The Sun.
London, England, 1851-03-12 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, MARCH 12, 1851.

Tho remaining husinegB was then di,:rsel of, and the

LiuLt6e adjuutLe,i.

Another Ministerial defeat—and what is more, a
defeat produced by the gross negligence and culpable
apathy of Ministers themselves. The gross misma-
nagement of 'the Crown Lands is no new topic that
could take the members of the Cabinet, individually
or collectively, by surprise. They have had fair
warning to remedy the abuses which had sprung up
during successive years, and which bad rendered a
redly valuable property comparatively unproductive
—two-thirds of the proceeds having been diverted
or made away with in its progress to the
national Exchequer. A close and searching
investigation was instituted, and through the exertions
of the Noble Lord the Member for Bath and the other
members of the Committee, matters were brought to
light sufficient to " fright the isle from its propriety,"
and to indicate the imperative necessity of a large
and comprehensive measure of reform being speedily
introduced. But her MAJESTY'S Government obsti-
nately closed their ears against the well-founded com-
plaints that were preferred day by day, and resolutely
persisted in the " do-nothing policy" for which they
have been so justly celebrated. The natural result
has followed. A private Member has been found
willing to undertake the duty which they had
disregarded, and the House willingly confided the
charge to the bands of one who had afforded such
conclusive evidence of his qualifications and effi-
ciency. Hence the defeat of last night, which, to a
Ministry of any strength and any character, would
be exceedingly injurious, if not absolutely ruinous, but
which is a matter of but trivial importance to the
worthy officials in their present state of transition,
ere the unsightly crawling grub has burst forth into
the gaudy soaring butterfly.
It is impossible to speak too highly of the admi-
rable statement of Lord DuNceiv in asking permission
to introduce his Bill. All the facts of the case were
clearly and distinctly set forth, and the evils and
iniquities of the present system exhibited in all their

naked deformity. When we learn that during the

seven years, from 1842 to 1848, the aggregate in-
come derived from these sources had amounted to
2,446,785!., of which only 774,000!., or little more
than 30 per cent. on the sum collected, had found its
way into the national Exchequer, while the remaining
1,672,7851., or nearly 70 per cent. of the entire,
was expended for cost of management and other
charges—the bill of the London solicitors alone
during that period being 79,241!., or 11,320!. 2s. 10d.
per annum. Pretty pickings this, especially when we
recollect that the solicitor in Edinburgh contrived to
obtain an average of 3,000/. per annum, and that the
solicitor in Dublin had his bills also, the exact amount
of which had not been ascertained, but which we
may reasonably assume not to be less than those of
his Scottish colleague; so that law alone has cost
about 18,000!. per annum in this department, ex-
clusive of the bills charged to purchasers from, or
tenants of, the Crown on the execution of transfers or
leases.

It may be asserted that this enormous sum has not
been altogether applied to the expenses of mansge-
went; that 116,9201. had during that period been
expended on the Victoria Park, and that 145,269/.
remained to the credit of the land revenues of
the Crown, in the month of April, 1849. Be
it so, even that will not materially improve the
matter. Without questioning the propriety of re-
taining so large a sum on hand, a matter by no
means clear, we may observe that there is still
1,410,0001. to be accounted for; and we care not
whether the stoppage be 60 or 70 per cent. on the
gross amount collected. Either is sufficiently bad to
demand a total alteration in the system. What would
a nobleman or gentleman say to the steward who
made away with two-thirds, or even of one-half of
the proceeds of his property, leaving the balance only
for the private use of his master ? Would not the
unprofitable servant be dismissed with ignominy and
disgrace from his situation and a more judicious and
economical management introduced ? Unquestion-
ably so; and the nation should act in like manner,

and take every necessary precaution to render the
national domains as productive and profitable as pos-
sible, so as to alleviate the burdens on the oppressed
tax• payers.
But it is said that there are a variety of Ohl pay-
ments that are satisfied from these sources, without
coming under the cogniaance of Parliament. Against
this unconstitutional proceeding we loudly and em-
phatically protest. We assert that Parliament should
have the full and unqualified control over every shil-
ling of expenditure, and that any attempt to interfere
with that control is an act of treason against the
majority of the people. These stoppages in transitu
at present amount to no less than 763,9261. 4s. 41d.

