The Sun.
London, England, 1869-03-01 00:00:00

SMITHFIELD AND LEADENHALL.

The dead meat market is steady at previous rates : -
Beef, 3s 4d to 5s 2d ; veal, 4s 6d to 5s 6d ; mutton, 3s 4d
to 5s 2d ; largo pork, 3s 2d to 3s 10d ; small ditto, 4s to 5s
per stone. There is no change of importance to report in
Co poultry market.

at Bristol and Exeter 4 p.cent. 100 86 88
at Caledonian Qrs., No. 2 lOO ...
st Do. Scot. N.E., 44 per cent lOO
st Do. Aberdeen, gua 6 p.c lOO ...
st Do. do.. 7 per cent lOO
st Do. do. Ordinary lOO 80 82
st Do. Midland
at Du. Dundee and Arbroath 100
20 Cornwall, 5 per cent gua all
at; Dundee, Perth, and Aber-
deen Junction lOO 105 107
at Do. Ist Class preference lOO
st Glas. & S.W. gua. 5 per et lOO ...
st qt. Eastern, E.C. Ex. No.l 100 99 102
at Du do N 0.2 100 98 100
at Du do 6 per cent lOU 10W 112
st Do East Anglian A 5 p. c. 100
st Do du B 6 do. 100
at Do do C 7 do. 108
st Do do No. 1, 5 p.c. 100 ...
st Do E. Union 4 p.c. gua. 100 71 73
st Do Norfolk 5 p.c.Ex.1846 100 ...
at Du do 5 p.c.Way.Val.lB47 100 ...
at Great Noitheru, 5 per cent 10 ...
at Do 5 p.c., rd at 10 p. c. pin. 100 ...
stlaDo 4.1 do do do 100 ...
st Do 5 du at sp. c. pin. 100 ...
at Du Leeds, Bradford, and
Halifax, 6 per cent
stl Gt. Nrth of Scotland, Ist pf 100
at, Creat South. and Western
(Ireland) 4 per cent lOO 96 97
atj Gt•West.—Orig.&Jnt.-11ent
chg., per gua. 5 p.c lOO 103 10i
st Do. Orig. (B.& li. Ex). 5 p.c lOO 05 100
at Do du 4, per cent. 1850— 100 88 92
st Do du 4 du do
st Do do 5 per cent. rodent lOO 96 97 97
st Do do 13irmingham. gua, lOO 62 70
at Do do do pref lOO
at Do do Chester gua lOO 72 76
st Do do do 8 per cent lOO
at Do do du 5 do 100 93 100
at Do South Wales, gua. 4 p.c. 100 ,„
at Do do 41 p.c lOO
at Do do 41 1850 lOO „,
at Do do 5
st Do West Mid. Oxford Ist g lOO 111 116
at Do du 2d gua lOO 110 112
at Do Newport, Ist g. 5 p.c lt.lo Ui 91
at Do do 20 du 100 100 103
at Do gua. 51 per cent. 1863 100 „,
100 Lancaster k Carlisle 41 p.c. all „,
„,
st Lancasli. & Yurksh. 6 p.c. 100 1 • 135
st Du Barnsley, £5 3610,1 p.c. 100 „,
at Du 6 p.c. (East Lancashire) 100 130 135
st Do 41 (Blackburn purch). 100 SOS 102
at London & Brighton, 5 P.C.
guaranteed, No. 1 lOO ,„
at Do 5 per cent. gua. No. 2. 100 ,„
at Do 6 do do lOO
st Do 5 do No. 4. 100 ,„
at Do 7 per cent I,JO
st Do 6 du (W.E. & C.P.) ,„
at DJ 4 do 1859 lOO
at Loudon, Chatham, & Dover
5 per cent ICO ••• •••
st London and /LW., C. and
Nuneaton 5 per cent.— 100 10) 111
at Do Bedford & Cambridge lOO „,
st Du Shrewsb'y & Welchp'l lOO „,
at London and 7 p,c
late 3d shares, lOO 145 150
la Gd. Do (Portant. peril ans. 2560) all „,
at Man., Shef., &Lineln. 6 p.c lOO 111 117
6 Do
at Do 31 per cent lOO 60 61
10 Do redeem. 6 percent. 5
at Mid. Consolidated., 6p. c lOO 135 140
at Du Bristol & Bina., 6p. c lOO 113 134
at Du 41 per cent. redeem lOO 10J 102
at Do 4$ per cent. irredeem lOO 100 1.2
st Du Leicester & H'chn,4.p.e. 1.10 90 92
atst NpoorEtii
11100000000
18:0..39:7
8.110).101
at Do N. 8., N 0.2, 5 per cen.t lOO
at Do Border Union, 51 p.c luU
at N.-Eastern—Cons. 4 p.c lOO 86 Se
at Du 44 per cent. redeem.— 100 95 97
1:21
D 7 DD
Quo
yßlieoNtr..E. 4 per cent., lOO ...
Berwick capital
&caSp.itPlilirchase. 8 1103.4. 10'
.211 a
l:00
North)
o,u
N vl isuei
sidta uatt ttrettekDrpd.i:.
‘,l
ul gar
;0.
Tsti
1.. c.t
,s Dtv.t.o(nitAe,nuin.uAitnien,ll.oB.6) all
il 2004 2110 21 I
cent per
en allull 8 9
assa tttt
):
I'll Fixedl' raf percentol er
dN 1 per
nu 6pc 1111a0°' ())o°l3l 12447 215: 12.
'45:3.3°:

