The Sun.
London, England, 1866-04-11 00:00:00

WESTMINSTER.

ENCOURAGEMENT OF CRlME.—Edward Beechen aged 15,
was placed at the bar charged with robbing his employer of
a great number of articles.
Mr. Thomas Phipps, of 9, Brompton-row, hosier, said
that prisoner had been in his service seven weeks as er-
rand-boy. During the last few days he missed a number
of articles from the shop, including two large parcels of
stockings. He watched the prisoner last night and saw
him proceed under the shop among the stores, where he lit
a 'candle, and reaching upwards, placed some money on a
shelf. After the prisoner had left the stores, the prosecu-
tor went to the spot and found 4s. in a box, and afterwards
discovered a paper in which some of the stockings had been
supplied. He then arrested the prisoner, who admitted
that he had robbed him of a great number of articles, and
had sold and pawned them.
Elizabeth Hall, IA, North-street, Chelsea, said that the
prisoner came into her shop to buy some fried fish and sold
her three pair of stockings.
Mr. Selfe—What did you give for them?
Witness - S ixpence.
Mr. Selfe—For all three pair ?
Witness—Yes. They were small. My daughter wanted
stockings very badly.
Prosecutor—The price of these stockings is is. 9d. per
pair. They are Angola.
Mr. Selfe (to witness) -So you gave 6d. for three pair
stockings worth about ss.
Witness-I did not know they were worth so much.
The boy told me he had picked them up in the park.
Mr. Selfe—Did you know him ?
Witness - No, I did not. _ _ .

Mr. Selfe—You had better be careful for the future,
Mrs. Hall, or you will get into trouble. Don't let me see
you here again under such circumstances, or you will find
there are two doors by which people leave here.
A pawnbroker next produced three pair of stockings
pledged for is., and it came out that a woman had been
pawning goods for the boy.
The mother, a very respectable woman, proved that
prisoner was a very bad boy.
Mr. Selfe said he must see the woman who had received
thins from thin hoy, and remanded hia fox that purpo§,

The Mysteries of the Stock Exchange.

From a Correspondent of the Money llarkci

Review.]

The long-continued and increasing depression in
the more hazardous securities, and the existing
panic with reference to some of them, which has
caused so much loss to investors as well as to specu
lators, induces me to trouble you with a few re-
marks, founded on my own experience, showing
how and why speculation on the Stock Exchange,
and even investments on speculative securities, are
necessarily peculiarly dangerous and ruinous.
The uninitiated and inexperienced are apt to
suppose that, buying and selling securities is much
the same as buying and selling produce, and that
the operation of the higgling of the market is to fix
with sufficient exactness the value of each of these
commodities ; but, though there is a certain amount
of speculative dealing in produce, and, more espe-
cially of late years, in cotton, it is obvious that the
comparatively stationary character of the value of
produce, and the limited number of persons who
deal wholesale in such articles as tea, sugar, &c.,
restricts the speculation in them within compara-
tively narrow limits. It is not very usual for an
outsider to purchase chests of tea or hogsheads of
sugar, about the value of which he is far less able
to judge than about Stock Exchange securities, and
the greater comparative elasticity of these impels
the principal current of speculation into this chan-
nel.

