The Sun.
London, England, 1845-05-30 00:00:00

0! toning Aim

LONDON, FRIDAY. MAY 30, 1845.

The House cf Commons met at Four o'Clock.

The SOLICITOR-GENERAL presented the report of the
Committee of Privileges, in the case of HOWARD V.
GOSSETT. The discussion on this subject will take place
to-morrow—(this day.)
Mr. HENRY BERKELEY then moved for a Select
Commitee, to inquire into the operation of the Insol-
vency Act of last Session, with a view to remedy
the hardship inflicted by that Act upon creditors below
201. On receiving an assurance from Sir J. GRAHAM and
the SOLICITOR-GENERAL that the subject had occupied the
attention of the Government, and that the LORD CHAN-
CELLOR was about to introduce a measure to remedy the
evils complained of, the Hon. Member withdrew his
motion.

Mr. Sergeant MURPHY then brought forward the
questions of the payment of Ministers' Money in Ireland.
No decision was, however, come to, as the House was
counted out shortly after the Learned Sergeant had con-
cluded his statement.

In resuming our observations on the speech in which
Lord JOHN RUSSELL, the other night, introduced his
series of declaratory " resolutions" connected with the
condition of the poor and the general state of the coun-
try, we shall confine ourselves, to-day, to the serious
exceptions we feel compelled to take as to the statements
advanced by him with regard to the operation of certain
specific causes on that condition of (Air industrial classes
which the Noble Lord is so anxious to remedy.
Among these causes, Lord JOHN RUSSELL assigns a
foremost place to the measure of 1797, for restricting the
Bank of England from cash payments ; and, in com-
menting on the subsequent effects of that bold proceed-
ing, he contends that it was a measure of the most enor-
mous oppression and injustice ever inflicted on the
industrial labour of the kingdom. He maintains that
the wages of labour have never since been increased in
proportion to the depreciated value of money consequent
on the Restriction Act, and to the corresponding en-
hanced prices of commodities attendant on such depre-
ciation. He considers that, although the Act of
1819 for the alteration of the currency was intro-
duced by Sir ROBERT PEEL with no due regard
to the consideration how far its adoption could then
take place without too seriously prejudicing the various
economic interacts of the empire, and though it did
work, at first, very serious inconvenience and injury—
to the industrial and manufacturing classes more parti-
cularly—those evils have since disappeared, and their
traces are now scarcely to be discerned. We really
know not which of these several propositions to indicate
as that which is most valuable, b Ah as to the real facts
of the case, and the arguments to be founded
upon them. As to the Bank Restriction Act
of 1797, we would respectfully submit to his
Lordship that no man living can now undertake to
point out what alternative, what middle term there was
between a national bankruptcy, and that, as we are pre-
pared. to contend, most salutary expedient. If anybody
vpaoooluvtimnte
te)aeitoeaf.ok,
of
our
rvrt "Lord
ourno
aal
had imagined, previously to the publication of the last
iCleo3roni
commercial
suchias nlnesunyßt
system
e'clea enemy
to
on
ruin ne f
effect
eo,condi-
tioneft.
ou therpolitical strength, by forcing the immediate.t paralysis of
those productive energies of British caopriral, to whose
uannditnipnai o ,1
degreeintegrity,
xunderonly the
the blessing s
irresistiblesin g
spirit and
PROVIDENCE,
nationality of the people, the salvation of the empire has
been owing—we could have allowed that he was fairlyas
asme
catastrophe
pwi
the rhases and Corres-
pondence,"
entitled to argue on any case, however extensive,
which the illustration of the abstract principles of m'ain-
taining to the letter every contract with the public credi-
tor, might lead him. So long as there was no practical
sad imminent peril of endangering the public credit, and

