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

1 1110•

141 -5,7
-

,-..1 rt.:*

AND
p -r f"rf
A"' 71 E.
'

CITY, TWO o'CLOCK.
e jile sales of cotton at Liverpool yesterday were
I,Zated at from 7,000 to 8,000 bales, including
t
447 American and 300 Surat taken for expel.
Ili • Pnecbulattion. The market closed with less
'11:1:1h8o
sflnt, 3 11 equally firm. The sales comprised
i•ctgYptian at sd. to 9J., 700 Surat at 3id. to
remainder
Sea Island at ltd. to ls. 7d., and the
'gilder American. Railway Shares were firm.
4 increased business has been
0010 • transacted in
etiesllihal produce this week. Of sugar large quan-
4, ate been offered publicly, and a great deal
bee
ere taken in. Manilla has declined Gd. per
c
be, °free has ruled firm, and for tea there has
titagi a better demand from th© trade. Russian
nets have improved in consequence of the an-
leZteent that the Black Sea ports are to be
tcled after the Ist of next month. Cotton has
11 rather firmer. Rice has been dull, owing to
d° decline in grain. A large business has been
Ten iron at higher prices.
What Position of the iron trade in France is some-
} Peculiar, and the effort of the Emperor to
iso
lge? about a snore liberal system of trading
eseee' c°,lnreendable, seeing the necessity.for great
N' e4l, in these matters, and for tho protection.
eel for so many years. The whole matter ids
ijYoutaeelePtiateinellepcieri
anrtyhe following remarks condensed
from an article published in the
z‘acti dee Debate :-
110,,rr I,ll'„ldaYs since an occurrence took place which shows
`Attoth,..' "r decree of Nov. 3, 1853, for the reduction of the
kill tan,l red to
on iron was necessary for the public. interest,.
*er, t-,,,, erste in its tenour, and how entirely without basis
lit„'Yi,.ll2.l,,a,Ps which have' been taken to demand the re-
-I'.l4sTrii"Eks duty. The promises made by the ironmasterste
Zile e-"waY companies were not fulfilled, although h
4.tliei,,l's been almost punctually. These engagementsy
:.40,1Z,'IsPt, the railways were unable, for want of rails,.
'lttereLe their lines, and the public interest was in
talk-a. This was the position of both the Northern.d
klslith,Tlern• Railways. The Government then.determine
Geed-l'as some companies to import foreign rails. atf
Bch 411c1 variable duties, according to the situation o
h%gslAcillt'llAties. The basis on which the duty has been
tt'll! Ott was this :-The duty to be such that foreign
if lv,-14 ili France should cost exactly the same as.those
A..,4re;c4„lliake, Cording to the bargains then existing
'"ieh- u° railwayac companies and the ironmasters.
ke,t,n-etliltiCi fixed conformably to this rule have not in
,illtte3 ezceeded. 74 frs. the 1,000 kilos. (equal to 60s.
itieee 'whilst the lowest have been 60 frs. Therefore,fa
„44t 04160 to 74 frs. at most would be amply su . -
tteteiii" ettarantee to the French ironmasters in their
I'itil Position not only the maintenance of their mvelr
D: bap,°4opoly of their home market,. but even.l
ay
pu-Ns on the bargains unfulfilled with ths railwayes
~,t4tro-144.6 ; but the decree of Nov., 1853, fixed the n ie
V.Lt kat" 132 fro. until Ist. of Jan., 1855, and at 110frs.
t"; 'e date, the reduction now being almost one-half.
;11:Ifeiearxvsith regard to the Northern and Southern
h athat the decree, inAead of sacri-
Zt/At fironuaYastecr7 offers them the most complete secu-
011th-,t,,riffon iron, as established by this decree, was
ii-Nt-ii‘as ilnpoytation of foreign iroqbefore the Ist
m ibl an even after that ate
kittit:Pth4tit°llbtfulv.fasllt ipsenecessary,d however, to bear in
I tiop, ene of the first requirements of France for the
tilttrr:„,°llt (I),f its industry is cheap iron, whether it. be
ti,:', Ths,".t al purposes, for manufactures, or naviga-
lie'4l4 nlgh price of iron is an obstacle to tha a_grimcualy-
, obb!4ufacturing, and commercial interests. It.
no.
th4tioted that the increased rates of duty was an_londer
e 04,!!,1 the legislation of the French monarchy. u
14,44,,1 le; regime iron in all conditions, forged, cast, and
4141411%7 Paid' more than very moderate duties, and
'4s„(let3.,,'•?Public and the first Empire it was the same;
tlhe'oe 4,iiii!_oars.under Napoleon I. was 44 frs. The rise
jeer 40v e.-' °II iren was one of tth. e most unwise steps of
ees ii4.l:aent of the Restora ion, and the law which
t, Aka- „Is dated December, 1314 ; and yet when this
Cis ki ee,_teloosed, on the 20th August of the same year,
to%"nalzlit-,7{,t,0f Finlnce in presenting the Bill to the
ve,tiltnea 4-'epntie's, took great care to state that the
Dr,Ziaaila tit Uoped .to bed hie in the next session
at itt:mat Lteti''reßeacelescr
Treeuation." • But how has this
The lawe of 1811 fixed the duty
litifnika t oPiLkidgilf €.November, 1853, it was 206 frs. The
1 -'er th -"exit the •9 to the level of those adopted
itirgioal
4'4' I ' dutiald not overthrow the metal-
bletiekdrylaipoifre w
'ePenda
theouFrench, and put France in
ssae.°4 4r •countries for its stock of iron, but
ae. rathe,
.43_
.eig
line ;!_ileilts. Qed ton create vast establishments in the
it re,"rt ore i", Aveyron alone there is enough coal
tt ,listrnetei (1_ supply 100 blast. furnacers, which,
I* ati°4 ones °I the dimensions of some of the
tp-ZeW.hici; it's W_;3lild be suffieient to make the whole of the
'" Present consumed. France would then
(4th Jae:. ni, 4,
11 hQ.-' 'ue qUantity at present made, but even twice
Itoti.e/r4ll,btiii-rat°:l" and, in justification of this argument,
eicei4.
whatt' le years ago England produced lent
on .0118 ' uetlaepresent production exceeds.three
to!ii4lB. It is thus that the make of iron progresses in the
Pliee. leVvhere this article of general utility is at a low