RAILWAYS.—PREFERENCE SHARES AND STOCKS.
With Dividends contingent on the Profits of each separate year.

at Caledonian 41 p c gas,.
at Do Scot. Ceu. win. 7p c lOO „„
at Do 41 p irredeem all
••• • ••
at Do 4p c con. issued at 80 65
at Great Eastern 41 per cent. 100
at Du 5 do, 1862 lOO S 8 vt.
at Do New 5 do, 1863 lOO 87 89
at Do do 5 do, 1864 lOO 82 86
at Great Northern, 5p c irred. 100
at Du Per:nancut 5 per cent. 100
at Do Boston & Sleafd, 41 pc 109
at Great West., W. Mull., 5p c 100
st Do Joint i.erpe. 5 p c,1865 100 86
at Du do 6p c irred., 1866 109 109 loi
2J Do Vale N oath peril. 5p c all 19 2U
st Kent Coast, 6 per cent, B „ 100 ...
5 Lane. and York. New 41 per
cent till July, 1871 2 1
at Loud., Brie., &c., 41 pc, 1858 100
at Du du 4 do, 1860 100
at Do do 41 du, 1861 100
at Da do 43 du, 1863 100 :.•
st Do do 5 du, 1665 100 IA
at Do No. 6 5 do, 1866 100
at Do No. 7 sdo
at Loud , Chat., &c., 2d, 6 p.c 10c) ••
..•
at Do Metrop. Ex., B 6 p.c
Do du C 6 p.c
at London &N. Western, 5p c 100 169 Ili
at London &S. Western, 41 p c 100 94 96
10 Mau. :Awl. & Lin., 5 pc, 1865 all 8
at Metropolitan. per cent lOO
at Midland, A 5 per cent pref lOO 1U: 110
at Du B 5 do 100 108 110
18 Do 5 p c opt. to cony. to
Ord. Stk., Sept. 1, 1860 all 21 211
18i Do Incony. New Shares all 191 19i
22 Do 5p c con. into 01d
Stk., Aug. 31, 1872 B4 21 21p
at North Britian, E. and (I,
No. 1, 5 per cent ...
at Do £lO guaranteed, 1861 100 •• •"
at Do E., P., & Dun., 2d, 4pc 100 •••
•"
st Do B.& U}, N 0.2, 5 P.c
st Do N. 8.. 5 per cent, 1862 100 ::•
at Do B. No. 3, 5 p.c 100 "'
st Do E.& G., (Ordiry) 41 p c 100 "
at North Eastern, 41 per cent 100 7
at Do Stock.::, Dam, D , 100 111 114
st North London, 41, per cent
(Max. 5 por cent)
at North
syu t
DES toaasitfeurrnd,s 1144iir epdsco, 88p1c.56 91 00 llOOO .
Do 5 do (Ch. Cross) 1863 109
at
Do 5 do, 1864
Et
st Victoria St. & Pimlico, 41 pc 100 ... ,„

