The Sun.
London, England, 1858-05-04 00:00:00

which our rePources bad recovered themselves from she de-
pression under which they laboured in November last.
IL- ,greed with the hon. gentleman opposit, that they
ought not to look with deqrondency to the future, but
that they had every reason to indulge, if not iu sanguine
expectations at least in no unfavourable forebodings.
(Hear, hear.) With regard to his hon. friend's (sir H.
Willonghby'Q) suggestion on the subject of converting
the Exchequer Booth into Exchequer Bills, he must re-
mind him that the Exchequer Bill market was a very
sensitive one, and that this was not a time at which to
venture upon_anv rash experiments. (Cheers.)
Mr. CAYLEY made some observations on the finan-
cial measures of Sir R. Peel.
Mr. W. EWART opposed the principle of the stamp
upon cheques, and objected to the budget as not con-
formable with sound principles.
The bill was then read a second time.
STAMP DUTIES ON .DRAFTS BILL.

On the motion for the second reading of this bill,
• Mr. T. BARING said that a few days ago, he pre-
sented a petition against this bill from a body of men
whose transactions and character were second to none
in the kingdom, the members of the Stock Exchange,
who opposed it as contrary to the sound principles of
taxation. He was so unwilling to do anything that
would disturb the budget that his should not take any
active part in the matter, but he did share the doubts of
the petitioners as to the soundnese of principle of such a
tax. What reconciled him to it was that the Chancellor
of the Exchequer took it fur the purpose of making a
eurplol. He said that he wanted a surplus. Every
Chancellor liked a surplus, and the house were seldom
unwilling to give it, and so that he might not be left
destitute, the Chancellor of the Exchequer said, "Give
me a penny." (A laugh.) The appeal was so touching
that he was inclined to say, " Take 2d. at once." (A
laugh.) It might be thought that the stamp would fall
on the bankers, who were airich class, but they were a
shrewd class, and had determined to put it on the cue-
oilier. It was a tax on correct accounts. It was true
it was a very small tax, but itLwould cause much in-
convenience. M. Si -ney Smith had given an amusing
aceeunt of the life of an Engli,=htuan, from his
taxed cradle to his taxed grave. (An hon. member :
You mean Brougham.) He be ieved it was Sidney Smith,
hut there was room now for a history of commerce
which was built up on stamps from beginning to end.
He sugge'ted that cheques which had passed the clear-
ing-house, and were paid on the day of date, should be
exempted.
Mr. GREAVES did not intend to oppose the tax, but
he thought it would operate as a check upon the drawing
of cheques ; and it was to he regretted that it was not
withheld till after the committee, who were considering
the whole subject, had reported. Still, be so approved
of the general provisions of the budget that he would
not oppose it. There had been a meeting of bankers on
the suhj -et, and they bad resolved not to oppose the tax,
but they hoped that more time would be allowed before
it passed through committee, in order that some incon-
venience might he obviated.
Mr. BAI MB said the tax was one as little objec-
tionable as any that could be proposed. He did not
share in the apprehensions that it would act as a check
on the banking system. The present system had pre-
vailed so long that the public were too familiar with it •
advantages to give them up for the sake of a penny.
(Hear.) In Scotland, where the sy-tem was older than
in England, there we. not only no opposition, but some
expression of feeling in its favour. He thought it would
act as a hardship to no one. Perhaps in a few places in
the country, where the cheque system was as yet rather
an innovation, a large cheque might be occasionally sub-
stituted for several smaller one,. That might also be the
ewes in some of the larger houses, which were even more
close-fisted and short-sighted. (A laugh.) The objection
that it would do so generally was one which came ill
from bankers, because, if that were so, they would save
the labour of a certain number of clerks, so that it would
be, in fact, a saving. But, what they were really afraid
of was, that some liberal banker should offer, as an ad
vantage to the customer, to pay for the stamps, in which
case they would all have to follow the example, and It
would become a tax on them.

