The Sun.
London, England, 1844-12-02 00:00:00

si.ler„b'e dt-Vrloratien . We need but to turn to the
pages of Goldsmith, Cr aile, and Southey for pictures of
the labourers' conditic n in the latter part of the last
century, as melanchol:i as anything that the reality pre-
sents in our day ; a'•' if poets may be suspected of
exaggeration, we In2.re the, evidence of prose writers
abundance to the same effect. From among
these witnesses we will take leave to produce one,
at whose name e‘%ry English heart will glow with
admiration, gratitude, and love—Nelson—the brave,
the wise, and, above all, the affectionate. Truly
has SJuthey said of him, " England has had
many heroes, but she has had but one Nelson." This
is this great man's distinction, and is, it seems, ever
destined such to remain—he is not the object only of his
country's gratitude and admiration, but of her love; and
with reason, his nature overflowed with affectionate
feeling ; he instantly attached himself to every one
withitt his sphere, he repaid one hundred fold in grati-
tude the slightest service rendered to him, and never had
an enemy but the enemies of his country.

MONEY MARKET and CITY NEWS

FROM TAU MORNING PAPERS OF SATURDAY. ,
CITY, FRIDAY EVENING.
TIMES.—The proprietors of the Peninsular arid
Oriental Steam Navigation Company held to-day their
annual meeting, which was very numerously attended.
The first subject mentioned in the report was the con-
tract with the Government for the extension of the mail
service to and from India. The financial arrangements
for carrying out this service have been already made by
the Directors, and the Proprietors have paid the first in-
stalment of 51. per share on the 4,000 new shares of 50/.
each. The report states, that the Directors have en-
tered into contracts for four new ships of 1,300 tons
each, and one vessel of 700 tons, which are to be ready
for sea next year. It is expected that the new monthly
line of communication to Calcutta, Madras, and Ceylon,
will be in operation from January next, and the commu-
nication to China will be opened as soon as the vessels
now building for the service are placed upon that line.
The negotiations for the purchase of the new steam-
ship Precursor terminated in that vessel becoming the
property of the Company for the sum of 45,0001. and
5,0001 contingent upon a mail contract being obtained,
her original cost being about 80,000/. An additional
sum of 8,0001. has been expended to increase the accom-
modation of the vessel. _ _

