The Sun.
London, England, 1848-10-26 00:00:00

THURSDAY EVENING, OCTOI3EII, 26,

to her MAJESTY, in which she has no prLr6onal interest,
and which might he curtailed without any impro-
priety. The enormous salariss to the Great Officers
of State, and the expenses of their several departmerit,z,
consume at least one-third of the entire sums alio
cated for her MAJESTY'S use, and surely the pruning
knife might be most liberally and freely used in
paring down the extravagant outlay kept up for poli-
tical purposes, and as the pul-chase money for needy
adventurers, who are prepared to give their adhesion
to any party for a due consideration.

On a future opportunity we shall return to the
consideration of this important subject, and point out
the other practicable reductions indicated by the
Association.

TUE FRENCH REPUBLIC.

FURTHER MODIFICATION OF THE
MINISTRY.

We have received the Paris papers of yesterday,

They contain the announcement of the resignation
by M. GOUDCIIAUX of the Ministry of Finance. M.
GOUDCHAUX, it appears, hid some time since ex-
pressed his determination to resign, and on Tuesday a
council of Ministers was held on the subject, at which
M. ARMAND MARIUS; the President of the National
Assembly, assisted. The Ministers were unanimous
in urging M. GOUDCHAUX to withdraw his proffered
resignation and to continue in office. He was not, how-
ever, to be persuaded, and his resignation was at length
reluctantly accepted by his colleagues, who at once
proceeded to deliberate as to the choice of a successor,
when it was finally arranged that M. TROUPE
CHAUVAL, Prefect of the Seine, who was formerly a
banker at Mons, and who is well versed in financial
matters, should succeed M. GOUDCHAUX as Minister
of Finances, and that M. RECURT, who last week
resigned the Ministry of the Public Works, in order
to enable General CAVAIGNAC to make the Dufaure
modification of the Ministry, should succeed M.
TROUPE CHAUVAL as Prefect of the Seine.

At the sitting of the Assembly yesterday, M.
GRANDIN put his promised question relative to the
late Socialist banquets.
.This gave rise to a very
tumultuous discussion, which continued some time.

The law for regulating the election of President,
which was presented on Tuesday, proposes to fix the
10th of December as the day of the election. M.
DE LAROCIIRJAQUELIN has given notice that he shall
propose as an amendment that the election shall take
place on the 26th of November.

The question as to the property of LOUIS PHILIPPE
is, it is said, at length settled. The Count DE MON
TALIVET is to be liguidateztr, and a loan of twenty-four
millions is to be raised to pay the most pressing
claims on the property, and for the immediate sup-
port of the members of the Royal Family now in
England. Louts PHILIPPS is said to have bound
himself, if this plan be agreed on, to pay regularly
to the Duchess of ORLEANS her dowry of a million
of francs per annum. The Government wished M.
Dupts to be liquidateur, but this was objected to by
the ex-King.
PARIS BOURSE—WEDNESDAY, OCT 25.
THREE o'CLocK.—The relit-cur-lent of M. Goudchaux,
the Minister of Finances, had a bad eff,•et at the Bourse
to-day. Nothing is known of the capabilities of his suc-
cessor. No less than 95,000 of Five per Cents. Rentes
were discounted, but without being able to support the
market. For the Account, the French l'hree per Cents.
have declined 20c., the Five per Cents. 15c-., and the
Loan 10c. For Money, the Three per Cents. have
declined 10c., the Five per Cents. 15c., and the Loan 10e.
Bons du Tiesor issued before the 24th February are at
21i discount, and those of the R.spublic are at' 6 per
cent. discount; Bank of France Shares have fallen 151.;
Belgian Bank Shares not quoted; Five per Cents, are
the same as yesterday; Spanish Funds not quoted;
Roman and Rothschild's Receipts without any change.
Exchange on London (30 days), 251. 45c.; ditto (90
days), 251. 2711 c. Railway Shares for the Account,
settling of the 31st of October : —Orleans have risen 7r.
50c.; Havres have declined 6f. 25_1.; and Northerns,
31. 75c.; no others quoted. For Money, the Orleans have
fallen 31. 75f.; Rouens 71. 50c.; Marseilles, 11 1. 25c.;
Bales, Tierzons, Bordoux, Strasburgs, and Nantes,
If. 25c. each.

BUSINESS DONE IN FOREIGN RAILWAYS AT Till

LONDON STobk:Eio lIA IN G Ocr. 25.
Boulogne and Amiens, 554—Dutch Rhenish, 11,4—Namur
and Liege, 4—Northern of Irstuce, 6—Orleans and Bor-
deaux, 1%.

