The Sun.
London, England, 1856-11-18 00:00:00

NATIONAL BANK OF SARDINIA.

The report of the President of the Council and Finance
Minister, Count Cavour, on the monetary crisis, which
has been already referred to as recommending a repeal
of the existing legal restrictions of the rate of interest,
proceeds to discuss the situation of the National Bank.
It appears that, with a nominal capital of 32 millions of
lire, and a'paid-up capital of 24, the circulation of its
notes has never yet exceeded 45 millions, the average
being 35 to 38 millions ; and the amount of deposits
liable to be withdrawn on demand has never been ntore
than 3. During nine months of the present year the
bank has imported specie to the amount of 50,310,000 f.,
but has not been able, with all its efforts, to maintain
a circulation sufficient for the wants of the trad-
ing community, and Count Cavour is, therefore,
convinced that the only way to enable the bank to ex-
tend its operations, is to alter the proportion which the
' law has prescribed between its metallic reserve and its
obligations. That proportion has hitherto been fixed at
one-third. The managing council of the bank has re-
quested that it may be altered to one-fourth, and also
that it may be calculated with reference to the amount of
the bank notes alone, and not that of the bank notes
together with the deposits payable on demand. After
explaining his objections to these particular proposals,
Count Cavour states his reasons for preferring, instead
of a fixed proportion, a sliding scale which shall vary
with the extent of the operations of the bank He makes
a distinction between that portion of the bank note cir-
culation which is employed in the ordinary busine,s of
the people, the amount of which is tolerably constant,
and that portion which is engaged in extensive com-
mercial speculations and manufacturing enterprises, and
is liable to great and sudden fluctuations. Re is
of opinion that the bank should keep a moderate
reserve of specie to provide for the first mentioned
part of its circulation, but that the reserve should be
fixed at a larger proportion with regard to the second ;
and he therefore suggests the adoption of a system by
which the proportion to be maintained between the
metallic reserve and the liabilities of the bank, instead of
being a constant and uniform proportion, shall be one
gradually increasing with the increase of their amount.
In seasons of the utmost depression the circulation of the
Sardinian National Bank has never descended below 30
millions, and the Minister therefore thinks it would be
safe to say that the proportion of 1-sth instead of 1-3 d
will be sufficient, if ever the circulation should fall be-
low that amount ; above that amount, the proportion of
1-3 d cannot be regarded as exorbitant ; but there is a
point where the circulation of the bank notes, added to
the deposit accounts, has attained an amount beyond
which their fluctuations are likely to be serious and
frequent ; that point is fixed by Count Cavour at 60
millions, and he proposes that the proportion of specie
to be maintained shall then be raised to one-half, instead
of one-third, the amount of the notes and deposits. This
is the effect of the royal decree, which was signed by
Victor Emmanuel on the 6th inst. In the same report
Count Cavour enters into a comparison of the favourable
situation in which the Sardinian Bank will be placed by
the adoption of his system with that of the Bank of
France at the present moment. He expects that the
Bank of Sardinia will be enabled, by the modifications
proposed, to extend its circulation by five, six, or ten
millions, and afford the relief to the manufacturing and
commercial classes of which at present they are ho much
in want. The assent of the Legislature will be required
but i
n definitivelythe
mteoa n
tmeantime enact the
the provisional
measures
be
has recommended
of Nov. 6
ommended ;
Will immediately come into force.

CHARGE AGAINST TWO MILITARY OFFICERS,

offi-
cers, who gave the names (supposed. to be fictitious) of
ensign, 29th Regimtnt, and John Staee,
Yesterday, at the Canterbury Police Court, two
ith assaulting Edwin Gill.
a of a similar kind were compromised by the
friends of the accused. Mr. Gill, however, had refused
to withdraw the complaint.
it appeared that on Saturday evening the defendants
RobertweTrei charged
cases
egi bees; nw,
were seen near the Fountain Hotel, with a third officer,
having the sobriquet of " Brown." Two of them were
provided with riding whips, and they were heard to say
that money was cheap, and they would have a " spree"
somehow. They then proceeded through several streets,
violently attacking several persons, including an old
man and woman, and calling the greatest uproar and
excitement. The crowd increased as they progressed
towards the barracks, until the police arrived, and took
them to the station-house, amidst yells, hisses, alai great
confusion.

