The Sun.
London, England, 1848-12-21 00:00:00

SYNOPSIS OF THE MESSAGE.

The President's Message i 3 one of the most
lengthy documents that has been presented to Con-
gress for a long time. It commences with congra-
tulating the country upon our friendly and pacific
relations with all nations.
Treaties of commerce have been concluded with
New Grenada, Peru, the Two Sicilies, Belgium,
Hanover, Oldenburg, and Mecklenburg-Schwerin.
The establishment of a Republic in France, and
the effort to unite the German States, are hailed as
auspicious events.

Friendly relations are established with Mexico,
and the favourable condition of our foreign affairs
renders it necessary to call attention more especially
thereto.

The President recommends mineral lands to be
sold in New Mexico in small quantities.
The President is so Mr from entertaining appre-
hensions of the safety of our system by the exten-
*ion of territory, that the belief is confidently enter-
tained that each new State givei strength and an
additional guarantee for the preservation of the union
itself.

The President recommends a liquidation of Ameri
can claims.

The Secretary of the Treasury, he says, will pre-
sent, in his annual report, a highly satisfactory
statement of the condition of the finance.

The imports of the fiscal year, ending on the 30th
June last, were of the value of 150,977,876 dolls., of
which the amount exported were 21,128,010 dolls.,
leaving 133,849,866 dulls. in the country for domestic
use.

The value of the exports for the same period was
154,032,131 dolls., consisting of domestic productions,
amounting to 132,904,121 dolls., and 21,128,010 dolls.
of foreign articles.
The receipts into the Treasury for the same
period, exclusive of loans, amounted to 35,436,750
dolls. 59 cents., of which there was derived from
customs, 31,759,070 dolls. and 90 cents.; from sales
of public lands, 3,328,642 dolls. and 56 cents.; and
from miscellanies and incidental sources, 35,037 dolls.
and 7 cents.

Referring to the gold mines of California, the
President recommends that the present session of
Congress pass a Bill for the establishment of a
branch mint.

The operations of the Tariff Act of 1846 have been
such during the past year as fully to meet the public
expectations, and to confirm the opinion heretofore
expressed of the wisdom of the change in our revenue
system which was effected by it.
The contracts for the transportation of the mail in
the steam-ships, convertable into war steamers, pro•
mice to realke on our commerce and to the navy all
that were anticipated.
It is gratifying to find the revenue of that depart-
ment under the rates of postage, now established by
law, so rapidly increasing. The gross amount of
postage during the last fiscal year is 4,371,000 dollars,
exceeding the annual average received for the nine
years immediately preceding the passing of the Act
of the 3d of March, 1845, by the sum of 6,400 dolls. ;
and exceeding the amount received for the year end-
ing the 30th of June, 1847, by the sum of 425,154
dollars.

The Message opposes the Bill of the United States
at great length, and also the internal improve-
ment. It advises the veto power, and says the
example of four of his predecessors warrants him in
the exercise of the power in the fullest manner.
The power, he says, has never been abused, and
there is little danger that it ever can be abased.

The United States, steamer, left before the
Cambria, for Havre, taking 120,000 dollars in specie.

The New York Money Market was easy. - The
Secretary of the Treasury gives notice that he is
ready to redeem Treasury Notes at maturity. Ex-
change on London, 108 to 1081 ; on Paris, 5 20,
business small ; on flamburgh, 354 to 35i ; on
Bremen, 78 to 784.
Cotton inactive ; Flour dull—prices in favour of the
buyer.

LEAMINGTON LICENSED VICTUALLERS' ASSOCIA
TION.—LE'AMINGTON, WEDNESDAY, DEC. 20.—The
third anniversary of this association was held at the
Bowling Green Inn, Leamington, yes;erday afternoon ;
Mr. G. Smith, the President of the society, occupied the
chair ; and Mr. John Howard Gibbons, of Birmingham,
Vice-Chairman'of the Licensed Victuallers' Protection
Society of that town, acte:d as vice president on this oc-
casion. The attendance was extremely good, and, be-
sides members of the trade, many highly-respectable
genlemen connected v.ith other professions honoured
the company with their presence. The usual loyal and
local toasts were proposed, and responded to with en-
thusiasm. Altogether the proceedings of the evening
were of a very gratifying character,
A FREAK or FORTUNE.—Some two years ago an
exled Pole arrived at Watertown, U. S., friendless and
destitute. He obtained employment at his trade as a
dyer, and married a poor orphan girl, who, like himself,
possessed none of this world's riches. The couple were
agreeably surprised, a few days ago, by intelligence from.
New York that a fortune of two hundred and fifty
thousand dollars awaited the orders of the poor Polo
and his brother, the latter residing in Euglsnd. An
uncle has died in the East Indies, bequeathing to the
two brothers this handsome fortune, every dollar of
which bas been remitted to New York,-IYczo Haven Pall

