The Sun.
London, England, 1856-04-08 00:00:00

--- ..... _ THE SUN 111,014 D(
filo NEY MARKET SHARE MARKETS. _ , N 7,- :4,i,
-- - .
~.......
(T EI 1 S DA Y.) n . pskid. aArcarAta. &cram Closing Prim
Compan. this dsy this lay
CO IMERCIAL INTELLIGENCE. RAILS LYS.
----- - rg.) r..): Bedford and London &
Filet 'Alley „.• N. We .t. - -
-.41. Shr. Paid Itorx.wors. Mang Prices I Business done
At. 100 Buckzbatosh L.&N.W. 95 -- 97
this day this day.
CITY, Two o'CLocs: __... -- it I'4, Clydesdal, i 'laledoo... 94 ug
- 7........ - all Col. Stour Vy. E. Un. il
The lii-t erpool Cotton Market yesterday closed -t- I • ,ei ..,. .. 27/ 28
Sud. and Hal. E. C..... 11 - 13
!eV/ fir .1 ‘i.abg Nottvg. St,.
' --r Illy, and, compared with Friday's range, -f.. HY. E. Lin. tr. 6pc tit. Nrt• ... ... • .
Price 5 all B. Va. H. Sh. E. Count. 44 ... 5
s of all kinds were quite as dear. The sales 04 ail c t,ifasr. & 1-Wlyin.s,- ... . .
'1
ind Eastn. Juno. 4,/ - 4i
to.d St. 100 Glas. Barr. & Caldonlau.
aY here about 12,000 bales (1,000 American for 111 -liming. Wolve rb
/8 9 Neils. Direct
• - export,
.:and :tour Valt,y ... St 1.0:l Do. New__ a o ~....,_ ... - ~.
2,000 on speculation) :-300 Pernam 1
On,l is - !, 411 Glstr.& Dn Fr it. ‘ii es u ... • ..
'"411 nuaham, 60. to 7d. ; 350 Egyptian, 61d. - ' t:rY sum.
titan P, .
:hesoiro v nue, ... 17i 18i
1>; all llrtlpl. Dk Si, Yk. Ns..
to 9a .1 ~ ~. 011.941, & Birk Railway__ A. Berw. .., - •
hi ; 800 Surat, 4id. to 40. ; and 350 Sea £5O and E 25 0,-. 15 l'i
Mande' .11d. to 2s. 4d. per lb. The Railway Share 22 L.- Do., 0M.... .... 7..•12 - 13 .
zu.ark iri al' Hull & Selll Y. &N M 104 - le6
15 all Do. / Shares. Do. - ~
• et vr; ts firm and business steady. 1 all zytl. SzTynsongl,-. 1,1 all Do. / Shares. Do ...... -
.•
little
e°l3ll net cial advices from France report very £25 (issd. at X g
..
~,/
92
.14t, let! Lsristol and Exete' •. l'u 12;43 all Lon.&Greenw S. East,,, 12/ -t3
- ... 23i
: &het ation in the state of trade, notwith- St. 100 Jatedoman 6l 614 d 2`': all Do.Prcferetve Do
X St. 10 Lon., Til., &S. Peto &Co. 110 - 115 1141
SAndi , 10 611,1 farm. and Cardigan ;•• '-
' . ng the proclamation of Peace. The most 5; all • %ester & Holyhoao .6
Its - 17 17 161 j St. 100 Lowestoft gr.
4 per cont. Norfolk... ... - ...
.- PC'T taut matter of the week has been the reduc- 5 , all cork and Bandon.. •.. - ...
tio4 0, .
.10 all ..lork, Black, & Pas. ~. - ... it. WU Do. 6 per ct. Do ... - •
&.. '' the- rate of discount by the Bank of France :, 'i! all Manch. 11xts.. L.& N.W
to o Al 18 Cornwall and Matlock & Midld. 2/ - '?/ 21
Pet cent which has materially assisted com- 10 all Do. A - ...
rfaerew - "-0 all Middlesbro' sz Sickton &
t • enterprise,s. The fall in the public funds 10. 8 Do. B Redcar, Darlingt. ... -
Otte tu 1 , riel Junction__ ... - ..• St. 1,-'0 Midld•Bra,lM Midland- 92 - 93 921
, blien discussed in many quarters, and Lk 4i, -d.,b in&Belfast.lmk ..••• - •• •
61 5} Newmarket
- : "1411100°,kg-8 t tile public has created a false impres- :1% all Inn. P. &A. Jno. •••- • •. Bury E. .6pc En. Conn. i- i 0 Pm
St. 1)0 East ALglian... .... 17} - 18 18 418 i
. tio 'which has paralysed the favourable condi- ..3, 50 all N.cit Est.s p.c. E. Count. 55 - 57
• ;11 Of trade. On this point the public seldom St. 100 ELlas,stet.rn. Counties.. 10 -10 i 10/ /
'Tii".
k gfi
3244 2 38
', all Do. 6 per ct. D 0...... _ ... - ...
5C' all Do. Fixeds pc Do •• - -
41(itlireir the came, as it is known on the Bourse to .I.i, Ds., B. 5tt.....- .
Pro , - Do. New „.._. •- •..
.6 '! all Prest. & v6y,:-., L. &N.W. ... - •
...
126 All Do. i Shrs. A Do - •.
fore . from temporary- speculations. It suffices 25 10 East Kent - ...
th St 0 Roystn.at Hit. atNortho 134 - 136
them that the Rentesfeeble and f ll• .it. 100 ' hid Lancashire 76 -78 76
'4,1 for are a mg,
St. 101./ Minlurzh & Mug() 61 - 63 62 1} 2 :,',5 .8i Shot Roth an Lancash&
• tic,. , the time they suspend commercial opera- to all !Minh. and Peehlsia --• • • Gooleg.s p.c. Yorksh. . .
le, all Shrews.&lier T. Brassy 7i - n
-8- Meanwhile some export houses have re- St. 11)0 Min. PAL St nt111.1,• 29 - 30
reivo _ e •.:i S. Staffordsh M. Meier 31 2id
th,, -., Yir orders from England and Germany, and -1;01 21 Furness.worth
& trlrle
3"
.2 - "'.
-0 An Wear Vallcyp Stockt. &
6 per cent... Darliugt ... - _.
Po Packets recently arrived have brought some im- 10 all Do. Extension '‘,s all Do Do 3l/ -32 i 321
' ri,b' it,llaicommissions from the United States. The it 100 Glassrow&S W,st, 88 : 92
S-. 100 Wiltsteor.rat (ItWentn. ... - ....
10 all Great N. of Scotlnd. 6; - 7
f„ " 91e prices of merchandise which hascon tinned
.._ . At. 100 Great North.ro „. 94 95 rt,3,: PREFERENCE ARA REF,

