The Sun.
London, England, 1850-04-20 00:00:00

LONDON, SATURDAY EVENING, APRIL 20, 1850.

our previous condemnation of all intramural inter-
ments without exception.

Clause 16 provides the saving of rights to bury
in vaults ; whereas there should be no such right what-

over, except in—

Clause 17—where it is provided that sepultures
shall still continue in the vaults of Westminster Abbey
and St. Paul's Cathedral, the tombs consecrated to
the ashes of the illustrious.

Clause 18—providing power to remove bodies
already interred to the burial-grounds provided
under the Act—reminds us of the absolute
necessity of imposing upon this a uniform prohibitory
price.

Clause 19 provides that fees shall be paid upon in
terments : it should also provide that these fees shal
henceforth be on a moderate scale.

Clause 20—directing that the management shall
be vested in a board should provide, on the
contrary, that the management shall be vested in a
general committee.
Clause 22 has already been condemned in our
allusions to the seventh and sixteenth clauses.

Clause 25 provides that ; the management should
select houses for the reception of bodies previous
to interment, in lieu of which it should be decided
that several houses must be built, so that the bodies
of poor persons, or of individuals found dead, may be
there sheltered, and the houses kept open in different
districts, as in the case at the Morgue, in the French
capital.
With reference to the general management of ce-
meteries being vested in committees of laymen, we
may observe, in conclusion, that it may be so ar-
ranged that no expense shall be incurred even for
the ground required for interment. In testi-
mony of this, we may direct attention to
the Prospect Cemetery near Dublin, where
the whole of the affairs are managed by an unpaid
committee of gentlemen, some of whom are Mem-
bers of the Imperial Parliament. There, under the
direction of that unremunerated committee, the
charges for sepulture are of a most moderate
character; notwithstanding which a surplus fund,
remaining over and above the expenses, is appro-
priated annually to charitable purposes, and the as-
sistance of eleemosynary institutions. Of the efficiency
of this admirable system of conducting cemeteries
those Members of Parliament above alluded to
can speak themselves ; and we are sanguine
that our future metropolitan cemeteries, through the
force of their evidence, may be conducted in some
sort like the Prospect Cemetery mentioned as in the
vicinity of the Irish capital.

The attention of those interested in railway pro-
perty should be prominently directed to the extra-
ordinary depreciation in the value of the shares in
almost every company, and the causes that have led to
such untoward results, in order that they may make
some combined and organized effort to retrieve their
former position, and to prevent a continuation of the
iniquitous system, by means whereof they have been
victimised to so fearful an extent. A game similar
to that carried on eighteen months since,
and which then produced a " railway panic,"
has again been played, and with like
consequences. A determined attempt has been
made by means of a wicked confederacy to
plunder the innocent shareholderF, by reducing the
nominal quotations far below the actual value of the
4tock, in the hope that timid persons may be induced
co sell at any price, however inadequate, and thus to
enable the " ursine herd" to reap a rich harvest at
their expense. The game may, however, be carried a
little too far. There is a certain limit to human ere-
aulity and human patience. Shareholders may not al-
ways be contented to permit the process of "fleecing"
to be carried oa according to the will and pleasure
of a few speculative jobbers in Capel-court. A re-
action must arise that will absorb a considerable por-
tion of the ill-gotten gains of these unconscientious
spoliators, that will make the engineer be
" Hoist with his own petard."
Such was the case in October, 1848, and such wi I
be the case in April, 1850.
At that period, when the deterioration had arrived
at the deepest point, when all was gloom and terror,
and none could say what might be the next stage in
the course' of events, we published a series of articles in
which we feailessly and unsparingly exposed the nature
of the " Bearing" operations which had been carried or,
and showed that there was no real foundation for the
unwarrantable tales that had been falsely and fraudu-
.ently circulated, or for the will and unreasonable
panic occasioned thereby. Our friends and the public
—more especially those who had sold shares to a large
amount, which they had not within their possession,
power, or procurement—will not have forgotten the
almost immediate result. When the mists that had
been raised by interested parties were dis-
persed, when the real nature of the trans-
actions that were then taking place was ex-
plained, and the actual position and prospects
of the leading companies were clearly indicated, the
panic and excitement passed away, and there was a
marked improvement in the prices of shares in every
line. London and North-Western, which were at 1
discount on the very day when our first article on
the subject appeared, speedily rose to 16 pre-
mium, and before another month had touched 26
premium. The change in Great Westerns was
no less striking, and the " Bears" received a
severe but salutary lesson, by which they
profited for some time. But they are
unfortunately of too active dispositions to remain
tranquil and contented for any lengthened period.