In Paris and on the other Continental Exchanges,
ians wells
ec a
raist ilens otuark
e placeprovincialt
hreoxuel,:crahngt
brokers, who are the mere agents the
ef
ttmrhacencils'oauuemttisoidni
public, and the seller receives the market value of
his security from the purchaser, the only expense
being the broker's commission, which is usually in
England per cent. on stocks, and from Gd. to ss.
i
on shares of £1 to £5O, or from to 2 per cent. ;
and from one-half to one-third these rates on the
Continent. On the London Stock Exchange, how-
ever, and there only, there exists the class of job-
bers who only buy what they are sure to be able
immediately to resell, the result of whose operations
is to foster, increase, and aggravate speculation,
and to entail an enormous tax, which is continually
increasing and probably amounts to upwards of a
million a-year on investors and speculators. It is
more especially heavy on the light shares of ,the
Finance and Marine Companies. If I want to sell,
for instance, Union Marine Shares with £2 paid,
,
at Liverpool, the last price being, say to 1 prem.,
my broker there seeks out another broker employed
by a purchaser, and deals probably at the middle
price, or 15-16ths prem. ; whilst, if I sell in Lon-
don, I lose the " jobber's turn," and have to sell at
loss to me, and a gain to the " jobber " of 2
per cent., whilst: on reselling he makes a similar
profit ; and if he only makes one such operation in
the shares in each fortnightly account his profit
will be upwards of 100 per cent. in the year.
This, however, is but a small portion of the " job-
ber's" gain ; and if the " jobber" were merely
like the retail dealer, who bought shares wholesale,
and resold them, without " banging," " rigging,"
or other trickery, at a profit, the public would not
be such considerable losers. But, in aid of the
" jobber's" schemes, there comes into play the ope-
ration of the fortnightly settlement ; and as the
outside public are usually " bulls," or speculators
for the rise, when this term approaches, the " job-
bers," who are usually " bears, or speculators for
the fall, by means of inventing and circulating false
or exaggerated reports, and by " banging " the
shares, produce, if they can, a depreciation in secu-
rities, or, at least, prevent them from rising ; and,
as the outside investors or speculators seldom buy
at the end of an account, and as the expense of
taking up registered shares is 10s. per cent. for
stamps, besides transfer fees, the " jobbers" are
able to make a further enormous profit in " job-
bing in contangoes." This is the penalty paid
for " continuing " the shares for a fortnight,
and this charge varies on the light shares from
Gd. to 2s. Gd., or from the rate of 10 to
that of 50 per cent. per annum. If a rise does
not take place within a few " accounts," the
needy speculator is obliged to sell, and put up with
his loss; but the wealthier operator who goes in
for large profits and slow returns, which is his only
chance, and who thus saves " contangoes" and
brokers' commissions on " continuation," borrows
money for from three to six months from his banker
or broker, at 1 per cent. above the Bank rate, on
deposit of a sufficient cover, and stipulates that he
shall pay but one commission on buying and another
on selling.
If the tendency of the market is upwards, and
discount is low, the " jobbers" immediately set
agoing all sorts of reports of a probable decrease in
the Bank rate of discount, of enormous dividends,
colossal additions to reserves, prodigious sums to
be carried forward, great names to be added to
boards of direction, advantageous amalgamations
to take place, large transactions entered into likely
to be profitable ; that Rothschild, Baring, Peabody,
or the directors are buying largely, and they then
gradually " bull " the market by a tacit and com-
mon understanding, and raise the quotation by de-
grees ; and the outside public, as a matter of course,
urged by their brokers, rush in and buy on the
rising market.

I Will suppose the quotation of certain shares to
be to 1, when the " jobbers" see that the chances
arc favourable for " bulling." One or two of the
more influential, wealthy, and daring, whom all the
rest follow like sheep, call them 1 to 11, feeling
their way gradually as to how many they will sell
at that price, and thus only risking their " turn" if
sellers appear, whilst, if buyers preponderate, they
then advance the quotation to 1,1 to li, and so on,
their leaders, perhaps, even risking somewhat more
than the " turn" if the current is obviously strong
in favour of the rise, whilst, at the bi-monthly " ac-
count," they may, perhaps, call the " contango"
" even," or 3d. " back," in order still further to
encourage the outside " bulls" by the idea that it is
a " bear" account.
As soon as an opportunity ocecurs, or can be
made, for turning round, such as a real or supposed
rise in the rate of discount, or something disastrous
or ominous in the affairs of one or more companies,
then are set going rumours of failures and calls, re-
ports of losses, surmises of diminished dividends, or
of the withdrawal or bankruptcy of directors, or as-
sertions that Rothschild, Baring, Peabody, or the
directors are large sellers; and then the " jobbers"
turn round, and become " bears," or sellers,
with all the additional leverage which it is so
much easier to establish on the fears than on
the hopes of speculators. By reversing the
operation above described, but risking the " turn,"
and, perhaps, somewhat more, and thus " banging"
the shares, a heavy and profitable fall takes place,
which, besides benefiting the " bear," stimulates
and increases the business of all the dealers.
There is another rock on which specUlators
usually split, namely, that when money is easy
bankers and brokers will lend almost any amount
with a very small cover, but the moment there is a
rise in the rate of discount and a fall in shares the
cover is doubled or trebled, or the loan is called in,
and the shares must be sacrificed at any cost in a
falling market. Brokers are notoriously afraid of
incurring the of " jobbers" (for whom they
have a touching but, to outsiders, a costly sym-
pathy), by endeavouring to deal at toolow a " turn"
—say 1-32nd, which is considered shabby, or by
dealing with other brokers and thus depriving them
of their " turn," to the advantage of their clients, or
by opposing stratagem to stratagem, and saddling
the " jobbers" with shares when they suppose the
principal is a buyer, instead of allowing them to find
out, as they usually do, that he is a frightened or
forced seller, and then to " bang" the shares in order
to enhance the " turn" to the utmost possible ex-
tent. I may add that, in my experience, brokers are
the very worst advisers either as to buying or sell-
ing, and usually make a "mull" of their own private
investments.

