The Sun.
London, England, 1857-12-07 00:00:00

LATEST NEWS.

THE CRISIS AT HAMBURG.

HAMBURG, DEC. G.

The Assembly of the Bourgeoisie has rejected all
the proposals of the Senate for alleviating tie com-
mercial crisis by the establishment of a new bank.
Another sitting will take place to-morrow.

THE ELECTRIC TELEGRAPH.
•
CAGLIARI, DEC. 5.
The Elba and Desperate have arrived from Corfu
with the cable.
The electric communication is completed.

Accounts from Constantinople mention that a
reconciliation of some kind has taken place between
M. Thouvenel and Redschid Pasha. If this be
the case, it may facilitate the new plan of arrange-
ment attributed to the French Government with
respect to the Danubian Principalities.

FRANCE.
PARIS, SUNDAY.
The Bank of France yesterday announced the
reduction of its rate of discount on 30 days' bills to
6 per cent. ; 60 days', 7 per cent. ; 90 days', 8 per
cent.

A Paris letter in the Nord of Brussels gives
some further details relative to the permission
accorded by the Emperor Napoleon to General de
Lamoriciere to return definitively to Paris :
" When Mme. de Lamoriciere, after her son's
death, had gone back to Belgium, a doubt arose as
to whether the order of the Emperor to send a pas-
port authorising the general to return to France
remained valid. This doubt having been commu-
nicated to the Emperor, his Majesty, with the same
spontaneity as on the first occasion, declared that
the authorisation given to the general at such a
moment must not be withdrawn, and directed anew
that a passport without any condition or restriction
should be remitted to him. His Majesty added
that he should be happy if the re-opening to the
general of the gates of France could afford him some
consolation under the misfortune which had befallen
him. General do Lamoriciere was much touched
by this kindness, and his numerous friends in France
will be happy to learn that he has gratefully ac-
cepted the passport placed at his disposal, and that
they may soon see higi return."
BounsE, Dec. s.—The following were the last
quotations :

Cash. fr. End of Month.
41 per Cents
3 per Cents 67 70 67 80
Bank Shares 3050 Credit Fonder 535
Credit Mobilier — Roman i
Do. Account 7OO Austrian
Belgian 41 — Spanish Threes —
riedmontese(s) B7l— Home Debt
RAILWAYS—FOR CASH. i'
fr. c, rt. c.
Orleans
Northern - Western
New Ditto 740 Strasburg
Lyons and Med B6O Grand Central 1—
Now Ditto... ....... 850'— Sardinian E435
Geneva 6os:— Austrian Com. ....., 665

NEW SOUTH WALES.

SYDNEY, OCT. 12.

The new ministers, Messrs. Cowper, Jones, Mur-
ray, and Martin, have been selected without oppo-
sition, and the Parliamentary campaign will shortly
commence. The electoral reform question seems
likely to be shelved for a time, but the land bill
will almost immediately be introduced. So far as
the ministerial plan bas been ascertained, it ap-
pears that the upset price of our waste lands is to
be reduced from 1/. to ss. per acre, sales to be
effected at public auction, and no block to be put
up exceeding 640 acres in extent.
As may be conceived, there exists considerable
diversity of opinion as to the policy of altering the
minimum price of the crown lands, which has also
been fixed at 1/. in Victoria, South Australia, and
Tasmania. Many are convinced it would give rise
to unhealthy speculation, create a laud mania, and
be acting unfairly towards the creditors of the
colony, to whom the lands have been pledged as
security for the debt, now amounting to two mil-
lions and a half sterling.
On the other hand, it is urged that the value of
the security would in no way be impaired, that the
system would simply facilitate the disposal of infe-
rior lands unsaleable at the present price, whilst
those of good quality would always fetch what they
were worth ; at the same time greater inducements
would be held out to immigrants, and the territorial
revenue largely increased.
In my humble judgment, the upset price might
advantageously be reduced were a tax imposed on
all lands sold. The system to be adopted should be
one of local taxation, and the amounts raised should
be applied to the improvement of roads and con-
struction of public works in the districts wherein
they were levied. This arrangement could readily
be effected ou the introduction of the municipal
system, which will not long be withheld from the
country. The procee is of the land sales would be
paid into the public treasury, a portion devoted to
the extinction of our debt, and the remainder spent
on works of utility, partly ou the trunk lines of com-
munication which would remain under the supervi-
sion of the central government, partly in grants in
aid to the municipalities of the poorer or more
sparsely populated districts. Such is a brief outline
of the scheme I would propose.
There are but few events to record since the de-
parture of the September mails.
On the 17th ult. Sir W. Denison sailed from Syd-
ney in her Majesty's ship Iris on a visit to Norfolk
Island, to which the Pitcairn islanders were re-
moved on the breaking up of the penal establish-
ment there. On his return I trust to be able to
furnish some account of this interesting community.
C.,lonel Bloomfield, of the 11th Regiment, the Hon.
J. H. Plunkett, President of the Legislative Coun-
cil, and the Hon. C. Cowper, chief secretary, were
appointed by proclamation administrators of govern-.
ment during his Excellency's absence.
On the 27th ult. the Palmerston and Orwell
transports arrived with the 77th Regiment, which
comes out to relieve the 11th. These troops were
disembarked, but their baggage has not yet been
landed; as the regiment will probably be sent to
India at once, should their services unfortunately
be required there.
The Indian government having notified their in-
tention of sending an officer to Australia for the
purpose of obtaining horses for the dragoon regi-
ments on their way to India, a public meeting of
horsebreeders and stockholders was held recently in
Sydney with a view to facilitate this object.
The friends of the late Captain Green, f the
iil-
fated Dunbar, are taking steps to erect a tablet to
his memory.

