The Sun.
London, England, 1854-01-21 00:00:00

THE SUN, LONDON, SATURDAY EVENING, JANUARY 21, 1854.

consider these orders again piecemeal. Firstly,
the combined fleets are ordered to salute the
Russian vessels on entering the Eusine—to salute
them observe--after the inhuman massacre (con-
trary to the habits of civilised countries) at Si-
nope Secondly, they are to restrict themselves
in their movements to the service of conducting
Turkish vessels to the Turkish ports that may
happen to be their destination, and afterwards to
cruising leisurely off the coast of Turkey—and
this after the reiterated promise of " support" to
the SULTAN* against the military and maritime
aggressions of his autocratic assailant ! Thirdly,
they are to avoid collision and to prevent the same
between the belligerents—though we are not in-
formed how these two opposite instructions are to
be viewed as in any way reconcileable ! Fourthly,
they are not to approach the Russian shores ;
and fifthly, if attacked by the Russians, they are
to act on the defensive—indications, both of
them, of timidity in the estimation of a semi-
. barbarous race like the Muscovites, sufficient
alone to urge them on to bolder and more in-
sensate acts of aggression than any upon
which they have yet recently adventured.
Assuredly it cannot be regarded as vapour-
ing, if we ask—Are these instructions worthy
of being transmitted to that heroic navy which
has inherited the glory of NELSON and COLLING-
WOOD ? Are they instructions honourable to
England ? Are they creditable to the Coalition
Government ? No—as we have protested against
th

Le protracting from month to month, until
nearly a whole year has elapsed, of a series of
weak and abortive negotiations, so we cannot find
it in our heart or in our conscience to do otherwise
than pro test as loudly, as clearly, and as en ergetically
against the timorous attitude in which our mari-

time force has been ordered at last to emerge from
the shelter of its long anchorage in the Bosphorus.
It is not by such measures that the evil of war
has ever been guarded against effectually. It is
not thus that it has ever been warded
off, even for a season. It is rather by
acts and hesitating words thus feeble, and
a policy thus miserably pusillanimous, that
wars have been originated, precipitated, and pro-
longed. The concessions made of late to tl► e
wrongly so called Peace Party, have been too
numerous, as may be found before long, by their
disastrous consequences. Painfully convinced of
this, we await with redoubled solicitude the now
happily near reassembling of the English Parlia-
ment.

Coals are now 50s. per ton ! This, too, is the
price charged by first-class houses to large con-

sumers, while the smaller fry for whom a club is
a considerable investment, and who, generally
speaking, are compelled to content themselves with
half or quarter that quantity, pay from 2s. 10(1.
to 3s. per cwt., or from 2/. 16s. Bd. to 3/. per
ton. This is a truly deplorable state of affairs.
What must be the condition of the very poor
while thus practically debarred at this season of
the year from one of the chief comforts, if not the

chief necessary, of life. But it is said that we

have not seen the worst yet. That it is not im-
possible—nay, scarcely improbable—that higher
rates may yet be demanded, and that the metro-
polis may be left in darkness from the gas co in-
ponies being unable to perform their contracts, and
to keep up the necessary supplies to the different
burners. It is more than hinted that the present

extravagant charges have been partially occa-
sioned by the competition of some of the
companies, whose stocks being exhausted,

and none of the coal ordinarily used for
their purposes being obtainable, were obliged
to purchase house coals in the general mar-
ket. Freights to London have already reached
135., and it is asserted that in some instances
higher rates have been demanded and actually
paid, and that there is still an urgent demand for
means of conveyance to meet the urgent and
rapidly increasing demand.
- - -

We believe that there is but too much founda-
tion for these assertions, and we are quite willing
to give the metropolitan coal merchants, who have
been accused of being the chief agents in pro-
ducing the famine prices above referred to, the
full benefit of these several matters, all of which
are calculated materially to enhance prices. But
we would at the same time suggest that they are
not alone sufficient to explain the full prices now
charged, and that, after making ample allowance
for the increased wages paid to the miners in con-
sequence of the strike, the additional profits de-

manded by the owners of collieries, who

put into their own pockets as much, if not more,
than the amount of the extra wages paid to the
miners—the extra freights paid to the shipowners,
and all other outgoings—there is still a large
margin for which no reasonable explanation has
been afforded ; and which, whether justly or un-
justly, we shall not without due inquiry venture

to assert, is ascribed to the mysterious operations
of the coal factors and coal merchants of the me-
tropolis.

