The Sun.
London, England, 1848-10-27 00:00:00

THE SUN, LONDON, FRIDAY EVENING, OCTOBER 27, 1848

monument of our English Napoleon ; under the
arches of the Thames Tunnel; on the summit of the
dome of St. Paul's Cathedral ; at the New Houses of
Parliament; at the Colosseum, at Somerset House,
at the Tower, at Kew Gardens, at Buckingham
Palace, at the Deptford Dockyard, at the Woolwich
Arsenal, at Twickenham, at Isleworth, and onwards,
until some of the most adventurous stragglers wan-
dered with feelings of peculiar interest about the
secluded purlieus of Claremont. In every instance
where the authorities were afforded the opportunity
of displaying anything like a graceful compliment, a
cordial welcome, or a conspicuous attention to the
Parisians, that opportunity was not neglected. From
the ecclesiastical authorities of Westminster, from the
barristers in our courts of law, from the civic func-
tionaries at the Mansion-house, the National Guards
received especial marks of interest, and not only here
but at the Horse Guards, where many of the French-
men were invited to the mess breakfast. If we ex-
cept the insolence of a few cabmen, the adroitness of
a swell-mob's-man, who pilfered fifty pounds from the
pocket of one of the Parisians, and the disgraceful
act of dishonesty perpetrated towards another Na-
tional Guard by a Grenadier, who is now suffering
the punishment of one month's imprisonment, and
will at the end of that interval of incarceration be
drummed out of his regiment as a thief—scarcely a
single annoyance of the most casual character has
damped the satisfaction of our visitors. Most of them
have already returned to the French capital—their
farewell shouts of " Yaw l'lnglais I Vive 1 Angle-
terre I" being responded to by cries of " Long live
the National Guard of Paris !" The departure has,
' if possible, been even more cordial and propitious
than the arrival.

At this precise moment, when everybody is in good
humour at the incident, when mutual felicitations
are being exchanged by the citizens of the two
countries, the organ of retrogression, of Guizotism,
of everything that is the worst and the meanest in the
liletternichian policy, strives to excite ill-blood by
certain ill-timed and imbecile jokes, and to drop a few
drops of poison into the stirrup-cup from the nib of a
goosequill. We know not by what epithet to desig-
nate this paltry and most ungraceful proceeding—a
proceeding as paltry as it is fortunately harmless, and
as ungraceful
.as it is vindictive. The National
Guard of Paris are ridiculed as shopkeepers. The
origin of the aristocratic sneer is obvious. It is as
obvious as the sneer itself is absurd, when
coming from one of the organs of a
nation called by the greatest of all French-
man " a nation of shopkeepers." The martial
appearance of the Parisian tradesmen is derided
because of their avocations. Their stature, their
moustachios, their carriage, are each in turn spoken
of as something ludicrous. Now we should like to
know amazingly if the moderately-sized bourgeosie
are less worthy of respect than the stunted scions of
our aristocracy, who, with the form of dwarfs and the
minds of infants, command the stalwart and glorious
regiments of our Horse Guards. Is it less honour-
able to handle the scales or the yard measure
than to finger the cue or the dice-box ?
Perhaps the reverie provoked by these very
simple propositions may induce the aristocratic quid-
nunc to remember his ungenerous sneers at the Na-
tional Guard with some feeling of compunction. To
ourselves the National Guard, who have fought in
defence of order and property on the summit of the
barricades, have more of the dignity, because they have
seen more of the service, of soldiers than any of our
drawing-room heroes—although the latter may have
genealogical trees loftier than the cedars of Lebanon,
while the former may have the impudence never to
have had any grandfathers.

