamer Aigle, for Arles, arrived on the
Ist inst. at Marseilles. O'Connell is accompanied by his son,
his chaplain, and a physician. According to these gentle-
men, the health of the illustrious patient is much improved
since his arrival at Avignon. His conversation, we have
been assured, has become more animated than it had been
since his departure from England, a circumstance which leads
us to indulge a strong hope of his recovery."

Besides his lengthened oration from the tribune,
the exertions of M. GUIZOT in the Chamber of De-
puties were directed to another great pecuniary con-
sideration : the Foreign Minister, in the absence of
his colleague of the Interior, laid on the table a pro-
ject of law for authorising the city of Paris to con-
tract a loan of 25,000,000 f.

The Three per Cents. closed on the Paris Bourse on
Thursday at 78f. ; the Five per Cents., 115 f. 80c.; the
Orleans Railroad Shares, 1,236 f. 25c.; Rouen, 945 f.; Havre,
666 f. 25c ; Great Northern, 610 E ; Avignon, 770 f.; Vi-
erzon, 587 f. 50c. ; Bordeaux, 512 f. 50c.; Boulogne, 405 f.;
Bask, 193 f. 75c.; Dieppe, 325 f. ; Paris and Strasburg, 425 f. ;
Tours and "lentos, 415 f. ; Paris and Lyons, 432 f. 50e.;
Lyons and Avignon, 450 E; Spanish Three per Cents., 3514.
The following are the quotations for other lines :
LYONs, MAY 4.—Paris and Rouen, 954 f. ; Avignon and
Marseilles, 781 f. 25c.; Northern, 625 f.; Paris and Lyons,
440 E

VIENNA, APRIL 29.—North, 1631/2 ; Glognitz, 121 ; Milan,
107 5-16; Leghorn, 87; Pesth, 98; Budweis, 194; Sienna,
691/2 ; Grosetto, 94th.
FRANKFORT, MAY 3.—Louis-Bexbacb, 981/8 Frederick-
William, 70% ; Taunus, 357.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, MAY 7.
Boulogne and Amiens, 164—Dutch Rhenish, 4—Lyons
and Avignon (Constituted), DA—Northern of France, 11%
—Orleans and Bordeaux, 61/B—Paris and Lyons, 4%—
Sambre and Meuse, 7%.

THE LORD-LIEUTENANT OF
IRELAND.

DUBLIN, MAY 6.—There is no change for the worse in the
state of his Excellency; on the contrary, the official reports
announce a continued tendency to improvement, although
nothing has occurred to warrant any very favourable antici-
pation as to the ultimate result. The following bulletin was
issued this morning;—
" His Excellency passed a good night, and the cough
which, for some days past, had been troublesome, has
abated."
The Dublin Evening Post has the following announce-
ment : .

--- - .
" THREE o'cLocx..—The indications of improvement still
continue. His Excellency is better and cheerful."

CHANCERY.--(THIS DAY.)
This was the last day of Easter term, and the Lord
Chancellor took appeal motions, none of which possessed any
points of interest except to the parties concerned.

BOW-STREET.-(THIS DAY.)
James Fanning was placed at the bar before Mr. Henry,
having been remanded upon a charge of stealing a book from
a stall in Holywell-street.
The prisoner was met by a policeman with the book un-
der his arm, and, as the officer knew him of old, he took him
in charge on suspicion. It was afterwards identified by the
bookseller. _ _

Mr. 1-Ixsfor having declared his intention of committing
him for trial to the Middlesex sessions,
The prisoner begged of the magistrate to commit him to
the Old Bailey, saying, that as he had been convicted there,
and sentenced to 12 months' imprisonment, he would be
transported, but not if he were committed to the Middlesex
sessions, where he was not known. Ile hoped his Worship
would give him an opportunity of getting out of the country.
Mr. HZNLY was at first disposed to accede to this re-
quest, but, after a moment's consideration, he said lie thought
the prisoner had another motive for asking to be sent to the
Old Baily.