RAIL‘VAYS.-LINES LEASED AT FIXED RENTALS"

at Birkenhead /Thi ~,
100 Do. 41 per cent. Prefer.., all 101 Ir)3
st Buckinghamshire
st Chester and Holyhead lOO 63 ,5
st Do. 51 per cent.
at Do. 5 do. ...
at Clydesdale, guaranteed lOO
•••
at Colchester stout Valley ~ 100 •••
at East Lincoln, gua. 6p. c lOO 1e1: 13i
20 Gloster and Dean Forest all ...
a Gt. Easn., Newra., &c., 5 p.c 100 .. ***
a Do. E. U. Harwich, 4 p.c 100 6;) il;
at Do.do. Woodbrg.Lx., do. 100 69 72
at Gt. West, W. Mid., Heref 100 98 100
50 Hull and Selby all In 113
at Lancaster and Carlisle lOO 215 22)
at London and Blackwall lOO 94 96
at Du. 41 per cent lOO
••• „„,,
at Loudon' Quat., &c., 41 pc. 100 ...
at Do. Coln. Fund, sdo 100 ... :
at London and Greenwich
at Do. do Preference lOO ...
at Loudon, Tilbury, & South 100 81 ,i;
at Lowestoft, gua 4 percent lOO I) 82
at Do. du. 6 du.
'
51 Mauch., Buxton, it, Miitlk all s 1,,
at Midland, Bradford, Pref lOO 98 "I
10 Mid Kent Cray Line)
50 Northernt East., 5 percent all 52 ij
50 Do. do. 6 do. all ...
...
st N. Easters—Hartlepool
...
at N. W est. A peril. prat', sp. c. 100 10J 110
at Do B minimum 11 p.c lOO ...
...
at Notting. & tiranta. IL &C IOU 92 ot
25 Preston and %‘ yre. all 41 46'
... Royston, Hitch. and Shep. lOU 133 Ix;
at Shrewsbury and Hereford 100 13. i j;ts
10 Do do 5 21 2,p
at S. Yorksh. and. liiyer Dun 100 98 100
st Dc 4 per cent gua IU • 79 si
st Du I do
at Viet. Station and Pimlico lOO 175 180
at West Cornwall lOO 55 L 7
20 West London, Class A all 13 14
20 Do do B all
20 Do do C all ••• •••
61 74,
at Weymouth and Portland lOO ..,
...
at Wilts and Somerset ........• 100 51 83

DOCKS.

st East and West ludia lOO 120 123
st London and St. Katherine lOO 41) 61
100 D °Deb. stock, 4 per cent all ... ... 48i
Mil!wall Freehold Land
100 31 33
st Dock
st Southampton IN 76 73
It Surrey Qvuniarcial J Al i•