The profits they had obtained during many successive
months N% ere too tempting to be relinquished, and
Although the greater portion thereof had been die-
gorged, sufficient remained to enable them to enter
upon new operations of a similar descrip ion, to fit out
another expedition in quest of another "golden
fleece." hitherto they hare succeeded beyond even
their most sanguine expectations. Shareholders

have dropped into the nets opened for them
with scarcely an effort at escape. A
panic was again excited, equal to that
of October, 1848, and on Tuesday last the quotations
of stock in the leading companies were as low as they
had been at any former period. But, happily, the
tide has already turned:; a change has set in indicating
a steady and continuous improvement, which may
possibly be retarded for a day or two by the convul-
sive efforts of the discomfited "speculators for a
fall," but which must inevitably overcome every ob-
stacle and impediment, and continue until prices
reach something like the fair value of the property
brought into the market.
We shall now simply compare the present prices
of shares in two companies—the London and
North-Western and the Great Western—which
have been among the chief sufferers by
the iniquitous system to which we have al-
luded, with their actual value, in proportion to the
dividends paid, and which there is a positive certainty
will be fully maintained, if not materially increased,
with the revival of trade and the greater commercial
activity now perceptible. It must also be borne in
mind that the causes which formerly led to the undue
depreciation are no longer in existence.
There is now no danger of new calls being
made beyond the power of the shareholders to meet
unless with serious inconvenience ; there is no con-
cealment to induce fears of the possible conse-
quences of some startling disclosures ; there is
no capital, the dividend or interest of which
is not provided for from revenue. Ample pro-
vision is made for the maintaining of the
permanent way and full efficiency of "the rolling
stock," without deterioration. There is also no doubt
but that a continuous and scrutinizing audit will be
held, so that, in fact, there is nothing on which to
hang suspicion, and yet, as we have already stated,
the " Bears," by the magnitude and audacity of their
operations, have succeeded in creating a panic un-
paralleled on any former occasion.

Great Westerns on Tuesday last were done at 4G ;
they have since rallied, and the quotations yesterday
were 51 to 52, in other words,- the party who desired
to sell could only obtain 51, while those who wished
to make investments had to pay 52, but even at that
'nice nearly 8 per cent can be obtained on 'unques-
tionable security, and that at a time when money is de-
scribed as being a " drug in the market," and approved
bills will be discounted at 21 or 3 per cent. The
two last dividends paid bave been at the rate of 4 per
cent, per annum, but a considerable balance remained
undivided on each occasion, which will be available for
future dividends, should any deficiency occur in the
net profits—a contingency, however, by no mean*

probable. The sum available for dividend during the
half-year ending the 30th of June last, after pro-
viding fully for the interest of loans and the prefer-
ence charges, was 174,7101. Of this 15600/. was
distributed, being at the rate of 4 per cent. per
annum, on 7,834,5007., the total capital called
up, and the sum of 18,0201. was placed as a
reserve for the next account, of which 6,215/. had
been brought forward from the preceding half-
year, leaving the net profits undivided of that half-
year 11,8051. In the last half-year the sum available
for dividend, after providing in like manner for inte-
rest and preference charges, was 196,3937., from
which the sum of 156,6901. being deducted for divi-
dend, at the same rate of 4 per cent. per annum on
the entire capital called, left a reserve of 39,7031., of
which 18,0201. had been brought down from
the preceding amount, 21,6831., being the surplus of
undivided net profits realised during that period.
Surely these simple and incontrovertible facts are
sufficient to show the folly and absurdity of sacri-
ficing such secure and valuable property for 51 or 52
per share.

