The Sun.
London, England, 1844-04-29 00:00:00

Lt. till' 1

LONDON, MONDAY, APRIL 29, 1844.

;Much surprise has been expressed in various quar-
ters, and not without reason, at the announcement
made in both Houses of Parliament on Friday, that
Ldrd ELLENNOROUGII had been recalled by the Di-
. rectors of the East India House. Had he been re-
called when he issued his first proclamation, denounc-
ing the policy of his predecessor, or when he published
what the Duke of WELLINGTON called a " song of
triumph," or when he excited universal wonder and
ridicule by his ordinance about the gates of Somnauth,
few would have been surprised; but after he has
carried into effect with more than ordinary glory,
great plans for the consolidation and protection of our
Indian Empire, and has restored that vast country to
universal peace, all men must wonder that the Court
of Directors should have chosen the present moment to
-denounce his policy. On reading his public documents
we did not entertain a high idea of his intellectual
powers, but as wordS"are not acts, and as the Noble
Lord had for a long time paid great attention to
Insslian affairs, and moreover was regarded by his
colleagues as a person peculiarly fitted for the office
of; Governor-General, we waited patiently to see
, whether his 'deeds corresponded with his words, and
we were not disappointed. It would be difficult,
nay impossible, to point out any man filling that high
and responsible situation who has, in the same period,
'produced such important results. There is no in-
stance on record when the bravery and discipline of
the Indian army stood so high as it does at the pre-
sent moment. There is no instance on record when
a handful of men, not exceeding 2,500, chiefly com-
po.ed too of Sepoys, defeated an army of
40,000 troops, regarded as the most war-
like in India. The battle of Plassy will
bear no comparison with the battle of Meanee, and all
the conquests of CLIVE, Haulm, and CORNWALLR
dwindle into insignificance when compared with the
all but peaceful occupation of the Indus. This great
conquest cost us two battles, and not more men that.
were lost often in a partial skirmish in the Peninsula.
The affair of Gwalior was equally honourable, and
probably equally necessary, but on that we do no!
presume to give an opinion, further than to say that.
if the aggressions under WELLESLEY were justifiable.
and the Court of Directors considered them justifiable
by their votes and grants to that great statesman
and ruler, the same Court cannot, with any plea of
justice, condemn Lord ELLENBOROUGIr. lie put down
a body of men that misled- and kept in constant tur-
moil the neighbouring districts ; he placed on the throne
the rightful heir, and after arrangements were made
fur securing further tranquillity, the British troop
evacuated the country. For what then is he
cashiered? It cannot be for pounds, shillings, and
pence. Gwalior paid the expenses of its regenera-
tion. The treasures captured at Hyderabad more
than paid the expedition into Sinde, and if there was
any feuitless expedition, it was that to Caubul, in
which the troops under Ponnocx, and NOTT, and
SALE, gloriously avenged the disasters sustained by
LPHINSTONE, and established a prestige for British
valour which no money could purchase. We give
Lord ELLENBOROUGH little credit for this expedition,
but still it took place under his government and
with his permission, and if he were to blame
the Directors, after allowing such a period to
elapse, cannot include this in their catalogue
of crimes. Neither can they include his bombastic
proclamations, or any new song of triumph, for lat-
terly, in that respect, he has manifested great im-
provement. The public, therefore, must presume--
nay, they have a right to assert—that this sudden re-
solve is not grounded on any overt act. But the
most singular circumstance in the whole history o!
this affair is, that the Board of Control and the Board •
of Directors have taken different sides. Lord
ELLENBOROUGII is recalled against the wishes of the
Government. Of what use then is a Board of Con-
trol ? If the Directors can recal a Governor-Ge-
neral at pleasure, they are in every sense supreme
rulers in India. The office of Lord RIPON should be
at once abolished. We trust, however, that this col-
lision will lead to good, and that Parliament will no►
suffer the important results of the last two years to be
neutralised by any selfish or niggardly policy. Eng-
land has entered on a great undertaking in Asia.
She cannot submit to half measures—she must main-
tain the boundary of the Indus, and put down all op
position to her power in the interior, at every cost.