CITY, Two o'CLoci:
The 'L erpool Cotton Market yesterday closed
b'rerY fir inly, and, compared with Friday's range,
r'ees of all kinds were quite as dear. The sales
"c)-(laY were about 12,000 bales (1,000 American for
elPert, . And 2,000 on speculation) :-300 Pernam
an'i Mari mhara, 60. to 7d. ; 350 Egyptian, 61d.
t 0 91. lnlands ; 800 Surat, 41d. to 4id. ; and 350 Sea
l Id. to 2s. 4d. per lb. The Railway Share
MarketWa tS firm, and business steady.
e°l3l! net cial advices from France report very
little dtetation in the state of trade, notwith-
,•B,4andi ng the proclamation of Peace. The most
-13°T tent matter of the week has been the reduc-
tion c(f the rate of discount by the Bank of France
to
5 Piet cent., which has materially assisted cora-
1141.eda enterprises. The fall in the public funds
att4 boen discussed in many quarters, and
kinci,".4ge the public has created a false impres-
-0) 'which has paralysed the favourable condi-
-len of trade. On this point the public seldom
incltniter the caws, as it is known on the Bourse to
Ifln:et,,e‘l front temporary speculations. It suffices
": 'nein that the Rentes are feeble and falling,
for the time they suspend commercial opera-
:s: Meanwhile some export houses have re-
th-ited• new orders from England and Germany, and
e Packets recently arrived have brought some im-
ho44llt commissions from the United States. The
4*in the prices of merchandise which hascon tinned
f
s°%ll,,°ree weeks is not arrested, which restricts the
tlllte:Lita of purchases by foreign agents, who he5i-
r44,,,,-7° give the increased price excepting for inter-
r4;itate requirements, while on the other hand the
w"ltfacturers are not inclined to lower their prices
ti they pay the increased value for raw mate-
taitt 4n extraordinary rise has taken place in the
foe°l diamonds, in consequence of the demand
20 • Zies 25 ia- This rise is estimated at not less than
per cent. on previous prices, and has
lie :n great impetus to the usually quiet busi-
fo;l4:l the diamond merchant. The demand
tio,—llesaia is attributed to the approaching corona-
th,, (4 the Emperor. The same cause has increased
ret: nrders for Lyons manufactures. It has been
ia'rked that the demand for French manufactures
di lissia continues, and especially for this occa-
pal notwithstanding the efforts of the old Russian
tet:t7, which seeks to make the occasion one for
p‘iriaing the ancient national costumes, for the
fae.j"e Of excluding all articles of foreign manu-
lie,,tire• 'The magazines for spring novelties have
th" 11 to show more activity, both at Paris and in
Provinces.
fel,. 5 Mercantile community have during the last
in day been much disturbed by the announce-
-41011: ei_f two or three important failures, and, al-
Of trla"- it is generally believed that the condition
"ia on the whole healthy, there are, never-
ei the.", serious apprehensions of further diffi-
slea• After the stoppage of such large firms
st'ile3'ers, Walker, and Co., and Mr. W. 0 Young,
tbd r minor casualties are almost sure to take place,
4•mercantile credit is for a time impaired. Messrs.
enders and Harrison, and Messrs. Woolet and
11:1Pilevr have stopped payment, and several other
itoil,lses are spoken of as being embarrassed. The
be -B.
°f a country bank are reported to have
titan returned this morning, but the particulars
4:6 net., been allowed to transpire, and it is
vlt even known whether it is a joint-stock or pri-
tit)! concern. Besides this other cases are men-
aitll2x' 'where parties have only been able to avert
.:tlure by the liberality and consideration of their
111.eillters. The conclusion of a protracted war,
ti seder, causing a complete revulsion in commer•
it"' affairs , might naturally have been expected to
1,44 to difficulties among the' mercantile interest,
Ud during the next few weeks the list of suspen-
t7na may be materially added to ; still no fear is
tir"tairted of a general disturbance in the mercan-
world.
Th
° Red Jacket, from Melbourne, has arrived,
).;,the amount of gold she has on board has not
b;eett ascertained.
tool, la "making-up" day in the Consol market,
ti;ltne quotations of nearly all the English securi-
-4 are flatter. There is very little speculation,
the amount of real business doing is limited.
*ll:l3°l4.are 92115 both for money and the 10th inst.,,
lial.tet,he May prices are 931 -a. Special transfers
Der ciueell made of the following :—The Now Three
DIA 'teats. at 921 to 93, the Reduced Annuities at
and Bank Stock at 2131. The March Ex-
Bills are ls. to 3.5. prem., and those of
;ci are at par. The Bonds are 981.
%sr ere tsar.
are mostly rather heavy, and
ea; is lest activity in the market. Turkish 6 per 18
Tile 3.
are 101 i for money, and 1011 for account. tile,
bane t Per Cents. are 101 g. Venezuela Bonds
,to
GT,„een 30. Equador New Consolidated 15, and !.9
teiat"n., a Deferred 7/ Mexican Stock is per 7(
Tiel°_wer) being 22g I. 103
litoeu, following- are the nominal prices of Foreign tut.
20
44:4232.:-.Grenada .Deferred Bonds, 71 8 ; Mexi-
-46,,
1,6,3;r Portuguese t;ugPteiresuevian, 78 80 ; ditto 3 per Cents.,
.
4 per Tents., 48 50; Russian fl!.
opa • ents., .104 6 ; ditto 41 per Cents., 93 95 ; its
tnah 9
" Per Cents., 454 6 ; ditto Deferred, 240
i'ltto Certificates, 54 ; ditto Passive, 74 I. to
'ost
qtkvy, of the English Railway Shares are rather 2
ecusequence of the flatness of the other 26
Witii--Lea- The Foreign are likewise dull, and
110 ut much variation in prices. The Paris and 2.:
an
cin4.!lnwever are 1/. to 2/. higher, and Sambre
reuse are ss. lower. 20.
rather '°radon and County Bank Shares have been I ilk
flatter.
1341,ri.8_

