The Sun.
London, England, 1858-01-20 00:00:00

'IRE SUN, LONDON, W EDNESD Ai' EVE NINO, JANUARY 20, 18,58.

very judicious time, just, indeed, when the ex-
change could expedite his advancement. He went
to the Crimea to learn strategy under Right
Honourable and Honourable leaders. And when
these leaders were enjoying comforts in their
private yachts, he was enabled to see some hard
work, which, to do him justice, he did not shirk,
but the efficiency whereof was something marred
by the want of experience. He did not
fail in the field, as a leader of
Cavalry. Cynics may say that he had not a
chance of showing the stuff that was ix him,
because the cavalry had been virtually annihilated
—not by the weapons of our opponents so much as
by previous mismanagement and defective arrange-
ments.

The Guards had their turn in the Crimea. Sir
W. CODRINGTON was advanced over the head of
Sir Come CAMPBELL on the alleged ground that,
although the gallant Highlander had earned
abundant laurels on every occasion when called
on, he was only a good, au admirable follower,
but had not the skill or discretion for a chief com-
mand. But what has now been proved ? What have
been the evidences supplied at Lucknow and Cawn-
pore ? With bravery never excelled, with the requisite
dash which a general must possess to acquire the
confidence of his troops, he has been peculiarly
chary of the lives of his followers, has been eco-
nomical where economy was a real virtue. He
never left an essential duty undischarged, but he
did it in the cheapest way, so far as his men were
concerned—never sparing himself, but only his
men. Indeed the only charge that could be pre-
ferred against him was, that he was not suffi-
ciently careful of the Commander-in-Chief.
Indeed, he looked more to the safety of private
soldiers than to himself.

And yet this glorious—this illustrious—man
was passed over in favour of a Guardsman. Sir
WILLIA3I CODRINGTON was 'put over his head.
But he never complained, never abandoned his
duty in disgust ; but was willing to act as a sub-
ordinate to the best of his ability, so long as
the authorities did not deem it expedient
to elevate him to the position for which he was
not only best qualified, but for which he was pro-
nounced, by the voice of public opinion, to be
" the right man."

1 We have had another Guardsman in India.
One, against whose daring bravery and courage,
slander could not utter a single word. General
WINDHA3f has proved himself a man of unquestion-
able courage, one that would head a forlorn hope,
or " seek the bubble reputation e'en in the cannon's
mouth." But he has been "weighed in the
balance, and found wanting." Although slow to
condemn any person who wishes to merit appro-
bation, we fear that what has hitherto been
performed will not add to the prestige of
Guardism in India, or lead the true friends of
India, in that country, to desire a larger infusion
of the aristocratic element in their military esta-
blishments.
But for the disinterested conduct of Sir JAMES
OUTRAM, HAVELOCK might have been superseded
by WINDHAM, and then we shudder to think of
what might have been the fate of the helpless
fugitives. HAVELOCK inserted the sharp end of
the wedge at the moment when their destruc-
tion was an affair of hours, not of days,
and despair was impending over these true-
hearted English women. It was not death
they feared, but the horrors of Cawnpore were
fresh in their memories, and something far
worse than death itself loomed darkly in the
future. If these appointments are to be regarded
as indicating the future distribution of patronage
in India, we shall be compelled to examine, with
careful scrutiny, the forthcoming Government
measures. The Company's rule was decidedly
bad, but there may be something even worse, and
less beneficial to England or India.

"English farmers can learn nothingfrom China."
Such is the verdict of the Special Commissioner
who has been favouring us of late with some racy,
yet instructive, letters on China. We are not,
however, so sure that both our farmers and
" King THWAITES," perhaps Sir B. HALL, also,
may not all learn something from JOHN CHINA-
MAN. Joint BULL is giving him, or about to give
him, some costly lessons just now ; and it would
be well if we could get some inexpensive ones in
return. It is true we cannot copy him in detail.
Soil, where the Commissioner saw it, and the price
of labour, we suppose, every where---*dimate, too,
we imagine (for he shot pheasants amongst bam-
boos and rice-fields), are all very different from
their parallels here ; but then, of course, we must
take our lessons mutatis mutandis, or, as natu-
ralists would tell us, are must search for the cor-
responding types in our longitudes and latitudes.
Cereals here and cereals there ; manures in
China and manures in England. As to soils, we
should fancy, however, that China has "clays" as
well as we. Certainly the Chinese long tormented
our potters by beating them all ; and if they have
lost some of their ancient art, they yet can do
some things in porcelain which we cannot.
If the farmers of Norfolk and the Lotbians
indeed know anything of their business, we can
do nothing in improving land and growing heavier
crops, without green crops and cattle to consume
them ; and we can do little in the way of green
crops without cargoes of bones, and oilcake, and
above all, of guano, while that lasts. And if Mr.
MECHI be right, we must liquify our manure,
collect it in tanks, and by some means, by pipes and
hose, he says, distribute its odoriferous fertilising
qualities among the growing crops. Now, our
Chinaman finds hard labour cheaper than tubes
and hose, and cattle being of no use to him, for
rice, not beef, is his food, they are rarely to
be seen. But for the matter of tanks he beats
Mr. MEoHI and his followers hollow, and for guano
and other foreign manure, he thinks home produce
cheaper ; and while we are fearing the early
exhaustion of Peruvian rooks, and sending HER
MAJESTY'S ships to hunt for guano in all the
rainless latitudes, our Chinese agriculturist has no
fear of his guano failing. He relies on 300,000,000
places an earthenware tank at
of people, and
every cottage door in the country, and innumer-
able similar tanks around the suburbs of all his
towns. His rivers flow unpolluted to the sea,
and his soil absorbs corruption to return it in
verdure and food. Our Premier's dictum is
verified, and dirt, being in its right place, is at a

premium.