precipitating the loss of our national independence at one
of the most eventful crises in the history of all European
States, we might allow that, even if the suspension of
payments in gold were desirable on very many grounds
of public interest, as well as convenience, it would have been
unjust as well as impolitic to resort to it. But the dangers
which hung over us, at the period in question, are no
longer matters of hypothetical assumption. We have
learned from the highest, as well as the most authentic
sources of contemporary history, that they were not
exaggerated by the fears of eminent statesmen of all
parties in this country at the time, and cannot be now
explained away. But when it is in vain to deny, that
notwithstanding the temporary depreciation of the Bank
of England's paper and the public securities, which a
measure so novel and alarming at its first an-
nouncement produced for the credit not only
speedily rallied, but enlarged and consolidated its own
bases in a degree without precedent or parallel after the
restriction of 1797, and maintained itself upon them
throughout the war, increasing instead of diminishing
its resources from its ccmmencement—when it is recol-
lected that the Bank of England itself, in the same in-
terval, has attained a height of unexampled prosperity,
credit, influence, and power, which may be said to extend
themselves throughout the entire world of commerce,
we are at a loss to see how the measure by which alone
its vitality was, or could have been preserved, can now
be impugned. With its vitality the existence of
British independence was then, in a manner, borne
up. No men can more decidedly condemn this
too intimate alliance between the great money-
power of private capitalists and the Government than we
do ; but that was then the condition of things with which
the Ministers of the day had to deal. But if the Bank
Restriction Act was thus a measure of great state ne-
cessity, we can scarcely visit it with the severe reproach
of having produced prejudicial effects on the state of our
industrial community, from which they have never since
recovered.

But, as we have said, we are so far from considering
that the industrial labourer, after the Bank Restriction
Act, had to endure a pressure of diminished wages, from
which he has never recovered, that we can prove that the
rate of wages between the commencement of the war in
1802, to its termination in 1814, and subsequently, down
to the passing of the Currency Bill in 1819, rapidly
rose to, and steadily maintained, a scale at which it
covered not only the depreciation in the value of mor,ey,
already alluded to, but the amount of indirect tr..xation
which he had to pay. The difference since 1.619, or at
least since 1822-23, when the small bank-note circula-
tion of England and Wales was extingti.shed, has been
this—that the prices of commodities, being reduced to
the gold, or natural standard,, the manufacturer
has been unable to give ttast addition to the
wages of his labourers which (would have represented
the amount of indirect taxation& they have to pay, pend-
ing the production of his good's. It has been established
that the labouring coni'm unity pay no less than
16,000,0001. per annum of indirect taxes, which it was
the interest of the Legislature in imposing them that the
consumer, not the produe:er, should pay. The institu-
tion of a gold stand a,;(.1 simply reduces prices to the
same level they woetlil reach in the most highly-taxed
country of Europe -; the wages paid are small in pro-
portion to thee, gold prices ; and the unfortu-
nate industrial, labourer has to buy out of them,
in tho most 'heavily-taxed of countries, the highly-
taxed meix.s of his subsistence. Is it in the
face of s ()eh a state of things, that Lord Joux
RUSSELL, -will contend that the traces of the mischiefs—
the inexcusable and irreparable mischiefs—produced by
the evade monetary legislation of Sir ROBERT PEEL,
have passed away ? But such an inconsistency does
not surprise us. The support of that system, which is
, in itself a violation of all the first principles of political
and commercial and fiscal consistency, cannot lead to
any other results. Let us try this question by a single
test. Sir ROBERT PEEL in 1819 (and again last year)
attempted to justify his pernicious interference with
the development and application of capital, by insisting
that to permit the continuance of a paper currency was to
encourage improvident trading, fraudulent speculation,
&c., and that to give unity and extension to the gold or
metallic system would be to consolidate commercial con-
fidence and mercantile stability. We shall say nothing
about the overweening confidence of that statesmanship
which assumes that it can draw, without prejudice to
this stability and this confidence, the arbitrary line of
demarcation that separates at any time the limits at
which legitimate commercial enterprise and spirit ter-
minate from those where unwarrantable spe-
culation begins. We shall not pause to inquire
how these legislative attempts to limit even the
'pernicious activity of speculation can be compatible with
I that first principle of free-trade, which is identical with
the perfect freedom of capital and of its employment.
But if Sir R. PEEL'S monetary system were anything
else but specious cheat and delusion, certain results
must, ere now, have become matters of history and fact,
which are not only not so, but of which all that is the
converse of them is. Under the operation of a paper cur-
rency, from the Bank Restriction Act of 1797, till 1819
or 1820, legitimate trade should have declined;—gam-
bling speculation should have attained its height;—the
mighty bubble of British commercial superiority should
have burst; and 1819-20 should have found only a
mass of wreck and ruin to gather up, in order to combine
into a more substantial system calculated to work out a
far more prosperous future in all these respects
to this empire. From 1819-20, under a purely metallic
currency, combined with one only class of paper circula-
tion, convertible, on demand, into gold, at a previously
fixed ascertained price, we should, in 1845, be in a condi-
tion of unrivalled national prosperity. The control of the
commerce of the world ought to be in our hands. Ille-
gitimate speculation ought to have disappeared ; bank-
ruptcy to be comparatively unknown ; labour universally
employed, and wages fairly remunerating labour. Now
what is the fact against the hypothesis ? Between 1797
and 1819-20, we had almost engrossed the commerce
of the world. We were superior in all its markets. We
maintained for 13 years the most expensive and desolating
war on the records of history, out of which we emerged
triumphant. Our industrial community were, for the
greater part of that interval, well employed, and wages
comprised, over and above their natural relation to the
value of labour, that equitable margin which allowed for
the contributions to taxes payable by those proiucers.
Our commercial failures and private bankruptcies bore
no proportion to the amount they have attained between
1819 and 1845 ; and all the failures of banking• houses
were absolutely an insignificant aggregate by the side of
the ruinous convulsions of 1825 alone, and again of 1838.
Enormous private fortunes were acquired and diffused.
There was not one element wanting to a condition of
supreme pre-eminence in all that constitutes the
political and commercial grandeur of nations. What
have we encountered since 1819-20 ? The decay
of many branches of our foreign trade ; the successful
competition of foreigners in very many branches of our
manufactures. Gambling speculations, extensive and
reckless, in equal proportion to the intolerable pressure
of the screw put on by the currency legislation of Sir
R. PEEL (which operates to prevent the realisation of
propel ty, under whatever exigencies, except at ruinous
sacrifices, to meet the demand for its golden represen-
tative) have already shaken, and will frequently desolate
the money market. The poor-rates show no symptom
of permanent reduction. Vast masses of the labouring
poor are pining in fruitless, hopeless solicitude for em-
ployment. The revenue can only be made to keep pace
with the expenditure of the country by the imposition
of new taxes on property and income. Where is the
one single benefit which the country at large has de-
rived from the Premier's currency measures ?