There are several elements to be taken into the
calculation—some fixed and others variable, but
beyond all these, as we have stated, there is some-
thing apparently inexplicable, of which no account
has been given, and which it can be shown arises
after the arrival of the goods in the river ready
for delivery into the barges of the dealers. There
is thus, the royalty to the owner of, the mine, and
the wages to the miner. These, we believe, have
both been doubled, and that is. 6d. is in each
ease demanded -and paid, where 9d. was
previously considered sufficient. But, after
all these charges, only account for is. 6d. out of
the 30s. addition to the former charges, or 5 per
cent. on the amount. We believe that there has
been no alteration in the other charges pre-
' liminary to the delivery of the coals at Newcastle ;
but to " make assurance doubly sure," let us sup-
pose that there has been a similar addition to all
the variable charges, and that the same made
coals 2. 6d. per ton dearer on shipboard in New-
castle harbour. For all these matters there is no
remedy but increased competition, which will
bring new capital into a field where there is rea-
son to believe that such enormous profits can be
realised.
Next comes the question of freight, and in that
there has been an enormous addition. As we
have shown, 13s. per ton. is required in place of
6. 6d. or 75.,
which last year was deemed satis-
factory. Here there is a sudden jump of say 65.,
which is partly ascribed to the additional wages
required by seamen, and partly to the, ex-
traordinary dangers incidental to the coast
navigation. There is unquestionably some
reason for the former, but it only accounts
for a very small portion of the addition. The
extra wages would be covered by ls. per ton out
of the Cs. demanded. And the perils of the navi-
gation, though we regret to say they have not
been diminished, have not been enhanced during
the past year, and that element may
safely be elimi-
nated from the calculation. There are abundant
reasons for creating harbours of refuge on the
north-eastern coast, and for throwing the coasting
trade open to general competition, and also for
inducing the different railway companies to enter
into arrangements for developing the coal traffic,
and conveying much larger quantities to the me-
tropolis than heretofore has been customary. But
still, with all the disadvantages above referred to,
we can only account for Bs. 6d., or 9s. per ton of
the increase. The civic tax remains the same,
and we have not heard of any addition to the
rates for transferring the cargoes from the vessels
to the wharves of the dealers. But the actual increase
is more than three times 95., and how is the differ-
ence to be accounted for The money is not anni-
hilated or flung into the sea. It goes into some
body's pocket, and who is the actual gainer is the
problem to be
solved.
The coal-dealers are suspected, and it would be
materially for their advantage to free themselves,
if possible, from the grave imputation. At all
events, the matter is of sufficient importance to

warrant, nay, more, to demand, a stringent and
searching investigation. At present rates, assum-
ing that 4,000,000 tons of coal only are consumed
in the metropolis—the cost price amounts to no
less than 10,000,000 sterling, for 4,000,000
whereof there is no satisfactory explanation, ex-
cept that it goes to swell the profits of coal factors
and coal merchants. Something, then, must
speedily be done to satisfy the people who have
been compelled to endure great privations in con-
sequence of the almost prohibitory prices of that
article of primary necessity.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, including 1,000 for ex-
port and on speculation. The market closed firmly.
Railway shares were dull.
In another column will be found the particulars
of a new undertaking, the Port-Tennant Patent
Steam Fuel and Coal Company. The rapid in-
crease in the consumption of prepared fuel offers
an excellent opening to any parties possessing the
means of accomplishing the principal desiderater,
viz.:-1. Freedom from spontaneous combustion ;
2. Economy of space in stowage ; 3. Less waste,
either by friction or decomposition ; 4. Saving in
the wear of boilers and fire bars. The promoters
of the Port-Tennant Company claim to have ob-
tained a patent which effectually meets this case,
and estimate their profit at ss. 3d. per ton.
The return of the Bank of England for the week

