The Sun.
London, England, 1845-02-17 00:00:00

THE SUN, LONDON, MONDAY MORNING, FEBRUARY 16, IMS.

amount, which remain upon our mind, after duly con-
sidering all the important features comprised in this
speech, are, first, that it proposes to maintain the in-
come-tax for three years longer—secondly, that it
holds out no prospect of modifying the cruel pressure
of that tax upon the smallest and most hardly-earned
incomes, by a well considered scheme of
modification. On the first of these points we have
so recently adduced our reasons for holding that- the
income-tax ought to be re-imposed for one year only,
and afterwards, if its continuance be found indis-
pensable by Parliament, from year to year, so as on
each occasion to bring the matter distinctly under the
review of the Legislature, that we do not feel justi-
fied in now resuming that argument. On the second
point, we really feel that if the Premier would re-
cast his scheme, and improve the scale of gradation
on which the income-tax shall be levied, instead of
adopting universally the proportion of 7d. inthe pound
sterling, he would disarm a host of fierce opponents,
and neutralise many of the objections that are enter-
tained to the impost by the friends whose support he
is most anxious to conciliate.
Out of the immense mass of details over which he
passed with comparative facility, and in a plain,
business-like, perspicuous manner, we select a few
for recapitulation, as tending to develop the condition
of circumstances under which his financial projects
are brought forward. It seems that the CHANCELLOR
of the EXCHEQUER, in April, 1844, estimated the
expenditure of the financial year, terminating in
January last, at about 48,643,0001., and the revenue
at 51,790,0001.—leaving a probable surplus of in-
come, of 3,147,0001. But the net surplus which
had actually resulted had proved to be 3,357,0001.
The expenditure for interest on the Debt, and all the
fixed charge of the Consolidated Fund had been
32,862,0001. The charge for army, navy, ordnance,
and miscellaneous services, 17,784,000/. ; together
50,646,000/. ; but the revenue has netted
54,003,0001., so • that the surplus yielded was
as stated above, 3,557,0001. But on the
general aspect of the different branches of the
Public Revenue, the Right Hon. Baronet felt justi-
fied in anticipating that, on the financial quarter,
ending sth April next, there would be a surplus of
revenue on the year, as compared with the last year,
of not less than 5,000,0001. Of this sum, however,
certain items, such as 385,0001. on account of the
China ransom, and other smaller casual incidents,
would represent an aggregate of 500,0001. which
could not be regarded as so much permanent revenue.
They would not be realised again. Of the revenue for
the year ended sth January,lB4s, namely, 54,003,0001.,
the very large amount of 5,190,000/. had been produced
by the income-tax. This income-tax it is the inten-
tion of Government to propose to Parliament to
renew for three years longer, on the grounds se,t
forth by the Right Hon. Baronet in an advanced pert
of his speech. But in his estimate of the revenue for,
the year ending sth April, 1846, the Right Hon.
Baronet, in the .first instance, assumed that the proi,

