The Sun.
London, England, 1870-01-03 00:00:00

E SUN, LONDON, MONDAY EVENING, JANUARY 3, 1870.

.511.41:k LISI.

.01 4 6 Kiil6 D

ctiAP rs:

1.1117611 i.

et B. iet :1 ~;;•. E:xeter
et l)4.leglUtilatt
SL Can:Dron
2;./ Cornwall
it Dublin & l•lellait June IOU
et Duu,.l'erth.ez Ab.J nue .;uo
2) East

74 76 70
76i 77 764 1
15 20
2 3

70 72
5 7

£9 ,•0 •
Do 10
'1 611,..t.:0W &5. Western 10,2 105 107
,t Great. Eastern .
Do. E. Augl. Nu. 61 71
urcat Non hot Scotlaud lOO to is
st G feat 17, ()nouns lOO 110 lil liO4
at Du. A stock
et Do. B stock IOC 121 Izu
st UtS, aui W. 01 Ireland lOO 18 100
at li t. ltiestern i‘e. 661 561
t. Do. South Wales l9O CO 61
at Do. W. 31.141.—0a10rt1 lOO 3% 36
st Do. Nev.l.ort tOO 32 t
at Lancashire& Yorkithiro lOO 1261 271
at Lou., tirigh.,4 S.Coast lOO 461 47/ 47)
Do Scrip
at 1 on.,;itat., and Dover li./0 15 151
t Do. Metrup. Ex. A lOO 11 Is
st Lun. &':iortit Wtsterii lOO 1011 2:1 I'lll 1 4
at Lon. South Western lOO 9t 14 931 3
Man., net., & Lincoln lOO 03 631
at Metropolitan . lOO 63 431 61)
et Du Extensiou
Do. New rd
et Metropolitan Dietrizt. all 30 62;
10 Metrop. St. Joan's NI cod 6
at Miutaud
at Ii 0, Sirloin. a UatUs lOO 87 6v 61
at Nardi Brittau . ..... 100 341 151
at U .. & Dun lO9
st Nor ,10estern—Berwick lOO
25 D, G. N.P. purohase 16.12.1
at D , Leeds. lOO 79 80 301
at .110 York lOO 118/ 11tf1 1,4
at D oCarli:de
at D °Stock. & Darling ICO 158 160 166
at . North Loulou
10 Do New ISO
at North Staffordshire lOO 61 63
at North ant 6. W. Junction lOU 9.1 101
10 Do New £lO shares 7
et 1.11‘,-ymney
at 6hropshire Union lOO 591 eO4
et South Devon'
-at South Eastern lOO 771 771 76/
at Staines, Wok'ham, & Wok all, 13
st Vale lOO 164 158
-- Do. C .. 6
Waterford di iiiiktuny— ICU
10 Waterloo & Whiteha.l 6

1211 ►221 1261 f i

RAILWAYS-PREFERENCE SHARES AND STOOKS,._

Bt Bristol and Exeter 4 p.cent. 100 87 89
et Caledonian Qre., Nu. 2 lOO ...
et Do. Sent. N.E., 44 per ceut lOO
et Do. Aberdeen, gua 6 p.c lOO
et Do. do. 7 per cent lOO
et Do. do. Ordinary lOO 73 82

st Do. Midland
st Do. Duudue and Arbroath 100
20 Cornwall, o per eeut gua all
sti Dundee, Perth, and Aber-
deen Junction lOO to; 107
st Do. Ist Class preference
at (Ass. & S.W. gua. 5 por et lOO
st (-it. Eastern, E.O Ex. No.l 10* 913 lOJ
at Do d• N 0.2 100 97 90
at Do do 6 per cent 100 HS 113
at Do East Anglian A 5 p. c. 100
at Do do k; 6 do. 100
at Do du 0 7 do. 1(40

