The Sun.
London, England, 1842-12-29 00:00:00

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gfrit ...-N WM.

LONDON :
TIIURSDAY MORNING. DECEMBER 29, 1842.

Ever since the:close of the war, if not before,
almost every class of political Jeformers have
been accused by their opponents of wishing to
get rid of the National Debt. Some persons,
like the present Secretary of State for the Home
Department, have not concealed their desire to
reduce it by the strong hand. That mode of pro-
ceeding corresponds to border law, and the pre-
judices of birth and education may be pleaded in
excuse for the Right Honourable Baronet. But
whether political reformers have breathed a
ord on the subject or not, their opponents have
invariably accused them of wishing to cancel the
National Debt. All other topics of abuse against
the League being exhausted, this is now taken
up, and the League is accused by a Contempo-
rary, notorious for striking with any weapon
which comes to hand, of having for its latent
object to cancel the National Debt. " While
you live," was Dean MILNER'S advice to an in-
timate friend, who had begun to reproach him
on finding a pack of cards on his library table,
" never be afraid of bugbears." If there were
the least chance of the League being alarmed at
the revival of this antiquated piece of stale abuse,
we should repeat Dean MILNER'S advice to it;
but there is not, for the League is not now to be
frightened by a monster that has been paraded
so often, thateven the little girls pluck it by the
tail.

It is said, with an air of uncommon sagacity,
that " the National Debt is a mortgage on the
land ;" if it be so, who mortgaged the laud but the
landlords, for they have and had the legislative
power, and why should not the land pay the
mortgage? If it be unable, why should not the
landlords, like other miscalculating or spend-
thrift proprietors, suffer a foreclosure, and allow
their creditors to have the property mortgaged
for what it is worth ? - But this statement, that
the land is mortgaged for the National Debt, can
014 be received with explanations.
Of itself land is worth nothing. Like sunshine
or rain, it is merely one of the natural elements
by the help of which the industry and skill of
man wins or creates food. In its natural state it
produces nothing but rank grass, bushes, and
trees, which must be cut down or rooted out, or
burned—as in the United States—before it can be
productive. If the land be left unt:lled, too, what
does it produce ? Rank grass, bushes, and trees;
and it must be again conquered, as it were, be-
fore it can be rendered productive of food for
man. Sunshine and rain lend their fructifying
powers without any previous labour; but the land
must be cleared, and kept cleared, of natural in-
cumbrances b.fore it can be employed to supply
food. Land, therefore, we repeat, is merely one
of the natural elements by the help of which the
industry and skill of man creates food; and, but for
one circumstance, it would be as wise to talk of
the National Debt being a mortgage on rain or
-Junshine as on. the soil of the empire.
Rain and sunshine cannot be monopolised,
but the land can, or, rather, the people by whose
labour it is cultivated may be enslaved. We all

know that the land has been monopolised, and
that the people who lived on it were succes-
sively made slaves of by more than one con-
queror, whose power to exact the toil of their
slaves has descended with modifications to the
landowners of our own times. W hen men talk

of the land being mortgaged for the National
Debt, what they really mean is, that the land-
owners, claiming a power to dispose of the indus-
try of the people, have plechmred that to the
_ _

lolders of the National Debt. In Parliament

and out of Parliament, the landowners, by way
of taxation, have claimed, and exercise to this
day, a power over the industry of theapeople,
somewhat similar to that which was first
gained by the sword. They may podsi-
bly have given up some of the produce
of that industry to others in contract-
ing a National Debt, but what they have
pledged to pay it is not the land, but the labour
of the community. The land by itself could not
pay one farthing. The National Debt, there-
fore, is a mortgage on the industry of the people,
who having that mortgage to pay have become
impoverished, while the landowner has been
enriched.

