The Sun.
London, England, 1844-05-28 00:00:00

contia ttflL

LONDON, TUESDAY, MAY 28, 1844.

A few hours must now decide the result of the
South Lancashire election, and the event will teach
the people of England whether the Reform Bill has
procured them free and honest represeatation or
whether that measure was a mockery and a delusion,
designed, as Lord JOHN RussELL in a candid mood
declared, " to secure the preponderance of the landed
interest." We shall soon learn whether voters were
permitted to record their honest and conscientious
opinions, or whether they were led in droves by the
steward and land agent to vote in whatever way the
proprietor', of their farms pleased to dictate. It was
remarked by NIEBUHR that the Constitution of Rome
was at an end from the time that patrons be •
came lords of the suffrages of their clients,
the people lost all interest in the results
of elections, they regarded themselves as subjects of
an alien Government, and deemed it a matter of in-
difference under what names such a government was
administered. He also remarks, that at the great
crisis which finally destroyed all the elements of real
popular power, those members of the aristocracy who
had been previously distinguished for their adherence
to what would now be called liberal opinions, joined
with the cry " our craft is in danger," and gave their
entire support to the oligarchy. He doubts whether
they were hypocrites in their liberality, or renegades
in their pretended conservatism, but be justly
remarks that in either case they were worse enemies
of the people than the old rancorous leaders of the
oligarchy, and in the subsequent civil wars they bore
the chief brunt of the popular indignation.
England,.withinthe last few years, has seen a large
proportion of its landed proprietors adopt the worst
maxims of the Roman patricians, and claim a heritage
of conscience from every tenant on their estates.
Many who were, or at least who pretended to be, ad-
vocates of popular rights, have abandoned principle
and consistency through an ambitious desire of exer-
cising a tyranny similar to that which they had long
and loudly condemned. South Lancashire, no doubt,
will exhibit its share of such apostates from former
professions, and, as in other places, they will be found
chiefly among those apes of fashion, who can easier
imitate the vices than the refinement of aristocracy ;
the transition from vulgarity in low life to vul-
garity in high life is easy ; the cobbler,
in one of CIBBER'S farces, could boast that his son
had learned to swear and swagger like a gentleman.
If report speaks correctly, South Lancashire will ex-
hibit some examples of deeper degradation; it is said
that certain Catholic proprietors will give their votes
to the nominee of M‘NEILL and STOWELL, and will
thus virtually declare in the face of the public that
their religion has been justly stigmatised as " dam-
nable and idolatrous," that the Act which gave them
emancipation was dangerous to the community, and
that, in their own opinion, they are unfit to be admit-
ted within the pale of the Constitution. Monopoly
must have strong charms when it induces men thus
to join in stigmatising their own religion, bearing
testimony against their own characters, and setting
the seal to their own degradation.
Whether the free-traders will be able to beat down
this coalition of hackneyed Monopolists, apostate
Liberals, renegade Whigs, and unworthy Catholics,
is as yet uncertain; but we rejoice to see that the
Monopolists are resolved not to spare their allies one
atom of the degradation to which the abandonment 1,
of former professions must expose them. Names fa-
miliar to those acquainted with the history of the
Manchester massacre, of the Bolton Black-faces, and
of the several attempts to concert plots and foment
conspiracies for the purpose of legalising murder, are
paraded among the leaders of Mr. ENTwlsLa's sup-
porters ; the loudest abettors of the "No Popery "
howl are foremost in his canvass of the Catholic pro-
prietory. One would almost imagine that it had been
resolved to make the draught of apostacy as bitter as
possible, so nauseous is the mixture presented to re-
negades. _ _ _

We have no pity for those lovers of self-abasement;
but we lament to see the farmers, the substantial
yeomanry of England, dragged by such landlords
through all the mire and filth of dishonesty and ter-
giversation. If we wanted an additional reason for
our thorough detestation of the corn-laws it would
be derived from the power which the monopoly of
land gives booby squires of coercing an honest
tenantry into a breach of their duty to their GOD,
their country, and themselves. We do not despair of
victory, but we feel that the battle is fought
against some odds and great hazards ; but, how-
ever the event may turn out, there is no
doubt that the struggle will afford many instances
of the worthlessness of the elective franchise to honest
men, unless they can be protected from the vengeance
of a heartless, senseless, and unscrupulous oligarchy,
resolved to treat honesty as a crime, and patriotism as
an act of treason against their usurpations. There is
something more than the corn-laws involved in this
election—its result may compel the people of Eng-
land, whether electors or non-electors, to take seri-
ously into consideration whether they shall continue
to be the vassals and slaves of an oligarchy, or whe-
ther they shall seek means by which the voice of the
people may obtain a real share in the Legislature.

