The Sun.
London, England, 1862-09-17 00:00:00

711 E _RUSSIAN LOAN.

The results of the Russian loan as regards the
investing public of this country have proved as
satisfactory as was anticipated. At the time of its
introduction the question was whether the super-
abundant money then seeking employment in:Lon-
' don should be directed into a channel of this kind,
or whether it should remain to glut the market,
and to enable the concoctors of new companies,
and especially of joint-stock banks, to continue to
an indefinite extent their prosperous trade. Happily
the public had no hesitation on the point, and a
subscription of £5,000,000, the full amount con-
templated as the English portion of the loan, was
promptly obtained. Of course, all the parties who
live by promotion-moneys, brokerages, &c., were
seriously affected by this turn of affairs ; but, as
they have no influence beyond their immediate cir-
cle, respectable capitalists and investers were wholly
uninfluenced by them, and were for the most part
totally unaware that any attempts had been made
to guard them against what were described to be
the terrible perils of trusting the Ruasian Govern.
ment, and to induce them to retain their means for
the variety of new and tempting shares that were in
process of preparation. As we now find that each
subscriber to the Russian loan can realize his pro-
perty at a fair premium if he should be disposed to
do so, while nearly all the companies that were in-
troduced about the same period are at a discount—
some of them to nearly the full amount originally
paid upon them—we may estimate what would
have been the ultimate fate of the scores of new
concerns that, but for the success of that loan,
would have been triumphantly pressed upon the
notice of sanguine purchasers. Those already upon
the market, and which have now so grievously
fallen in price, were, in nearly every case, at least
of a moderately respectable character; but, the
field having been then so greatly occupied, the com-
peting flood of projects subsequently got up for the
mere sake of premiums would have been of a far
less reputable nature. The good of the Russian loan,
therefore, is to be calculated, not simply by its pre-
tent position as a steady and available investment,
which can be converted with a fair profit at any
moment into money, but by the great losses and
discreditable speculations from which it has pre-
served us. It is a remarkable fact that all the main
profits of the year in London have been derived
from adventures which at the time of their appear-
ance were most bitterly assailed by interested
cliques, the Egyptian loan which has iesulted, ac-
cording to present prices, in a gain of more than a
quarter of a million sterling to the English public,
being the most prominent instance. The Turkish
loan, on the other hand, which was well received
on all sides, has thus far resulted in disappointment,
and this disappointment has been occasioned by the
attempts of come of its holders to spread the idea
that the statements on the part of the British Go-
vernment and of the contractors with respect to
the good faith and good prospects of Turkey were
wholly false, in order to disparage the introduction
of a new Turkish security, which was brought upon
our market at a price that, whatever may be its
actual value or want of value, has already put into
English pockets a gain of 6 or 7 per cent.

A warning has been given to the Chronique de
Ouest (a journal of the Sarthe) for an article about Gari-
baldi in its number of Sept 8.
THE INNS OF COURT RIFLE CORPS.—Yesterday
a notice was posted at the head quarters of the corps in the
Temple to the effect that Sir William Milman, Bart. (who
is a barrister-at-law), having presented a silver cup, and
Mr. Henry Griffith a small bore rifle, to be shot for by the
Inns of Court Volunteer Corps (" The Devil's Own ”), the
contest will take place at Sheen on Saturday. Nov. 8. The
ranges will be 200, 500, and 600 yards, five shots at each
range, and the contest will be confined to those effectives
N%ho have kept their position drills and passed the third
class. The highest scorer will have the choice of the two
prizes.
DEATH OF LORD EDWARD CECIL.—The family
of the Marquis of Exeter was placed in mourning on the
12th inst. by the death of his lordship's eldest son, Lord
Edward Henry Cecil. The deceased was born on Christ-
mas-day, 1834, and was therefore not quite 28 years of age.
At an early age he entered the navy, and became a lieuten-
ant in 1855, and commander in 1857.
ARCHBISHOPRIC OF CANTERB"r•—A corres-
pondent of the Edinburgh _Evening Courant writes—lt is
confidently stated that Dr. Tait, the present Bishop of
i
London, who it is well known is a native of Edinburgh, is
to be elevated to the see of Canterbury. Should such prove
epilogue by Richard 13irtage
true, the lines spoken in an
at the Globe Theatre in 1601, may, in connection with the
subterrene roadways through London, be said to be literally

fulfilled :
Ong ? The limping State
" A Scot our
That day must need a crutch.
In tima a Scot will prato
W hat next ?
As primate of our Church!

when such shall be, why then you'll see
-That day it will be found
The Saxon down, through London town,
Shall burrow underground 1"

-- •
RtrgOl:7RED SECESSION FROM THE SCOTTISE
EPISCOPAL CHURCH.—We (Edinburgh Courant) [under-
stand that, in reliable quarters, it is thought that the new
code of canons which is in preparation for the Scottish
Episcopal Church may be the means of dividing That com-
munion. A large body of the clergy and laity, it is re-
ported, intend to enter into relations with the Church of
England if any other ritual than that of the Prayer-book
be adopted.

The Nord mentions a fact which, if true, is not
without importance at the present moment. A French
Captain is said to have just returned from a voyage to
Africa with specimens of a plant, the name of which is still
kept a secret, and which, subjected to some chemical pro-
cess, yields a substance perfectly resembling cotton. Seve-
ral pieces of stuff have been woven out of it, and specimens
submitted to the Emperor of the French. These stuffs are
described as stronger than cotton tissues, equal in fineness,
and 60 per cent. cheaper. The plant abounds both in
Africa and America, and will thrive very well in Algeria.
The Aord adds that a company is being formed to work
this substance on a large scale,