The Sun.
London, England, 1868-10-28 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, OCTOBER 28, 1868.

SIR STAFFORD NORTHOOTE AND DIS-

Closing Business
Share. NAME. Paid. Price. done.
10 Agra Limited, A all 114 12
P.) Do B lO 6 7
50 Albion
100 Alliance, Limited
20 Anglo-Austrian
20 Anglo-Egyptian, lira all 18 19
20 Anglo-Hungarian
20 Anglo-Italian 1866, limited 10 6 4
40 Australasian
20 Bank of British Columbia all a 11
20 Do issued at 2pm ~.. 5 ... ...
25 Bank of Egypt
20 Bank of Otago, lim.
25 Bank of South Australia all 30 32
50 Bank of Victoria, Australia 25 37 3)
10 Bank of New Zealand all 17 19
50 British North American ... all 49 51
20 Chartered of India, Austra-
lia, :nd China all 19 20
25 Chartered Mere. of India,
London, and China all 28 29
20 City
100 Colonial 25 37 374
10 Consolidated, lim.
50 Delhi and London, lien
50 East London, lim 5 11 0 i
20 English and American, lim 10 ... ...
20 English Bank of Rio de Ja-
neiro. lim lO 24 14
20 English, Scottish, and Aus-
tralian Chartered
284 Hong Kong and Shanghai
Bak Corporation all ... ...
281 Do new 5l 1 1
100 Imperial, lim 2O 1,1 17/
20 imperial Ottoman lO 4 1 1 I
5 lonian all 25 27
25 Do new 5 45 1•1
20 Lnd Mortgage of India, lim 4 4 31
100 Do sp. c. Debs.lB6l, 30 all 76 4p 8
30 London Bank of North
' and South America, lim. 20 7 5
100 London and Brazilian, lim. 45 30 25
20 Do new 74 5 41
100 London &River Plate, lieu. 40 2 4
25 Do new 10 4 1
20 London Chart. of Australia all 234 244
50 London and County 2O 49 50 49
20 Do new, iss at 20 p m,16 pd ll ...
~. •
50 London Joint 5t0ck....,.,, 1 31 324 3
20 London and South Afri ;;2
can al 12 13
100 London & S.-Western, lim, 20 ... ..•
50 London & Venezuela, Rm 124 ... ...
100 London and Westminster. 20 654 664 641 3}
100 Do Scrip, iss at 10 pm 2O 32 33 51
100 Merchant, lim ;, 25 7 5
10 Metropolitan, lira.., all 6 7
100 Midland, lint-- .. .
5 National of Australasia
25 National of Liverpool, lim l5
100 National Provinc. of Eng'd 42
10 Do
t 0 National. 3O 54 56
20 New South Wales all 43 45
20 North-Western 74
25 • Oriental Bank Corporation all 44 45
50 Provinc. Bank. Corpo., lim lO 7 5
100 Provincial of Ireland 25 89 91
10 Do new. all .. ..
100 Stand. of Brit. S. Africa, lim 25 13 11
100 Do issued at 6 pm. 10 ... ...
25 Union of Austre.lia all 47 4i
100 Union of -Ireland, lim
50 Union of London l5 331 34

TSTABLISHMENT.

Sir Stafford Northcote has formed the text of many a
Wader in the Liberal journals. He was reported to have
Laid that he would not pledge himself against
the disestablishment of the Irish Church. From
this the inference was drawn that Mr. Disraeli
meditated a coup in the matter of the Irish
Church, and that Sir Stafford would follow his leader.
Mr. Gladstone evidently took that view of the case. In,
his speech at Wigan he said : "Sir Stafford Northcote,
Secretary of State for India, was asked whether under the
circumstances he would resist the disestablishment of the
Irish Church ; but he refuses to go to Parliament
with a pledge of that kind." Sir Stafford North-
cote, however, did not intend such an impres-
sion to go abroad. He is very irate at what
the leader of the Opposition has attributed to him, and has
written a letter to the right hon. gentleman, by date
'October 25th, in which he says : "This is as nearly as
possible the contrary of what I have said, and of what I
have written, on this subject. Some weeks ago I received a
letter from a constituent, asking me to pledge myself
`never under any circumstances,' to consent to the dis-
establishment of the Church in Ireland. I replied that
there was no subject upon which I telt more strongly
than this, but that I objected to give a general
pledge of the kind demanded upon any subject what-
ever. Subsequently, when addressing my constituents at
Torrington, I was asked whether I would resist the dis-
establishment of the Irish Church ; I at once answered,
I will.' Then, remembering my correspondent's letter, I
added something to this effect : In saying that, I don't
intend to pledge myself as to what I may do at any
time and under any circumstances. I object to pledges
of that kind altogether.' You will observe that, instead
of refusing to pledge myself under the circumstances'
(by which I understand you to mean present circum-
stances), I distinctly did so only-reserving to myself
liberty of action hereafter under circumstances which I
cannot foresee."

