The Sun.
London, England, 1865-08-07 00:00:00

SPORTING INTELLIGENCE.

LEWES RACES-SATURDAY.

The concluding day's sport of this very agreeable
gathering was celebrated in the most delightful weather,
and with a success quite equal to many of the more impor-
tant meetings. The attendance, although not so large as
on the first day, was exceedingly good, the large number
of carriages that left Brighton for the course bearing evi-
dence to the great popularity of Mr. Verrall's meeting. The
Lewes Handicap, the County Cup, and the Nursery, added
to five minor events, made up a very interesting card. One
race, a Plate of £5O, was void in the absence of the re-
quired number of starters. Very little was doing on the
principal handicap until the numbers were hoisted, when
speculation became very active. Eighteen of the 26 on the
card went to the post, those most in demand being Suspi-
cion and Provisor, though John Davis, Balharn, and Ver-
dant had many friends ; indeed so good a handicap was it
considered that nearly every horse that ran was backed.
Suspicion, the Goodwood Stakes hero, scarcely belied his
name, for he never showed prominently in the race, which
was so cleverly won by John Davis that it is evident
Danebury made little or no mistake when they stood him
for "a raker" for the Northamptonshire Stakes. The
other events do not call for special remarks, and the meet-
ing terminated with the Nursery Stakes, wherein a hot
favourite, Gunboat, was bowled over, the race being won
by Lucifer. Mr. Verrall may fairly be congratulated
on the eminent success of the meeting, which, throughout,
was characterised by excellent management. A detailed
report of the day's racing is appended :
The Town Plate (Handicap) of 50 sovs ; for 3-year-olds
and upwards. Half a mile.
Mr. S. Thellusson's My Cob, 3 yrs, Est 71b (car. Est 91b)
(J. Grimshaw) 1
Mr. Wodson's The Gem, 3 yrs, Est 71b (Heartfield) 2
Lord Westmorland's Papoose, 3 yrs, Est 41b (Tribe) 3
The following also ran :—Colleen, Leovillo, Foncier,
Bella, Elise,- Virtuous, Frogmore colt, and Halifax.
Betting-3 to 1 agst Bella, 6to 1 each agst My Cob, The
Gem, and Leoville, 8 to 1 agst Papoose, and 10 to 1 agst
Virtuous. The Gem was first off, followed by My Cob,
Papoose, and Virtuous, the Frogmore colt heading the
others to the distance, where My Cob drew up to Mr.
Hodgman's filly, and, heading her at the commencement
of the stand enclosure, won cleverly by a length ; Papoose
beaten two lengths for second place ; Frogmore colt was
fourth, Bella and Colleen close together were next, Virtuous
and Leoville being the last two. _

A .Z5O Plato, for 3-year-olds and upwards; weight for
ago ; and selling allowances. One mile and a half. Do-

dared void.
The County Cup, value 200 sous, by subscription of 10 sous
each, with 100 added ; for all ages; weight for ago; with
penalties and allowances. T.Y.C.
Mr. Vincent's Redan, 2 yrs, 7st 51b (inc. 51b extra)
(Grimshaw) 1
Capt. King's Gem of the Sca, 5 yrs, lOst 31b (inc. 101 b ex.)
(Goator) 2
Mr. W. Morris's Ambition, 2 yrs, 7st 21b (inc. 51b ex.)
(S. Adams) 3
The following also ran :—Attache, Troublesome, Me-
phistopheles, Osiris, and Swordsman.
Capt. King declared to win with Mephistophiles.