st Do do No. 1, 5 p.c. 100 ":
et Du E. Union 4 p.c. gua. 100 "tlB 72
at Do Norfolk 5 p.c. Ex. 1.646 100
at Do du &p.c. Way.Val.lB47 100
at Great Northern, 5 per cent 100
st Du 5 p.c., rd at 10 p. c. pin. 100
Do 41 do de do 100
at Do 5 do at sp. c. pro lOO
st Do Leeds, Bradford, and
Halifax, G per cent lOO
at Gt. Nrth of Scotland, let IA 100
at Great South. and Western ••• .••
(Ireland) 4 per cant lOO 93 98
St Gt.West.—Orig.6.:Jnt.-itent
dig., per glut.s p.c lOO 106 ICS
Do. Urig. (B. a 11.1:x). 5 p.c lOO 95 lea
Do do 4; per cent. 100 90 t 2
Do do 4 du do
Dv do i• per cent. rodent lOO t,7
Do du Birmingham gee too Go 72
Do do do pref ll O..„
Do do Chester guit lOl t)5 J
Do do do 8 per cont lOO
Do do do 5 do 104 95 101,
D u South Wales, gua. 4 p.c. 100
Do do 41 p.c lOO ..•
st Do do 41 1650.- 100
at Du do 5
st Do \\rust Mid. Oxford let. 100
11616 Ils
at Do du da. 100
at Do Newport, Ist g. 5 p.c. 100 1,6 86
St Do do 20 du 100 .„
st Du gua. 51 per cent. 1663 100
00 Lancaster 5; Carlisle 41 p.c. ail
st Lanett:di. & Yorksh. 6 p.c. 100
st Do Barnsley, .65 Os 100 p.c. 100
at Do G p.c. (East Lancashire) 100
st Do 41 (Blackburn purch). 100
at London 5: Bri'ighto Nn. 5 p.c
100
at Do
DDDOOOk; 5
65r aperut ectndato.ogou
du
oj..
1 lOOOOO6
at
st Do 7 per cent lOO
at Do 6 do (W.L. A U.l') 108
at Do 4 do 150.1 lOO
at Loudon, Chatham, & Dover
5 per cent llO
at, London and 1;. W., C, and
Nuneaton 5 per coat— 100
st Do Bedford & Cambridge.- ice
tit Du Shrewsb'y lee
at Loudon and 6 W. 7 p,c
late 3d shares, lOO 145 150
a 'Do (Portem.perp ens 2560)
Mau., Shef., A Line'''. G p.c lOO
Do
a Do 31 per cent lOO 64 66
1 Do redeem. 6 per cent 5
at Slid. Consolidated ,Gp. c lOO 130 135
a Du Bristol 5: Bind., 6p. c lOO 1.3 135
a Do 4 per cent. redeem lOO ys 100
a Do 41 per cent. irrodeem lOO o. 100
a Du Leicester con,4 p.c 100 5) 81
at North British, 5 p.c. No.l.- 100 „. ,„
at Do &A G. 4p.c.5.5: D lO
at Do N. 8., Nu. 2, 5 per cen.t lOO „, „„
at Do Border Union, 51 p.c lOO
st N.-Eastern—Coos. 4 p.c lOO SI S 4
at Du 41 per cent. redeem__ 100 97 99
st Do N.E. 4 per cent., lOO
17 Du Lerwick capital
Du York, 11.6., S. purchase. 10 10 101
Du Stektu Drling. A 5 p.c. 100 107 100
at Do W, Hartlepool li. and It 100 so SS
20 North Staffordshire
10s S. Devon Annuities, I,s all 9 10

1 3 130

130 135
93 100

...,..
10s Do Tavistuck Anus., 10e all 81 tlf
10s Do Fixed 41 per cent all 8 81
1i0.6. S. East. (dead. Anus., 1.0.6) all 22 '2.1
st Do 41 percent lOO ••• •••
st Do Fixed 41 per cent lOO ... ...
st Taff Vale No.l lOO 154 118
st Watertord &Kilkenny, 6pc 100 .. ..

RAILWAYS.-PREFERENCE SLIARES AND STOCKS.