to the 14th inst., shows important changes con-
trasted with the previous statement. The pay-
ment of dissentients to the conversion, and of divi-
dends, occasioned an immense decrease in the
public deposits, and led to a large increase in the
private balances. The sum of the Government
securities being so materially curtailed, it is pre-
sumed. the Chancellor of the Exchequer paid off
part of the advance obtained from the Bank, but
those who borrowed upon stock while the transfer
books were closed also refunded, and the same
cause explains the material reduction in the dis-
counts. The bullion account looks well, compared
with the former week. The changes are as fol-
lows :

Active circulation
Increase ...

£21,940,825
592,625
16,069,132
238,060
3,295,813
47,919
3,213,993
5,078,000
14,140,492
1,395,858

Bullion

Increase

Increase
Public Deposits
Decrease
Other Deposits
Increase

Seven-Day and other Bills

1,232,329

Increase
Government Securi',,'es

- 17,270
13,644,025

Decrease
Other Securitieseerease
Decrease
Notes unemployed
Decrease

. .
1,189,274
14,663,295
2,073,114
7,443,015
357,585

In the Bankers' Circular we find some very
elaborate statements upon the " commercial inte-
rests of Europe under war." We especially acqui-
esce in the justice of the I emarks as to the direct
advantage which France derives from keeping
friends with England. We will not assert that no
better motive should guide her, or that we, like-
wise, have not an important stake, politically
speaking at any rate ; but the following observa-
tions of the editor precisely explain what is meant :
" This is not a time when the public mind should be
blinded to the manoeuvres that are practised to divide
France and England on these points ; nor should
any political scheme be allowed to convert the
affair between Turkey and Russia into a reason for
breaking up an alliance with the present Govern-
ment of France. It is perfectly clear that the
Princes of the Bourbon family are staking their
future political existence on the chances of another
revolution. It is equally certain that they are
aiming at some alliance with a power, by whose aid
they can overthrow the Napoleon dynasty. The
goal of their ambition, therefore, can only be
reached by bloodshed and anarchy, and by renew-
iiK, those scenes of horror which have so frequently
been witnessed in the French capital. It is not
improbable that the party desirous of changing the
relative position of England and France in a poli-
tical point of view would endeavour also to strike
a blow at English commerce at the same time. But
our commercial relations with that country are
such, that the chief weight would fall on France
alone. For to no country is she indebted for her
successful commerce so much as to England. In
1849 her credits upon this country amounted to
209,000,000 f., while her debits amounted only to
60,000,000 f. ; or, in other words, France imported
from England in that year to the value of about
2,000,0001., and exported 8,360,0001. And of 12
of the principal countries trading with France,
England stands the highest. While Russia has
been proposed as an ally of France, the
relative commercial position of the two calm-
tries may be contrasted with some interest.
The follow statement shows the extent of the ex.
ports from France :