per annum, and are made from divers sources—from
the Customs, from the Excise, from the Post-office,

from the taxes, and from the Crown lands. It is thus
that the Duke of GRAFTON draws 10,5991. 23. annu-
ally-7,1911. 12s. from the Excise, and 3,4071. 10s.
from the Post-office. It is thus that the Earl Cow-

PER enjoys his 1,5951. 163.., and the fortunate assig.
. _

nees of the late CHARLES BOONE 1,2001. a year ;
that the Duke of bIARLBOROVGH is a pensioner for
4,0001., and that the heirs of the Duke of Scnou-
BERG take 2,900/. annually to Holland. If these ini-
quities were periodically brought under the
Legislative notice, they could not have con-
tinued up to this time; but, unfortunately,
they remain shrouded in obscurity. Former
Cabinets, who made grants to their own followers,
would not encourage so bad a precedent as to make
any impertinent inquiries ; and Lord JOHN is too
firm a friend to the "Dukery" to interfere unduly
with the snug pickings, the comfortable "swag" of
two of the ornaments of the order. Thus it is that

these abuses have gone on increasing in enormity,
year after year, until they have become " aged vices,"
and that still nothing is done to remove stains so
foul as to reflect disgrace on every person sanctioning,
or in any degree conniving at their continuance.
Snd that in almost every reign the revenues
of the Crown have been lavished away upon the fa-
vourites of the Monarch or the toadies and followers
of the Minister for the time being. But the
" faithful Commons" generally found a means
of remedying the evil. At the commencement
of each reign, and generally when called
upon to vote supplies, the representatives of the
people insisted on the resumption of these improvi-
dent grants, which were held to be valid only during
the lifetime of the Sovereign by whom they were
made, and not to be binding upon his succes-
sors. What charm then is there in the
cases of the Dukes of GRAFTON, MARLBOROUGH,
or ScnomnEsto, of Earl COWPER, or of the assignees
of Caa.urAs BOONE, that they are to be considered
sacred and intangible? Is it because, in place of being
issued out of real estates, that they are charges on
every draught of beer quaffed by the thirsty labourer,
or on every letter transmitted through the Post-
office ? These matters must be attended to, and that
speedily. No Government can continue i❑ office
that will not heartily and effectively enter upon the
work of reform.

Again, why should woods and forests, containing
110,000 acres of valuable land prove damnose heredi-
tates, sources of loss, and nut of profit ? They might
easily be disposed of for two-and-a-half or three mil-
lions sterling, and the amount might be applied to
many valuable purposes. But the Whigs would per-
severe in their old jog-trot movement until they
received a significant hint to expedite their
progress. That they have just got through the in-
strumentality of Lord DUNCAN, and if they are not
prepared to act thereon, they should make up their
minds to relinquish the positions of v.hich they are
unworthy, and to make way for better men.

SANDILLI has, according to some, been unfortu-
nately too much the object of anxiety with the leaders
of the Cape Government. But for the needless per-

tioacity with which they have endeavoured to hunt
down the fallen chieftain of the Kafirs, those luckless
aborigines might never have been driven into their
present State of insurrection ; such, at least, are the
conjectures of a certain class of unreasoning de-
claimers against the policy pursued by the Colonial
Administration. No one can reasonably charge us
With anything like a predilection for the system
adopted by the Earl GREY in the conduct of his par-
ticular department. Our task has, unhappily, been
u
fnquently that of directing general attention '
but
t too
to what we have conceived to be the culpability of his
method of superintending the affairs of our remote
ughout the whole of his corn-
possessions. T ro