10 Anglo-American Tel.,llm all 22i 22i 22i
10 Auglo-Mediter. Tel., lim ;10 13
10 Anglo-Mexican Mint all 161 171
st Atlantic Telegraph lO z u 5
st Do. 8 per cent.
25 Australian Agricultural
25 Australian Mort. Land and
Finance, lim.
10 Baugarah Tea Estates, lira g 7 6,1
10 Berlin Water Works, lim all 141 141
10 Do. New a 31 41
100 Bolckow Vaughan, lira. ••• BO 11 13
5 Bombay Gas, lira, all 31 44
5 Do. New 4 11 Id
5) British American Land.: 44 16 18
at B. and I. Magnetic Tel., lim. 100 16 , 171
20 British Indian Tea, lira all '2 6
20 British Ship Owners
29 Canada Company all 60 65
10 Canadian Loan and Invest-
ment, Bin 2l 21 lid
20 Ceylon Company, lira.
20 Do. A shares
10 City Discount, lira 6 41 31
25 City of London Beal Pro-
perty, li ua 8 41 31d
30 City of Milan Improv. lim all blO
25 City of Moscow Gas, lira all 2 a
50 City Offices, lira 25 231 221 d 64
50 Colonial, lim.
Do.
••• ...
50 Commercia Union (Assur) 6 1 11p
10 Company of African Mer-
chants, lim.
20 Continental Union Gas, lhn all is 19
25 Copper Miners of England,
pref. 71 per cent.
100 Corporation of Loudon
Binds, 1877, 41 per cent. all 101 105
100 Do. 1879, 41 per cent. all 1044 1051
100 Do. 1832, 4i per cent. all 1031 1041
10 Credit Fon. of England, lim. all
24 21 2 1
50 Credit Fon.of Mauritius lim lO 81 24a
st Crystal Palace lOO 14 21
at Do. Preference lOO 94 29
st Do. 6p. c Perpetual Deb lO9 106 110
20 Darjeeling, lira.
I 0 Eastern Assam, lira. 6l
...
...d
50 East Indian Laud Credit
and Finance, lim.
20 East India Irriga. & Canal all 17 18
32 Ebbw Vale Steel, Iron, and
Coal, lira. 271 111 111c1 161
100 Egyptian 9 per cent. V'roy.
Gus. by Egypt. Gov all 941 951 961 1
20 Egyptian Com. & Trad. BM 6 44 4d
st Electric & Inter. Telegraph 100 250 260
10 Do. New 8 12 1414
3 Eng. & Austral. Copper, lira 21 g
15 English and Foreign Credit 71 Z 4i
100 Eng. and Scot. )i arias, lim 8
10 Fairbairn Engineering 6 11 11d
20 Fore-street Warehouse,lim l2 pr ip
100 For. Q. Col. Guy. Trust and

