The Sun.
London, England, 1845-12-10 00:00:00

slightly declined in value, and the trade have operated with MONEY MARKET and CITY NEWS.
caution at 4tl to 3d for common, and at 6d to 9d for middling CITY, TUESDAY EVENING. 't
to good. Twankay is little wanted, and easier rates are
taken. Isfyson has been purchased with caution, although TRIES.—A rumour was very current on 'Change
there are sellers upon low terms. this afternoon'that a reduction will shortly take place in
Seams.—This afternoon Cassia Lignea met with little the rate of discounts by the Bank directors. The de-
attention, and 100 boxes at auction went is to 2s per cwt termination on the part of these authorities to such a
cheaper, fine middling thin quill selling at 67s 6d, middling step is said to be the result of a recent interview with
60s, good ordinary coarse 555, mouldy 55s 6d, stained by cock- the
officials at the Treasury. Whether this is to ease
roaches 54s Gd, loose and broken 555, sea damaged 51s. 111 the money-market consequent upon the anticipated
cases of Bengal Ginger were taken in at 28s for rather small
p_ressure by the railway movement has not transpired.
scraped ; and four packages Jamaica at 65s for middling
quality. `.sre only give it as a rumour, without in the least de-
SPIRITS.—To-day importers of Leeward Island Rum were siring to vouch its authenticity. As the time approaches
inclined to realise, and submitted to the reduced rates of 2s for the meeting of Parliament, to be followed shortly
to 2s 01/2,d for proof; but upon these terms a fair business after by the lodgment with the Accountant- General of
was transacted. Calcutta has declined to 2s, proof with car- the railway deposits, the subject seems to be viewed with
tificate, and at which there are not many buyers. Holders increasing anxiety in the City. Owing to the very large
of Jamaica show less firmness, and there are few buyers to be amount of these deposits, rendered evident by the im-
met with ; prices rule from 3s 4d to ss, according to quality sense number of plans deposited, under the standing
and strength. order, with the Board of Trade, the payment of the
COCOA.—The limited business transacted in British Plan- . • • •
mone!, in the manner prescribed by the Act of Parha-
tation privately has been at rather lower rates. Foreign is
ment has become a matter of extreme difficulty, or, to
little wanted—and 444 bags Para at auction were all taken
in at 34s for good middling quality, being rather under speak more correctly, an utter impossibility. Fortu-
former rates. nately it is one which will be fully comprehended by
Hops.—The purchases made have been trifling, although the present Chancellor of the Exchequer, whose
there are sellers upon rather lower terms, and the market is experience in financial affairs is among the most
better supplied. At the 'Worcester market, fine new Hops matured in the country, and his ready co-operation in
met with a free sale at stiffer rates, and the supply is small, any safe plan that may be devised cannot be doubted,
but yearlings and old hops have been purchased with caution, though it is right at the same time to mention that
and rather lower prices are accepted. some of the best heads in the City are at fault in the
SALTPETRE.-Tim market presented a dull appearance for
Rough, and the limited business transacted privately was at consideration of some practicable mode by which the
• -
in-
rather lower rates; low Calcutta selling at 25s to 25s 6d, and crisis la to be rest. The mode of dealing in the first
middling to fine 26s to 2Sis. For English Refined 30s 6d to stance with their deposits by the various railway com-
31s per cwt are the rates asked; but the demand has fallen panics has been either to place the money for temporary
off. Nitrate of Soda is dull of sale at 14s to 14s 6d per cwt. investment in stock, or in Exchequer-bills, or, in a much
On-s.—lmporters of Cod Oil are still desirous to realise, greater 'proportion than either, to lend it "at call,"
and accepted further reduced rates. Seal has further declined which means at a lower rate of interest than is currently
in value, and buyers have been tempted to take several par- paid, in order to retain the power of claiming repay •
eels. Southern met with more attention, and the small supply at merit, when wanted, at a few days' notice only. The
market has compelled buyers to pay stiffer rates. Sperm bankers and dealers in money who accept in the manner
is offered at lower rates, still few bayera are to be met with. last described the loan of these deposits, must of neces-
Cocoa Nut is not much wanted, and easier rates are taken.
