The Sun.
London, England, 1855-08-21 00:00:00

LITTLE HARRY AND HOMILY.

Should Homily be numbered among the missing, then

for her I must substitute VANDAL.
The little-thought-Of division may produce two formi-
dable competitors in LA BELLE and BOLTON. This
opinion is, it must be understood, merely founded on
the fact of their being leniently handicapped.
Odds are freely betted on Fandango for the Great
Yorkshire Stakes, and the betting in this instance may
be regarded as a sure indication of the result of the race.
The running for Earl Derby's Plate will be materially
influenced by the result of the racing on Wednesday and
Thursday. The " lot " which lat present fancy coins
prisesllospodar, Ammonia, Ellermire, Fanny Grey, and
Lilly. The other events I shall not touch upon, as all
opinions repecting them can only, after all, resolve
themselves into guesses.
Aug. 21.

A FRESH MAN.

MARKET NEWS.-(THIS DA Y.)

BAY MARKETS.

SMITHIrIRLD.—OId meadow hay. 41 10s to 6' 108 new
ditto, 4/ 5s to 6/ 00s; old ~o, ,4l 5s to 6/ 12s : new ditto
4/ 103 to 6/ ; and straw, 11 44 Od to 19A Od poi load.
Trade rather dull. •
C Ul4 lt I:BLANC,. —Old meadow hay. 41 5s to 6 124 new
ditto 4/ Cs to 616 s ; old otov , 4 54 to 6/ lOs ; and new
Otto, 4/ 8s to 6/ Os; and straw, It 5s to lOs per lox t.
A slow trade.
WHITECJIAPEL.—OId meadow hay, 4/ 8s to 6' 10s; new
ditto, 41 Os to 6/ Os; old 1/ 8s to Cl 12s; new
'btu). 4,5 s to 6 Os; and straw, 11 4s to 1/ 9s per load.
Trade heavy.

COLONIAL.
TEA.—The market has been very inanimate, and com-
mon congou 14,11111 at Sid per lb.
SUGAR.—The quantity advertised for public sale is
rather large, but the market continues firm. There has
been a good demand for foreign, both for consumption
and exportation, at previous rates. Low good fine yellow
Savannah rules cheaper, duty p Aid being at 37s to 40s 6d.
Colonial is wanted, and sellers require rather higher quo-
tations than last week. Refined home goods have been in
demand at firmer prices. Brown lumps 47s 6d, and low to
fine grocery 48s to 53s per cwt. There were landed last
week at the East and West India Docks 1,210 hbds, 109
tees, 450 brls. There were taken for home use 1,368 hhds,
105 tees, and 543 brie. The stock is 9,632 hhds, 919 tees,
and 2.447 brls.
COFFEE.—Fine Plantation Ceylon has been in more de-
mand and rather dearer, the supply being limited. In the
low sorts but little has been done, and previous rates are
current. Native is dull. Rio afloat is 36s to 38s per cwt.
RUM.—There were landed at the above docks last week
691 puns, 8 hhds ; there were taken for home use 128
puns, and 11. hhds, and exported 485 puns, 299 hhds. The
stock is 9 9SO puns, 530 hhds.
COTTON.—There is some disposition to buy at former
terms.
On Saturday the tallow market declined 3d per cwt, in
consequence of the confirmation of the news of the success
of the Allies in the Crimea ant the Baltic. Why these
successes should depreciate the value of one article we
are at a lose to discover. It is suggested that they
bring us nearer to peace ; if so, we should find the
supplies of tallow very short this coming winter.
because however soon peace were made now no di-
rect shipments could be expected this season trom Rus-
sia, whilst the fact of peace being certain would
deter merchants from undertaking the expensive overland
journey through Russia. However our own view is that
peace will not be expedited by the present reverses of
Russia. The market has been quiet all day and very little
business has been done. We leave off, on the spot, now
56s 31; old, sis 6d ; Oct. to an 55s 3d to 6,1. Separate
months 558 6d to 9d. The stock of " sorts "is small, and
55s to 54s ; beef, 54s to 539 ;
prices are firmly supported,especially for South American.
to 565. The price of oil is well
ISVoteithquoAtme
sustained, and in most cases there is a tendency to ad-
vance. etuasn;,--ss3h4ee6pd,

M. Dupin, sen., is about to bring out a second
volume of his "Memoirs."

" If all Europe is at Paris," says a letter of the 15th,
from Baden, " all the Parisians are upon the Rhine.
Never have Ems, 'Wiesbaden, Hamburg, and Baden
received more visitors. As many as 28,000 visitors
have passed through this city during the last two years."

