The Sun.
London, England, 1827-05-08 00:00:00

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,„ :

LONDON,
TUESDAY EVENING, MAY 8, 1817.

The debate of last night will be read with the
highest satisfaction by the admirers of the new
Administration. Not to talk of the negative
effect produced by a second ludicrous exhibition
on the part of the Marquis of LONDONDERRY', the
speeches of Mr. CANNING and Mr. HUSKISSON
are calculated to fill their friends with triumph
and their enemies with dismay. The rise of the
public Funds this morning bears testimony to the sa-
tisfactory nature of Mr. CANNING'S communication
regarding the Revenue of the Country, and some of
those who are in daily expectation of hearing that
he bas resigned, must be a little astonished at his
talking of introducing measures next Session of
Parliament.

The speech of Mr. HUSECIiSOY was an unanswer-
able reply to the silly attacks made upon Free Trade
by the ignorant and interested both in and out of
Parliament. He clearly established th'.t the diffi-
culties of the Shipping Interest were not created by
that system, but were the unavoidable result of the
termination of a war during which we had been the
carriers of the whole trade of the world, and that they
would have been unquestionably greater but for the
liberal policy which had been adopted.
With regard to the Silk Trade, the Right Ho-
nourable Gentleman gave the most satisfactory
proofs of its prosperity, and exposed the idle pre-
dictions which had been made regarding it,
as well as the inconsistency of the Shipowners'
Petitions from different parts of the kingdom. He
also gave a flat contradiction to the assertion so
broadly made, that our Shipping must be decreasing,
because the amount of Foreign tonnage is greater.
" I admit," said the Right Hon. Gentleman, " that
there has been an increase of Foreign Ship-
ping also, but is it not in the nature of things
that such should be the case ? and are we to
allow ourselves to be carried away by a feeling
of jealousy, because, while our own shipping is in-
creasing, we see that of foreigners doing so like-
wise ?"—(Hear.)—But space alone would pre-
vent us from offering any farther remarks on
this able and luminous statement, an attentive pe-
rusal of which we will strongly recommend to all
whose minds have been poisoned by statements of
an opposite nature.
We cannot conclude without quoting Lord AL-
TRoapies satisfactory answer to the charge of incon-
sistency made against the Whigs for coalescing with
Mr. CANNING:—
" Indeed, Sir, it is impossible for us not to see that the
times are now come in which we must choose between a
Government actuated by liberal and enlightened principles,
and ens of Toryism in its most odious forms. Beyond
all doubt, from the Right Hon. Gentleman who has been
placed at the head of this Government, I differ widely
on two most important questions—namely, Parliamen-
tary Reform, and the repeal of the Test Acts. (Hear,
hear, hear.) I regret to find that here is an Ad-
ministration with which, upon these topics, I shall
not agree; but I should be worse than a madman, if on
that account, I should either refuse to go along with,:or
vote for the dismissal of, a Government, which, on so
many other subjects I malt feel disposed to concur with,
and which it is obvious we could not replace."—(Cheers.)

The happiest results are likely to arise from the
recent Legal Appointments. An arrangement has
been already formed for the Master of the Rolls and
the Lord Chief Baron of the Exchequer to act as
Deputy Speaker of the House of Lords, during the
absence of the Lord Chancellor, for the purpose of
proceeding with Appeals, by which arrangement the
Appeals will be proceeded in two days in each week
before the Lord Chancellor, one day before the
Master of the Rolls, and two days before the Lord
Chief Baron ; and the Chancellor will be enabled,
on four days in each week, steadily to devote him-
:self to the business of his own Court. 'A man of
the great talents and power of dispatching business
which the present Chancellor possesses, can get
through a great deal in four days in a week, and we
have no doubt that a short period only will elapse
before the complaints of arrears of business in the
Chancery Court will be at an end. His Lordship
has also pledged himself, as the present arrangement
is only of a temporary nature, to bring forward, in
the course of next Session, a permanent plan for the
effectual discharge of business.

