The Sun.
London, England, 1857-08-31 00:00:00

LON DON, NI ON DAY EVENING, A. U G ST 81, 1857.

'THE RED SEA. TELEGRAPH COMPANY
(Limited). •
FIRST SECTION—ALEXANDIZI k to' ADEN.
Capital•3oo,oool, in 60,000 Shares or 51. per Share.
11. to be p Aid on application. .
20,0001. per Annum to be Guaranteed by the Hon. East India Com-
pany and her Government from date of receipt of the
First Message.

- Offices-8, Moorgate-street.
DIREcTORS.
CHAIRMAN.—JOHN C. MARSHAM, Esq., late of Calcutta.
DEPLITY-CludEmAll.—Sir R. MACDONA LD STEPHENSON.
James Allan, Esq., Managing. Director of the Peninsular and Orien-
lal Steam Navigation Company.
J. A. Arbtlthnot,'Esq (Messrs. Arbuthnot, Latham, and Co.)
Sir S. George Bonham, Bart., K.C.B.
John Bowman. Esq. (Messrs. Forbes, Forbes, and Co.)
R. W. CrAwford, Esq , M.P., Chairman of the East Indian Railway
Company ( Messrs. Crawford, Colvin, and Co., London.)
Frederick G. Dalgety, Esq , Melbourne.
Thomas Dent, Esq. (Messrs. Palmer, Mackillop, Dent, and Co,,
Lon:-'01).
William Dent, Esq., late Director of the Hon. the East India Com-
pany.

George Dewhurst, Esq., Manchester.
W. Gladstone Esq. (Messrs. Thomson, Donner, and Co., London).
Capt. Hall, R.N., C. 13.. F.R.S., Director of the Peninsnlar and Or!.

ental Steam Navigation Company.
Christopher Rawson, Esq. (Messrs. Rawson, Sons, and Co. London).
Eric Carrington • Smith, Esq. (Messrs. Smith, Payne, and Smiths,
Lombard-street, London).
Alexander Wil,on, Esq , F R,S., late of Madras Civil Service.
(With power to add to their number.)
BANKEll9.—Messrs. Glyn, Mills, and Co., and Messrs. Smith, Payne,

and Smiths.
SoLicrross.—Messrs. C. H. and W. Freshileld and Newman.
Bnoxxxs.—Mesers. Scott, Corthorn, and Scotts.
SECRETARY.—CharIes Lennox Peel, Esq.
The primary and immediate obj act of Company is to Ivy down
a Telegraphic Cable in the Red Sea, between Suez and Men, so as
to affect telezraphic communication thus far with India at the
earliest possible period.
This object may be completed in a few months, simultaneous'y
with the Mediterranean telegraph to Alexandria.

l'y this means communication with all India will be brought
within one week, and by the extension to Kurrachee, which will Im-
mediately follow, hourly communication will be established.
Toe political value of this undertaking at the present juncture is
too painfully established by recent occurrences in India to require
comment, while its social and commercial importance Is scarcely less
urgent.
file Honourable the East India Company participate ro fully in
these views, that they have constaited to guarantee a minimum an-
ooat.r.-oono of 20,0001., on the first section to Aden, from the date
of the first message received, accompanied by assurances of every
necessary assistance and support. This arrangement only awaits
the confirmation of her Majesty's Government, without which the
Company will not proceed.
As a commercial investment, the returns, which have been care-
fully, prepared, and which may be inspected at the office, show a
profit tar exceeding any ordinary returns from similar enterprises.
This statement will be appreciated by those connected with the
trade of India, to whom it will be evident that all orders for pro-
duce, insurance, shipments, arrivals, departures, accidents, change
of destination cf vessels, &c,. would be subject of telegraphic com-
mtmication.

