The Sun.
London, England, 1860-05-07 00:00:00

CON; MERCIAL INT ELLIGESCE.

The New Yolk. moue: market., under the iz flu:nee
Jf advices from this sick;, exhibited ,e4yriptenns of ;t
more cautious feeling., and they tendency Was' rather
towards a tighter markq. The supply of money
was nei-ertheless abundant, and the demand AV ;
o
only moderate. • Call loans ranged from sto per
cent.

The weekly statement of the New Yo i 1
banks was regarded as rather unfavourable. T:-,crf.:
was a decrease in the specie reserve of 393,6(36 dais.,
in the deposits of 2,311,000 dole., and in the loan:;
and discounts 1,470,147 cols. Sterling exchange
was in active demand for the Persia, and a large
business was done by the bankers, there being few
commercial bilis in the market. Prites in general
.closed firm. The quotations on London were 108:i
'to 1091; on France, 5.15 a to 5.161.
The stock market had continued active, though
with some check to the rapid • advance in prices
• during theiprevious week, At the close there was
a strong pressure to realise on railroad securities,
and in most cases there was a slight giving way in
these kinds of securities. Erie shares and New
York Central Bonds were exceptions. State Stocks
were firmly held. The following were the latest
quotations :—Erie shares, 17;1 ; ditto 3d Mortgage
Bonds, 841 ; ditto 4th Mortgage, 65; New 'Vol k
Central shares, 78a ; ditto 7 per Cent. Bonds, 1041 ;
Reading shares, 42, ; Illinois Central Bonds, 881 ;
Pacific Mail shares, 105 ; Michigan Southern
shares, guaranteed, 231-; Michigan Central share:s,
471; United States Fives of '65, 102; Virginia
Sixes, 931; Illinois Central shares, 60, After offi-
cial hours there was a tendency to improvement in
the share list.

Cotton was dull, and transactions light, at pre-
vious rates. Middling Uplands, per lb. The
receipts of the week at all the Southern ports were
13,000 bales against 50,000 last year. The exports
of the week to Britain were 108,000 bales.
Flour, buoyant, mad 5 to 10e. per barrel dearer.
Wheat in good demand for export, at higher rates.
Indian corn also in improved demand, at advancing
prices.

Freights to Britain tending downward, the offer-
ings (except grain, of which there had been large
engagements) being very light. Cotton was taken
at 3-16 d. to 7-32 d., closing at the lower rate. Rosin
was taken for London at 24,1.; oil cake, 2-3 d;
badon, 225. 6d.

QUEENSTOWN, MAY 6.
The Royal Mail steamship Europa arrived here
at 11 45 a m., embarked mails and passengers, and
sailed for Halifax and Boston at 623 p.m. All
well.

QUEEN ANNE'S BOUNTY %

- .4‘.--- -

Now that the great modern societies for benevo-
lent and religious objects are holding their annual
meetings and explaining, with more or less clear-
ness, their condition and progress, we take the op-
portunity of stating that the accounts of a more
ancient and very wealthy body, the Governors of
the Bounty of Queen Aune, have lately been laid
before Parliament, though only as yet for 1858. We
cannot say that these accounts are very clear, but

(omitting sonic small items) tho.reseipts of 1858 ap-
pear to have been £14,091 from first fruits and
' tenths and penalties for non-residence, or in other
taxationfrowomrds,eafpriotnaL
making oft the clergy;
e and £81,300
thelarge sum of
£9.5,891; and this must be continually augmenting;
for the gifts and benefactions received during the
year amount to £41,421, besides £18,8°4 bank an-
nuities, and exclusive of the value of houses, lauds,
and stipends granted. Credit is also given for
.137,331 from mortgages
paid in, and £11',750 frour
sales of land and residence houses. Then, on the
other side, it stated that the sum of v 78,241 was
"paid to the, clergy" (1 hi la is a lb -i(4 &ice() in to
give of it), and a further - Emu of ..04X7 for the
erection or purchase of residence hou3e,7, and tht-,
purchase of tithe-rent charge. The money adramA d
on mortgage during the ycar IT17; tho,
chase of mock £6,440 over and above the sales of
stock. As for the expense.of administering the
fond, the Folicitor's bill with the words, " and (us.
bursements out of unappropriated fund," strangely
tacked on to the item, is £1,283, the surveyor has
v 451, QI)(1 the veneral
i:6,113. At the foot of the aecount.iJ, in the
k it-
hand corner, is a gentleman's name. with the addi-
tion "auditor," but be has given no intimation of
what he did. It may be that he ascertained that
the vast capital is safe, and that the sums stated to
have been paid to the clergy were so paid, but he
says nothing, and all is left to the faith of the
reader. There is no account even of tho amount of
the investments, or the number of livings aug-
mented, or the increase in either item during the
Tear.

