The Sun.
London, England, 1861-02-05 00:00:00

TO THE EDITOR OF 'J HE SUN.

you allow me to announce that her Majesty
the Queen and his Royal Highness the Prince Consort
have graciously signified their intl: ation to head the list of
patrons of the grand performanc o cf the " Messiah" at
Exeter Hall, on Wednesday next, in aid of the funds for
the Coventry Weavers by the Nat tonal Choral Society.

The chorus will number 500 members of the above
Society, and the band will corn ,ist of the most eminent
members of the Philharmonic am 1 Opera orchestras. May
I- add that the ladies of the cb °lir have all agreed to wear
Coventry ribbons, and venture b hope that the lady visi-
tors will follow the example.—Yc cur obedt. servant,
GEO. W. MARTIN.

Tun TAY SALMON FISLII/ G.—The fishing season
commenced on Friday, but owin g to the Tay being much
swollen by the heavy rain whidh fell in the Highlands on
Wednesday and Thursday, the takes on the stations gene-
rally were small. On the stat,./yns, above Penh Bridge 18
tine :,.altuoti r, ezt,,;:ac at the ]Linn of Campie; two clean
iish'and one foul at the North I ea, and one at Thumie.
At Inchyra, the Town of Perth' a fishing, five salmon were
captured, and at the Stock, three fish. On Friday the river
fell considerably.

7HE INCOME AND PROPERTY TAX.

TO THE EDITOR OF THE SUN.

• SIR,—In the article upon this subject in the
current number of the Quarterly Review, great
stress is laid upon the dishonesty which is assumed
to characterise the returns made under Schedule
D of trading and professional incomes; and the
writer points to the large amounts of " conscience
money" received by Government from "repentant
letters of the alphabet." Some of these amounts
are, however, specified to be for other taxes than
the one in question ; and it would not be fair to
assume that all the sums which are paid in respect
of Income Tax are referable to Schedule D, and
had been fraudulently withheld. Some cases may
have been inadvertent omissions, and on the
9th ult. the Board of Inland Revenue acknow-
ledged the receipt of the enormous sum of
£542 10s. 4d. from one person for "unclaimed
Income Tax," and a sum of £4O was mentioned in
similar terms on the following day. That inade-
quate returns are often made is only too probable,
but ,is this surprising when men holding high
official positions, and combating the claims of
persons charged under Schedule D, have alluded
more or less distinctly to self-assessment as being
an advantage P
If a financier feels himself obliged to excuse the
severe taxation of an honest man by the circum-
stance that a cheat relieves himself, he should
certainly prefer proposing to abolish the tax for
ever, and should find a substitute for it free at
least from a duplication of vice. But by the
removal of the grievance which industry suffers
under the present tax, the temptation to fraud
would be considerably lessened ; and therefore the
greater the dishonesty which may now exist, the
less would be the decrease in the aggregate amount
of tax received at the present time under Schedule
D, but the interests of the honest man would not
be prejudiced as now.
When Mr. Disraeli proposed to give to industry
a measure of relief by reducing the tax under
Schedules B, D, and E to three-fourths of the rate
charged upon incomes from land and house pro-
perty, or from the Funds, Mr. Gladstone, on the
6th December, 1852, opposed the reduction, not
upon the ground that it was in itself unreasonable
to make a distinction, but that it so happened this
distinction would constitute a breach of faith with
the public creditor. He alleged that the engage-
ments in the loan acts that the dividends should
be paid free from all taxes and charges whatsoever
were not intended to preclude the fundholders being
subject, in common with every other person in the
land, to a tax for the general service of the State,
but that they were intended to prevent their being
subject to taxes which looked to the quality of the
income, and the source from which it was derived.
In support of this interpretation he quoted parts of
Mr. Pitt's speech on 3d Dec., 1798, in introducing
the Income-tax. If your readers will turn to this
speech, they will find that Mr. Pitt's observations
were made for the purpose of refuting any preten-
sions on the part of the fundholder to be free from
the tax, If he spoke, as Mr. Gladstone said, of
"the quality of the income and the source from
which it was derived," he was merely arguing
against those men who would ask for an exemption
from the tax on the ground that the source of their
income was the public funds; and whilst avowing
that it would be a breach of faith to charge them
with a tax " distinctly levelled at them as annui-
tants of the public," charged "separately and dis-
tinctly" upon them only, " peculiar to them and
belonging (not looking') to the quality of their
income," he asserted that in the case of a general
tax- tliey were• not entitled to any more considera-
tion than if they had invested their capital in any
other manner. Hence these very words of Mr.
Pitt might be cited to show that if it is right
to make a distinction in the Income Tax between
earnings and incomes from land, the distinc-
tion is equally necessary between earnings and
dividends from the Funds. It is true that he
was not prepared to allow any distinction in
favour of labour, but this question was not raised
when he made his speech ; and his reason for
opposing it appears, from a subsequent debate, to
have ...-been- one wholly independent of Schedule
C, viz:, the circumstance that the charge of the
same percentage upon all descriptions of incomes
left them of the same relative magnitude as be-
fore. The sufficiency of this reason has yet to
be discussed, but the above objection to a dis-
tinction between labour and property was attri-
buted to expressions used by Mr. Pitt with a very
different meaning, and without any allusion what-
ever to the point in dispute.
The claim to a reduction of the tax upon in-
dustrial incomes may be made, not as a matter of
grace and favour to the quality of those incomes,
but as a question of common arithmetic.
Mr. John Stuart Mill stated to the Income-tax
Committee in 1852, with reference to terminable
incomes derived from either property Or labour,
" I do not conceive that the tax should be in pro-
portiOn to the means only, but that it should take
into consideration the means and also the wants.
I would, therefore, tax temporary or precarious in-
comes at a lower scale than permanent or certain
incomes, not because of their having a less selling
value, but because the possessors of those incomes
have one want which those who possess permanent
incomes have not ; they are liable to be called upon
in most cases to save something out of that in-
come to provide for their own future years, or to
provide for others who are dependent upon them ;
while those who possess permanent incomes can
spend the whole, and still leave the property to
their descendants or others. It is for this reason
that•l would tax a temporary incomo at a lower
rate than a permanent income."