We must remind those who talk of the land
,eing mortgaged for the National Debt of the

,wo economical truths—that all wealth is the

produce of labour, and that nearly all which is
annually created is annually consumed. These
two truths p.ove that all taxes are and must be
paid by the annual produce of industry, whether
it be applied to the soil or a steam-engine. It
is not the land, therefore, but the laLour of the
peasant and the husbandman, the labour of the
weaver and the spinner, of the smith and the
tailor, of the machinist and the manufacturer,
‘vhich annually pays the whole interest of the
National Debt, as well as pays all the rent of the
landlords and tire. profits of the capitalist.
Asserting broadly that industry pays all
taxation, it is scarcely worth while to notice, as
another refutation of the statement that the

land is pledged to the National Debt, that the
bulk of taxation is levied on consumption, to
which all
persons contribute, that the land
scarcely yields, directly, the thirtieth part of the
annual taxation, and that if the industry and
consumption of the nation be not diminished
by the total repeal of the Corn-laws, it is a mon-
strous bugbear to assert that lowering the rent of
land by such a repeal would have the effect of
diminishingthe revenue and endangering the
public credit. We shall briefly show that it
would not, and that the League is composed of
men who would be amongst the last in the king-
dom to sweep off the National Debt.
The first effect of abolishing the Corn-laws
would be to increase the industry of the commu-
nity. Mills, forg-es, furnaces, power-looms,
steam-engines, ships, locomotives,would instantly
be set in motion, or receive an additional im-
petus. It wauld be impossible fir the industry
of the country to be increased without a corre-
sponding increase of consumption. The revenue,
which has of late suffered Ao much as really to
endanger public credit—hardly assured by the

unpopular Income-tax, at which the holders of
property assessed under schedule A begin to
kick most vehemently—would be immediately
increased, and the dividends more easily and more

certainly paid. The abolition of the Corn-law

would remove from the people the tax they now

pay the landlords, and enable them to contribute
more to the Exchequer. It would also release
trade from a restriction, and instantly increase
the productive power of the community. The
industrious people would both gain more, and
they would have less to give to the landlords. The

course, therefore, adopted by the Anti-Co. .n-law
League, apart from its intentions, about the

best possible means to secure the continued pay-
ment of the National Debt. It will give the

nation capability to pay, and, wanting that, the
most sanguine would scarcely look for the pay-
ment of the next dividends.
As for the members of the League designing
to cancel the debt, nothing can be more absurd.
They are nearly one and all manufacturers, and

if not personally interested in the preservation of
the debt, as many of them are, they are all
closely bound up by ties of interest with bankers

arid the monied classes, most of whom are large
holders of the public funds. As a class they are

infinitely more interested in the due pay rent
of the dividends than the landlords. They

belong to the monied classes. They are
captalists, and th:it which they are said to design
would deeply injure themselves. The accusation,
therefore, that the League design to cancel the
National Debt is as absurd as it foolish to sup-
pose that the repeal of the Corn-laws will injure
the national revenue, or endanger in the
smallest degree the payment of the dividends.
Such absurd accusations and such silly inferences
show how hardly the landlords and their scribes
are driven to find anything to say in support of
their proved injustice.

It is for us quite amusing to find Lord JOHN
MANNERS, the son of the Duke of RUTLAND, a
foremost bread-taxer—a man who, we will ven-
ture to say, would never be heard of but for his
father's wealth and station—" adding," as he
says, " his protest against the national idolatry
of wealth to those which have of late so sea.
sonably appeared from divines and philan-
thropists." Would not his protest be more efii'i-
cacious if he were to give up his appanage, and
rely, like other men, on his' own labour for his
own subsistence? There would be something
like consistency, if he did that, in protest-
ing against other men idolising wealth. He,
however, only follows in the rank of certain
" divines," who, having got for the Church
from the people, and from the Church for them-
selves, all that they can, now preach against the
idolatry of wealth. Not that they' blame it in
Bishops or Deans, but in master-manutacturers
and capitalists it is a great vice. Toey do not
even reprobate it in Dukes. We have yet to learn
if any of them have lifted up their voices against
the avarice which is embodied in Acts of Par-
liament; but the avarice of traders is an abonti•
nation in their eyes. To hear youthful Lords
and eminent divines launch out against the
idolatry of wealth, apropos of manufacturers
endeavouring to grow rich, and not thinking of
granting holidays to their workmen, appears to
us another example of the cant which is now so
common, and whi:th finds a necessity for reform,
and an occasion for the exercise of justice and
philanthrophy, everywhere but at home.
These gentlemen discovered nothing to blame
in the pursuit of wealth as long as it was confined
to the nobility and clergy, and as long as their
pursuit of it was crowned with success; but
when the other classes imitated their example,
and surpassed them in the acquisition—when
manufacturers became more opulent even than
Bishops and Dukes, then it became convenient
to cry out against the idolatry of wealth. A
little envy has had a much more powerful effect
on their minds than the precepts of their Divine
Master, which were utterly neglected till they
could be directed against the intruding opulence
of the trading classes.

