The New York Herald Newspaper, January 22, 1863, Page 2

INTERESTING FROM EURGPE. Tho Mails of the Hibernian and Kangaroo. Slavery Defended from the Bible by | the London Times. British Opinion of a United |: States Bank. THE ALABAMA FOR The Crown Officers of England Peny that the Steamer Circassian is a Prize. INDIA. | Marshal O’Donnell on the Mexi- can Expedition, The Archbishop of Dublin Describes Garibaldi. BEFECTS OF THE COTTON FAMINE IN FRANCE, &e., &. &. Our European files by the Hibernian reached this city from Portland at an early hour yesterday morning, and our files by the Kangaroo, at this port, were delivered about the same time, The papers are dated in London, Liverpool and Cork to the 8th of January, and conyia gome very interesting details of the news, telegraphed from Portland and Halifax, to that day. Mr. Satterthwaite’s Londun circular of the 7th January | thus speaks of American railway securities :— We have had, during the past week, a steadily improv- ing market in London for American securities; the princi pal demand hag been for litiuois shares and for Lrie @hares, both common and preferred. A steady business has been done in Atlantic and Great Weatern bonds; they have advanced one per cent. There is a good inquiry fur Mlinois Central construction bonds; also fur Pennsylvania Central first and second mortgage bonds. Im the course of a lecture before the members of the Leeds (Eagland) Philosophical Society, ou Tuesday even- ing, January 6, Mr. Scott Russel! observed Chat the uews- papers only on Friday gave a list of the “magnificent fleet which now defends England,” and it amounted to 1,014 ships of war. This was avery formidable inven. tory, but he could give them a simple analysis of the number. Of these 1,014 there wore of wooden ships’ 1,010 (laughter); of fast iron ships, two; and of slow iron shipa, two, This was what they now had for the eWwenty-nine or thirty millions expended since the dis- covery that wooden ships were incapable of sustaining horizontal sholl firing. Mo thought we should probably soon overtake the French fleet, but he complained that ‘he French had been before us. They had now six iron voasels afloat, and we had four; they had ton building, and we had about the same number of large and several emailer vessels. Italy bad two built, and two building’ ‘he had heard that the Spaniards had~ two buildiog, but he did not know; and he had also heard that the Russians ‘had two building. He had no doubt that armor plates ‘would go on faster than guns. If a five inch plate were penetrated, they would make a six inch plate, and, by and by, a twelve inch plate; and, when it became known that what was wanted was a tough and plastic iron, they would obtain as much of the proper quality as they ‘wanted. ‘The Manchester Guardian of the 6th of January says:— With reference to the statement that Mr. James Brown, of New York, had declined to-subecribe to the Lancashire relief fund now being raised in that cyy. we are requested to explain that Mr. Brown, who is a partner in the great Liverpool house, wrote to his brother, Mr. William Brown, of Richmond Hill, directing the firm to subscribe to the home tund any amount y might consider wevessary. It is bardiy uecessary to say that the suggestion was promptly complied ‘with. The Akbar of Algiors anncunces the return of the French ‘mission sent by the Governor General to Ghadames to ‘treat with the Touareg chiefs, “It ays: ‘The success of the mission is complete, a treaty having ‘een signed which will, in all probability, lead to the es- Cablishment of an important trade with the Soudan. Now that the road is opened betyeen the north and south of Africa, and every protectio® guaranteed for commercial enterprise, will be te fault of the French if they do ‘ot take advantage of the market placed within their Up to the end of November in the year just closed Eng- Land had sent abroad 608,062 small firearms, of the value of £1,291,789; in the corresponding period of 1861 the export amounted only to 280,294 in numbes, and £489,668 in value. Of gunpowder she exported 14,661,302 pounds dn the first eleven months of 1862, its declared value ‘weing £438,851; in tho samo period of 1861 the export amounted to only 10,546,288 pounds, of the value of £520 545. The Paris Debate of January § looks on the opening of the preseut year ina somewhat gloomy mood. Its lan- gunge runs thus:— ‘Tho year 1863 does not open under the most brilliant auspices, A scourge, almost unknown in preeeding ages— that of compulsory non employment—prevails in several counties in England and in one of the finest French pro- vinces, The war which desolates America threatens to a Jong as that of the Peloponesss, after which the Greek republics ceased to exist, Our own soldiers are to a distant expedition, where they are striving the only two onemies that may be considered as invincib'e—sickness and climate; and in spite of the fair words exchanged in the ceremonies of New Year's day, those politicians whose attention is awakened do not con- ceal from themselves that a black spot has formed in the direction of Spain. « The customs returns of the port of Liverpool show that the duties on coffee, corn, meal, flour, molasses, sugiry spirits, tea, tobacco, wine and other goads amounted in 1962 to £2,254,568 18s. 11t., being a decrease when com™ pared with 1861 of £149,552 16s. Sd. The duties on the ticles for the month ending December, 1861, were 71 18s. Td.; for the same month of last yeary £279,201 Os. Od. ; showing a decrease in December; 1862, of 18s. 4d. The customs returns also show that the failing off in the export of cotton manufactures has been greater in plain goods than in printed, dyed or colored. | | throngh South,” NEW payee ie rym he ma, . Baths, be bas been cowl ibutling 3 ii the past eight Fraser's Mayo sme, CASE OE THE BRITISH STEAMSHIP CIRCASSIAN, Important Decision of the Emgltsh Csown OMecers Against Hex Condemna- tion. ‘The follow ing is the opinion of Dr, Phillimore ana Ver- non Lushington, Faq. , of the Court of , England, ip relation to the Circassian, condemued in the istrict Court of the United States, Southern division of Flo- mda OPINION, We have carcfully perused Sho petprens Covued this case by the >a of the Diririct Court of the United s Socthorn MMivision @f Ploride, and referre! toe (hal jutgmens. We are of opiniob that deciding that the capture the igh seas; and rectly expounded Aaa sacipiee and apart these principles, fr lab'e to condemnation, for sal! violate the blockade, and that (aching to that iniention was not remowed by the tat tion to touch also at an interneint But it appears to ws clear that learned judgo was net directed to two im) the case, either of which, takem inte must necessarily have led him t & conclasion that at which he arrived, and have demunation of the ship. ‘These two important facts are as follows — 1.