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.
The sales of Cotton at Liverpool yesterday were esti-
mated at 7,000 baits, 2,000 of which were taken on
speculation. 'I hey consisted of about .5,000 bales
American, 1,200 bales Pernambuco, at 41d to sid ;
100 bales Babir, at 4id to 5d ; 500 bales
Egyptian, at 54d to Cid ; and 500 bales Surat, at 20
to 34d. The market close-d firmly, but with less ani-
mated buying, prices of all kinds being higher. The
Share Market was not quite so good.
At the meeting at the India House yesterday, the impor-
tant question of Indian railways was got rid of by a
" side wind," which, as Mr. Sergeant Gazelee very
fairly remarked, was of doubtful legality. The position
of the East India Company towards the companies that
have been formed for the purpose of affording to our
Eastern possessions the imestimable advantages of
railway communication, is at present anything
but satisfactory. The Honourable Company itself
appears scarcely to have arrived at a con-
clusion as to the amount of support which
it can safely afford, and is far more occupied with the
consideration of costly Punjaub acquisitions, which may
truly have become a necessity, but are scarcely more so
than a system of railways. The ability of India to sup-
port the taxation annually imposed on i; must obviously
diminish if the price of its staples declines in the Euro-
pean markets, while the processes of agriculture and
transport remain as expensive as of old.
The continental news to hand is considered favour-
able as regards France, and the installation of Louis
Bonaparte has been wisely completed to silence opposi'
Lion, supposing it probable that any attempt was con-
templated. There is no confirmation of the Italian
news, so far as the alleged marching of the Austrian
troops towards Rome, but this was not believed yester-
day. The German advices are indefinite, and there is
increased doubts as to the duration of German unity,
the many conflicting interests of the different States and
Princes seeming to offer insurmountable obstacles.
The duty upon Foreign Wheat is now seven shillings
per quarter.

The intelligence received from the United States per
Cambria is interesting almost exclusively from the fact
of its including the Presid.nt's Message. The docu-
ment appears to afford satisfaction, and gives decided evi-
dence of the growing resources of the country. The
exchange on London and the general condition of the
money market in America had undergone no, particular
change. The great subject of interest for our mercantile
interests will be the tariff, and any probable change that
may be maple therein. Upon this point the editor
of the New York Herald writes as follows:
" We have various important interests which are yet
in their infancy, and are struggling against the enormous
capitals and the long experience of foreigners, and it is
necessary that proper discriminations should be made
in the tariff for the protection of these interests. With
judicious alterations in the present Act, all these
points would be covered, and the necessity of the pas-
sage of a new law removed. We have seen in the
short time the Act of 1846 has been in operation, that
the revenue has been too large, having annually ex-
ceeded the ordinary expenditures of the Government
several millions of dollars ; that it has promoted exces-
sive importations, and has indebted us largely to
foreign nations, even in the face of enormous exports,
and ,these are evils which we certainly do not wish
continued. It would be much better for all classes, if
the revenue fell short of the expenditures, and the defi-
ciency was made up by an issue of treasury notes ; and
it would be good policy to make such alterations in our
commercial systems as would bring about such a desir-
able result. The lower the average rate of duty the
larger the importations must be to give a certain
revenue ; and the larger they will be, as foreign manu-
facturers can flood our markets with their fabrics,
which we are compelled to pay for in our own products,
or in gold and silver. Excessive importations derange
the currency, create over-trading, and all those disasters
which follow speculation, and it should be our policy to
restrict rather than to encourage them by Special Acts of
Congress."

A-recovery upon yesterday's fall in Consols has oc-
curred this morning. The decline in the quotations has
brought forward speculative buyers again, who, having
" beark.d," made a good profit, and now turn their ac-
counts. Indeed, from the fact of the transfer books being
closed, the market may be said to be wholly under the in-
fluence of time bargainers. Consols rallied yesterday
afternoon, and this morning opened at 874 to 88, having
since been done at 881 2., and being now 884 to The
Reduced Three per Cents. Annuities have been 87i to
888, and the New Three-and-a-Quarter per Cents. 881.
to 884-. Exchequer-bills have realised 41s to 445, and
India Bonds 36s to 39s premium.
The most remarkable movement in the Foreign Market
is in Peruvian Stock, which has touched 434 to 448, and
since the commencement of business has been done at 47.
There is a " rig" in this security against which the pub-
lic should be on their guard, and if the envoy from the
Republic has proposals, why are they not at once an-
nounced? Surely, he has been long enough in England,
six or seven weeks, we believe, to have recovered the
fatigues of his voyage, and to apply himself to
business, or does he wish to favour the gambling of a
parcel of speculators who have an idea, or pretend to
nave, of his plan. The committee of bondholders ought
to have been informed of all a month since. Mexican
Bonds have touched 224. Grenada are 12k. Dutch
Two. and-a-Half per Cents. have been 49. Spanish Three
per Cents. realize 264
Railway Shares have recovered a portion of the
buoyancy which they lost yesterday, and prices are
higher g, nerally. The business doing is less extensive.

