The Sun.
London, England, 1848-12-07 00:00:00

BLOOMSBURY CHAPEL.
TO THE EDITOR OF THE SUX.

SIR,—You are in error when you state in your notice
of the openirg of this chapel, " that collections were
made in aid of the building fund." No collection was
made during the day.
ONE WHO WAS PRESENT.
City, Wednesday evening.

THE PORTUGUESE GOVERN-
T.
We have nceivel the ME
olioing letter regarding the
system of confiscation practised by the Portuguese Go-
vernment, and tolerated by our Ministry, to whom they
owe the power which they thus use to the ruin of the
English bondholder :

Sir,—l agree with you in the strictures whiall_you
have from time to time made on the conduct of the Por-
tuguese Government in levying a Parliamentary tax
on the dividends of loans raised in this country. Of
course the Portuguese Government can have nes more
right so to tax the dividends of the loans than to levy a
Parliamentary tax on the bill a B.jitish merchant for
goods .old and delivered to it according to order.
The decision of the Times in 1846 on this treat •
ment of the British creditor was, He is not taxed ; he
is fleeced, he is robbed.' Again, Sir, look at the rt cent
decree, by which interest at 3/. per cent. only is allowed
on that portion of the overdue dividends (251. per cent.)
which is to be paid in stock.
In the first p!ace, it is the raising a 31. per cent. loan
at 1001. per cent. sterling money, whilst at the same time
such stock is worth only 24/. per cent. in the market. In
other words, it is a confiscation to the amount of 75/. per
cent. sterling money.
.‘ In the second place, you will remember that the
Portuguese Government, in 1840, took so strong a dis-
like to 31. per cent. sti ck, that it converted it into a 51.
per cent. stock; why, then, does it now recur to a 3/. per
cent. stock ?
" Circumstances, Sir, alter cases. In 1840 the Por-
tuguese Government had set its heart on confiscating
' 1,600,0001. 3/. per cent. capital stock, and therefore, in
order to be allowed to efftct this, was compelled to pro-
mise to advance the interest by an ascending scale to 51.
per cent. in the course of some twelve years; but now,
having a cognate object in view, that of paying as little
of the overdue dividends as may be, this same Govern-
ment lowers the interest on that part of the debt which
is to be paid in stock to the once proscribed 31. per cent.
" The plan which would appear to have been adopted
by the Portuguese Government in 1840, and which I
denounced at the time, was this—to reduce the capital of
the debt, in the first place, as much as possible, and then
to attack the interest; and which the almost immediate
proposal of giving 4/. per cent. at once—in place of the
promised and prospective 51. per cent.—wonld seem to
warrant.

"And now, Sir, what is the use which the bond-
holders may expect to be made of the re-introduced 31.
per cent. stock? Is it not nearly morally certain, as de-
ducible from previous conduct, that anotherdecree,
similar to that of 1840, with its glozing preamble, will
at no distant day see the light, reducing the 4L to 31. per
cent.?

" You advise us to reeist these things. But how are
we to do it? We fly to our Government. Our Go-
vernment will represent, but—unofficially. The Portu-
guese Government, understanding perfectly well the
meaning of this, laughs at us, and perseveres. Our own
wants in the meantime press us. It may be, the salva-
tion of our remaining property depends on our receiving
a something from the Portuguese Government. What
are we to do? We accept the trifle, being as really aid
fully under' duress' as any one is who is entrapped and
incarcerated, and denied bread until he surrender his
deeds.

" I see no hope for us but in Parliament and the press
—the press acting on Parliament and the public (as the
limes has most handsomely done), and the Parliament
on the Government. The Foreign-office I believe to be
disposed to help Ili if it could obtain, in any tolerable
degree, these two auxiliaries. The sufferers, also, have
been advised, and by very high legal authorities, to peti-
tion the Legislature, as their proper and constitutional
course. IN by, then, do they not do it? A word of ex-
hortation from you, Sir, on this point, I must believe
would be of the greatest service.
" I have the honour to be, Sir, your obliged and hum-
ble servant,
—Times. "A CREDITOR OF PORTUGAL."

THE BANK OF ENGLAND IN A

NEW CAPACITY.
TO THE EDITOR OF THE TIMES.

Sir,—As neither' your time nor your columns are of
so little value as to warrant unnecessary words being
addressed to you, I beg to trouble you with the follow-
ing sitnple facts only; and if you are pleased to insert
this communication in your all-powerful paper, it may
elicit attention in the quarter from which a redress of
the grievance of which I complain may be derived.
I am an ironmaster, carrying on, through the super-
intendence of my sons, the several works of Cyfarthfa,
Newbridge, and the Forest of Dean; and am
the vendor of the produce of these works myself, as an
iron merchant, in Upper Thames-street.

