The Sun.
London, England, 1865-11-20 00:00:00

INTERNAL REVENUE RECEIPTS.

The receipts from internal revenue, on the 30th
October, amounted to $1,500,000. The total receipt of in-
ternal revenue for the quarter ending September 30 is re -
tured at $748,117,000.
. .

It is estimated at the Treasury D epartment that
if the War Department succeeds in placing its estimates
proportionately low with those of the Navy Department
for the next fiscal year, the entire expense of the Govern-
ment for 1866 will be about $100,000,000, exclusive of in-
terest on the public debt, which is now $165,000,000. It
is asserted that the internal revenue w!ll meet the total
sum of expenditure, to say nothing of the revenue to be
derived from Customs.

A Washington telegram to the Boston Journal
says that the next monthly statement of the public debt
will show a reduction of the principal.

.. _
The deliveries of gold from California at New
York, since January 1, are :
January $2,047,347 I June 5750,465
February 896,082 I July 1,082,804
March 1,673,444 August 1,681,206
April 2,307,024 September.... 2,027,144
May 1,257,651 October 2,478,087

Total to date $16,209,284
Against deliveries to date, 1864 9,861,010

Increase since January 1 $6,348,224
The following are the Customs received in gold,
and gold interest paid out at the New York Office of the
United States Treasury, since Jan. 1, 1865 :
Customs Received. Gold Interest Paid
January • $4,276,399 January 52,449,290
February 4,823,2 14 February 913,429
March
April
May 8,230,195 May 10,292,800
June 7,887,554 June 1,066,274
July
August 13,190,400 August 454,575
September 13,037,062 September
Oct. 7
Oct. 14 1,991,739 Oct. 14
Oct. 21 2,591,580 Oct. 21
Oct. 28 1,933,672 Oct. 28 2,478,838

Total $83,390,517

Total $31,473,604

The Exports of Specie from New York since
Jan. 1 are :—January, $3,184,853 ; February, $1,023,201;
March, $381,913 ; April, 961,026 ; May, $7,255,071; June,
$5,109,472 ; July, $723,986 ; August, $1,554,398 ; Sept. 9,
$542,335 ; Sept. 16, $358,356 ; Sept. 23,8646,012 ; Sept. 30,
$947,971; Oct. 7, $316,092 ; Oct. 14, $812,.120-; Oct. 21,
$449,229 ; Oct. 28, $630,914 ; total to date, $25,196,949 ;
against same time, 1864, $37,174,094 ; Decrease since
Jan. 1, $11,977,145. _ _ _

. _ . .
The Import entries of Foreign Merchandise at
New York since the Ist of January are officially (to Ist
September) and semi-officially (since) reported, as fol-
lows—the small entries of Foreign Specie being omitted :
January $10,557,849 Sept. 9 $4,138,006
February
March
April 13,937,972 Sept. 30
May 12,699,024 Oct. 7
June
July
August 24,293,538 Oct. 28 5,023,370

8168,599,177
261,793,864

Total to date
Against same time 1861

Decrease since J an. 1— 533,254,387

The Exports of Domestic Produce and Miscel-
laneous Goods, including Foreign articles re-exported
since Jan. 1, are:—
January $16,581,598
February 15,750,802
March
April 7,711,648
May
Juno
July
August 14,681,077

Sept. 6 $2,323,860
Sept. 13
Sept. 20
Sept. '27
Oct. 4
Oct. 11 4,160,090
Oct. 18 3,402,121
Oct. 25 5,023,370

Tani to date
Against same time 1861

$126,362,880
186,936,813

Decrease since Jan 1 560,623,933

AMERICAN NATIONAL CURRENCY.
During the week ending Saturday, October 28,
$2,954,575 in national currency was issued by the Treasury
Department of the United States. The total lone up to
that date was $203,877,355.

Value of American Securities.

- -

A correspondent of the Anglo-American Times writes :
—I am no stock-jobber, but I am fond of comparing
the relative values of the stocks dealt in on the London
Stock Exchange. I desire in this article to give a few
facts and figures concerning the three American securities
now dealt inhere, viz., United States 5-20 Bonds, Erie
and Illinois Central Railways. The 5-20 Bonds are now
quoted at 64, or 36 per cent. discount. These bonds pay
six per cent. interest on their par value in gold. They
were issued in 1862, and are payable at the option of the
Government in five or twenty years from date. And as
the United States have commenced to pay off their debt
already, from the large revenue receipts—which according
to the Times correspondent will exceed the expenses of
the Government $250,000,000 the present fiscal year—it
is reasonable to suppose that a portion of the bonds at
least (there are but $600,000,000 5-20 Bonds in all) will
bo paid in 1867. So that at the present price they pay
81 per cent. interest, and will pay to the holder 36 per cent.
premium besides, when they are paid off at par, as in my
judgment many of them will be in less than two years
from this time. The 5-20 Bonds, compared with English
Consols, are selling for 25 per cent. less than Consols,
while they pay double the interest. And are they less safe
than Consols? Sir M. Peto, who has just returned from
America, says, "Any man who doubts the ability of
America to pay all her obligations deserves contempt for
his ignorance." Indeed, the national debt is but two
thirds as large as England, while the revenue receipts at
the present time are quite double those of this country.
But how stands these securities compared with those of
other countries ? Australian Victoria, though her Legis-
lature is at a dead-lock, and has been for months, and her
imports and exports actually decreasing, still sells her 6
per Cent. Bonds in London for 108, or 44 per cent. higher
than the 5-205.; and Canada, whose finances are in a bad
way, sells her 5 per Cent. Bonds for 20 per cent. more than
the United States 6 per Cents. Brazil, now at war with two
other nations, gets 771 per cent. on her 5 per Cent. Bonds
—and Russian 3 per Cents. are nearly as high as the United
States 6 per Cents. But it is useless to continue the com-
parison. What puzzles me—being an outsider—is this—
Why do the keen London capitalists invest in the bonds
of those nations which every year have to contract new
loans to save them from bankruptcy, instead of buying
the securities which are so much lower, and which repre-
sent the credit of a nation whose financial position is
the admiration of all Europe at the present time ?
Tho Erie Railway, with all its branches, is nearly 800
miles in length. Its earnings are about double what they
were three years ago. For the month of October this year
they were about $1,900,000, showing an increase of
$700,000 over the same month last year. The road from
its position cannot fail to be tho great leading railway of
the United states. Leading out of New York it is the
most direct line to the great West. The only difficulty is
that the Erie has not the capacity to do the business
offered. Their depots are often blocked up for weeks with
freight they are unable to convey. The Erie has paid 3per
cent. dividends regularly for the last three years ; and
though the earnings have increased greatly within that
time (they are nearly $2,000,000 this year in excess of
last), the directors have wisely devoted all the surplus to
improving the road, building new carriages, engines,
freight-houses, &c. Tho Erie is earning at the present time
about the same amount of money per week as the London
and North Western; yet the last-named cost just five
times as much as the Erie. Price of Erie Stock, 54 ;
London and North-Western, 124. Comment is unneces-
sary.
The Illinois Central is well known in England. It is
the back-bone of the young but vigorous Stato of Illinois,
running from Chicago right through the centre of the
State to Cairo, on the Mississippi. It has over one million
acres of land yet unsold, besides real estate in nearly every
village through which it passes. Its mortgages on land
sold, and partially paid for, exceed $9,000,000. The road
originally cost $33,000,000. I estimate that the land un-
sold, together with the mortgages, will balance the cost
of the line, leaving the road without a dollar in debt, and
its present value, as a railroad, clear net profit to the share-