—The government of the United States bas, commencement of this war, issued & proclamation the rules of prize Jaw relating to blockade, which twnds to apply to vessels of neutral States, Clamation bas becn duly nvtified to foreign States. * It is clear that it is competent to @ belligerent to rele OF mitigate as against himself the rules of intermaty Jaw. It is equally clear that if be duly notifies to f States his intention to inake such relaxation or mitie that he is bound to administer in his prize courte the with Ubis qualification untii he hos his tot mitan to abandon it as formally as he bas notified wiewii mn to adopt it. On tho 19th of April, 1861, the government at Washing ton iss.ed @ proclamation in which are the following pas sages. ect p roperty of quiet aud ordert pm | ly citige 4 le to set on foot a blockade of ihe ports within the 8 aforesaid, in pursuance of the laws of the United in such case provided; for this purpose a competent will be posted so as to prevent entrance and eait of 1s from the ports aforesaid, If, therefore, with a view wich blockade, a vessel shall approach or atteyapt ny of the said ports, dhe will be duly warned wander of one of the block versels, whorwill h warning; hal again altempt to onter or leave aced port, si 1 be captured wnd sent to the near- entent port for such proceedings agaiust her and her as prize as may be deemed advisable, A subsequent proclamation, date! April 29, in the same yenr, incorporated the former proclamation, and extended it to the ports of Virginia and North Carolina. ‘These prociamations are not in any way referred to in the judement against the Circassian. It is not pretended the Circassian was duly warned by the com:nander of one of the biocka/ling vervels, or that “the act and date of such warning” was duly endorsed on her register, or that, after such endorsement, she did again attempt to enter the plockaled port. Tt seins to us manifest, therefore, that the condition which according to the proclamation, must precede the capture and condemnation of n neutral versel, did not exist in this case, aud it follows that she was improperly condemned. ‘This would appear to us the plain, literal and tnovita ble construction of the prcclamation* and we are forti- fled in our opinion upon this point by the judgment of the United States District Court delivered in the case of the Hiawatha, which was condemned during the present year for a breach of blockade. The learned judge in that case commented upon the pro- clamation as follows:— It ia strenuously insisted that under the proclamation of the President a vessel is not aubject to capture for violation of a blockade unless there has been a previous warning en- dorsed on her register by a commander of a blockading vea- sel, at the port whose blockade she attempts to volate, and she afterwat ittempts to enter or leave the same blockaded Port, tn my opinion, the provision in the President's pro- clnmation of April 19, 1861, reforred to on the argument, s not to be conatrued @ conitition absolute, governing all in- stances of an effort by neutrals to break ® blockades but irae ports that a vessel so to be warned must have been arrested Attempting to do the forbidden act, and will not apply in cases where vessels have, at the time of captnre, perfected the prohibited attempt by effecting an entrance into or escape from a blockaded ted ualil the unlawful purpose bad been accomplished. 1t is cloar that the Circassian was not in the category of thoso cases to whom the learned juuce refuses the botralt of.the condition. The Circassian had not ‘‘periected a prohibited attempt by effecting an entrance into a block. aded port?” We algo think that the decision of the Supreme Court of the United ctates, when Great Britain was a bellige- rent, in 1810, supports, if further sugport be necessary, the conclusion at which wo have arrived. The British government bad notified to the government of the United States that orders had been given to British cruisers ‘‘not taconsider blockades as existing unless in respect to par- ticular ports which may be actually invested, and not to capture vessels to such ports, unless they shall have been pr wiously warned not to enter them.’ ‘The Suprem ‘tof the United States decided that “the words of t! ‘der are not satisfied by any previous notice which the vessel may have obtained, otherwise than by her being warned off. This is a technical term which is well understood. It is not satisfied by notice received in any other manner. The effect of this order is that a verse! cannot be placed in the situation of one having a notice of the blockade until she is warned off. It gives her a right to inquire of the blockad squadron, if she shall not previously receive this warning from one capable of giving it, and, conse- quently, dispense with her making the inquiry else- where. While this order was in force a neutral vessel might lawfully sail for a blockaded port, knowing it to be blockaded, and being found sailing towards such port would not constitute an attempt to break the blockad until she should be warned off.’ (The Maryland Insurance 6 Cranch. Rep. p. 29, C.T. Mar- shall). we cannot doubt that if the case of’ the Circassian be appealed to the Supreme Court, that justice will bo done upon the principles laid down in this case, and upon the obvious meaning of the plain language the proclama- tion. IL.—It remains to notice the second point to which the attention of the learned judge does not appear to have been drawn. ‘The Circassian was condemned on the ground of her intending to onter the blockaded port of New Orleans. Now, at the time of the capture of the Circassian the of New Orleans had ce facte and de jure ceased. ‘The vessel, therefore, could pot be condemne: tention to do that thing which, if she bad done it, have been faw!ul—viz., to enter the port of New Orleans. The principle seems clear.t The exposition of it is thus given by Lord Stowell: — There is no doubt, then, that thi beea condemned pon the authority of that case, unless one other material distinction of fact had ext Wading to a rule of law to which the Court is strongly disposed to adhere. It is this: that this vessel not captured watil the blockade had conned. It ts #aid that the offence was consummated by the act of sailing; soit is, inacertain senee, But the ship was not taken in /-licto, abd T have not had any case pointed out to me in which the Court bas pronounced an unfavorable judgment on a ship selzed for the breach of a bygoue block- ‘Ade. I know of no such ease, and certainly the same reason for rigor does not exist; because, the blockade being gone, theenecessity of applying the ‘penalty to prevent future tranagreasion cannot continue. That was the ground on whieh ty opinion was formed in restoring the shi, though T eanel must ha did not then express my reasons for that Judgment in a case that came on At the conelasion of a long and laborions alt: the offence nerally remains ting. “It is true, as haa been observed, that The Varies /atrie svates that on New Year’s day tho Emperor Napoleon and Queen Victoria exchanged th® compliments of the season by telegraph. ‘The Viscount de Vougy, Director General of the Electric Tolegraph throughout France, bas invited