The Sun.
London, England, 1850-02-28 00:00:00

THE UNITED STATES.

(BY ELECTRIC TELEGRAPH.)
LIVERPOOL, THURSDAY MORNING.—The packet-
ship Albert, Captain Gallatin, has just arrived in port,
having left New York on the 7th instant.
Her news is confirmatory of that received by tele-
graph via Halifax, per last steamer, with the excep-
tion that the price of cotton was not lower, although
the business in that article was languid.

STEAM TO AUSTRALIA, VIA THE

CAPE OF GOOD HOPE.
A deputation of gentleman waited on the Secretary of
th© Treasury, at two o clock yesterday for the purpose
of advocating " the Cape of Good Hope " route for the
conveyance of the proposed Government mails by steam
to Australia.

Amongst those present were the following :—Sir James
Esq.,Duke Duke,
HansonM.P" J. P. W. Flower,
Esq., P. Home, Esq., Captain C. D. Hays, and several
Watson, A Bag 8h
Esq.,aw e 1 E. $6lO. re, Esq., W. Young,
other merchants and gentlemen interested in the Cape,
Mauritius, Australia, and New Zealand.
The above gentlemen, who represent the interests of
a large and influential body of the commercial com-
munity of those colonies, and more particularly the
colonists themselves, argued in favour of the Cape route
grounds
—first,
thato h
n tthese
e
useful, important, and national
distance
via
the Cape to Aus-
tralia and New Zealand does not exceed the other routes
ijia
thatStihne Cape
gsspore ororaPdanisamualw,
abyust
opyen a comparative trifle ;
to us, and that the
voyage could be performed in the same time, and with
less risk, taking into consideration the delays consequent
on overland conveyance and re-shipment of mails by the
other routes.
That by the Cape the packets would leave fie mails
en route to all our African possessions, more particularly
the Cape of Good Hope, the new colony of Natal, and
the Mauritius; and that facility would not only be
thus afforded for a regular and speedy conveyance,
of mails to all those colonies, which would be by any
other route entirely overlooked, but would also offer the
same facility for passengers and goods at as cheap a
rate as by sailing vessels, a commercial interest which
would prove to be of the greatest benefit to the colonies
and to the mother country in future.
That the same benefits that- the direct line would give
for emigration and commerce to the Cape, would be ex-
tended to Australia and New Zealand, and it was argued
that the Government should be urged to consider these
benefits, in deciding on so important a matter,
although it should coat a greater sum to convey the
mails by this route than by any other proposed, because
while the mails would be carried with as much regu•
larity and certainty by the Cape, the same packets might
be fitted for the purpose of emigration and the convey.
ante of merchandize.
The deputation received an intimation that these
statements woutd be laid before her Majesty's Govern-
ment, and that they would receive due attention.

THE SOUTHAMPTON TOWN COUNCIL AND
LORD GOUGH.
TO THE EDITOR OF THE SUN
Six,—Perhaps you are not aware that the Town
Council of Southampton consists of forty members, and
only eighteen were present at the meeting, so do not at-
tach blame to the whole body for the apparent slight to
the illustrious and respected veteran. Had not business
prevented many from attending, and the Council been
hastily summoned (on a Saturday), a different conclusion
would unquestionably have been arrived at.

I am, Sir, &c.,
A MEMBER OF THE COUNCIL WHO
WAS ABSENT.
Southampton, Feb. 27.

NEW QUEEN'S COUNSEL.—We believe that the
following gentlemen have been called within the bar
by the Lord Chancellor :—Messrs. Prendergast,
Bliss, Greaves, Townsend. Carpenter, Rowe,
Grainger, O'Malley, E. James, Peacock, and
Macaulay.
THE QUEEN'S VISIT TO THE ST. JAMES'S THEATRE.
—Her Majesty and Prince Albert, accompanied by his
Serene Highness the Duke of Saxe Coburg, honoured
the French Plays with their presence last evening. The
royal suite consisted of the Countess of Mount Edge-
cumbe, Baron Apel, Lord Byron, Colonel Buckley, and
Colonel Gorden. There were also present the Duchess
of Sutherland and Lady Constance Gower, tho Marchio-
ness of Downshire and the Dowager Marchioness of
Downshire, the Marquis of Ailesbury, Lord and Lady
Rendlesham, Lady Frances Hope, Sir William Clay, Sir
Ralph and Lady Howard, the Hon. Mr. Willoughby, Sir
Coutts Lindsay, &e,

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.

The sales of Cotton at Liverpool yesterday were esti-
mated at 3,500 bales. The market was stoady.—ln
Railway Shares a very limited business was done, and
prices continued to decline.
At Vienna, on the 2d inst., Austrian Metallies were
93 11-Ifiths. In the Amsterdam market the Dutch Funds
were less firm and with limited transactions. The Two-
and-a-Half per Cents. were 55. Foreign Securities also
were duller.