Palm is not much in demand, but fine is held for 31s, and sity lend it out again to secure any profit by the trans-
other sorts at 27s to 30s. Rape Seed Oil has been purchased action, and as they also must curtail the periods of lend-
here with caution, and quotations are not so firm. Olive has ing as much as possible, a period is near at hand when
been only in limited request. Linseed Oil is attracting atten- so much cash or bank• notes will be in requisition that
tion, and prices rule firm. the whole of the Bank circulation cannot supply them,
TaLeow.—A reduction on previous rates of 3d to Gd per and the ordinary transactions of the country must for a
cwt having been submitted to for Russian on the spot, caused short time be suspended. The whole difficulty arises, of
the trade to come forward with increased freedom, and they course, as already intimated, from the magnitude of the
have purchased extensively. For January, February, and payments, for, as the law now stands, the Accountant-
March prices have fallen to 42s to 42s 6d, but upon these General has no option but to require payment in money,
terms several contracts are entered into. Home made has and though by a subsequent application of the parties it
been in excellent request at 42s to 42s 6d nett cash, and the may be invested in any way they may desire, an in-
supply does not accumulate.
terval must unavoidably occur, during which the money
would be entirely out of circulation, and a sort of com-
mercial paralysis become the inevitable consequence.
Hence the remedy whatever it may be must be essen-
tially one which contrives to spread these payments over
such. a period of time as to prevent this strain on the cir-
culation, which is looked at with such general alarm in
the City; and yet it might be so contrived also as to pre-
vent railway companies of doubtful character from de-
feating that beneficial provision of the Legislature which
prescribes the deposit of a certain portion of the capital
as one main test of respectability and solidity. The con-
tingency is one of so extraordinary a kind as only to be
met by measures out of the ordinary course. The Bank
directors, it is understood, have received applications for
their advice and assistance in the matter, and have had
some long deliberations respecting it, but the law is so
precise by which the payments to the Accountant-
General are regulated, that, as it is also understood, they
have been unable to devise any plan which will avoid
that abstraction of the circulation which is the great evil
now to be contended with. There seems nothing left,
therefore, but to take measures, immediately
on the assembling of Parliament, for suspend-
ing the operation of that law by the intro-
duction of a new Bill for the regulation of railway
payments. This enactment might simply provide that,
instead of making the whole of the railway deposits, as
at present required, within one fortnight after the meet-
ing of Parliament, the parties should be required only to
do so on a report from the Board of Trade that in all other
respeCts they were qualified to go before Parliament:
and as only a few of the companies could be in this posi-
tion at the same time, the deposits would be regularly
made in succession, and invested without the least dis-
turbance to the circulation. The chief objection to such
a course is obviously this—that it would enable such of
the companies as were in reality not provided with the
means of making the payments as directed by the Act
to maintain a respectable appearance to their share-
holders and the public for a longer time than could
otherwise be permitted; but this difficulty might be met
by requiring them at the outset of the examinations to
put in the certificates of the bankers and others with
whom their deposits had been placed, stating the re-
spective amounts so held, which could be accomplished
at a moderate cost of time and trouble, and effectu-
ally prevent any undue keeping up of false pretences.
By the various lists which have appeared of railway
companies whose plans were, in compliance with
the standing order, lodged at the Board of Trade on the
30th ult., they are not less than 700 in number, probably
much more. Now, taking the deposit of each at
50,000/.—a very low average indeed—the total would
extend to 35,000,0001., of which the spare circulation
held disposable by the Bank of England, according to
the last return, would not furnish one-fifth part. Thus
a necessity for some action on the part of the Govern-
ment could not be more clearly demonstrable. Tho
mode above pointed out may not be exactly that to
satisfy the official scruples of a Chancellor of the Ex-
chequer, but the alternative is one which he ought not
to contemplate without dismay. It follows, then, that
he must do something, and that he ought not to lose a
moment in quieting the apprehensions of the monetary
interest on this momentous question, by intimating to
them the measures which he proposes to adopt or to re-
commend for adoption. Since the above was written we
have been informed, on good authority, that the Speaker
of the House of Commons has, after consulting with
the Attorney-General, resolved to grant orders for the
payment of the sum required from railway companies by
the standing orders of the House, by three, four, or five
instalments, as the parties applying may wish. This
the Speaker will do by specifying in the order the
number of instalments.
