The Sun.
London, England, 1846-01-27 00:00:00

RAILWAY LEGISLATION.

Sir R. PEEL then rose to call the attention of the
House to the number of railway plans, and to suggest
to the House what the Government considered the
best method of dealing with railway legislation,
Considering the serious difficulties of the subject, he
thought it best to move for a Select Committee to con-
sider the subject,the Government being ready to suggest
to the Committee what they considered the best method
to be pursued. In 1644,48 Railway Bills passed. In 1845
118 Railway Bills received the sanction of Parliament;
and a capital of fifty millions was authorised to bo raised,
extending over a period of three years. Within the last
two years there had been sanctioned the levy of
sum of nearly seventy millions for railway proj( eta
Thus, in 1846, a sum of twenty•six million:
1647, 23,000,0001., and 1848, 18,000,0001., would have to
be raised for railway purposes. The sum of 23,540,0001,
to be applied in one year for railway purposes was
a large drain on the capital of the country.
During the present year the number of English railway
plans deposited were 606, of Scotch, 121, and of Irish,
88. Many were rival schemes, and many others could
not be proceeded with, but the number which would be
brought forward would far exceed the number brought
forward at any former period. They involved the con-
struction of 20,687 miles of new railway,
requiring a capital of 350,000,0001, sterling.
It would be impossible to appropriate such an amount of
capital without the greatest inconvenience. It n as,
therefore, necessary to lay down regulations for the
guidance of railway legislation. He had the greatest
objection to the interference of legislation with pri-
vate enterprise. After making every deduction
for failures, he thought that there would be such a num-
ber of plans that it would be impossible for Parliament
to consider the whole of them. It was also a matter of
consideration whether it was for the public advantage to
devote so large an amount of capital to the pro
motion of mile ay enterprise at once. The
consequence of the serious competition would be
that the estimates for those railways would beex-
ceeded. He greatly doubted whether the power of the
House would enable them to make proper inqairies into
each scheme, and whether it would be for the public
advantage to create such a great demand for labour, ant
such a great division of capital. That, however, was fot
the consideration of the Committee. A map had been
prepared showing the proposed lines, and the different
schemes had been classified under proper heads. These
would be laid before the Committee. They had been
classified into direct metropolitan lines—lines required
for public purposes, and lines for defence or coast lines.
He trusted the House would agree to the appointment
of a Committee to report from time to time, and that
the matter would be left in their hands. The Right
Hon. Baronet concluded by moving for the appointment
of the Committee.

Mr. GISBORNE was not satisfied as to the grounds on
which the Committee was moved for. The House would
not be in a position to decide without better information,
besides, what was to be done with regard to the
standing orders ?
Sir R. PEEL did not consider it necessary to propose
any alteration in the standing orders, for he hoped the
Committee would make an early report.
Sir G. GREY thought it would be better to suspend
proceedings before the Standing Orders' Committee
until this Committee should have made its report. Ile
thought it would be desirable to refer the investigation,
as to matters of fact, such as traffic-tables, to some
tribunal out of the House, reserving to the House the
power of coming to a final adjudication.
Sir R. Isamu believed it physically impossible for the
Members of that House to give proper attention to these
Bills. He thought that an ambulatory tribunal should be
appointed to investigate facts.
Mr. C. BULLER considered that some better tribunal
should be appointed than a Parliamentary Committee fur
the consideration of railway matters. All influence was
taken away from local Members, and Parliament, by the
present system, delegated its authority to a Committee.
by the decision of which it was not bound. Why should
not the same authority for inquiry be delegated to
a commission? In that case an inquiry would be suffi-
cient, and it was preposterous that there should be two
inquiries into facts before two Committees of two
Houses. It was a waste of time for each House to go
through that same process of inquiry into the same
facts. It would be much better that one inquiry should
be out of the House bj a commission. After a
Member had served upon a railway Committee, and

he acquired some knowledge of the subject, be
was turned loose upon society, and other Mem-
bers employed who had again to learn their
business. A commission, composed of men au fait
in railway matters, would get through the busi-
ness in one third of the time. The House was now de-
prived of the advantage of the reports of the Board of
Trade as to engineering matters. The objection to the
Board of Trade was, that they could not inquire into
other matters ; and he thought it would be much better 1
to transfer those inquiries to a commission out of the
House ; and if the salaries of those commissioners were
to be paid by the promoters of railway Bills, he thought
those promoters would he glad to accede to such a propo-
sition as a measure of economy.