With Dividends contingent on the Profits of each separate year

at °Cadmium 41 p c gaa.
at Du Scot. Ceu. min. 7 p c lOO
at Do 44 p all
at Do 4p c eon. issued at 80 6.5
et Great Eastern 41 por cont. 100
at Do 5 do, 1862 lOO
st Do New 5 do, 1863 100
et Do do 5 du, 1864 lOO
st Great Northern, 5p c irred. 100
t Do Permanent 5 per cent. 100
at Do Boston & Sleaf d, 44 pc 100
at Great West., W. Midi., 5 p c 100
St Do Joint porpe. 5 p c,1865 WO 88 qG
st Do do 6p c irred., 11:66 103 110 112
20 Do Vale Neath perp. 5p c all
at Kent Coast, 6 per cent, 1t... 100
Lauc. and York New 44 per
cent till July, 1871 2
st Loud., Brig &e., 41 pc, 1858 100
it *Do du 4 do, 1860 100
it Do do 41 do, 1861 wo
it Do do 44 do, 1863 100
it Do do b do, 1865 100
st Do No. G b do, 1866 100
at Do No. 7 sdo
st Loud , Chat., &c., '2d, 6 p.c
at Do Metrop. Ex., B 6 p.c 106
Do do C 6 p.c
at London& N Western, 5p c 100 108 110
it London &S. Western, 41 p c 100 v 3 95
10 Man. Shef. & Lin., 5 pc, 1865 all v 91
at Metropolitan 5 per cent lOl 100 102
at Midland, it 5 per cent pref lOO 107 109
at Do B 5 do 100 107 109
18 Do bp c opt. to co'. to
Ord. Stk., Sept. 1, 1869 all 201 211
18 Do Inconv. New Shares all 19 lot
22 Do 5p c con. into Old
Stk., Aug. 31, 1872 Bl
et North British, E. and U
No. 1, 5 per cent

77 by
87 1)0
83 88
83 86

1p

•, ...,

If 2fp

... ...

st Do .£lO guaranteed, 1861 100
Do E ,P., & Dun., 2d, 4pc 100
et Do E. & (3, N 0.2, 5 p.c lOO
at Do N. 8.. 5 per cent, 1862 100
at Do K & G., N 0.3, 5 p.c 100
at Do E. & G., (Ordiry) 41 pci 100
at North Eastern, 41 per cent 100 90 Ito
tit Do Stock. & Darl., D 100 113 115
st North London, 41, per cent
(➢lax. 5 per cent)
st North Staffordshire 5p c lOO
at South Eastern, 41 pc, 1859 100
at Do 5 do 1061 100
at Do sdo (Ch. Cross) 1863 100
at Do 5 do, 1564
at Victoria St.& Pimlico, 41 pc 100

JOINT-STOCK BANKS.

Closing Beim
Sharp NAME. Paid. Price don
to Agra Limited, A all 11 111 111 2
10 Do B lO 41 54
50 Albion l5 15 8
00 Alliance, Limited
2'J Anglo Austrian
20 Anglo-Egyptian, lim all SI 224 p
20 Anglo-Hungarian 8 11 21
20 Anglo-Italian 1866, limited 10 5 4
40 Australasian
20 Bank of British Columbia all 11 13
20 Do issued at 2 pm._ , 5 5 4
95 Bank of Egypt
20 Bank of Otago, lim.
25 Bank of South Australia all 30 32
50 Bank of Victoria, Australia 25 87 89
10 Bank of Now Zealand all 154 164
60 British North American
20 Chartered of India, Austra-
lia, and China all

17 18

26 Chartered Marc. of India,
London, and China all
20 City lO
100 Colopial 25
10 Consolidated, lint.
50 Delhi and London, Una 26
50 East London, lim
10 English and Ant..trican,lim 10
20 English Bank of Rio de Ja-
neiro. lira lO
20 English, acottish, and Aus-
tralian Chartered u all 181 16/