Notwithstanding that he has been three times de-
feated in his attempt to smuggle through Parliament
a Bill for the inclosure of Hampstead Heath, the Lord
of the Manor, Sir T. M. WILSON, with a perseverance
worthy of a better cause, has again renewed his
efforts to accomplish that unpopular object. The
Bill now introduced into Parliament, observed Mr.
Homiz, at a meeting held on Thursday at Hampstead,
although different in form, had precisely the same
object in view as the three former Bills which had
been so successfully resisted. What was contem-
plated by the Lord of the Manor by the present Bill,
was to obtain power to effect a sale of certain por-
tions of land in various parts of Hampstead Heath.
Now, if this were permitted, no one " could
doubt for a moment," added the speaker,
" that the beauties of the Heath would be destroyed,
and the copyholds of the manor be considerably de-
preciated in value. It was therefore desirable that
resolute steps should be taken to oppose this measure."
We cannot imagine a more ungenerous .or obnoxious
scheme than this for the inclosure of Hampstead
Heath, which is now almost the only open, airy, syl-
van spot left us within a moderate walking distance
of the metropolis. Norwood, with its umbrageous
glades, and sunny, sylvan uplands, exists no longer,
being everywhere defaced with brick and mortar;
the meadows, once so picturesque and healthy, in
the neighbourhood of Dulwich and Camberwell,
are stuck all over with notices of " This land
to let for building;" not an open space in
Islington—which but twelve short years ago
was still a country village—but is converted
into unsavoury brick-fields, and threatened with
the visitation of Heaven knows how many
suburban villas; Hackney and Clapton —injured
innnocents !—are in the same distressing plight; and
now it is seriously proposed to deprive the working
classes of the metropolis, who stand so much in need
of fresh air, of their sole remaining healthy country
walk, by covering Hampstead Heath with a mass of
unsightly buildings, thereby converting into private
property that which, for long generations, has been
the undisputed property of the public. The scheme
is about as selfish and offensive a one as could possibly
have entered into the head of a monopolist, and we do
hope it will be strenuously protested against, not only
by the copyholders of Hampstead, but by every Mem-
ber) in either House of Parliament who takes an interest
in the welfare of the working-classes. The system
of commons' inclosures has already been carried to a
much greater length than either justice or right
feeling can approve ; year after year, artfully and
noiselessly, the poor have been shut out from the
lands over which they had exercised the rights of
pasturage for centuries ; field-paths have been blocked
up; large portions of heaths pillagedfrtohme
extentthem
in order to make preserves, or increase
of the possessions of the squirearchy of the district ;
and—with here and there perhaps an exception—
( they have scarcely an acre of ground left which

they can venture to ca 11 their own, or even
ramble over on a sum trier ' evening, after the
day's toil is at an end, with( )ut h icurring the penal-
ties of trespass. Ao regards Mint stead Heath, which
is one of the lungs of the 1 netrii polis, and serves to
ventilate the entire
northern d istrict, nothing can
be possibly more inj
In:iotm •-tcp the health of that
populous district, than
the in Iclosure of this %ne,
airy tract ; for when once it is covered with
brick and mortar, elevated ils it is far above
every other spot in the .nfi fighbourhood, every
brisk wind that blows fr 001 the north, will be
sure to bring down upon a large ' portion of the
metropolis immense clouds of smoki -, which will half
poison the inhabitants with i la pet 'tilential vapours.
But the greatest grievance, : Ind tl 'e one which we
•wish chiefly to keep in view, is the injustice which
will be inflicted on the workin g cl'asse's of our over-
crowded capital, who, when on Hampstead Heath
is inclosed, will be deprived of on e of their favourite
Sunday evening enjoyment s---a 'br eezy country walk
over one of the healthiest an 'd n ios t picturesque spots
in Middlesex. This is no slig is t grievance—whatever
the Lord of the Manor may t 'h ink to the contrary—
for, deprived of the enjoyment . in question, many of
the working classes may fly in Ocipair to the tavern
or the gin-palace.