It is true there are some little attendant deduc-
tions ; but then, as Lord JOHN RUSSELL would
say of even the English h Constitution, and as a
High Churchman would admit of the Church of
l
England, all things human must have some imper-
fections. The imperfection of JOHN CHINAMAN'S
Mr. MEcrifs, we
tanks is that they are open.
know, are well closed, and he who would open
them must be prepared to live in an atmosphere
of hartshorn. Mr. MECHI would tell us that the
ammonia—so liable to become volatile—must be
retained, if possible—that, though so ready to play
truant,; it is one of the most valuable ingredients
of his nk. Cannot Mr. Commissioner enlighten
the Ch amen on the virtues of ammonia, and be
the , la or the MECIII for the 300,000, 000. Once
i
give themthe cue, and every little tank would be
sedulolsly dosed, or trapped, at least, in some

ingenious mode, as now it is recklessly left open to
be the never-forgotten annoyance of Englishmen
in China. JoHri. CarNAmAlf, now, laughs at the
sensitiveness of an Englishman's nasal organs, and,
it seems, levies sometimes a heavy tax for removing
a junk laden with the precious but offensive
cargo away from the Englishman's vessel. But
most assuredly if he knew that by finding some
efficient substitute on the large scale for valves
and stoppers he should get one ear more on each
plant of rice, JOHN would devise the way to do it.
Mr. THWAITES, it must be owned, is quite out.
done. The Chinese Metropolitan Boards have
no trouble with the sewerage. No edicts from
Pekin are needed ; there is no underground
work, and all is at least aboveboard, whether in
all senses it be fair or not. There are no disputes
about plans to convey it in closed or open ditches ;
no quarrels about oval drains or tubular drains,
or drains at all ; no cleacce maximce, or minimce
either. No, the sewage is all collected and all
deposited by the voluntary principle—no oppres-
sive rates afflict the householder, nay it would
seem that he makes a gain rather of what we
pay to get rid of ; and where Western
habits lead to secrecy and retirement, he
officiates in public as a High Priest of Ceres.
The temples where her offerings are collected
appear to be innumerable. How is it that Mr.
THWAITES cannot arouse English Agriculturists
to the value of London to them ? With abundance
of horses, carts, railways, and mechanical skill
at command, how is it that he cannot have
them bidding for his sewerage, as Chinese
bid for the privilege of placing a large open
earthenware tank near some place of popular
resort ? It is unquestionable that Mr. THWAITES
is now scheming to carry one or two millions
pounds' worth of manure bodily into the sea or
into the estuary of the Thames, for which JOHN
CHINAMAN would gladly pay the full value and
carry it away too.

In one respect, every farmer will own that the
Chinaman is wiser than we—he has no game laws.
Our " Commissioner," when he determined to
study and report on Chinese farming, thought it
was as well to mingle little of the duke with
the utile. He took, therefore, his double-
barrelled gun with him, and, the only dan-
ger being that of peppering a Chinese rice
planter, as well as bringing down a pheasant, he
enjoyed some excellent sport. We commend both
their laws, or no laws, and his mode of study ; and
when we go to farming-school shall not forget to
profit by his example.

LATEST NEWS.

TEE CURRENCY.

__-46.-

Comments on the Currency—Fallacies of Lord
Overstone, avowed by him in his Evidence before
the Bank Committee of the House of Commons
of 1857, as the Principles upon which the Bank
Charter Act of 1844 was founded.
(Continued.)
The great wheel for circulating the capital of the
world, money, is constructed of two materials, coin
and paper, the first constituting as it were, the axis
and the last the circumference of the wheel. The
paper money is of two kinds, both of which come
under the class of credit money, namely, cash paper
money, possessing no intrinsic value, such as
Bank-notes and cheques, and bill paper money and
other paper securities to pay money at distant
dates. Both circulate on confidence, which is the
foundation of credit ; but as Bank-notes and
cheques are payable on demand there is little or
no credit compared to bills, which form the largest
and most influential portion of the great wheel of
circulation. If a great shock comes to confidence,
a collapse takes place, bills become comparatively
useless as a medium of exchange, the great wheel of
circulation is broken and stopped • Whatwould Lord
Overstone prescribe as a remedy ?He would say reduce
the power and size of the remnant of the wheel
still more by diminishing the quantity of the ready
money portion—the bank-notes, the cash. He
would say, perish commerce, crumple up those
who procure the ready money in exchange for bills
(the great London discount houses), but don't sac-
rifice my great principle until the last ex tremity
and general confusion has become imminent.
What would common sense say ? Repair the wheel
as soon as possible to keep trade in motion—take
away the rotten material and put in sound—in-
crease your issue of bank-notes to supply the place
of bad bills, and rescue the commerce of the world
from being paralysed by the ruinous action of a false
principle.
We have called attention to two of Lord 0 ver-
stone's fallacies—viz., that bank-notes alone con-
stitute paper money, and that a paper currency
should fluctuate as 0, metallic currency. We LOW
proceed to

FALLACY No. 3.