duct of the income-tax, so continued, should not be
taken into account. He would merely take credit
for 2,600,0001., as the half year's produce of
the income-tax of 1845, which would come
into the first quarter 'of 1846. Adding thin
sum to 22,000,0001. estimated receipt on account
.of
Customs; 13,500,0001. ditto Excise; 700,0001. Pesti
office ; 150,0001. Crown Lands ; 7,200,000/. Stamp '
Duties ; and 4,200,0001. Land and Assessed Taxes;
together with 600,0001. on account of money toll"
received from China ; the aggregate revenue woua
be, without the renewed income-tax,- in round numb.:
bers, 51,200,0001. Now the estimated expenditUro'
for the same period would be—Charge, Interest, Are.,
on Debt, 28,450,000/. ; fixed ditto, Consolidated
Fund, 2,400,000/. ; together, 30,850,0001. ; to
which must be added for the estimates, if founded,
exactly on that of the current year, 17,700,000/. ; in all
48,550,0001., which, deducted , from the revenue
(51,200000, would leave a surplus of about'
2,650,000/. The Right Hon. Baronet, however,
proceeded to enumerate the various causes which
would effect and modify these, calculations., He en-
forced, with great'ability, the absolute necessity which
existed for a large increase, aawellto the establishment
of our navy in the nymber: of sailers, 04041ns number:
of line.,of-battle:ships.we ought: to have afloat and in.
efficient 'this increase, he 'showed, the"
mere wants of .our commerce' and colonial empire,
and the exigencies of their protection, imperatively
required ; and without offering any reasonable cause
of jealousy to foreign powers, these ships
and an enlarged and improved steam navy
the Government were determined .to maintain.
The House received these -declarations
with a favour to which we think they were eminently
entitled. We congratulate the country on such 'a
manifestation of political, as well as dogmatic fore-
sight, if we may so.express our meaning. - The in-
crease of men will be to about 2,500 more than those
now actually employed, and 4,000 more than were
voted last year. We shall have more than ten sail of
the line afloat. There will he an increase, alio, 'in
the army corresponding to the scale necessary for
keeping up the relief for colonial and foreign services,
required by the rule .of our military, establishments,
which demands of each regiment a rotation of ten years
of foreign and five years of home service. 'With these
additional demands, the:estimated expenses would be—
charge of Debt and Consolidated Fund, 30,795,000/. ;
Army, 6,678,000/. ; Navy, 6,936,0001. ; Ordnance,
2,142,000/. ; Miscellaneous, 3,200,000/. Total,
49,751,0001. With the Property-tax the Revenue
estimated would amount to 53,100,000/.-; so that the
surplus would be 3,409,0001. With this the Right
Hon. Baronet proposes to deal.
He proposes to diminish the duties on various
articles of consumption ; on various raw materials
entering into our manufactures ; and to economise
the charge of revenue collection. Sugar will be dimi-
nished to the consumer by about lid. per lb.. The Excise
duties will be largely remitted. -Glass, auctions, and
staves are among the chief objects of remission.
"As a general principle," said be, "we propose the
abolition of export duties on all articles,"—in an-
nouncement which we hail as one of the most wise
and statesmanlike, and most beneficial for the
commerce of this country, that ever proceeded
from a British statesman. We would, for the
present, content ourselves with adding that
the grand experiment of redact= on Customs'
duties now levied will embrace 430 articles on which
a revenue is collected. In short, the scheme of Sir
ROBERT seems well calculated to excite and reward
native industry and British trade,to invigorate British
enterprise, and to throw off of our vast commerce ihe
antiquated trammels of a hundred successive Govern-
ments. Let him go on and prosper, say
,pre, if this
be an earnest of his future career.

The revelations of the last few days, on the subject
of railroad projects, appear to us to have so intimate
a bearing on the tendencies of our present monetary
system, under existing circumstances, that we cannot
forbear from once more directing attention to the
dangers they indicate. It was recently admitted,
in the House of Commons, that no less than 240
new applications for Bills, either for the extension
of old and working lines, or the construction of new
ones, are coming before Parliament for its sanction.
We have no doubt that *Sir ROBERT PEEL correctly
infers that, upon being submitted for discussion, this
astounding number of fresh projects of railroad in-
vestment " will be found very considerably to di-
minish." Let us suppose that that diminution may
be in the ratio of, say 50 lines, there will remain
190 of the sifted and tested and debated projects, of
which, after such preliminary treatment, we may
fairly assume the success. Suppose that each of
these lines shall demand no more than an average
capital of 150,000/. ; that average will not exceed the
actual demand, if we go upon the presumption
that being bond fide schemes, not less work-
ing capital will be called for than will be actually
requisite for their accomplishment. The aggregate for
the 190 lines would be little short of 30,000,0001.,
in addition probably to nearly as much more locked
up in the several nnremunerating lines, that are either
at a discount or paying but a nominal interest to their
shareholders. We perceive from TRUEMAN and
Cowes " Circular" overland dispatch to India, that
" A large amount of English capital is embarked
in French railroads, which are absorbing fully
20,000,0001."