The annual digtribution • of prizes in the medical
lepartment of University College took place on Satur-
day last in the lectitre-roim of that noble institution.
Lord 14totIGnAst-7=its original founder—presided on
the occasion, and after the prizes had been all dis-
tributed, proceeded' fo'congratulate the meeting on the
flourishing state of the funds of_the University, en i 4
exceNnt system of edueation, and on the high cha-
eacter of its Profesiors. 'Referring incidentally to
charge' which its enemies have more than once
brought against it, his. Lordship observed;-" They.
the College, had no'religious observances. They had
been blamed for* .this, and told they bed too Mlle
religion.' He differed from those who -held
that opinion. It was 'because they had so
much th-st: they considered it too
sacred a subject to he lightly dealt with."
There is infinite good sense in this observa-
tion. Religion is, indeed, far too "sacred a subject"
to be lightly treated ; and the routine System pur-
sued at our Universities in this respect, shows that
people may be in the daily practice of religious ob
se:•vAnces, without their devotional feelings being in
the slightest degree called forth. Every One who is
familiar either with Cambridge or Oxford, must
be well aware that it has been the custom there to in-
sist on. the attendance of the under. graduates at the
College chapel twice a day. This is the rule, but
as it has been found difficult and inexpedient
to carry it out to .the full extent, it has been in some
measure relaxed, and the authorities are now—and
have been for some years—satisfied with the attend-
ance of the students nine times a week at chapel.
But even.this partial relaxation of a mere religious
observance, with which the heart has nothing to do,
has not been found to answer the purpose it was in-
tended to , answer. The attendance, we regret
to say, is still regarded too much as a
" bore," and often do the under-graduates rush
out from their wine-parties at the unwelcome
sound of the bell, hurry on their white surplices, and
go through the' required forms at chapel, with no
other feelings than 'thOse of impatience and vexation.
The whole thing is considered to be a cold, formal,
monotonous ceremony—a mere matter of religious
etiquette; and the common sense of the parties en-
gaged in it rather revolts from it than -Otherwise.
Surely the real interests of religion are not—cannot
be—advanced by such a lifeless, mechanical system
as this ! There is no judicious training or culture of
the mind here—no sowing of such seeds of piety as
shall take root and bring forth fruit in due season.
The whole 'affair is little better than a hollow
mockery, and we think that the authorities of Uni-
versity College have acted Wisely in dispensing with
it. Lord BROUGIIAM went on to observe :—"When
this Institution was first established, the projectors
did confidently expect that their magnificent esta-
blishment, in which education of the highest order
would be taught at so low a rate, would be crowded
with persons eager to avail themselves of such
op-
portunities.
At Oxford and Cambridge the same
class and quality of education, for which they would
only have to pay twenty-five pounds per annum at
University College, would cost from two hundred to
three hundred pounds, yet the citizens did not send
their children to receive the advantage of this econo-
mical, arrangement. They preferred (and he could
not sufficiently express the thorough scorn and con-

tempt which he felt for their conduct) they preferred
making a purse of two or three hundred pounds to
educate their eldest sons at Oxford or Cam-
bridge, and left all the rest of the family
to grow up in ignorance." This is ano•
her striking illustration of that rage for
the genteel and the respectable, which is so
conspicuous a feature of the present day. It is asto-
nishing whal pecuniary sacrifices, even men who are
fond of money and are impressed with a most -ex-
ulted notion of its value, will make in order to esta-
blish a claim to gentility! Why do not our citizens
Allow their sons to be educated at University Col-
lege ? The system of tuition pursued there is a cheap
one, and it is also of the highest and most
~fficient character. Granted, but then it is not gen-
teel—it is not something to boast of in the way of
superior respectability ! A rich London tradesman
feels no self-exaltation—no pleasing thrill of vanity
at telling his friends and acquaintances that his son
pes to University College; but he does feel his self-
complacency exalted, when he has it in his power to
ruf-ortn them that he has a son at Oxford or Cam-
bridge. The very announcement of such a fact
raises him in his own estimation—it is a proof
that he is a man of substance—of respect-
ability—that he is a member of the thriving
faMily of the Somebodies. And yet, at Uni-
versity College, his son is sure to receive a sound edu-
cation ; moreover, he is still under the parental eye,
Ind freed from all temptations to extravagance ; while,
It Oxford or Cambridge, he is far away from home ;
constant opportunities of running into expense and
,lissipation are allowed him; and the odds are that,
long ere the period arrives for taking his degree, he
is inextricably involved in debt, and has learned
Nothing but the art of killing time, injuring his
health, and blighting his prospects for life!