That a Bank of England note is nothing more
than a certificate of gold.
In answer to 3,899, he says :—" The opinion
which I hold is perfectly plain and distinct, that
bank-notes are nothing more than certificates of
gold in deposit." This definition did not appear
to the committee so perfectly plain and distinct, and
they renew the interrogation later on, thus-4,024.
" Yogi. lordship in another part of your evidence
has stated that the tank-note is nothing more
than a certificate that so much bullion is deposited,
which bullion is to pay that note when demanded
Ans.—" I stated that a bank-note is a certificate
issued against bullion ; of course we cannot say that
26,000,0001. of bank-notes are the certificates of
bullion actually deposited, when there is only
10,000,0001. or 12,000,0001. of bullion depositel
4,025. " You have frequently made use of the ex-
pression that the bank-note is nothing more
than a certificate of so much bullion ?" Ans.—
"It is a certificate of that amount of bullion which
would be in circulation as money if there was no
paper notes. That 14,750,000 of Bank of England
notes issued against securities are certificates of
bullion is by no means so clear and distinct to
others as to himself. In another part of his evi-
dence (3,648) he illustrates his definition thus—
' That practical and sagacious statesman, Sir Robt.
Peel, applied his mind to the subject. He at once
grasped the true character of the paper bank-note
(derived from his own opinion given before the com-
mittee of 1840, and for which he says he felt com-
plimented.' " 4,124.)—" Be saw that if it was
at all times to be converted into gold, it must be
treated as the direct representative, or I may say,
as the shadow of the gold." Had Sir Robert Peel
grasped in his hand the bank-note of some country
bank that had stopped payment, we could have un-
derstood its similitude to a shadow of gold. But a
Bank of England note is neither the shadow of
gold nor of money—it is itself money, and of the
best quality, being a perfect security for obtaining
its equivalent specified value in capital in every
civilised country in the world. We would ask, Are
not Bank of England notes and all bank-notes
merely securities upon which the public advance
their capital—the bankers who issue them lending
their credit only, upon the strength of which the
public lend their capital ? The bullion and other
cash reserves held by the bankers are a security to
them to enable them to discharge their promises to
pay on demand, but do not the notes themselves
circulate with the public merely as personal secu-
rities, and not as certificates of bullion ?
FALLACY No. 4.

That all great fluctuations in the rate of interest
may be distinctly traced to alteration in the value
of capital—never once to alteration in the quality
of money.
Lord Overstone, in reply to question 3,653, says,
" I have already stated, and perhaps it is better to
re-state, for really the difficulty of hammering
truth into the public on this subject is some-
thing very disheartening, that the fluctuations
in the rate of interest arise from one of two causes,
"an alteration in the value of capital, or an alte-
ration in the amount of money in the country. All
great fluctuations of interest, great either in their
duration or the extent of their fluctuation, may be
distinctly traced to alteration in the value of
capital : two more striking illustrations of that fact
cannot be furnished than the rise in the rate of
interest iii 1847 and during the last two years." It
is certainly very difficult to hammer the truth into
the public on the subject of the currency, and
much more so, fallacies. The firot difficulty we
have to encounter in the explanation of this fallacy
is the confusion arising from confounding money
and capital, and confusion is made worse con-
founded by Lord Overstme's evidence. He says,
in answer to 3,720, "It is a very common fallacy
to consider money and capital as the same thing ;"
and yet, in answer to 3,243, he says, "If France
to-morrow put out a notice that she wishes to bor-
row a very large loan, there is no doubt that it
would cause a very great alteration in the value
of money ; that is to say, in the value of capital in
this country." He is asked (3,744), " Would you
be so good as to describe what you actually mean
by the term capital ?" This he declines to do. He
replies, " I am afraid that this is going into a ques-
tion which is a little beyond such a body as this
fully to enter into—(not very complimentary to
the Committee, of which James Wilson was a
member, nor creditable to himself as the
founder of a monetary system)—" if you want me to
define capital I shall beg leave to decline entering
into scientific definitions." Again, (3,746) "your