We hope we are not idolators of wealth, and
we are glad to find auxiliaries in denouncing that
idolatry. At the same we should like the
Lords who preach on this subject to begin by vot-
ing in the House of Commons to abolish the
bread-tax, and by laying on the altar of the new
divinity all the pensions and emoluments which
they and their families have extorted from the
people. We should like, too, that the divines
who uphold the new worship by their • words,
should set the nation an example by their deeds,
and, resigning to the poor all of what the clergy
in successive ages have plundered the poor, be-
come the worthy successors of those who had
neither silver nor gold. At present, does a
rumour prevail that the Metropolitan is ill, all
the Bishops are at once set in motion, courting
the Minister, wooing the patronage of some great
nobles, in order to benefit by a translation. Is
there a rich living to be given away, there are
scores of applicants, all eager to forsake their
flocks,- whom they say they are appointed to lead
to salvation, in order to get a larger income. Is
there a lectureship or a preachership vacant in
the City, worth having, there are more clergy
seeking for the post, than clerks sending to an-
swer an advertisement for a steady young man
who writes a good hand. In Parliament and out of
Parliament all sortsof intrigues areset on foot, all
sorts of missions and societies promoted, to increase
the emoluments of the clergy ; and while that is
the general practice, what avails it that a few
divines, who give up nothing, denounce the ido-
latry of wealth which prevails amongst laymen ?
Let the clergy only act on the precepts of their
Divine Master, and then their preaching against
the idoLtry of wealth will be as efficacious as
even Lord JOHN MANNERS can wish.

A great variety of schemes has been brought
forward by the clergy for awakening a stronger
sense of religious duties among the people, and a
more lively attachment to the services of the
Established Church, bnt Protestants cannot fail
to regret that alt the proposed innovations are

copied from the practice and discipline 'of
the. Catholic Church. While that Church
remains fixed in its tenets, and claims
the character of infallibility,the Protestant Epis-
cupal Church is receding from its first principles,
and gradually approaching, with the sanction, at
all events with the connivance, of the Bishops,
towards " Mother" Church. The Puseyites,
and they are not few in number, approve of auri-

-
cularcoufession and absolution. Some of them have
adopted the genuflexions and other outward signs
made by Catholics, burning lights on the altar,
and imitating ceremonies in Divine worship
which theßeformedChurch bad hitherto regarded
as the peculiar abominations of Antichrist. These
ceremonies, it is vainly supposed, will attract
the multitude, and excite that fervour and devotion
so conspicuous among Catholic worshippers. An-
other notable device has just been discovered,
and we regret to find that a prelate of so much
learning and good sense as the Bishop of NOR-