Col. SIBTHORP thought all commissions jobs, and he
proposed that to avoid improper expenditure of public
money, these commissions, if appointed, should be paid
by the job, and not by the day.
Mr. HUDSON suggested to the Right Hon. Baronet that
there were two ordeals through which these railway pro-
jects ought to pass, before they were submitted to the
Committee which he proposed. It should first be ascer-
tained that they had made the necessary deposits, and
secondly, that they were in a condition to comply with
the standing orders.—(Hear. hear.) He was not under the
same alarm as the Right Hon. Baronet as to the diffi-
culty of making the necessary deposits. Wherever lines
were required for the public he doubted not but the
money would be found to complete them, provided the
money was not sent abroad to purchase South
American bonds or foreign grain.—(Loud cheers.)
He thought there were defects in the composition of the
Railway Committees of the House ; but he had always
respected their decisions, and was prepared to abide by
them. He was quite certain that the business might be
got through to the satisfaction of the public and the ho-
nour of the House.

Mr. F. MAULE congratulated the House in having
secured the services of the Right Hon Member for Sun-
derland. 'He considered the Committee proposed to be
one of the most impartial ever appointed by the House.
He thought all portions of the empire should be fairly
represented in that Committee, and he complained that
there were not a sufficient number of Scotch Members
in that Committee. The only Scotch Member repre-
senting a large constituency was the Hon. Member for
Dumfries. He thought a record ought to be made up,
which should be final, as far as all future proceedings
went, and which would enable both Houses to arrive
more easily at a correct decision.
Mr. C. RussELL expressed his cordial concurrence in
the motion for the appointment of the Committee. The
object of that Committee he understood to be to con-
sider whether it might not be possible to postpone some ,

of these measures, and to lay down some principle of
selection, so as to enable them to decide what schemes
were eatitled to priority.

Lord J. RUSSELL thought that the Ministry ought to
state what would, in their opinion, be the inconveniences
attending the construction of so many lines of railway,
and what limits ought to be placed on railway specula..
lation. They ought to propose a plan, to be inquired
into by the Committee, as the question was too great to
be intrusted to any Select Committee composed of a
small number of Members of the House.

The House was subsequently addressed by Mr. 11.
Hinde, Mr. P. M. Stewart, Mr. Plumptre, Mr. Ricardo,
the Earl of Lincoln, Mr. Labouchere, Mr. Morrison, Sir
R. Peel, and several other Hon. Members.

After which the Committee was appointed.
Sir T. FREMANTLE obtained leave to bring in a Bill
for a vote of 50,0001. for the extension of public works
in Ireland.

The orders of the day being disposed of, the House
adjourned at Nine o'clock.