several scion. tile members of the National Institute and some of the chief clerks of the Telegraph Department w assist at experiments about to be made with the typo telegraph tmvented by the Chevalier Bonelli, The typo-telegraph of ‘this scientific engineer can print ve hundred despatches of twenty-five words within an hour, According to the system of Morse, now in use, it would require not less than twenty wires and fifty clerks to necomplish a similar work. Should the experiments prove satisfacto- fy, it is said that the government will concede to the Chovalior Bonelli the working of the line from Paris to Lyous and Marseilles. Our Paris Correspondence, Panis, Jan. 6, 1863: The Archbi:hop's Funeral—First Ball at the Tusleries— Chances of Americans for Presentation Ministerial and Consular Receptions—Accidieni—Bools by Colonel Fuller, de., de.” The funeral offgie late Archbishop wil! not take place 4ill Thursday next. In the meantime he ie lying in star® in the archepiscopal palace, and thousands of the ‘faite. ful''—forming long and compact lines extending eround two or three blocks—are anxiously pressing and waiting every day to obtatn a look at his dead, cold face. The first grand presentation and ball is to take place at ine Tuileries to-morrow evening. Some thirty odd Ameri- © xs bave left their names with the Mivister as applicants ‘or tho honor of exhibiting blue coats and brass buttors ‘on the Imperial preseoee, All but about a half dozen will ‘Donadly disappointed, as, after the little diMoulty Inst winter between Mr, Daytop and M. Thouvenel, no more + an Six invitations were sent 0 the \merican Minister. Mr. Dayton being placed in ® very delicate position im ‘Tale matter, and not wishing to dusorin we Detween bia OUETY men, KeNdg in the names of all respectable persona who appiy, and leaves wo the Grand Chamberlain, who foxnea the tickets, the respe:ebility of selecting such ames from the list a# be cousiders worthy of the honor of presentatior Our Minit id Consul have commenced their annual stion®, at whieh all their countrymen a Thows of Mr. Dayton take place on Saturday, weekly ree welcome. a..0 those f Mr. Bigelow on W y evenings, The many friends of W. P. Fetridge, Esq... the compiler © Mares Book for Ee will regret to bev 9M aces "some 6 him ma | Incirred by a 'breack, of "bleckade ge during the voyage, But that mu as midject to. the condition When continues. the blockade is raised # veil ‘that has been done, ana the longer taken in delictow The delictum may hi Pleted at one period, but it I# by subsequent events done Away, On these considerations, I pronounce that this cai in ae subject to condemnation op te ound of the bicckade. Rol, 394, 396. be tinderstood that the blockade itself thrown fo advise ir. Pearson to prosecute an appeal to the Supreme Court of the United States, and, bearing in mind the bigh character and great repute of that tribunal, we entertain ‘® confident hope that he will dc so with success. ‘The British ment could certainly not interfere, govern with propriety or effect, till the last court of appeal in the United States had been resorted to in vain, and we must pot be understood as expressing any opinion even in that casc;as to the duties of the British government. ROBERT PHILLIMORE, VERNON LUSHINGTON. the construction put upon it by the United States in thelr correspondence with the British overnment, This correspondence has been printed and laid ferore Paniament. + Note.—Sola obaidto in causa est con nihil subvehere Negat sive contrabandum set sive mon sit. (Bynkershoeck, RTP. &C. 41) THE AMERICAN QUESTION. itrategy of the Aboli- mists. DEFENDS SLAVERY ON E&CRIP- * Buch. go The Great Bi THE LONDON TIMES Let honor be gi due. There is one branch of the federal attack which stands fobly pre. eminent amid the general disaster. It bas never lost a day, whenever summoned \t has marched to the feld and erborne all opposition; it has not abandoned a gun, or left eo much asa dead body or a knapsack—not a drum or atrompet on the field. It bears a charmed life, and bas not even suffered a wound—no, not even in ite self- esteem. It has never yet had to execute a rapid move- ment to the rear, or to spend months of inglorious and wnbealthy iysction. The catasirephe that hurls back an army , staggers brave geverals aod drives a Cabinet to ite wits’ end, only raises t bigher pitch the moral confidence these warriors, They assemble their forces, who immediately present themeelves with anthioned ranks aod uublanched brows. They are as ready for action as ever, and from inaceesrtlle positions they @ pens hs oy cannot eyen be replied to. Could the war be safety in their hands there is no doubt of ite speedy and complete result, for tt is a war of extermi- pation which they woge. These soldiers without fear or reproach are Messrs Tyng, Cheever, and Beecher, their colleagues, and the thousends who march under their banners to the institute, the church, or conventicle. 11 is from the pulrét and the that they fulminate over the North American continent. From this proud elevation they denounce the shorteomings of the policy and the hack eid uge of thetr canse. They predicted the reverses, which only Confirm thelr own superior fidelity and good gene, Had y boon attended to che war would now be over. They he emancipation of every shwe m the Voion . tare cont t messure of policy, B privey le, to w R iv) carried into instant effect ae | Pequired. The South would C it Saree peed a8 ordeal only es- oom to that what one day all things. B soonld Aawe been @ wreck, @ ruin, @ waste; but from that Le viled mati Ce teme 7 for the u ae ha ~ me “ce mx erga tablished chureb, red oe “e o ta. Soon, be te how Tretament we have ai eputic write the man who represents the last ro venient the Gorpel, am by had sought a rete the purport that the master and he clave we better an: do thee 44) To abe amates Sore oro) or the future, The #.me writer tells bie ecomt that « they are saver they mua mane Se led Of that comduiom, and. rot 7 ewape «, the baws their morely We remem tre tw yiesente oye fredmow whe mon varanee ‘a good many ban of ab ftom, Sump tuous eorlemastical titles, clerical imeomes and many ober the Gospel, or, ot eam avery. ‘Hut | the Roman Cachoties baw any one their peculiar deetrines aw the abolitiont-is bave for 7s 8 ; 7 a z ! & i 2 i & Ciptincl y vesting, pm defence than a prea! motion of war ; rc st the Torks or (be \ibigenses, In uisitors and loon have ail been ei.cere mM their turn, Tacre is hardly a ¢oririne @hick aman may not hes no occasion t serutinixe tt very cheely. Mr. Leecher come some years ago to ibis country to aerist Mrs. Reecher Stowe in reaping her just barvest of fame. Lie told the crowd at Willie's Rooms tbat if they were consisient they would leave off colton, sucer, and tobaces. Of conrse, be knew we'l enough that of the very comfortable ke» king peoole before hit pot one in a hun- dred would prectice any sock denial Put it was any to lay down the nw, and it is pot lees to preven Crom Rostow or New York the extermination of the Southerner If