The prisoner—l have, Sir. If lam sent to the sessions
I'll go " down there " (meaning to the Tothill-helds prison),
and they will keep me by myself, and that punishes me so.
Mr. HENRY—That is your own fault. You have brought
it upon yourself, and you must put up with it.
He begged very hard to be sent to the Old Bailey, and
not " down there," but _ _

Mr. HENRY thought the ends of justice would be better
answered by committing him to the Middlesex sessions. He
might be transported there as well as at the Old Bailey.
Committed accordingly.

HOSPITAL FOR CONSUMPTION AND DISEASES OF
THE CHEST.— Yesterday evening a meeting was held in the
board-room of the institution, Edward Speers, Esq., in the
chair. After the disposal of the usual routine business, it
was stated that his Royal Highness the Duke of Cambridge
would preside at the forthcoming anniversary festival.
Among the stewards are the distinguished names of the
Duke of Montrose, the Marquis of Aylesbury, Earl Corn.
wall is, Earls Eldon and Effingham, Viscount Sidney, Viscount
Newport, M.P., and several other noblemen and gentlemen
of influence and distinction.
THE ENGLISH OPERA HOUSE.—The shareholders
of this theatre having waited some eight or ten years without
getting a farthing of interest, or even obtaining a statement
of the accounts, meet on Friday morning in the saloon of the
theatre for the purpose of determing on the best means to be
adopted for the purpose of recovering the arrears. The
mortgage on the property does not exceed 8,0001., and as it
has been let for several seasons at a large rental, it does seem
rather strange that it should have been unproductive to the
proprietors. In the event of satisfactory explanations not
being furnished, there is every probability that the theatre
will be thrown into Chancery.
ELECTION MOVEMENTS.—The friends of Mr. John
Simeon and Mr. Fleming are busily employed canvassing
the electors of the Isle of Night; but the electors seem
quite indifferent about the matter. There are no committees
formed, nor is the subject even talked about but by the
officials. It is the general opinion that not more than half
the electors will poll.
THE ELECTRIC TELEGRAPIL—The Electric Tele-
graph Company have taken offices in the Central Exchange,
at Newcastle•upon-Tyne, which will be a great accommo-
dation to the inhabitants of that town ; for, instead of having
to send their messages to the railway station at Gateshead,
as at present, they will deliver them at the offices, where
messengers will be kept for the purpose of taking them
across. It is the intention of the company to extend their
wires from the various railway stations to the Exchange, so
that when the telegraph is completed on that part of the
North-Western line between London and Rugby, and be-
tween Newcastle and Edinburgh, Newcastle will be brought
into instantaneous communication with all the principal
cities and towns of Great Britain, a circumstance which
must be of infinite importance to the commercial public,
especially of that locality.
VIENNA, MAY I.—The Vienna Gazette announces
the death of the Archduke Charles—the hero of Wagram—
which took place yesterday about four o'clock in the morn-
ing. The immediate cause of his death KM a aevere cold,
with inflammation of the pleura.

MONEY and COMMERCIAL NEWS.
_ _
_CITY, QUARTER TO THREE.

