The Sun.
London, England, 1844-04-04 00:00:00

What we are to infer from the cautious, yet sign

ficant, phrase employed by Sir ROBERT PEEL we do
not quite understand. But it is, at all events, satis-
factory to observe that, while Spain, Portugal, Naples,
and the Papal States, are in a condition of such in-
cessant political movement and intestine discord as
some of them have long been, and all now are, our
Parliament is not disposed to sanction, in its danger-
ous excess, the salutary principle of our non-inter-
vention in the affairs of foreign kingdoms. To the
extent to which British interests and connexions

legitimately exist in or with those countries, it is our
duty, and indispensable to our national safety,
as well as honour, to be prepared to inter-
fere for the protection of that connexion and
those interests, if the emergency should unhappily
arise to call for such an intervention. To leave one
ship of the line to look after the " turn-up" of
events on the European and Asiatic shores of the
Mediterranean would be like planting a single
policeman to look after the insubordinate purlieus of
the west and the east ends of this metropolis. We
trust that such an experiment, even if already ha-
zarded, will not be persisted in after the notice it has
attracted in the House of Commons.

Madrid journals of the 27th ult. have been received.
An aide-de-camp of RONCALI had brought intelligence
of the surrender of Carthagena. The inhabitants, as
stated in the French telegraphic dispatch, had sur-
rendered at discretion, and trustei entirely to the cle-
mency of the QUEEN. A report prevailed at Madrid
that a general amnesty would speedily be published,
excluding only ESPARTERO, DON CARLOS, OL:OZAGA,
the Bishop of LEON, and CARRERA.
The Three per Cents. were done at 361 for cash,
and 37} at 60 days ; and the Five per Cents. at 231
for cash, and 24 at 60 days.

The Journal des Debats of Tuesday has an article
on the motion before the Chamber of Deputies for the
conversion of the Five per Cent. Stock, and de-
nounces the scheme as an attempt to rob the public.
This may be taken as the opinion of the Government,
who have also announced that they will oppose to the
last the proposition of M. GARNIER PAGES.
while on this side of the Channel the Government has
reduced the interest of an amount of stock equal to the
whole debt of France, on the other the KING, the
Cabinet, and the fundholder, say no reduction can
take place, and the people must, therefore, continue
to pay an interest of five per cent., though the rate of
interest in the market may riot exceed two-and-a-
half per cent. The Government paper thus
reasons on the subject :—" The nature of the
French Five per Cent. debt is different from that of
other nations, and the cruel phases which our Fives
have undergone at a period of spoliation forbid
applying to France what is lawful and uncontested
in England and.in some of the continental States. It
is besides incompatible with the policy of care and
consideration which the Government of 1830 has
adopted, which has produced its strength, and to
which it ought to remain imperturbably faithful. Not
only would reimbursement be contrary to justice and
opportunity, but it is useless in face of the only object
which its supporters can with any appearance of reason
aim at attaining, namely, the general lowering of in-
terest in business transactions. The measure is contrary
to a policy of conciliation, because the people will never
be made to believe that a title which is regularly
buoted at 125 is only worth 100—it will be taken for
a robbery. When the first attempt was made in
1840, the partisans themselves of reimbursement
made use of such terms that it would be sufficient to
cite them at present, after the rise experienced by the
Fives, to- demonstrate that they ought not to be
touched. When the budget of 1841 was presented,
the Minister of Finance, in formally proposing the
reimbursement, offered the holders 4 in place of 5 ;
and this is precisely what M. GARNIER PAGES requires
at present. He assigned as a reason for this addition of a
half per cent. that the stock was quoted at 112. It was
to bonify the interest on what the presesent quota-
tion possesses above the nominal value (that is 100 f.)
But this fixation has acquired in a certain degree the
force of a matter decided, and we admit it as a con-
cession due to the epoch, &c. Those
Jan are.
t,
hleB4woo,rdas
s
of M. PASSY, in a written speech, assuredly well de-
liberated on, which he pronouncedthe exposé des raotifs of the bud
get of the folio vying
a.
16,
year. Let the consequence be drawn from this. If
it was proper to leave a half per cent. above four to
the holders, for the motive that the Fives were truly
and regularly quoted at 112, ought not another half
per cent. to be left—or nothing taken away—from the
moment that the permanent quotation is about 125'?
At this quotation of 125, which the holders of the

Fives have arrived at, the reimbursement is a vio-
lence, a revolutionary act. It is only revolution which
can assert that 100 f. pay 125 f."
The Constitutionnel, though it has changed pro-
prietors, is evidently still under the influence of N.
THIERS. In a witty article on French colonization,
it thus ridicules the peaceful policy of the GUIZOT
Cabinet :