A. letter from Mr. CAYLEY, addressed to the Duke
ofißrcumoND, has appeared in the Morning Herald,
in ;which the Hon. Gentleman, attempts to excuse
•
hi self for having garbled his extracts from ADAM
SMITH, almost as flagrantly as Lord ASHLEY mis-
quioted M. VILLERME. It will be remembered that
•,v4en the Earl of RADNOR exposed Mr. CAYLEY'S per-
veisions of ADAM SMITH'S authority in the House of
[Ards, the Duke of RICHMOND denied the fact of
idsrepresentation. Mr. CATIAKY produces the real
Nc!rds of ADAM SMITH, and is incompetent to dis-
oyer that he has thus proved Earl RADNon's case
,;o the letter. Now the source of Mr. C4YLEY'S delu-
,i is his failure to understand the following simple
fpa age :
The interest of the dealers, however, in any particular
)ranch of trade or manufactures is always in some respects
lirerent from, and even opposite to, that of the public.
To, widen the market and to narrow the competition is always
It the interest of the dealers. To widen the market may
fre uently be agreeable enough to the interest of
thq public, but to narrow the competition must always
he against it, and can serve only to enable the dealers,
by raising their profits above what they naturally
would be, t., levy, for their own benefit, an absurd tax
•tp6n . the icq of their fellow-citizens. The proposal of
tai, new law or regulation of commerce which comes from
Acts order ought always to b 9 listened to with great precau- '
lot, and ought never to be adopted till after having been
mig and carefully examined, not only with the most scru-
,mlous, but with the most suspicious attention. It cornea
'rota an order of men whose interest is never exactly the same
-rich that of the public, who have generally an interest to de-
:eive and even to oppress the public, and who accordingly
JaVe, upon many occasions, both deceived and oppressed it."

Mr. CAYLEY does not see that this reasoning i 6
just as applicable to dealers in corn and bullocks, as
,t .is to dealers in broad cloth and calicoes. The

narrowing of the competition" is both the professed
object and the direct result of the corn-laws, and
th;:ough it the aristocratic corn-dealers are en.
thled " to levy fur their own benefit an absurd tax
'ipbn the rest of their fellow-citizens." They are
he dealers who have most oppressed and deceived
114 public, and in this passage ADAM SMITH
hat accurately predicted the iniquitous means
which the oppression and delusion have
be'en efftct,A. Now, Mr. CATLEY has substituted the
Nizirds " merchants and manufacturers" for " dealers"
in his reference to this passage, and has thus attempted
to restrict the application of ADAM SMITH'S universal
truth. Either he did this intentionally, knowing
himself to be included as a cattle and corn-dealer,—
in +which case, what are we to think of his honesty ?
—'br, he was utterly unable to comprehend the pas-
.)4e, level as it is to a schoolboy's capacity—in which
ca4e what are we to think of his intellect ? It is a
nice question between obliquity of morals and ob-
liquity of mind, which we must wait for Mr. CAYLEY'S
next appearance as a public writer to determine.

On a more deliberate perusal of the Report of the
Select Committee on the state of the Law respecting
Joint-Stock Companies (except Banking Companies)
with a %iew to the greater security of the public ;"
thel opinion which we expressed on Saturday last of
its i deep interest and importance is fully borne out.
Evipry day's experience adds something, moreover, to

ail gravity of the question, as to the extent to which,
an/. the modes by which, the available capital of the
cotintry is in process of investment.
The recent operations of the Giovernment in re-
dueing the interest of a certain- class of the public
.Icht; the astonishing abundance of money in the