It is proposed, as soon as the capital is subscribed, to purchase the
Atlantic Cable, or provide a new cable, whichever may be decided

to be best for the object in view.
The cable will be laid in sections of from 300 to 600 miles, and
err angements have been made with responsible contractors to under-
take the risk of laying it.
The Company have secured the necessary concessions from the
Turkish and Egyptian Governments.
The urgency of the undertaking is universally admitted. The re-
munerative results are placed beyond all doubt. Perfect immunity
from ail risk is secured by the Limited Liability Act, and by the gua-
rantees of the Government, the East India Company, and the con-
tractors. As a great and important national qt.estion, it is only neces-
sary to urge upon all who feel any interest in securing immediate
telegraphic communication with India to give their earnest and cor-
dial suppoi t to an enterprise which is brought before the public with
this soleobje t.
Applications for shares may be sent to the brolters, Messrs. Scott,
Corriorn. and Scotts, 16, Th'oy,morton-street, or to the Company's
offices No. 8, Moorgate• street, in the annexed form ; but no applica-
tion 1;111 be cons! lered, unless a deposit of One Pound on each share
applied for is previously made to the bank of Me era.
bankers of the Company. The deposi will be returned if the appli-
cation is not acceeded to.
FORM OF APPLICATION FOR SMARM.

N B. This must be presented to the bankers entire. The applicant
wi❑ retain the receipt at foot, and for ward tht letter to the Com-
pany's offices. The bankers' rec^ipt will be exchanged hereafter for
the scrip certificate, and due notice will be given when such cert:ll-
- :ire ready.
To the Directors of the Eastern and Red Sea Telegraph Company.

Gentlemen, Having paid to Messrs. ,to your credit 1,
being 11. per share on shares in the above Company, I requeit
you to allot me that number of shares, and 1 agree to accept the same,
or any less number, when called upon to do so, by pubic advertise-
ment, or in default that the deposit sh dl be forfeited.

name • • .. ••
Profession or business .....
Address
Date ......
BANKERS' RECEIPT.

1857.
Received from on account of the Eastern and Red Se
Tel, graph Company, the sum of pounds.
X . For
This receipt will be exchanged for scrip certificates when ready.

is wrought in five moveable segments, the respective
weight of *hie); together with the bed and gear, is
as follows :—Principal eomirrtment, containing
breech and chamber, 21 tons DC wt. 21b: ; oak bed,
8 teas. Bcwt 141 b. ; second compartment, 7 tons
5 cwt. 3 qrs. 41b. ; third ditt',, 5 tons 8 cwt. 3 qrs.
231 b. ; fourth ditto, 3 tons 2-cps: 13113;;. fifth de.,
1 ton 2 cwt. 3 qrs. 121 b. The hoops, rings, and
other gear pertaining thereto vary from 16 cwt. to
6 cwt. each i ; the whole of which, including the
keys and minor fittitly, .amount to a total of 50
tons 13 &rt. 2 qrs. 211 b. On .a-count of the pon-
derous size -of the shell, weighing 26 cwt., the
process of loading will be effectt d by-means of a
portable crane, termed a gyn, to lift the bulky
missile int ► the gun. The trial, if successful, will
put the Government in posse,sion of the most for-
mithbfe weapon for the purpOSes of tieg- yet in-
vented. The p roofs will commence with a muitmum
charge of 101 b. of powder, to be gradually in-
creased. The lighter portions of the cannon, were
linded onthe wharf on -Friday, the disembarkation
of the heavy piece having been deferred until to-
day. • _ _ _

Arrangements are being made for the duty of
sentries at Deptford dock and victualling yards to
be undertaken by a detachment of the Foot-Guards
who will shortly r elieve the Royal Marinei at pre-
sent stationed there, in order that they may pro-
ceed to head-quarters at Woolwich, the guard du-
ties there requiring a greater number of men than
the division can at the pre ent moment supply
without pressing heavily on the available resources
of the garrison. -