CHRONICLE.—Some of the railway companies who
were unable to deposit their plans, sections, and books
of reference with the Board of Trade and the clerks of
the peace on the 30th of November, have made demands
upon allottees to pay 25., others 2s. 6d. per share, with
an intimation that the demand is made for the purpose
of defraying the expenses incurred, and that on pay-
ment of the sums asked the parties concerned will be
released from all further claim on the part of the com-
pany. This seems fair enough, and is in accordance
with the course we have urged upon the provisional
committees of projects so circumstanced. But the
question arises whether the promoters of these schemes
have ,intimated to those who have paid their deposits,
their readiness to return the amounts paid under de-
duction of the costs incurred? This is a material point
for the consideration of those concerned. The pro-
moters of bond fide schemes stopped by the panic will, no
doubt, return the deposits paid, less the actual expenses
incurred, and claim an adequate payment from those
allottees who failed to pay their deposits. By adopting
that mode of procedure, and stating their determination
clearly, much evil might be avoided. But some com-
panies have refused to return the deposits paid, or to
issue scrip, or allow the subscribers' contract to be
signed. They avow that they do not intend to proceed
with the intended projects, and at the same time appear
resolved to keep the money. This shameful conduct has
been exposed by some of their victims at the Mansion-
house, and calls for general animadversion. We trust
that it will induce the numerous names of undoubted
character, connected with abortive projects, to use their
utmost endeavours to get their accounts wound up, and
a proper balance-sheet submitted to the shareholders.
It is not enough, as we have previously observed, for the
promoters of unsuccessful schemes to claim a given
amount for expenses. They ought to deal openly and
candidly with the shareholders ; show them how much
was paid, and what portion of it was expended. They
should make a clean breast of it. They should show
distinctly what they have done with the money com-
mitted to their hands, as well as the use which they
intend to make of any further payments that may he
asked by them.

THE CORN-LAWS.
The following address has been issued to the inhabi-
tants of Taunton and its ♦icinity:—
Fellow-townsmen and neighbours,—A long interval has
elapsed since I addressed you on the subject of the corn-laws.
The reason is obvious. It is not that I have felt less forcibly
the necessity of their entire repeal, it is because an interlude
of abundant harvests had for a time mitigated the mischiefs
of
.these laws, and neutralised your energies. Any attempt
to arouse public feeling, during such a period of careless
though evanescent repose would have availed little. I then
" have bided my time" for a renewal of those humble efforts
which I have the consolation to believe have not been with-
out their influence. That time is now come, and I feel I
should be culpable were I any longer to remain inactive
and silent. A bounteous Providence, whose merciful de-
signs our insane laws have outraged, has given yet ano-
their reproof-fill warning. One great means of sustenance
has greatly and mysteriously failed, another is deficient. Our
corn-laws have thrown us on our own resources, and the cer-
tain and oft-told consequences have already begun, commerce
languishes, short-time-working has commenced in the ma-
nufacturing districts, the money market is deranged, war
threatens where peace would have prevailed. Ireland already
calls for more food, want of employment, and other the sad
consequences of dear food produced by artificial scarcity are
impending over us; in short, bad times appear to be coining.
Let us not deceive ourselves by the moderate price of po-
tatoes. Growers are anxious to sell because their potatoes
will not keep. Instead of husbanding our food against a day
of need we are compelled to verify the reckless and impro •
vident saying, " Let us eat and drink for to-morrow we die."
I shall take an early opportunity of enabling you to ex-
press your reprobation of these impolitic laws, by sending a
requisition to the Bailiffs to convene a public meeting, and
I now publish my intention that people may have time to
think. I appeal to you for support; indeed, I anticipate a
larger amount of it than ever, for the Whig leader (Lord J.
Russell) has at last discovered and declared his error, in
having clung to " fixed duty." We know that the perceptive
powers and declarations of certain political leaders have a
miraculous influence in sharpening the wits of their followers.
Again, the Conservative Premier himself, the farmers' friend,
is apparently anxious to hear the country call aloud, " Away,
and for ever, with these oppressive and inhuman laws which
restrict the supply of food in the face of an increasing popu-
lation." More than all, a merciful Creator seems to say in
unmistakeable language, " Tempt me no longer by wickedly
continuing to war against my bounty." The time is favour-
able fur an expression of opinion—Government is vacillating
and inconsistent. Let us rally, then, round the standard of
justice and right. Let us demand open ports and the un-
conditional and immediate extinction of a tax which is
suicidal of the best interests of its infatuated supporters, and
cruelly oppressive to the great body of the people. Let us
have the satisfaction of feeling that we have done our duty,
come what may. Tour faithful servant,
W. BEADON.
Dated No. 1, Crescent, Taunton, Nov. 29, 1845.