The case of the North-Western is scarcely less re-
markable. A dividend of 7 per cent. was declared
on that stock for the half-year ending the 30th of
June, 1849. For the last half-year a dividend of
5i per cent. was recommended by the directors,
which would have left an available reserve of 43,637/.
4s. 2d. The shareholders, however, influenced by an ex-
traordinary degree of cauticn, resolved, at the half-
yearly general meeting held in February, to accept only
5 per cent., by reason whereof the reserve bas been
augmented to 79,8791. 8 which now remains to the
credit of the company, and yet the shares in this ad-
mirable concern, which are just as safe as the 'divi-
dends on Government stock, were on Tuesday last
at a discount, and were yesterday only 24 premium.
We cannot conclude without expressing our
unqualified approbation of the resolution
adopted, even at the eleventh hour, by the
committee, in permitting purchasers, to insist on the
actual delivery of the shares for which they have con-
tracted on the account day. This beneficial change
will completely take the ground from under the
" Bears," and deprive them of the formidable weapon
they have heretofore wielded with such terrific force.
Every circumstance, therefore, affords the most
cheering and auspicious auguries of a great and
marked amelioration. We bid the shareholders, then,
to be of good courage, to have confidence in themselves
and in the value of their property, and not to be in-
duced to sacrifice it at inadequate prices in conse-
quence of the sinister rumours raised by deeply-inte-
rested parties, but which are based upon no just
foundation.

THE FRENCH_ REPUBLIC

We have received the Paris journals of yesterday.
There was a violent discussion at the Union Elec-
torate on Thursday between M. TRIERS and Count
MOLE, the former supporting the candidature of M.
For for Paris, the latter that of M. LECLERC.
TRIERS was supported by M. PL:CATORY, but he was,
however, defeated, and at the conclusion of the
meeting it was announced that M. FERDINAND For
had resigned, and that M. LECLERC alone would be
the candidate of the Union. This choice of N. LE.
CLERC, a Paris shopkeeper, as a candidate, by the
Aristocracy and Royalists, proves that they are con-
vinced that they stand no chance of destroying the
Republic by violence or by a coup d etat ; and this
fact, moreover, becomes still more apparent when we
find they have started as one of their candidates
for the Soane and Loire M. BILLAULT, who was
considered in the Constituent Assembly to
approach much nearer to M. LEDRU ROLLIN
than to M. ARMAND MARRAST. There can be no
objection to the Royalists supporting the can-
didature of such known and avowed Republicans as
MM. LECLERC and BILLAULT j nevertheless it is such
an open avowal of utter; impotence as cannot but
damage them most materially as a party.
M. EUGENE SUE has, in accepting the candidature,
issued an address to the Socialist Democratics. The
Siecle finds fault with the title, and refuses to support
his candidature, because it is one exclusively Socialist.
This defection of the Siècle will materially diminish
his chances of success, and it is said that he has been
strongly advised to resign in favour of the venerable
DUPONT (de L'Eure).
The defeat of M. FERDINAND For, who was the
brother-in- law of M. PISCATORY, is considered by all
as "a heavy blow and a great discouragement" in-
flicted on the Orleanist faction.
PROUDRON publishes in the Voix du People an
address to the Bourgeoisie, in which he stigmatises
the candidature of _ LECLERC as a challenge to eieil
war, and, alluding to the late horrible catastrophe at
Angers, insinuates that it was not a mere accidental
occurnnee. fle says—
" Will you vote for civil war or for concord? Civil
war! Who then will make it for you? Where could
you find an army? The army! It is Socialist, every
man of it. The army! It has received its democratic
taptism in the waters of t! e Marne—a battalion cf this
young and brave army has been swallow ed up because
it had been ordered to Africa, and because
upon its march to Africa it had to make a round,
and that for the sake of preventing it from receiv-
ing the fraternal salutations of the Republicans of
Angers."
" The Catholic Church has its legend of the forty
martyrs; they were forty Christian soldiers whom the
Imperial reaction caused to perish by exposing them
naked fur a night on a frozen lake. Socialism will have
its legend, not of forty, but of 400 martyrs, for in all
things there is progress. Yes, 400 soldiers that the
Royalist reaction desired to punish by a disciplinary
campaign for their devotion to the Republic, and who
have been overwhelmed while marching in serried co-
lumn upon the fragile bridge of the Marne. Have you
not had blood enough?—enough of corpses? Do you
want another supplement to the hecatombs of June?"
The fact that the 11th Light Infantry, who were the
victims of this dreadful event, had voted almost to a
man at the recent elections for the Democratic can-
didates, that they had opposed the departure of their
sergeants ordered to Algiers as a punishment for so
voting, and that they were themselves under orders
for Africa on account of their political opinions, has
given rise to the most horrible suspicions. The
efficial Moniteur du Soir publishes a letter from
Angers dated the 17th, addressed to a colonel in
Paris, which, after some details of the disaster, al-
ready given, says—
" Can you believe, Colonel, that some scoundrel, in
presence of the dead and cf the ruins, accused the aristos
of having eccasioned the breaking of the bridge? It
there be a Socialist of good faith, who, on hearing such
words, does not abandon his errors, he is a scoundrel,
like all his fellows, and they will all be chastised by
Providence as they deserve. I went yesterday to con-
Ney assistance to the scene of the disaster. All who had
hearts wept at seeing so many victims. But there are
men without pity, who, when they should love and ad-
mire, have only hatred and atrocity in their breasts. Our
clergy was admirable. Some soldiers edified every-
body. On being re sturel to consciousness, they, though
wounded and exhausted, hastened to the church to
thank God for having beea saved. When we see such
things we may exclaim, We are not lost!'"