The sales of Cotton at Liverpool yesterday were 4,080
bales, at about previous rates. Shares were dull, but with
rather less stock pressing on the market.
The quantity of cotton sold during the week is 27,070 bales,
and the stock is 530,830 bales against 794,890 bales at this
time last year. Prices have defined 14d. to %d. per lb. on
American sorts.
There was no change worthy of note in the Railway Share
Market yesterday. The following are a few of the principal
sales of Railway shares by Messrs. Lamond and Co. :
Derby, Stafford, and Worcestershire .... £0 7 6
Leicester & Bedford, Exchange Certificate 0 10 0
Calcutta and St. George's Point 0 1 6
Armagh, Coleraine, and Portrush
Liverp. Manch. andNewcastle-upon-Tyne 1 0 0
North Staffordshire
Ambergate, Nottingham, and Boston 1 9 0
Royston and Hitchin
Manchester and Southampton 0 14 0
Northern Counties Union 1 5 0
London and York Extension
Newmarket and Chesterford.... 9 5 0
Shropshire Union and Canal 0 5 0
Reading, Guildford, and Reigate 4 12 6
There has been very little satisfaction expressed at the
statement made last night by the Chancellor of the Ex-
chequer, who seems indeed to have a very curious notion
of the besi, method of alleviating a money pressure.
The proof of this is that he intends to offer
a bonus to those who pay up quickly upon
the new loan, instead of easing the Money-market by making
the payment as gradual as possible. The plan of Govern-
ment might probably be termed a measure for their
own relief, and will possibly assist the Bank too,
and so far enable the latter to aid the public; but
this is merely " robbing Peter to pay Paul," for the public
advance their money to the Chancellor, and th 6 Bank lends
a portion of it out again. As to the advance of the interest
upon the unfanded debt, if the Chancellor of the Exchequer
had not adopted that course, he would shortly have had
them half paid in.
There are some more favourable points in the Bank of Eng-
land return for the week to the Ist inst., and the general
result is some reduction of liabilities and increase of assets,
without the accommodation afforded to the public having
been diminished to any extent.
Notes issued now ... £22,506,585
Decrease ••• ••• ••• 42,555
Rest, increase ... , 11,924
Public Deposits, decrease ... 335,364
Other ditto, increase ... 186,639
Seven day and other Bills, decrease 31,684
Other Securities, increase 33,049
Notes reserved ... 2;741,080
Increase 22,085
Government Securities ... ... 10,727,319
Decrease •• • ••• 390,000
Bullion ... ... 9,337,716
Increase 123,826
Active circulation from Notes
issued, decrease 64,640
The accounts, one day later from New York, notice a
further improvement in the rates of exchange, and on the
continental cities there was a steady advance here again
yesterday.
The funds have been heavier to-day, but there has been
very little business doing. There is not much probability of
the instalments on the loan being paid in advance to
any extent,
,or of the holders who do pay, and who
must, very likely, be " strong men from that
especial circumstance, selling their stock at the present
low prices. Consols have been 86 % 3/4 for transfer,
and 87 to 863/4 for time. Exchequer-bills have been
Is. to ss. premium. Bank Stock is worth 189. The New
Three-and-a-Quarter per Cents. have been 8714 14.
The Foreign Bonds have been heavy, but very quiet.
Spanish Three per Cents. have been 333/4 ; Mexican, 110% ;
and Brazilian New, 82% ; Dutch Two-and-a-Half per Cents.
have been 571. x.
Shares have been fiat, and the business doing is limited.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
Bank Stock .. .. • • .. .„ 189
Three per Cent. Reduced Annuities .. 85% %
Three per Cent. Consols Annuities • . • • 86% % 44%
New Three-and-a-Quarter per Cent. Anne. 87 414 4
Long Annuities, Expire Jan. 5, 1860 • • 9 1-16 8 15-16
Consols for May 27 .. • • • • .. .. 87 86%
Exchequer Bills. I%d. 2d.
1,000/. .. 15 1 p
500/. 1 4 p
Ditto, Small .. .... 4 p par 5 p
PRICES OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent • • • • 82%
