The Sun.
London, England, 1857-03-02 00:00:00

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocK.
The Liverpool Cotton Market on Saturday closed,
quietly, but firmly, and prices of all kinds were the
Same as last week. The sales were estimated at 6,000
bales, 1,000 of which were taken on speculation.
The Railway Share Market was steady, without
any alteration in prices.
The Money Market during February is thus de-
scribed in the Bankers' Magazine :---'" The opening
of the Parliamentrry campaign, and the favourable
change m the weather, appear to have produced a
satisfactory influence upon financial affairs. The
Budget, although it has encountered opposition,
has been carried by a large majority, and the mea-
sures of retrenchment adopted, with the re-
duction of the Income Tax, have increased
the confidence of the public. Notwithstand-

ing, some incline to • the belief that greater
economy might have been exercised ; the pre-
sent
,changes must be accepted as an earnest of
what the future may produce. While we are thus

experiencing the. benefit of diminished taxation,
there is confident anticipation that the settlement
of the Persian question will be shortly announced,
and under these circumstances, one great cause
of anxiety is allayed. The dispute with China
does not create much alarm, and although
it may partially restrict trade, the result, it
is thought, will eventually prove advantageous
to the whole of our European mercantile relations.
The Bank directors having announced their intan-
ton of making advances on stocks, and also on bills
not having more than six months to run, until the
l*Yment of the April dividends at the rate of six
Per cent., increased animation has been witnessed
in the market for public securities. But although
this is the case, there is no immediate probabi-
litY of a reduction in the terms of discount,
the demand generally being well maintained.
Arrivals of gold from Australia have lately
taken place to the extent of upwards of 1,090,0001.,
addition to supplies from America, but the entire
sum has been absorbed by purchases on behalf of
the Bank of France and those engaged in securing
silver from the continent for remittance to the
last and China. Fortunately the stock of bullion
in the Bank has not undergone diminution, for,
botwitbstanding some withdrawals have taken
place, the return of coin from Ireland, Scotland,
and the provinces has been sufficient to replace the
amount so as nearly to balance the total. The late
failures in the Greek trade have not occasioned
alarm,

Daring the last two or three days there bas been
!.1 sensible increase in the demand for discounts,
but as this is known to arise from merely temporary
(*uses it excites no uneasiness. The Bank mini-
Illutn. rate is not exceeded " out of doors," but, as
might naturally be anticipated,, the bill-brokers and
airairViers avail themselves of the opportunity for
as much as possible for accommodation.
It
the
is found that the extended inquiry emanated from
the commercial community, who, besides the amount
fte" ire d t o carry on current operations, are providing
•°l' the bills which become due on Wednesday
...11e2ct. In addition to these wants, which are im-
portant, and absorb a considerable sum, the settle-
Alents at the Stock Exchange augment the pres-
ture• The account in Foreign Stocks and Railway
Shares has just been arranged, and in a few days
j
monthly liquidation of speculative engagemmts
111 Consols has to be effected. These events neces-
Barfly create en increased demand for loans, and
?ti the Stock Exchange 6 to GI per cent.
has been freely paid for such assistance.
As soon, however, as these liabilities are wholly re-
moved, it is presumed that the money market,
assisted by large arrivals from Australia, will be-
come easier, although, of course, an immediate de-
cline in the official rate is not thought probable.
The gradual improvement throughout the Conti-
nent encourages the hope that affairs here will
take a. similar course, although the extension.of
joint-stock enterprise may retard it. A small
amount of gold, namely, 24,0001., was re-
ceived on Saturday, but the Blackwall, which
has now been out about ninety days, has not yet
arrived. During the next fortnight or three weeks
large supplies are expected, which will not only
supply the continental demand, but also tend to
st augment the metallic reserves in Threadneedle-
reet