plc.x proceedings WP hrtvo mor too cftc Ob.
bel ved niter for our most

compromising reprehension. In the eastern and the
western Archipelagoes, in Asia and in America, in
the north and in the south, in both hemispheres, and
this, moreover, sometimes simultaneously, we have
recognized the evidences of what has appeared to us
the incapacity or the perverseness of the Noble Lord
the Colonial Secretary. We have raised our voices
at one tine in terms of the profoundest indignation
against the shameful jt bbing by which the noble
island of Vancouver was made over for a series of
years, almost unconditionally, to the directors of the
Hudson's Bay Company ; at another time we have
found ourselves compelled to lament the mismanage-
ment, under his auspices, of the land sales, more or
less, throughout our noble territories in Australia.
Everywhere, very nearly, we discovered only new
sources of annoyance, now at the rigour, and
now again at the weakness, of his tem-
perament in the direction of the interests of his
important and responsible office. And ever, we be-
lieve, have we shown ourselves ready to protest
against his policy under these very lamentable cir-
cumstances, and to proclaim him one of the cleverest
but, at the same time, one of the most blundering of
our administrators. Nevertheless, in all this we have
been far, we trust, from proving ourselves to be ac-
tuated by anything like feelings of' a blind hostility.
In no instance have we betrayed a disinclination to
acknowledge the merit of the course pursued by Earl
GREY upon any occasion when, to our thinking, he has
evinced enlightenment or moderation, whether it may
have been directly on his own part, or indirectly on
the part of the subordinate colonial administrators.
Now, in reference to recent circumstances at the
Cape, we avowed only the other day, imme-
diately on the receipt of intelligence from that
possession, that we could perceive nowhere through-
out the whole of the transactions any wilful culpa-
bility in the local Government. A serious re-con•
sideration and re• examination of the matters in
question fail to alter our opinion in this particular.
We behold in this policy latterly carried out under
the personal superintendence of Sir HARRY SMITH,
only cause for very earnest felicitations. It is ob-
jected, as we have already intimated, that the officials
at the Cape have acted too stringently in pursuing
with such assiduous searches the fallen leader of the
late rebellion. In this view we can induce :ourselves
in no way to coincide. SANDILLI has shown himself
quite clearly enough to be a most dangerous character,
and one altogether devoid of any noble principles
whatsoever. To him were attributable the main
portion of the miseries brought upon the heads
of his compatriots and of the English colonists
during the coutin uance of their last contention for
mastery. It would, therefore, have been little less
than insanity to dream of preserving peace with the
Kafirs so long as he, of all men in Southern Africa,
remained at large. Events have only testified the
j ustice of such suspicions on the part of the Cape
authorities. For no very serious doubts can be en-
tertained that any other than SANDILLI has heels the
principal instigator of the present rebellion. In conse-
quence of his sinister advice the Kafirs have been
unquestionably incited to adventure upon their
recent outbreak, fur he of all men was the only one
likely to reap advantages from the agitation. At
bay, so to speak, with his pursuers, SANDILLI saw
that his wisest course, under all circumstances, would
be to call upon his quondam subjects to renew again
the struggle by which he had been deprived of the
powers of sovereign V. Hence the otherwise inexplicable
explosion of fury which at one moment threatened to
prove destructive to Sir HARRY SMITH and his mili-
tary subordinates. Thanks, however, to the skill and
promptitude of the veteran conqueror of the Asiatics,
the ferocious turpitude of Africans proved in no mea-
sure successful. Surrounded as he was by a suddenly
collected swarm of antagonists, Sir HARRY neverthe-
less contrived to cut his way through to a position of
comparative security, and there to prepare for subse-
quent and greater dangers, by calling upon the
whole mass of the colonists to rise en masse in arms
at the summons of his energetic proclamation. Suffi-
cient time has, by this means, been obtained to enable
the Home Government to make all necessary efforts
for transmitting assistance to the Cape. No
sooner, indeed, had the disastrous intelligence
of the Kafir insurrection reached this coun-
try than preparations were at once commenced
With a view to forward Sir, HARRY SMITH
the aid which, we doubt not, he has so earnestly and
feelingly desiderated. Exertions to this end have
already, it would appear, been made by Lord FITZROY
SOMERSET and other officials connected, not merely
with the Horse Guards, but with the Admiralty and
the Colonial-office in like manner—so that no anxiety
whatever reed be felt in regard to the consequences
of the insurrectionary movement. 'With a military
captain of such deserved repute, both as to prowess
and soundness of judgment, as Sir HARRY SMITH,
placed at the head of the local Government of the
Cape colonists, the people of this country have no
reason to be solicitous about the vigour of repressive
measures against the insurgents. Backed by the
prompt co-operation of administrators at home, that
distinguished warrior, we doubt not, will find new
opportunities for signalising his large and brilliant
capabilities, and of securing to himself, by his ad-
ministrative policy, as well as by his military achieve-
ments, an extension of his reputation.