1849. 1851.
Exports from France to England V 3,360,000 11,720,000
Exports from France to Russia.. 760,000
The navigation of France with this country, is no
less indicative of the importance of French com-
merce with England, taking the countries as they
stand in order. What has France, then, to gain
by an alliance with •Russia, or by rejecting the
friendship of England ? The answer is found in
the facts we have enumerated, for it may be seen
that with this country, the United States and
Belgium, she carries on half the annual value of
her commerce."
Bills of Exchange upon the principal continental
cities were drawn here yesterday afternc;on at full
rates generally, Trieste being as high as 12 25 and
35 ; and Paris, 90 days, 25 271 to 30. Amster-
dam was at 11 151 to 16, and. Hamburgh 13 4
to 41.
Messrs. Haggard and Pixley quote bar silver
15s. 11d., and dollars 4s. 11-4 d. All the gold per
Mercia from Port Philip has been taken for exporta-
tion to the Continent.
There was a dividend of 91. per share declared
yesterday by the Devon Great Consols Company
out of profits realised in September and October
last ; and the balance after payment thereof was,
in bills and cash, 20,604/.
The amount of silver exported from London
,during the week ending Thursday, was 71,200
ounces, and of gold 3,805 ounces.
The following particulars of the market are fur-
nished by Mr. J. S. Lane :—" Inquiries for shares
to-day have been limited, and there is great inac-
tivity. The following have been dealt in :—Tre-
lawney, 40 41; Alfred Cons. 26 26k ; North Dam-
sel, 1 ; Sartridge Cons., 14i • Molland, 1 ; Tassan
Lead, ; Arundell United, 265. to 30s. ; Treleigh
Cons., 30s. to 355. ; Angarracks, 15s. to 1/. ; East
Russell, 6 6 ; Wheal Sarah, I ; Mollands, Sart-
ridge Cons., and Trelawneys, are most in favour.
The English Funds have been rather fluctuating
again, Consols, which were 92, being now 91i
For account the quotations are 911 Bank
Stock is worth 216 to 2173/4. India Stock is weak
at 238. Exchequer Bills are at 7s. to 10s. pre-
mium. South Sea Stock has improved to 115 and
116.
There is a moderate business doing in Foreign
Stocks, but prices are heavy. Buenos Ayres Bonds
are 1 per cent. lower, being 60, and Mexican are
weaker at 23i li. Peruvian Bonds have given way
about 1 per cent., viz., to 66k. Russian Five per
Cents. have receded to 1081 to losi. Spanish
Three per Cents. are depressed, being 41k, and the
New Deferred 201. Venezuela Bonds are 27k,
and Austrian Five per Cents. are quoted 72.
There is rather an improved tone in the Railway
Share Market, but dealings are limited. Bristol
and Exeter have risen 55., and South-Western,
10s. The other lines are mostly very firm. French
lines are supported.
There is not much doing in Gold Mine shares,
and prices are without variation.
Joint Stock Bank shares are neglected.
The Australian Agricultural shares are about
10s. flatter, but the Peel River are steady.

BRITISH FUNDS THIS DAY.
( Prom the Official List. )
Business done

Bank Stock
2174 16
3 per Cent. Reduced Annuities 924 2
3 per Cent. Consols Annuities 9li 12 1B B
New 3i per Cent. Annuities 93g 3
Long Annuities, Expire sth Jan., 1860 -16
India Stock
South Sea Stock
Consols forlAccount 15th Feb. 92 liiii
Exchequer Bills, id.
21000
2500 lO
pp
Small lO

PRICE OF FOREIGN FUNDS THIS DAY.
Buenos Ayres Bonds, 6,pei Cent 6O
Mexican 3 per Cent.
Peruvian Bonds, 4h per Cent.
Portuguese Bonds, 4 per Cent 384
Russian Bonds, 1822, 5 per Cent. £St lOB-h 8 i 7:1
ipanish Bonds, 3 per Cent 4l& i
Spanish New Deferred, 3 per Cent 2oh 194
Venezuela Bonds, 3h per Cent.
Dividends on the above payable in Londou.
Austrian Bonds 5 per Cent. 10 Cu. 2- •-• ••• 72

TIVO O'CLOCK,

Cousole 9ll
Ditto February Account

LATEST FOREIGN NEWS.

RUSSIA AND TURKEY.

IMPORTANT FROM ST. PETERSBURGH.
Advices of the 14th from St. Petersburgh, re-
ceived,to-day by telegraph, state that " the Minis-
ters of France and England communicated, on the
12th instant, to the Russian Government the Notes
of their respective Governments, announcing the
entrance of thQ fleets into the Black Sea, and the
course of policy now determined on by the Western
Powers.

" Count Nesselrode made no comment save that
he must take the orders of his Imperial master."
It was said that the EMperor of Russia had de_
termined on giving a very decided reply to the
French and English note. This reply will be sent
through the Czar's Ambassadors at London and
Paris.

There was every reason to believe that the Em-
peror had already rejected the Vienna proposals as
quite incompatible with his dignity.

