The Sun.
London, England, 1844-03-11 00:00:00

MARC.-11-41, 1844,

THREE-AND-A-lIALF PER CENTS.
REDUCTION.

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(From the Times Money Market Article, Saturday.)
Mr. Gottlbnrn's plan for the redaction of the Three-and-a-
Half per Cents., announced in the House of Commons last
night, has had the singular good fortune of encountering
little or nothing in the 4hape of objection in the City. There
were very many who anticipated that he would be tempted
to a less liberal course—that, through the desire of a larger
immediate saving, he would have adopted from sonie of his
predecessors, the bad principle of saddling posterity with a
larger amount of debt; or that, in his eagerness to make as
good a bargain as possible, he would have limited the term
of the Three-and-a-Quarter per Cent.. Stock to five instead of
ten years. Both of these he has judiciously avoided, and
thus has been able to put forward a scheme of the success of
which no doubt is felt in any quarter. Political agitation in
any part of the world might, it is true, interpose difficulties;
but as the time for giving notice of dissent, as regards this
country, is so extremely short, only extending over the next
fortnight, the risk on that score is very small indeed. Resi-
dents abroad, to whom a longer time for dissent is necessarily
allowed, constitute so small a proportion of the whole, that
they need hardly be taken into the account.
There is ne circumstance connected with the project of the
Chancellor of the Exchequer that has given more satisfac-
tion than his intimation that it has not been thought neces-,
sary to make any arrangement with the Barik to provide•for
possible dissentients to a large amount. ' Unlike the last
Adininistration, who were perfectly helpless in financial
matters, because they never took their measures wisely, and
had no funds to support them, the Treasury have now a
large balance in hand, and need be dependent on no external
aid. At all times this is a most material power to possess,
but it is especially so at a period when the Bank is to be
called before the public to treat for a renewal of its exclusive
privileges.
As a practical commentary upon Mr. Goulburn's measure,
it may be stated that as he offers in exchange for the present
Three-and-a-Half per Cents.,- and from October next, a
Stock bearing interest at 3i per tent. for ten years, and 3 per
cent. afterwards, with guarantee against further reduction for
twenty years more, this may be considered the same as giving
3 per cent. at once, with guarantee for thirty years agains/
further reduction, and a bonus of per cent. for ten yeark
Estimating, theli, the rate of interest on Government Secu-
rities at 3 per cent., the present value of ss. per annum, for
ten years, is 2/. 2s. Bd., which is the equivalent in money
offered as a bonus ; in addition to- which must be considered
the value of the guarantee for thirty years, which cannot be
precisely calculated, though evidently worth something when
the Three per Cent. Consols are at 98k.
To illustrate this matter further, a person who assents,
therefore, will receive 100/. in a Three per Cent. Stock, 'with
an annuity. of ss. for ten years. Thus—

4E. 3. d.
His Consols are now worth 9B 10 0
His Annuity

Making
100 12 8
To compare this with the case of a dissentient to the con-
version, the latter will receive 1001. in money, with which
he can buy 101/. 10s. 6d. in Three per Cent. Consols, the
value of which is, of course, 100/. only; and the gain in
money by assenting is, therefore, 12s. Bd. per cent. at present
prices, without reference to the value of the guarantee for
thirty years.
As the Three-and-a-Half per Cents. of 1818 stand in a
somewhat different position, the terms of the original con-
tract with Government requiring that they- rhould be paid
off in sums of 500,0001. at a time, and that upon six months'
notice previously given, a different market value will pro-
bably be created for that Stock. The extent of the advan-
tages which it possesses over the other descriptions of Three-
and- a-Half per Cent. Stock consists in the longer period in
which the 3i per cent. may be received, but at the expira-'
tion of the ten years fixed for the duration of the Three-and-
a-Quarter per Cents., or probably much earlier, all will be
in the same situation. A broker of experience has stated to
us that the Three-and-a-Half per Cents. of 1818 may be
worth under these circumstances about 1 per cent. more than
the others. It is not easy to comprehend exactly the mode
by which a reduction of 500,0001. at a time, and by a notice
of six months for each, is to be effected. If one notice is to
expire before a new one is given, the whole operation, as the
stock is 10,000,000/., will extend over ten years ; but means
may probably be found of accelerating the process without
any breach of the original contract.
The proposal of Mr. Goulburn to equalise the amount of
dividends payable in each quarter of the year is one which
has also given entire satisfaction, and will have consequences,
apart from the present question of a mere reduction of in-
terest, full of future benefit to the country. If there should
be, in connexion with this arrangement, a sound and judi-
cious course pursued in regard to the privileges of the Bank
of England—a question which must closely follow this now
under consideration—the term " panic" may fall into disuse
and be forgotten, and the trade of the country subside into a
permanently safe and healthy state.
It is understood that notices of dissent may be given, as
in all former cases, at the chief cashier's-office at the Bank,
but no official intimation of it has up to this time been made.