Betting-2 to 1 agst Redan, 4to 1 agst Mephistophiles,
100 to 15 agst Gem of the Sea, 8 to 1 agst Swordsman, 10
to 1 agst Ambition, 12 to 1 agst Troublesome, and 20 to 1
each agst Osiris and Attache. After several failures, Osiris
jumped off in front, followed byMephistopholes and Redan ;
the others in good order followed into the dip, whore Gem
of the,Sea drew forward and Redan passed Mephistopehles.
At the distance Osiris dropped into the rear, and Ambition
took third place ; but Redan, coming on full of running,
won cleverly by a length ; Ambition beaten three quarters
of a length from the second. Swordsman, who ran un-
kindly throughout, was fourth, Troublesome next, Mephis-
topheles and Attache finishing last.
The Lewes Grand Handicap of 15 sous each, 10ft, with
200 added ; winners extra ; the second to save his stake.
Two miles. 75 subs, 58 of whom pay 3 sous each.
Mr. J. Day's John Davis, 4 yrs, 7st 71b
Mr. J. Parke nd Farce, 5 yrs, sst 10Ib (Huxtable 2
Lord Uxbridge's Arkansas, 3 yrs, Est (in7lbex) (Kenyon 3
The following also ran :—Union Jack, Dalby, Lucky
Star, Suspicion, Dunkeld, The Plover, Balham, Llangol-
len, Olivia, Bolew, Roseneath, Pyrrha, Provisor, Verdant,
and Warfare.

Betting-4 to 1 each agst Suspicion and Provisor, Bto 1
agst John Davis, 10 to 1 each agst Verdant and Dalby, 12
to 1 agst Pyrrha, 100 to 7 each agst Balham and Ftiree, 100
to 6 each agst Dunkeld and Boleno, and 20 to 1 each agst
Union Jack and the Plover.

At the second attempt the lot were despatched in fair
order, but after going a short distance, Pyrrha and Arkan-
sas took a lead of several lengths of Verdant and Lucky
Star, who lay at the head of the others, who were brought
up by Union Jack. After proceeding about half a mile,
Pyrrha disappeared from the front, and Balham improving
his position, went in pursuit of Arkansas, followed by Pro-
visor, Farce, John Davis, and Verdant, who entered the
straight in the order named. Going down the hill Balham
assumed the lead, which he held till approaching the dis-
tance, when John Davis was in close attendance, followed
by Arkansas and Farce, Dalby, Union Jack, and Provisor,
heading the others till within the distance, when John
Davis took up the running, and heading Balham (who sud-
denly gave way beaten), was challenged simultaneously
opposite the stand by Farce and Arkansas, neither of whom
could, however, reach the Danebury horse, who won cleverly
by a length; Arkansas, who finished third, was only a head
in the roar of Farce. Dalby was a bad fourth, Balham fifth,
Union Jack sixth, Provisor and Boleno next, Pyrrha and
Llangollen whipping in the nick.
The Juvenile Stakes of 5 sows each, with 50 added, for t wo-
yr-olds ; colts, Bst 101 b ; fillies, Bst 71b ; selling allow-
ances. T.Y.C.
Mr. G. Graham's Polka, Bst (..£5O) (Perry) 1
Mr. Kent's Mary Hill, Bst (£5O) (Buck) 2
Mr. E. Duke's Fomentation Bst (X5O) (Fordliam 3
7.

Lord St. Vincent's Woolwich, Bst;3lb(.£so) (J. Orimshaw) 4
Mr. E. Egerton's Finale, Bst 31b (X5O) (T. French) 5
Betting-5 to 4on Fomentation, 3to 1 agst Woolwich,
4 to 1 agst Polka, who jumped off with a clear lead, which
he maintained throughout, and won in a canter by three
lengths ; Mary Hill defeated Fomentation by a length for
second place ; Woolwich a bad fourth. Tho winner was
bought by Mr. Godding for 135 guineas.
A Scurry Handicap of 10 sovs each, 5 ft; gentleman riders;

