The Sun.
London, England, 1856-01-23 00:00:00

THE TALLOW TRADE.

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RETIREMENT OP MR. MACAULA Y
PROM PARLIAMBNT.

T. B. MACAULAY.

A lithographic portrait of
whose name will ever be honourably associated with that
last disastrous assault of the Redan, has recently been
executed by J. 11. Lynch, and printed by M. and N.
Ilanhart, for Messrs. H. T. Cook and Son, of Warwick,
by whom it has been published. The gallant General,
now Chief of the Staff, is represented in a sitting posture,
contemplatii,g some object at a distance. Whether the
portrait is a likeness or no we are unable to judge, not
having seen the original. This much, however, we can
say for it—it is admirably executed, and strikingly
adumbrates the nobler qualities which have won General
‘Vindham fame and entitled him to the gratitude of his
country. Chivalrous daring and well-tempered huma-
nity and discretion may be read in the lines of the por-
trait as in the career of the hero of the Redan. The
portrait, so far as we can judge, is deserving of a large
sale, and will doubtless be eagerly sought after by all
the admirers of chivalrous gallantry and self-devotion
whose means enable them to purchase it.

THE CHEESEMONGEBS' BENEVOLENT INkrriTuTioN.--
A ball in aid of the fonds of this excellont institution
took place last night at the London Tavern. Upwards
of 300 persons were present in the spleadid ball-room,
and the arrangements, which were under the superin-
tendence of Mr. Simpson, the respected secretary, were
complete. The dancing was kept up till long after
the "small hours" had commenced. This, like many
other charities which honour this great metropolis of
London, is not sufficiently known. It was established
in the year 1835. The society have nov on their books
35 pensioners. To the males pensioas of 241. per an-
num each, and to the females 181. eaoh per annum, are
paid. For these purposes the charity expends, including
sums for tempor,,ry relief, &c., nearly 7,000/. per annum.
They have 10,0001, invested in the funds. Since its
establishment the society have bad nearly 100 pension-
ers ; and among the recipients of their bounty have been
one or two cases where the parties had once carried on
business to the extent of 1,0001. a yeur as Dutch mer-
chants. We are informed that the trade is a very un
certain one, inasmuch as change of weather will affect
the prices and value of butter (among 'other articles) to
an extent which persons who are unconnected with the
trade would scarcely imagine.

NOVEL AND IMPORTANT DECISION UNDER THE NEW
BILLS OF EXCHANGE ACT.—At the Judaea' Chambers a
decision of considerable importance has been given under
the new Act on Bills of Exchange and PromiFisory Notes.
A plaintiff named Smith issued a writ in one of the ini-
peirior courts against a defendant named Evans on a
promissory note for 131. tis and costs. The defendant's
attorney took out a summons to stay the proceedings
upon the payment of the debt without the costs, on the
ground that the parties resided within the same County
Court district. The application was oppose d, and it was
urged that the new act authorised all acti one on bills
and notes to be brought in the superior col irts irrespec-
tive of the amount. Mr. Justice Crowder was of opi-
nion that such was the law, although he t: bought with
others of the judges that there had been an oversight or
omission in the framing of the act. The plaintiff's at-
torney submitted that it was very miportau t that a de-
cision should be given on the point in refers ie to other
cases. The learned judge decided that th a summons
roust be dismissed, tbereby estitblisEing the principle
tbat in all cases on bills of exchange and, promissory
notes under the new law, the proceedings nt ay be by writ
of summons in the superior courts. By the new rules,
costs are allowed in all cases under the act..