Loan Scrip, issued at .+.:85 all 88 89 88
50 Gellivara, lint. 2O ... ...
2181
21:i 6
50 Holm & Col Marino In. lint.
China (las all .., ...
10 Hung Kong and
all 134 14 131
20 Hudson's Bay
1015 Generaluen e
ra l Creditsteai a &Dis.,
Navigationli ln
14 71 4i 2
Itt
20 Imperial Land co. of Mar-
seilles, litn.
25 Indo-European Tel., lint IU ..:1 • •
i 1 81
20 Interna.Fivancial Soc. lint. 5 1
6 4(1
aLnadnd Credit, lint 6, 11 id
issued 30
p. c Bcls., redeem .3 3 3i
'eurities, lint Irri. (Canal Cavonr) all i
1
all 62 1.4 634 4
5 31 344
15225000000 ILa Italianpt
Italiane
oi
Iri
.118576 a .
t
23 London African Trialing ,10 7 5•.1
25 Lon. & Caled. Marine, lim. 6 ••• ••.a
10 Loudon County Land and Building, lint.
5 Lond. Provincial Tel. lint all •31 3,4
1 Do. Prefer. 10 per ceult. all 1 4P
50 Lond. Financial Asso., lint 30 2 A 46
4 Lond.Glen.Ornnibus.Co.lim. all 14 2 5••16
50 Loud, and Glaag. Engineer
25 22 17d
and Iron Ship, lint
20 Loud. & Provincial Marine 2 Id pr
10 Mauritius Land, Credit,
at Madras Irriga. & Caul. Gus.
5 p. c. by India Goy.
Agency, 1im....~
af Ad
10 Mediterra. Exten, Tel., lint. all ~ 27"
50 Merchant Shipping, lint , all ..
SO Millwall Iron Works, Wu. 121 10 Natal Land and Colonisa-
tion Co., lint. . . 9 31 210
25 National Discounldo. ..
, ******* 6 11} IQ2 4, 111
25 National Prov. Marine, lint. 4 4., VlO National Steam Ship lim. all 61 d2O Nerbudda Coal & Iron,, lull. 6 31 -
10 New Consolidated Dis. lira. 3 11 Id
and 100 1103 104
5 New Quebrada, lim 4.4.0 41 ak
25 New Zealand Loan & Mer •
cautilc Agency,lim
25 New Zealand Trust and
Loan, lim -1 14
10 Northern Assam Tee, lint 5 "
10 Do. B ........ all 1 2
at North Brit. Austral., lim lOO 47 52
6255005 0
DON
Oriental
ioereatnhat aßul r
Grai trio..
Financial,
.&na,
euiMici
la(
jelarn. 1 c,
s. a.
lu. ni
r.
in..
a. li.i.n.c..
a" ),
561 10 20
121 13
ll A
1f
• al 413 l 71
71
5 Do. New..,....
10 Otago and Southland In •
vestment, lint ..... 2 Id fp
5 Ottoman Gas, lim
10 Panama, New Zealand, and
Australian R. Mail Bun all 7;
S Do do.
at Peel R. Land & Minerl llm 100 32 65
50 Peninsu. & Oriental Steam all 49 51 50
50 Do. Now 1867
25 Reuter's Telegram all 6) 65
50 Ithymney Iron ...... all 19 21
15 Do. New
.......tn
25 Rio de Janeiro City I,lim. all 19 ,2') 241
20 Do. Gas, lim all 231 241
100 Royal Mail Steam 6O 46 48
et Scottish Aust. Invest., lim. 100 85 30
at Do. 6p. C. Guar: Pref. 100 -.
20 Societe Fin. d'Egypte um, 10 7, ~' 6,,
20 Societe Gen.de l'Empire pt. 8 21 "I
50 S. African Mort. & Inv. lim. 6 •••**.*.• a
25 South Australian Land
st Submarine Telegraph
1 Do. Scrip all 1 14
20 Telegraph Con. & Main.,lim all 181 191 19 1
20 Thames and Mersey Marine
(Insurance), lint 2 8 31
20 Trinidad Petroleum, lint Bl .-
1.0 Trust & Agency of Aue.,lim 1 4 IP
10 Do do. do. all ••• tip
50 Trust & Loan Co., U. Canada 6 4 ip
50 Union Marine L'pool, Urn 5 41 5 p
20 Union Steam Ship, Um all 22 24
15 United Discount Corp., lin• 6 11 ills U. Kingdom Tel. Co., 1161 ▪ ali 51 61
5 Do. 10 per cent. Pre!
all si 4113 84
20 Universal Marine(111?•), '6l l4 2 p
8100 Upper
Van
all 14 2
281 ei 74
00 Viceroy of Egypt, 7 per
Loan.., a
cent. (Mortgage)all 781
11 754 79 79 1
40 Warrant Finance, lim• ~ 12 12 100
50 West India and Pilawc
t iAssamem ilil . Tea,La d lint
Laud
Steam, lint 2O 21 ii
Warehouses ••• •••
20 West London Wharves and
10