The complainant deposed that on Saturday evening,
as he was about to enter his residence, Stace hit him lit
violent blow in his side. Witness had not spoken
to either of the defendants. Stace afterwards repeated
street, and
was sa w
the assault. Complainant followed them down the
wsigithntesoafsteughlelimattack an old woman, also an old
man
sponges. Complainant still fol•
lowed, calling "Police !" and when defendants came in
violently some
o soldiers,n th Go ihbesaodn
with turned
a riding round
wahni
pd.
sm
strucko e
hundreds of persons had now ass.ambled. Complainant
suc3eeded in wrenching the whip from the officer,/ hands
after a, severe struggle, and a general melee ensued, blows
being struck on both sides, in the coarse of which Gib.
son's visage silts somewhat disfigured.
Police•constable Epps took :he defendant Gibson into
custody fros'l the last witness. He was without his hat
at the time, a,tad very much excited. While goiog along
sum if would
the defendant offered the officer any he
but let him escape.
Police-constable Elvey received Stu* in charge. He
resisted, and called try
Gibson was the
on some men belonging to the 11th
Hussars to assist him, b.ut they did not attempt to do so,
as there were so many .
given, •
Other evidence having been
In answer to the charge, theh defendants
h said they
peen
about.
merely acted in self defence, t ey eying been first
cobakludt
snotate.teelwl.
strTuhcke,
ebnupterbiyhtweab
doenintthceeynstable said Gib
worse for liquor at the time, ... as sober.
the
The Bench convicted the defendants of the assaults,
3.osatt• edaehthe parties
caonsdtserinerdedefatnitiletmontoo
inpnanytawafiinmepiolatizient.
Of course th e fine was quickly paik
released,
tb•at a full report of this disgraceful affair
It is stated
d to the Horse Guards.
will be forwanie

MADAME Tim 'HAIM'S EXHIBITION.—The ex-King of
Oude honoured t he establishment of Madame Tussand,
on Friday last, with a visit. His Majesty expressed
himself highly gra ti fled with the numerous interesting
objects contained i. u the exhibition.
THE CHU Itell-E, i',^E QUESTION. —The NorthamPecili
Herald says :—." /k.;t the Archdeacon's visitation on
Tuesday last, the van e rable gentleman, after tmhoenserm
said a few words to a e churchwardens.
things he stated that,
wardens of the 346 pan'sb" 'n Us"withont difficulty, 20
havingi ingn
ther they could obtain oht trch-rat
A uty. This is a most
only replied that they ha - disctie, a most important
satisfactory and, at the sa" 111
be read with Equal surprise
piece of information, and wil,_,hurchise.
and grati)aea4on by all till? G. aecirchodef atheoenrcgyh4uwrirelles;:

RAILWAY INTELLIGENCE.

GREAT NORTH OF SCOTLAND.

The annual meeting of the shareholders of this coin.
pany was held on Friday, in the Royal Hotel, Aberdeen,
Sir James D. H. Elphinstone, the chairman of the corn-
pany, ptestding.
The report of the directors having been held as read,
The CHAIRMAN stated that since last year what might
be called the Great North of Scotland proper ha I
been completed by the extension to Keith—railway un•
dertaking further northwards being by arrangement in
the hands of another company. The gross receipts f
the year ending 31st August last amount to 46,3681.
odds, and the expenditure, including interest, to 25,3011.,
leaving a free balance of 21,0661. The gross revenue last
year was 34,1231., so that there had been an increase
during the twelvemonth of 12,2451. A similar increase
next year would bring the shares up to par. The
amount of increased traffic by the opening of the line to
Keith had been highly satisfactory, and promised to be
still more so. The number of passengers carried during
the year had been 313,011—the previous year 244,758,
and an increase at about the same ratio had been ex-
perienced in general goods, live stock, &c. The receipts
for the current financial year up to the Bth instant,
exceed those from the same period of last year by
upwards of 2,0001., or at the rate of between 10,0001.
and 11,000/. per annum. The stock of the company bad
been carefully attended to, and orders given for several
new engines. The increase of traffic which had been
thrown on the Great North line by the opening of the
four mile Oldnaeldrum branch had satisfied the directors
that their policy in regard to these branch lines was the
true one, and that they wculd prove highly remunera-
tive to the company for their subscriptions. The ground
would be taken for the Turriff branch shortly, and by
July next yenit he expected to see it completed. Sir
James then went over various items in the report, and
stated that the directors had revised the original scheme
of bringing the Great North line down the valley of the
Denham, and so concentrating all the railway traffic at
one place, as it would there join the South line ;
ani
said that the direst'-re had res&vcd again to prosecute
a bill in Parliament for the construction of a line
through Buchan and Fornaartine ; and from the sup-
port they had now received and the improvements
they had made in the route of railway he was most
sanguine of success. In order to show they were in
earnest in the matter, the directors intend to subscribe
to the Buchan line 50,0001. in place of the 15,0001. of
last year. (Rear.) Toe subscriptions to the various
branches stood thus :—Spey Junction, 40,0001. ; Tur-
riff, 40,0001. ; Turriff and Banff, 5,0001. ; Oldmeldrum,
2,0001. ; Alford, 15,0001. ; Fortnartine, 50,000/. ; total,
152,0001. After providing for the above there would
be 400,000/. and upwards of available funds.