it ks not too Inte for these palpi! warriors to adopt aline Perfectly tn acccrd with Seriture, and muck more likely rms, Tot Rem prreich (he amelioration of the negro Tue more seusibie part of the world is convineed by this time that Mre. Beecher the real interests of her client to the of writing & story for everybody to reed and admire. She wished to excite the interest and to arovse the feet jugs by all the mechinery ta her power. abe sc: ibed the good siaveowner, and done wichin ihe regime of sluvory, it wight generous emulation in every Southern i ew @ed but inends have the chasm into whith the whole American community, @lave aod all, appears to be falling headlong. It ie difhoult to hether their preseat language savors more of a Venatical faith a their one dogma or sheer desperation. They sdmit a np doe ch po a ae it with the terri- character of a judgment for the compromise atiempt- ed with the slave owning interest. Tilt the ma:date bas gone forth, and every sinve bas been told that he will be aided by the North tp his xtregete for treedow , the cannon of the North, say these reverend geotiemen, are unbleesed and powerless, The “Open Sesaine’’ of absolute emancipation 1s to open every door and by every chain in the South. and at the same time paralyze the slave owner at home, for he will must, these to protect iife Titl this ts done, say Mr. Beecher and the North is foredoomed xo eet witer defeat. will the North ever deciare that save growu cotten, gar and tobneco are an unclean thing, #nd must pot touched or carried in Yankee ships, or boaght ana done all they could to widen z?E i with Yankee money? They will be'apt to aay that may as well lose the Union altogether as to trode Mr. Peecher knows thie. He knows that even tne F Stripes and Star# age not so precious as life ond things that make life pleasant in the mercantile So he knows his denunciation of the Presi truckling policy will have about the same effect recommendation to the English readers of his book to prove their sincerity by Sea hago | wool and linen, leaving off cigars and di ing without sugar. A Good Word for Burnside'’s Arm: ‘from the London Post (government organ), Jar Ba * #* — If, im truth, Virginia waa to be invaded, the North had a right to expect that the agg eae 9 two months ago crossed the Potomac under the leadership of McClellan was competent to undertake the task. Nor does it seem, even now, that the enterprisa to which General Burnside addressed himself was by say means Quixotic. In respect to the numbers engaged at the bat- tle of Fredericksburg, althongh those of the federal troops are not stated in the answers of the amined before the committee, Confede-y rates age roughly estimated at one hundred Saoyet there can’ be Iittle doubt that in point of numefical strength the advantage did not lie on the side of the South. Indeed, General Sumner candidly admitted that he considered the forces engaged on oth sides at the battle of Fredericksburg as about oy ‘The position held ‘by tho Confederates was strong, but valor might bave forced or skill turned it. When the nglish and Freoch invaded the Crimea they were compelled to accept the gage of battle ofiered to them by the Russians in their atrongly intrenched position on the heights of the Alma. Without desiring to draw an invidious comparison, it is very questionable if the Confederates were as well fitted, in respect either to their numbers or the strength of thetr position, to resist the attack of the federal army as the Russians were to the advance of the Allies. Yet no one ever thought of imputing rashoess to the French or English generals ov that occasion. inactivity at Eupatoria would, on the other hand, have been justly condemned. The battle of Fredericksburg was inevitablo if Richmond was to be approached by that route, and the reverse thon sustained by the federal arme should be ac- cepted with prilosophy , like any other contingency insepar- | @tlefrom war. WHO IS TO BY BLAMED FOR THE DEFEAT. [From the Londen Post (government organ), Jan. 6 } * ® © Ifgenernis are to be mere automatons in the hands of unscrupulous ministers, the public ought to know it. In the present instance they do not eeem to have beon much in error in laying the blame of the most Dloody and profittess battle of a bloody and profitless cam- paign at the doors of General Halleck and Mr. Stanton. 2 a & ES pet Mr. Chase’s Financia! Plans. A UNIFORM CURRENCY. AND GOVARNMENT Bay ‘From the London Times, Jan, 8.) * * # Tot the most immediat ot of Mr Chase's financial scheme, if sanctioned, will be an important change inthe American banking system. He suggests the establishes of Danking associations, authorized te fesue notes ( “to be furnished by the United States, alike fo form, aud secured alike by United States bonds.” Mr. Chase strongly urges upon the Committee of Ways and Means “importance of this measure to the tiation of loany, the coli ctivn of internal revenue, and security of tbe people against rhe evils of an enormous unredeemabie paper ctrevlatinn. time of peace and prosperity the fede:rl governtuent wenld not have at- mpted to re-catablish anything like It safely Rave arovned the opposi- could net tion of the private en joint etock banking interest, that profited so ‘ly by the privilege of issuing their own pgtes, The old United States Bank waa destroyed in the dency of General Jackson, because it bad be- come & political power, 1d was charged with using its influence for party purposes. Every American institu. tion is drawn into the vortex of politics, and the princi- plo of a bavk covnected with the centrat government bas always been depounced as insidious and dangerous. But by the wast of reurrency that would be taken in every State of the Union, at its nominal value, the Ame ricans have suffered severely. The diferent States were, ‘as to their bank notes, so many foreign nations, each re- fusing the prper of the others, except at continually va- rying rates of discount. Frequently there was a greater Joss on paper taken or sent from an Fasters to ‘a Western State than on English bank notes converted into Austrian money in Vienna, Only adepts and regu- Jar money changers could tell whether a note was current or not, the paper of broken or suspended banks remaining ip circulation after their value had departed. The federal government avoided loss by refusing all paper of every kind, Its import duties were taken oniy in gold, and inland revenue it bad nove. The frst appearance of department for collecting that kind of taxation is in the t bill proposed by Mr. Chase. But the difficulties of government have compelled it to issue a paper that ‘will pase current in any part of the territory. rough: the evila of war the will at least gain that delive- Tance from the previous confusion their currency which to Eat appeared a barbarism. If the social storm sweops away the “wild cat" and “bogus” banks of the Union it will bave left some smal) compensation for the wreck of better things. The best part of Mr. Chase's i the suggestion tbat will probably excite the least oD ulation continues to exist In bi ture movements of this steamer “We are ‘on the best authority, ays the Liver. pool Journal of Commerce oi Jau. 6, that Captein sommes evabled to Intends to gail immediately for the East Indies. This contemplated ebange of cruising ground on the part of the Alabama bas been knows for some time by the jnith- ated, and ja only carrying out Captala Semines’ original programme.” THE TUSCARORA AT MADEIRA. 