professionals, 71b extra. T.Y.C.
Mr. D. Gardner's Saladin, 3 yrs, lOst 91b (inc. 7113 extra)
(T. French) 1
Lord St. Vincent's Grappler, b' yrs, 9st 121 b (Mr. Bpvill) 2
Mr. W. Morris's Warrior, 4 yrs, l2st 31b ... (Mr. Dixon) 3
The following also ran ;—Lord Douglas, Trap, Durham,
Mrs. Somerville, Castle Hill,
pathy, and Columbia. Chaperone, Imogene, Sym-
Betting-2 to 1 agst Warrior, 6 to 1 agst Saladin, 8 to 1
agst Grappler, and 10 to 1 each agst Lord Douglas, Dur-
ham, and Mrs. Somerville. Castle Hill, with Grappler close
up, made play into the dip, when Saladin, who headed the
others, drew up, and at tho distance took the lead, and won
cleverly by half a length; three lengths separated the
second and third. Castle Hill was fourth, Chaperone and
Trap next, Durham bringing up the roar. Warrior got
badly off.
The Castle Stakes of 4 sovs each, with 30 added, for 2-yr-
olds and upwards; weight for age, with selling allow-
ances. T.Y.C.
Capt. Machell's Trap, 5 yrs, 9st (£3O) (A Edwards) 1
Mr. G. Angell's Goldylocks, 4 yrs, Bst 81b (£3O) (Perry) 2
Mr, John Dawson's Bella, 3 yrs, 7st 131b(£30)(Hibberd) 3
The following also ran :—Confusion, Bunch, Went-
worth, Viper, and Seymour.
Betting-5 to 2 agst Goldylocks, 3to 1 agst Wentworth,
4to 1 agst Bella, and 100 to 15 agst Trap. After a long
delay, Goldylocks jumped off in front and showed the way
in the centre of the course with Trap, Bella, and Confu-
sion in attendance to the distance, where the three placed,
drew away and finished a. splendid race, Trap winning in
the last stride by a head; the same distance separated the
second and third. Wentworth was fourth, Bunch fifth,
and Halifax next. The winner was sold to Mr. W.
Bennett for 240 guineas, and Captain Machell claimed
Bella.

The Railway Nursery Stakes (Handicap) of 10 sovs each,
5 ft, with 50 added ; winners extra ; the second to save
his stake. T.Y.C.
Lord St. Vincent's Lucifer, 7st 51b (J. Grimshaw) 1
Mr. E. J. Sayers's Her Ladyship,. 7st (H. Covey) 2
Mr. Saxon's Mouitress, 7st 71b (Clement) 3
Tho following also ran :—Actma, Venture, Gunboat,
Diadem, Blackthorn, and dillan-a-Dale.

The Conversion and Unification of the
Ottoman Debt•

TO THE EDITOR.

Sir,—The conversion of the Ottoman Internal
Debt is fixed for the first days of August.
The opposition to the measure naturally aroused
by the many disappointed interests is therefore at
an end. It has certainly delayed an operation the
soundness of which is not disputed, but it has suc-
ceeded neither financially in burking it, nor politi-
cally in shaking
_the position of the present advisers
of the Sultan.

It is only. fair, therefore, that those interested in
the conversion should be made acquainted with the
real facts of the case. These, with your permission,
I will lay before your readers, neither advocating
the cause of those who have bceii assailed, nor en-
deavouring to turn the tables on the assailants.
The liabilities of the Ottoman Empire are divided
into two categories—the External or Hypothecated
Debts, contracted, as their designation implies,
abroad, and secured on special sources of revenue ;
and the Internal Debts, known principally under
the generic term of Consolides, issued at Constanti-
nople alone, and therefore dependent only on a
compact between the Porte and its subjects, and
secured on the general credit and resources of the
Empire.
The External Debts, with the exception of one
which is guaranteed by England and France, bear
an interest of 6 per cent., with a sinking fund of 1

per cent.
The Internal Debts, for the most part, bear an
interest of 6 per cent., with a sinking fund of 2 per
cent. In both cases the sinking fund is applied to
the payment of obligations at par by annual draw-
ings.
This state of things was evidently unsatisfactory
to investors, and therefore damaging to the country.
The public debt of a State should be of one uni-
form value, and rest on the same security. An it-
vestor wishing to purchase French or English stock
can do so almost without inquiry. The investor in
Turkish funds meets with difficulties which one not
acquainted with finance does not care to encounter.
He finds two descriptions of securities of different
value, each description further subdivided into
unequal gradations. Thus a complicated system
depreciates public credit even where the security,
if carefully examined, would be found satisfactory.
Meanwhile the general credit of the country is
diminished by each successive hypothecation.
It was therefore the desire of the Government,—
first, to establish for the future a uniform and nor-
mal system of public debt, reposing, not on special
mortgages of revenue, but on the general faith
and resources of the State ; secondly, to reduce
such existing debts as could be reached into this
one system.
This object was accomplished by the enactment
of three laws. These laws established a system of
public debt, to be called the General Debt of the
Empire.