Independently, however, of the dangers which
speculators and investors incur from the causes
I have already named, they run the risk of enor-
mous losses from Continental complications, revo-
lutions or rebellions, failures of cotton or cornt
crops, cattle disease, over-speculation in other parts
of of the world, from the market being glutted
Lap
foreign loans or other schemes,
pening in other companies, -from extensive I
death of
„ the
directors who see danger ahead, from
of shares to
from disastersby
large holders causing a large ntunbi
intrinsic rotten
be thrown on the market, from .
the incapacity of
ness of many of these companito-17
don of promoters and othcfrs,
brokers, who from the extor-
tion
or the treaehertyrezle
their usual rsome-
times receive double or
j2ew
schemes. In short, the
brokerage for puffingspeculator is infinitely greater
:„tilegd-table in Germany, and the risk
without a tithe of
t‘h‘paunlla"t against
g a
e than on the turf, in spi
te
of spi e
of loss "welshing,erabl
7,
Of "leg gi ' tor I conclude by ' •
the amusement excitement. e giving
ism,no.,r,e
and considerable s !
to persons about to speculate the same advice as
Punch does to those about to marry ,t Don't,'
A VICTIM.

WINDSOR CASTLE.--The State Apartments of
Windsor Castle will be open to the public on and after
Thursday next, under the usual regulations.
Tne quotation of gold at Paris is about 4 per mille pm., and
the short exchange on London is 25.25 per LI sterling. On
comparing these rates with the English Mint price of L 3
128.104 d. per ounce for standard gold, it appears that gold is
near'y 39,0t1is per cent. dearer in Loud= than in Paris,

IMPERIAL PARLIAMETiT

HOUSE OF COMMONS---THIS DAY.
Mr. DODSON, the Deputy Speaker, took the chair at 12
o'clock.

POSTMASTER-GENERAL BILL.
Mr. D. GRIFFITHS moved the second reading of this
bill, the object of which was to remove- the difficulty which
existed with respect to the Postmaster-General sitting in
the House of Commons.
The CHANCELLOR of the EXCHEQUER said hri
understood the bill did not lay down any rule with respect
to the Postmaster-General sitting in the House of Com-
mons, but only removed a certain difficulty which existed
with respect to that subject, . and therefore ho should
'ot diet any objection to the motion of the hon. gen-.

[eman opposite.

The bill was then read a second time.
Earl Grosvenor and th 3 Government.

A feeling of curiosity and surprise was created in the
house at this point of the sitting in consequence of the
following little scene taking place :

D:trl GROSVENOR (who, it will be recollected, is thq
mover of the amendment to the Franchise Bill, whicli
threatens the existence of the Government) rose, evidently
labouring under some embarrassment, and said he wished,
to know whether he might be allowed to put a question,
on a subject of the greatest importance-

Mr. DODSON, the Deputy-Speaker, here interposed,
on the point of order, and the noble earl at once resumed hia
seat, again asking, as he did so, whether he was not allowed,
to put the question ?

The DEPUTY-SPEAKER took no further notice of the
request of the noble Earl, but proceeded at once to '.!,a.11 on
the clerk at the table to read the next order of the day,
when the noble earl immediately rose from his seat and
left the house.

The above trifling incident seemed to give rise to muchconversation amongst the sprinkling of members present
when the matter occurred, and rumour in a very short
time after was rife that the noble earl intended either to
withdraw or greatly modify his amendment had he been,
allowed to put his question.
VALUATION OF LANDS AND HERITAGES
SCOTLAND (BILL).

Mr. DUNLOP moved the second reading of this bill.

The LORD ADVOCATE, on the part of the Govern-
ment, objected to the motion, on the ground that the mea-
sure was no improvement on the law as it existed, whilst,
be regarded it as a retrograde step in the way of progre

[LEFT SPEAKING.]

LONDON GAZE r I'E—Last Evening.

LORD CHAMBERLAIN'S. OFFICE, ST. JAMES'S
appointed by her
Majesty,N iee isto herebyhave given,been
heldthat
atne
kingham Palace, on
o'clock.
to Satin,.
PALACE, MARCH
is
uCco2uBr.t
Thursday, the 12th of April next,
day, the sth of May next, at three
WAR-OFFICE, Arum 7..
The Queen has been graciously pleased to give orders
for the appointment of Abraham Carlton Cliinberba
Esq., late her Majesty's Consul-General at Constantin°teleh'
to be an Ordinary Member of the Civil Division of the
Third Class, or Companions of the Most Honourable Order
of the Bath

Arum 9.
The Queen has been graciously pleased to give criers
for the appointment of Assistant Commissary-General
James Bailey to an Ordinary Member of the Military
112
Division of the Third Class, or Companions of the Most
Honourable Order of the Bath.