wicH should have sanctioned it, as a means of
gathering together the strayed flock. Pews now
are found to be highly injurious to religious
worship, and orders have been issued in several
churches for their demolition, and substituting in
their place chairs and stools on which the rich
and the poor, the high and the low, may take
their seats promiscuously as in the olden times.
The Bishops are great Conservatives, they dis-
like reform, and least of all reform in that esta-
blishment where it is most wanted, and it is
therefore strange that they should encourage
an innovation which might make things even
' worse than they are. if the poor come in
this way to church they may drive away
the rich. Do these Reformers imagine for
a moment that the haughty squire, with his
proud dame and delicate daughters, will con-
tinue to frequent a church where they must come
hi contact with farm-labourers, low mechanics,
and paupers'! The habits of the people, and the
mi customaihigher
ra cmiozatfst
otelnsi e;w
ill eles and tah,
the result
r erai alike pod
bsaeeldi
dt
that
o h
tettistuitihceer
desert the Church altogether, or erect chapels
of their own, where they can enjoy their snug
pews. associate with persons of their own rank,
and perform their devotional exercises without
any of those interruptions or annoyances which
they would find among a mixed multitude.
In either case the parish church would be
more deserted than ever. The poor not
unfrequently attend church for the purpose
of seeing their richer neighbours; and the ex-
ample of the higher classes is as certainly fol-
lowed by those beneath them as the effect
follows the cause. This is not the way to en-
courage religious worship ; and a very different
system must be adopted before the " poor man's"
Church becomes an object of general attraction.
There are ample funds set apart for ecclesiastical
' purposes, to build more churches than are wanted.
Let these funds, therefore, be properly distri-
buted, let ample accommodation be provided for
the poor without money and without price, but
alive all let the clergyman—as is done in Ca-
tholic countries, mix inure frequently with his
flock, consoling them in their distresses by
his exhortations and his prayers, and brilit-
eniog their future prospects at the hour
of death. The cause of all the present
apathy and coldness towards the Establishment
lies in the system. Our clergy, at least the
greater portion of them, have no community of
feeling with their flocks. They are educated
among the nobles and the wealthiest classes of
the land. They assume the habits, the an-
tipathies,
and too often the pride, of the i

rich. They look, consequently, to wealth
and preferment, and regard the moral and
religious education of the people as objects only
of secondary consideration. A thorough reform
of the whole system of ecclesiastical education
and Church government might, increase the
power and usefulness of the Church ; but to
imagine that this great work is to be accom-
plished by the demolition of pews, the tinkling
of bells, and bowings at the altar, is one of the
wildest of visionary schemes.

The intelligence from Madrid is to the 19th
instant. A general belief prevailed that the
Cortes would be speedily dissolved, and that a
decree for the dissolution had been forwarded to
Catalonia, for the signature of the REGENT,
This event is exceedingly probable, as that body
had evinced great opposition to the present Go-
vernment, and hopes are entertained, that since
the revolt at Barcelona, the feeling throughout
the country is favourable to the REGENT. The
following account from Seville, dated December
15, appears in the Patriota

In the morning of yesterday an extraordinary
courier arrived, with orders for the disbandment of
the battalions Nos. 1 and 3 of the National Guard of
this place. This measure took place immediately in
the greatest order. The disarming commenced yes-
terday, and will be terminated this day. It is gene-
rally thought here that the remaining battalions will
be re-organised. This measure would give great
satisfaction to the public, as the National Guards of
Seville, are in a state of disorganisation and disorder
which cannot any longer be tolerated. The judicial
investigation into /the circumstances of the late dis-
turbance is proceeding actively, and it is asserted that
warrants have been issued for the arrest of several
persons. There is at this moment the greatest tran-
quillity, and nothing indicates a probability that it
will be again disturbed. Three companies of regular
troops arrived yesterday, and others are expected.
The Constitucional of Barcelona publishes the
following order of the day :
" Army of Catalonia.—The Generals and Officers
named in the following list (the list contains nine-
teen names) are comprised in Article 1 of the procla-
mation of the sth inst. Consequently, the General-
in-Chief orders the publication of their names in the
general order of the day, that all persons may be well
apprised, that if they are acquainted with the place of
asylum of either ofthese Generals or Officers, and do not
reveal it to the authorities, they will incur the penalty
of death, decreed by Art. 4 of the sane proclamation."

The REGENT left Sarria on the .22d for Ma-
drid, via Valencia. VAN HALEN remained in
Barcelona, which has thus never been entered
by ESPARTERO. It is said that Girona, Figueras,
Olot, Valencia, and other towns, are to be dis-
armed like Barcelona.

MADRID BOURSE, ON THE 19TH.—Five per
Cents., 271, at 60 days. No transactions for cash.

The French Government has received the fol-
lowing telegraphic dispatch, announcing the pa-
cific settlement of the Syrian question :
" VIENNA, DEC. 21.
" We have received accounts that the Porte
has consented to give a Christian chief to the
Maronites, and to the Druses a chief of their own

nation."