In our last article on Sir L '43 BEET PEEL'S Cur-
rency Speech of the 20th instant; we intimated that
the Premier had advanced some in •opositions respect-
ing the silver element of our cur.!, ancy, too remark-
able not to call for special not: ce- We had, accord-
ingly, selected some passages for -extract and com-
mentary, with a view to the exp 3si tion of the signal
fallacies and palpable mistakes on the part of the
Premier, which they involved ;—; nistakes of the most
unaccountable nature as to the facts and data as-
signed by him; and fallacies inevitably consequent on
the illogical conclusions he had tE treby been led to—
when we received a copy of " An Enquirer after
Truth's Letter to the Premier ; in :reply to his Speech
on the Bank Charter Act." In t.h.3 " Enquirer after
Truth" we detect, if we do nof greatly err, the
author of " The Minister Mist:ikern ;" and it is cer-
tain that he has wielded in this :instance the same
arms which he employed or, his former tilt
against the Bullionists, with still more tremendous
effect against the Prem ier,--the venturous but
luckless disciple of the late Va. HUSKISSON -" Sed
imper congressus Achilli." i'inding that the "En-
quirer after Truth," in many instances, completely
concurs in the views we have 'expounded (in The Sun
of Thursday last, especially) a f the suicidal inconsis-
tencies accumulated in Sir Rcc BERT'S speeches of the
7th and the 20th instant, and. that he, in others, re-
markably confirms the cou:rso he had proposed to
take in dealing with the fart "extracts" in ques-
tion ; we had availed oursel‘,el3 of the opportunity
thus afforded us to incorporate, -the latter in the notice
of the " Letter to the Premier,;" which will be found
in another part of our columns..

To that notice we entreat the attention of our
readers. The author of the p amphlet has made out a
case so irresistible and so convincing against the Pre-
mier, in this last attempt of 763 to tamper with our
monetary system ; that we can not see what escape re-
mains to Sir R. PE EL from between the two horns of the
dilemma, on one of which the " Enquirer after Truth"
has impaled him. Either he is., on his own recorded
statement, the most presumptuous and incompetent
statesman who ever dabbled in the statistics of money
and money legislation in this country, or he is the
most disingenuous, tricky, ar selfish Minister, who
ever lacked the courage to avow the true motives of an
indefensible policy, the man] iness to acknowledge its
disastrous consequences, or the spirit to retrieve, where
he could no longer be blind to them. He must be
content to know that he is now convicted of the most
gross and culpable ignorance of the fact on which he
admits that his propositions, in reference to the re-
newal of the Bank of Engl and Charter, are founded.
If the data he has cited as those which authenticate

the measures which he receirnmends for the adoption
of Parliament, falsified as ti 3ey have been in his speech
of the 7th instant, have not been so misstated in igno-
norance or misrepresenta'ion—on what other hy-
pothesis are we to account for their falsifi-
cation ? But if he has thus blundered in
stating such all-important premises, —no mat-
ter whether in error or designedly—what is
his amount of fitness to direct the councils of

nation, of whose interests he has thus hazarded the
fatal compromise on a question, the universal nature
of which he himself thus describes :—" There is no
contract, public or private--no engagement, national
or individual, which is unairected by it. The enter-
prises of commerce, the profits of trade, the arrange-
ments to be made in all the domestic relations of
society, the wages of labour, the transactions of the
highest amount and of the lowest, the payment of the
National Debt, the provision for the national expen-
diture on the one hand, and the command which the
coin of the smallest denomination has over the neces-
saries of life on the other—are all affected by the
decision to which Parliament may come on that great
question which I am about to submit to the considera-
tion of this Committee."—(Speech, May 7.) What
is the tremendous responsibility of that judge who
shall have misdirected the jury assembled to try a
question of this fearful, this awful magnitude ?
In what did this misdirection consist ? What have
been the data which have been falsified in his
statement ?