THE FRENCH REPUBLIC.

We have received the Paris journals of yesterday.
They all publish the following "communicated" note:
" The President of the Republic will review on Wed-
nesday four regiments, preparatory to their quitting
Puri
" The President has given orders that no cries shall
be uttered by them while under arms."
The negotiations for a fusion between the two
branches of the BOURBONS have gone off.
The Constitutionnel says
:
"If we are well informed, and we believe we are, the
Princes of the House of Orleans, consulted on a subject
which so deeply interests them, have declared that they
will only negotiate on the soil of France, and that they
will abstain from all political questions while they are
nut of their country. This declaration, made in the most
precise terms, is not of ancient date; it is quite recent,
and even posterior to the vote of the Assembly on the
proposition of M. Creton, and consequently to all that
journalists have drawn upon their imagination to say, to
contradict, to publish, to contest, and to refute on the
question of the fusion of the two branches."
It would appear from an article in the Journal dee
Dlbats that an attempt has been made by the Legi-
timatises to bully the Princes of the House of Orleans
into submiision. " They require," says the Debats,
an immediate and absolute sabmission, a formal
disavowal of 1830, and of 18 years of reign, or the
eventual rights of the Princes of Orleans to the suc-
cession of the Duke of BORDEAUX shall be transferred
to the Spanish branch of the Bourbons." The
Dieats thin proceeds to comment on the project of
fusion thus :

" The tusion, if it ever be possible, if at a given pe-
riod it be the means reserved by Providence to unite all
parties and to save France, ought not to be exaggerated
by puerile discussions, nor reduced to a mere intrigue or
even an sffair of party. The moment should not be pre-
cipitated. The fusion will never be a real one unless France
effects it, and until it be in the hearts of all before it be in
the mouths of the few. The fusion will be easy when it is
the only thing to be concluded, and that France shall have
signed the treaty. We answer beforehand for the
Princes of the House of Orleans, without even consulting
them, that their interests will not for a minute retard the
accomplishment of the universal wish. They will very
naturally enjoy their rank as Princes of the blood, of
which France will not deprive them when re-esta-
blishing the Monarchy, and which no one will dispute to
them. As for the present, if they did anything against
the fusion they would merit reproach, and it might be
believed that they preferred their own personal ambi-
tion to the means of salvation for France, and that they
claimed all or nothing. But to reproach them with
their silence; to allege it as a crime that they remain
tranquil; to be angry that they make no act of submis-
sion of any kind except to the National Sovereignty;
that they do not disavow the memory of their father;
that they do nut disavow themselves; that, in a word,
conformably to all the traditions of their family, they
await the will of France and do not dictate theirs, is
neither reasonable nor just. Moreover, if the letter of
the Duke of Bordesux is regarded as a friendly invita-
tion, it will be admitted that the vote of the Ist of
March and the speech of M. Berryer are not such As to
claim much gratitude. The fusion will be accom-
plished when it shall please heaven and the country.
This is what we desire to say, once for all, on this grave
question "
The Bonapartist Pays has the following on the sub-
ject of the Orleans family :