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I'.--'47..E's' ' 'ls:ji,' , ~' ;44 1r.:L.,_."1.- "C;11."',.4.----,-.41.1.
. -4.4_ 1 l'' ' N-.Z.i----.

T E SUN.
LONDON, MONDAY, MAY 7, 1860.

-----e-

Mr. GLADSTONE will have need of all his elo-
quence to-night. In the debate on the Wine
Licences Bill he may think himself fortunate if the
ingenuity of opponents do not find it quite relevant
to raise a discussion on the awkward question of
the working of ad valorem duties arranged as pro-
posed by the treaty ; but, if he get through the
second reading of the bill, in the Ways and Mears
Committee, he can hardly escape a severe catechising
on the position in which our merchants and manu-
facturers will be placed.
It has become evident that on a great part of our
manufactured products the an valorem duty of 30
per cent. will not be a revenue duty, nor merely a
protective duty, but an absolutely prohibitory one.
The French excel in fine workmanship and taste-
ful designs, the English in the stronger and cheaper
fabrics; but it turns out that it is just in these—
which the French peasant, without stockings inside
his shoes, if he can manage to fabricate something
which bears the name of the latter, asd with agri-
cultural implements hardly better than were used
by his ancestors in the days of C.F.SAR most needs
—it is just in the stronger and rougher fabrics and
manufactul es of all kinds that our merchants could
look for trade with France.
Now, we car. hardly conceive that the French
EmPEROR, or rather his servants, foresaw the pro-
bable working of ad valorem duties, fixed on the
medium scale of prices, which had ruled during the
preceding six months. but so it is—that for the
classes of goods referred to the prices of most have
been excessively high. The result is that 30 per
cent. on late prices may be 50 or GO, or even 70 per
cent. on their prices a little time hence. It might be
supposed that the fall in price here would enable
our merchants the More easily to export to France.
And so it would if the raw manufacture were not
in all such articles the principal part of the cost,
and the raw material would cost the French no
more than it costs us. For instance, the Bradford
Chamber of Commerce observes that on yarns of
the present value of thirteen shillings the gross, ;
the raw material costs eleven shillings and three-
pence, only the difference representing the cost of
English skill and labour. An ad valorem tax en
such an article at the present time would of course,
b. come an enormous tax on the manufacturing skill '
employed in it, if the price falls, as it is likely to
do. materially. . •

It would seem, therefore, that to a very great
extent we are placed in the hands of France. To
a very great extent she may, if she pleases, con-
tinue her protecting system under the guise of
duties levied in strict accordance with the treaty;
and of what her inclination is the recent debate in
the French Chamber may give us a good conception.
The single idea of that debate was, how completely

II
France had "jockeyed" England. Net only was
there the entire absence of anything like a generous
feeling, one so common here, of feelin a pleasure
in having conceded more than was strictly required
by another party, but the boast was that France had
got everything—England nothing. The witness
turns out to be too true. Yet most English
members of Parliament—English Ministers cer-
tainly—would think it a little below the
dignity of their country to endeavour
to prove that she had made an entirely one-sided
bargain. Our statesmen assuredly would not like
a treaty with which both sides had not fair reason
to be content.

We may be told, as we have been told again and
again, that we have conceded nothing, because we
have merely repealed or lowered Customs' duties,
which we should have dealt with in like manner,
even had there been no treaty. We can hardly
believe this. It was not the prospect of cheap in-
ferior wines that induced Englishmen to submit to
a single penny more of the odiously unjust tax
which swells our revenues ; it was the belief that
cheap wines were to be paid for in British manu-
factures, and the trade between the two countries
thus rapidly doubled and trebled, which carried the
budget, the treaty, and the tenpenny income-tax.
We had no need of a treaty at all, but, as
we were told, to enable the French EMPEROR
consistently with the constitution which he has
so benignantly conferred on Frenchmen, to lower
his tariff. It is to be feared, now, that we have
humbled ourselves from free trade to a commercial
treaty, to reap from it protection and prohibition
under another form.