88 - 92
6; - 7
94 95
79 81
123 128
104 106
64$ 65
Kt; 60

L(X! Do., A. Stock ~„
B Stool=
LY) 'R. Sth. &West.fir,
[(X, +-heat Western.....
Ii Stour-Val Ra ;
Qua. Stk..
all Irish South-Easter
ill I'p:twister
4; Do., Thirds ,
8 Do. Now Thirds
% t.e.ncash.iindVo r)t .
€),.. Wet. Rid inglll.
at) tAT.Criey .&Soutb t.
al) Loudon & Blackwail
100 f..ond.Bright &S.Cbt •
100 Lend. and N. West,
1.6 4h.. Fifths

64j 5 4f

• . \ 100
St. 100
'5 al,

'.`-‘ordeen
•
1)0, 50.2, 7 p. a. • I
Do. Debentures ....
rilyth andTyn 10 pri
c. pref. (issd. 4t 501
& Ex.! p. a. St.
Do. 4 p. c. Shares
;aledonian £lO
,Thos. & go. 9n. 5i pt
Do. do. Pref. No. 2.
Do. do. Pref. No. 2..
Cork dalandonsip.c
Dun.Prth.& A her.J.
& Anglian CIR. A Si)
Do. do. CIEs. B 6 p. e.
Do. do Cis. C 7 p. a.
K&P. Co. gx„ Spa No
Do. No. 2.
Do. Now 6 p. a. SI
Un., G. 6 p.
)e. 51., 10 per cent
I 10. 101. Debentr.Sl..
Do. do. 4 per cent.
fast Lancash. 6 p. eta.
kw. York. J. 5t11,1
& (11. 5 p.c. sh.
tcri Prth.&Dnn.4p.,
Furness
:llas. &5.W.G.5 pc.
{3reat Northn. 5 p
'o. 5 p. a. Redeem
at 10 p. c. prom.
')(). 44 P. e
'De. 5 p.c. Scrip, Red.
At 5 p. c. pm...
• It. N. of Scot. Ist Pre
(it. S. W. (Ireland
Do. 4per o. Prvf
W.(11. tt Fkspc
)o. con. red. 46 p:.
)1. con. red. 4 p. r.
"16. irrefie 4p. a.
Do. 5 p. c. red. prof
Do. do. de.
Do. Birn,. Fret..
to. Chester 8 p. c. P.
Do. do. 5 p. c. do.
Do. Birm. Gua. Stl.
Ches. Gus. Sh..
Do, do. do
Do. do. do
Len. &York. F. .E 2
Do. 6p. a. Stack .
%On. & Rrigh. 0.5 p., .
Pref., sp. c. .
Do. New Guar.6 p.,
Do. do. 5 per cent
rion.&N. W., Cov.
slumAton 5 p. et
ton. & S.W. 7 per at
I.ondy. & Color. Si
T.ondy. & Ennis.
L. N0w,16/
£0
arypt L
to. 4. percent..,,.
cont.°, ,
`)0

118 - 122
115 120
84 90

118 19

93 --

70 75
fi 7p
6 T
8$ 88}

71
6
17
871 81 8 1

A. 100
.20 5
1,4)

96 - 98
11”, -16 i

I all
111 all

-

71 74
102 104
1914 - 102
par p
pa4r - p
95 96

103
1011 i

105 110

St. !1()0
St. )100
64 all
all
10 al!
.0 all
6 all
10 all
It. all
St. 1101;

5-4100.101. tih.. bits 8 C
23 Do. Eighths.,
100 London and& West, 1
all Do. £sk)
all Do., £4O
til Lndndrry&Colerahr
all Lndndrr,-.& Enniak..l
110 Aana.Shef.&Linel
425. 11,, Man. k Lin. TTI,
1 Metropolitan
Midland
10(.) ' 10. Birrnag. & Dee
all Midi& G. West. aro
all i )o. Half Shared._ ...
01l 50weastle & Carnet.
all Nwpt.Aberg. &He
83 vevrry &
ill Newry Warrenpoil,

i 4 •
- 3
:2t -

• *II '..
•

... - ...

••• ..... ..

'B3/4 29
-
743/4 - 75
43 - 45

10 1
it, 10U
!CI all
It. ltb,
It. 10U
100

69 - 71

116 - tlB

14 - .10

107 - 109
102 104

lioo
124 76

,nd ttostrevor.
,forfolls

- 10

34 4orthn.Connties
lUe North Britisl,
Nth P‘moo Rat. &
100 Deck Stock
100 'o., A Stock ..
..0 , B Stock
all Do., B Onnrante.;
ilk' N. Eastern— Bervr
`lll Do. do. Exteusioz,
15 D•t.d0.(1.N'.E.?nr...-.
&) Do. Leeds
tOO Do. York.
100 North London....
3, l• N.&S.Wstrn.,}ls.m -
stead, and City Jr...
North Staffordshir
al sZortl) Western__
& S. Westrn. Jun-
N'Tineston, ,
xvd Leicester.....,.
1 ,11, Wore.. At Wolv.
8 l'orts:uouth
%e: °Well Central
13: Scottishkridlanh

53 -- 55
3i -
35 „ 36

0 ill
It. 100

10i A
it. 100
it jlOO
'it. ;100
10 tall

6
94 96
-
- 90
98 100

...