The friendly conversation (for it could not be called
discussion) which took place in the House of Lords, last
evening, brought to light some facts of great import-
ance to the country at the present moment : one is, that
the Duke of WELLINGTON is resolved to support Sir
ROBERT PEEL iu his plan for a material alteration of
the corn-laws ; and another, that the landowners
have at last yielded to Mr. COBDEN'S earnest
entreaties, and are ready to go into an inquiry on the
peculiar burdens on land. This is a great point gained.
Hitherto much mystery has prevailed respecting the
amount of taxes and rates paid by the agricultural inte-
rest, as compared with those paid by all other
classes. The landlords were incessantly calling
out that their burdens were enormous, that
the corn-law Bill even did not compensate them for the
excess of rates levied on them in twenty or thirty
shapes, but, strange to say, they never could point out
where the unequal burdens lay, and still more, they
would submit to no inquiry on the subject. Mr. COBDEN
has, twice or thrice, brought forward specific motions for
an investigation into these burdens, but the landedinterest
turned a deaf ear to all his arguments and entreaties,
wrapped themselves up in their virtuous intentions, and
kept echoing the old cry—" The grievous burdens on
land." This mode of smothering facts and resisting just
demands however, it is found, will answer no longer. The
aristocracy cannot enjoy exclusive privileges merely be-
cause they form the first branch of the Legislature,
and some of them are descended from the "bold barons"
of old. They are only subjects, like the rest of the com-
munity ; a large number of them, or their immediate
ancestors, but half a century ago were commoners, and
raised to their present eminence for the political pur-
poses of the Minister of the day ; and with a reformed
House of Commons they will be allowed to lay claim to
no such privileges as those which finally banished
the French noblesse and the French clergy from the soil
of France. To their credit, the Peers of England begin
to see that circumstances are changed, and that they can
enjoy no peculiar exemptions without showing their
grounds of exemption. The Duke of lirculitoun, to a
certain extent, admitted something of the kind. In
reply to brief remarks from the Earl of RADNOR
as to the peculiar burdens on land, he joined with the
Noble Earl in the hope that " before any change was
made in the present law there would be an inquiry into
that subject." These were .the words of the Duke, but
they differ materially from those in which he professed
to concur, and which were to this effect:—" He (the
Earl of RADNOR) for one could not understand what
were the exclusive burdens that were felt by the landed
interest, and for which compensation was to be given to
them. He hoped that that would not be given with-
out inquiry into the subject, and, when that in-
quiry was taken, he very much doubted whether
any such compensation would be given." His Grace,
however, thought otherwise, and pledged himself to
prove that the farmer who paid a rent of 3001. a year
was liable to treble the taxation that Mr. COBDEN paid.
" The members of the League," he added, " both in
that House and out of it, were always making assertions,
but never were able to prove them." Here, then, is a
fair challenge to Mr. COBDEN, and, before any
compensation is granted, he will have little difficulty of
proving that, so far from the landowners being burdened
with greater taxes than others, they do not pay their
full share. Lord BEAUMONT also called out for inquiry
into the burdens upon land, because he was con-
vinced it would be proved that there were cer-
tain grievances of which the landlords had reason to
complain. This is a lame conclusion, and though his
Lordship stated, on the authority of the Poor-law Com-
missioners, that the land paid annually 12,000,0001., he
will probably find, en analysing the report, that a large
proportion is put down to tithes and poor-rates, which all
classes pay. With regard to the other point, the explanation
of the Duke of WELLINGTON, the public have also reason
to bo satisfied—that is, taking for granted that they are
satisfied with the measures proposed by Sir R. PEEL.
In most of the statements made by " the Duke" there
is one striking feature in which he excels all other
speakers. He conceals nothing for a sinister purpose;
his assertions are rarely or never unintelligible ;
he goes direct to the main question, and loaves
no doubt as to his intentions. In a case of
this importance the sentiments expressed by a speaker
of such a character and weight, must, therefore, be
looked to with deep interest. He candidly admitted
that he was at first opposed to the plans of the Minister
for throwing open the ports and introducing
essential changes in the corn-laws, but, on
finding that his Right Hon. Friend was resolved to
adhere to his purpose, and would fight the battle alone,
should all his comrades desert him, the veteran warrior
could hold out no longer; he was overcome by the chi-
valry of the Minister, and generously vowed to fight with
him to the last. His words are so characteristic, that
they cannot be omitted. " Her MAJESTY," said he,
" having thought proper to write to my Right Hon.
Friend, and to require him to resume the situation which
he still held until another Government was formed, he
wrote to me (I was in the country at the time), inform-
ing me of the circumstance, and stating that if he did re-
sume office he had determined, happen what might, if he
stood alone, that as the Minister of the Crown he would
enable her MAJESTY to meet her Parliament. I highly
applauded my Right Hon. Friend on that occasion,
and I determined that I for one would stand by him.
I felt it my duty; and I did think the formation of a
Government in which her MAJESTY would have conti
dunce was of greater importance than any opinions of any
individual upon the corn-law or any other law. My
Right lion. Friend wrote to me and desired me to attend
the Cabinet that evening, which I did. I applauded the
conduct of my Right Hon. Friend; I was delighted with
it ; it was exactly the course which I should
have followed myself under similar circumstancess ;
and I determined that I would stand by him."
And stand by him he will, for he is a
man of his word, and possibly the refractory
Peers may find that it is better to go on still with WEL-
LINGTON and PEEL, than embark on an ocean of diffi-
culties and dangers in a crazy vessel, worn out with age,
an -I steered by one in whose experience they can place
no confidence.