At length the tide has turned with respect to rail-
way property. A marked improvement was per-
ceptible yesterday in the stock of the leading com-
panies. All the dividend-paying lines were quoted
at a considerable advance, and there is no doubt, if
the shareholders are only true to themselves, that
confidence will be fully restored, and that shares will
speedily arrive at something like their real value, very
far indeed beyond the present prices. As may easily
be imagined, the " Bears" are outrageous at the
change, and there is little doubt that they will spare
no exertions, and leave no means untried, to con-
summate the ruin they had so nearly occasioned.
Actual bona fide shareholders should therefore
be particularly on their guard, and give no
credence to rumours whieh are not corro-
borated by the most unquestionable authority.
They have to deal with bold and unscrupulous par-
ties, who will hare little hesitation as to the means
by which their objects may be attained, and who will
readily sacrifice a portion of their ill-gotten gains in
order to keep the game alive for some time longer.
There is, however, no real danger. All that is re-
quired is a bold and steady resistance, and victory
must be attained. A day of retribution will shortly
arrive, when the "Bears" will sink into the pitfalls
which they themselves excavated for the destruction
of their neighbours. It is for the shareholders to say
how speedily that day--creta notancla—shall arrive.
If they hold on steadily and firmly, through
good report and through evil report, and
ridicule the weak inventions of their mortal enemies,
it will come before another month has expired. Any
exhibition of weakness on their part will, however,
protract the struggle, and may perhaps enable their
assailants to retain some portion of the enormous
profits they have realised. Railway proprietors should
co-operate cordially together, and render mutual
assistance in this the crisis of their fate—the strong
should support the weak, and a fund should be pro-
vided from which advances would be made to those
requiring such assistance, and who would otherwise
be compelled to dispose of their shares in the
Market for whatever they might bring, and
thereby occasion a great depreciation in all
the other stock of the company to which they be-
longed. It is owing in a great degree to the total ab-
sence of such accommodation that the fearful and
unaccountable depression we hare witnessed may be
attributed.

Persons suffering under a temporary pressure had
deposited shares as securities for certain advances, giv-
ing a power of sale to the lenders in the event of the
money not being returned by a particular day. Those
persons, who took care to leave a margin sufficiently
wide to protect themselves from the possibility of any
loss, and who had no consideration for the interests of
the unfortunate borrower, or of the railway pro-
prietors, flung the shares on the market at the expi-
ration of the appointed time, and thus the mischief
originated. :A large amount of property being offered
far unreserved sale naturally depressed prices.
Others took alarm ; capitalists were deterred from
purchasing until the termination of the excitement
and panic that ensued ; sales were forced; at any loss,
The "Bears" laboured diligently in their vocation, and
fabricated reports to account for the depreciation.
A vague terror was excited, and men who would
gladly have invested their money at the rate of 5 to 6
per cent., refused to do so when 7 or 8 per cent. could
readily be obtained. Those who would have pur-
chased into the North-Western at 30 or 40 premium,
and congratulated themselves on the bargain, ab-
stained from buying when the stock was but a
little above par. So it was in every in-
stance,
and while there were but few transfers, and
little real business, fictitious sales were made, and
nominal quotations to depreciate the property still
further, the speculators fur a continued fall hoping
that it would find
" In the lowest depth a deeper still."

All these evils would have been avoided if the great
interest which was thus seriously injured, and even
placed in imminent danger of absolute ruin, had taken
the obvious precaution of establishing banks that
would make reasonable advances on railway pro-
perty, and not press sales at an improper time,
and thereby add to the panic. It would
not even be necessary to open new banks,
for if once announced that shareholders
would stand together, and that the wealthier members
of the body would withdraw their account from every
bank that joined in the disgusting cant of the day
against railway property, and who refused legitimate
accommodation to those interested therein, these
gentlemen would speedily see matters in a vary
different light, and exhibit greater liberality to their
customers, even to those possessed of railway pro-
perty.
We must now again congratulate the shareholders
on the improved prospects opened to them. They
must not, however, sink into apathy because a

