The Sun.
London, England, 1869-05-03 00:00:00

TRADE AND FINANCE.

Notwithstanding the heavy importations of foreign
stock, the price of meat continues very firm, and prices, if
anything, skew an upward tendency. Yet we find, or, a
comparison of the numbers of both beasts and
sheep disposed of in the Metropolitan Cattle Market,
that there is a large excess this year over last
season.
Many circumstances, however, have con-
spired to keep up the quotations. In the first place
the removal of the cattle plague restrictions has allowed
country butchers to purchase live stock in the London
market, and to remove them to the provincial towns. It
seems hard that London consumers should be
put to inconvenience for the sake of supplying the southern
watering places with the choicest descriptions of meat, but
there can be little argument against unrestricted trade in
live stock, as in all other articles. The drought of last
summer led to many forced sales of both beasts and sheep
towards the close of last year, and the herds and flocks
were decimated. Consequently graziers have been
compelled to retain a larger number of animals
this season, in order to endeavour to supply
the deficiencies caused by last year's drought. Accord.
ingly, the arrivals from our own grazing districts have
been unusually small, and the increase in the supplies sent
to market Las consisted entirely of foreign stock. This
increase, however, is not one that would be likely
to affect prices to any material extent. The dif-
ference in quality between English and foreign beasts
is so great that the plentifulness or scarcity of the
latter scarcely influences the value of the former. The
advance which has taken place is in good English animals,
and in this improvement foreign stock has not partici-
pated to a like degree. The future does not look
encouraging, and we see no reason to expect
any change in the course of the trade throughout
the summer season. With regard to mutton, there is a
qualifying clause, which may have some little influence
upon the market. The lambing season is now over, and
has been unusually prolific, owing to the very mild winter
that has been experienced. At the same time, the pasture
lands are in excellent condition, and the rearing of the
lambs has been attended with less difficulty than in more
severe seasons. The mortality has accordingly been greatly
below the average. There is little doubt, however, that
English beef and mutton, to which alone we must look for
the regulation of prices, will continue scarce, and buyers
must make up their minds to prices varying but littlefrom
the present range of quotations.

If, however, animal food is likely to continue dear, the
prospects of the wheat trade are decidedly in favour of the
consumer. Probably at no time within the last twenty
years have all circumstances pointed more decidedly to a
progressive, although gradual, decline. There is still a
large amount of English wheat in the country, the quality
of which is unrivalled for its excellence ; and at the same
time the prospects of the growing crop are eminently
favourable. The plant is well above ground, and looking
strong and healthy. But a short time since we
heard complaints from various quarters of a loss of
colour in the plant. This, however, may arise from one
of two causes, and may be either a bad sign or a good one
as the case may be. It may be caused by an accumula.
tion of water under the ground, which is bad, and would
lead to disastrous effects, or it may he the result
of frost, which, at certain seasons of the year, is pro-
ductive of good. That the latter was the cause in the
present season there is no doubt. At the close of February
the plant was unusually forward, and great apprehensions
were expressed for its safety. The cold winds of March
checked its growth, however, and it cannot now be said
that the plant is more forward than usual, while the
mild weather of April has restored its vivid green.
While the home crop presents such favour-
able prospects, there is a great probability that
the imports will be extensive, considering the prices now
current here. From the United States unusually heavy
shipments have been made, and it is difficult to discover
how the Continent will get rid of its surplus produce
except by sending it to the British market. These facts
lead us to anticipate a decline of from Gs. to 88.
in the value of foreign wheat before the reaping of next
harvest, although we fully believe that English wheat
will not fall more than 3s. to 4s. per quarter, as the last
crop, from its acknowledged superiority, will always com-
ma id a range of quotations varying from 425. to 455. per
quarter.
There is very little of interest to notice in the money
market. Money is quiet, but there is no prospect of any
return to lower rates. It is true that there is a large
amount of gold on passage from Australia, and that the
course of exchange at New York is such as to lead to the
expectation of an influx of specie from that quarter. The
large amount of foreign loans now on the market, and in
prospect, will probably absorb a considerable proportign
of the surplus capital, and yio 14 10p4.0- to lament
eta taillewstititArd• fr.= enfe="Pf

BANQUET AT THE ROYAL ACADEMY'