THE TURKISH LOAN.

(Pronz the Times CityA "fide of ih;s day.)

•
The tenders for the Turkish loan of 5,000,0001. were
taken at the Bank of Eighth,' this morning at.ll o'clock
precisely, in the presence of M. Musurus. the Ottoman
Minister, and Sir A. Sp,arman and M. B•iudin, the re-
presentatives of the Eugli-h and French Governments.
The governor, deputy-govern.er, and the principal direc-
tors were also in attendance, with Mr. J, Fredifield as
their solicitor. Anion?: the- Capitalists present were
Baron L. Rothschild, S;r .Antheny: Rothschild, M.
Adolphe Rothschild, of FranlanitSir Y. L. Gni-de-mid;
Thornton, Mr."-R- H..,Palincr,-_,Mr:z W. H. Mul-
lens, Mr. James Capel, Mr. Laurence, Mr. Cazenove,
Mr. B. Cohen, Mr. I. Cohen; '111i; D, Stern; and Mr.
Forman.
The Governor of the Bank, in opening the proceed.
ings, intimated that the Turkish Minister was ready to
receive tenders for the proposed loan, and that he had
placed on the table a sealed paper with the minimum,
price to be accepted, in case the tenders should prove
below the estimate made. .._
Mr. E. H. Palmer then -banded-in-a- tender on behalf
of Messrs. Palmer, Mackillop, and .Co.. •
Sir Anthony Rothschild foiloWed with a tender on be-
half of Messrs. N. M. Rothschild and.
.fions.
The Governor of the Bank then inquired if any further
tenders were forthcoming ?
These being the only twn tendev,
The Turkish Minister proceeded to open them. The
first he read was that of Messrs. Rothschild and Sons,
as f•llows

"Sir,—We hereby offer for the loan of 5,000,0001 ster-
ling, to be issued in 4 per cent. bonds by the Imperial Ot-
toman Government, in conformity with the terms in the
notice published by your Excellency on the 15th inst., at
the rate of 1024 per cent.— say 103. 12s. 6d. fur every
1001. stock.
" We have the honour:to be, sir, your Excellency's very
obedient servants,

" N. M. ROTHSCDILD AND SONS.
" His Excellency M. de MusuruS, Ambassador
from the Ottoman Porte,"
The next was from Messrs. Palmer, Mackillop, and
Co. :

" Sir,—We beg to tender for the 5,000,0001. of 4 per
cent. stirling bonds 1001. lls. for every 1001 bond, and
agree to the conditions stated in your Excellency's notice
of the 15th inst.
And we have the honour to be, sir, your very olp-
dient servants,
" PALMER, MACKILLOP, DENT, and Co."
M. Musurus then declared that the tender of Messrs.
Rothschild, being th's most favourable, was accepted.
A. short conversation subsequently took place in rela-
tion to the payment of the premium, the loan for
5,000,0001. actually representing, according to the terms
offered, 5,131;250/. After conlerence bet,veen the Go-
vernor of the B mit, M.' Musurus, and Baron L. Roths-
child, it was agreed that the first instalment of 500,0001.
shall he paid as alrendy arranged, and that the premium
shall he left till the last instalment. _ .