Now, this process of absorption, taking only our
unproductive completed lines, and our new incipient
lines, with the 20,000,0001. thus to be provided from
English capital-worked railroads in France, will re-
present alma so,ooopot. withdrawn from the

ordinary channels and services of our general trade
and commerce. And this huge amount is independent
of whatever portion of the vast capitals of the greater
established lines, such as the London and Birming-
ham, Great Western, Midland Counties, South-
Western, &c., is not in circulation. All parties
in Parliament admit, with alarm, the fearful
extent to which railway scrip speculation con-
tinues to be carried; and the mercantile authority we
have just quoted supplies this information as to the
terms on which the money is raised that these
illegitimate but exciting operations demand

" The gambling specslatiOn which is daily going on in
them portends a crisis, which, bright as the aspect seems now,
will be very severe when it does come. The settlements at
the Stock Exchange are enormously large in amount, and
money is borrowed for the purpose at rates greatly higher
than those current in other quarters--even six and seven per
cent. ; this can perhaps be affordedwhile prices are constantly
advancing, but when the reverse comes, and come it must, the evil
effects Will unfortunately be felt much beyond the Stock
Exchange.'
We have no doubt of it. Let it be remembered
that the prices of the public funds as well as of rail-
way shares are at present enormously high, and thus
offer an inducement to the fundholders to sell out and
realise whatever good security is offered now for the
advance of money. The, state of the revenue upon
the whole is decidedly prosperous; and pub-
lic confidence is gratified by the fact of a resulting
surplus,—of large amount, however questionably
produced, —of its income over its expendi-
ture. These conditions are all favourable to the
wants of those who may stand in need of temporary
loans for the purposes of their dealings in the Share
Market. But we implore our readers to contemplate
for a moment the overwhelming ruin which will ac-
celerate the first momentum of that re-action which
all sober thinking people regard as inevitable at no
distant period. Calculate first the instantaneous de-
mand for gold which accompanies the panic of such
a re-action. Consider, in the next place, the coinci-
dent contraction which must take place in the circu-
lation of the Bank of .England on that run for gold
manifesting itself. Sir ROBERT PEEL has thought
proper,. by way of remedy, for the disasters of 1825
and 1836-37, consequent on the sudden contraction
of the Bank of England's paper, to make that esta-
blishment the centre, and almost exclusive, source of
paper money issues, such paper money being conver-
tible into gold on demand at his Mint standard
price, utterly irrespective of its value in the bul-
lion market, and therefore of the primary element
of abundance or deficiency, which, despite your Acts
of Parliament, strikes the true value of bullion and
regulates it. If we imagine the day of re-
action arrived, the delivery or transfer of shares en-
forced, the prices of former sale-contracts demanded
and insisted on and unsatisfied ; the shock given to
mercantile credit, the wish to " realise" in all quar-
ters, with all kinds of bills, notes, securities, and
stock; the decline of prices which the funds and the
share market will immediately exhibit, and all the
other consequences certain to follow on such a state
of things; what will be the relative condition of the
commercial body of the metropolis in the first instance,
and that of the Bank of England in the second ? With
all the prosperous aspects that now would warrant the
-most extensive issues which, under the Complement
Bill of last year, the Bank of England has Govern-
ment-securities and bullion to represent ; the whole of
its Bank-note circulation on the Ist instant was
28,232,0001. only. Gold being at about par in the
market with its Mint price, the Bank had on that
day in its coffers but 12,548,0001. in gold bullion, and
1,684,0001. in silver. What will the mercantile in-
terest do for discounts, when the Bank shall have—
nautilus-like—struck its sails at the first indication of
the coming storm; shall have contracted its paper issues
to :some few millions less, in order to square them to
its fast-declining bullion store ; and perhaps, to relieve
the pressure of its own liabilities, set loose upon
tbe market some portion of the 11,000,0001. of
-Government securities which in Sir ROBERT PEEL'S
pet scheme for its issue and deposit department,
make up so large and so illusory a portion of its ,
available convertible assets ? How much of the gold
drawn out of this
.country on account of the
20,000,000/. of English capital absorbed in French
railways, will find its way back to lighten the pressure
•of a demand for, gold, at a period when a large pro-
Paktioa of the 80,000,0001. of .British railroad invested
cipital will be alimaltaneouly called for, to an extent
at least half as great as that of the Bank's whole
bullion store of the Ist instant? 'What will be tbe ex-
tent of the frightful paralysis and disorganisation which'
t ywi
strugglingl will be the
the action of Sir R. PEEL'S principle of convertibility
s,thartotuhgehoaurtbittrhaerywhreoplerelseenngtath-
into gold will produce on the evolutions of commerce
alilutil*.,Sifiaa9thetritcrel osafcprifirtss?of property
proportion of but a
ttiaonvdossr,obtfreebyas,dltouhne,nafenxytihst:eirnmlgand
in
the
and of a mere
mere per centage on the paper currency of all kinds
fwrahnosetinuciriu relationculation to theillbeth demands of
mands of our trading
o ac
t m
dormanta mi.; un
fromi tpyr,
otphaenerd otbyu nf;thtihihe incalculabl
e tcni ail i
ttmha l of
ea
machinery
ekhraeytt
of the system,
which supplies no ade-
luateamount asof it is
currency
for its representation ?
We greatly fear that but a few months will suffice
for the development of such a condition of monetary
affairs, as will alarm even the self-complacency of Sir
ROBERT PEEL into a sense of the responsibilities his
indulgence in currency crotchets has challenged.

