The Sun.
London, England, 1867-02-19 00:00:00

HUDSON'S BAY COMPANY.

When it is stated that the Government (or, we
rather presume, the late Government) have offered
a million sterling for the claims of this company to
the districts of land between British Columbia and
Canada, bordering on the States, it is well to see
if the Company have any legal title or claim to the
lands in question, or whether they belong to the
Crown or to Canada. In Charles the Seoond's
reign a grant was made by him to the Company of
the shores roand Iludson's Bay, and of such terri-
tories as were not then possessed by any other
Christian prince. At this time Canada belonged
to the French, not having been acquired by us for
nearly a century after, and their fur traders and
clergy had their posts in the regions between it and
the present colony of British Columbia, all of which
were ceded in 1760 to England, so that the territory
in question belongs either to Canada or to the Crown,
not having been contained in the grant of the
" Merry Monarch," because it was then the property
of a Christian prince, the King of France. Up to
1810 or 1816, the North-West Fur Company, with
its headquarters at Montreal, and other fur traders
of Canada, were opposed to the claims of the Com-
pany, denying their right or title. About this time
Mr. Edward' Ellice, a fur merchant of Montreal,
and others interested in the North-West Company,
joined the Hudson's Bay Company, whose claims
they had previously denounced, and at their amal-
gamation Mr. Ellice became overnor overnor of both, sup-
porting as strongly the rightnf the company as he
formerly opposed them. This gentleman, better
known as the late Right Hon. Edward Ellice, mar-
ried a sister of Earl Grey, and had very powerful
connections in Parliament., Lord Brougham and
many eminent lawyers gave opinions against the
Company, while others of equally good standing
were favourable to their claims. A committee of the
House of Commons sat a few years ago on the
question, when the company brought forward evi-
dence that the territory in question was worthless,
and unfit for settlement, the climate bad, and the
whole only a haunt for wild beasts. This was the
testimony of Sir George Simpson, then Governor,
and other friends of the Company, but was disproved
by witnesses who wished to see it opened to settle-
ment. Sir Edward Grogan, Mr. Roebuck, and the
Hon. Mr. Fitzwilliam, members of the committee,
elicited evidence which showed that the evidence
given by the company was not borne out by the
facts.

Now they demand two millions sterling for what
they describe as a waste, howling wilderness, and it
is said that the Government have offered one million
for a property without a title to it. We trust the
City correspondent of the Daily News has been
premature in this statement ; where there is a dis-
pute, and where the country thinks that the com-
pany have no legal title, it would be only just and
fair to refer the matter to the Privy Council, when
the company can be heard, as well as the Crown on
behalf of the public, and Canada on her own ac-
count. We hope that Lord Carnarvon will act as
becomes the Colonial Minister in this matter, and
that great family influence and power will not ob-
struct justice and right. None can object to a de-
cision by a competent tribunal, and the sooner the
case is decided legally the better.--Dublin Evening
Mail.

The United States Survey of the Darien

Line.

TO THE EDITOIt OF THE SUN.

SIR,--As a party is, I understand, now being
organised in London for the purpose of surveying
the ship canal line across the Isthmus of Darien, it
may not be irrelevant to mention that the Yew York
_Herald, of Jan. 21, announces the arrival at Panama
of a party of explorers and surveyors sent by the
United States Government to make a thorough e%-
ploration, and, afterwards, a survey of the country
from Caledonia Harbour to the river Savana and
the Gulf of San Miguel. That line was selected
upon the recommendation of Rear-Admiral C. 11'
Davis, the Superintendent of the Naval Observatory*,
who, in his report to the Secretary of the Navy, 0f
which an abstract was published in the IVew fork
Herald, of Dec. 26, pronounces it to be the only
one practicable. The Admiral impartially states its
principal features, cor4emns the very unsatisfactory,
attempt at an exploration made in 1854, and ascribes
to me the merit of being the first explorer of it. It
is to be regretted, however, that he had not seen the
plans, the detailed description with the com-
pass courses and distances along the line,
the memoranda for the guidance of el-
plorers, and Commander Parsons' " Survey of
Caledonia Harbour and Port Escoces," which I for-
warded to the Secretary of the Navy at Washing-
ton in 1857, together with an offer to guide a party
over the lowest ground between the Atlantic and
Pacific, with secure, deep, and capacious harbours
at each terminus.

I have, therefore, again forwarded to the United
States Government a full description of the line for
transmission to the commander of the party, so that,
if he fail in the first attempt, he may make a second
and successful one, by shaping his course in accord-
ance with it. Some months ago I sent information
to the same effect to the Admiralty, and, on the
20th of November, I furnished Lord Stanley with II
statement of the direction and manner in which 14
survey should be made. I have, then, done all 111
my power to facilitate the examination of the call'
try ; and have, moreover, offered to conduct an el"
ploration, for my capacity to bring which to a sue;
cessful issue the extensive researches that I made'
the interior of Demerara, and all over Guiana, fr°,l7.
the Orinoco to the Amazon, between the years 18%
and 1844 ; and in New Grenada and other parts ()
South and Central America, since 1850, ought t;
be a sufficient guarantee.
If, however, persons totally inexperienced in
ploring tropical forests and ignorant of the taller;
graphy of the tract in question, will refuse my uffe
of
of assistance in guiding them (as the commander
the expedition of 1854 did), they must not lay wo.
blame on me, nor try to throw discredit on the Pre
ject, if they fail to find their way, or, percha"
lose themselves in the bush.