Mr. CANNING last night spoke for the first time
on subjects immediately relating to the duties of his
new office of Chancellor of the Exchequer ; and the
announcement which he made was exactly such as
the manliness of the Right lion. Gentleman had led
us to expect.
In consequence of some observations which Mr.
MABERLY made relative to the financial measures
which he had intended to propose, but which, under
present circumstances, he was willing to postpone,
Mr. CANNING stated it to be his intention early in
the next Session to propose the appointment of
a Committee of the House of Commons, for
the consideration and revision of the state of
the Finances, adding, that Lord GODERICII had
intended to make such a proposition this year, had
it not been for the remarkable events which had
occurred, and which induced him (Mr. CANNING)
to think that the interests of the Public would
be best consulted, by passing over the matter as
quietly as possible for this year, particularly as the
Itate of the Finances was undergoing " a gradual,
slow, but perceptible amendment."
We were always perfectly convinced, that
the distinguished Statesman who now presides

over the Administration of the country, and
under whose immediate cognizance its income
and expenditure are now brought, would not permit
the present system of expedients to be continued,
without at least ascertaining and laying before the
public the grounds on which an expectation could
reasonably be entertained, that such a course might
be pursued with final success. Our own opinion,
and we believe the opinion of every person NV h o has
studied the subject of Finance, has long been made up
of the danger of that system, and that nothing but
manfully facing the difficulties under which the finan-
cial concerns of the country undoubtedly labour,
could extricate it from them. This course the
CHANCELLOR of the EXCHEQUER has determined to
pursue, not indeed in the present Session, but early
in the next, the peculiar circumstances under which
the Ministry is placed being the only reason for
the postponement of so rational a proceeding. The
mode too in which the Right Hon. Gentleman pro-
poses to carry on this inquiry, is the best which could
be adopted, and such as has been sanctioned by for-
mer precedent. A Select Committee of the House
will thoroughly investigate every part of the subject ;
and the result of its labours, together with the in-
formation on which its Report will be founded,
being published to the world, the good sense of the
people will readily submit to any measures which
may he necessary for upholding the national faith
and credit of Great Britain.

The further grants for the public service of the
present year will be proposed in the Committee of
Supply, on Friday ; and Mr. CANNING signified his
intention of submitting his general financial state-
ment to the House before the Whitsuntide holidays.

The Paris Papers of Saturday, and the Etoile,
dated Sunday, reached us last night; The alarm
occasioned by the recent measure of disbanding the
National Guard seems wearing off, and the Funds
have again rather improved.
The Etoile contains an article from the Augsburgh
Gazette, which leaves no doubt of the Porte having
rejected the proposals of accommodation made by
Great Britain and Russia in favour of the Greeks.
What this failure of the humane interference of
these two Powers, in behalf of unfortunate Greece,
may lead to, we will not presume to predict; but
neither of them is in the habit of making proposals
without the intention of having them acceded to, or
being prepared to enforce the adoption of the policy
which she had recommended.

The Journal de Paris contains a private letter
from Frankfort-on-the-Oder, according to which, the
Russians are preparing to commence hostilities
against the Turks, in consequence of some failure of
the fulfilment of the stipulation of the Treaty of
Ackermann.

The Quotidienne again mentions the probability
of immediate hostilities being commenced by Spain
against Portugal, but its statements seem founded
less on facts than on inferences drawn from its
own views of the sentiments of the Court of Madrid
on the recent change of Ministry in this country.

FRENCH FUNDS.—Five per Cents., 1001. 65c. 60c. ;
Three per Ceuta. 70f. 85c. 50c, Bank Actions, 2,025 f.
Renter Nap. Cert. Falc., 77f. 95c. ; Royal Spanish Loan,
57 57} ; Perp. Spanish Annuities, 43f. ; Maytian Loan,
670 f.

Private Letters received this morning from Paris,
mention a report that the KING was about to raise a
Civic Guard, to supply the place of the National
Guard.

It was said, that the Duke D'ANGOCLEME is tube
at the head of the new Corps, and that it is to con-
sist of men, not under 30 years of age, who pay
taxes to the amount of 300 francs per annum.