We have, in former articles, endeavoured to show

the precise passages which supply the answer to these
questions, and we reserved for the present occasion
an exposition of his proposals about silver—so far as
it may be possible to collect what is meant to be done
by a Minister, who is so nervously anxious to show

that he cannot make up his mind as to what he should
do. We shall not pain the reader by again con-
trasting the Right Hon. Baronet's " clear conclusion"
that bullion, in reference to that upon which the
Bank of England, and other banks of issue, shall
make issues of notes, shall be understood to mean
"gold only," with his supplementary contrivance that
as to one-fourth of the Bank of England's
issues that bullion may be in silver. It
seems little necessary, moreover, to retail after
Sir ROBERT such trite truisms as that "there
would be a great advantage in having a stock of
silver in the Bank, which could be used for the recti-
fication of the exchanges, and for other advantages of
a commercial nature ;" or his profound discovery
that " silver is of advantage to the merchants of this
country in enabling them readily to make remittances
to India, and China, and other places." Probably,
Sir ROBERT imagined that the public generally were
not aware that silver is the principal medium of remit-
tance in these two great branches of our trade. He
does, however, admit his fears that the advantageous
means must be abandoned "if Parliament insist on
confining the issues of the Bank to gold, and gold
alone." But the Right Hon. Baronet is so egregiously
absurd in the first principle of his argentine doctrine
that we cannot omit the duty of once more, and in a
more precise manner, indicating the more salient
evidences of his blundering.
In his attempt to show " what constitutes the
measure of value in this country," he declared that
" the whole foundation of his present proposals rested
on the assumption, that according to law, and the
ancient monetary policy of this country, the meaning
of a 'pound is neither more nor less than a certain
quantity of gold with a mark upon it." We exhibited
the groundlessness of this assumption in our paper of
Thursday last; but our present business is with the
historical illustrations into which he expatiated. "In
the reign of WILLIAM the CONQUEROR " (he says) " a
pound of silver was the pound of account." "A Pound
represented both the weight of the metal, and denomi-
nation of the money. By subsequent debasements of
the currency, a great alteration was made, not in the

name, but in the intrinsic value of the pound sterling;
nor was it until a late period of ELIZABETH'S reign,
that silver, then the standard of value, received that

determinate weight which it retained without varia-
tion, with constant refusals to alter it, until 1716,
when gold 'was practically substituted for silver as
the exclusive standard of value."

The " Enquirer after Truth," addressing Sir Ro-
BERT on this portion of the speech, writes, " De-
basements have reference to some greater admixture
of alloy than before with the precious metals. This
happens to be a charge from which the English coin
has always been remarkably free. From the earliest
times to the present, with the exception of fourteen
years, from 34 HENRY VIII. to I ELIZABETH (1548 to
1557), the standard fineness of English silver coin
was 11 oz. 2 dwts. fine silver to 18 dwts. alloy; and

even in six of those fourteen years, the standard was
11 oz. 1 dwt. to 19 dints of alloy; so that, with the
exception of, properly speaking, only eight years, the
standard of our silver coin has always been the same
from the Anglo-Saxon times to the present day." . .
. . " Your intention, doubtless, was to say, that the
weight ofthe coin had been diminished, by which a great
alteration had been made, not in the name, but in the
intrinsic value of the pound from the time of WILLIAM
the CONQUEROR to ELIZABETH. This is true. The
pound weight of silver was coined from 1066
to 1601 (omitting the eight years of de-
basement) successively into 205., 20s. 3d., 225. 6d.,
255., 305., 375. 6d., 455., 605., and 625. But how
utterly incompatible these facts are with the
Premier's definition of a pound, as " a quantity of
the precious metals of certain weight and certain fine-
ness—a certain definite quantity of gold—a definite
quantity of the precious metals," his own historical
examples had shown, and the "Enquirer after Truth"
still more happily proves. It never occurred to the
philosophical sagacity of the Premier to make any
allowance, in estimating the worth of a certain quan-
tity of silver throughout a period of nearly eight
centuries, or any given proportion of that period, for
the effect of the discovery of America, and the mines
of Potosi, for example, or the value of the commo-
dity. From the earliest times " till the year 1600, the
proportions of silver and gold were generally recog-
nised as ten to one. Ten ounces of silver were worth
one ounce of gold." Now, as silver accumulated
from being raised with so much less labour
in the New World than in the Old, this
relative value gradually changed until the
proportion became 15 to 1. This sukject is so large,
and is so ably treated in detail, as is also the fluctua-
tion of the gold pound, in the pamphlet to which we
refer, that we dare not pursue it in this place. We
will therefore take but a single illustration, and it is
from the same author. He says, addressing the
Premier :—" But your wish, apparently, was to con-
tinue one pound in coin at the same value which it
possessed in the last two years of the reign of ELIZA-
BETH. Unfortunately, Sir, for your consistency, our
pound sterling underwent four alterations after that.
In 1604, only three years after the last alteration, the
gold pound of the value of 20s. in silver was coined
at the weight of 154 grains ; which gives for the
pound sterling, both in gold and silver, the value of
255. of our present money. In 1625, it was coined
of the weight of 140 grains, which makes the pound
sterling in gold and silver equal to 225. 9d. of our
present money. In 1675 it was reduced to 129 grains,
being still of the value of 205., which makes the pound
sterling worth only 21s. of our present money (this
gold pound was afterwards called a guinea) ; and in
1815 it was coined of the weight of 123 grains,
or nearly so, which is its present weight.
Of these changes you appear to have been
uninformed." And with this plain account of the Pre-
mier's unpardonable error in dealing with the sub-
ject of the weight and the measure of value, and the
unceremonious but just remonstrance with which it
is followed up by the "Enquirer," we shall for the
present quit this branch of the question :—" Conceiv-
ing that as the same weight was found in the silver
pound its value was the same,—and that, for conve-
nience sake alone gold was substituted for silver in
1774 as the standard measure of value—you concluded
that when the pound troy of silver was coined into
66 shillings (four of which were retained for seignor-
age), we were brought practically to the same mea-
sure of value which we had in 1601. I trust, Sir,
you are now satisfied that this was an error of yours ;
and since this erroneous assumption of the antiquity
and uniformity of the measure of value which you
recommend is made the reason of your new currency
measures ; I earnestly hope that you will for the
the present suspend any further proceedings in rela-
tion to this business, and allow the country a little
longer respite to consider what steps it may be pru-
dent to take in the present posture of affairs. When
such mistakes as these are made by one who is con-
sidered an oracle on the subject of currency, it is
time to pause and look about us."