change has taken place. To that change we are
proud to think that we have ourselves in some
degree contributed, by exposing the machinations of
the "Bears" and proving that the general depreciation
was ascribable to their operations, and not to any
real deterioration in the value of railway property,
which had realised such large profits in a season of
general distress and stagnation, and thereby afforded
the strongest proof of the soundness and stability of
the principal companies. The able and well-timed
letter of Mr. HUDSON, to which we alluded yester-
day, must also have had a very considerable effect in
restoring confidence, indeed, the improvement was
perceptible from the very moment of its publication,
and Midland shares were particularly in request
during the day, as well as the Eastern Counties, and
other lines with which the Hon. Gentleman is con-
nected, and of whose favourable position he gave s•
cheering an assurance. The promised explanation
of the London and North Western Company also had
considerable efficacy; although it has not yet made;its
appearance, and the details are not as yet known, it
is believed that it will completely demolish the
plausible statements that have been put forward, and
show a state of affairs more favourable than its most
sanguine friends could have hoped for. Its shares,
accordingly, went up no less than from 6 to 7 per
cent, and will, probably, rule at a much
higher figure after the publication. Great Westerns
also participated in the general amelioration, and were
much sought for, while little stock is to be obtained
for actual transfer—this fact proving most unequivo-
cally that the recent_falls are not in any great de-
gree owing to shareholders being anxious to dispose
of their property, but rather to those who sold stock
without having a single share in their possession.

SPAIN.

Madrid jcurnals of the 21st have arrived.
A dispatch had been received from the Civil Chief of
Tortosa, announcing the death of the Carlist Com-
mander FORCADELL. He had been ill for some time.

Dispatche3 have been received from the Governor
of Cuba, which announced that tranquillity had been
completely restored in that island.
MADRID BOLSI, OCT. 21. -Fives, 91; Threes, 181;
Exchange on London, 48.65.

children returning from abroad, and invites them to a
share in the glory and gratitude of the country.
" PAUL ASMASY,
" Vice-President of the National Assembly.
"JEAN LUDVIGH, Secretary."
The following is from a letter, dated Pesth, Oc-
tober 17 :

" News has just reached us that the Hungarians
have seized the fortresses of Leopoldstadt and Mun-
gatz. The revolt of the Valaques in Transylvania
has been put down by the Tscheches. URBAN has
fled, and three Noblemen and a Bishop have been
hung. The rebel RAETZES has been defeated near
Neubesec.

" Kossuzu will depart to-morrow for the army, with
a powerful landsturm as a reserve. General Simo-
WITZ, who had come from Gallicia, is fled, and more
than half his army were slain by the peasants."