31 82
10 11
1 43
I

2 14

pr 1p

261 Hong Kong and Shanghai . .
liu u k Corponaian all Ili 28
28 I Do new ll} 4 4
WO Imperial, line
20 Imperial Ottoman lO 2k z.l 121 e
26 lonian all 19 22
26 Do now 6 6 II

Lnd Mortgage of India, lira 4
100 Do 6p. c. Debs.lBs4, 30 all 76
100 London Bank' of Mexico
and South America, lira. 29 4 4
100 London and Brazilian, lim. 45 35 Z 0
20 Do new 71 5 41
100 London &River Plate, lira. 40 11 13
25 Do new 10 11 2 p
20 London Chart. of Australia all 231 20
20 London and County 2O 091 511
60 Do new, his at 20 p.m, 16 pd ll ... ...
London Joint Stock 3ll 521 81

31 31 I
76 SO

London and South African al
100 Loudon &S.-Western, lira, 20 13 11
50 London & Venezuela, lira 121
100 London and Westminster 20 574 484
100 Do Scrip, isa at 10 pm
100 Merchant, lira 25 6i 44
10 Metropolitau, lira all 74 7f
00 Midland, lira 2# 14 1
b National of Australia
25 National of Liverpool, liin. 15 ad 1p
00 National I'rovinc. of Eng'd 42 ...
10 Do . 42 ... ... 41
50 National.
20 Now South Wales all 41 43
20 North-Western
25 Oriental Bank Corporation all 41 42
60 Provinc. Bank. Corpo., lira lO 6f 54 Si
80 Provincial of Ireland 24 90 92
10 Do new.. all
100 Stand. of Brit. S. Africa, lira 25
100 Do issued at 6 pm. 10
25 Union of Australia all
100 Union of Ireland, lint
50 Union of London

14 13
8 6
46 4;

37 33 88 7i

TELEGRAPH COMPANIKS.

l Anglo-American fa, lira aii—Liii 191 %0 14
10 Anglo Mediter Tel., 1im.... le 171 IS 181 120
at Atlantic Telegraph lO 13 Irs
at Do. 8 per cent.
at B. and I. Magnetic Tel., lim l6O 175 IS3
at Electric 6: Inter. Telegraph 155 260 265
10 Do. New 8 12 13p
215 Indo-European Tel., Jim— all 28 2* 24
5 Loud. Provincial Tel. lim all 2i 31
1 Do. Prefer. 10 per cent all 1 i p
10 Mediterra. Exten. Tel., Um. all 6 61
25 Reuter's Telegram all 78 85
20 Societe Transatlant., lint all 161 17 161 i f
at Submarine Telegraph
1 Do. Scrip all If If
5 13. Kingdom Tel. Co., lim all 7 74
5 Do. 10 per cent. Pref all i f 51

- MISCELLANEOUS.

10 Angio-Mexican Mint all 141 14i
25 Australian Agricultural
25 Australian Murk Laud and
Finance, lim.
10 Baugara.h Tea Estates, lim
10 Berlin Water Works, lint all
10 Do. Now all
100 Bolekow Vaughan, lint.
5 Bombay G,ss, link
5 Do. New 4
50 British American Laud 4l
20 British Indian Tea, lim.
20 British Ship Owners 7l
29 Canada Company all
oii'islatcow Gas, lint.., all
10 Canadian Loan and Inv,st-
ment,lim 24
20 Ceylon Company, lint.
20 Do. A shares
25 City of Londaoinnalplarautv. 5
10 City Discount, lint
Pro-
perty,
all
b
9
25 23 22
50 Colonial, lint.
Do.
352050 CityCCii Ittyye
rOoot ff:
Offices, lint
224
50 Commercial' 'Union (Assur) 6
10 Company of African Mer-
chants, lim.
20 Continental Union tilts, lint all 25 27
25 Copper Miners of England,
prof. 74 per cent,

i id
3 .5,1
111 14i

13 I 5
5 51 b 1-14
11 bcl
15 17
•:1 31

64 t 6

TA
3 `hd

bi 4
b 6

pr • *

Bank of France.

PARIS, Dec. 30.