All that is saved out of such incomes to meet
the liabilities specially attaching to them is taxed
twice. It would be easy to show that when such a
saving is invested in the purchase of either a free-
hold property or a life annuity, its manual produce
bacomes liable to the same amount of Income Tax
in present value that is paid in respect of a
patrimonial estate, whilst it (the former) has been
taxed to just this extent already—i.e., when received
in the first instance as income, and before any
benefit was derived from it. Now, as a temporary
income from property is commonly sought as a life
provision, and no reserve is therefore made in such
case of any portion of the income, no second tax is
levied. And the man who sinks money in the pur-
chase of a temporary income for any other purpose,
will, when calculating the price at which he intends
to make the investment, take into account the second

tax which will be levied upon his reserves ; and if
ho cannot effect the purchase upon satisfactory
terms he can choose some other investment. Very
different, however, is the case when these prin-
ciples are examined in connexion with incomes
which are earned. There is no option here, and
reserves are required to be made for loss of trade
or employment, for occasional illness, for possible
disablement, for death certain and perhaps early,

for a widow, for orphan daughte;s. These are
liabilities which cannot, therefore, be overlooked in
the consideration of an industrial income, particu-
larly if we subscribe to the righteous principle
enunciated by Mr. Mill, that taxation should
require an " equal sacrifice from all." Premiums

upon life assurance are indeed exempted from
Income Tax, but the reserves which are made to
meet the terrible liabilities of industrial incomes

are invested in a hundred other ways, and upon
these the second tax is levied. Yet a trader may
end by losing all in bankruptcy, and if a professional
man's income is not attended with such risk,

,
still it entails an expense peculiar to itself,
fcr society compels him generally to keep
up an appearance beyond his desires, or he
loses its patronage and his income fails.

Further, the precariousness of an industrial income

was alleged by Mr. Mill as a ground for a reduc-
tion of the tax upon it, beyond the reduction re-
quired by the circumstance of the reserves which

should be made out of it—precarious, dependent
upon the pleasure of other men, and the run of
events, and theriTire fluctuating in amount. TAO
it be granted that the protection of the State is
equally necessary to property and to labour, and
even that the sweat of the brow is to be regarded
with no more favour than the operation of interest;

still, under all the other circumstances above enu-
merated, can it be said that earnings would be too
favourably treated if taxed at only half of the rate
imposed upon net incomes from property.
Incomes from farms and house property are not
now assessed at their net value. Mr. Gladstone
stated in 1853 that, for landlord's repairs and other
matters, a deduction of 16 per cent. should be made
from the aggregate assessed income of land and
houses under Schedule A, in order to arrive at the
net available income. The owners of house property
are at an especial disadvantage in this respect. If
the present assessed incomes from farms were to be
reduced one-eighth, and those from house property of
every description not let with farms were to be re-
duced one-fourth a fair approximation to justice would
be obtained, although an approximation only ; but
generally deductions of this nature are seen to be most
desirablewhen we consider the far grosser inequalities
created under Schedule A by the present uniform
tax.

Compare, now, the claim, above put forward, for
industry with others that have been similarly ad-
vanced, and it will be seen to be very moderate.
It is not asking that as in New York and else-
where capital alone shall be taxed.
It is not asking that the " good-will" shall be the
limit of the assessment of industrial incomes.

It is far less favourable to industry than the pro-
posals of Dr. Farr and the majority of the actuaries
examined before the Committee of the House of
Commons.

It is the equivalent of that made before the com-
mittee by Mr. Edmonds (actuary of the Legal and
General Assurance Office) from a consideration of
the sums exhausted in trading and professional
pursuits, and lost in the Bankruptcy and Insolvent
Courts, and in compositions with creditors.
Finally, it is claiming scarcely a larger conces-
sion to industry than was actually offered in 1852,
by the Conservative party, although composed of
members almost entirely representing territorial
interests, and at a period when these interests were
in a state of the greatest depression.
The plan now proposed is indeed to reduce the
tax under Schedules D, B, and E, to one-half, in
lieu of only three-fourths (as in Mr. Disraeli's
budget before-mentioned); but it at the same time
requires that the assessed incomes under Schedule
A shall be reduced to net incomes instead of re-
maining (as in the Conservative proposal) at rentals
which, according to Mr. Gladstone's estimate, must
for that purpose be lessened by one-sixth. The
effect of the Conservative plan would, therefore,
have been to tax net incomes under Schedules A
and D in the ratio of eight to five respectively;
according to the present proposal, the ratio would
be eight to four.
The following illustrative table will serve as a
recapitulation of alterations which could be effected

with the least possible disturbance of the machinery
now employed for the levy of the tax. The sum
of £6OO per annum is assumed to be derived from
each class of income, and the tax is supposed to be
at the rate of one shilling in the pound.

CI) mf
RS
.2 •
0
tr; Income
0 33. Tax
Source of ,
per
Income. qrs • 0.1
2 4 0 annum.
r,
g
pp 0,.2 vs
A g
1. Stock and Shares in
Companies or Public
Funds ; and sources of
any description, except
as undermentioned.... £6OO None £6OO ls. £3O 0 0
2. Farms (ownership).... 600 526 Is. 27 5 0
3. Houses (excludingthose held with farms): GOO 450 is. 22 10 0
4. Trades, Professions,
Offices of Public Em-
ployment (during ac-
tual service), and farm
occupation*

The assessable value of profits in classes 1,2, and
3, to be reduced by one-half when belonging to any
clergyman, as such, and therefore being an indus-
trial income.