Air. TURNER had presented a petition from a consi-
derable number of bankers and merchants at Manches-
ter, who objected to this as a step in the wrong direc-
tion. It was a tax on commerce. ' Its only merit was
its smallness, but it would be a tax, and would tend,
though he could not say to what extent, to restrict
the use of the cheque. The latter was a conve-
nient and economical substitute for the circulat-
ing medium, and the restriction would compel the
use of a larger quantity of the precious metals. He did
not think so large a. revenue as was expected would arise
from the tax, as instead of taking a receipt for the sum paid
by means of a cheque, the person drawing it would after-
wards get. it back from his bankers to serve as a receipt.
Sir G. B. PECHELL asked whether the cheques issued
by loan societies would come under the operation of this
bill ? By their special act they were exempted from all
stamp duties.

Mr. WILLIAMS did not share in the objection to this
tax, or think it would be a restriction on trade. Of course
all taxes were objectionable, and nobody objected to them
more than tradesmen ; but life reduction of other taxes,
including the receipt stamps, and the reduction of the
postage to a uniform rate, were recent improvements
which quite compensated for that.

Mr. S. EWAAT suggested that postage stamps should
be used for this purpose.

Colonel SYKES suggested a stamp on tradesmen's bills
above 10s. (A laugh.)
After a few words from Mr. DENT,
The CHANCELLOR of the EXCHEQUER said that
the bill had been opposed by gentlemen who said that they
objected on principle, as it introduced restrictions on com-
merce, but the fact was that the bill only sought to extend
a principle which was already part of the law of the land.
(Hear, hear.) That being so, the exemption could not be
justified on any principle whatever, and ought no longer
to be permitted to exist. (Hear.) The law was that every
barker's cheque should pay a stamp, and he need not now
discuss the principle of the exemption in favour of
cheques drawn within a circle of 15 miles from the b4nk
at which the cheque was payable, for no one had at-
tempted to vindicate it. (Hear, hear.) Objections had
been raised on the part of the gentlemen of the Stock Ex-
change, and if there was any body of her Majesty's sub-
jects more remarkable for ingenuity than another, it was
the gentlemen of the Stock Exchange. (A. laugh.) Accord-
ing to the arguments of that acute and ingenious body of
gentlemen, they would suffer injury and inconvenience from
the tax, which they at t'ne same time said they could evade.
(Hear, and laughter.) He had that confidence in the in-
genuity of the members of the Stock Exchange, that he
had no doubt they could. (A. laugh.) While he was sure
that they would not care much about the impost of ld., he
had no doubt that if they had any artificial arrangements
which the stamp would interfere with, they would adept
themselves to circumstances, so'as to get rid of the incon-
venience. But, if so, where was the injustice to them?
(Hear, hear, and a laugh.) And if, on the other hand,
they find it more convenient to use a stamp, where then
was the injustice of making them pay a penny for that
convenience? (Hear, hear, and laughter.) It was, in fact,
a tax on convenience, not on luxury—(hear, hear)—and
when they remembered the great reduction in their income
tax, and reflected that Government could not reduce and
finally extinguish the income tux unless the revenue of the
country was substantially built up by means like the pre-
sent, he was sure they would soon cease to murmur about
the stamp. (Hear, hear.) As to the complaint that com-
merce was restricted by a system of stamps, he would re-
mind them that by this new system of taxation by stamps
there was no interest that had been so much benefited as
commerce. (Hear, hear.) Commerce had benefited most
by the reduction of the rates of postage, and the hon.
member who raised theobjection being perhaps the greatest
among commercial men, he might be said to have profited
the most. (Laughter, and hear, hear.) The suggestions
which had been thrown out were such as could not be con-
sidered now, as they did not affect the principle of the
measure, but they might be brought before the committee,
who would, no doubt, failly consider them, though he
could not hold out any promise that he would sanction
them. In answer to the hon. and gallant member for
Brighton (Sir G. Pechell) he could only say that if benefit
societies enjoyed any exemption it would not be interfered
with by this act. [Sir G. Pechell—l said loan societies.]
He believed he had entered as much as was necessary at
this stage into the question; he did not understand that
there was any serious objection on principle. He was glad
to hear from the hon member for Montrose that the peo-
ple of Scotland— another class of her Majesty's intbjects,
probably not inferior in acuteness and ingenuity to the
gentlemen of the Stock Exchange—(a laugh)—approved of
the measure. (Hear, hear.) He should nowask the house
to sanction the second reading of the bill.
The bill was then read a second time, and ordered to be
committed on Friday.
In reference to Mr. Ewart's inquiry as to postage-
stamps,_

Tb-e CHANCELLOR of the EXCHEQUER observed
that the question had been considered, and there were
very great difficulties, but it was not entirely decided, and
ho should speak on the subject in committee.
Ti-1E INDIAN QUESTION.