oNE CLOSING
1',.1,,i.--, ()F P•RiTiSil IiUNDS. O'CLOCK 1-13 ICES.
3 per Cent. Reduced Arm 5....... 8734 8317 i 88%
NeW 3% per Cent. Ann 5........ 881%%4 88%
Long Anns. to expire Jan.lB6o B% 8%
Ditto, Oct. 10, 1859 ..... _ 8 7_16
India liond, 1,0001.
Ditto under 1,000/. .. ...... . 36 39 p 39 p
Consols for Account. B3 873 k 83%%14 8814
Exchequer Bills. 21/2cl. & 2d.
1,0001. March
1,000/. June 39 42 p
5001. Mulch.., . 4l 44 p
5001. June
Small, March .. 41 44 p
Small, June
PRICES OF FOREIGN FUNDS

44 p
39 p
44 p
42 p
44 p
42 p

cotE CLOSING
O'CLOCK, PRICES.
Danish Bonds, 1825, 3 per Cent 67 67
Equador Bonds
Grenada Bonds, 1 per Cent.; 12% 12
Ai exican, 3 per Cent. 1846 2234 22%
Peruvian Bonds, 6 per Cents... 44 431/2 45 44% 47 48
Ditto. Account ..... ... ..... 44 47 43 48
Spanish 5 per Cent. 1840.
Ditto, 3 per Cent ...... 263)4
Ditto, Account 26%
Venezuela Bonds, 2'7,i per Cent l7 18
Ditto Deferred
. . ..

26:4
27
19
614

Dividends on the above payable in London.
Dutch 21h per Cent., 12 Guild.... 49
PRICES OF PAID. BUSINESS DONE CLOsINGI
ttAILWAY SHARES. AT ONE O'CLOCK. PRICES.
Aberdeen 5O
Amber. Nott., Boston,
and Eastern Junction 4%...... I%
Ayrshire and Galloway.. 71i
Belfast & County Down 19 -,
Birmingham and Ox-
ford Junct., calls duly
paid, car with a guaran. 20
Do, withoutguarantee 20 . -
Birraing, Wolverh'ton,
and Dudley, calls duly
pd, or with guarantee 10
Do. without guarantee 10 -
Birming.,Wolverh'pton,
and Stour Valley 13/. 145...
Birkenhead, Lancashire,
and Cheshire June__ 10
Boston, Stamfd & Birm. 5
Bristol and Exeter 9O
... ..
Ditto, Thirds
Luckinghara: hire... 141. 4s.
Caledonian
Ditto, Half Shares .. 83/ ......
Do. New 101. Pref..... 71i...„.. 7:%4% 74.14
Ditto,ClydesdalcJunc 50
Chester and Holyhead... 50
Ditto, Preference
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cent.
Direct London & Ports-
mouth
Dublin and Belfast June. 35
Dundalk & Enniskillen 20
East Anglia, 25/., L. &
E. and L. and D...... 25
Do., 18/., E. & H.... 18 ......
Do., 31. 10s.
Eastern Counties 2U ...... 12 12 IA ..
...... . . .
Do. New Guaranteed

3
12%

6 per Cent... -10 ...... 11 V ll%
Ditto, Extension, 5 per
Cent., No. 1 6/.135. 4d....
Ditto ditto, No. 2 61. 13s. 4d...
Do. North. & Eastern 50
Do., 5 per cent.
Do. Quarters ......... 121/2 ............ .
Do. New ... 34
Eastern Union, Class A
(late E. U. Shares) 25
Ditto, Class A, ditto... 1
Ditto, Class B (1. &
and B.) 2O
Ditto, Class C, ditto... 20 .
Do. Scrip (6 per cent.) 10 ..., —
Ditto, ditto
•-• ••••..
Ditto (C. &E.) guar.
5 per cent..,...
Eastl% Lancashire
Ditto, New ... 21 ...... ... ... : ..... ..
Ditto, New Quarters 64, —
Do., 6 per Cent. Pre-
ference Quarters ... 61 „..... 634 IA
East Lincolnshire ...... 25
Edinburgh and Glasgow 50
Ditto, Half Shares ... 20 ..
Edinburgh and Northern 25
Ditto, Newport —
Exeter,Yeovil, & Dorch 23/8 — ............r 1%
t;',la,:ow, Dumfries, and
Carlisle
Do.l'reterence Consul.
...... _ .
.....
.. ,
Great Northern
Do., -1/2 A Deferred ..• 12% ...... 4%%Q... .....
Do., 1/2 B 6 per Cent.

-j

17%

61,E
26%

guaranteed- ... ..... 6% 414 4
Do. Extension 2!1...... itit: South. and Wizst ..... •••
( Ireland) ...
......
(jrat North of England.loo
......
Ditto, New, 401 ...... ... 40
Ditto, ditto
Ditto, New, 30/ 3O
Ditto. New, 13/... ...... 14 .. ..
Great Western
Ditto, 1,(, Shares
Ditto, 114 Shares