I will conclude in the words of the Mmes, last
year :—" It may yet be hoped there is sufficient
integrity among us to cause this impost to be a
stumbling-block in the way of every Chancellor of
the Exchequer who may henceforth endeavour to
continue it as it stands, or to evade the recognition
of its real features."—Your obliged and obedient
servant,

E. SMYTH.

February, 1861.

* A farmer's income would be assumed as now to be
£6OO, if his rental be £1,200 in England, or £l,BOO in Scot-
land or Ireland.

THE BLACK PRINCE IRON-CL AD FLOATING
BATTERY.

(111V•one the Glasgow Herald.)
This tremendous floating battery, which is now in course
of completion in the building-yard of Messrs. R. Napier and
Sons, at Govan, will, unless some unforeseen delay should
supervene, be launched on the 12th Feb. next. The War-
rior, the first ship of this new iron-clad class, was launched
a few weeks ago in the Thames, and it may be presimed
that the Clyde-built battery, the name of which is to be
the Black Prince, will be in every way worthy of those
builders and engineers who in bygone years have turned out
the most magnificent mercantile steam fleet in the world. In
the construction of these peculiarly powerful ships, we are
following the example set to us by the French in their pre-
cursor ship the Gloire, and, considering our great aptitude
for this kind of work, it may not be too much to assume
that we shall not be content with placing ourselves on a
par with our French neighbours, but that we shall " better
the instruction."
The Black Prince has the following general dimensions:
Length from figurehead to taffrail 419 feet.
Length between perpendiculars 3BO „
Breadth (extreme) 5B ~
Depth (moulded)
Tonnage (builders' measurement)

Externally she appears to be a singularly handsome and very
sharp screw vessel of the above colossal dimensions, and
when at her load-draft will present a row of main deck ports
about ft 6in deep, by 2ft wide, at a height of about 9ft Gin
above the water; but there are also to be various guns on
the upper deck, which will fire through ports in the bulwarks.
The vessel has been constructed to carry 40 guns, 34 of
which are to be placed on the lower and 6 on the upper deck.
At present we believe 68-pounder long-range guns will be
employed ; but probably in the sequel Armstrong 100-
pounder, or at all events rifled, guns will be introduced. In
effect the vessel may be described as a strongly-built iron
serew vessel, having the greater part of her length made in-
vulnerable against shot and shell by a sheathing or armour
of wrought iron slabs; but as the shocks to which this is
exposed, transmitted directly to the true water-tight shell
of the vessel, would inevitably start the joints
of the latter, 18in of East India teak timber
are interposed between the armour and the skin of the ves-
sel. The timber, of course, covers the vessel from stem to
stern. It is laid in two thicknesses. The armour plates
are bolted over the whole, and screwed up against the in-
side of the hull plating. The armour consists of forged iron
plates 4iin thick. Each plate is 15ft 6in in length, by 3ft
2in in breadth, and weighs upwards of 4 tons. The plates
are all fitted into one another with groove and dovetail
joints, involving an immense amount of labour; and as
there are no fewer than 200 of these used in covering the
outer surface of this immense locomotive marine fortress,
the weight of the mere armour of the vessel is not far short
of 900 tons.

We have mentioned that the moulded depth of the vessel
Is 41ft. The armour plates cover 22ft in depth of the top
sides, 16ft of which will be exposed above the water line,
the armour thus descending about 6ft below the surface of
the sea. If a cannon ball should strike her below the pro-
tected surfaces, its velocity will be so much exhausted by
the distance it has to travel through the water before it can
strike at such a depth, that the damage therefrom will be
consequently trifling. We have also said that the length
of the vessel is 330 ft between the perpendiculars. Of this
distance the armour covers 220 ft longitudinally along each
of the vessel's sides, and it thus presents literally a wall of
iron to any opposing fleet. But these tremendous platas are
carried across or athwart the ship at each end of this wall,
forming an internal bulkhead of a strength equal to the out-
side of the vessel.

The vessel is built in compartments, so that in the event
of any part receiving damage that damage is confined to the
particular locality, and she continues afloat without sensible
diminution of her buoyancy. A large number of thwart-
ship bulkheads of malleable iron, running at right angles
to and between the longitudinal bulkheads, have been in-
troduced, so that in the extremely improbable event of a
shot penetrating into the interior of the vessel, the damage
is restricted to the compartment into which it has forced
itself; and hence even in the ev, nt n: known modes of
stopping shot-holes, and the concentrated action of the
spumps upon the particular com-
partment insufficient to keep the water under,
thesephairp andtmentengine
compartments may be filled with water with
out the least injury being sustained by the immediately
adjoining compa,tments. The Tro,m7iLcs are a1.,0,11.:10,,ed
sad rr'''''crod by ,i,,ub:e spite b, twcoi
being capable of being filled with water as a security
against, as regards them, the far more appalling accident
of fire. Her engines are to be of 1,250 horse-power, sup-
plied with steam from 10 boilers. It is expected that she
\via attahza spood of 14 or 15 knots an hour,