Agitation, at the present moment, appears to concen-
trate its energies upon those particular segments of taxa-
tion which hamper international commerce in grain
Towards this central point all the political powers of
the multitude converge ; it constitutes the pivot of pop-
lar action. Nevertheless, although it is the grievance
upon which the fulcrum of " appeal " is pressing more
immediately than upon any other, it forms but the sec-
tional part of a gigantic whole. The present era is, in
fact, one of mercantile agitation—an agitation which
tends to relieve the people of the most grievous and op-
pressive imposts to which in this country they are
more especially subjected ; and, by so doing, to enhance
the facilities of intercourse in trade between the
several principalities of the earth. To the ac-
complishment of this great principle, a more
effectual means could not possibly have been
adopted, than that of a peaceable commotion for the
removal of all duties upon corn. With these endeavours
our sympatjes have been frequently and emphatically
expressed ; the abolition of such intolerable burdens
upon the principal article of sustenance among all nations
appearing to us so manifestly politic, so ostensibly
necessary, and so morally judicious. This was the arch-
fallacy of all our constitutional fallacies, and, as such, it
required an immediate modification : it was the most
importunate of all our " crying evils," and hence de-
manded the first attention. Now, however, that the
victory appears to be absolutely achieved ; now that this
most pernicious of all restrictions has been sapped to its
lowermost foundations, the interest of the public starts
forward as it were spontaneously to those
various other imposts which, though less in
comparison with the monstrous injustice of the
corn-laws, are yet in themselves of the most
arduous and unjustifiable description. Foremost
amongst these stands that general object of antipathy,
the window tax, the obnoxious character of which
cannot too often be insisted upon. At the present mo-
mentous juncture, and especially upon the very evening
upon which the Prime Minister will bring forward his
!" Commercial Policy," it is far from our intention to
enter into the merits or demerits of this oft-mooted
question, with any detailed minuteness. In making this
particular allusion to a subject so repeatedly and so
thoroughly dissected as this, we are simply desirous,

first, to commemorate the demonstrations against it,
made on Friday last in the Court House, Marylebone ;
and, secondly, to impress upon the public mind the ne-
cessity of its destruction forming an integral portion of
any plan for alleviating the pressure of impolitic taxa-
tion, before that plan can, by any possibility, be perfect
in its form or in its application. Sir ROBERT PEEL, we
have elsewhere observed, has evidenced a gradual pro-
gression towards the abolition of the duties upon corn ;
his tariff, in several particulars, facilitated the importa-
tion of food, as, for instance, in foreign cattle. Upon
this same principle, also, of drawing inferences from his
previous conduct, we should be induced to believe the
Premier but little opposed to the annihilation of a tax
so invariably detested as the one upon windows—if
we might regard his abolition of duty upon glass as a
sufficient evidence. 'Without this sequence to his ori-
ginal concession, the matter in question will be a thing
but half accomplished. It will be tantamount to ren-
dering the material cheaper, while the use of that mate-
rial will be still accompanied by the most burdensome
demands—the material (glass) of a cheapness
easily attainable by the people at large ; the use
of that material (windows) being laden with
an expense which must ever tend to render
the atmosphere of our houses impure, to abstract from
the beauty or symmetry of our streets, and in every
respect to interfere with our architectural arrangements,
while at the same time it continues an interminable clog
upon the industrial classes. To speak in still more compre-
hensible and unmistakeable language--the abolition of
duty upon glass, as it appears in Sir ROBERT PEEL'S ta-
riff, and the continuance of a tax, upon windows, constitute
an anomaly which can scarcely be paralleled in any
financial system upon record. For the eradication of this
anomaly we look to the indomitable and impulsive voice
of the people—to that voice which has carried forward
to an issue so successful the great cause of legislative
interference with the trade in corn. As the first demon-
stration against these duties upon air and light since
the commencement of the present session, we
regard the recent meeting at Marylebone with an inte-
rest more than ordinary; and, as the most persevering
and consistent advocate for the abolition of the tax in
question, we rejoice that Lord DUNCAN was present
upon the occasion. Cordially do we coincide with the
Noble Lord in saying that " the moment the public
began to show their: feeling upon any particular
subject, the next minute the Government was
forced to bow to that opinion, or give way to
others," and that " there was no other way of ruling
in this country than by the force of public opinion."
Diffused but potent, that " public opinion" is capable of
accomplishing everything it undertakes with earnestness.
It is the true Hercules, symbolised in the Paga❑ my-
thology— the Hercules which can strangle the
lion of despotism or cleanse the Augean stables
of a bad Government. Let the present agitation,
therefore, be persisted in, let advocates as
sincere and energetic as Lord DuNcAN and Sir CHARLES
NAPIER come forward and insist upon its impolicy,
its injustice, and its actual immorality, and the incubus
will succumb.