MORE FIGHTING ON THE DANUBE.

A despatch from Bucharest, Jan. 15, says, Prince
Gortschakoff starts to-morrow with his whole staff
for Little Wallachia, to superintend a grand attack
on Kalafat.

• On the 12th inst. General Bogushewski repulsed,
after a short fight, an attempt of the Turks to
cross over to the left bank of the Danube by
Kalarash with 2,000 men.

On the 12th instant, at 2 a.m., 1,200 Russian
Infantry, 200 Cossacks, and 700 Moldavian work-
men went over in boats taken in tow by the man-
of-war steamer Pruth, from Galatz to the Turkish
side, fired a Turkish inn situate there, and began
to clear the island before Galatz of the trees and
rushes. Up to 12 a.m. the Turks had made no
lattack on the landing party.

Aiother despatch from Vienna this morning

says :

" The Russians at Giurgevo are preparing to
cross the Danube and attack Rustchuck.
" The Russians attacked Matchin on the 13th.
" Fighting continues.
" Prince Gortschakoff is at Krajova."

A telegraphic despatch of the sth from Constai

tinople confirms those which have already been
received from Vienna, announcing the entry of the

allied fleets into the Black Sea.

The following is the text of the despatch
" Yesterday morning, at daybreak, the com-
bined fleets entered the Black Sea, leaving at their
old anchorage the Arethusa and three steamers.
" The Turkish fleet has not yet sailed, but six
Turkish steamers, carying 6,000 troops for disem-
barcation, besides artillery and ammunition, have
followed the fleets, which are bound for the Asiatic
coast."

A communication from Malta, dated Jan. 14,
says that the steamers Sidon and Vesuvius left
there on the 11th and 12th for Constantinople.

The Euxine had not yet arrived from England.
It was again asserted at Malta that the Shah of
Persia had concluded an alliance, offensive and
defensive, with Russia, and that the English and
Turkish envoys had, in consequence, quitted Te-
heran. Persia is said to be collecting three armies ;
—one is to operate in Georgia, under the orders of
Prince Woronzoff ; the second is to attack the
Pashalic of Bagdad ; while the third is to take a
position on the coast of the Persian Gulf to prevent
the landing of the English. Russia will defray the
expenses of the war.
This intelligence is probably only another version
of that which has been already proved to be un-
founded.

The Governor of Beyrout had despatched all his
disposable troops, together with a corps of 1,200
volunteers, to Aleppo, which is believed to be
threatened.

Letters from Constantinople of the sth ins
state that preparations are being made to construe
fortifications round that city, which will render it
one of the strongest capitals in Europe.
The Lloyd of Vienna of the 16th says :—" It is
affirmed positively that the Russian troops before
Kalafat are 30,000 strong. Prince Gortschakoff
intends establishing his head quarters at Pogana
on the Danube. The Cronstadt Gazette of the
9th announces that after the affair of Matschin,
the Turks advanced to the Danube, where they
established batteries. The Russians, it says, are
about a quarter of a mile's distance from Braila,
and the fire from the Turkish batteries can reach
them. Combats, it adds, have taken place in the
vicinity of Braila, but the details were not
known. The same journal states that before the
combats of the 6th, 7th, and Bth Jan., there were
several others in which the Turks had displayed
heroic bravery."
Private letters from Erzeroum, dated 11th De-
cember, describe a disastrous state of things. The
civil Governor of the Province, Xarif Pasha, re-
turned the day before, bringing three battalions
of Redifs with him. He rallied the Ardahan
division, sent back four battalions to Kars, and sent
men all over the country to collect fugitives. But
the bulk of the Ardahan division is dispersed ; guns,
baggage, and ammunition lost, and the Russian army
has complete possession of Georgia. Ali Pasha
(Ferik) has arrived under arrest. He was the first
to run, and was provident enough to carry off his
own baggage and the military chest. Badda and
some fugitives overtook him, upon which he was
so furious at their saying that they had followed
his example in deserting, that he shot two men at
once. Near Gumri the Russians, with 15,000
men, attacked the Turks, 25,000 strong, regulars,
Redifs, and Bashi Bozouks. After some firings
the centres under Achmet Pasha, and right wing,
under Hassein Pasha, ran away to Kars ; but the
left wing, under Veli Pasha, stood firm, and only
his gallantry prevented the whole army surren-
dering to the Russians. The Turks are said to
have lost lost all their artillery, 24 pieces.
The Russians took up their quarters in the neigh-
bouring villages and the gallant Veli Pasha re-
mained at the villageclose by the field. There may
be some 25,000 men now at Kars, but they are a de-
moralized rabble.
The Russians are not likely to advance, but will
probably retire to Gumri, as the snow is now too
deep for active operations. The Turkish army has
so little coherence that it may not improbably
disband.
Schamyl is said to have about 60,000 men, and
to be marching upon Tiflis, where the Russian gar-
rison consists of but 2,000 men.
A letter from Kalisch, of the 14th, says :—" The
greater number of the soldiers, who, having served
10 or 12 years in the permanent army, had on
plausible motives obtained a provisional furlough,
have received an order enjoining them to repair
without delay to their respective depots. It is be-
lieved that the Emperor of Russia will make an
appeal to the different classes of the State for ex-
traordinary pecuniary contributions."