In4deet ; the low rate of interest which money bears ;
the teaclency of the national resources to a degree of
expansion, which nothing but the crippled condition
of bur monetary system, and our monopoly fetters,
prevent from developing itself into the broadest
and most substantin basis on which commercial credit,
entirg7, and enterprise, were ever yet established ; all

theware predisposing causes to one of those " pa-
ro4 sins of speculation," which the " Report"' before
tp truly describes as a periodical visitation upon
Intl prosperity. To very rash investments in ill-con-
iidgred, or.unsubstantial, projects and adventures, men
1r 'stimulated by the influence of a passion, so intense
ev in savage life, that it may well be deeMed an
in ;rent propensity of our nature—the spirit of
Tagabling. Nothing but the discipline of education
in civilised life can at all arrest or control this pro 7
?ersity. In civilised society, where the intensity of
•xcitement equalises the pressure of artificial wants
to hat of natural ones in a state of nature,• nothing
bu exp.l.rience—the experience .of loss and ruin —can
aly the impetuous action of this spirit of play.. Tor.
;uis the mainspring of all speculation on realising
a.

igher scale of interest than that which the public
Irides afford. And we greatly fear—though a e
fess to our apprehensions with reluctanee—that

:he causes we have enumerated, acting on this spirit
)f speculation, and invigorated by the exigencies oc •
2nsioned by a declining rate of interest on the Debt,
will speedily bring us to the verge— if it do
not precipitate us into the vortex—of -some
,uch disastrotis panic as that of 1825 or 1834. We
cannot too narrowly watch the con Sequence that al-
uost inevitably follows, in England, a large funding
operation on the part of the Government, like the'
conversion of stock with a view to the reduction of

the interest upon it. Because, though the pubic ad-
vantage, either immediate or ultimate, resulting from'
such a proceeding, be indisputable and extensive, the
Rffect is amost simultaneous and coincident, both on
the large and the small fundholder, in urging the one
to seek the investment of his large capital where he
may derive at least the same rate of interest as he had
been accustomed .to in the coaverted stock, (on the
principle, that to preserve it at that rate is essential
to the general scheme of his own financial projects);
in urging the other, to invest where ho may draw at
least as much interest as he did in the altered stock,
inasmuch as, being the only or principal source of his
very limited income,—with less than that amount of
interest he cannot exist.

Still there are passages in this " Report," and
principles involved in the "resolutions" wherewith it
concludes, from which we must express our dissent:
As to these, we cannot help thinking that the Corn.=
mittee, in their anxiety to devise guarantees against
the frauds and plundering of bubble companies, have
laid down general principles of future legislation in
respect of joint-stork partnerships which, in their
practical working, would be found to discourage, en-
cumber, and paralyse' the operations of even the most
legitimate of such associations. The truth is, that
the principle of non-interference by Parliament or
Government with the appropriation or investment of
private capital in the hands of individuals or cor-
porate bodies, is, in the abstract, so sound and valu-
able, that each new departure from it seems fraught
with fresh matter for objection. It requires, to, be
vindicated on grounds the most precise and clearly
defined, to raise a reasonable case for sending it before ,
the Legislature for its sanction. Now,, we have in
a former article admitted the evils produced to,
the public by the various classes of viciously
constituted, joint-stock companies, which the " 'Re-
port" denounces. Those evils •it is not 'possible to.ex-•

