The Sun.
London, England, 1855-01-12 00:00:00

kit °,T 111 5,.."

Tbl. A 1,
A

Aza:
CCV-IMERCIAL J. VT 'fr,LIGILIr

CiTY, TWO o'CLOCIIt
Ile sales of cotton at Liverpool yesterday were
estininted at from 7,000 to 8,000 bales, including
I'°€/0 American and 300 Surat taken for export
4114 011 specelation. Tile, market closed with less
aniniation, but equally firm. The sues comprised
!45°,°, Egyptian at 5Rd. to 9d., 'd-00 Surat at aid. to
"V.) 100 Sea Island at 111,1. to is. 7d., and the
renaainder American. Railway Shares were firm.
4-11 increased business has been transacted in
°lenial produce this week. Of sugar large quan-
tities have been offered publicly, and a great deal
e been taken in. Manilla has declined Gd. per
j:t. Coffee has ruled firm and for tea there has
11 a better ,
1 ° demand from the trade. Russian
Plee have improved in consequence of the an-
1111cenient that the Black Sea ports are to be
blockaded after the Ist of next month. Cotton has
theen rather firmer. Rice has been dull, owing to
(ice decline in grain. A large business has been
Tile in iron at higher prices.
1,121,e Position. of the iron trade in France is some-
-I)°' Peculiar, and the effort of the Emperor to
highg about a more liberal system of trading is
calitiJ commendable, seeing the necessity for great
to ' °it in these matters, and for the protection
It-e?cd for so many years. The whole matter is
by ,explained in the following remarks, condensed
Journal Jere Deporar
ebat y from an article published in the
's
t, s
11tr f,o el„°, (lays since an occurrence took place which shows
veeto,' sdle decree of Nov. 3, 1853, for the reduction of the
4141 de
on iron was necessary for the public interest,
*ere
tocoerate in its teneur, and how entirely without basis
I°seitr,StePs which have been taken to demand the re-
tht°, °,t the duty. The promises made by the ironmasters
krgiitl,"ay companies were not fulfilled, although they
,aethei,n_lre been almost punctually. These engagements
`°ete-g-aePt, the railways were unable, for want of rails,
itiffatjlete their lines, and the public interest was in
Souther is was the position of both the Northern
,7,stittiolrn Railways. The Government then determined
'Necad 'sa some companies to import foreign rails at
Lco and variable duties, according to the situation of
ittblihill„riPanies. The basis on which the duty has been
;4, el Was this :—The duty to be such that foreign
e-4.Frawbka in France, should cost exactly the same as those
French Make according to the bargains then existing
the the railway companies and the ironmasters.
kiya,2 duties fixed conformably to this rule have not in
Ilett;,;' exceeded 74 frs. the 1,000 kilos. (equal to 60s.
dtte,„7, Whilst the lowest have been 60 frs. Therefore,
pate from 60 to 74 frs. at most would be amply suffi-
llasaktit" guarantee to the French ironmasters in their
„4(ltll,l3°§ition not only the maintenance of their make
tkia,.-,,,ta,°noPoly of their home market, but even very
411Na-,`l'a en._ the bargains unfulfilled with the railway
.140,7; but the decree of Nov., 1853, fixed the duties
eNetelt 132frs. until Ist of Jan., 1835, and at 110frs.