An exceedingly valuable contribution (in the shape
of a Parliamentary Paper, presented by her MA-
JESTY'S command to both Houses) to the fiscal and
commercial statistics of this country appears to offer
an excellent means for testing the merits of Sir RO-
BERT PEEL'S Tariff. The paper we allude to is en-
titled an "Expository Statement of the Consump-
tion of Imported Commodities within the United
Kingdom, and of the operation of the Customs' Duties
on such commodities, in two years preceding and in
two years following the establishment of the New
Tariff under Act 5 and 6 VtcT., cap. 47, anno 1842."
When we observe that this statement extends through
eight schedules, occupying, independently of the
index, 170 folio pages, entirely appropriated to the
details successively comprised in the plan of such a
document, it may be readily imagined that it is
almost as impracticable to convey an adequate idea of
the value and variety of its contents by any abstract,
as it would be for us to bring the whole statement,
through a reprint in our columns, under the eye of
our readers. Nevertheless, we will attempt a suc-
cinct and intelligible analysis of the most remarkable
points which may be collected from this voluminous
collection of quantities and figures—in a simplified
and popular form.

The two principal data which this statement sup-
plies, it may be well to repeat, are these :-1. The
Consumption of Imported Commodities into Great
Britain and Ireland, in the two years before and the
two years after the coming into operation of the
New, Tariff; 2. The operation of the Customs' Du-
ties on such consumption during each of such two
periods respectively.
eight schedules are arranged under a
fivelf.oldThse
classificationwhich we cannot do better than
follow here, to direct the reader's attention. Ile has
only to refer to the initial letter of the schedule, to
understand what is the class of commodities embraced
by that schedule; and he will always understand
that, of the two sums or amounts which follow each
initial letter, the first sum represents the " mean an-
nual produce of duties" on the commodities compre-
hended under the schedule indicated in the two years
preceding the establishment of the New Tariff; the
second sum represents the mean annual produce of the
duties on some class of commodities in the two years
following the establishment of the New Tariff.
Now the schedules are thus, in general terms, ar-
ranged ; viz. (A) articles in a raw state to be used
in manufactures ; (B) articles partially manufac-
tured; (C) articles wholly manufactured; (I)) arti-
cles of food ; (E) articles not properly belonging to
any of the foregoing heads. (Let it be premised of
class A " that it includes some articles, which,
though not strictly in a raw state, have undergone
only a slight degree of preparation ;" and of class D,
that " there have been thrown into it, not only those
articles which contribute immediately to human
subsistence ; but also some which are used
chiefly, or entirely, in the fool of cattle ;
and others, such as spirits, wine, and to-
bacco"—which properly belong to the class of
condiments or stimulants.) Each of these classes,
from A to E inclusive, is, moreover, subdivided in
reference to the eight schedules into enumerated