Madrid journals of the 22d inst. have been received.
According to some of them the Court, or rather Queen
CHRISTINA, has some new measures in view not quite
acceptable to the Ministry, and one of them is said to
be the marriage of Queen ISABELLA with the son of I)on
CARLOS. The Duke DE RIANZARES (MUN&z) had left
Madrid for Paris on the previous day, possibly to make
arrangements on the subject with the French Court.
The festival of Corpus Christi was celebrated on the
22d, and no business consequently was done on the
Bourse.

In the French Chamber of Deputies, on Wednesdays
the discussion on the extraordinary estimates for the
army in Algeria commenced. M. DUBOIS, the first
speaker, condemned altogether the system of military
colonisation, and more especially the present expedition
into Kab) lia, which he considered unnecessary and ill-
timed. M. DE CORCELLES recommended the Govern-
ment to proceed with energy against the Arabs, as on no
other conditions could French dominion be established
in that country. M. DE BEAUMONT than adverted to the
failure of the treaty with Morocco, and theinconsistency
of the Government journals, first praising the conduct of
General DE LA RUE, then condemning and disavowing
it, and contended that owing to the wavering policy
pursued, and notwithstanding the victories of Marshal
BUGEAUD, the colony was in a worse con-
dition than in 1844. He was left speaking
at the hour of post. The opposition journals continue
to discuss the policy of the Government in reference to
Morocco, but we find nothing in them but repetitions of
charges already made against M. GUIZOT, the English,
and Sir ROBERT WILSON. The resignation of Don
iyundoubted :
-.- " fact by all the papers. One of
CAuLos in favour of his son seems to be admitted
athsem s an
We believe we are warranted in

