The Sun.
London, England, 1854-04-11 00:00:00

LONDON, TUESDAY EVENING, APRIL 11, 1854.

NO T I CE. CONSTANTINOPLE. The
Lecture accompanying the GRAND MOVING DIORAMA
of CONSTA.NTINOPLE is now delivered on Wednesdays and Satur.
drys by Mr. J . H. STOQUELER, when the progress and localities
Of the War will be morn particularly explained; and on the other
drys, as usual, by Mr. caAnr.Es KENNEY. A very clear and
excellent Map has been added to the illustrations.—Daily at Half-
past Two and Eight _Admission, is.
EGYP TIAN HALL, PICCADILLY.

OPEN EVERY DAY and EVENING, from
11 till 5 and from 7 till 10 (Good Priday excepted).—Dr.
KtIA.N'S MUSEUM, with all its vast additions, forming the most
superb collection of Anatomical Models in the world, now Exhibited
Daily at the extensive premises known as the Salle Robin, 232, Pic-
cadilly (top of the Haymarket). Admission, Is.

ROYAL POLYTECHNIC INSTITUTION.
PATRON—H.R.H. PRINCE ALBERT.
DURING PASSION WEEK Dr. BACHROFFNfiIt will give his POPU-
LAR LECTURE on DESCRIPTIVE ASTRONOMY, SPLEN-
DIDLY ILLUSTRATED, with DISSOLVING DIAGRAMS, daily
at Three, and at Eight o'clock in the evenings, except Good Friday
and Saturday evenings. All the other Interesting LECTURES
and EXHIBITIONS as usual.
The SEAT of the RUSSIAN WAR, showing the principal places on
the DANUBE, the TOWN and BATTLE .of SIN OPE, with the
I) EITRUCTION of the TURKISH FLEET, and other interesting
scenes (which have been kindly supplied by the proprietors of the
"Illustrated London News"), will be EXHIBITED in a NEW
SERIES of DISSOLVING VIEWS, commencing on EASTER
MONDAY.

Open Mornings and Evenings. Admission, Is. ; Schools and
Childr-n under Ten years of age, Half-price.

THE WAR AND ITS INFLUENCE ON

MONETARY SECURITIES.

(Front the Unity Journal.)

Great Britain is at war. The effect of a condition of
affairs, so novel to the present generation, though some-
what problematical, is worthy of the most careful con-
sideration. It is very evident that the career of peace-
fulness we have so long enjoyed has been broken up for
an indefinite period, and the sooner we accommodate
ourselves to the altered state of things, the less severely
will it press upon us. The war is very different to any
previous war in which England has been engaged.
Our quarrels, heretofore, have been either with some
great naval power, or with nearly all the naval powers
in the world at once. Our present antagonist is not
strictly a great naval power. She cannot cripple our
merchant service, or materially interfere with our
commerce. With other maritime nations we have
a most friendly understanding. None of these are likely
to side with the enemy. They will not suffer their
merchant marine to commence a system of priva-
teering under the Russian letters of marque. Com-
mercial England has set a new example in the particular
of disallowing privateers, and she will be the first to
benefit by the humane resolution. As, therefore, the
seas of the whole world will be open to us, the only in-
convenience will be with regard to that commerce which
we have been accustomed to carry on with Russia her-
self. The determination of her Majesty's Government
that the bona fide property of neutrals, whatever may
have been its origin, shall be respected, lears the way for
a continual commerce with Russia through the interven-
tion of neutral countries.

The effect on our trade in Russian produce, supposing
even that these countries were no longer to presegve_
their neutrality, would not be disastrous.—The Statis-
tical Returns jut issued by the Board or Trade, furnish
us with figures determining, to a great extent, the value
of our commerce with various countries. From these
it would appear that our increasing and most valuable
trade is with our colonies, and with the United States.
Over this Russia can have no power whatever. Our
direct trade with Russia does not amount to more than
two per cent. of our whole exports. In Russian tallow
there has been no increase for the last ten years ; palm
and cocoa-nut oil being found a profitable substitute.
For supplies of hemp and corn we have long been more
dependent on other countries than on Russia. While
the quantity of corn imported from Russia increased
between 1840 to 1852 more than four fold, that im-
ported of all kinds of corn from Egypt increased tenfold,
and of wheat thirtyfold : the quantity imported of all
kinds of corn also from the United States increased
sevenfold, and of wheat-flour more than sixfold. It
would, therefore, really appear certain that our increas-
ing supplies are from other countries—that those
countries are equal to a much larger supply—and that,
therefore, so far from the war diminishing our supplies,
or enhancing their price, its effect will be rather to drive
Russian produce from the market.
It is satisfactory thus to find that we have, as a sub-
stratum, a flourishing trade, which will not be interfered
with ; and such unlimited supplies as to preclude those
" war prices" which have been heretofore one of the
great penalties of battle.
While, therefore, as a nation, we are in such an im-
proved position, the real inconvenience and distress of
the war will fall upon individuals. Not alone must they
by taxation pay the expenses of prosecuting war, but
such as have money invested must bear the effect of that
vacillation in the value of such investments, which is
always, whether rationally or irrationally, attendant upon
a time of excitement. The object of all those who seek
investments of capital will naturally lead them to inquire
which are the healthiest—that is, which are least likely
to be affected by the vicissitudes of the war. The solid
condition of our commerce, to which we have previously
adverted, would serve to show that all good securities
should be buoyant. But we do not usually find that they
are equally so. Government securities are always the
first to feel the war pressure. Not because they are
unsound, but because the peculiar drain which war en-
forces is that of money. People must realise for com-
mercial or private purposes. The Government, wanting
money, becomes a seller rather than a buyer. Political
crises, misunderstandings, uncertain intelligence, and false
reports, all have an immediate and malign influence. The
courage of the timid oozes out of their fingers' ends, and
they give the word to " sell." Easily realised securities,
then, are the first to suffer depression. Men frequently
buy into the funds for mere temporary purposes rather
than permanent investment. Stock is the first thing rea-
lised when a man wants money. Into an estimate of the
value of the funds also no other consideration enters.
It is the money alone which produces money. In other
investments, such as railway shares, and the shares of
life and fire insurance companies, another element ap-
pears, that of business transacted. But when men feel
a monetary pressure they will cease from some opera-
tions' or deny themselves certain indulgences to which
they have been accustomed. It is very evident that at a
time of monetary inconvenience or heavy taxation, men
would cease travelling to some extent, in comparison
with times of great prosperity and freedom from pres-
sure. Undertakings, therefore, for the provision of
that which people can do without, will stand next in
the ladder of depressed securities. We now come to
the consideration of Insurance shares. The material
prosperity of the country is continually increasing, and
it is increasing precisely in that direction which in-
creases the insurable property. Periods of prosperity
also are not always the time that men become anxious
for the future. Increased unoertainty of life and of
future provision, render all prudent persons more desir-
ous of making such arrangements as shall preserve those
who are dear to them from poverty. Those whowould
desist from travelling, or give up some particular indul-
gence, are the very men who would feel the more bound
to continue an existing policy on their lives, from the
' increased necessity for certain provision. The increase
of insurable property, and the greater uncertainty of
human life and future provision, then, would both lead
to increased insurance. Shares in these undertakings
should, therefore, stand first in the class of profitable
and secure investments.
Let us see how these hypotheses are borne out by the
actual facts. The Stock Exchange Reports of April 1,
1853, and April 1, 1854, are before us. We give the
relative value of Securities at these two periods :