" The Independanee of-Brussels announces that the
Orleans family is about to leave Claremont so as not to
be in England during the Exhibition. The Queen, it
says, will go to Brussels; the Duke of Nemottra to his
taiher-in-law; the Prince de Joinville either to Scotland
or to Portugal; and the Duke d'Aumale to Naples.
The absence of the family will continue as long es the
Exhibition lasts. It will be remarked that the fusionist
journals last week mentioned the probability of the
Count do Chambord's visiting London during this very

Exi,ihition, an?: now we I,llro that tho Ort.an! flrnil7
a‘i tho Cottat de aarAiLoril vs
proaches it."
General BXCELEIANS ii to ba created a Marshal of I
France.

The Committee on the Budget have appointed
MM. PASSY, GOVAN, BERRYER, LEPELETIER D'AUL-
NAT, and J. DE LASTETRIE as a sub-committee to
consider and report on the state of the floating debt.
The Bourse continues to be almost completely neg-
lected. The Five per Cents. opened at 94f. 20c., and
closed at the same price; the Three per Cents. closed at
57f. 80c.; Orleans Railroad Shares, 8851, ; Rouen,
647 f. 50c.; Havre, 2761. 25c.; Great Northern, 476 f. 25c.;
Avignon, 191 f. 25c.; Vierson, 420 f.; Mile, 1531. 75c.;
Bordeaux,39sl. ; Paris and Strasburg, 367 f. 50c. ;
Tours and Nantes, 255 f. Exchange on London, 251.710.
short.

BUSINESS DONE IN FOREIGN RAILWAYS AT THE
LONDON STOCK EXCHANGE, MARCH 11.

Boulogne and Amiens, 9541: Central of France (Orissa
and Vierzon), 17—Dutch Rhenish, 3 tifi —Great Indian Penin-
sula, 51:4 —Namur and Liege, 814—Orleans and Bordeaux,
A—Paris and Rouen, 25%.

TE SHARE MARKETS..

BRITISH ItAXIAW.ELYS.

Railways.

Aberdeen.. .. • • • •
Ambergate, Nottingham,
Boston, & E. Juncion
Belfast and County Down
Birming., Woiverhamp.,
and Stour Valley ••
_. . . - .

ISirkenh., Lan., &-Chesh
June., late 331. 6a. Vd
Do. Chest & Birkenhd.,
VOL & *251. Consolidated

Do., do., 20i... ..
Bristol and Exeter • •

Caledonia*

Chester and Holyhead ..
Direct Loud. and Portsm.
Dublin and Belfast Janet.
Dublin and Kingstown..
Dundalk and Enniskillen
East Anglian (251. L. &
E. and L. & D.) ••
Do. (181. E. & H.) ••
Eastern Counties .. • •
Eastern Union, class A,l
late E. U. shares • •
Do. do. do. I

Do. do., B & G shares',
East Lancashire .. ••

Do. New quarters ..
Edinburgh and Glasgow
Edin., Perth, and
Do. Dundee
Newport .. I

Exeter and Exmouth ..
Glasgow and South- West,'
De. do. G. D. &C. stock'
Great Northern ..

Do. halves, A, deferred
Do. halves, B, 6 per ct.
Great southern and
Western, Ireland • •
Great Western .. •• 1

Do. New, 17/.

Lancaster and Carlisle
Do. thirds • • • •

Lancaster and Preston ..
Lancashire and Yorkshire'
Do. quarter shares ..
Do. fifths .. . ..

Do. West Riding Union'
Leeds and Think ..

Liverpool, Crosby, and
Southport ..

London and Blackwall

Do., Tilbury Eat. Scrip
London, Brighton, and
South Coaat .. .

London and N.-Wester
Do. do. new quarters
Do. fifths .

Do. 101. sh., M. &It (C:
London and 8.-18 e.teni
Do. new 50/.

Do. new 401.

Londonderry & Coleraine
Do. half shares ..

Londonderry and ERnia-
killen. .. .. .. ••

Manchester, Buxton, and

Matlock .;
Manchester, Sheffield, &
Lincolnshire ..