It is gratifying thus to find that the Porte has
yielded to the suggestions of the other Powers,
and adopted a plan which will in all probability
lead to better government in Syria.
The other intelligence in the papers is not of
much interest. The excitement caused by the
Barcelona affair was gradually abating, and the
journals of Monday were chiefly occupied with
discussions on the late ordonnance fir the crea-
tion of a Privy Council. The Ministerial papers
of course approve of the measure, while those of
the Opposition object to it; some on the ground
that it should have been a legislative measure,
instead of being an act of the Royal will. The
Constitutionnel takes this view of the measure,
and observes, " That as the only question to be
submitted to the Chamber is the financial provi-
sion necessary for carrying the ordonnance into
execution, none of those ameliorations which
might have been the result of a discussion on the
details of the measure can now be introduced."
The National, after denouncing the measure as
immoral and illegal, gives the ordonnance pro.
mulgated by Louts XVIII. after the battle of
Waterloo, constituting a Privy Council, and ob-
serves, "than the Government of the Restora_
tion endured but for fifteen years. Then came
the Revolution of July, and with it. a Royal or.
donnance suppressing-
all Ministers of State.
Now, again, on the 24th of December," adds the
National, " we find the Privy Council reconsti-
tuted, which we consider the, most audacious, as
well as the most significant among the acts which
most clearly demonstrate the progress of the
counter-revolution. What the Revolution of
July had destroyed is now restored, and at the
same time the Government glorifies in the recol-
lection of that well-constituted period when,
under the protection of foreign armies, the
spiteful Government of the BOURBONS acted
with unlimited audacity against the spirit of the
Revolution, introduced anarchy and discord into
our institutions, and placed the remuneration of
intrigue, and the salary of treason, to the charge
of a ruined country."
" One of the first acts of the Revolution of
July," observes the Commerce, " was the sup-
pression of the Ministers of State. A Royal Or-
donnance, published this morning, re-establishes
them. We have again fiillowed in the track
the pure old monarchy. This is a material act
of re-action against one of the consequences of
the Revolution of 1830, and a formal violation of
the Charter. By degrees, as the for:ificatious
are rising above ground, and the military regimen
is being organised in Paris, the extra-represen-
tative Government is developing itself. An
institution, abolished in 1830, as contrary to the
principles of a Parliamentary Government (the
Privy Council) has been re-established."

The Gazette de France, of Sunday, says:—
" The ordonnance which creates Ministers of
State, is another means of influence created for
Government over Parliament. It is a mode of
dominating the representative principle. Sine-
cures are offered to political opponents, and
statesmen are created Ministers for life, to blunt
their eagerness for being Cabinet Ministers, &c."
A report having been in circulation at Paris
that a new creation of Peers was about to take
place, the Presse states that the rumour is with-
out any real grounds, and even that the Cabinet
has postponed the four or five promotions it had
intended to make previously to the meeting of
the Chambers.

The latest accounts from Algiers are to the
loth of December, contained in a letter quoted
in the Sentinelle, of Toulon, to the following
effect :

" On the 2d inst. the three columns of Algiers,
which had been acting separately, united on the Oued
Kechab, at the foot of the Ouanseris. On the pre-
ceding day the rear-guard of the right column was
engaged for several hours with 300 or 400 Kabyles
of the tribe of Beni Ourac. The affair, however, was
riot a serious one, and we had only two men slightly
wounded. The centre column, under Colonel Forte,
received no submissions, but the left column, com-
manded by General Changarnier, received those of all
the tribes it passed through, and imposed upon them
heavy contributions of barley and wheat ; so that the
General was able to supply the right column, com-
manded by the Governor-General, with 200 sacks of
barley. A razzia made by part of General Changar-
flier's troops in the night of the 2d produced nearly
1,000 head of cattle."
A letter from Oran, Dec. 10, says :—" The troops
of the Mascara division are in the field, and General
Lamoriciere is to proceed with his troops to join the
expedition directed by the Governor-General against
the tribes of the Ouanserres. The Mostaganem
brigade, under the orders of General Gentil, is out
since the end of November. It is designed to sup-
port the Mascara division."