,___
............._........___„_____ . •
OPENING OF PARLIAMENT. SHARE 31ARKET.-(THIS DAY.)
e en u-
•
-4,
be too _
(THIS DAY.)
- -
.e rate The opening of Parliament by her Majesty in ORDINARY SHARES A.N,T., STOCKS.
. .
person, even in ordinary times, is an event of im- I
share! Railways. Ipaid.l Closing I
Done
re not portance, but when it takes place under sitcom- , Price. I Done
!atone stances like those of the present time, it derives a 5.J Beitast and Ballymena I all -4.--
-
other vast additional interest, not only throughout the 13.14 Blr., Wol , and Str. Val all 81 84
stock 'Birk., La.. and Ch June.' 100 79 81
25 ;Blyth and Tyne ~.. . . .. all -
made United Kingdom, but over the whole Continent.
to ino,t. Sleall and Mid C. all 84 7
I and Shortly after 12 o'clock crowds of persons began stock !Bristol and Exeter ;°' io9 99 101 1005
A the to assemble in St. James's Park, and, despite a cold stock jCaledonian _ . ;
.. . 100 97 974 974 i 7
10 ;Carmartlwn & Cardi an all - -
perty biting wind, proceeded to select the most eligible 50 COrk,and 1-0 n don g all
20 !Cork Mr,
t. If Positions to view the Royal Procession as it pro- 20 ICorn'wit'ek'e' U'assage all
-6
-64
to be seeded from Buckingham Palace to Westminster. 10 D. 3 A (A'cts no div., (all
10 ' t'l6
To B ,un 1 pc perm. - -
rty of Whitehall and Parliament street- also bore a ( ehasbeen, June '
2550
__Y_T,blin & Belfast, all -8 ---8-4
be re- very animated appearance, the number of sight-
would seers who lined either side of the streets being as
stock
st „oc IVZ:,:APneg.rtllik,:Ab. J unc ll
I Eastern Counties lOO 51 62 514
• ; but numerous, if not more so, than on any former / stock Eastern Union, A stock 100 37 39
most occasion.
stccic Do do Bdo i 100 26 28
/
fifties
--- stock )East Suffolk f 100 - -
iform HOUSE OF LORDS. Stock ;Edinburgh & Glasgow 1100 86 88
stock lEdin. Perth, tz Dundee 1 100 264 274 27 II
The doors of the House of Lords opened about stock Forth &Clyde Junction all - _
100
d, for twelve o'clock, and in a few minutes after the
stock
Furness
~..and S. Western 100 113 115
iGreat Nthn. of Scotland all
100 113 114 114
y ad- Peeresses, their daughters, and other privileged stock Great Northern . te. ladies began to arrive in quick succession. The stock Do do A stoC.ik . 100 105 107
I 100 132 131
Do do 11 do
else- appearance of the splendid apartment on State setoocct 'at. S. .e W. of Ireland ' 100 112 113
sBloocclicc Glynat_ltVestern
occasions is magnificent in the extreme ; in no
n' r Val qua. stock 100 61 64
)e the country in the world can a similar scene be pre- 12 Trish South-eastern all - - _
tock Lancashire & 'Yorkshire 100 116 1164 1161 i 4
sented. The Peeresses on their arrival take stock London and Blackwall 100 61 64 69 .. , their accustomed places on the benches de-
.l pro-
ssfooceY ion., Bright.. & S Coast 100 1148 nag 114 'di '
stoef, Ifonng..,Ml-1.1,. s,;;.,ledsfleornver 1
100 1004 1014 Mt
caries voted on usual occasions to the members
stock Lend. & Sth Western 100 94 95 944 4
Ise of of the house, and their splendid dresses 25 L'derry & Coleraine - -
relieve with great effect the massive grandeur of 25 L'derry & Ennisitillen all 911
~31
shares ael)l 3-4 -14 d 24
tom- the building. stsoock
mMaarypn. tetta.nkdlc.lanrcuosline:: 180011 5_3
_54 0
1 and In a few minutes after her Majesty arrived, the itil letoropdo(litat
100 1331 134 1334
ion of members of the House of Commons, in obedience stock I%lola,nd
1.4.0. - - P
donal to the Royal command, made their appearance at stock Do tilling. & Derby 100 105 107
lvent the bar, headed by the Speaker, and her Majesty 5250 Nrllt. Gt.
arsta-v.eosf Ireland VI
....„-
_-
then read the Royal Speech, which will be found 25 Mid Kent all - -
nces- in another part of The Sun. 100 10 Do, Cray Line - -
N cwca,tle and Ctrlisie all - -
1852,
10 Newry & Armagh, def 9 7 6 d
-_-
, 20 Newry, Warnpt. & Ros.
tig 525
8—
f 4
ed of ' HOUSE OF COMMONS.- THIS Day.)
1 stock Norfolk
stock h British ~. 100 854
toriat I The Lower House met formally at half-past one stock
Nor. Nort
Dev.Rail&Dk.stock 100 - -665
uDo
nt A stk ; A recs no d.
P il 13
were o'clock, but for more than half an hour
reviously stock
the members had begun to assemble.
stock Do B stockpchas beenpd.B 100 - -
.. ...... 100 - -
stock Nth. Eastern-Berwick 100 105 1054 105 4
e the At half- past one the Speaker entered the house. Dodo,sto2s
ok G.N.E. purchase 16134 p
lf, in There were then some 200 members present, who stooktDo Yorks 6il
01 l.
Do .....
' **
" '"
" 100 g 935 e3l 94 a
sells Were about equally divided on both sides of the stock
.i () North
ILondonv
- -
time chamber. A few minutes after two o'clock the 19.16.4 No ti' Staffordshire-. 174 10 24 1 14i
N"
edule leaders of the house entered and took their 1° . and S. W. Junction all 105 104) seats amon 12 Not. &Grantham Rail ll 8 84
re- g their colleagues. Shortly after there was 10 Feebles - -
20 Portsmouth - -
ntals a cry of " Black Rod," and the yeoman usher 10 Rhymney.....
stock Scottish Central
- -
must iMmediately afterwards appeared at the bar. stock Scot N. E., Aber. stock 100 334 341 gm 134
The Advancing towards the table, with the customary stock Do Scot. Mid. stock lOO 84 881
stock Shropshire Union ..... 100 48 50
!fore,obeisances, he said-" Mr. Speaker,-The Queen
10 Sittinotourne & Sheer. all 6 7
les A commands this honourable house to attend her stock
s South 7 pneuvno•trle.s.fni.o.n. : : 10(3)4 39 41 d
rely; Majesty immediately in the House of Peers." 25 S.-Durham & Lane. Un. 221 - -
100 815 i 864 861 611 54
-mild The SPEAKER, preceded by the Sergeant-at-Arms BEIOO2 coati
ITaafilteesr n .
._ - stock Z.talt'uorelz,. ;rode
and
D nonk tvl. 85 90
as a seeded to the House of Lords, followed first by the 25 Stockton'' & D'arlington all 42 43
1
1014
1 4 p
meted Premier, the Chancellor of the Exchequer, and the 25 i 3((), l'loew (1860) l3
6 64 p nary rest of the members of the Government
stock Taff Vale ~ lOO - -
P resent. stock Do Pref. No 1 lOO - - sum On the return of the SPEAKER, after an interval 25 ThamesHayenDk&Rail 22 -
51 561
from of about ten minutes, the sitting was suspended 5505 invoce ah
5
' 20 2 3 p
to be until a quarter to four o'clock. 12 10 Do ,_ : 2
stock Vale of Neathd p
100 66 60 66
10 Victoria Sta. and Pim I all 114 114
-- ---------- stoca Waterford & Kilkenny; 100 - -
50 Waterford & Limerick all - -
if °EBY MARA' lE2' AND CITY NEWS. 20 West Cornwall ........ 1 all 664
some
20 West London ............, all - .
10 Do Ist class ...... -
_ -4.----____ all
ax -
__
20 Do 2d class .. ••• • . all - -
ier CITY, Two O'CLOCK. stock Waens,tilßlaarittlepool ilarbr 1
Lem. The Foreign and Colonial Produce Markets stock West Midland-Oxfordl 100 464 474 47794
,
during the last few days have been very inactive, stocke Do. Newl,ort' 100 41 43
Do. Her. erordl 100 ' 82 84
and the few transactions recorded in most of the
p
princi al staples have been at about previous rates. PREFERENCE SHARES.
have Tea has been dull, and only moderate transactions
Share . f I Closing Business
Railways. ,Paid Price. Done.
taken place ill sugar, coffee, and rice. There I
0 0 has been a fair inquiry for saltpetre, but few trans- 25 111',y-tbe and Tync 10 perl
5 o actions have taken place in oils and tallow. P.Y.C. e. pref. (issued at £5O, all - -
stk, Brie. & Exet.4 p.ct.stock I 100 - -
10 0 on the spot is quoted 595. 9d. per cwt. 20 Do. do. do. Shares IJ 14 - -
In the Liverpool Cotton Market yesterday stock gaole4,°tans
business continued rather active, and prices were cl,a44zeNr cue.n2ti
110000 101 103
55 Cork & Bandon, 54 p. c. all - -
20 ,ornwall. 5 per cent. all 204 214
o 0 well supported. The sales were 12,000 bales. 65 un.Perth&Aber.Jun all 6 65 I
No bullion operations of importance took
place 14 o Ist Class Pre} all - -
and at the Bank of En stock 143.Anern.Class A 7 &sp.a 100 99 101
gland yesterday. stock I Do. do. Class B 6 p.c.
any stock i Do. do. Class C 7 p.c lOO 106 108
At the forthcoming meeting of the London and stock E. Coma. Ex. sp. a No.l 100 110 112
No lOO 108 110
„, stock Do. do.
South Western Railway Company, a dividend NVIII. stock Do. New 6 per et stock 100 124 126
sus- South
proposed at the rate of 51- per cent. per annum. '
The monthly liquidation of commercial engage- stock Eastern Union, 4. per et.. 100 76 80
stock Do. 5 per cent. guar... 100 - last
stock lEchn.&Glas. sp.c. shares 100 112 114-
I .
;lent meets having been completed, the money mark t S. &D. 100 - -
stock Do. 4p. c qua e stock Edin. Perth& Dun. 4 p.c. 100 - -
be a is rather quieter. stock Furness, ser cent .... 100 - -
stock ,G las ta. 5p c 100 - -
n• of A flatter tone pervades the English Stock stock 'Grea.Northern. sp. et. 100 117 119
Market, Consols being 911 I for money, and 921 i stockaoe IEOo:S4:y.IIVA, IdOop.c.prn r)00 IN lu,
r to .
Lion for March. The other securities, including the too 1D0.p5 1 Redm. 5 p.c tr so 85 87 86
10 Gt. NIL . f Elootld. la. Ppi. all •
New Threes, Reduced Annuities, and Exchequer ( Gt_Sno. & W and)(lre,„t 4
lent
stock
/ p. cf. pref. p..c00k.. i 100 98 100
Bills are rather depressed.
50 Great West- ',l3erks and
Hants) P_,xt. sp. ct. .. 6 -
I. Foreign Stocks are dull, and rather heavy.
stock Do. Red-eemabie 4.ap,et, 100 99 101 100 99
The transactions in the Railway Share Market stock Do. Re
N.lOO 90 92 91
have been limited, and the variations in prices are ,doemable; 4 ct. 100 89 91
stockstou Igor,. Ts.
p.ct redeemable,iledeem .
por.g.t..
100 101 103
obe unimportant. Lancashire and Yorkshire, Mid- 8 r,)c). Birm. Pref. Shares, all 10 104
10 fUt. W Ces. 8 p.c. pf.sh. all 174 184
Scot-all 104 11
lands, and South Easterns are a shade tatter. to IDe. do: sp. p et. prof
Brightens, and North-Eastern (Berwick), however stook
P) 00. Irliirems tr
131 Do. do. do. ar, stock lOO zo 78
ArG maintain their values.
20 Do do do
gua. shares all 204 21}
all 154 16
In the Foreign and Colonial Markets there is 100 Lail. ,kar.l. 4i pc. pref. 40 - stock Lan.&York 6p. c. stock. 100 135 137 -
no material alteration to record in prices,
stocksteck Do.Barnsl.st.£s3s iod pc 100 - *-
,urso Joint-Stock Bank and Miscellaneous shares are Do. 6 per c. (E. Lan.)
stock Lon.& Brig.s pc.gu.No.l 100 113 116
.and heavy at barely former quotations. stock Do. sp. a No. 1 100 113 116
sold
CITY, THREE O'CLOCK. stockstuu Do.r;o.
tirun.a.s6p pu. a
N 0.4 100
In M
Var-
A meeting took place to-day of the creditors of Do. do. 41 per cent...., 100 101 103
;had Messrs. Fred. Ede, Son, and Co. It was resolved stock
5 Do do 4 c. share;, •all - -
stock Do.. 7 1;. et. pPref. stoek,. 100 150 153
mod
that the estate should be wound up under inspec- stock Do. 6p.c. do. (W..F., &C.F.) 100 128 131
o be
stock Do.4p.c.S.(eliv :fef:til '65) 100 70 73
tion.
100 - -
hose
stock I Do. 4 ier ce-,it. Pref
[ out The subscription list of the Indian Cotton Com- stock I I,on. the.. and Dover lOO 87 89
Do. W. 1 A rceiv. no div
.In Pany will be closed in London on the Bth inst. to Ex. ftek til 6p cispd on all - -
,
Do. B B. & Brorit ex. al - -
; are The applications for shares, which arel to 1 prem., 10 Do. Metropolitan Ex B 2 - -
pre- a
stock Lon. and N.W. Coy. and
Lave been very large.
ude
Nuneaton, sp. et... . 100 116 118 At the first annual meeting of the proprietors of stock Lon. & S.W, 7p. et. stock 100 150 155
Lune
stock Do. 44 per cent lOO - the Ocean Marine Insurance Company, held to-day, 2s. 6d. Do. (Prtsm. perpl anus n a
-
tun- the direeters'report, an analysis of which has already pi Leo= 3d...., i f 11, all
-- --
been published, was *unanimous! adopted, and the 124 London/. a EnCnoies.. 4 eh. all 14 14,4
ma: Proposed payment of interest of ss. per share was stook
Do. £6h. &Lin. 6 per ct 104 1355 1304 9
agreed to stock Do. 35 per cent
to Do. redeem.
The Market for Public Securities is steady, Con- 124 7•Taryoort &Car,. 4p. a all - -
aols being 911 f for money and the '7th inst., and storict :),•:;.d.
lxne.r,epente:
stock all
92 to 924,1 for the March account. The New Threes stock Do..
Con.Bris. &Bir. 6 p.c lOO 134 136
ery are flat at 91/i, the Reduced at 911 92, and Long stash Do. 41 p. c. pref. stock - 100 102 104 '
6 Do. with option till 18i i 3 - -
siock Do. Lela & Hit. pref. st. 100 95 97
and Annuities at 16 3-16 ; India 5 per Cent. Loan is stock Norfik sp. a Ex. st. 184 100 - -
)rts Steady at 9917 and Bank Stock at 233, but Exche- , stock Do. 51 p. c. Pref. do. 1847 100 - - 6in -
stock Do.sWay.Val.Ex.st.lB47 100 - -
quer Bills have improved to 7s. to 3s. dis. stock North British, sp. o.
on
stock Do. New, gua. sp. c.. . 100 109 111
Foreign Securities are slightly depressed, and
'ks.
103 Do. Bor. Un. g. pf. shs 3 il4 1
4 of
the dealings have been moderate. Turkish 6
per 10 Do. do. all - -
;ck. Cents.
stock Nth.Dey.Rat Dck.Co 100 - -
are 70 to 701- ; ditto New (1858), 561 to stock N-East.Cons.Pref. 4p. c. 100 91 93
be 564 ; Mexican have receded to 231 1; Russian 4h esttooect Do. 4Biegii?jerked4eerre!ableei lg,o) 10021 104
00- per Cents, to 91 ; Dutch 21 per Cents. to 634 • and
. ,17 Do. do. do ' P
20 , Do. Leeds, 6p. 6. No. 1 13 - -
In ditto 4 per Cents. to 1001 •; Brazilian remain at 121 i Do. do. Quarters, 1848 9 - -
ron
100, and Sardinian at 84. 15 I Do. York, -. &3. Pura. 10 5d4, p 10 it in-
to ;North Staffordshire- all 22 23 In the Railway Share Market the transactions
cur 10 1 Ilbymney Guaranteed all - -
lq ,ocottish Central, new pt all - -
have been very limited, and prices have slightly
is
stock I Scottish North-Eastern
Lell declined. Midlands,North-Eastern - -
rdeen,gua.6p.c. 100 -
nts and West Midland have receded 55.; North- stockg 1
soD4ii7jp. a pref. stock 100 133 136
10 ' ,I' Do.
bar Western, 10s.; and Great Westerns, £2, owing to Fixed evoei i Alelrne.
cent.
all
_lO4
_ll
es- the expectation that the dividend will be unfavour- 1.0.6 ISouth Eastern (fleadin g
1.0.6)
to
able; Caledonians improved 55.; and London and stock I Do. 45 per cent lOO 102 104
tee
stock i Do.Fixed4lp.e. Ist is. 100 102 104
Brighton, 10s. stock ' South Wales, gua. 4p. c. 100 91 93
,n_ Brighton,
Foreign and Colonial Lines continue flat. stock
' Do. 41 per cent lOO 100 102
on
stock I Do. 5 per cent: - -
3ft Joint-Stock Bank and Miscellaneous Shares stock , S.-Yorkshire, 4p. e gnit lOO 85 88
25 ,Stock. & Dar. Asp. c. I
allall .72t Nt
tea barely support previous rates. 25 ; Do. R 6 percent
ail
25 I Do. C 6 p_er cent I all 326 331
----- stock IWatrfd & Kilkny, 6p. c, 100 45 48
as BRITISH FUNDS-CLOSING PRICES. stock ' W.Mid -Oxf Ist Gua stk 100 124 126
he Bank Stock
3 per Cent. Reduced .....Ann . ..
************
stock I Do. 2d do 100 120 124
stook I Do. Newport 5 p.c.pf.red. 100 100 102
;si,
233
2 14 2 14
New 3 per Cent. Annuities
3 per Cent. Consqds Annuities
.......... 911 f stock Do.Perpet.; 6p.c. pf 1866 100 123 126 1244 4
n't
es ......... 914 2 14 4
Annuities, 30 yrs, expire
~..,: ............ 92 14 4 stock I Do. till 1859, Ist is. 100 116 120
e a.tn. Jan.. 18Rn • 124 J Do. do. 2d is. 74 - -
;el Ditto for 30 vr. .-I.'•