The debate on the Indian resolutions was then resumed.
Mr. AYRTON, in using to move the amendment of
which he had given notice, said that he did not think that
the nature of the existing Government was understood.
In his amendment he proposed the substitution of the
words "Minister of the Crown" for more precise terms,
because, though he did not wish to enter into a merely ver-
bal discussion, he felt that if the name was of any value
at all, it was as being consonant with the nature of the
office, and they could not give a name till they had settled
the duties and practice of the office. He should therefore
propose that the fixing of the title of the Minister should
bo left to those whose duty it would be to bring in a bill
founded on those resolutions, though of course it should be
a Minister equal in rank to a Secretary of State. (Hear.)
He should also propose the insertion of words to set forth
the purpose of the resolution, this being the only one in
which the purpose was not explained. Being anxious,
then, to secure individual responsibility in the members of
council, and a controlling influence over the acts of the
Minister, be should propose in resolution No, 2 to leave
out after the first word "that," and insert "in order to
ensure the administration of such Government with due
care, caution, and efficiency, all the powers and duties now
vested in the East India Company, the Court of Direc-
tors, or the Court of Proprietors of the said Company,
either alono or with the approbation of the Commissioners
for the affairs of India, shall be exercised and performed
by a Minister of the Crown in council."
choel lbece
speech
onofret and learned
the
votes
whichgentleman
Lord STANLEY—I confess that when I heard the
introduction of the bill of the obles lord (Palmerston),
h g gave—first, felt-- fi rs somet
o sur-
priseth
and, secondly, on the proposition which was submitted to
us on Friday last, for the whole of the hen. gentleman's
speech to-night was, in its practical effect an argument in
s now
favour of the Government of India a ,
.don bythe
East India Company, and against
the conduct stte
Go-
vernment by a Minister of the Crown. (Hear,. hear.) He
has spoken of the risk of leaving the Government to
Minister;
of the secrecy which would attend'his admini-
stration ; of his practical irresponsibility action
and his
and of the danger which would result from such secrecy
and irresponsibility. If I bad so little faith as the hon
and learned gentleman appears to have in the efficacy of a
Parliamentary check, and of the control to be exercised by
this house, I confess I should have thought twice, and
should have hesitated long, before I consented to vote for
a transfer of the government of India to a Minister of the
Crown. Now, what is the object which the hon: gentle-
man proposes to attain? He wishes the duties of the
Home Government of India to be performed by a Minister
of th ) Crown in council. It is true the bon. and learned
member drew a distinction between the acts of a Minister

THE KN,

MAY

:4, 18.5

r~T3TfALiA: -

We have frereived by special express our
trail:in Advice, by the overland roqt- via Mare lit.s.
The, dates ari--Mr.lbourne, March 17 ; Sydney;
March 11 ; King George's Sound; March 23.
The fidloWing vesels had arrived in the port of
Melbourne :—From Loudon ; Siam, Clarissa Bird,
Hindostan, and Queen of the Elst,. Feb. 24 ;
Charles Napier, Feb. 26 ; Wild Ringer, March 9
Esmerald, March 16. From Liverpool; Anglo.
Saxon, Feb. 15 ; Caracrtacus, Feb. 16 ; Herald,Feb. 20 ; Oceatiica and Caribou, March 10 ; Men.'
chant Prince, March 15.
"VICTORIA.