A Great Book is instituted, in which all future
debts of the Empire are to be inscribed, under the
direction of a high officer of State, to be called
Governor of the General Debt.

These debts are to consist of obligations at 5 per
cent., with a sinking fund of 1 per cent. The obli-
gations are to be printed in Turkish, English, and
French, bearing a fixed value in the currency of the
language. The interest is to be paid half-yearly, at
a fixed rate of exchange, at Constantinople, Paris,
London, Amsterdam, and Frankfort.
Tho sinking fund is to be employed in the follow-
ing manner :—A sum of 1 per cent. on the original
nominal value of the bonds issued, together with
the interest of bonds previously amortised, is to be
annually applied to amortisation. With this sum
bonds are to be purchased to the nominal amount of
1 per cent., at the market price of the day. The
difference between the market price of the bonds
and their nominal value is to be applied to a reserve
fund, which will preserve the equilibrium of credit.
This institution, perhaps, requires elucidation.
Assume a debt to be created of the nominal value
of one million sterling. One per cent. on this is
£lO,OOO, end this amount will be annually appro-
priated for the amortization. But the market price
of £lO,OOO Turkish Stock may only be £5,000 or
£6,000. Therefore, of the £lO,OOO set apart for
amortization, £5,000 or £6,000 will be applied for
that purpose, and the remainder for the reserve
fund.

Thus, if the stock remain at 50—the price of issue
—an accumulation of the reserve fund will amount at
the end of 37 years, when the debt will be finally
amortized, to a sum equal to the whole amount of
the debt. Meanwhile, if Turkish credit be bad and
Ottoman funds be low, the reserve fund increases
in amount, while it decreases only in proportion to
the rise of public credit.
Precautions are furthermore taken for the due
administration of the new debt. By a clause in the
law no fresh inscription can be made, except after
due provision for the payment of the interest and
sinking fund thereon, either by an increase of re-
venue or a saving of expenditure ; while the opera-
tions of the reserve and sinking•funds are subject to
the supervision of a council composed of leading
merchants, native and foreign, resident at Constan-
tinople.
Thus a species of debt has been established con-
' sistent both with the interests of the holders and the
dignity of the empire. It is not an internal debt,
subject to compacts between a sovereign and his sub-
jects, but to an external and almost cosmopolitan
debt, negotiable in all the money markets of Europe,

and having its interest paid without deduction for
exchange, in any financial centre where the holder
may happen to reside. In fact, the coupons may
almost be considered as bills of exchange, so greatly
will they facilitate remittances between the Levant
and Europe.
This object effected, the next consideration was as
to the means of bringing within the radius of this
new debt such liabilities as already existed.
The External Debts could not bo touched, as being
secured by special arrangements. The only bond-holders
to whom inducements could be held out were the holders
of Consolidos, all of whom were practically in the position
of Turkish subjects, and whose income when abroad was
diminished by the discount levied on their coupons, which
were only payable at Constantinople.
The annual interest on the Congolidos, as has already
beets mentioned, is six pounds Turkish on each 100 pounds
Turkish of stock—i. e., about .£5 9s. old. per annum. The
sinking fund was 2 per cent. by annual drawings.
It was considered by many that the advantages held out
by the new stock at 5 per cent., with 1 par cent. sinking
fund, would make it almost as valuable as the old internal
stock; the increased moral advantages being considered
an equivalent for the diminution of the payments. It was
decided, however, to give to the bondholders such great
advantages as would insure the conversion.*
For every 100 pounds Turkish, giving an £5 9s.
ld., subject to discount when abroad, theTurilkuiashYGvrn-
ment offer a bond of 110 Turkish pounds,
Turkish,equal e
to
r£lo
£lOO
sterling, and further a bond of 11 pound
sterling, thus adding 21 per cent. to capital,while
the same or a slightly additional income. giving
In exchange for the other advantages given to the bond-
holder, the Government only takes the 1 per cent. saved
on the amortization.