We have received Madrid papers of the 19th, but
ey bring no intelligence later than that conveyed
the last telegraphic dispatch. The Funds though
ither better were still depressed. The Three per
6nts.:were done at 291 for cash, and 29i at sixty
ikys ; the Four per Cents. at 191 at sixty days ; and
le Five per Cents. at 20 7-16 at sixty days.

The French Chamber of Peers, after a most tedious
d protracted discussion, passed the Education Bill
Friday by a majority of 85 to 51. This large
'nority has excited some surprise, especially after
e numerous alterations made in the Bill, some of
ich were favourable to the Church, and a belief
revails that the Bill will not be allowed to pass the
eputies. The Nismes and Montpelier Railway was
lopted by the Lower Chamber on the same day by
'arge majority-190 to 60. It provides that in case
no company coming forward to execute the line on
i
lasonable terms, it shall be completed by the State.
The Journal des Chemins de Fer publishes the re-
)rt of the Directors of the Paris and Rouen Railway,
I read at the general meeting of shareholders, which
as held in Paris on Wednesday last. We learn
v this document, that the receipts from the
3t of October, 1843, to the 31st of March

amounted to 2,290,076 f. 59c., and the ex-
kises to 1,172,066 f. 98c.: and that, after de-
acting I per cent., as a sinking fund, and some
her items, there remained for distribution among
shareholders a net sum of 936,302 f. 62c., which
gachratshhearremfoorrethtehsainx
amtonththesraabteovoef
YeEves
Mentioned,l3f. fo
brein e
'per cent. per annum for interest and dividend. It
Lust not be forgotten, however, that this is for the

inter months, and cannot form a criterion for the
inual dividend. The report announces the resigna-
km of M. JACQITES LArFITIN as President of the
knincil of Administration and Administrateur, and

le appointment of M. DE L'EPEE to succeed him as
resident, whilst U. Sim()Ns takes his place as Ad-

MEI-rierr.
' According to some of the papers, the military
lovements of the Duke D'AUMALE in Africa have
;..cited some uneasiness at Court; and an old and
sperienced officer has been sent out to lend him ad-
Fee. ".The object of the mission," says the Constitu-
mnel, "ii to lend the support of a military experience,
4m and reflective, to the ardent courage of the young
Irince, less accessible to the counsels of prudence than
the desire of glory and of danger."
We regret to learn from the Swiss papers, that the