WHITEHALL, APRIL 7.
The Queen has been pleased to direct letters patent to
be passed under the Great Seal of the United Kingdom of
Great Britain and Ireland, constituting and appointing the
most noble Edward Adolphus, Duke of Somerset, K.G. ;
Admiral the Hon. Sir Frederick William Grey, G.C.B. ;
Vice-Admiral Charles Eden, C.B. ; Rear-Admiral Edward
Gennys Fanshawe, C.B. ; Rear-Admiral the Hon. James
Robert Drummond, C.B. ; and Captain John Hay, C.B.
(commonly called Lord John Hay), to be her Majesty's
Commissioners for executing the office of Lord High
Admiral of the said United Kingdom of Great Britain and
Ireland, and the dominions, islands, and territories
thereunto belonging.
WHITEHALL, APRIL 9. _ _

The Queen has been please'd to present the Reverend
James Skinner Mackenzie to the church and parish of
Little Dunkeld, in the presbytery of Dunkeld and county
of Perth, vacant by the death of the Reverend Daniel
Macbride.
WAR-OFFICE, PALL-MALL, Arum 10.
Royal Regiment of Horse Guards—Lieutenant Thomas
Charles D. Whitmore to be Captain, by purchase, vice
Mylles Bagnall Bowyer Adderley, who retires ; Cornet
Henry Herbert Wombwell to be Lieutenant by pur-
chase, vice Whitmore.
Royal Artillery— Second Captain Francis Swanson,
on the Supernumerary List, to be Captain ; Se-
cond Captain Thomas Bridges lleathurn to be
Captain, vice John Henry Porter Malcolmson,
transferred to the Bombay Staff Corps ; Second.
Captain Sir William Hamilton, Bart., to be Cap-
tain, vice Hungerfoid Merer Boddam, transferred to the
Bengal Staff Corps; Lieutenant Eldred Thomas Pot-
tinger to be Second Captain, vice Heathoru ; Lieutenant
Henry De Grey Warter to be Second Captain, vice Sir
William Hamilton; Lieutenant Brabazon Henry Pot-
Unger to be Second Captain, vice Henry Charles Bas-
kerville Tanner, transferred to the Bombay Staff Corps.
Coast Brigade of Artillery—Paymaster, with the honorary
rank of Major, Edward George Cubitt, from a Recruiting
District, to be Pa.yni..t.r,.vice_PAyreaster, with _ the
honorary rank of Major, Howland Webster, placed upon
the half-pay list as a Lieutenant, without half-pay.i
Royal Engineers—Lieutenant Henry Wathen Watson has
been permitted to resign his commission.
Coldstream Guards—Ensign and Lieutenant John Barton
Sterling to be Instructor of Musketry, vice Lieutenant
and Captain Henry Arthur Herbert, who has retired.
2d Regiment of Foot—Richard Salisbury Simpson, Gent.,
to be Ensign, by purchase, vice Neill Roger, who retires
on appointment as Deputy-Assistant Commissary-
Genera-1.

sth Foot— Ensign Frederic Richard Carleton to be Instruc-
tor of Musketry, vice Lieutenant George A. Shogog,
who has resigned the appointment.
32d Foot—Ensign Arthur Elebank Havelock to bo Lieu-
tenant, by purchase, vice Timothy morns, NvLo retires;
Albert Clarke, Gent., to be Ensign, by purchase, vice
Havelock. . .

391. Foot—Captain Henry Charles Mansergh, from the
4th West India Regiment, to be Captain, vice Hutto;
who exchanges.
69th Foot—Henry Stephen Swingy, Gent., to be Ensign,
by purchase, vice William Newman, who retires on
appointment as Deputy-Assistant Commissary-General.
86th Foot—Captain John Jerome to be Major, without
purchase, vice Frederick Stuckeley Savage, deceased ;
Lieutenant Gilbert Sidney Jackson to be Captain, with-
out purchase, vice Jerome ; Ensign Richard O'Shaugh-
nessy Brooke to be Lieutenant, without purchase, vice
Jackson; Gentleman Cadet William Henry Seed, from
the Royal Military College, to be Ensigli, without pur-

chase, vice Brooke. _
91st Foot—Lieutenant Charles Hollwa,y to be Captain, by
purchase, vice Henry Auburey Bond, who retires ; En-
sign William Salmon Mills to be Lieutenant, by pur-
chase, vice Hollway ; Eris Willoughby Osborne, Gent.,
to be Ensign, by purchase, vice Mills.
91th Foot—Charles Warren Humpage, Gent., to be En-
sign, by purchase, vice F. Buckley Campbell, pro-

lOath Foot—Major John Robert Mackenzie to be Lieute-
nant-Colonel, vice William Gordon Stoll, deceased ;
Captain Henry Adolphus Graham to be Major, vice
Mackenzie ; Lieutenant Henry Griffith to be Captain,
vice Graham; Ensign A. G. Clavering Power to be
Lieutenant, vice Griffith ; Gentleman Cadet Henry opie
Woodhouse, from the Royal Military College, to be En-
sign, vice ower.
2d West India Regiment—Ensign John Angus Lushington
Hamilton to be Lieutenant, by purchase, vice Archibald
Hamilton Duthie, who retires.