The sailing transport Alipore, M'Alurdock, mas-
ter, having previously shipped a complete battery
of 6-pounder guns and a quantity of military stores,
embarked on SalurdaSiLieute7Oul Price and °apt-
Conn.ell's, X field battery company of Royal Artil-
lery, together with the detachments of gunners and
drivers, amounting to 10 officers and 208 rank and
file, for Kuriachee. They were paraded in a body in
front of the Art llery- barracks at 3 o'clock p.m.,
and, having been inspected by Cul. Bloomfield and
staff, they were marched to the Arsenal-pier, headed
by the colonel temporarily commanding the garri-
son and staff, and aczompaniel by the regimental
band. _

The steam transp,rt Gibraltar went down to
Woolwich Arsenal yesterday, to be in readiness to
be laden with military stores for Gibraltar.
The frcightsbip Susan, in the London Docks, has
been chartered by Government to ship military
stores from Woolwich for Corfu.

The Mary Weir freightsbip ha 3 been taken up for
the embarkation of military stores for Malta, and
the Florence for St. Helena. _

The freightship St. liatherin,s, also in the docks,
is shipping military stores for Bathurst.
The Georgia is at Woolwich receiving live shells
for New Brunswick. _ _

The Austrian Prince Louis Windivchgratz and
suite were on Friday admitted to an inspection of
the departments of Woolwich Arsenal by special
permission of Lord Panmure.
The fo'lowing letter is dated Malta, Aug. 24 :
"Of the squadron under Admiral Lord Lyons
tidings have been received up to the 12th of Aug ,
witen. the Osprey steam gunboat left the Royal
Albert, Conqueror, Centurion, and Princess Royal
screw line-of-battle ships, Curlew and Vigilant
steam sloops, off Malaga, whence they were to pro-
ceed to Gibraltar, Tetuan, Palma, Mahon, and
Malta, which latter port would be retched about
the middle of September. After a stay of about
three weeks at Malta the squadron will visit Corfu,
returning to Malta about the mil of October W
take up winter moorings. The Atiel is, at Gibral-
tar and the Vulture at O; an. The only ships at
Malta were the Hibernia (receiving vessel), Osprey
(steam gunboat, under orders for Constantinople),
and the Hearty (steam-tug). The Desperate and
Caradoc continue at Alexandria, the Harpy at
Corfu, and the Medina at the mouth of the Danube.
" The European and Australian Co inpany 's steam-
packet Cambria arrived at Malts from Marseilles in
GO hours on the evening of the 21st of August, wi'h
the outward overland Australian mails, which the
Etna carried on early on the following morning for
Alexandria, with orders not to awit there beyond
the 27th the homeward Australian mail now due at
Suez by the Columbian, but to return to Malta,
and thence, with the Cambria, to proceed to Mar-
selles, and there await ulterior orders, from. which
it is p.esumed that the:2e vessels are about to ba
taken up by Government for the conveyance of
troops from either Gibraltar, Malta, or the lonian
Islands to the East Indies, for which service they
ate-Nan:urn teradaproe, naerietg -dyne nke-woric in
the late war in a most sati.sfic'ory manner. Th
Tamar is appointed to bring out the September
mail, after which there will be a complete change
in the service. A French steamer will, it is
thought, be chartered for carrying on the line be-
tween Malta and Marseilles.