78i 79
- 5
3i -- 3
511 57
88 - 90

A) all
0 all
it 1+ '
!fii all
36'i all

9A 10
16i 17i
10 100
74 76
201
- 10
I4i - 151
I $
36 138

61 811
-
ilk 10

It. 1O(
It. 10t:
it: flO.
it.lto,

• •• A.,

28i -29 i
03 105
73 --• 75
16 '8
14 5
72 - 724
70 - 72
4 -• 2
iil
37

.•• -"." .....

It I 02
2 I Al

„

,qiropmltire
st Smith Devon
I Sooth
100 south Wale* ~ ..
I. • Yrksh.
))o ...........
. .

2..
It. 10
13 4.
,24 All
24 all
'2

i* 2 *I

.. - ..

.

, '". :

fir ; 6 A- nes,gyp, k. &
Stockton & Darli
,kton Hartlep'
t. 1 h Taff Vale
t. 1. Do. Pref., No. 1_
5 ':2 "I"',-.lnee Hay. D.& R.
0 , jUlverstone & Lam
all Vatc
! ail Watorfi. at Kilkonn,
0 all IWaterforitkLinter
! all West ,
.0 al West End of Londol,
Pmd Crystal
5 all i Do. A
5 3, Do B ...
al! West Londcro
LO all Winibledn&Crorlin

Conmol.6
T)o. Oon.Br.P:r. gpf

I's- 137
95 - 97

MO Do. 4i p. o. Pref.
all 1)0. Pref. 4k per
all Do. 5/. Pr.?. 4 p. c.
100 Ditto L. k ft. Prof. s
New., Aber., &e., pr.
all f .5 p. c. red. 5 p c.
Norfolk Deteatnr
Do.Praf. 5 p. c. St el,
Do 5 p.c. Ext. .
DM. 5i per et.pref.
Do. Way. Val. p p
'North
British
N. E. Berw. 4 p.c
Do. do. do
IDo Leeds p.c .No.
Me. do. Quarters ...
'Do. Vorkfl.&z. P.-1
•
North Staffordshir.
ox, Wo. 1.913 p
Do R. Pref. 101. Sh.
Soot. Cent. , New Pr.•
iSouth Devon
iDo. fixed, 44 per coo
Eastern (Readi,
.nn.) of £] Os. 0.1.
Do. 41 per cent :.
Do. Fixed 4i p c sh.
IS 'Wales Gua. 4p, 0.
Do. do. 4i p. c
S.Yorksh.4p.e.Gnar.
gteck,& DPr., 5 p c.
Do. do. do
Stock. & H rsrtl. g.
c. till July I,'S''
Watertd.fk Killc.6 pc

20 - 21
43 -- 5

•••

6i 74

,

.. --4 „di

103 -104
91 -94
51

1 -
97 - 99

AD 7 .tt 1.3 in
40 Do. 5 p.c. Oblgs. eon.
in Sb. at pox till '54
10 Ardennes
all ,ttiglau EaAn. .Innt
14 ' letiers to Orsi BS, as»
4is Bombay , Baroda, au
f!.ntrsllndis..B,•ri

13/ 9

pnr 2
41 s}l
2i
2 - 21,

- 15,

1 -

221 - ?S
98 - 100
9i - 10

all Do.
to Demerara
11 lintel, R},enish....•
!.astern of Franc
3 Ile. New ............. .
11l past Indian, g. sp.

••• ,••

It. ilOui
It. 'lOO
it. 100
ZO all

11 2 PI
:OA 41
12-? - 14
12} 23
22 22:

••• • •

•

1 2p

15 no. I
all D 0.4 p.c.Buds.,'s7
4 do., do. :574 .1,

2 all

..

16 !Gee on' Molbounel
guar. 5 per c nt..
Do., Lon. allot., do.
22 t pd. Tkof Cana(' aA

614 i

2i - ti

MINES.
1 al, i.,0,, rrikt . . ... ...
1 all I tnglo A uctrla. (tole —
10a 11l Anglo Californian i i
'0 7 lustrs Ban li 2 li 1
1 all ‘nstralian Cordiller ..
1 ill tvo klaris - •••
1 ill iladen (G4.Duehy of ... - ...
;0 all 131tonar. iron & COS. ... • .
tO I 14 British [ron
3 5 4•i
15 26 lrazilianlimp. Ow .
At tE pm.)
;0 I all 10. Unites h Cub)... 2A 3 2
'.O I.' Do. St. Johr Doi R.- 24 - 26
1 i ; (Ilarendon Cots. Mil
iCo. of Jamaica , h • 1p
41 I all • %bre Coppor 65 - 68
5 1 lolonial Gold .... .
3t. ill :oppor Min. of Rnl 34 - 33
25 All Do. Pref. 7i p. oe, 26 . 2 7
.. 1€ :r3opiapo
i Vortnna ji - id li
20 I all C4encAll . - 16
1 all 'lt.NugzetVeluß,R I -
41 all rireat 1 Pnlynoth , - li
5 all Gt Wheal Vor Unite, ; I id
1 all Liberty ,
...
3 all Linares •
8
71 -
5i 11 Lusitanian i _
1,
1 all Wariquita. $ -- I
1 all New Granada I .
!() 1:.11 Plo7tvgies.cluilMk"-Lede.klin 10 - 2
3 1 Port Philip I
._# --
all 4nartz Rock
50 all q.hynaney Iron l9 - 21 20i
15 all Do. New 5 . 7
30 131. .I,ntlago de Cuba. 3i - 3i
, 6a. Sort. Cons. Min. Co 2. 3
-1. 1 all :lout!) Anstralittn. • i -- i
1 1 all Do. Scrip i - 4
1 I Do. 10 per cent Pre ...
...
4►4
(`softTriai..s.s .............
L.mi..co. 24 3
10
4 -- 4
18i all United Mexican 4 --4 i
1 all .Waller it - 1
1 all 'Vest Mariposa A - t
1 120 ,Northing Mining of
Australia