4th West India Regiment—Capt. Thomas Bruce Hutton,
from the 39th Foot, to be Captain, vice Mansergh, who
exchanges.

BREVET.
The following promotions to take place in succession
to General Henry Shadforth, who died on 30th March,
1866 :

Lieutenant-General Sir James Charles Chatterton, Bart.,
K.C.8., Colonel of the sth Lancers, to be General.
Major-General Richard Connop, Major, on half-pay;
Unattached, to have the rank of Lieutenant-General.
Major-General Thomas Molyneux William, Major en
half-pay, Unattached, to, have the rank of- Lieutenant-
General.
Major-General George Thomas, Earl of ibernarle,
Lieu-
Major on half-pay, Unattached, to have the rant:: of
tenant-General.
General. Maj C. 8., C.D., from Lieut.-
Brevet-Colonel Henry
74th Foot,
tCohbaerlmes
Brevet-Colonel Henry Darby. Grle_e,rai.
Lieut.-
Major-General George Thomas Colomb to be Lieut.-
Colonel 2d Dragoons, to be MaJor-u- u
Captain and Brevet Mato
0
b Lieutenant-Colonel.
Gordon, Royal Engineers,
Captain Angustus

COURSE OXIANGE-LaSt Evening,
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---
DEATH OF DR. THOMAS HODGKIN.—A telegram
dated "Jerusalem, sth April," has been received in Lon-
don, announcing the death of Dr. Hodgkin at Jaffa, after
a severe attack of dysentery. Dr. Hodgkin had proceeded
to the East in company with Sir Moses Montefiore, on a
philanthropic mission. Only a, few months ago they
visited Morocco together, and induced the Sultan to make
large concessions to his Jewish subjects. Dr. Hodgkin's
whole life had been spent in the service of his fellow-
creatures of all races. He was one of the founders of the
iScoal ; a member Societies ; the
Aborigineshonorary
secretary
Protectionreta
ry of th
eGeographical
and Ethnolog
Society
of the Senate of the University of London, and intimately
connected with many other scientific bodies. This lamented
and truly estimable gentleman died in his sixty-eighth
year. AO ITafa ottiOlaed tQ the Society Qf Friends,Friends,

111-PERIAL 'PARLIAMENT

HOUSE OF COMAIONS--LAsT EVENING.
Mr. DODSON (deputy-Speaker) took the chair at four
o'clock.

NEW MEMBERS.

Mr. C. Fortescue took the oaths and his seat for Louth,
Mr S. Goldsmith took the oaths and his seat for Honiton,
Ana Mr. Eckersley for Wigan.
NOTTINGHAM ELECTION.
Mr. ADAIR, the chairman of the committee, reported
that a witness named Springall had refused to attend the
summons of the committee. The witness was ordered to
attend on pain of imprisonment for contempt.
THE FRANCHISE BILL.
A number of petitions were presented in favour of this

bill.
lIAIVIPSTEAD, HIGHGATE, AND CHARING-
CROSS RAILWAY BILL.
Mr. C. FORSTER moved that the order that the Hamp-
stead, Highgate, and Charing-cross Railway Bill be
committed, be read, and discharged, and that the bill be

K ithdrawn.

The motion was agreed to.
LEIC ES T ER-S QIT ARE.
Mr. W. LESLIE asked the First Commissioner of
Works whether there was any intention of causing the en-
closure in Leicester-square to be turned into a garden or
ornamental ground, under the provisions of the Gardens
in Towns Protection Act, 1863 ?
tr. COWPER said the Gardens in Towns Act of 1863
imposed no new duties on him ; but with respect to Lei-
cester-square, it did empower
..the Metropolitan Board
of Works to deal with that spot, and the Board had pub-
lished a notice that they intended to do so. That notice
ht:d been followed by legal proceedings on the part
of the gentleman who claimed the soil of Lei-
cester-square, and he had no doubt that cause
would so be decided. With respect to the statue with one
leg and one arm, that was private property, and the owner
of it had ..tot taken that decent care of it which he ought to
have done.
TENANT RIGHT (IRELAND).
Mr. O'BEIRNE asked the Chief Secretary for Ireland
whether he would fix a day for the introduction of the bill
for the improvement of the law of landlord and tenant in
Ireland ?
Mr. C. FORTESCUE said he could not positively state
when the bill would be introduced, at all events it would
not be until after the decision of the house on the Fran-
chise Bill.

