The Sun.
London, England, 1854-06-27 00:00:00

St. Petersburg 1" Will this trite and jejune
remark satisfy the Parliament or the People of
Great Britain ? Will they be contented while the
reins of office are retained by one who for a
moment indulges in the notion of " his friend"
holding Stamboul, and dictating terms of peace
to trembling Europe. The very supposition is
treason against the country. It will carry with
it dangerous impressions as well for open enemies
as for doubtful friends ; and we venture to assert
that it was the first instance of a British statesman,
in his place in the British Senate, speculating on
the possibility of conditions of peace being negotiated
when all that we took up arms to protect had been
lost, and the very object for which we were en-
gaged had been sacrificed.
Surely the Treaty of Adrianople was a danger-
ous topic for the Noble Lord----one not calculated
to strengthen the timid or convince the wavering.
It places him on the horns of such a dilemma
that it is difficult to decide whether his approval
or disapproval of its provisions are most damaging
to his reputation as a public man. If ho
approved of the disastrous stipulations which
converted the Euxine into a Russian Lake, and
placed under the control of the AUTOCRAT
the navigation of the Danube, then would be
clearly be unfit for his situation. But if he dis-
approved it aggravates his misconduct in content=
ing himself with the delivery of a protesting
despatch, and allowing himself to be bullied and
crjoled with sanctioning an arrangement so pre-
judicial to the rights of Turkey, and to the
interests of the civilised world. In either case
Lord ABERDEEN is not fitted to be Prime Minister
of England, and we know not how Parliament can
ba prorogued whilst he retains that important and
responsible office.

The second or B series of Exchequer Bonds
for 2,000,000/. sterling, and having five years to
run, have just been subscribed for by Messrs.
ROTHSCHILD. The price is 981., payable in four
instalments, namely, on the 23d June, sth July,
Bth August, and 10th of October. One-half the
amount, or 980,0001. sterling, will thus be avail-
able for the dividends falling due on the next
quarter-day, and the other moiety for the follow-
ing one ; that is to say, the 10th October.
It will be seen that the Chancellor of the Ex-
chequer has abandoned the system on which he
tried to dispose of the new securities for two
months. There is no longer an appeal to the
general public, either for tenders or subscriptions.
He has returned to the ancient traditions of his
office, and concluded his bargain with an in-
fluential contractor. The possibility of failure
is thus averted, while there is every prospect of
the new bonds being advanced to a handsome

premium, in consequence of parties being at
length interested who have considerable " weight
on 'Change," and who can elevate or depress
the money market at pleasure. The wrath
of the moneyocrats, the wealthy capitalists, is
done away with. Hitherto, by way of a tacit
protest against a course calculated to interfere
with their prescriptive rights to large profits on
every financial operation, they abstained from
any dealing in the obnoxious securities. While
Consols were buoyant, and rapidly increasing in
value, the Bonds remained torpid, and were little,
if at all, looked after. Bulls and Bears alike
shunned auy speculation. The former would not
buy, for if they did, what future Chancellor of
the Exchequer would sacrifice the public money
at the shrine of the Stock Exchange ?

* * * "Et quisquant ninon Junonis aclovat,
Prerterea, au supploe axis imponet konorent."
The latter would not deal, for any decided demon-
stration, or any great reduction in the quotations,
might bring out capitalists, and, in a stock so
limited in amount, they might find it impossible
to obtain any large quantity for delivery. Now,
however, that the offended deity has been propi-
tiated—that a sEce of good fortune has fallen to
the lot of some capitalists, the Stock may no longer
be tabooed, and we may find it quoted at some-
thing like its actual value. We have al-
ready pointed out that these bonds constitute
an exceedingly useful form of security, and one
which we have no doubt will come, when
better known, into very general favour. To those
who desire a certain income, with little if any
fluctuation cf the capitalised value, there cannot
be a more eligible investment. They cannot be
greatly depreciated, becauie the holder knows
that in a shorn time he can claim payment at par.
They cannot be greatly elevated, because they may
when money is abundant be paid off at par at the
appointed time. They constitute, in fact, an in-
termeiliate class of security, between the Exche-
quer-bills and the Perpetual Annuities, being in
many respects preferable to either, so far as the
Exchequer and the capitalists are concerned, and
we have no doubt that they will for the future be