--•
Upon the announcement of the loan having been
taken at a price as high as 104, the speculators who
had previously been dealing in it at 3l premium were
greatly disappointed, and the first regular quotation for
the scrip was P, premium. Subsequently numerous
sale by the holders small alottnents caused a decline
to a premium. From this, after some fluctuations, there
was a recovery to Ito which was the last official
quotatien. A large purchase was subsequently made at
11, and the latest transactions were at 11 to /.
The course prices have thus taken indicates that the
rate offered by Messrs. Palmer and Co. was about
that which the speculators anticipated when they dealt
in the scrip at 31 premium. Much of the flatneeis
in the first quotations this morning was ceu,ed by
the impression created by the wide difference between
the two tenders that the terms given were perhaps mote
than 2 per cent. beyond what had been necessary.
When, however, independent calculations cams to be
made of the real value of the stock—jedging from the
prices of Consols, Exeltecpieranide, and other securitie s
dependent upon the credit of Great Britain—a more
favourable estimate prevailed, and the market assumed
a firm appearance, which was increased by the undei-
staeding that some of the later purchases were on ac-
count of insurance companies arid other establishments
eekirrer permanent investments for large amounts. It
appears that at the present rate of money the delay in
the payment by instalments is worth 1/. ls. per cent.,
and the actual net price at which the loan i.e taken is,
therefore, 101/. lle. 6,1 , at which it pays an annual in-
terest of 3/: 18e 6d. The security of the loan is unqms-
tionably equal to that of Consols, with the additional
guarantees afforded by the Frerch and Turkish Goveru-
mows, and it is on this basis its worth must be calcu-
lated, after making-such deductiene as may be necessary
in connection with the sinking fund, and on the score of
novelty er less perfecS marketability. A point to be
taken into account is, that the stock being primarily a
foreign one,, it is not available for trust and other pur-
chases where the English national funds are distinctly
specified, but, on the other hand, the c invenience of its
being in coupon bonds will op-rate ie an attraction to all
public companies and moneyed persons seeking employ-
ment for floating capital. By insurance offices who will
take them upon minute calculations of what they will
yield during their entire term, irrespective of any other
circumstance, they are certain to he absorbed to a col-
siderable extent so lug as they continue to present any
great diSparity of price as compared with ordinary fund-
ed investments. Under this view there has been a
growing feeling through“ut the day that the tenni; of
the contract are not higher than the credit of the
country demande, while it is also satisfactory to con-
template the extent of. the benefit conferred upon
Turkey, since with all the preetie_e imparted to her seen-
ritie: by the present loan, as well as by the mortgage of
the Egyptian trinute, which conetitutee her most directly
available means, her unguaranteed Six per Cent. Stock
is still 8 per cent. below the tarice at which a 4 per cent.
loan has now been raised. • .
Messrs. Feltner, Mackillop, and Co. will return the
10 per cent, deposits on their subscription lists to-mor-
row (this day).
Messrs:Rothschild will return the surplus deposits
held by them any time after 12 o'clock to-morrow (this
day).
The allotments of the loan .were in the proportion of
20 per cent. of the amount aeke,l for by each, applicant,
with the exception of a few cases, in which extraordi-
narily heavy sums were sought by large dealers, and in
which a greater deduction was made, so as to enable the
contractors to meet, in some degree, the wants of a large
number of persons whose applications were individually
small, but who desired to become'permanent hold rs.
A statement was circulated that the minimum price
fixed for the loan by the Turkish Minister was 1001, but
the sealed document in which it was contained was not
opened, and it is not probable that- any information was
given on the subject even after the completion of the
contract.
Annexed is the manner in which the arrangement for
the deposit and instalment now stands :
" Deposit 101. per cent., 500,0001., August 22; second
instalment, 201. per cent., 1,000,0001., September 12; third
instalment, 201. per cent., 1,000,0001., October 2e; fourth
instalment, 151 per cent., 750; 001., November 2:4; fifth
instalment, 151 per cent., 751,000/., December 14 ; sixth
instalment, 101. per cent., 500,0001., January 1, P 456,
seventh instalment 121. 124. 61. per cent., 631,2501., Janu-
ary 25. Total, 5,131,2501." .

FESTIVAL OF THE THREE CHOIRS.