,
lordship now uses the term money ; I understand
your paper to say it was a loss of capital ?" In
reply to 4,023 he admits there was a " curious
jumble of words" in a previous answer he had
given—we should say of ideas likewise, and cannot
acknowledge him to be a great authority on the
currency when he declines to define capital, and
takes shelter in the deplaration "that the use of the
word capital is very dangerous." 6,140. In the
definition of money he and the Bank Committee,
after some disputing, come to the conclusion " that
money is means by which capital is obtained."
The confusion between money and capital is in-
creased by the general ideas that the value of
money depends upon the abundance or scarcity of
capital ; this is true to a certain extent, and arises
from the magical influence of the connecting link
between them, credit. When capital is abundant,
be it from good harvests or any other cause, credit
is also abundant, and credit money (which is
unlimited in amount compared to that of coin
money, and has the same influence in price) is
plentiful and money is cheaper. On the other
hand, when capital is scarce, be it from bad
harvests or great losses, or any other cause, credit
and credit money are scarce and money is dearer.
Money and capital are also intimately connected,
being demand and supply to each other. The
owner of money seeks to exchange it for capital to
gratify his wants and desires ; and the owner of
capital seeks to exchange it for money to obtain other
capital more suitable to his wants and desires. They
are, nevertheless, distinct, and must be kept so in
the mind's eye in considering this vexed question of
the currency. As Adam Smith says—" The great
wheel of circulation (money) is altogether different
from the goods (capital) which are circulated by
means of it." We will, therefore, assume the ordi-
nary definition of capital to be correct ; that it is
service and commodities used in production ; and
that money is the means of obtaining and exchang-
ing
these by virtue of its cardinal property, as a
security for obtaining its equivalent value on
capital.

Having endeavoured to remove the confusion
between capital and money, we proceed to the con-
sideration of the fallacy, that all great fluctuations
in the rate of interest (discount) may he distinctly
traced to alterations in the value of capital. This
question, then, presents itself, Did the recent
alteration in the value of capital in this country, to
the extent of some 20 to 50 per cent. on raw mate-
rials, precede or succeed the alteration in the value
of money ? The late panic gives us an excellent
opportunity of answering. All admit that the panic
originated in a suspicion that railway property in
America had been over estimated in public opinion,
that thedividencls paid had not been honestly,earned.
This suspicion proving to be well founded, gave a
g eat blow to confidence in them, and almost annihi-
lated the credit money which had been created and
kept afloat on the credit of their imaginary value.
This collapse of credit extended to Europe, and
produced similar effects, the necessity of liquida-
ting credit money, and the consequent diminution
in the quantity of money. All had to run for specie,

or for ready money, considered to be as good as
specie, such as Bank-notes and Government paper.
The run in each country, and the advance in the
rate of discount, was in proportion to the breadth
and soundness of the cash bases of their respective
monetary systems. The wider and sounder the basis,
in proportion to the superstructure of credit, the
less scarce was the pecuniary pressure, and the
lower the rate of discount. In England the
run was for gold and for Bank of England notes,
being the legal tender constituting our monetary
basis ; in France, for silver, and gold, and notes
for the Bank of France, which latter, though not a
legal tender, are, in public belief, considered to be
as good money as specie. In Prussia the run was
for silver and Government paper. In Hamburg
the run was for silver, their only legal tender, hav-
ing no State paper money, and consequently having
the narrowest monetary basis of any country. Her
embarrassment was the greatest-, and so extreme as
to oblige her to become indebted even to Austria
for assistance.

To return to the question, whether the recent al-
teration in the value of capital preceded or succeeded
the alteration in the value of money, we shall en-
deavour to show that the price of commodities
(other circumstances influencing supply and demand
remaining the same) rise and fall with the
expansion and contraction of credit, and con-
sequent contraction and expansion of ore-
dit money. Any great loss to capital, as we
have already shown, diminishes the quantity of
credit money (and all paper money, from a bank-
note to a bill of any length of date, is credit money),
and raises the rate of discount, and vice versa. The
explanation of this effect we shall find on reflecting
that capital, the produce of labour, is the founda-
tion of the purchasing power ; but that the belief
that a person possesses capital, which is credit, has
a power of purchase equal to capital itself. A per-
son going into a market and buying goods upon
credit affects prices just as much as if he bought for
cash—prices depending is the proportion of demand
to supply, and the demand being increased just as
much by credit as by cash. This view is corrobo-
rated by J. S. Neill, who says, " 1 apprehend
that bank-notes, bills, or cheques, as such, do not
act upon prices at all. What does act on prices
is credit in whatever shape given, and whe-
ther it gives rise to any transferable instruments
capable of passing into circulation or not."
We submit that we have shown that during the
period of the last two years, to which Lord Over-
stone refers as a striking practical illustration of
the correctness of his views, the alteration in
the value of capital succeeded and was the conse-
quence of the alteration in thevalue and quantity of
money ; and with regard to his other practical illus-
tration of 1847, the Lords' Committee which sat in
1848, after taking into their consideration all the
vast losses of capital incurred at that period, re-
ported—" That the restrictions (on the currency,
imposed by the Act of 1844) materially aggravated
the pressure (for money, raising the rate of dis-
count), and produced the panic of October, 1847.
We come, then, to the conclusion, that great fluc-
tuations in the rate of interest (? discount) are not
owing, and cannot be distinctly traced, as Lord
Overstone maintains, to an alteration in the
value of capital ; but, on the contrary,
that an alteration in the value of capital,
other causes remaining the same, is owing to a di-
minished quantity of money and credit. The same
cause being equally applicable to great and minor
fluctuations.

(To be continued.)