Boa* Stock
BRI7CISII FUNDS—CLOSING PRICES.
3 per Cent. Reduce **** ;:i *************
233
3 per Cent. Congo,ls .'-ies ********** 911 2112 4.
New 3 per Cenyrt. As,unexuipitr-iersitia
les .......... 91i 2 1/
...... 92 11 I
Annuities, 30
Ditto for 30 yrs, expire otb. Jan.,. 1880..
India Stock. .. . . ... ... April, 1885.. 16 3-16 I
Ditto 6 per Cent . . ....... • .........
Ditto Debentures, 1868 ................. 99i i i
Consols for Account, Feb. 7..
..*:::.••••• : • 9 1
Exchequer Bills, £l,OOO, lid. u..311
.1
Ditto VOO ....... 7 die
............. 7 dis
N..
..G..
.. Pi; C E S .
Ditto Small
.. 7 dim'
FOREIGN FUNDS—CLOSING
Brazilian 5 per Cent
Ditto 4i per Cent. 1858
Chilian 6 per Cent .. 102
Danish 3 per Cent., 1825
Mexican 3 per Cent 231
Ditto Account 231 1 1 1
Peruvian 43/4 per Cent —
Ditto 3 per Cent. —
.D. Di* Account
.. 45 •
'"tuguese 3 per Cent.. 1853.
1
_Ditto Account
ttussian 5 per Cent. 1822, £ St —
s °AI? 4i per Cent.
peardiulan 5
rnurklsh 6
811 i i Cen
Turk rC
.
Ditto New Ln,tenntt
-Ditto Account
Dutch Dividends on the above payable in London.
~, Exchange, 12 Gun. 2i per Cent 631
-"Mt° Certificates, 4 per Cent.
THREE O'CLOCK,
:,Console, Money '
Ditto Account, Feb. 7 914 911 1