MONEY and CO :VI it CIA!, IE, S.
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was quiet,
the demand being steady. Sales 3,000 bales.—The Rail-
way Share 'Market was decidedly better at the outport,
prices having risen, and the demand being active.
With very laudable promptitude, the Committee of
Spanish American Bondholders have forwarded, for
the information of the creditors of Mexico, copies
of correspondence received by the West India mail, and
which are very satisfactory under circumstances. There
is now some prospect of the payment of a dividend, and
we may hope that adequate funds may shortly be in hand
to overcome all scruple on the part of Messrs. Schneider
and Co. as to the payment of half a dividend on account.
The following are the letters referred to:—
(From Messrs. Manning and Mackintosh.)
" Mexico, Sept. 12, 1848.
" Sir,—We beg to hand you herewith duplicates of
our list respects, since when we are deprived of your
favours, the steamer with the mails of the Ist of August
not having yet arrived.
" We now beg to inform you that on the 2d instant
we received frown the Mexican Government, and for-
warded to Mr. Glass, of Tampico, for shipment by the
present steamer, a bill for 22,400 dolls., being the 20 per
cent, belonging to the bondholders, proceeding from the
duties returned by the Americans in Tampico under the
treaty of peace.
"In addition to this amount you will receive from
our Vera-Cruz house, we believe by this packet, a re-
mittance for the 20 per cent. of the duties, carried by
the conducts of specie which lately left this for that
port; and the united amount of these remittances we
should think will exceed 50,000 dolls.
"We shall have to remit also a further sum of
$40,208 0 4, received from the Mexican Government,
on account of the dividends, respecting which you will be
duly advised.
" As yet the Congress Ms not come to any decision
as to what proportion of the twelve millions of Ameri-
can indemnity is to be appropriated to the dividends.—
We remain, &c.,
(Signed) " MANNING AND MACKINTOSH.
" G. R. Robinson, Esq."
(From Messrs. Manning, Mackintosh, and Co.)
" Vora Cruz, Sept. 19, 1549.
"Gentlemen,—We hand you herewith copy of our last
respects, and have now the pleasure to advise having
shipped by the present opportunity $29,138 25 ; being
the proportion due to the bondholders of duties actually
recovered by this customhouse from the 11th of July
to the 11th inst.
" By an approximate calculation we find the duties
upon vessels entered at this custom-house in
July, amount to ... $lOB,OOO
August, ••• ••• ••• 200,000
which we mention for your government.
" Remaining, &c.,
(Signed) "MANNING, MACKINTOSH, AND CO.
"To the Chairman and Committee of Spanish
American Bondholders."
(From Mr. Glass.)
"British Consulate' Tampico, Sept. 13, 1848.
" Sir,—l beg to report for the information of the
Mexican bondholders that I have some twenty odd
thousand dollars ready for shipment, being twenty
per cent. on the amount which was transferred
from the American to the Mexican custom-house
at this port on the resumption of their authority;
but as the packet is not yet in, and if she arrive, may not
remain long enough, I fear the shipment will not take
place this month.
" I have the honour, &c.
(Signed) " J. W. GLASS, Consul.
" G. 2t. Robinson, Esq., Chairman, &c."
There are no colonial arrivals to-day, and the con-
tinental letters are uninteresting upon matters of busi-
ness, the representation generally being that the markets
are inactive. Belgium progresses better than any
of her neighbours. The mercantile news by the
Overland Mail is, however, of really an encou-
raging nature, speaking relatively. Nothing could bet-
ter illustrate the importance, as well as the elasticity,
of the eastern markets than the fact of their partial
recovery so soon from a state of extreme depression,
and we are more than ever disposed to think that if
trade were legitimately conducted with India, as it may
be probably after ,the break down of the long credit-
taking firms, there would be much more profit derived
from it to the advantage of both the Indian grower and
the British artisan.
The Produce Markets in London have this week been
very heavy again, and there has been a decline in the
value of several articles.
The Public Securities have been buoyant this morn-
ing, though at the hour of our writing there is
a little reaction. Until later advicea are received from
Vienna, it is not probable that parties will operate
boldly. Consols have been 851 j, and are now 851 1.
Exchequer-bills of June have realised 395. to 425.
premium. The New Three-and-a-Quarter per Cents.
are 841 to 85i, and the Three per Cents. Reduced 841
to 841.
The Foreign Securities have been very quiet. Spanish
Three per Cents. have realised 22 to 22k, and Portu-
guese Four per Cents. 23i. Mexican Bonds have been
20-1 to 204 if. Brazil Stock is at 721. Dutch Two-and-
a-Half per Cents, are 444 to 44j.
Railway Shares have all advanced again, and look
very strong, notwithstanding the predictions in many
quarters that they will give way again.

o .x cLosiwei
P , iC FS OF IsRITIBIi FUNDS. O'CLOCK.
PRICES.
Bank Stock lB7
187
3 i.er Cent. Reduced Arms 84%34 84%
3 per Cent. Consols Annuities. 85%%7/s % 3514
New 3 per Cent. Anus...-.. B5 84-je 8514 84% 3514
Long Ann s. to expire J an. 1860 ... 8% 7-16 8 7-16
Ditto, Oct. 10, 1859 ..... ..... 8 3-16 8 3-16
Ditto 30 years, Jan. 5, 1860.... 8 11-16 8 11-16
Consols for Account B5l/2 'A 85%
Exchequer Bills. 24d. & 2d.
1,000/. March ... 42 45 p 45 p
1,000/. June 4l 42 39 p 39 p
PRICES OF FOREIGN* FUNDS
O cam
CK. CLosING
'CLO PRICES.
Brazilian Bonds ...... 72% 72%
Danish Bonds, 1825, 3 per Cent... 65
Mexican, 5 per Cent. 1846 2014%1A 20%
Ditto. Account — 20 r,
Peruvian Bonds, 6 per Cents — 3114
Portuguese 5 per Cents. —
Ditto, 4 per Cent
Ditto. Account ... ...... ..... 231%
Russian Bonds - 9BLA
Spanish 5 per Cent. 1840.
Ditto, Account —
Ditto 3 Der Cent .—
Ditto. Account 2214
Dividends on the above payable in London.
Dutch 2% per Cent., 12 Guild 44%1% 443
Ditto. 4 per Cent. Certificates 68%234 683/4
PRICES OF 0,,,,,. BUSINESS DONN CLOSINU
RAILWAY SHARES. n-- AT ONE O'CLOCK. PRICES
Aberdeen 5O — -
Amber. Nott., Boston,
and Eastern Junction 414 ......