• See Lord John Russell's letter in the Chronicle of the 26th•

The following address has also been circulated to the
bailiffs of the borough of Taunton:—

Caine House, Dec. 5, 1845

Gentlemen,—l understand that it is intended to invite you
to call a public meeting of the inhabitants of Taunton, to con-
sider the subject of the corn• law, and as I am afraid that it
will not be in my power to attend it, I address you for the
purpose of conveying my opinions to my constituents.
For many years, both in office and as an independent Mem-
ber of Parliament, I have opposed the laws which have regu-
lated the admission of foreign corn into this country. It ap-
peared to me that the principle of the sliding-scale on which
they were founded was fraught with delusion to the landed
interest which it professed to favour, while from its anti-com-
mercial character it was most injurious to the community at
large. If a trade which is indispensable to the subsistence
of the people is rendered by legislation expensive, hazardous,and
uncertain, it is clear that all this additional peril and vexa-
tion must on the long run be paid for by the people them-
selves. But we were assured that the scale had at last been
so skilfully constructed that it could never exclude the
adequate supply of foreign corn when it was really wanted.
The circumstances of the present season furnish an addi-
tional proof of the futility and mischief of all these contri-
vances to supersede the steady and equable provision for our
wants which commerce when left to her own free action can
alone suitably afford to us. Wheat of a good quality is
selling at Mark-lane at above 70 shillings a quarter. Scarcity
is apprehended. Foreign nations are drawing their supplies
from our warehouses. But the operation of the averages
has been such that bonded grain is excluded from our markets
by a prohibitory duty.
In desiring the repeal of the existing law, I wished that a
moderate fixed duty should be substituted for it, as the sys-
tem upon which, under all the circumstances, I thought it
expedient that the corn trade should for some time be con-
ducted. I will not trouble you with all the arguments which
induced me to prefer this course. It seemed to me to be
most in accordance with that prudence and circumspection
which become statesmen and Parliaments when dealing with
questions which affect the gravest interests and excite the
strongest passions of multitudes. It was certainly recom-
mended by the writers whose names carry with them the
greatest weight of authority. I believe that it was adopted
by most mercantile men, as distinguished from manufac-
turers, who for the most part desired that all duty should at
once cease ; and also by a very respectable minority among
those connected with the landed interest itself. I thought I
saw in all this the materials for a fair and stable compromise.
But the progress of events has rapidly diminished, and at
last extinguished, all chance of any such arrangement. It
was strenuously opposed by the great body of the agricultu-
rists and by the Ministers of the Crown whom they had
placed in office. Indeed the latter used every means in their
power to discredit it, and to prevent any choice being offered
to the country, except between a law like the present one
and total repeal, and their efforts have been attended with
success.
Now, gentlemen, as I belive this to be the actual condi-
tion of this question, my choice cannot be doubtful. I see no
reason to regret the course which I have pursued. nor have
I altered any opinion which I have hitherto entertained; but
I am sure that it is now my duty to vote for the absolute re-
peal of the corn-law. I will add that the circumstances of
the season are very favourable to such a change, which
would confer great and speedy benefit on the country gene-
rally, while it could hardly excite the fear of present mis-
chief among the agriculturists.
Gentlemen, I beg that you and all my constituents will
have the goodness to excuse this long letter. It will probably
save you from the obligation of hearing a longer speech,
which, however, would, I know, have been received by you
with your accustomed indulgence.
I am, gentlemen, your very faithful servant,
H. LABOUCH ERE.

NAVAL INTELLIGENCE.

WooLwicn, DEC. 9.—The Amphion, 36 guns, building
at Woolwich Dockyard, is to be launched on the last
day of the present month, December 31. The whole of
her 36 guns are to be 32-pounders, and she has been
fitted with a screw propeller, as an auxiliary. and on:the
same plan as was adopted in fiting screw-propellers to
the vessels engaged on the Arctic expedition. She will
be masted and fitted in every respect the same as other
frigates, for the combined advantages of sailing and
steaming, or on either plan, according to circumstances.