1341

TIIE MARQUIS OF SALISBURY AT

MANCHESTER.

The Marquis of Salisbury's greeting at manctiester was
most cordial. Both members for Manchester were present,
and took part in the proceedings. In answer to the
address presented to him by the Chamber of Commerce,
the noble marquis, with much modesty, took the compli-
ment as being paid to India. Of India, therefore, he
- spoke. "It gives one a sad and melancholy feeling,"
said he, " to read the addresses that are issued and the
speeches that are made in the numerous constituen-
cies of this country, to remember that the fate of 180
millions of subjects, with their various interests, their
enormous resources, their history and their civilisation,
older than your own, is entirely in the hands of the consti-
tuencies who within the next month will pronounce their
verdict, and yet that, with one or two honourable excep-
tions, these tremendous interests do not so much as attract
a passing recognition from those who are entrusted with
the responsibility of directing them.. One constituency,
at least, is free from this reproach. Manchester has
never failed to maintain a constant vigilance over the
interests of the people in India, and the affairs of that
country; and, as has been justly pointed out in the
addresses that have been presented, it is to Manchester
that many of the most wholesome measures that have
been undertaken are principally due." Coming to the
details of the Indian administration, he expressed a hope
that ere long the currency would be reformed—that a gold
would be substituted for a silver currency. " I had enter-
tained the hope myself that the reorganisation of the
currency of India might have been made coincident
with some measure for assimilating or' bringing
into commensurable proportions the currency of
other countries of the world. That, however, appears
to be condemned as an idea that it is impossible to carry
out, and for the present at least we must resign it.
But I earnestly Lope that whenever a gold currency is
substituted for a silver currency in India, care will be taken
that the unit of Indian currency and the unit of Englisli
currency are brought into definite arithmetical proportion.
It would be a very lamentable fact if the present approxi-
mate value of the rupee and the florin were to continue in
future, whenever we have an opportunity of changing."
He next took up the question of cotton. It was in India,
he said, a matter of quality rather than quantity. "There
is one matter that deserves passing notice in dealing with
that subject. Efforts have been made by Government
'inspection to encourage the production of a better and
more cleanly cotton. Those efforts have been resisted,
I think, in some cases by persons who appeared to
imagine that any interference of Government for the
encouragement of the interests of trade was, in some
mysterious way or other, a breach of the principlep of free
trade. Now, this is a matter in which I think '',.,lanchester
may very much help herself. She is jnstly jealous of her
renown in carrying the principle of tree trade. It was
a matter that was much conteP,ted in times which are
anterior to my own polit;.eal existence, but now the
acceptance of it is universal, and we appear to have
got to
.that stage which occurs in the history of every
creed when • the faith that has been conquered tends
rather to pass into superstition ; and you will
hear doctrines fathered • upon the principles of free
trade which the original professors of free trade would
never have dreamed of, and which really do more to
impede free trade than to encourage it. I think that
there is no place from which an authoritative voice on
such a question can come so well as from Manchester ; and
that a well-devised scheme of inspection, improved in its
details by the help of such authorities as I see around
me, would go very far to encourage the ryot to so
improve his commodity that it might meet with better
acceptance in your market than it does at present." Then
there was the difficulty of conveyance. The authorities
were most anxious to construct lines. It would be a great
fallacy were they merely to make lines that would pay.
" We know by very sad experience in England, many of
us, how soon you get to the limit of a railway that
will pay. It by no means follows that railways ought
not to be constructed by a Government though the rail-
way will not be able to pay the guarantee which the
Government gives upon the capital advanced for its
construction ; yet, by scattering wealth all along its
path, bystimulating commerce, by opening out the resources
of the country, by bringing new ideas to increase the
diligence and thrift of the natives of the country, it opens
out to the Government new sources of revenue, it makes
the people a more tax-paying people than they were before ;
and so, through the hands of the tax-gatherer, if not on the
surface of the railway account, the Government will be
reimbursed for the advances it has made. Therefore,
gentlemen, do not be satisfied with the answer that a rail-
way won't pay. Unless you hear also that the railway
won't produce wealth enough, and thereby taxes enough,
to reimburse the Government, the Government is not dis-
charged of its duty of carrying on the railway system still
further in India." In conclusion the noble marquis
referred to the constitution of the Indian Council. " I
think the impression generally prevails that the Secretary
of State can do whatever he likes, and that he can, of
course, be operated upon in the usual manner by represen-
tatives in the House of Commons. I do not know
whether it is sufficiently carried home to your
minds that in reference to every question in
which expenditure is involved, that is to say, as
you well know, in reference to every question of every
kind—because I do not believe there is hardly any ques-
tion in which expendittire' is not involved—the Indian
Council have the power of absolute and conclusive veto
by a bare majority over the decision of the Secretary of
State. And upon the Indian Council, as you well know,
the House of Commons has no direct power." In saying
this he did not question the wisdom of the arrangement
made some time ago. But in that Indian Council the
commercial interests were not represented. " I think
that, considering the enormous powers that Council pos-
sesses, it is a pity that its constitution is not more largely
tinged with the mercantile element than it is. Do not
understand me to say that the Council as at present con-
stituted wilfully or consciously neglects the interests of
merchants ; but you know perfectly well that nobody can
look after interests of which he by his own training knows
nothing. The eminent lawyer, the eminent engineer, the
brave general, the distinguished statesmen, who constitute
that Council—for all these characters are fully represented
—they have not that minute and detailed knowledge of
the wants of the mercantile community which nothing but
a mercantile training can afford."