Ayrshire and Galloway.. 5 1 ..._
A Belfast & County Down 17 -
Birmingham and Ox-
ford Janet., calls duly
paid, or with a!guaran. 20
Do, withoutguarautee 20 ...
Binning, Wolverh'ton,
=and Dudley, calls duly
pd, or with guarantee 10 .....
Do. without guarantee 10
Birming.,Wolverh'pton,
and Stour Valley 13/. 145...
Birkenhead, Lancashire, •••
and Cheshire June.... 10
Boston, Stamfd & Birm. 5 ...
Bristol and Exeter B5 ..., -
Ditto, Thirds ....
Buckinghamshire... 141. 45.
Caledonian ..
Ditto, Half Shares .. 83/ - ...............
Do. New 101. Pref 5 ... .. 3AII/s
Ditto,Clydesdale June 50
Chester and Holyhead... 50
Ditto, Preference l5
Clarence
Do. Ist Class, 6 per CL 10
Do. 2d Class, 5 per Ct. 10 -
Do. Government Loan,
4 per Cent.
Direct London & Ports-
mouth
Dublin and Belfast June. 35 ......
Dundalk & Enniskillen 20
East Anglia, 25/., L. &
E. and L. and D...... 25
Do., 184 E. & 11.... 18 .....
Do., 31.105.
Eastern Counties 2O ...... 12%%
Do. New Guaranteed
6 per Cent...
Ditto, Extension,s per
Cent., No. I 6/.135. 4d.... ....
Ditto ditto, No. 2...61 13s. 4d...
Do. North. & Eastern 50
Do., 5 per cent.
Do. Quarters .... ..... 12% — ••• •
Do. New ... 34 ......
Eastern Union, Class A
(late E. U. Shares) 25 . -
Ditto, Class A, ditto... 1
Ditto, Class B (I. &
and B.) 2O -
Ditto, Class C, ditto... 20 . ••••
Do. Scrip (6 per cent.) 10 ••••••
Ditto, ditto
Ditto (C. & E.) guar.
5 per cent............ 21,( .. ...
East Lancashire
Ditto, New
Ditto, New Quarters 614 — -
Do., 6 per Cent. Pre-
ference Quarters ... 4U
Last Lincolnshire .....: 23
Edinburgh and Glasgow 50 ••••••
Ditto, Half Shares ... 15 .. .•
•••
Edinburgh and Northern 25 — •
Ditto, Newport
Exeter,Yeovil, & Dorch. 2% •
Glasgow, Dumfries, and
Carlisle ....... ... .81. 6s. 8(1 ..„. ....... ...
tilasgow,Kilmar., & Ayr 50 ..... — ...
Do. Preference Consol. - • ....... r ••• ....
Great Northern
Do., % A Deferred ... 12%...... 314 3ll
Do., % B 6 per Cent.
guaranteed ... .. 4%
Dot Extensien........ 2th ...... ..... ••••
Great South. and West.
(Ireland)
Great North of England.loo •••••• 216
Ditto, New, 401 40
Ditto, ditto 25
Ditto, New, 30/
Ditto, New, 151 —
Gfeat Western 9O ... .. 71 74
Ditto, % Shares 5O ...... 43
Ditto, % Shares
Ditto, Fifths
Ditto, New 17/... ..... 13 ... -9%
Huddersfield and Manch. 30
Ditto, Thirds
Hull and Selby
Ditto, Half Shares ... 25 ••••••
Ditto, .% Shares
Lancaster and Carlisle... 50 ...... --.
Ditto, Thirds
_

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