The following is the return of the Bank of France
for the week ending to-day, together with the cor-
responding figures of the previous account :

DEBTOR.
Dec. 30.
fr. c.
182,500,000

Dec. 23.

182,500,000

Capital of the Bank
Profits in addition to
Capital (Art. 8, Law,
Juno 9, 1857)
Reserve of the Bank
and its branches
Reserve of lauded pro-
perty 4,000,000 4,000,000
Notes in circulation 1,398,557,800 1,318,369,150
Banknotes to orderand
receipts payable at

sight —
Treasury account cur-
rent creditor
Current accounts, Paris
Do. branch bauks
Dividends payable
Discounts and sundry
interests
Rediscounted the last
six months
Surplus of receipts not
distributed
Sundries

7,041,776 02

7,014,776 0:

22,10,5,750 14 22,105,750 1

45,881,189 53 46,271,819 62

210,725,935 42 231458,259 57
374,167,210 13 361,360,028 85
46,061,119 - 43,650,081 -
1U,991,393 - 791,076 -

428,095 54 96,425,516 67

1,305,522 15 991,660 38

6,639,613 89 8,827,320 79

Total
Dec. 30.
Cash in hand and in02,3uz1:15,.2432.4 82 2,267,012,477 04
fr. c. fr. c.
Branch banks
Commercial bills over-
dueC
oemeum eetrecdi
,ft
ebti
yl se t
due
310,082,030
Do. branch banks 287,
Advances on deposit of
bullion
Do. branch banks 207852:208149
_l9 323052,,514265,,40;10
,_35
Do. on French Public
Securities
Do. by branch banks
Do. on railway shares
and debentures
Do. branch banks
Do. on Credit Fender
Bonds
Do. branches
Do. to the State (Con-
vention, June 10,
1857)
Government Stock re-

227,69 23 260,931 37

22,577,300 - 22,457,800
1 6:19 880
1,725,900 - ~

22 410,100 -
9:089,900 -

39,095,890 --
32,986,20 -

1,118,200 -
1127,900 -

60,000,000 -

22,642,700
9,051,800

60,000,000

39,380,1 W
32,916,170

1,131,800
1,299,000

serve
Do. disposable
Routes Immobalisees
(Law, June 2, 1857) 1C0,000,000 --
flotel and furniture of
the Bank and landed
propel ty branches
Expenses of manage-
ment 264783,
i- ,25 3
03 56°
Sundries

12 980,750 14 • 12,980,750 14
80,595,187 21 80,595,187 21

9,05,892 -

100,000,000

9,048 89'

2,554,010 93
9,995,002 42

Total
Certified by the Senator-Governor of the Bank
of FraLce.

(Signed) R OULAND,

The Bank Returns.

The Bankers' Magazine furnishes the returns of the ch.
culation of the public and joint-stock banks in England
and Wales for the four weeks ending the 4th of Dm
These returns, combined with the circulation of the Scotch
and Irish banks for the saw period, and the average cir-
culation of the Bank of England for the four weeks ended
tho Ist of Dee. (the nearest date furnished by their
returns), will giTe the following results of the circulation
•f notes in tho United Singdom when compared with the
proyious month :

23,940123,181m0 I 1759,757
Bank of England... 11
,9471- Y. 0, 1 Dec 4, 1
180 g. 180. IncreaseiDecrease.
I--
Private Banks 2,885.44 ' 2,751,71 s 133,721
Joint-stock Banks 2,425,072 2,3 8,739 46,333
Total in Eng,land 29,251,459 28,301,648 --948,411
Scotland 4,871,3 8 6,287,458 416,110
Ireland 7,381,1801 7,344,10 27,017
____=.!----__ --1-----
___ _

United Kingdom.