Both Manchester men and peace men will pro-
bably find themselves deceived. The former forced
the treaty on the House at the cost of the
unpopular budget, by the arga.ment of Mr.
GLADSTONE, that reducing tea and sugar duties
was of little consequence to the working man com-
pared with finding him employment and wages—it
told well at the time, but how will it tell if it be
found that, after all, the productions of our indus-
try can hardly squeeze into France through a
hostile tariff framed in accordance with the letter
of the treaty ? Our "peace-at-any-price "men, also,
—they were exulting in the hope that now our
gunboats might as well rot, our dockyards dismiss
their hands, and our volunteers exchange the rifle
practice for cricket—what will they say to France
refusing to accept the commercial recognisances by
which they had hoped to bind her over to keep
the peace ?

The reciprocation of courtesies between her
Majesty's Ministers and the Royal Academy on
Saturday evening last, were—if that be possible—
more than usually delightful. We cannot of course
help thinking that the postponement for another
month of all the fret and worry incident to the carry-
ing of that "Little Bill" must have imparted a pecu-
liar zest and relish to the appreciation of Saturday's
Banquet by the leaders both of the Government
and of the Opposition. It was only immediately
anterior to the Private View on Friday, and the
Banquet on Saturday, that the agreeable act of
procrastination was decided upon. The second
reading being passed without a division, the noble
lord the Foreign Secretary contrived in some mea•
sure to assuage the irritated " nervous system " of
the house, by giving it assurance of one calendar
month's tranquillity in respect to his " Poor Little
Bill," by delaying, from the 4th instant to the 4th
proximo, the next stage incident to every Parliame-
ntary measure, that of its detailed consideration in
Committee. It was like the administration of a
timely dose of GODFREY'S Cordial. There was at
once, at any rate in that direction, a prospect of four
or five weeks' delicious tranquillity. A hiatis in
the session of calm repose after a lengthened period
of sleepless nights, and drowsy days, and perpetual
perturbation. And hardly had this welcome deci-
sion been arrived at, when upon the forenoon of the
very morning of the day which inaugurated one
blessed month of quiescence in regard to the "Little
Bill"—its anxious parent could loiter with his col-
leagues (each, wonderful to tell, with his heart at
ease) round those six apartments, en suite, at the
National Gallery set apart for the Royal Academy
Exhibition. And upon the evening of the day after-
wards could sit complacently at the hospitable board
of the President and his Forty Acadamicians, vis
vis with a good many of all the- talents of all the
professions, cheek-by-jowl with several among
the chiefs of their political antagonists. In
the exuberance of his satisfaction at this
occasion of annual " unbending "—Lord PAL3IER-
STON has pronounced the day of the Academy
Banquet one of the brightest in the whole course of
the twelvemonth. All who enter those doors,
said the Premier, deposit upon the threshold every
troubling thought of the outer world—put them
aside there with their hats and their overcoats. And
there, around the banqueting table of the loyal
Academy you meet, as the noble Viscount further
remarked, " men of professions free from their cares,
men of literature unmindful of their anxieties, men
of science who for a time do not think of their
labours,'" above all, "politicians forgetful (for d
while) of their antagonism." In vivid testimony
of this, there on Saturday sat together at those
graceful and refined festivities, the Premier and the
ex-Premier, the Chancellor of the Exchequer and
the ex-Chancellor of the Exchequer, the First Lord
of the Admiralty and the ex-First Lord of the Ad-
miralty, Lord JOHN RUSSELL and Lord JOAN
MANNERS, Lord CARLISLE and Lord STANLEY-
-there, too, sat the historian GROTE and the nove-
list THACJERAY, Professor FARADAY and Professor
OwEN, the President of the Royal Society, and the
President of the College of Physicians. There,
in fact, as the First Lord of the Treasury observed—
year after year " we have the pleasure of seeing
assembled within those walls men of the greatest
ability and of the most eminent distinction in all the
walks of life." Assembled there too for one common
purpose—to admire,and appreciate. Remembering
this—nothing could well have been in more de-
lightful good taste or in more admirable gool
humour than the words in which the noble lord.
the Foreign Secretary, acknowledged the toast of
Her MAJESTY'S Ministers. Lord JOIIN RUSSELL
asserting (as he rose) to the President of the
Academy—" I do not rise, Sir ChARLES, to thank
you for the toast of Her MAJESTY'S Ministers—l
rise rather to protest against it." Adding, humor-
ously, " I think that in these meetings of the Royal
Academy it is very difficult to speak of the merits
of her MAJESTY'S Ministers without raising a
political debate, and putting you in the place of
the Speaker of the House. of Commons." By
way of affording a whimsical specimen of what
might be done in this way, Lord JOHN face-
tiously continued—" Now if I were to dilate,
which were only speaking the truth, on the devo-
tion and patriotism which her MAJESTY'S Minis-
ters have shown in accepting. office (cheers and
laughter), on the unerring wisdom which all these
measures show, and the universal popularity which
has attended them (cheers and laughter continued),
I: :am afraid, instead of meeting the consent of all
who are present, I should, as I have said, raise a
discussion, and have to contend with Mr. DISRAELI
(cheers), to prove the assertions I have made." Apart
from the harmless pleasantry of all this one might

regard it almost as a relief to the noble lord to
be so entirely rid, for once, of all the rigid rules
of the House that he could actually thus mention the
loader of the Opposition otherwise, than as the
right hon. gentleman the member for Bucking-
hamshire.