I remain, sir, yours very respectfully,
E. CULLEN, 31.9'
26, North Cumberland-street,
Dublin, Feb. 16.

,t Ole

A Cabinet Council was held to-day, 11-
o'clock, at the First Lord of the Treasury's oflici3l
dence in Downing-street.
We have great pleasure in contradicting a
L'gr e Pd 1
°
which alleges that the Lord Chief Justice of Bhl-r,l-
about to retire on account of declining health. Ilia-fro
ship's health, except for a slight attack of influenza,
which ho has completely recovered, is, and has been' those
cellent, and ho has no intention whatever of depriving
country of his services. uth
At the forthcoming assizes for North and S°
I, riff,
Lancashire there will be a Roman Catholic high -°-
Roman Catholic under sheriff, and a Roman Catholic P."o_
—Mr. Justice Shoe. The other judge who will accompan.7o
Mr. Justice Sheo is a Dissenter—Mr. Justice
is a member of the Independent denomination. AOt
A committee of the Lords of her Majesty jo
Honourable Privy Council sat yesterday at Whitellll, ss:ro
the subject of the cattle plague. The lords preenteio,e,
—the Right Hon. H. Corry and the Right Hon.
ittee'
Mr. Harrison and Dr. A. William attended the conlua •

MONEY XARKET

AND
COMMERCIfiL INTELLIGENCE,

TWELVE O'CLOCK

Venezuela 6 per Cent. Loan, 1864.—The Gene-
ral Credit andiDiscount Company (Limited) are in
receipt of advice from their agents, Messrs. 11. L.
Fulton and Co., dated La Guaira, 22d January,
1867, of duties collected, and remitted, on account
of the above loan, as follows :--Per statement, No.
from Puerto Cabello, $1,999 47c ; No. 5, ditto,
V 1976 28c. ; No. 6, from La Guaira, $655 80c. ;
."°' 7) ditto, $2Bl 47c. Total, $10.913 02c.
Alesrs. Boulton and Co., add--" Our crops are
cooling in very slowly, but they are expected to
come up to a full average."
'During the last few days there has not been much
animation in the Foreign and Colonial Produce
l'larkets, operations in tea having been deferred
by the trade consequent upon the pubc
Which commence this day. Sugar has beenli insales mo-
derate request at steady rates, while superior quali-
ties of coffee, owing to the shortness of stocks, has
cnonnanded full values. Rice has been in more de-
oancl, but the dealings have been restricted
W
ing to the enhanced rates required by holders.
LI tallow there has been a very moderate amount of
business, and at one time a decline of Is. per cwt.
Was established, but a recovery subsequently took
'lace, and quotations now show little variation
from those current at the close of last week for pre-
sent and forward delivery.
Atlantic and Great Western Railway Debentures
have declined 1, to 28 30, and the Consolidated
kortgage Ponds 1, to 24 25.
At the meeting held to-day of the London and
Caledonian Marine. Insurance Company the report
stated that, after payment of all claims, &c., there
remains a balance of Z 28,149, exclusive of the capi-
tal, up to .
to Dec. 311ast The directors did not think
it desirable make any distribution.
At • the meeting to-day of the Submarine Tele-
graph Company the directors recommended a divi-
dend at the rate of 6 per per cent. annum.
At the meeting held to-day of the San Paulo
(Brazilian) Railway Company the re
directors was presented, which statedport of the
that they
regret that they were unable to congratulate the
proprietors on the opening of the railway for
tram,.
The directors, however, add that " the
relations between the company, the Imperial
(4uvernment, and the local authorities are of the
most satisfactory character ; his excellency Sr.
I)antas, the Minister of Public Works, has through-
out expressed the greatest desire to see the line
peried, and has now instructed his excellency the
resident of the Province to open it formally ou
behalf of the Government as soon as Dr. Passos
Pronounces it in a fit state."
C °Creditors of the -Umzinto Plantation and Trading
(TJno Pally of Natal (limited) must send their claims
, re the 28th inst. to the liquidator, Mr. J. Wad-
en, public
I3r accountant, 10, Union-court, Old
oau-street, E.C.