27,017
,1--
; 976,823

416,140

SPIRIT OP THE PUBLIC ;01TRNALS,

The Times observes that the past year will, in the annab,
of English journalism, be memorable for the death in rapid
succession of two newspapers, each of which had in it•
own day filled a prominent space in the public mind. The
Star fell with autumn's falling leaf, and on Friday the
Herald died with the dying year. It is a significant fact
that the two papers whose decease we are dis-
cussing represented each the extremest side of
party Journalism. Thorough - going party Journal-
ism of any kind is ono of the most eccentric and
unaccountable of civilised institutions. A party journal,
so called, appears to consider itself bound as a matter of
course, to approve whatever emanates from one set of
politicians, and equally to disapprove whatever emanates
from another. Before Mr. Gladstone has opened his lips,
be it in Parliament or at at a Mansion House dinner, one
journal knows that he will utter the language of
an all but-inspired wisdom ; another, that his
speech will reek with prejudice, cant, and sophistry.
Nothing that Mr. Gladstone could possibly say
would in the slightest degree affect in either case the fore-
gone conclusion. There must be a certain class of readers
who like to feel before they take up a paper that, be the
subject or the result what it may, they are sure to find
this politician lauded to the skies, and that as vigorously
abused. We cannot pretend to understand their mental
condition, but we are compelled by the logic of facts to
believe in its existence. That it is, however, gradually
becoming more scarce we are inclined to infer from the
disappearance of two journals which were conspicuous in
pandering to it. Their disappearance cannot be
ascribed to want of ability or enterprise. Still

lees can it be explained by any diminution in the
demand for journalism. The modern tend ency is all the
other way. An old journal, properly managed, has such
immeasurable advantages over a new one, which has a
hard, up-hill battle to fight in merely making itself known
that its miscarriage is a fact full of significance. We
believe that in both the instances under discussion the
defeat was due chiefly to a bigoted adherence to the spirit
of party in its faultiest form. Though enough of this
spirit is still left to secure a certain amount of represen-
tation in the press, we are not sorry to infer, from the
failure of its two staunchest representatives, that it is
surely, if slowly, on the decline.

The Conservative party, says the Daily .21rews, is still in
search of a leader in the House of Lords. The first duty
of the leader, when he may be appointed, will be to search
for his party. The army is at present without a general;
a

,nd the nomination of a general may .disperse the army.
The new choice of Paris has yet to bo made; and more
than three divinities compete for the golden apple.
Since the Tory leadership of the House of Commons
is a settled point, so long as Mr. Disraeli chooses
to retain it, and the House of Commons is the
governing assembly of the nation, the discussions about
Lord Cairns's successor in the Upper Chamber may seem
to some persons to possess personol and social rather than
political interest. The present Lord Derby's reputation
as a statesman is at least equal to that of Lord SaliThury.
It is of longer standing, and it is not, for .the purpose of
leadership, impaired by a too vehement indivi•
duality, or the recollection of a rupture with
hls party. The difficulty in the way of Lord
Derby is of an entirely different kind. A Conservative
leader must above all things be a Conservative. A party
chief ought at any rate to be a party man. Lord Derby
iY fend of avowing that he is very little of a party man ;
and there are whispers to the effect that he is not much
of a Conservative. There is a Knowsley mystery as well
a 3 an Asian mystery. The situation is an embarrassing ono
for the moment. But Mr. Disraeli has overcome greater
difficulties than those which now challenge his ingenuity
The very best arrangement cannot much strengthen, and
the very worst cannot seriously weaken, the Conservative
party, nor affect the course of rublic events. The subject
rouses only a faint speculative curiosity outside the limits
in which Tadpole and Taper rule.

The Standard is glad to find that the three societies-
the Workmen's Emigration, the National Emigration Ai,

