The Sun.
London, England, 1847-09-18 00:00:00

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/7/ 3
dr-4 with 4rici well44li,ilatiftit
...en and orchard are of considerable s' and alp
atter is loaded with fruit. The avenues, porter-
lodges, office-houses, enclosures, and shrubbery, are
11 exceedingly neat, and reflect great credit on the
.ate and spirit of the proprietor. There is a small
circular burying-ground in the policies which con-
tains the remains of several of the chiefs of the Mac-
phersons. A large farm of great fertility is attached
to the Castle ; and the enlightened manner in which
it is cultivated, and the great exertions which have
been lately made to preserve it from the ravages of
the Spey, by means of artificial embankment, convey
to the mind a vivid idea of the benign and fostering
influences of an enterprising and resident proprietor.
Spending some time in the grounds, the royal party
then returned to the Castle, and, after partaking of a
cold collation, took leave of their delighted guests.
The royal cortege arrived at the floating bridge about
six o'clock. Tier Majesty, in returning, wore a grey-
hooded cloak to protect her from the cold air.
It is now arranged that the queen and the royal
party will pass through the Crinan Canal on Satur-
day, and the squadron will anchor the same evening.
in Campbeltown Bap, and sail thence either on Sun-
day or Monday morning—most probably the former
as I understand the tide will be more favourable for
entering Fleetwood on that day. The royal party
will, in that case, proceed to London by railway on
Monday.

COURT
Their Royal Highnesses the Duchess of Gloucester
and the Duke of Ca:nbridg> arrived in town yester-
day morning from the residence of the Royal Duchess
at Richmond. Their Royal Highnesses returned to
Richmond in the afternoon.
The Chevalier Bunsen, Prussian Minister, had an
interview with the Chancellor of the Exchequer yes-
terday, at his official residence in Downing-street.
Air. Grenfell had an interview with Sir George
Grey, yesterday, at the Home-office.
The Right Hon. Edward Strutt, Chief Commis-
sioner of Railways, has arrived i❑ town.
Mr. Wickham, Chairman of Stamps and Taxes, had
an interview yesterday with the Chancellor of the
Exchequer.

MONEY MARKET and CITY NEWS.
FRIDAY EVENING.
The daily anxiety regarding failures has been ful-
filled this morning to a more distressing extent than
we have yet had to record. The house of Reid,
Irving, and Co. has suspended, and the liabilities are
estimated at 1,500,0001., the amount of acceptances
alone being upwards of 900,0001.. The failure, mere-
over, irrespective of its amount, derives importance
from the circumstance of the head of the firm being
one of the senior directors of the Bank of England.
The cause of the stoppage is to be found in the way
in which the firm had extended their operations, not
only without a corresponding extension of capital,
but in the face of an annual diminution of their
means consequent upon the gradually increasing
weight of inconvertible investments. A sum not
less than 600,0001. is understood to be locked up in
real estate, and other property, in the Mauritius and
the West Indies.

Apart from the want of prudent calculation thus
shown, the present case, it is believed, may be de-
scribed as an ordinary mercantile failure. In former
days the house possessed a capital far beyond most
others, and there is reason to believe that the difficul-
ties which have brought about the present result have
been of that gradual character which often escape re-
cognition until a fall in produce or a permanent rise
in the discount market brings them to a fatal conclu-
sion. The balance-sheet of the house, as now made
up, shows, it is said, a nominal surplus of about'
330,000/.; but this it hardly can be doubted arises
from valuations of the Mauritius estates, which will
prove entirely delusive. Although it is said that an
aggregate of more than 290,0001. has at various
periods been written off from the total at which
they were originally valued, the probability is,
that if brought to sale these estates would still
be found to have been enormously over- estimated.
The firm, it may be added, were the agents of the
Spanish and also of the Venezuelan Governments.
Sir John Reid was. Deputy-Governor of the Bank in
1837, and Governor in 1839. In connexion with this
and with each of the other disasters which have re-
cently fallen, it must be pointed out thdt 'al' as the
real stability of commercial credit is concerned, nothing
has yet occurred to beget terror upon the part of
those houses who may thus far have conducted their
business upon sound and recogi.ised principles. All
the evils which have yet taken place have (with some
small exceptions) either had their origin in direct
speculation or been the natural climax of a long con-
tinued state of weakness, vz hich to those acquainted
with it could have left nothing but the actual date at
which suspension would occur a matter of much un-
certainty. Painful as all individual cases of distress
must be (and few will be regarded with more regret
than that which has to-day occurred), it should
still be matter of thankfulness rather than of
alarm to the solid trader, that however a course
of speculation or of incautious extension may seem
for a time to yield results with which his own unob-
trusive progress can present but a slight comparison,
periodical storms will certainly arrive when the dif-
ference between real and spurious credit will be
tested, and when commerce will be restored (at least
until the lesson shall again have been forgotten) to its
sound and legitimate channels. Even if the surround-
ing evils were ten times worse than they are at this
moment, we do not believe that any house which
could clearly show that it had pursued a course of
business steadily confined within the fair limits of its
means would experience any difficulty in obtaining
every aid that would be essential to avert the conse-
quences of any merely accidental pressure. For the true
and rational trader, come what may, we have there-
fore no fear. Our only apprehension for the future
is, that the number of those, especially among the
community at large, who have been tempted to depart
from the straight road, is far greater than has yet in
any quarter been anticipated.—Times.