We had the gratification, on Friday last Observe
Messrs. Smith and Charles), of communicating to you
the intelligence that in well informed commercial circle•
peace was regarded as little less than certain. During
the last three days that conviction seems rather to have
increased than diminished ; at the same time it must
not be forgotten that we have to deal with the most
subtle of adversaries, and, therefore, till everything fe
finally settled, absolute reliance on the issue is out of
the question. Enough of probability as to the result,
however, exists to render it necessary for us to place be'
fore you our views as to some of the principal change.
to be looked for in our market from the altered circuu"
stances in which it is thus suddenly and unexpectedlf
placed. As a general rule the price for delivery in the
third, fourth, or fifth month of the year, is as mach
higher than the price for the first two months as the
article costs to hold ; and this may be pronounced to be
the natural order of things, otherwise there would be ee
motive for holding. But this order of things has, during
the last few months, been reversed, and the price for
delivery in April to June (for instance) has been V. to
51. per ton under that for January and March. It le
impossible to avoid all reference to the speculation that
has been entered into for January or March, and which
has undoubtedly enhanced this difference. Having said
thus much, we proceed to observe that a difference in
favour of the early months of the year compared with
the later was to be expected from the unnatural position
of the export trade of Russia occasioned by the block'
ade. When the season for forwarding tallow overland
from St. Petersburg terminated, it was a matter of
calculation how much could reach this country by
the 31st of March. And, taking into account the
stook in London and the probable consumption, it wee
concluded, not unreasonably, that high prices must pre'
vail during the first three months of this year. Hence
that delivery became a favourite period for the specula'
tor. It was calculated, moreover, that the tallow
left
over in Petersburg at the close of last season, and a cow'
siderable quantity from the interior which under ordir
nary circumstances would have been forwarded to St.
Petersburg in the spring, and thence in July or August
shipped from Cronstadt, to arrive here in September or
December, could be despatched overland directly the
winter road to the Prussian ports had been established,
and that such tallow would find its way to this country
between April and June. To some extent, no doubt,
this business has been entered upon, and the tallow sef'
ficiently far advanced on the road will be hurried for-
ward with all possible speed. But the rumour of peace
will suspend all such operations preparatory to the re-
turn of the traffic to its ordinary channel by sea, should
the rumour usher in the hoped-for reality. As to con'
•umption, so long as the peseta uncertainty continues
it will be curtailed as much as possible, and this ten-
dency will be increased in the ratio of the excess in the
price of tallow on the spot compared with that for fututO
delivery. Tbis paralysis of trade will not be confined to
our business. Every trade has been more or less affected
by the war. The claims on our Government fora speedy
termination of the negotiations is, therefore, of the most
urgent character, and we fervently hope that not one
hour's unnecessary delay will be tolerated by the allied
negotiators in dealing with the Russian diplomatists.
With the return of peace a general and unprecedented
activity in all trades, save those which have grown out
of, and been fostered by, the war, may be confidently
expected, and as the consumption of tallow has been re-
stricted for some weeks, and is likely to be still more
so till the present uncertainty is over, a large and con-
tinuous demand may, we think, be looked for during
the second half of the current year.

The following farewell address by Mr. Macaula
was published to his constituents in Edinburgh
yesterday (Tuesday) morning :
" To THE ELECTORS OF EDINBURGH.
" Gentlemen,—Very soon after you had done ma the
high honour of choosing me, without any solicitation on
my part to represent you in the present Parliament,. I
began to entertain apprehensions that the state of my
health would make it impossible for me to repay your
kindness by efficient service. During some time I flat-
tered myself with the hope that I might be able to be
present at important divisions, and occasionaay to take
a part in important debates. But the experience of the
last two years has convinced me that I cannot reason-
ably expect to be ever again capable of performing, even
in an imperfect manner, those duties which the public
has a right to expect from every member of the House
of Commons.
" You meanwhile have borne with me in a manner
which entitles you to my warmest gratitude. Had even
a small number of my constituents hinted to me a wish
that I would vacate my seat, I should have thought it
my duty to comply with that wish. But not from one
single elector have I ever received a line of reproach or
complaint. If I were disposed to abuse your generosity
and delicacy, I might, perhaps, continue to bear the
honourable•title of Member for Edinburgh till the disso-
lution of the Parliament ; but I feel that by trespassing
longer on your indulgence I should prove myself un-
worthy of it. I have therefore determined to dissolve
our connexion, and to put it in your power to choose a
better servant than I hare been.
"I have applied to the Chancellor of the Exchequer
for the stewardship of the Chiltern Hundreds, and I
have every reason to believe that the new writ will issue
on the first day of the approaching session. This notice
will, I trust, be long enough to enable you to make a
thoroughly satisfactory choice.
"And now, my friends, with sincere thanks for
all your kindness, and with fervent wishes for the peace,
honour, and prosperity of your noble city, I for the last
time bid you farewell.
" London, Jan. Ig."
MAJOR-GENERAL WINDHAM.
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