Chilian Bonds, 6 per Cent.
Ditto, 3 per Cent .. 51%
Equador Bonds .. .. • • • ..
Mexican, 1846, 5 per Cent .. .. 20%
Portuguese Bends, 5 per Cent. • • 82%
Portuguese Four per Cent .. .. 35
Ditto, for the Account .. 34%
Spanish Bonds, 5 per Cent. 22%
Ditto, for the Account .. 22%
Ditto, Passive Bonds 4% 5
Ditto, Three per Cent .. • • 333
Venezuela Bonds, 2 per Cent .. .. 38%
Dividends on the above payable in London.
Belgian Four-and-a-Half per Cent. 91
Dutch Two-and-a-Half per Cents. 57%
BUSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK.
RAILWAYS. PAID. PER SHARE.
Birmingham sad Oxford Junction • • 10 •• • • 17 .... to
Caledonian • • .. .. • . .• •. 30 .... 23%.... to 24
Ditto, Half Shares .. • • • • • • 2% •• • • 1X%,. to
Eastern Counties • • • • • . 20 ..,, 18%X • • to
Do., Perpetual,s per Ct. No. 1,6/. 13s. 4d. •• .. % p.. to
East Lincolnshire .. • • • • • • • • 6% •• • • 7X • ... to—
Great Northern .. • • • • • • .. 3% •• • • 2% ••.. to
Great North of England .. • • • • 100 •• • .230 .. ••to
Ditto, New • .. • .• • • • • 1 ••• • 18 ••.. to
Great Western .. • • .. 85 ....112 .... to
Ditto. Fifths .. .. • • • • 20 .. .. 25 .. • • to
Ditto. New • • . .. • • .. 4%.... 6%.... to
Hull and Selby • . • • • • .. • 50 .. .. 102 .. • • to
Lancaster and Carlisle .. .. 50 .... 59 .... to
London, Brighton, and South Coast • • 50 .. •• 51 50% to 51%
London and North-Western .. • . 100 ...171 •• • • to
Ditto, Quarters .. .. L. and B. 7 .... 21 .... to
Ditto ditto New .. • • .. • 2 .... 11%14 .. to
Ditto, Fifths • • • • • • • • • • 2 •• .. 15%.... to
Ditto, 401. Shares .. M. and B. .. 40 .... 66 .... to
London and South-Western 411. 10d. .... 6114 .... to
Ditto, Tenths (Consolidated) .. 50 -. • . 51% .... to
Lynn and Ely • • • . 25 .... 26%14.. to
Manchester and Leeds . • • • • 82 .• .... to
Ditto, Thirds (Reg.) • • • • • .71. 45..... % p.. to par
Midland ..100 ....114 .... to
Newcastle and Berwick .. • • 20 .... .... to
Ditto, New • • • • • • • .. 5 •• • 6% to
Norfolk ..100 . 122% .•to
North British .. .. 25 30%.... to
Northern and Eastern .. .. 50 55% . • • • to
North Staffordshire • • • • • • • • 5 ...• 6% %%to
Preston and Wyre .• • . • • 25 .... 3414.... to
Ditto, Half Shares (A) •• • • . • 8% •• • • 12 •..to
Reading, Guildford, and Reigate • • 5 •• .. 4% to
Royston and Hitchin • • • • • • • • 1% •• • • 1% • • to
Shrewsbury and Birmingham (A) • • 354 • • 3%.... to
iouth Eastern and Dover • • .. —331.25.4 d. 36% to
Ditto, New (do. 151.) No. 4 .. .. 5 .• .. 4% •• • • to
South Wales .. .. 10 .... 7 •• .. to 6%
West Riding Union .. .• • .4/. 2s. •• .. %p.• to par
Windsor, Staines, and South-Western 425. •• .. 1% p.. to
Wilts, Somerset, and Weymouth.... 20 .... 11 ...• to
York and Newcastle . • .. .. 25 .... 34% .... to
Ditto, New .. . • • • • . 10 .. . • 13% •• .. to
Ditto, Preference • • • . • • • . 4 .... 6% .. ••to
York and North Midland .. • • 50 .• .... to
Ditto. Extension .• • • 25 .. • • 40 % .... to
Ditto, Preference • • • • .. .• 2 10% •••• to
FOREIGN RAILWAYS.
Demerara .. .. • • • • . • • • 2% 2%,... to
Northern of France • • .• .. • • 8 .... 11% .. to
Paris and Lyons
West Flanders • • • • • • • • • • 8 •• • . 4 .... to
MINES
Real del Monte. Unregistered • ... 314.. • . to
COURSE OF EXCHANGE.
Amsterdam .. .. C.F. 12 9 Gibraltar.. .. •• ..
Ditto, at sight • • .... 12 6 Leghorn ............ • 30 90
Rotterdam ...... 2U. 12 9% Genoa .. •• • • ...... •• .. 26 50
Antwerp......
flamburgh M.B. 14 Venice .... .... •• • • ....
&Rona.
Paris, 3 days' sight
Ditto, 3 months 26 40 Lisbon...
Marseilles - . .......... 26 50 Oporto .... • •
80urdeaux......... .. 26 40 Rio Janeiro • • ...... • • 26%
Frankfort on Maine.... 124
Petersburgh, 3 U 5.... • . Buenos Ayres ........
Berlin .
Vienna, effec.flo— .... 10 16 Philadelphia .... • • ....
Trieste, ditto lO 16 PRICTS OF BULLION, PER Os
Madrid .... • • ........ 46% Foreign Gold in bars.. £3 17 9
Cadiz ........ 47% New Dollars ••.. • • 0 4 9,
Portugal Gold Coin 0 0 0
Barcelona • • .... • • Spanish Doubloons .. 00 0
Silver ha bars 0 4 10%
Seville.. • ... ....... • • .•

