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

Ste Petersburg I" 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"
h)lding, 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 bein g 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
I
or disapproval of its provisions are most damaging
to his reputation as a public man. If he
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 he
clearly be unfit for his situation. But if ho dis-
approved it aggravates his misconduct in content-
ing himself with the delivery of a protesting
despatch, and allowing himself to be bullied and
cajoled 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
be prorogued whilst he retains that important and
responsible office.

The second or B series of Exchequer Bonds
for 2,000,0001. 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 nexC
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 any 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 quisquam nimen Junonis adovat,
Praterea, au supploe aris imponet honorem."

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 slice 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 dcubt 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, because the holder knows
that in a shore 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-
termediate 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,l or 15s. lower
than was received for those first subscribed for.
This, however, is more apparent than real, inas-
much 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
6d. higher interest than could be obtained on
the A bonds, but even that is something, consi-
dering that in the inil.fini—Consols have im-
proved no less than 7 per cent., that is to say,
from 88 with a dividend of 1 to 94 without
dividend. This should have enabled Mr. GLAD-
STONE to 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 ROTHSCHILD'S interested in the new
securities---and which will 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 thefavourite 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 2,000,0001. was
issued in bands 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 10/., 20/., 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 capitalised income. If similar induce-
pleas are offered here, no doubt the new securi-
ties will became equally popular, when it is known
that they
out difficultyoarexpense. auy noment, be realised with-

y mt:ri;-in--t,... ORTIJGAL TO lIIRUING-
ae King of Portugal and
. I Vistr OF 'TRU R a ~,„ -----'-"--"210
-.-.
HAM.. —Yesterda
the Duke of Oporto attenle
:rick Lirminghain, and
and suite, left Buck'inghate late):,isaconudotprodeeeeCdaedrreibrya
the North-Western Ittoawilwnsa,yant.?
.vvarhrei:ed at
other manufacturing
I four days. a e expected to beabsent
The Duchess of Sutherland, accompanied bythe youth.
I Staffordful Lords Albert House
raonudi dßolandlifden Liitovue ssoe,ti
Berke,cower, .'
noble duke is at present staying. Her grace, with lig
Marchioness of Ailesbury, the Countess of Jersey, and
a vast number of peeresses, were present in the gallery
last everiing in the House of Lords, to hear "Lord
Aberdeen's explanation."
The Marchioness of Exeter and Lady Mary Cecil are
staying in Paris, where they were called by the indis•
position of Lord Brownlow Cecil, whose health for some
weeks past has been very precarious,

'il ONLY AAA 11 K;

ANt)
002.11MERC IA I, I TELLIGEN( 'E

CITY. TWO o'CLOCK

The sales of cotton at Liverpool yesterday
were estimated at 10,000 hales, including 500
American, and 1,500 Surat, taken for export and
on speculation. The market closed with a harden-
ing tendency. Compared with Friday's rates,
prices of all kinds were a shade against the buyer.
The sales comprised about 7,500 American ; 170
Bahia, at Gad. ; 300 Egyptian, at" sd. to 83. ;
and 2,000 Surat, at 3gd. to 41d. per lb. Railway
Shares were firm.

In reviewing the condition of the London pro-
duce markets during the past month, Messrs. H.
W. Jewesbury and Co. remark :
" The chief characteristic of the foreign and colonial
produce markets during the past month has again been
one of extreme flatness ; importers have continued to
supply the markets largely, and have mostly been free
sellers, but both home dealers and foreign buyers confine
their purchases to actual requirements, consequently,
owing to the present limited demand, a large proportion
of the goods offered have been bought in, and, gene.
rally, where sales have been effected, lower rates have
been submitted to. The importations of produce have
been iuoder.tte, yet the storks in most instances exceed
those of last year ; the deliveries from the warehouses
continue good, but are rather under those of the former
year, both for export and home use ; the present mode-
rate prices .now ruling may, however, lead to an in-
creased demand for home consumption, if not for export.
The demand for dyes and dyeing materials has been
very limited, and prices have further given way for
safflower, lac dye, and coalaineal4- for indigo prices are
nominally without alteration. Other articles are gene-
rally easier."

