The Sun.
London, England, 1857-04-23 00:00:00

ITALY.

A letter from Genoa of the 13th, in the Constitu-
tionnel, says :
"For a long time past we have not had such a storm
as that which prevailed during Easter week. The waves
broke over the two wales, and flooded the decks of the
ve,sels lying within them. Fortunately the Empress
'Dowager of Russia did not leave on Sunday morning,
as she had intended. She went to Vilafrauca on the
'Saturday evening, and slept on board the Aloff frigate,
but as there appeared every indication of blowing
weather, her Majesty returned to Nice the following
morning. This event has. completely changed the pro-
gramme of her proceedings. The Empress will not
now start for Civita Vecchia until some day between
the 21st and the 25th, and her frigate will not be
accompanied, as was at first intended, by the whole of
the Riissian squadron, as part of them will have pro-
ceeded to Toulon with the Grand Duke Constantine.
The King has, it is said, fitted up a villa which be pos-
sesses in the neighbourhood of Rome as heir of 4aria
Christina of Savoy, and has placed it at the disposal of
the Empress Dowager during .her stay in the Papal
capital. Some days before Easter, her Maj-sty, in anti-
cipation of her departure, gave numerous alms to the
poor of Nice, and made presents to different persons to
whom she had become attached. As to the authorities,
a case containing several decoratiors has not yet arrived,
but, as it is expected every day, the delay in ht r Ma-
jesty's departure may, perhaps, enable her to distribute
them before she leaves."

The result of the conversion of the Belgian 5 per
'cent, loan is now known. Out of a sum of 26 mil-
lions, which is the capital of the loan, the reim-
bursements demanded amount' to seven millions ;
the remainder, with the exception of operations
made by the government direct, will be therecore
converted into 41 per cents. According to the last
account of the situation of the National Bank of
Belgium the circulation of that establishment now
exceeds the sum of 105,000,000 fr., the maximum of
the circulation allowed being 110 milliona.

The Madrid journals of the 18th do not contain
any political news of interest. A royal decree
charges the Ministfy of the Interior with the con-
struction and control of telegraphic lines.

A letter from Hamburg of the 15th, in the Augs-
burg Gazette, says :—" This town yesterday pre-
sented a most animated aspect, upwards of 4,000
emigrants being collected at the port to embark for
the United States. They generally came from
Holstein and Mecklenburg, and the mountainous
districts of Central Germany."

THE FICTITIOUS VALUE OF RAILWAY

SHARES.

TO THE EDITOR OF THE SUN.

Sur,—The movements of the Stock Exchange have
always been a mystery to the " outsider ;" will you, theie-
fore, allow me to ask one of the "insiders" why rail way
shares are so extraordinarily high whilst money is worth
61 per cent, and more for the best bills? Take, for in-
stance, Eastern Counties, which are quoted at about
111., the div. of which for the last year amounted to but
7s. Great Western paid list year 555. div., and are
quoted at abcut 671. per share ; Manchester, Sheffield,
and Lincolnshire paid 15s. for the whole year, and their
shares are about 401. ; and many more lines are quoted
considerably beyond the reasonably proportionable rate
of interest. Ordinarily people invest to secure a remu-
nerative percentage of interest per annum—say five—
which would make the relative value of the above shares
stand thus :

Eastern Counties paid 'Ts. per share, worth £7—quoted at XIII
Great Western „ 555. „ „ 55 „ 67
Shefllelds „ 15s. „ ~ 15— „ 40
I have male several inquiries, but no one can give me *
satisfactory explanation : the general opinion for the
solution of the mystery is that of " prospect" of an in-
creasing traffic, and I have heard "two years hence"
named as the probable period when this expected in-
crease will be fully realised. The argument is obviously
absurd, for the traffic of " two years hence" cannot
possibly be assumed, the "causes" producing a diminu•
tion or an increase being inscrutable, and beyond the
power of human calculation.

It appears to me that the main impulse to this rise in
railway property has been given by a certain journal, in
its annual review, by assuming a continuous increase
for the future on the basis of the earnings of the last
few years. The fallacy of this assumption has already
been proved, as every one may see by the weekly returns
of traffic which exhibit many a " decrease" as compared
with the traffic of the corresponding periods of last year.
Journals priding themselves on their " influence" should
always be cautious in hazarding such calculations,' too
seducive, too speculative, but less reflecting minds—on
the merit of such statements, or rather assumed pro-
sperity. There are, no doubt, some lines whose
position is improving, and who would deserve
attention but for the state of the monetary affair■
all over Europe. All along I have been and am still of
opinion that money must remain dear for a considerable
time yet. Besides the payments in the East, some o
the causes of its scarcity may be easily traced and found
in our immediate vicinity of Europe. The enormous
gold discoveries within the last six years have stimulated
enterprise much beyond the belief of many people. On
the Continent they are innumerable. ,Banke, joint stock
and private ones, and Crddit Mobiliers, have been esta-
blished almost everywhere ; foundries have been erected,
mining companies formed, and railways brought out, all
of which absorb immense sums, which for the most part
are hoarded up in the respective localities whilst in the
course of making. Their reflux to the ordinary or accuse
tomed channels of commerce is thereby naturally im-
peded, and it may be fairly presumed that it will not
take place until those undertakir gs are completed and
folly developed.—l remain, sir, your obedient servant,
Manchester, 22d April, 1857. J. C.