With the excepti.on of the increase, from 15,0001. to
50,0001., to the Formartine and Buchan line, which was
objected to by Messrs. Bremner and Mitchell, contras•
tors, the report, and statement of accounts were unani-
mously agreed to, and the following resolutions passed :
"That a dividend, payable on the 20th current, be
and is hereby declared upon the preference shares of the
company, at the rate of Si. per cent. per annuli., under
deduction of income tax.

" That a dividend, payable at same date, be paid on the
original or postponed shares ^f the company, at the rate
of 21. se. per cent. per annum, under dAuction of in-
come tax."
Severalof the directors were re-elected, and Mr.Angus-
tue Sinclair appointed auditor of the company is place of
Mr. Notman resigaed.
A vote of tbaaks to the chairman concluded the busi-
ness.

FURTHER OPENING OF THE GRAXD TRUNK
RAILWAY OF CANADA.

On the 27th Oct. the section of the Grand Trunk Rail-
way from Toronto to Montreal, in length 335 miles, was
opened to traffic, completing the route from Quebec to
Stratford. At Toronto there is railroad connection with
different parts of Upper Canada and the Western States.
So that the completion of the road will place Montreal
in railway connection with the seaboard and all the prin-
cipal commercial cities on the continent—those on the
Pacific Ocean excepted.
The public and the press of Canada appreciate the
greatness of the event, and preparations were making for
celebrating it publicly on the 12th Nov. by public re-
joicings. The Montreal Globe says—" This, undoubtedly,
is a most notable event in the history of our country, and
we heartily congratulate our readers upon it. We have
assailed the manner in which the enterprise has been
prosecuted—we have at no time denied the vast import
ance of the work."

The Montreal Pilot says :—"There was a large num-
ber of through passengers by the train yesterday, who
pronounce the road to be in splendid working order."
The Toronto Leader of Oct. 28, describing the open-
ing, says :—" The first train from Toronto to Montreal
left the Don station about half past six o'clock yester-
day morning, and not a few availed themselves of this
the earliest opportunity of proceeding to Montreal by
rail. The train arrived in Montreal shortly after ten
o'clock, p.m. The morning train left Montreal at half-
past seven, a.m., same day, and arrived here about 11
o'clock, although it went at a very slackened speed on
many portions of the road, as a matter of precaution—
it consisted of seven well-filled cars. By this train we
received four of the Montreal papers—Gazette, Herald,
Transcript, and Advertiser—of Monday morning. It is
certainly a novel feature in the history of Canadian
travelling, when the papers printed in Montreal can be
read in Toronto the same day. On the arrival of the
train at Cobonrg, on the upward trip, the following ad.
dress was presented by Mr. Sheriff Ruttan, on behalf of
the mayor, to the engineer-in-chief, Mr. A. M. Ra-s :
"To the President and
,Directore of the Grand Trunk

Rail way.
"On behalf of the municipality of Cobourg I beg to
transmit to you their earnest congratulations upoa this
auspicious event, the first opening passage over the Mon-
treal and Toronto section of the Grand Trunk Railway.
With this day commences a new era in the history of
Canada—the benefits conferred by the consummation of
your labours in the great work of construction have been
but dimly foreshadowed. The inhabitants of Cobourg
have uniformly taken the most lively interest in the
progress of this magnificent highway ; and now beg to
assure you of the hearty co-operation in all endeavours
tcr develop the traffic of this important section of country.
Already they have enlarged the port of C-bourg to
accommodate the business that will naturally fl )w
from New York to the north shores of Lake Ontario,
heretofore conveyed by coasting steamers, or by the
lenzthened route of the Suspension-bridge ; and no effort
shall be wanting on their part in all those facilities sub-
servient to your line. The inhabitants of Cobourg hear
testimony to the expeditious, skilful, and admirable
manner in which your railway has been constructed, and
that without trouble or annoyance to the population
along the line by the labourers in your empty ; and it
is now their' earnest wish that this grand enterprise may
be attended with profits ample to reward those who have
embarked their capital in it.—l have the honour to be,
gentlemen, your obedient servant,
"D. E BOULTON, Mayer."