1. 'Do.
9 1 1)o. Cert of Deben.
non. into Stk. till 'P
' Flo Comp.fi p. c.,

4 Gt Coutral of Fral,c
4;1 fit. Tndian Paning”
4 pre at tnxembrmr
Onnititntivi qhpn.

rh,„ Olil isrs Mon-
11 Do. re-is. orftd. Sh.
•'1 en.W,..titernoffloinA. a

sil Do. New
Ads., payahl e's 7
with option till 'M
at Do, do., '62, p. '56
Al' Do. do.. '76, p. '6O
all Dc,. do., '73. without
option
all Hamilton k Toronte
3.11 Do. a per o'nt. ......
17 Lake cont.g k Ray!,
all Lierre and Turnhout
‘ll Luoca t Piet. sp. c.p
16 Lyons and tkuoira
14 Lyons & Tifeditormo.
all Vbulras, gua”. 4 p.a
10 Do. New 00., 5 p.
0 1 ' 0 Po. 4i p. c. Eaten
3

FIJNDS THIS DAY.—CLOSING PRICES.
I Prom the Official Lir

k _
tin..n, done.
,t,r . ..
kke.n,_
ck 2134
a 1," (2,,, •
II i
n'in• ite(Need Annuities.
114„.,-,‘,eilt- Consols Anneitieo 923 i i i
lama,,,Per. Cont. Annuities
v,4111 to* under £101)0- 4 a
E
la for Account
$ i
t,..
"Nnor kik* Bills, 241-
March. June.
Z
~.?‘.. ........... •••
4
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tirelll are said to be 122.000 French soldiers in the
D 'a' and upwards of 20,000 at Constantinople.
ette"Patches were sent, yesterday, from the Colonial-
%:e% the Governor of Heligoland, and the Lord High
eoilleietier of the lonian Islands.
Itisle,°,4l and Lady Rosa Greville have taken the
14,1 of the magnificent mansion at Albert gate, so
1414."1a as " Gibraltar." The other half, it is
Le-in hits been converted into a banking house.
trao-rltieri from Switzerland state that the weather is ex-
lho,,r-'llazily fine. The mountains are entirely free from
difEW:ltel the passages of the Alpe, which last year were
Th-4.4,„,"en as late as July, are already practicable.
univers asserts that the question of the Holy
the first apparent cause of the war, has not been
lletcrteel the
the Conferences, but will be amicably settled
—l4 France and
pps_ ce Turkey.
o/it :4 IN THE STRAND.—Yesterday morning a fire broke
Pie h-Pon the premises of Mr. Ellis, 401, Strand, an eel
cont-etnintssed.
esTtrhoeyed. house was greatly damaged, and the
•
Ivti 'lle/M.—During the month of March 145 vessels
re ,
265, -reefed. In the month of Jan. the number was
aud in eb. ; 174 making a total in the past three
oaths 4584. -

THE SON LONDON, TUESDAY XVENING, APRIL 8, 1856.

IMPERIAL PARLIAMENT.

HOUSE OF LORDS—(YmnanDAy).
THE CURRENCY.
The Earl of EGLINTON rose to call the attention of
the Government to the expediency of issuing a Royal
commission to inquire into the operation of the laws
which regulate the currency of the United Kingdom.
He feared that many of their lordships might have viewed
the notice he had given on this subject with some feeling
of alarm, as it was a subject very difficult to understand,
and from which most men therefore naturally shrank ;
but he assured their lordships that he would abstain
from indulging in any vague theories or long calculations
of figures, and would merely endeavour to convince
them that a searching inquiry into the system now esta-
blished was, if not necessary, at all events desirable. He
thought the present a proper time for inquiry on the
subject, on account, in the first place, of the position In
which the Bank charter now stood. The present charter
was established in 1844 for 10 years, after which it was
liable to be terminated by one year's notice. The. Bank
might consequently be said to be now waiting for a new
charter, and he believed that few persons would desire
to see a new charter granted without the subject under-
going a most searching investigation. Another reason
which made him think that this was a proper time for
commencing this inquiry was the circumstance that a
peace was now about to commence which was likely to be
enduring, from the prostration of the Northern awes
sor and the intimate alliance of the great countries of
Europe. The country was now, probably, on the eve of
a career of considerable commercial enterprise, and of a
state of internal tranquillity and content almost unpar-
alleled, and on this account, too, he thought the period
favourable for inquiry. In 1848, in consequence of the
severe monetary crisis which took place in the preceding
year, committees of both houses were appointed to in-
quire into the causes and amount of the distress which
then spread ruin over the country. Both committees
were equally anxious to discharge their duty properly ;
but the result was, that they agreed to report diametri-
cally opposite. Their lordship..' committee resolved in
favour of a relaxtiun of the act of 1844, while the
committee of the House of Commons came to the resolu-
tion that no change in the system should take place.
These conclusions were come to in both instances by
narrow majorities, and that circumstance formed a good
and sufficient reason why the subject should now be
taken up by a Royal commission, which would be free
from party spirit, which necessarily attached in some
degree to Parliamentary committees on this matter. He
was rather unexpectedly fortified in his notion that in-
quiry was necessary by the opinions of some of them
who were supposed to be the strongest advocates of the
present system. In a late debate in another place the
Chancellor of the Exchequer was reported to have
said :