14b4defitiettlaking '9214 Putting in work of iron offers almost
'tee, at the ruPloyment to the workinc, classes of' the trade,
'or ti, same time for all other branches of industry.
mils e a.rts of war and for those of peace this new state ofo
till). t Will prove a benefit. The national work,otrheem:ua.
bleed° decree that which we take the liberty t
diced
Ilnd Which will be but to return toctheeapsecular try.-
iron is a Niclii! of the French administratioenn.er
_h
/ie11.b1(.41 almost as necessary to the F sa prosperity ana
eeing of masses as cheap bread. '
nderi this head:vy.ceshte day, extracts were given
ther committee of Anglo-
Pbe the report _
_hiers
leellan Bondhold presentedsto the meeting,
'4)e at that hour the proceedings 'had only just
lllVaanced, and we were unable to communicate
akiNult--viz., that the report was not adopted,
kid that the chairmantof the committee Mr.
tahataThornton—declared the meeting adjourned
eeei!le it entered upon extraneous matters. The
PtVtillation of this is exceedingly simple. The
debts
„i‘ Government reduced the interest on its
Nclitn'unnt two years since, and in this the English
ahre-r' generally acquiesced, being totally un-
NI bi.at the time that arrangements had. been
le,tl- ''',eita_troduca into_ the London and Paris mar-
Nit, `V,OOOI. of Home Debt converted into
e`'%:i.l 45011dg. Such an unpreeedented transac-
Z' le4el4ll°l-inting, in fact, to the taking of a
ililt cIC--• of course had an immediate and
of the
tetii4etaaging result for the property
may
40 114el'etl, editors, and whatever arguments
expediency or the
~ rale, either as to the exPe • for
'43' impart,' Dither compromise, it is impossible
cet 7 a .
e'lls• t al person to avoid . coining Ito one
e4ire t° bi: -,,---11 m lv, that if Foreign Governments
t-114:11bete ta,sll.oevaedeto-crFatedebt ad libitum, and to
eertigle thgee,ir bonds in the European market as
thj tna,a loan had been contracted in the ordi-
;e user, there is an. end of all security to
a, • the e u 3
1°
-'1 Wh'l:V s b cribed to open and legitimate
1141* y.Probable exhaustion of the guano, after
kt ,), i_ ,renders
''''lali -ats it most important that an me
e urge sinking fund shall be created; since,
114°81Cttlici day the guano ceases, there is but a poor
(1-13Poiet-a°f the interest being paid. The committee
e,'lfacelte" by Mr. Thornton have appreciated this
04 13'' and there is not the slightest doubt that,
-titislit-,e support of the bondholders and of the
qtaird ‘e•everercient they would have succeeded in
zseeiiiiitg 'zilch better terms, cod certainly ampleer.
'4161(1' than the meeting yesterday expressdlN upWilling. to accept. Whether that meet-
theof
t "as a fair exponent of the opinion
real holders, who, whatever may be
l'i°''s ti'veBtment, seldom attend on these occa-
ftline) '4
a matter for grave doubt, and probably for
Pnhee action ; but certainly it appears a suicidalit
Partt°, aPPoint a new co -mate° having upodn
to
Nsle-e,.ePly interested in the home debt, an
'°r ha tee °f thanks to the Peruvian Government
,thel,-n,;,1:1.g done its utmost to injure the holders
lieret"nnate debt ! If the home debt were brought
4°Wee-'0 any other foreign debt, and sold as such,
Wee-leer distasteful the proceedings, the committeeto
inte Probably not have felt itself called upon
re
at .erfere
I 3 but recognising a just principle, they a..,
e.eia,4t, not to be expected to apply to the Stock_this
fakeago that the home bonds be quoted, and
bealte`eaticm they have resolutely determined not
ten
• Per r;" We will not say that lower terms thaiet a
fair "eat would not have been accepted, with
44(1 gthila tante° that such would be carried out ;
heel la guarantee, with the gentle
been
the pressure
Foreign Office, no doubt could have
s
ile„, secured. The position of the bondhol holders
Qo') however, is evidently complicated. The o
earelll.l_llit.tee has not been legally dissolved, and will
Were
hot with it a number of bona fide holders
_womho.
not represented at therneeting. The now ii
mitts
treete, on the other hand, are very likely to be.t
eect"ed with by the Peruvian Envoy, because
.1
the 8 the interest of his Government to recogniske,
Each; but then comes the question, Will the Stec
?xcella.neg+
c stultify its former acts and annul its
e
An lei e-- rule, that a home debt shall not he dealt
l'
_,r e el.,
converted into sterling bonds, under such
ile cinnetattee, as those which distinguish the pre-
celletiecas° ? All parties interested in the loans of
ixte,,,tte,,,
,i. "'ill or Spanish American Governments
and.
0,3 the inamense importance of this matter,
C,,,,,' a% to ally future appeal to the British
ielrnanent for aid under similar circumstances,
consider '"° principle be once conceded that for a
everation such bonds may be introduced here,
Y one must feel satisfied that our Foreign SF-
cret,r f
tar Y or the time being will be fully justified_ i.n
.
must a deaf ear. Thus for the present the affair
ktat be left in the hands of the leendholders ; and
as it ig
ig ..._obviously their business rather than ours,.. it
ae`enneeessa.ry to do more than explain the position
lie°. to core.raunica.te what may occur. As to the
to Ine Debt, it is the buyers who have taken it at
downown risk, and whether hereafter it be cut
..n or xecognised depends as much upon political
43 poil fillaileill
The
_. , events.
atl_directors of the Scinde Railway Company
eoil°llnee that the East India Company have agreed
cent, a minimum, rate of interest of 5 per
doubt on the capital, as was anticipated ; and no
Parties will have the option of paying up at
°lace.
There is A very heavy market for Public Securi-