aggerate. But the recommendations of the "Report"
regard the better administration, in future, of "al
joint-stock companies other than banking compa-
nies." Will it be either fair or expedient to apply to
such as may be in in all respects legitimate, this,
which is one of the most favourite recommendations
of the Committee—namely, that in the very first
preliminary of the registration prescribed to be made
by each new company, there shall be in the provi-
sional stage, and 40aisequently on the actual registra-
tion, published particulars of " the names and ad-
dresses of its promoters ; of the names, addresses,
and occupations of its members, with the share
held by each ; the names of directors, trustees, patrons,
auditors, and all other officers of the company, with
their occupations and addresses ; and a written con-
sent of acceptance of office by each, &c.
`With all submission to the Select Committee, to
assume that in a country like this, where men are
so jealous of their commercial standing (and men
engaged in business supply the great mass of share-
holders), people will be ready thus to avow them-
selves beforehand, before all the world, pledged
to the patronage and support of a yet untried under-
taking, involving possible and indefinite loss to them,
—is really to show a marvellous misconception of the
prejudices and opinions of that sphere of society
within which the Committee's resolutions are to take
effect. Again, we will predict that they who reckon
on getting directors, patrons, trustees, and auditors,
to give each a written form of acceptance of his office,
together with his occupation and address, know very
little of the ordinary course of such transactions, or
of the impracticable and really not unreasonable ob-
jections entertained by the more influential class of
individuals from among whom such officers are
usually taken, to the mere trouble, to say nothing of
the hazard, of committing themselves to any such
self-certified acts. If conditions like these are
to be insisted en, we are safe in predict-
ing that in the most legitimately purposed, and most
maturely organised joint-stock scheme which
can be hereafter devised, it will be impossible
to find shareholders, for whom patrons, trustees, and
directors, can be required; or, if there be any body
of shareholders willing thus to proclaim themselves,
in limine—directors, trustees, or patrons, who will
answer their reqUisition to be so presided over after
the threshold of their undertaking shall have once been
crossed. The same remarks apply to the proposed
preliminary register, and publication of the deed of
settlement, in every case of a new company. This,
too, might prove a proceeding calculated to prejudice
its affairs, or to thwart its success in a variety of
ways : to open to rival or competing concerns prin-
ciples of management, and modes of proceeding, com-
pensation, &c. &c., which it might be to their essen-
tial interest, and with perfect propriety and legality,
to keep to themselves. Among the "modes of decep-
tion" which are set forth as being adopted by fraudu-
lent companies, we fully concur with the Commit-
tee in reprobating " the use of the names
of persons_ having no existence—of those of distin-
guished, wealthy, or respectable persons without their
authority; the getting inserted in newspapers reports
of pretended meeting:, and puffs relative thereto ;
the fraudulent variation of prospectuses from time to
time ; the making of fraudulent accounts, so as to
deceive the directors and shareholders," &c. But
all of these are offences which we feel no doubt might
be criminally proceeded against, as for acts of fraudu-
lent conspiracy, and if the existing law be insufficient
to reach them, its reach might easily be supplemented
by some declaratory Act. But, on the other hand,
how can it be imagined that penal or preventive legis-
lation can ever reach such vaguely defined, or merely
constructive offences as these :—" the use of the names
of such persons as patrons and honorary directors
with their consent, whilst they have been ignorant of
the nature of the concern and its transactions,
and have exercised no control over them ?" (Then
they ought not to have consented to be directors
or patrons!) " The employment throughout the
country, on very tempting rates of commission, of
respectable agents, whose character has cloaked the
want of respectability of the company." (The no-
tion ,of treating this mere " worldly wisdom" as a
"deception," and hoping to provide against it, are
puerile simplicities.) "Opening banking accounts with
the Bank of England and other respectable banks."
(The best prima facie evidence of honest intention.)
" The selection of offices in respectable situations, and,
fitted up in a respectable manner." , (Would the
Committee have an intending Clerical Assurance
Coinpany, for example—any other will do as well
for' the illustration—go to .Monmouth-street for
offices, and clothe its directors and clerks in the cast-
off, habiliments retailed by the miscellany-landlord
below ?) " The concoctors and managers living at
great expense, entertaining their neighbours, and
thereby endeavouring to fortify themselves against
suspicion." (How large a portion—half, or
a third, or three-fourths---of our swarming
metropolitan population of 1,800,000 souls, are,
in a manner, bringing their " modes of decep-
tion" on the world, and on themselves too, within
this category ?) Then, it seems, that a company
" duly constituted," even under the requisitions of
this Report—and being authorised, on its provisional
registration, " to use one common name—to open sub •
scription lists—to receive deposits," &c.—shall "not
make calls ! " Really, in nine cases out of ten, the
datia at which the " actual " registration of joint-
st4lc compasieet subject to such disabilities, will
`-alrie place, and their power of "making calls" can be
„ism may be safely looked for, ad Gracas Ka-
., and not before ?

exitsle ,

We have' accounts '•from Lisbon by the Peninsular
ste mer to the 22(1 of April, where public affairs re-
ma ned nearly in the same state. The troops in the
fortress of Almeida, with Boisrixt at their head, still
1
cotinuel to bid defiance to Viscount FONTS Nova
an 4 his 4,000 men; and not only so, but it now turns
out{ that the rebels have really been able to get up
sor ething. in the semblance of a guerilla party in
ther favour, so as to give an appearance of popularity
to their cause.

