The Sun.
London, England, 1845-11-26 00:00:00

Ner NOVEMBER `26, 1845.

Joseph Ball, a working engraver, in the employment
of Mr. Sire, of No. 44, High Holborn, stated that on
the 15th of September last he took an order from Bull
to make a block for printing. He suggested to Bull
that the pattern should be taken on copper- plate, and
that the impressions should be worked off by a printer.
He said he wanted to press them down himself, and that
therefore any sort of stuff would do for the block, and
that he must have it directly. After some conversation
witness agreed to do the job for 0., and Bull called in
ten days. The other prisoner, who was standing out-
side, vo as called in by Bull, and he examined the work.
Mr. Brochmann Fange, Secretary to the Branch Bank
of Christiana, and appointed in 1832 by the directors
of the Government Bank at Trondhjin .stated that he
knew the genuine notes issued by that bank for 100
dollars each. Here the witness identified the pieces of
paper which had been given, according to the former
testimony by Bull, as a pattern for the engraving, as
forming a genuine note.
Alderman Gross said, in answer to an application of
Mr. Clarkson for a postponement of the case until next.
session, that he had no objection to agree to postpone
it for the general accommodation, but be should cer-
tainly commit the ;prisoners for trial immediately before
the commencement of the ensuing sessions.
s4f A laß 0110 UGH-STREET.
William Wood, porter to the Horticultural Society,
was brought up for further examination, charged with
having stolen from the person of Mr. Noah Peck, coal-
merchant, Lower Belgravc-street, 1201., in Bank of Eng-
land notes.
Mr. Humphries attended for the prisoner, and in
the cross-examination on the evidence given at a pre-
vious inquiry, elicited the following additional parti-
culars :
The prosecutor was at the bar of the Royal Standard
public-house, about eight o'clock on the morning of the
21st of October. He had 1201. in his pocket, Jo bank-
notes, which he had received on the 13th of Oanber
from the Union Bank of London. He pulled out niE
notes, in consequence of a bet which he made on a horse-
race. The prisoner Wood, and another man, who had
also been taken into custody, but who had been dis-
charged in consequence of insufficient evidence,
were near him, and they saw him produce his
money, and replace it in his pocket. Prosecutor
discovered his loss in the public-house, but could
find no clue to the thief. lie advertised the notes
twice, once as having been lost, and once as having been
stolen. Had no knowledge of the numbers of the notes,
except from information obtained of the loss from the
Union Bank. Had discovered that the prisoner had ob-
tained change for one of the lost 5/. notes at the house
of a publican named French. Had communicated with
Wood, who promised to use his best endeavours to as-
certain the parties who had committed the robbery.
The prisoner obtained no information, and was even-
tually given into custody.
Mrs. French proved that she gave change to the
prisoner of a 5/. note. The prisoner wrote his name on
the note.
To a question put by Mr. Peck, the witness said that
the prisoner came back to her on the same afternoon on
which she had given change, and asked her if she had
parted with the note, and being told that she had parted
with it, he replied, " Oh, its of no consequence." The
note now produced had the corner torn off, and as the
prisoner put his name on the corner of the note
changed for him, witness could not swear that the
note now produced was the note received from the
prisoner.
Mrs. French stated that he paid two 51. notes to a Mr.
Sneezum.
Mr. Sneezum said that he paid a bill with some 5/.
notes, but could not speak with certainty that the 51. note
now produced was one of the notes he paid away.
A clerk in the house of Messrs. Smith, Payne, and
Cc., proved that he received three 51. notes from Mr.
Sueezuni' in payment of a bill, and that the note now
produced was one of the 51. notes tendered by Mr.
Sreezum. _ _ _ _

Mr. Humphries contended that the evidence against
the prisoner utterly failed.
A clerk in the Bank of England proved that the note
in question had been paid into the Bank of England,
from the house of Messrs. Smith and Co. The corner
of the note was torn off, as was usual at the Bank, but
the corner had not been preserved.
Mr. MALTBY said he was not aware, until just now,
that three 51. notes had been paid into Messrs. Smith's
bank by Mr. Sneezum. It was possible that the third
51. note might be the very note sworn to by Mr. Peck,
and as the identity of the note with the note changed by
Mrs. French was thus lost, the charge against the pri.
soner could not be sustained on the evidence before the
Court, and, therefore, the prisoner must be discharged.

evil, which was agreed to ; as was another in favour of
appealing to the public, by means of widely circulated
statements and addresses against the habit of late-hour
shopping, and pledging the meeting to co-operate with
the association, and to assist, by pecuniary contributions
and otherwise, in procuring the contemplated relief.
The meeting then broke up.

MONEY MARKET and CITY NEWS,
CITY, TUESDAY EVENING.
_ _ .