In the event of the Pacha of Egypt taking into his
hands the traffic across the Desert, the Directors state
their belief that the Company's vessels on the line will
be purchased by the Egyptian Government. Several
complaints were made, in the course of the meeting, of
the inconveniences which attend the transit, and which
furnish so many arguments for the establishment of a
railway to Suez ; but the chairman (Sir J. Campbell)
explained, that as the Company were only chartered for
purposes of navigation, they could take no steps for the
amelioration of the land passage.
The profits of the year ending the 30th of last Sep-
tember are stated at 65,042/., which, with the undivided
profits of the preceding year, makes a total of 109,8971.
The usual dividend of 3i per cent. was declared for the
six months ending the Ist of October, and the undivided
profits, after deducting both this and the April dividend,
were stated at 74,0201. To reduce the expense of insu-
rance, which is found to weigh heavily upon the profits
of the Company, the investment of the sum of 10,0001.
towards the formation of an insurance fund, was voted,
after the report had been confirmed.
Our attention has been directed to a passage in a
speech by Sir R. Peel, delivered on the 6th of May last,
relative to the prospect that the provisions of the new
banking Bill would be evaded, and which it may be use-
ful to quote, as it shows that the Ministry, foreseeing
such abuses as possible, are prepared with a remedy,
which it will be prudent in the parties concerned not to
provoke. It is as follows :
"It is thought by some that this privilege might be
perverted, so as to give rise to something like the sub-
stitution of a bank-note of a certain kind, and
of a circulating nature. The power has been
held by private banks from time immemorial,
and it has not hitherto been accompanied by any
abuse ; and why should it be anticipated that joint-stock
banks -would abuse such a power by using it contrary to
the intentions of the Legislature ? But I give public
notice, on this oppartunity, that if the power should de
abused—if it should be attempted to circulate small bills,
so accepted, within the limits reserved to the Bank, I
shall not -hesitate to appeal to Parliament on the instant,
for the purpose of correcting that evil."
On the proposal. for a universal penny receipt stamp,
lately brought intodiscussion, aeorrespondent remarks—
" I think that if the stamp was of the same description
for any document, whether receipt-check or letter-paper,
that came within the proposed plan, it would materially
simplify the scheme ; and, with respect to the hint about
stamping bankers' cheques, I imagine that it would be
productive of good results. Why should there not be a
universal form of cheque printed by the Government,
leaving the name of the bank vacant, and supplied to
bankers at a less price than to the public ? lam in a
bank which is far from a very large one, yet it is not
uncommon to have paid.soo or 600 cheques a day, exclu-
sive of bills. Any one who has leisure to look at the
nutiabsr of banks in England will see that, allowing that
some of them do not pay perhaps nearly a tenth of that
number, there would result a considerable revenue from
this plan. The customer of the bank Ido not think
would, complain, for on him individually the tax would
fall very lightly."
HERALD.—The intelligence brought from the United
States by the Hibernia steamer was so generally antici-
pated in ail the main features that it produced no sensa-
tion in the mercantile circles. The violence of party
writing in the United States had not in any degree sub-
aided by the decision of the Presidential election, and the
Pseat informed and most impartial Americans in town
stets that nothing like a correct opinion can be formed
of the future policy that will be pursued from the state-
silents of the press. The New England papers in parti-
cular are virulent beyond former precedent against the
olicy of the Democrats in pladeing Mr. Polk at the
head of the pelt, and if we were to place confidence in
their prognostications, inevitable ruin to everything
worth preserving in the state must be the consequence.
In els,t quarter, however, apprehensions about a reduc-
tion in the tariff is the predominating principle, and the
most moderate persons lay it dawn as a certainty that it
will undergo considerable modifications in the next ses-
sion of Congress. The Whigs and high-tariff men now
rest their sole hope upon the Senate, but after such a
declaration of opinion as the votes in the election set
forth, the most sensible Americans have but faint expec-
tation of a majority of the membsrs having sufficient
moral courage to resist the torrent, and act upon their
own independent opinions, on any one of the questions
which have been the rallying cry of parties. The whole
matter taken together exhibits such a picture that if we
are to consider America as experimenting to solve the
problem of the fitness of democratic, combined with fe-
deral institutions, for the good government of society, we
have no longer to wait for the solution.
There is nothing in the commercial letters worthy of
notice, exc:Tt a very general expression of apprehension
thet the election of Volk will for a time produce a de-
gree of uncertainty respecting. future measures, as to be
seriously injurious to Irisiness. The first impressions
have actually had the effect of staying the progress of
some iron works and other manufacturing buildings in
course of erection. As a specimen we give the following
from Boston:—" The times already feel the influence of
Polkisni. Goods have fallen, and a hundred houses that
were going up hi Bsston have been countermanded, also
a number of ships which were about to be built." Those,
we should suppose, howes er, are exaggerated pictures,
from which time win witlidniar the deeper shades.
The accounts from l'eru and the River Plate in the
American papers, are not S.) late as those we have re-
ceived direct. It is upwards of a month since we gave
the particulars of the defeat of Vivanca in Peru, which is
given as news in the American files.
Tho Canada accounts, confirming the statement
formerly reseived, of the decided Conservative majo-
rity in the elections, has given unqualified satisfaction
to the merchants engaged in trade with those colonies.

'There are, indeed, few evils in human affairs but some
Bond can bw extracted from them, and we are informed
that the excess r to which Democracy has led in the
United States, has tenth:it very much to weaken the
fierce of Radicalism in the British Provinces within the
last few years. The commercial accounts from the Ca-
nadas are generally of a favourable complexion, al-
the ,ugh the season had closed.
Toe eff.ct of the n4)tice of the Bank of England to
had money on the deposit of securities, at the rate of 21
per cast. er annum, Las had an influence on the market
beyond its direct influeio..e. Many capitalists had been
withholding their money from employment in the ex-
petation of an advance in its value up to the payment
of the January dividends, and that expectation being
now fru,trated, their dormant funls will b brought into
immediate activity. There is another distinction be-
tween the present and former notices, besides the reduc•
tion of the rate of interest wo- por cent. Formerly, the
parties borrowirg had to reram the money for not less
than ten days, whereas th`trOsAiow no such restriction.
The money may be borrowed one day and repaid the
next, an advantage which will materially increase the
number of applicants. Persons resident in the country
call form a very inadequate conception of the amount of
business which is transacted in London which will be
affected by this difference of time.