Two Royal decrees had been published, one Nita-
bliOing -what may..be- regarded as tantamount to
mattial law throughout -the . kingdom, and another
prolonging the suspension of the Habeas Corpus and
the liberty of the press, to the 23d of May next.
Sel'feral..suspected persons had been shipped off to
one digtaTimoloy without any forna of.trial. Among
them a-e,the DeputiesLßONEL TAVARES and GIIW°,
the" editor Of the Mbuno, AIiTONIO DE CinguA., and
HOLTRE*AN, a lawYer.. • .

Madrid papers of tha 2lst have been received, but
they bring no intelligence of the slightest interest,
The QUERN was to leave
_Madrid on the Bth of May
for the Bstlas,of Echavaleta, in Guipuzcoa. • .
The following appears in a Barcelona paper,,and
shoh•s that the present movement among the Carnets
•
is encouraged by Don CARLOS himself
"rrhe.ex-Carlist Vrigaditr Domingo Forcadell, who has
beeii seixed;pi the frontier, had about him a Royal dispatch,
again apponifhig him Brigadier, and three patents of the
natipnal order of St. Ferdinand, all of them signed by his
pretended A few days ago tho Carlists
wotinded two ,trench Custom-house officers who were 14 Par-
suit of them."

The Castellano, a Madrid paper, announces, by
authority, that no change in the Cabinet is con-
templated.
The Three per Cents. were done at 36 for cash, and
36j at go days, and the Five per Cents. at 221' at
60 daYs. •

The haavineis of the debate in the French Chamber
of Peers was much relieved on Friday by a violent
attack by Count DE MONTALEMDERT on the Univer-
sity, and. by the President.compelling a Peer to make
a speech. The Noble Count, after along speech in
praise of the Clergy-, -referred to the religious side of
the question, and asserted that the majority of the
young men n•ho left•the University came out sceptics
and disbelievers. Let the experiment, he said, be
tried. Take one hundred youths who had terminated
their studies, and not ten Christians would be found
nmongst them ! Religion was every day attacked in
its dogmas either directly or indirectly—by works
published by certain professors, or by discourses de-
livered to their pupils. The Minister of Public In-
struction, M. VILLEMAIN, indignantly repelled the
charge, and denied that the University was hypocritical
and tyrannical. It accorded liberty, he said, but under
proper regulations. In reference to England, he
reminded M. DE MONTALEMDERT that no college
could be established without a Royal charter, and
that it required the Reform Bill to authorise the
foundation of the London University, after a struggle,
which lasted 25 years, -of the Catholics against the

Protestant Universities of Oxford and Cambridge.
As to M. DE MONTALEMBERT and those whom he
represented, they had not said what they really
wanted. They wished to see not merely the domi-
nation of the clergy established, but that of
the various religious bodies, and particularly
the Jemits. The majority of the Cham-
ber applauded these sentiments. Then came the
turn of the Marquis DE GABRIAC to speak, but he
seemed afraid to mount the tribune. and was trying
to escape from the House by a side door, when his
exit was prevented by the President, who said, "It
is now M. DE GABRIAC'S turn to speak." M. DE
GABRIAC turned round, on hearing his name men-
tioned, and said, " It is now half-past five, and I shall
ask the Chamber to adjourn the discussion till to-
morrow."—("No, no," " Yes, yes.") The Chamber,
being consulted, decided that the discussion should
proceed. The following scene then took place :
The Marquis advanced with extreme slowness towards
the tribune. The President—" I must remind the
Noble Peer that the Chamber is waiting."—(Laughter.)
The Marquis DH GABRIAC at last ascended the tri-
bune, and, after having taken out a written speech,
looked at it a moment, and then returned it hastily
to his pocket. He then commenced some general
remarks, which he interrupted at every moment to
sip the glass of sugar and water placed at his right
hand. This was continued so methodically, that at
last a loud and general fit of laughter seized on the
assembly. After a few minutes, the Noble Peer sud-
denly stopped and looked round the Chamber, as if for
relief, when a fresh burst of laughter took place, ac-
companied with cries of " Adjourn, adjourn." The
Noble Marquis, greatly relieved, descended from the
tribune much snore alertly than he had gone up, and
at once left the Chamber.