disturbances in the Valais have been attended by
Orions consequences. The following is published
tinder the head of Martigny, dated in the Nouvelliste
Vaudois :
" The people of the Lower Valais are retreating, Ardon
was taken this morning at eight o'clock, by the forces of the
I,Tpper Valais, who are superior in number, and are well
atimed. Numerous columns of the tipper Valais are follow-
ing the course of the mountains at a certain height, whilst
the principal column follows the plain. The column com-
manded by Joris and Barman has fallen back on Riddes ; it
has destroyed the bridge of the Rhone, near that place, and
att this time must be on the road from Riddes to Martigny.
The retreat is effected with order; it is possible that the
forces of Upper Valais may arrive this evening at Martingy,
although the bridges have been destroyed. A great fire has
been seen at Ardon • we are agreed that the building of the
icon-works of M. iohler have been burnt down Several
men were killed on both sides. The forces of the Upper Va-
lois seem to be inclined to assume a frightful system of bri-
gandage.—This dispatch was read in the Grand Council of the
Vaud, in the course of its deliberations on the affairs of the
Valais."
The same journal states that, in the preceding after-
noon, Mme. BARMAN was arrested, between St.
Maurice and Martigny, by a party of La Vielle
Suisse, and kept as a hostage at the Pissevache. She
and the man who drove her car were strictly searched,
to ascertain whether they hid any dispatches. It is
even said that the lady was roughly used by some of
the men, who were drunk. On the same morning, a
detachment of 50 men, with a piece of artillery,
under the orders of M. TORRENT, took forcible pos-
session of the post of Trient, defended by a consider-
able body of people, who had broken down the bridge.
A letter from Lausanne, written in the afternoon
of the 21st says :
" We learn that the forces of the Upper Valais are already
beyond Martigny, and, that they are burning everything
as they proceed. Epiney was in flames when the account
left. The Council of State of the Vaud has sent off all its
disposable force for the protection of the frontier, as there is
reason to fear that an attempt will be made to violate it."
PFriirems.
Price. Price. Price.
THE BOURSE—SATURDAY, MAY 25.
Highest Lowest Last
F 121 95 ..
!'tench Five per Cents l2l 95 121 85 121 85
Fear per Cents.
107 50 107 50 .. 107 f 0
Three per Cents B4 $5 .• 84 85 .• 84 80 .. 84 80
Bank of France 3090 ..3090 ••3085 ..3085
Belgian Bank. • 670 .. 670 •• 670 •• 670
Belgian Fives,lß3l.
1840 ........ 106 .. 106 .• 106 106
Spanish Threes .• •
ACtird •• •• ........ 32 .. 32 •• 32 •• 32

Neapolitan.. • ..... •• • • • • • 102 90 .. 102 90 • • 102 80 .. 102 80
Roman, ex div.• •• •• ..• •• • • 1044 .. 1044 .. 1044 .. 1044

RAILWAY SHARES.

St. Germain • • • • • • • •

•• 872 50 .. 870

- 870

Versailles,R.B.....•• ...... 380 .. 380 .. 380 .. 380
L. 8..• •• •• •••• 255 .. 257 50 255 .. 256 25
Ronon•••••••••••••••••••• 997 50 .. 997 50 .. 997 50 .. 997 50

Rouen to Havre• • • • • • • ... .. 785

.. 785

• • 775

• . 775

0r1ean5.......

Strasbnrg to Bale.. •• • 266 25 .. 267 50 .. 263 75 .. 263 75
Avignon to Marseilles.. .. 795 .. 795 . 787 50 .. 787 50
RAILWAY SHARES, FOR THE ACCOUNT.
St. Germain 870 875 857 50 857 50
Versailles, R.B. . 385 .. 385 .. 385 .. 385
252 50 .. 260 .• 252 50 .. 257 50
Rouen . 993.75 .. 993 75 .. 992 50 . 992 50

Rouen to Havre. - 788 75 .. 788 75 .. 775 .. 775
Orleans ......

Strasburg to 8a1e....
Avignon to Marseilles• ••• •• 799 .. 799 •• 785 .. 785

MONEY AND COMMERCIAL NEWS.
CITY, MONDAY EVENING.

There was no alteration in the appearance of the Eng-
lish market, and Consols closed at 99i to -a. The Un-
funded Debt continued rather flat.