donee given by Mr. Glyn and Mr. Brown in 1848 before
do) House of Commons. The Bank of France was con-
ducted on that principle of Government control, and
with excellent results. It had a governor and two sub.
governors. These officers were nominated by the
Crown and received large salaries. He would not quarrel
ssi h their raising the rate of interest when gold was
carce because that was necessary ; buy he objected to
the unduly low rate of interest to which the Bank re-
sorted when money was plentiful. The panic of 1847 was
very much brought on by the reduction in the rate of in•
tereit in the previous year to 21 and 3 per cent. The
Bank of England ought to be either a State Bank or
separated from the State. If it were a State Bank it
ought to be under Government supervision, and ought
to consult the interests of the country. He was inclined
to thick, although he spoke with some doubt, that it
might be desirable 'to adopt some minintum, rate of in-
terest. Previously to 1844 the variations in the rate of
interest were very few. Another improvement which
could be effected by a mere stroke of the pen was in
raising the amount of notes which the Bank of England
was authorised to issue over and above those that must
be represented by gold. In 1844 it was supposed
that 14,000,0001. were sufficient for the wants of the
country, but this amount would hardly be sufficient
now, considering how the country had in the interval in-
creased in population and wealth. It would be a great
relief if some step could be adopted, such as raising the
note circulation from 14 to 18 or 20 millions sterling, in
order to meet the increased demands of the country.
The main principles of the act of 1844 he disapproved—
viz., the restrictive clauses, and the separation of the two
departments of the Bank. Upea this latter subject he
would quote the opinion expressed by Mr. Tooke at the
conclusion of his pamphlet on the Bank Charter. Mr.
Tooke said—

" That the greater or less liability to variation in the
rate of interest constitutes, in the degree next only to the
preservation of the convertibility of the paper and the sol-
vency of banks, the moat important consideration in the
regulation of our banking system. That a total separation
of the business of issue from that of banking is calculated
to produce greater and more abrupt transitions in the rate
of interest and in the state of credit than the (present)
system of union of departments,"
No man, however bigotted an advocate of a metallic cur-
rency, would say that the Bank ought to be deprived of
the power of issuing any notes whatever that were not
represented by gold. It England had been governed on
such principles for the last two centuries she would now
he a small third-rate State. There could be no doubt
about the expediency of issuing notes that were not
actually represented by gold in the coffers of the Bank,
and the only doubt was as to the limit. For himself, he
objected to naming a particular amount of notes beyond
which no issue should take place, because when that
limit was reached distrust and discredit began. He be-
lieved there would not have been half so severe a crisis
in 1847 if the Bank had had the power of increasing the
issue of notes upon the 9,000,0001. of gold which it then
possessed. At a later period of great difficulty there was
12,500,0001. of gold in the Bank of England, which would
have warranted a larger issue of notes, and would greatly
have relieved the pressure. If the provisions of the act of
1844 regulated the affairs of the Bank of France, instead
of now meeting all its engagements, and having a stock
of 8,500,000/. of gold in its c3ffers, the Bank of France
would be 2,000,0001. minus in its banking department.
Within the last four years there had been only two
changes in the rate of interest charged by the Bank of
France, while within the same period there had been 18
changes in the rate of interest charged by the Bank of
England. The late Lord Ashburton, in his evidence
respecting the Bank of France, said—
" There has been at no time any suspension of its pay-
ments, or any material difficulties of any kind ; and it
seems to have answered perfectly well the object for which
that Bank, like our own, was instituted—namely, as a
bank to give proper facilities to the circulation and com-
merce of the country, and at the same time to be the bank-
ers of the Government, and to give every proper and legiti-
mate facility to the operation of the Government."
He would rather have inquiry by committee than no in-
quiry at all ; but, as it was almost impossible to sepa-
rate the subject from the influence of party feeling, he
thought the appointment of a Royal commission would
be the preferable course. (Hear.) He would not presume
to name the members of -the commission, but would
humbly suggest tbat persons should be selected who
were not pledged to any particular views on the ques-
tion. In conclusion the noble earl moved, " That a hum-
ble address be presented to her Majesty, praying that
her Majesty will issue a Royal commission to inquire
into the state of the currency of the United Kingdom."
The Earl of HARROWBY, who was very indistinctly
heard, was understood to say that it was the intention of
the G yvernment, as had been stated by the Chancellor of
the Exchequer in the other house, to appoint a commit-
tee to inquire into the operation of the Bank Act of 1844
I before any revision was attempted in the present ar-
rangements. He admitted that there were some subjects
re fitted to be inquired into by commissions than c m•
mittees, but he considered this was an inquiry peculiarly
belonging to the Houses of Parliament to undertake.
He di.l not think it desirable to enter into anyiliscussion
of the points suggested by the noble earl, but would
merely say inquiry should be made before notice was
given to the Bank to terminate the operation of the act
of 1844.
The LORD CHANCELLOR said it was usual to
give notice of motions of such importance as this, but
the notice given by the noble earl conveyed the impres-
sten that no motion would be made.