" The Cambria landed at Malta Colonel Ross,
R.E., and transhipped on board the Etna, for
Alexandria, Captain Deshwood, R.N., and eight
other passengers.
" The Jourdain, French postal steamer from
Alexandria, whose breik down has been already
reported, arrived at Malta on the 22din tow of the
Cydnus, mother postal steamer from Constanti
nople, Smyrna, and Syria, whih latter, after coal-
ing, proceeded for Marseilles, still having the dis-
abled steamer in tow, and therefore the mails will
be retarded.
" The Vectis reached Malts with India, China,
and Australian mails on the 24th of August.
"The Sardinian medals for the officers and men
of this garrison entitled to wear them have been
received, and the presentation of the troops of the
Valetta district by Lieut.-General Sir John Penne-
father took place this morning, at half-past five
o'clock, on the Fioriana p.,rade-ground. The fol-
lowing are the names of the officers, non commie-
sioned officers, and men who received the honour-
able distinction.:—
S!aff—Major-Gen. Warren, C.B. ; Lieut.-Col.
Hellewell, Assistant-Adjutant-General Cap. Elli-
son, A.D.C.
" 14th Regiment—Capt. J. J. Mare*,
Ser-
geant W. Hopkins.
" 214 Regiment—Sergeant-Major W. Fowler,
"-28th Regiment—Col. F. Adams, 0.13.
Colour-Sergeant R. Ellis.
; Cor-
poral J. -111‘Laughlin, Private W. Gleison.
" 57th Regiment—Brevet-Major J. St. Clair,
Lieut. A. A. Slade, Private J. Healy.
" The presentation of the medals to the troops of
Cottonera district by Lieut.-Gen. Sir J. Penne-
father is fixed to take place at 5 o'clock this after-
noon. We append the names of those who are to
receive the decoration : '"
"Staff Major-General Horn, C.B. ; Major
Pearson, Grenadier Guards Brigade Major 2d
Brigade, 21st Regt., Major Bolder°.
" 71st Regiment—Privates H. Gourley and J.
Cathcart..
" The names of Brevet-Major Hammersley, 14th
Regt., and Major Maunsell, .28th Regt., absent on
leave, and Drummer Norton, 57th _Mgt., at the,
depot, are also among the list of honoured men
weo have won this mark of distinction."
H. M. screw corvette Curacoa, 31, Capt. Forbes,
returned from Woolwich to Pert•enouth on Friday
night, and will be paid off at the latter port.
The Mermaid freight ship sailed from Portsmouth
on Saturday, laden with Government provisions for
the troops in India.
ready on the shortest
An order has been received at Portsmouth to
get all the rigging, gear, des.,
notice for equipping six sail of the line, in the
event of their being n-e Jed.
Ths Trincomalee 24, Cape. W. Houstoun, from
the Pacific, arrived at Plymouth on Saturday. She
left Rio Janeiro June 29, and has brought invalided
officers and men from the Pacific and South Ame-
rican stations. She received orders on the same day
to proceed to Chatham.
The screw steamship Orion, 91, Captain John E.
Erskine, and the brigantine Dart went from Ply-
mouth Sound into Hamoaze on Saturday.
The Chesapeake, 51, screw steam frigate, Com-
modore R. B. Wet-on, C. 8., has proceeded from
Chatham to Sheerness, from which port she will
sail to rortsmoutb, previously to taking her de-
parture for the East Indies.
The following appointments were made at the Admi-
ralty on Saturday :
Midshipmati—Mr. Bouverie F. Clarke to the Diadem.
Masters—J. F. Coombe, to the Diadem; H. B. Law-
ler, to the Conqueror.
nester's Assistant—C. W. Stevenson, to the Bien-
helm.