THE LOSS OF L'ABBE.
Mr. B. COCHRANE asked the Under Secretary of State
for Foreign Affairs whether the Foreign-office have re-
ceived any despatches to justify the hope that there are
some survivors of the ship L'Abbe, which was wrecked
off Tenadi Nuova in 1855, still detained as prisoners
among the Somaali on the coast of Africa; and, if so,
whether the Government would take any steps to procure
their release ?
Mr. LAYARD said the Government felt deeply for the
families of the persons who had perished by the loss of
this vessel. It had been supposed that all persons on board
had perished, but in 1861 it was supposed that some of the
survivors were in the Somaali country, and, accordingly,
inquiries were made which led to the belief that the hope
was altogether unfounded. But since that some hides had
been brought to Zanzibar with E uropean
belie aracters cut
upon them, and that had led again to the f that some
white people were in the Somaali country. It was inh
bited by a very wild race race of people,,and was almost inac-
cessible, but the Government had requested Dr. Living-
stone and Dr. Kirk, tile latter of whom was proceeding to
Zanzibar to make the most searching inquiry as to whether
any white people were in captivity. He could assure
the hon. gentleman that the Government would do all in
their power to effect the release of any Europeans, if it
should prove to be true that there were any under the un-
fortunate circumstances referred to by the hon. gentleman
opposite. (Hear, hear.)

INCOME OF WORKING MEN.
Mr. B. STANHOPE asked the Chancellor of the Ex
chequer what information existed as to the amount of the
aggregate income of the working men of this country, and
on what basis that amount had been calculated ?
The CHANCELLOR of the EXCHEQUER said he
was not aware that anything which could be called infor-
mation existed on the subject. His observations had been
made upon computations derived from the census returns,
but that could not be called information. It was merely
an opinion.
BARRACKS AT NOTTINGHAM.
Mr. LOCKE, on the part of Sir R. Clifton, asked the
Secretary of State for War when the Government intended
to build barracks at Nottingham on the land which was
purchased from the Duke of Newcastle in 1862 for the sum
of £5,200 ?
The Marquis of HARTINGTON said it was quite true
that no vote had been taken for the erection of the barracks
in the estimates this year. The proposition, however, to
erect such accommodation would not be given up.
THE ESTABLISHED CHURCH (IRELAND).
Sir J. GRAY rose to move the following resolution :
" That the position of the Established Church in Ireland
is a jast cause of dissatisfaction to the people of that coun-
try, and urgently demands the consideration of Parlia-
ment." The honourable baronet said the subject he was
about to bring under the attention of the house was one
which possessed remarkable interest to the people of Eng-
land as well as Ireland. It was his intention in dealing
with the subject not to raise an unpleasant or acrimonious
discussion either within or without that house, and he hoped
that no one single word which might fall from his lips
would give offence to those in favour of the
Church as an Establishment. He trusted the house might
be of opinion that the time had arrived when
some active step might be taken in the matter, because it
was the general opinion in Ireland that the Established
Church in Ireland had failed in every one object
for which it was introduced into the country.
The Catholic subjects of her Majesty, he could
assure the house, would never rest
,until some
step was taken to remove that which was looked
upon with dislike by the great majority of the
people in Ireland. The hon. baronet then proceeded to
refer to a series of statistics to show the numbers of Pro-
testants and Catholics in various parts of Ireland, remarking
that one of the causes of the decrease of Catholics in some
places was caused by famine, pestilence, and emigration.
He next proceeded to quote various opinions to show that
the State Church was introduced into Ireland for political
purposes. To show the injustice of maintaining the
Establishment the hon. member traced its history from its
foundation in the 16th century to the present day, and
argued that it had been founded in tyranny and violence,
and perpetuated in injustice as an alien institution, and the
church of a miserable numerical minority of the people.
He reminded the house that the honour of England was
deeply involved in the question, and called upon them to
treat it as a matter of imperial interest, and, at all events,
consent to give it their earnest consideration.
Colonel GREVILLE, as a sincere Protestant and an
attached member of the Church of England, seconded the
motion, on the ground that the Irish Church was an ano-
maly, the cause of endless heartburnings and animosities,
and of weakness to the British empire. In the interest of
religion and social harmony it was time that the question
should be settled once and for ever; and that could only
be
done by placing all religious sects in Ireland on an
equality. In other words, let Parliament deal with Ire-
land asit had done with Scotland and Canada, and by that
means secure the lasting gratitude and constant loyalty of
the Irish people. But that
would
was not all, for pecuniarily re-
garded, England herselfprofiatnbdythe adoption of
a new and more equitable policy
Thirty thousand pounds sterlingmight be in
sthivsed yearlywise'—
by the withdrawal of the grant to.Maynootla a similar
amount spent on the Lord Lieutenancy, and at
least a
million more as the cost of supporting a large stand-
ing army. Glancing at ithe proposition which once
enjoyed so much of the favour of Whig statesmen, that
the Roman Catholic clergy eh ould be maintained out of
state grants, he observed that even if it were acceptable to
to the Romish priesthood, which it was not, it was cer-
tainly not a desirable measure, for the tendency of the pre-
sent age was to take away rather than create religious en-
dowments.
Mr. C. FORTESCUE, in indicating the course which
the Government proposed to take, delivered a speech of a
decidedly trimming character. Ministers, ho urged, occu-
pied a very different position from that which was held
either by the supporters or opponents of the motion, and
they could not uertake to deal with the question unless
they saw
mediateiy,yeeirt
iwnaztybt? bringing about a Chang©, if not im-
of what should be nef period ; with a clear view not only
not only of what undoneshould
d but of what should be done ;
be pulled down but of what
should be built up; and
with a distinct knowledge
state of public opinion both of the
being
sufficiently
and Scotland, as
well as in Ireland,
tured to enable them to bring cintly powerful and
theirma-
tured decisions to a practical
result. He admitted the case
against
and personally regarded
the
resolution the Irish Church,
with feelings of
cordial sympathy and concurrence. Re declined, there-
fore, on the part of the Government, to
°PPOSe it on any
principle of abstract equity or justice, or
permanent policy ; and whilst declining also
to take charge
of
of the resolution, he did so because of the iraposs-iebilha.t ;t- o
e
carrying it into effect. At the same time he wished it well
and God speed.
Mr. R. P. DAWSON opposed the motion, and ex-
pressed his continued determination to sustain in its in-
tegrity the united Church of England and Irelani in the
latter country.
Mr. P. URQUIIART remarked that ho had heard, with
feelings of mingled pleasure and regret, the speech of the
Irish Secretary, and
The O'DONOGHUE uttered a similar sentiment, be-
cause, after the statements made on previous occasions by
the Chancellor of the Exchequer, ho had expected that
the Government would have adopted a very different
course on the subject.
Mr. WHITESIDE was also astonished at the doctrine
laid down by Mr. C. Fortescue. The course proposed to
be taken by the Government was a remarkable illustration
of how, by throwing out hints for the encouragement of
agitation upon one subject they might secure a vote upon