Advie. s of the most recent date from Copenhagen ad-
vise us that the Belt and the Sound were entirely free of
ice, and the mails had resumed their ordinary course.
A new discovery is said to have been made at the
Constantinople Mint of a combustible matter. An offi-
cial was preparing a mixture of nitrate of potash and
other substances, when a startling explosion occurred,
and the operator being unable to resume his experi-
ments, they would be prosecuted by the Academy.
The speculation in Coffee at Hamburgh has resulted
in the suspension of Messrs. A. Herbert and Co., with
liabilities amounting to 250,000 mares banco.

It is stated in the Corn Exchange this morning, that
the failure cf an Irish factor, reported two days since
by our morning contemporary, the Chronicle, is not
correct.

An interesting inquiry to City-men is made and an-
swered i❑ some observations by Mr. J. Toulmin Smith,
headed " What is the Ccrporation of Louden, and who
are the Freemen?" The writer desires to abolish the
payment of fines and stamp duties on the admission of
freemen of the city of London, and to make and keep a
roll of tho citizens of the said city, and remarks upon
points of some importance to our merchants and whole-
sale dealers. He says— . _ _

" As regards the question of residence raised by some
persons anxious to maintain by any tortuous quibble the
wholly illegal system of exclusiveness which
now rears its head within the city of London,
it will be sufficient, out of many authorities
which might be quoted, to quote one, which I choose
both because of its high authority and because it will
show how long ago the idea has been scouted of its being
necessary (as such arguers would persuade us) to con-
vert London or other places into prisons in order fur
their cit'zens to be accounted free." The writer then
quotes Coke's reports.
Upon the question of taking up freedom in com-
panies, the author explains that " the term freeman,'
as an exclusive one, grew into use, beyond doubt,
in reference to particular trading companies which
existed within the City, but which are altogether
independent, as companies, of tthe Corporation,
although all the members were and are, as individuals,
members of the body corporate. Hence the continual
question whether a man was free of this or, that
company. This simple explanation clears many diffi•
culties and inconsistencies that would otherwise
appear ; and it is supported by many relics
of forms which are still met with. We do not find a
man ever described as a freeman and mercer,' 1.
citizen or member of the body politic of the corporation
of London, and free of the particular company; in re-
f-rence to which latter the term freeman' may be,
therefore rightly enough used.
"Besides such existing relics illustrating this point,
I have referred to a long series o f private deeds in my
own possession, running back to a remote period, and
find that, invariably, individuals among my own ances-
tors who have been members of the corporation of Lon-
don are described unquestionably according to the then
usual form, as 'citizen and goldsmith," citizen and mer-
cer,' &c. The term freeman' is not to be found."

The following, from Aris' Birmingham Gazette, is
rather an unsatisfactory statement upon the Iron trade:
—" Within the last week or ten days an unwelcome lull
has again crept over the market, and there appears but
little anxiety to do business. Notwithstanding the re-
ported large influx of orders to different ports, but few of
them seem to find their way here; in fact, the demand
of the last fortnight has fallen considerably short of the
previous one, and, though such ebbs and flows aro con-
tinual and unavoidable, yet, considering that the
present and the next two months are usually
the most busy period of the year, the confi-
dence in looking forward to an early improve-
ment in prices is becoming less sanguine. At
present, however, this relaxation of demand has not
reached such an extent as to induce any perceptible
want of activity among our mills and forges; and if; as
some suppose, it is only dependent upon the slight ru-
mours that have lately prevailed of threatened disturb-
ances among our continental neighbours, or re-
sults from the exposure of unsuccessful tactics
among Scotch pig speculators, and the renewed
indifference with which railway investment is again
regarded by our capitalists, there is room to hope that
the cloud will speedily be blown away, and we may yet
look for the approach of the halcyon days' of free-
trade promise. But there are partiee, and those whose
opinion on such matters are not in general to be disre-
garded, who fear that more powerful causes are in ope-
ration, and that it is scarcely probable that the future
progress of the Iron trade in this country will again be
marked by those attractive opportunities which in times
gone by have been so well improved, and have led to the
engagement in its undertakings of men of the highest
station, ability, and capital.
" The avowed attempts of our commercial politicians
to convert this country into the workshop of the world,'
are said to have aroused universal attention, and to have
provoked the jealousy of other nations, lest the labour
of their own populations, and the developements of their
own industrial resources should be encroached upon.
" In a long and able letter in one of the United
States' journals, the position of the Iron trade there is
represented as most lamentable, not more than two out
of fifteen rolling-mills being in operation. This para-
lysis is referred entirely to the ruinously low prices at
which immense quantities of iron find their way there.
The remedy proposed is a duty almost prohibitory, a
determined agitation for which is being carried
on, and should it succeed only to a partial ex-
tent, it must prove a great discouragement to
our connexions in that quarter. In France, al-
though on the other hand a relaxation of import
duties has been granted, extraordinary efforts are being
made to compete with the cheap productions of this
country, and to substitute their own home produce for
the supplies of foreign manufacture. The quantity of
iron made, as appears from the official returns, has, within
a few years, been more than doubled, and the cost of pro-
duction reduced one-half. The same progress is obtain-
ing in almost every country where the materials are
found."