It is noticeable, however, in the midst of
all these charming amenities incident to an oc-
casion like this annual Banquet at the Academy,
how much of courtly etiquette is still observable
in the distribution of complimentary honours by
the President when coupling with the sequence
of toasts the names of particular individuals.
It was not simply by chance or by acci•
dent, but with a kindly and courteous pre-
meditation that the toast of Literature,
for example, was associated with the name of the
accomplished American citizen, Mr. MOTLEY, author
of " The Rise of the Dutch Republic." In the dis-
tributiop of these convivial kindnesses, moreover,
Sir CHARLES EASTLAKE secured to the evening an
agreeable variety, so that in some measure—

" One after one the lords of Fame advanced."

Sir BENJAMIN BRODIE responding for the Royal
Society;as its President. Earl STANHOPE, speaking
as Patron at once of the National Portrait Gallery
and the Society of Antiquaries. The Marquis of
LANSDOWNE as one of the Governors of the British
Institution. And so on throughout the whole even-
ing to the close of this delightful entertainment.

" Class against class "—was exemplified again a
week or ten days ago in one of its too frequent and
revolting forms. The class game presevers sitting
in judgment on the class who are ever ready to deal
with game as fern natural. The Ilminster magis-
trates, headed as they frequently are by a clergy-
man, were the first class, and two poor men named
JOHN KEETCH and JOHN ENGLAND the opposed
class. The evidence was concerning a dog—the
running of a dog after a hare,—of a dog said to be-
long to, and to have been with the two men—and
most certain it is that the evidence was such as be-
fore any English jury, presided over by any of our
judges, would not have been sufficient to " hang a
dog." It was held, however, by his reverence and
his colleagues to be sufficient to convict two poor men
who could not pay the money, in fines amounting to
£1 10s. 6d. and to 18s. 6d. respectively, and because
they could not pay it to send them to gaoI—KEETCII
for 21 days and ENGLAND for 14 days ! We should
like to know what text the rev, prelate preached
from the following Snnday—whether he descanted
on the wickedness of " trespassing in pursuit of
game," and took for the foundation of his discourse,
" Forgive us our trespasses as we forgive those
that trespass against us."
But indeed, if the evidence be correctly reported,
the conviction was wholly inexcusable; it is the
clerical magistrate and the lay magistrates who
have trespassed on the liberty of Englishmen. Ad-
mitting that the laws, however iniquitous, must be
administered by magistrates, the evidence was
wholly inadequate. The men were convicted be-
cause country parsons and squires love game, and
hate every man who has a dog with him, for
there is no evidence that these men were poachers';—
indeed, it was between 11 and 12 in the morning—
and not because the two poor men were proved
guilty of the artificial crime of setting a dog to
run after a hare.

The only witness against them swore that he re-
cognised the two men at the distance of 550 yards.
He acknowledged there were three men, but he
could only identify these two—identify the two men
at one hundred yards over a quarter of a mile !
We may well ask whether any one but game pre-
serving preachers of the gospel and country justices
of the peace would believe this. But, further, JOSEPH
ENGLAND—the brother, we presume, of the victim
—stated that he went with KEETCH on the morning
in question to see a six-legged lamb; they had no
dog, and he returned with him home just before one
o'clock. During the time he was out KEETCH had
no dog, and was not concerned in coursing a hart..
He affirmed that the rev. magistrate before him had
met them without the dog—but his reverence
would not say yes or no to the appeal ! Again,
ANN BISHOP swore that the accused kept a grey-
hound for a gentleman to whom it was now re-
turned—she confirmed the story of their going to
see the lamb—and was certain the dog was in the
house from eleven to one that day !

If the evidence be fairly reported, we should
say the decision of these gentlemen ought to be
brought under the notice of the Home Secretary,
and after proper inquiry, they ought to hear from
the keeper of her MAJESTY'S conscience. It is
for Lord CAMPBELL to see that justice only, is ad-
ministered in her name.