. -
. . --..
-share! Railways. !paid.l Closing I Business
Price. I Done.
5., Belfast and Ballymena I all
13.14 Bir., Wol , and Str. Val all 54 81
stock !Birk., La., and Ch June.! 100 79 81
25 ;Blyth and Tyne .... . . . all - -
stock Caledonian
10 i Bost. Sleat and Mid.(,)o. all 64 7
stock !Bristol and Exeter „ „ 100 99 101 1004
2200
li
cCoorriak,wlri,lirit-,ek::
10 (Carmarthenso Cork,and Tia,, do '''
, &
all - -
1
10 Do A( A gets no div.
10 IN B ; until 6pc peran.
Cardigan:l)as
sa
g.e laaaololl
11l _9_76 :96: 974 i 7
tallall - -
t - -
e
hasbeen, d. tol3
50
25 Dublin kßelfast. June. all - -
4 Dun., Perth, &Ab. June. all 8 84
a 1 M./C I East Anglian lOO 164 164
,x
stock (Eastern Counties lOO 51 62 511
stock ,Eastern Union, A stock 100 37 39
stcc
EaDDsoto do Bdo 100 26 28
sNuwffoAlk, late EU3ds 4 -13
stoc2k
100 - -
stock ;Edinburgh Az Glasgow 1100 85 t
stock lEdin. Perth, k Dundee 100 264 271 27 1111
1 Forth & Clyde Junction all - -
stock
stock Furness - -
Glasg. and S. Western 100 113 115
10 Great Nthn. of Scotland all - - ....
stock 'GreatNorthern .. lOO 113 114 1.1.5il
stock Do do A stoCk
stock Do do 11 do
stock
'Gt S. ,t W. of Ireland 100 112 113
stock Great Western
stock Do Str Val gua. stock 100 61 64
12 Trish South-eastern all - -
stock Lancashire k 'Yorkshire 100 116 1164 11614 4
stock London and Blackwall 100 61 64 62*
stock Lon., Bright.. &S Coast 100 114 115 1144 151 15
stock Lond., Chat., and Dover 100 48 10
stack Lond. &Nth. Western 100 1001 1014 100!
stock Loud. (t Sth. Western lOO 94 95 944 4
2.5 L'derry & Coleraine - -
25 L'derry & Enniskillen all 9 11
stock Man. S'het. k Lincoln lOO 53 54 531
50 Maryport and Carlisle all - -
124 Do do 4 shares..., all - -
10 Metropolitan 0 34 14d 24
stock Midland
6A.0. Do oew - - p
stock Do firming. Az Derby 100 105 107
50 Nrff. Gt. W. of Ireland all - -
25 Do 4 shares nil - -
25 Mid Kent all - -
10 Do, Cray Line - -
100 Nev,,ca,tle and Carlisle all - -
10 Newry & Armagh, def 9 7 6 d
20 Newry, Warnpt. Az Kos all - -
stock Norfolk lOO 52 54
stock North British ~ 100 854 664
stock Nor.Dev.Rafl&Dk.stoca 100 - -
stock D, A stk ; A rocs no d.
until 6pchas beenpd.B 100 - -
stock Do B stock .. ...... 100 - -
stock Nth. Eastern-Berwick 100 105 1054 105 4
25 Do do , G.N.E. purchase 16134 P 1p p
stock Do Leeds ..... ......... 100 604 Sii
stock Do York
stock North London
10 Do new - -
19.16.4 North Staffordshire ...
10 N. and S. W. Junction all 101 101
12 Not. Az Grantham Rail ll 8 84
10 Feebles - -
20 Portsmouth - -
10 Rhymney..... - -
stock Scottish Central
stock Scot N. E., Aber. stock 100 334 344 cm 134
stock Do Scot. Mid. stock lOO 84 8811
stock Shropshire Union lOO 45 50
10 Sittingbourne & Sheer. all 8 7
stock South Devon
50 N'lm. Counties Union 34 - - d
25 S.-Durham & Lanc.Un 224 - -
stock South Eastern
stock South Wales
stock s. York. mad River Dun 100 85 90
20 Staines, Wok,. and Wok all ' 4 7
25 Stockton k Darlington all 42 43
25 Do do ll 104 114 p
25 Do New (1860) 3 664 p
stock Taff Vale - -
stock Do Prof. No 1 lOO - -
25 ThamesHavenDlaßall 22 - -
50 Ulster -
25 Do
12 10 Do ,_ : 2 d p
stock Vale of Neath
10 Victoria Sta. and Pim all 114 111
stoca Waterford & Kilkenny 100 - -
50 Waterford & Limerick all - -
20 West Cornwall •• • • •-• all 6 64 •
20 West London ; all -
10 Do Ist class - -
20 Do 2d class .. - •• • - -
stock WestHartlepool Harbr I
and Rail •1 100 - - 794
stock West Midland-Oxfor ,i 1 100 464 474 47
stock Do. Newl,ort 100 41 43
stock Do. Her erordl 100 82 84