EXECUTION AT LANCASTER.-+-0n Saturday Ed war,l
Hardman, convicted at the last Lancaster asvizes of poi-
soning his wife by repeated doses of tartar emetic, way
executed in front of Lancaqer-castle. The culprit ad
matted his guilt and the justice of the sentence. When
conducted to the pressroom he was handed over to Cal-
craft to be pinioned, and when on the scaffold his lipF
moved as if repeating the prayers after the priest, the
Rev. Mr. Brown. He looked pale and livid, and there
was a vacancy in his eye which showed that he was al-
most insensible and unconscious of the gaze of the thou-
sands of persons assembled. Calcraft drew the cap over
the culprit's face, adjusted the rope, and then loft the
scaffold. The bolt was withdrawn, and death was abaci
Instantaneous,

AUSTRALIA:

By the arrival of the Overland Mail we have re-
ceived files of papers from Melbourne to the 25th
of June.

The following is from a letter dated Melbourne,
June 25 :

The European, with the April mail, dropped
anchor in Hobson's Bay on Saturday, the 6thinst:,
a little before midnight. Having delivered her
mail bags, she sailed on Sunday for Sydney, and as
there is no other steamer belonging to the com-
pany either here or in Sydney, she is appointed to
return with the June mails eight days after the
proper day of departure. The Columbian will
bring us the May mail, and then we must expect
another hiatus arising out of the Oneida's disaster.
I mentioned in my last that the Government had
offered for tender 187,0001. of debentures, bearing
6 per cent. interest. The days of payment ranged
from the Ist of Jan., 1858, to the Ist of Jan.,
1869. Miles, Kington, and Co., a mercantile
house here; obtained the short date debentures at
1031. 2s. Bd. for remittance. They will be worth
at least that in the London market, and, as bank
bills of exchange would cost them 2 per cent. pre-
mium, they will reap a fair advantage from the
purchase. The savings bank purchased the next
five parcels, payable 200, or. 20,0001., every year
frcien 1863 to 1867, at 1051. The Government re-
tain the remainder, for which, however, there is
ample demand. Melbourne Gas Company's 6 per
cent. debentures, payable 1867, have also been sold
at 1051., and South Australia 6 per cents. at 1041.
I was informed by one of our most intelligent gold
and money brokers that there is a marked prefer-
ence given to our Government debentures above
all other securities, and that the shortness of the
date is the only feature which limits their price.
Money is very plentiful, and can be had on wort
gage as low as 7 pee cent. on substantial town pro-
parties if no more than two-thirds of the present
value be required. I have already alluded to the
large amount of accumulated money capit seeking
investment, and as the subject is of great import-
ance to the mercantile interest coon CtA with
these colonies, I must return to it. The motives
to accumulate here at e in full activity, chiefly be-
cause all adverse inducements are weak. In Eng-
land there are numerous means of indulgence to
which the successful merchant or manufacturer is
attracted, which have little or no place here. He
may make an eldest son, and found a family in
England, whereas here such a course would be
against the habits and opinions of society. In Eng-
land he may become a gr., at book c illect r, or a great
picture collector, or lie may indulge in al sorts of
expensive tastes, which, if they exist here, are latent
for 'want of objects. Our great money makers
seem to derive tueir chief enjoyment from the mere
pleasure of playing the game. So ftr as personal
enjoyment and comfort ate concerned, I really see
I,ttle or no difference between the expeuditu: e of
2,0001. a-year and that of 5,0001. or 10,0001. a-
year. If the maximum of enjoyment be purchase-
able with 2,030/. or 3,0001. a-year, those who make
three or four times as much, having no motive t') ex-
pend it, acquire the habit of accumulating from the
mere absence of all other inducement. 13. is a
min of great wealth, made by his own intelligence,
Energy, and abstinence. His income is, say 20,0001.
a-year. If he lived in England he would perhaps
do as old Sir R Peel did, send h's son to Oxford,
buy him a seat in Parliament, and give him the
opportunity of making himself Prime Minister ; or
he might have him highly trained -for the bar, and
place the youth's foot on the first step of the ladder
to the woolsack. Ho might also encourage the fine
arts, as Mr. Vernon did, by making a large collec-
tion of the works of modern artists, and att.q.wards
present his collection to the na'ion. Here, how-
ever, he trains up his son in the pa h he his himself
trodden, places him a. a clerk in a merchant's
office or a bank at 16 or 17 years of age, and hopes
the son will follow in his own footsteps. The in-
ducements to accumulate will be weakened most
likely in the son's time by the strengthening of the
inducements in favour of other and higher enjoy-
ments ; but at present the former greatly outweigh