ties, and the supply of money stock increases.
This i r due not :dune to the decline at Phis and
the doubts thrown upon the prospects of peace,
but likewise to the impression that the amount of
bullion in the Bank of England, according to the
evening'sreturn in this Gazeit3, will b again
smaller. The reported defeat of a Turkish detach-
ment in the Danubian principalities has an effect
also upon a market previously drooping, and it is
not the interest of our great capitalists to give any
support until they have obtained their allotments
in the French lean. Consols have been 91 to 91i
for transfer, and 91i to 92 for account, they are
now 91 The New 3 per Cents. have realised
914 to 92i. Exchequer Bills bring 4s. to 7s. prem.
Bank Stock is firm at 2102.
In the Foreign Market Peruvian Bonds have
been firm at 71. The parties advocating an imme-
diate compromise, regardless of adequate security
for its being, carried out, will doubtless prove suc-
cessful in one point—viz., the temporary enhance-
ment of the market values, and a further rise is
not, therefore, improbable. Spanish Threes have
been done at 38. The Turkish Bonds have realised
75i to 76. Russian Five per Cents. have been
done as high as par. Equador are steady at 4.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 5 to 6; Mexi-
can, 21i to 21g ; Peruvian, 70 to 72 ; Ditto 3 per
Cents., 50 to 52 ; Portuguese 4 per Cents., 41 to
43 ; Russian 5 per Cents., 109 to 102 • Ditto 41 per
Cents., 89 to 91 ; Spanish New Deferred, 181 to
19 ; Ditto 3 per Cents., 37i to 381 ; Ditto Certifi-
cates, 5 to 51 ; Ditto Passive, 4i to 4g.
There is a heavy market for Railway Shares, and
the general decline in prices is to per cent.
The lines most dealt in are Great Western, Lan-
cashire and Yorkshire, South-Western, and Mid-
land. The French shares are without much alter-
ation.