When the last accounts left Berlin and C:lo3.ne
;wo mails from Vienna were due at each of those

cities.

m 0 y arl,l C( i 4 CIA L Ai d •
CI QCA I? TER TO THREE.
The Cotton Market at Liverpool yesierday was steady
hut dull. Soles 4,000 bales, including 2,500 American
at 3,+(1. to 54d., Surat at 2a.!. to 2-i 1., and Pernam at
to 51-(1. per lb.—The Railway Saere Market was firmer.
The railway panic has already exhibited symptoms of
wearing itself. The day of reckoning will come, if for.
tunately the holders have the means of continuing their
interest in the lines, and are not pressed upon .by calls
which it is probable now will be greatly moderated. Our
estimate is, that since 60,000,000/. will be the amount
required to complete all the -authorised undertakings, a
payment of 10,000,0001. to 15,000,000/. per annum will
suffice, and this, it is proved by the evidence of compe-
tent parties, bankers and others, the country can well
afford. As to the precise immediate cause of the
present depression in prices, opinions may differ, but
we happen to have heard a speculator of ample means
declare, at least a week or two before the Share Market
exhibited we-kness, that he was resolved to " turn out"
all his shares, and that all his friends intended to do the
same. We attached no great importance to the matter
at the time, because we imagined that timidity or
isolated speculation was the cause, but seeing what has
since occurred, we have very little hesitation in assert-
' ing that there has been a sort of combination among
jobbers and dealers to make money at the expense of
the public. It should be understood, however, that the
bulk of the speculator,: in the City are not members of
the Stock-Exchange, and that consequently such parties
are far less scrupulous than men in the house who have
means, and often suff r greatly by the " outside" job-
bers. Share busim, s could be transacted under new
regulations by authorised brokers of known respectabi-
lity, but as at Paris, the public should be permitted to
see the bargains effected. Mr. Hudson's letter to some
discontented persona at Liverpool, who have complained
of the Midland Railway management is excellently
timed, and as such will exerci-e the most beneficial in- '
thence, because the Hon. M.P., while exhibiting the
utmost confidence in the intrinsic value of share pro-
perty, shows also his conviction that it can be main-
tained without curtailing the travelling accommodation
of the public.
A leter, entitled " Railway Property as it is, and as
it should be," has been circulated, and from which we
take the following:—
" My conviction is, that in a very few years (perhaps
in a much shorter time), we shall see the present system
of working railways completely changed; that every-
thing connected with the traction on railways, will be
performed by contract; not only the mere locomotive
power, but likewise the repairs of locomotives, carriages,
waggons, &c.; in fact, all the works, forming consider-
able items in the working expenses.
" During the early period of working railways, it
would have been difficult to have arranged to do so with
advantage; but now they are so well understood there is
no sufficient reason why it may not be done; of the
economy of the system, I think there cannot be a doubt.
" Railways are made for the accommodation of the
public (by affording a superior method of locomotion to
any previously known), for which the proprietors expect
to be remunerated by a charge on the public for its con-

veyance.
The expense of that locomotion is increased or
diminished by the rate of travelling and the frequency of

the trains with which it is effected:

" Again, railways vary materially in their original
cost, as well as in the amount of traffic upon them;
therefore it is evident, if tho conditions of locomotion as
to speed, &c., are to be the same on all lines, the charges
for it must vary, to meet the different circumstances.
The increased charge, in many cases, would be a prohi-
bition to travelling; that is, assuming that the pro-
prietors are to have a fair remuneration on their outlay,
which I hold should he a sine qua non, excepting in those
cases where companies have been so far misled a 3 to
make lines merely for competition, or in situations where
there never was a probability of their success."
The private accounts, per West India steamer, do not
furnish any news of importance in addition to that
which appears in another column of The Sun. The
weather had in most of the islands proved favourable
for the crops, but there were still great complaints of
the dulness of the times. There is every reason to
c-nclude that these complaints are not overcharged, but
at the same time that the cause is beyond the control of
legislative measures, being to a great extent the sevul-
,ion in trade arising firstly from monetary, and subse-
quently from political difficulties. The extraordinary
depres,ion of all the leading staples exists not in the
United Kingdom alone—it is everywhere cemplained
of, and if the internal condition of the Spanish, French,
and Dutch colonies could be more accurately ascertained,
it would doubtless be found that it is most depressed.
The French possessions are temporarily quite disor-
ganizsd.
There is no news of commercial interest in the French
papers.
The English Funds have been very firm again to-day,
Consols having touched 85k I, and there is an appear-
ance still of the market going better, although there has
been rather less money business doing. Exchequer-bills
of June are 375. to 4Cs. premium. There is no political
news of importance to affect the market. Bank Stock
is worth 184. The New Three-and-a-Quarter per
Cents. have been 84i
In Foreign Stocks the dealings have been very circum•
scribed again. Spanish Three per Cents. have been
done at 22k. Peruvian Bonds are 30k; Grenada, 12k;
and Mexican 191 to 20k. Danish Stock has been at
65k, and Russian, at 08. Dutch Four per Cents. have
been 68k.
The Railway Share Market is looking well again to-
day, and the scarcity of stock, to which we yesterday
alluded, is more perceptible. Midland Shares have ad-
vanced rather decidedly.

oT,OSING
PRICES.
184
84
85%
85
8%
8%
236

ONE
P 'WI( s ()Y :,/IITISII FU.N Dbl. OVLOCE.
3 ..t.ik Stock
3 per Cent. Reduced Antis 844'114 84
;per Cent. Comels Annuities
gew 314 per Cent. Arms...—. • 84,11;23/1
Long Anus. to expire J an. 1860 -16 %
Ditto, Oct. 10, 1859 .....
!r.dia Str,ek
Inlia Booth, 1,0004 .„ —
Ditto under 1,000/. ... .....
South Sea Stock
C prisols for Account 85%14 85 85% $5
Exchequer Bills. 2V. & 2d.
1,000/. March ......
1,000/. June 3B 37 40 p , 40 p
500/. June ............
Small, March .. -- 39 p
Small, June
OWE CLOSING
O'CLXIC. PRICES.