70 THR EDITOR OF THE LONDON TIMES, In yeur paper of the 34 inst. reference is made te reporis which have resehed England from Madeira of insults offered to the British fag by ao American ship ia Vortnguese waters. | Having just returned from Macoira perhaps I may be Permitted to correct @ slight Inacouragy ju these reports. it was not, asatated, by the Fan Jncivio, but by the Tus carora, tbat these offen cog were comm tied. Since the tet f the Thistle, of @bich ab acgount bag alveady en performance peated net know; but as! met the Warrior and Black their way to Madeira from Lisbon, on the 21st, should hope that these illegal proceedings may ere this have been discontinued. Jam, 6, 1863 M.P. t A public meeting, pe Ea the high public , Gouvel J. Fryer, sberlit, at tho request of the Karl of Hardwicks, the lord Neulenant of the county, and the leading Agree was beld ou the 34 instant, in the New Town Hall of Cam- bridge. There were present tho Earl of Hardwicke, Lord John Manuers, Lord Royston, Mr. E. Yorke, M. P., &o.. The barl of Hardwicke u the subjeot of ’'the dis- its present shape it would have fallen upon us iydepen- dentiy of the American war, from go rapid a production Of the cotton manufacture that the world could not coraume it, and the prices becoming wholly in. adeq) ute to sustain the manufacture. The calamily bas certainly presented itself to us as occurring directiy from the consequence of a strife and a quarro! over which we could exe cise no control, and consequently tho visitation bas come upen us in a form which has rendered it more ‘ace; table to the mind of charity than it would byve been if it bad been prosented as aa act arising (rom What we + call over trading or over-mauutacturing, * * * Weare ow 7 veal by many persons to be dependent upon the United for our peace and happiness, for our security and our wealth; but wo have shown them, and wo ‘shal! be able to show them for the future, that this country bas a power which thoy never supposed it to porseas; and that with its love of order, ite cbedicncs to the law, its great charity and its powerful resouices, there are no cir- comstances that can bring upon us that depression which I wilt not oye, desire toree, but which they felt conf. dont would be caused, if the supply of cotton should be deGolent. 1 think this is one of the greitest things that ould have happene!, because it emancipates us from 2 er tinwat dread, and the consequence will be that ere long: we shall receive a supply of that articlo from many other sources (Cheers ) Tear jhe Prime Minister, at the Lord Mayor's dinter, distivctiy say that “the calamity, great as it is, will oom passaway, and Ibave nodoubt ere Jong we shall be reliew A great sensation was cai by the remar The guests did not know what was e-ming. The; : ht erbaps they wore going to Lave vomothing ike Mi ledstene over agsin. But, no; for after a pause his lordship said, *‘ We shell have cotton from India directly."’ ‘ihis os-ertion, ¢ ming from the Prime Minister, in such a place, inust give us great conse. jation, and fulfil the expectation I have state¢ that cur present distress is likely to relieve us from fulure anxicty, ‘and evable vs to rely upon other parts of the world be- #des the United States for our resources. (Lear, hear.) The Rebel Lown in Engiand. (From the Londou News, Jan. 7 It is understood that a member of ‘the Coufederate gov- erwmont bas arrived in Liverpool, having the necessary official documents aud full power to negotiate a loan in this country. lt ix proposed to raise the Joan upon the scourtiy of eotton stored in the Southern States, The Dahigren Gun in En (Prom the London Army and Navy Gazet{ . 8.) Fceeption has been taken to the recommendation cfiho Pahigred gun, which is supposed to lie ia the query ina paragraph respecting the new fens investigations which appeared’ last week, whether the officers ‘would juelude the gun iu their experiments. Nor is it quite cer- tain that the Americans. who are not bébiud us in me- chanical #kill aod scientific mecbanics—from whom wo have boriowed, the whole of our apparatus for making staal! arms at Enfield—bave satisfied themsolves that the Dahlgren gun and i's cognate jievo of ordnance, the colvunbiad, are (or sea and iand the best dosoription of artilery. ‘The chaotic condition of our artiiery sys- (ems at home by no means authorizes us to give them any tried the Blakeley and the well as guns on the Armstrong to bills expanding breech—these and startling amonvt. 1 public mind i excited by the evident di among hoards, 14, ecientific ‘men and inventors, reapecting the true principles ef artillery. Mr. p= fe im this country Whitworth has, as yet, been the sneceeded in piercing Mueb smaller comparative general officer of experience Let the bedy of our practical artillery officers be asked to staio their views respecting the desiderata in field artillery and guns of position, as wellas the defects which exist, according to their opinion, im oe ordnance, shot, shell and fuses, ina report for Royal | ighness the Commander in Chief, who might then cause an ab- stract of the results to be laid before the Secretary for War, The War Otfice would then be in a position to in- form the scientific pnblic and those interested in the ar- tillery question what the artillery want, and would be better able to direct their experiments and skill to meet ‘the wishes of the profess! operators in the fleia. The Mexican Qacstion in Spain. O'DONNELL’S DEFENCK OF HIS POLICY. (Madrid (Dec. 31) correspondence of the London Post . shal O Donnell at tart addressed the Senate in hope of turnivg asite the tempest which hangs over his head. His chief object was to restore harmony in the ranks of the wton, or government ; arty, by convincing Prim, Mon, Concha, Bermudez de Castro, Armero and one bundred others, that they ought to forget all their dif- ferences ia the interest of Ube union, as ihe government was in secord with all, and waated to have them on its side. That this was his object appeared evident from hia whole speech, which be bad been w prevaring, aud boped by it to eause qnite a revolution jn the Vicalvarist camp. Unbappily, weiliation was out of bal dissvowed Count de Reuss’ ‘erybody the question. When apology of the apothesi# of the M. Calderon Collantes: when be ex plained the letter of tbe Treaty of London for the purp.se of showing that the said treaty was opposed to an inter- vention, the commanications which pre eded the treaty were there to protest agaiuat the speaker, when he de- clared that Spain could nat pegetiate with Juarer, as the latter would fulfil none of his new engagements, the