.1

" articles, producing under the operation of the New
Tariff, less than 'NU each of Customs' duties per
annum ; from 1001. to 5001. each ; from 500/. to
1,0001. each; from 1,000/. to 10,000/. each; from
10,0001. to 50,000/. each ; from 50,000/. to 100,0001.
each; 100,000/. and upwards each ; and articles ex-
empted from duty, or prohibited under the New
Tariff." (These exempted or prohibited articles are
but twenty-two in number; and in the two years
before the Tariff produced a mean annual total of
but 196/. The prohibited articles are " corn ; raw
malt and ground; except wheat-meal, wheat-flour,
and oatmeal ; tobacco stalks, tobacco flour ;—also,
arms, ammunition, and utensils of war, by way of
merchandise, except by licence from her MA-
JESTY, for furnishing her MAJESTY'S public
stores, only ;—coin, viz., false money, or counterfeit
sterling or silver of the realm, or any money
purporting to be such, not being of the established
standard, in weight or fineness." The articles de-
clared to be " free, and no entry required," are
" bullion and foreign coin of gold or silver, or of
which the major part in value is gold or silver,--
diamonds ;—live creatures illustrative of natural his-
tory ;—plants, shrubs and trees, alive ;I—specimens
of minerals, fossils and ores unenumerated, not ex-
ceeding 141 b. each ;—specimens illustrative of na-
tural history.") The mean biennial product of duties
upon 447 articles in schedule 1., was in the two years
preceding the tariff, 19,037/. ; in the two years follow-
ing it, 8,040/. ; upon 137 articles (schedule 2),
71,9721. and 34,461/.; upon 50 articles (schedule 3),
69,0321. and 36,258/. ; upon 109 articles (schedule 4),
570,7181. and 317,4921.; upon 25 articles (schedule
5), 706,911/. and 511,570/. ; upon five articles
(schedule 6), 389,006/. and 395,603/. ; upon 17 arti-
cles (schedule 7), 20,810,542/. and 21,417,4621.; upon
22 articles (schedule 8), 196/. and nil. Total, upon
813 articles, 22,637,494/. and 22,720,886/., showing
a difference of aggregate product, in favour of the
New Tariff, of 83,3921.

This difference is but trifling. The most notable
features of the Abstract are, the total excess upon the
aggregate of schedules 1,2, 3,' 4,5, and 8, of
530,1251. in the product of the two years preceding,
over that of the two years following the Tariff; and,
on the contrary, the excess in the aggregate product
of duties in the latter named over the former peril d,
on schedules 6 and 7, of 613,5171. in favour of the
Tariff. It is observable that the greatest product of
duties is on the articles of food-•-the respective pro-
duce for the two periods being 18,246,1201. and
19,614,1161. ; again, a rernarlcable increase, under the
Tariff, of no less than 1,367,9961. On referring, for
the explanation of this result, to schedule 7, under
class D, we find only twelve enumerated articles,
producing this vast revenue. The articles are butter
(from British possessions and foreign countries),
coffee (British and foreign), corn (viz., wheat, barley,
oats, rye, peas, beans, indian corn, buckwheat, bear
or bigg, wheatmeal or flour, and oatmeal), currants,
raisins (British possessions and foreign), sugar (Bri-
tish possessions, East and West Indies and Mauri-
tius, and other countries), molasses (British and
foreign), spirits (rum, &c.), brandy, Geneva, and
other spirits.
2. The operation of these Customs' duties on con-
sumption, during each of the two biennial periods em-
braced by tl:e schedules, must be tested, of course, by
the simple exponent of the quantities of such com-
modities consumed in each of those periods respec-
tively. But, unfortunately, a serious defect in the
schedules is, that there is no notation of the total of
quantities of the article in each " which have paid
duty," before and after the Tariff : so that, except by
going minutely through all the details of the 813
articles to which they relate, and extracting the pro-
portions 9f .that aggregate on each separate article,
exhibited under each of such schedules, there is no
means of getting at the second part of the result
which the title-page of the Blue-book professes to
show; namely, "the operation of the Customs' duties
on consumption in each." Probably on the Budget of
the Premier, this evening, we shall arrive at the
general statement of this operation of the duties, at
the two periods, on consumption. The returns com-
prised in this Blue-book will, doubtless, be much can-
vassed in the course of the debate.