giving as certain the news that the abdication of Don
CARLos has been sent to the French Government.
He at the same time demands that he shall be at
liberty to sojourn wherever he may think fit. The
French Government received by the same courier an ap-
plication from the son of Don CARLOS, for passports to
Spain, as a subject of ISABELLA."
The KING and Royal Family were at Fontainbleau, and
no reply would be given to the application till his MA-
JESTY returned to the capital.
The Moniteur publishes a report to the KING from
the Minister of Justice on the administration of civil
and commercial justice for 1843, of which the following
is an abstract :-
"In 1843 the number of suits before the civil and com-
mercial tribunals was greater than in 1842. In the former
the increase was 5 per cent., and in the latter 10 per cent.
The number of causes before the commercial tribunals in
1841 was 159,188 ; in 1842, 165,814 ; and in 1843,
176,450. In 1842 there were formed 2,3;`,6 com-
mercial societies, viz., 1,902 en nom collectif. 324 en
commandite, 151 societes par actions, and 18 societes
anonymes. Of this number 2,395,733 were in Paris, 204 in
the department du Rhone, 148 in the Seine-Inferieure, 98 in
the Nord, 92 in the Gironde, 91 in the Bouche,s-du-Rhone
and 46 in the Loire-Inferieure. The number of declared,
failures which in 1842 was 2,419, rose in 1843 to 3,071. The
assets of 'JO of the bankruptcies, the accounts of which were
closed in 1843, were entirely absorbed by the privileged cre-
ditors; the dividend in 254 bankruptcies was under 10 per
cent. ; in 910 it was from 10 to 25 per cent ; in 26, 50 per
cent; in 423, 51 to 75 per cent., and in 68 it exceeded
75 per cent. The debts in 1829 of the bankruptcies closed
in 1843 amounted to 105.116,4361. In 152 they were all
under 5,000 f. ; in 304, from 5,000 f to 10,000 f. ; in 958,
50,000 f. ; and in 212, from 50,0001. to 100,000 f. In 203 the
debts exceeded 100,000 f.
The Three per Cents, closed on the Paris Bourse, on Wed-
nesday, at 85f. 85c. ; the New Loan, at 86f. 10c. ; the Five
per Cents. at 121 f. 75c. ; Orleans Railroad Shares, 1,231 f. 25c, ;
Rouen, 1,102 f. 50c. ; Vierzon, 830 f.; Havre, 882 f. 50c. ; Ay'
non, 1,050 f. ; Basle, 268 f. 75c. ; Spanish Actives.
Spanish Three per Cents., 41%; Spanish PassiveF, 754:!
The following are the quotations for the new lines:-
Orleans and Bordeaux, 215 f. premium ; Boulogne, 105 f.
ditto ; Troyes and Montereau, 451. ; Paris and
Lyons (Laflitte), 17f. 50c. ; ditto (r'
neron), 101. Northern
salon), 2f. 50c. ; ditto (Gan-
;
r ~ne (Laflitte), ; 3sf. ditto
(Rosamel), Bf. 50c. ; Tours and Nantes (Mackenzie), 71.50 c. ;
ditto (Drouillard), p-
...t; ditto (O'Neill), Pf. 50c. ; ditto
Lyons and Avignon (Lecointe), 17f.
oet), 35f. ; ditto (Compagnie Meridionale),
101. ; Bord.
, aux and Toulouse (Mackenzie), 4t. ; ditto
(Jacques
deisttLoe(Cervare 'Ljar ;
and Cette apeleta), 10f. 50c. ; Creil and St. Quentin, if. 50c. ;
Paris °A ;Strasburg (Ganneron), 121. 50c.

(...140YD'S SHIPPING.—(THIS DAY.)
LONDON, Kir 30.—Wind Northerly, fresh breeze, and fine
clear weather.
DEAL, MAT 29, P.m.—Wind N N.E., moderate.—Sld.
George Armstrong, Calcutta ; Nelson, St. Helena ; Prince,
River St. Lawrence.
NEWPORT, MAY 29.—S1d. Favourite and Flott, St.
Thomas.
OFF TIIE WIGHT, MAY 25.—H. R. Patel, for Port Ade-
laide; Auguste, Bahia, for Gothenburg.
OFF PLYMOUTIL—PaouIi, Welsh, Richmond, for Havre.
OFF THE START, MAY 21.—Jules, Porto Rico, for Havre.
OFF THE LIZARD, MAT 26.—Mexico, Guadaloupe, Havre.
OFF SCILLY—Sea, of Halifax, Trinidad, for Liverpool.
OFF PORTLAND, MAY 27.—Princess Sophia, Batavia, for
Rotterdam ; Turbo, Boston, for Hull.
OFF WATERFORD, MAT 26.—Huron, Apalachicola; COM-
madore, of Jersey, Valparaiso; Leonora, Charlston ; Eliza-
beth King, Barbadoes.
OFF SALCOMBE, MAY 28.—Isabel, Mauritius.