MISCELLANEOUS.

10 Anglo-American Tel., lira. all 211 '21,1
10 Anglo-Mediter. Tel., lim 7 Od 1p 101
10 Anglo-Mexican Mint all 16 17
st Atlantic Telegraph lO 31 32
at Do. 8 per cent. lOO 78 82
25 Australian Agricultural
25 Australian Mort. Land and
Finance, lira.
10 Baugarah Tea Estates, lira 9 7 bd
10 Berlin Water Works, lim all 14 141
10 Do. New 6 3 31
100 Bolckow Vaughan, lim.
5 Bombay Gas, lim.
5 Do. New 4 11 1
5) British American Land 44 15 17
at B. and I. Magnetic Tel., lira lOO 163 168
20 British Indian Tea, lim all 21 31
20 British Ship Owners 74
29 Canada Company all 67 72
10 Canadian Loan and Invest-
ment, lira 24 21 lid
20 Ceylon Company, lim.
20 Do. A shares
10 City Discount, lim % 4} 2i
25 City of London Real Pro-
perty, litn 8 41 31d
30 City of Milan Improv. lim all 10
25 City of Moscow Gas, lira— all 6 6
60 City Offices, lim 25 22 211 d
50 Colonial, lim.
Do.
„,
50 Commercial Union (Assor) p ip
10 Company of African Mer-
chants, lim.
20 Continental Union Gas, lira all 17 18 174
25 Copper Miners of England,
prof 71 per cont.
100 Corporation of London

13ands, 1377, 41 per cent. all 1031 104 k
100 Do. 1879, 4; per coat. all 104 105
100 Do. 1882, 4k per cent. all 1031 1041
10 Credit Fon. of England, lim. all 21 21
50 Credit Fon.of Mauritius Rm 10 2 d
at Crystal Palace .100 23 25
at Do. Preference lOO 100 105
at Do. 6p. c. Perpetuo.lDeb lO9 108 112
20 Darjeeling, Jim.
I 0 Eastern Assam, Rm.
.d
50 East Indian Land Credit
and Finance, Jim.
20 East India Irriga. & Canal all 17 18 181
82 Ebbw Vale Steel, Iron, and
Coal, lira. 271 12{ 121 a
100 Egyptian 9 per cent. V'roy.
Gus. by Egypt. Gov all 941 95 941
20 Egyptian Com. & Trad. lim 6 41 4 d
at Electric d Inter. Telegraph 100 225 230
10 Do. New 8 • lop
3 Eng. & Austral. Copper, lim 21
15 English and Foreign Credit 74 5 4d
100 Eng. and Scot. %Wine, lim 8
19 Fairbairn Engineering i 1} 14d
20 Fore-streetWarehouse,lim l2 pr 1p
100 For. & Col. Gov. Trust and