BOURSE—PARIS. MONDAY, DECEMBER 26.
First Highest .....nwest Last
Price. Price Price. Price.
French Five per Cents. 119 10... 119 :30... 119 10... 119 25
Four per Cents. 101 60... 101 60... 101 60... 101 60
Threes 7B 90... 78 90... 78 85.. 78 90
Bank of France 3320 —.3350 ...3320 ...3345
Laffitte Bank 5,000 f 5082 50...5082 50...5082 50 ..M)B2 50
Belgian Bank BlO ... 810 810 ... 810

....
1841 ~ 104'1 ...1080 ...10S0 —lOBO
Belgian Fives 1O&% ... 103* 10311
1840. 104; ... 1041 ... 104* ... 104 i
Threes 73 73 ... 73 ... 73
Spanish Active. 24 24 ... 23/ .•• 23i
Passive 4 ... 4 4 4
Portuguese Fives - 32 3211 ... 32a 321
Neapolitan 106 40... 106 50... 106 40... 106 70
Roman . lO4 ... 104 ... 104 104

MONEY ,and COM Vi EFt CiAL NE WS.

CITY, WEDNESDAY EVENING.
Our Consol market continues to look good, and the
latest quotation this. afternoon was 934 buyers.
The transactions, however, were not extensive. Ex-
chequer Bills brought 535. to 555. premium; and
India Bonds 475. to 495. prem. Reduced Three-and-
a-Half pir 'Cents. were 1014 to 1011.
There was an increase of activity in the Foreign
Securities after two o'clock, and the quotations exhi-
bited some buoyancy. We must except Spanish,
however, as those did not close quite so good. Portu-
guese New Five per Cents. remained firm at 401, and
the Three per Cents. were 24 to 241. Mexican
improved to 318 and 321. Colombian Stock was at
21a ? • Brazilian at 71 to 711 ; and Chilian at 75 to 76,
I
being an advance again in the latter. French Five
per Cents. broaght 118 f. 50c. to 118 f 75c. ; and the
Dutch Two-and-a-Half per Cents. 53. The Five per
Cent. Spanish Bonds left off at 18k, and the Three
per Cents, at 24i.
The market for Shares is without a feature, there
being- very very few parties at present either buyers
or sellers. Great Western, New, were 14, and Man-
chester and Leeds, 2 prem. Bristol and Exeter were
21i. Midland Counties 39, and Brighton 134- discount.
Paris and Rouen were 6 prem. British North Ame-
rican Bank Shares were 7 discount, London and
Westminster 18, and Union of Australia 7 prem.
(From The Size of Last Night.)
In the Cotton-market at Liverpool, yesterday, there
was a fair demand from the trade, the sales being
4,000 bales, at previous rates. The Share-market had
rather improved. Paris and Rouen were a shade
higher; Birmingham and Gloucester Scrip were
marked 128 ; Eastern Counties, 88 ; Edinburgh and
Glasgow, 47k; Grand Junction, 190 ; Birmingham
Thirds, 631 ; Brighton, 36a; and Paris and Rouen, 261.
Accounts from Hobart Town of Sept. 2, and from
Launceston of September 1, notice the important
fact of a reduction in the rate of interest charged
upon the discount of bona fide bills by the banks,
from 10 to 8 per cent., and on mortgages from 12i
to 10 per cent. To meet this increased accommoda-
tion to 'the public, no interest was to be allowed to
depositors, and the Governor had consented to let the
public money remain NA, ithout interest, the same as
that of the other customers. His Excellency, in his
speech upon the opening of the Legislature, seems to
anticipate great relief to the colony from this mea-
sure, and from the abandant crops, intimating, at the
same time, his intention to assign convicts as 'labour-
ers while the stoppage of immigration continued.
Flour was lower, and stock could be bought very cheap.
From Sydney there is nothing later than Aug. 20,
when less was doing in Manufactured goods. Ship-
ments of flour to some extent were going on.
We learn also by this indirect opportunity that the
river Yarra, at Port Philip, had broken its banks, and
flooded the country, causing much damage. The
crops were expected to be good, and such as to yield
a surplus for exportation. Letters received at Port
Phillip, from South Australia, give a very gloomy
picture of the state of affairs there; and the contention
at New Zealand between the settlers and the Govern-
ment, though, as we believe, very grossly exaggerated,
was expected to lead to re-emigration.
That the principles of free- trade are appreciated in
America, the following remarks prove :—" The late
Tariff of Great Britain was enacted with the view of
encouraging the import of American agricultural pro-
duce into England, in exchange for her manufactures,
as a means of relief. The late Tariff of the United
States was enacted with the view to exclude foreign
goods, for the protection of manufactures. Hence it
is seen that England will not be able to sell goods
enough here to pay for the raw cotton which she
must have, and which she cannot get elsewhere. All
beyond which she imports from this country she must
pay for in coin, which cannot be done to any
extent and preserve her paper system. Hence
it becomes with her an urgent matter of self•defence,
to prohibit the import of everything of United States
growth, except cotton. It is not matter of conveni-
ence, nor of State policy, but of urgent State ne-
cessity.' Unless, therefore, our new tariff is promptly
modified, the farmers are likely to lose, at a critical
juncture, a large market for their produce, both
English and colonial."