POST.—The state of the Money Market conveys no
reasonable indication of the intrinsic value of invest-
ments. The fluctuations it exhibits from day to day
serve rather to mark the feeling of - the public, its fears
and necessities. The late excess of speculation led on
by the guides and guardians of the people, among whom
mere to be found not only distinguished members of the
aristocracy, but even the aldermen—the staid magistrates
—of the City, has left a weakness behind it, that proves
the extent of the epidemic. Fortunately, in this case
very large sums of money have been put into circulation
with no greater evil to the community than was perhaps
required, in order to teach more circumspection for the
future. In 1525 the money drawn from the pockets of the
people in speculative pursuits went out of the country
never to return to it, even in the shape of a fair interest.
Foreign mines and foreign loans were the favourite con-
coctions of that memorable period. In 1836 the specu-
lation that confined itself to railways was nationally and
individually of a productive and beneficial character,
since it has been constantly returning its fruits as well
in the form of dividends, varying in amount according to
the value of the road, as in the employment of vast nurus
hers of persons of every class and trade, and in the rapid
circulation of goods, money, and cred:t. Indeed, it is the
very success, positive and prospective, of these undertak-
ings, that has led to the late foolish proceedings in the
share markets of the kingdom. Now, however, things
are apparently running almost as much in the other ex-
treme, otherwise it might be hoped that there would still
bo just so much of confidence left on the part of the
public as would ensure support for such new lines of road
as are called for by the existence of the old, -and the re-
quirements of social intercourse. The reduction in the
original eost, and in the charges of working a line, will
greatly accelerate the period of remuneration, and the
experience !loan acquired in railway operations enables
the public to fora, a very close estimate as to its value as
an investment.' Ole. Sudson at once' raises the Great
North of England froo a VI per cent, to a 10 per
cent. property, and if one line can, from prospective ad-
vantages, be so enhanced in value, others may be
equally progressive where the line itself is called for
by circumstances of position and local traffic. It will be
for Parliament to see, either by means of a commission,
or of several departmental commissions, or by its own
wisdom (!) that such lines alone pass a first reading.
Expense should be saved and litigation stopped in limine.
At the same time it should be borne in trend that roads
create traffic, and that traffic increases so as, according
to Mr. Chaplin, to double itself in seven years, but even
with the more liberal margin of ten or fourteen years, to
make stable and profitable that which does not commence
with a large interest, one of the moat extensive sources
of gain—the conveyance of agricultural produce—is yet
untouched. It now, more than ever, behoves persons of
position and responsibility to come forward to re-assure
the public mind, to see that the undertakings to which
support is given are bond fide and useful, and, if there be
any doubts as to that fact, or as to the ability to carry
them into execution, that the deposits in hand be re-
turned promptly. and with the least possible deduction.
CIIRONICLE.—It is currently reported that the
meetings between some of the City bankers and the
Chancellor of the Exchequer were in connexion with
the mode of paying over the railway deposits. When
the railway pamphlet of Mr. Spackman made its appear-
ance in a supplementary sheet of the Times, we wrote a
few observations to show that some of the calculations
of our Contemporary, founded on Mr. Spackman's
figures, were erroneous. We noticed his omission of all
mention of the 8,000,0001. received in dividends yearly
from railways completed, more than equal to the outlay
spent in railway making for the period embraced from
1823 to 1844. Referring also to the estimates of the
yearly income of the nation, as computedby our Contem-
porary himself, we proved by. his own showing that the
'annual savings of the people were 70,000,0001. yearly,
and that they could well afford to apply 23,000,0001. a
year of that to make new railroads. The
Times says that last session of Parliament au-
thority was given to expend 67,000,0001. on
railroads, and allowing three years for the con-
struction of these lines, that an expenditure will be in-
curred of 22,000,000 L yearly. But three years is much
too short a time. We have no doubt but that more than
five years will pass before the whole 67,000,0001. are
expended, being at the rate of less than 14,000,000/.
yearly. The capital stated at 67,000,0001. includes the
amount which the directors are authorised to borrow,
and that authority may never he exercised. The cal-
culation of our contemporary is evidently exaggerated ;
hut assuming the reverse of that, it seems plain enough
that the disposable or floating wealth of the nation is
more than adequate to provide the means. Accordlng
to our estimate, we would put down 14,000,0001. for five
years as the sum required for lines in progress in the
United Kingdom ; against which we would put down
on the credit side 23,000,000/., allowed by the Times
as the annual proportion of savings which the coun-
try could afford fur railways, and to which we would
add, first of all, 8,000,000/. as the dividends drawn
from lines completed, making -31,000,000/., and further
7 per cent. on the annual outlay of 14,000,0001.,
giving a total of 32,000,000/. of :disposable means
(and always on the increase) to meet an expenditure of
14,000,0001., and leaving a balance over at the credit side
of 18,000,000/. yearly. We have thus a sum of
18,000,000/. clear at the credit side of the account, to
. .

