The Sun.
London, England, 1846-06-02 00:00:00

ROYAL ACADEMY EXHIBITION
(CONTINUED).
100. Pa,ndora—G. Patten, A.—is a picture of great
pretension, and also of considerable merit. From its
immense size, it attracts the attention of every visitor.
The figure of Pandora is a nude of the Rubens rather
than of the Titian school of art, and albeit hypercriti-
cism might have something to say on the subject of the
anatomy of the figure, yet
" Haud ego paucis offender maculis,"
the picture is, in more senses of the word than one, a
great picture, and proves that Mr. Patten has been no
inattentive or unworthy student in the school of the
Flemish masters.

103. The Supplicant—R. Redgrave, A.—
" Please to give two single knocks."
One of those pictures in the painting of which Red-
grave delights. The motto explains the subject. A
beautiful little girl standing at a door, and endeavouring
in vain to reach the knocker.
117. Cupid and Psyche—Painted for his Royal High-
ness Prince Albert.—T. Psyche,
returning from the infernal regions with the vase of
celestial beauty (obtained from Proserpine, at the com-
mand of Venus), is tempted by vanity and curiosity to
lift the lid of the mysterious treasure. Why should I
be so silly as to carry all this beauty to Venus, without
stealing a little for myself ?' Alas ! instead of beauty
there issues from the vase a noxious vapour, which
throws poor Psyche into a deep sleep—and she must fall
from the rocks, but that Cupid, always hovering,
round the object of his love, flies to her protection, re-
vives her from her trance, and restores her to animation
and enjoyment.—See the Fantle of Apvleius." This is a
small cabinet picture beautifully finished. It is an ex-
quisite illustration of the fable.
134. The Departure—Scene in Circassia Sir W.
Allen, R.A. A Circassian chieftain taking leave of his fa-
mily and hastening to the wars. The landscape in the
of fire andio energy,n
184.
background is beautiful exceedingly, and the warriors
mounted, and apparently about to charge down a glen,
are full
Early Morning w. Collins, R.A.—ls a beau.
tiful landscape. The struggle between day and night,
the darkness gradually melting into dawn, is very fine.
Collins has three other pictures in the exhibition-90.
Hill Sands, Devon ; 106. Shrimpers . hastening
home ; and 529. Meadford Bay, Torquay, all beautiful,
but scarcely equal to Early Morning.
122. A Canaidatefor a Portrait—C. Landseer, R.A.

" Paint me so."
Such was the request of this lovely child to the artist,
and admirably has he executed the commission. It is a
little gem.

152. The Wounded Smuggler, by the same artist, is
too melodramatic for our taste ; but
337. Mary Avenel showing her trinkets to Mysie
Happer, the only other contribution of this artist to the
exhibition, is au admirable illustration of Sir Walter
Scott's description of the scene ; the good humoured as-
tonishment of the lively Mysie Happer contrasts ad-
mirably with the composed, dignified, melancholy pla-
cidity of Mary Avenel.
F. Goodall contributes two pictures-84, Spanish Pea-
sants retreating from the French Army ; and 239,
Going to Vespers. There is some clever grouping
in the first of these pictures ; but the Going to Vespers
as a piece of colouring, is quite Rembrantesque. The
cloisters, up which the figures are hastening to the
chapel, are illuminated by a lamp, the lights from which
are distributed in a most wonderful manner.