EPSOM RACES.
(THIS DAY.-BY EXPRESS.)

THE OAKS STAKES

Of 50 seas. each, h ft, for three years old fillies, 2st 71b,
each; the owner of the second ,filly to receive 100
sovs. out of the stakes, and the winner to pay 100
sovs. towards the police regulations of the Course.
Last mile and a half. (129 Subs.)

Duke of Richmond's Refraction ..(Bell) 1
Mr. R. Bennett's Hope (Marlow) 2
Major Yarburgh's Miss Sarah (Holmes) 3
Mr. Worthington's Lancashire Witch...(Templeman) 4
Won by two lengths.
The following also started, but were not placed:—

Lord Chesterfield's Lady Wildair (Whitehouse) 0
Mr. Gully's Maid of Orleans (J. Day, jun.) 0
Mr. Armstrong's Venus (Murphy) 0
Lord G. Bentinck's Miss Elia (W. Howlett) 0
Mr. Rogers's Glee (Bartholomew) 0
Lord G. Bentinck's Rose of Cashmere (Ealing) 0
Mr. Liley's Stamp (Robinson) 0
Sir G. Heathcoto's La fine mal garde filly (Chapple) 0
Lord Eglinton's Plaudit (Marson) 0
Mr. Blake's Erent..
Mr. J. B. Mill's Giantess (J. Howlett) 0
Sir C. Monek's fby Physician, out of Castaway (Lye) 0
Mr. Osbaldeston's The Fickle Wild Rose (W. Butler) 0
Mr. Bowes's Heather Bell
Mr. Howe's Caroline (Sly) 0
Colonel Peel's Hersey (E. Edwards) 0
Mr. Wagstaff's Queen of Cyprus (Buckle) 0

Twenty.one ran.

MONEY and COMMERCIAL NEWS.