The letters and papers by the overland mail con-
Irani the intelligence received in anticipation' from
rcarseilleg. There was a considerable pressure on
had been
Money Market, but symptoms of relief
, bOen experienced during the fottnight prooed-
Ag the departure of this mail. The new Govern-
Inent 5 per cent. loan had not exercised any pre-
J▪ udicial influence, as it was not supposed that. scab-
scribers would be found.
The Ministerial crisis is the subject of general con-
I:ersation in ,the City, and the speculators at the
IStock Exchange evince great interest in discussing
the probable result of the struggle. Of course
!Peculation in public securities is temporarily
11e inac-
Tel Operators for a rise or fall being alike per-
/1_6(1 t• prices consequently droop, but no
t,rritti decline has taken place. The pre-
narY arrangements connected with the
4143renelun. g settlement are now engaging
lef attention, but although bus:ness in Consols
I" dull
" numerous transactions are recorded in rail-
'ay shares, which still tend upwards. Consols for
transfer are 93i I ; for account, 931 1; and for
'Pril, 94i The New 3 per Cents. are 94 to
the Reduced 931 ; the New 2i per Cents.
; and the 5 per Cent. Annuities 114. The ad-
Vertised` Exchequer Bills are 4s. to 3s. dis., and
the Bonds are 98i /. Bank Stock is 221.
Foreign Stocks remain dull, but the quotations
are well maintained. Turkish 6 per Cents. have
risen. full 1 per cent, being 97/ for money, and 961
to 971 for the account. Spanish Certificates are
61 Russian 41 per Cents. are 981. Sardinian
91, and Peruvian 4i per Cents. 80 ex-dividend.
dutch 2% per Cents. are 651.
The following are the nominal prices of Foreign
!Stocks :—Grenada Deferred Bonds, 61 7 ; Mexi-
can, 211 22k ; Peruvian, 79 81 ; ditto Three per
Cents., 55 57 ; Portuguese 3 per Cents., 44 46 ;
Russian 5 per Cents., 107 109 ; ditto 4 per 'Cents.,
88 100; Spanish 3 per Cents., 401 ; dittolleferred,
Z)i
241 ; ditto Certificates, 6 ; ditto Passive,
There has been an active business transacted this
morning in the Railway Share Market, and the
j'rices realised show in almost all instances an im-
jrovement on Saturday's quotations. Caledonian
I'ave advanced 10s., Chester and Holyhead 5r.,
Eastern Counties 55., Great Northern 15s. to 11.,
Great Western 10s., Lancashire and Yorkshire 10s,
north-Western 55., Midland 55., North British
10s., Oxford, Worcester, and Wolverhampton 11.,
and South-Eastern 10s. Northern of France have
risen 55., Eastern of France 55., Grand Trunk of
Canada 10s., and Great Western of Canada ss.
Western of France were very steady.
British, Foreign, and Colonial Mining shares
rule very dull, with little alteration in prices to
rtport. Devon Great C'nsols realised 454. North
Prance 18i • Wheal Kitty, 51, and United Mexi-
can, 4i.
Joint Stock Bank and Miscellaneous shares show
no material variation in prices. Bank of Australia
are improved it., London and Westminster 55.,
Ottoman Bank 55., Canada Land have risen 10s.,
and North of Europe Steam declined 58.

BRITISH FUNDS.—CLOSING PRICES —TB IS DAY.
(From the Official List.)
Buslnese done
Dank Stock ..
..
. -
. . . 221
&per cent. fie,:i1t0.u..... ........ . o3z 4
Alnuitics
34per Dent. Consols Annuities 931 A i i
New 3 per Cont. glanniti„
Now 2 per Cent. Annuit'
5 per Cent. Annuietripeir;s. 77
•iii 1.168..
Long Annuities,
Ditto 30 Years, expirosteAan• 1860, ,
Prll, 188.5.- 18 746
India Bonds, .ElOOO ...
.Ditto ~under 210! ...... ...........: : .Td par
Consols 'tor Account
Psahequer Bills, 24d. •...... *••••••
jobtk.
...- ............... - 1 p 2
.-. groan
Ditto Advertised
Ditto Bonds, 1658, 34 per c;,:;11.i:.--•••••• 3 4 d
Ditto, 1859 ...
............ 98A,
PRICES OF F0RE1................. 98i i
, GN' FDITDS-I.Eus DAY.
Brazilian Bonds, 5 per Cent. . - ......
bo., New, 1829 and 1839, 5 per Cent„ lO3
Peruvian Bonds 4i per Cent .................. 80
Ditto Account ... ...... ...... . ... ...-. , 804 x d
Portuguese 80nd5,.5 per Cent% Con. 1841 --.
Ditto 1853, 3 per Cent .. . ... ...... . ........ 45
Russian Bonds, 1822, St., 5 per Cent.,,,
Ditto
Ditto Account Mar& 17) ... ............... 107a934 x d
Small
Sardinian Bonds, 5 per Cent. ..........
Ditto Account
Spanish Committee Cert, of Coup. not fun 6 i i
Tuckibh Bonds, '6 per cent 974
Ditto Account -
Ditto Guaranteed, 4 per Cont.
Ditto Accoun
ea t
ts ..,, the above F..)' AL: i .:: 1a I,eat, n.
Dutch Exchange, 2i per Cent., 12 Guil... 654
Ditto 4 per Cent. Certificates ....... ...... 99 8
Consols, money
IHREE 0' CLO Cir.
93i
Ditto, Account (March 5) ,,,,,,,,,, 934

MEETING AT LORD DEBBY'S.