LLOYD'S SHIPPING—(THIS DAY.)
LONDON, MAY B.—Wind S.S.E., fresh breeze and cloudy,
with rain at times.
DEAL, MAY 7.—Wind E. to E.S.E., calm.—Sld. Victoria,
Hobart Town ; Ariatus, Singapore, &c. ; Lord William Ben-
tinck, Calcutta; Kirman, Finlay, and William Gillies Bom-
bay; Warlock, Mauritius; Harriet, Sierra Leone; Susan
King, St. Lucia; Islander, Barbadoes ; Tutor, St. Croix;
Vere, Jamaica; Thomas and Robert, River St. Lawrence.
Powrsmourir, MAY 7.—Wind S.S.E.—Arrd. American
Eagle, Chadwick, New York, sld. 16th ult. Off port, Duke
of Cornwall, Whitehead, China; Minerva, Mauritius.

LIVERPOOL, MAT 7.—Wind S. to S.S.E., fresh.—Arrd.
Leo, Rees, Rio Janeiro; Mereiditus, Certino, Matanzas;
Georgiana, Higgins, Philadelphia; Navigation, Putman,
New York; Exchange, Duskers, ditto. Ott port, Isabella,
Demerara ; Yorkshire, New York, sld. lith ult. John R.
Skiddy, ditto; Anne Jane, Kisma, and Sea, Sld. Eliza
Moore, Hong. Kong ; Thomas Fielden, Bombay ;
Elizabeth, Rio Janeiro; Enterprise, La Guayra ; Escal-
dims, ditto ; John Currier, Boston ; Sirius, Pictou.
The Caspian, from Philadelphia, to this port, was abandoned
on the 20th March, in lat. 42, lon. 36, with ten feet water in
her hold ; crew taken off by the Levant, arrived at Baltimore.
The Concordia (British brig) was passed on the 19th March,
in lat. 44, lon. 40, getting up jurymasts. The Doy, Lime-
rick to New York, was on shore on the 17th ult., below Sandy
Hook, and was expected to become a wreck. The Tartar,
bound to Cork, put back to Boston, with cargo shifted, leaky
in upper works, and pumps choaked. The Susquehanna,
from hence, arrived at Philadelphia, with damage from stress
of weather. The Daniel (supposed to be the David), Liver-
pool to Norfolk, was spoken on the 2d ult., in lat. 36, lon. 54,
with decks swept and leaky, steering for Bermuda. The
Eliza Stewart from this port, on shore near Calcutta, was
floated off on the 22d March, making very little water, and
discharging cargo in good order.
CLYDE, MAY 6.—Wind E.—Arrd. Isabella Cooper, Guthrie,
Manilla ; Peggy, Smith, Jamaica. Sid. Chusan, Bombay ;
Juno, Quebec.
Noun; KNAPDALE, BY LOCHOILPIIEAD, MAY s.—lt
blew a gale from S. to S.S.W., 27th ult., veering to W. '1 he
wreck of a large ship, empty flour barrels, staves, and flour,
the lid of a small packing box, marked in italics, " Captain
Jackson, ship Tyrian," and a head-board marked "Tyria," in
gilt letters, have been picked up in the Sound between this
place and Jura. Mem. The Tyrian, Jackson, cleared at
Boston, 25th March.

