The Sun.
London, England, 1854-05-29 00:00:00

THE SUN, LONDON, MONDAY EVENING, MAY 29, 1 84.

currency. What we long since pointed out as the
real weakness of the Russian position is becoming
generally known. The people see that there is
really nothing to be dreaded from the Muscovite
" raw head and bloody bones"—that his commerce
can be annihilated, and his fleets locked up in the
Baltic and Euxine—that under any circumstances
they cannot pass the Cattegat or the Dardanelles,
even if they should venture forth from their not
very dignified seclusions at Cronetadt, Helsingfors,
or Sebastopol. No matter, then, how long the
war may be protracted how convulsive the
struggles of the mortified AUTOCRAT ! He can
do nothing to injure the Maritime Powers. In-
deed, he lies at the mercy of France and England.
Ursa Major is securely muzzled, and can be baited
at any moment ; and the war which he has so wan-
tonly commenced will do no more harm than one in
Caffraria or the Punjaub. It is " a far cry to
Lochow" was the answer of the CAMPBELLS to
threats fulminated against the ARGYLE. They
felt that their Highland fastnesses could not
easily be invaded ; and surely we may repose
equal confidence in the, protection afforded by our
wooden walls.

There is, then, every prospect of further improve-
ments in the Money Market that may send
Consols up to par, and Exchequer Bills and Bonds
to?a premium of some 30s. to 40s. That, however, is
the highest thai-, could be anticipated in that
quarter, while in the 3 per Cents. the gain would
be some 9or 10 per cent. Now, even if two or
three years elapsed before that consummation, we
would find that the real gain on Consols would be
3 or 4 per cent. per annum, exclusive of the divi-
dends of 31. Gs., while in bills or bonds it
would be more than 11. in the former, and
10s. in the latter The actual yield from
Consols per annum may be regarded, then,
as fully 6 per cent., while in Exchequer
Bonds or bills, it would not be more than 4i at
the outside. We thus obtain the true solution
of the problem—the key to the mystery, and can
find that there is nothing very wonderful in Con-
sols which return only 31. 6s. of dividend, are
preferred to Exchequer Bills at 31. Bs. 6d., or
Bonds at 41., although bills at 30s. 5d., or Bonds
at 505., might be preferred to Consols at par, and
returning 31. per annum to the holders.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.,

CITY, TWO o'CLOCK.

The sales of cotton at Liverpool on Saturday were
estimated A 7,000 bales, including 2,000 American
taken for export, and on speculation. The market
again closed heavily, without alteration in prices.
The sales comprised 5,750 American., 200 Pernam
and Maranham at 61d. to 7d., 100 Bahia at 60.
to 60., 300 Egyptian at 61d. to Bd., 500 Surat at
20. to 4d., and 100 Sea Island at 10d. to Is. id.
per lb. Railway shares were firm, at improved
prices.

The Admiralty is still freely taking up shipping
for the conveyance of troops to different parts. A
vessel is wanted to take 436 men to Quebec. She
must be of 500 to GOO tons burden. Tenders are
also invited for the conveyance of guns, not ex-
ceeding 100 tons, to Constantinople, besides ord-
nance stores.

The steamship Africa from New York brings
350,000 dollars in specie, nearly all, however, being
for France. Business generally was improving,
and money was easier. Breadstuffs were dull, and
heavy in price. Public securities tended down-
wards. This, however, was owing rather to a
general want of confidence in all financial opera-
tions than to any tightness of money. Cotton
was firm.