AUTHENTIC NEWS FROM ST,
PETERSBURGH.
( Prom the Press.)

We lay before our readers the note of a conver-
sation very recently held at Gartschina, between
his Imperial Majesty the Emperor of Russia and
an individual of distinction, whose character is not
only a guarantee for the authenticity of the mem-
orandum, but for the absence of any exaggeration
or false colouring in its expressions. We give it
simply as an important historical document, with-
out identifying ourselves with the views which it
conveys.

Paris, and very well understood by Lord Aberdeen,
who had acted throughout this business without

moral courage.
" The Emperor said that since 1848, the religious
element had become predominant in politics ; that
the emancipation of the Roman Catholic Church.
in Germany which then occurred had greatly pro-
moted this ; that the state of the Greek Church
rendered his interposition in Turkey a necessity.
"He added that the religious relations of the
subjects of the Porte with various foreign powers
had always been recognised by European states-
men, that they had been encouraged, and by no
one more than by Lord Aberdeen in former days,
who perceived in these circumstances the solution
of many difficulties.
"The writer, in reply to an inquiry, understood
the Emperor distinctly to state that the ultimatum
of Menschikoff had not been disapproved of in
London, but that the English Ministry, having
been informed that it would probably be accepted
by the Porte, had recognised it as a satisfactory
settlement.

" The Emperor dwelt upon the inconsistency
both of the English and the French Governments.
England, he said, had herself devised the terms of
settlement at Vienna, and when he cordially gave
his adhesion to them receded from her own pro-
positions. The plea, founded on the Nesselrode in-
terpretation he treated with great contempt. He
said it was placing the plea of an advocate in
equilibre with the decision of a Court.
" The Emperor said that England appeared to
have two Goverments. Things were agreed to in
London or Vienna, and the same things objected to
at Constantinople. Lord Westmoreland signs a
note at Vienna sent out from St. James's ; Lord
Redcliffe recommends the Porte to disavow the
same document !
" The Emperor spoke of the victory of Sinope,
and of the absurdity, when the Porte had declared
war against him, of his not acting upon the aggres-
sive. He treated the statement that he had
offered to act only on the defensive with derision ;
and with reference to a passage in a private letter
from Paris, that such an assurance had been given
by his Majesty to the French Minister at the Court
of St. Petersburgh—viz., General Castelbojac, his
Majesty observed that when the news of the victory
of Sinope arrived, this same General Castelbejac
had addressed him a letter beginning something in
this vein—' As a Christian and a soldier, permit
me, sire, to congratulate your Imperial Majesty
on the glorious victory obtained by your Majesty's
fleet.' The Emperor was so pleased with this letter
from the French Minister that he invited the Gene-
ral to Gartschina, and held much conversation
with him, and the enthusiasm of the French
General suffered no diminution. The Emperor
entered into some details on this head, which the
writer of this note is not at liberty to mention ;
all that is here stated he asked, and obtained, per-
mission to make public. ' So much for my contract,
with General Castelbejac, added the Emperor,
one of the numerous romances invented to cloak
the imbecility of governments.'*
" The Emperor then recurred to the aspect of
war at some length. He said, that far from desir-
ing war a year ago, he was not even prepared for
it. He was now prepared, and would act as became
his personal honour and the greatness of Russia.
It was the war, he frequently repeated, of incapa-
cities, brought on by men who were timid, and,
accusing others freely of duplicity, were themselves
deficient in everything that was straightforward.
He did not believe that England, with a bour-
geois' parliament, could carry on a war with glory.
France, he frequently repeated, had been drawn
into a mess which she did not desire. The Russians
had beaten all with whom they had been pitted—
Frederick the Great—Napoleon.
" The manner of his Imperial Majesty through-
out this interview was temperate, rational and
frank ; affable with becoming dignity, and free
from any of that excitement or wilfulness imputed
to him in many journals."