Hinswictc. (LEnwicic), Aram 29.—Arrd. Wm. Ward,
Gravill, Greenland, with 10,000 seals and 90 to 100 tuns of
oil, with considerable damage from the ice ; reports the Anne,
Dean, with 7,000 seals.
LEITH, MAY s.—Sld. Aberfoyle, Cape of Good Hope and
Singapore.
OFF LEIIWICK, MAY 3.—Hebe, Greenland, full.
GLASGOW, MAY 4.—A box containing seamen's papers has
been cast ashore west side of Jura. There is a ticket of a
James Smith, born at Leith in Nov., 1822, and his discharge
from the Jessie Anne, in Aug., 1846.
PowrAsKAIG, ISLAND OF IsLAY,
MAY 3.--The Hydra, of
Copenhagen, Sligo to Maracaibo, put into Whitefarland , Bay,
Sound of Islay, with loss of boats, bulwarks, sails,
one man overboard.
&c. and

MARKET NEWS.—(THIS DAY.)
COVENT-GARDEN•
Apples, 5s Gd to 16s per bushel ; Oranges, lOs to 16s ; and
Lemons, 9s to 15s per 100; Greens, 2s to
3s p Summer
per dozen
bunches ; Cauliflowers, Is 4d to 33 6d ;
and
Cabbages, 2s to 2s 9d per dozen ; Forced Frwch
Beans, is 9d per 100; Potatoes (old), 8s to 13s per cwt;
ditto, (new). Gd to 9d per lb ; Turnips, Is 9d to 2s 6d; and
Carrots, 5s Od to 7s per dozen bunehes Horseradish, Is 6d
to 3s per bundle; and Celery, Is to 2s 3d per bundle; Aspa-
ragus, 53 to 841 per 100 rtuaurabers, 33 6d to 83 each;

Brussels Sprouts, 2s ; and Turnip Greens, is Cd
1 per bushel ; Parsnips, 6d to is 6d per dozen ; Onions, 9s
to lOs per bushel ; Young Radishes, 9d to Is per dozen hands ;
Young Onions, 8d to is per bunch.

NEWPORT.
Beef, from 3s to 4s; Mutton, 4s fid to ss; Lamb, 56 6d to
6s 4d; Veal, 4s to 5s 13d; and Pork, 4s to 5s per Sibs.

WHITECHAPEL.
Beef, from 3s to 3s 10d; Mutton, 4s to ss; Lamb, 5s 6d
to 6s 2d ; Veal, 4s 4d to 5s 4d ; and Pork, 4s to 5s 2d per
81bs.

BXLLINGSGATE.
Pull average supplies of Fish were on offer to-day, yet the
demand was steady, at full prices.

NUNGERPOrLD.
Fair average supplies of most articles were on offer here,
yet the general demand was steady, at improved quotations.

NEWGATE AND LEADENUALL.
There was a full amount of business doing here at full
prices. Beef, from 3s to 3s 10d ; Mutton, 4s to 5s ;
Lamb, 5s 3d to 6s 4d ; Veal, 4s 4d to 5s 4d ; and
Pork 3s 10d to 5s per Blbs, by the carcase. The supplies of
Poultry here were small; vet the demand was heavy, at
barely stationary prices.

BREAD.
The prices of Wheaten Bread in the metropolis are from
lld to lI%d; of household ditto, 9d to 101/2d per 41bs loaf.

HIDE M.&YLKET.

---- -
Market Hides, 561 b to 641 b, 21/2d to 23/4d per lb ; do. 641 b to
721 b, 3d to 310 ; do. 721 b to 801 b, 31/2d to 3z3/4d ; do. 801 b to
881 b, 4d to 4%d; do. 881 b to 961 b, 41/2d to sd; do. 961 b to
1041 b, 51d to Gd ; Calf Skins, each, 4s Gd to Gs 6d ; Horn
Hides, 13s; Polled Sheep, 5s Gd to 6s ; Kent and Halt-
breds, 4s 8d to 5s 6d; and Downs, 4s to 4s 8d; Shear-
lings, Sd to 10d; Lambs, 2s to 2s 3d.

HAY raltlitlLETS.
SMITHFIKLD.— Meadow Hay, 2/ 125 to 3/ 183 ' • Clover ditto
3/ 15 to 4/ 18s ; and Straw, 1/ lOs to 1/ 14s per load. Supply
good, and trade dull.

