The Sun.
London, England, 1844-12-11 00:00:00

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF THIS DAY.
CITY, TUESDAY EVENING.
TINIES.—The delay in making known from the
Treasury, in an off►cial shape, the result of the biddings
for the portion now offered 'of the Canada Joan, has
arisen, it appears, under circumstances rather peculiar to
the present transaction. When the tenders first pre-
sented were opened it was found that all eseept; one
were below the limit previously fixed by the Treasufy,
and that the one above the limit was only fur a portion
of the sum to be bid fer. On the occasion of the ))id-
ding for the first allotment of the loan, as will be re-
collected, all the biddings were below the Chancellor of
the Exchequer's minimum ; but on his declaring what it
was, and opening the sealed papers produced at the
meeting, the terms were acceded to by all the bidders
for the respective amounts for which they had ten-
dered. On the present occasion these two modes
of proceeding were at the option of the Treasury—,
o declare then the limit, and afford a chance to

those below it, or propose to the parties whore
(4ffer had exceeded it to take the remaining sum on
the terms of that' offer, which latter was the course
adopted. Ai a reference was probably necessary to
the principals from whom that offer had pro-
ceeded, the delay of a short time in any d
claration of the final result became unavoidable,
unless Mr. Goulburn had chosen to name his limit then,

aid to take the cnanees either of those below it agreeing.
to accept it, or of those above it (one party only) con-
.,enting at once to those terms for the remainder. Thus
the ease has become a very nice one ; and a keen con-
troversy has arisen in the money market whether the
Chancellor of the Exchequer has. pursued a strictly fair
course in the matter. In the Stock Exchange we suspect
the votes will be against him ; hut, acting for the public,
who have to take the consequence of his bargain, wo
think that he has done just what he ought to do. While
a chance remained of obtaining the terms of the acceeted
portion for the whole of the sum under negotiation,, he
could not consistently give those who were below his
limit the power of advancing up to it, since to that ex-
tent he would have damaged the public, or the colony
for which the loan, under the security of the home Go-
vernment, is entered into. The only question that can arise
is, whether a longer delay than was necessary for such a
purpose has not been consented to. To avoid any charge
of juggling with the moneyed interest, the minimum of the
Chancellor has, it is understood, been placed, sealed, in
the hands of the Governor of the Bank, only to be
opened in the event of any dispute hereafter as to what
that limit really was.
There has been much expectation in the City during
the day as to the final result of this matter ; but all that
has transpired in the affair is, that one house, Messrs..
Hammond, Scott, and Co., has taken rather more than
half the loan at the price of 112 ; but in what manner
the remainder is placed is not yet known. Neither is it
known at present what the Chancellor of the Exchequer's
minimum was.
The premium on gold at Paris is 12 per miller
which, at the English Mint price of 31. 17s. 100. per
ounce for standard gold, gives an exchange Of 25
45 ; and the exchange at Paris on London at sit,Oit
being 25 57k, it follows that gold is 0.49 per cent:-
dearer in London than in Paris.
By advices from Hamburgh the price of gold is 434 V
1
per mark, which, at the English Mint price of Si. 17s. 10 . i
per ounce for standard gold, gives an exchange of 13:9 ;
and the exchange at Hamburgh on London at ikon s
being 13 91, it follows that gold is the same price it both i 3
places.
SUN.—A further advance occurred in Consols this
afternoon, after it became known that the French Loan
had been taken at a high price. Quotations ito i per
cent. above par were realised for Consols. Exchequer
Bills brought 565. to 58s. premium, and Reduced Three
per Cents. touched 1001 to 100*.
There was no improvement in the Foreign Bonds.
Spanish Actives were 244; and the Three per Cents.,
36i 1. Brazilian were 88k, and Portuguese Converted,
56 to i.
The additional transactions in Railway Shares have
been these :—Chester and Holyhead were 1 ; Churnet
Valley, 1 to i ; Great Southern and Western (Ireland),
31; Great Western, 73; Ditto, Fifths, 151; Birmingham,
122 ; Ditto, Thirds, 36i; Ditto, Fifths, 24 to 11; South-
Western, 411 to 43*; Croydon, 3 ; Manchester and
Leeds, Sixteenths, 2* to 3; Norwich and Brandon, New,
21; Rugby, i• South-Eastern, 51; Boulogne sad
Amiens, 31 i ; 'Orleans and Bordeaux, 4i; and Paris
and Orleans, 22* premium. Eastern Union were ' 1
discount, and Brighton i discount to par. British
North American Bank Shares were 51 discount, and
London Joint-Stock 3j premium.