and the British and Colonial—have agreed to join their
forces in a combined movement, "to urge upon the Home
Government the consideration of a national emigration
policy in co-operation with the Governments of the
colonies." It would be a thousand pities if these various
associations, having all the same object, should fall out
with one another, or that anything should occur to mar
theirharmonious working. With what consistency can they
who call out for State control in education contend that the
State should have nothing to do with emigration? The
State already professes to deal with pauperism; and how
can it deal so well with it as when it has the aid of the
colonies ? The State is supposed to superintend the
national defences; and what defences can England have
to equal in value the alliance of her own colonies ? To
tell us that it is no business of the State to look after
the growth of the colonies and their population, is to
deny the governing faculty, to argue against the duty of
Government. The duty of the State begins only when
the conflict between labour and capital leaves a certain
number who fall out of the struggle to become a burden
upon the general community. The State has a
right to deal and a call to deal in the matter from
the moment the public are called upon to help those who
are poor. As to " flooding the colonies with paupers," the
proper answer to that is, that there should not be any
paupers—at least any that are able to work. Too much
importance has been attached to the susceptibilities of the
colonies on the score of pauper immigrants. It will be
the duty of the Government to overcome, by tact and
prudence, whatever prejudices may have grown up on this
subjeet, and to remove all the obstacles which those pre-
judices present.

The Pall Mall tiazette considers that a true national I
economist, who feared no persons and truckled to no par-
ties, might well procure for us as great a reduction of taxa-
tion as oven Mr. Bright has ever demanded. But it is of
the last importance that we should understand what
is and what is not true national economy. There
is serious danger that the penny scraping which
the present Government has introduced, as a
means of arriving at an apparent surplus, may do
us more damage than the most lavish outlay
in useless but at least harmless superfluities. The nation
ought to be a good master; and a, good master does not,
even when he desires to contract his outlay, dismiss his
men suddenly in a period of general difficulty, and heedless
of their situation or their prospects. Still less does he
dismiss the poorest, while at the same time he gives good
berths to his own personal acquaintance and companions.
Least of all does he deserve the name of a good
master if he lets his overseer do such things
chiefly that he may shew a prosperous balance-
sheet, and strengthen himself by getting favour with in-
fluential people. Now this is our charge against the
Government—thaii upon humble helpless folk they have
imposed the virtue of economy in a way so rough and so
precipitate as almost to amount to oppression; and that
they have done so to procure a fleeting popularity with the
tax-payers, and above all to make things pleasant for them-
selves in Parliament. Perhaps it is one of the incon-
veniences of parliamentary government that Ministers
come to think too much of the House of Commons and
too little of the nation. The triumph of reduced
estimates and of a clever budget is immediate ;
the efficiency of the public service and the contentment of
the nation is too remote. It will help all parties to come
to a better conclusion if they will try to think a little
more distinctly what will be said in the country as well
as in committee of the whole House ; and what next year,
three years, or five years hence the constituencies will say
of the methods of economy they are putting in practice
now, and the spirit that inspires them, and the real object
they have in view.

The Post thinks that the Revenue Returns which have
just been published, though they exhibit a serious dimi-
nution in the inoome of the State, afford at the same time
the most conclusive proof of the soundness of the present
financial and commercial condition of the country. In a
word, the curious phenomenon which so often mani-
fested itself when Mr. Gladstone ruled at the
Exchequer has again appeared under the Chan-
cellorship of Mr. Lowe; and the Revenue returns
have once more shown that when taxes are
reduced the trade of the country, relieved of a
portion of the burden imposed upon it, responds more
readily and more generously to those demands which it
still continues necessary to make. This recuperative
power has been termed " elasticity ;" but, by whatever
name it may be known, it is only necessary to compare
the present Customs and Inland Revenue duties
with those which existed nine years ago, to be
struck with the extraordinary magnitude of the revenue
now, notwithstanding the large remissions which
have been made. It is true some of the provisions of the
late budget have only come into operation during the past
quarter, and therefore the net returns of the three quarters
cannot be accepted as a basis on which to estimate the
final result of Mr Lowe's fiscal changes ; but, nevertheless,
sufficient appears to justify the conclusion that on the
whole tho loss to the revenue incident on the repeal of
scant; taxes and the remission of others will be considerably
less than was expected.

The shop wherein Madame Rachel located her
emporium of appliances for making people beautiful for
ever, after a period of neglect during which it has doubt-
less been a prey to the spirits of departed wits and beau-
ties, has entered upon a new phase of ami§tence as a grog&
Ti4eY.