The following are extracts from the summary of
the Melbourne Herald of March 16 :
One great event has signalised the peliiical his-
tory of the past month—it is the fall of the second
Haines Ministry, and the reinstatement of Mr.
O'Shana.ssy at the head of the administration. The
immediate cause of the retirement of the late Minis-
try from office was a vote of the Assembly, rejecting
Mr. Haines's scheme for apportioning the electoral
districts under his new Reform Bill. Having car-
ried the clause embodying his new principle of
giving representation 'o minorities, but only after
much sharp discussion, and by a narrow majority,
Mr. Haines's proposed plan for a re-distribution of,
the general representation came on for discussion.
The plan gave much dissatisfaction to the great
body of the Ministerial supporters, since its direct
effect would have been to absorb many of the rural
constituencies of which they were the representa-
tives. Hence, when the schedule was mov. d for
adoption, a strong opposition to it was at once
avowed on the Ministerial side ; and Capt. Clarke,
formerly surveyor-general, and member of the first
Haines Ministry, moved an amendment, amount-
ing in effect to direct rejection of the schedule.
His amendment was carried by 26 votes against
18, and of the latter no less than nine were votes
from the opposition side of the house. The conse-
quence was that the Ministry saw the main holy
of their own supporters arrayed against them on
a question which they, rightly enough, held to be
a vit 11 one. There was no course, therefore, re-
maining open to them but one—resignation, and
they resigned ae,c3rdingly. _ _

F.,r three or four days after the resignation an
unusual atid significant pause took place in the
arrangements for appointing a new caqnet. People
began to wocder what was going forward, and all
sorts of sinister rumours were set afloat. Subse-
quently, Capt. Clarke was sent for by his Excel-
lency, and asked if he would undertake the forma-
tion of a new . Ministry. On one condition, he
said, he 'would con,,ent to do so—that in case of a
failure in the As-ernbly at first, the Ministry he
should form should be permitted to appeal to the
country. To this- his Eicellency replied that he
had formerly refused that condition to Mr. Haines,
and could not, therefore; grant it to 04pt. Clark..
The latter gentleman thereupon recommended his
Excellency to send for Mr. Chapman, wile) had t%ken
the lead in oppo4ng the ministerial principle of
representing minbrities. That gentleman having
been summoned accordingly, he commenced the
formation of a Ministry ; and by calling in Mr.
O'Shanassy to take the chief place, while lie re-
served that of Attorney-General for himself, he
succeeded in what would else have been an impos-
sible task. Mr. O'Shanassy, it is true, was one of
the nine opposition members who voted for Mr.
Haines's principle ; but it was evident at once that
unless Mr. Chapman could prevail on him to hold
that principle in abeyance, and unite with himself
on broader grounds of policy, the attempt to con-
struct a Cabinet would utterly fail in his bands.
Besides, it had become apparent that a recall, or
even a reconstruction, of the Haines Minis ry was
quite impracticable ; for the latter had been his
Excellency's first proposition after the .re ignation
to the ex-premier, and Mr. Haines had endeavoured
to accomplish it, but without success. There was
no possible Ministry, at the moment, therefore,
except one formed by a junction of Mr. O'Shanassy
with Mr. Chapman. These considerations led the
former gentleman to accede to the proposed terms,
and the new cabinet was framed as follows :—Chief
Secretary, Mr. O'Shanassy; At rot n,y-General, Mr.
Ire'and ; Trade and Customs, Mr. Henry Miller ;
Land and Works, Mr. Gavan Duffy ; Postmaster-
General, Dr. Evans ; Treasu ter, Mr. Harker.
The country has acquiesced in the fill of the
Haines ministry, because everybody sAw it to be
inevitable; and the general opinion now i 4, that the
new, men should certainly be allowed a fair ch Ince.