HEALTH OP LONDON DURING TBE WEEK,

(From the Report of the Registrar General.)
In the second week of the year the total number
of deaths registered in London was 1,289, of which
637 were deaths of males, 652 those of females. In
the 10 years 1848-57 the average number of deaths
in the weeks corresponding with last week was
1,232 ; but, as the deaths included in the present
return occurred in an increased population, the
average, to admit of comparison, shoull be raised
in proportion to the increase, in which case it will
become 1,355. The returns for last week are,
therefore, so far satisfactory as to show that the
deaths were less by 66 than the number which the
average rate of mortality in the second week of
January would have produced.
The 1,289 deaths are classed under five general
heads ; 261, of which number 210 are the deaths
of young persons, are referred to zymotic diseases ;
259 to constitutional diseases ; 605 to local diseases;
142 to developmental diseases ; 13 are the results
of burns, drowning, wounds, or other injury. Nine
deaths are not assigned to any of the above classes,
because the fatal disease or injury is not described,
—a defect in the returns which is not unavoidable
in some cases, but will necessarily arise in others,
where a coroner's jury, who have been summoned
to investigate the cause of death, have not been able
to ascertain it.
In the miasmatic order of diseases measles has
taken the most prominent place ; since the middle
of December it has increased in the following
weekly numbers :-41, 45, 60, and 65. Of the 65
deaths of last week five occurred in the west dis-
tricts, 10 in the central, 13 in the south, 17 in the
north, and 20 in the east districts. Five children
died of measles in the sub-district of Camden-town,
and the same number in that of Rotherhithe.
Whooping-cough was fatal in 41 cases ; scarlatina
in 39, among which latter are one or two cases in
which diptheria is mentioned as the cause of death
—a common complaint at the present time in Lon-
don and also in the country, in some parts of which
it appears to be known as "the throat disease."
Last week bronchitis carried off 197 persons, pneu-
monia 101, laryngeal affections, spasm of the glot-
tis, &c., 11: The mortality from pneumonia is less
than its usual amount ; but the degree in which
bronchitis is prevalent and fatal appears from the
fact that the average number of deaths from it,
raised for increase of population, is 150, while the
actual number is close on 200. Seven nonagena-
rians (of whom six were women) died last week ;
the three oldest were aged respectively 94, 95, and
96 years.
Last week the births 0002 boys and 861 girls
—in all 1,763 children—were registered in Lon-
don. In the ten corresponding weeks of the,years
1848-57 the average number was 1,571.
At the Royal Observatory, Greenwich, the
mean height of the barometer in the week was
30.209 in. The mean daily reading rose about 30
in. on the 22d ult., and continued above it on the
25 days following, with the exception of one day,
the 9th inst. The greatest barometric pressure of
last week occurred on Tuesday, and was 30.46 in.
The mean temperature of last week was 39.8 deg.,
which is 4.2 deg. above the average of the same
week in 43 years (as determined by Mr. Glaisher.)
On Sunday (the 10th) the mean temperature was
46.4 deg., which is 10.7 deg. above the average of
the same day. It fell to 35'3 deg. on Thursday,
which is rather below the average. The highest
temperature in the week wasso.9 deg. on Sunday ;
the lowest was 29.4 deg. on Tuesday. The mean
daily range was 13.8 deg. The difference between
the mean dew point temperature and the air tem-
perature was 3.2 deg. The mean degree of hu-
midity was 89. The mean temperature of the water
of the Thames was 39.8 deg., the same as that of
the air. The wind blew with great regularity from
the south-west. The rainfall measured was only
0.06 in.

ARRIVAL OF THE PRINCE OF PRIISSIA.—His Royal
Highness the Prince of Prussia arrived at Dover at an
eary hour yesterday morning, and left for London
by a special train on the South-Eastern Railway at a
quarter past 11 o'clock. His Royal Highness was
accompanied by the Prince Holstein and the Prince Riaz,
and attended by his Excellency Count Bernstorff, Count
Armin, Count Brandenburg, and a numerous suite. The
chairman of the South-Eastern Railway Company, the
Hon. James Byng, and the gtniral manager, Mr.
Eboratl, met the royal party at Dover station, and con-
ducted the train to L mdon, where the il'ustrious party
arrived at a quarter past one o'clock. The Duke of
Richmond, in command of the Sussex Militia, and
General Cranford and Staff, were in attendance at the
Dover station. His Royal Highness the Prince of
Prussia was met at the Bricklayers' Arms station by
his Royal Highness the Prince Consort, attended by
Colonel Ponsonby. Mr. Teulon and other directors of
the railway ware also in attendance at the Bricklayers'
Arms station.

Hi 3 Excelle❑cy the Conte de Redern, Lord Chamber-
lain to tce King of Prussia, ba3 arrived at Maurigy's
Hotel.

His Excellency the Mexican Minister and Madame
Al front° will return to town to-morrow, from Paris.
His Excellency Don Juan Francisco Martini, Envoy
Extraordinary and Minister Plenipotentiary from the
Re puthie of Guatemala, has arrived at Maurigy's Hotel.
The Earl and Countess of Craven and Viscount
Uffington, and the Ladies Elizabeth and Evelyn Craven,
arrived at the family mansion in Charles-street,
Berkeley-square, last evening, from Aando en Park,
Berks• for a few days.

The. Duchess (Emil:o of Beaufort and the Ia lies
Soweriet arrived at Warwick House Stable-yard yester-
day, from Bahn Tatou, Gloucestershire.
Tt.e Baron and Baror ess de Rottermr ni have arrived
at the Brunswick Hotel, Sr. James's, from the Conti-
nent.