The Funds this morning do not support the highest
quotations which they touched yesterday, viz., 954 4;
Consols having been 944 to 954 for Transfer, and the
same for Account. The French rentes come lower, but
this was to be expected after the flat reports received from
London, and we find no political or others news of im-
portance to act upon prices this morning. The New
Three-and-a-Quarter per Cents. have been 974 to 971,
and the Three per Cents. 954 to 954. Bank Stock has
been 2064 to 2074.
_Exchequer-bills are 545. to 575.
premium.
Foreign Securities have been very dull, this being
settling day. Spanish Five per Cents. have been
174 to 18. and the Four per Cent. Portuguese Bonds,
314 to 328. Mexican Stock has been inactive at 29k.
Dutch Two• and-a-Half per Cents. are 544 to 554.
Railway Shares are still neglected.

tililTlSH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)

Bank Stock 2071= 206%
3 per Cent. Reduced Annuities
8 per Cent. Consols Anna
New 3M per Cent. Anna. 97'/Al/2
Long Annuities, Exp. Jan. sth, lii6o B% 8 9-16
Do. 30 Years, Expire Jan. 5,1860 8 5-16
India Stock
_ .

Do. Bonds, 10001 B4 $7 p
Ditto under 1.0001
South Sea Stock 104%
Ditto Old Annuities 941
Ditto New Annuities
Consols for Account
Exchequer Bills. 11,4 d. 2d .
March. June.
54 57 p
54 57 p
54 57 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 80ni5,1846,5 per Cent., Coupons
Ditto Ex Jan. Coupons
Peruvian Bonds, 4 per Cent.. 7B 76% 7714
Ditto Deferred
Portuguese Bonds, 5 per Cent
Ditto 4 per Cent.
Ditto Accountl . 32%
Spanish Bonds, 5 per Cent I7X
Ditto Account
Dividends on the above paayble in London.
Dutch 21% per Cent., 12 Guild, 551,4 54%551,4
Ditto 4 Der Cent. Certificates

1,0001.
500/
Small —

DIMNESS DONE IN RAILWAY SHARES AT ONE O'CLOCX
RAILWAYS. rms. nib SLIARB.
Caledonian
Chester and Holyhead... 5O
Ditto, Preference
Eastern Counties
Co. Exten., 5 per ct. No. 1,6/. 130. 4d .. p .to
Do., d 0....... ......... N 0.2,6/. 135. 4d... 1/2 p..to
Do., Northern & Eastern... 50
Do., 5 per cont.
Great Northern
Do., 5 per Cent. Pref. ...... 124.
Great Western lOO ...... —.......—
Ditto, Quarter Shares ...... 25
Hull and Selby 5O
Ditto, Half Shares .. ...... 25
Lancaster and Car1i51e........ 50
Ditto Quarters 23 IA 101,4 to
Leeds and Bradford 450 •—• 97 lie to
London & 81ackwa11......11/. 6s. 3d ...... 37R x.d to
Lond.,Bright.,& SouthCoastloo ..... 79% 79 to 7911
Do., New 5/., gua. 6pr CLIO° l3l ...„ . to
London and Greenwich... 121. 15s. 4d ...... to
Ditto Preference
London & North Western..loo... 102 1021,4 x.d. to 111134
Do. Fifths l2 ..... IP/4YBx.d to
London and S. Western lOO .. 63 621/2 x.d. to 63%
blanch estc.r.Buxtcn,and
Mat10ck....
Mid1and........... .... ........ —lO9 —.39% 39 x.d to 39%
Ditto. 501. Shares ..... ...... 30 ..... 414,:;.41 ... to
Birmingham, 6 per cent.... 109 .122L; ... ... to
North British .. .. ...,..... . 25 lO to
Ditto. Preference
North Staffordshire..... ...... 171,4 - tcy
Oxford, Worcester, and Wc-Z-
-yerhampton
Shrewsoury and Birmingham 12IA
Ditto, ditto, Class B. 8
3ou t h Eastern 331/2
South Wales
x ork, Newcastle, and Berwick 25
Do. and Newcastle Exten. 20 .. ... 834 %--- to
York and North Midland .. 50
Ditto, Preference