Under these circumstances the PRESIDENT of the
Republic has shown great wisdom in proceeding at
once to Angers, and there can be but little doubt that
he has ere this instituted the most searching inquiries,
in order to ascertain the cause of this most melan-
choly catastrophe. The loss of life is even still greater
than had been at first reported. On calling over the
roll 219 men were missing, independently of 33 dead in
the hospital, and 30 wounded. The total loss of the
battalion is set down at 282 men. 123 bodies have
been taken out of the water ; among them there are
a maid-servant and two children. There were five
officers drowned. The regiment was marched over
the bridge in order to avoid the Faubourgs, which are
the head• quarters of Socialism, and where the inhabi-
tants were preparing to fete the soldiers as they passed.
There was
an emeute at Saumur on Tuesday, at a
review of the troops of General CASTELLANE. The
Patrie gives the following account of the occur-
rence :

" Yesterday, at the moment when General de Castel-
lano, after having reviewed the National Guard, the
cavalry school, and a ba.talion of the 11th Light Infan-
try which sas passing through Saunaur, on the Place du
Chardonnet in that town, was addressing the troops, his
voice was several times drowned by the noise of a
handful of riotous men. Tl ey were in vain requested to
be silent by the police- officers. Recourse was obliged to
be had to the legal EUMMODS, and the mob was quickly
dispersed by a vigorous charge of the men of the 11th
regiment, supported by a squadron of cavalry of the Mi-
litary School. In this affair the 11th, against which so
many calumnious imputations had bet n raised, gave a
striking contradiction to its detractors, and a proof of its
fidelity to discipline,
and of its devotedness to the cause
of order. Several of the rioters were arrested, and
many of them Were wounded by the stones thrown at
the soldiers. Order has been completely restored in the
town."

M. CARLIEF, the Prefect of Police, has declared war
against the mendicants of Paris, who have hitherto
been permitted to assemble at the gates cf the various
barracks, to receive broken victuals given to them by
the soldiers. lle has caused within the last week 252
of them to be arrested.

The following changes have been made in military
commands :—G,neral (34.111EAU, commander of the
division of Lyons,
has been appointed to the command
of the French troops in Rome, in place of General
BARAGUAT D'HALLIERS, who returns to Paris, the
chief object of his mission having been accomplished.
General CASTELLANE succeeds General GEMEAU at

Lyons, and GeneraiD;ARBOUVILLE takes the com-
wand of the divisim pt Dordeaux.