COLONIA.I, GOYEIMMENT SECLIKITIJCS

British Columbia, 6 per
100
Do. 1895 _ _

Vati.Gov.6p.C.Jlll.•
&•••
my
1877-84
Do. 6p. o. Feb. & Aug lOO 1(3 2LS
Do. sp, o. Mar. & Sept lO9 RS 1(7
- Do. Sp. 0. Jan. & July- 100 13 11 sal
- Do. sp. C. inscribed sk lOO 10 92
- Cape G.llope. 61).0.1873" 100 102 10t
- Do.AplAtOot 1890-1900" 100 111 113
- Do. do 1880-90•• 100 107 lot
- Do. Jan.SrJuly, itpt •—• 100 108 llt
- Do. 5 per cent. 15 April
and 15 Oct., 1900 .. 100 100 102
- Ce; lon, Nov 1870, 6 P'''' 100 108 118
- Do. 1872, d 0.... 100 105 107
- Mauritius, 6p. o, 1873,..
- Jan. and July
- Do. 1878 .. • 1)0 108 108
- Do. 1882, May and Nc• .‘• 00 106 108
Melbourne-
F.
1)
°8.6175-9755, eCpb rr&Pc °,_Anr aut
110:1 110060 I')d
:0
N.B.Gov.,p.o.jadauly•• 100 101 1,4
- Natal 6 p or, Apl) Oct .. 10)
- Do 6p 0. May et Nor l.O 1(6 108
- N. S. W. 5 p.n., '7l to '7,1 lOO 99 , 1
- Do. 5 p.o. 1688 to 189 e... 1)1 uBl 99i 9
- Do. 5 p.c. rd. 67 to '75
- N.Zealand, 6p. et. 1891 ICO
- Do. 5 per oent.•••
- DoJan, Aprl,July, 0 t lOO 93 (4 pli
• Do 6p c. Mar lit tept '9l lOO 108 1.16
-- Do J tr,,e & De° 1,91 •••• 1(0 109 11l
- ID° Pruv.. I At.otld.
)
- b(rle 1& 2, 1696 ..
- Nova Scotia 6 1). 0,100.• •
- and July. 1875
Do 18t6 lOO 101 103
- Queenelnd. Op. 0. 'B2 b•• 100 10e/ 101/ 107
- Do 189 t
- I Do. . .
6 p 0.1869...... 100 _
--' do. A.% •... 100 108 110
- Do rd. 1693
Victoria sx.o. Vatm.•,• LA 142 la;

SPIRIT OF THE PUBLIC JOURNALS.

The Times remarks that the army estimates of the pre.
sent year have been anticipated with more than ordinary
interest, and forestalled with more than ordin aryconfidence.
No very ambitious programme of reform is propounded in
these estimates. They do not even imply or foreshadow
any important alteration in the relations between the
regular army, the militia, and the volunteers ; still less do
they indicate any departure from English principles of
military organisation. At the same time the measures
they presuppose will assuredly facilitate the introduction of
salutary improvements into our system. National defence is
the question that preoccupies and ought to preoccupy the
mind of an English War Minister. The Times combats
the principle maintained by some politicians that Great
Britain must lose her place among the nations unless she
is prepared to compete with the overgrown armaments of
foreign Powers. If our national existence depends upon
it, we must either resort to conscription or raise by taxes
'whatever may be required to support a force of 300,000 or
400,000 combatants, Inn:Red by voluntary enlistment, in
a country where the cost of labour is excessive. But wo
confidently deny that our national existence, or even our
national honour, depends upon these conditions. That
which commands the respect of warlike neighbours, and
constitutes the security of a free country against aggres-
sion, is not only the strength of its standing army, but the
porsession of irresistible resources, both moral and mate-
rial, capable of being called forth at the shortest notice in
case of emergency. A reduction in the visible military
force of these islands is consistent with a vast augmenta-
tion of the reserve forces in which consists their last and
almost impregnable line of defence. To reconcile these
distinct but not conflicting objects is the first duty of
the House of Commons in discussing the army estimates.

The Standard thinks that Mr. Gladstone will hardly
feel himself strengthened for the work he has in hand by
the fact that the accredited representatives of the English
Church, through her bishops and clergy assembled in
Convocation, have formally recorded their judgment
against the policy of disestablishment and disendowment.
Enough has been done by the addresses from the two
bodies representing the bishops and clergy of the Church
of England to convince the Government that the clergy
are, with very few exceptions, rootedly hostile to their
policy in regard to the Irish Church. It is vain
to seek to minimise the importance of this fact,
or to laugh out of court the channel through
which it is made manifest. Convocation is the only
appointed organ of the clergy known to the Constitution,
and although its representative system needs expansion,
it has as much right to speak for the clergy in the mean-
while as the House of Commons had to speak and legislate
for the country when it was elected by the ten-pounders.
It was never so active and vigorous as it is now, and never
since its active life has been restored has the honour of a
seat in the representative chamber been more earnestly
sought or more keenly contested. The result, as we have
seen in the action of the two provinces last week, was the
election of a clerical Parliament which has signalised the
first days of its first session by recording its unfeigned
reprobation of the Church policy of Mr. Gladstone.