FOREIGN RAILWAYS.
Boulogne and Amiens 2O .. 6% to
MINES.
United blezicarl

LLOYD'S SHIPPING—(THIS DAY.)
LONDON, FEB. 28.—Wind E., light airs and hazy.
DEAL, FEB. 27.—Wind S. to S.S.W.—Arrd. from the
River and sailed Bermondsey, Now South Wales; Prin-
cess Royal, Launceston, Van Dieman's Land; Stag,
Adelaide, South Atnltralia; Cubs, Algoa Bay; Lady,
Dominica; Prince Albert, Azoros. Ski. James White,
Bombay; David Faye, Porto Rico.
CowEs, FEB. 29.—Wind S.E.—Arrd,,,Prpheus, Neill,
Canton.

LIVERPOOL, FEB. 27.—Wind S.S.E.—Arrd. Nile,
Balderston, Calcutta; Princeton, Russell, New Orleans;
New York, Marshall, New York; Nova Scotian, Can-
ning, St. John's, N.B. Sid. Patna, Shanghae; Ann
Nelson, and Thomas Brockelbank, Calcutta; Brothers,
Africa; Chemborazo, Valparaiso; Fatima, Rio Janeiro;
Lady Charlotte Guest. Barbadoes; Elise, St. Thomas;
Jane Smith, Santa Martha; Henry and Mary, Vera
Cruz; Elizabeth llastings, Tampico; Chesapeake, Balti-
more; Switzerland, New York. Put back, Britannia
for Wilmington, leaky. Off Port, Mail (telegraphed),
Africa.

PORTSMOUTH, FEB. 27.—The Caroline Frances is
aground at the entrance of Langston harbour; assis-
tance has been sent to her. Sid. Prince Albert, New
York; Joseph, Havannah. Off Port. Crisis, Shanghne.
PILL, FFB. 27.—Wind S. to E.—Sid. Elizabeth,
Norfolk, Virginia.
SCILLY, FEB. 26.—Some more casks of palm oil have
been picked up off here, making in ull 250 or more; they
appear to have been but a short time in the water. A
brig and a schooner have also been seen collecting them.
Part of the poop of a large vessel, apparently not long in
the water, was seen off here on the 24th, and piece of
the top sides of a vessel (fir), apparently a long time in
the water, has been likewise picked up.
REDCAR, FEB. 27.—The Bee, of and from Hull, for
Stockton, and Elizabeth and Jane, of and from Ipswich,
„for Middlesborough, got on the rocks off here yesterday,
during thick weather, and were got off this morning.
PLYMOUTH, FEB. 27.—Wind E.S.E.—Part of a log-
book of the Governor M•Lean, London to Cape Coast
and back to London, has been picked up off the Start,
and brought in here, dated from June 1 to December 4,
1849. Arrd. Cumberland Lass, Bovey, Patagonia. Sld.
Jenny Lind, Adelaide. South Australia, Port Philip and
Sydney, New South Wales.
FALMOUTH, FEB. 27.—Wind S.E.—Arrd. Frankea,
De Boer, Figueyra for Hamburgh, leaky; Westmore-
land, Crawley, Pernambuco.
NEWPORT.—Std. Cecilia,iHavannab.
SWANSEA, FEB. 27.—Sid. Henrietta, Cubs.
PETERHEAD, FEB. 26.—Wind S.—Sid. North of Scot-
land, Greenland.

HULL, FEB. 27.—Wind Greenland.
GOOLE, FEB. 27.—The Ea4le, Brancaster for Leeds,
has arrived here, after being stranded on the Spurn.

MARKET NEWS.-(THIS DAY.)
NEWGATE AND LEADENBALL,

The general demand ruled heavy to-day, at barely
stationary prices. Beef, from 2s 4d to 3s 4d; Mutton,
2s 10d to 3s 10d; Veal, 3s to 3s 8d; and Pork, 3s to
4s per Slbs, by the carcase.

EMT DIAXILETS.
SMITHFIELD.—Meadow Hay, 2/ lOs to 31 10s; Clover
ditto, 3/ Os to 4/ lOs ; and Straw, 1/ Is to 11 95 pet
load. Both Hay and Straw moved off slowly, at the
above quotations.
CUMBERLAND.—Meadow Hay, 21 85 to 3110 x; Clover
ditto, 3/ Os to 4/ 6s; and Straw, 11 2s to 11 9s per
load. Trade dull, at late rater.
WHITECHAPEL. Meadow Hay, 2/ 8s to 31 105 ;
Clover ditto, 31 Os to 4/ 10s; and Straw, 1/ Is toll 8s per
load. Supply good, and trade dull.