MONEY and COMMERCIAL NEWS.
CITY, i 0
The sales of Cttou a. Liverpool yesterday e ere esti-
mated at 6,000 bales. The market e m quiet but sty ady.
—ln Raffle ay Shares there was a slight decline feurn s-
terea)'s quotations.
The operation of the dividend payments is shown in
the Bank of England weekly return to the 13th inst.
The active circulation and bullion were both brought
into fuller play, and there was a reduction of nearly One..
halt in the public deposits, but a feature not less extra-
ordii ary is the repayment of nearly two and a half
millions of loans, and an increase besides of nearly a
million in the private deposits, the best possible evieence
of the plethora of money. The return, compared with
the previous week, exhibits the following results.—
Notes is- ut d ..• 30,044,650
Decrease ... . . 145,770
▪ 3,077.384
• 43 859
▪ 4 914,38
• 4,:A0,7;35
• 10,969,389
• 944,396
▪ 1,151,963
57,044
▪ 14,209 962
••• 205,892
.. 9,744.702
2,236 732
Notes .., 9,997,075
Decrease ... 818,855
Bullion 16,759,035
Decrease 176 727
Active Circulation 20,047.575
Inci ease ... 673,085
The Foreign Exchanges were yesterday aft, moon ne-
gotiated at lower terms for bills upon some t f the conti-
nental cities. Paris was at 25 721 to 771 ; Antwerp at
25 80 to 85; Amsterdam at 12 3 to /; Harnburgh at 13
121 to 2, and Frankfort at 1211
The entire line of Lake coast, in North America, is
2,000 miles. The following is the result of the survey
of the United States Topographical Engineers:—
"Luke Champion, 150 miles, the greatest width 12,
average width 8 ; Lake Ontario 180, greatest width 51,
average width 40 ; Lake Erie 240, greatest width
57, average width 37 ; Lake St. Clair 18, greatest
width 25, average width 18 ; Lake 'Huron 260,
greatest width (not including the extensive bay of
Georgian, itself 120 miles long, averaging 56 miles in
width) 150, average width 80 ; Laae Michigan 340,
average width 58 ; Lake! Superior 420, greatest width
135, average width 100. The lakes maybe considered
as connected throughout their whole exteLt. Lake
Champion connects with Lake Ontario by means of the
the river Richelieu, the lock and dam navigation of St.
Lawrence River, Ottawa river, the Rideau canal,
through Canada, and the Champlain and Erie canal of
New York. Lake Ontario is connected with Lake Erie
by the IVelland canal. Lake Erie is connected with
Lake St Clair by the deep and navigable strait of De-
troit, twenty-five miles long. Lake St. Clair is con-
nected with Lake Huron by the navigable strait of St.
Clair, thirty-two miles long. Lake Huron is connected
with Lake Michigan by the deep and wide strait of
Mackinaw, forty-two miles long."
'There are no ship arrivals this morning bringiug
foreign news of interest.
The accounts from the manufacturing districts state
that a fair business was doing.
The exports of the precious metals from London
during the week to Thursday last were 23,000 ounces
of silver, and 1,66 of gold.
The Funds are very steady to-day. Consols, 96 to k;
New Three-and-a-Quarter per Cents., 97i13-to I; and the
Three per Cents., 95 to le Bank Stock has been 2062
to 2071. The premium on Exchequer-bills is up to
695. and 71s.
In the Foreign Market, Spanish Three per Cents.
have been dull at 37, and the Five per Cents. at 181.
Portuguese Four per Contr. are 331. Mexican Stock
is quoted 2q to 29k, and Peruvian Active Bonds have
fluctuated from 701 to 7C4. Equador Bonds are
at 31; French Five per Cents. have realised 88 75, with
the exchange at 25 60.
Railway Shares have been more buoyant. North
Stafford have touched 10k; Great Western, 53k; North
Western, l 02i; Midland, 33; Caledonian, 7i; and South
Eastern, 131.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
Bank Stock 207% 20634
3 per Cent. Reduced Annuities
3 per Cent. Consols Anna
New 3% per Cent. Anas.
Long Annuities. Exp. Jan. sth, M 0... 8 3-16 8%
Consols for Account
Exchequer Bills. I%d. • 2d.
March. June.
1,069/.
5001 6B 71 p
Small — 69 71 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Dan:sh Bonds 1825, 3 per Cent....
Ditto, 5 per Cent
Ditto, Scrip 4VA3/4 p
Equador Bonds 3%
Greek Bonds, 1824 and 1825
Ditto Ex Over-due Coupons 5% 6
Mexican tionis, 1846,5 per Cent., Coupons
Ditto Ex Jan. Coupons
Ditto for the Account ..... 29 23%
Ditto, Small 29%
Peruvian Bonds, 4 per Cent
Ditto Account
Ditto Deferred
Portuguese Bonds, 5 per Cent —
Ditto 4 per Cent.
Russian Bonds, 1822,5 per Cent 10712
Ditto 41/2 per Cents
epani.h. Bonds, 3 per
Ditto for the Account .......... 15%
Ditto Passive Bonds
3%
Spanish Bonds,3 per Cent,lB4o
Ditto Account
Dividends on the above payable in London.
French Rentes, 5 per Cent.
Exchange 2sf. 60c.
Dutch 2% per Cent., 12 Guild
Ditto 4 ner Cent. Certificates
BUSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK
RAILWAYS. PAID. PEa SHARE.
kberdeen
Ditto, Preference 8 dis. to
Firmingham & OxfordJunct ,
calls duly pd, or with guar 2O
Do., withouta guarantee... 20
7,aledonian
.il-tester and Holyhead
Ditto, Preference
Eastern Counties
Exten., 5 per ct. No. 1, 61.135. 4d .. % p to
Eastern Union, Class A (late
E. U. Shares) ...... 25
Ditto Scrip (gua. 6 per ct.) 20
east Lancashire ...... 25
Great Northern.... . ... 22
Do. 4 A Deferred ..... 12% 174 to
Do. 14 B 6 per Cent....... 9% 3 to 4
Do., 5 per Cent. Pref. ...... 12% 10 x i... to 10%
treat North of England 100 215
G-eat Western... ........100 ...521/2 53% 52 to 53
Ditto, Quarter Shares
Ditto, Fifths
Do. New 17/ l5 ..... 6% . ..... to
..tincashire and Yorkshire 100 .....