" A report begins to be murmured, that before three
more months shall have elapsed we shall receive the news
of possession having been taken in the name of France
of some far distant island, some remote corner of the
earth, forgotten by the great colonisers of the world.
Our Ministers, like true Robinson Crusoes, are always
in search of desert islands. They are truly modest;
they ask not for either credit or influence on the Conti-
nent; they content themselves with gleaning some scat-
tered rocks in distant seas, and disperse in small detach-
ments the soldiers whom they know not what to do
with. The occupation of the Marquesas has been for
our Ministry the starting• point of a political system.
Relying too implicitly on the good-will and moderation
of the English Cabinet, it has fancied that it might make
a show in t he eyes of the French of braving the jealousy
of England by extending our maritime possessions. It
expected to obtain some little popularity in France
by making this display of ability, and the toleration of
England by the modesty of its enterprises. It is evident
that we have statesmen who are determined to deprive
France of all freedom of action by exhausting her re
sources. We formerly saw our Government determined
to have peace at any price, but also preserving the
means of action in case of being called upon to make
legitimate defence. The system is now perfected, and
the stability of the country is insured by reducing it to a
state of impotency. Certainly there is no man in France
who thinks of war. Lord Aberdeen and M. Guizot have
recently raised a fanciful accusation against their adver-
saries, but which destroys itself by being made simulta-
neously on both sides of the Channel. If we listen to
the two Ministers, the Whigs on one side and our
Liberals on the other have come to an understanding for
provoking a war between the two countries. They con-
spire together to gain the liberty of fighting each other,
but not a man in France thinks of war, and the dispo-
sition
of men's minds was never more pacific. Neverthe-
less, the Ministry is not sufficiently assured of a continu-
ance of peace. It carries its fears to the extent of pas-
sion. Like Moliere's Miser, who hung himself in the ex-
cess of his apprehension of being robbed, our Government
disarms the country, and renders itself naked of defence
from the excess of its fears. Is the Army Bill to be dis-
cussed? We learn from its journals that the Ministry
does not wish the army to
,be too numerous, nor too
well prepared, in order that the country might feel itself
too weak to go to war, Are the ways and means to be
brought under consideration? The Ministry exagge-
rates them beyond all measure; it burdens the Treasury,
at one stroke with immense public works, and, instead
of applying the whole of the disposable resources to one
great object, it disperses them among many, in order to
compromise them for the future. We have Been how,
abroad, it has multiplied our bonds, and is still seeking,
at all points, the means of restraining the motions and
embarrassing the resolutions of France. Thanks to the
perseverance with which this system has been pursued,
our country will soon be like Cr' ulliver, whom the Lilli-
putians fastened down in his sleep with cords, so numer-
ous, that, when he awoke, he found himself incapable -of
stirring, and obliged to yield to the mercy of his enemies."
We find no later intelligence from Italy in these
papers.
- -

. _
The Funds on Tuesday had advanced, the Three per
Cents. to 83f. 20c., and the Fives to 122 r. 65c.

THE BOURSE-TUESDAY, APRIL 2.

First Highest Lowest Last
price. Price. Price. Price.
French Five per Cents 122 40 .. 122 40 122 20 .• 122 20
Three per Cents B3 .. 83 10 • • 83 .. 83 10
Bank of France 3160 —3160 —3160 —3160
Laillite Bank, I,ooof. Sharesll4B —ll4O .• 1140 ..1140
5,000 f. Sharessl3s ..5135 .•5135 • .5135
Belgian Bank
Belgian Fives, lO5l .. 1051 .. 105 .. 1051
1840.•• •• •• 108 .. 108 .. 1011 .. 108
1842 ........ 1091 1091 .. 1091 .. 1091
Dutch Two-and-a-Half 591 .. 591 • • 504 • • 594
Spanish Active •
Threes .
Passive 6l .. 71 • • 64 • • 74
Portuguese Five per Cents.. 46 .. 464 • • 46 461
Neapolitan.. .•
Roman •• • • .• • : 1061 . • 1061. 1061
101 40 •.. 101 40 .. 101 25 ... 101 25

RAILWAY SHARES.
Versailles, R. 8... ...... 400 .. 405 • • 400 405
L. 13.• • 275' 285 275 . • 282 50
Rouen • • • • • • • • • • • • • • • • 930 .. 930 930 • • 930
Rouen to Havre .... .. „ 700 .. 768 75 .• 700 768 75
Orleans .• • • • • • • • • • • • • ..... 910 .. 911 25 .. 910 • • 910
Strasburg to 8a1e.... ..•... 300 303 75 .. 300 • • 302 50
Avignon to Marseilles...... 767 50 • • 767 50 .• 766 25 .. 767 50
RAILWAY SHARES FOR MARCH ACCOUNT.

St Germain
Versailles, 'LB 390 .. 400 .. 390 .. 400
L. 8.• ••••••• ••
Rouen •••••••••••• • • •• • • •• 922 50 .. 922 50 . 922 50 .. 922 50
Rouen to Havre• • • 697 50 •• 700 .. 697 50 .. 700
Orleans ••••••
Strasburg to Bale
Mignon to _Marseilles .... 765 .. 767 50 •• 765 .. 767 50

RAILWAY SHARES FOR APRIL ACCOUNT
............390 ••.• •• 390 •• 405 •• 390
L. 8.•... .... . ... 275 .. 288 75 .. 275
Rouen••••••••••••••
Rouen to Havre•. 702 50 .• 702 50 .. 700
Orleans ..

▪ 405
.. 2SB 75
• • 930
•• 700
▪ 915

titrasburg to Bale .. 305 .. 305
Avig-uou. to Marseilles ••• • • • 767 50 770

.. 300 .. 300
•• 7G7 50 .. 770

LORD ABINGER'S HEALTH.
THREE O'CLOCK THIS AFTERNOON.
The accounts received this day from Bury St.
Edmund's, state that his Lordship is rather better,
but is not considered out of danger.

THE QUEEN'S MAUNDAY.—The distribution of this
Royal Alms took place to day, (Maunday Thursday),
with the usual ceremonies, in Whitehall Chapel, to aged
and distressed men and women.

Sir Robert Peel left town this morning for his seat,
Drayton Manor, Staffordshire, to join Lady Peel and
family, who preceded the Right Honourable Baronet
on Tuesday.
The accounts of the revenue for the present quarter,
will be made up this evening at the Treasury. The re-
turns it is expected will exhibit a satisfactory result.