ii"ASTLEY'S THEATRE.—The new grand military spec-
tacle entitled " The French in AlgierY, or the Battle of
Constantine," continues to attract immense audiences at
this theatre. Last night the theatre waa crowded in
every part, and the applause elicited was immense. The
ever new scenes in the circle followed the spectacle. Miss
Kate Cooke appears in one of her favourite equestrian
acts, and was applauded to the very echo. It is grati-
fying to observe that the efforts of Mr. Cooke are ap-
preciated and rewarded.

ROYAL COLLEGE OF SDRGEONS.—The following gen-
tlemen, having undergone the necessary examinations
for the diploma, were admitted members of the College
at the meeting of the Court of Examiners on the 20th
Met, :—Messrs. Samuel Prall, Rochester, Kent; John
Humphreys, R.N. ; John Timperley Gray, Hexbanss
Northumberland ; James Teevan, Killesbandra, county
Cavan ; John Edwards Jones, Dolgelly, Merioneth-
shire ; Edward Miles Coverdale Hooker, Sheerness, and
Astiey Cooper, Plymouth.
THE AMEER ALI MORAD --Papers relating to the con•
fiscation of the territories of the Ameer Ali Morad have
been published, on the motion of Mr. Isaac Butt, the
member for Youghal in the last rarhatnent. It includes
a mass of correspondence on the subject. It appears
that the Ameer fraudulently altered the treaty of
Nownahur concluded between himFelf and Meer Rooston
and Meer Nusseer Khan, so as to substitute, among the
possessions to him ceded, instead of the vi.lage of Mettle-
lab, the pergunnahs of Meerpoor, Mathele, and Mebur-
kee. • This flagrant offence was held by a special com-
mission appointed to investigate the matter to be billy
proved, and a subsequent memorial of the Meer Ali
Morad in nowise shook the evidence on which his High-
ness was convicted, and mulcted of a portion of his ter-
ritory by way of punishment. The memorial in question
is a formidable affair in point of leng h, occupying 40
pages of the paper before us. The revenue obtained by
the augmentation of territory arising out of the transac-
tions with his Highness amounts to 2,61,043 rupees
(net).

CHINESE ATROCMES,—A very curious little illus-
trated brochure has just been published by Messrs.
Darton and Co., entitled, "The Criminal Punishments
of the Chinese : drawn on stone by Percy Cruikshunk ;
from original drawings by Yoeequa, a Chinese artist.
To this pictorial pamphlet is prefixed an earnest expla-
natory introduction, penned by that ever-ready and
vigorous wielder of quill and pencil, George Cruiksbank.
"The Chinese," he observes point-blank, in the very
.firet sentence, " desigeate all foreigners as barbarianrr
—including Europeans and Americans—who, of course,
throw back the aspersion on the Chinese." And be
adds immediately upon this, with that quaint, blunt
common-seese view of things which imparts such zest
to every tauch, whether of pen or etching-needle, when
in the hands of George Cruikshatik—" It then becomes
a question as to who really are the barbarians." Precisely.
And it is for the purpose of furnishing a clue to the soil'
Lion of this problem that these remarkably sharp "cuts"at
the Chinese have beeugiven by the Cruikehank's nephew,
Percy Cruikshat k. Aided by a native artist, one
Yoeequa, be gives us a few: frightful glimpses of eomeof
the most hideous (and one or two of them absolutely
diabolical)' of the Chinese punishments. Death by
Starvation—tied to a post or shut (all but the head) in a
box! Death by "Flaying !" Death by 'rSprinklinti
with Boiling Oil 1" By having the body " Cut in T,,w_e..g.
By being "Dijointed 1" By "Stranglitz 1" By „
e"lllThhrei Wderial iwn drawings are lithographed ‘ l'
ari
n g
thhye
sorry +
c_e
mßymniyephAesw7desarils
faithful GeorgeGeorge
cOorpuiieksts ho af utkh,e
o"andriglalscr vouch for their
to being
einagr
it—for these drawings, as they are, presents spec.a 0'
savagery.
the most revolting