CI7Y, QUARTER TO THREE.
In the Liverpool Cotton Market yesterday the sales were
8,000 bags, including 500 on speculation, and the rest to the
trade. The market was steady, at previous rates. 1,200
bales Maranham realised 4d. to sd. ; 400 Surat, 21/2d.
to 31. ; and 6,400 American, 3%d. to 43/4d.
per pound. A good business was done in Shares,
and the market generally had improved. Barns-
ley Junction„ Half Shares, 2%; Birkenhead and Che-
shire Junction, 9 ; Belfast and Ballymena, 83/4 %;
Bolton, Wigan, and Liverpool, 13%; Caledonian, 9% 14 ;
Cambridge and Lincoln, 63/4 34 ; Chester and Birkenhead,
'
.
53 ; Ditto, Half Shares, 26% ; Churnet Valley, 5% ; Cork
and Bandon, 89 14 •
Dundee and Perth, 3%; Eastern
EdinburghNeawndQGulaarstgeors7,66%6 ;;
u Ditto,lasgo
Glasgow
Quarterand
Counties,
Shares,
14 ; ;
Ditto,
Dumfries, 2% 34 ; Grand Junction 232% Ditto, New
Quarter Shares, 473/4 ; Ditto, Eighth Shares, 20%; Great
North of England, 30/. Shares, 36 ; Great Western, 188 ;
Ditto, Half Shares, 1051,E 7 • Ditto, Fifth Shares, 42 %;
Goole and Doncaster, 1%; Huddersfield Canal and Railway,
7% 7 ; Inverness and Perth, % dis. ; Leicester and Birming-
ham, ss. 6d., 55.; Limerick and Waterford, 8 71.185. 9d. ;
Liverpool and Manchester, 210; Ditto, New Shares, 3734 ;
Liverpool, Orniskirk, and Preston, 2%; London and Bir-
mingham, 242 ; Ditto, 321. Shares, 46%; Ditto, Quarter
Shares, 3414 3/4 ; London and South-Western, 79 %; Lon-
don and York, 4%; Direct Northern, 665.; Leeds and
Thirsk, 7%; Leeds and West Riding, 7%; Manchester,
Sheffield, and Midland, 6; Matlock and Midland, 37/8 ;
Midland Railway, 187 ; Ditto, 40/. Shares, 243/4 3/9 ; Ditto.
Fiftieth Shares, .4-4; Ditto, Consolidated Birmingham and
Derby, 149 81,4; Newcastle and Berwick, 17 16%; Newcastle
and Darlington, 5314 •
, Newry and Enniskillen, 4; North
British, 21%; Ditto, Half Shares, 5%:%; North Kent, 5;
North Union, 148 ; North-Western, 43/4 %; Oxford, Wor-
cester, and Wolverhampton, 425., 435. 60. ; Sheffield and
Manchester, 123 6 ; Ditto, Quarter Shares, 15 3/4 ; Shrews-
bury and Herefordshire, 10s. 9s. • South-Eastern and Dover,
43 ; Ditto, New Shares, No. l, 15!X 1 ; Ditto, No. 2, 131,E ;
Ditto, No. 3,71 A, ; Scottish Central, 6 ; South Wales, 5%;
Trent Valley Continuation, 11A 4 ; Waterford and Kilkenny,
33/4 ; Welsh Midland, 215., 235.; West Yorkshire, 23/4 ;
Worcester and Tring, 41,4 ; York and Carlisle, 1 18s. ;
Boulogne and Amiens, 1% ; Great Paris and Lyons, 395. ;
Jamaica Junction, 23/4 ; Northern of France (Laffitte'll), 5%
%; Ditto (Rosamel's), 214 %; Paris and Lyons (Laffitte's),
595. ; Paris and Strasburgh, 23/4.
MaxcnEsTEß STOCK EXCHANGE' MAY 29.-The sales are
-Barnsley Junction, 5 ; Ditto, Half Shares, 21,4 ; Bolton,
Wigan, and Liverpool, 12% 13 ; Cambridge and Lincoln,
6 13-16 74 •, Churnet Valley, 54 ; Clitheroe Junction,
1 15-16 13-16 prem. ; Direct Northern, 3%, 5-16 ; Eastern
Counties, New, 71. 3s. 6d. ; Ditto, Perpetual, No. 2, 225. 6d.;
Erewash Valley, 191/ ; Glasgow and Dumfries, 21,4 1/4 ;
Goole, Doncaster, Sheffield, and Manchester Junction, 114 ;
Great Grimsby and Sheffield Junction, Quarter Shares, 1%;
Huddersfield and Manchester Railway and Canal, 6% 3/4 ;
Huddersfield and Sheffield Junction, 6%; Leeds and Thirsk,
; Leeds, Dewsbury, and Manchester, 8% 5-16 ; Leeds
and West Riding Junction, 7 ' • Leicester and Birmingham, Bs.
I Is. 3d. prem. ; Liverpool, Ormskirk, and Preston, 535. ;
London and Windsor, 275. ; London and York, 4% ;
Manchester, Buxton, Matlock, and Midland Junction, 4 5-16
1-16; Manchester and Leeds, Quarter Shares, 213/4 ; Ditto,
Sixteenth Shares, 8 ; Midland Railway Consols, 40/. Shares,
24% ; North Western, 4 9-16 ; Preston and Wyre Ex-
tension, 2% 4 • Sheffield and Manchester, 123 ; South-
Eastern, 53 •
, Ditto, No. 3, 7 1-16 ; Southport and Euxton,
2% 13-16 Wakefield, Pontefract, and Goole, 14%; Welsh
Midland, 11/4 prem. ; West Yorkshire, 2%; Whitehaven and
Furness, 21,h % ; York and Carlisle, 20s. 17s. 6d. prem. ;
York and North Midland Extension, 173/4 ; Great Northern
of France, English, 51/& ; Paris and Lyons, English, 2%.
A " Constant Reader" of the Sun, who writes from Liver-
pool for information respecting the Royal North of Spain
Railway, shall have all we are able to give him, but that our
reply may be more intelligible, we give some portion of the
queries addressed by the writer. He remarks-
"lt would be of great service to many of the shareholders
to learn some authentic information as to the ultimate pros-
pect of the undertaking. I am, as you may suppose, a
shareholder, and bought at a large premium, partly upon the
faith of the prospectus, wherein 14 per cent. was shown, and
partly upon the respectability of the Directors, two of whom
-Sir Joshua Walmsley, and Mr. William Jackson (both
honourable gentlemen)-belong to this place, and the
former, I understand, has gone to Spain for the express pur-
pose of superintending the progress of the works-in fact, as
Resident Director.
" As it is possible that you may, through some of your
channels, obtain information which parties in the country
know nothing of, I have ventured to address you upon the
subject, in the hope of learning something not yet made
known."
The Royal North of Spain Railway, like most other con •
cerns, has its advocates and opponents. The principal ob-
jections urged in the City, irrespective of the alleged exclu-
sive allotment of shares, which, as our correspondent justly
says, has nothing to do with the merits of the line, are the
large sums reported to have been paid for the concession, sad
the difficult nature of the country across which the railway
is to be carried, and which, in the opinion of many experi-
enced Spaniards here, is very great. However, Mr. Colville
and the engineering staff which recently went out, will,
it is to be hoped, fairly ascertain how the matter stands, and
not undertake a task likely to result in loss to the share-
holders. Under all circumstances, the wisest course appears
to us to be, for present holders to keep their shares and await
the result, and for those not interested to have at present
nothing to do with them. Such a course as this is least
likely to hurt anybody.
The public securities have to •day been firm, though quiet.
Consols have realised 99% to 99% for present transfer, and
99% for Account. Exchequer Bills have been at
60s. to 635. premium. The Government broker having
taken 21.000/. Bank Stock, the prices are firmer:at 210. New
Three-and-a-Quarter per Cents. are 101% to 101%.
The Committee of Portuguese Bendholders are very pro-