From a Parliamentary paper, containing parti-
culars of the Home accounts of the Hon. East
India Company, we find that .the debts in England
of the Government of India on the Ist May, 1854,
were 6,170,2651., and the credits 4,712,9501.,
showinc, an excess in the debts of 1,457,3151.
At the annual meeting of the South Australian
Banking Company this day, a very satisfactory
report as to the financial and social condition of
the colony was read. The net profits of this year
were 46,2621. 13s. 6d. The directors recommended
a dividend for the current year of 14 per cent. ott
the paid-up capital. The reserve fund was
34,3571. Bs. 6d. After a short discussion the re-
port was adopted.
There are several arrivals from Australia, bring-
ing about the same dates as those lately to hand,
but a further supply of specie. The Windermere,
from Port Philip, has 25,000, or according to one
report, 35,000 ounces. The Marquis of Bute is
in the. Downs, from the same colony, but is under-
stood to have only 766 oz. The Lord of the Isles,
from Sydney, has 1,052 ounces. The Royal Stuart,
from Sydney, is off the Scilly Islands, but it is not
known whether she has bullion on board.

Accounts from Belgium state that the applica-
tions for the 5,000,000 francs of the loan to be
openly subscribed, have amounted to as much as
would require allotments of 80 to 100 million of
francs.

Letters from France represent the wheat crops
as looking well, but the crops, it is asserted, would
be about a fortnight late, even if the weather
continues fine.

The market for EnglX StOc-ks has been very
good again, and prices have met with fair support
at the highest range of yesterday afternoon. The
demand for money is still rather active, the supply
of stock absorbing cash. Consols have been 94f I,
since 93f to 94, and are now again 94f 1. There
have been sal s made to invest the proceeds in
Reduced 3 per Cents., which have been quoted
931 to 94k. Bank Stock has been firm at
205. The New 31 per Cents. have been 94 to
94g. Exchequer Bonds have been quoted 2s.
discount to 2s. premium, and the Bonds to expire
in 1858 at a premium. East India Bonds have
been at 2s. premium.

The Foreign Stock Market has been dull, and
prices are still, for the most part, nominal. Swe-
dish Four per Cents. have been quoted 85, and
Dutch Four per Cents. have been done at 90.
Brazilian Old Five per Cents. have realised par.
Equador Stock is at 31 to n, and Peruvian Three
per Cents. are at 50i.
Railway Shares have been buoyant generally,
considering that the amount of business done in
them has not been large. North-Western, Mid-
land, and 'North Stafford have been about ss.
better.

The meeting of the proprietors of the North
Stafford Company is considered very favourable,
but many entertain the opinion that with the in-
creasing traffic an amalgamation is not desirable,
and that the line, unless, still better terms are ob-
tained, should depend uponits own resources. Were
1 the meetings held at more a ,nvenient places, and
the opinion of the shareholders at large taken upon
this point, it is considered that there would be a
majority to vote against amalgamation. The North
Stafford line ultimatelytwill pay-6-per cent, if well
managed, and certainly ought not to be leased for
4. Many of the small lines will be benefited by
the throwing out of their amalgamation bills, and
not be pushed into hasty agreements. The Luxem-
bourg shares, aro not quite'siigood, and the French
are slightly weaker. _ •

TheCdonial and Foreign Gold Mining Market
is not brisk, and low prices are still accepted for
the Californian schemes. The Linares Mine is
higher, and the St. John del Rey are good.
The Joint-stock Bank shares have been quieter,
but the Colonial Bank are up 11. English, Scot-
tish, and Australian are cheaper.
The Crystal Palace shares are heavy. Canada
Government Debentures are steady.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Prom the Ocieial List.)