Against this saving a new loan has been issued of
£4,000,000 Turkish nominal, which has been placed, and
is now quoted in all the great Exchanges of Europe. It
must here be remarked that this loan has been obtained by
the Turkish Government without any addition to its an-
nual burdens.
The reader may himself judge of the ♦alue of the advan-
tages held out to those bondholders who convert.
The conversion of the debt is a further proof of the good
faith for which Fuad Pasha has been distinguished in all
his dealings with foreign or native capitalists, as well as
of his confidence in the resources of the Turkish empire
as he has thus voluntarily placed the debt on a footing
which requires as punctual and regular a payment of the
half yearly interest as in the case of the most civilised
European Governments.—l am, sir, your obedient servant,
CONSOLIDE.

* Mention is here only made of the Consolides, the bulk,
of the interval stock. There are one or two other descrip-
tions, small in amount, principally held in Turkey, with
which it is unnecessary to encumber the present statement.

Madlle. Adelina Patti is expected at Florence.
It is said that there will be Opera in English at
Her Majesty's Theatre during the winter.
POPULATION OF THE KINGDOII.—The population
of the United Kingdom is estimated at the General Register
Office at 29,772,294 in the middle of the year 1865.
THE OLD WALL OF LONDON. Those who take
any interest in Old London may like to know that a portion
of the old wall which once encircled tho city is to be seen
in Jewin-street, Aldgato. Some old buildings have been
removed, and the ground is at present cleared.

WEST CORK RAILWAY COMPANY.
NOTICE IS HEREBY GIVEN, That the next
HALF-YEARLY GENERAL MEETINr= of the thare-
holthrs will be held at the Company's Office s, )7, Grace-
church-street, London, on FRIDAY, the 25th August, ISM,
at Three o'clock, p.m., for he purpose of transacting the
ordinary business of the Company, pursuant to Act of
Parliament.
The Transfer Books will be closed on the 11th August, and
not re-opened until alter the Meeting. •
14y Order,
H. WILLIAMS WOOD, Secretary.

August 3rd, 181.

THIRD EDITION.

~. 9'` ~

SUN OFFICE, 7 o'CLocy.

T.AT TERSAL L S'— his Evening.

ST. LEG Er.

Even agst Gladiateur (off., I:tke 5 to 1)
9to 1 agst Regalia (elf., take 10 to 1)
100 to 8 agst The Duke (taken)

DERBY

25 to 1 agst Lord Lyon (taken) •
33 to 1 agst Beelzebub (taken)
40 to 1 agst Primate (taken)
40 to 1 agst Monarch of the Glen (taken)
50 to 1 agst Strathconan (taken)

SPORTING INTELLIGENCE—This Day.

RIPON RACES.—TIIIS DAY.
BY ELECTRIC TELEGRAPH.
COMMEMORATION PLATE.
Lady of Coverdalo
Poetess
Honesty

Thirteen ran.

FOURTH EMTION

SUN OFFICE, HALF-PAST 7 o'CLocK.

SPORTING INTEL LIGENCE—This ray.

RIPON RACES-THIS DAY.
TWO-YEAR-OLD STAKES.

Castanet
Honesty

Rococo

Five ran.
S T UDLEY HANDICAP.

Jig
Rantillion
zenobia

Five ran.
MOWBRAY PLATE.

Midwife
Mrs. Lirriper ,
Mrs. Rawson

Cronstadt..
Midwife....
Choker

Fivo ran.
SPECULATION PLATE.

Four ran.
ST. WILFRED HANDICAP.

Red Earl
Empress of India
Auricula,

Five ran.