perly calling the attention of their constituents to the sacrifices
they will make, by acquiescing in the new conversion, for
at: present they arc guaranteed 3 per cent, until the year
1849 ; 4 per cent. from that time till 1853 ; 5 per cent. on to
1861; and 6 per cent. to 1883 ; after which they are to be
Five per Cents. permanently, whereas it is now pro-
posed to dock off all the back interest, and reduce
the Five to Four per Cents., making a loss to the bondholders
of 3,000,0001. Such of the bondholders as prefer four per cent.
at once in preference to Three per cent. for the next four
years,: and then :a :steady 1. increase, will et course icon-
vert, but most of the influential holders, and Mr. Thornton
at the head, do not seem to be so disposed. The Steck to-day
is down to 661,4 and 66. Spanish Five per Cents, are heavy at
291/2 sy, and the Three per Cents. at 41%; Mexican are 37
to 374 ; Chilian 99, and Brazilian 891_; Dutch Four per
Cents. are 9814.
In Shares there is a good dcal doing, and many of the old
lines have again risen considerably ; Caledonian have
rallied, as also one or two others of the Scrips Shares.

ONE CLOS-MU
PRICES OF BRITISH FUNDS. O'CLOCK. PRICES.
Bank Stock .
3 per Cent. Reduced
3 per Cent. Consols
New 31i per Cents 101%444 10114
Long Annuities to expire Jan. 1860 11 5-16% 11 5-164-,
Ditto 30 years, Oct. 10,1859
Ditto 30 years, Jan. 5, 1860
India Bonds, 1,0001
Ditto under 1,0001 .. .

South Sea Stock -
Ditto Old Annuities
97%
Consols for Account.... ...........
99%
Exchequer Bills, LOON., I%d.
in. 60
Ditto 5001. . 03 bu p
.
Ditto Small
Ditto Advertised...... ••••••• 58— 5-8- 57
pm.p —57
PRICES OF F ONE CLOSING
Brazil, .JI?F,IGN FUNDS. O'CLOCK. PRICES.
c, --an Bonds
_Atm Bends 6 per Cent...,
Columbian Bonds, ex Venezuela — 15%
Danish Bonds, 1825, 3 per Cent BBl4 8814
Mexican, 5 per Cent. 1837 3714
Portuguese 5 per Cents. —
Ditto, Converted 66% 661,4
Spanish 5 per Cent. 1840.
Ditto 3 per Cent. .. 41% 415,i1
Ditto, Account —4117 s
Dutch, 214 per Cent 633/4
Ditto, 4 per Cent., Certific 9814 9814
PRICES OF CLOSING
PAID. A ONE O'CLOCK.
RAILWAY SHARES PRICES.
Aberdeen
Birming. and Gloucesterloo 136% 137 1351/2 135%
Do. New
Birmingham and Ox-
ford Junction
Bristol and Exeter 7O
Do. New .... . ......... 2
Caledonian
Ditto Extension ...... 2%...... 2%1/2%
Cambridge and Lincoln 1% ...... 7
Chester and Holyhead... 15
Chichester and Brighton 10
Cornwall
Direct Northern
Direct Norwich
Dublin, Belfast, and

