The Sun.
London, England, 1869-01-29 00:00:00

utDINARY AND STOCKS.

Closing Busines
Share NknilC. Paid. Price. done
10 Agra Linited, A all 111 12
10 Do B lO 4 5
t5O Albion
100 Alliance, Limited
20 Anglo-Austrian
20 Anglo-Egyptian, lint all 14 19 181
20 Anglo-Hungarian
20 Anglo-Italian 1866, limited 10 6 5
40 Australasian
20 Bank of lritish Columbia all 10 12
20 Do lasted at 2pm ~.. 5
25 Bank of Igypt
20 Bank of Otago, limy
25 Bank of South Australia all
50 Bank of '7ictoria, Australia 25
10 Bank of Jew Zealand all
50 British North American
20 Chartere4 of India, Austra-
lia, ncl China all
25 Charterer Mere. of India"
London, and China all
20 City
100 Colonial.. 25
10 Consolidated, lim
50 Delhi anc Loudon, Ihn
50 East London, lim 5
20 English and American, lint 10
20 English Pauli of ltio de Ja-
neiro lint lO
20 English, - cot tish, and Aus
traliau Chartered
3; Hong lion; and Shanghai
Bank Corporation all
231 Do new 5l
lOU Imperial, Urn 2O
20 Imperial Otto:min l9
_5 lonian all
25 Do ni!‘v 5
20 Lnd Mortgage of India, lint 4
100 Do 3p. c. Dcbs.lB6l, 30 all 76
30 London Bank of Mexico
and South America, film 20
100 London and Brazilian, lint. 45
20 Do new 71
100 Loudon & River Plate, lint. 40
23 Do new 10
20 Loudon Chart. of Australia all
50 London and County 2O
20 Do new issat 20 p.m, 16 pd ll
50 London Joint 5t0ck......... 1
20 London and South African al
100 London & S.-Western, lint, 20
50 London & Venezuela, lim l2l
100 London and Westminster. 20
100 Do Scrip, iss at 10 pm 2O
100 Merchant, lint 25
10 Metropolitan, lim all
100 Midland, lint 2O
5 National of Australia
25 National of Liverpool, lint l5
100 National I'rovinc. of Eng'd 42
10 Do .......
50 National.. 3O
20 New South Wales all
20 North-Western 7l
25 Oriental Bank Corporation all
50 Provinc. Bank. Corpo., lint. 10
100 Provincial of Ireland ......
10 Do new.. all
100 Stand, of Brit. S. Africa, lint 25
100 Do issued at 6 pin lO
25 Union of Australia, all
100 Union of Ireland, lint
50 Union of Loudon

Paid. Closing Business
Share Railways. Price. done.
st Bristol and Exeter ...... 103 77 79
st Caledonian ... 100 791 794 794
et Cambrian lOO 18 23
20 Cornwall all 3 31
at Dublin di Bellast June lOO 79 81
at Dun„Perth,& Ab. June ioo 70 72
21 East London. all 7 9
20 Do 15
21 10
at Glasgow &S. Western lOO 90 98
st Great Eastern .. Ou 421 43 42)
at Do. E. Angl. No. 2.... 100 7 9
at Great Northot Scotland.. 100 15 26
st Great Northern lOO 1081 1091 1081
at Do. A stock
t Do. B stock lOO 125 It 7
nt (115. and W. or Ireland lOO 118 100
iv, Gt. Western 100 52 53 01
zt Do. South Wales lOO 57 13
s Do. W. Aild.—Oxlorc lOO 18 29 29
at. Do. Newport lOO 28 31
t Lancashire& Yorkshire lOO ;3 .301
et Lon., Brigh., S.Ueast lOO 521 52 591 31
0 Do Scrip
at I on., ghat., and 37 171 :74
at Du. Aletrop. Ex. A lOO -
at Lou, North NVcateri WV 1171 1.74 1171 134
't Lun. .1; South We,terD too t 9 91
at Alan., jitel., .8 Lincoln llO 171 484 4/1 7
at Metropolitan .
st Do Extcusi 1 3 1 4 10.1
1,1 10 10 1
ct Me ruoulitan Distract. all 53 6,
lu Metrop..t. John's 11 00 1 0 -
st 11 ........,1
st uu, Dterl);
st N n•ta British
st Do. Eel., Yth., &
st or. ,astein—Berwiel,.. 100 L. 3 105 144
25 Do. '3. N.E puroti.‘e, t 6.13.0
st Do Leeds ...... ....... lta.) 16 58 53
st Do York
st Do Carliile
at Do Stool. tt Darling lco 119 ISt
st North Lou lon
10 Do New 1868 . 2 11 2 p
st North Staffordshire lOO 55 57
st North and S.-W. Junction 'OO 103 105
10 Do New £lO shares 7 ...
at Rhymuey
st Shropshire Union 1( 0 57 50
at South Devon •
st South Eastern lOO 811 82 831
st Staines, Wok'ham, & Wok all 12 13
R 1 /411 r ale
Do. C
Wateriord di Kilkenny.. lOU
le Waterloo & Whiteha.l.. 6