"I, neverthele's, fully admit that the operation of the
Bank Act of 1844 is a fit subject for investigation by a
committee of this house when its proper time shall have
arrived, and when the circumstances shall appear to have
arrived, and when the circumstances shall appear to be
favourable for the prosecution of such an inquiry. I quite
agree that those are many parts of the operation which
require a complete investigation by a competent tribunal,
and I shall be quite willing, when the proper time arrives,
to assent to the appointment, of a committee on the sub-
ject."
Sir C. Wood also said :
" I am far from saying that such inquiry is undesirable."
He was aware that those gentlemen guarded themselves
against pledging themselves as to time, but they both
admitted that inquiry was desirable. He pressed this
matter on their lordships attention, because the system
as at present constituted had been tried and bad failed.
The act of 1844 had not worked well, but had failed in
preventing ever-speculation, and bad proved inefficient
when the danger arose. Since the passing of the act
there bad been a commercial crisis, and greater fluc-
tuations of interest than ever had been known before.
He would not go into the subject of the country
banks, or into the Scotch and Irish question ; but
would confine himself solely to the case of the
Bank of England. By the act of 1844 the Bank
of England was authorised to issue 14,000:0001. in
notes, on the security of the debt due to it by the State,
and unrepresented by gold in their coffers. Every note
, beyond that amount must be represented by gold. The
Bauk of England was likewise divided into a banking
department and an issue department ; and thus the gold
which was in the issue department to answer the notes
in circulation over the amount of the 14.000,0001. was
not available for any of the requirements in the banking
department. By another part of the act the directors of
the Bank were empowered to take up a certain quantity
of country notes hen any of the country banks ceased
to issue ; and the amount of that circulation which had
so ceased was nearly &00,0001. It was plainly intimated
to the directors that they were to consider themselves
merely as hankers ; that, as such, they were to look to
their own interest, without reference to the state of the
nation. Accordingly, when gold became plentiful they
lowered the interest in order to get their notes out to the
public, and when gold became scarce they raised the
rate of interest. During the last 11 years 40 fluctuations
of interest had taken place, varying from 2 t , 7,8, and
9 per cent. ; whereas in previous years the fluctuations
were few and trifling. These fluctuations appeared to be
on the increase, for during the the last four years they
had amounted to 16, and during the last year to 8. The
loy rate of interest established in 1347 greatly encou-
raged speculation, and its result was to produce such a
drain upon the Bank that at the end of the year the
amount of gold 1- ft in it was considerably, under
2,000,0001. The pressure became so great that the rate
of interest was raised to 7 and 8 per cent., and Mr. S
Gurney stated in his evidence that he had been obliged
to pay 9 per cent, for an advance of 200,000/ , and such
was the panic that Mr. 11. Palmer stated thatif the Bank
had attempted to relieve itself by a sale of consols the
price would have gone down to GO. But the directors,
undeterred by the experience of 1847, when money became
plentiful in 1852 again reduced their interest to the ridi-
culously low rate of 2 per cent. The same result followed,
a drain of gold again took place, and the Bird( again raised
its interest, and at the end of last year the country was
again in diflicul ties and numerous bankruptcies took place.
According to the present system he knew that it was
absolutely necessary to raise the rate of interest—in
other words, "to put on the screw"—when gold became
scarce. The Governor of the Bank, in his evidence be-
fore the committee of 1848, said upon this sulject—

" The means of getting bask the gold is by making
money dear, and causing a fall generally in the price of
commodities, which will bring back gold;" and " prices
will fall in consequence of the increased value of money."
The effect of " putting on the screw " was not only to
ruin those houses which had been totterinz, but also to
depreciate the whole property of the country and to fos-
ter speculative circulation by forcing out the notes of the
Bank. The act of 1844 had falsified the predictions of
its promoters in another point. The noble lord orposite
(Lord Overstone), generally supposed to be its aut-hur,
said, upon the que,tion of note circulation keeping pace
with the increase or decrease of gold—

" The issues of the Bank of Erglind will, under the pro
visions of that bill, be made to conform strictly to the fluc-
tuations of the bullion. Thus, it appears that contraction
of the circul ttion it, correspondence with the decrease of
the bullion is the only measure which cAn afford effectual
security for stopping the drain of bullion."
No doubt the amount of notes in circulation was regu-
lated by the amount of gold in the Bank, but the expec-
tation of the noble lord had not been fulfilled, because
the note circulation was within a fractiln the same in
1347, when there were 9,000,000/. of gold in the Bank,
as in 1840, when there were 16,000,0001. ; at the end
of 1852 there, was a note circulation of 22,000,0001.
with 19,000,000/ of g. 11.1 ; at the eHd of 1853, a note
circulation of 24,000,0001. with 15,000,0001 of g ;
in the elrly par of 1335 a circulation of 20,000 0001
with 13,000,0001 of gold ; and in October, 21,000.000/.
with only 11,000,000/. of gold. He trusted be had now
made out a fair case for the propriety, it nut the nece-
sity, of a searching investigation into this mat-
ter before a competent tribunal. He had brought
forward no theory ; he had only stated undeniable
facts. It could not be disputed that during the last 11
years greater fluctuations had taltn place, and there
had been greater over•speculation and greater monetary
crises than had been ever known in modern times, and

The Earl of EGLINTON said, he had hoped, and
still hoped, that hie motion would extract a more satis-
factory answer from the Government than had been given
by the noble earl.
The Earl of HARROWBY said the only new point
raised by the noble earl was his preference for a commie-
sion instead of a committee. He thought a commission
could only add to the investigation, and not supersede
inquiry by committees of both houses.
The Earl of DERBY said a more important question
than the form of the inquiry was what were the inten-
tions of the Government ? All that the Governrrent had
said was, that inquiry was very desirable at the proper
time and in the proper mode. He begged to ask, when
was the proper time ? (Hear.) His noble friend (the
Earl of Eglinton) gave as a reason why the present was
the proper time that the Bank was open to notice from
the Government at any period, and the charter, there-
fore, continued only from year to year. It was very de-
' sirable that the conditions of any new charter should be
well c nsidered, The Government assigned the most ex-
traordinary of all reasons for not proceeding with inquiry
—that they did not intend to give the Benk notice in
the course of the present year. Surely inquiry, either
by a clmmission or a committee, ought to precede the giv-
ing of notice to determine the present charter. Although
his noble friend did not intend to press his motion, he
(Lord Derby) thought that he bad a right to expect from
the Government a more distinct declaration of their opi-
nion as to the merits of the act of 1844, and more definite
information as to the course which they intended to pnr-
s:;(3 with regard to instituting an imluiry into its opera-
tion, in order that the country might deliberately and
fully consider and judge of the question before the Go-
vernment proceeded tl negotiate with the Bank.