LItiES LEASED AT FIXED RENTALS.
Railways. Done.
...D....,,..a Lceoa.s,ings \Cplorsiecing I Business
Yrd and Blefohley au n & • • • •
inghamshire .... 100 L. hN W 98 100
ter & Holyhead.. 100 Do. 53 53
• do. 5i per cent. 100 Do. 125 Izt
. do. 5 per cent. 100 Do. 113 115
16 17
es
sdta le
re, Js
tuonucrt i
vo n .a. 1:01 l CE a.
ul e d.
4oEn i
Cn11.02 104
le°lllshire,6p.e. 100 Gt. N0rth..135 137
lon,Harwich Shs all E.Counts. 4i 4}
• Woodbridge .. . 100
larr.&Neils;Drct. 100 CLuledonin
• New ...' ...... 100 o. ...• • --"'
ter& Dean Forest all Gt. West..
Ipool.Dck.& Rail. all .N.44613r
and Selby ...... all Yk.N. Md. 111 113
• t Shares ....... all Do. —— • Shares ....... all Do. ••.!
:.eCfearreln.zuce a..5p..e;
:110000
DLno..&I%T W 207 210
Lon & Gteenwich 100 8. East... 61 63
ZirstonttY,l
i per cent . . ,
uSa.on4tpen.cdt:
110000 Peto &Co 58 31
,-Rturtn.& matt. 11101 14 Norfolk
&/1—: 1-15412-3:
Bradford Prefer-
e Stock ... .. _
Inarkt.,BuryEx
" v 100 Midland 97 99
Iranteed sp. a} 5. 5 6 E.Counts, i i p
hn.& Eastn. 5 p.o. 11
allaal VE ::::.:1 NW: n—:
..II
5:165i —5-180 151
hFlai x,w6e
edPsetsre
mp cente
r. cent....
Wu and Wyre. I all laz )
& 1.,..Yk. 3
E Stares A. all
D 0...... _
itn.Hitch., & Shep 100 Gt. North. 135 137
wabry& Hereford 100 T.Brasseyto3 105
Do. 1 . ....
D
h Staffordshire .. all M'Clean.. 11 lit
a and Somerset.. 100 Gt. West 90 92 901
Brgta
11*(1=5; VroYdp• all " 9 9;