31 33
37 3sl
17 19
49 51

204 211

29 304 33
11 125
40 42 401
I 1

11 01

ld pr

1G 171

17 16
1 1 11}
27 29
pr 1p
31 31
75 75

6 4
32 28
61 51
7 9
n
221 241 23
491 50/

32 33 311
1 12

61 63 59
59 61 60}
6 4
61 7f
1.(1 pr
2 3
3 1 d

RAILWAYS-PREFERENCE SHARES AND STOCKS.

st Bristol and Exeter 4 p.cent. 100 86 88
st Caledonian Qrs., No. 2 lOO ...
st Du. Scot. N.E., 4f per cent lOO ...
St Do. Aberdeen, gua, 6 p.c lOO ...
at Do. do. 7 per cent lOO ...
st D 9. do. Ordinary lOO 80 89
st Do. Midland
st Do. Dundee and Arbroath 100
20 Cornwall, 5 per cent gua all ...
st Dundee, Perth, and Aber-
deen Junction lOO 105 107
st Do. Ist Class preference lOO ... ...
st Glas. & S.W. gua. 5 per et lOO ... •••
at Gt. Eastern, E.C. Ex. No.l 100 99 102
at Do do N 0.2 100 9i 101
st Do do 6 per cent 100 106 108 110
st Do East Anglian Asp. c. 100 100 103
st Do do B 6 do. 100 ...
at Do do 0 7 do. 100 ...
St Do do No. 1, 5 p.c. 100 100 103 99
st Do E. Union 4p. c. gua. 100 69 71
st Du Norfolk 5 p.c.Ex.1846 100 ...
st Do do 5 p.c.Way.Val.lB47 100 ...
st Great Northern, 5 per cent 10 ...
st Do 5 p.c., rd at 10 p. c. pm. 100 ...
st Do 41 do do do 100
st Do 5 do at sp.c. pm lOO
st Do Leeds, Bradford, and
Halifax, 6 per cent lOO ...
st Gt. Nrth of Scotland, Ist pf 100
st Great South. and Western
(Ireland) 4 per cent lOO 96 97
at G t.West.—Orig.& Jnt.-Iteut
chg., per gua. 5 p.c lOO 101 103 lal
st Do. Orig. (13. &H. Ex). 5 p.c 100 95 10J
St Do do 41 per cent. 1850 lOO 87 89
st Do du 4 do do 100 78 80
at Do do 5 per cent. redern. 100 96 97 94
st Do do Birmingham gua 100 68 79
St Do do do pref 100 ... ...
st Do do Chester gua lOO
st Do do do 8 per cent lOO 150 100
St Do do do 5 do 100 95 100
st Do South Wales, gua. 4 p.c. 100
st Do do 41 p.c lOO ... ...
st Do do 41 1859 lOO
st Do do 5
st Do West Mid. Oxford Ist g. 10) 107 109
st Do do 2d gua. 100 106 108
st Do Newport, Ist g. 5 p.c. 100 88 92
St Do do 2d do 100 100 103
st Do gua. 51 per cent. 1863 100 ...
100 Lancaster & Carlisle 41 p.c. all
st Lancash. & Yorksh. 6 p.c. 100 1 0 135
St Do Barnsley, £5 3s 10d p.c. 100
st Do 6 p.c. (East Lancashire) 100 130 135
st Do 41 (Blackburn purch). 100 98 102
st London & Brighton, sp. c.