According to the customary rotation, the festival o
the three choirs of Worceeter, Hereford, and Gloucester
is held this year at Hereford, and opens this day (Tues-
day) with full cathedral service and a sermon at Here-
ford cathedral. The rehearsals commenced at the cathe-
dral yesterday morning, and were to be finished at the
Shire-hall in the evening, under the conduct of Mr. G.
Townshend Smith, who, by virtue of his office as organ-
ist of Hereford cathedral, assumes the baton through-
out the festival. Very few strangers attended the re--
hearsale, a prohibitery fee of a guinea being demanded
from all—a salutary regulation which prevents unpleas-
antness or misunderstanding. At the last festival
Hereford was without a railway, and the snorting of the
" iron horse" ha f been unheard in her rich vales and
pleasant glades ; now she enjoys the conveniences af-
fordel by three lines of rail tray communicating north,
south, ea t, and west. The lines now opened to Here-
ford are the Shrewsbury and Hereford, communicating
with r he northern district ; the Newport, Ahergavennv,
and Hereford, running to the borders of South Wales,
and to a very populi Iv country; and the Hereford, Mica,
andGl•mceeter Railway, by which the metreeo'is,
Gloucester, Cheltee ham, Brietol, and South Wales are
reached. These will, no doubt, bring throngs of visit ire
to the meeting, a 5, in order to encourage temportry
traffic, additional accommodation will be aff .rde t to
visit ore at cheap rates. A special train arrived at H. re-
f ird yesterday, afternoon from London by the Great
We-tern and Hereford, Ross, and Gloucester line, and
daily special trains run frem Bristol, Worcester, Chels
tenham, and Gloucester at single fares for the double
journey. With these temptations t travel, and a con-
tinuauce of fine weather, one of the most successful
meetings ever held at Hereford is anticipated.
The object of these meetings is to maintain the charity
for the relief of the widows and orphans of clergy of the
three dioceses of Worcester, Hereford, and Gloucester,
arid the average amount derived therefrom yearly is
about 9001., which is realised entirely by subscriptions
at the doors of the cathedral after each morning's per-
formance of sacred music. It is rarely the case that the
proceeds of tire sale of tickets defray the expenses of the
festival, but any deficiency is made good by the stewards,
and under no circernetances whatever are the collections
at the cathedral doers rendered liable to the expenses of
the meeting. At Gloucester, in 1853, there was a surplus
of receipts over expenditure,
and the collection at Wor-
cester last year reached 1,0241., which
was the largest
(with two exceptions) on record. There can be little
doubt that the results of the Hereford meeting will be
equally satisfactory.
The stewards who take upen themselves the pecuniary
responsibilities of the present meeting are the Right
Hon. and Rev. Lord Saye and Sele, Sir E. J. J.
Brydges, Bart. Mr. B.roker, M.P., Mr. E. Chadwick,
Mr. H. S. S. 'Thorpe, Mr. W. T. K.. Davier, Mr. J.
H. Hakwright, and the Rev. W. P. Hopton. Lord
Bateman, Lord-Lieutenant of Herefordshire, is the pre-
sident ; and the Bishops of Hereford, Gloucester and
Bristol, and Worcester are the vice-presidents.
The hon. secretary and conductor of the festival, Mr.
G. T. Smith, has succeeded in securing a goodly array
of vocal and instrumental talent. The principal vocal-
ists are Madame Grtsi, Madame Clara Novelle, Mrs.
W eis. , Miss Moss, Miss Dolby, Mr. Sims Reeves, Sig-
nor Morio, Mr. Montem Smith, Mr. H. Barriby, and
Mr. Weise. Miss Moss and Mr. Barnhy are local ar-
tistes. Mr. Blagrove is the leader of the band, which is
selected chiefly from the London concerts ; Mr.
Arnett, organist of Glocester, presides at the organ ;
and Mr. Dove, organist of Worcester Cathedral, at the
pianoforte. The choral band has been selected from the