-Fateenceof oureler.ghamizillg received
Il favourable in, ollige II CO l'alitS6W(4.)t 03: P Cr-,c ' ezliois
ir ..1 of E dish slitiWeit-fetiagliiiti the ni64.li`of Nov.,
1857. The mmifest falling off in the exports to
this' caloity Isriii,ili ti •k pis in tha,t:mon• b, led to
the impression hatth-Warn:rigsand exp istulatons
, which bad been addre.i ed tohtime spiculatorsfrom
time to time b ad at I;ngth produced
a beitefiCial re-
sult. The effec iof ihe advicestb us relived was to
causeincreaed.activity .in our, import Markets, and
to check the downward tendency of prices. • But we
regret to state. that the- niercantile.news to bald
by the Eumpean has again brought about a depres-
sion from which it is not probable that our
trade will revive, until it definitively appear: tliat.
English exporting firms have' determined to regu-
late their transaction% with a more cautious refe-
rence to our actual requirements. It would be
difficult, if not impossible, to point. attention to 'a
single article of merchandise which is not held in
excessive quantities; and it therefore need occasion
_very little surprise that filthiness is fre-quently
brought to a complete stand-still, or that forced
'sales 'are effected, to the .prejudice of the whole
trading community: We would, Eoes;er, once
more assure bur friends at home that our .powers of
ceniumptiori may now be regarded 'as infinitely
more limited than they were two years or even a
year - ago. The habits, of our popuhtion have
totally changil,- for we see nothing of that reckless
extravaganc)for which somerof the inh.bitants of
the colony ;were once celebrated; and we might
safely rest wsured that the variations in • prices
which have arisen out of the extraorlinary fluctua-
tions that hiave taken place in the inquiry, are not
likely to be produced heucjorward • by the . super-
fluous demaids of coi,stmers.' In the local market
for ale, ac., a goodbusiness has been done, through-
out the week, in bulk goods; and holders of every
description 4of brand have, owing to the scarcity_of
Bass'-, been!enabled to place portions of their stocks
at full quotkions. Bottled ales, kc., have not been
in extensive, demand, and few sales have been ef-
fectel at a: higher figure, th n 10s. fid. for the,
most approved' . qUalities. Butter ' has com-
manded a tolerable sale at 15d., but, in con-
sequence of the news to hand, per European,
respecting !th s article, holders are likely to
submit to A slight reduction on that rate. Bel-
iont sperni, canules are quoted at 14,1. to 14id.,
and at e not!readtly saleable. Cheese of very primp'
quality is in fair requi st at 13id. to 14d. The
Eastern prqduce market has not experienced any.
material change. Cossipore sugar is worth 631. ;
crystals, fine, are in many instances held for 491. ;
and countefr range from 391. to .421., in a firmer
market. Several large parcels of inferior and
damaged tea have been brought forward for prompt
sale, to the !prejudice of importers, and prices of all
varieties haire receded. Patna rice maY, be quoted.
, .
at 18/. to 1 /. The articles under the bead of oil-
men's store ~which have been in continued. request
at satisfac ory rates, are bottled fruits, jams,
il
pickles, and mustard, all of whiCh command buyers.
In the win and spirit market prices are still low.
Martell's b iandy cannot be placed ar a higher figut e
than 14s. 6a., and is generally selling at 14s. 3d.
Old Tom and Geneva bring reduced prices, the for-
mer not being saleable, in else, at more than
15s. 61, a. d the latter at 16s. 6d. Port wines are
improving •
value, but other descriptions barely
command 1. st month's rates. In the money mar-
ket capital s freely offering, on first-class security,
at 10 to 12 per cent. Business in the stock and.
In
share mark t has been very good, and previous
rates have been exceedingly well sustained.' • •