Loan Scrip, issued at £B5 all 88 84
50 Gellivara, lim. 2O
10 General Credit & Dis., lim. 74
16 General Steam Navigation 14 27 20 2J
50 Home &! Col Marine In. lira. 8 44 84c1
10 Hong Kong and China Gas all ...
20 Hudsoft's Bay
20 Imperial Land co, of Mar-
.

lim.
25 Info-European Tel., lim lO
20 Intorna. Financial Soc. lim 6 14 11 31
20 Interns. Land Credit, lint 6 6 4d
50 Italian Land 3 lf 1,1
20 Italian Irri. (Canal Cavour) all 2 24 34
100 Do. 6p. c Bds., redeem
1870, issued 90 all 4 ) 31
50 Land Securities, lint 5 31 21:1
25 London African Trading._ 10 7 kd
25 Lon. & Caled. Marine, lint. 4 .. ...d
10 London County Land and
Building, Jim.
5 Lond. Provincial Tel. lim all 31 31
1 Do. Prefer. 10 per cent, all 1 fp
60 Lond. Financial Asso., lira, 30 23 22d 744
4 Lond.Gen.Omnibus.Co.lim. all 14 2
50 Lond. and Glatig. Engineer
and Iron Ship, lim 25 22 17d
20 Lend. & Provincial Marine 2 Id pr
st Madras Irriga. & Caul. Gua.
6p.c. by India Gov. lOO 108 104
10 Mauritius Land, Credit, and
Agency, 1im...... . . ..... If Id
10 Mediterra. Eaten. Tel., Km. all 4 44
60 Merchant Shipping, Jim. all LS 41
50 biiliwall Iron Works, lim. 124 ...
10 Natal Land and. Colonisa-
tion Co., lim.
25 National Discount Co., lim 5 114 12 12
25 National Prov. Marine, lim 4 4 3d
10 National Steam Ship, lim all 84 94
20 Nerbudda Coal & Iron, Jim. 1 8 2d
10 New Consolidated Die. lim E lf Id 21
4l\ evr Quebrada, lim 4.4.0 4f 34
25 New Zealand Loan & Mer.
candle Agency,lim 24 4 IP
25 New Zealand Trust and
Loan, Jim 6 15 14
10 Northern Assam Tea, lim. 5 7
10 Do. B
st North Brit. Austral., 100 38 42
50 North Brit. & Moreau. In 6l 164 174
25 Ocean Marine (Insurance) 6 14 lb
60 Oriental Financial, lint ll ...d
5 Oriental Gas, lim.
5 Do. New 1 4P
10 Otago and Southland In
vestment, lim 2 id /p
Ottoman Gas, lim .... .
10 Panama, New Zealand, and
Australian R. Mail Jim .all 1 1f
Do do. .... . .
at Peel R. Land & Miner!, lim 100 82 84
50 Peninsu. & Oriental Steam all 51 53 534
60 Do. Now 1867
25 Reuter's Telegram 24 30 35p
50 ithymney Iron
15 Do. New ........ .
25 Rio de Janeiro City lm.,lim, all 134 194 181
20 Do. Gas, lint all 23 24
100 Royal Mail Steam ... ... .
at Scottish Aust. Invest., Jim lOO 111 116
at Do. 6p. o. Guar. Pref lOO •••
20 Societe Fin. d'Egypte, lim lO 7 6d
20 Societe Gen.de l'Empire Ot 8 3 4P
50 S. African Mort. & Inv., lint
25 South Australian Land all 86 86
st Submarine Telegraph
1 Do. Scrip ...... .
20 Telegraph Con.Main,,lim all 151 115
20 Thames and Mersey Marine
(Insurance), lim 2 21 24
20 Trinidad Petroleum, Jim B4
10 Trust &Agency of Aus.,lim. 1 1 ip
10 Do do. do. all
20 Trust & Loan Co., U. Can'ada 6 fd p
50 , Union Marine L'pool, Jim 5 4 44p
20 Union Steam Ship, lint all 22 24
15 United Discount Corp., lim 6 14 Old
U. Kingdom Tel. Co., lim. all 41 51
Do. 10 per cent. Pref. all 31 31p
20 Universal Mariue(ln.), lim. 5 1 lip
10 Upper Assam Tea, lim all 3 4
30 Van Dien-lan's Land .... 284 7 g
[OO Vicercy of Egypt, 7 per
cent. (Mortgage) Loan... all 74 741 75
50 Warrant Finance, lint. l2 12 10d
60 West India and Pacific'