When the Americans themselves write such sound
sense, who shall assert that they are not likely to meet
England in a fair spirit of commercial liberality ?
English Stocks are well supported to-day, although
the business doing is not extensive, and speculative
operations have not been entered into, most of the
transactions being bona fide. The purchase for the
Commissioners of the Savings' Banks was again
effected to about the usual amount in Reduced Three
per Cent. Annuities at 94i. Exchequer Bills hays
realised 535. to 555.; and East India Bonds 475. to
48s. premium. Reduced Three-and-a-Half per Cents.
have been done at 104 to 1014. Consols are 93i
to 934. •
The Foreign Market- 'has been again rather ani-
mated, hnt there is a falling off in the business done
as compared with yesterday in the Spanish Bonds,- all
the large holders being inclined, apparently, to take
advantage of the rise got up by the parties putting
forth the New Loan. The Actives have been quoted
19k to 18/, and the Three per Cents. 24t to 245. Mexican
Stock has touched 31,-7T to 32i • Colombian is firm at
21,1 ; Brazilian at 74; and Buenos Ayres at 241 to
25. Portuguese Converted Stock has realised 34, and
the Dutch Two-and-a• Half per Cents. have been
marked 53.

Business in the Railway Shares is very inanimate,
but prices are maintained. Great Western are 25,
and Brighton Loans premium. Brighton are 13,
and South Eastern 27i discount.
MANCHESTER STOCK EXCHANGE, DEC. 27.—We
have had a steady market to-day, and prices continue
firm. Dublin and Drogheda, 22* ; Lancaster and
Preston, 29 ; South Eastern Scrip, 171 173 171 ;
Manchester and Birmingham, 20 to 20f.

CLOSING PRICES.
BRITISH, FUNDS.

Bank Stock
3 per Cent. Red. ...... 94a
3 per Cent. Cons
3i per Cent. Red 101 i
New 311 per Cent.........
New 5 per Cen'.
Long Annuities to expire
Jan. 1860 ...... 1211

India Stock — pm
Ditto Bonds ....... 49 pm
Ditto Old Annuities 911.1
'Ditto New Annuities....,
Ex. Bills, 1,000/....2d. 55 -err.
Ditto 5001 53 -pr.
Ditto Small ..... 53
•,m
Rank Stock for Aect.
India Stock for Opg...
,Consols for OM.
UNDS.
'Portuguese, 5 per cent —
Ditto, New Ditto
Prussian, 5 per cent. 40*
Russian, 5 pei cent
Ditt0,Meta11ic.......... —
Spanish, 5 per cent 18&
Ditto, Deferred.... Ipi
French, 5 per cent.llBr. 75.,
Exchange • —f —c
French, 3 per cent. —c.
iDutch, 2i per cent....... 53
Ditto, 5 Der

Oct. 1859

Jan 1860 —

roaEic

knstrian, 5 per cent
Rolgian,, 5 per cent —
Brazilian Bonds... 7l
Buenns Xyres6 per cent. 25
Chilian, 6 per cent. 75
Colombian, 6 per cent —
Ditto, 1824 214
Cuba Bonds, 6 per cent —
Danish, 3 per .ent —
Greek, 1825, 5 per cent —
11exican, 5 per cent 324
Ditto, 6 per cent. 1837
Peruvian,lB2s,6 per et. 19i
SHARES.
Bristol ..nd Exeter (70 paid) ..
Great Western, (65 paid)
Ditto New Shares (50 paid) .
London and Brighton (50 paid)
Ditto Loan Notes (10 paid) ... „, ...... ... 103
Manchester and Leeds (70 paid)
Midland Counties Railway (100 paid)
North Midland Railway (100) • 63
Paris and Itionen (20 paid) ..„,
._ _