The Hon. G. R. Nichols, an old public servant,
died on the 12th Sep. last.
Although traffic with the country districts is re-
opened and considerable supplies have gone up, our
market has shown litile animation since the de-
parture of the last mail. Excessive rates continue
to rule for Eastern produce, and this has no doubt
contributed to restrict transactions on the part of
the dealers, who only buy for thair immediate re-
quirements. ,
In the money market a certain degree of tight-
ness prevails and in the face of the large demand
for accommodation, arising partly from the extreme
rates at which Eastern produce is maintained, and
the demands of the dealers—whose clients have in-
curred losses and require extended credit, owing to
the floods—it is not improbable that an advance in
the rates of discolint will take place ere the close of
the year, though thi3 will depend greatly on the
state of the money market at home, and the result
of the wool sales. Exchange on London remains
at 2 per cent. premium for 60 days Bank bills.
The Centurion, Electra, and Maid of Judah have
sailed since the 10th September ; they convey 3,021
bales of wool, 971 casks of tallow, and 17,099
hides.

The shipments of gold from Ist of January
amount to 39,249 oz., and 482,637 sovP. This does
got include the shipments per Simla, this month.
Great dissatisfaction is felt at the proposal of the
European and Australian Company to run their
large steamers from Calcutta to Suez, employing
smaller ones on the Australian line to Galle. The
scheme will meet with the opposition of these
colonies.

AMERICA.

LIVERPOOL, DEC. G.

The Arabia has arrived, with advices from New
York to the 25th ult. and the following amount of
specie :—For London,
131,082 dols. ; for Liver-
pool, 750,664 dols. and 114,7381. ; for Havre,
120,754 dole. ; total amount, about 320,0001.
sterling.
The Vanderbilt, which took out the news of the
suspension of the Bank Act, landed advices at
Cape Race on the afternoon of the 22d ; but, owing
to a break in the telegraph wires, they did not
reach New York until the night of the 24th.
Alluding hurriedly to the advices, the Neio York
herald says :--
"The present suspension is far more than a simple
bank failure ; it is the failure of the whole monetary and
currency system of the empire, and will produce the
widest spread and most lasting effeot. Mush of the
supremacy of England's merchant princes will now pass
by from them and pass into the hands of their younger
rivals on this side of the Atlantic. Her merchants have
not the recuperative energy possessed by our own, and,
though the measure she has now adopted as a palliative
for the present disaster may afford relief for a time, she
must go through the struggles of a resumption of specie
payments, which may produce effects as pern3aner:t
though less immediately evident, as those of the panic.
For these struggles she has not those vast resources thad
exist with us ill our surplus crops of cotton and
other other productions of our vast fields and varied clirna,ltaa
e.
Any speculations as to the effect of a recurrence t
unlimited paper issue in England upon trade woullbe
premature. It will be seen from our advices that the
im-
mediate effect was to cause a reaction in the decliningtch-
Ilene), of cotton and other staples, as also in the public
funds, Exchanges between Europe andmay b
Americaeuter
havei
now become utterly deranged, andwhat
course and their effect upon trade can only
when vie learn the result of the license to
isbsueakow
papernn
now given to the Bank of England.
The Government purpose sending
for the Utah expedition, both
by
yd
way
inf(o)frcoemreegnotns
and California. It is gravely state t
ter,to E ofn g
gland
fromOrleans,Nicaragua has been
by 341113eno.inNtVeadikMeri, n and
that he has accepted the
a heavy fall of
A despatch from mentionsßuffaaloPPinttnejlt
snow. The canal was not yet closed.
was still open' though
ice
had formed.
we learn that the canal
From Albany
The Welland Canal was obstructed
by ice.
The steamship Rainbow had
and 75 persons lost their
by
fire near Arkansas,
d. been aestroyle.ves.
d
Ouseley bad been twice received by
the
e t
About 100 lives had been lost on the Mississippi
and Ohio during bad weather.
The New York Courier and Inquirer of the 25th
says :
"There are no especial changes in the money market
result of
The desire seems to be general to wait until the
of the csmmercial revulsion in Europe is known
definitively. Whatever this result may be, our financial
affairs will not be materially affected; at present we are
more dependent in,a commeicial than in a financial point
of view upon Europe. Money is abundant, and can be
obtained at 6 to 7 per cent, on unquestionable security.
New enterprises are, hofrever, out of the question for
the present. The banks disclunts all the good paper
offered by their customers, but it will be some time
before they will be willing to enter into rev eegsg
meet'. The Metropolitan Bank threw out this mon,
ing the notes of the Addison Bank, and Steuben
County and Elmira, both of this State, We noticed
some time ago the changes taking place in the
trade of Charleston. Until this year Charleston has been
a large importer of wheat and flour, but since the open-
ing of the Charleston and Memphis Railroad Charleston
has exported wheat to a considerable amount."
The Philadelphia Ledger of this morning s 'ye :
" We wore informed yesterday that letters have been
received from Mr. Alibone, in which he expresses a de-
termination to return immediately home to meet the
serious accusations against him as President of the Bank
of Pennsylvania. The Philadelphia, Board of Trade
last evening had under discussion a proposition com-
mending to the consideration of the Legislature the
l
prejact of a single department of issue. to which shall
belong exclusive'y the privilege of issuing note
entire Sate, upon the deposit of pLdged sbecuristiesa(d.
specie in proportion. Tne, department to
de t prohibit:.l
from issuing notes under 20attlset.
r
unlimited liability, and E t U 1 tB3 Stockholders
thehol :Tr:II transactions
oc rui
btaap-duabyl,ishbeadt.
with a
and condition of the dtepwaratstnea
" The stock marke
extended to the second board, with a less
which was also
decided down vvar.l tendency in prices at the first board,
ncttivtoe
active market. The sales are not so large as for the past