Do. Manchester and

Lincoln Union
idland • .

Do. consolidated pref.
Do. 501. shares .. .

Do. Bhrning & Derby
Midland Gt. West. (Ire.)
Newcastle and Carlisle..
De. quarter shares ..
Newmarket . • • • • •

Newport, Abergaveany,
and Hereford .. ..

Newry and Enniskillen • •
Newry, W arrenpoint, &
Rostrevor ..
Norfolk .. ..

Do. New 201. shares •
Northern Counties Union
North British..
North Staffordshire ..
North-Western ..
North & Sth.-West.Jtine.
Oxford, Worcester and
Wolverhampton.. ..
Scottish Central ..

Scottish Midland

Do. new

Shrewsbury & Birming.
Clara A..
Do. Class D..
shrews. & Hereford., Old
Do., do., New
Shrewsbury and Chester
(Nor. W. kin.) ..
Do. Hal-yes

Do. Oswestry • • ..

Do. New..
Shropshire Union
Do., A, B, C, & D, fully
paid up at per cent ..
South Devon ..

South-Eastern .. ..
South Wales.. .. ..

south Yerksh. and River)

Dun . • .. ;• ..
Shell., Roth., and Goole,

South Divisioa
Stockton and Hartlepool
awansea & Loughor, &c.
raw Vale Extension ..
Thames Haven Deck and

Railway ..
Vale of Neath
Waterford and Kilkenny
Waterford and Limerick,
Waterford, Wex., Wick.

and Dublin ..
West Cornwall ..
West London ..
Whitenaven and Furness
York, Newcastle, & Ber-
wick .
Ditto and Newcastle
Extension ..

Ditto G.N.E. purchasel

or preference .
York and North iffidland

LINES Z.E.&S:

Paid.

Nominal Prices.

16 to 16N(

12% —2} dls.xd

13 14 0

10% - 11%

17%
100

85 —B7 ad
14M 1454
23% 2434

..
22 20. dis. xd

4%- 5

3.- -3%
7% -7%

7 -7%

5 -54
17% - 17%
2% -3%
37 -38
8 -8%

1 1 0

4-

8 6 8

18% - 18%
6%- 6
12% - 12%

43 —45
91 92
2% dis.
86 —BB
11 —l2 p.
29 —alp
62% —63%
10 —9%, dls.
6% dLs.
5% —5% die.'
18% 19%

11 13 4
47%
100

11 6 3
1%

8 8 as
14 -34 p

- 98

1304 —l3l id
5% 6 p. ad
—5l p. ad
2 p
90 xd
54 4 41s. ad,
—3% die. id

100
42%

3% —3% dii.

35% - 3654

4 2 0
ICO
100

aye— 2% clisil
65 653% idl

13% —12 N
37 —39 xcl

100
47%
100

•• - ••
ill

4% —4% Ms,

28
—l2 clls

95( 10
6k 6 dls.

- 1p

19 -19%
18 -18%
9 -10
6% -7%

3% 3)6 die.
3 —2% dis.
234 2

19 —2l
9% 104
1434 15%
% %
—2% dia.

19 -20
27% - 28
84% - 35%

1% % dim.
3% 434

Business done
to-day.

16M 1G

i .= 'i die.

5% 6 x.d

a 2 d.
6 7
16% 17%

bb PG x.i
14% % 15%
23% %

2%
7% % % 74.

17% %

37% 37 Ili
eye

12% 34
6
123*

1 43%
91 90% 9136%

F 3 61%
16%
6

8%34% x.d

1313( 13034x.d
22% zd
3.6
x.d
90 x.l

8 - 734

22% - 23

35% 36

s dis.

"6
"LI
17% --28% ad

dia. (66
64% 6534 %

21% yi 22M
x.d

6% xn

'9% 10
11% % %

19% %
17% 18% %

3%10i it die.
3% die.