REVIEW of the MONEY MARKET
FOR THE MONTH OP MAY, 1846.
This has been a somewhat extraordinary month in
matters affecting the value of capital and the condition
of trade. The progress of the American negotiation,
and the passage of the Corn Bill through the Com-
mons, have been calculated to restore confidence and ac-
tivity ; but on the other hand, the unaccountable vagaries
of the railway people, and the serious apprehensions
which have lately arisen as to the intentions of the Up-
per House towards the Corn Bill, have more than neu-
tralised these good influences.
The departure of everything like prudence and com-
mon sense from all the classes of persons concerned in
our unfortunate railway difficulties, appears to be com-
plete. At the date of our last review, there was a
general feeling of satisfaction at the prospect of nineteen-
twentieths of the railway schemes before the public
being " wound up" under the Ministerial measure. As
far as our own observation went, we met with nobody who
did not express a hope and desire that an effectual
clearance would be brought about by the Bill.
During the present month, probably one hundred
meetings have been held, and certainly, at not more than
one-fourth of them have resolutions to " wind up," re-
ceived the assent of the majority. In the greater num-
ber of instances there has been an unanimous deter-
mination to proceed. We have observed, that in hardly
any instance are the directors and promoters of the
schemes disposed to " wind up." These parties are
generally the most clamorous in favour of proceeding.
There can be no doubt, that this sudden and radical
change in the disposition of holders of scrip, was very
largely encouraged by an unlooked for rise in the price
of railway shares, which occurred at the beginning of
the present month. The improvement was so decided,
that for a few days the bustle bore a strong resem-
blance to the delirium of the dog days of last summer ;
but the fit was altogether transcient and factitious.
There is, indeed, good reason to belive, that it was the
result of a deep laid trick of a few leading capitalists,
who deal in property of this description. The Com-
mittees of the Houses of Parliament on the various
groupes of schemes, appear to be quite as careless of
consequences as the directors themselves. Preambles
are passed with the greatest coolness, and the only con-
siderations which appear to prevail are the merits of
each individual line, viewed totally apart from the ge-
neral question of railway -expenditure.
We have omitted no proper opportunity of warning
our readers of the danger attending this state of things.
We are at this moment as strongly convinced as ever,
that if the present course is to be followed without check,
within some very short time we shall find ourselves in
such a sea of troubles as we hare not experienced for
many years. The first people to suffer, and to suffer
also for the longest time, and with the greatest severity,
will be the directors of the several schemes which obtain
their Bills ; next in order will be.the shareholders, and
after them all that portion of the public who happen to
have railway speculators for debtors or creditors.
It is the purest lolly to suppose for a moment
that the disposable capital of the country can
at all afford to carry on, not the whole, but even one-
tenth part of the mass of railways likely to pass, in
addition to those already in course of construction. We
have seen too much of the incapacity of railway direc-
tors to believe, that any greater discretion will be exer-
cised after the Act is obtained than has been displayed
in the preliminary steps. Every scheme will feel sure
that its peculiar merits justifies a " vigorous prosecu-
tion" of the works, and there will be a general steeple-
chase after recusant shareholders who cannot, and
wealthy shareholders who can, and eh° must furnish the
money.
Before the issue of this number, the decision of the
House of Peers on the second reading of the Corn Bill
will have taken place. We fully expect that that stage
of the measure will pass by a majority of thirty or forty,
but we have great doubts of its success in Committee.
We think it highly probable that the party who will
act under Lord Stanley will be able to effect such altera-
tions as will be fatal to the Bill. In the occurrence of
such an event, the country will be placed in
a situation of great difficulty. The alternatives
under such a state of things appear to be three. (1.) Sir
R. Peel may retain office, and forthwith dissolve Parlia-
ment. (2.) He may quit office, and the Queen may
authorise Lord Stanley to form a Cabinet; Lord Stanley
would doubtless be able to do that. The question would
then become, will Lord Stanley attempt to carry out his
views with the present House of Commons, or will he
dissolve Parliament ? We think decidedly he would
dissolve. (3.) Lord Stanley may recline or be unable
to take office, and Lord John Russell may be sent for;
and there can be little doubt that Lord John would
immediately appeal to the constituencies. Our own
opinion is, that in the event of the failure of the
Bill in the Lords, Sir Robert Peel will remain in
office, and call a new Parliament, and submit his mea-
sures to them as a final effort in their behalf. In this
place, we express no opinion as to the merits either of
Sir Robert Peel, Lord Stanley, or Lord John Russell,
but in a monetary point of view, it is our duty to calcu-
late beforehand, as far as we can, the probable effect of
these political disturbances. The fate of the Bill will be
decided by the end of the first week in June. If it be '
lost, we consider a general election inevitable about the
opening of July. Parliament would then meet in August
or September, and the fate of the new measure could not
be fully settled before the middle of October. The rejec-
tion of the Bill will, therefore, certainly entail upon. the
Money Market a state of uncertainty for not less then
four months, probably much longer.--Banker's Magazine.