The Paris papers announce that the Charmer of
Deputies had constituted itself into Committees on
the Secret Service Money Bill, and out of nine, six
Committees are Ministerial and three belong to the
Opposition. The:following members were appointed to
the former :—Marshal BUGEAUD, MM. DESSAIGNE,
DEBELLEYME, DELESSERT, DE PEYRAMONT, and
FuLcninosi. The Opposition succeeded in getting
only MM. ODILLON BARROT, DUFAURE, and Biz,
LAULT. The Conservative party therefore reckon on
a majority of thirty-three, and feel perfectly confident
as to the result of the debate on the Bill in the
Chamber. The Ministerial papers, however, urge the
necessity of unity. " The Conservative party," says
the Journal des Debats," has an incontestible majority
in the Chamber ; and what might not that be if those
who professed to be imbued with the same principles
as we are would vote according to their principles,
and not sacrifice measures to false prejudices
against men. We are bound to declare that the
real Opposition in the Chamber does not
perhaps reckon more than 150 votes. Still it
will be with a majority of 33, if the Conservative
party succumbs, and then it will be its own fault. It
knows that in this case its fall must be followed by
that of the Ministry. Under the name of the Para
Pritchard, or that of the Parti des Eunuques, the
electoral proscription wound strike equally the Con-
servatives who have voted for the Address and those
who abstained from voting. The language of the
coalition journals does not leave the least doubt on
this point, and the vote of yesterday is about to re-
double their rage. But of what importance is this to
us ? Our safety is once more in our own hands. We
shall lose our cause if we have any division amongst
ourselves ; we have need of the aid of no one to re-
main masters, for we are the most numerous and the
most strong. This has just been proved in the most
positive manner by the choice of members of the
Committee."

The Constitutionnel, however, takes rather a diffe-
rent view, and contends that, so nearly are the par-
ties balanced, that even in the bureau, where the
Ministry has the greatest advantage, their fate de-
pends on chance. Possibly, this conclusion is not far
from the truth, for nothing is more uncertain than
the result of a vote by ballot in the French Chamber
of Deputies.

The majority obtained by Ministers had a favour-
effect upon the Funds, and the market closed as fol-
lows :—Five per Cents., for cash, 122 f. 75c. ; for
account, 122 f. 80c. Three per Cents., for cash,
85f. 5c.; for account, 85f. 10c. New Loan, 86f. 5c.;
BankofFrance Shares, 3,260 f. Neapolitan, 102 f. 40c.
Spanish Three 'per Cents., 41. Spanish Five per
Cents., 39. Paris and Orleans Railroad, 1,160 f.
Paris and Rouen, 1,106 f. 25c. Rouen and Havre,
892 f. 50c.

SIR R. PEEL'S FINANCIAL STATEMENT.—We are
indebted to the enterprise and public-spirited exertions
of the proprietor of The Sun newspaper (through his
agent, Mr. Mansell, jun., of Union.street), for putting
us in possession, by special express, at one o'clock this
morning, of an ample report of Sir Robert Peel's im
portant Financial Statement, in the House of Commons,
last night. We make this acknowledgment as an act of
justice to Mr. Young, to whom the country has been,
for a series of years, indebted for his efforts to com-
municate early and accurate intelligence on all subjects
of vital interest to the national welfare.—Birminyham
Journal of Saturday.

DRURY-LANE THEATRE.—Notwithstanding the in-
creasing attraction of the new ballet of Les Danaides
further novelties are in preparation. La Bayadere will
be produced on Thursday, for Mademoiselle Maria; and
on Saturday Meyerbeer's immortal opera of Robert le
Diable will be brought out here, with all possible effect.
Mr. Bunn's benefit is announced for March 3, and the
usual bumper will fellow.
MR. GROGAN'S BENEHIT.—The benefit of Mr.
Grogan, the box book-keeper of the Lyceum theatre, is
fixed for Tuesday. The bill of fare is most attractive.
In addition to the Trip to Kissengen, one of the best of
modern farces, A Model of a Wife, and that best of bur-
esques, Valentine and Orson, there will be a concert,
supported by the united talents of the Seguins, the F.
Lablaches, and the Messrs. Braham, jun. Such a bill of
fare would alone be sufficient to secure a crowded house;
but even were the entertainments less attractive than
they really are, the uniform civility and attention of Mr.
Grogan ought to secure him a bumper.
The Earl of Mornington continues exceedingly
unwell, and there remains but slight hopes of his Lordship's eventual
recovery.
THE EARL OF RlPON.—lndisposition has pre-
vented the Noble Earl from attending to his official duties, as Presi-
dent of the Board of Control, since Friday week. The Noble Earl
is now fast recovering.