(From the Press of Saturday.)
The Conservative members of the House of Com-
mons assembled on Friday morning at the mansion
of Lord Derby, in St. James's-square, to hear a
statement from the noble earl on the present aspect
of political affairs, and especially on the position of
`the Conservative patty. About 160 of the mem-
bers of the 'House of Commons were present.
The Noble Earl commenced his'address by an allu-
sion the course which a few members of the dppo-
sition had thought it consistent with their duty to
adopt on occasion of the recent division in the
House of Commons upon the budget. Lord Derby
stated that the course pursued by Mr. Disraeli had
been concerted with him, and had met with his
entire approval.
Lord DERBY said he had heard it slat, d that
the amendment moved by the hon. member for
West Norfolk' originated in a feeling of d's appro-
bation at the report which had been circulated of a
coalition between the par. y which the noble earl
was proud to lead and the right hon. member for
the University of Oxford. That report was false.
He had no compact or understanding with Mr.
Gladstone as to any political union. He and Mr.
Gladstone were each perfectly free to act on any ques-
tion without reference to the opinions of the other.
At a later period, the noble earl expressed a hope
that what he had said might not be misunderstood.
lie had had more than one occasion with Mr.
Gladstone on political matters ; but, as he said be-
fore, there was no political arrangem-nt or under-
standing between them. But the noble earl, in the
most dignified and emphatic manner, declared that
should any member of the Conservative connection
attempt to dictate to him the course he should pur-
sue with regard to any political persona;Yei what-
ever, he would regard such dictation as an insult,
and no longer recognise that weather as attached to
his party. Tbis declaration was received with long-
continued cheering.
The Noble Earl said that no one could bb more
opposed to coalitions effected in defiance of political
principle than himself ; but that wh n members
from identity of sentiment were frequently drawn
together to the same lobby, it was impossible to
doubt that a bond of political union was estab-
lished which no party could refuse to acicuo wedge.
We pause here for a moment to say, that no
public man in our history has more untvtivoc illy
expressed his disapproval of factious coalitions than
Lord Derby. The proof is before us in the volume
of the late Sir R. Peel's "Memoirs," just r
When requested by Sir R. Peel to join his ad ninis-
tration in 1834, he replied :
" The reputation of those who take part in public
affairs is a natter of national importance ; and confidence
in public mea has been more shaken by coalitions than
by all other acts of personal misconduct taken Ogether.
* * * Any reasons which may be urged in vindica.-
tion of the present junction would be powerless as op.
posed to the public sentiment, whioh revolts against all
political coalitions, especially when they are made the
immediate stepping-stone to power" (page 40).
That is the bee answer to those insolent insinua-
tions which suppose that Lord Derby would ever
sanction any political combination which was not
based upon principle, and dictated by the highest
at,cl purestregard for permanent public interests.
It is this honourable feeling among our greatest
statesmen which has preserved Eneand from those
factious coalitions to overthrow existing govern-
meats which have constantly proved the ruin of
constitutional freedom in other countries.,

' To resume. Lord Darby said that an impression
appeared to prevail in some quarters that the in-
terests of Protestantism might suffer in his hands.
The noble earl referred to his past career, no less
than to his well-known principles, in refut ttion of
such a supposition. A slight and graceful allusion
to his devotion to the Established Church of these
realms in times past, was received with vehement
plaudits.
We must not omit to state that Lord Derby ex-
pressed high admiration of the tale-its and cha-
racter of Mr. Gladstone. He noticed emph ttically
the fact that the Conservative party was at pre-
sent in a minority in the House of Commons,
and insisted that nothing could possibly be more
unwise than to decline such accessions of strength
as would place it in a position to undertake• the
government of the country.
In reference to the important subject then be-
fore the House of Commons, Lord Derby expressed
his entire approval of the resolution moved by Mr.
Cobden. it was substantially the same as the mo-
tion he had introduced in the House of Lords, and
had supported with all the earnestness of convic-
tion all the ability he possessed.
It would be impossible to describe the entliti
siasm with which this allusion to the speech deli-
vered by the noble earl on Tuesday was received.
That speech is in every circle the tnema of admira-
tion, and has produced, we believe, a more power-
ful impression on the mind of the country than any
address delivered for years past.
After Lord Derby resumed his seat, the meeting
was addressed by several " representative men" of
the House of Commons.