From the Continent we have the rates of ex-
change coming rather higher this morning, but
money continues very abundant in most of the
cities abroad, and especially at Paris and Am-
sterdam. -

The English Stock Market has been remarkably
elastic, and has out-distanced even the buoyancy
of Saturday. The Bears have quite taken fright,
and have been buying indiscriminately. The poli-
tical intelligence from abroad is considered satis-
factory by many, although there is still some doubt
as, to the value of the Austrian-Prussian alliance.
Consols have been 91, then 91/, and since 91i for
money. The June prices have been 91 to k, after-
wards 91i, and are now 911 Exchequer Bills
realised par to 3s. premium, and East India Bonds
4s. premium. Exchequer Bonds have been quoted
to premium. Bank Stock is firm at 204 to
206. The New 31 per Cents. have been 90i to 91/,
and the 3 per Cents. 90 to 1
Foreign securities have been less active than our
own stocks, and do not participate in their buoy-
ancy to the full extent, although they are in some
instances higher. Mexican Stock has been at 24±
to and Peruvian 5 per Cents. are quoted 62a to
631. Brazilian Old Bonds hare been marked 971.
Russian 5 per Cents. have been at 98, and Dutch
2i per Cents, at 60i. Sardinian Stock is at 84.
Spanish 3 per Cents. have been at 19 I, the Cer-
tificates at 4/, and the Converted at 4.
The railway meetings announced are the fol-
lowing : _ _

Company. Date. Place, &c.
Bognor and Carnarvon
Great Northern
Great Western Juno 8, Paddington station.
Hereford, Ross, & Gloucester Juno 7, Hereford.
Kilken. and Gt. and W. Ire. May 29, 17, Gracechurch-st.
Killarney Junction May 31, Dublin.
London, Tilb. and Southend Juno 6, Fenchurch-street.
Lucca and Pistoja Junel4, Lucca.
Royal Swedish
Shrewsbury and Birmingham June 12, Shrewsbury.
South Wales June 9, Paddington station.

Southern of France
Stirling and Dunfermline June 1, Glasgow.
Waterford and Kilkenny May 31, London Tavern.
West Hartlepool
Railway Shares have been animated, this being
" ticket day." Caledonian, Great Northern,
Great Western, Midland and York, and North
Midland have been in most favour, being compara-
tively scarce or " oversold." The rates charged
for carrying over speculative transactions have
been somewhat in accordance with the general
value of money. French shares are in moderate
demand.

In the Mining market there is scarcely anything
doing. The Bank shares continue firm, and the
Land Companies' are buoyant. Crystal Palace
without alteration.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Official List.)
Business done.
Bank Stock
3 per Cent. Reduced Annuities 9O
$ per Cent. Consols Annuities 9IA 1 iiiiiil4
New 34 per Cent. Annuities 904 14 904
India Bonds, £:1000•
Ditto, under £lOOO 4 p
Bank Stock for Account 204 5
Consols for Account 6th June ........
Exchequer Bills, 24d.
£IOOO
.2500 4 p par
Small 4 p par
Ditto Advertised
Exchequer Bonds Scrip
PRICE OF FOREIGN FUNDS THIS DAY.
Ylraziliau Bonds, 5 per Cent. 97i
Grenada Bonds, Deferred
gaxicau 3 per Cent..

Peruvian Bonds, 4. per Cent. 63
Russian Bonds, 1822, 5 per Cont. £ St 93 7i
Sardinian Bonds, 5 per Cent... B4 •
Spanish Nevi Deferred, 3 per Cent l9i • 3
Ditto Passive (Converted)
Spanish Committee Cert. of Coup. not fun 4l
Dividends on the above payable in London.
Dutch Exchange, 2i per Cent. 12 Guil
THREE O'CLOCK.
Consols ............................... ....... 91
Ditto Juno Account

NEGOTIATIONS STILL--AND WAR AT A
STAND-STILL I

(From the Press.)

While the country is anxiously awaiting the operations
of its teats and armies, it appears that an active diplo-
matic campaign is going on, in which already consider-
able results have been obtained, though we are not so
sanguine as our contemporaries that the advantages are
on the side of the Allies.