Best

Irma ease
Public Deposits

DcCrcal e

Other Deposits

Increase . .
Seven Day and other Bills

IrCrease ...
Government t`ccurities

11~ cry asp
Other Securities

Decrease

Ditto Fifths
Do., West Riding Union lll/4 .... . 214 ►4, .. to
Leeds and Bradtord
Loud., Bright., & South Coast 100 .. .. 79
London fa North Western.....loo ......1 021,A 3a
F-o. New Quarters.
thdland ...... .... ........ _U)
Ditto, 501. Sh tree '3O ..
vid I and, liirm., and Derby...loo ...
North British .. .. ... ...... . 25
Ditto. Preference
North Staffordshire..... ...... 171,4
Reading, Guildtd., & Reigate 15
Scottish Central
• hrewshury and Birmingham 1314 ...... dis to
Ditto, ditto, Class B. 9

Ditto, New Guaranteed 8
81tropshire 2%..... to
South Devon
south Eastern ..... 33%...... 1314% .. to
Ditto, IZegistered No. 4.... 10
-nrk, Newcastle, and Berwick 25 ...... 113 i to 12
Do. and Newcastle Exten. 20
Do. G. N. E. Pur. or Pref. 8
rork and North Midland .. %'3ll to
Ditto, Preference
FOREIGN RAILWAYS
Orleans and Bordeaux .. 7 ... —2% to
Strasburg and 8a1e........... 14 2% to
mrNEs.

Santiago de Cuba. lO
United Mexican
JOINT STOCK BANKS.

Australasia
40 • •••• ..,... to
Colonial .. •...........•. 25 ••• • 71/2 •• •• to

COURSE 0:
Amsterdam •• •• 12 2

Ditto, three months 12 3%
Rotterdam .... • • 12 344
tkritwerp. .
Brussels.. • • 25 85
Uamburgh . • • M. 8.13 13
Paris, 3 days'sight , • 25 60
Ditto, 3 months .... 25 80
Cdarseilles • • •• • • • • .. 25 82
.
Frankfort on Mains.... 121%
Berlin • • .. • •
Vienna, effec. fib ••.. • • 12 10
Trieste, ditto.... • • .... 12 10
Petersburgh, Sll. Rblo ••
Kadrid •• .. • • ........ 49%
Cadiz •• •• •••••• •• •• 493,
Barcelona .• • • . .....
Seville.. •• •• •• • • •• ••