The Madrid journals of the 19th contain no news.
The discussion: in the Chamber of Deputies was still

going on, and was expected to last for several days
longer, as they had reached only the 7th paragraph of
the Address.

The Three per Cents. closed at 33 13-16 at 60 days;
the Five per Cents., at 234; and the shares of the Bank
of Isabel 11., at 166 at 60 days.

In the French Chamber of Deputies, on Saturday, a
spirited discussion took place relative to the conduct of

the Government in the adjudication of railways. M.
LITERBETTE denounced the entire system, and blamed
the Government especially for allowing high function-
aries in the State, and officers of rank in the army and
navy, to advertise themselves as the heads of railway
companies. He disapproved of the conduct of Peers
and Deputies who had joined in the gambling operations
on the Bourse, and made some strong remarks on the
conduct of the Government in first encouraging the forma-
tion of the Receiver-General's Company for the Lyons line,
and the subsequent dismissal of M. BAUDON, its chair-
man. lie was supported in these attacks by M. RUMILLY'
when the Minister of Public Works replied in a speech
of great length. Me entered into a minute history of
railway legislation, and contended that the adjudications
made were on reasonable terms, both as regarded the
State and the companies to whom the concessions were
made, and he declared that France was advancing so
rapidly, that more was done now in ten years for the
improvement of the internal communications of the king-
dom than had been done formerly in 200 years. " The
result is," said he, " that the reseau' of railroads, such
as are now fixed, includes not less than 41,998 kilometres.
If the whole execution by the Government had
been decreed, the country would now be engaged
in an expense of between 1,500,000,000 f. and
1,800,000,000 f. From these figures it is evident that the
State would have been obliged to concentrate its efforts
on the execution of one or two principal lines, it is evi-
dent that, with the system of the execution by the State
the' reseau' in question could not have been executed to
its whole extent. The inference is, that it was indis-
pensable to make private industry co-operate in the ge-
neral enterprise in question. It was my opinion, and
that opinion prevailed ; and now, what is the conse-
quence of the law voted by you? It is that the reseau,'
whose extent I have mentioned, is being actively pro-
secuted ; tbat it will be completed in six years; that
in six years France will have 5,000 kilometres of rail-
roads, at the cost of 407,000,000 f., borrowed of the
State; and that in six years there will not be a province
uncrossed by a railway line. Such is the case ; and in
six years you will have executed what the old monarchy
could not have accomplished in two centuries."
A very confused and disorderly discussion ensued, which
led to no result; as, on the ballot being called for, it was
found that there was not a sufficient number of -Members
present, and the division was adjourned till Monday.
The Messager states that the report of the French
frigate La Thetis having cannonaded Cape Haytien
is quite unfounded. On the 22d La Thetis was
at Port-au-Prince, and affairs were assuming an
aspect which denoted an impending pacific issue.
Most of the papers have comments on the QUEEN'S
Speech. The Opposition, of course, are not satisfied
with it. "It offers," says the Conqitutionnel, "some cu-
rious comparisons to our discourse from the throne,
That document made all possible advances to England--
friendship, affection, mutual confidence, pacific assu-
rances, and amicable exchange, good and intimate rat-

tions, and cordial co-operation. To this display of ten-
derness. the Queen of ENGLAND replies by a convenient
paragraph, but without any display of enthusiasm ; it ex-
presses a wish that the present union and good under-
standing which so happily exists between the two
nations may ever minister to the interests of humanity,
We do not intend to say that the phrase is not friendly,
but, in truth, after all the advances made by M. GUIZOT
—after all the sacrifices he has made to the English alli•

ante—they could not well do less, and, it will hardly be
found that they have given him good measure." On the
whole, however, they find little fault with this State
document.