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their acceptance. It was even intimated, in order to
further this result, that the feelings of the Emperor
Napoleon coincided with those of Lord Aberdeen. We
have reason to believe that the propositions of Ruesia, in
this instance involved, to say the-least, a virtual conces-
sion of all those conditions which had been insisted upon
by the allies previous to the declaration of war. The
anti-Russian party in the British Cabinet, however, suc-
ceeded, though with difficulty, in the rejection of ,these
propositions ;. and an opinion was expressed that the
time for a settlement on the status quo had passed.
It seems that shortly after this decision it transpired
that the advances on the part of the Government of St.
Petersburg were a well-calculated feint, made on the
assumption that they would be rejected, and that
the Western . Powers might become committed to
the dangerous course doubly dangerous when indefinite
—of repudiating the status quo. No sooner was this end
obtained than, as it reaches us, representations were
made to Austria and Prussia that the Emperorof Russia
adhering to his voluntary engagement to respect the in-
tegrity of the Turkish empire, and not to seek any terri-
torial aggrandisement at itsoxpense, and acknowledging
from the unforeseen circumstances that had occurred,
that his main object, the relief of the Christian subjects
of the Porte, had been substantially obtained, was
ready, in the interests of peace, and to evince
his regard for his allies, to cause the evacua-
tion of the Principalities by his armies with-
out . reference to the simultaneous retreat of the
hostile fleets. These overtures, as we are assured, have
been received with favour by the two German Courts,
and, at the present moment, while in this country we
are calculating on the certainty.of all the great Powers
being compactly allied against Russian policy, the Em-
peror of Russia has probably succeeded in changing the
issue, and the controversy will be no longer as to the
evacuation of the Turkish dominions, but on the recur-
rence to the status quo, or to a redistribution of territory,
.with the four great Powers, divided on the question.
The difficulties of our Cabinet are increased, because,
as we have reason to believe, no definite ideas prevail on
the subjects' of compensation and security as conditions
of peace. We have reason also to believe that the Em-
peror of the French has remarked that, since the status
quo cannot be recognised, and as no plan of compensa-
tion and future security is matured, prolonged occupa-
tion is the alternative ; and thus the consequence of our
proceedings will be—the Turkish empire in the systema-
tic possession of foreign armies, which hitherto has ever
been the first step to partition, and which must, at all
events, entail on this country a vast arid protracted ex-
penditure, probably without any results.
. The renewal of the labours of the Vienna Conference,
and the recording protocol from which so much is ex-
pected, are merely steps in the accomplishment of the
projects above intimated.

GRAVESEN D, SLUT 28.. MELANCHOLY ACCIDENT ON
TWA RIVER;-At about font- o'clock this day the proven
tive boat from Grays, having on board the chief boat-
man and five raen of the preventive service at Grays,
with one woman, wife of one of the men, left Gravesend
for Grays, and when in the Northfieet Hope, and turn.
ing the point, a sudden squall of wind caught the sprit
sail, and, Wlbetber it was owing to its violence or to the
inismanagermant of the man who endeavoured to take in
the sail, the boat was capsised, and before any assist-
ance could "be rendered from vessels or boats in the
locality, or frc ,m the shore, two of the men on board were
drowned. -.A Waterman of Northfleet, of the name of
Virfishgr, had, put off from the India Arms slip, and for-
tunately resell ed from drowning the other occupants of
the boat, who were struggling on the surface of the
water, but who sustained themselves afloat till picked
up.

LATEST FOREIGN NEWS.

THE WAR.

OPERATIONS AGAINST SILISTRIA.

According to Turkish accounts the Russians
stormed two bastions of the outworks of Silistria
on the 21st. They were subsequently repulsed.

Marshal Paskiewitch and Prince Gortschakoff
returned to Kalarasch, to make arrangements for
another attack.
The Russian version received, roict Bucharest,
states that at midnight, on the 21st, after several
hours' heavy bombardment, the Russians stormed
one of the ramparts of Silistria. Mussa Pacha,
consequently sent a flag of truce to Prince Paskie-
witch, to concert an arrangement.
The German journals all concur in stating the
immense efforts which the Russians are making
against Silistria.
A despatch from Marseilles announces that news
had reached that city of the complete investment of
Silistria by the Russians.