The Sun.
London, England, 1862-11-14 00:00:00

COMMERCIAL INTELLIGENCE.

(From New York Shipping and Comma cial List, Nov. 1.)
The more promising aspect of military affairs continues
to exert a very favourable influence in monetary and com-
mercial circles, and a good feeling obtains in nearly every
department of trade. There has been very little excite-
ment during the past three days, and the week promises to
close as quiet as in former years, when civil wars within the
limits of the Young Republic were reckoned among the
things not possible. Military matters have been freely
discussed, and the general opinion is that important events
in connexion therewith are not far remote.

The pernicious effects of the greatly exaggerated reports
in regard to the Government expenditure during the past
year and a half, which have been so freely circulated for
political purposes by certain newspapers which have ren-
dered themselves conspicuous by their long continued mali-
cious misrepresentations of every act and measure of the
last Congress and of the present Administration, can scarcely
be over estimated. Their reiterated asseverations that the
expenses of the Government are fully 2,000,000 dole per
day, and that the national indebtedness has been swelled to
nearly or quite 2,ooo,ooo,ooo—combined with the fact that
these statements have not been authoritatively denied—
have implanted a quite general belief on the part of the
public, that the current expenses of the Government are
vastly in excess of what the public had been led to expect,
and that the national debt has increased to a fabulous
amount. In view of these facts we extract from the last
circular of Messrs. Samuel Hallet and Co., bankers, an esti-
mate of the aggregate national indebtedness up to the pre-
sent time, by which it will be seen that neither the Govern-
ment debt nor the current expenditures are sufficiently large
to occasion the least alarm. The figures are as follows :
Dollars.
Debt contracted prior to July, 1861 .. .. 118,000,000
Bonds bearing 73-10 per cent. interest .. 132,000,000
Bonds bearing 6 per cent. interest payable in

1881 .. .. .. .. .. .. 50,000,000
Certificates of indebtedness .. 66,000,000
Deposits with the Sub-Treasury, and payable

on call .. .. .. .. .. .. 65,000,000
Treasury Notes, new issue .. .. .. 180,000,000
Custom-house Notes .. .. .. .. 24,000,000
The Five-twenty Year Bonds .. .. .. 18,571,100

Total indebtedness .. .. .. 653,511,100
It is, of course, not claimed that these are the exact figures,
but they are no doubt approximately correct.

KING'S COLLEGE.- THE LATE
EXHIBITION.

Last night Professor Leoni Levi, LL.D., gave the
introductory lecture of a course on the Commerce of
the Countries represented at the International Ex-
hibition, in one of the lecture rooms of this institu-
tion. Earl Granville was announced to take the
chair on the occasion, but his lordship sent an apo-
logy for absence on account of indisposition, and
Dr. JELF, the Principal, stated that the Chan-
cellor of the Exchequer had, at a very short notice,
consented to preside.

Sir C. W. Dilke, Mr. Lo Neve Forster, and other
gentlemen connected with the Society of Arts and
the Exhibition were present.
The PROFESSOR gave a clear and succinct history
of toe origin, history, and progress of these exhibi-
tions during the last 100 years, till they culminated
in this country in that of 1851, which owed so much
of its success to the late Prince Consort, whose la-
mented death had interposed so many obstacles to the
success and completeness of that just closed. The pe-
culiarity of these exhibitions was that they not only
exhibited the productions of different countries,
but as it were photographed the people of the vari-
ous regions and climates represented by these insti-
tutions. They enabled us to form an accurate idea
of the precise stage of development at which they
had arrived in industry, science, and art, and to ::ee
at a glance in what elass of materials and produc-
tions they had an excess over their own powers of
consumption, and consequently had a surplus for
profitable exchange with other countries. Mr. Levi
discussed at some length the questions of the best
classification of materials and works exhibited, and
the propriety of awarding medals and honourable
mentions to successful exhibitors. For reasons
which lay on the surface this country and its colo-
nies took the most conspicuous place for the num-
ber, variety, and excellence of the articles exhibited
in every class, and especially in textile fabrics, ma-
chinery, and ores. In silk manufacture we had
made great progress within the last 10 years, and
with good material and competent workmen we
might within the next 10 years produce much bet-
ter goods than the French. France, our nearest
neighbour, came next, and then L.'llowed Prussia
and Austria. Germany as
bnedto
nitvosiishdi
aeo
rvn
esn,
ag ni
etd: irehnpibofuturel
nl iyot
nuweno
dfuae
vpd
oa
urb
rt
able state, came well out in the competition, and its
a whole suffered from
e
aimtnse improvement
politicalp r ove
Italy,msue
fine art court was thronged from the first day to the
last. After remarking upon the immense stimulus
which these exhibitions imparted to invention, and
expressing a hope that in the interests of peace and
a better understanding between nations there would
before another exhibition took place be a universal
system of weights and measures, of notation for the
barometer and thermometer, and a uniform decimal
system, the learned professor concluded by express-
ing a hope that we should not
rest content with the
mere material results of such exhibitions, but look
upon them as so many
steps in the great ladder—
so many links in the great chain which bound men
and nations together, and that through them we
might rise higher, and realise the great idea that in
truth and deed we are the children of one father,
and learn to dwell together in peace. (Hear.)
The CHANCELLOR of the EXCHEQUER,in thank-
ing the lecturer for his admirable and eloquent lec-
ture, said it was hardly necessary to do so after the
hearty and spontaneous tribute which had been paid
by the audience; hut in giving articulate expression
to his and to their gratification, he could say that it