15 1f

- - ----gu----ariiiteed,- No. 1 lOO ... ...
st Do 5 per cent. gua. No. 2 lOO ... ...
st Do 6 do do lOO ... ...
st Do 5 do No. 4 lOO ... ...
st Do 7 per cent I,JO ... ...
at Do 6 do (W.E. & C.P.) 100 ... ...
st Da 4 do 1850 lOO ... ...
st London, Chatham, & Dover
5 per cent lOO ... ...
st London and 1.W., C. and

Nuneaton 5 per cent lOO 108 110
at Do Bedford &Cambridge lOO 8 91
st Do Shrewsb'y & Welchpl. 10() 88 91
st London and 7 p,c.

late 3d shares, lOO 141 116
2s 6d. Do (Portsm. perp ans. 2s6d) all ... _
st Man., chef., &Lincln. 6 p.c. 100 111 117
6 Do X. 6 all par Ipm
st Do 31 per cent lOO 60 65
10 Do redeem. 6 percent 5 ... _
st Mid. Consolidated., Gp. c, IOU 130 135
st Do Bristol& Birm., 6p. c lOO 1 2 135
Kpeiratczy, 6
pc
st Do 41 per cent. redeem lOO 97 91
st. Do 41 per cent. irredeem lOO 97 99
at. Do Leicester & Irchn, -1 p.c lOO 89 91 901
at North British, 5 p.c. No. 1 lOO ... ...
at Do E. & Cr. 4p.c.S. & D lOO ... ..
st Do N. 8., N 0.2, 5 per cen.t lOO ... ...
at Do Border Union, 51 p.c IOU ... ...
st N.-Eastern—Cons. 4 p.c lOO 86 8i
st Do 41 per cent. redeem__ 100 95 97
st Do U N.E. 4 per cent., lOO ... ...
17 Do Berwick capital Bll 1. ... ...
25 Do York, H.& S. purchase lO 10 101
st Do Stcktu & Drling. A 5 p.c lOO 108 110
at Do W, Hartlepool 11. and It 100 87 SJ
20 North Staffordshire
lUs S. Devon Annuities, la_ all 91 101
lOs Du Tavistock Anus., 108 all 910
40.6. S. feast. (Read. Anus.,
lOs Do Fixed. 41 per cent all 8 9
1.0.6) all 22 23
at Do 41 percent
Batt
wDoalte'irsfeodrd4la ••• •••
100 ... ...
st Taff Vale No.l
100 41 43

RAILWAYS.-PREFERENCE SHARES AND STOCKS.

With Dividends contingent on the Profits of each separate year.

st Caledonian
100
st Do Scot. Cen. min. 7p c lOO
st Do 41 p irredceitt..,,, all
at Do 4p c con. issued at SO 65
st Great Eastern 41 per cent. 100
st Do 6 do, 1862 lOO
st Do New 5 do, 1863 lOO
st Do do 5 do, 1864 lOO
st Great Northern, 5p c irred lOO
st Do Permanent 5 per cent lOO
at Do Boston &Sleald, 41 pc 100
st Great West., W. Ilia 5p e 100
st Do Joint perpe. 5p c, 1865 100
st Do do 6p c irred., 1866 100
20 Do Vale N eath perp. 5p c all
at Kent Coast, 6 per cent, B lOO
5 Lane. and York. New 41 per
cent till July, 1871
st Lond., Brig., &c., 41 pc, 1858 100
st Do do 4 do, 1860 100
st Do do 41 do, 1861 100
at Da do 41 do, 1863 100
St Do do b do, 1865 100
st Do No. 6 5 do, 1866 100
t Do No. 7 sdo
st Loud , Chat., &c., 28, 6 p.c.., 100
st Do Metrop, Ex., B 6 p.c
Do do C 6 p.c
st London& N. Western, 5p c 100
st London &S. Western, 41 p c 100
10 Man. chef. & Lin., 5 pc, 1865 all
st Metropolitan 5 per cent
at Midland, A 5 per cent pref lOO
st Do B 5 do 100
is Do 5p c opt, to cony, to
Ord. Stk., Sept. 1, 1869 all
18 Do Lawny. New Shares 16
22 Do 5p c con. into Old
Stk., Aug. 31, 1872....., 81
at North British, E. and (1
No. 1, 5 per cent .. . 100
st
Do £lO guaranteed, 1861 100
st Do E., P., & Dun., 2d, 4pc 100
Do E. &G , No. 2, 5 p.c 100
st
as ft,, 134,„) . .(3,6 perso cent, 1000001
stas, t
NN
0,131 :rroott
North London,
Es t
0. 8
e Gk. ,
Eastern,(,
D4r4diat ;pp, y.
per
) rrD4
(Max. cent
5 per cent)
as:
tttt North
p" oo
55StaffordshireCross) 50 plBc
6.6.3
1000000
Ba
tt
Victoria
iDEaoasstt.e:tp,ipacoc4ll4BBps.C9l
:0000