Owing to the falling off in the demand for rails, the
iron trade is in a sad state of depression, and the com-
petition is such that bar iron and rails may now be pur-
chased at or about the rate of 51. per ton at the several
ports of shipment in Wales—a price which is below the
pest:tit actual coat of production.
I have met with the must cutting competition from a
cempiny of ironmasters entitled in the iron trade " the
Bank of England ;" and, in Liverpool and London, al-
most every quotation which I make to it.quiries of the
r rive of iron for export, is met with the reply, " The
Il3stik of 1. ngland will sell considerably lower."
To a quotation which I made to a metal broker for
only 50 tors of sheet iron for shipment to Indi of 91.
per t. n free on beard in the decks here, I received the
an,wer " I can buy it from the Bank of England at
V. 10s. free on bourd ht re;" and I have since been in.
form, d by the same party that he so bought the said 50
tons of sheet iron, the total amount being 375/.
In consequence of this very low, and to the makers,
ruinous sale of r,hect, iron, 1 deputed the same broker to
purchase of the Bank of England for me lot) tons of the
lime description; but, atter a delay in the acceptance of
my order of three days, I was informed that the "Bank
of E gland had been deceived in the quantity of sheet
iron which they could manufacture, and having already
sold several other parcels, could not enter into further
engagements at present."
Now, Sir, it appears to me, that however unwillingly
or unpretneditatingly the Bank of England may have
been drawn into the manufacture and sale of iron, it
cannot be within their province, even as " mortgagees
in possession of iron works," to carry on, as the Bank of
England, a trade or manufacture beyond what is con-
templated and warranted by their charter ; and, as an
individual iron master and iron merchant, I can but feel
deeply aggrieved by such a competitor as I meet with
in that company.
The wages which I, individually, am compelled to
pay my men weekly, and, at the end of each month,
amount to not less than 25,0001., the whole of which I
am bound to find in cash, and no part of my works,
(unlike those of my competitor) afford me the advan-
tage of making my own bank-notes. Were such con-
venience attached to my works, I could sell bar iron
20a., and sheet iron 30s. par ton beldw the market
price, and yet be enabled to pay my workmen on Sa-
turday night; and surely, Sir, if a charter to the Bank
of England for note-making be construed to extend to
making iron, a privilege ought to be allowed to us de-
pressed iron masters, in addition to the manufacture of
iron, to make our own notes ; and then we might by
possibility exist under competition with the Bank of
England.
How long this new trade of iron making is to be car-
ried on by the Governor and Company of the Bank of
England, in addition to their grand monopoly of paper,
will, in my humble opinion, much depend upon the no-
tice which you may be pleased to take of this matter;
and, powerful as you are in abating ether grievances
and improprieties, I trust this may not be considered
unworthy of being taken up by you with your usual ex-
traordinary ability and acumen.
I am, Sir, your very obedient servant,
WILLIAM CRAWSHAy.
London, Dec. 6.

THE NATIONAL GUARD.—The following is a copy
of the answer of Alderman Salomons to the letter of M.
Oscar de Sevelivge expressing the thanks of his col-
leagues and himself for the reception which they had
met in London :

"" London, Nov. 24.
My dear Sir,—l had very great pleasure in receiving
the communication with which you honoured me, con.
veying the satisfaction of yourself and colleagues with
your visit to this country. I rejoice at the opportunity
that has been afforded to so many citizens of France to
mingle with the population of our great metropolis. In
us tar as I may have had any small share in facili-
tating your visit to places of peculiar interest to you (as
you are pleased to say), I feel highly gratified at the
terms in which you have so kindly recorded your satis-
faction, both in my private character of citizen and in the
more public one of alderman of London. Let us hope
that many opportunities of unrestrainedd motuerwccirlrfisendmtehye
present themselves. Whenever threeye-eivoey
their French
British people ever ready. to
neighbours in the same cordial and friendly spirit ; and
fellow-citizens
France
I give utterance to
I express the sentimeinhtes owishfallthmayt
between the
of union that existstwo nations,
prosperous, and united. Let. us endeavour to strengthen
the bond
for it is evident
that the maintenance of an intimate union
between our respective countries is essential to our
mutual welfare, as the best means of promoting order
and prosperity within, and as a guarantee of peace and
confidence without. I beg of you to communicate this
reply to such of your colleagues as were parties to your
letter to me.

" I have the honour to be, my dear Sir, yours truly,
" DAVID SALOMONS, Alderman.
" M. Oscar de Se-velinge."
[A DVERTIkiEMENT.]—PainfuI Wounds in the Legs
aint Body Cured atter Seventeen Years' duration by Hol-
loway's Ointment ar.d Pills.—Extract of a letter from Mr.
W. Staples, dated Belgrave-gate, Leicester, November 9,
1848. To Professor Holloway, Sir,—" I was an invalid
fur seventeen years, suffering dreadfully with painful
ulcers in my legs, and different parts of my body; during
this period I was attended by several moat eminent sur-
geons, but their remedies failed to do me the least good.
I then commenced using your Ointment and Pills, and
by these invaluable Medicines alone, I am pleased to
state that in a short time all the wounds were soundly
healed and lam restored to excellentlhealth." Sold by
all Druggists, and at Professor Holloway's establishment,
244, Strand, Lond3n.
The Committee of Council on Education have
appointed the Rev. J. W. Kennedy, formerly Secretary
of the National Society, inspector of schools for Lancas-
ter, Westmoreland, and Cumberland. Mr. Kennedy
entered upon the duties of his office on Saturday last.