Vise )untess Inge3tre was safely delivered of a
daught3r on Tuesday, at her residence in Ecoleston-
square,

Count and Countes de Flahault and Miss Elphinston
de Flahault arrived at Coventry flore, on Saturday,
from Torquay.
Lord and Lady Camoys and the Hrn Miss Stonor
come to town to-day from Stonor Park, Henley-on-
Thanses, Oxon.
The Earl and Countess of Wilton come to town to-
day from Egerton Lodge, Melton Mowbray.
The Countess Komila and family have left the Bruns-
wick Hotel, St. James's, for Paris, en route for St.
Petersburg.

LAW INTELLIGENCE.(This Day.)

ROLLS COURT.

(Before the Master of the Rolls, Sir John Romiily.)
WILLIAMS V. PAGE-LIABILITY OF MANAGING DIRECTORS.

This important cause came on for judgment this
morning.

The plaintiff, an original shareholder of an abortive
railway company, for forming a line from the Eastern
Rail way to Cambridge, filed his bill against the defend-
ants, managing directors of the projected line to Slecoup,
to pay to him a proportionate share of 9 7751., erroneously
paid by them to subsequent shareholders of
the company for additional advances made by
them, to enable the directors to comply with the
standing orders of the House of Lords, and obtain an
act of Parliament for racing the projected line. The
company was opposed, and failed in obtaining an act of
Parliament, told the project of forming this line waa
abandoned.

The defendants considered that the additional share.
holden were preference shareholders, and paid them in
full the money advanced by them, to the amount of
9,774/.

The plaintiff claimed 221., as his proportion of this
money, due to him on his shares as an original share-
holder.

His Honour, the Master of the Rolls, was of opinion
that the additional shareholders were not preference
shareholders for the advances made by them to enable
the directors to establish the company, and that the
defendants, the managers and directors of this abortive
ompany, had no right to pay to the additional share-
holders the sum of 9,7751., the money of the company.
His Honour held the defendants liable for the amount,
and granted a decree in favour of the plaintiff for the
sum claimed by him 21. 2s. with costs. His Honour
allowed the cause to stand over for calling other
shareholders and their representatives as defendants in
the cause, before passing decree against them.

COURT OF BINKRUPTCY.
(Before Mr. Commissioner Goulburn.)
IN RE PARKER AND RONALD —EXTENSIVE MERCANTILE

FAILURE.

To day was appointed for the choice of assignees
under the estate of these bankrupts, who were described
as of Bread-street, Cheapside, commission agents.
From the preliminary statements handed in by Mr.
Hayles on the part of Messrs. Hart, Broths's, it appears
that the trade debts are only about 1,0001., but there
are liabilities on bills in favour of Ronald and Co., of
Paisley, to the extent of 18,0001., of which the Western
Bank hold bills to the amount of 9,5501., and the Union
Bank of Scotland 1,0001., but it is expected the liabilities
will to a great extent run off.

Mr. Jones, Regent-atreet, was appointed assignee.

CITY SHERIFF'S COURT.
(Before Mr. Prendergast, Q.C.)
MORGAN V. CARTER-A SINGULAR CASE.

The plaintiff in this case sought to recover a sum of
money, paid as hearing fee, from defendant, under the
following singular circumstances :—Plaintiff instructed
Messrs, Linklater to recover a sum of money from de-
fendant, for which Messrs. Linklater wrote in due course.
That was on the 18th Dec. About the end of the mouth
Mr. Morgan removed the business from Messrs. Link-
later's hands, and issued a summons, served upon the
housekeeper's daughter, from this court. On the Bth
of January in the present year, Mr. Carter called
upon Messrs. Linklater, and paid the amount for
which they wrote to him. Messrs. Lioklater's
clerk took the money, and gave Mr. Carter, a
receipt. On the day the summons was returnable Mr.
Carter happened to be in this court, and hearing his
name called, he stepped into the box, and producing
his receipt, his Honour found a verdict for defendant.
It was now argued that defendant had no right to pay
that money without seeing that no process was against
him.

His Honour said Messrs. Linklater's clerk had no
right to receive the money.

A. gentleman from Messrs. Linklater's office said it
was rather singular that he should have been in court
if he did not receive the summons.
His Honour—lt is a singular case altogether. It is
singular that a solicitor should receive money after, the
business is removed from the office. You hays no claim
against defendant. As the service is not quite com-
plete, I'll return half the hearing fees.

POLICE INTELLIGENCE.— (This Day.)