77 81
87 1,10 ~91
Si 90
84 83

86 90
88 92
104 106
19t 20}

10s 116
04 VG
8 8}

lo; 116 1091
IUS 110

lip
1 IP
1 lip

50 57
k 7 99
111 11,1

102 104

RAILWAYS.-LINES LEASED AT FIXED RENTALS

at Birkenhead WO a 8
100 Do. 41 per cent. Prefer all 101 103
st Buckinghamshire
st Chester and Holyhead lOO 54 56
st Do. 51 per cent.
st Do. 5 do.
at Clydesdale, guaranteed lOO
st Colchester Stour Valley
st East Lincoln, gua. 6p. c lOO 133 135
20 Gloster and Lean Forest all
Gt. Easn., Newrn., &e., p.e 100
s Do. E. U. Harwich, 4 p.c 100 6) 72
st Do. do. Woodbrg. Ex., do. lOU 69 79
st Gt. West, W. Mid., Heref 100 95 97
50 Hull and Selby all 103 111
st Lancaster and Carlisle lOO 21, 213
st London and Blackwell lOO 93 95
st Do. 41 per cent
at London, Coat., &c., 41 p C lOO
at Do. Com. Fund, 5 do 100
st Loudon and Greenwich
st Do. do. Preference lOO
st London, Tilbury, & South 100
at Lowestoft, gua 4 per cont lOO
at Do. do. 6 do.
51 Manch., Buxton. &Matlk all
st Midland, Bradford, Pref lOO
10 lUid Kent Cray Line)
50 Northern& East , 5 per cent all
50 Do. do. 6 do. all ,
at N. Eastern—Hartlep00l
st N.West. A perp. prof, sp. c lOO lOs 110
at Du B minimum 11 p.e 1.00
at Rotting. & Granth. K. & C lOO 92 9.4
25 Preston and 1, yre. all 44 46
... Royston, Hitch., and Shop. 100 133 13,5
at Shrewsbury an Hereford 100 133
1U Do do 8 2f i p
at S. Yorksh. and River Dun 100 98 100
st Do 4 per cent gua lO , 79 81
st Do 5 do
st Viet. Station and Pimlico lOO 175 180
at West Cornwall
20 West London, Class A all 13 14
20 Do do B all
20 Du do C all
st Weymouth and Portland lOO „.
at Wilts and Somerset

G 6i

78 bU
79 83

.5 5!
Pa 95 95 I

L'S 56

6.1 1;

DOCKS.

st East and West India lOO 117 119
st London and St. Katherine lO9 49 51
100 D oDeb. stock, 4 per cent all
Freehold Land
st Dock

, lOO 31 32

St Southampton WV 74 76
et kiurrey Cvnamercie.l

THE SUN, LONDON, FRIDAY EVENING, JANUARY 29, 1869.