MONEY MARKET and CITY NEWS.
TIMES.—The remittances from Mexico by the Forth on
account of the dividend gmount to 90,500 dolls. from Vera
Cruz, and 40,000 dolls. from Tampico, making together
130,500 dolls. This is the largest amount hitherto sent at
one time, and shows an improvement in the receipts at the
Custom-houses. Messrs. Lizardi, in pursuance of the pro-
mise made some time ago to the Spanish American Commit-
tee, have formally announced that they are prepared to pay
the remaining half of the dividend due last October. The
accounts to the Committee further state, that a balance of
193,000 dolls. remains still to be paid to the dividend fund in
Mexico by the merchants.
The United Mexican Mining Company have received re-
mittances amounting to 11,000 dolls., and also an intimation
that the contract with the Sardaneta family is renewed for
eight years. This has improved the value of their shares to
4a to Real del Monte, unregistered, are flatter at sto
A dividend of four-and-a-half per cent. has been declared
for the half-year on the shares of the Sheffield and Rother-
ham Coinpany, the balance of profits divisible among the
shareholders being 3,694/. 6s. 7d., the receipts having amounted
to 8,938/. 13s. 9d., and the expenditure to 5,241/. 75. 2d. The
jobbing of the Directors in this Company creates rather an
angry feeling between themselves and the shareholders, the
latter of whom do not hesitate to speak out boldly on the
subject.
At the meeting of the Dublin and Drogheda Railway, the
announcement was made that the line will be opened for
traffic next May. The works are proceeding rapidly to com-
pletion, and from the tenor of the Report and speeches made,
it appears low fares and superior accommodation are the in-
ducements which the Directors hold out to secure the patron-
age of the public.
The Report of M. Mallet, the Inspector-General of Public
Works in France, has just appeared on the subject of the At-
mospheric Railway, and it strongly recommends the French
Government to select a line to adopt the system and fully test
the practical utility of the invention. Concluding his inquiry
on the subject, he says—
" I am, doubtless, far from having carried conviction into
the minds of my readers that the atmospheric system can be
applied to lines whatever their length. The question is not
yet in so advanced a state, but it is sufficient that the suc-
cess of the application of it to such cases appears probable to
render the system worthy of peculiar attention on the part of
the ,Administration. Admitting the equality of the two sys-
tems in the expense of construction, the atmospheric has an
incontrovertible advantage over the locomotive system in
that of working. I have sought to estimate that advantage,
but its existence was self-evident, from the absence of those
enormous monsters, 'the locomotive and tender, Which fre-
quently form the third part—sometimes half—the weight to
be moved, and in the movement of which an inclination com-
paratively slight absorbs the whole power produced. Another
advantage which could not be taken into consideration in
the preceding calculation is that of speed. On the present
system its cost is well kithwn. On atmospheric railways it
would be (so to speak) created beforehand, by the pneumatic
apparatus. lam aware that in France time has not the
value which it possesses in England, but the very use of rapid
means of transit will teach us to appreciate it. How can, we
now compare the diligence with railways ? I shall not recur
to the other advantages of the atmospheric system. I think I
have dwelt on it sufficiently to induce the requisite trial,
which I ask in concluding this report. The method of exe-
cution, the localities, are for the choice of the Administra-
tion. If a decision conformable to my preposition be arrived
at, it will remain to draw up a programme of the conditions
to be satisfied."
The atmospheric principle is attracting much attention at
the present time, and it should be mentioned that during the
debate at the Croydon meeting very satisfactory testimony
was given of its utility, and of the assistance it would afford
to a reduction of expenditure on that line if it could be
brought into operation.