MARLBOROUGH-STREET.
ATTEMPTING TO PICK POCKETS AT gen Mc.resTr's
TIIEATRE.—WiIIiam Popjoy Kippin, a middle-aged man,
was charged before Mr. Beadon with attempting to piok
pockets at the entrance of her Majesty's Theatre.
Detective Sergeant Tanner, 29 A, deposed that this
morning, about a quarter-past one, he saw the prisoner
at the entrance of the above theatre, Opera Ctl mule.
There was a great crowd assembled to see her Majesty,
and amongst them he noticed the prisoner pushing about
for more than ten minutes. The prisoner then suddenly
made a rush and got in front of two gentlemen, and
witness distinctly saw him put his hand towards their
watch guards, and immediately withdraw it, in such
a manner as to lead him to believe that he bad
got one of their watches. Witness at once made towards
him, but the prisoner having previously caught sight of
him ran off up Charles-street, into St. Alban's-place,
where he was stopped by falling into the arms of two
police-constables who were standing there. He subse-
quently searched the prisoner but found nothing upon
him. The prisoner had been previously convicted, but
since then he bad informed the witness that he had been
in the Crimea, and had his discharge at his lodgings.
Witness accordingly proceeded to his lodgings and found
a discharge in the name of Wm. Popjoy, as also
Crimean medal,
The prisoner denied being in the Haymarket for the
purpose of picking pockets. He served in the Baltic on
qbouaerodtlythdeiseChhairlgdeedrs,wiwthasa
medal.
Mr. home, and subse-
AIL Beadon said he should remand defendant for a
week, and if there was nothing else against him he
should discharge him.

THAMES.
SAVAGE OUTRAGE UPON AN UNFORTUNATE, WOMAN.—
Antonio Augustus, a foreigner, 21, was brought before
Mr. Selfe, charged with assaulting a woman named
Elizabeth Tremble, of 38, Baker-street, Stepney.
It appeared from the evidence that the prisoner was
the servant of a boarding-house keeper in Limehouse.
On Monday night the prosecutor went to the bons. of
the prisoner's master to inquire after a sailor with whom
she had been familiar. She was told the sailor was not
there, but she having reason to believe he was in the
house refused to leave until he was forthcoming. The
prisoner immediately attacked the woman with great
fury, and struck her several times with his fists
and kicked her. She fell to the ground and became
insensible. She bad received a violent Lek in
the abdoinen and another in the groin, and was
severely injured. She was carried to the London Hos-
pital, where she now remains under medical treatment.
Simon Ralph, No. 244 K, said it would be some time
before the woman would be able to attend the Court.

The prisoner's master, a foreigner, said the woman
said to be injured was in a publia-house drinking 'last
night, and there was nothing the matter with her.
Mr. Selfe—Some persons will make assertions at
random reckless of the consequences. Here is a medical
certificate stating that the woman is in the London Hos•
pital under medical treatment, and cannot be removed..
Toe prisoner was then held to bail to appear on
Wednesday next.

__ •
Mr. and Mrs. Thomas Townsend have left Ec—rt-varda's
Hotel, for Belmont Park, near Faversham.
In consequence of a very severe domestic affliction,
namely, the recent death of a beloved daughter, Colonel
Sir W. Davison, Equerry to his Royal Highness the
Duke of Cambridge, and his family are unavoidably
prevented the honour of attending the Court festivities
and nuptial ceremony of her Royal Highness the Princess
Royal and his Royal Highness the Prince Frederick
William of Prussia, •to which her Majesty has been
graciously pleased to send them invitations.
The Stockholm papers announce the betrothment of
the Hon. William Grey, Secretary to her Majesty's
Legation at Stockholm, to Mdlle. de Stedingk, only
daughter of Major-General Count Stedingk, Inspector.
General of Cavalry, and tbe Countess Stedingk, Dame
d'Honneur to her Majesty the Queen Dowager of
Sweden.

THE DIVORCE Act —The first application in Leeds
under the provisions of this Aot came before the borough
magistrates yesterday (Tuesday), when ai espsctable look-
ing woman, named Mary Wilcock, appeared for protec-
tion of property under the 21st section. She stated that
chi lived at 24, Park Cross-street, and that on the 16th
cf February, 1836, she was married to George Wilccok,
who deserted her without just cause on the 13th March,
1848, since which time they had been separated. Daring
the separation she had acquired property by her own
earnings, consisting of 11 houses, furniture, money, and
woollen waste, and she applied to the court for its prc.
tection from her hasband at,d his creditors. The hue-
band was not present, and the order was made.
THEORY AND PRACTICE OF MODERN AGRICULTURE.
—This is a perfect bijou to the farmers. As Lord Sr.
Leonards, in his "Hand Book," makes the driest subject
agreeable, so Mr. Corrigan makes rotatory crops,
manures, &c., as agreeable as old Horace himself oauld.
Mr. Corrigan enjoys the confidence of Ireland's real
patriots—Waterford, Clancarty, Leinster—and he an-
nlunces a pleasing fact with fervent pa`riotifut. Inti-
mately identified as we are with the agriculture of this
c iuntry, we have witnessed with satisfaction the rapid
progress it has made within the last few year.. Many
causes have tended to promote this gratifying result ;
we have not space no N to refer to any of these, but the.
fact is universally acknowledged that Irish agrieulthre
is rapidly and steadily progressing. To aid in fur:tiering
this good work is our object ; and if this treatise be
instrumental i i its promotion, our heart's e,esire will be
gratified and our labours amply comPenB;6ted."

