The Sun.
London, England, 1853-04-08 00:00:00

INWARDS.

1852. 1853.
Foreign Ships 104,400 tons 113,933 tons,
British and Colonial 206,603 „ 177,388 „

OUTWARDS.

Foreign Ships 132,163 tons 166,789 tons,
British and Colonial 295,823 „ 218,437 „

When we observed yesterday that the proposi-
tions of the Chancellor of the Exchequer seemed to
be popular, we founded our statement upon the
presumption that the main feature of the plan was
a. reduction of the capital of our enormous debt.
The official details given in last night's Sun, how-
ever, quite alter the character of the plan, and
have very much changed the previous impression.
That single portion of it which relates to the issue
of 24 per cent. debentures is undoubtedly
popular, and would in all probability be
found acceptable to the country at large ; that
is to the payer of taxes, not the annui-
tant. To take off 10 per cent. interest, how-
ever, and add on 10 per cent, of capital is a mere
pettifogging expedient, which no man of enlight-
ened financial views or of any grasp of mind will,
at this day, advocate. The advance in public secu-
rities is natural enough, when it is found that the
Chancellor is about to give the holders such excel-
lent terms that they can convert their 3 per Cents.
into 3i per Cents, or get 110 of a new stock for
their present 3 per cents. Far better would it be
if the Money Market is not thought able at present
to bear the sweeping change of a reduction of in-
terest upon half the debt from 3 to 21, and even-
tually to ai per cent., to create some thirty or
forty millions of the new bonds in voluntary ex-
change for Consols, and then to make that the step-
ping stone to a greater operation hereafter. There
is a very general belief that these new bonds with the
coupons attached would answer to a large extent
the purpose of bills of exchange, and would circu-
late as such throughout the Continent. This, of
course would apply to peculiar operations where
coin or paper passes from one country to another
merely in nominal settlement of balances, the
amount involved being really not wanted for actual
use. Thus it constantly occurs that gold is coming
home and going out at the same time. The effect
of lowering the interest lipon English Securities
will be to bring up the prices of foreign invest-
ments, and this has been already to a small extent
felt. As the resolutions of the Chancellor of the
Exchequer have yet to be passed, however, parties
do not like to go too far in purchasing their stocks
upon a venture, for unless Mr. Gladstone gives
way, and modifies his, plan, it • is not likely to be-
come law.

A statement has been issued explaining the pros-
pects and resources of the Cincinnati and St. Louis
Railroad, and it appears there is an immense traffic,
equal to a return of nearly 16 per cent. on the cost
of 10 millions of dollars, and that the eminent firm
of George Peabody and Co. is empowered to issue
7 per cent. Preference Bonds at 92k, being what is
termed in America a " first mortgage." The
holder will have the option of converting hereafter
any portion of the Bonds into the capital stock of
the company, and the loan appears to find great
favour among capitalists and bankers, at the West
end especially, where it is likely to be largely
held.

English Stocks have beeli scarcely so buoyant,
owing to the doubt whether the Chancellor of the
Exchquer will successfully carry out his plans.
Consols have been 1001 to for transfer and ac-
count. The New Three-and-a-Quarter per Cents.
have realised 103 to Bank Stock has been
steady at 225. The South Sea New Annuities are
per cent. above par. Exchequer Bills of June
realised ss. to 95., and those of March the same.
East India Bonds were at 435. premium.
In the Foreign Market a moderate business has
been done in Mexican, at 27/ to 28, in Peruvian
Scrip at an advance to 4f, in Brazilian 44 per cents.
at 99f; and in Venezuela at 38/ to 39i ; Spanish
Deferred have;been at 25 ; Portuguese 4 per Cents.
keep firm at 40 to 40g.
The Gold Mine Shares are quiet at about the
previous rates. Metcalfe Mine are 17i to 18 pre-
mium.

The Land Companies Shares are flat.
The Shares of the Joint Stock Banks have been
weaker again.
Railway Shares are down a little, and there is
less doing. The foreign lines are about the same.
Port Hunter and Moreton Bay Shares have been
in more demand at f premium, and the Australasian
Coal are held very firmly. Berlin Waterworks are
about 1 to 11- premium.

BRITISH FUNDS THIS DAY.
(From the Official List.)
Business done.
Bank Stock
3 17
er Cent. r Cent.nt.
RcoendsuocisedAAnnnuniutiletises..........
3
New 34 per Cent. Aznuities..... ..... .6..0.-- 15031158
13661
Ditto Long A3OII nui
Years,tAnnuities,
Expire.Expie sthsth Jan.,jan 11886 0
India Bonds, £lOOO
Ditto, under £lOOO 43
South Sea New Annuities
Bank Stock for Account 2251
i
262
iCnoclinsaolsstofcokr
for Account
Account l°N 4
March.
Ex2clhoooequer Bills, 13d. June.
5 9 £soo 59 2 . 5 9
5ma11....................
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent. . .
Ditto New, 1852, 4i per Cent„ ............. --1. x d
Chilian Bonds, 3 per Cent. 96
............. "'t
Danish Bonds 3 per Cent.
13tcp=t1;;:iii::==.::
pni
....... ..."—""'
8
Equador 80nd5,.................... 84/i6 x d
3fe xDittoieaPeruviann Bonds,
3per Cent •
PeDruilanDSecfreirrped,B9
RPourtssuiagnueßsoensdspe,
5r
perCen t.cent. 1 p
64 ,
43
Ditto, 4 per Cent
. ~-.... 1183
Ditto, 43 per cent lO4 31
Spanish Bonds, 3 per Cent . ..... 481
Spanish New Deferred, 3 per Cent 25
Turkish Loan, 6 per Cent., 1852 2/ i p
Venezuela Bonds 33 per Cent.
Dutch Exchange 23 per Cent 661
Ditto 4 per Cent. Certificates..
THREE O'CLOCK.
Consols
Ditto April Account

ME CONSERVATIVE LAND SOCIETY.-_A public meet-
ing took place at the Town Hall, Hertford, on Wednes-
day evening. Mr. H. Gilbertson in the chair. There
was a numerous attendance. The plan and objects of
the society were fully explained by R. N. Fowler, Esq.,
the banker, a member of the executive committee, Mr.
C. E. Lewis, the solicitor, and Mr. C. L. Gruneisen,
the secretary. A resolution moved by T. Sworder, Esq.,
and seconded by G. Ludlow, Esq., expressive of the
opinion of the meeting, that the society, both on politi-
cal and commercial grounds was entitled to support,
was passed unanimously. A plan of the allotment of
the land bought on the road, half way between Hertford
and Ware was exhibited the meeting, and intimation
was given that further purchases of property would be
made in Hertfordshire.