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

TO THE EDITOR OF THE SUN.

SIR, —The movements of the Stock Exchange have
always been a mystery to the " outsider ;" will you, there-
fore, allow me to ask one of the "insiders" why railway
shares are so extraordinarily high whilst money is worth
61. per cent, and more for the beet bills ? Take, for in-
stance, Ea:4nm Courries, which are quoted at about
nil., the div. of which for the last year amounted to but
7s. Great Western paid last year 555. div., and are
quoted at abcut 671. per share ; Manchester, Sheffield,
and Linc.dnshire paid 15i. 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 woul l make the relative value of the above shares
stand thus :
Eastern Counties paid !'s. per share, worth £7—quoted at £lll
Great Western „ 555. „ „ 55 „ 67
Sheffields „ 15s. ,„. 15— „ 40

I have male several inquiries, but no one can give me
satisfactory explanation : the general opinion for the
ael ition of the mystery is that of " prospect" of an in-
creasing traffic, and 1 have heard " two years hence"
named as the probable period when this expected in-
crease will be fully realised. The argument is obviouely
absurd, f.r 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 baste of the earnings of the last
few years. The fallacy of this assumption Las 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--oe
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 affairs
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
the causes
immediateusesofitsscavricciituyitymaoyf
Europe. The enormoug
be easily traced and found
in
gold discoveries within the last six years have stimulated
enterprise much beyond the belief of many people. 00
the Continent they are innumerable. Bank', joint etoei‘
and private ones, and Cr6dit Mobiliers, bare been e9O.
blished almost everywhere ; foundries have been erected'
wining companies formed, and railways brought out, all
of which absorb immense suttee, which for the most part
are hoarded up in the respective localities whilst in the
course of making. Their reflux to the ordinary or accos'
touted channels of commerce is thereby naturally jar
peded, and it may be fairly presumed that it will ncl
take place until those undertaki, gs are completed o'4
fully developed.--I remain, sir, your obedient servant,
Manchester, 22d April, 1857.

ASTLEY'S THEATRE.— The new grand military sPeCi
tads entitled "The French in Algiers, or the Battle °,
Cont.tantine," AP
continues to attract immense audiences I.
this theatre. Last night the theatre was crowdetl,„,„lll
every part, and the applause elicited was immense. 1f1;
ever new scenes in the circle followed the spectacle. 1411.,
Kate Cooke appears in one of her favourite equestrlar
acts, and was applauded to the very- echo. It is gre'l,
lying to observe that the efforts of Mr. Cooke are 21P-
preciated and rewarded.
ROYAL COLLEGE OF SDRGEoNs.—The following gen;
tlemen, having undergone the necessary examination
for the diploma, were admitted members of the College
h
at the meeting of the Court of Examiners on the 20th
inst.:—Messrs. Samuel Prall, Rochester, Kent ; .I°i
1-
Humphreys, R.N. ; John Timperley Gray, aexhs7;
Northumberland ; James Teevau, Killeehandra,
f Cavan ; John Edwards Jones, Dolgelly, Merione`-d
shire ; Edward Miles Coverdale Hooker, Sheeruesol an
Astley Cooper, Plymouth.
THE AMEER ALI MORAD,--Papers relating to the
fiscation of the territories of the Ameer Ali Mora" bfge
been published, on the motion of Mr. Isaac Butt, -dos
member for Youghal in the last Parliament. It inelu r 0
a mass of correspondence on the subject. It sPP,e of
that the Ameer fraudulently altered the treatJton
Nownabur concluded between himself and Meer gooothe
and Meer Nusseer KliAn, so as to substitute, amongi be .
possessions to him ceded, instead of the village of DV'hur.
lab, the pergunnahs of Meerpoor, Mathele, and lkie"co.
kee. This flagrant offence was held by a special Goo
mission appointed to investigate the matter to be Ali
proved, and a subsequent memorial of the M.elvgb.
Morad in nowise shook the evidence on which bo .a ter-
ne,s was convicted, and mulcted of a portion of his lion
ritory by way of punishment. The memorial in Ve 40
is a formidable affair in point of leng h, oceupY.'"d try
pages of the paper before us. The revenue obtaineoAc-
the augmenta' ion of territory arising out of the tratioeto
tiona wiih his Highness amounts to 2,61,048 r r
(net).
~ Plus'
UHIFIESE ATROCITIES —A very curious little
ego.e•
trated brochure has just been published by .14 onto
Dorton and Co., euti led, "The Criminal PunOT It
I,,use
of the Chinese : drawn on stone by Percy Crain
_rtibt.
from original drawings by Yoeequa, a Chinese .7.010'
To this pictorial pamphlet is prt fixed an earnesb, 40d
natory introduction, penned by that ever:Tel:7ooc,
vig .runs wielder of quill and pencil, George G. rulke
"Tne Chinese," he observes point-blank, In tu,arieogr
first sentence, desigeete all foreigners as barbs see
—includir g Eur:peans and Americans—who 4 of A end
throw hack the aspersion on the Chinese. went
adds immediately upon this, with that qua!"
r" yes;
.te suken
oommonse view of things which impa..- _
to every te whether of pen or etching-neenT:oo3e9
in the bands at Geoige Cruikaliabli—,6 tb,:nurect,elf,
a questiiin as to who really are the barbarinns. For,
And it is for the purpose of furnishing a slue '„ute,
tion of this problem that these remarkably shall':
n'ephov,_
the Chinese have been given by
Percy Cruiksba. k. Aided by a native orne.o
Yoe-qua, be gives uA a few frightful gliropies
_"bsylot,ll
the must hideous (and one or two of thorn Itn.
the Cruiks.bank one,
by
diabolical) -tie the Chinese
shutspuni(iteeots. head) 1.g3
Starvationd to a post or (all but tb,,esprii3,l?
box! Death by Flaying l" Death
by,, Cut in
with Boiling 1:),I !" By havieg the body
By being " Di: jointed I"
einhowedir.g !" By " Tearing the B( sei)l'jg
"The drawlog- are labograpried by iti_y "u h
their -
By "Strangle,,g !
George Cimilishan;:, " I can, vouch to bt
they are, present P r
it—for these drawings, as
faithful copes of the origiiials.' We ' B_°FrnlYectacle
the most revolting savagery.