Treaty of Soledad, whieh recognied the goverment of Juarez, said to the contrary; and when be approved of the embarkation of the troops 8 an inevitable fact, every sevator called to mind the instructions given to the Mar- quis de la Havane, Tis attempt to satisfy Prim without offending Concha—to fatter Concha without breaking with Prim+te confirm (he declarations of M. Calderon Collantes without provoking contradiction on the part of M. Mon, who t# perfectly acquainted with the ions in Paris and London, was certainly no of tact Marshal O'Doanell'’s eloquence has consequently been all thrown away: peal ond bis previous convic- Lions. discontent dittruat prevailed in every comp. TRE PADRE MIRANDA AND GENERAL PORRY. The Correspndencia of Madrid of the ist of ublishes a letter from Mexico, whieh slates that ther Miranda, known there as a writer and poet, pre- imeetfat the French headquarters at vrizaba, General ! orey gave him to understand that his presence might give rise to wrong ipterpretations: thet he (the 10 follow © poiiey of cone: oF all trae patriots, , but that he should re quire a declaration of their sentiments to writing. The reverend father then presented the following @eciara ion to the. General—in visit the head jnerters of ibe Frevch army, | declare that | have oo other motive than & contribute by werd and deed to the success of the French intervention, as understood by the Fronca general. Loonsequently hereby eto abstain from every act which might give a false idea of the Emparer Sepsteen'e policy, the obsect of which i* (0 bite all honorable men im one party, anima love of their country, and a to foned a stable government, capalie of guarantee. lives and liberty of all, without distinetion of ov nion, | also ine io exert all my intuence to cam the jriblic mind, and secure the pacitieat.on of the co try && S000 as posible,” NAPOLEON A$ GHNERAL-IN-CRIEP IN MEXICO. (Paris (Jan. 4) correspondence of London News | Tho Vevion says it bas reason (0 know that the tmpe- ror bas written an autograph letter to A@mirs! Juren de | Ia Graviere o commanicate to bim Bis Majesty's “per. sonal plans ' for the conduct of the expedition in Mexioo, and to ask from ate report of ihe state of the | tionary corps, of the “elements of success ‘at the disposition of General Forey " This ie a translation of what the Nation says, bot it is really montha Past, Vir—that the French intervention was Dated and detested in Mextos, ox Dy the priests and a smal! faction of their support meant anything, i & precnamt the sevens cone the goverment bas bither. nows of tempted to Tt shows that slarm «© sow felt, end that excuscn for get out of the mess with the Jonat discredit possible are it for, e Cat me im France. The new number of the dea Deus Mond-s drawe a forcible picture in the gotton manufac. turing districla , ) aod makow an ein vent appeal in their ‘and vor; ly rebukes the French for 18 silence on the ea Th the deparimect ef the Lower Seine alone, 100,000 workmen— that js ta Ray, 200 000 or 900,000 persons—are now reduced to absolute destitution, and their prospects show 00 chance of improvement for many months to come. sccordy tothe Archbishop of Rowen the railway stations are be- by troops of cluldrea beveocbiog the | Bicgod day aud might | the crew hadno sleep HERALD, tHURSDAY, JANUARY 22, 1863. very justly aaks, exception, make kuor » Ga From Galignani’s Measen, The bank of MAL en fo suspend its p\yments, arisen from the cotton crisis, business 1 (Rhone), ‘Was al first supposed, and the bank has been formed into 4 joint stock company, the creditors noing the sharebold- ors. has been followed by several dis tressing vircumstances, A merchant of Lyons, who bad three hundred thousand francs deposited in the bank, bas since committed suicide, not being able to support the idea of his money being lost, The manufactory above referred to has since been closed, throwing from ene thousand to twelve hundred workmen out of employment New Banks Proposed in Liverpool. From the Mavelester Guardian, Jan. 7.) A’ project is on foot for the establishment of a new ex- change bank in Liverpool, in order to afford the needful monetary and exchange facilities to some of the most important trades, The bank is to be established on the limited liability principle, and it fs proposed shall carry on its operations not only in the profitable Held presented by the trade of Lancashire with the United and Ovnfederat: Sta'es of Anvrica, but algo with tho Australian colonies. In addition to this bank, other companies are likely to be established, under the designations of the Anglo-American aud Furopean and American Lavking companies. New View of Garibaldi. The Most Rey. Dr. Cullen delivered a discourse tn his cathedral, at Dublin, in which be reviewed the old year from his cunrch's point of viow. Referring to Italy he said:—One after another tho enemies of the Holy See and of reiigion are passing from te sccuo of their iniquities: Many of the leaders in the sacrilegious warfare have gone already belore the Fternal Judge to account for their mia- deeds; many have fallen from the height of their usury ed authority never to rive again, Disorder and confusion, robbery and bliodshe: been the consejnences of their crimes; and the uubappy man who was siluted by intatuated crowds asa redcemer—who was huiled az the frat of heroes, and almost placed upon the alta tostent englipd begause h fire And proclatmet the Pope to be antichrist—this unhappy man, iznominiously defeated by a handful of soldiers, wounded and taken prisoner at Aspromonte, has lest ail his prestive, and become an object of contempt evel to those who puffed hun up with their praises, and he has retired into ¢ uivity—there, it is to be hoped, to weep over his follies and transgressions, and to bemoan the many calamities inflicted on his country. A Persian Ambassndor to England. [From the Malta times, Dec. 31.) Recent advices from ‘Ieber-un a:nounce the appoint mont of Mahmood Khan as Kuvoy Extraordinary to the Court of St. James from his Imperial Lizhness, the Shah of Persia. His exce'l y will be attended by a neme- rous suite, of which rza Abbas i.han and Mahomed All Agha wi'l form part,and have bigh offices confided tothem, H xcollency is ordered, notwithstanding tho depth of winter, to procced without delay on this mis- sion, which* is ‘said to embrace objccts of a bighly im- portant political nature; independently of those are othors, not less important, which have in view the desi- rable consolidarion of cleser commercial relations between the two countries, with the same advantages as those 1e- cently secured to the new kingdom of Italy, through the medium of her talented Envoy Extraordinary, tl Cavalier Commendatore Ceruti, who has le ft Toveran on hig return to Turin, taking the route through Russia. ‘This new mission will proceed to either Poti or Trebizond, in the Black sea, whither, most probably, aa on former occasions, a suitable British war steqmer will, early ia the new year, be despatched by the naval Commander-in- Chiet in the Mediterranea» for