largely resorted to in any financial operations that
may take place. It cannot fairly be urged as an
objection that there will be any danger from a
few millions, more or less, falling due at a parti-
cular time. A much larger amount of Exchequer-
bills are always out—we wish we could say in
circulation--and there never is any difficulty in
making the necessary arrangements for their
renewal.
The terms on which the present, or B series
• has been issued, are nominally or 13s. lower
than was received for those first subscribed for.
This, however, is more apparent than real, inas.
muela as the present have a year longer to run,
and there is to be no allowance of interest for
prompt payment. This practically makes the
present give but a Very little, not more than
ls. 6d. higher interest than could be obtained on
the A bonds, but even that is something, consi-
dering that in the • interim, Consols have im-
proved no less than 7-.1 per cent., that is to say,
from 88 with a dividend of I to 94 without
dividend. This should have enabled Mr. GLAD-
STONE t 3 dispose of his stock at a higher in place
of at a lower rate. We cannot, however, greatly
regret a transaction which makes such a firm as
that of the ROTHSCUILD'S interested- in the new
securities—and which wi:l no doubt enable the
third series to be got off on much leSs stringent
terms.

What is required most, in order to render the
stock acceptable, is that the bonds should be
issued for smaller denominations, so as to induce
the less wealthy classes to become purchasers—or
subscribers, making them the favourite investments
for the small-savings of fifties or hundreds. Of the
A series, it was found that even bonds for 1001.
or 2001. could not easily be. obtained, inasmuch
as the greatest portion of the 2,000,000/. was
issued in bonds of 1,0001. each—which could not
be exchanged when required for smaller denomi-
nations. This objection—a very serious one, by
the way, which prevented the security from being
placed on as broad a -basis as might otherwise
have been the case—was owing to the laziness, or
something even less excuseable, of certain officials,
who are certainly sufficiently well paid not to
repine at the amount of extra labour that would
be required for signing, entering, and complet-
ing all the formalities necessary for the issue of
six millions of Bonds of 101., 201., and 501. each.
We cannot forget that the great success of the
French experiment was greatly, if not altogether,
attributable to the fact that subscriptions were
taken for so little as ten francs of rentes, less even
than 10/, of
capi a
will ,
induce-
ments are 0 ised income. If similar induce-
&red, here, no doubt the new securi-
ties
that they can become equally popular, when it is known
exile
ht an
out difficulty ,or moment, be realised with-

VISIT OF TILE RING op p
HAM'. —Yesterday morning the
the Duke of oyorto attended by N-L4
andleft Buckingham Palace,
the North -Wei 'tern Railway to visit Bir
ItTIJOAL TO DIRIIING-
of Portugal and
caonrt de Carreira
youth-
pFoceeded by
other manufacturing towns, and are ex nungharn, and
i
peeted to be absent
four days.
The Duchess of Sutherhnd, accompanied bythe
ful Lords Mb ert and R,,land L,..3veson (lower, arrived at
' St•itford House from Clifden House, Barks, where the
. noble duke is rit pre,sent staying. Her grace, with the
Marchioness of A!iesbury; the Countess €f Jersey, and
a vast number 4 )i• peeresses, were present in the gallery
last eve,,ing in the House of Lords, to hear "Lord
Aberdeen's explanation.”
PIP lgarchio•Aess of Exeter and Lady Mary Cecil are
staying in PaCis where they were called by the indis-
position of Lo a-chlrownlow Cecil, whose health for some
vreplis past h-iti bawl very precarious, '
-