There was a decline in the rate of Exchange on Ham-
burgh, Trieste, and Paris, but upon Antwerp, Amster-
dam, and Frankfort, the quotations were firm. i'`= ;
The following is the official return of the exports of
bullion from the port of London for the week ending
Thursday last :
Silver Coin to China 3,600 ounces.
Silver Coin to Rotterdam 60,000 ~
Silver Bars to Rotterdam . 5,600 „
Silver Bars to Hamburgh 45,000 „

_
DIABOLICAL ACT.—On Tuesday night last some
evil-disposed person tied a rope across the highroad, at
a place called Cat's-hill, in this county, with the inten-
tion, no doubt, to cause mischief. It appears, that on the
same night a son of Mr. Wrenn, fishmonger, Ware, hap-
pened to pass down this hill in a cart, and being unable
to perceive the obstruction in consequence of the ex-
treme darkness of the night, the horse came in contact
with it, and the result was, that the animal was thrown
down, the cart turned over, and the driver precipitated
into the road. The shafts of the vehicle were broken ;
but we hear that the driver and the horse escaped with
comparatively little injury. It is sincerely to be wished
that the perpetrator of this diabolical and cowardly act
may be detected.—Hertford County Press.
On Friday, some bills becoming due at several of
the Perth banking-houses, and none of the parties
concerned having appeared, it was discovered, on inquiry,
that forgeries to a very considerable amount had.been
committed. The usual steps being taken under simi-
lar circumstances, it was ascertained that the guilty •
party bad absconded. This was no less a persOnage
than_ the. Noltev.
s-oone,rmainidisstuerchofantheexntreaigorhdbionurinary neighbouring parish
of.
stance become known than it became the subject of every-
body's talk ; and during the whole of Saturday, Sunday,
and Monday, up to the hour of post, innumerable'ru-
naours and conjectures were in circulation as to the'ex-
tent of Mr. —'s delinquencies, and the parties involved
by his frauds. All that can be stated in the . mealtime
is, that Mr. —, with a stipend of 400 L a year,,hstrab•
sconded • that there can be little doubt he Is guilt.' of
fraud and forgeries to a considerable amount ; and we
believe that this is all that any one is justified in &kitting
in the present state of information on such s disieve•
able subject.—Perth Paper.

E JP 1R IT of the PUBLIC JOURNALS.
FROM THE DAILY PAPERS OF YESTERDAY.
GLOBE.—The agitation attempted to be got up
in the agricultural districts for the repeal of the malt-
tex is likely to prove abortive. The tenant-farmers—
b ware of the motives which actuate the landlords in
1 rompting them to meet and petition for the removal
!e.' thg. tax--decline to move. The Essex Herald—a
j )arAil which devotes its advocacy to the landed inte-
srests---eomplains in its leading article of to-day, that
" the movement for the repeal of the malt-tax does
r,ot proceed with that unanimity by which alone success
can be secured." . . . "It is difficult," adds this
van of the Essex squirearchy, " to understand why
etus should be so; for, even admitting, as some con-
iend, that the repel of the tax would do little benefit to
the farmers, it would, at all events, inflict no injury
I,pon them." The conclusion is not quite so obvious as
tno Essex Herald seems to imagine. the malt-tax pro,
c uces an amount of annual revenue exceeding any sur-
f lus which will be at the disposal of the Govern-
) lent. To remove that tax would be to remove a
:single tax, in which one class of the community—and
that a very small class—is immediately interested, at
the expense of the great mass of the nation, from
whom that surplus has been wrung by means of an
impost at once odious and oppressive. It would do
worse than this : it would perpetuate that impost.
!Me amount of the malt duty subtracted from
the revenue must be supplied. A substitute must be
provided. Sir Robert Peel has already shown that
his financial policy does not allow of giving up a pre-
sent sowece of revenue, however inequitable, to de-
pend on a contingent supply. He will have his
tilui-,2 pro quo in whatever scheme of finance he
reay submit to the House of Commons. The farmer
end his labourers would partake of the relief which
e, diminution of the high duties on articles of ge-
neral consumption will afford to the nation at large.