The aggregate dealings in Mines, Banks, and
Land Shares are limited.

BRITISH FUNDS THIS DAY AT ONE O'CLOo:

(From the Official List. )

Business done
Bank Stock ... 2lot
3 per Cent. Reduced Annuities... 9lfiiiii
II per Cent. Console Annuities
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 , 4

India Bonds, £lOOO
Ditto, under £lOOO l4 11
Consols for Account, Bth February
Exchequer Bills, 2id.
21000

V. 4 7
47

Small
2500
Exchequer Bonds 1858, 32 per Cent. •—
• Ditto 1859, pp
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent lOO
New Brazilianßends, 1829 & 39, 5 per Cent. 91
Equador Bonds
Peruvian Bonds, 4i per Cent. 7l
Portuguese Bonds, 5 per Cent,, Con. 1811
Ditto 4 per Cent
Russian Bonds, 1822, 5 per Cent. £ St lOO
Russian Bonds, 41 per Cent 894 x d
Spanish Beads, 3 par Cent 3B
Ditto New Deferred, 3 per Cent lB
ruricish Scrip, paid up in full
Ditto for the Account 761 5} 6 5.1
Dividends on the above payable in London.
Dutch Exchange, 21 per Cent. 12 Guil —
Ditto 4 per Cent. Certifieates....~
HALF-PAST TWO.
eensols 9li
Ditto, February Acc rent ...... ..• .913 I

MARKET NE PV,S--(THIS DA Yw