* When this conversation took place the circular of M
Drouyn de l'Huys had not reached St. Petersburgh.

FRANCE.
It was stated yesterday in Paris that in the even
of a declaration of war a loan would be effected in
London and Paris, under the joint guarantee of
England and. France, to the amount of 400,000,000 f.,
to be issued at 78, as the middle term between the
present price of the French Three per Cents. and
the English Consols, with 4f. profit to the bankers.
The proceeds to be applied to the expenses of the
war ; and the joint engagement of England and
France would be regarded as :tn additional pledge
of the alliance which subsists between them.
It is affirmed that the despatch noticed as hav-
ing been received by M. Kisseleff did not contain,
as was rumoured, a declaration of war, but a
notice of a forthcoming reply of M. de Nessel-
rode to the last circular despatch of M. Drouyn de
Lhuys. At the same time there appeals no doubt
of orders having been received for M. de Kisseleff
to be ready to leave without delay when the mo-
Anent should arrive for the breaking off of friendly
relations ; and in the present state of affairs such
an event may be expected from one moment to
another. The policy of the Emperor of Russia is
said to be to avoid being the first to declare war,
and the instructions to his Admirals iu the Black
Sea are that the French and English fleets are to
have an occasion of opening hostilities previous to
the formal declaration of war. The first blow he
wishes to come from the allies.
The Minister of the Interior has addressed a cir-
cular to the Prefects, informing them that the
Emperor has just opened a credit of 2,000,000 f.
from the budget of the Interior to be divided
amongst the various institutions in France for
affording immediate relief to the poor, and recom-
mending them to provide at once for the proper
distribution of such sums as are allowed to the
communes placed under their jurisdiction.
A decree in the Moniteur authorises the Bakers'
Bank of Paris, which commenced its operations on
the 16th, to contract a loan of the amount of 24
millipns of francs.
The Princess of Hohenzollern-Sigmaringen has
entered the convent of the Dames du Sacre-Coeur
at Kinnsheins, in Alsace, to pass the remainder of
her life there.
The Bourse opened heavily yesterday, and the
Three per Cents., first quoted at 69f. 30c., fell to
69f. 25c. A report circulated subsequently, that
the combined fleets had returned to Beycos Bay in
consequence of bad weather, brought the Three per
Cents. up to 69f. 85c. They closed at 69f. 70c. for
the end of the mouth. The Four-and-a-Half per
Cents. closed at 98f. 25c. • Orleans Railway shares,
1,085 f.; Rouen, 965 f.; davre, 460 f.; Great North-
ern, 775 f.; Paris and Strasburg, 740 f.; Paris and
Lyons, 842 f. 50c.; Lyons to the Mediterranean,
675 f.; Western of France, ' 600 f.• Bordeaux and
Cette, 565 f.; Great Central, 472 f. 50c.; Lyons and
Geneva, 480 f. ; Shares of the Bank of Credit
Mobilier, 640 f.