The Daily News says that Bridgwater, that ancient and
unrepentant rota, grown hoary in all the trespasses and
sins of electoral corruption, has now, it may be hoped,
filled up even to overflowing the cup of its abominations,
and is destined to the fate, as it has long gone the way, of
Yarmouth. There is a rugged simplicity in the conies.
sions of those sturdy Somersetshire rustics and "retired
mariners" on the banks of the Parrott which, as
extremes meet, almost deserves the name of honesty.
The borough has been convicted before, but whether
from despair of recovering a good name (if it ever
had one), or from an innate vicious propensity,
or from that obduracy which is so commonly found among
criminals who have been convicted and released, and recoil.
victed, it seems never to have set all the outward decencies
at defiance with such roystering cynicism as at the last
election. The result has been that even the most lenient
and indulgent of election judges has unseated both
members, and signified his intention to report to the
Speaker the prevalence of corruption in the borough,
although he has accepted the declarations of Mr.
Vanderbyl and Mr. Kinglake that the corrupt practices
which have forfeited their seats and saddled them with
the costs of a petition were as completely unknown to
them as notorious to everybody else.
The Herald refers to the immense sums that are spent
in elections, and asks, Are we, then, to rest contented, and
to sit still under the knowledge that without an expendi-
ture every four years, on an average, of thousands of
pounds, a man cannot procure and retain a seat in the
House of Commons? It is simply impossible that the
moral sense of the earnest and reflective portion of the
public should not be exasperated by the increasing difficul-
ties which beset men of moderate means, even if of rare
or splendid abilities, in their natural and laudable
ambition to serve their country and exalt their own
fair fame within the honourable walls of Parliament.
But we maintain that the State is a greater loser by far
than the individual could ex er be. Everything that deters
good men from seeking admittance to the House of Cum.
muus, or that gratuitously bars the way when they do seek
it, is a national mischief ; nor will the nation be compen-
sated by their finding openings fur their intellectual energy
in the very highest forms of journalism. Once let the
press bec me too obviously and glaringly a better exponent
of cultivated public opinion than the House of Commons,
be transparently a more favourite medium for thoughtful
expression, the chosen or even accepted field for the pro-
mising brain of the generation, and once let men become
accustomed to regard Parliament as an inferior political
tribunal instead of the highest political tribunal in the
land, and we shall have seen the beginning of the end of
real representative government. Men will not long endure
to be ruled by their inferiors. We want the best of the
nation in the Legislature in order that the rest of the
nation may gladly and without humiliation acquiesce in
its decision.

The Star declares that the present Government has come
into power 'pledged to effect large and immediate reduc-
tions in the public expenditure ; and Mr. Childers's
presence at the Board of Admiralty has been considered
by the public generally a guarantee that the promises of
the Liberal party while out of place will not be forgotten,
so far, at least, as the navy is concerned, by a Liberal
Administration. The navy estimates, which have just
been presented to Parliament, and as published by order
of the House of Commons, contain Mr. Childers's. fulfil-
ment of his pledges. On the whole, we think the spirit of
clearsighted and prudent economy exhibited in the details
of the financial policy unfolded by the First Lord of
the Admiralty will gratify, even though it may not
altogether satisfy, the anxieties of•the British taxpayer.
Of course, it was not possible for Mr. Gladstone's Govern-
ment, having acceded so lately to power, to deal as
thoroughly as the public desires with the expenditure of the
country. In the navy, and the departments subsidiary to
it, where great numbers of men are employed by Govern-
ment, it is peculiarly difficult to pursue the work of
retrenchment quickly. Notwithstanding these obstacles,
Mr. Childers has been able to effect a very substantial
saving, as the estimates shew, without materially touching
the efficiency of the service. Important, however, as the
reduced expenditure is in itself, it is still more important
as evidence of the spirit in which thd Liberal Government
have approached their work, and of their resolution to
do that work thoroughly.