i , SYDNEY. .
The ele4ions in New South NWales'werd; ovel,
and a large number of new men had been returned.
The Parlia cut was to re-assemble on the 231 of
March. °thing of political importance had taken
place duri &the multi).
The fell wing ships had arrived at. Sydnef:-
1
From Lou lon : Octavius, Feb. 10; Cairngorm,.
Feb. 26 ; nion, Feb. 28 ; Lismoyne, March 2 i
Omar Pa, 3, 'Ma re h 3. From Liverpool—Queen
of the A on, Rh. 27. From Plymouth—The
S;ebonheath. From Glasgow—The T. E. Mdlidge.
A frightful story of the immorality prevailing
among thr4 young women on board the emigrant
ship Steb nheath during the voyage was told by
the wane es who were called on the inquest,
held on t 6 b ,dy of Ann Cox, aged 18, one of
the irnmi, ante. The inatr,.n and surgeon of the
ship were 1 strong in 'heir representations, and
the joy rgetureed a verdict in which they said :
—" We e2press our severe censure and displeasure
at the di; graceful immorality that has, existed
among the single females and the crew. At the
same tim , we highly commend the conduct of
Misi Chas , the matron, and Mr. Rowland, the
surgeon."
The Sy ey Morning Herald says ;---"Since our
last summary, the present state of our commer-
cial affairs. has assumed, a somewhat troubled
aspect. The monetary crisis which has taken
place in ngland, New York, and on the conti-
nent, has temporarily affected us. Our large mer-
caiitile hohses are sound and unaffected, althoug'i
idle rumors, without any foundation, have for
the la,t onth be-n industriously spread as to
their stability; but more particularly of those
who are in any way related or connected with
the houses that have suspended in England and
elsewhere. It is but fair, therefore, that we
should calmly consider our present position ; and
if there are grounds of alarm take every precau-
tion to *vent the mischief which would inevi-
tably ensiie should a monetary panic take place
here. During the present year and towards the
close of list year, the banks have evinced a de-
sire to chock reckless speculation by partially
refusing
ithe accommodation they so liberally
granted d ring the last two years.
" Agail , even since 1854, the Government have
been larg borrowers of money, which has been ex-
pended i railways and ether public works. These
have not yielded any return for the outlay ex-
pended. ,Besides, the Government are again in the
market asiborrowers for about 400,0001., and- will
require tio pay off debentures, due in 1858,
1 100,0001. ; in 1859, 80,0001. ; and in 1860,
418,0001. The effect of all this has been to Cause
a scarcity of money, and au anxiety to realise on
all descriptions of. securities, and has tended to
bring about a decline in bank and other shares.
"The quantity of gold dust imported into the
Sydney branch of the Royal Mint for the_purpase
of coinage during the mouth of February has been
21,767 ounces, and the amount cf geld coin issued
during the same mouth was 220,000 sovereigns.
The total amount of gold dust received for coinage
from the Ist of January to the sth of March, 1858,
has been 98,816 ounces, and the number of sove-
reigns issu d during the same period was 445,000.
This is a very large increase of busines3 as corn-
p ired with the corresponding mouths of 1807, and
is attributable to the quantity of gold dust sent
for ceinrge from Melbourne, particularly during
the month. of January, and also to a slight improve-
ment iu the yield of our gold-fields.
,oree amount of gold dust received by the
escorts from our several gold-fields during the month
of February has been 15,436 ounces ; for the same
month of 1857, 9,289 ounces. There is, therefore,
ae increase of 6,147 ounces on the receipts of the.
month."

Country Markets.

GRANTHAM-MAT 1.

There was a tolerable supply of wheat, and all demi?.
Hoes met a revly sale at is per qr. over last week's prices.
The highest quotations for fine white samples were 49r.,
red 45.:, per 36 stone.

LEICESTER—MAY L
The supply of wheat was good and there was a fair
attendance. The wheat trade ruled active, and farmers
succeeded in obtaining an advance of ls.

YORK—MAY 1.
At our corn market to-day there W 39 a largo attend-
ance, and wheat and oats met a brisk sale, realising an
advance of is per qr.— superior white making 486 and red
445. Barley a slow sale, at late rates, and oats in good
demand at rather more money.

---
COLCHESTER—APRIL 30.
Prices to-day were as follow:—Wheat, white,(3Bs to 503;
red, 42s to 463; barley, 36s to 439 ; oats, 24s to 30s ; beaus,
Mazagan, 31s W 38s; middle And small, 38s to 425; pea',
white, 40s to 42s ; grey, 40s to 448.

Official Statement of the Quantities of Corn, &c., received
in the port of London, from the following ports, fiom
April 26 to May 1, both inclusive.

a
1)
14 Ai a;
0 44,
ai
Colchester l9l /00
Harwich ll6 75 35
foigh,N2B3 40 51
[Walden 1.2021 6 t 300 , 2461 660

KIRKCALDY—MAX 1.
Here, to-clay, we had moderate supplies of all kinds
of grain. Sales ready, at prices in favour of sellers.
Wheat. I
I Barley. Oats. Beans;
First
Sacond
Os 01
Third 3ss Od 30s Od 23e Gd I" Os Od

THE ADMIRALTY PIER AT DOVER.—We are very
gratified to learn that the magnificent marine prome-
nade formed at the newly-constructed Admiralty pier is
about to be completed and thrown open to the public.
During the week the engine-nouse and some of the im-
mense blocks of stone which have hitherto held it in
possession, have been removed, and the process of cleat-
ing the pier of these obstacles is to be rapidly proceeded
with. There iy no doubt, therefore, that before the corn-
] meneernent of the fashionable season, this moat a tAC.I.
tive addition will be made to the marine delights tr
of
Dover.—Dover Chronicle.