On Sunday the Three per Cents. were done in the
Passage de I'Opera at 83f. 30c.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, JAN. 2G. '

Ceylon, yi —Dutch Rhenish, B—East Indian. 134 Great Northern
of France Constituted, 14% Great Western Bengal, —Lyons
and Avignon, 2% Luxembourg, 2%—Mauritius, 34—Namur and
Liege, 3%—Paris and Strasbourg (Ganneron's), 234—Rouen and
Havre, 2734—Sambre and Meuse, 5% —West Flanders, 5%.

MARKET NEWS.--THIS DAY.)

ICILY MARZETB.

Slumnzw.—Meadow Hay, 3/ 8s to 4l 8s; Clover
ditto, 4/ 8s to 51128 ; Oat Straw, 11 lOs to 1/ Ifs ; Wheat
Straw, 11 12s to 1/ 143 per load. Trade very dull, at the
above quotations.
CUMBERIAND.—Meadow Hay, 31 5s to 4/ 105 ; Clover
ditto, 415 s to i/ 105; Oat Straw, 11 103 to 11 12s ; Wheat
Straw, 11 12s to 1; 153 per load. A. moderate supply, and a
steady demand.
WHITECRAPEL.—Meadow Hay, 316 s to 4125; Clover ditto,
41 8s to 51 15s; Oat straw, 118 s toll 10s; Wheat Straw,
1/ 10s .to 1112 s per load. Supply good, and trade dull.
COLONIaL.
SUGAR.—Nothing has been done in British Plantation
worth reporting, but the market is firm, holders showing no
anxiety to press sales, and purchases could therefore not be
made at lower rates. The public sales have consisted prin-
cipally of 2,419 bags Bengal, and 406 bags Madras. Only
about one-half of the Bengal found buyers, which was
forced off at a • decline of fully is to is 6d.
Low to good middling white Benares selling
boeninlyg
at 50s to 52s 6d, the remainder was taken
held for the previous value. The quantity of British
Plantation landed last week at the East and West India
Docks was 93 hhds 26 tierces 1 barrel ; and there were
taken for home consumption 1,145 hhds 85 tierces 362
barrels. The stock in the same places is 6,819 hhds 635
tierces 847 barrels.
corns.-46 casks Berbice, 1,064 bags Ceylon, and 1,194
bales Mocha; the Berbice was chiefly taken in, there being
no buyers at former rates. Only part of the Ceylon was sold
at a reduction of 2s to 3s on British Plantation descriptions;
common mixed low good ord was taken in at 495. About
one-half of the Mocha was disposed of at 55s to 595,
for common greenish mixed quality to good long berry clean
garbled, being for the Common sorts about previous rates, but
the better descriptions must be quoted 2s to 3s cheaper. Pri-
vately 1,000 bags Padang have been sold at 28s, being an
advance of 2s upon previous rates.
RICE.-598 bags and 995 pockets Bengal at auction sold
at 155 6d to 16s 6d for mid to good mid
white, and a few
lots of yellow cargo at 143 6d, which are rather lower prices.
RUM.—The quantity landed last week at the East and
West India Docks was 206 puns 146 hhds ; there were taken
for home consumption 256 puns 76 hhds, and exported 156
puns 11 hhds. The stock in the same places is 11,968 puns
1,067 hhds.

SALTPETRE.-2,559 bags Bengal and 847 bags Madras
only partly sold at 25s to 27s for 11% to 83/4 per cent.
refractioa Bengal, being barely the previous value; the

Madras was all taken in at 25s to 26s for 64 to 51-A per
cent. refraction, being comparatively cheap.
SPICCS.--550 bags black Pepper, only part sold, at 2%d to
234 d for good black sifted Sumatra, which are former rates.
fl'ALLow.—P. Y. C. is 42s 6d to 43s per cwt on the ,spot,
and Town 45s 6d.
TEA.—Thedemand is more active, and prices are firmer.