the: conveyance of the mission to Constautinople, and thenee to Malta, en route for either Fngland direct or for a Continental port in Europe, It is not improbable that in the latier case Leghorn or Genoa will be preferred to Marssilles. Obituary. THE DCKE D'OTRANTE, SON OF YOUCHE. ‘From the Parts Presse, Jan. 7.) Aname well known during the Convention, the Em. pire, the Hundred Days, and the first days offthe Restor: tion, bas just died ont in Paris- It is that of Fouche, Dw d’Otrante, son of the Fouche who was successively Minis- ter of Police and Presideut of the Provisional government after Waterloo, and who died in exile at Trieste, leaving Bfortune of fourteen millions, and the magnificent seat of Ferricres, now the property of Baron de Rothschild. M. Foaghe, the seeond duke, filled, under the government of July,a'bigh position on the’ staff of the National Guard of the Seine. Ho had attained the age of seventy, and of lato years lived in complete retiremeat, By his decease the title haz become extinct. SUDDEN PuATN 1 THE TUILERIRS. [From the Cork Comptitution, Jan. 8.) M. Dawour, rot | nty-third battalion of the National Guard of Paxtiv, , fell dead on the stair- case of the Tuileries on New Year's Day, immediately after he bad filed past the Fmperor at the head of his Damour felt ill before he went into the Tui- was obliged to rest at the cafe at the corner of do I'Fehelie. His comrades advised him to go home; but he inatstedon resuming the march, and in a few minates afterwards he was . DRATH OF A ROMAN PRINCESS. Romen 8 ciety has beon th:own into gricf by the death of the eldest daughter of Prince Aldebrandini, the niece of Princé Borghese, aud granddaughter of the Prince of Areunberg. She died of typhus fever—the same malady ‘dy which her mother was carried off last year, and hor little brother, two years old. The young princess was only eighteen, and very handsome, IRISH OBNTENNARTANS. [From the Limerick Reporter, Jan. 6.) Wo have to record the death of Charles Hoimes, Esq. of Kilquane. He had ronched the patriarchal age ‘one hundred and four years, in the perfect enjeyment of every faculty until the day of his death, which took place on Wednesday, the 3ist ult. He was always of active and energetic habits, and of a tranquil and sprightly temperament. Tel ph, Jan. 6.) (From the Newry On the Ist January, Cornelins kett, aged 108 years, died in the city of Armagh, possessed of all his faculties Corny was born on the preperty of Lord Charlemont;in the county of Tyrone, and when the French landed at Carrickforgus in 1760, ‘be accompanied his father (being then six years of age} to the seone of action. Deceased was a sawyer by trade, and, even within a few months of hin death, be was able to move about the street and use the spade or rake. Crew on the Government. TO THE EDITOR OF THE HERALD. Unrrep Starss Sar BRaxpy wine, Haxrtor Roaos, Va., Jan. 18, 1863. Considering that our condition ever since we lost out versel, tho Monitor, is woll worthy of public attention’ we beg to give yeu a brief statement, which we hope you will favor us by modifying aad inserting in some portion of your admirable newspaper. It is well known that thirty.six of the Monitor's crew were providentially saved from the sad doom that met the other sixteen of thely shipmates on the memorabie night of the 30th ult., when she was lost, Of the above number there only re- main twenty-one of the old crew, who volvntered, their services, and left New York ia her in March, 1862. The fighting qualities of the Monitor were then not known, and often were the crew hooted in New York and else- where for risking Uhoir lives in such an old tub, Never. Ubeless, they were not im the least provented from joining her by any such discouragementa: but thon, as well as aftorwards, they displyed the greatest courage and intre- pidity. as the daring commander, Captain Worden, bas often testified. The Monitor left New York for Fortress Moree on the 6th day of March, 1862, arriving at the latter place on the night of the 8th, the noted day when the monster Merrimac, from Norfolk, made her terrific eweep, abd scattered terror and awe t whole region. We beg to observe that the itor, in making the from New York to Fortress Monroe, commana warre , feather, aud tate was waftolons proof was not a vessel. Nevertheless, for threst nights previous to the ¥tn of Mareb (while making tbe pacsage); yet they were fond om that important occasion steady at their post, and men could not have shown better courage or deter. mination to conquer than they abowed in fighting the Merrimac. The following day they were visited by come from the heads of the departments, and the thanks ‘f the country were retoi to officers and men in (he person of (be Aeeistant Seerstary of the Navy, Mr. Fox, whe aleo promise? that any favor the crew migbt request from the devariment would be most readily granted . Since then, the Meniter and her erew rendered (the Ty important services on the James rit until they: were ordered further South, wheo, as is wel known, thelr dered lowing boat noble litte vessel four 4 sank, thereby some of the bravest mon that ever breathed the of We. But the remainder of the crew now sur- are conselour that they did everything ia their pe Uormave their gallant ebip when conie-ting with wind ant waves. They were rescued by we iho’! Isiand, which vessel had the Moajtor in tow. On boar of the Khode island, on a day or two subseyent, the meinder of the old crew of the Mow » Who left York in her, being only twenty-one, thought Write ® petition to the dopariment for their from ‘be service, based entire Se tetary Fox's promise to them. per footed (arough their generens and brave raptin (Captain Bankbead), who cordially approved of their scheme and fothtony promieed them that be would tender the same to the department snd would do any porsible favor on behalf; but they re. jew to say they havenct joka vow—trom the de- with them. Having island (or seven days, they were Ww nelerred on board the United Statcs store- Ship Brandywine, lying oT Fortress Moaroo, where they Sow three weeks ave bearly transpired f vowel wae lost, and they have to say that % by them in the greatest Ahing ja their all this time bee been The; bey 3 dctiars in Now thereof, eelitied to be paid als thal ther Let basis ety wd. your VER YOu we hope yon will eapley for a good pepe, is poearing Us Our d sebarge aud indemaifaa Hopi: Will comply with our earcest wishes, Wret chetuns sorvente, - are your OF THE LATE MONITOR. : Army inte} & The following aypoiutment’ en prom tons have onew made in the corps of Volunteer Engineers, upon the ee commendation of Colonel Serrell, hie! of the eorpe— Capt b Frederick E. Grae! to be major, Oap& im James &. Piace be major; Second Licatenant ¥. W. M. Fire ‘be first Liew it; Witt lenty Ralawin to be nd heatenant. The last thr me) were Cun Taeoned te date respectively January 1, 1868, December 28, 1se3 January 14, 1 Major Graet’s MMISs iON W 4) na toon ae the ad- ditional sappers and mine: ganized that are cow being rocruited. Malor Placo's