- -
another, that of reform, which they were just on the eve
of debating. Adverting then to the arguments of the
mover of the resolution, the right hon. gentlememan denied
that Ireland was essentially a Roman Catholic, country, or
that the position of the Established Church there consti-
tuted a reason for its destruction any more than the fact
that the Church of England being in a minority in Wales
was sufficient ground for its abolition in the principality.
The present was a wretched attempt to withdraw the at-
tention of Parliament from the true state of Ireland, in
which there was a large revolutionary party, whose object
was to destroy the monarchy and establish a republic in
its stead. It was a direct attack upon the property of the
country, which was represented by the wealth and intelli-
gence of Ireland ; for the annihilation of private property
must follow the ruin of the property of the Church. It
should be remembered, too, that at the period of emancipa-
tion, the Roman Catholics voluntarily abandoned all claim
to interfere with the Established Church, and both Dr.
Doyle and Archbishop Murray declared themselves per-
fectly satisfied with the settlement then made. Recurring
to the policy of the Government, the right hon. gentleman
observed that he preferred the manful declaration that not
one shred of its property should be left to the Church to
keeping up a perpetual agitation and holding out the pro-
spect of that property being operated upon at a more con-
venient season, when agitation had been successful,
and the time was favourable for undertaking the good
work to which the right hon. gentleman had bidden
"God speed." What was that good work ? Was it
not the work of spoliating the Church, the appropriation
of property that did not belong to them, and which
they had no right to take away ? He trusted that the
house would not forget that this was a Protestant State ;
which meant that, whilst they respected antiquity and the
practices of their Church, they, nevertheless, asserted
the right of private judgment, and vindicated the inde-
pendence of the human mind. He trusted, then, that the
Church would never be overthrown by a British Parlia-
-1 ment, and certain he was that it would never be destroyed
save by the vote of a recreant senate and the consent of
an apostate nation.
Sir H. HOARE, believing the motion was based on
justice, gave it his hearty support. He was convinced
that until the great anomaly of the Irish Church was re-
moved peace in Ireland would be impossible.
On the motion of Mr. ESMONDE, the debate was then
adjourned until Friday.
Leave was given to Mr. Ayrton to bring in a bill to
appropriate a portion of the income from the Finsbury
estate of the suppressed stall of Finsbury, for the relief of
the spiritual destitution of the metropolis.
Leave was also given to Mr. Sergeant Armstrong to in-
troduce a bill to amend the law relating to mixed mar-
riages in Ireland.
The orders of the day were subsequently gone through,
and
The house adjourned at half-past one o'clock.

RAILWAY INTELLIGENCE.

---~

BAHIA AND SAN FRANCISCO.
The 17th half-yearly general meeting of this com-
pany was held yesterday at the London Tavern ;
Mr. T. M. Weguelin, M.P., in the chair.
The report, au abstract of which has appeared in
The Sun, was taken as read.