Letters have been received at the Admiralty, this
morning, from Captain BEECHEY, of his Majesty's
sloop Blossom, dated on the 18th Yoe ~ at San
Francisco, California, to which port she had re-
turned, after failing to meet with Captain FRANKLIN
off Icy Cape. We understand that one of the boats
from the Blossom, which was despatched to look
out for Capt. FRANKLIN, passed some distance
round Icy Cape; but no trace of the Captain's party
could be found.

Letters from Madrid of the 24th April state,
that a report prevailed that 10,000 French troops
were expected in that capital, and that the whole
of the Royal Guard were to be sent to the frontiers
of Portugal.
The same letters, however, mention also, that
since the intelligence had reached Madrid of the
appointment of Mr. CANNING, the moderate party
had been more in favour with the KING, and that a
change of Ministry, with the Duke of San CARLOS
at the head, was expected.

We received this morning the Austrian Observer
to the 25th ult., with the Allgenteine Zeifung, and
Frankfort Papers, to the 2d inst. The book trade
and the wool trade were both very bad at Leipsic.

The news from Greece confirms the accounts
lately received of the success of KARAISKAKI near
Athens.

AUSTRIAN FUNDS, Aram C3.—Metalliyies, 90 3-16 ;
Bank Shares, 1,084.

THE FUNDS-(THIS DAY).

CITY, Twelve o' Clock.

Consols left off yesterday at 82 k, but afterwards were
done, in the Alley, at 82/, buyers ; this morning the first
price was 82k, but the effect of the Premier's reply to Mr.
Maberly's observation, on the subject of finance, last night,
caused an immediate and rapid advance. Considerable
sales, it appears, had been made within a short period, under
the impression that Government would he obliged to re-
sort to a Loan, and the effect of this was increased by the
alarm which took place by the disbanding of the National
Guard in France. The declaration of Mr. Canning in the
House having dispelled all expectation of the former being
needful, or the Sinking Fund being touched, the alarm
passed over quietly; in the latter affair the Consul
Market experienced considerable elasticity, and rose in a
short period to 831, and is now 83k ; some considerable
business has been transacted, but the market is now rather
'more calm and looks 'well ; India Bonds have fallen about
3s. per cent. being now 74 5 pm. ; Exchequer Bills remain
at yesterday's price, being 47 8. The Foreign Funds have
not had any material business ; Colombian Bonds are lower,
being 33k ; Mexican have been 69i -a, but are now 68k.
No improvement can be quoted in Shares, if any thing they
are rather worse ; Tlalpuxahua being 10 20 pm. ; and
Colombian Mines, 12 per Share.
Three per Cent. Consols, 83 k ; Ditto for account,
83 k ; India Bonds, 74 5 pm. ; Exchequer Bills, 47 8 pm.
Misms.—Anglo Mexican, 40 dis. ; Brazilian, 2 dis. ;
Colombian, 12 per Share ; Real del Monte, 80 pm. ; Tlal-
,
puzahua, 10 20 pm. ; United Mexican, 131 12i dis. ;
Bolanos, 60 50 dis.

Two o' Clock.

A slight re-action has taken place, and Consols havegone
back to 82 63 ; Four per cents, 1826, 98i k ; Four
per cents. 99k; India Stock, 246; ditto Bonds 75 6.
Little or no variation in the prices of the Foreign Funds.
THREE O' CL CK.
Consols, 83, rather sellers.
FOUR o'CLOCK—CLOSING PRICES.
Consols 83 Danish Bonds 61i
Do. for Ac. 83 Greek Do. 1825,
Brazilian Bonds 61i Mexican Do. 1825 68i
Buenos Ayres Do. 58 Peruvian Do. 31i
Chilian Do. Russian Do.
Columbian, 1821, 33i Spanish Do. 12i

The Catholic Association have this day ad-
journed for six weeks. Even the hope of justice has al-
ready produced moderation.—Dublin Patriot.