On Tuesday morning last, Mr. Bately, fornierly of
Yaxham, was follq4lY-114 ar stile Dream,Livau deatb.--0101k awes

MONEY and COMMERCIAL NEWS.
(From '/se Sun of Saturday Evening.)
A large business was done in Cotton at Liverpool again
yesterday. Sales 8,000 bales, including 3,000 on speculation.
—Shares were firm, with a fair demand. Birmingham and
Gloucester, 135%; Caledonian, 6% ; Churnet Valley,
7% %; Eastern Counties, Perpetual, 51. 13s. 4d. ; Glas-
gow and Dumfries, 31s. ; Ditto and Greenock, 15:11 16 ;
Harwich, 1% ; Liverpool and Manchester, Half, 103; London
and Birmingham, 238; Ditto, Quarter, 30; London and
Brighton, 554 ; London and York, 6% 3A ; Direct Northern,
24 ' • Manchester and Birmingham, 64%; Midland Counties,
401. Shares, 81% 8 ; Newcastle and Carlisle, 120 ; North ?In-
tisb, 13%; Preston and Wyre 2214 ; Sheffield and Man-
chester, 105; Shrewsbury and Birmingham, 6%; South-
Eastern, 41; Ditto, No. 1, 164 ; Trent Valley, 16% 174 ;
Northern of France, 51/4.
The sole engrossing topic of conversation in the City this
morning has been the financial exposé of the Premier in the
House of Commons last night. On the whole it is held to
be satisfactory—the item of income and property-tax, per-
haps, excepted. A rapid march in favour of free trade prin-
ciples has been made by Sir Robert Peel ; at least such
is the opinion of parties interested in mercantile affairs
in the City. A sop in the pan has been given to the agri-
cultural interest, for neither is there to be an alteration in the
corn-laws or the malt-tax proposed.
There has not been any arrivals from the Colonies to-day.
In the Funds this morning there has not been much altera-
tion. Consols, for Money, have been done at 99% %, and for
the Account at 99% 3A. The Three per Cents. Reduced
were pretty firm at par to 100%, and Exchequer-bills at
545. to 565. premium. South Sea Stock has been at 117.
Bank Stock has fallen from 1121/2 to 1111/.
But a very few bargains were made up to mid- day in the
Foreign Securities. Spanish Three per Cents. have
just been quoted at the same price as yesterday.
The Portuguese Converted at 59 ; Russian Metalliques
at 119 ; Mexican, at 36 and 3534 ; the French Five per
Cents. at an • improvement to 122, with the exchange at
25f. 70c. The quotations of the other Foreign Stocks are
much the same as they were yesterday.
A very large amount of business has been transacted in
the Share Market to-day. The corrected list is annexed.
ONE CLOSING
PRICES OF BRITISH FUNDS. O'CLOCK. PRICES.
Bank Stock
3 per Cent. Reduced
3 per Cent. Consols
New 34 per Cents lO3/8 10.3%
Long Annuities to expire Jan. 1660 12 1-161/8 12%
Ditto 30 yeafs, Oct. 10, 1859 ll7B 12
Ditto 30 years, Jan. 5, 1860... 11 13-16 11 13-16
South Sea Stock
Consols for Account... ....... 99%34 993/4
Exchequer Bills, 1,000/., 11/2d.... 54 56 pm. 56
Ditto 500/. .
Ditto Small
ONE CLOSING
PRICES OF FOREIGN FUNDS. O'CLOCK. PRICES.
Columbian' Bonds, ex Venezuela. 14 14
Cuba Bonds, 6 per Cent ...... 433/i
Mexican, 5 per Cent. 1837 35% 35e
D: 36 35: 35