Steam,
20 West London Wharves and
Warehouses lO

COLONIAL EiOVARNMICNT SECUSITII;S•

- British Columbia, 0 per
-
- Do. 1895 lOO -
- Can.Crov.6p.o.Jan.94July
1877-84
- Do. 6g. o. Feb. & Aug luo 104 106
- Do. sp. o. Mar. & Sept lOO lut lu6
- Do. sp. c. Jan. & July lOO 93 94 9113
- Do. sp. c. inscribed sic lOO 90 92
- Cape (.Hope, 6 p.c.1873 lOO 102 let
- Do.Apl.&Oot 1590-1900 lOO 111 113
- Do. do 1880-90 lOO 107 109
- Do. Jan.&July, 1891 •••• 100 108 110
- Do. 5 per oent. 15 April
and 15 Oct., 1900 lOO 100 102
- Cejlon, Nov. 1878, 6 p.(
- Do. 1872, do lOO 105 107
- Mauritius, 6p. o, 1873,-
- Jan. and July
- Do. 1878 ...
- Da. 1882, May and Nov lOO 106 108
- I'o. 1895, Feb. & Aug lOO 106 08
- Melbournl Corporatn.,
18.17-7.5, 6 per ectr. -
- N.8.G0v.6 p.o.Ja.&July •• 100 102 104
- Natal 6 p at, Apl & Oct lOO -
- Do 6pc.Al y & Nor lOO 100 ICB 108
-- N. N. S. W. 5 pis. '7l to '76 lOO 99, 101
- Do. 5 p.o. 1888 to 1896 lOO 99 109
- Do. 5 p.c. rd.'67 to '75- 100 93 101 101 1
- N.Zealand, 6p. et. *B2l lOO -
- Do. 5 percent....
-Do Jan, I,.lu'y, 0 t 100 974 93i 971 i
DJ 6p c. Mar & sept '9
-- Do Ju edo Dec , 1,91
- Do I'r v. 1 At.ctld 0
- Leo.: 1 &?, 1896 )
- Nova Scotia 6 p. o.Jan...
- an i July. 1875
- Do 18 .6 lOO 101 lu3 1081
- Queensind. 6p. c. 100 105 106.:
- Do 183 t
- B. Austral. 6p 0 186.177.. 100 - -
Do 1878.91 lOO 10A 119
Do 1893 1903..... 10) 106 1( 8
- Tasmanian t; pe, 1593..•• 100 106 107
- Do rd. 1893 to 189/. lOO 106 100
- Victorla6p.C. Ja.&Ju4 .• 100 -
Do. 1801 lOO 111 114
- Do. do, April A Oot lOO 111 114 1101

In the evening the Marquis of Salisbury was enter-
tained by the Chamber of Commerce and the Cotton
Supply Association at a banquet at the Queen's Hotel.
On the health of the noble marquis being drunk lie replied
briefly, attributing the splendid hospitality extended to
him to the interest this commercial community had in the
welfare of India, and to the circumstance of his having
been charged with the affairs of that country. On
this subject he would only say that the two rules which
_ _

should always govern our relations with India were—first,
that we should act for the benefit of the inhabitants of

India, and secondly, that we should recognise that the great

means of uniting England and India was to extend to the
utmost their commercial intercourse. He indulged in no

such illusion as that India could be prepared for self-
government and independence of England. We must not
attempt to introduce into India an exotic plant that
could only wither and fade. Adverting to a remark of
the chairman, he said that although the reform of the
House of Lords was not one of the subjects of the day, he
looked forward to that contingency with nothing of appre-
hension. Everybody was the better for being looked after,
and he would abide by the principle that any institution
that could not hold its own ground in free and fair discus-
sion of its merits should cease to exist. Alluding to the
coming election, he said men should be returned who were
free and capable, and not mere supple glaves.