In the Chamber of Deputies the principle of the
Prisons Bill was adopted, or, to use the English Par-
liamentary phrase, the Bill was read a second time,
and the Chamber went into Committee, when a num-
ber of clauses were agreed to. The following appears
in the Moniteur respecting the delay in sending out
Admiral HAMELIN to replace M. DUPETIT TIIOUARS

" The King having ordered that Rear-Admiral Hamelin,
who is appointed to the command of the station of Oceania
and the western coasts of America, shall hoist his flag in the
Virginie frigate, has, by a decision dated the 17th instant,
founded on the report of the Minister of Marine and Colonies,
appointed to the command of that frigate Capt. Hanat-Clery,
who is also to perform the functions of chief of the etat-ma-
jor to Admiral Hamelin. In consequence of this decision his
Majesty has appointed Capt. Danthon, the former commander
of the Virginia, to the frigate Andromede, in which Rear-
Admiral Laplace, who is appointed to command the station
of the Antilles, is to hoist his flag. Capt. Danthon is to per-
form the functions of chief of the etat-major to Rear-Admiral
Laplace."

Great excitement prevailed on the Paris Bourse on
Saturday from a general belief that some resolution
had been come to by the Government for the reduc-
tion of the Five per Cent. Stock. Large sales were
made for the purpose of investing the proceeds in the
Threes, which caused a reduction in the former, and
a great rise in the latter stock. The Five per Cents.
closed at 1211. 90c., and the Threes at 84f. 20c.
THE BOURSE—SATURDAY, APRIL 27. _

First

Highest Lowest

Price. Price. Price. Price.
French Five per Cents...... 122 .. 122 .. 121 70 .. 121 90
Four per Cents. ••. • • 106 80 106 80 .. 106 SO • • 106 80
Three per Ceuta.... • 84 • • 84 15 .- 84 .. 84 20
Bank of Prance •••• • • . • 3095 ..3095 3095 —3095
LafOtte Bank, I,ooof. Sharesll67 50 ..1167 50 ..1167 50 —1167 50
5,000 f. Share.ssl6o .. 5160 ..5160 ..5160
Belgian Fives, 1840 •• • • 106. 106 .. 106 • • 106

1842 •••••••• 1081 .. 1081 1081 1081
Dutch Two-and-a-Half .•••• 614 •• 61/ •• 611 •• 614
Spanish Threes •• •• •• •• •• •• 37f •• 37f • . 37f •• 37f
New Deferred l4 .. 151 .- 151 .. 141
Neapolitan— ....... . 102 20 .. 102 25 .. 102 20 .• 102 25
Roman •.
RAILWAY SHARES.

•••• 392 50 .. 392 50 .. 387 .50 .. 387 50
L. 11.•.. ...... 255 .. 255 .. 240 .. 246 25
Rouen 972 50 .. 975 .. 972 50 .. 975
Rouen to Havre. • • • .• •..... 725 • • 725 .. 722 80 • • 723 75
Orleans.... 973 75 .. 977 50 .. 973 75 .. 976 25
Strasburg to Bale— .• 282 50 .. 283 75 .• 281 25 •. 289 50
Avignoa to Marseilles.— 767 50 .. 767 50 .. 767 50 .. 767 50
RAILWAY SHARES, FOR THE. ACCOUNT.

Versailles, R. 8... •.• • •• •• .. 390 .. 390 .• 390 390
L. 8..• •••• 250 .. 250 .. 242 50 .. 245
Konen ••••..••••