two weeks, but show more uniformity in the sales of the
different stocks. State stock sold without much depre-
ciation.
The latest quotations are ;—NewlYork Sixes, 1873,
1101 ; Missouri Sixes, 781 ; New York Central shares,
791 ; New York and Erie shares, 168 ; Reading Rea-
seed shares, 521 ; Michigan Southern shares, 20.1.
Cleveland and Toledo shares, 43.} ; Panama Railroad
shares, 89 ; Illinois Central share, 95,E ; Illinois Central
Bonds, 87 ; Chicago and Rock Islaud shares, 811; Mil'
waukie and Missouri, 32 Galena and Chicago, 84 ;,
Crosse, 12k ; Cleveland and Pittsburg, 16. The
rates for foreign exchanges are very variable and arbi-
trary, there are few transactions in sterling over 108 ; the -
doubt prevailing as to the reliability of bills on Europe
induces many to postpone remittances until affairs are
more settled. The quotations are 1071 to 109 a for 60
days, aad 1.102 to 18 for sight."
A circular says—
" Money on call loans with stock collaterals is abun-
dant with 5 to 7 per cent. discount, 10 to 12 per cent.
for first class paper, for which the supply is limited ; for
other descriptions there is little or no demand."
The same circular says,—
" In the stock-market during the last few days there
has been some decrease in the amount of business, and
the present quotations show in many cases the decline
from the highest points of the fortnight.
" The market at the close is rather weak, in cease'
quence of the expected shipment of a large amount of
specie by this steamer. As yet the improvement has
been c infined almost exclusively to the stock-market,
other branches of business continuing in a very
inactive
and depressed state.
" The bank statement for the week shows a gain of
$3,760,000 of specie, and an increase of $4,300,000 in
deposits, while the loans were extended $136,000 over.
the previous exhibit. Messrs. Dennistoun, Wood, and
Co. had made arrangements with Mr. Jahn Stone for
the benefit of the creditors."

The New York Times says,—
" The money-market is quiet and easy both at bank
and on the Street. Since the last English news there
is less disposition to move for a general full resumption
of specie payments at the bank until after the money
troubles abroad shall have seen the worst."

Tho accounts from Europe had completely un-
settled the cotton-market, and prices were nominal;
the nearest quotations were 11 to 111 cents. for
middling upland.
Flour had declined about 10c., owing to the
European advices, closing dull in the face of the
announcement of the close of canal navigation of
Erie west of Syracuse and the total suspension of
navigation on the Welland Canal. The demand both
for export and for home use was moderate, and the
receipts, though light, were fully equal to the re-
quirements.
The demand for wheat continued light both for
home use and export, and, with unfavourable news
from Great Britain, prices were 2c. to 3c. lower 011
the common qualities.
Pork, beef, lard, bacon, rice, turp.ntinef and
freights dull and lower.

Tobacco firmer.
SugAr and molasses steadier.

LATEST TELEGRAPH FROM NEW
ORLEANS.
NEW ORLEANS, Nov. 24.
We have news from Vera Cruz to November 21
and the City of Mexico to November 19. mg
country was in a most distracted condition, and
another general revolution was impending; and
negotiations were pending between the revolu-
tionists and Santa Anna, whom undoubtedly they
intended for Pre-ident. By the steamer bringi.ng
this news 23 political exiles have arrived here, in-
eluding ex-President Silas Jose Washington, Col.
Romero, and Mr. Moran, editor -of a newspaper,
who was imprisoned for publications against the
Governor of Zacatecas.
Comonfort's fall was considered certain, end
was thought doubtful if his life would be spared 11.
he remained iu the country.
Sales
Our cotton-market to-day was irregular.
8,500 bales, mostly at 11-ic. for middling receipts
yesterday, 21,000 bale'.
Ster;ing exchange, 103 to 104.
Flourt dull.
Sugar quiet at 4ie. to sc.