The removal of the income-tax would be also a
direct saying to the farmer. He would be also indi-
-1 eetly benefited by the relief which the rest of the
tommtinity would obtain by the removal of the im-
post; seeing those who now contribute the respective
quotas to the income-tax, would, on its removal, have
the snore to lay out in agricultural produce, and prices
would be raised in proportion to the increased demand.
These considerations have evidently been taken into
the account by the farmers. The result is, that, as
a class, &ley have declined moving in the matter of
'salt-tax repeal. Norfolk is more extensively inte-
rested than any other county in this question—seeing
a greater breadth of barley is sown in Norfolk than
La any other agricultural district. The Norfolk far-
risers met on Friday last to consider and determine
the course they should, as a body, adopt on this
question. The following letter, addressed to the
meeting from the Central Agricultural Protection
Society, and signed by the Secretary, was read : its
reasoning and advice were concurred in by the Nor-
folk farmers. The meeting adjourned without taking
eey steps in the matter.
" I will at once state to you that, with reference to
the repeal of the malt-tax, the Committee having had
their attention called to it some time ago, came to the
determination of not raising that question on their own
part, and of not recommending the agitation of it by any
of the local protection societies.
" They felt that to begin to agitate for the repeal of
the malt duties so soon after the formation of the society,
on the virtual understanding that its object was the
maintenance of the present scale of protection to agri-
culture, under its existing burdens, would involve an
aggressive policy for which they were not prepared.
The prospects, too, of the property-tax being soon
d, ducted from the items of the revenue of the country,
d d not seem to justify the remission of so large a
lelurce of income as the malt duties, unless some substi-
torte were proposed, of the nature of which, however, no
unanimity appeared to exist either in the committee or
the country."
This pretext for perpetuating the odious income-
tex is, we presume, at an end. After this decisive
e Anion from those best qualified to know what is best
for their own interests, he will be a bold man who
will rise in Parliament, and propose the repeal of the
malt-tax, as called for by the tenant-farmers, at the
rice of retaining every other item of taxation, in-
cluding the property and incorne-tax-, on their pre-
sent scale.
' STANDARD.—It is no exaggeration to say that
W 3 are actually overwhelmed with letters on the sub-
je:st of the distressing differences in the Church If
-we may judge from the nature arri the enormous in-
crease of our correspondence, the nation thinks of
nothing else but the attempt to enforce by authority
'what are practically innovations in public worship,
and thinks upon the subject with an intensity of inte-
rest of which we have no recollection. Often when
occupied in the painful task of perusing our volu-
nenpus supply of letters, and trying to make a selec-
tion of the most temperate among them for publication
-often when occupied in this truly afflicting task—
N; hich lasts daily for many hours—do we wish that
w s could delegate the duty to some member of
t 1 e Right Rev. Bench. There, a Bishop might see
--what it is to be feared their Lordships are not
liliely to see, until it shall be too late—what is
the real feeling of the country, and the degree
of ,vehemence with which the country repro-
bates the late proposition to enforce innovation by
authority. The innovations were an object of dislike
to inane, but of indifference or mere contempt to the
m ijorit7y, until mithority was spoken of. The hint that
they will bs enforNel, has, as every one who knows the
el aracter of English Protestants ought to have anti-
c;isated, now raised the question to a question of the
fi.st order, a question of religious liberty, and has
this kindled a flame, in which the temporal esta
blishment of the Church will he consumed, if some-
tiling be not done, and that promptly, to extinguish it.
It is one of the most alarming symptoms of the pre-
s nt agitation, that as it invades the people in wider
and still wider circles, it raises new topics of discon-
teet ; this is what always happens in such a case ;
what has happened before in the history of our Church,
ti what will happen again, if the agitation be
.11-t composed by a timely arrangement. Four-
Atha of the letters relating to the Church
differences that we have received, do not apply
-Ao the surplice question, though that unhappy ques-
lion it is that has provoked them. We will not, how-
.ever, as long as it is in our power to abstain, be
stertiet to the re-opening more of those wounds under
....kbl7'h the Church sunk before, than that one which
-we find already open. This explanation, we hope, will
.-setisfy more than a hundred correspondents who have
addressed us upon other matters—all, however.
