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

THE SUN, LONDON, MONDAY EVENING, MARCH n, 1844,

LITERATURE.
THE WHITE MASK.
Bentley, London, 1844.
The twenty years of bustle and intrigue imme-
diately following the Revolution of 1688, have long
been a favourite period with our modern novelists,
and accordingly we are not surprised that Mrs.
Thompson has pressed them into the service of her
present work of fiction: The incidents related in the
" White Mask" are supposed to have occurred during
the reigns of William and Anne, and though they are
numerous and exciting enough, yet we are not aware
that they outrage probability in any one case. As
regards the personages of the story, the author's
canvas—to borrow a phrase from the palette—is quite
crowded with them, and they elbow and jostle each
other so as to produce a scene of constant confusion.
All the wits and beauties of the thne—authors, actors,
statesmen, and soldiers—Mrs. Thompson brings be-
fore us in her teeming pages' as if the excellence of a
novel consisted in the number, rather than in the
nice individuality, of its characters. Of Dryden,
then old and worn down with repeated disappoint-
ments, of Prior, Colley Cibber, Castlemain, and Hea-
ven knows how many other notorious personages of
the day, we get frequent but not very vivid glimpses;
Farquhar, however—that ill-starred dramatist, who
was cut off in the fulness of his promise, and who, if
not so brilliant, is a thousand times more easy and
natural than Congreve—this gifted young dramatist
is drawn at full length; and by far the most inter-
esting incidents in the narrative are those with which
he is connected. His first interview with the cele-
brated actress, Mrs. Oldfield,' then an obscure girl
officiating at the Mitre tavern, is very skilfully and
pleasingly described, and the dialogue is lively with-
out being too pointed or elaborated. The " White
Mask" will probably be liked for its bustle, and the
incessant action of its plot, which is always on the
move; but we certainly cannot compliment the
authoress on the adroitness with which she has de.
lineated her various characters.

THE LATE SIR HENRY HALFORD.

THREE-AND-A-UALF PER CENTS.
REDUCTION. -
(From the Times Money Market Article., Saturday.)
Mr. Goulbum's plan for the reduction 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 shape 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 some 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, may 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 sccount.
There is no 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 Bank to provide for
possible dissentients to a large amount. Unlike the last
Administration, 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,
bit 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 3-1 per cent. for ten years, and 3 per
cent. afterwards, with guarantee against further reduction for
twenty y•ars more, this may be considerel the same as giving
3 per cent. at once, with guarantee for thirty years against
further reduction, and a bonus of per cent. for ten years.
Estimating, then, the rate of interest on Government Secu-
rities at 3 per cent., the present value of ss. per annum, for
ten years, is 21. 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 984.
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—

Sir Henry Halford, Bart., whose decease on Saturday last
is recorded in this day's paper, so long occupied- a dis-
tinguished position in society, iat some few particulars of
his life will probably be acceptable to our readers. •
He was born on the 2d of Odober, 1766, and received his
early education at Rugby School, and at Christchurch, Oxford.
He afterwards studied medicine at Edinburgh, and com-
menced practice, in conjunction with his father, Dr. Vaughan,
a physician of high reputation, at Leicester. In 1792 or 1793
he settled in London, and rose with wonderfully rapid steps
to the very first practice. After the death of Dr. Baillie, in
1823, he was left absolutely-without a rival. In 1820 he
was elected President of the College of Physicians, and re-
mained in that office until his death, having been re-elected
every year for nearly a quarter of a century.
Sir Henry Halford was Physician-to four successive Sove-
reigns, three of whom he attended in their last illnesses, as
well as many other branches of the Royal Family, for he
was held in the highest regard by every member of the family
of George 111. So great was his celebrity, that it occurred
to him, in the course of his practice, to be consulted by several
Sovereigns of other States, as well as by a great many
foreigners of the very first distinction:
As a physician Sir Henry Halford was a favourite with all
classes, and enjoyed in a remarkable degree the confidence of
his patients. In consultation he was much regarded by his
professional brethren on account of the quickness of his per-
ception, the soundness of his judgment, and the readiness and
abundance of his resources. In society lie was prized, for to
strong natural sagacity and good sense he added the charm
of a highly classical taste, and considerable literary attain-
ments. In temper and disposition he was remarkably socia-
ble and kind-hearted ; and his enemies (for a man so success-
ful could not but have enemies) will not deny that no man
on earth was more placable or forgiving.
Sir Henry Raiford was created a Baronet by George 111.,
and changed his name from Vaughan to Halford, in compli-
ance with the will of his maternal great uncle, the last Sir
Charles Halford, of Wistow, in Leicestershire, whose estates
lie inherited. He was Knight Grand Cross of Hanover, a
member of the Royal Society, and of several other literary
and scientific bodies, trustee of Rugby school, &c. He mar-
ried a daughter of John, eleventh Lord St. John, of Bletsoe,
by whom he has left one son and one daughter. His son,
who succeeds to his title and estates, has been for some years
member for South Leicestershire. Of his brothers (many of
whom have earned distinction by their talents, amongst them
the late Right Hon. Sir John Vaughan, the late Warden of
Merton and Dean of Chester), one only survives him—viz.,
the Right Hon. Sir Charles Richard Vaughan, formerly our
hig ly popular Minister in the United States.

E. s. d.
His Consols are now worth
His Annuity

Making. lOO 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, Its. 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 should be paid
off in sums of 500,000/. 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 34- 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 500,030/. 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 10,000,0001., will extend over ten years; but means
may probably be found of accelerating the process without
any breach of the.originnl 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 how
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 amount 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. Lizard', 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 fears. This has improved the value of their shares to
41 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 Company, the balance of profits divisible among the
shareholders being 3,694/. Gs. 7d., the receipts having amounted
to 8,9381. 13s. 9d., and the expenditure to 5,2411.75. 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 filly 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-
parativelyslight 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 known. 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 proposition be arrived
at, it will remain to draw up a programme of the conditions
to be satistled."...—
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.