AUGUST 21

three cathelral choirs and the choral societies of Here-
ford. Gl,u-T,ter, Wt.ree t.sr, and Liverpool.
Vuesd.t.y,!Wed nes& • u r,day, and Friday inorrings;'
will be devote}- to sacred music-at-0e- cathedral. and
there viii be secular concerts at the Shire-ball on Tues-
day, Wednesday, and Thur-day evei.ings. On Wednesday
evening there wilt be a ball after the concert, and on
Friday night the week's festival will be wound up by a
grant full dress ball at the Shire-hall. On Tuesday
morning-there will be --full cathedral. service, and a ser-
mon will be preached by the Rev. NV. P. Hopton, one
of the- stewards of the meeting.' BefTe the eervice
Spohr's overture to the Last ,Ludument.will -be played by ,
the band. The preces, respontes, and chant ti the renite
are by.Tallis; and the psalm chant is by Mri Smith, the
conduct The " Dettingen" Deuin will be given
as usual, but a new Jubilate, composed by Mr. Town-
shend Sniith expressly for this festival, will be intro•
diced. Haydn's chorus, "The Heavens are telling,"
from the Creation, will be the anthem, and the 98th
Psalm, Mendelssohn, will precede the sermon. Beeth-
oven's " Hallelujah chorus," from the Mount: of Olives,
will close the morning service. On Wednesday morning
Mendelssohn's Elijah will be given entire, -Mr. Wefss
having to support the arduous part of the Prophet.
Marto will sing the air, "If with all yosr hearts," and
Miss Dolby and Madame Novelle, assist in the oratorio.
In the second part of the orat ,rio Mr. Sims Reeves
takes several of the tenor solos. On Thursday morning
we have Mendelssolm's " Hymn of Praise," Madame
Clara Novello and Mr. Sims Reeves sustaining the prin-
cipal vocal parts. Spohr's " Chrntian's Prayer" and
Mozart's "Twelfth Service" follow. Clara Novello
sings Luther's Hymn, and Mr. Sims Reeves " Sound an
Alarm," from Handers Judas Maccabccus. On Friday
morning we have Handers Mess;ah, which is never
omitted at these festivals.

The evening c,ncerts consist of the usual miscella-
neous selections fait the most popular works Of living
and deceased composers.
We oh-erve it is stated in the programmes that toe
proceeds of these fe‘tivals have of late years averaged to
each widow 201, and to each orphan in the diocese 151.
That such institutions stand in need of immediate en-
couragement i. unhappily too manifest from the present
numb, r of applicants—more than 25 orphans' and eight
widows—whiie the necessity of future support is equa ly
evident from the fact that there are within the three
dioceses 147 benefices having an income below 1001. per
a-inurn.

.RAILWAY INTEL! IGENCE.

BRISTOL AND EXETER.

The report of the directors of this company states that
the gross traffic receipts for the half-year ending the 30th
of June last amounted to 152,4371. (including 2,6461.
from the Exeter and Crediton Railway), being an in-
crease of 8,1571 over those of the corresponding half-
year of 1854. The working expenses charged to revenue
account, including those of the Exeter and Crediton and
Somerset Central Railways, amounted to 81.5451., or
53.49 per cent , or 664/. per mile on 1221 miles uf railway.
The I,,crease in the number of parcels conveyed was
38,679, and in the receipts for parcels 1,0511. The
balance remaining disposable fcr dividend is 46,4771.,
which will provide for the usual dividend of 41 percent.
per annum on the 2,000,0001. of consolidated stock, and
leave a surplus of 1,4771. To assist the C,,rnwall Com-
pany to construct their line as far as Truro, the direc-
tors have agreed, in conjunction with the Great Wes-
tern and the S iuth Devon C.impanies, to guarantee the
iaterest upon 375,0001. in debentures now in course of
issue by the Cornwall Company. The lease of the
Exeter and Crediton line expired on the Ist of August,
together with the agreement to supply engine power and
rolling stock for working the North Devon line, and no
arrangement has yet been entered into for a renewal of
the leme, hut in order to prevent inconvenience to the
public the company continue to wink the Exeter and
Crediton line.