Business done.
Bank Stock
per Cent. Reduced Annuities,94 A 3i
34 per Cent. Annuities
,
India Bonds, £lOOO
• •
Ditto, under £lOOO 2
Consols for Opening 19th July
I al 44
Exchequer Bills, 24d.
£l000
£5OO 2 p
Small
Exchequer Bonds Scrip, 1853.
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
rtrazilian Bonds, 5 per Cent. lOO
Equador Bonds
Peruvian 3 per Coat.
Swedish 4 per Cent.
.

Dividends on the above payable In London.
Dutch Exchange. 2i per Cent. 12 Gnil .....
Ditto 4 per Cent. CertMeates . .... 9()

HALF-P4ST TWO.
Consols for Opening 19th July d

The Duke of Devonshire has left Devonshire House
for Brighton, where the noble duke, who continues
slowly to improve in health, intends to remain until the
second week in the ensuing month. His grace, we un-
derstand, contemplated giving a series of fetes at his
splendid seat, Cbatsworth, in honour of his youthful re-
lative, Lord Cavendish, attaining his majority on the
23d of July, but in consequence of his rather delicate
state of health the festivities will take place at the Earl
of Burlington's, Holkar Hall, Lancashire.
THE DUKE OF BEDFORD.—The Duke of Bedford
arrived at Galway on Tuesday, on his way to visit his
estates in Dallagan.
Lady Molesworth has issued cards for a grand ban-
quet and evening party on Saturday. Viscountess Pal-
merston will not have any soirée on that evening, having
given up the night to Lady Molesworth.
GRAND CONCERT AT LANSDOWNE HOUSE.—The
Marquis of Lansdowne (his lordship's daughter-in-law,
the Countess of Shelburne, doing the -honours) gave a
grand concert last evening, at Lansdoiftie House. The
artistes were selected from the Italian Opera, and sang
some choice morceaux from popular operas. The splendid
suite of rooms were thrown open on the occasion. Her
Royal Highness the Duchess of Cambridge and the
Princess Mary, attended by Lady Suffield and Major
Home Purves, arrived at ten o'clock, and were received
by the noble and venerable Marquis and Lord and Lady
Shelburne, anti conducted to the principal saloon. There
were present the whole of the foreign corps diplomatique
and the elite of the rank and fashion in London, includ-
ing the Duchesses of Somerset and Inverness, the Coun-
tess of Kerry, the Lady Mary Fitzmaurice, and the
Hon. Charles Gore, the Marquis and Marchioness of
Abercorn and the Ladies Hamilton, the Countess of
Chesterfield and Lady Evelyn Stanley, Lord Ward, the
Marchioness of Ailesbury, the Earl of Powis and the
Ladies Herbert, the Earl and Countess of Beseborough,
the Earl and Countess of Clarendon, the Earl of Dal-
keith, the Duke of Newcastle, the Countess of Jersey
and Lady Clementina Villiers, Lord and Lady Stanley
of Alderley, the Marquis of Bath, &c.
THE FRENCH COURT.--It is believed that the Emperor
and Empress will leave Paris on the 20th July for the
Pyrenees, or perhaps on the visit which his Majesty pro-
mised to pay to the camp at Marseilles. The Empress,
whose health is, it appears, by no means robust, will
pass some time in the Pyrenees, which she so often
visited in other times, and preparations are already
making at Biarritz, which is only distant about half an
hour from Bayonne.
DEATH OF A DISTINGUISHED OFFICER.—The late
Licut.-Colonel Augustus West, formerly of the 3d Foot
Guards, was Governor of Landguard Fort, since 1811.
The value of this appointment was but 1731. 7s. 61. It
will not be filled up.
AMSTERDAM AND ROTTERDAM PRODUCE MARKETS.—
The weekly reviews from these markets state that busi-
ness had increased, and that there was greater firmness
in prices. • A demand for coffee had caused a slight ad-
vance, but the orders were principally for exportation.
There had been material variation in sugar, arid quota-
tions continued to be fairly maintained. The operations
in rice and indigo were rather more extensive, at hn-
proved rates.
ROUEN.—The letters from Rouen describe the market
for manufactures its inactive, but a favourable change
in the weather was expected to increase the attendance
of buyers.