Two o'CLocx.
dA4cemraing tO Reuter's telegram from Paris to-
--Y, the Preach Rentes were 69f. 570. Heavy.
il Much firmness
prevails in the market for the
1.444 p ,
fpelt in -titilenclB' °wino. principally to the confidence
Political policy at home and abroad.
-°°8613 are
unt' the la
acc '9O ter 91 for money, and 91 1 for the
o
cent. The \l- showing an advance of 1 per
1, - Threes and the Reduced Annuities
2arta 9°F I- ew ; Bank Stock, 252 253 ; India Stock,
~ , ditto 5
Cents., ,4. Per Cents., 1071 / ; and ditto 4 per
Poreio„ R,
Crre k L'''' "'Locks generally exhibit au improvement.
17 e have advanced 1, to 151 16 ; Mexican 1, to
tifii i ; BPanish Passive, 1 to 221 1 ; and the Cer-
eat" i to 11 1 ;
534. 1, ' but Italian have declined 1, to
II:. i;,,.--irkiBh 5 per Cents. are firm at 301 /, and
a . 41.--" Scrip at 211 prem. Chilian Scrip has
4e/
cline"
, t° ili prem.
beer,Ll;-e Railway Share Market the dealings have
seen to 4 fair extent, and prices generally have
miiwn increased firmness. Great Eastern, Metrio-
gret„a„l'"„a,u(l South-Eastern have each improved 4 ;
"‘ ilestern, Manchester, Sheffield and Lincoln,
aud li•di
' '..
1 -and, each 1; and Lancashire and York-
Theslr,l.
til,,. Forel
inactive,
gn and Colonial lines remain
ill: 'ireat Western of Canada are firm, and have
tred to i 4.
Sink Q,
Previotls 'uareil continue very inactive, at about
9 1 ~. quotations. Imperial Ottoman are marked
'ititll. r
1, 7 44ondon Joint-stock, 421 ; and Union of
°Mot; 45.
In Am...
Ito ....lean Securities Erie shares have advanced
74i , 37 38 ; United States 5-20 Bonds, 1 to 731
it.;• and Illinois are steady at 77f 781.
A._ !seelizineous and Finance shares are dull.
oolio-American Telegraph are marked 15i 1;
Illercial Union Assurance, 3i ; Credit Foneier
°E k:1) 1
B‘and, 3i i ; General Credit vtd Discount,

No change whatever is apparent in the discount
market to-day, the inquiries being very moderate,
and the rates remain the same as before. Owing
to the slight facilities offered in Lombard-street and
elsewhere the demand at the Bank is still very
limited.

Gobi to the amount of 10,000 sovereigns was
received at the Bank of England yesterday.
The Atrato has brought specie to the amount of
about £204,000 from the West Indies, and the
City of Paris, from New York, has arrived with
about £13,000.
Yesterday evening there was issued the prospectus
of the United Danubian Principalities Eight per
Cent. Loan for £1,264,420 stock, authorised by
law promulgated on the 15th July, 1866, and
ratified by a legislative vote of the 26th January,
1867. The whole sum is to be redeemed in 23
years by an accumulating sinking fund ; the
bonds to be drawn by lot yearly, and paid off at
£lOO ; the first drawing is to take place in Decem-
ber, 1867. Messrs. Fruhling and Goschen are the
contractors, to receive applications at the price of
£7l for every £lOO stock. Arrangements have
been made for the regular transmission of the requi-
site funds for the interest and sinking fund to this
eminent firm. The interest and sinking fund re-
quire an annuity of £121,910, whieh is secured by
a first mortgage on the yearly revenaes of certain
specified State, domains, yielding an annual income
according to official returns, of about £152,000,
and also by assignment of about £90,000 out of
Customs revenues, producing about £270,000, on
which the Seven per Cent. Loan has a prior hypo-
thecation of £82,440 per annum. The price of 71
per Cent., including the coupon due on the Ist
July, 1867, will be payable in the following in-
stalments :-10 per cent. on allotment, 10 per cent.
on the 20th March, 45 per cent. the 18th April,
15 per cent. the 18th May, 10 per cent. 18th
June, and 11 per cent. Ist July, less 4 per cent.
coupon, minus income tax. Subscription lists will
also be opened at Paris by Messrs. Oppenheim,
Alberti, and Co., at Frankfort by Mr. Augt.
Siebert, at Berlin by Messrs. G. Muller and Co.,
and at Bucharest by Messrs. S. llalfon and Sons.
Separate scrip certificates will be issued at each
place of subscription, and payment of all instal-
ments must be made at the respective places where
the applications have been received. No applica-
tion will be accepted in London after Thursday,
the 21st inst. It is estimated that the loan is
of an equivalent value to that of the previous
financial issue for the same States. According to
the calculation the 'security, including all the ad-
vantages offered, will yield to the investor nearly
per cent, per annum. The undertaking has been
very favourably looked upon at the Stock Exchange,
but although there is a nominal premium of 1
there is an indisposition to deal, owing to
the small amount of stock and the numerous mar-
kets in which it is to be allotted.
_ The English and Foreign Credit Company have
also held a meeting to-day, when a distribution,
amounting to 5 per cent. per annum, was recom-
mended.
4,A_rernittance has teen received on account of
e
o. dividend on the Debt of Ecuador of £1,269
168. 6d.