THE SPITALFIELDS WEAVERS.
THE TRICKS OF THE ANTI-LEAGUE .ASSOCIATION.—OR
Saturday night, at nine o'clock, a numerous meeting of the
Broad-silk Hand-loom Weavers' Union was held at the
Crown and Ascher, Waterloo-town, to agree to a memorial to
the Board of Trade for the purpoSe of ascertaining if the silk
trade was to be included in the Commission appointed to in-
quire into the. state of the cotton-spinners, and also to receive
communications in reference to the late proceedings of the
Anti-League Association. Mr. Le May in the chair.
Mr. BURROUGHS, the Secretary, having stated that at the
previous meeting it was agreed that a memorial should be
presented to the Board of Trade, said that one had been pre-
pared, which he read, and which it was unanimously resolved
should be forthwith communicated, the purport of it being to
know if the Spitalfields weavers were to be included in the
Commission of Inquiry into the State of the Cotton-spinners,
lately appointed by her Majesty's Government.
The CHAIRMAN then called upon the Secretary to give the
meeting information relative to the Anti-League Association,
to which he and a weaver named Sherrardhad been appointed
delegates, when the Secretary, having stated that . his col-
league would giire an account of the -proteedings, as far as
they were concerned with the League,
-Mr. SIIERRARD said, that according to an arrangement
with Mr. N. Doran Maillard, who attended the last meeting
of the weavers, he and the secretary met the committee of
the Anti-League Association on the Monday evening, about
five o'clock. Mr. N. D. Maillard and a few gentlemen were
there. After speaking upon the business about to come
before the meeting,- he mentioned to him that he and the
secretary had been requested' to appear there to support the
resolutions, that they had lost nearly two days, and that it
was but just they should be• paid for their time. Mr. D.
Maillard then took a half-sovereign from his pocket, which
he gave to him, and remarked that he had no money in his
pocket to remunerate the secretary, but that he should hea
from him on Tuesday morning. The secretary, however, has
never heard anything of his half-sovereign.—(Loud laughter.)
He then stated that while in the committee-room -a lette
was put in his hand by Mr. Maillard, who at the same tint
charged him with having been instrumental in getting th
Chartists to attend the meeting. [The speaker read the
letter, which was written by a person named Mentz, one of
the members of the council of the ChartistS, and was ad-
dressed to Mr..Mailltird. The purport of it was that it was
the intention of the Chartists to be early at the meeting, and
to appoint their own chairman, and that the 'class leaders
had obtained a large quantity of tickets, which were dis-
tributed very extensively. A committee of three persons had
been' appointed to draw up resolutions to oppose the Anti-
League Association, and to propose an amendment in favour
of the principles:of the Charter.] They were all aware what
sort of chairman was appointe , and what was the result of
the meeting.—(Hear, and laughter.)
Mr. BURROUGHS observed that it would be remembered by'
the meeting, when Mr. N. Doran Maillard appeared.ainong
them, he stated that Mr; Oastler had promised to be at the
meeting of the Anti-League Association held last Monday.
He wrote, in consequence, to Mr. Oastler,. for information
about a fortnight-ago, but that gentleman did not receive his
letter till last. Saturday. He sent an answer to it, and in,
that letter he denied that, he had promised to be present at .
the meeting, observing " that whoever told you that I had.
been asked to take the chair at the meeting about to be held,
that I declined; but that r promised to be present—l say, w/,0-•
ever told you so, told you that which is untrue."
Seecralweavers' observed that Mt. Mallard stated that,
.Mr. Oastler Would he:AC:the meeting, and that Ile was ask, II
to lako4hovehitii. -•ti9" 2 ' •

Mr. BURROUGIIS then proceeded to state that Mr. Oastler
had forwarded copies of two communications, whiOh were