10.4 t Ilat date, the reduction now being almost one-half.
eil:e7,ie,nee'Nvithreeard to the Northern and Southern
trett shows' that the decree, instead of sacri-
aTh forte4-nuniast s offers them the most complete seen-
ith,4l.ta,tariff :iro, established.by this decree, was
Ole, importation. of foreige iron before the Ist
Oty a' °O5, was impossible, and even after that date
dh t44°4_.ntful. It is necessary, however, to bear in
feelspe,29,e of. the first requirements of France for the
tic{ kitti`cT of its industry is cheap iron, whether it. be.
tbek 4.11;_".1ral purposes, for manufactures, or naviga.
hi pike of iron is an obstacle to the agricul-
Ohe,ennfacturing, and commercial interests. It may
ttZtaZil that the increased rates of duty was annano-
he legislation of the French monarchy. Under
regiete, iron in all conditions, forged, cast, and
§611,47 Paid more than very moderate duties, and
el it% .e,epublic and the first Empire it was the same;
thessll;i.n bars under Napoleon I. was 44 frs.. The rise
d Croy e,158 en iron was one of the most unwise steps of
•''teentof the restoration, and the law which
t4e"6l3lllti andyetwhen this
Iva, 3 dated December, 1814 ;
Oil°, 444°1,080d, on the 20th August of the same ear,
Go;Illber oeft of Finance, in presenting the Bill tot the
to 4°1'14414 Deputies, took great care to statethathe
ko„ejnsiei hoped .to be able. in the next session
se lVse 'e successive reduction." But how as this
445c.5 f en reearded The law of 1814 fixed the duty
.4;0P144e11d November, 1853, it was 206 frs. The
it the 1111 the duties to the level of those adopted
eatrel Iticitta'Llneire would not overthrow the metal-
Voeillauee „.'tr3r of the French, and put France in
depth tutla,,,geign countries for its stock of iron, but
toand V to create vast establishments in the
if coast ota In Aveyron alone there is enough coal
Pagliartnet:;4l•°_ supply 103 blast furnacers, which,
nee pi-Ei°knes, wcb.,q the dimensions of some of the
keke Lc', is at 'Lid be sufficient to make the whole of the
er eoG only- the resent consumed. France would thou
/re lAcie the a quantity at present made, but evreatwenice,
taatlip.bet atat"t; and, in justification of his aroaeued
lent
taillioali" tense Nellt. 15 years ago England prod
cetriea
.3. bile the present production exceedss three
eirh„reTn!l that the make of iron pr.ogresse
_th
lode The Dialps article of general utility is at a low
Federaplo? and Putting in work of iron offers almost
stilt"he eat
t. the working classes of the trade,
15t the Una* thee fo
sot
%its of w,„_ _ 1' all other branches. of indtuastteryo.f
key ard
t!,,f'oif those of peace this a
that wlfeht.
leek] dal.% 7.
The national work,new then,
4410' and which .1, ic we take the liberty to recom
adililio:f the FrevniChbeibut to return to the secular tsraa-
i ntios ttzt i oenj; e Cheappros
pierroitay 411-bleia-elkiltl°aL as neceass'amrlead
of reuses as chewy bread.s
11.° Iluer this head, yesterday, extracts were given
A 14 the
report which the committee of Anglo-
at 4tall Bondholders presented. to the meeting,
to that hour the proceedings had only just
illt‘getleed, and we were unable to communicate
14-7,111 t viz., that the report was not adopted,
Ne4at the chairmaniof the committee Mr.
NNThornton—declared the meeting adjourned
t,,kpie it entered upon extraneous matters. The
,Teel,44tion of this is exceedingly simple. The
ebt"4l:l Government reduced the interest on its
aAli ,
rut two years since, and in this the English
hrt, generally acquiesced, being totally un-
at hete the time that arrangements had. been
Zi:‘,l,iYoduce into the London and Patrids rnnatro-
rli
g`Z,Taoo_ol. of Home Debt couver
terauisac_
44-.401 Os, Such an unprecedented
I'? 1 °lulling in fact, to the taking of alvn_
bleit loan
d of course had an immediate and
(lama
1)0"%h ,-gting result for the property of the
for Ilwed re9rters, and whatever arguments may
krylity) e.,lther as to the expediency or the
?, compromise, it is impossible for
are t Person to avoid coming Ito one
cirell° ario'arnely, that if Foreign Governments
tbotb,"l,l4) the Red to create debt ad /ibitum, and to
tervti,_`' e
1 bends in the European market as
thocan had been contracted in the ordi-
loa,,-"Wliojll') there is an end of all security to
Tha4vc subscribed to open and legitimate
Ilail;,,Years- Probable exhaustion of the guano, after
froth" Probable
it most important that an un-
t, 0, • .