CUMBERLAND.—Meadow Hay, 21 14s to 4/ ; Clover ditto,
3/ lOs to 4l 15s ; and Straw, 1/ 12s to 11 16s per load. Trado
rather dull, at but little variation in prices.
WHITECHAPEL.—Meadow Hay, 2/ 10s to 3/ 18s ; Clover
ditto, 3/ lOs to 51; and Straw, 11. lOs to 11 16s per iota
A full average supply, and a sluggish demand.

RAILWAY COMMITTEES.

(THIS DAY.)

HOUSE OF COMMONS.
GROUP XLIX.

This Committee met at eleven o'clock this day, in Room
D; present, Mr. Cripps (chairinan), Viscount Newport, Mr.
Muntz, and Mr. Trollope.
GLASGOW, DUMFRIES, AND CARLISLE,
AND GLASGOW, PAISLEY, KILMARNOCK,
AND AYR (No. IV.)

The Committee passed the clauses of this Bill.
Mr. Sergeant WRANGHAM proposed an additional clause,
to the effect that the traffic of the Caledonian and of the
Dumfries should, as the Committee might decide, either go
free over that portion of the line between Glasgow and
Paisley which was jointly used by the companies, or that
an equal rate (mileage, or as agreed upon) should be levied
on both companies.
Mr. ANDREWS objected, on the ground that it would have
the effect of setting aside not only the original agreement of
1838, but also the subsequent Acts of Parliament.
After a reply from Mr. Sergeant WRANGAM,
The Committee decided that the clause should be inserted
in the Bill.

CALEDONIAN, GLASGOW, PAISLEY, AND
GREENOCK AMALGAMATION.

The clauses of this Bill were then proceeded with and
agreed to.
Both Bills were then ordered to be reported to the House.
CALEDONIAN (WISHAW AND COLTNESS
PURCHASE, OR LEASE).

Mr. HOPE opened the case for the promoters. The object
of the Bill was to enable the Caledonian Company to obtain
a proper access into Glasgow from the east and south-east.
In order to effect this, it was necessary to acquire a portion
of the Wishaw and Coltness Railway. The only petitioners
that now appeared before the Committee were the Glasgow,
Airdrie, and Monkland Junction Railway Company, who
alleged that, if the Bill was passed, it would oc-
casion a diversion of their traffic, especially mine-
rals, and deprive the citizens of Glasgow of certain ad-
vantages they at present possessed. At present the
Wishaw and Coltness line constituted a portion of the
Caledonian main line, and it was to get rid of the divided
management, or to prevent a rival company from getting
possession of the railway, and obstructing the Caledonian
traffic, that the present Bill was required.
Mr. Errington, C.E., was called and examined—The
Wishaw and Coltness line at present constituted a portion of
the main scheme of the Caledonian, and along it the great
body of their traffic would have to pass. Already they bad
secured the Garnkirk, and Polio; and Gavan Railways, in
order to effect eligible entrances into the south and north of
Glasgow, and now to make the connexion complete, the
lease, or purchase of the Wishaw and Coltness was required.
From London to Glasgow the connexion was complete, except
the break of this small line, and, unless the Caledonian had
full control of the mineral traffic on it, it would be
impossible to work the passenger traffic through to Glasgow
efficiently. They had at present a lease of the line for six
years, and already arrangements were made for altering the
gauge, and laying down heavier rails in order to assimilate
the line to the Caledonian Railway.
Cross-examined for the Airdrie and Monkland Junction by
Mr. WHATELEY—The Caledonian had at present access to
both the northern and southern side of Glasgow. The
Airdrie and Monkland Junction went to the east of
Glasgow, which was an important manufacturing district. The
Wishaw line was one of what was called the Monkland mine
ral lines, though:under distinct management. He believed that
last year Bills were proposed to amalgamate the Monkland
and the Wishaw lines with the Edinburgh and Glasgow Rail-
way, but they were thrown out. Last year the Caledonians
proposed the amalgamation with the Scottish Central, and
also proposed a running clause similar to the one which the
Airdrie and Monklands now proposed for the present Bill.