2Q Ni

2$ 27% 213%%
34% 36 34%

22%
17%:%

Leasmg ' Business
y Companies.
Railwas.
Paid. Closing Prices.
done.
Berks,and Hants
Ea. 5 per Cent. Gt. Western 6 % 1 p.
Bir. and Oxford
Junc.,callsduly
paid, or with a
guarantee •. Do .. .. 20 2834 29% 28%
Do., without a
guarantee .. Do .. • • 20 27 —2B
Birm., Wol., &
Eud.,calls uly
paid, or with a
guarantee •• Do .. 15 8% 934 pad
Do., without a
guarantee •• Do • • 15 7 8p x d
Buckinghamsh. Lon. &N. W. 17% 17% —l7 It
E. Lin., Guar. 6
per Cent. •• G. Northern 25 32% —33
Hull and Selby Yk. &N. M. 50 101 103 ad a.d
Do. % Shares Do .. • . 25 50 —5l xd x.d
Do. % Shares Do .. .. 12% 22% 2334 ad
Leeds and Brad. Midland .. 50 9634 9736 96% 7
Lon and Green. S. Eastern .. 12 15 4 113( 11%
Do., Pref. . Do .. 20 24
Lowestoft, Gd. 4
per Cent. • Norfolk .. 20 1434 15% ad
N. & East, 5
per Cent. •• E. Counties . 50 54 —56 ad 54 x.d
Do. New .. Do • • • • 43 4 6 pxd
Preston and / L. &N. W.}
Wyre . • &La.& Y. 25 42 —44
Do. % Shares ADo .. • • 1034 8 9 p.
Read., Guild.,
and Reigate .. S. Eastern . 20 22% 22%' 2234 54
Roy. & Ititchin G. Northern 6% 8 —B% a.l,
no. I,hep Ex.. Do .. • • 2% 1% p x.l
South 'taffords. Mr. 11`Clean 936 354 du. 634
Wear Val. 6 per
Cent. gua. • Stock.& Dar. 25 24 —25 ad
Wilts, Som., &I
Weymouth • . Gt. Western 60 ICI/

12856 27%%xd.
INTAX.S.

Westerni
PREFER:

443 w - 45)4

SHARES.

PY piid COMMERCIAL NEWS

CITY, TWO O'CLOCK.

The sales of Cotton at Liverpcol yesterday were
about 3.000 bales, comprising 2 000 American at 6id.
to 7d., 300 Pernam and Maranham at lid. to 8/d., 100
Bahia at lid. to Bd., 400 Surat at 4d. to 51d., and 70
Sea Islands at Is. sti. to Is, 6d. per lb. The market
was heavy, and American, under 7d., were fully id. per
lb. lower. All other kinds without alteration.—ln Rail-
way Shares a good business was &me at full prices.
Messrs. Schroeder end Mummy, of New Orleans,
write by the last steamer as follews:—
"At the opening of the second week this year the
Cotton Market presented equally, little animation, and
although factors, being unable to resist the pressure of
heavy stock, showed themselves free sellers et the esta-
blished decline, the week has passed off very quietly,
and the market has laboured vidently under a sort of
panic, the business having been teinfin,d to 26,500 bales.
In prices great irregularity has prevailed, particularly
for the lower grades, which constitute an unusually large
proportion of the sock, while at the same time they are
almost wholly unsaleable. In qualities from middling
upwards there is comparative steadiness and firmness,
they being less plenty and more inquired for. Although
some pansies are drawing conclusions from the late large
supplies, favourable to their large crop estimates, most
well-informed persons find therein no reason to change
their views of the probable total yield, as the present
large receipts are accounted for by natural eauses, and
do not come unexpected. If the abundance of poor and
trashy Cottons now coming to market indicate anything
at all, the inference that the tail end of the crop is
coming in seems certainly permitted. The most gene-
ral estimates still run from 2,100 to 2,200 I m bales.
" We have again to report a very quiet market for
Tobacco, and transactions are confined to small sales of
old crop, which, in the finer grades, fetch very full
prices. Of new crop Tobacco there have not yet been
any transactions of sufficient amount to establish market
rates, and therefore its value is still nearly nominal. We
are sorry to be unable to report any amelioration in the
quality of the new weed, and the proportion of really
fine Tobacco is very small indeed.