MONEY MAR KE T

f. 21,
COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
Failures are now of comparatively rare occur-
rence, and after the wholesale suspension of firms,
lately recorded, the subsidence of such casualties is
a subject for congratulation, but the injury inflicted
by the severe ordeal through which the mercantile
community has passed, is too deep to admit of a
speedy removal of its effects. An occasional
stoppage, however, it may be regretted, cannot
therefore create surprise, and if, during the next
two or three months a few additions are made to
the already extended list of failed firms, no
general uneasiness will ensue, the public being
Prepared for such contingencies. YesterdaVafter-
noon the suspension was announced of Messrs.
Charles Walton and Sons, shipowners and ship and
Insurance brokers, with liabilities estimated at
85,0001. Their business some time back was very
extensive, but it has lately been circumscribed.
Accounts from Liverpool state that the Cotton
Market yesterday closed with rather more activity,
and quotations, in some instances, slightly advanced.
The sales amounted to 8,000 bales, 3,000 of which
were taken on speculation, and 500 for export.
The Railway Share Market presented a quiet ap-
pearance, and prices were without any material
alteration.

A large amount of gold was taken into the Bank
yesterday, viz., about 256,0001., the greater portion
of which was American.

There is still a quiet Money Market, those re-
quiring assistance holding off until the Bank meet-
ing tomorrow, when a further reduction is expected
in the official terms of diEcount.

The half-yearly meeting of the Union Bank of
London has just been held—James Farquhar, Esq.,
in the chair. A dividend for the last six months
at the rate of 10 per cant. per annum and a bonus
of 2i per cent. on the paid-up capital was unani-
mously agreed to.

There 7Was a meeting to-day of Messrs. Keiser
and Co.'s credit( rs. It was proposed on the part of
the firm to pay 10s. down, 3s. 6d. in four months,
3s. 6d. in eight months, and the surpilks 35., if the
committee of creditors consider the firm to be in a
position to do so, and if, on the other hand, they
are not, they will receive their release. Great
satisfaction was expressed, and the meeting passed
off satisfactorily.
The Funds remain without variation, but the
tone of the market is firmer. Consols are 942 for
money and 94k 95 for account ; The New Threes
are 95/; the Reduced, 942 k; and Long
Annuities, 2 1-16. Exchequer Bills are 225. pm.,
and India Bonds (under 1,0001.) are 14s. to 18s.
pm., and ditto Stock, 221. Bank Stock has risen
2 per cent., being now quoted 224 to 226.
Foreign Stocks aro quiet, and prices are gene-
rally firmer. Turkish 6 per Cents., are 9812, and the
4 per Cents, nominal. Brazilian 5 per Cents. are
102 ; Mexican 3 per Cents. 20 2 ; Russian 5 per
Cants., 1091 noi ; Sardinian 5 per Cents., 894 ;
and Spanish 3 per Cents., 41i 2.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5i 6; Mexican,
20i 21 ; Peruvian, 4i per Cents., 77 79 ; Ditto 3
per Cents., 52 54 ; Portuguese 3 per Cents.,
44 45 ; Russian 5 per Cents., 108 110 ; Ditto 4i
Per Cents., 98 100 ; Spanish 3 per Cents., 411 k ;
Ditto New Deferred, 251 26.
In the Railway Share Market this morning the
dealings have been rather numerous, and in most
instances prices have advanced about to 1 per
cent. Great Northern, Lancashire and Yorkshire,
and North-Eastern (Ber wick), improved ss. Caledo-
nian, Midland, North British, and South-Eastern,
10s. ; and Eastern Counties and Brighton
about 11. The Foreign and Colonial under-
takings have been quiet, and there is little
change to report in values. Great Indian
Peninsula improved about ss. ; East Indian,
Grand Trunk of Canada, and Great-Western of
Canada were each dealt in at yesterday's quota-
tions.

Mines, Banks, and Miscellaneous Shares were in
limited request, and prices ruled rather firmer.
Bank of Australasia improved 108., and Union of
London, 10s. to 15s. ; London General Omnibus
Company, ss. ; and Peninsular and Oriental Steam,
15s.

BRITISH FINDS THIS DAY AT ONE (Y01,(),:c
(From the Official Ltst;)
13,,nk Stook
Ensinees done.
225 426
8 per Cont. Reduced Aunnitiaa 95 4i
Per cent. Console Annuities 94i 15
New 3 per Cent. Annuities 95 4 5
Loup: Annuities, expire sti, Jan. 1860... 2 1-.6
Ditto 30 Years, expire sth Jan., 1860 1 13-16
India Stoc
ds, k
••..•••. .•...•• 221 India Bon . ..
Ditto, under 21000 ... 9 1 061-sols icrAccoun?,
Ex thequer 4
4000 A
22 p .50t)
P
nail. 2), _

........
1'11,101113 OF.
FOREIGN FUNDS Al ONE O'CLOCK.
ikitstrlan Rends, 5 per Cent,
....traaloan 5 per Cent. 102}
atexican 3 per Cent —
, Ditto Account 2oi
itussian Bonds, 1822, 1.: St., 5 per Cent —
Ditto Account
.. Ditto, 44 per Cent. lOO
Airdinian Bonds, 5 per Cent.
Ditto Account B9l i
aDuaish Bonds, 3 per Uent.
~ Ditto Account
xtirklah Bonds, 6 par cent —
Ditto Account 9Bi i a
Two o,cLuct,:.
Consols, money 94i 1
Consols for account