Mr. SPooNErt was received with the t•Apect due to
the consistency of his political career, and the sin-
cerity of his religious convictions. He spoke with
generous warmth, denouncing the pretendal 4 al
of Lord Palmerston for Protestantism, and ex-
pressing his entire confidence in Lord Derby at the
head of the Conservative party.'

Mr. NEWDEGATE expressed equal loyal senti-
ments, and with equal warmth.l
Lord MARCH, as the head in the Lower House
of the great house of Lennox, and a representative
of the lsnded interest, was listened to with great
attention. He declared that his confidence in Lord
Derby was so complete, 'that whatever course ho
might deem it expedient to pursue, would receive
his cordial, earnest, and disinterested support.
This declaration was received wi h rounds of
cheering.
Colonel Gium.r, an independent member of the
apposition, not only declared his confidence in
Lord Derby, but expressed his high sense of the
services of Mr. Disraeli as leader of the opposition
in the House of Commons. The manner in wh'eh
the right hon. gentleman's name was received must
have been no less gratifying to him than to all the
members. present, as showing that the opposition,
notwithstanding all the efforts to weaken it, and
all rumour s of division in its ranks, was never more
cordially united in devotion to its leaders than at
the present time.

We do not donceal our regret at the course which
a few members, like Sir John Tyrell and Mr. Ben-
tinck, have thought proper to adopt. They have
no doubt acted from conscientious motives of pub-
lic duty. It is quite cleir that if they prefer the
lead of Lord Palmerston to that of Lord Derby,
they cannot too soon change their places it the
house.

The meeting was £0 cordial and so umnimous
that we feel justified in warmly congratulating the
Conservative public on the result. It is impossible
to foretel the political changes which are in store
for us. We know only that the administration of
Lord Palmerston cannot last, and that from i.s
constitution it is impossible that it can fulfil the
wan -sof the country, or even satisfactorily conduct
necessary public business. Hence it is the more
important that the Conservative connection should
continue united, as it is the primary and highest
use of a constitutional oppositioa to ba prepared
when called upon to undertake the responsibilities
of government.

THE CASUAL WARD OF THE WEST

LONDON UNION.

In consequence of public attention having been
directed to the unsatisfactory condition of the casual
ward of this Union, situate at Battle-bridge, by
the recent evening visit of the Lord Mayor, and
als6 from the strong remarks on its present state
which subsequently appeared in the columns of the
newspapers, Mr. Farnell, the inspector for the
Poor-Law Board, made it his duty promptly and
carefully to examine the ward in question, and on
Tuesday last he reported the result at a meeting of
the Board of Guardians of the Union (which mainly
confirmed the previous statements, with the im-
portant exception that the sexes were kept separate,
and not huddled together). It was at once unani-
mously determined to hold a special meAing of the,
guardians to proceed to view the building b
com-
plained of, and to ascertain what alterations in its
structure and management were de,irable, in order
to remove the public stigma at present resting upon
their body. The meeting of the board accord-
ingly to o k place on Tb u
investigation,r sldl A
hn aabned,cl riafterad lvna
craei
.e
variety
with
troyhf
careful and lengthened. .
useful proposals, principally
Mr. Farnell's report, which had previously
made, were ordefretdhitsoubneioant oaniceesctarrornicgd
advocatesout. As
the Guardians o
appropriately considered the pro-
they very.
for the establishment of public baths and wash-
houses,
as an important aid
appli-
cant for casual in-door relief,
vagrant cleanliness.. It priety of administering a warm bath to each
to the promotion
ap-
peared to be generally felt that,
of Guardians? from motives
ot'flt that, although the Board
did not seek in dealing with.
the city aldermen in otfhperctaidseu
nalcepaonordtpooiliivcyal
w a
y luxuriousPrison,
arrangements for criminals a
desire as nevertheless it was their sincere
their comparative
conside-
rately as possible to regard the
and whose
whose poverty was their only crime,
claims of those
vagrant, liollo
wretch-
edness, to deal with completely, remains at best
but a &fn. lt it to the Lord
and indeed almost irreclaimable, '
co problem. The statemei. .
of the
Mayor at the Mansion-house, in justification _
condition of the casual ward he had complained of,
I authority was ascertained to have been made without the
of the board.