place against the capital which may be required to con-
struct te lines which Parliament may sanction in the
session of 1846. The Spectator finds fault with us for
making no allowance under that head of the account in
our former remarks. It would have been absurd to offer
any opinion on that part of the subject in reply to such
preposterous data. These are simply an aggregate of
the amounts taken from the shoals of announcements
that appeared in the shape of a prospectus in newspaper
advertisements, and which are stated at the monstrous
exaggeration of 563,203,0001. It may be true that such
a result may be deduced. by adding the proposed capitals
intended to be raised by all, eac, and every of the
railway schemes, good, bad, and indifferent, which
were announced during the fever of the last six
months ; but that is a most erroneous basis to adopt
as an index to the amount of absolute capital that will
be required to construct the lines which Parliament
will sanction in the ensuing session. Not one-third
of that nominal amount will be in all probability
brought under Parliamentary notice next session. We
have at present no reason to believe that the deposits of
10 per cent. will represent more than 150,000,0001. of
capital, and we doubt much if the utmost labours of the
Members will enable them to overtake schemes that will
at sorb 100,000,0001. of capital. Divide that amount by
I, e, and we have a product of 20,000,0001., to meet
ssLich we have already found a surplus, taken from our
Coliteasiporary's own estimate of the public means, equal,
at all evects, to 18,000,000/. Seeing that the ways and
retch to assuine that the disposable wealth of the country
s ill be found equal to make up the difference. We have
not touched upon an analogous argument in favour of
that opinion, very aptly deduced by the Morning Herald,
from a reference to the large sums lent by the people to
the State during the war in shape of loans. When we
know that the people were able to lend such large sums
in former years for war expenditure, it is only reasonable
to conclude that they are now in a condition to ad-
vance a great deal more for purposes of internal
improvement. When we look, above all, to the
altered state of the Share-market, and cast our eyes
down the drooping column of " business done" in the
official list of prices, we arrive at the decided conclusion
that the labours 8f Parliament in 1846 will not produce
a greater yield of legislation than ,may be represented by
100,000,0001 of capital. If, indeed, the matter now
rested with the public, the amount would be much below
that sum. The great majority of the scripholders would
willingly take back their money, less the expenses incur-
red, and abandon, or at least postpone their lines. We
ray so, not with reference only to projects of a doubtful
cheracter, but even to the very best of schemes. Confi-
dence for the present is entirely shaken, and will not be
restored until peace is assured abroad, and plenty of
food at home. Our remarks apply not to what the
people may do under existing circumstances, but to
what their means give them the power of doing ; and if
the price of bread should continue high, both toe power
and the means to construct railroads will be materially
diminished. The authority to make a railroad is one
thing, the construction of it is another, and although
money may be provided to obtain Acts representing
150,000,000/. of capital, it by no means follows that the
" call," will be effectual to pay up in full.
TIMES.—The premium on gold at Paris is 12 per
mille, which, at the English Mint price of 31. 17s. 10d.
per ounce for standard gold, gives an exchange of 25 45 ;
aid the exchange at Paris on London at short being
25 261 f, it follows that gold is 0.68 per cent. dearer in
London than in Paris.

By advices from Hamburgh the price of gold is 433
per mark, which, at the English Mintprice of 34 17s. 101 d.
per ounce for standard gold, gives an exchange of 13 9 ;
and the exchange at Hamburgh on London at short
being 13 10, it follows that gold is 0.46 per cent. dearer
in London than in Hamburg!).
The course of exchange at New York on London is
1094- per cent., and the par of exchange between Eng-
land and America being 109 23-40 per cent., it follows
that the exchange is 0.33 per cent. against England ; but
the quoted exchange at New York being for bills at 60
days' sight, the interest must be deducted from the above
difference.

A new expedient bas been resorted to by some of the
railway companies to get in their deposits. They have
written a circular to those who have applied for shares,
and have had them allotteort, informing them that they
are held liable for the amour:a of deposit. Among appli-
cants who, finding the spec ulations not so profitable as
they anticipated, have neglected to pay up the amount
re,,•uired, these circulars have created no little uneasi-
ness.
.But if the position of V lese parties is an unpleasant
one, inue.t.' more so is that o f some of the holders of fo-
reign railway.shares, where the companies are actually
bound by a contraot with t ;he Government to execute
their works. It is not very long ago since we had the
spectacle of a joint-stock ce ,inpany in which the share-
holders actually offered rniums with their shares to
get rid of their responsibi,'t ties. such a spectacle may
again recur with some of the foreign schemes.
HADLEIGLI. ATTEMI'Tt D INCENDIARISM• —On
Sunday night, about eleven o'c ;lock, as policeman Bennett
was going his round, when at the back of Dowager Lady
Itowley's residence he saw a =all light «t a little distance.
On
.soing nearer, he found it proceeded from a hollow tree,
which was on tire. A row of 'palings led from the tree in
the direction of some stack;, uud a shed. He immediately
gave the alarm at the house, uz d succeeded, with assistance,
in extinguishing the flames. The night being very dark
prevented him from perceiving any person near by : the
wind at the time wat, th the direction of the otacko.
,ExPrem.