South Eastern and Doier (50 paid) 22}
Ditto Sorip () uaidl

DUTCH FUN M.—Amara RDA Dnc. 24
Monet. Bills.
Actual (Jett, 2% per Cent ........ 52U 52$i
Jitto, ditto 5 per cent.
RmottSvndic,4h per cent 9. 944
Ditto, ditto, 2% per .......... 77'4 7754
Commercial Company. 454 per cent 124% 130
Loan 1107, 5 per .......... 99y4 jvh
Exchange on London, One month....
Twomonths 12 15
Hamburgh, One month 35 87%
Twomonths ...... 35 6334
Dutch Papers. Dec. 24.
HAMBURG H BORSEN HALLE, Dec. 23.
Bilis. Money.
110

Austrian 5 per Cents.
Bank Shares
Anglo-Russian Loan.
Russian 5 per Cent., Ist 102 x _
Inscription, Ist series
Russian 5 per Cent. Hope and Co., 3d and 4th

Series
Ditto in Certificates
• New 4 per Cent. (1840) ts7l4 67
Dutch Actual Debt, 2,4 per Cent.
Ditto 5 per Cent. -
Polish Bonds —
...... --
New Tickets —
Anglo-Danish Loin, 3 per Cent. 825 82
Spanish, New 5 p..r Cents.. —
EXCHANGES ON LONDO.F.
HAM BURGH, Dec. 23-13 85, Twe months 13 714.
PETERSBURG, Dec 13.—Three months, 37% pence.
Rica, DEc :5. --Three Months, 37
STOCKHOLM, 1 P.C.I 16 —Seventy-five days, 12 20.
RISTIAVIS. DEC. 7.—Three months. 4 f 6.
VIENNA. DEC. 13.—Threernonthc 9.49%.
PRUSSIAN FUNDS.—BetaLm:;Thtc. 23.
St. Srhuld Sch. Biils. Money
, 4 per cent.
Prussian English Bond., 1830, 4 per cent..l 2K 14 Exchange on London .... Q 245
Prussian Slate Gazette. Dec. 24.

HAMBURO

MARKETS.

GrIAIN.
Wheat, Marks 270 to 330 i Barley, Mecklenburgh ;62 to 213
-- Maxdeburst 270 to 384' .-- Magdeburgh... 194 to 225
_.—. Anhalt, white 318 to 384 --- Holstein
---.— red ... 279 to 7'60 -- Oderbruelt 174 to 192
...—_ Brunswick 2.4 to 3 0 Oats, Elder ll4 to 150
-- Mecklenburg.. 244 to 360 -- Mecklenburg
-- Polish 324 t0.'96 Holstein '44l IS"
Holstein - Upland
Rye, Mecklenburg .... 270 to 318 Pease, Mecklenburg
-- Marks 240 to 284 Beans t.22 .n 246
-- Elbing ;.iid Ko. Rack Wheat. 2:11 in S 0:
nigsburg
Pomeranian
-- Anlislt - 284. fares . .............. ......... 26 is 234
COTTON.
..atolina and Tennessee 7% to 11% 'vtatvishans
‘:,..irgia, ist ,:utt 7% 7% Madras 4% 5%
2d....,.,. ....... 6% 61, Swats l% I%
:id and 4th ... 4% ti Domino •• •
COF FEE.
Mach& 91; to II Domingo 3% t 63%
Batavia ... 43; 5% I, Guayra 3,4 63,
Sumatra Porto Rico 4% 6
Rio 2% 4% llavannah II% 631
Bahia
SUGAR.— (Wit
.lavannah, White s%to 7t,
Brown 1% 54
!tip. White
Brown . 2% 4
Manilla, Brow

I 82!, Discount.)
Bahia, White tos7t.
3rown 31,, 4ti
Pernambuco, White 4% 6
Bravo 3 5%
I, 4% to 4%