y
, cEum fnEATRE.—In consequence of the sudden
41'11"isposition of Mr. Joh*, Drew, the Irish. comedian, the
uction of Mr. Lover's new drama, which was to have
‘4ll)lace last night, ia for the present postponed.

Railways. i Paid.
171Mrod
13ackinghtunshire
Chester & Holyhead..
Do. do. 5i per cent.
Do. do. 5 per cent.
Clydesdale Junction..
Colchester, Stour Val.
E.Lincolnshire,g.6p.c.
E.Union,Harwich Sha
Do. Woodbridge ...
Gls.Barr.& Neils,Drct.
Do. New ...• • •
Gloster& Dean Forest
Hartlpool.Dck.& Rail.
Hull and Selby
Do. Shares .......
Do. Shares
.......
Lana Carl. gua.s P.C. London & Gleenwich
Do. Preference
souten;i.
Lowestoft, gua. 4 p.ct.
Do. 6 per cent . . . .
Manc.,Buxtn. & matk.
Mid. Bradford Prefer-
ence Stock.... ._
Newmarkt.,Buryix 1
guaranteed 5 p. c. j
Northn.& Eastn. 5 p.c.
Do. do. 6 per cent
Da Fixed 5 per cent.
North Western ......
Freston and Wyre.

Do. Stares
Roystn.Hitch., & She
Skrewsbry& Hereford
Do. Da
South Staffordshire ..
Wilts and Somerset..
Vilall)ledOntt Vtoyd,u,