The Duke of ARGYLL said that the noble lord had
somewhat misrepresented the answer given in the other
h•mse by his right hon. friend the Chancellor of the Ex-
chequer, and repeat.d in that house by his noble friend
behind him (Lord Harrowby). In the House of Com-
mono the Chancellor of the Exchequer distinctly an-
nounced that the Government bad no intention of mak-

ing any change in the Bank Charter Act of 1844, but
that if any hon. member of that house was extremely
anxious for an inquiry into the subject the Government
would throw no impediment in its way. The right hon.
gentleman did not intimate that he thought an inquiry
de-irable. lie merely said that if any hon. ineinher
that Ip,use or any noble lord moved the appointment of a
committee upon this subject, the Government would not
oppose the inquiry. The proposal of the noble earl op-
posite was, however, of a very different character, be-
cause if the Government appointed a commission it would
be a distinct intimation to the country that they were
dissatisfied with the law, and attributed to it evils which
they desired to remedy. The Government had arrived
at no such opinion, and they were therefore not prepared
recommend the Crown to issue a Royal commission
upon this subject.
The Earl of DERBY said that unless he had entirely
misunderstood what fell from his noble friend (L .rd
Harrowby ), he began by admitting that inquiry, at a
proper time and in a proper mode, was desirable.
The Duke of ARGYLL—At the proper time.
The Earl of DERBY—What did the noble duke
mean ? If he was to take him to be the exponent of the
Ministry, the Government bad made up their minds that
an inquiry was not necessary, because they had no in•
tuition of altering the charter. Then, what were they
going to do ? Were they prepared to renew the Bank
Charter as it stood ? Did they think it was desirable
that that charter should go on from year to year, with
a perpetual liability to be put an end to at the expiration
of 12 months? If this were the intention of the Govern•
merit, it seemed to him very like an intention to tide
' over a difficult question with which they did not know
how to deal, ant to throw upon others a responsibility
which ought to fall upon themselves. (Hear, hear.)
The Duke of ARGYLL said that it was the intention
of the Government to tide over a difficult question at a
time most unsuited for dealing with it.
Earl GREY said that, if there was to be an inquiry, be
did not see how there could be any time which would be
better for that inquiry than the present. By the act of
1814 there was a time fixed before which the Bank Char-
ter could not be revoked, and beyond that period the
act gave to the Bank an indefinite tenure of its privilege,
terminable after the giving of a certain notice. (Hear.)
The fixed period was now passed, and we could never
get any nearer to the actual termination of the Bank
privileges until the notice bad been given. He could
have understood the Government saying that the act of
1844 had worked perfectly, and that, therefore, no in-
quiry was necessary ; or that that measure was an incom-
plete one and required amendment ; that, therefore, they
proposed to inquire, and that the earlier that was done
the better. Although he differed from the noble earl op-
posite (the Earl of Eglinton) as to the faults which he
attributed to the act of 1844, he was ready to admit that
that act was imperfect, because it did not carry to their
full extent the principles on which it was foui.ded ;
and, therefore, he believed that an inquiry into its opera-
tion would be a very proper measure. (Hear, hear)
He
however, quite at a loss to understand the line now
taken by her Majesty's Government. (Hear, hear.)
They said that inquiry was desirable at a proper time
and in a proper manner, but lie could not conceive how
there could be a better fine than the present, aid be
thought there was much soundness in the arguments
used by the noble earl opposite (the Earl of Eglinton) as
to the advantages possessed by an inquiry by a Royal
commission over one by a committee.
Lord RAVENSWORTH said that this subject had
excited much attention in the country, and he thought
the Government might have given eome more defiaito

the greatest supporters of the act admitted that some in-
quiry into its operations were necessary. It might he
said, what is the nee of making a change in the act of
1844 if you cannot substitute something better! But
there were many points in the act which might be itn-
preyed, and he thought it would be a better plan to im-
prove it than all oge her to get rid of it. If the act were
to be continued, he thought, in the first place, that the
circulation outfit to be released by enlarging the powers
of the Bank of England, so as to enable them to issue
11.-notes. He was as much impressed as any man with
the necessity of providing for the convertibility of the
bank-notes ; but by prevantinz the Bank from issuing
small as well as large notes they fore a into circulation
a number of s ,vereigns which would t therwise remain in
the Bank, and et able it to i+sue a greater number of notes
on the security of its gold without increa,ing it• li
These 11.-sots s ught to be issued upon the same footing
as larger notes; thy ought to be a legal tender, but
convertible into go'd. Ie 1825 the Bank was relieved
from great difficulty by the issue of a number of these
small notes, and many of their lordships would remem-
ber the statement of the late Lord Ashburton, who re-
eommended the issue, that if 2,000,000 old 1/.-notes had
not acoidsnt dly been ready he did not know what
would have been the result. It bad been said that many
of these 11.-notes would be forged, but be could not un-
derstand why they could be forged more easily than notes
of a larger amount. In Scotland forgery had, he be-
lieved, been almost unknown for many years. The Scotch
not only preferred notes, but had a great distrust of gold.
They knew that a 11.-note, however dirty, duly repre-
sented the amount of 205.; but that a sovereign might
be light. There was no feeling of distrust in 1826 and
1828 of 11.-notes. So far from tbat he could refer to
the declaration of Ministers of that day, who said that
the people preferred notes to gold, and an act was passed
in 1828, the 7th of George IV, by which Scotch
notes were prohibited under a penalty from being
circulated across the border, these notes, although not
a legal tender, having found their way into Lancashire
and Yorkshire. Another point in the prese❑t system
might be advantageously changed without infringing on
the ma•n principles of the act—viz., the constitution of
the Bank direction. The management of the Bank was
intrusted to the governor, the deputy-governor, and
23 Bank directors, eight of whom werd by turns ineligi-
ble for one year. lie thought it objectionable that eight
dire Acme should be ttuned out of office just as they be-
gan to know their business, and should be "sent to
grass" for a year to forget it. He might also object to
the rule by which matters of importance were decided
by the mere majority of the directors. He thought there
ought to be some sort of Government inspection and con
trot, and he was borne out in this opinion by the evi•