The Telegraph, in remarking on the Sarnia case,
observes that the rivalry between secluded life and the
life of the world is no mean war; it is almost as old as
society itself. But time has produced great changes.
There is not a single unchanged medimval institution in
England or elsewhere, intended for perpetual good, that
has not fallen away from its original idea and become a
ghastly skeleton or a kind of mummy, intact because it is
guarded from the open air. Our endowed schools, our
universities, our local charities are home examples ; and
the evil is not confined to convent walls. For
it sets a stigma of comparative irreligion on
all without, and does its best to make the great
majority of the Christian world feel that from
them a lower kind of morality, a less pure religion, a less
ardent devotion is expected. The Sabbatarians err in the
same way when they so emphasise the holiness of one day
in the week, that their hearers half believe sin and world-
liness to be natural rather than, otherwise, from Monday
morning to Saturday night. In protest against that
Puritan falsehood—in protest against the Popish doctrine
of peculiar bauctity within a convent and a kind of license
for worldliness without—the true creed is, that if religion
is to be the real guide of our life, it must guide it all ; it
must make our public men disdain ignoble party decep-
tions ; it must stand by the merchant, the city man,
the shopkeeper, and forbid fraud ; it must be as potent
on week days as on Sundays ; it must guide even Pro-
testant clergymen and Popish nuns in their controversies
and disputes.

GREAT FIRE IN NEW ZEALAND.— Letters re-
ceived from New Zealand record a great fire breaking out
on the 7th of December at Timaru. It happened that a
strong gale from the north-west was blowing at the time,
in consequence of which the fire spread with amazing
rapidity, almost entirely destroying the town.
THE CASE OF " SA.O RIN V. STARR."— The Lord
Mayor has received the following letter from a gentleman,
benevolent in his intentions, mild in his complaints,
who acted as one of the jurymen in the convent case which
has just been concluded :—" As one of the unfortunate
12 on the jury—` Saurin v. Starr '—l beg to hand you, for
the benefit of the poor box, a juryman's fee of one guinea
for 20 days' attendance. I enclose my card, but would
rattle.: nay name did not appear in the acknowlgdgment of
the 811R2. To the Right tIOn the 4ord Maycztzkt *ASV,
nutraimlebrury_2l,l

ti IN 1:E li4EN Ohl nts

- —*-
VICTORIA CLUB.—THIS DAY.
GRAND NATIONAL.
13 to 2 agst Despatch (taken)
7to 1 agst Fortunatns (taken and offered)
11 to 1 agst Guy of Warwick (taken and offered)
100 to 8 agst Colonel (taken and offered)
100 to 8 agst Fan (offered)
100 to 8 agst Pearl Diver (taken and offered)
100 to 7 agst Tathwell (taken and offered)
100 to 6 agst Q. C. (offered-20 taken and wanted)
20 to 1 agst The Nun (taken freely)
20 to 1 agst Alcibiade (taken and offered)
25 to 1 agst Globule (taken and offered)
28 to 1 agst Harcou; t (taken)
33 to 1 agst Knave of Trumps (taken)
33 to 1 agst Barbarian (taken)
40 to 1 agst 011113 (taken)
50 to 1 agst Havelock taff..red)
66 to 1 agst Plum Cake (taken and offered)
1000 to 10 agst Hall Court (offered)
1000 to 10 agst Dick Turpin (offered)
2000 to 30 agst Dick Turpin (with a start—taken)
sto 1 agst Brayley'a lot (taken)
15 to 1 asst Ilelman's lot (offered)
LIVERPOOL SPLING CUP.
7to 4 agst Knight of the Garter (taken'
4to 1 agst Tramp (taken and offered)
6to 1 ngst Ajax (taken and offered)
Bto 1 ngst Vortigern (taken and offered).