headquarters aro at Fort Clinch, Fernaa sat St. Heloua, Soutp dina, Florida, and Major Grae Caroiins H. Allen, captain in the One Hundred and Sixty- ziment New York Volunteers, has received a ed the appointment of Urigade Quarte: master w the staff of General James A. Garleld, of the Uvited States Volunteers. Captain J. A. Slipper, Assistant Adjutant General, Abercrombie’s division, Army of the Pot has re turned to Arlington Honse, division meadq hus brief leave of abseuce North First Lieut. Goorge H. Goger, of Capt. Joho T, MeCown's coinpany, One Hundred and: York State Volunteers, reaig: signation was retur unaccepted by Major Genoral Heintzelman , commandiny eral ‘court martial, of which Acting Brigadier Clarence Buel, of the Fourth Provistonal brigede, Abercrombie’s division, is Presiout, and Lreut. Cha: Corshom Cox, of the Forticth Massachusetts, is Judge Ad- vocate, bas been in sersion for seven weeks, at the #o called Mary Hall's Houre, Mall's Hitl, some three miles frem Chalu Bridge. Besides cave of general Leper}avee, tho court bas evtertained two capital cause, and Ue conduct of the court im the disp mm of severabpoints of military law has elicited the goucrops cncomiime of Coloncl Ht, Judge Advocate General of the service. ane a “FINANCIAL AND COMMERCIAL. Wepnesnay, Jan. 21—6 P. M. The indefinite paragraph in this morning’® Heravp respecting news from the Army of the Potomac created some uneasiness in financial cir- cles, and rather increased the desire of capitaliste to invest their money in property which no military or political disaster could injure. Moncey is with- out change. The bankers in the street lend all the money they have at 6 per cent. Some of the minor speculators experience difficulty in borrow" ing at 7; but houses in good standing are amply supplied. Mercantile paper continues to scll at 6 aG%. Debt certfficates are selling at 9534. Gold opened this morning at 148, sold up to 148% on buyer's option, fell back to 147%, sold ia the afternoon at 148, and closed that bid. The volume of speculation in gold is less than it was, and the belief in another early jump in the pre- mium is not general, unless, indeed, our armies should meet with fresh disasters. Exchange is quoted at 163 a 163%, with a light busineas. The stock market continues active and buoyant As fast as one set of speculators sell to realize profits another set take their piace, and prices adyance atill higher. A large proportion of the heavy atreet operators sold out some time since, in the hope of a reaction; but it has never come, and the sellers cannot now replace their stocks except at a smart advance over the figures at which they sold. People of all classes and in every section of the country are buying dividend paying stocks, in order to be sure of having some tangible property left, in the event of a collapse of the national finances; and it is pretty safe to say that in a very short while no reliable dividend paying security will sell below par. Even such stocks as Harlem old and Har- lem preferred—whose value is indefinite, uncertain and dimly distant—advance two' or three percent aday. The business of the Stock Exchange has increased so rapidly that there are not brokers enough to transact it. Several leading houses are “filled up;”’ that isto say, are carrying as many stocks as their capital will allow, and decline further orders to buy. Some of these houses have been netting from $2,000 to $4,000 a day in commissions. At the morning board to-day'the principal advance was in Harlem old, which rose 4; Harlem prefer- red, which rose 214, and Southern old, which rose 1. Everything, however, was higher. Erie rose %, Erie preferred 1, Galena 1, Rock Island \%, guaranteed %, Michigan Central %, Hud- son %. There was a large business done in Terre Haute and Alton bonds and stocks, at an advance over yesterday's price Cumberland improved ¥% per cent. Governments were hardly as strong; the uncertaintics of the day deter capitalists from investing in them, net- withstanding their excellence. The whole bond list was very firm. At the public board, at one P.M., the market was quite firm and strong on Erie, the Harlems, Galena and Rock Island. At the second board (closed) the market was all higher and some stocks were quite rampant. Erie sold at 8034, and that was bid at the close, At the four P.M. session of the public board the market became extremely active and rampant. Erie rose 3 per cent, Erie preferred %, New York Central 1, Harlem and Harlem preferred 2 each, Fort Wayne 3, and other stocks in proportion. The market has‘never been more exciting. The fol- lowing were the last quotations: — US 6's,reg,’81. 24% a — US 6's,couy’81. 9534 @ 95) 7.20 Treas n..101% a 102 Usd'e.L yr cer 95% a 95% 55g m 14535 con Us domand n.14 Mich So & N Ia 06% 0 Tenuessee 6's. 61 a 6254 MicSeNiaguarl05% a 10556 Virginia 6's... 65% a 66 Jilinols Cen... 96 a 96% Missouri 6’s.. 6640 661% Cleve & Pitts Americangold.148" a 148 Galena &Chi.. 9 97 Pacific Mail. .167% a 16834 Cleve & Tol... 94% 8 96 N Y Coutral..120% a 120% Chic & Rk Isid 99% a 9636 Erie... 8350 84 Chi, Bur & Q.109% a 110 Fria pref.....107 a — MilkPrduCha. 48i¢a 48% Hudson River, 963% 8 96% The annual meeting of the Erie directors wil take place to-morrow, and the greatest anxiety prevails among speculators with regard to the proces, which will be adopted. Some parties be- jeve that 7 per cent will be divided on the pre- ferred; others expect only 5; while a third clase - look for a declaration of 3% on the preferred and 3 on the common stock. To bona fide stockholders it matters very little what course be pursued. The practical peint for them is, what has the road earned? We are led to believe that the report will show over 7 per cent legitimately carned on both classes of stock, and possibly as much as 10 per cent earned for the common stock; that the road is in thorongh repair, admirably equipped, and pre- pared to do a larger business in 1863 than it did im 1862; that the results so clearly forescen by the projectors of the ‘line ten and fifteen years ago have at length, been realized, and that the Erie Railway is now going to be the main artery of commerce between the West and the seaboard | We shall hope to be able to present the resudts of the meeting in our paper of Friday. Among the new securities which are attracting attention among speculators in stocks, though not yet generally known among the public at large, the bonds and stocks of the reorganized Alton and Terre Haute Company occupy a promi nent place. The railroad i8 270 miles long. Ite cost is represented as follows:— Firet mortgago........... .. Lessowned by company... Second mortgage preferred. . Lees owned by company... Second mortgage incomes. Loss owned by company.. ‘Less owned by company... Common et0ck..... sere esereeee 2,090,000 Total... cccceeeceeeseereceee cers eee cess «G10,020,000 The gross earnings Inst year were aboug $1,200,000, and the expenses, which were un- | asually light, about $550,000, leaving net earnings | equal to $050,000. *Dedyct from this $478,090 fog