14.0,„'_bte da."' sinking fund shall be created, since,
%P e; et oft ils guano ceases, there is but a poor
thented
ultp Cle, interest being paid. The committee.
ivit-4r. Thornton have appreciated this
.m tie '11(.1 there is not the slightest doubt that,
Nies. °
01)tai kt Gov, PPurt of the bondholders and of the.
4ce ercoaent they would have succeeded in
it4elrity, %Itch better terms, and certainly ampler
Ing Willman the meeting yesterday expressed
the "as a g to, accept. Whether that meet-f
the, real I,."'ir exponent of the opinion o
Nob '4Veat 14°1ders, who, whatever may be
feti); is a, illeot, seldom attend on these occa-
Nefr,t° actiontn matter for grave doubt, and probably for
NO. to appoint Ut certainly it appears a suicidal
-‘leR
eaaa eeepl a new committee having upon it
For ], J interested in the home debt, andto
here 1;;
(.1:, thanks to the Peruvian Government
et•A"fitieaat-lic its utmost to injure the holders of
e debt ! If the home debt were brought
ve:toe„r(lr °t her foreign debt, and sold as such,
AtePreb,Lateful the proceediu,s, the committee
kt b",_IY not have felt itself called upon to
gels e.ottiLt tecognising a just principle, they are,
413wiatIse that be expected to apply to the Stook
eato4 „L. the
home bonds be quoted, and this
perks, 'We'll°Y have resolutely determined not to
fair eetit, w w;11 not say that lower terms than ten
aye
glin,r4„°,l-141 not have been accepted, with a
fro this "Lee that such would be carried out ;
beetll4 the gpoaran tee, with the gentle pressure
now, ,ecured. re'gn Office, no doubt could have
o,awev. The Position of the bondholders
okrZglittee hr) is evidently complicated. The old
1,4;,Y With qae not been legally dissolved, and will
kit not re 1 a number of bona fide holders who
tr tee, 0 Presented at themeeting. The new Com-
Nitellei4tted ivilit,the, other hand, are very likely to be
Feina the °Y the Peruvian Envoy, because it
;lb 'uterest of his Government to recognise
ak4,..b,are:let _thy
en comes the question, Will the Stock
i47!leLl
~._Bultify its former acts and annul its
eirwileti jute., that a home debt shall not be dealt
B,,,llattanc'elierted into sterling bonds, under such
eon.4e,u as those which distinguish the pre-
1414Tnellt4 4-11, Parties interested in the loans of
t or
411 a gee the • Spanish American Governments
fops '8
to immense importance of this matter,
,tru:4oo, any future appeal to the British
eobaiprilGie;oT: aid under similar circumstances,
ever 6eratioo Tic be once conceded that for a
cre,,Y olio such bonds may be introduced here,
fo;nthuesttifeel
,satisfied. that our ForeiguS.e-
,teit g deaf me being will be fully justified in
it beear. Thus for the present the affair
01°,i_ln,the hands of the bondholders ; and
k4',l peeeisarsatY their business rather than ours, it
cotnro3, do more than explain the position
itl4qe kbt, q
.nlcate what may occur. As to the
n 017,4 is the buyers who have taken it at
orree,t ? and whether hereafter it be cut
finaurgTed depends as much upon political
41111(:° direeto'eris events.
to that °f the Sciude Railway Company
eeettiarantee
atibneinEiast India Company have agreed
qoubt nth© ea .t mum rate of interest of 5 per
°lice. Parties as was anticipated ; and no
There is 4 have the option of paying up at
he"Y market for Public Securi-