SPIRIT OF THE PUBLIC JOURNALS,

The Times observes that the Chancellor of the Exchequer
may be said to have broken the silence of Ministerial pre-
paration at the Gloucester meeting. The course of
retrenchment indicated is a necessity which Time may be
said to have created. It is Time, however, not in the
sense of development, progress, and improveinent, nor yet
as the parent of perpetual novelties and increasing oppor-
tunities. We may be thankful that we have the
opportunity of withdrawing from some points what
we want at others. What we have to do is to
change our front, so to speak, as Time, with his
inexhaustible budget of change, encounters us, taking
always his own ground and choosing his own
occasion.. But, as late philosopher used to say, the
decay of one system is the generation of another. We
must be always reconstructing and renewing our esta-
blishments, and for this purpose clearing away the old
materials. It is always easy and pleasant to do that
which is new ; always difficult, and disagreeable to get
clear of the old or to settle it satisi-actorny. Eut that is
the work entailed upon Government I y the enterprises
and the neg'ects of its predecessors. It line duties to the
:Milt; and to the dead. It has to wind up and to execute,
as bankruptcies are settled and estates are administered.
A Government that collies into office with but a few
months' lease of power will select work more suited to
the transient s:inshine ; but when the policy of
a whole generation is to be inaugurated it must be
on wiser, though perhaps sadder principles. The
very figures of national revenue and expenditure before
us, the ugly comparison with previous years, warn us that
our expenditure has to be measured in the scales of pru-
dence and truth. The Chancellor of the Exchequer has
not to take his financial principles from the commercial
spirit of the age, whatever it may happen to be. He has
not to traffic with the national credit, as others have with
credit once believed hardly less solid and enduring. He
has to set the commercial tone of the age, to teach rather
than wait to be taught, and to set that example the place
of which is ill supplied by results full of the most signifi-
cant warning and instruction.
The Poet takes a survey of the recent inquiry at Guild-
hall, and believes that the examination that will take
place in the Queen's Bench will enable the public to under-
stand the affair better than they can at present. One im-
portant phase, however, of the history of the house of
Gurney stands out already with sufficient clearness. It is
evident that it is to the extravagant extent to which,
under the stimulus of the Limited Liability Act, the
deposit system was carried, that Gurney and Co. owed
their first false steps and their ultimate downfall.
If a banking establishment accepts from the public
deposits to any amount, with an undertaking to
pay interest at rates varying from two to three-a,nd-a-half
per cent., or even a fraction more, it is manifest that they
must employ it themselves in such a mode as to realise a
rate considerably in excess of that which they give, and
that, moreover, they must keep their deposits in continual
movement. They cannot afford to let them lie idle even
for an hour. Under the pressure which this necessity
imposes, a pressure which increases in a geome-
trical ratio as the deposits increase, a very large pro-
portion of our banking firms involved themselves by
advances at high interest in speculative enterprises, which
legitimately they had no business to so much as touch
with a pitchfork. In the development of this great
mischief, as exhibited by the history of the Gurneys, the
public and the Legislature ought to find a lesson capable
of teaching them how the law that has been the means of
bringing it about should be amended, and the system
created by it modified.
The Daily News comments upon the speech of Mr.

',owe at Gloucester, and thinks that the right hon. gen.

tleman is adding übiquity to his other accomplishments.
It is with him as with the versatile barber of Seville,
Figaro qui, Figaro la--a phrase which we may translate,
"Lowe here, and Lowe there." The Chancellor of the
Exchequer is in Gloucestershire to-day, in S urrey to-morrow,
and elsewhere the day after. He is the political diner-
out, or rather he is a sort of travelling bachelor of the
Cabinet, sent abroad to complete his education by seeing
the world. Mr. Lowe may profit by the opportunities
of information which are thus presented to him.
His one great defect as a statesman up to the
present moment has been that he knows too little of
his countrymen, and they reciprocate the ignorance.
Mr. Gladstone and Mr. Bright are sufficiently well
acquainted with the people of England, who know them
in return. They do not need, as Mr. Lowe does, to be
brought into harmony with the popular feeling and intel•
ligence. If the Liberal symposia in which he is the chief
guest help to dispel the mutual ignorance and distrust
which have hitherto prevailed, that great institution, the
political dinner, will justify itself anew. The personal
confidence and liking of the country are great helps to a
Minister ; and in Mr. Lowe's case it is not sufficient that
he should possess this advantage vicariously through the
mediation of Mr. Gladstone and Mr. Bright. Their sur-
plus of popular -goodwill cannot be transferred, like works
of supererogation or over-abounding merits, to make up
for his moral deficit.