Spanish Bonds receded this afternoon, the Five per
Cents. closing at 231 1, and the Three per Cents. at
35/. Mexican Bonds were 351, Peruvian 28, and Bra-
zilian, New, 774.
The additional transactions in Railway Shares have
been these :—Chester and Holyhead were 1 ; Edin-
burgh and Glasgow, 16 ; Eastern Counties, New, 41;
Great Western, Half, 25; Harwich (Locke), 1; South •
Western, Eighths, 3i ; Croydon, 5* ; Ditto, Scrip, 91 ;
Manchester and Birmingham, 15 ; North Midland,
Half, 31; Norwich and Brandon, 51; South Eastern,
3* to 1 ; Trent Valley, 74 to 1: York and North Mid-
land, Scarborough Branch, 16 ; and Rouen and Havre,
11 to 101 premium. Eastern Counties have been 12 ;
Greenwich, 5;:,- to 51; Midland Counties, 11; and Stras-
burg and Basle, 41- discount. Australian Bank Shares
were 3 ; Provincial Bank of Ireland, 19i ; and Union
Bank of London, 21 to 2i premium.
(From The Sun of Last Night.)
There was a dull market for Cotton at Liverpool on Sa-
turday. Sales 2,000 bales at rather easier rates. Shares
were in active demand, and there was some fluctuation in the
principal lines. French were advancing. At the close there
were buyers of Paris and Rouen, Orleans, Grand Junction,
&c., and sellers of Eastern Counties which were lower and
offered rather freely.
The wind still keeps out general ship arrivals, and we have
only a few papers from Australia, which are not of quite so
late a date as those already come to hand.
Satisfaction is expressed by those interested in the financial
affairs of Holland, at the official statement of the Government
relative to the success of the recent measures. It ap.
pears that there have been subscribed to the loan of
127,000,0001. florins for the first instalment, 13,857,1071.
florins as a voluntary loan, and 230,402 as a free gift. Before
the conversion the annual amount of interest on the debt
paid by the Dutch colonies was 9,800,000 f. The domestic
stocks at Amsterdam have consequently been well supported,
although there was not much doing in the speculative foreign
bonds. The Two-and-a-Half per Cents. were 60 13-16 to 6,
and the Active Spanish, 22 5-16 to
The treaty of commerce concluded between Portugal
and the Zoll-Verein is generally regarded as a
blow aimed at this country, by the vain but in-
significant Government of Lusitania. Whether we shall
be inclined to grieve much at the loss, time will show;
though assuredly it is Portugal that may be made to suffer
most for this defection from an old ally. The great con-
sumption in this country of Portuguese wines, is of far more
importance than the use of British manufactures by the
subjects of Donna Maria, the obstinacy of whose advisers
may well justify us in something like reprisals. It
has before been observed, by parties connected with
the wine trade, that there would be good policy
in encouraging the introduction of French and other
beverages, since the Portuguese Government (not the people),
which we are by treaty bound to aid in the event of war, is
so little disposed to allow us a chance of obtaining even a
small return.

The market for the English securities has to-day been
steady. There is rather a full attendance of members atter
the recent holiday-making. Consols for transfer to-morrow
have been at 99,1 to 4, and for the new Account about the
same. The settlement takes place to-morrow, and with the
arrangements for this the jobbers are chiefly occupied. The
unfunded debt rather flat at 71s. 725. premium. East India
Bonds are at 925. premium. The New Three-and-a-Half per
Cents. realise 1024 to 4 ; the Reduced 1014 to A ; and the
Three per Cent. Annuities 984 to 98k. Bank Stock has been
supported at the full rise of Saturday, being 198 to 1984.
East India Stock has improved also to 2864.
In the advices received this morning from Madrid, there is
nothing of prominent interest, though in some quarters most
gloomy representations had been made respecting the state
of the Treasury. The bonds of Spain are rather drooping,
although it is stated that advances of cash have been obtained
from the bank of San Fernando on tolerably easy terms. The
Five per Cents. have been at 244 to 24; and the Three per
Cents. at 354 to 4. Mexican Bonds have been heavy at 35i,
and nothing has been done in the other South American in-
vestments. Dutch Two and-a-Half per Cents. are firm at
614 ; and the Five per Cents. 1004 to 4.
There is not much doing in Railway Shares, nor could we
observe that the fluctuations in general are worthy of special
notice. On the whole prices are supported.
MANCHESTER STOCK EXCHANGE, MAY 25.—We cannot re-
port much business done to-day, but Manchester and Bir-
mingham, and Trent Valley are in good request. Manches-
ter and Birmingham Quarters, 44 ; North Union, 108 ;
Trent Valley, 84 to 84 ; Eastern Counties Perpetual, Ne. 2,
and 10s. 6d. premium.

' • 4
. .
•
a ~ mit
„a
ihr4 BvicA
.74.114,
, xr• 014