The CHAIRMAN, in moving the adoption of the
report and statement of accounts, congratulated the
shareholders upon a steady increase in their traffic,
and though it was not so rapid as they had hoped
for, still the progress was steady, and gave the ex-
pectation that at no distant interval the receipts
would cover the expenses, and they would then have
the whole of the guaranteed dividend. The traffic
receipts continued to progress up to the latest date,
and the secretary, Mr. Clay, had just informed him
that the traffic receipts during the first ten weeks of
this year amounted to £8,091, against £6,036 in the
corresponding ten weeks of last year, showing an in-
crease of £2,055, or above 30 per cent. It was ne-
cessary for him to say that the traffic had been better
this year, in consequence of an abundant crop. As
the Government now seemed determined to construct
the converging roads to the railway, it was to be an-
ticipated that the company would be able to main-
tain the steady increase in their traffic. The great
interest the President of the province had taken in
the construction of the roads was most important for
the development of the traffic on their line, so that
the company's working expenses should be at least
equalled by their traffic receipts. It was merely in
consequence of the deficit in the receipts to cover the
working and other expenses that the directors asked
the shareholders to assent to a propositi&i for de-
veloping the traffic to that extent ; as it was quite
clear that it was not the interest of the company to
endeavour, by the outlay of extra capital, to increase
the traffic to the advantage of the Government. The
directors considered that certain facilities might be
given to the traffic, by the outlay of a certain sum
which could in itself be made remunerative ; but if
there should be any deficiency of return on the extra
outlay it could be borne by the usual profit on the
company's interest account. For that purpose the di-
rectors proposed to borrow £20,000 ; but they did not
expect that it would be necessary to spend more than
£lO,OOO or £12,000 to accomplish the object theyhad
in view. They proposed to purchase and work two
steamboats from the present terminus of the railway
to the landing-place in the city of Bahia, as no doubt
the passengers and goods thus conveyed would pay
the full interest on the capital employed; another
object was to construct workmen's houses which
would pay a fair rent, and a market place at Ala-
goinhas, the terminal station of their railway, to
encouragethe formation of a town. It was believed
that the comparative small outlay proposed by
the directors would not only yield a fair return
on that capital, but have a moral effect in the
province, and place the company in a position
to request that the much needed roads might
be proceeded with more rapidly. He was happy
to state that the railway throughout had been
accepted by the Government, the President of
the province was perfectly satisfied with it, and
the only request he had made was that the direc-
tors should put up a clock at Bahia, which would be
done. Mr. Morgan, their worthy vice-chairman,
had suggested the opportunity of stating what was
very gratifying to the directors, and must be equally
so to the shareholders, that the company had com-
pleted the line within the capital, and was now
in good working order, having been constructed
within the estimated cost. (Hear, hear.)
Mr. MORGAN, deputy-chairman, seconded the
motion for the adoption of the report and statement

of accounts.
Mr. ROBERTSON said that the dividend would have
been at the rate of 61 per cent. per annum, instead
of 6 per cent., if it were not for the damage that
had been done to their line by the floods. He
thought the expenses moderate, although they
had been increasing during the past half-year. He
was opposed to raising money for steamboats, be-
cause he considered the money would be lost.
. The CHAIR3IAN said the object was to develope

the traffic and convey goods and passengers from
the company's present terminus,' 3i miles from
Bahia, into the centre of that city. The two
steamers would cost about £6,000, and with the aid
of lighters they would be able to convey traffic
direct to and from the railway without delay. The
Board unanimously recommended the plan proposed,
with the view to develope the traffic sufficiently to
cover all working expenditure, and thus secure for
the shareholders the full 7 per cent. guaranteed by
the Brazilian Government.
A long discussion ensued on items of account, in
the course of which objections were made to the
paragraphs in the report relating to the steamboats,
and to raising £20,000 without any guarantee.
After some observations from Mr. Goez, Mr. J.
Watson, and other shareholders, on a show of hands
an amendment for the omission of clauses 7 and 8 of
the report was negatived, and the report was carried.
A poll was d
ae
smanded.
authorising the directors to raise
s mentioned, on such terms
£20,000 for the purpose
A resolution
was The
retiring directors, Mr. H.Lewis,Mr. J. Mor-
Wickham, were
as they might deem advantaegwdeio.s:rsi‘r,l..p.,
Mor-
gan Mr. R. J. Gainsford, and
re-elected, and a dividend of 12s.
per share was de-
clued for the past half-year, payable on the 16thinst.
The proceedings concluded with a vote of thanks
to the chairman and directors.

LONDONDERRY AND COLERAINE.
The ordinary general meeting of this company
washeld yesterday at the office, Coleman-street-build-
ings, Moorgate-street ; Mr. J. R. Hall in the chair.
The report stated that there were three statements
of revenue account. The first, embracing the period
from the 30th of June, 1858, to the 30th of June,
1862, during which the entire rental of the railway
was taken by the Public Works Loan Commis-
sioners, in part payment of their loan and the inte-
rest thereon. The second, from the 30th of June,