The Telegraph makes some remarks upon the pecu

liar position of those members of the new Cabinet
who found themselves without a seat when they assumed
the responsibilities of office, and observes that though the
letter of the Constitution does not bind the Queen to
select the members of her Government from either legisla-
tive House, the business of the country could not be
carried on for a single week unless the members of the
Government were present in the Lords or the Commons
to answer questions, offer explanations, vindicate official
acts, and take the foremost part in debate. To
an English Minister debating power is almost as
important as administrative capacity. Since the
full formation of our parliamentary system, the
chief political rank has been held by no English
statesman who did not possess oratorical as well as
governing skill. Chatham was a consummate orator. Fox
was the prince of British debaters. The younger Pitt has
never been excelled as an official declaimer. Canning's
brilliant eloquence still lingers on the ear of those who
heard it. Peel was a master of that matter-of-fact oratory
which acts more powerfully on practical Englishmen
than bursts of Ciceronian fervour. Palmerston,though not
an orator in the scholastic sense, had a power of suggestive
talk which placed him in the first rank of debaters ;
and his wonderful speech on the Don Pacifico case
chewed that, under the influence of strong conviction,
he could equal the efforts of the chief Parliamen-
tary rhetoricians. Not the least cogent reason
for deeming the present Cabinet one of the most powerful
which has been formed in recent times is, that, in Mr.
Gladstone, Mr. Bright, and Mr. Lowe, it contains the
three foremost orators of the Lower liousP. Since the
power of debate is so essential to an English Government,
it is all-important that Ministers should be present in the
Loads or the Commons Chamber to defend the acts for
which they are responsible, and to explain the schemes
with which they are entrusted. But, if they belong to the
Lower House, no political rank can save them from the
risks of the great election battles.
The Star, in paying a well-deserved tribute to the
valuable reforms effected in the administration of our
criminal law by the late lamented member for Dumfries,
remarks that Mr. Ewart's earliest as well as his latest
labours are associated with the reform of our penal
code. When he took this question in hand our criminal
law was still hugely disfigured by some of the worst
relics of barbarous times. It was he who, in 1832—
only four years after his entrance into the House of
Commons—succeeded in passing a series of measures
which abolished capital punishment for the crimes of
horse-stealing, sheep-stealing, cattle-stealing, and stealing
in a dwelling-house. It was lie who, a year or two later,

removed the death penalty from the offences of returning
from transportation, stealing letters from the Post Offise,

and sacrilege. But his crowning achievement in the
cause of criminal reform was his Prisoners' Counsel Act.

Incredible as it may now appear, it is nevertheless true
that, until Mr. Ewart's bill passed into law, prisoners
who were charged with felony were not permitted to be
heard by counsel in their own defence. Counsel
might examine and cross-examine witnesses—he
might split legal hairs on any technical points
which either his judgment or his imagination might raise—
but his mouth was closed against making a speech on the
evidence which had been submitted to the jury, and how-

ever valuable the arguments or suggestions on behalf of
his client which he felt himself able to offer, the law
sternly imposed upon him the cruelty of silence. Mr.
Ewart's Act remedied this great evil ; and it is impossible
to conjecture how many innocent men owe their safety to
the humane exertions which were successfully put forth by
this enlightened philanthropist.

Arrangements are in progress for entertaining
Mr. Reverdy Johnson at a public banquet on the occasion
of his approaching visit to Glasgow. It is intended that
the banquet shall take place on Wednesday, the 10th of
February, in the Corporation Galleries, which have been
kindly given up for that day by the directors of the Insti-
tute of the Fine Arts, and the Lord Provost will preside
on the occasion.

MEMORIAL CHURCH AT OXFORD TO ARCHBISHOP
LONGLET.—The promoters of this movement have issued
a circular in which they say Cowley was the first scene of
Archbishop Longley's pastoral labours. It is proposed to
erect in this district, within a few paces of Magdalen
Bridge, a church which shall be worthy to be a memorial
to the late Archbishop, and an ornament to the -University
of which he was so distinguished a member. Accommo-
dation will be provided for at leastl,ooopersons. Probable
cost £15,000 to £20,000. Archbishop Tait, his successor,
and the Bishop of Oxford have both promised their sup-
port. The subscriptions Promised !th-eftdy amotmt