High festival was kept in the new rooms of the Royal
Academy on Saturday evening. The president and coun-
cil of the great art institution gave the usual annual banquet
—the first one in the new building—to many distinguished
guests. There were present the Duke of Cambridge, the
Prince of Teck, Prince Edward of Saxe Weimar, the Lord
Chancellor, the Lord President of the Privy Council,
First Lord of the Treasury, Secretary of State for the
Home Department, Secretary of State for Foreign Affairs,
Secretary of State for the Colonies, Secretary of State
for War, the Chancellor of the Exchequer, the President
of the Board of Trade, the First Commissioner of her
Majesty's Works, the Lord Chief Justice of the Common
Pleas, the Lord Chief Baron, the Master of the Rolls,
Archbishop of Canterbury, Archbishop of 'York, Bishop
of London, Dean Stanley, Bishop of Oxford, Dean Alford,
Dean Manse], Bishop of St. David's, Bishop of Peter-
borough, &c., &c.
Amongst the speakers were the Duke of Cambridge►
Lord Chelmsford, Mr. Gladstone, and Mr. Disraeli,
Sir FRANCIS GRANT—who occupied the chair—in pro-
posing the toast of the Queen, announced that the Princess
Louise had sent to the Exhibition a marble bust of her
Majesty, a work which, he raid, was full of truth and
genius. The Queen, he stated, was to visit the AcadonY
on the 12th inst.

The Duke of CAMDRIDCE returned thanks for the army,
his speech being full of congratulation.
Lord CHELMSFORD of all men was called upon to retina
thanks for the navy. Mr. Childers was absent; and 5°
the learned lawyer who held the great seals in Lord
Derby's Government was called upon to return thanks.
He recalled an episode in his life which the general nubile
has probably forgotten. "Many, many years ago (be said)
—it is so far back it is more like a dream than a remern'
brance—l was a very small officer in the navy ; but I think
that, considering what I have passed through since, if the
navy were called upon and asked whether they would take
me as their representative, they would be very much in'
disposed to do so, because, in the first place, I arn
deserter from them, and in . the next, if there is one
thing a sailor dislikes more than another, it is a lawyer.
He is, indeed, generally termed a land shark. I don't
know that I should be looked upon with more partiality
because I had passed fur some time into a great seal,
but I must, on behalf of the navy, say this, that although
times have very much changed since now upwards of
sixty years ago I was in the navy, our ships and
men being now so very different from what they were,
the one being then our wooden walls,' and now wear-
ing armour,' and the other, instead of sailors, beings
in fact, stokers and pokers,' I am quite confident
that officers and men still possess the hearts of English-
men, and that if called on to fight, they will show they
have not declined in the least degree from the character
so long and so worthily possessed by the British navy'."
"Her Majesty's Ministers" was the next toast
honoured. It was replied to by Mr. GLADSTONE. ?The
right lion. gentleman referred to the great service of the
Royal Academy in the way of education. "We cone
here annually," lie said, "to receive a part, and
much valued and prized part, of our education ; for
we all know that education does not terminate in
youth, but goes on in a process continued through our
lives; and I do believe that some elements of civilisation
enter into our minds and temperaments from all circuity'
stances which place us in relation to humanising cause''
Among the most conspicuous of these are those which bring
us in connection with works of art on these walls. 13"11
even so sanguine as to believe that the influence of that
civilisation might be traced by discriminating observers in
the moderated character of the conflicts which we wage
in other places, although on that subject, as some might
have scruples, I will not press the argument too far.
Rather suggesting that it would be better to waive the toast
of the Government of the day, as being unsuited to a non'
political institution, Mr. Gladstone went on to congratulate
the Academy on its migrating to the enlarged building-
" I am afraid of paying compliments to you and to the
body of artists which might justly be considered only 115
compliments from pupils to teachers; yet I know that
all artists skilled in their profession are glad to
receive the knowledge of our ignorant impressiona,
and I know the secret of extracting advantage from
them. Without pretending to minute computation, sa
far as my experience goes, the pictures of the RoYal
Academicians are this year represented on the walls in
numbers unexampled, and in genius and excellence
perhaps never exceeded. And the veterans of the art are
followed, I think, according to the general verdict,
so far as it has yet been pronounced, by younger Men
of this noble profession of an order, and with a success
full of the richest promise for the future, and leading
us confidently to believe that when those who near
form the object of our delight and admiration are gene.'_
they will be succeeded by others who will maintain the':
traditions and their fame. I trust, sir, that the imnetui
which has been given by this migration to the power an
euurgy of British art may prove to be of no mere teinP°.
rary stimulus, but that this era may be the commence•
went of a yet brighter period for British art, and that,
time rolls on, this Academy, and those whom you front
time to time may aggregate to your body, may establish
yet higher claims on the admiration of their countryineli
and the acknowledgments of the world at large.
The ARCHBISHOP of CANTERBURY made some arPr°'
priate remarks on the relation between religion and art'
" Coleridge introduced the use of the word cleresy,
made it include all the institutions of the nation, and P',,`"
clergy proper certainly have usually felt that there isa,
great affinity between their mission and yours. We c°
skier it to be our high privilege to promote Christiae
civilisation at home and throughout the world. Vlore
may have been times when religion and the arts
dissociated—when a gloomy form of religion averted, ite
eyes from the study of beauty, or the arts for a unit
unnaturally associated themselves with worldliness
~490
heathenism ; but you will agree with me that there lia:r
been exceptional times, and not the best either „
religion or for art. And as the Christian Church n°"o,
given to painting its most inspiring subjects, so the anon
went of the House of God has called forth in old times .„„
of the very highest specimens of the skill of the pain
the sculptor, and the architect. Indeed, we liavlio
common mission, and I trust that we shall work band
hand.
The PRESIDENT, in replying to the toast of his healtebi;
spoke of the coincidence that at the beginning of th a
second century the new room should be used. He gals.
history of the institution, reminding his guests how, 00
merly the Academy occupied auctioneers' rooms. Prose
thence the institution went to Somerset n'-to
by the express provision of George 111., thence e.
Trafalgar-square, and now it was in Burlington-garder,
" We are proud to reflect," he went on to say, " that tn°.,
Royal Academy has never applied for or received Pinhje
grant of public money. On reviewing the efforts efa'ta
past century, although we might possibly have hope the
produce still greater results, I think when we recall ea
names of some of those eminent artists who have then
students in this Academy, who derived all tlis,
inspiration and knowledge of art within its failed
I feel it cannot be said that we have ~„0,
in our mission - such names as Nollekens,
Barry, Copley, 'Banks the sculptor, Smirke, rcl
hard, Lawrence, Hopner, Flaxman, -Joseph iVrall°,--
Turner—a name alone sufficient to glorify a cent°lleci
Calcot, Wilkie, Mulready, Etty, Newton, I'o
Constable. There are some who are now members of
as ar"
t'''s
Academy whose woks will be admired as long joy
appreciated. There is one name which I feel assured e
brother academicians will forgive me for singling out"own
whose works are known- and admired in every eo,
and capital of Europe and America—one "to
though he certainly has greatly contributed 05
the glories of the past century, has at the 5/ie•
time inaugurated the coming century by the Prcwse
tion of a work now on these walls, which, I vend
to say, he has never surpassed, if he has ever equalLebp
need not mention the name of Sir Edwin Landseer. mvel
I recall to memory these illustrious pupils of the
Academy, who have brought glory and fame to t.'- t
country, I feel we have no occasion to blush for the 1)4,-00
or the present. But I anticipate a still more glor—
future for art in this country, because our -.nseay,,s,eo
instruction will be far more complete than they have '''„"et
in times past. No artists should consider themselves:, it
side this institution. All artists should seek to be allied
0
and all should strive to paint so well as toensuresuccessau-st
demand recognition. But a standard of excellence intbe
be maintained. In the Academy we must adopt era,
levelling-up,' certainly not the levelling-down' sYs"001
The Academy has all along had to contend with 0;001
difficulties. They have constantly had to suffer,',jcs,
attacks, often unjust and frivolous—stereotyped
a its
which have never ceased to assail the institution fre':ag,
foundation to the present hour. Yet. notwithstanc!leo,ro
we have continued to maintain our position. Of late 3 this
we have also suffered from wart of space, and I {ear bet
is a difficulty from which we shall never be alteged es,
absolved. Increased space has been accompanie been
increased demands. This year 1,600 pictures have size.,
sent in more than in any former year—many of large b
and so good as to demand recognition; and, althteso
am glad to be able to say that every accepted vor-f the
this year been placed, and also a large number 0f ere
best of them that were marked doubtful, still. ',belt
remained a few pictures of sufficient merit to juStifY ',set
being placed if there had been room, and we much rel'
their exclusion."
Mr. REVERDY JoiismoN repeated th,- to story