in strength the latter.
There is a marked difference 1 etween Tasmania
ana vi,boiiii, which has some eft-tots in rivouring
the accumulation of money capital here. The
practice of selling land in place of granting it was
adopted in 1831, by what are kucesn as Lord Ri-
pon's regulations. This was shortly after the pub-
lication of Edward Gibbon Wakefield's letter from
Sydney, containing his plan for selling land at a
fixed uniform price, and devoting the proceeds to
the transmission of young couples or young pereons
of both sexes to the colonies. Before that the Go-
vernment, desiring to change the charact r of Van
Diem-n's Land from a territorial gaol to a colony,
had offered great encouragement to free emigrants
of the employing class. Such as could show that
they bad capital obtained a in iximurn grant of
2,400 acres, and were also ass goal servants to
cultivate it. Having improved the first grant, they
had no difficulty in obtaining another and another.
In this way a body of country gentlemen grew
up, and there are now many beautiful estates
with large parks around the mansions, with en-
closures surrounded with whitely) n ledges,
intersected by good roads managsd by the resident
owners. These gentlemen form the body of the
country magistracy, and often represent their coun-
ties in the Legislature. Many of tht m hive become
wealthy, but nearly all they have mi.de his gone to
the improvement of their e tates and the increase of
their flocks and herds, and their gains do not mate-
rially swell the annual amount of capital seeking in-
vestment in the ordinary securities. In this colony
we have no such class. There may he a few persons
who dwell upon their own " purchased land," and
have built good homesteads ; but they are not nu-
merous enough to form a distinct and conspicuous
class. The colony was not settled until long after
the land regulations of 1831 had been in full opera-
tion, and it was.sett'ed by squat'ers who acquired
no permanent interest in the soil, but ply a tem-
porary and revocable interest in the herb age. These
"pastoral tenants of the Crown" divide 1 the whole
country among them. Gradually the great squat-
ters succeeded in squeezing out the smaller squat-
ters. They have always looked wi h dissatisfaction
upon the progresa of cultivation, and they have
usually been at war with the rest of society t secure
a perpetuation of their monopoly, and prevent the
progress of settlements, which they regarded as en-
croaching on their vested rights.
To return to my subject. If speculative consign-
ments to this colony and New South Wales are
kept in due check, if our import trade is left to the
control and regulation of our importing merchants,
I do not apprehend any commercial revulsion from
an excess of supply as compared with the effectual
demand. If we have any revulsion and glut it will
arise from circumstances which will tend to impair
the demand, and not from those which tend to ag-
gravate the state of the supply. Overtrading in
house building would have that effect ; over-specu-
lation in land would operate in the same way. I
say this because credit is often extensively resorted
to in both these enterprises. The building and
house-owning interest is now in the ascendant.
They have no difficulty in obtaining large discounts
from the banks, and this is almost the only way in
which, to any extent, credit is made to swell
the amount of building speculation. To some ex-
tent, but in a minor degr e, money is also raised by
way of mortgage for building purposes, but by this
means the day of reckoning is more remote. The
necessity for meeting the three months' bills makes
previous overtrading conspicuous the moment the
banks take the alarm, and " put on the screw" by
refusing renewals.
Within a few months about a million and a half
of capital has been proposed to be raised by new
projects—payable by instalments. The Hobson 'a
Bay Railway Company propose to raise 150,000/.
additional capital. A company to extend the line
from St. Kilda to Brighton requires 125,0001. ;
another railway, to Brighton via Richmond,
Prahran, and East St. Kilda, 300,0001. ; a new
bank, on the mutual principle, 500,000/. ; a new
insurance company, 200,0001. ; the calls of the
Colonial Bank of Australasia, 100,000/. ; an omni-
bus company, 100,000/._ lue we have nearly
1,500,000/ , irrespective of the demand of the Go-
vernment for capital to carry on the several pro-
jecte.d lines.
Now, if a check upon our commercial prosperity
does take place within the next 18 months or ttv:
years it will originate, not ae the revulsion
1854-5 did, in excessiveimportations over aid ab ove t
out very large demand, but from our impaired
chasing power, brought about by our private
works,
going a lasts,
a
too fast in public, semi-public, d
requiring constant accretions _ta
onsfctiive at capital in
capital in the first instance, sub
the second instance.
hat groupg for the least
iappre-
At present I see
.no h NCI VI is gain. onto
4 hension, but there is enough