81J2
91,4
71/1
161/2
13
4%
314
21/2
3%
41/s
18 a
43
67/2
161/2
22%
3
252

Coleraine
Dublin and Galway 2% ......
Dublin and Mullingar 2l/2 4l/8
Eastern Counties 25 ..... 18454 ..
Ditto New 4/. 16s.
Edinburgh and Glasgow 50
Ditto Quarter Shares 121/2 — ........
Great South. and West.
(Ireland)
Great North of Scotland 2% 3
ti reat North of England..loo 25314
Ditto New
Ditto New
Great Western BO 2OO 203
Ditto 1/2 Shares 5O llO 108 113......
Ditto Fifths
Guildford, Fare'm, Ports. 2% ... .. 51,
Hull and Selby 5O ... 107 108 ...... ..
Do. Half Shares
Lancaster and Carlis1e... 20
London and Eirmiughin (5t0ck)...245 250
Do. New Thirds
Do. 14 Shares
London and Blackwall. 161. 13s. 4d 9;4 4
London and Brighton... 50
Do. New consolidated Bths 25
London and Croydon, 13/. 15s. 9d —
Do. New l3s 4d —
Do. Guaranteed 5 per
Cent.
London and Greenwich 12/ 15s 4d lO%
London and S. Western 411 6s 10d 791,E 79 81
Do. Consolidated Bths 12
Do. New

34%
203
113
45%
51/2
108
25
43

47
35
9IA

London and York 2lh 4 37,t, .,
Londonderry &Coleraine 2!,6 — ..
Londonderry and Ennis-
killen 214 51%.
Lynn and Ely

Manchester and Leeds... 73
Do. 1/ Shares
Do. Quarters 2
Manchester and Birmin. 40
Do. New Quarters ... 2

Midland
Do. New
Midland, Birrn., Derby 100 l5O 152
Newcastle and Darling-
ton Junction 25 ...... 54 52% ...„. „
Do. New Brandling
Newcastle and Berwick 11 j 163/4% 17% ...
Newry and Enniskillen. 21/2 3% 4
Newark and SLeffield .. 11,4
North British ..... -.... 12% 231A_ 261 A 25q
Do. New
North Kent
North Wales .. 1 4 3
Norwich and Brandon... 10
Do., New ... ..... ..... 1
Rugby, Worstr, & Tring 1
Scottish Central
Shrews., Wolverhamp.,
Dudley, and Birm 2%..... 54
South Devon... l5 ... 23 .
South Eastern & Dover 33/ 2s 4d... 431,43 A vi
Do., No. 2.
Do., No. 3
South Wales ..... ... 21,4 5% ih
Trent Valley 2 .... . 18%
Trent Valley and Holy-
head Junction
Waterford and Kilkenny 1
. . ....,

Yarmouth and Norwicli. 20
York and North Midland 50 lO9
Do. 1/2 Shares
Ditto Scarboro' Branch. 25

Do. Selby 2O
Do. Extension l'A 19%1A 201/g 19 203 A
FRENCH RAILWAY h.
Boulogne and Amiens
Bordeaux and Toulouse 2
Bordeaux, Toulouse, and
Cette
_ .-,

Great North. of France.. 4
Do. do. (Rosamel's) 2 ...... 214
Great Paris and Lyons 2 ...... 13g •••
Jamaica Junction l/2

63/4
10%
81%
313 A
10

Louvain and Jemeppe... 2 . 41A3
Namur and Liege
Orleans and Bordeaux... 2
Paris & Lyons, Laffitte's 22%
Paris and Lyons, Gan-
neron's,
Royal North of Spain ... 2
Sambre and Meuse .... 4
JOINT STOCK BANKS.
National of Ireland 171,4 201,4

2014

HOUSE OF LORDS--(THIS DAY.

The House sat to-day to hear appeals, the Peers present were
Lard Brougham, Lord Cottenham, and Lord Campbell.
CAMPBELL V. C•MPBELL-JUDGHEKT.
Their Lordships gave judgment in this case, reversing the deci.
Mon of the Court below, with costs.
REDDIB V. HIGGINBOTHAM.
The arguments in this case occupied their Lordships the re-
mainder of the day.