" A remarkable feature in the Tobacco business this
year is the falling off in the exports to the continental
markets of Europe, whilst, for instance, the exports to
Bremen amounted to 3,419 hhds. last year at this period,
they are only 884 hhds. this season, and of this small quan-
tity 676 hhde are sterns. The shipments to other ports
on the continent are nearly in the same proportion, as
our table b. low indicates. It appears that the high
prices prevailing, and the indifferent quality of the new
Tobacco, are impediments in the way of shipm,nts; and
as these causes are not likely to be soon removed, the
markets abroad will probably feel the natural influence
of very light supplies.
The supply of the California market by the shippers
of goods from the Atlantic ports, does not appear to
have afforded them any large return. It is said that a
very large proportion of the cargoes sent out have been
sold at a loss to the shipper, in many cases the returns
not paying freight end charges. This, undoubtedly,
arises from the sudden changes in the market, from the
merchants not understanding its true character, and, in
some cases, from the roguery of San Francisco
agents, who encourage shipments by exaggerated
tales. An article is said to be very scarce, and to
command a high price. The New York merchant
ships a supply of the description of goods required
in one of the fast v« ssels engaged in the trade, at a high
rate of treight, a dollar and a quarter per cubic foot
being sometimes pail; others fellow his example, both
in he. own city and in other Atlantic ports, and the ship-
ment finds the market glutted, and the goods not worth
more than the freight and the high charges of landing
and a. Meg them.
In the Amsterdam Stock market on the 10th inst. the
Funds tended upwards, but there was not much anima-
tion. Duch Two and-a-Half per Cents, were 54
Spanish Bonds were more offered.
In a letter addressed by Mr. Francis Lyne to the mer-
chants, bankers, traders, and others, of Great Britain,
various excellent illustrations are given of the heavy
losses and vexatious delays imposed upon the mercantile
community by the present defective system of law, and
additional facts are brought forward to prove the urgent
necessity for tribunals of commerce. Foreign
merchants lock upon England, in the midst of all her
refinements, as in a state of barbarism without a
tribunal of commerce, as in their respective countries
they enjoy the advantages that spring from courts el re-
conciliation and of arbitration, and from tribunals of
commerce. Abroad, it is the province of such courts to
ward off, as Mr. Lyne describes it, "from commercial
men the heavy and useless expenses of the superior
courts, into which a business dispute cannot be carried
unless both parties first appear before the judge of tie
tribunal of commerce, whose business it is to try to in-
duce the parties to agree to a reference, and iu case of
his failing by the stubbornness of one, he gives a certi-
ficate which secures the party who agrees to refer from
all future expenses, whether he win or lose in the superior
courts." Ira England the interest of some of the legal
fraternity is to " blow a trifle into a costly suit," ac-
cording to the system which Sir John Romilly described
as being " invented for the creation of costa, and not for
the duo administration of justice."
There is a dull market for Public Securities, and
prices are not buoyant. Consols have been 96} I for
Transfer, and 96k for April. The renewed defeat of
Ministers upon the Woods and Forests seems to have
no particular or immediate effect, but certainly is
regarded as unfavourable to the duo administration
of the affairs of the country. The New Three-and-a-
Quarter per Cents. have been 99 to 991, and the Three
per Cents. 971 to k. Bank Stock has touched 215 and
215/. Exchequer-bills are 525. t t 555. premium,
Foreign Stocks have been heavy. Spanish Five per
Cents. are 19/. Mexican Bonds have not realised more
than 33 to Brazilian Old Stock is at 92k /. Peru-
vian Four-and•a-Half per Cents. are 84k- to 85. Dutch
Two-and-a-Half per Cents. have been firm at 58k.
Railway Shares have been much quieter, but generally
maintain fair prices.

Console
Ditto Account

PRICES OF BRITISII FUNDS