MONEY and COMMERCIAL NEWS.
CITY, QUARTER To THREE.
The business done in Cotton at Liverpool yesterday
amounted to 7,000 hales' all to the trade. The market
though steady was dull. 900 Egyptian 50. to 734 d., 150
Pernams 6%d. to 61,1 d., 700 Surat 2id. to 34c1., and 5,250
American 34d. to 514 d.
There was a very quiet market for shares, but prices gene.
rally were steady.
The ship William Stoveld furnishes papers of August 21,
from Port Phillip. The squatting question was still
that to which most attention was directed, and it
was doubtful whether any regulation could be made
satisfactory to the pastoral interest, if due allowance
be not made for the privations they undergo in
fostering the real advancement of the colony, while promoting
their own. The revenue returns for 1844 appear to be less
than those of 1843, but this was met by a reduction of ex-
penditure. Wheat at Sydney had risen to 141. per ton.
Accounts of November 13 from Graham's Town state that
it was found necessary to keep the troops up to a strong num-
ber in the Colesberg district, so disaffected were the farmers
still. The Lieutentant-Governer of Natal, it is stated, would
soon have very few but natives to rule, for trekking• had
commenced among the farmers.
The American advises continue to be tolerably favourable
in respect to trading matters; but no one seems to like the
proceedings in Congress. It is true there are many of our
merchants who still contend that " there will be no war,"
but it is quite impossible, we must contend, that all this
furious declamation, and voting of precipitate measures,
should go on without leading to serious results.
The Public Securities have not been affected to the extent
anticipated by the American news, probably because some
partieS anticipated as much. The market, however, is not
buov ant, and there is more disposition to Bear than to spe-
culate for a rise. Consols have been 94% %, but are now
94% ; Consols for the Account from 94% and 95, have
dropped to 94%. Exchequer-bills have been 20s. to 225.
premium • Bank Stock has been marked 206 to 1/2.
Spanish Three per Cents have been dull at 39, Mexican
' at 30k, Chilian at 99i, Brazilian at 83, and Dutch Two-
and-a-Half per Cents 59i to 60.
The railway views of Government are all against new
scrips, and they are generally lower. The registered
shares will support their ground better.

ONE CLOSING
BRITISH FUNDS. O'CLOCK. PRICES.
Bank Stock .. .. .. • • .. .. .. 2061/ 206%
Three per Cent. Annuities .. .. .. 95 94% 94%
Three per Cent. Consols Annuities .. .. 94% % 4 94 %
New Three-and-a-Quarter per Cent. Anne. 96% 97% 963{ 96%
Long Annuities, Expire Jan. 5, 1860 .. 10% 7-16 5-16 10 5-16
Ditto, 30 years, Oct. 10, 1849 .. 10 3-16
India Stock .. .. .. .. .. .. .. 258 258
India Bonds, 1,0001. .. .. .. • • .. 28 28

South Sea Stock ..
Ditto, New Annuities
Bank Stock for Account ..
Comas for Account ..
Exchequer Bills. I%d.
1,0001.
5001.
Ditto, Small

.. 106

.. 206%
I%d.
%
95 94%
20 22 pm. 19
22 pm. 19
22 pm. 19

ONE
O'CLOCK,

FOREIGN FUNDS,
Brazilian Bonds, 5 per Cent ..
Ditto, New Bonds, 1829 and 1839
Buenos Ayres Bonds, 6 per Cent
Chilien Bonds, 6 per Cent ..
Mexican Bonds, 1837, 5 per Cent ..
Ditto, for the Account
.. 3014
Peruvian Bonds, 6 per Cent. 4O
Russian Bonds .. • •
Spanish Bonds, 5 per Cent
Ditto, Passive Bonds .. . • .. 431,;
'Ditto, Deferred .. .. • • • • 17
'Ditto, Three per Cent .. • • • • 39
Dividends on the above payable in London.
Belgian Pour-and-a-Half per Cent
Dutch Two-and-a-Half per Cent
Ditto, for the Account ..
(Ditto, 4 per Cent. Certificates

CLOSING
PRICES.

.. 60 59%

PRICES OF
RAILWAY SHARES,