:connected with supposed intentions to innovate
withoritatively in Church affairs. We confine our-
pes.*s for the present to the one topic. It is asserted
by . one, whose opinion we value highly, that the
:se mon is part of the Communion Service. We re-
4pectfully dissent from this opinion ; and we could
•wi,h the right reverend person who has avowed
it to apply his powerful mind to the question,
and we are confident that he would see his
'error. In placing any intellectual exercises in
, the relation of whole and part, the first consi-
Aeration is the homogeneousness of the exercises
~s. • •
en question, a consideration greatly snore im-
portant than the consideration of order or even of
:time. The Communion Service is distinctly described
in the Prayer-book, as " the order for the adminis-
4ration of the Lord's Supper or Holy Commu-
nion." Now what, let us ask it with reverence
has a sermon necessarily to do with this solemn,
rite ? A sermon was no doubt originally an expo-
nition of the Gospel or Epistle appointed to be
~,it:s'ld in what was formerly called " the second
eliserVice" (a name certainly better suited to that
i)joetion of the Liturgy when no actual communion is
iecelebrated), but the Gospel and Epistle frequently
ihave no relation to the Eucharist. This is decisive
with us that the sermon is not properly a part of the
Communion Service, though it occurs in the time of
• -_#e second service, or rather at the termination of that
portion of the second service, which only is retained
in use when the Eucharist is not in fact celebrated.
That this has been the opinion of nearly the whole
.::!Church clergy, as we as laity, is proved by the
'practice which it is proposed to change by autho-
rity, at the end of nearly two centuries' use.
Mut there are many other arguments all leading to
tii) same conclusion ; first, this, which may be
called a crucial argument, the Church gives war-
rant for sermons, without any communion
or second service, as at evening worship.
The Church also gives warrant for the
.atlebration of the holy Communion without a
~ salmon. Again deacons (and in the Universities
...leen laymen) are admitted to preach, but deacons or
Aaymen may not minister in the Communion. We,
~for ourselves, though thoroughly convinced that the
sermon is properly no part of the Communion Service,
. do not, however, attach any importance to the
e decision of that question. We see no im-
portance in the colour of the gown which the
clergyman shall wear, either at communion or
in the pulpit—provided that the garment be decent,
sober, and suet as shall not by novelty or
association distract or disturb the minds of worship-
pers. Let the clergyman wear his white robe in the
reading desk and behind the chancel rail, because it is
~. the custom ; and let him wear his black University
gown in the pulpit, because that too is the custom ;
e • but, were the custom to reverse the colours, or to use
'uniformly the white or black, as the case might be,
no human being could object to either upon
any rational ground. As to law upon the point,
_. surely the law is binding upon the clergy in their
. otynvate lives as in the church ; yet no clergyman,
,ri_e.maanthse.Nrchbishop of Canterbury downward, ever
IT esti, of conforming to the minute directions of
*then
is a caiurniooduans
tow:ahecht,
Itihtheeendm, I:eiVesupohnavtehocbaastckosffo;
est, . ' that the menaceg
i
vitOastbereateonffze: t 111.151::.!
to
be
thrown out—
however
mot trifling when it is
iota'' , ecause once yield to authorit without
'reason qualification, and anythinij
_.„:‘• gio,pstro a, may be forced upon you. ev„,
'' ---- A
—Sa '- Protestants, because we protest against
...., .
..1 Mile authority of Rome as well as the errors
we

of Rome;' but we shall be Protestants no longer
if we do not protest against the authority of any
other church to change our forms of worship, be-
cause the transition from form to substance is ine-
vitable. The path has been already marked out by
the Tractarians ; and we know any other church,
if ruled by the arbitrary will of men, is as likely
to err as Rome. This, we must expect, even did
we not see men preparing to import Romish
errors ready made, and to import them wholesale.
A protest on the side of the people is therefore now
a duty, and even the Morning Post itself admits
that concession is a duty on the other side :—" We
are not for strife on either side, nor do we see
the use of insisting upon non-essentials with a
high hand so as to give offence. But whatever error
there may be in authority going further than occa-
sion demands, it is a hundred times worse when
ignorant prejudice flames out into rebellion
against authority, and is favoured and comforted in
this mischievous folly by those who pretend to the es-
pecial patronage of the civil government." We give
the paragraph for the sake of the good advice in the
beginning of it. We are not aware of the pretenders
to the patronage of the Government, we know of no
such pretenders. The Government, we believe pa-
tronises no writers, either in the newspapers or in any
other vehicle.