_ Le pt
he had so often told. War between the United a
and this country was impossible, unless the GoverPrfle
of both countries were absolutely insane.
• AO
Mr. Dm RAELT drew attentionto some points of on 1001
between the house of Commons and the A-ca"-aiP
" You have recently reformed your institution'a
so have we; you have got a new house, ,avd
to
have we ; you have many who have apple bas'e
enter that house, and whose claims Y°ll tie°'
been obliged to reject, and we are in the same 11,°'i!mier°
I doubt not, Mr. President, you have more Petitl-130".
even than the House of Commons in that respect;easitig
of a more P' this I can say, and it is some similarity ter
character, that in the political academy at Westnahat
we find a sufficient number of the old P.A.'s, and wileace
still more, a very gratifying promise of future We, voti
on the part of young members. I must congratulave_;ioor
and the members of the loyal Academy uP°ll„/°l//13
meeting to-day for the first time really under
roof. I must say for myself, having now for that
than a generation participated in your hospitalitYl
meeting you here to-day, I feel as if some kind frielluwilet!
has a long time favoured us with agreeable dinnerr.sved
he lived in lodgings has, like a wise man, when ar
that age when he should settle in life, has built uf;t_ucorol
self a house, and received his friends with all tha.c,, At
and comfort, and all that befitting splendour, wtilcAzato
certain period of existence—and 'we are told t.ir,tr.--bq,;
Academy has arrived at that period of exist
comes, I think, all men and institutions. I heße
be the commencement 9f - era of prosperity
and endwit.o - • -