To this Mr. noes replied as follows : .
" Mr. Mayor and Gentlenien, Ido assure you I re-
ceive, with heartfelt gratitude, Vie complimentary ad-
dress
your -good feelings have prompted you to present.
I regard it as evidence of that goodwill which should
always he found to subsist het ween communities, a-i
between man and man ; and on behalf of the Grand
Trunk Railway, May I return you my most sincere thank:.
for this gratifying demonstration of your appreciation of
their labours, which are now about being brought to a
n
close by the completion, of a long and important line of
railway calculated to confer lasting an ! permanent bene-
fits neon every town and country which it intersects—
and certainly none more so than the town of Cobourg—
which at this time, it is but justice to say, has through-
out evinced the most praiseworthy des,re to prom to
and further its objects, the good effect of which I ,lo
hope and least will be no less abundantly felt than I
am Aulta sure they will be ou ad occasi ons amply ap-
preciated by you.
.6 Our time you are a;vare is short ; the train must
proceed on its course, and for the present I wish you
all good bye and much future happiness."
There are 64 stations in ilie following or ler, from
Montreal to Stratford, inclusive :Montreal, Blue Dan-
Pointe Claire, St. Anne's Vaudreuil, Cedars, Co-
nes, ,
teau Lanoint.o River B oidotte, L'aneaster, Sunatuersto wn,
Cornwall, Mouiinette, Dickinson's rtes,
Aultsviile,
Williamsburg,. Matilda, Edwardsharg„
.Prescott June-
tion, Prescott, Maitland,_Brookville,Lynn, Mallorytonw,
gston, Do
Laosdown, Ganancque, Kingston Mirk., Kinston Do.
Ernest, t. _ , y enaga, Shan-
iwn, Napanee T and
Collins' Bay,
wtrlorivill,
i I Belleville, Trenton, righten, e “
nouv-i-e, --0.•") rile, Graf-
Po. rt Hope, Port Britain, No,
ton, Cobourg,
Bowioanviile, Oshawa, Port Whitby,
Newcastle,
Creek, Frelich,to,ari:n'st,,BLy, Port Huron, s,a.horu!finhs
vast, Toronto West, Nve.ng";
East York, -t o,„ wn, Acton West, Rockwood,Guelph,
Brampton, Goorgu ,
Hamburg, Shakspeare, Stratford.
Berlin, Peters! org,
between two next ttations is 14
The greatest int
.rviliiao
staiirms are only foq, five; or
miles, but many of io
,'r two miles apart.;The whole
six, and Collie (it. !3-' ~,,". ,
tos ~,,It:. ,ort,
t is 421 iiiges. ,
distance from Montreal
;...6 err to be attended.4oy a, genera!'
social ac
luorea,ed facilities ap
an intense 'energy, (-..ay:i t.iiii
activity : " Th("" 1
a,,,,,,0t Montrealtat ?pros.
Montreal Witness iii Nov. 1) •
paved in the roost sul.),i4i..
The bitsine,s streets are being
tial manlier ; the aventoss to
ised ; handsome four,-
the city and roads in tfe,
outskirts are graded and macadan,'
eito/aut and siihstan-
ta`iris are in process of erection ; L.•ees are being planted
out ;'tows of dwelling houses cf an ,
(~ up in various
fiat and elegant dexcription are :.-c)lrvvl,- _
__llansp!..4 of the
Ottlrters ; a number of stores anl 3,' .
the came tints most
laqgpfe,' etiostt substantial, and at : g
elegant
kind, are approaching complett,)l,a. The reat
w.hipit for our ocean steamships, below to .o
current, is
finished; 3s are Um railwpobuilifitios on the western
side
Pflll44'?. ciY• Labourerl pieehanic o manufacturer:, m.
per.;
chasit-c In a wor.l, ~lrytla,,,-.es are at wtxk, with all their
might aiid the results inalo:i theirappearance with almost.
rtiogi,Al colerity,,,,dkaor io all thii oiaterial ad ganoeo,'"
are the to.'t'oit-,Akettiress, the coil, r. or the school ne-
-,
g/eattd. . -ass,. .

THE FIRE ATRE
So :"lar
srNITON DISTRICT SCHOOLS.
—,4)n Friday aftemooo,
.!
i„iicf,,,',.,5,- t,--);,,,ftthJr- with the
Cane,ci. one of the Poor-la s
14.1,tgifiii,!.) the various ni • directors Of the poor be-
the
*-I.44oinbied in "" having children in the
acit7.?„. , . • • - One of the la '
pari",,` the +a• ~a+, not de troof3ed by the fire, on
rge TONTI3 of tag
(14t,,,';:y ru,rnir-‘,;, for tho pore
h 0 wpver, elictecnci.ns
vt;tigation into the -origin of the'ealamlinty9Ttiiig:Ntiybiangn 1:::ft
idertbrount of
oaitive niturc waP,
property destroyed turns out to be
greater
than was estimated at fir.,.t. The value of the 21
wearing spra',43l, &c,, consumed reaches tonrniture
tliou3an'l pounds, nine rooms, each as i
.arge ail stevcral
ordinary room., having ben completely gutted. w:',!ve
spaclou, 82,10,',1-rows is the south wing wa4 ihe
likewise
harm Cu', and all the books, &c,, destroyed.
~. . _

al~. Yi