Jitto,•Account , 353/
Ditto, Deferred Stock 16% 161/2
Portuguese Bonds, 5 per Cent
Ditto, Converted
Peruvian Bonds, 6 per Cents —
Ditto, Account — 31
Russian Bonds ll9 119
Spanish 5 per Cent. 1840.
Ditto 3 per Cent.
Ditto, Account — 41%
French, 3 per Cent
Exchange 2sf. 70c. 25f. 70e.
Dutch, 21/2 per Cent
Ditto, 4 per Cent., Certific 983/4 rs 98%
Ditto, 5 per Cent 99% 99%
PRICES OF CLOSING
PAID. AT ONE O'CLOCK. ißicEs.
RAILWAY SHARES
Birm in. and Gloucester. 100 135 136
Bristol and Exeter
Ditto New.
Bristol and Gloucester 3O ...... 59 60 .
Caledonian
Cambridge and Lincoln 11,4 31,%
Chester and Holyhead... 5
Churnet Valley
Cornwall
Direct Northern
Dublin and Belfast Junc. 2% 53%
Eastern Counties 14/. 165.... 17%%
Eastern Union _ lO .. ...

...
Ditto Extension
Ely and Bedford
Great South. and West.

Ireland)
itto Extension
Great North of England..loo 179 ,. 181
Ditto New
Ditto New
Great Western
Ditto % Shares
London and Birminghm (Stock) 235
Ditto, Quarters ...... ... 2
London and Brighton... 50
London and Greenwich 12115 s 4d lO% lO-
London and S. Western 41/ 6310 d 791
Ditto New 2% l2l 3/4 123/4
Ditto New 2 _ . 9
London and Croydon, 131. 15s. 9d. 194 183/4 -
Ditto Guaranteed 5 per
Cent.
London and York ...... ... 216. ..... 7 6% 6%
217 Lynn and Ely
Manchester and Leeds... 73
Ditto % Shares
Manchester and Birmin. 40
Midland... 100 127 126% 1261
Ditto New 2 ..... 81/2 Bl
Midland, Birm.,Derby...100
Newcastle and Darling-
ton Junction 24 48
Newcastle and Berwick 1% ...... 171/2 161,E
Newcastle and Carlisle...loo 12l

North British
Ditto New 1
North Kent
Norwich and Brandon... 10
Oxford and Worcester... 2% 2 13
Rugby,Wor'ster, & Tring 1
Shrews., Wolverhamp.,
Dudley, and Birm 2% 7 6% 714 63/4 63/
South Devon
South Eastern & Dover 3312 s 4d... 411,4 42
Ditto, No. 1
Ditto, No. 2.
Ditto, No. 3 2l/2 10 91/2 10 93/4
South Wales
bent Valley 2 .. 18% lBl/4
Waterford and Kilkenny 1 . . 31/S
York and North Midland 50 106
Ditto % Shares
FRENCH RAILWAYS.

Boulogne and A miens... 2
Great North. of France.. 4
Lyons and Avignon
Orleans and Vierzon ... 2 ...... 113 A llf4
Orleans and Bordeaux... 2
Paris and Orleans
Paris and Rouen
Paris and Strasbourg ... 2
Strasbourg and Bale ... 14
Tours and,Nantes 1

JOINT STOCK BANKS.
Australasia
PiLiNCHESTER STOCK EXCHANGE, FEB. 14.—There has
been more inquiry for Railway stock, and a fair business has
been done, without much variation in prices :—Birmingham
and Gloucester, New Shares. 41/i ; Blackburn and Preston,
1434 ; Bristol and Exeter, 82 ex new ; Manchester and Bir-
mingham, 65 6434 ; Manchester, Bury, and Rossendale,
111/8 ; Preston and Pyre, 2214 ; Sheffield and Manchester,
Quarter Shares, 12%; South-Eastern, No. 3,7% premium ;
Barnsley Junction, Half Shares, 2% ; Birkinhead, blanches.
ter, and Cheshire Junction, 7%; Blackburn, Burnley, and
Accrington, 6; Bolton, Wigan, and Liverpool, 614 %; Ca-
ledonian, 71) Cambridge and Lincoln, 3% %; Churnet
Valley, 7 8 ; Ely and Bedford, 38s. 375. 6d. ; Hudders-
field and 4 anchester Railway and Canal, 5 11-16 13-16;
Huddersfield and Sheffield Junction, 41A ; London and York,
614 34 ; Newark and Sheffield, 214 ; North British, 131,1 ex
new; Ditto, New Shares, 23/4 ; Sheffield and Lincolnshire
Junction, 1 11-16; Shrewsbuiy, Wolverhampton, Dudley,
&c., ; Trent Valley, 17% %.