The Terrible, steam-frigate, commissioned by Captain
Ramsay, is to have a crew of 240 men. The slides for
her guns have been all put on board, and her arma-
ment will consist of eight 8-inch, or 68-pounder guns,
eight long 56-pounder guns, Monk's pattern, four 32-
pounders, and two 24-pounder guns. This powerful
steamer has been constructed on Mr. Lang's principle,
and her engines, of 800 horse power, have been fitted by
Maudslay, Field, ane Son ; she will be ready to be taken
out of the basin in about a week, and make her
experimental trip to try her engines and speed in
about a fortnight from this time. Some idea may be
formed of the size of the engines of this splendid vessel,
when it is stated that the Retribution, a steam-
frigate of 800-horse power, has had seven engineers,
five engineer apprentices, and 36 stokers, making
in all forty-eight persons, employed in working the
en-
gines. The importance of having intelligeonotfatnhde able
engineers to manage vessels of the magn
tribution and Terrible, renders it desirabletuthat the first-
engineers of frigates of that class should be made com-
missioned officers, to place them in more direct commu-
nications with their captains or commanders than at
present; the rank of the first engineer now being a
warrant-officer, under the gunner, boatswain, and car-
penter.
The appointment of first-engineers to commis-
sions in first-class steam-frigates, would elevate that
hran
branch of the service, and induce scientific persons to
remain in the Royal Navy, notwithstanding the exertions
of foreign Powers and States to induce them to leave
her Majesty s service, by holding out promises of greater
'
advantages and rank in their employment.
The Baretto Junior left her moorings off the Royal
Arsenal, and was towed down the river by the Monkey
steam-vessel, Mr. William Bryant, master. The Ba-
retto Junior has 200 convicts on board, and a guard of
the 20th Regiment of Foot, for Bermuda, and it is ex-
pected she will return with about 150 convicts from that
place, whose periods of transportation has expired, or
been commuted to five years and lesser periods, in con-
sequence of their good conduct.
the China hired convict-ship dropped down from
Deptford yesterday, to moorings off the Royal Arsenal,
to take on board convicts fcr Norfolk Island. It is said
that 800 convicts altogether will leave this country be-
fore the expiration of the present month.

LONDON MECHANICS' INSTITUTION.—The twenty
second anniversary of this excellent institution was celebrated
yesterday evening by a grand concert in the theatre of the
institution. The proceeds of the concert were announced to
be devoted to the purchase of books for the library of the in-
stitution, the funds applicable for the purpose being, we
regret to say, unequal to the demands upon them. The
theatre was crowded to excess long before the commence-
ment of the concert. The principal performers were Mrs.
Alfred Shaw, Miss Sabilla Novello, Mrs. Weiss (late Miss
Barratt), and Messrs. Allen, Weiss, Phillips, Lazarus, E.
Roberts, J. T. Cooper, and the inimitable John Parry. We
need not say that their performances were excellent—the
list of names is a sufficient guarantee. The encores were
numerous; indeed, too much so, and although the concert
was in consequence prolonged till a very late hour, no
symptoms of weariness or displeasure were manifested by the
audience. We hope that the proceeds will be found to be
adequate to the demand upon the funds of the institution.
THE DEATH OF A LAUDANUM TAKER.—On Tues-
day morning a great deal of excitement was caused in the
neighbourhood of Orchard-street, 'Westminster, by the dis-
covery of a man named William Wren, a carpenter, living at
6, Union-court, in such an insensible state as to leave no
doubt that death was fast approaching, and that some poison
was the cause of it, as he had been in his usual health on the
previous evening. The circumstances, as far as they were
stated at the Westminster Hospital, were as follow :—The
deceased was in the habit of taking nightly a pennyworth
of laudanum for the purpose of obtaining sleep, and on Mon-
day evening his brother brought him the usual quantity
when be went to bed. The next morning (Tuesday) he did
not get up at his usual time, and when he was called at the
hour of six, he was discovered apparently dead. The most
prompt means were instantly taken to convey him to the
Westminster Hospital, where he died in an hour and a half
after his admission.
RARE OCCURRENCE.—Mr. D. Britton, of York
House, Brewer's-green,- Westminster, has now two canaries
in his possession of last year's breed, which hatched a
nest of five young ones a fortnight ago. The birds are now
building again. 'What is more extraordinary, both birds are
in deep moult.
T. PLEASURES OF IMAGINATION.—Mr.
residing in the neighbourhood of ---, called on the con-
stable of police at the DOuglas station, a few mornings since,
to say that his coach-house had been broken open one night
before,tplal
ei
rreedf
r otaomn
td. h ae
Thess
ot to,effoonnuesnts sad- b
the
heaerwn
coach-house
,cohn_eh whichfu costsmen
opene lnt
usBtt/a.
witho
ut-
tytiol
olreuent.
apparent violence), and the harness not there; but on further
inspection discovered the poor horse quietly grazing on the
lawn, fully harnessed as he was taken from the vehicle the
night before.—Cork Reporter.